As filed with the Securities and Exchange Commission on April
29, 1996.
File No. 33-313
File No. 811-4407
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
Pre-Effective Amendment No._
Post-Effective Amendment No. 13 X
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF
1940 X
Amendment No. 17
(Check appropriate box or boxes)
PARIBAS TRUST FOR INSTITUTIONS
(Exact Name of Registrant as Specified in Charter)
787 Seventh Avenue
New York, New York 10019
(Address of Principal Executive Offices)(Zip Code)
Registrant's Telephone Number, including Area Code (212) 841-3209
Kurt Braitberg
Paribas Trust for Institutions
787 Seventh Avenue
New York, New York 10019
(Name and Address of Agent for Service)
with copies to:
Leonard B. Mackey, Jr., Esq.
Rogers & Wells
200 Park Avenue
New York, New York 10166
It is proposed that this filing will become effective (check
appropriate box)
immediately upon filing pursuant to paragraph (b)
X on April 29, 1996 pursuant to paragraph (b)
___ 60 days after filing pursuant to paragraph (a)(1)
___ on (date) pursuant to paragraph (a)(1).
___ 75 days after filing pursuant to paragraph (a)(2)
___ on (date) pursuant to paragraph (a)(2) of Rule 485.
If appropriate, check the following box:
___ this post-effective amendment designates a new effective
date for a previously filed post-effective amendment.
Paribas Trust for Institutions
QUANTUS II
AND
QUANTUS EQUITY MANAGED PORTFOLIO
CALCULATION OF REGISTRATION FEE UNDER
THE SECURITIES ACT OF 1933 (1)
Proposed Proposed
Title of Maximum Maximum
Securities Amount Offering Aggregate Amount of
Being Being Price Per Offering Registration
Registered Registered* Unit (2)** Price (3) Fee
Shares of Beneficial
Interest
(par value $0.10 95,433 shares $9.98 $290,000 $100
per share)
* The Registrant has previously registered an indefinite
number of shares of beneficial interest under the Securities Act
of 1933.
** Estimated solely for the purpose of determining the
registration fee, on the basis of the offering price of shares of
beneficial interest of Quantus Equity Managed Portfolio on April
26, 1996.
*** In response to Rule 24e-2(b) under the Investment Company
Act of 1940, as amended (the "1940 Act"):
(1) the calculation of the maximum aggregate offering price
is made pursuant to Rule 24e-2; (2) 66,375 shares of beneficial
interest of the Registrant were redeemed by the Registrant during
the fiscal year ended December 31, 1995; (3) none of such shares
have been used for reductions pursuant to Rule 24e-2 (a) or Rule
24f-2 (c) during the current fiscal year; and (4) all such shares
are being used for reduction in this amendment pursuant to Rule
24e-2(a).
The Registrant has previously filed a declaration pursuant
to Rule 24f-2 under the 1940 Act. The Registrant was not required
to file a Rule 24f-2 Notice for the fiscal year ended December 31,
1995 because no shares of beneficial interest of the Registrant
were sold in reliance upon registration pursuant to Rule 24f-2
during such fiscal year.
PARIBAS TRUST FOR INSTITUTIONS
QUANTUS II
Cross Reference Sheet
Form N-1A
Item Quantus II Caption
Part A
1. Cover Page Cover Page
2. Synopsis Expense Table
3. Condensed Financial Information Financial Highlights
4. General Description of Registrant Quantus II and its
Objective and Policies
5. Management of the Fund Management;
Investment Adviser;
Administrator; Purchase
of Shares; Additional
Information
5A. Management's Discussion of Fund Not Applicable
Performance
6. Capital Stock and Other Securities Cover Page; Dividends,
Distributions and Taxes;
Shareholder Services;
Additional Information
7. Purchase of Securities Being Offered Purchase of Shares;
Net Asset Value;
Shareholder Services
8. Redemption or Repurchase Purchase of Shares;
Redemption of Shares
9. Legal Proceedings Not applicable
Part B
10. Cover Page Cover Page
11. Table of Contents Table of Contents
12. General Information and History Not Applicable
13. Investment Objectives and Policies Quantus II and its
Objective and Policies
14. Management of the Registrant Management of Quantus
II; Investment Advisory
and Other Services
15. Control Persons and Principal Management of Quantus II
Holders of Securities
16. Investment Advisory and Investment Advisory and
Other Services Other Services;
Distributor
17. Brokerage Allocation Quantus II and its
Portfolio Transactions Objective and Policies;
18. Capital Stock and Other Securities Not Applicable
19. Purchase, Redemption and Redemption of Shares;
Pricing of Securities Being Purchase of Shares
Offered
20. Tax Status Taxes
21. Underwriters Distributor
22. Calculation of Performance Data Not Applicable
23. Financial Statements Financial Information
PARIBAS TRUST FOR INSTITUTIONS
QUANTUS EQUITY MANAGED PORTFOLIO
Cross Reference Sheet
Form N-1A
Item Quantus Equity Managed
Prospectus Caption
Part A
1. Cover Page Cover Page
2. Synopsis Expense Table
3. Condensed Financial Information Financial Highlights
4. General Description of Registrant Quantus Equity Portfolio
and its Objective and
Policies
5. Management of the Fund Management; Investment
Adviser; Administrator;
Purchase of Shares;
Additional Information
5A. Management's Discussion of Fund Not Applicable
Performance
6. Capital Stock and Other Securities Cover Page; Dividends,
Distributions and Taxes;
Shareholder Services;
Additional Information
7. Purchase of Securities Being Offered Purchase of Shares;
Net Asset Value;
Shareholder Services
8. Redemption or Repurchase Purchase of Shares;
Redemption of Shares
9. Legal Proceedings Not Applicable
Part B
10. Cover Page Cover Page
11. Table of Contents Table of Contents
12. General Information and History Not Applicable
13. Investment Objectives and Policies Quantus Equity Managed
Portfolio and its
Objective and Policies
14. Management of the Registrant Management of Quantus
Equity Managed
Portfolio; Investment
Advisory and Other
Services
15. Control Persons and Principal Management of Quantus
Holders of Securities Equity Managed Portfolio
16. Investment Advisory and Investment Advisory and
Other Services Other Services;
Distributor
17. Brokerage Allocation The Quantus Equity
Policies; Portfolio Portfolio and its
Transactions Objective and
18. Capital Stock and Other Securities Not Applicable
19. Purchase, Redemption and Pricing Purchase of Shares;
of Securities Being Offered Redemption of Shares
20. Tax Status Taxes
21. Underwriters Distributor
22. Calculation of Performance Data Not Applicable
23. Financial Statements Financial Information
QUANTUS EQUITY MANAGED PORTFOLIO
A PORTFOLIO OF PARIBAS TRUST FOR INSTITUTIONS
The Quantus Equity Managed Portfolio ("Quantus Equity
Portfolio" or the "Portfolio") is a portfolio of the Paribas Trust
for Institutions (the "Trust"), which is a diversified, open-end
management investment company. The Quantus Equity Portfolio is
designed for institutional investors, such as tax-qualified
retirement plans, including pension plans, profit-sharing plans
and 401(k) plans, trustees of Keogh Plans and Individual
Retirement Accounts (including Individual Retirement Account
rollovers), and charitable and educational endowments, seeking
long-term growth of capital. In addition, the Quantus Equity
Portfolio is designed to provide an appropriate investment for
sophisticated individuals seeking long-term growth of capital.
Quantus Equity Portfolio attempts to achieve long-term
growth of capital by investing on an equal-weighted basis
primarily in a diversified portfolio of common stocks of
approximately 50 major capitalization companies which are included
in an index of approximately 500 major capitalization issuers
developed by the investment adviser (the "Index"). The 50
companies in which the Portfolio invests will be selected on the
basis of a quantified investment selection process to be employed
by the investment adviser. There can be no assurance that the
Portfolio will achieve its investment objective. See "Quantus
Equity Portfolio and Its Objective and Policies."
The investment adviser of Quantus Equity Portfolio is
Paribas Asset Management, Inc. (the "Investment Adviser"). The
distributor of the Portfolio is Paribas Corporation (the
"Distributor").
Shares may be purchased, at net asset value without a sales
charge, directly from the Distributor or from securities dealers
which have entered into selected dealer agreements with the
Distributor. Pursuant to a Plan of Distribution, the Portfolio
will pay the Distributor a fee equal to 1% of the average daily
net assets of the Portfolio. See "Purchase of Shares - Plan of
Distribution." The minimum initial purchase for shares of Quantus
Equity Portfolio is $5,000 and the minimum subsequent purchase is
$2,000. See "Purchase of Shares." A shareholder may be subject
to a deferred sales charge if shares are redeemed within periods
ranging up to four years depending on the size of purchase. See
"Redemption of Shares."
This Prospectus sets forth in concise form the information
about Quantus Equity Portfolio that a prospective investor should
know before investing in Quantus Equity Portfolio. Investors
should read and retain this Prospectus for future reference.
Additional information about Quantus Equity Portfolio has been
filed with the Securities and Exchange Commission (the "SEC")
in a Statement of Additional Information (the "SAI") dated May 1,
1996. The Annual Report dated December 31, 1995 contains
investment and performance information about Quantus Equity
Portfolio. Investors and prospective investors may obtain a copy
of the SAI and the Annual Report, without charge, by writing to
the Trust, 787 Seventh Avenue, New York, New York 10019. The
SAI has been incorporated by reference into this Prospectus.
Inquiries regarding the Trust and requests for the SAI and the
Annual Report can be made by calling (212) 841-3200.
THESE SECURITIES HAVE NOT BEEN APPROVED OR
DISAPPROVED BY THE SECURITIES AND EXCHANGE
COMMISSION OR ANY STATE SECURITIES COMMISSION
NOR HAS THE SECURITIES AND EXCHANGE COMMISSION
OR ANY STATE SECURITIES COMMISSION
PASSED UPON THE ACCURACY OR ADEQUACY OF THIS
PROSPECTUS. ANY REPRESENTATION TO THE
CONTRARY IS A CRIMINAL OFFENSE.
The date of this Prospectus is May 1, 1996.
No person has been authorized to give any information or to
make any representations, other than those contained in this
Prospectus and in the SAI, in connection with the offer made by
this Prospectus, and, if given or made, such other information or
representations must not be relied upon as having been authorized
by the Trust or its Distributor. This Prospectus does not
constitute an offer to sell or a solicitation of an offer to buy
by the Trust or by the Distributor in any State in which such
offer to sell or solicitation of any offer to buy may not lawfully
be made.
TABLE OF CONTENTS
PAGE
Expense Table 3
Financial Highlights 4
Quantus Equity Portfolio and its Objective and Policies 5
Investment Adviser 6
Administrator 7
Management 8
Purchase of Shares 8
Net Asset Value 10
Redemption of Shares 10
Dividends, Distributions and Taxes 12
Portfolio Transactions 13
Shareholder Services 13
Additional Information 13
Account Application 15
Paribas Trust for Institutions is organized as a
Massachusetts business trust. It is not a bank nor does it offer
fiduciary or trust services. Shares of the Portfolio are not
equivalent to a bank account. As with any investment in
securities, the value of a shareholder's investment in the
Portfolio will fluctuate. The shares of the Portfolio are not
insured by any government agency and are not subject to the
protection of the Securities Investor Protection Corporation.
EXPENSE TABLE
Shareholder Transaction Expenses
Maximum Deferred Sales Load (as a percentage
of redemption proceeds) 4.00%*
Annual Portfolio Operating Expenses
(as a percentage of average net assets)
Management Fees 0.65%
12b-1 Fees 0.00%**
Other Expenses 1.85%
Total Portfolio Operating Expenses 2.50%***
Example
1 year 3 years 5 years 10 years
You would pay the following expenses on a $1000 investment,
assuming (1) 5% annual return and (2) redemption at the end
of each time period: $65 $98 $133 $284
You would pay the following expenses on the same investment,
assuming no redemption: $25 $78 $133 $284
The purpose of the above table is to assist the investor in
understanding the various costs and expenses that an investor in
Quantus Equity Portfolio will bear directly or indirectly. The
example set forth above assumes reinvestment of all dividends and
distributions and uses a five percent annual rate of return as
mandated by SEC regulations. The Example should not be considered
a representation of past or future expenses, and actual expenses
and annual rates of return may be more or less than those assumed
for purposes of the Example. Shareholders who hold their Shares
for an extended period of time may pay more in 12b-1 distribution
fees than the economic equivalent of the maximum front-end sales
charge permitted under the Rules of Fair Practice of the National
Association of Securities Dealers, Inc. For a more complete
description of Management Fees, see "Investment Adviser."
FINANCIAL HIGHLIGHTS
The financial information in the table below has been audited in
conjunction with the audits of the financial statements of the Trust by Arthur
Andersen LLP, independent public accountants, which financial statements and
report thereon are incorporated by reference in the SAI, but not included
herein. This table should be read in conjunction with the Trust's financial
statements and notes thereto, which are an integral part of these financial
highlights and ratios.
For the Year Ended December 31,
1995 1994 1993 1992 1991 1990 1989 1988 1987
1986*
Net asset value, beginning
of year $7.43 $8.13 $10.27 $10.01 $9.20 $10.01 $9.81 $9.32
$9.98 $10.00
Income from investment
operations:
Net investment income/(loss) (0.05)## (0.05)## (0.05) (0.10)
(0.11)## (0.10)## 0.37 0.27 0.16 0.02##
Net realized and unrealized
gain/(loss) on investments 2.60 (0.28) 0.59 0.85 3.65 (0.22)
2.35 0.51 (0.66) (0.02)
Total from investment
operations 2.55 (0.33) 0.54 0.75 3.54 (0.32) 2.72 0.78 (0.50)
0.00
Less distributions:
Distributions from net
investment income - - - - - - (0.43) (0.29)
(0.16) (0.02)
Distributions from net
realized gain (1.13) (0.35) (2.54) (0.45) (2.73)
(0.49) (2.09) - - -
Distributions in excess of
net realized gain - - (0.06) - - - -
- - -
Return of capital### - (0.02) (0.08) (0.04) - -
- - - -
Total distributions (1.13) (0.37) (2.68) (0.49) (2.73)
(0.49) (2.52) (0.29) (0.16) (0.02)
Net asset value, end of year $8.85 $7.43 $8.13 $10.27 $10.01 $9.20
$10.01 $9.81 $9.32 $9.98
Total return 34.28% (4.08)% 5.11% 7.53% 42.10%
(3.28)% 28.23% 8.38% (5.08)% 0.00%
Ratios to average net assets/
supplemental data:
Net assets, end of year
(in 000's) $2,816 $2,605 $3,294 $2,897 $3,358 $3,531
$5,300 $9,964 $13,088 $9,379
Ratio of operating expenses
to average net assets 2.50%# 2.50%# 2.43% 2.72%
3.50%# 3.50%# 2.36% 2.50% 2.34% 2.60% #
Ratio of net investment
income/ (loss) to average
net assets (0.56)% (0.60)% (0.52)% (0.98)% (0.87)%
(1.04)% 2.76% 2.46% 1.43% 0.29%
Portfolio turnover rate 141% 120% 155% 63% 105%
196% 126% 170% 128% 88%
__________________________
* The Portfolio commenced operations on April 14, 1986.
Annualized.
Per share data was computed based upon monthly average shares
outstanding for this period.
Total return represents aggregate total return for the period indicated.
# Without fees waived and expenses reimbursed by the Investment Adviser
and/or Trustees and/or Distributor, the ratios of expenses to average net
assets for the years ended December 31, 1995, 1994, 1991 and 1990 and for the
period ended December 31, 1986 would have been 3.93%, 3.25%, 3.90%, 3.80% and
3.04%, respectively.
## Net investment loss per share before fees waived and/or expenses
reimbursed by the Investment Adviser and/or Trustees and/or Distributor for
the years ended December 31, 1995, 1994, 1991 and 1990 and for the period
ended December 31, 1986 was $(0.17), $(0.12), $(0.16), $(0.13) and $(0.01),
respectively.
### Amounts distributed in excess of accumulated net investment income as
determined for financial statement purposes have been reported as
distributions from paid-in capital at the fiscal year end in which the
distribution is made. Certain of these distributions which are reported as
being from paid-in capital for financial statement purposes may be reported to
shareholders as taxable distributions due to differing tax and accounting
rules.
QUANTUS EQUITY PORTFOLIO AND ITS OBJECTIVE AND POLICIES
Quantus Equity Portfolio is a portfolio of the Trust, which
is a diversified, open-end management investment company. Quantus
Equity Portfolio invests primarily in a diversified portfolio of
common stocks of approximately 50 companies included in the Index
on the basis of a quantified investment approach employed by the
Investment Adviser, and to a lesser extent in money market
securities.
Quantus Equity Portfolio is one of two portfolios of the
Trust. Each portfolio is in effect a separate investment fund
issuing a separate series of shares. A shareholder's interest is
limited to the assets of the portfolio in which he or she holds
shares, and a shareholder is entitled to a pro rata share of all
dividends and distributions arising from the net income and
capital gains on the investments of such portfolio. Except for
those expenses borne by the Investment Adviser or the Distributor,
each portfolio bears this expense directly attributable to it and
a portion of the Trust's general administrative expenses allocated
on the basis of asset size.
The Index
The Index is comprised of the common stocks of approximately
500 issuers generally representing U.S. companies having the
largest market capitalization and relatively high liquidity. For
this purpose, the market capitalization of a stock equals its
market price per share times the total number of shares
outstanding. The major capitalization issuers comprising the
Index are the basic universe from which portfolio securities are
selected for Quantus Equity Portfolio as described below in this
Prospectus. A list of the approximately 700 issuers comprising
the Index as of December 31, 1995, is set forth in the SAI.
In general, issuers are included in the Index on an equal-
weighted basis. However, refinements are made in order to avoid
overrepresentation of an industry relative to the market, non-U.S.
issuers, relatively illiquid issues and issues for which there is
inadequate research coverage by institutional research firms.
Reference is made to the SAI for a further description of such
refinements.
The Index is revised quarterly by the Investment Adviser in
accordance with the market capitalization and liquidity criteria
and the refinements described above. Such quarterly revisions
will be made within 15 business days after the end of each
calendar quarter. Between quarterly revisions, however, issuers
are eliminated, and new issuers substituted, to the extent that
the common stocks of the eliminated issuers are no longer publicly
traded (because, for example, of leveraged buyouts or mergers).
In addition, an issuer may be eliminated from the Index if it is
the subject of certain unexpected adverse developments (such as
the sudden pendency of bankruptcy proceedings). The issuer will
be eliminated from the Index if such a development is to lead to
its elimination at the next quarterly revision because of the
reduction in market capitalization below the minimum
capitalization for inclusion in the Index resulting from the
announcement of such development.
Investment Objective
The investment objective of Quantus Equity Portfolio is
long-term capital appreciation through investment on an equal-
weighted basis primarily in a diversified portfolio of common
stocks of approximately 50 major capitalization companies that are
included in the Index. There can be no assurance that Quantus
Equity Portfolio will achieve its investment objective.
The Investment Adviser intends to employ a quantitative
systematic approach to the allocation of the assets of Quantus
Equity Portfolio between equity securities and money market
securities and to the selection of equity securities for
investment. Under this approach, which has been extensively back-
tested by the Investment Adviser, such allocations and selections
will be based on a review of certain macroeconomic data and
certain financial criteria which the Investment Adviser believes
relevant to identifying the current status of the equity market
cycle and the future performance of particular securities. It is
expected that over each market cycle the average portion of the
Portfolio's assets which will be invested in equity securities
will be 90% (with a maximum of 100%). When the Investment Adviser
believes, based on a review of certain macroeconomic data and
financial criteria, that the stock market is likely to experience
a downturn, up to 50% of the assets of the Portfolio may be
invested temporarily in money market securities.
Once the Investment Adviser has reached a conclusion as to
the allocation of assets based on a review of macroeconomic data
and financial criteria, the selection of the individual securities
in which the assets of the Portfolio allocated to equity
securities will be invested will be based on an assessment of
three critical factors which, according to backtests carried out
by the Investment Adviser, have independent value and meaningful
and reliable predictive power. These critical factors are:
(a) Value - A measure of current market prices relative to
expected earnings growth for each
individual stock.
(b) Price Momentum - An evaluation of market price trends
for each stock.
(c) Earnings Momentum - A measure of the trends in
earnings expectations issued by all major
analysts following a particular stock.
These three factors are used to produce rankings of the
common stocks comprising the Index. Based on an analysis of
these rankings, the Investment Adviser selects a list of
approximately 50 stocks generally considered by the Investment
Adviser to offer value as well as attractive price and earnings
momentum. The portion of Quantus Equity Portfolio's assets
allocated to equity securities is invested in equal amounts in
those approximately 50 stocks. The normal frequency of portfolio
rebalancings is monthly. Between these normal rebalancings,
however, the Investment Adviser may decide to undertake
adjustments as required by any specific circumstances.
Other Investment Policies
Money Market Securities. The only money market securities
in which Quantus Equity Portfolio will invest are U.S. Treasury
bills, certificates of deposit, time deposits, bankers'
acceptances, commercial paper and repurchase agreements. Quantus
Equity Portfolio only will invest in a certificate of deposit or
bankers' acceptance issued by a commercial bank which is organized
and operating in the United States, has total assets of at least
one billion dollars and is a member of the Federal Deposit
Insurance Corporation. In addition, Quantus Equity Portfolio only
will invest in commercial paper rated A-1 by Standard & Poor's
Ratings Group or Prime-1 by Moody's Investors Service, Inc.
Investment Restrictions. The Trust has adopted certain
restrictions and policies relating to the investment of the assets
and the activities of Quantus Equity Portfolio which are
fundamental policies of the Trust and may not be changed without
the approval of the holders of a majority of the Portfolio's
outstanding voting securities. Among the more significant
restrictions, Quantus Equity Portfolio may not (1) invest 25% or
more of its total assets in the securities of issuers in any
particular industry (other than U.S. Government securities or
Government agency securities); or (2) purchase the securities of
any one issuer, other than the U.S. Government, if immediately
after such purchase, more than 5% of the value of its total assets
would be invested in such issuer. Other restrictions are set
forth in the SAI under the caption "The Quantus Equity Portfolio
and Its Objective and Policies - Investment Restrictions." In
addition, as described in the SAI, Quantus Equity Portfolio may
invest in repurchase agreements and may borrow amounts up to 10%
of its net assets for temporary emergency purposes and it may
pledge its assets in connection with such borrowings.
INVESTMENT ADVISER
The investment adviser to the Portfolio is Paribas Asset
Management, Inc. The Investment Adviser, subject to the general
supervision of the Trust's Board of Trustees, renders investment
advice to the Portfolio and is responsible for the overall
management of its business affairs. The Investment Adviser
receives a fee equal to 0.65% of the average daily net assets of
the Quantus Equity Portfolio. This fee is calculated daily and
paid monthly.
The Investment Adviser has agreed that it will bear any
expense of the Portfolio (exclusive of interest, taxes, brokerage
expenses and extraordinary items) for any fiscal year in which
expenses of the Portfolio exceed the most stringent expense
limitation imposed by state securities regulations applicable to
the Trust. As of the date of this report, the most restrictive
expense limitation provides that annual expenses (as defined) may
not exceed 2.5% of the first $30 million of average net assets, 2%
of the next $70 million of average net assets and 1.5% of the
remaining average net assets. For the year ended December 31,
1995, the Investment Adviser waived a portion of its management
fees.
The principal business address of the Investment Adviser is
787 Seventh Avenue, New York, New York 10019. It is a majority-
owned subsidiary of Paribas North America, Inc., which in turn is
a subsidiary of Compagnie Financiere de Paribas. The Investment
Adviser is part of the Paribas Group, a multinational financial
institution with assets in excess of $100 billion and offices in
nearly 60 countries.
The Investment Adviser was organized in the United States in
1984. The Investment Adviser and its affiliates currently advise
over $44 billion in private or foreign investment companies as
well as numerous pension funds and other institutional investors.
Securities held by Quantus Equity Portfolio may also be held
by other funds for which the Investment Adviser may act as an
adviser or by investment advisory clients of the Investment
Adviser. If purchases or sales of securities for the Quantus
Equity Portfolio or other funds for which the Investment Adviser
acts as an investment adviser or for its other advisory clients
arise for consideration at or about the same time, transactions in
such securities will be made, insofar as feasible, for the
respective funds and clients in a manner deemed equitable to all.
To the extent that transactions on behalf of more than one client
of the Investment Adviser during the same period may increase the
demand for securities being purchased or the supply of securities
being sold, there may be an adverse effect on price or volume.
Portfolio Manager. Hubert Goy, Senior Investment Officer
of Paribas Asset Management, Inc., has been primarily responsible
for management of the Portfolio's assets since April, 1996. Prior
to April 1996, he was Senior Vice President to Paribas Asset
Management S.A., since January 1984; Senior Investment Oficer to
Paribas Asset management, Inc. since January 1988 and Vice
President to Banque Paribas from December 1983 to February 19983.
The Portfolio Manager's management discussion and analysis and
additional performance information regarding the Portfolio during
the fiscal year ended December 31, 1995 is included in the Trust's
Annual Report for 1995. A copy of the Annual Report may be
obtained upon request, without charge, by writing or calling the
Trust at the address or phone number located on page one of this
Prospectus.
Expenses. For the year ended December 31, 1995, total
expenses incurred by the Portfolio amounted to $67,192
(representing 2.50% of its average net assets).
The Investment Advisory Agreement between the Trust and the
Investment Adviser obligates the Investment Adviser to provide
investment advisory services and to pay all compensation of and
furnish office space for officers and employees of the Trust
connected with economic and investment research and trading and
investment management of Quantus Equity Portfolio, as well as the
fees of all trustees of the Trust who are affiliated persons of
the Investment Adviser. Each portfolio of the Trust, including
Quantus Equity Portfolio, pays all other expenses incurred in its
operation and a portion of the Trust's general administrative
expenses allocated daily on the basis of the asset size of the
respective portfolios. Expenses that will be borne directly by
the portfolios include redemption expenses, expenses of portfolio
transactions, shareholder servicing costs, expenses of registering
the shares under Federal and state securities laws, pricing costs
(including the daily calculation of net asset value), interest,
certain taxes, charges of the custodian and transfer agent and
other expenses attributable to a particular portfolio. Expenses
that will be allocated on the basis of size of the respective
portfolios include trustees' fees, legal expenses, state franchise
taxes, auditing services, costs of printing proxies, shareholder
reports and prospectuses and SAIs (except to the extent paid by
the Distributor), SEC fees, accounting costs and other expenses
properly payable by the Trust and allocable on the basis of size
of the respective portfolios. Depending upon the nature of the
lawsuit, litigation costs may be directly applicable to a
portfolio or allocated on the basis of the size of the respective
portfolios. The Board of Trustees of the Trust has determined
that this is an appropriate method of allocation of expenses.
As required by the distribution agreement between the Trust
and the Distributor, the Distributor will pay certain of the
expenses of the Trust incurred in connection with the offering of
shares of the portfolios of the Trust, including the expense of
printing the prospectuses used in connection with the continuous
offering of such shares. See "Purchase of Shares - Plan of
Distribution" for a description of the distribution fee to be
received by the Distributor.
ADMINISTRATOR
First Data Investor Services Group, Inc. (the
"Administrator"), a wholly owned subsidiary of First Data
Corporation located at One Exchange Place, Boston Massachusetts
02109, serves as Administrator to the Trust pursuant to an
agreement with the Trust (the "Administration Agreement"). The
Trust pays the Administrator for services rendered by the
Administrator to the Portfolio, an aggregate monthly fee computed
at an annual rate equal to .25 of 1% calculated on the Portfolio's
net assets and paid monthly, subject to a minimum annual fee of
$260,000 for the Trust.
Pursuant to the Administration Agreement, subject to the
overall authority of the Board of Trustees in accordance with
Massachusetts law, the Administrator will assist in certain
aspects of the Trust's and the Portfolio's administration and
operation. Among other things, the Administrator will provide to
the Portfolio statistical and research data, clerical help and
accounting, data processing, bookkeeping, internal auditing,
corporate secretarial services and certain other services
(including calculation of the net asset value of the Portfolio's
shares) required by the Portfolio, prepare reports to shareholders
and prepare tax returns and reports to and filings with the SEC
and State Blue Sky authorities.
MANAGEMENT
The Trustees of the Trust consist of four individuals, three
of whom are not "interested persons" of the Trust as defined in
the Investment Company Act of 1940, as amended (the "1940 Act").
The Trustees of the Trust are responsible for the overall
supervision of the operations of the Trust and perform the various
duties imposed on the trustees of investment companies by the 1940
Act. The Trustees will elect officers annually.
The Trustees of the Trust and their principal employment are
as follows:
GEOFFREY H. MOORE - Director, Center for International Business
Cycle Research, Graduate School of Business, Columbia University,
since 1983.
THOMAS C. PRYOR - Director and Vice President, Yeager, Wood and
Marshall Incorporated, since 1991 and 1992, respectively;
Consultant, Yeager, Wood and Marshall Incorporated, from 1986 to
1992.
JOHN W. ENGLISH - Investment Consultant; Private Investor; Vice
President and Chief Investment Officer, The Ford Foundation, from
1981 to 1993.
ALAIN LECLAIR* - Chairman of the Investment Adviser since February
1986; President of the Investment Adviser from 1984 to February
1986.
As described under the caption "Investment Adviser," the
Investment Adviser has assumed responsibility for the actual
management of the business affairs of the Portfolio, subject to
the general supervision of the Trust's Board of Trustees. The
responsibility for making decisions to buy, sell or hold a
particular security rests with the Investment Adviser. The
Investment Adviser performs certain of the other administrative
services and provides all the office space, facilities, equipment
and necessary personnel for investment management of Quantus
Equity Portfolio.
Each Trustee who is not an officer or employee of the
Investment Adviser or its affiliates will receive an annual fee
from the Trust of $10,000, payable in four equal quarterly
installments of $2,500 each. All Trustees are reimbursed for any
expenses incurred in attending meetings of the Board of Trustees
of the Trust or of any committee thereof. No officer or employee
of the Investment Adviser or its affiliates receives any
compensation from the Trust for acting as a trustee or officer of
the Trust. The Trust has no employees other than its officers,
all of whom are compensated by the Investment Adviser. For the
year ended December 31, 1995, the Portfolio's portion of the
Trustees' fees was waived.
PURCHASE OF SHARES
Shares of the Quantus Equity Portfolio may be purchased
directly from the Distributor, or through any securities dealer
having a selected dealer agreement with the Distributor. The
public offering price for shares of the Quantus Equity Portfolio
is the net asset value per share. There is no sales charge for the
purchase of shares. As discussed under "Redemption of Shares
- -Contingent Deferred Charge" below, a contingent deferred charge
may be imposed under certain circumstances upon the redemption of
shares.
Purchases of shares are made at the public offering price
next determined after receipt of an order by the Portfolio's
transfer agent, Unified Advisers Inc. (the "Transfer Agent"), a
subsidiary of Unified Holdings, Inc.. The public offering price
is the net asset value per share. Net asset value per share will
be determined in the manner set forth under "Net Asset Value."
The minimum initial purchase in Quantus Equity Portfolio is
$5,000. The minimum subsequent purchase of shares of the Portfolio
is $2,000.
Quantus Equity Portfolio is designed for, and should only be
considered an appropriate investment for, institutional investors,
such as tax-qualified retirement and pension plans, profit-sharing
plans, 401(k) plans, trustees of Keogh plans or Individual
Retirement Accounts (including Individual Retirement Account
rollovers), charitable and educational endowments and
sophisticated individuals.
How to Buy Shares. To purchase shares of Quantus Equity
Portfolio, an investor must complete and sign the Account
Application on page 15 and pay for the shares being purchased. No
redemptions will be permitted until a complete application is on
file. Payment may be by mail or by wire.
Purchase by Mail. Purchase by mail may be by check or
federal reserve draft for the purchase price sent to Paribas Trust
for Institutions, c/o Unified Advisers, Inc., together with the
case of a new account, a completed Account Application (see page
15). Checks and federal reserve drafts should be made payable to
Paribas Trust for Institutions. Certified checks are not
necessary, but checks are accepted subject to collection at full
face value in United States funds and must be drawn on a United
States bank. If an investor purchases shares by check, payment of
the proceeds of redemption of such shares may be delayed until the
Trust is reasonably satisfied that the investment has been
collected (which will take up to 15 days after the purchase of the
shares). If the Trust is unable to collect upon the full face
value of an investor's check, the purchase order will be cancelled
and the investor may be liable for any losses or fees incurred.
Purchase by Wire. Purchase by wire may be made through a
bank or Federal Funds wire. To purchase shares of the Quantus
Equity Portfolio by wire, the investor must have an application on
file and must telephone the Transfer Agent, at 800-445-1326 to
confirm the wire. The initial purchase by an investor may be made
by wire provided that the investor has an application on file. On
the telephone the following information will be requested by the
Transfer Agent: name(s) in which the account is registered,
account number, amount being wired and wiring bank. Instructions
should then be given by the investor to its bank to wire the
specified amount, along with the account name(s) and number to:
Boston Safe Deposit & Trust Company
ABA/ROUTING #011001234
ACCOUNT #16-676-6
ATTENTION: PARIBAS TRUST FOR INSTITUTIONS (QUANTUS EQUITY MANAGED
PORTFOLIO)
General. All funds will be fully invested in full and
fractional shares. The issuance of shares is recorded on the
books of the Trust. The Transfer Agent will send to each
shareholder of record a statement of shares of Quantus Equity
Portfolio owned after each purchase or redemption transaction
relating to such shareholder.
As to purchase orders received by selected dealers prior to
the close of the New York Stock Exchange (the "Exchange"), which
includes orders received after the close on the previous day, the
applicable offering price will be based on the net asset value
determined as of the close of the Exchange on the day the order is
placed with the Transfer Agent provided the order is received by
the Transfer Agent prior to 4:00 P.M., New York time, on that day.
