|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: MBF USA INC, 10-Q/A, 1995-10-19 |
Next: NUVEEN TAX EXEMPT UNIT TRUST SERIES 501, 24F-2NT, 1995-10-19 |
<PAGE> 1
As filed with the Securities and Exchange Commission on October 19, 1995
Registration No. 33-63329
=========================================================================
U.S. Securities and Exchange Commission
Washington, D.C. 20549
FORM N-14
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
/X/ Pre-Effective Amendment No. 1 / / Post-Effective Amendment No.____
(Check appropriate box or boxes)
Exact Name of Registrant as Specified in Charter:
THE PNC(R) FUND
Area Code and Telephone Number:
(302) 792-2555
Address of Principal Executive Offices:
Bellevue Corporate Center
400 Bellevue Parkway, Suite 100
Wilmington, DE 19809
Name and Address of Agent for Service:
JEFFREY A. DALKE, ESQ.
Drinker Biddle and Reath
1345 Chestnut Street
Philadelphia, Pennsylvania 19107
Copies to:
Edward J. Roach Richard W. Grant, Esq. Richard T. Prins, Esq.
400 Bellevue Parkway Morgan, Lewis & Bockius Skadden, Arps, Slate,
Suite 100 2000 One Logan Square Meagher & Flom
Wilmington, DE 19809 Philadelphia, PA 19103 919 Third Avenue
New York, NY 10022
Approximate Date of Proposed Public Offering: As soon as practicable after the
Registration Statement becomes effective under the Securities Act of 1933.
It is proposed that this filing will become effective on the earliest date
permitted by Rule 488.
Calculation of Registration Fee under the Securities Act of 1933: No filing fee
is required because an indefinite number of shares have previously been
registered on Form N-1A (Registration No. 33-26305) pursuant to Rule 24f-2
under the Investment Company Act of 1940. The registrant is filing as an
exhibit to this Registration Statement a copy of its earlier declaration under
Rule 24f-2. Pursuant to Rule 429, this Registration Statement relates to the
aforesaid registration statement on Form N-1A.
<PAGE> 2
Registrant's Registration Statement on Form N-14 (SEC File No. 33-63329) as
originally filed with the Securities and Exchange Commission is hereby
incorporated by reference in its entirety except for the pro forma financial
statements that are part of the Statement of Additional Information that is
included in said Registration Statement. Said financial statements are being
refiled as part of this Pre-Effective Amendment.
<PAGE> 3
<TABLE>
<CAPTION>
PNC MUNICIPAL MONEY MARKET PORTFOLIO
COMPASS MUNICIPAL MONEY FUND PAR (000)
PRO-FORMA SCHEDULE OF INVESTMENTS ----------------------------------
MARCH 31, 1995 PNC COMPASS
(UNAUDITED) MUNICIPAL MUNICIPAL
MONEY MARKET MONEY PRO-FORMA
RATE MATURITY PORTFOLIO FUND COMBINED
----- -------- ----------- ------- ---------
<S> <C> <C> <C> <C> <C>
APACHE COUNTY IDA 4.25 % 04/07/95 $2,600 $0 $2,600
APACHE COUNTY IDA 4.20 04/07/95 2,200 0 2,200
ARAPAHOE COUNTY CAPITAL IMPROVEMENT HIGHWAY RB 4.45 08/31/95 5,000 0 5,000
AUSTIN COMBINED UTILITY SYSTEMS 4.25 05/12/95 5,000 0 5,000
BEAVER COUNTY, PA (MB/W) 4.25 04/07/95 0 1,000 1,000
BERKELEY HEIGHTS NJ (BAN) 4.75 11/09/95 0 2,765 2,765
BERKS CNTY, PA (MW/W) 4.20 04/07/95 0 200 200
BIRMINGHAM-BAPTIST MEDICAL CENTERS SPECIAL CARE 4.25 04/07/95 7,240 0 7,240
BOARD OF REGENTS UNIVERSITY OF TEXAS 4.00 05/10/95 3,746 0 3,746
BRAZOS RVR, TX AMT (M1/D) 4.75 04/07/95 0 800 800
BURKE COUNTY DEVELOPMENT AUTHORITY 4.25 05/04/95 4,000 0 4,000
BUSINESS FINANCE AUTHORITY OF NEW HAMPSHIRE 4.00 04/05/95 3,500 0 3,500
BUSINESS FINANCE AUTHORITY OF NEW HAMPSHIRE 4.25 05/10/95 3,000 0 3,000
BUTLER CTY, KS AMT (MB/D) 4.75 04/03/95 0 200 200
CALIFORNIA HIGHER EDUCATION LOAN AUTHORITY 3.60 05/01/95 1,000 0 1,000
CALIFORNIA SERIES 1994-95A RAN 5.00 06/28/95 3,000 1,000 4,000
CALIFORNIA SERIES 1994-95B RAN 4.41 04/03/95 5,000 0 5,000
CALLAWAY CNTY, MO 4.05 04/03/95 0 800 800
CHESTERFIELD COUNTY IDA 4.10 05/08/95 1,000 0 1,000
CHICAGO GAS SUPPLY 4.95 12/01/95 2,000 0 2,000
CHICAGO GO TENDER NOTES SERIES 1994 4.15 07/19/95 2,000 0 2,000
CHICAGO O'HARE INTERNATIONAL AIRPORT 4.55 04/03/95 1,400 0 1,400
CITY & COUNTY OF DENVER AIRPORT SYSTEM BOND 4.35 05/08/95 4,375 0 4,375
CITY & COUNTY OF DENVER AIRPORT SYSTEM BOND 4.40 05/08/95 2,700 0 2,700
CLARK COUNTY PCR MUNICIPAL BOND 3.75 04/17/95 2,500 0 2,500
COMMONWEALTH OF MASSACHUSETS GO NOTES 5.00 06/15/95 2,500 0 2,500
CONNEAUT PA. (GO) 9.75 05/01/95 0 400 400
CONNECTICUT HOUSING FINANCE AUTHORITY 4.40 11/15/95 2,500 0 2,500
CORPUS CHRISTI PORT AUTHORITY 4.30 05/05/95 5,500 0 5,500
DALLAS-FORT WORTH INTERNATIONAL AIRPORT 4.00 04/06/95 6,500 0 6,500
DELAWARE COUNTY IDA PCR 4.20 05/16/95 3,300 0 3,300
DELAWARE CO.,PA (M1/D) 4.60 12/01/95 0 1,300 1,300
DELAWARE STATE HSG. (AMT) 4.00 06/01/95 0 330 330
DIST OF COLUMBIA (M1/D) 4.75 04/07/95 0 1,600 1,600
DIST OF COLUMBIA (MB/D) 4.75 04/07/95 0 200 200
DISTRICT OF COLUMBIA HOSPITAL 4.10 04/07/95 1,300 0 1,300
DISTRICT OF COLUMBIA (THE AMERICAN UNIVERSITY PROJECT) 4.30 04/07/95 700 0 700
ELIZABETH, NJ (GO) 4.30 08/15/95 0 535 535
FARMINGTON PCR (ARIZONA PUBLIC SERVICE CO.) 4.55 04/03/95 1,500 0 1,500
FLORIDA ST. AMT (MB/TH) 4.25 04/07/95 0 1,000 1,000
FORSYTH PCR (PORTLAND GENERAL ELECTRIC COMPANY PROJECT) 4.15 04/07/95 1,200 0 1,200
FORT WAYNE HOSPITAL AUTHORITY 4.25 04/07/95 300 0 300
GRAND RAPIDS (Q1/W) 4.20 04/07/95 0 1,500 1,500
GRAND RAPIDS, MI. (MB/W) 4.35 04/07/95 0 2,000 2,000
GULF COAST. TX. AMT (MB/D) 4.70 04/07/95 0 500 500
