PARIBAS TRUST FOR INSTITUTIONS
- - ------------------------------------------------------------------
ANNUAL REPORT
DECEMBER 31, 1995
THIS REPORT IS SUBMITTED FOR THE GENERAL INFORMATION OF THE
SHAREHOLDERS OF
PARIBAS TRUST FOR INSTITUTIONS. IT IS NOT AUTHORIZED FOR
DISTRIBUTION TO
PROSPECTIVE INVESTORS UNLESS ACCOMPANIED OR PRECEDED BY AN
EFFECTIVE PROSPECTUS
FOR THE TRUST, WHICH CONTAINS INFORMATION CONCERNING THE TRUST'S
INVESTMENT
POLICIES, AS WELL AS OTHER PERTINENT INFORMATION.
1-800-445-1326
TRUSTEES
Alain Leclair
John W. English
Olivier Huby
Geoffrey H. Moore
Thomas C. Pryor
INVESTMENT ADVISER
Paribas Asset Management, Inc.
787 Seventh Avenue, 30th Floor
New York, NY 10019
ADMINISTRATOR
First Data Investor Services Group, Inc.
One Exchange Place
Boston, MA 02109
CUSTODIAN
Boston Safe Deposit and Trust Company
One Boston Place
Boston, MA 02108
TRANSFER AGENT
Unified Advisers, Inc.
429 North Pennsylvania Street
Indianapolis, IN 46204
LEGAL COUNSEL
Rogers & Wells
200 Park Avenue
New York, NY 10166
Dear Shareholders,
The following is our investment review for the Paribas Trust for
Institutions
(Quantus Equity Managed Portfolio and Quantus II) for the fiscal
year ended
December 31, 1995.
The rise of the U.S. equity market, as represented by the S&P 500
Index,
exceeded 13% during the second half of 1995. This evolution
resulted from a
generally favorable environment supported by a reasonable level of
inflation,
relatively low interest rates and strongly growing corporate
earnings. For
example, 1995 earnings for shares in the S&P 500 Index are
expected to be up 20%
on 1994 figures, which already had reached record levels.
The leading factor in our Portfolios' performances during the
summer months was
the rally in the semi-conductor, computer and software industries.
Our
overweighting in this area proved all the more profitable as we
also chose the
right moment to reduce our exposure before these industries
suffered from
significant profit-taking in September.
Finance and healthcare are the other two sectors that have been
favored in the
investment strategy in the last six months. Banks looked
attractive in terms of
valuation as their operating profits continued to improve. Beyond
the impact of
restructurings (which also proved favorable to insurance
companies) and of the
Chase/Chemical Bank association, the strong rally in the bond
market was a very
positive element for financial stocks. Healthcare companies also
looked
attractive as their prices could be considered reasonable compared
to their
expected earnings growth, especially after the reorientation of
President
Clinton's strategy regarding the control of healthcare expenses.
In addition,
many of these companies enjoyed a favorable impact from the
relative weakness of
the U.S. dollar against most other major currencies worldwide.
Apart from a few exceptions, particularly where previous
restructurings could be
expected to have a favorable effect on earnings, the Investment
Adviser
generally remained cautious about industries such as energy and
capital goods,
where medium-term earnings prospects were either slowing down or
too difficult
to predict.
We expect a similar strategy, prioritizing stocks with a strong
growth and a
satisfactory earnings visibility, to remain efficient and
profitable in the U.S.
equity market in 1996.
Yours sincerely,
Alain Leclair
Chairman of the Board of Trustees
<TABLE>
<CAPTION>
PARIBAS TRUST FOR INSTITUTIONS--QUANTUS EQUITY MANAGED
PORTFOLIO
- - -----------------------------------------------------------------
AVERAGE ANNUAL
TOTAL RETURN* AGGREGATE TOTAL
RETURN*
QUANTUS EQUITY QUANTUS EQUITY
S&P 500 Index
--------------------------------------------
<S> <C> <C>
<C>
Since inception (04/14/86) 10.55%** 163.93%**
250.87%
Five years ended 12/31/95 15.65%** 106.86%**
115.44%
Year ended 12/31/95 34.28%** 34.28%**
37.58%
- - ------------------------------------------------------------------
</TABLE>
The Quantus Equity Managed Portfolio had a total return of 34.28%
in 1995,
whereas the S&P 500 Index had a total return of 37.58%.
The Portfolio initially suffered from the high number of
transactions generated
by the investment model in the first few weeks of the year. Its
significant
overweight on certain industries such as technology and healthcare
then had a
positive contribution to the performance until September but the
substantial
reallocation recommended by the model in the last few months of
the year proved
less favorable.
PARIBAS TRUST FOR INSTITUTIONS--QUANTUS EQUITY MANAGED
PORTFOLIO
Performance of a U.S. $10,000 investment vs. S&P 500
Index
From 04/14/86 (inception) to 12/31/95*
FIRST DATA INVESTOR SERVICES
MUTUAL FUND HYPOTHETICAL ANALYSIS
<TABLE>
<CAPTION>
PAGE 1
01/15/96
PARIBAS TRUST QUANTUS I
Initial Investments $10,000 Period: 04/14/86 -12/96
Growth of Value of
Growth of
Initial Reinvested
Investment with
Date NAV Investment Distributions
Distributions Reinvested S & P 500 Mnthly Reeinv
<S> <C> <C> <C>
<C> <C> <C>
04/14/86 10.00 $10,000 $0
$10,000 03/31/86 10000.00
06/86 -- -- --
- - -- 06/30/86 10589.40
09/86 -- -- --
- - -- 09/30/86 9850.70
12/86 9.98 $ 9,980 $20
$10,000 12/31/86 10399.66
03/87 11.45 $11,450 $23
$11,473 03/31/87 12620.23
06/87 11.60 $11,600 $23
$11,623 06/30/87 13253.74
09/87 12.15 $12,150 $55
$12,205 09/30/87 14128.07
12/87 9.32 $ 9,320 $172
$ 9,492 12/31/87 10945.68
03/88 9.61 $ 9,610 $177
$ 9,787 03/31/88 11566.87
06/88 10.17 $10,170 $187
$10,357 06/30/88 12335.41
09/88 9.86 $ 9,860 $305
$10,165 09/30/88 12377.30
12/88 9.81 $ 9,810 $477
$10,287 12/31/88 12758.56
03/89 10.59 $10,590 $515
$11,105 03/31/89 13662.72
06/89 11.40 $11,400 $555
$11,955 06/30/89 14866.49
09/89 12.30 $12,300 $874
$13,174 09/30/89 16456.11
12/89 10.01 $10,010 $3,181
$13,191 12/31/89 16794.27
03/90 10.30 $10,300 $3,273
$13,573 03/31/90 16289.06
06/90 11.32 $11,320 $3,597
$14,917 06/30/90 17311.35