Selected dealers have a responsibility to transmit orders promptly
and may charge a fee for transmitting orders. Any order may be
rejected by the Distributor or the Trust. Neither the Distributor
nor the dealers are permitted to withhold placing orders to
benefit themselves by a price change. The Trust reserves the
right to suspend the sale of its shares to the public in response
to conditions in securities markets, or otherwise.
Distribution Agreement. The Distributor is the principal
underwriter and distributor of shares of the Portfolio and is an
affiliate of the Investment Adviser. The Distributor is located
at 787 Seventh Avenue, New York, New York 10019. The Distributor
makes a continuous offering of the Portfolio's shares and bears
the costs and expenses of printing and distributing any copies of
any prospectuses and annual and interim reports of the Trust
(after such items have been prepared and set in type) which are
used in connection with the offering of shares to selected dealers
or investors, and the cost and expenses of preparing, printing and
distributing any other literature used by the Distributor or
furnished by it for use by selected dealers in connection with the
offering of the shares for sale to the public. The Distributor
will be compensated for its services under the Distribution
Agreement pursuant to the Plan of Distribution discussed below.
In addition, the Distributor will receive the contingent deferred
sales charge described below, and any amount so received will not
offset amounts to be paid to the Distributor under the Plan of
Distribution.
Plan of Distribution. The Trust has adopted a Plan of
Distribution pursuant to Rule 12b-1 under the 1940 Act (the
"Plan") under which Quantus Equity Portfolio will pay the
Distributor for its services a fee equal to 1% of the average of
its daily net assets to compensate the Distributor for services
provided under the Distribution Agreement, including payments made
by the Distributor to selected dealers with respect to sales of
shares of Quantus Equity Portfolio and for expenses incurred in
promoting the sale of shares, such as printing and advertising
(which at this time are the only promotional expenses expected to
be incurred by the Distributor under the Distribution Agreement).
Such services will be designed primarily to promote the sale of
shares of the Quantus Equity Portfolio. The fee shall be
calculated daily and paid monthly. Under the Distribution
Agreement, the Distributor may pay to selected dealers a
commission of up to 4% of the purchase price of shares of the
Quantus Equity Portfolio. As a result of these commission
payments made by the Distributor, it is likely that the expenses
paid by the Distributor during the early years of the Plan will
exceed the fees received by the Distributor under the Plan; while
it is possible that during the later years of the Plan the fees
paid by the Trust to the Distributor under the Plan will exceed
the Distributor's expenses. As of December 31, 1995, the sum of
the fees paid to the Distributor under the Plan over the life of
the Quantus Equity Portfolio and the Deferred Charges received by
the Distributor during the same period (see "Redemption of Shares
- - Contingent Deferred Charge" below) exceeded commission payments
made by the Distributor to selected dealers during that period by
$9,778. If the Plan is terminated in accordance with its terms,
the obligation of the Trust to make payments to the Distributor
pursuant to the Plan will cease and the Trust will not be required
to make any payments past the date the Plan terminates. The Trust
suspended payments under the Plan as of January 1, 1994, and
therefore no fees were paid or payable to the Distributor pursuant
to the Plan for the year ended December 31, 1995.
NET ASSET VALUE
The net asset value per share of Quantus Equity Portfolio is
calculated as of the close of trading on the Exchange each
business day (i.e., Monday through Friday) that the Exchange is
open for trading. The Exchange is closed on the following
holidays: New Year's Day, Presidents' Day, Good Friday, Memorial
Day, Independence Day, Labor Day, Thanksgiving Day and Christmas
Day. The net asset value per share for Quantus Equity Portfolio
is computed by dividing the sum of the value of the portfolio
securities held by the Portfolio plus any cash or other assets
minus all liabilities by the total number of shares of the
Portfolio outstanding at such time, rounded to the nearest cent.
Expenses are accrued daily.
Securities listed or traded on a national securities
exchange are valued at the last quoted sales price on the day the
valuations are made. Listed securities that are not traded on a
particular day, and securities regularly traded in the over-the-
counter market, are valued at the price within the limits of the
latest bid and asked prices deemed by the Trustees, or by persons
delegated by the Trustees, best to reflect fair value. Other
assets and securities are valued in a manner determined in good
faith by the Trustees, or their delegates, to reflect their fair
value.
REDEMPTION OF SHARES
Shareholders have the right to require the Trust to redeem
their shares upon receipt of a written request in proper form.
The redemption price of shares of the Quantus Equity Portfolio is
the net asset value per share of the Portfolio next determined
after the initial receipt by the Transfer Agent of proper notice
of redemption. If a shareholder redeems all of the shares in its
account, it will receive, in addition to the net asset value of
the shares redeemed, a separate check representing all dividends
declared but unpaid. If a shareholder redeems a portion of the
shares in its account, the dividends declared but unpaid on the
shares redeemed will be distributed on the next dividend payment
date.
Contingent Deferred Charge. A contingent deferred sales
charge (the "Deferred Charge") may be imposed upon redemption of
shares by an investor. Upon redemption of shares of the Portfolio
by an investor, the investor will be deemed to be redeeming those
shares upon which, in accordance with the table below, the lowest
Deferred Charge is payable. No Deferred Charge will be imposed,
however, to the extent that the net asset value of the shares
redeemed does not exceed (a) the current net asset value of shares
for which, in accordance with the table below, no Deferred Charge
is payable, plus (b) the current net asset value of shares
purchased through reinvestment of dividends or capital gains
distributions, plus (c) increases in the net asset value of the
investor's shares for which, in accordance with the table below, a
Deferred Charge would be payable above the total amount of
payments for the purchase of such shares. The Deferred Charge
will be paid to and retained by the Distributor.
In determining the applicability of a Deferred Charge to
each redemption, the amount which represents the net asset value
of the investor's shares purchased through reinvestment of
dividends or distributions will be redeemed first. In the event
the redemption amount exceeds the amount of such shares, the next
portion of the amount redeemed will be the amount which represents
the net asset value of the investor's shares for which, in
accordance with the table below, no Deferred Charge is imposed
and/or shares which represent an increase in the net asset value
of the investor's shares for which a Deferred Charge is imposed
above the amount of the total payments for the purchase of such
shares.
The amount of the Deferred Charge, if any, will vary
depending on the number of years from the time of payment for the
purchase of shares to the time of redemption of such shares and
upon the amount invested in shares. The following table sets
forth the rates of the Deferred Charge:
Amount of Deferred Charge
as a percent of the amount
redeemed if redemption occurs within:
Year 1 Year 2 Year 3 Year 4 Year 5
Up to $250,000 4.0% 3.0% 2.0% 1.0% 0.0%
Over $250,000 to $1,000,000 2.5 1.5 1.0 0.0 0.0
Over $1,000,000 to $4,000,000 1.0 0.0 0.0 0.0 0.0
Over $4,000,000 to $10,000,000 0.5 0.0 0.0 0.0 0.0
Over $10,000,000 0.35 0.0 0.0 0.0 0.0
With respect to an investor who has purchased shares of the
Quantus Equity Portfolio on more than one occasion, the Deferred
Charge with respect to any shares being redeemed by that investor
will be determined on the basis that the "Amount Invested" in the
table above for any particular share being redeemed will equal the
total purchase price of all shares in the Quantus Equity Portfolio
held by that investor immediately after the purchase of that
share. In addition, for purposes of determining the "Amount
Invested," shares in the Portfolio held by an investor will be
aggregated. For example, if an investor purchases $200,000 of
shares, does not redeem any of those shares and four months later
purchases an additional $75,000 worth of shares, the Deferred
Charge with respect to the first purchase will be determined by
reference to the "Up to $250,000" line in the table, while the
Deferred Charge with respect to the second purchase (after which
the investor will have purchased $275,000 of shares) will be
determined by reference to the "Over $250,000 to $1,000,000" line
in the table.
To the extent that an investor is redeeming shares for which
a Deferred Charge will be imposed, the investor will be deemed to
be redeeming those shares for which the lowest charge will be
imposed. For example, if an investor initially purchased $600,000
of shares in the Portfolio and two months later purchased an
additional $600,000 of shares (so that at the time of the second
purchase the investor's total purchases amounted to $1,200,000)
and then two years after the second purchase (and assuming for
ease of illustration that there have been no dividends or
distributions on the shares and that there has been no change in
net asset value of the shares) redeems $700,000 worth of shares,
the investor will be deemed to be redeeming all $600,000 worth of
shares purchased in the second purchase (for which after two years
after the purchase there is no Deferred Charge) and $100,000 worth
of the shares purchased in the first purchase (for which at that
time there is a l% Deferred Charge). Alternatively, if an
investor initially purchased $200,000 of shares of the Portfolio
and 25 months later purchased another $200,000 worth of shares of
the Portfolio and then one year after the second purchase redeemed
$250,000 worth of shares (assuming again no dividends or
distributions are paid on the shares and that there has been no
change in the net asset value of the shares) the investor will be
deemed to be redeeming all $200,000 worth of the shares initially
purchased (for which a 1% Deferred Charge will be imposed) and
$50,000 of the shares purchased in the second purchase (for which
a 1.5% Deferred Charge will be imposed).
Redemption. A shareholder wishing to redeem shares of the
Quantus Equity Portfolio may do so without charge, except in those
cases where the Deferred Charge is applicable, by tendering a
written request for redemption in proper form as explained below,
directly to the Transfer Agent, c/o Paribas Trust for
Institutions, together with the certificates, if any, issued for
such shares. To be in proper form, the redemption request
requires the signature(s) of all persons in whose name(s) the
shares are registered, signed exactly as their name(s) appear on
the Transfer Agent's register or on the certificate(s), as the
case may be. In addition, the signatures on the notice must be
guaranteed by a commercial bank which is a member of the FDIC or a
trust company or by a member firm of a national or regional
securities exchange. A notary public, savings bank or savings and
loan association is not an acceptable guarantor. In certain
instances, the Transfer Agent may require that the request also be
accompanied or followed by additional documents, such as trust
instruments, death certificates, appointments as executor or
administrator, or certificates of corporate authority. Payment of
redemption proceeds will be mailed within seven days of receipt by
the Transfer Agent of a proper notice of redemption.
At various times the Trust may be requested to redeem shares
for which it has not yet received good payment. The Trust may
delay or cause to be delayed the mailing of a redemption check for
a period of up to 15 days until it is assured that good payment
(e.g., cash or certified check drawn on a United States bank) has
been collected for the purchase of such shares.
Repurchase. The Trust will also repurchase shares of the
Quantus Equity Portfolio through a shareholder's listed securities
dealer. The Trust will normally accept orders to repurchase
shares by wire or telephone from dealers for their customers at
the net asset value next computed after receipt of the order by
the dealer, provided that the request for repurchase is received
by the dealer prior to the close of business on the New York Stock
Exchange on the day received and is received by the Trust from
such dealer not later than 4:00 P.M., New York time, on the same
day. Dealers have the responsibility of submitting such
repurchase requests to the Trust not later than 4:00 P.M., New
York time, in order to obtain that day's closing price. These
repurchase arrangements are for the convenience of shareholders
and do not involve a charge by the Trust except in those cases
where the Deferred Charge is applicable; however, securities
dealers may impose a charge on the shareholder for transmitting
the notice of repurchase to the Trust. The Trust reserves the
right to reject any order for repurchase.
For shareholders requesting repurchases through their listed
securities dealer, payment for shares will be made by the Transfer
Agent directly to the shareholder or dealer within seven days of
the proper tender of the certificates, if any, and stock power or
letter requesting repurchase, in each instance with signatures
guaranteed as noted above.
The value of shares at the time of redemption may be more or
less than the shareholder's cost, depending on the market value of
the portfolio securities held by the Portfolio at such time.
DIVIDENDS, DISTRIBUTIONS AND TAXES
Dividends and Distributions. It is the Trust's intention to
continue to distribute substantially all of the net investment
income, if any, of the Quantus Equity Portfolio. For dividend
purposes, net investment income will consist of all payments of
dividends, interest and net realized short-term capital gains
received by the Portfolio less its estimated expenses. Dividends
from net investment income of the Portfolio are declared annually
in additional full and fractional shares of the Portfolio at net
asset value unless the shareholder elects to receive such
dividends in cash. In general, all net realized long-term capital
gains of the Portfolio, if any, are distributed annually after the
close of the Trust's fiscal year. Unless a shareholder elects to
receive dividends or distributions of the Portfolio in cash,
dividends and capital gains distributions are automatically
reinvested in shares of the Portfolio at a price equal to the net
asset value per share of the Portfolio on the day such dividend or
distribution is paid.
See "Shareholder Services - Reinvestment of Dividends and
Capital Gains Distributions" for information as to how to elect
either dividend reinvestment or cash payments. Dividends and
distributions are taxable to shareholders and subject to income
tax whether they are reinvested or received in cash.
Taxes. The Trust has in the past elected the special tax
treatment afforded regulated investment companies under the
Internal Revenue Code of 1986, as amended (the "Code"). The
Portfolio believes that it has qualified for such treatment and
intends to continue to qualify therefor. If it so qualifies, in
any fiscal year with respect to which it distributes at least 90%
of its net investment income, the Portfolio (but not its
shareholders) will be relieved of Federal income tax on the amount
distributed. The Portfolio contemplates declaring as dividends
100% of its net investment income. See "Dividends and
Distributions." If in any taxable year the Portfolio does not
qualify as a regulated investment company, all of its taxable
income and gains will be taxed to the Portfolio at corporate
rates. Dividends and distributions will be taxable to shareholders
as ordinary income or long-term capital gains, whether received in
cash or reinvested in additional shares of the Portfolio. Each
shareholder will be sent a statement which will include the amount
of dividends paid and will identify whether such dividends
represent ordinary income or long-term capital gains.
The SAI describes the effect of other provisions of the Code
on the Portfolio and its shareholders.
Investors are urged to consult their attorneys or tax
advisers regarding specific questions as to federal, foreign,
state or local taxes.
PORTFOLIO TRANSACTIONS
The Trust has no obligation to deal with any dealer or group
of dealers in the execution of transactions in portfolio
securities. Subject to policy established by the Trustees of the
Trust, the Investment Adviser is primarily responsible for the
portfolio decisions of the Portfolio and for placing its portfolio
transactions. It is the policy of the Trust to obtain the best
net results taking into account such factors as price (including
the applicable dealer spread), the size, type and difficulty of
the transaction involved, the firm's general execution and
operational facilities, the firm's risk in positioning the
securities involved and the provision of supplemental investment
research, in most cases consisting of quantitative investment
research. While the Investment Adviser generally seeks reasonably
competitive spreads or commissions, the Portfolio will not
necessarily be paying the lowest spread or commission available.
Consistent with the policy of the Portfolio to select brokers
based on the brokers' ability to get the best price in the market
and on the quality of the research provided, the Portfolio will
also on occasion effect transactions through brokers which have
been instrumental in the sale of shares of the Portfolio.
SHAREHOLDER SERVICES
The Trust offers a number of shareholder services designed
to facilitate investment in its shares at no extra cost to the
investor. Below is a description of such services. Full details
as to each such service and copies of the various plans described
below can be obtained from the Trust.
Investment Account. Every shareholder has an Investment
Account and will receive from the Transfer Agent transaction
reports after each share transaction and dividend reinvestment.
After the end of each year, each shareholder will receive Federal
income tax information regarding dividends and capital gains
distributions.
Reinvestment of Dividends and Capital Gains Distributions.
Unless specific instructions are given on the application form as
to the method of payment of dividends and capital gains
distributions, they will automatically be reinvested in additional
shares of the Portfolio. Such reinvestment will be at the net
asset value of the shares of the Portfolio as of the close of
business on the day on which the dividend or distribution is paid.
Shareholders may elect in writing to receive either their income
dividends or capital gains distributions, or both, in cash, in
which event payment will be mailed by the Transfer Agent as soon
as practicable after the payment date.
Shareholders may, at any time, notify the Transfer Agent in
writing that they no longer wish to have their dividends and/or
distributions reinvested in shares or vice versa and, immediately
upon receipt by the Transfer Agent of such notice, those
instructions will be effected.
ADDITIONAL INFORMATION
Organization of Trust. The Trust, a Massachusetts
business trust, was organized on September 16, 1985 as a
diversified open-end management investment company.
Description of Shares. The Declaration of Trust provides
that the Trust will be comprised of separate series each of which
will consist of a separate portfolio which will issue a separate
series of shares. The Trustees are authorized to create an
unlimited number of series and, with respect to each series, to
issue an unlimited number of full and fractional shares of a
single class and to divide or combine the shares into a greater or
lesser number of shares without thereby changing the proportionate
beneficial interests in the series. All shares have equal voting
rights, except that only shares of the respective series are
entitled to vote on matters concerning only that series. At the
date of this prospectus, there are no existing series of the Trust
other than Quantus Equity Managed Portfolio and Quantus II.
Each share of a series of the Trust has equal dividend,
distribution, liquidation and voting rights with other shares of
that series. Each issued and outstanding share of a series is
entitled to one vote and to participate equally in dividends and
distributions declared by the Trust out of that series and in net
assets of the series remaining upon liquidation or dissolution
after satisfaction of outstanding liabilities. The shares of each
series of the Trust, when issued, will be fully paid and non-
assessable, have no preference, preemptive, conversion, exchange
or similar rights, and will be freely transferable. There will
normally be no meetings of shareholders for the purpose of
electing Trustees unless and until such time as less than a
majority of the Trustees holding office have been elected by
shareholders, at which time the Trustees then in office will call
a shareholders' meeting for the election of Trustees.
Shareholders may, in accordance with the Declaration of Trust,
cause a meeting of shareholders to be held for the purpose of
voting on the removal of Trustees. Meetings of the shareholders
will be called upon written request of shareholders holding in the
aggregate not less than 10% of the outstanding shares having
voting rights. Except as set forth above, the Trustees will
continue to hold office and appoint successor Trustees. Shares do
not have cumulative voting rights and the holders of more than 50%
of the shares of the Trust voting for the election of Trustees can
elect all of the Trustees of the Trust if they choose to do so and
in such event the holders of the remaining shares would not be
able to elect any Trustees. Shareholders are entitled to redeem
their shares as set forth under "Redemption of Shares."
The authorized capital stock of the Trust consists of an
indefinite number of shares of beneficial interest, having a par
value of $0.10 per share.
Custodian, Transfer and Dividend Disbursing Agent. Boston
Safe Deposit and Trust Company, located at One Boston Place,
Boston, Massachusetts 02108, serves as the Portfolio's custodian.
Unified Advisers, Inc., located at 429 North Pennsylvania Street,
Indianapolis, Indiana 46204, serves as the Portfolio's transfer
agent and dividend disbursing agent. First Data Investor Services
Group, Inc. maintains the Portfolio's accounting records.
Counsel and Auditor. Rogers & Wells, special securities
counsel to the Trust, passes upon legal matters for the Trust in
connection with the shares offered by this Prospectus. Arthur
Andersen LLP is the independent public accountant of the Trust.
Miscellaneous. The Trust issues to its shareholders semi-
annual reports containing unaudited financial statements and
annual reports containing financial statements examined by the
Trust's auditors.
This Prospectus does not contain all the information
included in the Registration Statement filed with the SEC under
the Securities Act of 1933 with respect to the securities offered
hereby, certain portions of which have been omitted pursuant to
the rules and regulations of the SEC. The SAI, dated May 1, 1996,
which forms a part of the Registration Statement, is incorporated
by reference into this Prospectus. The SAI may be obtained
without charge as provided on the cover page of this Prospectus.
The Registration Statement including the exhibits filed therewith
may be examined at the office of the SEC in Washington, D.C.
The Declaration of Trust establishing the Trust, dated
September 16, 1985, a copy of which, together with all amendments
thereto (the "Declaration"), is on file in the Office of the
Secretary of the Commonwealth of Massachusetts, provides that the
name "Paribas Trust For Institutions" refers to the trustees under
the Declaration collectively as trustees, but not as individuals
or personally; and no trustee, shareholder, officer, employee or
agent of the Trust may be held to any personal liability, nor may
resort be had to their private property for the satisfaction of
any obligation or claim otherwise in connection with the affairs
of the Trust but the Trust's property only shall be liable.
QUANTUS EQUITY MANAGED PORTFOLIO
Account Application
Mail to:
Paribas Trust for Institutions
c/o Unified Advisers, Inc.
429 N. Pennsylvania Street
Indianapolis, Indiana 46204-1897
REGISTRATION: The account should be registered as follows:
__________________________________________________________
Name of Account
__________________________________________________________
Street
__________________________________________________________
City State Zip
Attention:
FOR INDIVIDUALS ONLY:
___________________________________________________________
Occupation
___________________________________________________________
Name of Employer
___________________________________________________________
Street
___________________________________________________________
City State Zip
CASH DIVIDENDS: Unless checked below, dividends or distributions
of the Portfolio will be reinvested automatically in additional
shares of the Portfolio.
Check this box if dividends of investment income are to be
paid in cash.
Check this box if capital gains distributions are to be paid
in cash.
INITIAL INVESTMENT: The initial minimum investment is $5,000.
Please establish an account with the enclosed
______________________________ check for $ _______
payable to the Paribas
|___|___|___|___|___|___|___|___|___| Trust for
Institutions.
Taxpayer ID No.
Citizen of U.S.
Other (Please specify)
(____)___________________
Area Code Telephone
________________________
* Under the Federal income tax law, you may be subject to
certain penalties as well as withholding of tax at a 31% rate if
you do not provide a correct number.
The Internal Revenue Service requires us to withhold 31%
from all dividends, capital gains, and liquidations unless you
comply with two conditions: (1) you have given us your Social
Security or Taxpayer ID Number (TIN), and (2) you have certified
that you are not subject to backup withholding.
CERTIFICATION: I ratify any instructions given pursuant to the
authorizations described in this Application and agree that
neither Paribas Trust for Institutions, Paribas Asset Management,
Inc. nor First Data Investor Services Group, Inc. will be liable
for any loss, cost or expense resulting from acting upon such
authorizations or instructions (given by telephone or in writing)
when believed to be genuine, nor will they incur any liability for
any action committed or omitted in good faith.
I am of legal age, have received and read the current
Prospectus of Quantus Equity Managed Portfolio and agree to its
terms. I understand the investment objective and program of
Quantus Equity Managed Portfolio and have determined that Quantus
Equity Managed Portfolio is a suitable investment based upon my
investment needs and financial situation.
Under penalties of perjury, I certify that (1) my Social
Security or Taxpayer ID Number provided is correct or that I have
applied for such a number and am waiting for it to be issued and
(2) that I am not subject to backup withholding because either
(a) I am exempt from backup withholding, or (b) I have not been
notified that I am subject to backup withholding for failing to
report all interest or dividends, or (c) the IRS has notified me
that I am no longer subject to backup withholding.
Strike out the language in clause (2) above if the IRS has
notified you that you ARE subject to backup withholding and you
have not since received notice from the IRS that backup
withholding has terminated.
_________________________ ______________________________
Signature Title
_________________________ ______________________________
Signature Title
FOR DEALER ONLY
(Branch Office Address)
We hereby authorize Distributor to act as our agent in
connection with transactions under this authorization form.
Dealer Name and Address
By
Authorized Signature of Dealer
Branch A/E No. A/E Last Name
This form when completed should be
mailed to:
Paribas Trust for Institutions
c/o Unified Advisers, Inc.
429 N. Pennsylvania Street Dealer's Customer A/C
No.
Indianapolis, Indiana 46204-1897
Dealer's Telephone No.
INVESTMENT ADVISER
Paribas Asset Management, Inc.
787 Seventh Avenue
New York, New York 10019
ADMINISTRATOR
First Data Investor Services Group, Inc.
One Exchange Place
Boston, Massachusetts 02109
CUSTODIAN
Boston Safe Deposit and Trust Company
One Boston Place
Boston, Massachusetts 02108
TRANSFER AGENT
Unified Advisers, Inc.
429 N. Pennsylvania Street
Indianapolis, Indiana 46204-1897
LEGAL COUNSEL
Rogers & Wells
200 Park Avenue
New York, New York 10166
AUDITORS
Arthur Andersen LLP
1345 Avenue of the Americas
New York, New York 10105
QUANTUS EQUITY
MANAGED PORTFOLIO
(A Portfolio of Paribas
Trust for Institutions)
___________
PROSPECTUS
___________
INVESTMENT ADVISER
Paribas Asset Management, Inc.
787 Seventh Avenue
New York, New York 10019
DISTRIBUTOR
Paribas Corporation
787 Seventh Avenue
New York, New York 10019
May 1, 1996
This Prospectus should be retained for future reference.
STATEMENT OF ADDITIONAL INFORMATION
QUANTUS EQUITY MANAGED PORTFOLIO
A Portfolio of
PARIBAS TRUST FOR INSTITUTIONS
787 Seventh Avenue
New York, New York 10019
For general information and purchases call
(212) 841-3200
The Quantus Equity Managed Portfolio ("Quantus Equity
Portfolio" or the "Portfolio") is a portfolio of the Paribas
Trust for Institutions (the "Trust"), which is a
professionally managed, diversified, open-end management
investment company comprised of two portfolios.
This Statement of Additional Information (the "SAI")
of the Quantus Equity Portfolio is not a prospectus and
should be read in conjunction with the Prospectus of the
Quantus Equity Portfolio, dated May 1, 1996 (the
"Prospectus"), which has been filed with the Securities and
Exchange Commission (the "SEC") and is available upon oral
or written request without charge. Copies of the Prospectus
can be obtained by calling or by writing the Trust at the
above telephone number or address. This SAI has been
incorporated by reference into the Prospectus.
The date of this SAI is May 1, 1996.
TABLE OF CONTENTS
Page
Quantus Equity Portfolio and Its Objective and
Policies 3
Management of the Quantus Equity Portfolio 5
Investment Advisory and Other Services 6
Portfolio Transactions 7
Purchase of Shares 8
Redemption of Shares 9
Taxes 9
Distributor 10
Financial Information 10
Issuers Comprising the Index 11
QUANTUS EQUITY PORTFOLIO
AND ITS OBJECTIVE AND POLICIES
Reference is made to "Quantus Equity Portfolio and Its
Objective and Policies" in the Prospectus for a discussion
of the investment objective and policies of the Quantus
Equity Portfolio.
The Trust is a diversified, open-end management
investment company which was organized as a Massachusetts
business trust. The shares offered by the Prospectus are
shares of beneficial interest of Quantus Equity Portfolio,
par value $0.10 per share.
The Index. As described in the Prospectus,
refinements are made to the major capitalization index (the
"Index") by Paribas Asset Management, Inc. (the "Investment
Adviser") as necessary to avoid over-representation of an
industry, non-U.S. issuers, relatively illiquid issues and
issuers with inadequate research coverage.
As to liquidity, if trading volume of an issuer's
common stock was not among the top 750 common stocks in
trading volume during the previous quarter, such issuer is
not included in the Index notwithstanding that it is in the
top 500 in market capitalization.
An issuer will be considered to have inadequate
research coverage if fewer than seven security analysts
regularly issue research reports regarding the issuer.
Investment Restrictions. In addition to the
investment restrictions set forth in the Prospectus, the
Trust has adopted the following investment restrictions for
the Quantus Equity Portfolio, none of which may be changed
without the approval of a majority of the outstanding shares
of the Portfolio, which for this purpose means the vote of
(i) 67% or more of the Portfolio's shares present at a
meeting, if the holders of more than 50% of the outstanding
shares of the Portfolio are present or represented by proxy,
or (ii) more than 50% of the Portfolio's outstanding shares,
whichever is less. The Portfolio may not:
(a) Make investments for the purpose of exercising
control or management;
(b) Purchase securities of other investment
companies, except in connection with a merger,
consolidation, acquisition or reorganization;
(c) Invest in securities (other than securities
issued by the U.S. Government or any of its agencies or
instrumentalities) of any issuer if immediately after such
acquisition the Portfolio would then own more than 10% of
the voting securities of that issuer;
(d) Invest in interests in oil, gas or other mineral
exploration or development programs, commodities, or
commodity contracts, except that the Portfolio may invest in
securities of issuers which invest or deal in any of the
above;
(e) Invest in real estate or in interests in real
estate, but the Portfolio may purchase readily marketable
securities of companies holding real estate or interests
therein;
(f) Purchase any securities on margin, except for
use of short-term credit necessary for clearance of
purchases and sales of portfolio securities;
(g) Make short sales of securities or maintain a
short position or write, purchase or sell puts, calls,
straddles, spreads or combinations thereof;
(h) Make loans to other persons, provided that the
Portfolio may purchase debt obligations in accordance with
its investment objectives and policies and the Portfolio may
make loans of portfolio securities provided, among other
things, that the value of the securities loaned does not
exceed 10% of the value of the Portfolio's net assets (the
acquisition of bonds, debentures or other corporate debt
securities which are not publicly distributed is considered
to be the making of a loan under the Investment Company Act
of 1940);
(i) Borrow amounts in excess of 10% of the total
assets of the Portfolio, taken at market value, and then
only from banks as a temporary measure for extraordinary or
emergency purposes (usually only "leveraged" investment
companies may borrow in excess of 5% of their assets;
however, the Portfolio will not borrow to increase income
but only to meet redemption requests which might otherwise
require untimely dispositions of portfolio securities. In
addition, the Portfolio will not purchase securities while
borrowings are outstanding);
(j) Mortgage, pledge, hypothecate or in any manner
transfer as security for indebtedness any securities owned
or held by the Portfolio except as may be necessary in
connection with borrowings mentioned in (i) above, and then
such mortgaging, pledging or hypothecating may not exceed
10% of the Portfolio's total assets, taken at market value;
(k) Invest in securities with legal or contractual
restrictions on resale or for which no readily available
market exists if, regarding all such securities, more than
5% of the total assets of the Portfolio (taken at market
value) would be invested in such securities;
(l) Act as an underwriter of securities, except
insofar as the Portfolio may be deemed an underwriter under
the Securities Act of 1933 in selling portfolio securities;
and
(m) Invest in securities of any one issuer with a
record of less than three years of continuous operation,
including predecessors, except obligations issued or
guaranteed by the United States Government or its agencies.
Repurchase Agreements. The Portfolio may invest in
U.S. Government securities pursuant to repurchase
agreements. Repurchase agreements may be entered into only
with a member bank of the Federal Reserve System or primary
dealer in U.S. Government securities. Under such
agreements, the bank or primary dealer agrees, upon entering
into the contract, to repurchase the security at a mutually
agreed upon time and price, thereby determining the yield
during the term of the agreement. This results in a fixed
rate of return insulated from market fluctuations during
such period. Except with regard to repurchase agreements
secured by U.S. government securities, in the event of
default or bankruptcy by the seller under a repurchase
agreement construed to be a collateralized loan, the Trust
may suffer time delays and incur costs or possible losses in
connection with such transactions. Management expects that
no more than 5 percent of the Portfolio's net assets will be
subject to repurchase agreements during the coming year.
Lending of Portfolio Securities. Subject to
investment restriction (h) above, the Quantus Equity
Portfolio from time to time may lend securities from its
portfolio to brokers, dealers and financial institutions and
receive as collateral cash or United States Treasury
securities which at all times while the loan is outstanding
will be maintained in amounts equal to at least 100% of the
current market value of the loaned securities. Any cash
collateral will be invested in short-term securities, which
will increase the current income of the Portfolio making the
loan. Such loans, which will not have terms longer than 30
days, will be terminable at any time. The Trust will have
the right to regain record ownership of loaned securities to
exercise beneficial rights such as voting rights,
subscription rights and rights to dividends, interest or
other distributions. The Portfolio may pay reasonable fees
to persons unaffiliated with the Trust for services in
arranging such loans. In the event of a default by the
borrower, the Trust may suffer time delays and incur costs
or possible losses in connection with the disposition of the
collateral. The Trust expects that no more than 5 percent
of the Portfolio's net assets will be committed to the
lending of portfolio securities during the coming year.
Portfolio Turnover. The Investment Adviser effects
portfolio transactions without regard to holding period if,
in its judgment, such transactions are advisable in light of
a change in circumstances in general market, economic or
financial conditions. As a result of its investment
policies, the Portfolio may engage in a substantial number
of portfolio transactions. The portfolio turnover rate is
calculated by dividing the lesser of the Portfolio's annual
sales or purchases of portfolio securities (exclusive of
purchases or sales of securities the maturities of which at
the time of purchase were one year or less) by the monthly
average value of the securities in the portfolio during the
year. High portfolio turnover results in correspondingly
higher brokerage commissions and dealer spreads, both of
which are borne directly by the Portfolio, and may increase
the percentage of the Portfolio's distributions which are
taxable to shareholders as ordinary income. For the years
ended December 31, 1994 and 1995, the portfolio turnover
rates were 120% and 141%, respectively. See "Portfolio
Transactions" and "Taxes."
MANAGEMENT OF QUANTUS EQUITY PORTFOLIO
The Trustees and executive officers of the Trust,
their ages and principal occupations for the last five or
more years are set forth below. Unless otherwise noted, the
address of each Trustee and officer is 787 Seventh Avenue,
New York, New York 10019:
Alain Leclair - Chairman of the Board and Trustee*, Age 56,
Chairman of the Investment Adviser since February 1986.
Geoffrey H. Moore - Trustee, Age 82, 475 Riverside Drive,
New York, New York 10027; Director, Center for International
Business Cycle Research, Graduate School of Business,
Columbia University, since 1983.
Thomas C. Pryor - Trustee, Age 76, 630 Fifth Avenue, New
York, New York 10111; Director and Vice President, Yeager,
Wood and Marshall Incorporated (investment counsel), since
1991 and 1992, respectively; Consultant, Yeager, Wood and
Marshall Incorporated, from 1986 to 1992.
John W. English - Trustee, Age 63, Investment Consultant;
Private Investor; Vice President and Chief Investment
Officer, The Ford Foundation, from 1981 to 1993.
Kurt Braitberg - Secretary and Treasurer, Age 28, Manager,
Portfolio Administration, Paribas Asset Management from
1994; Manager, Fund Accounting/Trade Settlements for
Oppenheimer Management Corp. from October 1990 to June 1994.