HARRIS COUNTY HEALTH FACILITIES DEVELOPMENT CORPORATION 4.20 06/01/95 4,600 0 4,600
<CAPTION>
PNC MUNICIPAL MONEY MARKET PORTFOLIO
COMPASS MUNICIPAL MONEY FUND VALUE AT MARCH 31, 1995
PRO-FORMA SCHEDULE OF INVESTMENTS --------------------------------------------------
MARCH 31, 1995 PNC COMPASS
(UNAUDITED) MUNICIPAL MUNICIPAL
MONEY MARKET MONEY PRO-FORMA
PORTFOLIO FUND COMBINED
------------- ----------- --------
<S> <C> <C> <C>
APACHE COUNTY IDA $2,600,000 $0 $2,600,000
APACHE COUNTY IDA 2,200,000 0 2,200,000
ARAPAHOE COUNTY CAPITAL IMPROVEMENT HIGHWAY RB 5,000,000 0 5,000,000
AUSTIN COMBINED UTILITY SYSTEMS 5,000,000 0 5,000,000
BEAVER COUNTY, PA (MB/W) 0 1,000,000 1,000,000
BERKELEY HEIGHTS NJ (BAN) 0 2,768,784 2,768,784
BERKS CNTY, PA (MW/W) 0 200,000 200,000
BIRMINGHAM-BAPTIST MEDICAL CENTERS SPECIAL CARE 7,240,000 0 7,240,000
BOARD OF REGENTS UNIVERSITY OF TEXAS 3,746,000 0 3,746,000
BRAZOS RVR, TX AMT (M1/D) 0 800,000 800,000
BURKE COUNTY DEVELOPMENT AUTHORITY 4,000,000 0 4,000,000
BUSINESS FINANCE AUTHORITY OF NEW HAMPSHIRE 3,500,000 0 3,500,000
BUSINESS FINANCE AUTHORITY OF NEW HAMPSHIRE 3,000,000 0 3,000,000
BUTLER CTY, KS AMT (MB/D) 0 200,000 200,000
CALIFORNIA HIGHER EDUCATION LOAN AUTHORITY 1,000,000 0 1,000,000
CALIFORNIA SERIES 1994-95A RAN 3,004,352 1,001,891 4,006,243
CALIFORNIA SERIES 1994-95B RAN 5,000,000 0 5,000,000
CALLAWAY CNTY, MO 0 800,000 800,000
CHESTERFIELD COUNTY IDA 1,000,000 0 1,000,000
CHICAGO GAS SUPPLY 2,000,000 0 2,000,000
CHICAGO GO TENDER NOTES SERIES 1994 2,000,000 0 2,000,000
CHICAGO O'HARE INTERNATIONAL AIRPORT 1,400,000 0 1,400,000
CITY & COUNTY OF DENVER AIRPORT SYSTEM BOND 4,375,000 0 4,375,000
CITY & COUNTY OF DENVER AIRPORT SYSTEM BOND 2,700,000 0 2,700,000
CLARK COUNTY PCR MUNICIPAL BOND 2,500,000 0 2,500,000
COMMONWEALTH OF MASSACHUSETS GO NOTES 2,504,006 0 2,504,006
CONNEAUT PA. (GO) 0 401,762 401,762
CONNECTICUT HOUSING FINANCE AUTHORITY 2,500,000 0 2,500,000
CORPUS CHRISTI PORT AUTHORITY 5,500,000 0 5,500,000
DALLAS-FORT WORTH INTERNATIONAL AIRPORT 6,500,000 0 6,500,000
DELAWARE COUNTY IDA PCR 3,300,000 0 3,300,000
DELAWARE CO.,PA (M1/D) 0 1,300,000 1,300,000
DELAWARE STATE HSG. (AMT) 0 330,000 330,000
DIST OF COLUMBIA (M1/D) 0 1,600,000 1,600,000
DIST OF COLUMBIA (MB/D) 0 200,000 200,000
DISTRICT OF COLUMBIA HOSPITAL 1,300,000 0 1,300,000
DISTRICT OF COLUMBIA (THE AMERICAN UNIVERSITY PROJECT) 700,000 0 700,000
ELIZABETH, NJ (GO) 0 535,000 535,000
FARMINGTON PCR (ARIZONA PUBLIC SERVICE CO.) 1,500,000 0 1,500,000
FLORIDA ST. AMT (MB/TH) 0 1,000,000 1,000,000
FORSYTH PCR (PORTLAND GENERAL ELECTRIC COMPANY PROJECT) 1,200,000 0 1,200,000
FORT WAYNE HOSPITAL AUTHORITY 300,000 0 300,000
GRAND RAPIDS (Q1/W) 0 1,500,000 1,500,000
GRAND RAPIDS, MI. (MB/W) 0 2,000,000 2,000,000
GULF COAST. TX. AMT (MB/D) 0 500,000 500,000
HARRIS COUNTY HEALTH FACILITIES DEVELOPMENT CORPORATION 4,600,000 0 4,600,000
</TABLE>
<PAGE> 4
<TABLE>
<CAPTION>
PNC MUNICIPAL MONEY MARKET PORTFOLIO
COMPASS MUNICIPAL MONEY FUND PAR (000)
PRO-FORMA SCHEDULE OF INVESTMENTS ------------------------------------
MARCH 31, 1995 PNC COMPASS
(UNAUDITED) MUNICIPAL MUNICIPAL
MONEY MARKET MONEY PRO-FORMA
RATE MATURITY PORTFOLIO FUND COMBINED
----- -------- ----------- ------- ---------
<S> <C> <C> <C> <C> <C>
HAWAII REFUNDING TOPSTAR CUSTODIAL RECEIPTS 4.35 04/07/95 5,400 0 5,400
HAWAII ST BUDGET(MB$) 4.00 04/03/95 0 1,900 1,900
HENRICO CNTY, VA (M1/D) 4.50 04/07/95 0 400 400
HOWARD COUNTY, MD (MB$) 4.05 04/03/95 0 300 300
IDAHO HSG. FIN. AUTH RB 5.00 07/01/95 0 1,500 1,500
ILLINOIS DEVELOPMENT FINANCE AUTHORITY 4.10 05/31/95 2,600 0 2,600
ILLINOIS DEVELOPMENT FINANCE AUTHORITY 4.05 04/07/95 3,410 0 3,410
ILLINOIS EDUCATION FACILITIES AUTHORITY 4.25 04/07/95 3,000 0 3,000
ILLINOIS HEALTH FACILITIES AUTHORITY 4.20 04/07/95 1,000 0 1,000
ILLINOIS HEALTH FACILITIES AUTHORITY 4.65 02/15/96 3,000 0 3,000
INDIANA STATE HOUSING FINANCE AUTHORITY 4.30 07/03/95 1,290 0 1,290
JEFFERSON, CO (GO) 8.20 12/15/95 0 440 440
KANSAS CITY IDA 4.50 04/07/95 1,400 0 1,400
KANSAS CITY, MO 4.25 04/03/95 0 2,000 2,000
LAWRENCE COUNTY PCR 4.25 04/07/95 5,700 0 5,700
LEHIGH, PA(MB$) 4.00 04/03/95 0 900 900
LOS ANGELES COUNTY SERIES 1994 TRAN 4.50 06/30/95 4,000 0 4,000
LOS ANGELES COUNTY SERIES 1994 TRAN 4.50 06/30/95 3,000 0 3,000
LOUISIANA GO TOPSTAR CUSTODIAL RECEIPTS 4.35 04/07/95 3,000 0 3,000
MARION CNTY (MW/W) (AMT) 4.35 04/07/95 0 1,800 1,800
MARYLAND HLTH. (TECP) 3.90 05/11/95 0 1,000 1,000
MAYSVILLE SOLID WASTE DISPOSAL FACILITIES 4.00 04/05/95 1,000 0 1,000
MERCER COUNTY UNITED POWER ASSOCIATION PROJECT 4.35 09/01/95 2,000 0 2,000
MICHIGAN STATE IDA (MW/W) 3.90 04/03/95 0 1,000 1,000
MINNEAPOLIS ST PAUL MN RB 4.60 08/01/95 0 985 985
MISSOURI STATE (RB) 3.75 06/01/95 0 500 500
MONTANA STATE AMT 4.63 10/01/95 0 900 900
MONTGOMERY CNTY, OH (BAN) 4.00 04/27/95 0 1,000 1,000
MONTGOMERY COUNTY PUBLIC BUILDING AUTHORITY GO 4.30 04/07/95 3,000 0 3,000
MONT. TWP. NJ (TANS) 5.00 03/01/96 0 1,500 1,500
MUNICIPAL ASSOCIATION POOLED BONDS 4.13 04/07/95 1,020 0 1,020
MUSKOGEE INDUSTRIAL TRUST PCR 4.20 04/07/95 3,000 0 3,000
NASSAU CNTY, NY (BANS) 5.25 11/15/95 0 1,000 1,000
NEW HAMPSHIRE HIGHER EDUCATION & HEALTH FACILITIES 4.10 04/07/95 4,900 0 4,900
NEW HAMPSHIRE STATE IDA SOLID WASTE DISPOSAL FACILITY 4.50 09/01/95 9,700 0 9,700
NEW JERSEY SERIES 1994A TRAN 5.00 06/15/95 2,000 0 2,000
NEW YORK CITY GO SERIES 1995B DN 4.06 04/07/95 8,000 0 8,000
NEW YORK, NY 4.00 10/01/95 0 500 500
NORTH CAROLINA EASTERN MUNICIPAL POWER AGENCY 4.15 04/12/95 1,650 0 1,650