09/90 8.82 $ 8,820 $2,803
$11,623 09/30/90 14935.31
12/90 9.20 $ 9,200 $3,559
$12,759 12/31/90 16272.18
03/91 10.97 $10,970 $4,243
$15,213 03/31/91 18631.92
06/91 10.63 $10,630 $4,112
$14,742 06/30/91 18587.41
09/91 11.65 $11.650 $4,506
$16,156 09/30/91 19579.20
12/91 10.01 $10,010 $8,119
$18,129 12/31/91 21218.93
03/92 9.91 $ 9,910 $8,038
$17,948 03/31/92 20683.82
06/92 9.38 $ 9,380 $7,608
$16,988 06/30/92 21076.38
09/92 9.58 $ 9,580 $7,771
$17,351 09/30/92 21741.16
12/92 10.27 $10,270 $9,225
$19,495 12/31/92 22833.30
03/93 10.71 $10,710 $9,620
$20,330 03/31/93 23829.77
06/93 10.62 $10,620 $9,539
$20,159 06/30/93 23943.98
09/93 11.02 $11,020 $9,899
$20,919 09/30/93 24560.62
12/93 8.13 $ 8,130 $12,361
$20,491 12/31/93 25129.60
03/94 7.84 $ 7,840 $11,920
$19,760 03/31/94 24178.32
06/94 7.68 $ 7,680 $11,677
$19,357 06/30/94 24279.35
09/94 7.95 $ 7,950 $12,087
$20,037 09/30/94 25464.01
12/94 7.43 $ 7,430 $12,225
$19,655 12/31/94 25459.72
03/94 8.00 $ 8,000 $13,163
$21,163 03/31/95 27935.90
06/95 8.68 $ 8,680 $14,281
$22,961 06/30/95 30598.97
09/95 9.63 $ 9,630 $15,844
$25,474 09/30/95 33028.86
12/95 8.85 $ 8,850 $17,543
$26,393 12/31/95 35015.70
</TABLE>
The S&P 500 Index is composed of 500 widely-traded common stocks,
together
representing about 80% of the total U.S. market capitalization. It
is calculated
and maintained by Standard & Poor's Corporation, based on industry
representation, market capitalization and other criteria
considered to be a fair
reflection of the U.S. stock markets.
Note: The performance shown reflects past performance and is not a
guarantee of
future results. The Portfolio's share price and investment return
will vary with
market conditions, and the principal value of shares, when
redeemed, may be more
or less than original cost.
*Assumes the reinvestment of all distributions.
**Total returns would have been lower had certain fee waivers and
expense
reimbursements not been in effect.
PARIBAS TRUST FOR INSTITUTIONS-QUANTUS II
- - ------------------------------------------------------------------
AVERAGE ANNUAL |
TOTAL RETURN* | AGGREGATE TOTAL
RETURN*
QUANTUS II | QUANTUS II
S&P 500 Index
- - ------------------------------------------------------------------
Since Inception (04/28/86) 9.88%** 148.69%**
254.87%
Five years ended 12/31/95 13.00% 84.21%
115.44%
Year ended 12/31/95 27.60% 27.60%
37.58%
- - ------------------------------------------------------------------
Quantus II had a total return of 27.60% in 1995, whereas the S&P
500 Index had a
total return of 37.58%.
The Portfolio initially suffered from the high number of
transactions generated
by the investment model in the first few weeks of the year. Its
significant
overweight on certain industries such as technology and healthcare
then had a
positive contribution to the performance until September but the
substantial
reallocation recommended by the model in the last few months of
the year proved
less favorable.
PARIBAS TRUST FOR INSTITUTIONS-QUANTUS II
Performance of a U.S. $10,000 investment vs. S&P 500
Index
From 04/28/86 (inception) to 12/31/95*
[GRAPH APPEARS HERE]
FIRST DATA INVESTOR SERVICES
MUTUAL FUND HYPOTHETICAL ANALYSIS
<TABLE>
<CAPTION>
PAGE 1
01/15/96
PARIBAS TRUST QUANTUS II
Initial Investments $10,000 Period: 04/28/86 -12/95
Growth of Value of
Growth of
Initial Reinvested
Investment with
Date NAV Investment Distributions
Distributions Reinvested S & P 500 Mnthly Reinv
<S> <C> <C> <C>
<C> <C> <C>
04/28/86 10.00 $10,000 $0
$10,000 04/30/86 10000.00
06/86 -- -- --
- - -- 06/30/86 10709.85
09/86 -- -- --
- - -- 09/30/86 9962.76
12/86 10.08 $10,080 $68
$10,148 12/31/86 10517.97
03/87 12.15 $12,150 $82
$12,232 03/31/87 12763.82
06/87 12.80 $12,800 $87
$12,887 06/30/87 13404.53
09/87 13.45 $13,450 $142
$13,592 09/30/87 14288.80
12/87 10.27 $10,270 $301
$10,571 12/31/87 11070.21
03/88 10.64 $10,640 $312
$10,952 03/31/88 11698.46
06/88 11.27 $11,270 $331
$11,601 06/30/88 12475.73
09/88 10.91 $10,910 $507
$11,417 09/30/88 12518.10
12/88 10.80 $10,800 $660
$11,460 12/31/88 12903.71
03/89 11.21 $11,210 $685
$11,895 03/31/89 13818.16
06/89 12.04 $12,040 $736
$12,776 06/30/89 15035.64
09/89 12.28 $12,280 $1,116
$13,396 09/30/89 16643.35
12/89 11.79 $11,790 $1,936
$13,726 12/31/89 16985.36
03/90 11.93 $11,930 $1,959
$13,889 03/31/90 16474.40
06/90 12.90 $12,900 $2,118
$15,018 06/30/90 17508.33
09/90 9.65 $ 9,650 $2,680
$12,330 09/30/90 15105.25
12/90 10.46 $10,460 $3,040
$13,500 12/31/90 16457.34
03/91 11.97 $11,970 $3,479
$15,449 03/31/91 18843.93
06/91 10.94 $10,940 $3,994
$14,934 06/30/91 18798.91
09/91 11.97 $11,970 $4,370
$16,340 09/30/91 19801.99
12/91 12.06 $12,060 $6,069
$18,129 12/31/91 21460.38
03/92 12.04 $12,040 $6,059
$18,099 03/31/92 20919.17
06/92 11.40 $11,400 $5,736
$17,136 06/30/92 21316.21
09/92 11.60 $11,600 $5,837
$17,437 09/30/92 21988.57
12/92 11.59 $11,590 $8,007
$19,597 12/31/92 23093.14
03/93 11.83 $11,830 $8,172
$20,002 03/31/93 24100.95
06/93 11.67 $11,670 $8,062
$19,732 06/30/93 24216.46
09/93 11.32 $11,320 $9,220
$20,540 09/30/93 24840.12
12/93 10.95 $10,950 $9,151
$20,101 12/31/93 25415.56
03/94 10.71 $10,710 $8,951
$19,661 03/31/94 24453.45
06/94 10.32 $10,320 $8,625
$18,945 06/30/94 24555.63
09/94 10.75 $10,750 $8,984
$19,734 09/30/94 25753.76
12/94 10.37 $10,370 $9,120
$19,490 12/31/94 25749.42
03/95 11.13 $11,130 $9,788
$20,918 03/31/95 28253.77
06/95 12.00 $12,000 $10,553
$22,553 06/30/95 30947.15
09/95 12.99 $12,990 $11,424
$24,414 09/30/95 33404.69
12/95 12.33 $12,330 $12,539
$24,869 12/31/95 35414.14
</TABLE>
The S&P 500 Index is composed of 500 widely-traded common stocks,
together
representing about 80% of the total U.S. market capitalization. It
is calculated
and maintained by Standard & Poor's Corporation, based on industry
representation, market capitalization and other criteria
considered to be a fair
reflection of the U.S. stock markets.