Pursuant to the terms of the Trust's Investment
Advisory Agreement, the Investment Adviser pays all
compensation of officers of the Trust as well as the fees of
all Trustees of the Trust who are affiliated persons of the
Investment Adviser. The Trust pays each unaffiliated
Trustee an annual fee of $10,000, payable in four equal
quarterly installments of $2,500 each. The Trust pays all
Trustees the actual out-of-pocket expenses related to their
attendance at meetings. No officer or employee of the
Investment Adviser receives any compensation from the Trust
for acting as a trustee or officer of the Trust.
Trustee Compensation. There was no compensation paid
to and no pensions or retirement benefits accrued for the
Trustees for the fiscal year ended December 31, 1995.
Officers of the Trust receive no compensation from the
Trust. The Trustees waived the portion of their 1995 fees
attributable to the Quantus Equity Portfolio.
TOTAL
COMPENSATION
AGGREGATE FROM THE TRUST
NAME OF PERSON COMPENSATION AND COMPLEX PAID
AND POSITION FROM THE TRUST TO TRUSTEES
John W. English $9694 $-0-
Trustee
Thomas C. Pryor $9694 $-0-
Trustee
Dr. Geoffrey Moore $9694 $-0-
Trustee
Alain Leclair $-0- $-0-
Trustee
As of April 22, 1996, the Trustees and officers of the
Trust as a group owned less than 1% of the Portfolio's total
shares outstanding. As of April 22, 1996, the following
individuals or entities beneficially owned more than 5% of
the outstanding shares:
Quantus Equity Managed Portfolio:
Amount of
Name and Address of Owner Beneficial Ownership
Percent of Portfolio
FCP Cortal Monde 29%
Attn: Thierry Deheuvels
34 Avenue De L'Opera
75002 Paris France
John B. Stafford 9%
and Linda Stafford
TRST John B. Stafford Trust DTD 12/7/83
410 South Street
Greenville, MI 48838-2253
INVESTMENT ADVISORY AND OTHER SERVICES
The Trust has entered into an Investment Advisory
Agreement with respect to the Quantus Equity Portfolio with
the Investment Adviser. The principal business address of
the Investment Adviser, Paribas Asset Management, Inc., is
787 Seventh Avenue, New York, New York 10019.
While the Investment Adviser is at all times subject
to the direction of the Board of Trustees of the Trust,
under the investment advisory agreement, the Investment
Adviser is responsible for the actual management of the
Portfolio and reviews the holdings in light of its own
research analysis and analyses from other relevant sources.
The responsibility for making decisions to buy, sell or hold
a particular security rests with the Investment Adviser.
The Investment Adviser provides the portfolio manager for
the Trust, who considers analyses from various sources,
makes the necessary investment decisions and places
transactions accordingly. The Investment Adviser is also
obligated to perform certain administrative and management
services for the Trust and is obligated to provide all the
office space, facilities, equipment and personnel necessary
to perform its duties under the agreement.
Advisory Fee. As compensation for the services
rendered by the Investment Adviser under the investment
advisory agreement, the Trust pays the Investment Adviser a
fee equal to 0.65% of the average daily net assets of the
Portfolio. The fee is calculated daily and payable monthly.
During the fiscal years ended December 31, 1995, 1994, and
1993, the investment adviser fees payable by the Portfolio
to the Investment Adviser were $17,508 $19,275 and $21,368,
respectively, pursuant to the investment advisory agreement.
The Investment Adviser waived fees of $10,506 during the
fiscal year ended December 31, 1995.
Duration and Termination. Unless earlier terminated
as described below, the investment advisory agreement will
continue in effect from year to year if approved annually
(a) by the Trustees of the Trust or by a majority of the
outstanding voting shares of the Portfolio and (b) by a
majority of the Trustees who are not parties to such
contract or interested persons of any such party. Such
contract terminates upon assignment and may be terminated
without penalty on 60 days' written notice at the option of
either party thereto or by the vote of the shareholders of
the Portfolio.
Operating Expenses. In the event the operating
expenses of the Quantus Equity Portfolio (including the fees
payable to the Investment Adviser but excluding taxes,
interest, brokerage and extraordinary expenses), for any
fiscal year exceed the expense limitations applicable to the
Portfolio imposed by state securities laws or published any
regulations thereunder, the Investment Adviser will reduce
its fee to the extent of such excess and, if required
pursuant to any such laws or regulations, will reimburse the
Portfolio in the amount of such excess. At present the most
restrictive expense limitation would require the Investment
Adviser to reimburse the Portfolio if, during any fiscal
year of the Portfolio, ordinary operating expenses exceed
2.5% of the Trust's first $30 million of average net assets,
2.0% of the Trust's next $70 million of average net assets
and 1.5% of the Trust's average net assets in excess of
$100 million. The payment of the management fee at the end
of any month will be reduced or postponed so that there will
not be any accrued but unpaid liability as a result of this
expense limitation. The Investment Adviser waived a portion
of its management fees for the year ended December 31, 1995.
(See "Advisory Fee" above).
Boston Safe Deposit and Trust Company, One Boston
Place, Boston, Massachusetts 02108, is the Portfolio's
custodian. Unified Advisers, Inc., 429 N. Pennsylvania
Street, Indianapolis, Indiana 46204-1897 is the Portfolio's
transfer agent and dividend disbursing agent.
First Data Investor Services Group ("First Data")
serves as the Portfolio's administrator and maintains the
Portfolios' accounting records. See "Administrator" in the
Prospectus for information concerning the provisions of the
administrative agreement. For the fiscal year ended
December 31, 1995, the Portfolio paid administrative fees of
$7,314 to First Data. For the period May 6, 1994 through
December 31, 1994, the Portfolio paid First Data
administrative fees of $5,796. Prior to the close of
business on May 6, 1994, The Boston Company Advisors, Inc.
("Boston Advisors"), an indirect wholly owned subsidiary of
Mellon Bank Corporation, served as the Portfolio's
administrator. For the period January 1, 1994 to May 5,
1994, the Portfolio paid Boston Advisors administrative fees
of $1,604. For the fiscal year ended December 31, 1993, the
Portfolio paid administrative fees of $4,931 to Boston
Advisors.
Rogers & Wells, counsel to the Trust, passes upon
legal matters for the Trust in connection with the shares
offered by the prospectus.
Arthur Andersen LLP is the independent public
accountant of the Trust.
PORTFOLIO TRANSACTIONS
The Portfolio has no obligation to deal with any
dealer or group of dealers in the execution of transactions
in portfolio securities. Subject to policy established by
the Trustees, the Investment Adviser is primarily
responsible for the portfolio decisions of the Portfolio and
the placing of its portfolio transactions. In placing
orders, it is the policy of the Portfolio to obtain the best
net results, taking into account such factors as price
(including the applicable dealer spread), the size, type and
difficulty of the transaction involved, the firm's general
execution and operational facilities, and the firm's risk in
positioning the securities involved. While the Investment
Adviser generally seeks reasonably competitive spreads or
commissions, the Portfolio will not necessarily be paying
the lowest spread or commission available. The cost of
portfolio securities transactions of the Portfolio will
primarily consist of brokerage commissions and dealer or
underwriter spreads.
The debt securities in which the Portfolio may invest
will be traded primarily in the over-the-counter market.
Where possible, the Portfolio will deal directly with the
dealers who make a market in the securities involved except
in those circumstances where better prices and execution are
available elsewhere. Such dealers usually are acting as
principal for their own account. On occasion, securities
may be purchased directly from the issuer. Money market
securities are generally traded on a net basis and do not
normally involve either brokerage commissions or transfer
taxes.
Certain court decisions have raised questions as to
whether investment companies should seek to "recapture"
brokerage commissions and underwriting and dealer spreads by
effecting their purchases and sales through affiliated
entities. In order to effect such an arrangement, the
Portfolio would be required to seek an exemption from the
1940 Act so that it could engage in principal transactions
with affiliates. The Board of Trustees has considered the
possibilities of seeking to recapture spreads for the
benefit of the Portfolio and, after reviewing factors deemed
relevant, has made a determination not to seek such
recapture at this time. The Board will reconsider this
matter from time to time. The Portfolio will take such
steps as may be necessary to effect recapture, including the
filing of applications for exemption under the 1940 Act, if
the Trustees should determine that recapture is in the best
interests of the Portfolio or otherwise required by
developments in the law.
While the Investment Adviser seeks to obtain the most
favorable net results in effecting transactions in the
portfolio securities of the Portfolio, brokers who provide
supplemental investment research to the Investment Adviser
may receive orders for transactions by the Portfolio. Such
supplemental research services ordinarily consist of
assessments and analysis of the business or prospects of a
company, industry, or economic sector. If, in the judgment
of the Investment Adviser, the Portfolio will be benefitted
by such supplemental research services, the Investment
Adviser is authorized to pay commissions to brokers
furnishing such services which are in excess of commissions
which another broker may charge for the same transaction.
Information so received will be in addition to and not in
lieu of the services required to be performed by the
Investment Adviser under its Investment advisory agreement.
The expenses of the Investment Adviser will not necessarily
be reduced as a result of the receipt of such supplemental
information. In some cases, the Investment Adviser may use
such supplemental research in providing investment advice to
its other investment advisory accounts. For the fiscal
years ended December 31, 1995, 1994 and 1993, the Trust paid
total brokerage commissions of $9,778, $11,000 and $13,663,
respectively, in connection with the Portfolio's portfolio
transactions. During the fiscal years ended December 31,
1995, 1994 and 1993, the Trust paid no brokerage commissions
with respect to affiliated portfolio transactions.
PURCHASE OF SHARES
As described in the Prospectus, the shares of the
Portfolio will be offered on a continuous basis, at a price
equal to the net asset value per share.
Net Asset Value. As is discussed in the Prospectus,
the net asset value of the shares is calculated as of the
close of trading on the New York Stock Exchange (the
"Exchange") each day the Exchange is open for trading. The
Exchange is not open for trading on the following holidays:
New Year's Day, Presidents' Day, Good Friday, Memorial Day,
Independence Day, Labor Day, Thanksgiving Day and Christmas
Day. The net asset value per share is computed by dividing
the sum of the value of the portfolio securities held by the
Portfolio plus any cash or other assets minus all
liabilities by the total number of shares outstanding at
such time, rounded to the nearest cent. Expenses are
accrued daily.
REDEMPTION OF SHARES
Reference is made to "Redemption of Shares" in the
Prospectus for a discussion of the redemption and repurchase
rights of shareholders.
The right to redeem shares or to receive payment with
respect to any such redemption may only be suspended for any
period during which trading on the Exchange is restricted as
determined by the SEC or such Exchange is closed (other than
customary weekend and holiday closings), for any period
during which an emergency exists as defined by the SEC as a
result of which disposal of portfolio securities or
determination of the net asset value of the Portfolio is not
reasonably practicable, and for such other periods as the
SEC may by order permit for the protection of the
shareholders of the Portfolio.
TAXES
Federal. Dividends will be taxable to shareholders as
ordinary income, except for (a) such portion as may exceed a
shareholder's ratable share of the Portfolio's earnings and
profits as determined for tax purposes (which may differ
from net income for book purposes), which excess will be
applied against and reduce the shareholder's cost or other
tax basis for his shares and (b) amounts representing
distributions of net realized long-term capital gains, if
any. If the amount described in (a) above were to exceed
the shareholder's cost or other tax basis for his shares,
the excess over basis would be treated as gain from the sale
or exchange of such shares. Dividends and distributions are
taxable as described, whether received in cash or reinvested
in additional shares of the Portfolio.
In order to qualify for tax treatment as a regulated
investment company under the Internal Revenue Code of 1986,
as amended (the "Code"), the Portfolio is required among
other things, to derive less than 30% of its gross income
from the sale or other disposition of stocks, securities,
and certain options, futures or forward contracts held for
less than three months. If in any taxable year the
Portfolio does not qualify as a regulated investment
company, all its taxable income and gains will be taxed to
the Portfolio at corporate rates.
The Code imposes a 4% nondeductible excise tax on a
regulated investment company, such as the Portfolio, if it
does not distribute to its shareholders during the calendar
year an amount equal to at least 98% of the Portfolio's net
investment income, with certain adjustments, for such
calendar year, plus at least 98% of the Portfolio's capital
gain net income for the 12-month period ending, as a general
rule, on October 31 of such calendar year. For this purpose,
any income or gain retained by the Portfolio that is subject
to corporate income tax will be treated as having been
distributed at year-end. In addition, an amount equal to
any undistributed net investment income or capital gain net
income from the previous calendar year must also be
distributed to avoid the excise tax. The excise tax is
imposed on the amount by which the Portfolio does not meet
the foregoing distribution requirements. While the Portfolio
intends to make distributions necessary to avoid imposition
of the excise tax, there can be no assurance that sufficient
amounts of taxable income and gain will be distributed to
avoid imposition of the tax.
Some shareholders may be subject to a 31% withholding
on reportable dividends, capital gains distributions and
redemption payments ("backup withholding"). Generally,
shareholders subject to backup withholding will be certain
non-corporate shareholders for whom a taxpayer
identification number is not on file with the Portfolio or
who, to the Trust's knowledge, have furnished an incorrect
number. In order to avoid backup withholding, when
establishing an account, such an investor must certify under
penalties of perjury that such number is correct and that he
is not subject to backup withholding.
Any dividend declared by the Portfolio in October,
November or December of any year and made payable to
shareholders of record on a specified date in such a month
will be deemed to be received by such shareholders on
December 31 of such year and to be paid by the Portfolio not
later than December 31 of such year if actually paid during
the following January. Accordingly, these dividends will be
taxable to shareholders in the year declared and not in the
year in which shareholders actually receive the dividend.
State and Local. Depending upon the extent of the
Portfolio's activities in those states and localities in
which its offices are maintained or in which its agents or
independent contractors are located, the Portfolio may be
subject to the tax laws of such states or localities. In
addition, in those states and localities that have income
tax laws, the treatment of the Portfolio and its
shareholders under such laws may differ from their treatment
under the Federal income tax laws. Under state or local
law, distributions of net investment income may be taxable
to shareholders as dividend income even though a portion of
such distributions may be derived from interest on U.S.
Government obligations which, if realized directly, would be
exempt from such income taxes. Shareholders are advised to
consult their tax advisers concerning the application of
state and local taxes.
DISTRIBUTOR
The Trust has entered into a Distribution Agreement
(the "Distribution Agreement") with Paribas Corporation (the
"Distributor"). The Distribution Agreement provides that
the Trust will indemnify the Distributor against civil
liabilities, including liabilities incurred under the
Securities Act of 1933. The Distribution Agreement is
subject to the same renewal requirements and termination
provisions described under "Investment Advisory and Other
Services." Pursuant to the terms of the Distribution
Agreement, the Distributor serves as the principal
underwriter and distributor of the shares of the Portfolio,
and in that capacity makes a continuous offering of the
shares and bears the costs and expenses of printing and
distributing any copies of any prospectuses and annual and
interim reports of the Trust (after such items have been
prepared and set in type) which are used in connection with
the offering of shares to selected dealers or investors, and
the cost and expenses of preparing, printing and
distributing any other literature used by the Distributor or
furnished by it for use by selected dealers in connection
with the offering of the shares for sale to the public.
Under the Distribution Agreement between the Trust and
the Distributor, the Distributor does not receive a
commission in connection with its sale of shares of the
Portfolio. Instead, it is compensated for its services
pursuant to a Plan of Distribution adopted by the Trust.
See "Purchase of Shares - Plan of Distribution" in the
Prospectus.
Plan of Distribution. Reference is made to "Purchase
of Shares - Plan of Distribution" in the Prospectus for a
discussion of the Plan of Distribution of the Trust for the
Portfolio (the "Plan"). The Trust adopted the Plan to
promote the sale of shares of the Portfolio and to retain
investors. The Plan was approved by the Trust's initial
shareholder and by the trustees of the Trust, including a
majority of the trustees who are not "interested" in the
Plan or the Trust. In approving the Plan, the trustees
evaluated factors pertinent to the Plan and determined that
there was a reasonable likelihood that it would be
beneficial to the Trust and its shareholders. The Plan
provides that it may continue in effect indefinitely
provided that the trustees approve the Plan at least
annually in the manner described above. As long as the Plan
is in effect, the nomination of the trustees who are not
interested trustees of the Trust must be committed to the
disinterested trustees. Under the Plan, the trustees of the
Trust must be provided with and review at least quarterly a
written report of the expenditures paid or payable pursuant
to the Plan and the reason for such expenditures. The
amount paid under the Plan cannot be materially increased
without shareholder approval. The Plan and any agreements
implementing the Plan must be in writing.
FINANCIAL INFORMATION
The statements of assets and liabilities of the Trust
comprising, respectively, Quantus II and Quantus Equity
Managed Portfolio and the portfolios of investments, as of
December 31, 1995, and the related statements of operations
and changes in net assets, together with the notes to
financial statements and the report of independent public
accountants, all as set forth in the Trust's 1995 Annual
Report to Shareholders are incorporated by reference into
this SAI. No other information or statement contained in
the annual report, other than those referred to above, is
incorporated by reference or is a part of this SAI.