NORTH CAROLINA MEDICAL CARE COMMISSION HOSPITAL 4.55 04/03/95 1,700 0 1,700
NORTHVILLE IDA (THRIFTY NORTHVILLE PROJECT) 4.33 04/07/95 2,000 0 2,000
OAK CREEK PCRB 4.20 04/07/95 2,700 0 2,700
OHIO STATE (GO) 5.70 05/15/95 0 1,000 1,000
PA HIGHER ED (MB/W) AMT 4.20 04/07/95 0 400 400
PETERSBURG POLUTION CONTROL REVENUE BOND 4.30 05/01/95 2,700 0 2,700
PHILADELPHIA HOSP. (RB) 3.75 05/01/95 0 535 535
<CAPTION>
PNC MUNICIPAL MONEY MARKET PORTFOLIO
COMPASS MUNICIPAL MONEY FUND VALUE AT MARCH 31, 1995
PRO-FORMA SCHEDULE OF INVESTMENTS --------------------------------------------------
MARCH 31, 1995 PNC COMPASS
(UNAUDITED) MUNICIPAL MUNICIPAL
MONEY MARKET MONEY PRO-FORMA
PORTFOLIO FUND COMBINED
------------- ----------- --------
<S> <C> <C> <C>
HAWAII REFUNDING TOPSTAR CUSTODIAL RECEIPTS 5,400,000 0 5,400,000
HAWAII ST BUDGET(MB$) 0 1,900,000 1,900,000
HENRICO CNTY, VA (M1/D) 0 400,000 400,000
HOWARD COUNTY, MD (MB$) 0 300,000 300,000
IDAHO HSG. FIN. AUTH RB 0 1,500,000 1,500,000
ILLINOIS DEVELOPMENT FINANCE AUTHORITY 2,600,000 0 2,600,000
ILLINOIS DEVELOPMENT FINANCE AUTHORITY 3,410,000 0 3,410,000
ILLINOIS EDUCATION FACILITIES AUTHORITY 3,000,000 0 3,000,000
ILLINOIS HEALTH FACILITIES AUTHORITY 1,000,000 0 1,000,000
ILLINOIS HEALTH FACILITIES AUTHORITY 3,000,000 0 3,000,000
INDIANA STATE HOUSING FINANCE AUTHORITY 1,290,000 0 1,290,000
JEFFERSON, CO (GO) 0 451,709 451,709
KANSAS CITY IDA 1,400,000 0 1,400,000
KANSAS CITY, MO 0 2,000,000 2,000,000
LAWRENCE COUNTY PCR 5,700,000 0 5,700,000
LEHIGH, PA(MB$) 0 900,000 900,000
LOS ANGELES COUNTY SERIES 1994 TRAN 4,006,171 0 4,006,171
LOS ANGELES COUNTY SERIES 1994 TRAN 3,001,019 0 3,001,019
LOUISIANA GO TOPSTAR CUSTODIAL RECEIPTS 3,000,000 0 3,000,000
MARION CNTY (MW/W) (AMT) 0 1,800,000 1,800,000
MARYLAND HLTH. (TECP) 0 1,000,000 1,000,000
MAYSVILLE SOLID WASTE DISPOSAL FACILITIES 1,000,000 0 1,000,000
MERCER COUNTY UNITED POWER ASSOCIATION PROJECT 2,000,000 0 2,000,000
MICHIGAN STATE IDA (MW/W) 0 1,000,000 1,000,000
MINNEAPOLIS ST PAUL MN RB 0 985,000 985,000
MISSOURI STATE (RB) 0 500,000 500,000
MONTANA STATE AMT 0 900,000 900,000
MONTGOMERY CNTY, OH (BAN) 0 1,000,378 1,000,378
MONTGOMERY COUNTY PUBLIC BUILDING AUTHORITY GO 3,000,000 0 3,000,000
MONT. TWP. NJ (TANS) 0 1,503,937 1,503,937
MUNICIPAL ASSOCIATION POOLED BONDS 1,020,000 0 1,020,000
MUSKOGEE INDUSTRIAL TRUST PCR 3,000,000 0 3,000,000
NASSAU CNTY, NY (BANS) 0 1,006,277 1,006,277
NEW HAMPSHIRE HIGHER EDUCATION & HEALTH FACILITIES 4,900,000 0 4,900,000
NEW HAMPSHIRE STATE IDA SOLID WASTE DISPOSAL FACILITY 9,700,000 0 9,700,000
NEW JERSEY SERIES 1994A TRAN 2,003,789 0 2,003,789
NEW YORK CITY GO SERIES 1995B DN 8,000,000 0 8,000,000
NEW YORK, NY 0 498,656 498,656
NORTH CAROLINA EASTERN MUNICIPAL POWER AGENCY 1,650,000 0 1,650,000
NORTH CAROLINA MEDICAL CARE COMMISSION HOSPITAL 1,700,000 0 1,700,000
NORTHVILLE IDA (THRIFTY NORTHVILLE PROJECT) 2,000,000 0 2,000,000
OAK CREEK PCRB 2,700,000 0 2,700,000
OHIO STATE (GO) 0 1,002,412 1,002,412
PA HIGHER ED (MB/W) AMT 0 400,000 400,000
PETERSBURG POLUTION CONTROL REVENUE BOND 2,700,000 0 2,700,000
PHILADELPHIA HOSP. (RB) 0 535,000 535,000
</TABLE>
<PAGE> 5
<TABLE>
<CAPTION>
PNC MUNICIPAL MONEY MARKET PORTFOLIO
COMPASS MUNICIPAL MONEY FUND PAR (000)
PRO-FORMA SCHEDULE OF INVESTMENTS -----------------------------------
MARCH 31, 1995 PNC COMPASS
(UNAUDITED) MUNICIPAL MUNICIPAL
MONEY MARKET MONEY PRO-FORMA
RATE MATURITY PORTFOLIO FUND COMBINED
----- -------- ----------- ------- ---------
<S> <C> <C> <C> <C> <C>
PHOENIX IDA MULTIFAMILY HOUSING 4.05 04/07/95 75 0 75
PLAQUMINES PORT HARBOR FACILITY 4.00 04/26/95 2,525 0 2,525
PORT CITY MEDICAL CLINIC BOARD OF MOBILE 4.10 05/09/95 2,600 0 2,600
PORT CITY MEDICAL CLINIC BOARD OF MOBILE 4.00 05/01/95 1,000 0 1,000
PUERTO RICO (TECP) 3.90 04/07/95 0 1,000 1,000
PUTNAM COUNTY DEVELOPMENT AUTHORITY 4.25 06/15/95 2,000 0 2,000
RICHMOND VA. (RANS) 5.50 06/30/95 0 1,000 1,000
SALT LAKE CITY POOLED HOSPITAL 4.15 04/10/95 5,705 0 5,705
SAYRE HEALTH CARE (MB/W) 4.00 04/07/95 0 800 800
SAYRE, PA (MB/W) 4.00 04/07/95 0 800 800
SCHUYLKILL CO., PA (M1/D) 4.60 04/03/95 0 1,100 1,100
SOUTH DAKOTE HOUSING AUTHORITY 4.95 12/13/95 2,000 0 2,000
SULIVAN FLOATING FIXED RATE MUNICIPAL BOND 4.15 04/07/95 1,110 0 1,110
TEXAS PUBLIC FINANCE AUTHORITY 4.40 04/03/95 4,000 0 4,000
TEXAS SERIES 1994 TRAN 5.00 08/31/95 2,000 0 2,000
TEXAS STATE (TRAN) 5.00 08/31/95 0 2,000 2,000
TURNER CO., GA (MB$) 4.05 04/03/95 0 200 200
UNIVERSITY OF MINNESOTA 4.50 08/01/95 3,000 0 3,000
UNIVERSITY OF MINNESOTA 4.25 05/15/95 2,000 0 2,000
UTAH HOUSING FINANCE AGENCY 4.25 04/07/95 5,500 0 5,500
UTAH STATE HOUSING AMT RB 4.80 08/01/95 0 1,160 1,160
VALDEZ MARINE TERMINAL REFUNDING BOND 4.30 05/01/95 2,125 0 2,125
VALDEZ MARINE TERMINAL REFUNDING BOND 4.25 05/05/95 1,000 0 1,000
VILLAGE OF NORTH AURORA IDA 4.30 04/07/95 2,000 0 2,000
VIRGINIA HOUSING AUTHORITY 4.20 05/11/95 2,500 0 2,500
VIRGINIA STATE TRANS (RB) 5.80 05/15/95 0 1,000 1,000
WASHINGTON PUBLIC POWER SUPPLY SYSTEM 4.25 04/07/95 10,400 0 10,400
WISCONSIN ST. (GO) 6.10 05/01/95 0 1,000 1,000
WIS. HSG. AMT 4.60 04/03/95 0 1,500 1,500
TOTAL INVESTMENTS
<CAPTION>
PNC MUNICIPAL MONEY MARKET PORTFOLIO
COMPASS MUNICIPAL MONEY FUND VALUE AT MARCH 31, 1995
PRO-FORMA SCHEDULE OF INVESTMENTS ---------------------------------------------------
MARCH 31, 1995 PNC COMPASS
(UNAUDITED) MUNICIPAL MUNICIPAL
MONEY MARKET MONEY PRO-FORMA