Note: The performance shown reflects past performance and is not a
guarantee of
future results. The Portfolio's share price and investment return
will vary with
market conditions, and the principal value of shares, when
redeemed, may be more
or less than original cost.
*Assumes the reinvestment of all distributions.
**Total returns would have been lower had certain fee waivers and
expense
reimbursements not been in effect.
PARIBAS TRUST FOR INSTITUTIONS
QUANTUS EQUITY MANAGED PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995
<TABLE>
<CAPTION>
VALUE
SHARES
(NOTE 1)
------
<S> <C>
<C>
COMMON STOCKS - 89.2%
DRUGS, HEALTHCARE PRODUCTS & BIOLOGICAL RESEARCH - 13.1%
500 American Home Products Corporation
$ 48,500
200 Amgen, Inc.**
11,875
700 Bristol-Myers Squibb Company
60,113
800 Johnson & Johnson
68,500
1,000 Medtronic Inc.
55,875
1,000 Pfizer Inc.
63,000
1,100 Schering-Plough Corporation
60,225
368,088
OIL & GAS - 9.9%
500 Atlantic Richfield Company
55,375
600 Exxon Corporation
48,075
500 Mobil Corporation
56,000
2,000 Panhandle Eastern Corporation
55,750
900 Schlumberger Ltd.
62,325
277,525
CONSUMER PRODUCTS - 9.0%
1,100 Gillette Company
57,338
1,000 Nike Inc., Class B
69,625
100 PepsiCo, Inc.
5,587
700 Philip Morris Companies, Inc.
63,350
700 Procter & Gamble Company
58,100
254,000
COMPUTER EQUIPMENT, COMPONENTS & SOFTWARE - 8.5%
1,000 Cabletron Systems Inc.**
81,000
1,050 Computer Associates International Inc.
59,719
1,800 Informix Corporation**
54,000
1,000 Sun Microsystems Inc.**
45,625
240,344
CHEMICAL - 7.8%
700 Dow Chemical Company
49,262
700 Eastman Kodak Company
46,900
100 Monsanto Company
12,250
2,000 Praxair, Inc.
67,250
1,200 Union Carbide Corporation
45,000
220,662
</TABLE>
The accompanying notes to financial statements are an
integral part of
this portfolio.
PARIBAS TRUST FOR INSTITUTIONS
QUANTUS EQUITY MANAGED PORTFOLIO
PORTFOLIO OF INVESTMENTS (CONTINUED)
DECEMBER 31, 1995
<TABLE>
<CAPTION>
VALUE
SHARES
(NOTE 1)
------
<S> <C>
<C>
COMMON STOCKS - (CONTINUED)
FINANCIAL SERVICES - 7.6%
2,000 Equifax, Inc.
$ 42,750
2,000 Green Tree Financial Corporation
52,750
1,500 MBNA Corporation
55,313
1,000 Travelers Group Inc.
62,875
213,688
ELECTRONICS - 6.5%
500 International Business Machines Corporation
45,875
2,000 Loral Corporation
70,750
700 Texas Instruments, Inc.
36,225
1,000 Xilinx, Inc.**
30,500
183,350
HEALTH CARE - 5.9%
1,400 HealthCare COMPARE Corporation**
60,900
2,000 HEALTHSOUTH Corporation**
58,250
1,000 U.S. Healthcare Inc.
46,500
165,650
RETAIL - 5.7%
1,300 Gap, Inc.
54,600
1,400 Sears, Roebuck & Company
54,600
2,100 Staples, Inc.**
51,187
160,387
METALS & MINERALS - 2.8%
800 Phelps Dodge Corporation
49,800
500 Reynolds Metals Company
28,312
78,112
COMMERCIAL BANKING - 2.7%
800 NationsBank Corporation
55,700
100 Wells Fargo & Company
21,600
77,300
INSURANCE - 2.4%
500 Cigna Corporation
51,625
100 General Re Corporation
15,500
67,125
</TABLE>
The accompanying notes to financial statements are an
integral part of
this portfolio.
PARIBAS TRUST FOR INSTITUTIONS
QUANTUS EQUITY MANAGED PORTFOLIO
PORTFOLIO OF INVESTMENTS (CONTINUED)
DECEMBER 31, 1995
<TABLE>
<CAPTION>
VALUE
SHARES
(NOTE 1)
------
<S> <C> <C>
<C>
COMMON STOCKS - (CONTINUED)
TELEPHONE - 2.1%
100 Ameritech Corporation
$ 5,900
800 AT&T Corporation
51,800
57,700
TRANSPORTATION - 1.8%
700 AMR Corporation**
51,975
ENTERTAINMENT - 1.8%
1,500 Mirage Resorts, Inc.**
51,750
RESTAURANTS - 1.6%
1,000 McDonald's Corporation
45,125
TOTAL INVESTMENTS (Cost $2,048,405*) 89.2%
2,512,781
OTHER ASSETS AND LIABILITIES (Net) 10.8
303,381
-----
NET ASSETS 100.0%
$2,816,162
=====
==========
</TABLE>
__________________
* Aggregate cost for Federal tax purposes.
** Non-income producing security.
The accompanying notes to financial statements are an integral
part of this portfolio.
PARIBAS TRUST FOR INSTITUTIONS
QUANTUS EQUITY MANAGED PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 1995
<TABLE>
<S> <C>
<C>
ASSETS:
Investments, at value (Cost $2,048,405) (Note 1)
See accompanying portfolio of investments........
$2,512,781
Cash................................................
345,818
Dividends receivable................................
3,864
TOTAL ASSETS.....................................
2,862,463
LIABILITIES:
Distributions payable............................... $19,067
Professional fees payable........................... 10,900
Investment advisory fee payable (Note 2)............ 7,002
Shareholder servicing agent fees payable (Note 7)... 3,022
Custodian fees payable (Note 7)..................... 1,712
Administration fee payable (Note 7)................. 628
Accrued expenses and other payables................. 3,970
-------
TOTAL LIABILITIES................................
46,301
NET ASSETS............................................