PARIBAS TRUST FOR INSTITUTIONS
INDEX
Issuers Comprising the
Index as of December 31, 1995
00088610 ADC TELECOMMUNICATION ADCT
Telecommunications Equip
00105510 AFLAC INC AFL Accident & Health
Insuranc
00108410 AGCO CORP AG Construction/Ag
Equip/Tru
00130H10 AES CORP AESC Environmental
Services
00176510 AMR CORP/DE AMR Airlines
00195710 AT&T CORP T Major
US Telecommunication
00282410 ABBOTT LABORATORIES ABT
Major Pharmaceuticals
00651F10 ADAPTEC INC ADPT Electronic
Components
00724F10 ADOBE SYSTEMS INC ADBE Computer
Software
00790310 ADVANCED MICRO DEVICES AMD
Semiconductors
00794210 ADVANTA CORP -CLA ADVNA Finance Companies
00814010 AETNA LIFE & CASUALTY C AET Multi line
Insurance
00867710 AHMANSON (HF) & CO AHM Savings &
Loan Associatio
00915810 AIR PRODUCTS & CHEMICA APD Specialty
Chemicals
00936310 AIRGAS INC ARG Specialty
Chemicals
00949T10 AIRTOUCH COMMUNICATIO ATI
Cellular Telephone
01265310 ALBEMARLE CORP ALB Specialty
Chemicals
01310410 ALBERTSONS INC ABS Food Chains
01378810 ALCO STANDARD CORP ASN Wholesale
Distributors
01690010 ALLEGHENY LUDLUM CORP ALS Specialty
Steels
01849010 ALLERGAN INC AGN Other
Pharmaceuticals
01951210 ALLIEDSIGNAL INC ALD
Diversified Manufacture
02000210 ALLSTATE CORP ALL
Multi-line Insurance
02144110 ALTERA CORP ALTR Semiconductors
02219710 ALUMAX INC AMX Aluminum
02224910 ALUMINUM CO OF AMERICA AA
Aluminum
02261510 ALZA CORP AZA Biotechnology
02313910 AMBAC INC ABK Specialty Insurers
02364J10 AMERICA ONLINE INC AMER E.D.P
Services
02390510 AMDAHL CORP AMH Electronic Data
Processing
02470310 AMERICAN BRANDS INC/DE AMB Tobacco
02581610 AMERICAN EXPRESS AXP
Diversified Financial Svcs
02635110 AMERICAN GENERAL CORP AGC Diversified
Financial Svcs
02660910 AMERICAN HOME PRODUCT AHP
Major Pharmaceuticals
02687410 AMERICAN INTERNATIONAL AIG
Multi-line Insurance
02906610 AMERICAN PWR CNVRSION APCC Electrical
Products
03009610 AMERICAN STORES CO ASC Food Chains
03095410 AMERITECH CORP AIT Major
US Telecommunicati
03116210 AMGEN INC AMGN
Biotechnology
03189710 AMP INC AMP Electronic
Components
03190510 AMOCO CORP AN Integrated
Oil Companies
03209420 AMPHENOL CORP APH Electronic
Components
03216510 AMSOUTH BANCORPORATI ASO Mid-Sized
Banks
03251110 ANADARKO PETROLEUM C APC Oil & Gas
Production
03265410 ANALOG DEVICES ADI Semiconductors
03442510 ANDREW CORP ANDW Telecommunications Equip
03522910 ANHEUSER-BUSCH COS INC BUD
Alcoholic Beverages
03738910 AON CORP AOC Multi-line
Insurance
03741110 APACHE CORP APA Oil & Gas
Production
03783310 APPLE COMPUTER INC AAPL Electronic
Data Processing
03822210 APPLIED MATERlAL AMAT Electronic
Production Equi
03948310 ARCHER-DANIELS-MIDLAND ADM
Farming/seeds/Milling
04276410 ARROW INTERNATIONAL ARRO Medical
Specialties
04341310 ASARCO INC AR Other Metals/Minerals
04349110 ASCEND COMMUNICATIONS ASND
Office/Plant/Automation
04420410 ASHLAND INC ASH Oil Refining/Marketing
04882510 ATLANTIC RICHFIELD CO ARC
Integrated Oil Companies
04951310 ATMEL CORP ATML Semiconductors
05276910 AUTODESK INC ACAD Computer Software
05301510 AUTOMATIC DATA PROCES AUD
E.D.P Services
05333210 AUTOZONE INC AZO Other Specialty
Chains
05361110 AVERY DENNISON CORP AVY Industrial
Specialties
05380710 AVNET INC AVT Electronic
Distributors
05430310 AVON PRODUCTS AVP Package
Goods/Cosmetics
05592110 BMC SOFTWARE INC BMCS Computer Software
05722410 BAKER-HUGHES INC BHI Oilfield Services
Equipmen
05943810 BANC ONE CORP ONE Major
Banks
05981510 BANDAG INC BDG Automotive Aftermarket
06071610 BANK OF BOSTON CORP BKB Major Banks
06405710 BANK OF NEW YORK CO IN BK Major
Banks
06605010 BANKAMERICA CORP BAC
Major Banks
06636510 BANKERS TRUST NEW YOR BT Major
Banks
06738310 BARD (C.R.) INC BCR
Medical Specialties
06805510 BARNETT BANKS INC BBI Major
Banks
07170710 BAUSCH & LOMB INC B0L
Medical Specialties
07181310 BAXTER INTERNATIONAL IN BAX
Major Pharmaceuticals
07251010 BAY NETWORKS INC BAY
Office/Plant Automation
07390210 BEAR STEARNS COMPANIE BSC Invest
Bankers/Brokers/Sv
07583710 BECTON DICKINSON & CO BDX
Medical Specialties
07589610 BED BATH & BEYOND INC BBBY Other
Specialty Chains
07785310 BELL ATLANTIC CORP BEL
Major US Telecommunicati
07986010 BELLSOUTH CORP BLS
Major US Telecommunicati
08055510 BELO (AH) CORP -SER A CO BLC
Newspapers
08172110 BENEFICIAL CORP BNL Finance
Companies
08373910 BERGEN BRUNSWIG CORP BBC
Medical/Dental Distributors
08651610 BEST BUY CO INC BBY
Computer/Video Chains
08750910 BETHLEHEM STEEL CORP BS Steel/Iron
Ore
08777910 BETZ LABORATORIES INC BTL Specialty
Chemicals
09059710 BIOGEN INC BGEN Biotechnology
09061310 BIOMET INC BMET Medical Specialties
09179710 BLACK & DECKER CORP BDK
Tools/Hardware
09367110 BLOCK H & R INC HRB Other Consumer
Services
09565010 BOATMENS BANCSHARES I BOAT Major Banks
09702310 B0EING CO BA Aerospace
09738310 BOISE CASCADE CORP BCC Paper
10057810 BOSTON CHICKEN INC B0ST Restaurants
10113710 BOSTON SCIENTIFIC CORP BSX Medical
Specialties
10218310 BOWATER INC BOW Paper
10904310 BRIGGS & STRATTON BGG Tools/Hardware
10964110 BRINKER INTL INC EAT Restaurants
11012210 BRISTOL MYERS SQUIBB BMY Major
Pharmaceuticals
11201410 BRODERBUND SOFTWARE 1 BROD Recreational
Products/Toy
11588510 BROWNING-FERRIS INDS BFI
Environmental Services
11704310 BRUNSWICK CORP BC Recreational
Products/Toy
12189T10 BRLNGTN NTHRN SANTA FE BNI Railroads
12550910 CIGNA CORP CI Multiline Insurance
12589610 CMS ENERGY CORP CMS Electric
Utilities: Central
12614910 CPC INTERNATIONAL INC CPC Packaged
Foods
12640810 CSX CORP CSX Railroads
12654510 CUC INTERNATIONAL INC CU Other
Consumer Services
12692010 CABLETRON SYSTEMS CS Office/Plant
Automation
12738710 CADENCE DESIGN SYS INC CDN Computer
Software
12946610 CALENERGY INC CE Environmental
Services
12989410 CALIBER SYSTEMS INC CBB Trucking
13119310 CALLAWAY GOLF CO ELY Recreational
Products/Toy
13442910 CAMPBELL SOUP CO CPB Packaged Foods
14040H10 CAPITAL ONE FINL CORP COF Finance
Companies
14149Y10 CARDINAL HEALTH INC CAH
Medical/Dental Distributors
14170410 CAREMARK INTL INC CK Medical/Nursing
Services
14365810 CARNIVAL CORP CCL Hotels/Resorts
14414110 CAROLINA POWER & LIGHT CPL Electric
Utilities: South
14718410 CASCADE COMMUNICATION CSCC Office/Plant
Automation
14743R10 CASE CORP CSE Construction/Ag
Equip/Tru
14912310 CATERPILLAR INC CAT Construction/Ag
Equip/Tru
15677T10 CERIDIAN CORP CEN Electronic Data
Processing
15852510 CHAMPION INTERNATIONAL CHA Paper
16161A10 CHASE MANHATTAN CORP CMB Major Banks
16675110 CHEVRON CORP CHV Integrated Oil
Companies
17119610 CHRYSLER CORP C Motor Vehicles
17123210 CHUBB CORP CB Property-Casualty
lnsuran
17247410 CINERGY CORP CIN Electric Utilities
Central
17273710 CIRCUIT CITY STORES INC CC
Computer/Video Chain
17275510 CIRRUS LOGIC INC CRUS Semiconductors
17275R10 CISCO SYSTEMS INC CSCO Office/Plant
Automation
17290810 CINTAS CORP CTAS Diversified Commercial
Sv
17290910 CIRCUS CIRCUS ENTERPR I CIR
Casino/Gambling
17303410 CITICORP CCI Major Banks
18419010 CLAYTON HOMES INC CMH Homebuildinq
18905410 CLOROX CO/DE CLX Package
Goods/Cosmetics
19044110 COASTAL CORP CGP Oil/Gas
Transmission
19121610 COCA-COLA CO KO Soft
Drinks
19121910 COCA-COLA ENTERPRISES CCE
Soft Drinks
19355910 COLEMAN CO INC CLN
Recreational Products/Toy
19416210 COLGATE-PALMOLIVE CO CL
Package Goods/Cosmetics
19687910 COLTEC INDUSTRIES COT
Diversified Manufacture
19767710 COLUMBIA/HCA HLTHCR -V COL
Hospital Management
20034010 COMERICA INC CMA Major
Banks
20449310 COMPAQ COMPUTER CORP CPQ Electronic
Data Processing
20491210 COMPUTER ASSOCIATES IN CA Computer
Software
20536310 COMPUTER SCIENCES COR CSC
Military/Gov't/Technical
20563810 COMPUWARE CORP CPWR Computer
Software
20588710 CONAGRA INC CAG Meat/Poultry/Fish
20836810 CONRAIL INC CRR Railroads
20923710 CONSOLIDATED FREIGHTW CNF Trucking
20961510 CONSOLIDATED NATURAL CNG
Natural Gas Distribution
20975910 CONSOLIDATED PAPERS IN CDP Paper
21014910 CONSOLIDATED STORES C CNS
Discount Chains
21079530 CONTINENTAL AIRLS INC -C CAI.B
Airlines
21666910 COOPER INDUSTRIES INC CBE
Diversified Manufacture
21683110 COOPER TIRE & RUBBER CTB
Automotive Aftermarket
21869510 CORESTATES FINANCIAL C CFL Major Banks
21988810 CORPORATE EXPRESS INC CEXP Office
Equipment/Supplies
22025610 CORRECTIONS CORP OF A CXC
Diversified Commercial Sv
22237210 COUNTRYWIDE CREDIT IND CCR Finance
Companies
22404410 COX COMMUNICATIONS -C COX Cable
Television
22410010 CRACKER BARREL OLD CTR CBRL Restaurants
22439910 CRANE CO CR Multi-Sector
Companies
22609110 CRESTAR FINANCIAL CORP CF Mid-Sized
Banks
22825510 CROWN CORK & SEAL CO I CCK
Containers/Packaging
23102110 CUMMINS ENGINE CUM
Construction/Ag Equip/Tru
23280610 CYPRESS SEMICONDUCTO CY
Semiconductor
23280910 CYPRUS AMAX MINERALS C CYM Other
Metals/Minerals
23282010 CYTEC INDUSTRIES INC CYT
Specialty Chemicals
23329310 DPL INC DPL Electric
Utilities: Central
23329J10 DQE INC DQE Electric
Utilities: East
23331110 DSC COMMUNICATIONS CO DIGI
Telecommunications Equip
23581110 DANA CORP DCN Auto Parts: O.E.M.
23585110 DANAHER CORP DHR Diversified
Manufacture
23719410 DARDEN RESTAURANTS IN DRI
Restaurants
23975310 DAYTON HUDSON CORP DH
Discount Chains
24236110 DEAN FOODS CO DF Packaged
Foods
24240V10 DEAN WITTER DISCOVER & DWD Diversified
Financial Svcs
24419910 DEERE & CO DE Construction/Ag
Equip/Tru
24507310 DEL GLOBAL TECHNOLOGIE DEL Electronic
Components
24702510 DELL COMPUTER CORP DELL
Electronic Data Processing
24736110 DELTA AIR LINES INC DAL
Airlines
24801910 DELUXE CORP DLX Printing/Forms
25247010 DIAL CORP/DE DL Multi-Sector
Companies
25384910 DIGITAL EQUIPMENT DEC Electronic
Data Processing
25406310 DILLARD DEPT STORES -CL DDS
Department Stores
25468710 DISNEY (WALT) COMPANY DIS
Movies/Entertainment
25660510 DOLE FOOD CO INC DOL Packaged
Foods
25666910 DOLLAR GENERAL DG Discount
Chains
25786710 DONNELLEY (RR) & SONS C DNY
Printing/Forms
26000310 DOVER CORP DOV Diversified
Manufacture
26054310 DOW CHEMICAL DOW Major
Chemicals
26056110 DOW JONES & CO INC DJ
Financial Publishing/Svcs
26159710 DRESSER INDUSTRIES INC DI
Diversified Manufacture
26353410 DU PONT (E1) DE NEMOURS DD Major
Chemicals
26439910 DUKE POWERCO DUK Electric
Utilities: South
26633L10 DURACELL INTERNATIONAL DUR
Tools/Hardware
26864810 EMC CORP/MA EMC E.D.P.
Peripherals
26874Q10 ENSCO INTERNATIONAL INC ESV
Contract Drilling
27743210 EASTMAN CHEMICAL CO EMN Major
Chemicals
27746110 EASTMAN KODAK CO EK Photographic
Products
27805810 EATON CORP ETN Auto Parts: O.E.M.
27874910 ECHLIN INC ECH Automotive
Aftermarket
27876310 ECKERD CORP ECK Drug Store Chains
27886510 ECOLAB INC ECL Industrial
Specialties
28369587 EL PASO NATURAL GAS CO EPG
Oil/Gas Transmission
28551210 ELECTRONIC ARTS INC ERTS
Recreational Products/Toy
29101110 EMERSON ELECTRIC CO EMR
Electrical Products
29284510 ENGELHARD CORP EC
Specialty Chemicals
29356110 ENRON CORP ENE Oil/Gas
Transmission
29356210 ENRON OIL & GAS EOG Oil &
Gas Production
29356710 ENSERCH CORP ENS
Oil/Gas Transmission
29442910 EQUIFAX INC EFX
Financial Publishing/Svcs
29444G10 EQUITABLE COS INC EQ
Diversified Financial Svcs
29765910 ETHYL CORP EY
Specialty Chemicals
30229010 EXXON CORP XON
Integrated Oil Companies
30249130 FMC CORP FMC
Diversified Manufacture
30257110 FPL GROUP INC FPL
Electrical Utilities: South
31330910 FEDERAL EXPRESS CORP FDX
Air Freight
31340030 FED HOME LOAN MTG CO FRE
Finance Companies
31358610 FEDERAL NATL MORTGAGE FNM
Finance Companies
31410H10 FEDERATED DEPT STORES FD
Department Stores
31677310 FIFTH THIRD BANCORP FITB
Mid-Sized Banks
31890610 FIRST OF AMERICA BANK C FOA
Major Banks
31927910 FIRST BANK SYSTEM INC FBS
Major Banks
31935610 FIRST BRANDS CORP FBR
Package Goods/Cosmetics
31945A10 FIRST CHICAGO NBD CORP FCN
Major Banks
33629410 FIRST SECURITY CORP/UT FSCO
Mid-Sized Banks
33716210 FIRST TENNESSEE NATL C FTEN
Mid-Sized Banks
33735810 FIRST UNION CORP (N C) FTU
Major Banks
33743H10 FIRST USA INC FUS
Finance Companies
33761C10 FIRSTAR CORP FSR
Major Banks
33891510 FLEET FINANCIAL GROUP IN FLT Major
Banks
34386110 FLUOR CORP FLR Engineering &
Constructio
34477520 FOOD LION INC -CL A FDLNA Food Chains
34537010 FORD MOTOR CO F Motor Vehicles
34544910 FORE SYSTEMS INC FORE Office/Plant
Automation
34583810 FOREST LABORATORIES -C FRX Other
Pharmaceuticals
34746110 FORT HOWARD CORP FORT Paper
35024410 FOSTER WHEELER CORP FWC Engineering
& Constructio
35040110 FOUNDATION HEALTH COR FH Managed
Health Care
35461310 FRANKLIN RESOURCES INC BEN Investment
Managers
35671D85 FREEPRT MCMOR COP&GL FCX Other
Metals/Minerals
35690310 FREEPORT MCMORAN RES FRP Agricultural
Chemicals
35906P10 FRONTIER CORP FRO Other
Telecommunications
36232010 GTE CORP GTE Major US Teleoommunicati
36473010 GANNETT CO GCI Newspapers
36476010 GAP INC GPS
Clothing/Shoe/Access Cha
36783310 GATEWAY 2000 INC GATE Electronic Data
Processing
36790110 GAYLORD ENTERTAINMENT GET Cable
Television
36871030 GENENTECH INC GNE Biotechnology
36955010 GENERAL DYNAMICS CORP GD
Military/Govt/Technical
36960410 GENERAL ELECTRIC CO GE Multi-Sector
Companies
37012110 GENERAL INSTRUMENT CO GIC
Telecommunications Equip
37033410 GENERAL MILLS INC GIS Packaged Foods
37044210 GENERAL MOTORS CORP GM Motor
Vehicles
37044240 GENERAL MOTORS CL E GME EDP Services
37044250 GENERAL MOTORS CL H GMH
Military/Gov't/Technical
37047F10 GENERAL NUTRITION COS GNCI Other
Specialty Chains
37056310 GENERAL RE CORP GRN Property-Casualty
Insuran
37083810 GENERAL SIGNAL CORP GSX Indus'l
Machinery/Compon
37246010 GENUINE PARTS CO GPC Automotive
Aftermarket
37291710 GENZYME CORP GENZ Biotechnology
37320020 GEORGlA GULF CORP GGC Specialty
Chemicals
37329810 GEORGIA-PACIFIC CORP GP Forest
Products
37576610 GILLETTE CO G Package Goods/Cosmetics
37789910 GLENAYRE TECHNOLOGIES GEMS
Telecommunications Equip
37935240 GLOBAL MARINE INC GLM Contract
Drilling
38131710 GOLDEN WEST FINANCIAL GDW Savings &
Loan Associatio
38238810 GOODRICH (B F) CO GR Specialty
Chemicals
38255010 GOODYEAR TIRE & RUBBER GT Automotive
Aftermarket
38480210 GRAINGER (W W) INC GWW Wholesale
Distributors
39056810 GREAT LAKES CHEMICAL C GLK
Specialty Chemicals
39144210 GREAT WESTERN FINANCIA GWF Savings &
Loan Associatio
39350510 GREEN TREE FINANCIAL CO GNT
Finance Companies
40169810 GUIDANT CORP GDT Medical
Specialities
40418110 HFS INC HFS Hotels/Resorts
40621610 HALLIBURTON CO HAL Oilfield
Services/Equipmen
41052210 HANNA (M A) CO MAH Specialty
Chemicals
41163G10 HARCOURT GENERAL INC H Department
Stores
41282210 HARLEY-DAVIDSON INC HDI Motor
Vehicles
41334510 HARNISCHFEGFR INDUSTRI HPH Indus'l
Machinery/Compon
41361910 HARRAHS ENTERTAINMENT HET
Casino/Gambling
41387510 HARRIS CORP HRS Diversified
Electronic Prod
41586410 HARSCO CORP HSC Metal Fabrications
41805610 HASBRO INC HAS Recreational
Products/Toy
42192410 HEALTHSOUTH CORP HRC Medical/Nursing
Services
42192810 HEALTHCARE COMPARE CO HCCC Managed
Health Care
42193310 HEALTH MANAGEMNT ASSC HMA Hospital
Managemsnt
42193710 HEALTH CARE & RETIREME HCR Hospital
Managennent
42194910 HEALTH SYSTEMS INTL -CL HQ
Managed Health Care
42221E10 HEALTHSOURCE INC HS Managed Health
Care
42289310 HEILIG-MEYERS CO HMY Other Specia ty
Chains
42307410 HEINZ (H J) CO HNZ Packaged Foods
42705610 HERCULES INC HPC Major Chemicals
42786610 HERSHEY FOODS CORP HSY Specialty
Foods/Candy
42823610 HEWLETT-PACKARD CO HWP Electronic
Data Processing
43157310 HILLENBRAND INDUSTRIES HB Medical
Specialties
43284810 HILTON HOTELS CORP HLT
Hotels/Resorts
43707610 HOME DEPOT INC HD Building Materials
Chains
43761410 HOMESTAKE MINING HM Precious Metals
43850610 HONEYWELL INC HON Diversifed
Manufacture
44040010 HORIZON/CMS HEALTHCAR HHC Hospital
Management
44045210 HORMEL FOODS CORP HRL Meat/Poultry/Fish
44181510 HOUSEHOLD INTERNATION HI Finance
Companies
44351020 HUBBELL INC CLB HUB.B Electrical
Products
44485910 HUMANA INC HUM Managed Health Care
44615010 HUNTINGTON BANCSHARES HBAN Major Banks
44922310 IBM INC IBP Meat/Poultry/Fish
44966910 IMC GLOBAL INC IGL Agricultural
Chemicals
45168D10 IDEXX LABS INC IDXX Biotechnology
45184110 ILLINOIS CENTRAL CORP IC Railroads
45230810 ILLINOIS TOOL WORKS ITW Indus'l
Machinery/Compon
45231710 ILLINOVA CORP ILN Electric
Utilities: Central
45662610 INFINITY BROADCASTING - INF Broadcasting
45677910 INFORMIX CORP IFMX Computer Software
45686610 INGERSOLL-RAND CO IR Indus'l
Machlnery/Compon
45747210 INLAND STEEL INDUSTRIES IAD
Steel/Iron Ore
45765210 INPUT/OUTPUT INC IO
Oilfield Services/Equipmen
45811810 INTEGRATED DEVICE TECH IDTI
Semiconductors
45814010 INTEL CORP INTC
Semiconductors
45920010 INTL BUSINESS MACHINES IBM
Electronic Data Processing
45950610 INTL FLAVORS & FRAGRAN IFF
Package Goods/Cosmetics
45990210 INTL GAME TECHNOLOGY IGT
Recreational Products/Toy
46014610 INTL PAPER CO IP Paper
46025410 INTL RECTIFIER CORP IRF
Semiconductors
46115610 INTIMATE BRANDS INC -CL IBI
Apparel
46582310 IVAX CORP IVX
Generic Drugs
47034910 JAMES RIVER CORP OF VIR JR Paper
47507010 JEFFERSON-PILOT CORP JP Life
Insurance
47816010 JOHNSON & JOHNSON JNJ Major
Pharmaceuticals
47836610 JOHNSON CONTROLS INC JCI
Building Products
48007410 JONES APPAREL GROUP IN JNY
Apparel
48248010 KLA INSTRUMENTS CORP KLAC
Electronic Production
48300710 KAISER ALUMINUM CORP KLU
Aluminum
48783610 KELLOGG CO K
Packaged Foods
48836010 KEMET CORP KMET
Electronic Components
48917010 KENNAMETAL INC KMT
Indus'l Machinery/Compon
49326710 KEYCORP KEY Major
Banks
49436810 KlMBERLY-CLARK CORP KMB
Package Goods/Cosmetics
49566710 KING WORLD PRODUCTION KWP
Movies/Entertainment
49904010 KNIGHT-RlDDER INC KRI
Newspapers
50025510 KOHLS CORP KSS
Department Stores
50104410 KROGER CO KR Food
Chains
50181310 LCI INTERNATIONAL INC LCI
Other Telecommunications
50192110 LTV CORP LTV
Steel/lron Ore
50216110 LSI LOGIC CORP LSI
Semiconductors
50419510 LA QUINTA INNS INC LCI
Hotels/Resorts
51280710 LAM RESEARCH CORP LRCX
Electronic Production Equi
52189310 LEAR SEATING CORP LEA Auto
Parts: O.E.M.
52466010 LEGGETT & PLATT INC LEG
Home Furnishings
52490810 LEHMAN BROTHERS HOLDI LEH Invest
Bankers/Brokers/Sv
53245710 LILLY (ELI) & CO LLY Major
Pharmaceuticals
53271610 LIMITED INC LTD
Clothing/Shoe/Access Cha
53418710 LINCOLN NATIONAL CORP LNC
Multi-line Insurance
53567810 LlNEAR TECHNOLOGY COR LLTC
Semiconductors
53802110 LITTON INDUSTRlES INC LIT
Military/Gov't/Technical
53932010 LIZ CLAIBORNE INC LIZ
Apparel
53983010 LOCKHEED MARTIN CORP LMT
Aerospace
54013710 LOCTITE CORP LOC
Specialty Chemicals
54230710 LONE STAR STEAKHOUSE S STAR Restaurants
54385910 LORAL CORP LOR Military/Gov't/Technical
54626810 LOUISIANA LAND & EXPLOR LLX Oil &
Gas Production
54866110 LOWES COS LOW Building Materials
Chains
54927110 LUBRIZOL CORP LZ Specialty
Chemicals
55207810 LYONDELL PETROCHEMICA LYO Oil
Refining/Marketing
55262L10 MBNA CORP KRB Finance Companies
55267310 MCI COMMUNICATIONS MCIC Major US
Telecommunicati
55267J10 MCN CORP MCN Natural Gas Distribution
55284810 MGIC INVESTMENT CORP/W MTG Speciality
Insurers
55295310 MGM GRAND INC MGG Casino/Gambling
56122610 MALLINCKRODT GROUP INC MKG Medical
Specialities
56405410 MANOR CARE INC MNR Hospital
Management
56418H10 MANPOWER INC/WI MAN Diversified
Commercial Sv
57174810 MARSH & MCLENNAN COS MMC Insurance
Brokers/Service
57183410 MARSHALL & ILSLEY CORP MRIS Mid-Sized
Banks
57190010 MARRIOTT INTL INC MAR Hotels/Resorts
57459910 MASCO CORP MAS Building Products
57708110 MATTEL INC MAT Recreational
Products/Toy
57772K10 MAXIM INTEGRATED PROD MXIM
Semiconductors
57777810 MAY DEPARTMENT STORES MA
Department Stores
57978020 MCCORMICIK & CO MCCRK
Specialty Foods/Candy
58013510 MCDONALDS CORP MCD
Restaurants
58064510 MCGRAW-HILL COMPANIES MHP
Financial Publishing/Svcs
58155710 MCKESSON CORP NICK
Medical/Dental Distributors
58283410 MEAD CORP MEA Paper
58402810 MEDAPHIS CORP MEDA Health
Industry Services
58505510 MEDTRONIC INC MDT
Medical Electronics
58550910 MELLON BANK CORP MEL Major
Banks
58720010 MENTOR GRAPHICS CORP MENT
Office/Plant Automation
58734210 MERCANTILE BANCORPORA MTL Mid-Sized
Banks
58933110 MERCK & CO MRK Major Pharmaceuticals
58939510 MERCURY FINANCE CO MFN Finance
Companies
59018810 MERRILL LYNCH & CO MER Invest
Bankers/Brokers/Sv
59491810 MICROSOFT CORP MSFT ComputerSof1ware
59501710 MICROCHIP TECHNOLOGY I MCHP
Semiconductors
59501B10 MICRO WAREHOUSE INC MWHS
Catalog/Speciality Dist
59511210 MICRON TECHNOLOGY INC MU
Semiconductors
59523C10 MID ATLANTIC MEDICAL SV MME Managed
Health Care
60107310 MILLIPORE CORP MIL Industrial
Specialties
60405910 MINNESOTA MINING & MFG MMM Diversified
Manufacture
60462E10 MIRAGE RESORTS INC MIR
Casino/Gambling
60705910 MOBIL CORP MOB Integrated Oil Companies
60855410 MOLEX INC MOLX Electronic Components
61166210 MONSANTO CO MTC Major Chemicals
61688010 MORGAN (J P) & CO JPM Major Banks
61744610 MORGAN STANLEY GROUP I MS Invest
Bankers/Brokers/Sv
61933110 MORTON INTERNATIONAL I MII Specialty
Chemicals
62007610 MOTOROLA INC MOT Semiconducter
62853010 MYLAN LABORATORIES MYL Generic
Drugs
62914010 NIPSCO INDUSTRIES INC NI
Electric Utilities: Central
62952610 NABISCO HLDGS CORP -CL NA
Packaged Foods
62985310 NALCO CHEMICAL CO NLC
Specialty Chemicals
63540510 NATIONAL CITY CORP NCC
Major Banks
63764010 NATIONAL SEMICONDUCTO NSM
Semiconductors
63858510 NATIONSBANK CORP NB Major
Banks
63934E10 NAVISTAR INTERNATIONL NAV
Construction/Ag Equip/Tru
65011110 NEW YORK TIMES CO -CLA NYT.A Newspapers
65119210 NEWELL COMPANIES NWL Home Furnishings
65163710 NEWMONT GOLD COMPANY NGC Precious
Metals
65163910 NEWMONT MINING CORP NEM
Precious Metals
65410610 NIKE INC -CL B NKE
Shoe Manufacturing
65440D10 NINE WEST GROUP INC NIN
Clothing/Shoe/Access Cha
65489410 NOBLE AFFILIATES INC NBL
Oil & Gas Production
65541910 NORAM ENERGY CORP NAE
Natural Gas Distribution
65566410 NORDSTROM INC NOEE
Clothing/Shoe/Access Cha
65584410 NORFOLK SOUTHERN COR NSC
Railroads
66585910 NORTHERN TRUST CORP NTRS
Mid-Sized Banks
66680710 NORTHROP GRUMMAN COR NOC Aerospace
66938010 NORWEST CORP NOB Major Banks
67000610 NOVELL INC NOVL Office/Plant Automation
67000810 NOVELLUS SYSTEMS INC NVLS Electronic
Production Equi
67034610 NUCOR CORP NUE Specialty Steels
67076810 NYNEX CORP NYN Major US Telecommunicati
67366210 OAKLEY INC OO Consumer Specialties
67459910 OCCIDENTAL PETROLEUM OXY Oil & Gas
Production
67622010 OFFICE DEPOT INC ODP Other
Specialty Chains
67622M10 OFFICEMAX INC OMX Other
Specialty Chains
67983310 OLD KENT FINANCIAL CORP OKEN
Mid-Sized Banks
68066520 OLIN CORP OLN
Diversified Manufacture
68138510 OLSTEN CORP OLS
Diversified Commercial Sv
68190410 OMNICARE INC OCR
Health Industry Services
68389X10 ORACLE CORP ORCL
Computer Software
68685710 ORNDA HEALTHCORP ORN
Hospital Management
68763F10 ORYX ENERGY CO ORX
Oil & Gas Production
68989910 OUTBACK STEAKHOUSE IN OSSI
Restaurants
69073F10 OWENS CORNING OCF
Building Materials
69076840 OWENS-ILLINOIS INC OI
Containers/Packaging
69147110 OXFORD HEALTH PLANS IN OXHP
Managed Health Care
69344M10 PMI GROUP INC PMA
Specialty Insurers
69347510 PNC BANK CORP PNC
Major Banks
69350610 PPG INDUSTRIES INC PPG
Paints/Coatings
69371810 PACCAR INC PCAR
Construction/Ag Equip/Tru
69423210 PACIFIC ENTFRPRISES PET
Natural Gas Distribution
69511020 PACIFICARE HEALTH SYS - PHSYB
Managed Health Care
69642930 PALL CORP PLL
Industrial Specialties
69846210 PANHANDLE EASTERN COR PEL
Oil/Gas Transmission
69917310 PARAMETRIC TECHNOLOGY PMTC
Computer Software
70109610 PARKER-HANNIFIN CORP PH
Fluid Controls
70432610 PAYCHEX INC PAYX Diversified
Commercial Sv
70816010 PENNEY (J C) CO JCP
Department Stores
70963110 PENTAIR INC PNR Diversified
Manufacture
71271310 PEOPLESOFT INC PSFT
Computer Software
71327810 PEP BOYS-MANNY MOE & J PBY
Other Specialty Chains
71344810 PEPSICO INC PEP Soft Drinks
71429010 PERRIGO COMPANY PRGO Other
Pharmaceuticals
71694110 PHARMACIA & UPJOHN INC PNU
Major Pharmaceuticals
71708110 PFIZER INC PFE Major
Pharmaceuticals
71726510 PHELPS DODGE CORP PD Other
Metals/Minerals
71815410 PHILIP MORRIS COS INC MO
Tobacco
71850710 PHILLIPS PETROLEUM CO P
Integrated Oil Companies
71940F10 PHYCOR INC PHYC
Medical/Nursing Services
72003530 PICTURETEL CORP PCTL
Telecommunications Equip
72348410 PINNACLE WEST CAPITAL PNW
Electric Utilities: West
72368610 PIONEER HI-BRED INTERNA PHB
Farming/Seeds/Milling
72447910 PITNEY BOWES INC PBI Office
Equipment/Supplies
73762810 POTLATCH CORP PCH Paper
74005P10 PRAXAIR INC PX Specialty
Chemicals
74045910 PREMARK INTERNATIONAL I PMI
Catalog/Specia1ty Dist
74058410 PREMISYS COMMUNICATIO PRMS E.D.P.
Peripherals
74143W10 PRICE/COSTCO INC PCCW Discount Chains
74271810 PROCTER & GAMBLE CO PG Package
Goods/Cosmetics
74331510 PROGRESSIVE CORP-OHIO PGR
Property-Casualty Insuran
74342H10 PROMUS HOTEL CORP PRH Hotels/Resorts
74406110 PROVIDIAN CORP PVN Life Insurance
74740210 QUAKER OATS CO OAT Packaged Foods
74752510 QUALCOMM INC QCOM Telecommunications
Equip
74790610 QUANTUM CORP QNTM E.D.P Peripherals
74835610 QUESTAR CORP STR Natural Gas
Distribution
74908410 QUORUM HEALTH GROUP I QHGI Hospital
Management
74960K87 RJR NABISCO HLDGS CORP RN Tobacco
74968510 RPM INC-OHIO RPOW Paints/Coatings
75127730 RALSTON PURlNA CO RAL Packaged
Foods
7549O710 RAYONIER INC RYN Forest
Products
75511110 RAYTHEON CO RTN
Military/Gov't/Technical
75524610 READ-RITE CORP RDRT Electronic
Components
75526710 READERS DIGEST ASSN -C RDA
Books/Magazines
75811010 REEBOK INTERNATIONAL L RBK Shoe
Manufacturing
75894010 REGIONS FINL CORP RGBK Mid-Sized Banks
76071910 REPUBLIC NEW YORK COR RNB Major Banks
76133910 REVCO D.S. INC RXR Drug Store Chains
76176310 REYNOLDS METALS CO RLM Aluminum
76242T10 RHONE-POULENC RORER RPR Major
Pharmaceuticals
76775410 RITE AID CORP RAD Drug Store Chains
77434710 ROCKWELL INTL CORP ROK Aerospace
77537110 ROHM & HAAS CO ROH Major Chemicals
78108810 RUBBERMAID INC RBD Home Furnishings
78354910 RYDER SYSTEM INC R Rental/Leasing
Companies
78387G10 SBC COMMUNICATIONS INC SBC Major US
Telecommunicati
78389010 SCI SYSTEMS INC SCIS Diversified
Electronic Prod
78642910 SAFECO CORP SAFC Multi-line Insurance
78651420 SAFEWAY INC SWY Food Chains
79084910 ST JUDE MEDICAL INC STJM Medical
Specialties
79286010 ST PAUL COS SPC Property-Casualty
Insuran
79549B10 SALOMON INC SB Invest
Bankers/Brokers/Sv
80217610 SANTA FE PACIFIC GOLD C GLD Precious
Metals
80311110 SARA LEE CORP SLE Packaged Foods
80652810 SCHERER (R P)/DE SHR Medical
Specialties
80660510 SCHERING-PLOUGH SGP Major
Pharmaceuticals
80685710 SCHLUMBERGER LTD SLB Oilfield
Services/Equipmen
80706610 SCHOLASTIC CORP SCHL Books/Magazines
80819410 SCHULMAN (A.) INC SHLM Specialty
Chemicals
80851310 SCHWAB (CHARLES) CORP SCH Invest
Bankers/Brokers/Sv
80865510 SCIENTIFIC-ATLANTA INC SFA
Telecommunications Equip
81180410 SEAGATE TECHNOLOGY SEG E.D.P
Peripherals
81238710 SEARS ROEEUCK & CO S Department
Stores
81756510 SERVICE CORP INTERNATI SRV Other
Consumer Services
81948610 SHARED MEDICAL SYSTEM SMED Health
Industry Services
82028610 SHAW INDUSTRIES INC SHX Home
Furnishings
82434810 SHERWIN-WILLIAMS CO SHW
Paints/Coatings
82655210 SIGMA-ALDRICH SIAL Specialty
Chemicals
82705610 SILICON GRAPHICS INC SGI Electronic
Data Processing
82706610 SILICON VALLEY GROUP IN SVGI Electronic
Production Equi
83303410 SNAP-ON INC SNA Tools/Hardware
83418210 SOLECTRON CORP SLR Electronic
Components
83541510 SONAT INC SNT Oil/Gas Transmission
83542010 SONAT OFFSHORE DRILLIN RIG Contract
Drilling
83549510 SONOCO PRODUCTS CO SON
Containers/Packaging
84344410 SOUTHERN NATIONAL COR SNB Mid-Sized
Banks
84473010 SOUTHTRUST CORP SOTR Major Banks
84474110 SOUTHWEST AIRLINES LUV Airlines
85206110 SPRINT CORP FON Major US Telecommunicati
85503010 STAPLES INC SPLS Other Specialty Chains
85524410 STARBUCKS CORP SBUX Restaurants
85747310 STATE STREET BOSTON CO STT Major Banks
86034210 STEWART & STEVENSON S SSSS
Construction/Ag Equip/Tru
86037010 STEWART ENTERPRISES - STEI Other
Consumer Services
86158910 STONE CONTAINER CORP STO
Containers/Packaging
86209910 STOP & SHOP COS SHP Food Chains
86268310 STRATACOM INC STRM Telecommunications
Equip
86366710 STRYKER CORP STRY Medical
Specialties
86387150 STUDENT LOAN MKTG SLM Finance Companies
86600510 SUMMIT BANCORP SUB Major Banks
86676210 SUN CO INC SUN Integrated Oil Companies
86681010 SUN MICROSYSTEMS INC SUNW Electronic
Data Processing
86693010 SUNAMERICA INC SAI Life Insurance
86707110 SUNBEAM CORPORATION SOC Consumer
E1ect/Appliance
86732310 SUNDSTRAND CORP SNS Aerospace
86736310 SUNGARD DATA SYSTEMS I SNDT E.D.P
Services
86736F10 SUNGLASS HUT INTL INC RAYS Other
Specialty Chains
86791410 SUNTRUST BANKS INC STI Major Banks
87114F10 SYBRON INTL CORP SYB Medical
Specialties
87150810 SYMBOL TECHNOLOGIES SBL E.D.P
Peripherals
87160710 SYNOPSYS INC SNPS Computer Software
87182910 SYSCO CORP SYY Food Distributors
87237510 TECO ENERGY INC TE Electric
Utilities: South
87246910 TIG HOLDINGS INC TIG Property-Casualty
Insuran
87254010 TJX COMPANIES INC TJX
Clothing/Shoe/Access Cha
87264910 TRW INC TRW Auto Parts: O.E.M
87416110 TALB0TS INC TLB Clothing/Shoe/Access Cha
87508010 TAMBRANDS INC TMB Package
Goods/Cosmetics
87537010 TANDEM COMPUTERS INC TDM Electronic
Data Processing
87538210 TANDY CORP TAN Computer/Video Chains
87913110 TEKTRONIX INC TEK Precision
Instruments
87966410 TELLABS INC TLAB Telecommunications Equip
87986810 TEMPLE-INLAND INC TIN
Containers/Packaging
88032310 TENCOR INSTRUMENTS TNCR Electronic
Produdion Equ
88033G10 TENET HEALTHCARE CORP THC Hospital
Management
88037010 TENNECO INC TEN Multi-Sector Companies
88077010 TERADYNE INC TER Electronic
Production Equi
88091510 TERRA INDUSTRIES INC TRA Agricultural
Chemicals
86169410 TEXACO INC TX Integrated Oil Companies
88250810 TEXAS INSTRUMENTS INC TXN
Semiconductors
88320310 TEXTRON INC TXT Multi-Sector Companies
88355610 THERMO ELECTRON CORP TMO Diversified
Manufacture
88355K20 THERMO CARDIOSYSTEMS TCA Medical
Electronics
88553510 3COM CORP COMS Office/Plant Autamation
88642310 TIDEWATER INC TDW Marine
Transportation
89102710 TORCHMARK CORP TMK Accident & Health
lnsuranc
89149030 TOSCO CORP TOS Oil Refining/Marketing
89233510 TOYS R US INC TOY Other Specialty
Chains
89348510 TRANSAMERICA CORP TA Diversified
Financial Svcs
89352110 TRANSATLANTIC HOLDINGS TRH Property-
Casualty Insuran
89419010 TRAVELERS GROUP INC TRV Diversified
Financial Svcs
89604710 TRIBUNE CO TRB Newspapers
89652210 TRINITY INDUSTRIES TRN Diversified
Manufacture
89667810 TRINOVA CORP TNV Diversified
Manufacture
90212010 TYCO INTL INC TYC Diversified
Manufacture
90249410 TYSON FOODS INC -CL A TYSNA
Meat/Poultry/Fish
90254950 UAL CORP UAL Airlines
90262K10 UCAR INTERNATIONAL INC UCR Specialty
Chemicals
90291110 UST INC UST Tobacco
90291710 USA WASTE SERVICES INC UW
Environmental Services
90319210 UNUM CORP UNM Accident & Health
Insuranc
90329010 USF&G CORP FG Property-Casualty
Insuran
90337T10 USX-U S STEEL GROUP X Steel/lron
Ore
90338F10 U S ROROTICS CORP USRX E.D.P Peripherals
90391210 ULTRAMAR CORP ULR Oil
Refining/Marketing
90467710 UNIFI INC UFI Textiles
90491110 UNICOM CORP UCM Eletric Utilities:
Central
90553010 UNION CAMP CORP UCC Paper
90558110 UNION CARBIDE CORP UK Major
Chemicals
90781810 UNION PACIFIC CORP UNP Railroads
90864010 UNION TEXAS PETRO HLDG UTH Oil & Gas
Productlon
90890610 UNIONBANCAL CORP UNBC Major Banks
91058110 UNITED HEALTHCARE COR UNH Managed
Health Care
91159610 U S BANCORP USBC Major Banks
91191010 U S HEALTHCARE INC USHC Managed
Health Care
91270710 U S SURGICAL CORP USS Medical
Specialties
91288910 U S WEST COMMUNICATION USW Major US
Telecommunicati
91288920 U S WEST MEDIA GROUP UMG Broadcasting
91301710 UNITED TECHNOLOGIES CO UTX Aerospace
91353810 UNIVERSAL FOODS C0RP UFC Specialty
Foods/Candy
91528910 UNOCAL CORP UCL Integrated Oil Companies
91820410 VF CORP VFC Apparel
91827010 VLSI TECHNOLOGY INC VLSI
Semiconductors
91913810 VALERO ENERGY CORP VLO Oil
Refining/Marketing
92224R60 VARITY CORP VAT Construction/Ag
Equip/Tru
92260210 VENCOR INC VC Hospital
Management
92552430 VIACOM INC -CL B VIA.B
Movies/Entertainment
92691310 VIKING OFFICE PRODS INC VKNG
Catalog/Specialty Dist
92829810 VISHAY INTRECHNOLOGY VSH Electronic
Components
92886910 VONS COMPANIES INC VON Food Chains
92929Q10 WMX TECHNOLOGIES INC WMX
Environmental Services
92977110 WACHOVIA CORP WB Major Banks
93114210 WAL-MART STORES WMT Discount Chains
93142210 WALGREEN CO WAG Drug Store Chains
93439010 WARNACO GROUP INC -CL WAC Apparel
93448810 WARNER-LAMBERT CO WLA Major
Pharmaceuticals
93932210 WASHINGTON MUTUAL INC WAMU Savings &
Loan Associatio
93964010 WASHINGTON POST -CL B WPO Newspapers
94266310 WATSON PHARMACEUTICA WATS Generic
Drugs
94973G10 WELLPOINT HLTH NETWRK WLP Managed
Hea1th Care
94974010 WELLS FARGO & CO WFC Major Banks
95059010 WENDY'S INTERNATIONAL I WEN Restaurants
95767410 WESTERN ATLAS INC WAI Oilfield
Services/Equipmen
96154810 WESTVACO CORP W Paper
96216610 WEYERHAEUSER CO WY Forest Products
96290130 WHEELABRATOR TECHNOL WTI
Environmental Services
96332010 WHIRLPOOLCORP WHR Consumer
Elect/Appliance
96647K10 WHITMAN CORP WH Multi-Sector
Companies
96913310 WILLAMETTE INDUSTRIES WMTT Paper
96945710 WILLIAMS COS INC WMB Oil/Gas
Transmission
97428010 WINN-DIXIE STORES INC WIN Food Chains
97659210 WISCONSIN CENTRAL TRAN WCLX Railroads
97665710 WISCONSIN ENERGY CORP WEC
Electric Utilities: Central
97738510 WITCOCORP WIT Specialty
Chemicals
98155K10 WORLDCOM INC/GA -CL A WCOM Other
Telecommunications
98181110 WORTHINGTON INDUSTRIE WTHG
Steel/Iron Ore
98252610 WRIGLEY (WM) JR CO WWY
Specialty Foods/Candy
98412110 XEROX CORP XRX Office
Equipment/Supplies
G9075110 TRITON ENERGY LTD OIL Oil & Gas
Production
QUANTUS II
A Portfolio of
PARIBAS TRUST FOR INSTITUTIONS
Quantus II (sometimes hereinafter referred to as the
"Portfolio") is a portfolio of the Paribas Trust for
Institutions (the "Trust"), which is a diversified, open-end
management investment company. Its investment objective is
long-term capital appreciation through investment in a
diversified portfolio of common stocks and fixed income
securities. The stock component of the Portfolio will
include approximately 50 major capitalization companies
which are included in an investment universe of
approximately 500 major capitalization issuers developed by
the investment adviser (the "Investment Universe"). The
fixed income component of the Portfolio will include only
U.S. Treasury securities. There can be no assurance that
the Portfolio will achieve its investment objective. See
"Quantus II and Its Objective and Policies." Quantus II is
designed as an investment vehicle primarily for
institutional investors, such as tax-qualified retirement
plans, including pension plans, profit-sharing plans, 401(k)
plans, and charitable and educational endowments, seeking
long-term growth of capital.
The investment adviser of Quantus II is Paribas Asset
Management, Inc. (the "Investment Adviser"). The distributor
of shares of Quantus II is Paribas Corporation (the
"Distributor").
Shares may be purchased, at net asset value without a
sales charge, directly from the Distributor. The minimum
initial purchase for shares of Quantus II is $1,000,000 and
the minimum subsequent purchase is $10,000. See "Purchase
of Shares."
This Prospectus sets forth in concise form the
information about Quantus II that a prospective investor
should know before investing in Quantus II. Investors
should read and retain this Prospectus for future reference.
Additional information about Quantus II has been filed with
the Securities and Exchange Commission (the "SEC") in a
Statement of Additional Information (the "SAI") dated May 1,
1996. The Annual Report dated December 31, 1995 contains
investment and performance information about Quantus II.
Investors and prospective investors may obtain a copy of the
SAI and the Annual Report, without charge, by writing to the
Trust, 787 Seventh Avenue, New York, New York 10019. The
SAI has been incorporated by reference into this Prospectus.
Inquiries regarding the Trust and requests for the SAI and
the Annual Report can be made by calling (212) 841-3200.
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY
THE SECURITIES AND EXCHANGE COMMISSION OR ANY STATE
SECURITIES
COMMISSION NOR HAS THE SECURITIES AND EXCHANGE COMMISSION
OR ANY STATE SECURITIES COMMISSION PASSED UPON THE
ACCURACY OR ADEQUACY OF THIS PROSPECTUS.
ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
The date of this Prospectus is May 1, 1996
No person has been authorized to give any information
or to make any representations, other than those contained
in this Prospectus and in the SAI in connection with the
offer made by this Prospectus, and, if given or made, such
other information or representations must not be relied upon
as having been authorized by the Trust or its Distributor.
This Prospectus does not constitute an offer to sell or a
solicitation of an offer to buy by the Trust or by the
Distributor in any State in which such offer to sell or
solicitation of any offer to buy may not lawfully be made.
TABLE OF CONTENTS
Page
Expense Table 3
Financial Highlights 4
Quantus II and its Objective and Policies 5
Investment Adviser 7
Administrator 9
Management 9
Purchase of Shares 10
Net Asset Value 11
Redemption of Shares 11
Dividends, Distributions and Taxes 11
Portfolio Transactions 12
Shareholder Services 12
Additional Information 13
Appendix 15
Account Application 17
Paribas Trust for Institutions is organized as a
Massachusetts business trust. It is not a bank nor does it
offer fiduciary or trust services. Shares of the Portfolio
are not equivalent to a bank account. As with any
investment in securities, the value of a shareholder's
investment in the Portfolio will fluctuate. The shares of
the Portfolio are not insured by any government agency and
are not subject to the protection of the Securities Investor
Protection Corporation.
EXPENSE TABLE
Annual Portfolio Operating Expenses
(as a percentage of average net assets)
Management Fees 0.45%
Other Expenses 0.53%
Total Portfolio Operating Expenses 0.98%
Example
1 year 3 years 5 years 10 years
You would pay the following expenses
on a $1,000 investment, assuming (1) 5%
annual return and (2) redemption at the
end of each time period $10 $31 $54 $120
The purpose of the above table is to assist the
investor in understanding the various costs and expenses
that an investor in the Portfolio will bear directly or
indirectly. The example set forth above assumes
reinvestment of all dividends and distributions and uses a
five percent annual rate of return as mandated by SEC
regulations. The example should not be considered a
representation of past or future expenses, and actual
expenses and annual rates of return may be more or less than
those assumed for purposes of the example. For a more
complete description of Management Fees, see "Investment
Adviser."