PORTFOLIO FUND COMBINED
------------- ----------- --------
<S> <C> <C> <C>
PHOENIX IDA MULTIFAMILY HOUSING 75,000 0 75,000
PLAQUMINES PORT HARBOR FACILITY 2,525,000 0 2,525,000
PORT CITY MEDICAL CLINIC BOARD OF MOBILE 2,600,000 0 2,600,000
PORT CITY MEDICAL CLINIC BOARD OF MOBILE 1,000,000 0 1,000,000
PUERTO RICO (TECP) 0 1,000,000 1,000,000
PUTNAM COUNTY DEVELOPMENT AUTHORITY 2,000,000 0 2,000,000
RICHMOND VA. (RANS) 0 1,002,614 1,002,614
SALT LAKE CITY POOLED HOSPITAL 5,705,000 0 5,705,000
SAYRE HEALTH CARE (MB/W) 0 800,000 800,000
SAYRE, PA (MB/W) 0 800,000 800,000
SCHUYLKILL CO., PA (M1/D) 0 1,100,000 1,100,000
SOUTH DAKOTE HOUSING AUTHORITY 2,000,000 0 2,000,000
SULIVAN FLOATING FIXED RATE MUNICIPAL BOND 1,110,000 0 1,110,000
TEXAS PUBLIC FINANCE AUTHORITY 4,000,000 0 4,000,000
TEXAS SERIES 1994 TRAN 2,002,073 0 2,002,073
TEXAS STATE (TRAN) 0 2,006,012 2,006,012
TURNER CO., GA (MB$) 0 200,000 200,000
UNIVERSITY OF MINNESOTA 3,000,000 0 3,000,000
UNIVERSITY OF MINNESOTA 2,000,000 0 2,000,000
UTAH HOUSING FINANCE AGENCY 5,500,000 0 5,500,000
UTAH STATE HOUSING AMT RB 0 1,160,000 1,160,000
VALDEZ MARINE TERMINAL REFUNDING BOND 2,125,000 0 2,125,000
VALDEZ MARINE TERMINAL REFUNDING BOND 1,000,000 0 1,000,000
VILLAGE OF NORTH AURORA IDA 2,000,000 0 2,000,000
VIRGINIA HOUSING AUTHORITY 2,500,000 0 2,500,000
VIRGINIA STATE TRANS (RB) 0 1,001,513 1,001,513
WASHINGTON PUBLIC POWER SUPPLY SYSTEM 10,400,000 0 10,400,000
WISCONSIN ST. (GO) 0 1,001,369 1,001,369
WIS. HSG. AMT 0 1,500,000 1,500,000
TOTAL INVESTMENTS $224,892,411 $47,292,316 $272,184,727
============ =========== ============
</TABLE>
See Accompanying Notes to Proforma Financial Statements
<PAGE> 6
<TABLE>
<CAPTION>
PNC PENNSYLVANIA MUNICIPAL MONEY MARKET PORTFOLIO
COMPASS PENNSYLVANIA MUNICIPAL MONEY FUND PAR (000)
PRO-FORMA SCHEDULE OF INVESTMENTS ------------------------------------------------
MARCH 31, 1995 PNC COMPASS
PENNSYLVANIA PENNSYLVANIA
(UNAUDITED) MUNICIPAL MUNICIPAL
MONEY MARKET MONEY PRO-FORMA
RATE MATURITY PORTFOLIO FUND COMBINED
----- --------- --------------- ------------ -----------
<S> <C> <C> <C> <C> <C>
ALLEGHENY COUNTY, PA 4.03 % 04/07/95 $360 $0 $360
ALLEGHENY COUNTY, PA 3.70 06/01/95 0 1,075 1,075
ALLEGHENY COUNTY, PA 4.10 07/03/95 0 1,000 1,000
ALLEGHENY COUNTY, PA 4.80 10/17/95 2,000 0 2,000
ALLEGHENY COUNTY, PA 4.75 11/30/95 6,000 0 6,000
ALLEGHENY COUNTY, PA 4.40 12/07/95 5,000 0 5,000
BEAVER COUNTY IDA PCRB 4.25 04/07/95 9,600 500 10,100
BEAVER COUNTY IDA PCRB 4.35 04/13/95 1,500 0 1,500
BEAVER COUNTY IDA PCRB 4.20 05/03/95 3,250 0 3,250
BEAVER COUNTY IDA PCRB 4.00 05/12/95 2,500 0 2,500
BEAVER COUNTY IDA PCRB 4.30 05/12/95 2,000 0 2,000
BEAVER COUNTY IDA PCRB 4.45 05/12/95 300 0 300
BEAVER COUNTY IDA PCRB 4.35 08/09/95 4,900 0 4,900
BEDFORD COUNTY IDA IDRB 4.05 04/07/95 2,000 0 2,000
BERKS CNTY PA 4.10 04/03/95 0 700 700
BERKS CNTY PA 4.20 04/07/95 300 0 300
BLACKHAWK, PENN (GO) 6.35 07/15/95 0 495 495
BRADFORD COUNTY IDA 4.10 04/03/95 2,200 0 2,200
BRAZOS RVR, TX AMT (M1/D) 4.75 04/07/95 0 500 500
BUCKS COUNTY IDA 4.15 04/07/95 1,300 0 1,300
BUCKS COUNTY IDA 4.25 04/07/95 1,505 0 1,505
CAMBRIA COUNTY IDA 4.25 04/07/95 6,200 0 6,200
CARBON COUNTY IDA RESOURCE RECOVERY 4.00 05/11/95 0 500 500
CARBON COUNTY IDA RESOURCE RECOVERY 4.15 04/10/95 300 0 300
CARBON COUNTY IDA RESOURCE RECOVERY 4.20 04/12/95 2,000 0 2,000
CARBON COUNTY IDA RESOURCE RECOVERY 4.35 04/13/95 2,000 0 2,000
CARBON COUNTY IDA RESOURCE RECOVERY 4.00 05/09/95 500 0 500
CARBON COUNTY IDA RESOURCE RECOVERY 3.95 05/10/95 750 0 750
CARBON COUNTY IDA RESOURCE RECOVERY 4.45 05/12/95 2,810 0 2,810
CARBON COUNTY IDA RESOURCE RECOVERY 4.30 05/26/95 1,200 0 1,200
CARBON COUNTY IDA RESOURCE RECOVERY 4.15 06/09/95 1,355 0 1,355
CARBON COUNTY IDA RESOURCE RECOVERY 4.35 08/08/95 2,550 0 2,550
CARBON COUNTY IDA RESOURCE RECOVERY 4.35 08/09/95 1,400 0 1,400
CARBON COUNTY IDA RESOURCE RECOVERY 4.40 08/15/95 5,000 0 5,000
CHARTIERS VALLEY, PA 4.00 04/03/95 0 200 200
CHESTER CNTY, PA (M1/W) 4.20 04/07/95 0 1,200 1,200
CITY OF PHILA. (TRAN) 4.75 06/15/95 0 1,000 1,000
COMMONWEALTH PA 5.50 11/15/95 0 1,000 1,000
CONNEAUT PA. (GO) 9.75 05/01/95 0 600 600
CUMBERLAND COUNTY IDA 4.75 04/07/95 1,000 0 1,000
CUMBERLAND COUNTY MUNI AUTHORITY 4.13 04/07/95 6,000 0 6,000
DELAWARE CNTY PA 4.45 04/07/95 0 700 700
DELAWARE COUNTY IDA MB 3.75 05/11/95 1,000 0 1,000
DELAWARE COUNTY IDA PCRB 4.25 04/07/95 6,500 0 6,500
DELAWARE COUNTY IDA PCRB 4.30 04/07/95 9,900 1,900 11,800
DELAWARE COUNTY IDA PCRB 4.60 04/07/95 0 600 600
DELAWARE COUNTY IDA PCRB 4.30 04/21/95 2,000 0 2,000
<CAPTION>
PNC PENNSYLVANIA MUNICIPAL MONEY MARKET PORTFOLIO
COMPASS PENNSYLVANIA MUNICIPAL MONEY FUND VALUE AT MARCH 31, 1995
PRO-FORMA SCHEDULE OF INVESTMENTS --------------------------------------------------
MARCH 31, 1995 PNC COMPASS
PENNSYLVANIA PENNSYLVANIA
(UNAUDITED) MUNICIPAL MUNICIPAL
MONEY MARKET MONEY PRO-FORMA
PORTFOLIO FUND COMBINED
-------------- -------------- -------------
<S> <C> <C> <C>
ALLEGHENY COUNTY, PA $360,000 $0 $360,000
ALLEGHENY COUNTY, PA 0 1,075,000 1,075,000
ALLEGHENY COUNTY, PA 0 999,737 999,737
ALLEGHENY COUNTY, PA 2,000,000 0 2,000,000
ALLEGHENY COUNTY, PA 6,000,000 0 6,000,000
ALLEGHENY COUNTY, PA 5,000,000 0 5,000,000
BEAVER COUNTY IDA PCRB 9,600,000 500,000 10,100,000
BEAVER COUNTY IDA PCRB 1,500,000 0 1,500,000
BEAVER COUNTY IDA PCRB 3,250,000 0 3,250,000
BEAVER COUNTY IDA PCRB 2,500,000 0 2,500,000
BEAVER COUNTY IDA PCRB 2,000,000 0 2,000,000