$2,816,162
==========
NET ASSETS consist of:
Accumulated net realized gain on investments sold..
$ 98,581
Net unrealized appreciation of investments.........
464,376
Par value (318,080 shares of
beneficial interest outstanding) (Note 6)........
31,808
Paid-in capital in excess of par value..............
2,221,397
TOTAL NET ASSETS.................................
$2,816,162
==========
NET ASSET VALUE:
Net Asset Value and Offering Price Per Share*
($2,816,162 / 318,080 shares of beneficial
interest outstanding)..............................
$8.85
=====
</TABLE>
___________________
* Redemption price per share is equal to net asset value per share
less any
applicable contingent deferred sales charge (Note 4).
The accompanying notes to financial statements are an integral
part of this statement.
PARIBAS TRUST FOR INSTITUTIONS
QUANTUS EQUITY MANAGED PORTFOLIO
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1995
<TABLE>
<S> <C>
<C>
INVESTMENT INCOME:
Dividends........................................
$ 52,190
EXPENSES:
Distribution fees (Note 4)....................... $ 26,860
Professional fees................................ 26,188
Investment advisory fee (Note 2)................. 17,508
Shareholder servicing agent fees (Note 7)........ 16,869
Administration fee (Note 7)...................... 7,314
Custodian fees (Note 7).......................... 5,195
Trustees' fees and expenses (Note 3)............. 928
Other............................................ 4,614
Fees waived by investment adviser, Trustees and
distributor (Notes 2, 3 and 4)................ (38,284)
----------
TOTAL EXPENSES................................
67,192
NET INVESTMENT LOSS................................
(15,002)
REALIZED AND UNREALIZED GAIN ON INVESTMENTS
(Notes 1 and 5):
Net realized gain from investment transactions:
Proceeds from sales........................... 4,607,556
Cost of securities sold....................... 4,168,185
----------
Net realized gain on investments
sold during the year..........................
439,371
Unrealized appreciation of investments:
Appreciation - beginning of year.............. 102,255
Appreciation - end of year.................... 464,376
---------
Net change in unrealized appreciation
of investments during the year................
362,121
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS....
801,492
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.
$786,490
==========
</TABLE>
The accompanying notes to financial statements are
an integral part of this statement.
PARIBAS TRUST FOR INSTITUTIONS
QUANTUS EQUITY MANAGED PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
YEAR
YEAR
ENDED
ENDED
12/31/95
12/31/94
----------
<S> <C>
<C>
Net investment loss........................... $ (15,002) $
(17,962)
Net realized gain on investments
sold during the year....................... 439,371
134,381
Net change in unrealized
appreciation/(depreciation) of
investments during the year................ 362,121
(241,651)
----------
Net increase/(decrease) in net assets
resulting from operations.................. 786,490
(125,232)
Distributions to shareholders from:
Net realized gain on investments........... (320,187)
(116,662)
Return of capital (Note 1)................. -
(5,601)
Net decrease in net assets from
Portfolio share transactions (Note 6)...... (255,383)
(441,012)
----------
Net increase/(decrease) in net assets......... 210,920
(688,507)
NET ASSETS:
Beginning of year............................. 2,605,242
3,293,749
----------
End of year................................... $2,816,162
$2,605,242
==========
==========
</TABLE>
The accompanying notes to financial statements are an integral
part of this statement.
PARIBAS TRUST FOR INSTITUTIONS
QUANTUS EQUITY MANAGED PORTFOLIO
FINANCIAL HIGHLIGHTS
FOR A FUND SHARE OUTSTANDING THROUGHOUT EACH YEAR
<TABLE>
<CAPTION>
YEAR YEAR
YEAR YEAR YEAR
ENDED ENDED
ENDED ENDED ENDED
12/31/95 12/31/94
12/31/93++ 12/31/92++ 12/31/91
--------- ---------
- - ----------- ----------- ---------
<S> <C> <C>
<C> <C> <C>
Net Asset Value, beginning of year......... $ 7.43 $ 8.13
$ 10.27 $ 10.01 $ 9.20
------- -------
- - -------- -------- -------
Income from investment operations:
Net investment income/(loss).............. (0.05)## (0.05)##
(0.05) (0.10) (0.11)##
Net realized and unrealized gain/(loss)
on investments.......................... 2.60 (0.28)
0.59 0.85 3.65
------- -------
- - -------- -------- -------
Total from investment operations........... 2.55 (0.33)
0.54 0.75 3.54
Less distributions:
Distributions from net investment income... - -
- - - - -
Distributions from net realized gain....... (1.13) (0.35)
(2.54) (0.45) (2.73)
Distributions in excess of net realized
gain...................................... - -
(0.06) - -
Return of capital (Note 1)................. - (0.02)
(0.08) (0.04) -
------- -------
- - -------- -------- -------
Total distributions........................ (1.13) (0.37)
(2.68) (0.49) (2.73)
------- -------
- - -------- -------- -------
Net Asset Value, end of year............... $ 8.85 $ 7.43
$ 8.13 $ 10.27 $ 10.01
======= =======
======== ======== =======
Total return+++............................ 34.28% (4.08)%
5.11% 7.53% 42.10%
======= =======
======== ======== =======
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
Ratio of operating expenses to average
net assets................................ 2.50%# 2.50%#
2.43% 2.72% 3.50%#
Ratio of net investment income/(loss)
to average net assets..................... (0.56)% (0.60)%
(0.52)% (0.98)% (0.87)%
Portfolio turnover rate.................... 141% 120%
155% 63% 105%
</TABLE>
- - -------------------
++ 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
and 1991 would have been 3.93%, 3.25% and 3.90%,
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 and 1991
would have been $(0.17), $(0.12) and $(0.16), respectively.
The accompanying notes to financial statements are an integral
part of these
financial highlights.
11
PARIBAS TRUST FOR INSTITUTIONS
QUANTUS EQUITY MANAGED PORTFOLIO
FINANCIAL HIGHLIGHTS (CONTINUED)
FOR A FUND SHARE OUTSTANDING THROUGHOUT EACH YEAR.