FINANCIAL HIGHLIGHTS
The financial information in the table below has been audited in
conjunction with the audits of the financial statements of the Trust by Arthur
Andersen LLP, independent public accountants, which financial statements and
reports thereon are incorporated by reference in the SAI, but not included
herein. This table should be read in conjunction with the Trust's financial
statements and notes thereto, which are an integral part of these financial
highlights and ratios.
For the Year ended December 31,
1995 1994 1993 1992 1991 1990 1989 1988 1987 1986*
Net asset value, beginning
of year $10.37 $10.95 $11.59 12.06 $10.46 $11.79
$10.80 $10.27 $10.08 $10.00
Income from investment
operations:
Net investment income 0.12 0.12 0.13 0.12 0.22 0.40 0.72 0.32 0.26##
0.05##
Net realized and unrealized
gain/(loss) on investments 2.74 (0.45) 0.15 0.72 3.12 (0.48)
1.40 0.54 0.17 0.10
Total from investment
operations 2.86 (0.33) 0.28 0.84 3.34 (0.08) 2.12 0.86 0.43
0.15
Less distributions:
Distributions from net
investment income (0.12) (0.13) (0.11) (0.12) (0.22)
(0.39) (0.72) (0.33) (0.24) (0.07)
Distributions from net
realized gain (0.78) (0.03) (0.81) (1.17) (1.52)
(0.75) (0.41) - - -
Distributions in excess of net
investment income and net
realized gain - - - - - (0.11) - - -
-
Distributions in excess of net
realized gain - (0.09) - - - - - - -
-
Return of capital### - - - (0.02) - - - -
- -
Total distributions (0.90) (0.25) (0.92) (1.31) (1.74)
(1.25) (1.13) (0.33) (0.24) (0.07)
Net asset value, end of year $12.33 $10.37 $10.95 $11.59
$12.06 $10.46 $11.79 $10.80 $10.27 $10.08
Total return 27.60% (3.04)% 2.58% 8.10% 34.28%
(1.65)% 19.78% 8.40% 4.17% 1.48%
Ratios to average net assets/
supplemental data:
Net assets, end of year
(in 000's) $88,463 $74,393 $78,784 $83,325 $88,817
$56,680 $62,094 $56,834 $25,393 $3,832
Ratio of operating expenses
to average net assets 0.98% 0.89% 0.71% 0.81%
0.82% 0.92% 0.85% 1.19% 0.99%# 2.57% #
Ratio of net investment income
to average net assets 1.01% 1.10% 1.13% 1.01%
2.06% 3.57% 6.00% 4.10% 3.14% 0.43%
Portfolio turnover rate 206% 145% 247% 154%
156% 198% 90% 176% 134% 20%
________________________
* The Portfolio commenced operations on April 28, 1986.
Annualized.
Per share data was computed based upon monthly average shares
outstanding for this period.
Total return represents aggregate total return for the period indicated.
# Without fees waived and expenses reimbursed by the Investment Adviser,
the ratios of expenses to average net assets for the year ended December 31,
1987 and for the period ended December 31, 1986 would have been 1.11% and
3.55%, respectively.
## Net investment income/(loss) per share before fees waived and expenses
reimbursed by the Investment Adviser for the year ended December 31, 1987 and
for the period ended December 31, 1986 was $0.25 and $(0.08), respectively.
### Amounts distributed in excess of accumulated net investment income as
determined for financial statement purposes have been reported as
distributions from paid-in capital at the fiscal year end in which the
distribution is made. Certain of these distributions which are reported as
being from paid-in capital for financial statement purposes may be reported to
shareholders as taxable distributions due to differing tax and accounting
rules.
QUANTUS II AND ITS OBJECTIVE AND POLICIES
Quantus II is a portfolio of the Trust, which is a
diversified, open-end management investment company. Quantus II
will be invested primarily in a diversified portfolio of common
stocks and fixed income securities, and to a lesser extent in
money market securities. Quantus II is one of two portfolios of
the Trust. Each portfolio is in effect a separate investment fund
issuing a separate series of shares. A shareholder's interest is
limited to the assets of the portfolio in which he holds shares,
and a shareholder is entitled to a pro rata share of all dividends
and distributions arising from the net income and capital gains on
the investments of such portfolio. Except for those expenses
borne by the Investment Adviser or the Distributor, each portfolio
bears the expenses directly attributable to it and a portion of
the Trust's general administrative expenses allocated on the basis
of asset size.
Investment Objective
The investment objective of Quantus II is long-term capital
appreciation through investment in a diversified portfolio of
common stocks and fixed income securities. There can be no
assurance that the Portfolio will achieve its investment
objective.
The Investment Adviser intends to employ a quantitative
systematic approach to the allocation of the assets of the
Portfolio between equity, fixed income and money market securities
as well as to the selection, once that determination has been
made, of the equity and fixed income securities for investment.
Under this approach, which has been extensively back-tested by the
Investment Adviser, such allocations and selections will be based
on a review of certain macroeconomic data and certain financial
criteria which the Investment Adviser believes relevant to
identifying the current status of the equity market cycle and the
future performance of particular securities. It is expected that
over each market cycle the average portion of the Portfolio's
assets which will be invested in equity securities will be 80%
(with a maximum of 100%). When the Investment Adviser believes,
based on a review of certain macroeconomic data and financial
criteria, that the stock market is likely to experience a
downturn, up to 50% of the assets of the Portfolio may be invested
temporarily in money market securities. The portion of the
Portfolio's assets invested in fixed income securities may vary
from 0% to 50%.
In order to identify the current state of the equity market
cycle and interest rate cycles (and thereby make a determination
as to the allocation of assets between money market, fixed income
and equity securities), the Investment Adviser will review certain
macroeconomic data and financial criteria.
Once the Investment Adviser has reached a conclusion as to
the allocation of assets based on a review of macroeconomic data
and financial criteria, the selection of the individual securities
will be based on the processes described below.
Equities
The Investment Universe is the basic universe from which
portfolio securities are selected for Quantus II. It is comprised
of the common stocks of approximately 500 issuers generally
representing U.S. companies having a large market capitalization
and relatively high liquidity.
The list of issuers to be included in the Investment
Universe is determined with the objective to reflect fairly the
presumably most efficient section of the U.S. equity market. The
following selection criteria are taken into consideration for this
purpose:
- market capitalization (i.e., market price per share
times the total number of shares outstanding);
- level and steadiness of trading volumes; and
- information supply (mainly research coverage by
institutional research firms).
Refinements are made in accordance with what the Investment
Adviser believes will help the objective. For example,
adjustments may be required to avoid overrepresentation of an
industry relative to the market.
The Investment Universe is maintained and revised by the
Investment Adviser. Issuers are eliminated and replaced to the
extent that their common stocks do not satisfy, or are expected
not to satisfy, the selection criteria any longer, due to past or
coming developments. Even in the absence of such developments,
the Investment Adviser revises the Investment Universe at least
once every 12 months.
A list of approximately 700 issuers comprising the
Investment Universe as of December 31, 1995 is set forth in the
Statement of Additional Information.
The selection of the individual securities in which the
assets of the Portfolio allocated to equity securities will be
invested, will be based on an assessment of three critical factors
which, according to backtests carried out by the Investment
Adviser, have independent value and meaningful and reliable
predictive power. These critical factors are:
(a) Value - A measure of current market prices relative to
expected earnings growth for each individual stock.
(b) Price Momentum - An evaluation of market price trends
for each stock.
(c) Earnings Momentum - A measure of the trends in
earnings expectations issued by all major analysts following a
particular stock.
These three factors are used to produce rankings of the
common stocks comprising the Investment Universe. Based on an
analysis of these rankings, the Investment Adviser selects a list
of approximately 50 stocks generally offering value as well as
attractive price and earnings momentums. The portion of the
Portfolio's assets allocated to equity securities is invested in
equal amounts in those approximately 50 stocks. The normal
frequency of portfolio rebalancings is monthly. Between these
normal dates, however, the Investment Adviser may decide to
undertake adjustments as required by any specific circumstances.
Fixed Income
The Portfolio's assets allocated to fixed income securities
will be invested in U.S. Treasury notes and bonds with at least
one year to maturity. The Investment Adviser's selection of fixed
income investments will be based on an analysis of the expected
future direction of interest rates, using various proprietary
economic and financial indicators developed by the Investment
Adviser.
Options and Futures
In seeking to protect against the effect of changes in
interest rates or equity security prices that would be adverse to
the present or prospective position of the Portfolio, the
Portfolio may employ certain risk management practices, including
transactions in options, futures contracts and options on futures
contracts on securities, securities indices and financial
instruments. These practices may involve certain risks, which are
summarized below and in the Appendix. Certain provisions of the
Internal Revenue Code may limit the extent to which the Portfolio
may enter into futures contracts or engage in options
transactions. See "Taxes" in the SAI.
Options on Securities and Securities Indices
In an effort to reduce fluctuations in net asset value, the
Portfolio may write put and call options and purchase put and call
options on securities that are traded on United States securities
exchanges and over-the-counter markets and on domestic securities
indices. This practice may result in the loss of principal under
certain market conditions.
Futures Contracts and Options on Futures Contracts
The Portfolio may enter into contracts for the purchase or
sale for future delivery of debt securities and futures contracts
based on financial instruments or stock indices, including any
index of U.S. securities ("Futures Contracts"), and may purchase
and write options to buy or sell Futures Contracts ("Options on
Futures Contracts"). Futures Contracts and Options on Futures
Contracts to be written or purchased by the Portfolio will be
traded on U.S. exchanges. These investment techniques are designed
to hedge against anticipated future changes in interest rates or
equity security prices which otherwise might either adversely
affect the value of the Portfolio's securities or adversely affect
the prices of securities which the Portfolio intends to purchase
at a later date. Should interest rates or equity security prices
move in an unexpected manner, the Portfolio may not achieve the
anticipated benefits of Futures Contracts or options on Futures
Contracts or may realize a loss.
The Board of Trustees has adopted the requirement that
Futures Contracts and Options on Futures Contracts only be used as
a hedge and not for speculation. In addition to this requirement,
the Board of Trustees has also adopted two percentage restrictions
on the use of Futures Contracts. The first restriction is that
the Portfolio will not enter into any Futures Contracts and/or
Options on Futures Contracts if immediately thereafter the
aggregate of the amount of initial margin deposits on all the
Futures Contracts and Options on Futures Contracts of the
Portfolio and premiums paid on Options on Futures Contracts would
exceed five percent of the market value of the Portfolio's total
assets. The second restriction is that the aggregate market value
of the Futures Contracts held by the Portfolio not exceed 50% of
the market value of the Portfolio's total assets. Neither of
these restrictions will be changed by the Board of Trustees
without considering the policies and concerns of various federal
and state regulatory agencies.
Other Investment Policies
Money-Market Securities. The only money market securities
in which Quantus II will invest are U.S. Treasury bills,
certificates of deposit, time deposits, bankers' acceptances,
commercial paper and repurchase agreements. Quantus II only will
invest in a certificate of deposit or bankers' acceptance issued
by a commercial bank which is organized and operating in the
United States, has total assets of at least one billion dollars
and is a member of the Federal Deposit Insurance Corporation. In
addition, Quantus II only will invest in commercial paper rated A-
1 by Standard & Poor's Ratings Group or Prime-1 by Moody's
Investors Service, Inc.
Investment Restrictions. The Trust has adopted certain
restrictions and policies relating to the investment of the assets
and the activities of Quantus II which are fundamental policies of
the Portfolio and may not be changed without the approval of the
holders of a majority of the Portfolio's outstanding voting
securities. Among the more significant restrictions, Quantus II
may not (1) invest 25% or more of its total assets in the
securities of issuers in any particular industry (other than U.S.
Government securities or Government agency securities);
(2) purchase the securities of any one issuer, other than the U.S.
Government, if immediately after such purchase more than 5% of the
value of its total assets would be invested in such issuer; (3)
buy or sell commodities or commodities contracts, except that it
may purchase and sell (or write) futures contracts on debt
securities, financial instruments or stock indices and it may
purchase securities of companies which invest or deal in
commodities. Other restrictions are set forth in the SAI under
the caption "Quantus II and Its Objective and Policies -
Investment Restrictions." In addition, as described in the SAI,
Quantus II may invest in repurchase agreements and may borrow
amounts up to 10% of its net assets for temporary emergency
purposes and it may pledge its assets in connection with such
borrowings.
INVESTMENT ADVISER
The investment adviser to the Portfolio is Paribas Asset
Management, Inc. The Investment Adviser, subject to the general
supervision of the Trust's Board of Trustees, renders investment
advice to the Portfolio and is responsible for the overall
management of its business affairs. The Investment Adviser
receives a monthly fee from the Trust at the rates set forth
below, based on the average daily value of the net assets of the
Portfolio:
Average Daily Net Assets Annual Rate
Up to $10 million 0.625%
Over $10 million up to $25 million 0.55%
Over $25 million up to $50 million 0.45%
Over $50 million 0.35%
This fee is calculated daily and paid monthly. For the year
ended December 31, 1995, the investment advisory fee incurred by
the Portfolio totalled $382,369 (representing 0.45% of its average
net assets).
The principal business address of the Investment Adviser is
787 Seventh Avenue, New York, New York 10019. It is a majority-
owned subsidiary of Paribas North America, Inc., which in turn is
a subsidiary of Compagnie Financiere de Paribas. The Investment
Adviser is part of the Paribas Group, a multinational financial
institution with assets in excess of $100 billion and offices in
nearly 60 countries.
The Investment Adviser was organized in the United States in
1984. The Investment Adviser and its affiliates currently advise
over $44 billion in private or foreign investment companies as
well as numerous pension funds and other institutional investors.
Securities held by Quantus II may also be held by other
funds for which the Investment Adviser may act as an adviser or by
investment advisory clients of the Investment Adviser. If
purchases or sales of securities for Quantus II or other funds for
which the Investment Adviser acts as an investment adviser or for
its other advisory clients arise for consideration at or about the
same time, transactions in such securities will be made, insofar
as feasible, for the respective funds and clients in a manner
deemed equitable to all. To the extent that transactions on
behalf of more than one client of the Investment Adviser during
the same period may increase the demand for securities being
purchased or the supply of securities being sold, there may be an
adverse effect on price or volume.
Portfolio Manager. Hubert Goy, Senior Investment Officer
of Paribas Asset Management, Inc., has been primarily responsible
for management of the Portfolio's assets since April 1996. Prior
to April 1996, he was Senior Vice President to Paribas Asset
Management S.A., since January 1984; Senior Investment Oficer to
Paribas Asset management, Inc. since January 1988 and Vice
President to Banque Paribas from December 1983 to February 19983.
The Portfolio Manager's management discussion and analysis and
additional performance information regarding the Portfolio during
the fiscal year ended December 31, 1995 is included in the Trust's
Annual Report for 1995. A copy of the Annual Report may be
obtained upon request, without charge, by writing or calling the
Trust at the address or phone number located on page one of this
Prospectus.
Expenses. For the fiscal year ended December 31, 1995,
total expenses incurred by the Portfolio amounted to $838,908
(representing 0.98% of its average net assets).
The Investment Advisory Agreement between the Trust and the
Investment Adviser obligates the Investment Adviser to provide
investment advisory services and to pay all compensation of and
furnish office space for officers and employees of the Trust
connected with trading and investment management of Quantus II, as
well as the fees of all trustees of the Trust who are affiliated
persons of the Investment Adviser. Each portfolio of the Trust,
including Quantus II, pays all other expenses incurred in its
operation and a portion of the Trust's general administrative
expenses allocated daily on the basis of the asset size of the
respective portfolios. Expenses that will be borne directly by
the portfolios include redemption expenses, expenses of portfolio
transactions, shareholder servicing costs, expenses of registering
the shares under Federal and state securities laws, pricing costs
(including the daily calculation of net asset value), interest,
certain taxes, charges of the custodian and transfer agent and
other expenses attributable to a particular portfolio. Expenses
that will be allocated on the basis of size of the respective
portfolios include trustees' fees, legal expenses, state franchise
taxes, auditing services, costs of printing proxies, shareholder
reports and prospectuses and SAIs (except to the extent paid by
the Distributor), SEC fees, accounting costs and other expenses
properly payable by the Trust and allocable on the basis of size
of the respective portfolios. Depending upon the nature of the
lawsuit, litigation costs may be directly applicable to a
portfolio or allocated on the basis of the size of the respective
portfolios. The Board of Trustees of the Trust has determined
that this is an appropriate method of allocation of expenses.
As required by the distribution agreement between the Trust
and the Distributor, the Distributor will pay certain of the
expenses of the Trust incurred in connection with the offering of
shares of the portfolios of the Trust, including the expense of
printing the prospectuses used in connection with the continuous
offering of such shares.
ADMINISTRATOR
First Data Investor Services Group, Inc. (the
"Administrator"), a wholly owned subsidiary of First Data
Corporation located at One Exchange Place, Boston Massachusetts
02109, serves as Administrator to the Trust pursuant to an
agreement with the Trust (the "Administration Agreement"). The
Trust pays the Administrator for services rendered by the
Administrator to the Portfolio an aggregate monthly fee computed
at an annual rate equal to .25 of 1% calculated on the Portfolio's
net assets and paid monthly, subject to a minimum annual fee of
$260,000 for the Trust.
Pursuant to the Administration Agreement, subject to the
overall authority of the Board of Trustees in accordance with
Massachusetts law, the Administrator will assist in certain
aspects of the Trust's and the Portfolio's administration and
operation. Among other things, the Administrator will provide to
the Portfolio statistical and research data, clerical help and
accounting, data processing, bookkeeping internal auditing,
corporate secretarial services and certain other services
(including calculation of the net asset value of the Portfolio's
shares) required by the Portfolio, prepare reports to shareholders
and prepare tax returns and reports to and filings with the SEC
and State Blue Sky authorities.
MANAGEMENT
The Trustees of the Trust consist of four individuals, three
of whom are not "interested persons" of the Trust as defined in
the Investment Company Act of 1940, as amended (the "1940 Act").
The Trustees of the Trust are responsible for the overall
supervision of the operations of the Trust and perform the various
duties imposed on the trustees of investment companies by the 1940
Act. The Trustees will elect officers annually.
The Trustees of the Trust and their principal employment are
as follows:
GEOFFREY H. MOORE - Director, Center for International Business
Cycle Research, Graduate School of Business, Columbia University,
since 1983.
THOMAS C. PRYOR - Director and Vice President, Yeager, Wood and
Marshall Incorporated, since 1991 and 1992, respectively;
Consultant, Yeager, Wood and Marshall, Incorporated, from 1986 to
1992.
JOHN W. ENGLISH - Investment Consultant; Private Investor; Vice
President and Chief Investment Officer, The Ford Foundation, from
1981 to 1993.
ALAIN LECLAIR* - Chairman of the Investment Adviser since February
1986; President of the Investment Adviser from 1984 to February
1986.
As described under the caption "Investment Adviser," the
Investment Adviser has assumed responsibility for the actual
management of the business affairs of the Portfolio, subject to
the general supervision of the Trust's Board of Trustees. The
responsibility for making decisions to buy, sell or hold a
particular security rests with the Investment Adviser. The
Investment Adviser performs certain of the other administrative
services and provides all the office space, facilities, equipment
and necessary personnel for investment management of the
Portfolio.
Each Trustee who is not an officer or employee of the
Investment Adviser or its affiliates will receive an annual fee
from the Trust of $10,000, payable in four equal quarterly
installments of $2,500 each (see "Investment Adviser - Expenses").
All Trustees are reimbursed for any expenses incurred in attending
meetings of the Board of Trustees of the Trust or of any committee
thereof. No officer or employee of the Investment Adviser or its
affiliates receives any compensation from the Trust for acting as
a trustee or officer of the Trust. The Trust has no employees
other than its officers, all of whom are compensated by the
Investment Adviser.
Sumitomo Life Insurance Company, Foreign Securities
Investment Division 2-8-1 Yaesu, Chuo-Ku, Tokyo 104, Japan
beneficially held 100% of the outstanding shares of the Portfolio
as of April 19, 1996.
PURCHASE OF SHARES
Shares of Quantus II may be purchased directly from the
Distributor. The public offering price for shares of Quantus II
is the net asset value per share. There is no sales charge for
the purchase of shares.
Purchases of shares are made at the public offering price
next determined after receipt of an order by the Portfolio's
transfer agent, Unified Advisers Inc. (the "Transfer Agent"), a
subsidiary of Unified Holdings, Inc. The public offering price is
the net asset value per share. Net asset value per share will be
determined in the manner set forth under "Net Asset Value." The
minimum initial purchase in Quantus II is $1,000,000. The minimum
subsequent purchase of shares of the Portfolio is $10,000.
Quantus II is primarily designed for institutional
investors, such as tax-qualified retirement and pension plans,
profit-sharing plans, 401(k) plans, and charitable and educational
endowments.
How to Buy Shares. To purchase shares of Quantus II, an
investor must complete and sign the Account Application on page 17
and pay for the shares being purchased. No redemptions will be
permitted until a complete application is on file. Payment may be
by mail or by wire.
Purchase by Mail. Purchase by mail may be made by check or
federal reserve draft for the purchase price sent to Paribas Trust
for Institutions, c/o Unified Advisers, Inc., 429 N. Pennsylvania
Street, Indianapolis, Indiana 46204-1897, together within the
case of a new account, a completed Account Application (see page
17). Checks and federal reserve drafts should be made payable to
Paribas Trust for Institutions. Certified checks are not
necessary, but checks are accepted subject to collection at full
face value in United States funds and must be drawn on a United
States bank. If an investor purchases shares by check, payment of
the proceeds of redemption of such shares may be delayed until the
Trust is reasonably satisfied that the investment has been
collected (which will take up to 15 days after the purchase of the
shares). If the Trust is unable to collect upon the full face
value of an investor's check, the purchase order will be cancelled
and the investor may be liable for any losses or fees incurred.
Purchase by Wire. Purchase by wire may be made through a
bank or Federal Funds wire. To purchase shares of Quantus II by
wire, the investor must have an application on file and must
telephone the Transfer Agent at 800-445-1326 to confirm the wire.
The initial purchase by an investor may be made by wire provided
that the investor has an application on file. On the telephone the
following information will be requested by the Transfer Agent:
name(s) in which the account is registered, account number, amount
being wired and wiring bank. Instructions should then be given by
the investor to its bank to wire the specified amount, along with
the account name(s) and number to:
Boston Safe Deposit & Trust Company
ABA/Routing #001001234
ACCOUNT #16-677-4
ATTENTION: PARIBAS TRUST FOR INSTITUTIONS (QUANTUS II)
General. All funds will be fully invested in full and
fractional shares. The issuance of shares is recorded on the
books of the Trust. The Transfer Agent will send to each
shareholder of record a statement of shares of Quantus II owned
after each purchase or redemption transaction relating to such
shareholder.
Distribution Agreement. The Distributor is the principal
underwriter and distributor of shares of the Portfolio and is an
affiliate of the Investment Adviser. The Distributor is located
at 787 Seventh Avenue, New York, New York 10019. The Distributor
makes a continuous offering of the Portfolio's shares and bears
the costs and expenses of printing and distributing any copies of
any prospectuses and annual and interim reports of the Trust
(after such items have been prepared and set in type) which are
used in connection with the offering of shares to selected dealers
or investors, and the cost and expenses of preparing, printing and
distributing any other literature used by the Distributor in
connection with the offering of the shares for sale to the public.
NET ASSET VALUE
The net asset value per share of Quantus II is calculated as
of the close of trading on the New York Stock Exchange (the
"Exchange") each business day (i.e., Monday through Friday) that
the Exchange is open for trading. The Exchange is closed on the
following holidays: New Year's Day, Presidents' Day, Good Friday,
Memorial Day, Independence Day, Labor Day, Thanksgiving Day and
Christmas Day. The net asset value per share for Quantus II is
computed by dividing the sum of the value of the portfolio
securities held by the Portfolio plus any cash or other assets
minus all liabilities by the total number of shares of the
Portfolio outstanding at such time, rounded to the nearest cent.
Expenses are accrued daily.
Securities listed or traded on a national securities
exchange are valued at the last quoted sales price on the day the
valuations are made. Listed securities that are not traded on a
particular day, and securities regularly traded in the over-the-
counter market, are valued at the price within the limits of the
latest bid and asked prices deemed by the Trustees, or by persons
delegated by the Trustees, best to reflect fair value. Other
assets and securities are valued in a manner determined in good
faith by the Trustees, or their delegates, to reflect their fair
value.
REDEMPTION OF SHARES
Shareholders have the right to require the Trust to redeem
their shares upon receipt of a written request in proper form.
The redemption price of shares of Quantus II is the net asset
value per share of the Portfolio next determined after the initial
receipt by the Transfer Agent of proper notice of redemption. If
a shareholder redeems all of the shares in its account, it will
receive, in addition to the net asset value of the shares
redeemed, a separate check representing all dividends declared but
unpaid. If a shareholder redeems a portion of the shares in its
account, the dividends declared but unpaid on the shares redeemed
will be distributed on the next dividend payment date.
Redemption. A shareholder wishing to redeem shares of
Quantus II may do so without charge by tendering a written request
for redemption in proper form, as explained below, directly to the
Transfer Agent, Unified Advisers, Inc., c/o Paribas Trust for
Institutions, together with the Certificates, if any, issued for
such shares. To be in proper form, the redemption request
requires the signature(s) of all persons in whose name(s) the
shares are registered, signed exactly as their name(s) appear on
the Transfer Agent's register or on the certificate(s), as the
case may be. In addition, the signatures on the notice must be
guaranteed by a commercial bank which is a member of the FDIC or a
trust company or by a member firm of a national or regional
securities exchange. A notary public, savings bank or savings and
loan association is not an acceptable guarantor. In certain
instances, the Transfer Agent may require that the request also be
accompanied or followed by additional documents, such as trust
instruments, death certificates, appointments as executor or
administrator, or certificates of corporate authority. Payment of
redemption proceeds will be mailed within seven days of receipt by
the Transfer Agent of a proper notice of redemption.
At various times the Trust may be requested to redeem shares
for which it has not yet received good payment. The Trust may
delay or cause to be delayed the mailing of a redemption check for
a period of up to 15 days until it is assured that good payment
(e.g., cash or certified check drawn on a United States bank) has
been collected for the purchase of such shares.
DIVIDENDS, DISTRIBUTIONS AND TAXES
Dividends and Distributions. It is the Trust's intention to
continue to distribute substantially all of the net investment
income, if any, of Quantus II. For dividend purposes, net
investment income will consist of all payments of dividends,
interest and net realized short-term capital gains received by the
Portfolio less its estimated expenses. Dividends from net
investment income of the Portfolio are declared annually in
additional full and fractional shares of the Portfolio at net
asset value unless the shareholder elects to receive such
dividends in cash. In general, all net realized long-term capital
gains of the Portfolio, if any, are distributed annually after the
close of the Trust's fiscal year. Unless the shareholder elects
to receive dividends or distributions of the Portfolio in cash,
dividends and capital gains distributions are automatically
reinvested in shares of the Portfolio at a price equal to the net
asset value per share of the Portfolio on the day such dividend or
distribution is paid.
See "Shareholder Services - Reinvestment of Dividends and
Capital Gains Distributions" for information as to how to elect
either dividend reinvestment or cash payments. Dividends and
distributions are taxable to shareholders and subject to income
tax whether they are reinvested or received in cash.
Taxes. The Trust has in the past elected the special tax
treatment afforded regulated investment companies under the
Internal Revenue Code of 1986, as amended (the "Code"). The
Portfolio believes that it has qualified for such treatment and
intends to continue to qualify therefor. If it so qualifies, in
any fiscal year with respect to which it distributes at least 90%
of its net investment income, the Portfolio (but not its
shareholders) will be relieved of Federal income tax on the amount
distributed. The Portfolio contemplates declaring as dividends
100% of its net investment income. See "Dividends and
Distributions." If in any taxable year the Portfolio does not
qualify as a regulated investment company, all of its taxable
income and gains will be taxed to the Portfolio at corporate
rates. Dividends and distributions will be taxable to shareholders
as ordinary income or long-term capital gains, whether received in
cash or reinvested in additional shares of the Portfolio. Each
shareholder will be sent a statement which will include the amount
of dividends paid and will identify whether such dividends
represent ordinary income or long-term capital gains.
The Statement of Additional Information describes the effect
of other provisions of the Code on the Portfolio and its
shareholders.
Investors are urged to consult their attorneys or tax
advisers regarding specific questions as to federal, foreign,
state or local taxes.
PORTFOLIO TRANSACTIONS
The Trust has no obligation to deal with any dealer or group
of dealers in the execution of transactions in portfolio
securities. Subject to policy established by the Trustees of the
Trust, the Investment Adviser is primarily responsible for the
portfolio decisions of the Portfolio and for placing its portfolio
transactions. It is the policy of the Trust to obtain the best
net results taking into account such factors as price (including
the applicable dealer spread), the size, type and difficulty of
the transaction involved, the firm's general execution and
operational facilities, and the firm's risk in positioning the
securities involved and the provision of supplemental investment
research, in most cases consisting of quantitative investment
research. While the Investment Adviser generally seeks reasonably
competitive spreads or commissions, the Portfolio will not
necessarily be paying the lowest spread or commission available.
Consistent with the policy of the Portfolio to select brokers
based on the brokers' ability to get the best price in the market
and on the quality of the research provided, the Trust will also
on occasion effect transactions through brokers which have been
instrumental in the sale of shares of the Portfolio.
SHAREHOLDER SERVICES
The Trust offers a number of shareholder services designed
to facilitate investment in its shares at no extra cost to the
investor. Below is a description of such services. Full details
as to each such service and copies of the various plans described
below can be obtained from the Trust.
Investment Account. Every shareholder has an Investment
Account and will receive from the Transfer Agent transaction
reports after each share transaction and dividend reinvestment.
After the end of each year, each shareholder will receive Federal
income tax information regarding dividends and capital gains
distributions.
Reinvestment of Dividends and Capital Gains Distributions.
Unless specific instructions are given on the application form as
to the method of payment of dividends and capital gains
distributions, they will automatically be reinvested in additional
shares of the Portfolio. Such reinvestment will be at the net
asset value of the shares of the Portfolio as of the close of
business on the day on which the dividend or distribution is paid.
Shareholders may elect in writing to receive either their income
dividends or capital gains distributions, or both, in cash, in
which event payment will be mailed by the Transfer Agent as soon
as practicable after the payment date.
Shareholders may, at any time, notify the Transfer Agent in
writing that they no longer wish to have their dividends and/or
distributions reinvested in shares or vice versa and, immediately
upon receipt by the Transfer Agent of such notice, those
instructions will be effected.
ADDITIONAL INFORMATION
Organization of the Trust. The Trust, a Massachusetts
business trust, was organized on September 16, 1985 as a
diversified, open-end management investment company.
Description of Shares. The Declaration of Trust provides
that the Trust will be comprised of separate series each of which
will consist of a separate portfolio which will issue a separate
series of shares. The Trustees are authorized to create an
unlimited number of series and, with respect to each series, to
issue an unlimited number of full and fractional shares of a
single class and to divide or combine the shares into a greater or
lesser number of shares without thereby changing the proportionate
beneficial interests in the series. All shares have equal voting
rights, except that only shares of the respective series are
entitled to vote on matters concerning only that series. At the
date of this Prospectus, there are no existing series of the Trust
other than the Quantus Equity Managed Portfolio and Quantus II.
Each share of a series of the Trust has equal dividend,
distribution, liquidation and voting rights with other shares of
that series. Each issued and outstanding share of a series is
entitled to one vote and to participate equally in dividends and
distributions declared by the Trust out of that series and in net
assets of the series remaining upon liquidation or dissolution
after satisfaction of outstanding liabilities. The shares of each
series of the Trust, when issued, will be fully paid and non-
assessable, have no preference, preemptive, conversion, exchange
or similar rights, and will be freely transferable. There will
normally be no meetings of shareholders for the purpose of
electing Trustees unless and until such time as less than a
majority of the Trustees holding office have been elected by
shareholders, at which time the Trustees then in office will call
a shareholders' meeting for the election of Trustees.
Shareholders may, in accordance with the Declaration of Trust,
cause a meeting of shareholders to be held for the purpose of
voting on the removal of Trustees. Meetings of the shareholders
will be called upon written request of shareholders holding in the
aggregate not less than 10% of the outstanding shares having
voting rights. Except as set forth above, the Trustees will
continue to hold office and appoint successor Trustees. Shares do
not have cumulative voting rights and the holders of more than 50%
of the shares of the Trust voting for the election of Trustees can
elect all of the Trustees of the Trust if they choose to do so and
in such event the holders of the remaining shares would not be
able to elect any Trustees. Shareholders are entitled to redeem
their shares as set forth under "Redemption of Shares".
The authorized capital stock of the Trust consists of an
indefinite number of shares of beneficial interest, having a par
value of $0.10 per share.
Custodian, Transfer and Dividend Disbursing Agent. Boston
Safe Deposit and Trust Company, located at One Boston Place,
Boston, Massachusetts 02108, serves as the Portfolio's custodian.
Unified Advisers, Inc., located at 429 North Pennsylvania Street,
Indianapolis, Indiana 46204, serves as the Portfolio's transfer
agent and dividend disbursing agent. First Data Investor Services
Group, Inc. maintains the Portfolio's accounting records.
Counsel and Auditor. Rogers & Wells, special securities
counsel to the Trust, passes upon legal matters for the Trust in
connection with the shares offered by this Prospectus. Arthur
Andersen LLP is the independent public accountant of the Trust.
Miscellaneous. The Trust issues to its shareholders semi-
annual reports containing unaudited financial statements and
annual reports containing financial statements audited by
independent public accountants approved annually by the
shareholders.
This Prospectus does not contain all the information
included in the Registration Statement filed with the SEC under
the Securities Act of 1933 with respect to the securities offered
hereby, certain portions of which have been omitted pursuant to
the rules and regulations of the SEC. The SAI, dated May 1, 1996,
which forms a part of the Registration Statement, is incorporated
by reference into this Prospectus. The SAI may be obtained
without charge as provided on the cover page of this Prospectus.