BEAVER COUNTY IDA PCRB 300,000 0 300,000
BEAVER COUNTY IDA PCRB 4,900,000 0 4,900,000
BEDFORD COUNTY IDA IDRB 2,000,000 0 2,000,000
BERKS CNTY PA 0 700,000 700,000
BERKS CNTY PA 300,000 0 300,000
BLACKHAWK, PENN (GO) 0 497,729 497,729
BRADFORD COUNTY IDA 2,200,000 0 2,200,000
BRAZOS RVR, TX AMT (M1/D) 0 500,000 500,000
BUCKS COUNTY IDA 1,300,000 0 1,300,000
BUCKS COUNTY IDA 1,505,000 0 1,505,000
CAMBRIA COUNTY IDA 6,200,000 0 6,200,000
CARBON COUNTY IDA RESOURCE RECOVERY 0 500,000 500,000
CARBON COUNTY IDA RESOURCE RECOVERY 300,000 0 300,000
CARBON COUNTY IDA RESOURCE RECOVERY 2,000,000 0 2,000,000
CARBON COUNTY IDA RESOURCE RECOVERY 2,000,000 0 2,000,000
CARBON COUNTY IDA RESOURCE RECOVERY 500,000 0 500,000
CARBON COUNTY IDA RESOURCE RECOVERY 750,000 0 750,000
CARBON COUNTY IDA RESOURCE RECOVERY 2,810,000 0 2,810,000
CARBON COUNTY IDA RESOURCE RECOVERY 1,200,000 0 1,200,000
CARBON COUNTY IDA RESOURCE RECOVERY 1,355,000 0 1,355,000
CARBON COUNTY IDA RESOURCE RECOVERY 2,550,000 0 2,550,000
CARBON COUNTY IDA RESOURCE RECOVERY 1,400,000 0 1,400,000
CARBON COUNTY IDA RESOURCE RECOVERY 5,000,000 0 5,000,000
CHARTIERS VALLEY, PA 0 200,000 200,000
CHESTER CNTY, PA (M1/W) 0 1,200,000 1,200,000
CITY OF PHILA. (TRAN) 0 1,001,784 1,001,784
COMMONWEALTH PA 0 1,005,940 1,005,940
CONNEAUT PA. (GO) 0 602,641 602,641
CUMBERLAND COUNTY IDA 1,000,000 0 1,000,000
CUMBERLAND COUNTY MUNI AUTHORITY 6,000,000 0 6,000,000
DELAWARE CNTY PA 0 700,000 700,000
DELAWARE COUNTY IDA MB 1,000,000 0 1,000,000
DELAWARE COUNTY IDA PCRB 6,500,000 0 6,500,000
DELAWARE COUNTY IDA PCRB 9,900,000 1,900,000 11,800,000
DELAWARE COUNTY IDA PCRB 0 600,000 600,000
DELAWARE COUNTY IDA PCRB 2,000,000 0 2,000,000
</TABLE>
<PAGE> 7
<TABLE>
<CAPTION>
PNC PENNSYLVANIA MUNICIPAL MONEY MARKET PORTFOLIO
COMPASS PENNSYLVANIA MUNICIPAL MONEY FUND PAR (000)
PRO-FORMA SCHEDULE OF INVESTMENTS -------------------------------------------------
MARCH 31, 1995 PNC COMPASS
PENNSYLVANIA PENNSYLVANIA
(UNAUDITED) MUNICIPAL MUNICIPAL
MONEY MARKET MONEY PRO-FORMA
RATE MATURITY PORTFOLIO FUND COMBINED
----- --------- --------------- ------------ -----------
<S> <C> <C> <C> <C> <C>
DELAWARE COUNTY IDA PCRB 4.00 05/01/95 900 0 900
DELAWARE COUNTY IDA PCRB 4.20 05/11/95 4,200 0 4,200
DELAWARE COUNTY IDA PCRB 4.00 05/19/95 1,300 0 1,300
DELAWARE CTY (M1/D) 4.45 04/07/95 0 2,000 2,000
EAST HEMPFIELD TOWNSHIP IDA 4.25 04/07/95 500 0 500
EMMAUS GENERAL AUTHORITY 4.25 04/07/95 15,400 0 15,400
HARRISBURG REDEVELOPMENT AUTHORITY 3.95 04/07/95 4,500 0 4,500
LEHIGH COUNTY AUTHORITY 4.10 04/07/95 6,725 0 6,725
LEHIGH COUNTY IDA PCRB 4.15 04/07/95 100 0 100
LEHIGH, PA 4.00 04/07/95 0 900 900
LITTLESTOWN IDA 4.30 04/07/95 2,000 0 2,000
LUZERNE, PA (MW/W) AMT 4.20 04/01/98 0 500 500
MONTGOMERY COUNTY IDA 4.10 04/07/95 4,800 0 4,800
MONTGOMERY COUNTY IDA 3.85 04/27/95 1,000 0 1,000
MONTGOMERY COUNTY IDA 4.13 04/07/95 0 500 500
MONTGOMERY COUNTY IDA 4.20 04/07/95 2,800 0 2,800
MONTGOMERY COUNTY IDA 4.25 05/04/95 0 2,000 2,000
MONTGOMERY COUNTY IDA 3.90 06/01/95 2,000 0 2,000
NORTHAMPTON COUNTY IDA IDRB 4.00 06/08/95 2,000 0 2,000
NORTHEASTERN, PA (TECP) 4.10 04/07/95 4,000 0 4,000
NORTHEASTERN, PA (TECP) 4.10 04/13/95 0 600 600
NORTHUMBERLAND COUNTY IDA 4.40 04/07/95 4,590 0 4,590
PA HSG. FIN. AGY. AMT RB 3.80 04/03/95 0 500 500
PA STATE (TANS) 4.75 06/30/95 0 2,000 2,000
PA STATE HIGHER ED (RB) 6.40 05/01/95 0 585 585
PENN STATE HIGHER ED (RB) 6.50 05/01/95 0 250 250
PENN STATE (GO) 4.80 06/15/95 0 2,000 2,000
PENNSYLVANIA COMMONWEALTH TANS 4.75 06/30/95 15,850 0 15,850
PENNSYLVANIA ENERGY AUTHORITY 4.25 04/05/95 6,550 0 6,550
PENNSYLVANIA ENERGY AUTHORITY 4.25 04/07/95 9,090 710 9,800
PENNSYLVANIA HIGHER EDUCATION 3.24 04/03/95 2,000 0 2,000
PENNSYLVANIA HIGHER EDUCATION 4.20 04/05/95 5,000 0 5,000
PENNSYLVANIA HIGHER EDUCATION 3.85 04/07/95 1,500 0 1,500
PENNSYLVANIA HIGHER EDUCATION 4.20 04/07/95 16,920 1,700 18,620
PENNSYLVANIA STATE (GO) 3.00 05/01/95 0 825 825
PENN. HSG. (AMT) 4.88 04/01/96 0 2,000 2,000
PENN. STATE (GO) 5.70 08/01/95 0 375 375
PENN. STATE (GO) 6.50 05/01/95 0 500 500
PENN. STATE (GO) 6.50 06/01/95 0 500 500
PENN. STATE. (GO) 5.70 08/01/95 0 625 625
PENN. ST. IDA 5.00 01/01/96 0 1,250 1,250
PHIL PA. SCH. DIST 3.75 07/01/95 0 1,000 1,000
PHILA PA AUTH IDA (MB/TH) 4.20 04/03/95 0 600 600
PHILADELPHIA AUTHORITY IDRB 4.15 04/07/95 1,400 0 1,400
PHILADELPHIA GAS WORKS TECP 3.85 05/09/95 1,800 0 1,800
PHILADELPHIA GAS WORKS TECP 4.00 08/01/95 6,000 0 6,000
PHILADELPHIA GO 4.15 04/06/95 5,000 0 5,000
<CAPTION>
PNC PENNSYLVANIA MUNICIPAL MONEY MARKET PORTFOLIO
COMPASS PENNSYLVANIA MUNICIPAL MONEY FUND VALUE AT MARCH 31, 1995
PRO-FORMA SCHEDULE OF INVESTMENTS ---------------------------------------------------
MARCH 31, 1995 PNC COMPASS
PENNSYLVANIA PENNSYLVANIA
(UNAUDITED) MUNICIPAL MUNICIPAL
MONEY MARKET MONEY PRO-FORMA
PORTFOLIO FUND COMBINED
-------------- -------------- -------------
<S> <C> <C> <C>
DELAWARE COUNTY IDA PCRB 900,000 0 900,000
DELAWARE COUNTY IDA PCRB 4,200,000 0 4,200,000
DELAWARE COUNTY IDA PCRB 1,300,000 0 1,300,000
DELAWARE CTY (M1/D) 0 2,000,000 2,000,000
EAST HEMPFIELD TOWNSHIP IDA 500,000 0 500,000
EMMAUS GENERAL AUTHORITY 15,400,000 0 15,400,000
HARRISBURG REDEVELOPMENT AUTHORITY 4,500,000 0 4,500,000
LEHIGH COUNTY AUTHORITY 6,725,000 0 6,725,000
LEHIGH COUNTY IDA PCRB 100,000 0 100,000
LEHIGH, PA 0 900,000 900,000
LITTLESTOWN IDA 2,000,000 0 2,000,000
LUZERNE, PA (MW/W) AMT 0 500,000 500,000