<TABLE>
<CAPTION>
YEAR YEAR
YEAR YEAR PERIOD
ENDED ENDED
ENDED ENDED ENDED
12/31/90++ 12/31/89
12/31/88 12/31/87 12/31/86*++
----------- ---------
- - --------- --------- ------------
<S> <C> <C>
<C> <C> <C>
Net Asset Value, beginning of year $ 10.01 $ 9.81
$ 9.32 $ 9.98 $ 10.00
----------- ---------
- - --------- --------- ------------
Income from investment operations:
Net investment income/(loss) (0.10)## 0.37
0.27 0.16 0.02##
Net realized and unrealized gain/(loss)
on investments (0.22) 2.35
0.51 (0.66) (0.02)
----------- ---------
- - --------- --------- ------------
Total from investment operations (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 (0.49) (2.09)
- - - - -
Distributions in excess of net realized gain - -
- - - - -
Return of capital (Note 1) - -
- - - - -
----------- ---------
- - --------- --------- ------------
Total distributions (0.49) (2.52)
(0.29) (0.16) (0.02)
----------- ---------
- - --------- --------- ------------
Net Asset Value, end of year $ 9.20 $ 10.01
$ 9.81 $ 9.32 $ 9.98
- - ---------------------------------------- =========== =========
========= ========= ============
Total return+++ (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) $ 3,531 $ 5,300
$ 9,964 $ 13,088 $ 9,379
Ratio of operating expenses to average
net assets 3.50%# 2.36%
2.50% 2.34% 2.60%+#
Ratio of net investment income/(loss) to
average net assets (1.04)% 2.76%
2.46% 1.43% 0.29%+
Portfolio turnover rate 196% 126%
170% 128% 88%
</TABLE>
- - -------------------
* 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, the ratios of expenses to average
net assets for the year ended December 31, 1990 and for the
period ended
December 31, 1986 would have been 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 the year ended
December 31, 1990
and for the period ended December 31, 1986 was $(0.13) and
$(0.01),
respectively.
The accompanying notes to financial statements are an integral
part of these
financial highlights.
PARIBAS TRUST FOR INSTITUTIONS
QUANTUS II
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995
<TABLE>
<CAPTION>
VALUE
SHARES
(NOTE 1)
------
- - ---------
<S> <C>
<C>
COMMON STOCKS - 96.0%
DRUGS, HEALTHCARE PRODUCTS & BIOLOGICAL RESEARCH - 13.7%
20,000 American Home Products Corporation
$ 1,940,000
36,000 Amgen, Inc.**
2,137,500
12,000 Bristol-Myers Squibb Company
1,030,500
20,000 Johnson & Johnson
1,712,500
30,000 Medtronic Inc.
1,676,250
30,000 Pfizer Inc.
1,890,000
31,000 Schering-Plough Corporation
1,697,250
- - ----------
12,084,000
- - ----------
COMPUTER EQUIPMENT, COMPONENTS & SOFTWARE - 10.6%
22,000 Cabletron Systems Inc.**
1,782,000
31,000 Computer Associates International Inc.
1,763,125
15,000 Dell Computer Corporation**
519,375
56,000 Informix Corporation**
1,680,000
30,000 Sun Microsystems Inc.**
1,368,750
48,000 3Com Corporation
2,238,000
- - ----------
9,351,250
- - ----------
CONSUMER PRODUCTS - 10.5%
34,000 Gillette Company
1,772,250
30,000 Nike Inc., Class B
2,088,750
30,000 PepsiCo, Inc.
1,676,250
20,000 Philip Morris Companies, Inc.
1,810,000
23,000 Procter & Gamble Company
1,909,000
- - ----------
9,256,250
- - ----------
CHEMICAL - 10.0%
23,000 Dow Chemical Company
1,618,625
24,200 Eastman Kodak Company
1,621,400
14,000 Monsanto Company
1,715,000
60,000 Praxair, Inc.
2,017,500
50,000 Union Carbide Corporation
1,875,000
- - ----------
8,847,525
- - ----------
OIL & GAS - 8.7%
16,800 Atlantic Richfield Company
1,860,600
20,000 Exxon Corporation
1,602,500
10,000 Mobil Corporation
1,120,000
50,000 Panhandle Eastern Corporation
1,393,750
25,000 Schlumberger Ltd.
1,731,250
- - ----------
7,708,100
- - ----------
</TABLE>
The accompanying notes to financial statements are an
integral part of
this portfolio.
13
PARIBAS TRUST FOR INSTITUTIONS
QUANTUS II
PORTFOLIO OF INVESTMENTS (CONTINUED)
DECEMBER 31, 1995
<TABLE>
<CAPTION>
VALUE
SHARES
(NOTE 1)
------
- - ----------
<S> <C>
<C>
COMMON STOCKS - (CONTINUED)
FINANCIAL SERVICES - 8.2%
90,000 Equifax, Inc.
$1,923,750
60,000 Green Tree Financial Corporation
1,582,500
50,000 MBNA Corporation
1,843,750
30,000 Travelers Group Inc.
1,886,250
- - ----------
7,236,250
- - ----------
ELECTRONICS - 6.0%
20,000 Hewlett-Packard Company
1,675,000
3,000 International Business Machines Corporation
275,250
50,000 Loral Corporation
1,768,750
31,000 Texas Instruments, Inc.
1,604,250
- - ----------
5,323,250
- - ----------
RETAIL - 5.8%
37,600 Gap, Inc.
1,579,200
48,000 Sears, Roebuck & Company
1,872,000
70,000 Staples, Inc.**
1,706,250
- - ----------
5,157,450
- - ----------
HEALTH CARE - 5.6%
45,000 HealthCare COMPARE Corporation**
1,957,500
55,000 HEALTHSOUTH Corporation**
1,601,875
30,000 U.S. Healthcare Inc.
1,395,000
- - ----------
4,954,375
- - ----------
METALS & MINERALS - 3.2%
20,000 Phelps Dodge Corporation
1,245,000
28,000 Reynolds Metals Company
1,585,500
- - ----------
2,830,500
- - ----------
INSURANCE - 3.1%
10,000 Cigna Corporation
1,032,500
11,000 General Re Corporation
1,705,000
- - ----------
2,737,500
- - ----------
TELEPHONE - 2.8%
15,000 Ameritech Corporation
885,000
25,000 AT&T Corporation
1,618,750
- - ----------
2,503,750
- - ----------
</TABLE>
The accompanying notes to financial statements are an
integral part of
this portfolio.
14
PARIBAS TRUST FOR INSTITUTIONS
QUANTUS II
PORTFOLIO OF INVESTMENTS (CONTINUED)
DECEMBER 31, 1995
<TABLE>
<CAPTION>
VALUE
SHARES
(NOTE 1)
------
- - ----------
<S> <C>
<C>
COMMON STOCKS - (CONTINUED)
COMMERCIAL BANKING - 2.3%
20,000 NationsBank Corporation
$ 1,392,500
3,000 Wells Fargo & Company
648,000
- - -----------
2,040,500
- - -----------
ENTERTAINMENT - 2.1%
55,000 Mirage Resorts, Inc.**
1,897,500
- - -----------
TRANSPORTATION - 1.9%
23,000 AMR Corporation**
1,707,750
- - -----------
RESTAURANT - 1.5%
30,000 McDonald's Corporation
1,353,751
- - -----------
TOTAL COMMON STOCKS (Cost $73,455,986)
84,989,701
- - -----------
<CAPTION>
FACE
VALUE
-----
<S> <C>
<C>
TIME DEPOSIT - 11.3% (Cost $9,972,000)
$ 9,972,000 Boston Safe Deposit and Trust Company,
5.000% due 01/02/1996
9,972,000
- - -----------
TOTAL INVESTMENTS (Cost $83,427,986*) 107.3%
94,961,701
OTHER ASSETS AND LIABILITIES (Net) (7.3)
(6,498,487)
- - -----------
NET ASSETS 100.0%
$88,463,214
=====
===========
</TABLE>
- - ------------------
* Aggregate cost for Federal tax purposes is $83,313,245.