The Registration Statement including the exhibits filed therewith
may be examined at the office of the SEC in Washington, D.C.
The Declaration of Trust establishing the Trust, dated
September 16, 1985, a copy of which, together with all amendments
thereto (the "Declaration"), is on file in the Office of the
Secretary of the Commonwealth of Massachusetts, provides that the
name "Paribas Trust for Institutions" refers to the trustees under
the Declaration collectively as trustees, but not as individuals
or personally; and no trustee, shareholder, officer, employee or
agent of the Trust may be held to any personal liability, nor may
resort be had to their private property for the satisfaction of
any obligation or claim otherwise in connection with the affairs
of the Trust but the Trust's property only shall be liable.
APPENDIX
Risk Factors in Options and Futures Transactions
Risks of Imperfect Correlation of Hedging Instruments with
the Portfolio. The Portfolio's ability effectively to hedge all
or a portion of its assets through transactions in options on
securities indices and futures contracts on debt securities,
financial instruments and stock indices and related options
depends on the degree to which price movements in the index or
instrument underlying the hedging instrument correlates with price
movements in the relevant portion of the Portfolio. In the case
of futures contracts and options based on an index, the Portfolio
will not duplicate the components of the index. In the case of
financial futures contracts and options thereon, the Portfolio's
securities that are being hedged will not generally be the type of
obligation underlying the futures contract. As a result, the
correlation will probably not be perfect. Consequently, the
Portfolio bears the risk that the price of the Portfolio's
securities being hedged will not move in the same amount or
direction as the underlying index or instrument. For example, if
the Portfolio purchases a put option on an index and the index
decreases less than the value of the hedge securities, the
Portfolio would experience a loss that is not completely offset by
the put option. It is also possible that there may be a negative
correlation between the index or obligation underlying an option
or futures contract in which the Portfolio has a position and the
assets the Portfolio is attempting to hedge, which may result in a
loss on both the Portfolio and the hedging instrument. The
Portfolio will invest in a hedging instrument only if, in the
judgment of the Investment Adviser, there is expected to be a
sufficient degree of correlation between movements in the value of
the instrument and movements in the value of the relevant portion
of the Portfolio's assets for such hedge to be effective. There
can be no assurance that the Investment Adviser's judgment will be
accurate.
Investments in futures contracts and options thereon entail
the additional risk of imperfect correlation between movements in
the futures or options price and the price of the underlying index
or instrument. The anticipated spread between the prices may be
distorted due to differences in the nature of the markets, such as
differences in margin and maintenance requirements, the liquidity
of such markets and the participation of speculators in the
futures market.
Potential Lack of a Liquid Secondary Market. Prior to
exercise or expiration, an option position can only be terminated
by entering into a closing purchase or sale transaction. This
requires a secondary market on an exchange for call or put options
of the same series. Similarly, positions in futures contracts and
options thereon may be closed out only on an exchange that
provides a secondary market for such futures contracts. While the
Portfolio will enter into an option or futures position only if
there appears to be a liquid secondary market or futures
contracts, there can be no assurance that such a market will exist
for any particular option or futures contract at any specific
time. Thus, it may not be possible to close an option or futures
position. In the case of options on a security, the Portfolio
might be required to exercise options it has purchased and sell or
purchase the underlying security to realize a profit, and in the
absence of such a market, the Portfolio would not be able to
dispose of a security on which it has written a call option until
the option is exercised or expires. In the event of adverse price
movements in a futures position that the Portfolio was unable to
close out on an exchange, the Portfolio would continue to be
required to make daily cash payments of variation margin. In such
situations, if the Portfolio has insufficient cash it may have to
sell portfolio securities to meet daily variation margin
requirements at a time when it may be disadvantageous to do so.
In addition, while the Portfolio does not intend to take or make
delivery of the instruments underlying financial futures contracts
it holds, or to make cash settlement on stock index futures
contracts it holds, it may be required to do so. The inability to
close options and futures positions also could have an adverse
impact on the Portfolio's ability to hedge its assets effectively.
The liquidity of a secondary market in a futures contract or
option thereon may be adversely affected by "daily price
fluctuation limits" established by exchanges which limit the
amount of fluctuation in a futures contract price during a single
trading day. Once the daily limit has been reached in the
contract, no trades may be entered into at a price beyond the
limit, thus preventing the liquidation of open futures or option
positions. Prices have in the past moved the daily limit on a
number of consecutive trading days.
If the Portfolio purchases futures contracts or call options
thereon to hedge against a possible increase in the price of
securities before the Portfolio is able to invest its cash in such
securities, is it possible that the market may instead decline.
If the Portfolio does not then invest in such securities because
of concern as to possible further market decline or for other
reasons, the Portfolio may realize a loss on the futures or option
contract that is not offset by a reduction in the price of the
securities purchased.
Because of low initial margin deposits made upon the opening
of a futures position, futures transactions involve substantial
leverage. As a result, relatively small movements in the price of
the futures contract can result in substantial unrealized gain or
losses. Because the Portfolio will engage in the purchase and
sale of financial futures contracts solely for hedging purposes,
however, any losses incurred in connection therewith should, if
the hedging strategy is successful, be offset in whole or in part
by increases in the value of securities held by the Portfolio or
decreases in the price of securities the Portfolio intends to
acquire.
Trading and Position Limits. Each of the exchanges has
established limitations governing the maximum number of call or
put options on the same side of the market and the same underlying
security (whether or not covered) that may be written or held by a
single investor, whether acting alone or in concert with others
(regardless of whether such options are written or held on the
same or different exchanges or are held or written in one or more
accounts or through one or more brokers). In addition, the
Commodity Futures Trading Commission and the various exchanges
have established limits referred to as "speculative position
limits" on the maximum net long or net short position that any
person may hold or control in a particular futures contract.
"Trading Limits" may be imposed on the maximum number of contracts
that any person may trade on a particular trading day. An
exchange may order the liquidation of positions found to be in
violation of these limits and it may impose other sanctions or
restrictions. The Investment Adviser does not believe that these
trading and position limits will have any adverse impact on the
strategies for hedging the Portfolio's assets.
Risks of Options on Futures Contracts. The amount of risk
the Portfolio assumes when it purchases an option on a futures
contract is the premium paid for the option plus related
transaction costs. In order to profit from an option purchased,
however, it may be necessary to exercise the option and to
liquidate the underlying futures contract, subject to the risks of
the availability of a liquid offset market described herein. In
addition to the correlation risks discussed above, the purchase of
an option also entails the risk that changes in the value of the
underlying futures contract will not be fully reflected in the
value of the option purchased. The writer of an option on a
futures contract is subject to the risks of commodity futures
trading, including the requirement of variation margin payments,
as well as the additional risk that movements in the price of the
option may not correlate with movements in the price of the
underlying security or futures contract.
QUANTUS II
Account Application
Mail to:
Paribas Trust for Institutions
c/o Unified Advisers, Inc.
429 N. Pennsylvania Street
Indianapolis, Indiana 46204-1897
REGISTRATION: The account should be registered as follows:
__________________________________________________________________
Name of Account
__________________________________________________________________
Street
__________________________________________________________________
City State Zip
Attention:
CASH DIVIDENDS: Unless checked below, dividends or distributions
of the Portfolio will be reinvested automatically in additional
shares of the Portfolio.
* Check this box if dividends of investment income are to be
paid in cash.
* Check this box if capital gains distributions are to be paid
in cash.
INITIAL INVESTMENT: The initial minimum investment is $1,000,000.
* Please establish an account with the enclosed check for $
_______ payable to the Paribas Trust for Institutions.
Taxpayer ID No.*
______________________________
|___|___|___|___|___|___|___|___|___| * Citizen of U.S.
* Other (Please specify)
(____)___________________
Area Code Telephone
________________________
* Under the Federal income tax law, you may be subject to
certain penalties as well as withholding of tax at a 31% rate if
you do not provide a correct number.
The Internal Revenue Service requires us to withhold 31%
from all dividends, capital gains, and liquidations unless you
comply with two conditions: (1) you have given us your Social
Security or Taxpayer ID Number (TIN), and (2) you have certified
that you are not subject to backup withholding.
CERTIFICATION: I ratify any instructions given pursuant to the
authorizations described in this Application and agree that
neither Paribas Trust for Institutions, Paribas Asset Management,
Inc. nor First Data Investor Services Group, Inc. will be liable
for any loss, cost or expense resulting from acting upon such
authorizations or instructions (given by telephone or in writing)
when believed to be genuine, nor will they incur any liability for
any action committed or omitted in good faith.
I am of legal age, have received and read the current
Prospectus of Quantus II and agree to its terms. I understand the
investment objective and program of Quantus II and have determined
that Quantus II is a suitable investment based upon my investment
needs and financial situation.
Under penalties of perjury, I certify that (1) my Social
Security or Taxpayer ID Number provided is correct or that I have
applied for such a number and am waiting for it to be issued and
(2) that I am not subject to backup withholding because either
(a) I am exempt from backup withholding, or (b) I have not been
notified that I am subject to backup withholding for failing to
report all interest or dividends, or (c) the IRS has notified me
that I am no longer subject to backup withholding.
Strike out the language in clause (2) above if the IRS has
notified you that you ARE subject to backup withholding and you
have not since received notice from the IRS that backup
withholding has terminated.
_________________________ ______________________________
Signature Title
_________________________ ______________________________
Signature Title
This form when completed should be
mailed to:
Paribas Trust for Institutions
c/o Unified Advisers, Inc.
429 N. Pennsylvania Street
Indianapolis, Indiana 46204-1897
INVESTMENT ADVISER
Paribas Asset Management, Inc.
787 Seventh Avenue
New York, New York, 10019
ADMINISTRATOR
First Data Investor Services Group, Inc.
One Exchange Place
Boston, Massachusetts 02109
CUSTODIAN
Boston Safe Deposit and Trust Company
One Boston Place
Boston, Massachusetts 02108
TRANSFER AGENT
Unified Advisers, Inc.
429 N. Pennsylvania Street
Indianapolis, Indiana 46204-1897
LEGAL COUNSEL
Rogers & Wells
200 Park Avenue
New York, New York 10166
AUDITORS
Arthur Andersen LLP
1345 Avenue of the Americas
New York, New York 10105
QUANTUS II
(a Portfolio of Paribas
Trust for Institutions)
___________
PROSPECTUS
___________
INVESTMENT ADVISER
Paribas Asset Management, Inc.
787 Seventh Avenue
New York, New York 10019
DISTRIBUTOR
Paribas Corporation
787 Seventh Avenue
New York, New York 10019
May 1, 1996
This Prospectus should be retained for future reference.
STATEMENT OF ADDITIONAL INFORMATION
QUANTUS II
A Portfolio of
PARIBAS TRUST FOR INSTITUTIONS
787 Seventh Avenue
New York, New York 10019
For general information and purchases call
(212) 841-3200
Quantus II (or the "Portfolio") is a portfolio of the
Paribas Trust for Institutions (the "Trust"), which is a
professionally managed, diversified, open-end management
investment company comprised of two portfolios.
This Statement of Additional Information (the "SAI")
of Quantus II is not a prospectus and should be read in
conjunction with the Prospectus of Quantus II, dated May 1,
1996 (the "Prospectus"), which has been filed with the
Securities and Exchange Commission (the "SEC") and is
available upon oral or written request without charge.
Copies of the Prospectus can be obtained by calling or by
writing the Trust at the above telephone number or address.
This SAI has been incorporated by reference into the
Prospectus.
The date of this SAI is May 1, 1996.
TABLE OF CONTENTS
Page
Quantus II and Its Objective and Policies 3
Management of Quantus II 5
Investment Advisory and Other Services 6
Portfolio Transactions 7
Purchase of Shares 8
Redemption of Shares 8
Taxes 8
Distributor 9
Financial Information 10
Issuers Comprising the Index 11
QUANTUS II
AND ITS OBJECTIVE AND POLICIES
Reference is made to "Quantus II and Its Objective and
Policies" in the Prospectus for a discussion of the
investment objective and policies of Quantus II.
The Trust is a diversified, open-end management
investment company. The shares offered by the Prospectus
are shares of beneficial interest of Quantus II, par value
$0.10 per share.
The Investment Universe. As described in the
Prospectus, the selection of major U.S. issuers to be
included in the investment universe ("Investment Universe")
is led by an analysis of the following three criteria:
- market capitalization. Priority is given to
issuers having the largest market capitalization in the U.S.
equity market.
- liquidity. The Investment Adviser's
appreciation of the liquidity of a particular common stock
is based on how it will be possible to implement the
investment strategy by having transactions executed with no
or a very limited market impact. The liquidity analysis is
based on reviewing the float of the issue as well as the
minimum, mean and average trading volumes over a meaningful
reference period.
- information supply. An issuer will be
considered to have inadequate research coverage if fewer
than 10 major security analysts regularly issue research
reports regarding the issuer.
Additional refinements are made in accordance with
what Paribas Asset Management, Inc. (the "Investment
Adviser") believes will help achieve a fair representation
of the presumably most efficient section of the U.S. equity
market. In this respect, adjustments are made to take
account of expected developments regarding certain issuers,
or avoid overrepresentation of an industry relative to its
weight in the Standard & Poor's Composite Index of 500
Stocks ("the S&P 500"). For example, the utility industry's
weight in the Investment Universe is close to that of the
S&P 500 whereas it would be overrepresented based on the
sole criteria mentioned above.
Such construction process usually enables a typical
stock in the Investment Universe to offer better
characteristics than the S&P 500 in terms of market
capitalization, liquidity and analyst coverage.
Investment Restrictions. In addition to the
investment restrictions set forth in the Prospectus, the
Trust has adopted the following investment restrictions for
Quantus II, none of which may be changed without the
approval of a majority of the outstanding shares of the
Portfolio, which for this purpose means the vote of (i) 67%
or more of the Portfolio's shares present at a meeting, if
the holders of more than 50% of the outstanding shares of
the Portfolio are present or represented by proxy, or (ii)
more than 50% of the Portfolio's outstanding shares,
whichever is less. The Portfolio may not:
(a) Make investments for the purpose of exercising
control or management;
(b) Purchase securities of other investment
companies, except in connection with a merger,
consolidation, acquisition or reorganization;
(c) Invest in securities (other than securities
issued by the U.S. Government or any of its agencies or
instrumentalities) of any issuer if immediately after such
acquisition the Portfolio would then own more than 10% of
the voting securities of that issuer;
(d) Invest in interests in oil, gas or other mineral
exploration or development programs, except that the
Portfolio may invest in securities of issuers which invest
or deal in any of the above;
(e) Invest in real estate or in interests in real
estate, but the Portfolio may purchase readily marketable
securities of companies holding real estate or interests
therein;
(f) Purchase any securities on margin, except for
use of short-term credit necessary for clearance of purchase
and sales of portfolio securities and the maintenance of
margin with respect to futures contracts;
(g) Make short sales of securities or maintain a
short position or write, purchase or sell puts, calls,
straddles, spreads or combinations thereof, except that the
Portfolio may write and purchase put and call options on
futures contracts and write and purchase put and call
options on securities traded on United States securities
exchanges and over-the-counter markets and on domestic
securities indices;
(h) Make loans to other persons, provided that the
Portfolio may purchase debt obligations in accordance with
its investment objective and policies and the Portfolio may
make loans of portfolio securities provided, among other
things, that the value of the securities loaned does not
exceed 10% of the value of the Portfolio's net assets (the
acquisition of bonds, debentures or other corporate debt
securities which are not publicly distributed is considered
to be the making of a loan under the Investment Company Act
of 1940);
(i) Borrow amounts in excess of 10% of the total
assets of the Portfolio, taken at market value, and then
only from banks as a temporary measure for extraordinary or
emergency purposes (usually only "leveraged" investment
companies may borrow in excess of 5% of their assets;
however, the Portfolio will not borrow to increase income
but only to meet redemption requests which might otherwise
require untimely dispositions of portfolio securities. In
addition, the Portfolio will not purchase securities while
borrowings are outstanding);
(j) Mortgage, pledge, hypothecate or in any manner
transfer as security for indebtedness any securities owned
or held by the Portfolio except as may be necessary in
connection with borrowings mentioned in (i) above, and then
such mortgaging, pledging or hypothecating may not exceed
10% of the Portfolio's total assets, taken at market value;
(k) Invest in securities with legal or contractual
restrictions on resale or for which no readily available
market exists if, regarding all such securities, more than
5% of the total assets of the Portfolio (taken at market
value) would be invested in such securities;
(l) Act as an underwriter of securities, except
insofar as the Portfolio may be deemed an underwriter under
the Securities Act of 1933 in selling portfolio
securities; and
(m) Invest in securities of any one issuer with a
record of less than three years of continuous operation,
including predecessors, except obligations issued or
guaranteed by the United States Government or its agencies.
Repurchase Agreements. The Portfolio may invest in
U.S. Government securities pursuant to repurchase
agreements. Repurchase agreements may be entered into only
with a member bank of the Federal Reserve System or primary
dealer in U.S. Government securities. Under such
agreements, the bank or primary dealer agrees, upon entering
into the contract, to repurchase the security at a mutually
agreed upon time and price, thereby determining the yield
during the term of the agreement. This results in a fixed
rate of return insulated from market fluctuations during
such period. Except with regard to repurchase agreements
secured by U.S. government securities, in the event of
default or bankruptcy by the seller under a repurchase
agreement construed to be a collateralized loan, the Trust
may suffer time delays and incur costs or possible losses in
connection with such transactions. Management expects that
no more than 5 percent of the Portfolio's net assets will be
subject to repurchase agreements during the coming year.
Lending of Portfolio Securities. Subject to
investment restriction (h) above, the Portfolio from time to
time may lend securities from its portfolio to brokers,
dealers and financial institutions and receive as collateral
cash or United States Treasury securities which at all times
while the loan is outstanding will be maintained in amounts
equal to at least 100% of the current market value of the
loaned securities. Any cash collateral will be invested in
short-term securities, which will increase the current
income of the Portfolio making the loan. Such loans, which
will not have terms longer than 30 days, will be terminable
at any time. The Trust will have the right to regain record
ownership of loaned securities to exercise beneficial rights
such as voting rights, subscription rights and rights to
dividends, interest or other distributions. The Portfolio
may pay reasonable fees to persons unaffiliated with the
Trust for services in arranging such loans. In the event of
a default by the borrower, the Trust may suffer time delays
and incur costs or possible losses in connection with the
disposition of the collateral. The Trust expects that no
more than 5 percent of the Portfolio's net assets will be
committed to the lending of portfolio securities during the
coming year.
Portfolio Turnover. The Investment Adviser effects
portfolio transactions without regard to holding period if,
in its judgment, such transactions are advisable in light of
a change in circumstances in general market, economic or
financial conditions. As a result of its investment
policies, the Portfolio may engage in a substantial number
of portfolio transactions. The portfolio turnover rate is
calculated by dividing the lesser of the Portfolio's annual
sales or purchases of portfolio securities (exclusive of
purchases or sales of securities the maturities of which at
the time of purchase were one year or less) by the monthly
average value of the securities in the portfolio during the
year. High portfolio turnover results in correspondingly
higher brokerage commissions and dealer spreads, both of
which are borne directly by the Portfolio, and may increase
the percentage of the Portfolio's distributions which are
taxable to shareholders as ordinary income. For the
fiscal years ended December 31, 1994 and 1995, the portfolio
turnover rates were 145% and 206%, respectively. See
"Portfolio Transactions" and "Taxes."
MANAGEMENT OF QUANTUS II
The Trustees and executive officers of the Trust,
their ages and principal occupations for the last five years
are set forth below. Unless otherwise noted, the address of
each Trustee and officer is 787 Seventh Avenue, New York,
New York 10019;
Alain Leclair - Chairman of the Board and Trustee,* Age 56,
Chairman of the Investment Adviser since February 1986;
President of the Investment Adviser from 1984 to February
1986.
Geoffrey H. Moore - Trustee, Age 82, 475 Riverside Drive,
New York, New York 10027; Director, Center for International
Business Cycle Research, Graduate School of Business,
Columbia University, since 1983.
Thomas C. Pryor - Trustee, Age 76, 630 Fifth Avenue, New
York, New York 10111; Director and Vice President, Yeager,
Wood and Marshall Incorporated (investment counsel), since
1991 and 1992, respectively; Consultant, Yeager, Wood and
Marshall Incorporated, from 1986 to 1992.
John W. English - Trustee, Age 63, Investment Consultant.
Private Investor; Vice President and Chief Investment
Officer, The Ford Foundation, from 1981 to 1993.
Kurt Braitberg - Secretary and Treasurer, Age 28, Manager,
Portfolio Administration, Paribas Asset Management from
1994; Fund Accounting/Trade Settlements for Oppenheimer
Management Corp. from October 1990 to June 1994.
Pursuant to the terms of the Trust's Investment
Advisory Agreement, the Investment Adviser pays all
compensation of officers of the Trust as well as the fees of
all Trustees of the Trust who are affiliated persons of the
Investment Adviser. The Trust pays each unaffiliated Trustee
an annual fee of $10,000, payable in four equal quarterly
installments of $2,500 each. The Trust pays all Trustees
the actual out-of-pocket expenses related to their
attendance at meetings. No officer or employee of the
Investment Adviser will receives any compensation from the
Trust for acting as a trustee or officer of the Trust.
Trustee Compensation. Officers of the Trust receive
no compensation from the Trust. The Trustees waived the
portion of their 1995 fees attributable to the Quantus
Equity Managed Portfolio.
TOTAL
COMPENSATION
AGGREGATE FROM THE TRUST
NAME OF PERSON COMPENSATION AND COMPLEX PAID
AND POSITION FROM THE TRUST TO TRUSTEES
John W. English $9694 $9694
Trustee
Thomas C. Pryor $9694 $9694
Trustee
Dr. Geoffrey Moore $9694 $9694
Trustee
Alain Leclair -0- -0-
Trustee
As of April 22, 1996, all outstanding shares of the
Portfolio are beneficially held by Sumitomo Life Insurance
Company, Foreign Securities Investment Division, 2-8-1
Yaesu, Chuo-Ku, Tokyo 104, Japan.
INVESTMENT ADVISORY AND OTHER SERVICES
The Trust has entered into an Investment Advisory
Agreement with respect to Quantus II with the Investment
Adviser. The principal business address of the Investment
Adviser, Paribas Asset Management, Inc., is 787 Seventh
Avenue, New York, New York 10019.
While the Investment Adviser is at all times subject
to the direction of the Board of Trustees of the Trust,
under the investment advisory agreement, the Investment
Adviser is responsible for the actual management of the
Portfolio and reviews the holdings in light of its own
research analysis and analyses from other relevant sources.
The responsibility for making decisions to buy, sell or hold
a particular security rests with the Investment Adviser.
The Investment Adviser provides the portfolio manager for
the Trust, who considers analyses from various sources,
makes the necessary investment decisions and places
transactions accordingly. The Investment Adviser is also
obligated to perform certain administrative and management
services for the Trust and is obligated to provide all the
office space, facilities, equipment and personnel necessary
to perform its duties under the agreement.
Advisory Fee. As compensation for the services
rendered by the Investment Adviser under the investment
advisory agreement, the Trust pays the Investment Adviser a
fee, calculated daily and paid monthly, as set forth below,
based on the average daily value of the net assets of the
Portfolio:
Average Daily Net Assets Annual Rate
Up to $10 million 0.625%
Over $10 million up to $25 million 0.55%
Over $25 million up to $50 million 0.45%
Over $50 million 0.35%
During the fiscal years ended December 31, 1995, 1994
and 1993, the Portfolio paid the Investment Adviser
$382,369, $355,054 and $368,298, respectively, pursuant to
the investment advisory agreement.
Duration and Termination. Unless earlier terminated
as described below, the investment advisory agreement will
continue in effect from year to year if approved annually
(a) by the Trustees of the Trust or by a majority of the
outstanding voting shares of the Portfolio and (b) by a
majority of the Trustees who are not parties to such
contract or interested persons (as defined in the Investment
Company Act of 1940) of any such party. Such contract
terminates upon assignment and may be terminated without
penalty on 60 days' written notice at the option of either
party thereto or by the vote of the shareholders of the
Portfolio.
Boston Safe Deposit and Trust Company, One Boston
Place, Boston, Massachusetts 02108, is the Portfolio's
custodian. Unified Advisers, Inc., 429 N. Pennsylvania
Street, Indianapolis, Indiana 46204-1897 serves as the
Portfolio's transfer agent and dividend disbursing agent.
First Data Investor Services Group, Inc. ("First
Data") serves as the Portfolio's administrator and
maintains the Portfolio's accounting records. See
"Administrator" in the Prospectus for information concerning
the provisions of the administrative agreement. For the
fiscal year ended December 31, 1995, the Portfolio paid
administrative fees of $252,059 to First Data. For the
period May 6, 1994 through December 31, 1994, the Portfolio
paid First Data administrative fees of $154,062. Prior to
the close of business on May 6, 1994, The Boston Company
Advisors, Inc. ("Boston Advisors"), an indirect wholly owned
subsidiary of Mellon Bank Corporation, served as the
Portfolio's administrator. For the period January 1, 1994
to May 5, 1994, the Portfolio paid Boston Advisors
administrative fees of $41,463. For the fiscal year ended
December 31, 1993, the Portfolio paid administrative fees of
$122,485 to Boston Advisors.
Rogers & Wells, counsel to the Trust, passes upon
legal matters for the Trust in connection with the shares
offered by the Prospectus.
Arthur Andersen LLP is the independent public
accountant of the Trust.
PORTFOLIO TRANSACTIONS
The Portfolio has no obligation to deal with any
dealer or group of dealers in the execution of transactions
in portfolio securities. Subject to policy established by
the Trustees, the Investment Adviser is primarily
responsible for the portfolio decisions of the Portfolio and
the placing of its portfolio transactions. In placing
orders, it is the policy of the Portfolio to obtain the best
net results, taking into account such factors as price
(including the applicable dealer spread), the size, type and
difficulty of the transaction involved, the firm's general
execution and operational facilities, and the firm's risk in
positioning the securities involved. While the Investment
Adviser generally seeks reasonably competitive spreads or
commissions, the Portfolio will not necessarily be paying
the lowest spread or commission available. The cost of
portfolio securities transactions of the Portfolio will
primarily consist of brokerage commissions and dealer or
underwriter spreads.
The debt securities in which the Portfolio may invest
will be traded primarily in the over-the-counter market.
Where possible, the Portfolio will deal directly with the
dealers who make a market in the securities involved except
in those circumstances where better prices and execution are
available elsewhere. Such dealers usually are acting as
principal for their own account. On occasion, securities
may be purchased directly from the issuer. Money market
securities are generally traded on a net basis and do not
normally involve either brokerage commissions or transfer
taxes.
Certain court decisions have raised questions as to
whether investment companies should seek to "recapture"
brokerage commissions and underwriting and dealer spreads by
effecting their purchases and sales through affiliated
entities. In order to effect such an arrangement, the Trust
would be required to seek an exemption from the 1940 Act so
that it could engage in principal transactions with
affiliates. The Board of Trustees has considered the
possibilities of seeking to recapture spreads for the
benefit of the Trust and, after reviewing factors deemed
relevant, has made a determination not to seek such
recapture at this time. The Board will reconsider this
matter from time to time. The Trust will take such steps as
may be necessary to effect recapture, including the filing
of applications for exemption under the 1940 Act, if the
Trustees should determine that recapture is in the best
interests of the Trust or otherwise required by developments
in the law.
While the Investment Adviser seeks to obtain the most
favorable net results in effecting transactions in the
Trust's portfolio securities, brokers who provide
supplemental investment research to the Investment Adviser
may receive orders for transactions by the Trust. Such
supplemental research services ordinarily consist of
assessments and analysis of the business or prospects of a
company, industry or economic sector. If, in the judgment
of the Investment Adviser, the Trust will be benefitted by
such supplemental research services, the Investment Adviser
is authorized to pay commissions to brokers furnishing such
services which are in excess of commissions which another
broker may charge for the same transaction. Information so
received will be in addition to and not in lieu of the
services required to be performed by the Investment Adviser
under its investment advisory agreement. The expenses of
the Investment Adviser will not necessarily be reduced as a
result of the receipt of such supplemental information. In
some cases, the Investment Adviser may use such supplemental
research in providing investment advice to its other
investment advisory accounts.
For the fiscal years ended December 31, 1995, 1994 and
1993 the Trust paid brokerage commissions in the amounts of
$380,007, $330,155 and $479,597, respectively, in connection
with the Portfolio's portfolio transactions. During the
fiscal years ended December 31, 1995, 1994 and 1993, the
Trust paid no brokerage commissions with respect to
affiliated portfolio transactions.
PURCHASE OF SHARES
As described in the Prospectus under the caption
"Purchase of Shares," the shares of the Portfolio will be
offered on a continuous basis, at a price equal to the net
asset value per share.
Net Asset Value. As is discussed in the Prospectus,
the net asset value of the shares is calculated as of the
close of trading on the New York Stock Exchange (the
"Exchange") each day the Exchange is open for trading. The
Exchange is not open for trading on the following holidays:
New Year's Day, Presidents' Day, Good Friday, Memorial Day,
Independence Day, Labor Day, Thanksgiving Day and Christmas
Day. The net asset value per share is computed by dividing
the sum of the value of the portfolio securities held by the
Portfolio plus any cash or other assets minus all
liabilities by the total number of shares outstanding at
such time, rounded to the nearest cent. Expenses are
accrued daily.
REDEMPTION OF SHARES
Reference is made to "Redemption of Shares" in the
Prospectus for a discussion of the redemption and repurchase
rights of shareholders.
The right to redeem shares or to receive payment with
respect to any such redemption may only be suspended for any
period during which trading on the Exchange is restricted as
determined by the SEC or such Exchange is closed (other than
customary weekend and holiday closings), for any period
during which an emergency exists as defined by the SEC as a
result of which disposal of portfolio securities or
determination of the net asset value of the Portfolio is not
reasonably practicable, and for such other periods as the
SEC may by order permit for the protection of the
shareholders of the Portfolio.
TAXES
Federal
Dividends will be taxable to shareholders as ordinary
income, except for (a) such portion as may exceed a
shareholder's ratable share of the Portfolio's earnings and
profits as determined for tax purposes (which may differ
from net income for book purposes), which excess will be
applied against and reduce the shareholder's cost or other
tax basis for his shares and (b) amounts representing
distributions of net realized long-term capital gains, if
any. If the amount described in (a) above were to exceed
the shareholder's cost or other tax basis for his shares,
the excess over basis would be treated as gain from the sale
or exchange of such shares. Dividends and distributions are
taxable as described, whether received in cash or reinvested
in additional shares of the Portfolio.
In order to qualify for tax treatment as a regulated
investment company under the Internal Revenue Code of 1986,
as amended (the "Code"), the Portfolio is required, among
other things, to derive less than 30% of its gross income
from the sale or other disposition of securities and certain
options, futures or forward contracts held for less than
three months. If in any taxable year the Portfolio does not
qualify as a regulated investment company, all its taxable
income and gains will be taxed to the Portfolio at corporate
rates.
The Code imposes a 4% nondeductible excise tax on a
regulated investment company, such as the Portfolio, if it
does not distribute to its shareholders during the calendar
year an amount equal to at least 98% of the Portfolio's net
investment income, with certain adjustments, for such
calendar year, plus at least 98% of the Portfolio's capital
gain net income for the 12-month period ending, as a general
rule, on October 31 of such calendar year. For this purpose,
any income or gain retained by the Portfolio that is subject
to corporate income tax will be treated as having been
distributed at year-end. In addition, an amount equal to
any undistributed net investment income or capital gain net
income from the previous calendar year must also be
distributed to avoid the excise tax. The excise tax is
imposed on the amount by which the Portfolio does not meet
the foregoing distribution requirements. While the Portfolio
intends to make distributions necessary to avoid imposition
of the 4% excise tax, there can be no assurance that
sufficient amounts of taxable income and gain will be
distributed to avoid imposition of the tax.
The Portfolio's investment practices related to
certain risk management transactions may be subject to
special provisions of the Code that, among other things,
will defer the use of certain losses of the Portfolio and
affect the holding period of the securities held by the
Portfolio and the character of the gains or losses realized
by the Portfolio. These rules could therefore affect the
amount, timing and character of distributions to
shareholders. These provisions also require the Portfolio
to mark-to-market certain types of the positions in its
portfolio (i.e., treat them as if they were closed out),
which may cause the Portfolio to recognize income without
receiving cash with which to make distributions in amounts
necessary to satisfy the distribution requirements for
avoiding income and excise taxes. (See the Prospectus -
"Dividends, Distributions and Taxes.") The Portfolio will
monitor its transactions and may make certain tax elections
in order to mitigate the effect of these rules and prevent
disqualification of the Portfolio as a regulated investment
company.
Some shareholders may be subject to a 31% withholding
on reportable dividends, capital gains distributions and
redemption payments ("backup withholding"). Generally,
shareholders subject to backup withholding will be certain
non-corporate shareholders for whom a taxpayer
identification number is not on file with the Trust or who,
to the Trust's knowledge, have furnished an incorrect
number. In order to avoid backup withholding, when
establishing an account, such an investor must certify under
penalties of perjury that such number is correct and that he
is not subject to backup withholding.
Any dividend declared by the Portfolio in October,
November or December of any year and made payable to
shareholders of record on a specified date in such a month
will be deemed to be received by such shareholders on
December 31 of such year and to be paid by the Portfolio not
later than December 31 of such year if actually paid during
the following January. Accordingly, these dividends will be
taxable to shareholders in the year declared and not in the
year in which shareholders actually received the dividend.
State and Local
Depending upon the extent of the Portfolio's
activities in those states and localities in which its
offices are maintained or in which its agents or independent
contractors are located, the Portfolio may be subject to the
tax laws of such states or localities. In addition, in
those states and localities that have income tax laws, the
treatment of the Portfolio and its shareholders under such
laws may differ from their treatment under the Federal
income tax laws. Under state or local law, distributions of
net investment income may be taxable to shareholders as
dividend income even though a portion of such distributions
may be derived from interest on U.S. Government obligations
which, if realized directly, would be exempt from such
income taxes. Shareholders are advised to consult their tax
advisers concerning the application of state and local
taxes.