MONTGOMERY COUNTY IDA 4,800,000 0 4,800,000
MONTGOMERY COUNTY IDA 1,000,000 0 1,000,000
MONTGOMERY COUNTY IDA 0 500,000 500,000
MONTGOMERY COUNTY IDA 2,800,000 0 2,800,000
MONTGOMERY COUNTY IDA 0 2,000,000 2,000,000
MONTGOMERY COUNTY IDA 2,000,000 0 2,000,000
NORTHAMPTON COUNTY IDA IDRB 2,000,000 0 2,000,000
NORTHEASTERN, PA (TECP) 4,000,000 0 4,000,000
NORTHEASTERN, PA (TECP) 0 600,000 600,000
NORTHUMBERLAND COUNTY IDA 4,590,000 0 4,590,000
PA HSG. FIN. AGY. AMT RB 0 500,000 500,000
PA STATE (TANS) 0 2,003,439 2,003,439
PA STATE HIGHER ED (RB) 0 586,334 586,334
PENN STATE HIGHER ED (RB) 0 250,526 250,526
PENN STATE (GO) 0 2,001,535 2,001,535
PENNSYLVANIA COMMONWEALTH TANS 15,879,627 0 15,879,627
PENNSYLVANIA ENERGY AUTHORITY 6,550,000 0 6,550,000
PENNSYLVANIA ENERGY AUTHORITY 9,090,000 710,000 9,800,000
PENNSYLVANIA HIGHER EDUCATION 2,000,000 0 2,000,000
PENNSYLVANIA HIGHER EDUCATION 5,000,000 0 5,000,000
PENNSYLVANIA HIGHER EDUCATION 1,500,000 0 1,500,000
PENNSYLVANIA HIGHER EDUCATION 16,920,000 1,700,000 18,620,000
PENNSYLVANIA STATE (GO) 0 824,734 824,734
PENN. HSG. (AMT) 0 2,000,000 2,000,000
PENN. STATE (GO) 0 375,679 375,679
PENN. STATE (GO) 0 500,578 500,578
PENN. STATE (GO) 0 501,233 501,233
PENN. STATE. (GO) 0 626,132 626,132
PENN. ST. IDA 0 1,255,277 1,255,277
PHIL PA. SCH. DIST 0 999,129 999,129
PHILA PA AUTH IDA (MB/TH) 0 600,000 600,000
PHILADELPHIA AUTHORITY IDRB 1,400,000 0 1,400,000
PHILADELPHIA GAS WORKS TECP 1,800,000 0 1,800,000
PHILADELPHIA GAS WORKS TECP 6,000,000 0 6,000,000
PHILADELPHIA GO 5,000,000 0 5,000,000
</TABLE>
<PAGE> 8
<TABLE>
<CAPTION>
PNC PENNSYLVANIA MUNICIPAL MONEY MARKET PORTFOLIO
COMPASS PENNSYLVANIA MUNICIPAL MONEY FUND PAR (000)
PRO-FORMA SCHEDULE OF INVESTMENTS -----------------------------------------------
MARCH 31, 1995 PNC COMPASS
PENNSYLVANIA PENNSYLVANIA
(UNAUDITED) MUNICIPAL MUNICIPAL
MONEY MARKET MONEY PRO-FORMA
RATE MATURITY PORTFOLIO FUND COMBINED
----- --------- --------------- ------------ -----------
<S> <C> <C> <C> <C> <C>
PHILADELPHIA GO 4.05 06/09/95 1,000 0 1,000
PHILADELPHIA HOSPITAL 4.20 04/07/95 2,400 0 2,400
PHILADELPHIA IDA 3.50 04/07/95 3,000 0 3,000
PHILADELPHIA TRAN 4.75 06/15/95 1,000 0 1,000
PHILADELPHIA TRAN 4.75 06/30/95 0 1,000 1,000
PHILA., PA HOSPITALS 3.75 05/01/95 0 390 390
PITTSBURGH RB 6.40 10/01/95 0 500 500
PUERTO RICO GOVERNMENT DEV 4.10 04/07/95 500 0 500
PUERTO RICO INDUSTRIAL 4.05 04/07/95 2,800 0 2,800
PUERTO RICO INDUSTRIAL 4.20 04/13/95 1,700 0 1,700
PUERTO RICO INDUSTRIAL 3.85 04/19/95 8,800 0 8,800
PUERTO RICO INDUSTRIAL 3.95 05/01/95 1,000 0 1,000
PUERTO RICO INDUSTRIAL 4.00 09/01/95 600 0 600
QUAKERTOWN, PA (MB) 4.05 04/07/95 2,900 0 2,900
QUAKERTOWN, PA (MB) 4.15 04/07/95 0 300 300
RADNOR TOWNSHIP GO TRAN 6.00 12/29/95 1,500 0 1,500
SAYRE HEALTH CARE FACILITY 4.00 04/07/95 20,235 1,200 21,435
SCHUYKILL COUNTY IDA 4.60 04/03/95 22,600 2,800 25,400
SCHUYKILL COUNTY IDA 4.25 04/07/95 8,700 0 8,700
ST MARY HOSP AUTH (M1/D) 4.60 04/03/95 900 600 1,500
UNIVERSITY OF PITTSBURGH 3.90 04/07/95 500 0 500
VENANGO IDA RESOURCE RECOVERY 4.15 04/10/95 910 0 910
VENANGO IDA RESOURCE RECOVERY 4.35 04/13/95 3,150 0 3,150
VENANGO IDA RESOURCE RECOVERY 4.00 05/09/95 1,475 0 1,475
VENANGO IDA RESOURCE RECOVERY 4.30 05/12/95 950 0 950
VENANGO IDA RESOURCE RECOVERY 4.45 05/12/95 1,300 0 1,300
VENANGO IDA RESOURCE RECOVERY 4.15 06/09/95 1,300 0 1,300
VENANGO IDA RESOURCE RECOVERY 4.30 08/04/95 2,300 0 2,300
VENANGO IDA RESOURCE RECOVERY 4.35 08/09/95 1,500 0 1,500
WASHINGTON COUNTY AUTHORITY 4.25 04/05/95 4,400 0 4,400
W. CORNWALL, PA (MW/W) 4.37 04/07/95 0 1,000 1,000
W. WAYNE, PA (GO) 6.65 10/15/95 0 1,000 1,000
YORK COUNTY IDA PCRB 4.15 04/07/95 2,000 0 2,000
TOTAL INVESTMENTS
<CAPTION>
PNC PENNSYLVANIA MUNICIPAL MONEY MARKET PORTFOLIO
COMPASS PENNSYLVANIA MUNICIPAL MONEY FUND VALUE AT MARCH 31, 1995
PRO-FORMA SCHEDULE OF INVESTMENTS ---------------------------------------------------
MARCH 31, 1995 PNC COMPASS
PENNSYLVANIA PENNSYLVANIA
(UNAUDITED) MUNICIPAL MUNICIPAL
MONEY MARKET MONEY PRO-FORMA
PORTFOLIO FUND COMBINED
-------------- -------------- -------------
<S> <C> <C> <C>
PHILADELPHIA GO 1,000,000 0 1,000,000
PHILADELPHIA HOSPITAL 2,400,000 0 2,400,000
PHILADELPHIA IDA 3,000,000 0 3,000,000
PHILADELPHIA TRAN 1,001,405 0 1,001,405
PHILADELPHIA TRAN 0 1,000,417 1,000,417
PHILA., PA HOSPITALS 0 390,000 390,000
PITTSBURGH RB 0 504,194 504,194
PUERTO RICO GOVERNMENT DEV 500,000 0 500,000
PUERTO RICO INDUSTRIAL 2,800,000 0 2,800,000
PUERTO RICO INDUSTRIAL 1,700,000 0 1,700,000
PUERTO RICO INDUSTRIAL 8,800,000 0 8,800,000
PUERTO RICO INDUSTRIAL 1,000,000 0 1,000,000
PUERTO RICO INDUSTRIAL 600,245 0 600,245
QUAKERTOWN, PA (MB) 2,900,000 0 2,900,000
QUAKERTOWN, PA (MB) 0 300,000 300,000
RADNOR TOWNSHIP GO TRAN 1,510,675 0 1,510,675
SAYRE HEALTH CARE FACILITY 20,235,000 1,200,000 21,435,000
SCHUYKILL COUNTY IDA 22,600,000 2,800,000 25,400,000
SCHUYKILL COUNTY IDA 8,700,000 0 8,700,000
ST MARY HOSP AUTH (M1/D) 900,000 600,000 1,500,000
UNIVERSITY OF PITTSBURGH 500,000 0 500,000
VENANGO IDA RESOURCE RECOVERY 910,000 0 910,000
VENANGO IDA RESOURCE RECOVERY 3,150,000 0 3,150,000
VENANGO IDA RESOURCE RECOVERY 1,475,000 0 1,475,000
VENANGO IDA RESOURCE RECOVERY 950,000 0 950,000
VENANGO IDA RESOURCE RECOVERY 1,300,000 0 1,300,000
VENANGO IDA RESOURCE RECOVERY 1,300,000 0 1,300,000
VENANGO IDA RESOURCE RECOVERY 2,300,000 0 2,300,000
VENANGO IDA RESOURCE RECOVERY 1,500,000 0 1,500,000