** Non-income producing security.
The accompanying notes to financial statements are an
integral part of this portfolio.
PARIBAS TRUST FOR INSTITUTIONS
QUANTUS II
STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 1995
<TABLE>
<S> <C>
<C>
ASSETS:
Investments, at value (Cost $83,427,986) (Note 1)
See accompanying portfolio of investments......
$94,961,701
Cash.............................................
5,840
Dividends receivable.............................
125,335
Interest receivable..............................
4,155
- - -----------
TOTAL ASSETS.............................
95,097,031
LIABILITIES:
Distributions payable............................ $6,471,460
Administration fee payable (Note 7).............. 42,079
Investment advisory fee payable (Note 2)......... 34,944
Custodian fees payable (Note 7).................. 16,000
Shareholder servicing agent fees payable (Note 7) 3,010
Accrued expenses and other payables.............. 66,324
----------
TOTAL LIABILITIES.............................
6,633,817
- - -----------
NET ASSETS.........................................
$88,463,214
===========
NET ASSETS consist of:
Undistributed net investment income..............
$ 24,385
Accumulated net realized gain on investments
sold..........................................
99,085
Net unrealized appreciation of investments.......
11,533,715
Par value (7,173,772 shares of beneficial
interest outstanding) (Note 6)................
717,377
Paid-in capital in excess of par value...........
76,088,652
- - -----------
TOTAL NET ASSETS..............................
$88,463,214
===========
NET ASSET VALUE:
Net Asset Value, Offering and Redemption Price Per.Share
($88,463,214 / 7,173,772 shares of
beneficial interest outstanding)...............
$12.33
======
</TABLE>
The accompanying notes to financial statements are an integral
part of this
statement.
PARIBAS TRUST FOR INSTITUTIONS
QUANTUS II
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1995
<TABLE>
<S> <C>
<C>
INVESTMENT INCOME:
Dividends..........................................
$ 1,599,705
Interest...........................................
106,098
- - -----------
TOTAL INVESTMENT INCOME.........................
1,705,803
EXPENSES:
Investment advisory fee (Note 2)................... $ 382,369
Administration fee (Note 7)........................ 252,059
Professional fees.................................. 77,589
Trustees' fees and expenses (Note 3)............... 58,241
Custodian fees (Note 7)............................ 42,927
Shareholder servicing agent fees (Note 7).......... 16,818
Other.............................................. 8,905
-----------
TOTAL EXPENSES..................................
838,908
- - -----------
NET INVESTMENT INCOME................................
866,895
- - -----------
REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS
(Notes 1 and 5):
Net realized gain from investment transactions:
Proceeds from sales............................. 179,218,109
Cost of securities sold......................... 172,875,699
-----------
Net realized gain on investments sold
during the year.................................
6,342,410
- - -----------
Net change in unrealized appreciation/
(depreciation) of investments:
Depreciation - beginning of year................
(1,798,487)
Appreciation - end of year...................... 11,533,715
-----------
Net change in unrealized appreciation
of investments during the year..................
13,332,202
- - -----------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS......
19,674,612
- - -----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.
$20,541,507
===========
</TABLE>
The accompanying notes to financial statements are an integral
part of
this statement.
PARIBAS TRUST FOR INSTITUTIONS
QUANTUS II
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
YEAR YEAR
ENDED ENDED
12/31/95 12/31/94
----
- - ------- -----------
<S> <C>
<C>
Net investment income.................................... $
866,895 $ 855,614
Net realized gain on investments sold
during the year.........................................
6,342,410 205,896
Net change in unrealized appreciation/(depreciation)
of investments during the year..........................
13,332,202 (3,486,080)
----
- - -------- ------------
Net increase/(decrease) in net assets
resulting from operations...............................
20,541,507 (2,424,570)
Distributions to shareholders from:
Net investment income.................................
(880,222) (910,352)
Net realized gain on investments......................
(5,591,238) (205,896)
Distributions in excess of net
realized gain on investments..........................
- - - (652,087)
Net decrease in net assets from
Portfolio share transactions (Note 6)...................
- - - (197,525)
----
- - ------- -----------
Net increase/(decrease) in net assets....................
14,070,047 (4,390,430)
NET ASSETS:
Beginning of year........................................
74,393,167 78,783,597
----
- - ------- -----------
End of year (including undistributed
net investment income of $24,385 and
$37,712, respectively)..................................
$88,463,214 $74,393,167
=========== ===========
</TABLE>
The accompanying notes to financial statements are an
integral part of
this statement.
PARIBAS TRUST FOR INSTITUTIONS
QUANTUS II
FINANCIAL HIGHLIGHTS
FOR A FUND SHARE OUTSTANDING THROUGHOUT EACH YEAR.
<TABLE>
<CAPTION>
YEAR YEAR
YEAR YEAR YEAR
ENDED ENDED
ENDED ENDED ENDED
12/31/95 12/31/94
12/31/93++ 12/31/92 12/31/91
--------- ---------
- - ----------- --------- ---------
<S> <C> <C>
<C> <C> <C>
Net Asset Value, beginning of year....... $ 10.37 $ 10.95
$ 11.59 $ 12.06 $ 10.46
--------- ---------
- - ----------- --------- ---------
Income from investment operations:
Net investment income................... 0.12 0.12
0.13 0.12 0.22
Net realized and unrealized
gain/(loss) on investments............. 2.74 (0.45)
0.15 0.72 3.12
--------- ---------
- - ----------- --------- ---------
Total from investment operations......... 2.86 (0.33)
0.28 0.84 3.34
Less distributions:
Distributions from net investment income. (0.12) (0.13)
(0.11) (0.12) (0.22)
Distributions from net realized gain..... (0.78) (0.03)
(0.81) (1.17) (1.52)
Distributions in excess of net
investment income and net realized gain. - -
- - - - -
Distributions in excess of net realized
gain.................................... - (0.09)
- - - - -
Return of capital (Note 1)............... - -
- - - (0.02) -
--------- ---------
- - ----------- --------- ---------
Total distributions...................... (0.90) (0.25)
(0.92) (1.31) (1.74)
--------- ---------
- - ----------- --------- ---------
Net Asset Value, end of year............. $ 12.33 $ 10.37
$ 10.95 $ 11.59 $ 12.06
========= =========
=========== ========= =========
Total return+++.......................... 27.60% (3.04)%
2.58% 8.10% 34.28%
========= =========
=========== ========= =========
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
Ratio of operating expenses to average
net assets.............................. 0.98% 0.89%
0.71% 0.81% 0.82%
Ratio of net investment income to
average net assets...................... 1.01% 1.10%
1.13% 1.01% 2.06%
Portfolio turnover rate.................. 206% 145%
247% 154% 156%
</TABLE>
- - -------------------
++ Per share data was computed based upon monthly average shares
outstanding
for this period.