DISTRIBUTOR
The Trust has entered into a Distribution Agreement
(the "Distribution Agreement") with Paribas Corporation (the
"Distributor"). The Distribution Agreement provides that
the Trust will indemnify the Distributor against civil
liabilities, including liabilities incurred under the
Securities Act of 1933. The Distribution Agreement is
subject to the same renewal requirements and termination
provisions described under "Investment Advisory and Other
Services." Pursuant to the terms of the Distribution
Agreement, the Distributor serves as the principal
underwriter and distributor of the shares of the Portfolio,
and in that capacity makes a continuous offering of the
shares and bears the costs and expenses of printing and
distributing any copies of any prospectuses and annual and
interim reports of the Trust (after such items have been
prepared and set in type) which are used in connection with
the offering of shares to investors, and the cost and
expenses of preparing, printing and distributing any other
literature used by the Distributor in connection with the
offering of the shares for sale to the public.
FINANCIAL INFORMATION
The statements of assets and liabilities of the Trust
comprising, respectively, Quantus II and Quantus Equity
Managed Portfolio and the portfolios of investments, as of
December 31, 1995, and the related statements of operations
and changes in net assets, together with the notes to
financial statements and the report of independent public
accountants, all as set forth in the Trust's 1995 Annual
Report to Shareholders are incorporated by reference into
this SAI. No other information or statement contained in
the annual report, other than those referred to above, is
incorporated by reference or is a part of this SAI.
PARIBAS TRUST FOR INSTITUTIONS
INVESTMENT UNIVERSE
Issuers Comprising the
Investment Universe as of December 31, 1995
00088610 ADC TELECOMMUNICATION ADCT
Telecommunications Equip
00105510 AFLAC INC AFL Accident & Health
Insuranc
00108410 AGCO CORP AG Construction/Ag
Equip/Tru
00130H10 AES CORP AESC Environmental
Services
00176510 AMR CORP/DE AMR Airlines
00195710 AT&T CORP T Major
US Telecommunication
00282410 ABBOTT LABORATORIES ABT
Major Pharmaceuticals
00651F10 ADAPTEC INC ADPT Electronic
Components
00724F10 ADOBE SYSTEMS INC ADBE Computer
Software
00790310 ADVANCED MICRO DEVICES AMD
Semiconductors
00794210 ADVANTA CORP -CLA ADVNA Finance Companies
00814010 AETNA LIFE & CASUALTY C AET Multi line
Insurance
00867710 AHMANSON (HF) & CO AHM Savings &
Loan Associatio
00915810 AIR PRODUCTS & CHEMICA APD Specialty
Chemicals
00936310 AIRGAS INC ARG Specialty
Chemicals
00949T10 AIRTOUCH COMMUNICATIO ATI
Cellular Telephone
01265310 ALBEMARLE CORP ALB Specialty
Chemicals
01310410 ALBERTSONS INC ABS Food Chains
01378810 ALCO STANDARD CORP ASN Wholesale
Distributors
01690010 ALLEGHENY LUDLUM CORP ALS Specialty
Steels
01849010 ALLERGAN INC AGN Other
Pharmaceuticals
01951210 ALLIEDSIGNAL INC ALD
Diversified Manufacture
02000210 ALLSTATE CORP ALL
Multi-line Insurance
02144110 ALTERA CORP ALTR Semiconductors
02219710 ALUMAX INC AMX Aluminum
02224910 ALUMINUM CO OF AMERICA AA
Aluminum
02261510 ALZA CORP AZA Biotechnology
02313910 AMBAC INC ABK Specialty Insurers
02364J10 AMERICA ONLINE INC AMER E.D.P
Services
02390510 AMDAHL CORP AMH Electronic Data
Processing
02470310 AMERICAN BRANDS INC/DE AMB Tobacco
02581610 AMERICAN EXPRESS AXP
Diversified Financial Svcs
02635110 AMERICAN GENERAL CORP AGC Diversified
Financial Svcs
02660910 AMERICAN HOME PRODUCT AHP
Major Pharmaceuticals
02687410 AMERICAN INTERNATIONAL AIG
Multi-line Insurance
02906610 AMERICAN PWR CNVRSION APCC Electrical
Products
03009610 AMERICAN STORES CO ASC Food Chains
03095410 AMERITECH CORP AIT Major
US Telecommunicati
03116210 AMGEN INC AMGN
Biotechnology
03189710 AMP INC AMP Electronic
Components
03190510 AMOCO CORP AN Integrated
Oil Companies
03209420 AMPHENOL CORP APH Electronic
Components
03216510 AMSOUTH BANCORPORATI ASO Mid-Sized
Banks
03251110 ANADARKO PETROLEUM C APC Oil & Gas
Production
03265410 ANALOG DEVICES ADI Semiconductors
03442510 ANDREW CORP ANDW Telecommunications Equip
03522910 ANHEUSER-BUSCH COS INC BUD
Alcoholic Beverages
03738910 AON CORP AOC Multi-line
Insurance
03741110 APACHE CORP APA Oil & Gas
Production
03783310 APPLE COMPUTER INC AAPL Electronic
Data Processing
03822210 APPLIED MATERlAL AMAT Electronic
Production Equi
03948310 ARCHER-DANIELS-MIDLAND ADM
Farming/seeds/Milling
04276410 ARROW INTERNATIONAL ARRO Medical
Specialties
04341310 ASARCO INC AR Other Metals/Minerals
04349110 ASCEND COMMUNICATIONS ASND
Office/Plant/Automation
04420410 ASHLAND INC ASH Oil Refining/Marketing
04882510 ATLANTIC RICHFIELD CO ARC
Integrated Oil Companies
04951310 ATMEL CORP ATML Semiconductors
05276910 AUTODESK INC ACAD Computer Software
05301510 AUTOMATIC DATA PROCES AUD
E.D.P Services
05333210 AUTOZONE INC AZO Other Specialty
Chains
05361110 AVERY DENNISON CORP AVY Industrial
Specialties
05380710 AVNET INC AVT Electronic
Distributors
05430310 AVON PRODUCTS AVP Package
Goods/Cosmetics
05592110 BMC SOFTWARE INC BMCS Computer Software
05722410 BAKER-HUGHES INC BHI Oilfield Services
Equipmen
05943810 BANC ONE CORP ONE Major
Banks
05981510 BANDAG INC BDG Automotive Aftermarket
06071610 BANK OF BOSTON CORP BKB Major Banks
06405710 BANK OF NEW YORK CO IN BK Major
Banks
06605010 BANKAMERICA CORP BAC
Major Banks
06636510 BANKERS TRUST NEW YOR BT Major
Banks
06738310 BARD (C.R.) INC BCR
Medical Specialties
06805510 BARNETT BANKS INC BBI Major
Banks
07170710 BAUSCH & LOMB INC B0L
Medical Specialties
07181310 BAXTER INTERNATIONAL IN BAX
Major Pharmaceuticals
07251010 BAY NETWORKS INC BAY
Office/Plant Automation
07390210 BEAR STEARNS COMPANIE BSC Invest
Bankers/Brokers/Sv
07583710 BECTON DICKINSON & CO BDX
Medical Specialties
07589610 BED BATH & BEYOND INC BBBY Other
Specialty Chains
07785310 BELL ATLANTIC CORP BEL
Major US Telecommunicati
07986010 BELLSOUTH CORP BLS
Major US Telecommunicati
08055510 BELO (AH) CORP -SER A CO BLC
Newspapers
08172110 BENEFICIAL CORP BNL Finance
Companies
08373910 BERGEN BRUNSWIG CORP BBC
Medical/Dental Distributors
08651610 BEST BUY CO INC BBY
Computer/Video Chains
08750910 BETHLEHEM STEEL CORP BS Steel/Iron
Ore
08777910 BETZ LABORATORIES INC BTL Specialty
Chemicals
09059710 BIOGEN INC BGEN Biotechnology
09061310 BIOMET INC BMET Medical Specialties
09179710 BLACK & DECKER CORP BDK
Tools/Hardware
09367110 BLOCK H & R INC HRB Other Consumer
Services
09565010 BOATMENS BANCSHARES I BOAT Major Banks
09702310 B0EING CO BA Aerospace
09738310 BOISE CASCADE CORP BCC Paper
10057810 BOSTON CHICKEN INC B0ST Restaurants
10113710 BOSTON SCIENTIFIC CORP BSX Medical
Specialties
10218310 BOWATER INC BOW Paper
10904310 BRIGGS & STRATTON BGG Tools/Hardware
10964110 BRINKER INTL INC EAT Restaurants
11012210 BRISTOL MYERS SQUIBB BMY Major
Pharmaceuticals
11201410 BRODERBUND SOFTWARE 1 BROD Recreational
Products/Toy
11588510 BROWNING-FERRIS INDS BFI
Environmental Services
11704310 BRUNSWICK CORP BC Recreational
Products/Toy
12189T10 BRLNGTN NTHRN SANTA FE BNI Railroads
12550910 CIGNA CORP CI Multiline Insurance
12589610 CMS ENERGY CORP CMS Electric
Utilities: Central
12614910 CPC INTERNATIONAL INC CPC Packaged
Foods
12640810 CSX CORP CSX Railroads
12654510 CUC INTERNATIONAL INC CU Other
Consumer Services
12692010 CABLETRON SYSTEMS CS Office/Plant
Automation
12738710 CADENCE DESIGN SYS INC CDN Computer
Software
12946610 CALENERGY INC CE Environmental
Services
12989410 CALIBER SYSTEMS INC CBB Trucking
13119310 CALLAWAY GOLF CO ELY Recreational
Products/Toy
13442910 CAMPBELL SOUP CO CPB Packaged Foods
14040H10 CAPITAL ONE FINL CORP COF Finance
Companies
14149Y10 CARDINAL HEALTH INC CAH
Medical/Dental Distributors
14170410 CAREMARK INTL INC CK Medical/Nursing
Services
14365810 CARNIVAL CORP CCL Hotels/Resorts
14414110 CAROLINA POWER & LIGHT CPL Electric
Utilities: South
14718410 CASCADE COMMUNICATION CSCC Office/Plant
Automation
14743R10 CASE CORP CSE Construction/Ag
Equip/Tru
14912310 CATERPILLAR INC CAT Construction/Ag
Equip/Tru
15677T10 CERIDIAN CORP CEN Electronic Data
Processing
15852510 CHAMPION INTERNATIONAL CHA Paper
16161A10 CHASE MANHATTAN CORP CMB Major Banks
16675110 CHEVRON CORP CHV Integrated Oil
Companies
17119610 CHRYSLER CORP C Motor Vehicles
17123210 CHUBB CORP CB Property-Casualty
lnsuran
17247410 CINERGY CORP CIN Electric Utilities
Central
17273710 CIRCUIT CITY STORES INC CC
Computer/Video Chain
17275510 CIRRUS LOGIC INC CRUS Semiconductors
17275R10 CISCO SYSTEMS INC CSCO Office/Plant
Automation
17290810 CINTAS CORP CTAS Diversified Commercial
Sv
17290910 CIRCUS CIRCUS ENTERPR I CIR
Casino/Gambling
17303410 CITICORP CCI Major Banks
18419010 CLAYTON HOMES INC CMH Homebuildinq
18905410 CLOROX CO/DE CLX Package
Goods/Cosmetics
19044110 COASTAL CORP CGP Oil/Gas
Transmission
19121610 COCA-COLA CO KO Soft
Drinks
19121910 COCA-COLA ENTERPRISES CCE
Soft Drinks
19355910 COLEMAN CO INC CLN
Recreational Products/Toy
19416210 COLGATE-PALMOLIVE CO CL
Package Goods/Cosmetics
19687910 COLTEC INDUSTRIES COT
Diversified Manufacture
19767710 COLUMBIA/HCA HLTHCR -V COL
Hospital Management
20034010 COMERICA INC CMA Major
Banks
20449310 COMPAQ COMPUTER CORP CPQ Electronic
Data Processing
20491210 COMPUTER ASSOCIATES IN CA Computer
Software
20536310 COMPUTER SCIENCES COR CSC
Military/Gov't/Technical
20563810 COMPUWARE CORP CPWR Computer
Software
20588710 CONAGRA INC CAG Meat/Poultry/Fish
20836810 CONRAIL INC CRR Railroads
20923710 CONSOLIDATED FREIGHTW CNF Trucking
20961510 CONSOLIDATED NATURAL CNG
Natural Gas Distribution
20975910 CONSOLIDATED PAPERS IN CDP Paper
21014910 CONSOLIDATED STORES C CNS
Discount Chains
21079530 CONTINENTAL AIRLS INC -C CAI.B
Airlines
21666910 COOPER INDUSTRIES INC CBE
Diversified Manufacture
21683110 COOPER TIRE & RUBBER CTB
Automotive Aftermarket
21869510 CORESTATES FINANCIAL C CFL Major Banks
21988810 CORPORATE EXPRESS INC CEXP Office
Equipment/Supplies
22025610 CORRECTIONS CORP OF A CXC
Diversified Commercial Sv
22237210 COUNTRYWIDE CREDIT IND CCR Finance
Companies
22404410 COX COMMUNICATIONS -C COX Cable
Television
22410010 CRACKER BARREL OLD CTR CBRL Restaurants
22439910 CRANE CO CR Multi-Sector
Companies
22609110 CRESTAR FINANCIAL CORP CF Mid-Sized
Banks
22825510 CROWN CORK & SEAL CO I CCK
Containers/Packaging
23102110 CUMMINS ENGINE CUM
Construction/Ag Equip/Tru
23280610 CYPRESS SEMICONDUCTO CY
Semiconductor
23280910 CYPRUS AMAX MINERALS C CYM Other
Metals/Minerals
23282010 CYTEC INDUSTRIES INC CYT
Specialty Chemicals
23329310 DPL INC DPL Electric
Utilities: Central
23329J10 DQE INC DQE Electric
Utilities: East
23331110 DSC COMMUNICATIONS CO DIGI
Telecommunications Equip
23581110 DANA CORP DCN Auto Parts: O.E.M.
23585110 DANAHER CORP DHR Diversified
Manufacture
23719410 DARDEN RESTAURANTS IN DRI
Restaurants
23975310 DAYTON HUDSON CORP DH
Discount Chains
24236110 DEAN FOODS CO DF Packaged
Foods
24240V10 DEAN WITTER DISCOVER & DWD Diversified
Financial Svcs
24419910 DEERE & CO DE Construction/Ag
Equip/Tru
24507310 DEL GLOBAL TECHNOLOGIE DEL Electronic
Components
24702510 DELL COMPUTER CORP DELL
Electronic Data Processing
24736110 DELTA AIR LINES INC DAL
Airlines
24801910 DELUXE CORP DLX Printing/Forms
25247010 DIAL CORP/DE DL Multi-Sector
Companies
25384910 DIGITAL EQUIPMENT DEC Electronic
Data Processing
25406310 DILLARD DEPT STORES -CL DDS
Department Stores
25468710 DISNEY (WALT) COMPANY DIS
Movies/Entertainment
25660510 DOLE FOOD CO INC DOL Packaged
Foods
25666910 DOLLAR GENERAL DG Discount
Chains
25786710 DONNELLEY (RR) & SONS C DNY
Printing/Forms
26000310 DOVER CORP DOV Diversified
Manufacture
26054310 DOW CHEMICAL DOW Major
Chemicals
26056110 DOW JONES & CO INC DJ
Financial Publishing/Svcs
26159710 DRESSER INDUSTRIES INC DI
Diversified Manufacture
26353410 DU PONT (E1) DE NEMOURS DD Major
Chemicals
26439910 DUKE POWERCO DUK Electric
Utilities: South
26633L10 DURACELL INTERNATIONAL DUR
Tools/Hardware
26864810 EMC CORP/MA EMC E.D.P.
Peripherals
26874Q10 ENSCO INTERNATIONAL INC ESV
Contract Drilling
27743210 EASTMAN CHEMICAL CO EMN Major
Chemicals
27746110 EASTMAN KODAK CO EK Photographic
Products
27805810 EATON CORP ETN Auto Parts: O.E.M.
27874910 ECHLIN INC ECH Automotive
Aftermarket
27876310 ECKERD CORP ECK Drug Store Chains
27886510 ECOLAB INC ECL Industrial
Specialties
28369587 EL PASO NATURAL GAS CO EPG
Oil/Gas Transmission
28551210 ELECTRONIC ARTS INC ERTS
Recreational Products/Toy
29101110 EMERSON ELECTRIC CO EMR
Electrical Products
29284510 ENGELHARD CORP EC
Specialty Chemicals
29356110 ENRON CORP ENE Oil/Gas
Transmission
29356210 ENRON OIL & GAS EOG Oil &
Gas Production
29356710 ENSERCH CORP ENS
Oil/Gas Transmission
29442910 EQUIFAX INC EFX
Financial Publishing/Svcs
29444G10 EQUITABLE COS INC EQ
Diversified Financial Svcs
29765910 ETHYL CORP EY
Specialty Chemicals
30229010 EXXON CORP XON
Integrated Oil Companies
30249130 FMC CORP FMC
Diversified Manufacture
30257110 FPL GROUP INC FPL
Electrical Utilities: South
31330910 FEDERAL EXPRESS CORP FDX
Air Freight
31340030 FED HOME LOAN MTG CO FRE
Finance Companies
31358610 FEDERAL NATL MORTGAGE FNM
Finance Companies
31410H10 FEDERATED DEPT STORES FD
Department Stores
31677310 FIFTH THIRD BANCORP FITB
Mid-Sized Banks
31890610 FIRST OF AMERICA BANK C FOA
Major Banks
31927910 FIRST BANK SYSTEM INC FBS
Major Banks
31935610 FIRST BRANDS CORP FBR
Package Goods/Cosmetics
31945A10 FIRST CHICAGO NBD CORP FCN
Major Banks
33629410 FIRST SECURITY CORP/UT FSCO
Mid-Sized Banks
33716210 FIRST TENNESSEE NATL C FTEN
Mid-Sized Banks
33735810 FIRST UNION CORP (N C) FTU
Major Banks
33743H10 FIRST USA INC FUS
Finance Companies
33761C10 FIRSTAR CORP FSR
Major Banks
33891510 FLEET FINANCIAL GROUP IN FLT Major
Banks
34386110 FLUOR CORP FLR Engineering &
Constructio
34477520 FOOD LION INC -CL A FDLNA Food Chains
34537010 FORD MOTOR CO F Motor Vehicles
34544910 FORE SYSTEMS INC FORE Office/Plant
Automation
34583810 FOREST LABORATORIES -C FRX Other
Pharmaceuticals
34746110 FORT HOWARD CORP FORT Paper
35024410 FOSTER WHEELER CORP FWC Engineering
& Constructio
35040110 FOUNDATION HEALTH COR FH Managed
Health Care
35461310 FRANKLIN RESOURCES INC BEN Investment
Managers
35671D85 FREEPRT MCMOR COP&GL FCX Other
Metals/Minerals
35690310 FREEPORT MCMORAN RES FRP Agricultural
Chemicals
35906P10 FRONTIER CORP FRO Other
Telecommunications
36232010 GTE CORP GTE Major US Teleoommunicati
36473010 GANNETT CO GCI Newspapers
36476010 GAP INC GPS
Clothing/Shoe/Access Cha
36783310 GATEWAY 2000 INC GATE Electronic Data
Processing
36790110 GAYLORD ENTERTAINMENT GET Cable
Television
36871030 GENENTECH INC GNE Biotechnology
36955010 GENERAL DYNAMICS CORP GD
Military/Govt/Technical
36960410 GENERAL ELECTRIC CO GE Multi-Sector
Companies
37012110 GENERAL INSTRUMENT CO GIC
Telecommunications Equip
37033410 GENERAL MILLS INC GIS Packaged Foods
37044210 GENERAL MOTORS CORP GM Motor
Vehicles
37044240 GENERAL MOTORS CL E GME EDP Services
37044250 GENERAL MOTORS CL H GMH
Military/Gov't/Technical
37047F10 GENERAL NUTRITION COS GNCI Other
Specialty Chains
37056310 GENERAL RE CORP GRN Property-Casualty
Insuran
37083810 GENERAL SIGNAL CORP GSX Indus'l
Machinery/Compon
37246010 GENUINE PARTS CO GPC Automotive
Aftermarket
37291710 GENZYME CORP GENZ Biotechnology
37320020 GEORGlA GULF CORP GGC Specialty
Chemicals
37329810 GEORGIA-PACIFIC CORP GP Forest
Products
37576610 GILLETTE CO G Package Goods/Cosmetics
37789910 GLENAYRE TECHNOLOGIES GEMS
Telecommunications Equip
37935240 GLOBAL MARINE INC GLM Contract
Drilling
38131710 GOLDEN WEST FINANCIAL GDW Savings &
Loan Associatio
38238810 GOODRICH (B F) CO GR Specialty
Chemicals
38255010 GOODYEAR TIRE & RUBBER GT Automotive
Aftermarket
38480210 GRAINGER (W W) INC GWW Wholesale
Distributors
39056810 GREAT LAKES CHEMICAL C GLK
Specialty Chemicals
39144210 GREAT WESTERN FINANCIA GWF Savings &
Loan Associatio
39350510 GREEN TREE FINANCIAL CO GNT
Finance Companies
40169810 GUIDANT CORP GDT Medical
Specialities
40418110 HFS INC HFS Hotels/Resorts
40621610 HALLIBURTON CO HAL Oilfield
Services/Equipmen
41052210 HANNA (M A) CO MAH Specialty
Chemicals
41163G10 HARCOURT GENERAL INC H Department
Stores
41282210 HARLEY-DAVIDSON INC HDI Motor
Vehicles
41334510 HARNISCHFEGFR INDUSTRI HPH Indus'l
Machinery/Compon
41361910 HARRAHS ENTERTAINMENT HET
Casino/Gambling
41387510 HARRIS CORP HRS Diversified
Electronic Prod
41586410 HARSCO CORP HSC Metal Fabrications
41805610 HASBRO INC HAS Recreational
Products/Toy
42192410 HEALTHSOUTH CORP HRC Medical/Nursing
Services
42192810 HEALTHCARE COMPARE CO HCCC Managed
Health Care
42193310 HEALTH MANAGEMNT ASSC HMA Hospital
Managemsnt
42193710 HEALTH CARE & RETIREME HCR Hospital
Managennent
42194910 HEALTH SYSTEMS INTL -CL HQ
Managed Health Care
42221E10 HEALTHSOURCE INC HS Managed Health
Care
42289310 HEILIG-MEYERS CO HMY Other Specia ty
Chains
42307410 HEINZ (H J) CO HNZ Packaged Foods
42705610 HERCULES INC HPC Major Chemicals
42786610 HERSHEY FOODS CORP HSY Specialty
Foods/Candy
42823610 HEWLETT-PACKARD CO HWP Electronic
Data Processing
43157310 HILLENBRAND INDUSTRIES HB Medical
Specialties
43284810 HILTON HOTELS CORP HLT
Hotels/Resorts
43707610 HOME DEPOT INC HD Building Materials
Chains
43761410 HOMESTAKE MINING HM Precious Metals
43850610 HONEYWELL INC HON Diversifed
Manufacture
44040010 HORIZON/CMS HEALTHCAR HHC Hospital
Management
44045210 HORMEL FOODS CORP HRL Meat/Poultry/Fish
44181510 HOUSEHOLD INTERNATION HI Finance
Companies
44351020 HUBBELL INC CLB HUB.B Electrical
Products
44485910 HUMANA INC HUM Managed Health Care
44615010 HUNTINGTON BANCSHARES HBAN Major Banks
44922310 IBM INC IBP Meat/Poultry/Fish
44966910 IMC GLOBAL INC IGL Agricultural
Chemicals
45168D10 IDEXX LABS INC IDXX Biotechnology
45184110 ILLINOIS CENTRAL CORP IC Railroads
45230810 ILLINOIS TOOL WORKS ITW Indus'l
Machinery/Compon
45231710 ILLINOVA CORP ILN Electric
Utilities: Central
45662610 INFINITY BROADCASTING - INF Broadcasting
45677910 INFORMIX CORP IFMX Computer Software
45686610 INGERSOLL-RAND CO IR Indus'l
Machlnery/Compon
45747210 INLAND STEEL INDUSTRIES IAD
Steel/Iron Ore
45765210 INPUT/OUTPUT INC IO
Oilfield Services/Equipmen
45811810 INTEGRATED DEVICE TECH IDTI
Semiconductors
45814010 INTEL CORP INTC
Semiconductors
45920010 INTL BUSINESS MACHINES IBM
Electronic Data Processing
45950610 INTL FLAVORS & FRAGRAN IFF
Package Goods/Cosmetics
45990210 INTL GAME TECHNOLOGY IGT
Recreational Products/Toy
46014610 INTL PAPER CO IP Paper
46025410 INTL RECTIFIER CORP IRF
Semiconductors
46115610 INTIMATE BRANDS INC -CL IBI
Apparel
46582310 IVAX CORP IVX
Generic Drugs
47034910 JAMES RIVER CORP OF VIR JR Paper
47507010 JEFFERSON-PILOT CORP JP Life
Insurance
47816010 JOHNSON & JOHNSON JNJ Major
Pharmaceuticals
47836610 JOHNSON CONTROLS INC JCI
Building Products
48007410 JONES APPAREL GROUP IN JNY
Apparel
48248010 KLA INSTRUMENTS CORP KLAC
Electronic Production
48300710 KAISER ALUMINUM CORP KLU
Aluminum
48783610 KELLOGG CO K
Packaged Foods
48836010 KEMET CORP KMET
Electronic Components
48917010 KENNAMETAL INC KMT
Indus'l Machinery/Compon
49326710 KEYCORP KEY Major
Banks
49436810 KlMBERLY-CLARK CORP KMB
Package Goods/Cosmetics
49566710 KING WORLD PRODUCTION KWP
Movies/Entertainment
49904010 KNIGHT-RlDDER INC KRI
Newspapers
50025510 KOHLS CORP KSS
Department Stores
50104410 KROGER CO KR Food
Chains
50181310 LCI INTERNATIONAL INC LCI
Other Telecommunications
50192110 LTV CORP LTV
Steel/lron Ore
50216110 LSI LOGIC CORP LSI
Semiconductors
50419510 LA QUINTA INNS INC LCI
Hotels/Resorts
51280710 LAM RESEARCH CORP LRCX
Electronic Production Equi
52189310 LEAR SEATING CORP LEA Auto
Parts: O.E.M.