WASHINGTON COUNTY AUTHORITY 4,400,000 0 4,400,000
W. CORNWALL, PA (MW/W) 0 1,000,000 1,000,000
W. WAYNE, PA (GO) 0 1,012,388 1,012,388
YORK COUNTY IDA PCRB 2,000,000 0 2,000,000
TOTAL INVESTMENTS $324,566,952 $42,724,427 $367,291,379
============ =========== ============
</TABLE>
See Accompanying Notes to Proforma Financial Statements
<PAGE> 9
<TABLE>
<CAPTION>
PNC MONEY MARKET PORTFOLIO
COMPASS CASH RESERVE FUND
PRO-FORMA SCHEDULE OF INVESTMENTS
MARCH 31, 1995
(UNAUDITED) PAR (000)
-----------------------------------------
PNC COMPASS
MONEY MARKET CASH RESERVE PRO-FORMA
SECURITY DESCRIPTION RATE MATURITY PORTFOLIO FUND COMBINED
--------------------- ----- --------- -------------- ------------ -----------
<S> <C> <C> <C> <C> <C>
ABN/AMRO CANADA YCP 6.14 % 06/16/95 $0 $10,000 $10,000
ABN/AMRO CANADA YCP 6.15 06/28/95 0 5,000 5,000
AMEX BK-FR MTN 6.13 05/23/95 0 10,000 10,000
AMEX BK-FR MTN 6.13 01/26/96 0 10,000 10,000
AMRO N.A. FINANCE, INC. 6.22 08/10/95 30,000 0 30,000
ASSOCIATES CORP NA (MTN) 4.19 05/05/95 0 2,000 2,000
AT&T CAP CORP (CP) 6.37 04/03/95 0 10,000 10,000
AT&T CORPORATION CP 6.08 05/16/95 0 5,000 5,000
BANK OF TOKYO TORONTO TD 6.13 04/28/95 0 10,000 10,000
BANQUE NATIONAL DE PARIS 7.03 02/09/96 25,000 0 25,000
BANQUE PARIBAS 6.14 05/10/95 25,000 0 25,000
BEAR STEARNS TREASURY RATE NOTE 6.03 04/04/95 15,000 0 15,000
BEAR STEARNS & CO. INC. 6.04 04/04/95 45,000 0 45,000
BETA FINANCE INC. 5.65 04/04/95 10,000 0 10,000
BETA FN 144A MTN LQ 6.36 04/20/95 0 11,000 11,000
BOWATER PLC CP 6.15 05/12/95 0 5,000 5,000
BROADWAY CAPITAL (4-2) CP 6.42 04/07/95 0 12,000 12,000
CIBC NY (YCD) 6.08 04/19/95 0 10,000 10,000
CIESCO L.P. 0.06 05/08/95 20,000 0 20,000
COMERICA BANK -DETROIT 5.93 04/04/95 50,000 0 50,000
CORPORATE RECEIVABLES CORP. 6.10 05/08/95 15,100 0 15,100
C.I.T. GROUP HOLDINGS, INC 6.10 06/29/95 25,000 0 25,000
DEUTSCHE BANK FINC'L YCP 5.86 05/01/95 0 5,000 5,000
ELI LILLY & CO. 6.20 06/01/95 20,000 0 20,000
FCC NAT'L BANK, DEL (T) 6.02 01/19/96 0 10,000 10,000
FHLB 6.79 02/15/96 0 10,000 10,000
FIRST NATIONAL BANK CHICAGO 6.31 04/03/95 45,000 0 45,000
FIRST NATIONAL BANK OF BOSTON 6.16 06/26/95 25,000 0 25,000
FNMA DISC NOTE 0.00 07/11/95 0 5,000 5,000
FORD MOTOR CREDIT CORP CP 6.24 04/28/95 0 9,500 9,500
FORD MOTOR CREDIT CORP. 6.16 09/11/95 40,000 0 40,000
GE CAPITAL CORP CP 6.48 04/13/95 0 5,000 5,000
GECC MTN 6.55 03/25/96 0 5,000 5,000
GECC FR MTN 6.40 01/10/96 0 10,000 10,000
GENERAL MOTORS ACCEPTANCE CORP. 6.08 04/07/95 25,000 0 25,000
GENERAL MOTORS ACCEPTANCE CORP. 6.10 05/02/95 25,000 0 25,000
GOLDMAN SACHS GROUP L.P. 6.44 04/08/95 47,000 0 47,000
GOLDMAN SACHS LIQUID 144A 6.36 04/18/95 0 10,000 10,000
INDUSTRIAL BANK OF JAPAN 6.28 04/28/95 25,000 0 25,000
INT'L LEASE FINANCE YCP 6.52 06/09/95 0 10,000 10,000
INT'L NEDERLANDEN YCP 6.06 04/24/95 0 5,050 5,050
J. P. MORGAN SECURITIES, INC. 6.18 04/10/95 55,000 0 55,000
LEHMAN BROTHERS HOLDINGS, INC. 6.40 06/07/95 50,000 0 50,000
MCA FUNDING 4-2 LIQ CP 6.34 09/12/95 0 8,000 8,000
MCA FUNDING LIQ. 4-2 CP 6.31 08/21/95 0 5,500 5,500
MCA FUNDING LIQ. 4-2 CP 6.61 07/25/95 0 7,300 7,300
<CAPTION>
PNC MONEY MARKET PORTFOLIO
COMPASS CASH RESERVE FUND
PRO-FORMA SCHEDULE OF INVESTMENTS
MARCH 31, 1995
(UNAUDITED) VALUE AT MARCH 31, 1995
------------------------------------------------
PNC COMPASS
MONEY MARKET CASH RESERVE PRO-FORMA
SECURITY DESCRIPTION PORTFOLIO FUND COMBINED
---------------------- -------------- -------------- -------------
<S> <C> <C> <C>
ABN/AMRO CANADA YCP $0 $9,872,278 $9,872,278
ABN/AMRO CANADA YCP 0 4,926,056 4,926,056
AMEX BK-FR MTN 0 10,000,000 10,000,000
AMEX BK-FR MTN 0 9,998,356 9,998,356
AMRO N.A. FINANCE, INC. 29,320,983 0 29,320,983
ASSOCIATES CORP NA (MTN) 0 1,998,240 1,998,240
AT&T CAP CORP (CP) 0 9,996,528 9,996,528
AT&T CORPORATION CP 0 4,962,500 4,962,500
BANK OF TOKYO TORONTO TD 0 10,000,000 10,000,000
BANQUE NATIONAL DE PARIS 25,003,147 0 25,003,147
BANQUE PARIBAS 25,001,574 0 25,001,574
BEAR STEARNS TREASURY RATE NOTE 15,000,000 0 15,000,000
BEAR STEARNS & CO. INC. 45,000,000 0 45,000,000
BETA FINANCE INC. 9,995,292 0 9,995,292
BETA FN 144A MTN LQ 0 11,000,000 11,000,000
BOWATER PLC CP 0 4,965,435 4,965,435
BROADWAY CAPITAL (4-2) CP 0 11,987,400 11,987,400
CIBC NY (YCD) 0 10,000,000 10,000,000
CIESCO L.P. 19,874,817 0 19,874,817
COMERICA BANK -DETROIT 49,973,885 0 49,973,885
CORPORATE RECEIVABLES CORP. 15,005,331 0 15,005,331
C.I.T. GROUP HOLDINGS, INC 24,622,986 0 24,622,986
DEUTSCHE BANK FINC'L YCP 0 4,976,292 4,976,292
ELI LILLY & CO. 19,789,889 0 19,789,889
FCC NAT'L BANK, DEL (T) 0 10,000,000 10,000,000
FHLB 0 10,024,096 10,024,096
FIRST NATIONAL BANK CHICAGO 44,996,240 0 44,996,240
FIRST NATIONAL BANK OF BOSTON 25,000,000 0 25,000,000
FNMA DISC NOTE 0 4,908,679 4,908,679
FORD MOTOR CREDIT CORP CP 0 9,456,324 9,456,324
FORD MOTOR CREDIT CORP. 38,884,356 0 38,884,356
GE CAPITAL CORP CP 0 4,989,417 4,989,417
GECC MTN 0 4,997,897 4,997,897
GECC FR MTN 0 9,998,372 9,998,372
GENERAL MOTORS ACCEPTANCE CORP. 24,932,444 0 24,932,444
GENERAL MOTORS ACCEPTANCE CORP. 24,868,681 0 24,868,681
GOLDMAN SACHS GROUP L.P. 47,000,000 0 47,000,000
GOLDMAN SACHS LIQUID 144A 0 10,000,000 10,000,000
INDUSTRIAL BANK OF JAPAN 25,000,185 0 25,000,185
INT'L LEASE FINANCE YCP 0 9,878,292 9,878,292
INT'L NEDERLANDEN YCP 0 5,030,642 5,030,642
J. P. MORGAN SECURITIES, INC. 55,000,000 0 55,000,000
LEHMAN BROTHERS HOLDINGS, INC. 50,000,000 0 50,000,000