+++ Total return represents aggregate total return for the period
indicated.
The accompanying notes to financial statements are an
integral part of these financial highlights.
PARIBAS TRUST FOR INSTITUTIONS
QUANTUS II
FINANCIAL HIGHLIGHTS (CONTINUED)
FOR A FUND SHARE OUTSTANDING THROUGHOUT EACH YEAR.
<TABLE>
<CAPTION>
YEAR YEAR
YEAR YEAR PERIOD
ENDED ENDED
ENDED ENDED ENDED
12/31/90 12/31/89
12/31/88 12/31/87 12/31/86*
--------- ---------
- - --------- --------- ---------
<S> <C> <C>
<C> <C> <C>
Net Asset Value, beginning of year $ 11.79 $ 10.80
$ 10.27 $ 10.08 $ 10.00
--------- ---------
- - --------- --------- ---------
Income from investment operations:
Net investment income 0.40 0.72
0.32 0.26## 0.05##
Net realized and unrealized
gain/(loss) on investments (0.48) 1.40
0.54 0.17 0.10
--------- ---------
- - --------- --------- ---------
Total from investment operations (0.08) 2.12
0.86 0.43 0.15
Less distributions:
Distributions from net investment income (0.39) (0.72)
(0.33) (0.24) (0.07)
Distributions from net realized gain (0.75) (0.41)
- - - - -
Distributions in excess of net
investment income and net realized gain (0.11) -
- - - - -
Distributions in excess of net realized gain - -
- - - - -
Return of capital (Note 1) - -
- - - - -
--------- ---------
- - --------- --------- ---------
Total distributions (1.25) (1.13)
(0.33) (0.24) (0.07)
--------- ---------
- - --------- --------- ---------
Net Asset Value, end of year $ 10.46 $ 11.79
$ 10.80 $ 10.27 $ 10.08
- - ---------------------------------------- ========= =========
========= ========= =========
Total return+++ (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) $ 56,680 $ 62,094
$ 56,834 $ 25,393 $ 3,832
Ratio of operating expenses to average
net assets 0.92% 0.85%
1.19% 0.99%# 2.57%+#
Ratio of net investment income to
average net assets 3.57% 6.00%
4.10% 3.14% 0.43%+
Portfolio turnover rate 198% 90%
176% 134% 20%
</TABLE>
- - -------------------
* The Portfolio commenced operations on April 28, 1986.
+ Annualized.
+++ 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.
The accompanying notes to financial statements are an integral
part of these
financial highlights.
PARIBAS TRUST FOR INSTITUTIONS
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1995
1. SIGNIFICANT ACCOUNTING POLICIES
Paribas Trust for Institutions (the "Trust") is a diversified,
open-end
management investment company. As of the date of this report, the
Trust consists
of two separate portfolios: Quantus Equity Managed Portfolio
("Quantus I") and
Quantus II (collectively, the "Portfolios"). The Trust is
registered under the
Investment Company Act of 1940, as amended (the "Act"), and is
established as a
Massachusetts business trust under a Declaration of Trust, dated
September 16,
1985, as amended. The following is a summary of significant
accounting policies
consistently followed by the Trust in the preparation of its
financial
statements.
(a) Portfolio Valuation:
Investments in securities which are listed or traded on a national
securities
exchange are valued at the last quoted sales prices as of the
close of trading
on the New York Stock Exchange. 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,
to best 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.
Short-term obligations, with a maturity of 60 days or less, are
valued at
amortized cost.
(b) Securities Transactions and Investment Income:
Securities transactions are recorded as of the trade date.
Dividend income and
distributions to shareholders are recorded on the ex-dividend
date. Interest
income is recorded on the accrual basis.
Realized gains or losses on sales of investments are determined on
the basis of
identified cost.
(c) Dividends and Distributions:
It is the Trust's intention to distribute substantially all of the
net
investment income, if any, of the Portfolios. Dividends from net
investment
income are declared annually in additional full and fractional
shares of each
Portfolio at net asset value unless the shareholder elects to
receive such
dividends in cash. All net realized long-term or short-term
capital gains of
each Portfolio, if any, are declared and distributed annually.
Additional
distributions of net investment income and net capital gains may
be made at the
discretion of the Board of Trustees to avoid the application of
the 4% excise
tax. Income distributions and capital gain distributions are
determined in
accordance with income tax regulations which may differ from
generally accepted
accounting principles. These differences are primarily due to
differing
treatments of income and gains on various investment securities
held by the
Portfolios, timing differences and differing characterization of
distributions
made by the Portfolios.
Reclassifications are made to Portfolio capital accounts to
reflect income and
gains available for distribution (or capital loss carryforwards)
under Federal
income tax regulations and have no effect in the net asset value.
Reclassifications for the year ended December 31, 1995 were as
follows:
<TABLE>
<CAPTION>
Increase Decrease
Increase Undistributed Net
Accumulated
Paid-in Capital Investment Income Realized
Gain
--------------- ----------------- -----------
- - --
<S> <C> <C> <C>
Quantus I $5,601 $15,002 $(20,603)
</TABLE>
(d) Allocation of General Expenses:
General expenses of the Trust (such as state franchise taxes and
Securities and
Exchange Commission fees) are generally allocated between the
Portfolios in
proportion to their relative net assets. Expenses which relate
exclusively to a
particular Portfolio, such as redemption expenses, portfolio
transaction
expenses, shareholder servicing costs, registration fees,
interest, certain
taxes and custodian fees, are borne directly by each Portfolio.
Professional
expenses (such as legal and auditing fees) are allocated between
the
PARIBAS TRUST FOR INSTITUTIONS
NOTES TO FINANCIAL STATEMENTS (Continued)
December 31, 1995
Portfolios according to an estimate of the time spent servicing
each Portfolio
relative to the time spent providing service to the Trust.
Shareholder report
expenses are allocated on the basis of the number of shareholders
of each
Portfolio relative to the number of shareholders in the Trust.
(e) Federal Taxes:
The Trust intends that each Portfolio annually qualify for and
elect the special
tax treatment afforded a regulated investment company of the
Internal Revenue
Code of 1986, as amended, by complying with the requirements
applicable to
regulated investment companies, including distribution of
substantially all of
its taxable income to its shareholders. Therefore, no Federal
income tax
provision has been provided.
(f) Other:
The preparation of financial statements in conformity with
generally accepted
accounting principles requires management to make estimates and
assumptions that
affect the reported amounts of assets and liabilities at the date
of the
financial statements and the reported amounts of revenues and
expenses for the
period. Actual results could differ from those estimates.