52466010 LEGGETT & PLATT INC LEG
Home Furnishings
52490810 LEHMAN BROTHERS HOLDI LEH Invest
Bankers/Brokers/Sv
53245710 LILLY (ELI) & CO LLY Major
Pharmaceuticals
53271610 LIMITED INC LTD
Clothing/Shoe/Access Cha
53418710 LINCOLN NATIONAL CORP LNC
Multi-line Insurance
53567810 LlNEAR TECHNOLOGY COR LLTC
Semiconductors
53802110 LITTON INDUSTRlES INC LIT
Military/Gov't/Technical
53932010 LIZ CLAIBORNE INC LIZ
Apparel
53983010 LOCKHEED MARTIN CORP LMT
Aerospace
54013710 LOCTITE CORP LOC
Specialty Chemicals
54230710 LONE STAR STEAKHOUSE S STAR Restaurants
54385910 LORAL CORP LOR Military/Gov't/Technical
54626810 LOUISIANA LAND & EXPLOR LLX Oil &
Gas Production
54866110 LOWES COS LOW Building Materials
Chains
54927110 LUBRIZOL CORP LZ Specialty
Chemicals
55207810 LYONDELL PETROCHEMICA LYO Oil
Refining/Marketing
55262L10 MBNA CORP KRB Finance Companies
55267310 MCI COMMUNICATIONS MCIC Major US
Telecommunicati
55267J10 MCN CORP MCN Natural Gas Distribution
55284810 MGIC INVESTMENT CORP/W MTG Speciality
Insurers
55295310 MGM GRAND INC MGG Casino/Gambling
56122610 MALLINCKRODT GROUP INC MKG Medical
Specialities
56405410 MANOR CARE INC MNR Hospital
Management
56418H10 MANPOWER INC/WI MAN Diversified
Commercial Sv
57174810 MARSH & MCLENNAN COS MMC Insurance
Brokers/Service
57183410 MARSHALL & ILSLEY CORP MRIS Mid-Sized
Banks
57190010 MARRIOTT INTL INC MAR Hotels/Resorts
57459910 MASCO CORP MAS Building Products
57708110 MATTEL INC MAT Recreational
Products/Toy
57772K10 MAXIM INTEGRATED PROD MXIM
Semiconductors
57777810 MAY DEPARTMENT STORES MA
Department Stores
57978020 MCCORMICIK & CO MCCRK
Specialty Foods/Candy
58013510 MCDONALDS CORP MCD
Restaurants
58064510 MCGRAW-HILL COMPANIES MHP
Financial Publishing/Svcs
58155710 MCKESSON CORP NICK
Medical/Dental Distributors
58283410 MEAD CORP MEA Paper
58402810 MEDAPHIS CORP MEDA Health
Industry Services
58505510 MEDTRONIC INC MDT
Medical Electronics
58550910 MELLON BANK CORP MEL Major
Banks
58720010 MENTOR GRAPHICS CORP MENT
Office/Plant Automation
58734210 MERCANTILE BANCORPORA MTL Mid-Sized
Banks
58933110 MERCK & CO MRK Major Pharmaceuticals
58939510 MERCURY FINANCE CO MFN Finance
Companies
59018810 MERRILL LYNCH & CO MER Invest
Bankers/Brokers/Sv
59491810 MICROSOFT CORP MSFT ComputerSof1ware
59501710 MICROCHIP TECHNOLOGY I MCHP
Semiconductors
59501B10 MICRO WAREHOUSE INC MWHS
Catalog/Speciality Dist
59511210 MICRON TECHNOLOGY INC MU
Semiconductors
59523C10 MID ATLANTIC MEDICAL SV MME Managed
Health Care
60107310 MILLIPORE CORP MIL Industrial
Specialties
60405910 MINNESOTA MINING & MFG MMM Diversified
Manufacture
60462E10 MIRAGE RESORTS INC MIR
Casino/Gambling
60705910 MOBIL CORP MOB Integrated Oil Companies
60855410 MOLEX INC MOLX Electronic Components
61166210 MONSANTO CO MTC Major Chemicals
61688010 MORGAN (J P) & CO JPM Major Banks
61744610 MORGAN STANLEY GROUP I MS Invest
Bankers/Brokers/Sv
61933110 MORTON INTERNATIONAL I MII Specialty
Chemicals
62007610 MOTOROLA INC MOT Semiconducter
62853010 MYLAN LABORATORIES MYL Generic
Drugs
62914010 NIPSCO INDUSTRIES INC NI
Electric Utilities: Central
62952610 NABISCO HLDGS CORP -CL NA
Packaged Foods
62985310 NALCO CHEMICAL CO NLC
Specialty Chemicals
63540510 NATIONAL CITY CORP NCC
Major Banks
63764010 NATIONAL SEMICONDUCTO NSM
Semiconductors
63858510 NATIONSBANK CORP NB Major
Banks
63934E10 NAVISTAR INTERNATIONL NAV
Construction/Ag Equip/Tru
65011110 NEW YORK TIMES CO -CLA NYT.A Newspapers
65119210 NEWELL COMPANIES NWL Home Furnishings
65163710 NEWMONT GOLD COMPANY NGC Precious
Metals
65163910 NEWMONT MINING CORP NEM
Precious Metals
65410610 NIKE INC -CL B NKE
Shoe Manufacturing
65440D10 NINE WEST GROUP INC NIN
Clothing/Shoe/Access Cha
65489410 NOBLE AFFILIATES INC NBL
Oil & Gas Production
65541910 NORAM ENERGY CORP NAE
Natural Gas Distribution
65566410 NORDSTROM INC NOEE
Clothing/Shoe/Access Cha
65584410 NORFOLK SOUTHERN COR NSC
Railroads
66585910 NORTHERN TRUST CORP NTRS
Mid-Sized Banks
66680710 NORTHROP GRUMMAN COR NOC Aerospace
66938010 NORWEST CORP NOB Major Banks
67000610 NOVELL INC NOVL Office/Plant Automation
67000810 NOVELLUS SYSTEMS INC NVLS Electronic
Production Equi
67034610 NUCOR CORP NUE Specialty Steels
67076810 NYNEX CORP NYN Major US Telecommunicati
67366210 OAKLEY INC OO Consumer Specialties
67459910 OCCIDENTAL PETROLEUM OXY Oil & Gas
Production
67622010 OFFICE DEPOT INC ODP Other
Specialty Chains
67622M10 OFFICEMAX INC OMX Other
Specialty Chains
67983310 OLD KENT FINANCIAL CORP OKEN
Mid-Sized Banks
68066520 OLIN CORP OLN
Diversified Manufacture
68138510 OLSTEN CORP OLS
Diversified Commercial Sv
68190410 OMNICARE INC OCR
Health Industry Services
68389X10 ORACLE CORP ORCL
Computer Software
68685710 ORNDA HEALTHCORP ORN
Hospital Management
68763F10 ORYX ENERGY CO ORX
Oil & Gas Production
68989910 OUTBACK STEAKHOUSE IN OSSI
Restaurants
69073F10 OWENS CORNING OCF
Building Materials
69076840 OWENS-ILLINOIS INC OI
Containers/Packaging
69147110 OXFORD HEALTH PLANS IN OXHP
Managed Health Care
69344M10 PMI GROUP INC PMA
Specialty Insurers
69347510 PNC BANK CORP PNC
Major Banks
69350610 PPG INDUSTRIES INC PPG
Paints/Coatings
69371810 PACCAR INC PCAR
Construction/Ag Equip/Tru
69423210 PACIFIC ENTFRPRISES PET
Natural Gas Distribution
69511020 PACIFICARE HEALTH SYS - PHSYB
Managed Health Care
69642930 PALL CORP PLL
Industrial Specialties
69846210 PANHANDLE EASTERN COR PEL
Oil/Gas Transmission
69917310 PARAMETRIC TECHNOLOGY PMTC
Computer Software
70109610 PARKER-HANNIFIN CORP PH
Fluid Controls
70432610 PAYCHEX INC PAYX Diversified
Commercial Sv
70816010 PENNEY (J C) CO JCP
Department Stores
70963110 PENTAIR INC PNR Diversified
Manufacture
71271310 PEOPLESOFT INC PSFT
Computer Software
71327810 PEP BOYS-MANNY MOE & J PBY
Other Specialty Chains
71344810 PEPSICO INC PEP Soft Drinks
71429010 PERRIGO COMPANY PRGO Other
Pharmaceuticals
71694110 PHARMACIA & UPJOHN INC PNU
Major Pharmaceuticals
71708110 PFIZER INC PFE Major
Pharmaceuticals
71726510 PHELPS DODGE CORP PD Other
Metals/Minerals
71815410 PHILIP MORRIS COS INC MO
Tobacco
71850710 PHILLIPS PETROLEUM CO P
Integrated Oil Companies
71940F10 PHYCOR INC PHYC
Medical/Nursing Services
72003530 PICTURETEL CORP PCTL
Telecommunications Equip
72348410 PINNACLE WEST CAPITAL PNW
Electric Utilities: West
72368610 PIONEER HI-BRED INTERNA PHB
Farming/Seeds/Milling
72447910 PITNEY BOWES INC PBI Office
Equipment/Supplies
73762810 POTLATCH CORP PCH Paper
74005P10 PRAXAIR INC PX Specialty
Chemicals
74045910 PREMARK INTERNATIONAL I PMI
Catalog/Specia1ty Dist
74058410 PREMISYS COMMUNICATIO PRMS E.D.P.
Peripherals
74143W10 PRICE/COSTCO INC PCCW Discount Chains
74271810 PROCTER & GAMBLE CO PG Package
Goods/Cosmetics
74331510 PROGRESSIVE CORP-OHIO PGR
Property-Casualty Insuran
74342H10 PROMUS HOTEL CORP PRH Hotels/Resorts
74406110 PROVIDIAN CORP PVN Life Insurance
74740210 QUAKER OATS CO OAT Packaged Foods
74752510 QUALCOMM INC QCOM Telecommunications
Equip
74790610 QUANTUM CORP QNTM E.D.P Peripherals
74835610 QUESTAR CORP STR Natural Gas
Distribution
74908410 QUORUM HEALTH GROUP I QHGI Hospital
Management
74960K87 RJR NABISCO HLDGS CORP RN Tobacco
74968510 RPM INC-OHIO RPOW Paints/Coatings
75127730 RALSTON PURlNA CO RAL Packaged
Foods
7549O710 RAYONIER INC RYN Forest
Products
75511110 RAYTHEON CO RTN
Military/Gov't/Technical
75524610 READ-RITE CORP RDRT Electronic
Components
75526710 READERS DIGEST ASSN -C RDA
Books/Magazines
75811010 REEBOK INTERNATIONAL L RBK Shoe
Manufacturing
75894010 REGIONS FINL CORP RGBK Mid-Sized Banks
76071910 REPUBLIC NEW YORK COR RNB Major Banks
76133910 REVCO D.S. INC RXR Drug Store Chains
76176310 REYNOLDS METALS CO RLM Aluminum
76242T10 RHONE-POULENC RORER RPR Major
Pharmaceuticals
76775410 RITE AID CORP RAD Drug Store Chains
77434710 ROCKWELL INTL CORP ROK Aerospace
77537110 ROHM & HAAS CO ROH Major Chemicals
78108810 RUBBERMAID INC RBD Home Furnishings
78354910 RYDER SYSTEM INC R Rental/Leasing
Companies
78387G10 SBC COMMUNICATIONS INC SBC Major US
Telecommunicati
78389010 SCI SYSTEMS INC SCIS Diversified
Electronic Prod
78642910 SAFECO CORP SAFC Multi-line Insurance
78651420 SAFEWAY INC SWY Food Chains
79084910 ST JUDE MEDICAL INC STJM Medical
Specialties
79286010 ST PAUL COS SPC Property-Casualty
Insuran
79549B10 SALOMON INC SB Invest
Bankers/Brokers/Sv
80217610 SANTA FE PACIFIC GOLD C GLD Precious
Metals
80311110 SARA LEE CORP SLE Packaged Foods
80652810 SCHERER (R P)/DE SHR Medical
Specialties
80660510 SCHERING-PLOUGH SGP Major
Pharmaceuticals
80685710 SCHLUMBERGER LTD SLB Oilfield
Services/Equipmen
80706610 SCHOLASTIC CORP SCHL Books/Magazines
80819410 SCHULMAN (A.) INC SHLM Specialty
Chemicals
80851310 SCHWAB (CHARLES) CORP SCH Invest
Bankers/Brokers/Sv
80865510 SCIENTIFIC-ATLANTA INC SFA
Telecommunications Equip
81180410 SEAGATE TECHNOLOGY SEG E.D.P
Peripherals
81238710 SEARS ROEEUCK & CO S Department
Stores
81756510 SERVICE CORP INTERNATI SRV Other
Consumer Services
81948610 SHARED MEDICAL SYSTEM SMED Health
Industry Services
82028610 SHAW INDUSTRIES INC SHX Home
Furnishings
82434810 SHERWIN-WILLIAMS CO SHW
Paints/Coatings
82655210 SIGMA-ALDRICH SIAL Specialty
Chemicals
82705610 SILICON GRAPHICS INC SGI Electronic
Data Processing
82706610 SILICON VALLEY GROUP IN SVGI Electronic
Production Equi
83303410 SNAP-ON INC SNA Tools/Hardware
83418210 SOLECTRON CORP SLR Electronic
Components
83541510 SONAT INC SNT Oil/Gas Transmission
83542010 SONAT OFFSHORE DRILLIN RIG Contract
Drilling
83549510 SONOCO PRODUCTS CO SON
Containers/Packaging
84344410 SOUTHERN NATIONAL COR SNB Mid-Sized
Banks
84473010 SOUTHTRUST CORP SOTR Major Banks
84474110 SOUTHWEST AIRLINES LUV Airlines
85206110 SPRINT CORP FON Major US Telecommunicati
85503010 STAPLES INC SPLS Other Specialty Chains
85524410 STARBUCKS CORP SBUX Restaurants
85747310 STATE STREET BOSTON CO STT Major Banks
86034210 STEWART & STEVENSON S SSSS
Construction/Ag Equip/Tru
86037010 STEWART ENTERPRISES - STEI Other
Consumer Services
86158910 STONE CONTAINER CORP STO
Containers/Packaging
86209910 STOP & SHOP COS SHP Food Chains
86268310 STRATACOM INC STRM Telecommunications
Equip
86366710 STRYKER CORP STRY Medical
Specialties
86387150 STUDENT LOAN MKTG SLM Finance Companies
86600510 SUMMIT BANCORP SUB Major Banks
86676210 SUN CO INC SUN Integrated Oil Companies
86681010 SUN MICROSYSTEMS INC SUNW Electronic
Data Processing
86693010 SUNAMERICA INC SAI Life Insurance
86707110 SUNBEAM CORPORATION SOC Consumer
E1ect/Appliance
86732310 SUNDSTRAND CORP SNS Aerospace
86736310 SUNGARD DATA SYSTEMS I SNDT E.D.P
Services
86736F10 SUNGLASS HUT INTL INC RAYS Other
Specialty Chains
86791410 SUNTRUST BANKS INC STI Major Banks
87114F10 SYBRON INTL CORP SYB Medical
Specialties
87150810 SYMBOL TECHNOLOGIES SBL E.D.P
Peripherals
87160710 SYNOPSYS INC SNPS Computer Software
87182910 SYSCO CORP SYY Food Distributors
87237510 TECO ENERGY INC TE Electric
Utilities: South
87246910 TIG HOLDINGS INC TIG Property-Casualty
Insuran
87254010 TJX COMPANIES INC TJX
Clothing/Shoe/Access Cha
87264910 TRW INC TRW Auto Parts: O.E.M
87416110 TALB0TS INC TLB Clothing/Shoe/Access Cha
87508010 TAMBRANDS INC TMB Package
Goods/Cosmetics
87537010 TANDEM COMPUTERS INC TDM Electronic
Data Processing
87538210 TANDY CORP TAN Computer/Video Chains
87913110 TEKTRONIX INC TEK Precision
Instruments
87966410 TELLABS INC TLAB Telecommunications Equip
87986810 TEMPLE-INLAND INC TIN
Containers/Packaging
88032310 TENCOR INSTRUMENTS TNCR Electronic
Produdion Equ
88033G10 TENET HEALTHCARE CORP THC Hospital
Management
88037010 TENNECO INC TEN Multi-Sector Companies
88077010 TERADYNE INC TER Electronic
Production Equi
88091510 TERRA INDUSTRIES INC TRA Agricultural
Chemicals
86169410 TEXACO INC TX Integrated Oil Companies
88250810 TEXAS INSTRUMENTS INC TXN
Semiconductors
88320310 TEXTRON INC TXT Multi-Sector Companies
88355610 THERMO ELECTRON CORP TMO Diversified
Manufacture
88355K20 THERMO CARDIOSYSTEMS TCA Medical
Electronics
88553510 3COM CORP COMS Office/Plant Autamation
88642310 TIDEWATER INC TDW Marine
Transportation
89102710 TORCHMARK CORP TMK Accident & Health
lnsuranc
89149030 TOSCO CORP TOS Oil Refining/Marketing
89233510 TOYS R US INC TOY Other Specialty
Chains
89348510 TRANSAMERICA CORP TA Diversified
Financial Svcs
89352110 TRANSATLANTIC HOLDINGS TRH Property-
Casualty Insuran
89419010 TRAVELERS GROUP INC TRV Diversified
Financial Svcs
89604710 TRIBUNE CO TRB Newspapers
89652210 TRINITY INDUSTRIES TRN Diversified
Manufacture
89667810 TRINOVA CORP TNV Diversified
Manufacture
90212010 TYCO INTL INC TYC Diversified
Manufacture
90249410 TYSON FOODS INC -CL A TYSNA
Meat/Poultry/Fish
90254950 UAL CORP UAL Airlines
90262K10 UCAR INTERNATIONAL INC UCR Specialty
Chemicals
90291110 UST INC UST Tobacco
90291710 USA WASTE SERVICES INC UW
Environmental Services
90319210 UNUM CORP UNM Accident & Health
Insuranc
90329010 USF&G CORP FG Property-Casualty
Insuran
90337T10 USX-U S STEEL GROUP X Steel/lron
Ore
90338F10 U S ROROTICS CORP USRX E.D.P Peripherals
90391210 ULTRAMAR CORP ULR Oil
Refining/Marketing
90467710 UNIFI INC UFI Textiles
90491110 UNICOM CORP UCM Eletric Utilities:
Central
90553010 UNION CAMP CORP UCC Paper
90558110 UNION CARBIDE CORP UK Major
Chemicals
90781810 UNION PACIFIC CORP UNP Railroads
90864010 UNION TEXAS PETRO HLDG UTH Oil & Gas
Productlon
90890610 UNIONBANCAL CORP UNBC Major Banks
91058110 UNITED HEALTHCARE COR UNH Managed
Health Care
91159610 U S BANCORP USBC Major Banks
91191010 U S HEALTHCARE INC USHC Managed
Health Care
91270710 U S SURGICAL CORP USS Medical
Specialties
91288910 U S WEST COMMUNICATION USW Major US
Telecommunicati
91288920 U S WEST MEDIA GROUP UMG Broadcasting
91301710 UNITED TECHNOLOGIES CO UTX Aerospace
91353810 UNIVERSAL FOODS C0RP UFC Specialty
Foods/Candy
91528910 UNOCAL CORP UCL Integrated Oil Companies
91820410 VF CORP VFC Apparel
91827010 VLSI TECHNOLOGY INC VLSI
Semiconductors
91913810 VALERO ENERGY CORP VLO Oil
Refining/Marketing
92224R60 VARITY CORP VAT Construction/Ag
Equip/Tru
92260210 VENCOR INC VC Hospital
Management
92552430 VIACOM INC -CL B VIA.B
Movies/Entertainment
92691310 VIKING OFFICE PRODS INC VKNG
Catalog/Specialty Dist
92829810 VISHAY INTRECHNOLOGY VSH Electronic
Components
92886910 VONS COMPANIES INC VON Food Chains
92929Q10 WMX TECHNOLOGIES INC WMX
Environmental Services
92977110 WACHOVIA CORP WB Major Banks
93114210 WAL-MART STORES WMT Discount Chains
93142210 WALGREEN CO WAG Drug Store Chains
93439010 WARNACO GROUP INC -CL WAC Apparel
93448810 WARNER-LAMBERT CO WLA Major
Pharmaceuticals
93932210 WASHINGTON MUTUAL INC WAMU Savings &
Loan Associatio
93964010 WASHINGTON POST -CL B WPO Newspapers
94266310 WATSON PHARMACEUTICA WATS Generic
Drugs
94973G10 WELLPOINT HLTH NETWRK WLP Managed
Hea1th Care
94974010 WELLS FARGO & CO WFC Major Banks
95059010 WENDY'S INTERNATIONAL I WEN Restaurants
95767410 WESTERN ATLAS INC WAI Oilfield
Services/Equipmen
96154810 WESTVACO CORP W Paper
96216610 WEYERHAEUSER CO WY Forest Products
96290130 WHEELABRATOR TECHNOL WTI
Environmental Services
96332010 WHIRLPOOLCORP WHR Consumer
Elect/Appliance
96647K10 WHITMAN CORP WH Multi-Sector
Companies
96913310 WILLAMETTE INDUSTRIES WMTT Paper
96945710 WILLIAMS COS INC WMB Oil/Gas
Transmission
97428010 WINN-DIXIE STORES INC WIN Food Chains
97659210 WISCONSIN CENTRAL TRAN WCLX Railroads
97665710 WISCONSIN ENERGY CORP WEC
Electric Utilities: Central
97738510 WITCOCORP WIT Specialty
Chemicals
98155K10 WORLDCOM INC/GA -CL A WCOM Other
Telecommunications
98181110 WORTHINGTON INDUSTRIE WTHG
Steel/Iron Ore
98252610 WRIGLEY (WM) JR CO WWY
Specialty Foods/Candy
98412110 XEROX CORP XRX Office
Equipment/Supplies
G9075110 TRITON ENERGY LTD OIL Oil & Gas
Production
PART C
OTHER INFORMATION
Item 24. Financial Statements and Exhibits
(a) Financial Statements:
Included in Part A
Financial Highlights
Included in Part B
Audited Financial Statements for Quantus II and
Quantus Equity Managed Portfolio for the fiscal year ended
December 31, 1995 are incorporated into the Statement of
Additional Information by reference to the Annual Report of
Paribas Trust for Institutions:
Portfolio of Investments
Statement of Assets and Liabilities
Statement of Operations
Statement of Changes in Net Assets
Notes to Financial Statements
Report of Independent Public Accountants
(b) Exhibits:
Exhibit No. Description of Exhibit
1 (a) Declaration of Trust is incorporated by reference to
the Registrant's Registration Statement (the "Registration
Statement").
(b) Certificate of Amendment of Declaration of Trust,
dated January 28, 1986 is incorporated by reference to Pre-
Effective Amendment No. 2 as filed with the SEC on January
26, 1986 ("Pre-Effective Amendment No. 2").
(c) Certificate of Amendment of Declaration of Trust,
dated October 4, 1988 is incorporated by reference to Post-
Effective Amendment No. 5 as filed with the SEC on October
6, 1988 ("Post-Effective Amendment No. 5").
2. Registrant's By-Laws are incorporated by reference to
the Registration Statement.
3. Not Applicable.
4. Specimen certificates for shares of beneficial
interest of Registrant are incorporated by reference to
Post-Effective Amendment No. 5.
5 (a) Investment Advisory Agreement between Registrant
and Paribas Asset Management, Inc. relating to Quantus II is
incorporated by reference to Post-Effective Amendment No. 12
as filed with the SEC on April 27, 1995 ("Post-Effective
Amendment No. 12").
(b) Investment Advisory Agreement between Registrant
and Paribas Asset Management, Inc. relating to the Quantus
Equity Managed Portfolio is incorporated by reference to
Post-Effective Amendment No. 12.
6 (a) Distribution Agreement between Registrant and Paribas
Corporation relating to Quantus II is incorporated by
reference to Pre-Effective Amendment No. 4 as filed with the
SEC on April 9, 1986 ("Pre-Effective Amendment No. 4").
(b) Distribution Agreement between Registrant and Paribas
Corporation relating to the Quantus Equity Managed Portfolio
is incorporated by reference to Pre-Effective Amendment No.
4.
7. Not Applicable.
8. Custody Agreement between Registrant and Boston
Safe Deposit and Trust Company is incorporated by reference
to Post-Effective Amendment No. 12.
9 (a) Transfer Agency Agreement between Registrant and
Unified Advisers, Inc. is incorporated by reference to Post-
Effective Amendment No. 12.
(b) License agreement regarding use of name is
incorporated by reference to Pre-Effective Amendment No. 2.
(c) Administration Agreement between Registrant and The
Shareholder Services Group, Inc. is incorporated by
reference to Post-Effective Amendment No. 12.
10. Opinion of Counsel as to the legality of securities
being registered is filed herein.
11. Consent of Arthur Andersen LLP is filed herein.
12. Not Applicable.
13. Investment Certificate of Intech/Paribas Asset
Management is incorporated by reference to Pre-Effective
Amendment No. 3 as filed with the SEC on March 11, 1986.
14. Not Applicable.
15. 12b-1 Plan of Quantus Equity Managed Portfolio is
incorporated by reference to the Registrant's Post-Effective
Amendment No. 5.
16.
Not Applicable.
17. Financial Data Schedules for each series are filed
herewith.
Item 25. Persons Controlled by or under
Common Control with Registrant
Not Applicable.
Item 26. Number of Holders of Securities
Number of Record
Holders as of
Title of Class April 22, 1996
Shares of Beneficial Interest, 70
par value $0.10 per share of
Quantus Equity Managed Portfolio
Shares of Beneficial Interest, 1
par value $0.10 per share of
Quantus II
Item 27. Indemnification
Reference is made to Section 5.3 of the
Declaration of Trust.
Insofar as the conditional advancing of
indemnification monies for actions based upon the Investment
Company Act of 1940 may be concerned, such payments will be
made only on the following conditions: (i) the advances must
be limited to amounts used, or to be used, for the
preparation or presentation of a defense to the action,
including costs connected with the preparation of a
settlement; (ii) advances may be made only upon receipt of a
written promise by, or on behalf of, the recipient to repay
that amount of the advance which exceeds that amount which
it is ultimately determined he is entitled to receive from
the Registrant by reason of indemnification; and (iii)
(a) such promise must be secured by a surety bond, other
suitable insurance or an equivalent form of security which
assures that any repayments may be obtained by the
Registrant without delay or litigation, which bond,
insurance or other form of security must be provided by the
recipient of the advance, or (b) a majority of a quorum of
the Registrant's disinterested, non-party trustees, or an
independent legal counsel in a written opinion, shall
determine, based upon a review of readily available facts,
that the recipient of the advance ultimately will be found
entitled to indemnification.
Insofar as indemnification for liabilities
arising under the Securities Act of 1933 may be permitted to
trustees, officers and controlling persons of the Registrant
pursuant to the foregoing provisions or otherwise, the
Registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is
against public policy as expressed in the 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
trustee, officer or controlling person of the Registrant in
connection with the successful defense of any action, suit
or proceeding) is asserted by the trustee, officer or
controlling person in connection with shares 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 Act and will be governed
by the final adjudication of such issue.
Item 28. Business and Other Connections of Investment
Adviser
Paribas Asset Management, Inc. (the "Investment
Adviser") acts as the investment adviser to the Registrant
and various individuals and institutions.
Set forth below is a list of each director and
principal officer of the Investment Adviser indicating each
business, profession, vocation or employment of a
substantial nature in which each such person has been
engaged since January 1, 1986 for his own account or in the
capacity of officer, partner or director:
Name Position with Other Substantial Business,
Profession,
Investment Adviser Vacation or Employment
Richard Wohanka Chairman of the Board Paribas Asset
Management Snc., October 1993 to present; Head of
Institutional Fund Management, Paribas Asset Management
Snc., January 1990 to October 1993; Director, Banque Paribas
Capital Markets London, 1983 to 1990
Philippe Blavier Director Chief Executive Officer,
Banque Paribas, New York and Chief Executive Officer,
Paribas North America, September 1991 to present; Director,
Banque Paribas, Paris, 1988 to September 1991; Managing
Director, Banque Paribas, Paris, 1985 to 1988
Christopher Wyke Director Marketing Executive, Paribas
Asset Management, Inc., June 1991 to present; Director Bond
Management, Bankers Trust Investment Management, October
1988 to June 1991; Portfolio Manager, N.M. Rothschild Asset
Management, May 1981 to October 1988
Catherine Guinefort Sr. Investment Officer, Senior Vice
President, Paribas Asset
European Equities Management Snc., 1988 to present;
Portfolio Manager, Banque Worms, 1981 to 1988
Olivier Huby Senior Investment Officer, Senior Vice
President, Paribas Asset
U.S. Equities Management Snc., January, 1984 to
present; Vice President, Banque Paribas, February 1963 to
December 1983
Drianne Benner Vice President Vice President, Aiyer
Investments, Inc. January, 1990 to March, 1991; Senior Vice
President, Paribas Asset Management Technology, August 1983
to January 1990; Project Officer, Government of Jamaica
Ministry of Agriculture, November 1982 to June 1983
Mark Weber Executive Vice President Head of
Institutional Marketing, Paribas Asset Management, Inc.,
since January, 1995, General Manager, Bank Paribas
Singapore, August 1993 to December 1994, Head of Finance
Desk, Paribas Capital Market London, October 1985 to August
1988
Bruce R. Russell Senior Investment Officer Senior
Investment Officer, Paribas Asset Management, Ltd. - Asset
Allocation since August 1994; Fidelity International
Investments, Senior Investment Officer, Global Bonds,
September 1980 to August 1994; Abbey Life Assurance Co.,
London, Investment Manager, September 1980 to August 1984
Daniel Charles Roy Senior Investment Officer
Paribas Asset Management, Ltd., Senior Investment Officer
since September, 1992; Paribas Asset Management, S.N.C.,
Senior Investment Officer, September 1986 to August 1992;
Banque Nationale De Paris, Economist, March 1985 to August
1986; Observatoire Francais Des Conjonctures Economists,
September 1 to February 1985
Item 29. Principal Underwriters
The Distributor, Paribas Corporation, acts as
the principal underwriter for the Registrant. Paribas
Corporation is a wholly owned subsidiary of Paribas North
America and an affiliate of Paribas Asset Management, Inc.
Paribas Corporation is registered broker-dealer under the
Securities Exchange Act of 1934.
Set forth below is information concerning each
director and officer of the Distributor. The principal
business address of each such person is 787 Seventh Avenue,
New York, New York 10019.
(1) (2) (3)
Name Positions and Offices Positions and Offices
with Underwriter with Registrant
David Brunner Chief Executive Officer None
John Powers Chief Legal Counsel None
Donna Kiernan Chief Financial Officer None
Philippe Blavier Vice Chairman None
Guillaume de Beaufort Head of Administration None
Nancy Gilroy Senior Compliance Officer None
Alec DeLasdiere Director None
Item 30. Location of Accounts and Records
All accounts, books and other documents required to be
maintained by the Registrant pursuant to Section 31(a) of
the Investment Company Act of 1940, as amended and Rules
31a-1 through Rule 31a-3 thereunder will be maintained at
the offices of:
(1) First Data Investor Services Group, Inc.
One Exchange Place
Boston, MA 02109
(records relating to its functions as administrator)
(2) Unified Advisers, Inc.
429 North Pennsylvania Street
Indianapolis, IN 46204
(records relating to its functions as transfer agent)
(3) Paribas Corporation
787 Seventh Avenue
New York, NY 10019
(matters relating to its functions as distributor)
(4) Paribas Asset Management, Inc.
34 avenue de l'Opra
75002 Paris
(matters relating to its functions as investment
adviser)
(5) Boston Safe Deposit and Trust Company
One Boston Place
Boston, MA 02108
(matters relating to its functions as custodian)
Item 31. Management Services
Inapplicable.
Item 32. Undertakings
(a) Not applicable
(b) The Registrant undertakes to furnish each person
to whom a prospectus is delivered with a copy of the
Registrant's latest annual report to shareholders, upon
request, and without charge.
(c) Registrant hereby undertakes to call a meeting of
shareholders for the purpose of voting upon the question of
removal of a Trustee or Trustees of Registrant when
requested to do so by the holders at least 10% of
Registrant's outstanding shares. Registrant undertakes
further, in connection with any such meeting, to comply with
the provisions of Section 16(c) of the Investment Company
Act of 1940, as amended, relating to communications with the
shareholders of certain common-law trusts.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the
Investment Company
Act of 1940, as amended, the Registrant, PARIBAS TRUST FOR INSTITUTIONS,
certifies that it meets the requirements for effectiveness of this Post-
Effective
Amendment to its Registration Statement pursuant to Rule 485(b) under the
Securities
Act of 1933, and the Registrant has duly caused this Post-Effective Amendment
to its
Registration Statement to be signed on its behalf by the undersigned, thereto
duly
authorized, in the City and State of New York, on the 29th day of April, 1996.
PARIBAS TRUST FOR INSTITUTIONS
By: ALAIN LECLAIR
Alain Leclair
Chairman
Pursuant to the requirements of the Securities Act of 1933, as amended, this
Post-
Effective Amendment to the Registration Statement has been signed below by the
following persons in the capacities and on the dates indicated.
Signature Title Date
ALAIN LECLAIR President, Chairman 4/29/96
Alain Leclair and Principal Executive Officer
KURT BRAITBERG Secretary and Treasurer 4/29/96
Kurt Braitberg (Chief Financial and Accounting
Officer)
JOHN W. ENGLISH Trustee 4/29/96
John W. English
DR. GEOFFREY MOORE Trustee 4/29/96
Dr. Geoffrey Moore
OLIVIER HUBY Trustee 4/29/96
Olivier Huby
THOMAS C. PRYOR Trustee 4/29/96
Thomas C. Pryor
INDEX TO EXHIBITS
Exhibit Number Exhibit
10 Opinion of Counsel as to the legality of securities
being registered.
11 Consent of Arthur Andersen LLP.
17 Financial Data Schedules for each series.
* See "Redemption of Shares -- Contingent Deferred Sales Charge" for a
description of this charge and the
circumstances under which it may be reduced or eliminated.
** See "Purchase of Shares -- Plan of Distribution" for a description of
this fee. Payment of this fee was
suspended as of January 1, 1994.
*** The Investment Adviser may be required to waive or reimburse some or all
of the Management Fees to the
extent that the Portfolio's actual Total Portfolio Operating Expenses
exceed 2.50% of its average net assets.
See "Investment Adviser".
* Interested person of the Trust, as defined in the 1940 Act.
* A Trustee who is an interested person of the Trust, as defined
by the Investment Company Act of 1940, as amended (the
"1940 Act").
* Interested person of the Trust, as defined in the 1940 Act.
* A Trustee who is an interested person of the Trust, as defined in
the Investment Company Act of 1940, as amended (the "1940
Act").
Exhibit No. 10
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
As independent public accountants, we hereby consent to the use of
our report dated January 31, 1996 on the financial statements of
Paribas Trust for Institutions for the period ended December 31,
1995 and to all references to our Firm included in or made a part
of the registration statement of Paribas Trust for Institutions
filed on Form N-1A (Amendment No. 17), Investment Company Act File
No. 811-4407 with the Securities and Exchange Commission.
Arthur Anderson LLP
ARTHUR ANDERSON LLP
New York, New York
April 26,1996
Exhibit No. 11
April 29, 1996
Paribas Trust for Institutions
787 Seventh Avenue
New York, NY 10019
Re: Post-Effective Amendment No. 13 to the Registration
Statement for
Paribas Trust for Institutions
File Nos: 811-4407 and 33-313
Gentlemen:
In connection with the registration of 95,433 shares of beneficial
interest, $.10 par value per share, of Quantus Equity Managed
Portfolio and Quantus II (the "Shares"), series of Paribas Trust
for Institutions (the "Trust"), a Massachusetts business trust,
pursuant to Post-Effective Amendment No. 13 to the Trust's
Registration Statement under the Securities Act of 1933, as
amended (the "1933 Act"), and in reliance upon Rule 24e-2 under
the Investment Company Act of 1940, as amended (the "1940 Act"),
you have requested that the undersigned provide the required legal
opinion.
The undersigned is Counsel of First Data Investor Services Group,
Inc., the Trust's administrator, and in such capacity, from time
to time and for certain purposes, acts as counsel to the Trust. I
have examined copies of the Trust's Declaration of Trust, as
amended, its By-Laws, votes adopted by its Board of Trustees, and
such other records and documents as I have deemed necessary for
purposes of this opinion.
On the basis of the foregoing, I am of the opinion that the Shares
when sold in accordance with the terms of the Trust's current
Prospectus and Statement of Additional Information will, at the
time of sale, be validly issued, fully paid and non-assessable by
the Trust. This opinion is for the limited purposes expressed
above and should not be deemed to be an expression of opinion as
to compliance with the 1933 Act, the 1940 Act or applicable State
"blue sky" laws in connection with the sales of the Shares.
The Trust is an entity of the type commonly known as a
"Massachusetts business trust." Under Massachusetts law,
shareholders could, under certain circumstances, be held
personally liable for the obligations of the Trust. However, the
Trust's Declaration of Trust provides that if a shareholder of the
Trust is charged or held personally liable solely by reason of
being or having been a shareholder, the shareholder shall be
entitled out of the assets of the Trust to be held harmless from
and indemnified against all loss and expense arising from such
liability. Thus, the risk of a shareholder incurring financial
loss on account of shareholder liability is limited to
circumstances in which the Trust itself would be unable to meet
its obligations.
I consent to the filing of this opinion with and as part of the
aforementioned Post-Effective Amendment to the Trust's
Registration Statement.
Very truly yours,
GAIL A. HANSON
Gail A.Hanson
Counsel
[SERIES]
[NUMBER] 2
[NAME] PARIBAS TRUST FOR INSTITUTIONS QUANTUS I
<TABLE>
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] DEC-31-1995
[PERIOD-END] DEC-31-1995
[INVESTMENTS-AT-COST] 2,048,405
[INVESTMENTS-AT-VALUE] 2,512,781
[RECEIVABLES] 3,864
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 345,818
[TOTAL-ASSETS] 2,862,463
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 46,301
[TOTAL-LIABILITIES] 46,301
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 2,253,205
[SHARES-COMMON-STOCK] 318,080
[SHARES-COMMON-PRIOR] 350,430
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 98,581
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 464,376
[NET-ASSETS] 2,816,162
[DIVIDEND-INCOME] 52,190
[INTEREST-INCOME] 0
[OTHER-INCOME] 0
[EXPENSES-NET] 67,192
[NET-INVESTMENT-INCOME] (15,002)
[REALIZED-GAINS-CURRENT] 439,371
[APPREC-INCREASE-CURRENT] 362,121
[NET-CHANGE-FROM-OPS] 786,490
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] (320,187)
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 0
[NUMBER-OF-SHARES-REDEEMED] (66,375)
[SHARES-REINVESTED] 34,025
[NET-CHANGE-IN-ASSETS] 210,920
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 17,508
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 105,476
[AVERAGE-NET-ASSETS] 2,685,958
[PER-SHARE-NAV-BEGIN] 7.43
[PER-SHARE-NII] (0.05)
[PER-SHARE-GAIN-APPREC] 2.60
[PER-SHARE-DIVIDEND] 0.00
[PER-SHARE-DISTRIBUTIONS] (1.13)
[RETURNS-OF-CAPITAL] 0.00
[PER-SHARE-NAV-END] 8.85
[EXPENSE-RATIO] 2.50
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
<PAGE>
[ARTICLE] 6
[SERIES]
[NUMBER] 1
[NAME] PARIBAS TRUST FOR INSTITUTIONS QUANTUS II
</TABLE>
<TABLE>
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] DEC-31-1995
[PERIOD-END] DEC-31-1995
[INVESTMENTS-AT-COST] 83,427,986
[INVESTMENTS-AT-VALUE] 94,961,701
[RECEIVABLES] 129,490
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 5,840
[TOTAL-ASSETS] 95,097,031
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 6,633,817
[TOTAL-LIABILITIES] 6,633,817
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 76,904,774
[SHARES-COMMON-STOCK] 7,173,772
[SHARES-COMMON-PRIOR] 7,173,772
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] (68,065)
[ACCUMULATED-NET-GAINS] 92,790
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 11,533,715
[NET-ASSETS] 88,463,214
[DIVIDEND-INCOME] 1,599,705
[INTEREST-INCOME] 106,098
[OTHER-INCOME] 0
[EXPENSES-NET] 838,908
[NET-INVESTMENT-INCOME] 866,895
[REALIZED-GAINS-CURRENT] 6,342,410
[APPREC-INCREASE-CURRENT] 13,332,202
[NET-CHANGE-FROM-OPS] 20,541,507
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] (880,222)
[DISTRIBUTIONS-OF-GAINS] (5,591,238)
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 0
[NUMBER-OF-SHARES-REDEEMED] 0
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] 14,070,047
[ACCUMULATED-NII-PRIOR] 37,712
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] (652,087)
[GROSS-ADVISORY-FEES] 382,369
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 838,908
[AVERAGE-NET-ASSETS] 85,676,788
[PER-SHARE-NAV-BEGIN] 10.37
[PER-SHARE-NII] 0.12
[PER-SHARE-GAIN-APPREC] 2.74
[PER-SHARE-DIVIDEND] (0.12)
[PER-SHARE-DISTRIBUTIONS] (0.78)
[RETURNS-OF-CAPITAL] 0.00
[PER-SHARE-NAV-END] 12.33
[EXPENSE-RATIO] 0.98
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