2. INVESTMENT ADVISORY FEE
The Trust has entered into an Advisory Agreement with Paribas
Asset Management,
Inc. (the "Investment Adviser"). Pursuant to the Advisory
Agreement, the
Investment Adviser receives a fee calculated at the rates shown
below, based on
the average daily net assets of each Portfolio. The fee is
calculated daily and
is paid monthly:
<TABLE>
<CAPTION>
Portfolio Average Daily Net Assets Annual
Rate
--------- ------------------------ ---------
- - ---
<S> <C> <C>
Quantus I Total
0.650%
Quantus II Up to $10 million
0.625%
Over $10 million up to $25 million
0.550%
Over $25 million up to $50 million
0.450%
Over $50 million
0.350%
</TABLE>
For the year ended December 31, 1995, advisory fees amounted to
$17,508 and
$382,369, respectively, for Quantus I and Quantus II.
For Quantus I, the Investment Adviser has agreed to waive its fees
and reimburse
expenses to the extent necessary to ensure that the Portfolio's
total operating
expenses do not exceed 2.50% of the Portfolio's average daily net
assets. For
the year ended December 31, 1995, the Investment Adviser waived
fees of $10,506.
3. TRUSTEES FEES
Trustees of the Trust who are not affiliated with the Investment
Adviser or its
affiliates receive a fee of $2,500 per quarter. The Trust
reimburses all
Trustees for any expenses incurred in attending meetings of the
Trustees of the
Trust or of any committee thereof. For the year ended December
31, 1995,
Trustees fees of $918 attributable to Quantus I were waived.
4. DISTRIBUTION PLAN
The Trust has adopted a Plan of Distribution (the "Plan") pursuant
to Rule 12b-1
of the Act under which Quantus I paid Paribas Corporation (the
"Distributor",
and an affiliate of the Investment Adviser) for its services a fee
equal to 1%
of the average daily net assets of such Portfolio. The
Distributor has waived
the payment of distribution fees until further notice. For the
year ended
December 31, 1995, the Distributor waived $26,860 in distribution
charges. A
contingent deferred sales charge ("Deferred Charge") may also be
imposed upon
redemption of shares of Quantus I by an investor. The amount of
the Deferred
Charge, if any,
PARIBAS TRUST FOR INSTITUTIONS
NOTES TO FINANCIAL STATEMENTS (Continued)
December 31, 1995
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. For the year ended December 31, 1995, no Deferred
Charges were
incurred.
Quantus II does not incur distribution fees or deferred charges.
5. PURCHASES AND SALES OF SECURITIES
Cost of purchases and proceeds from sales of securities, excluding
short-term
investments, aggregated: $3,715,270 and $4,607,556, respectively,
for Quantus I
and $170,534,448 and $179,218,109, respectively, for Quantus II.
At December 31, 1995, the aggregate gross unrealized appreciation
(excess of
value over tax cost) and the aggregate gross unrealized
depreciation (excess of
tax cost over value) for all securities owned by each Portfolio
were as follows:
<TABLE>
<CAPTION>
Tax Basis Tax
Basis
Unrealized
Unrealized
Appreciation
Depreciation
------------ -------
- - -----
<S> <C> <C>
Quantus I............... $ 491,283 $
26,907
Quantus II.............. 12,926,522
1,278,066
</TABLE>
6. CAPITAL STOCK
The authorized capital stock of the Trust consists of an unlimited
number of
shares of beneficial interest, having a par value of $0.10 per
share. Capital
stock activity for the years ended December 31, 1995 and 1994 were
as follows:
<TABLE>
<CAPTION>
Year Ended Year
Ended
December 31, 1995 December
31, 1994
--------------------- ----------
- - -----------
Shares Amount Shares
Amount
-------- ----------- --------
- - -----------
<S> <C> <C> <C>
<C>
Quantus I:
Sold....................... - - 124
$ 1,000
Issued as reinvestment
of dividends............. 34,025 $ 301,120 15,737
115,982
Repurchased................ (66,375) (556,503) (70,451)
(557,994)
------- ---------- -------
- - ---------
Net decrease............... (32,350) $(255,383) (54,590)
$(441,012)
======= ========== =======
=========
Year Ended Year
Ended
December 31, 1995 December
31, 1994
--------------------- ----------
- - ----------
Shares Amount Shares
Amount
-------- ---------- --------
- - ----------
Quantus II:
Repurchased - - (18,375)
$(197,525)
-------- ---------- -------
- - ---------
Net decrease - - (18,375)
$(197,525)
======== ========== =======
=========
</TABLE>
PARIBAS TRUST FOR INSTITUTIONS
NOTES TO FINANCIAL STATEMENTS (Continued)
December 31, 1995
7. CUSTODIAN, TRANSFER AGENT, DIVIDEND DISBURSING AGENT AND
ADMINISTRATOR
Pursuant to a custody agreement, Boston Safe Deposit and Trust
Company ("Boston
Safe") serves as custodian for the Portfolios. Unified Advisers,
Inc. serves as
the Trust's transfer agent and dividend disbursing agent. First
Data Investor
Services Group, Inc., formerly, The Shareholder Services Group,
Inc., serves as
the Trust's administrator.
Boston Safe and First Data Investor Services Group, Inc. have no
part in
determining the investment policies of the Trust or which
securities are to be
purchased or sold by either Portfolio. All fees and expenses of
the custodian,
transfer agent, dividend disbursing agent and administrator are
paid by the
individual Portfolios. During the year ended December 31, 1995,
interest income
of $106,098 was earned on time deposits with Boston Safe by
Quantus II.
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Shareholders and Board of Trustees of
Paribas Trust for Institutions:
We have audited the accompanying statements of assets and
liabilities, including
the portfolios of investments, of Paribas Trust for Institutions
(a
Massachusetts business trust comprising, respectively, the Quantus
Equity
Managed Portfolio and Quantus II) as of December 31, 1995, and the
related
statements of operations for the year then ended, the statements
of changes in
net assets for each of the two years in the period then ended and
the financial
highlights for each of the ten years in the period then ended.
These financial
statements and financial highlights are the responsibility of the
Trust's
management. Our responsibility is to express an opinion on these
financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted
auditing
standards. Those standards require that we plan and perform the
audit to obtain
reasonable assurance about whether the financial statements and
financial
highlights are free of material misstatement. An audit includes
examining, on a
test basis, evidence supporting the amounts and disclosures in the
financial
statements. Our procedures included confirmation of securities
owned as of
December 31, 1995, by correspondence with the custodian. An audit
also includes
assessing the accounting principles used and significant estimates
made by
management, as well as evaluating the overall financial statement
presentation.
We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights
referred to
above present fairly, in all material respects, the financial
position of each
of the respective portfolios constituting Paribas Trust for
Institutions as of
December 31, 1995, the results of their operations for the year
then ended, the
changes in their net assets for each of the two years in the
period then ended,
and the financial highlights for each of the ten years in the
period then ended
in conformity with generally accepted accounting principles.
Arthur Andersen LLP
New York, New York
January 31, 1996