MCA FUNDING 4-2 LIQ CP 0 7,775,867 7,775,867
MCA FUNDING LIQ. 4-2 CP 0 5,367,230 5,367,230
MCA FUNDING LIQ. 4-2 CP 0 7,150,756 7,150,756
</TABLE>
<PAGE> 10
<TABLE>
<CAPTION>
PNC MONEY MARKET PORTFOLIO
COMPASS CASH RESERVE FUND
PRO-FORMA SCHEDULE OF INVESTMENTS
MARCH 31, 1995
(UNAUDITED) PAR (000)
----------------------------------------
PNC COMPASS
MONEY MARKET CASH RESERVE PRO-FORMA
SECURITY DESCRIPTION RATE MATURITY PORTFOLIO FUND COMBINED
--------------------- ----- --------- -------------- ------------ -----------
<S> <C> <C> <C> <C> <C>
MCKENNA TRIANGLE NATIONAL CORP. 6.30 08/07/95 10,000 0 10,000
MERRILL LYNCH FR MTN Q/L 6.31 02/20/96 0 10,000 10,000
MERRILL LYNCH FR MTN (T) 6.11 03/25/96 0 5,000 5,000
MITSUBISHI INT'L CORP YCP 6.15 06/22/95 0 5,000 5,000
MITSUBISHI INT'L YCP 6.10 05/15/95 0 5,000 5,000
MORGAN STANLEY GROUP 6.22 08/21/95 15,000 0 15,000
MORGAN STANLEY GROUP 6.23 07/19/95 15,000 0 15,000
MORGAN STANLEY GROUP MTN C 5.92 04/04/95 30,000 0 30,000
MORGAN STANLEY & CO. REPURCHASE AGREEMENT 6.40 04/03/95 95,000 0 95,000
NAT WEST PLC NY YCD 6.08 04/14/95 0 5,000 5,000
NATIONAL CITY CORP. 6.07 06/27/95 20,000 0 20,000
NATIONSBANK NORTH CAROLINA 5.35 06/07/95 5,000 0 5,000
NATIONSBANK N.C. 5.65 07/21/95 0 10,000 10,000
NEW SO WALES TSY CORP YCP 6.16 06/30/95 0 5,000 5,000
NEW SO WALES TSY CORP YCP 6.17 06/07/95 0 10,000 10,000
NEWELL CO. 0.15 04/27/95 25,000 0 25,000
NORTHERN TRUST BANK 5.25 06/16/95 10,000 0 10,000
PEOPLE'S SEC. GIC 6.26 05/01/69 0 10,000 10,000
PHH CORP. 6.04 04/04/95 12,000 0 12,000
PNC BANK NA FRN 5.92 04/21/95 0 10,000 10,000
QUEENSLAND ALUMINA YCP 6.05 04/27/95 0 5,144 5,144
QUEENSLAND ALUMINA YCP 6.23 04/17/95 0 10,000 10,000
ROCKWELL INTERNATIONAL CORP. 6.15 09/06/95 25,000 0 25,000
SANWA BANK NY (YCD) 6.09 04/07/95 0 5,000 5,000
SANWA BANK, NY YCD 6.08 04/28/95 0 5,000 5,000
SANWA BANK, NY (YCD) 6.13 05/15/95 0 10,000 10,000
SANWA BUSINESS CREDIT CORP. 6.16 04/27/95 20,000 0 20,000
SEARS ROEBUCK ACCEPTANCE CORP. 6.24 06/05/95 25,000 0 25,000
SEARS ROEBUCK ACCEPTANCE CORP. 6.27 04/10/95 30,000 0 30,000
SMALL BUS ADMIN ABS (M/P) 7.50 04/01/05 0 7,831 7,831
SOCIETE GENERALE 6.06 05/01/95 25,000 0 25,000
SOCIETY NATIONAL BANK 6.44 04/04/95 50,000 0 50,000
SOUTH AUSTRALIAN GOV'T CP 6.93 07/03/95 0 11,000 11,000
SOUTHLAND CORP. CP 6.20 05/10/95 0 5,000 5,000
SOUTHTRUST BK OF AL 6.13 05/03/95 0 10,000 10,000
STEERS 6.25 11/18/95 0 5,000 5,000
SLMA FLOATING RATE NOTES 5.48 07/01/96 0 5,000 5,000
SLMA FLOATING RATE NOTES 5.32 06/30/95 0 5,000 5,000
SLMA FLOATING RATE NOTES 5.97 04/04/95 25,000 0 25,000
SLMA FLOATING RATE NOTES 6.01 04/04/95 20,000 0 20,000
SLMA FLOATING RATE NOTES 6.02 04/04/95 21,000 0 21,000
SLMA FLOATING RATE NOTES 6.03 04/04/95 15,000 0 15,000
SUMITOMO BANK 6.27 04/28/95 30,000 0 30,000
SUMITOMO BANK 6.18 06/30/95 25,000 0 25,000
SVENSKA HANDELSBANKEN INC. 6.25 04/28/95 25,000 0 25,000
TASMANIAN PUB FIN YCP 6.15 06/05/95 0 5,000 5,000
<CAPTION>
PNC MONEY MARKET PORTFOLIO
COMPASS CASH RESERVE FUND
PRO-FORMA SCHEDULE OF INVESTMENTS
MARCH 31, 1995
(UNAUDITED) VALUE AT MARCH 31, 1995
------------------------------------------------
PNC COMPASS
MONEY MARKET CASH RESERVE PRO-FORMA
SECURITY DESCRIPTION PORTFOLIO FUND COMBINED
---------------------- -------------- -------------- -------------
<S> <C> <C> <C>
MCKENNA TRIANGLE NATIONAL CORP. 9,776,000 0 9,776,000
MERRILL LYNCH FR MTN Q/L 0 10,001,001 10,001,001
MERRILL LYNCH FR MTN (T) 0 5,000,000 5,000,000
MITSUBISHI INT'L CORP YCP 0 4,931,097 4,931,097
MITSUBISHI INT'L YCP 0 4,963,028 4,963,028
MORGAN STANLEY GROUP 14,631,983 0 14,631,983
MORGAN STANLEY GROUP 15,000,000 0 15,000,000
MORGAN STANLEY GROUP MTN C 29,999,663 0 29,999,663
MORGAN STANLEY & CO. REPURCHASE AGREEMENT 95,000,000 0 95,000,000
NAT WEST PLC NY YCD 0 5,000,027 5,000,027
NATIONAL CITY CORP. 19,706,617 0 19,706,617
NATIONSBANK NORTH CAROLINA 4,999,958 0 4,999,958
NATIONSBANK N.C. 0 9,987,123 9,987,123
NEW SO WALES TSY CORP YCP 0 4,924,500 4,924,500
NEW SO WALES TSY CORP YCP 0 9,886,844 9,886,844
NEWELL CO. 24,888,958 0 24,888,958
NORTHERN TRUST BANK 9,998,605 0 9,998,605
PEOPLE'S SEC. GIC 0 10,000,000 10,000,000
PHH CORP. 12,000,000 0 12,000,000
PNC BANK NA FRN 0 9,999,738 9,999,738
QUEENSLAND ALUMINA YCP 0 5,121,709 5,121,709
QUEENSLAND ALUMINA YCP 0 9,972,778 9,972,778
ROCKWELL INTERNATIONAL CORP. 24,325,208 0 24,325,208
SANWA BANK NY (YCD) 0 5,000,028 5,000,028
SANWA BANK, NY YCD 0 5,000,075 5,000,075
SANWA BANK, NY (YCD) 0 10,000,217 10,000,217
SANWA BUSINESS CREDIT CORP. 19,911,022 0 19,911,022
SEARS ROEBUCK ACCEPTANCE CORP. 24,718,333 0 24,718,333
SEARS ROEBUCK ACCEPTANCE CORP. 29,952,975 0 29,952,975
SMALL BUS ADMIN ABS (M/P) 0 8,016,697 8,016,697
SOCIETE GENERALE 25,000,207 0 25,000,207
SOCIETY NATIONAL BANK 50,000,000 0 50,000,000
SOUTH AUSTRALIAN GOV'T CP 0 10,809,608 10,809,608
SOUTHLAND CORP. CP 0 4,966,958 4,966,958
SOUTHTRUST BK OF AL 0 9,999,800 9,999,800
STEERS 0 5,000,000 5,000,000
SLMA FLOATING RATE NOTES 0 5,000,000 5,000,000
SLMA FLOATING RATE NOTES 0 5,000,000 5,000,000
SLMA FLOATING RATE NOTES 25,000,000 0 25,000,000
SLMA FLOATING RATE NOTES 20,000,000 0 20,000,000
SLMA FLOATING RATE NOTES 20,996,046 0 20,996,046
SLMA FLOATING RATE NOTES 14,992,363 0 14,992,363
SUMITOMO BANK 30,000,000 0 30,000,000
SUMITOMO BANK 25,000,000 0 25,000,000
SVENSKA HANDELSBANKEN INC. 25,000,000 0 25,000,000
TASMANIAN PUB FIN YCP 0 4,945,382 4,945,382
</TABLE>
<PAGE> 11
<TABLE>
<CAPTION>
PNC MONEY MARKET PORTFOLIO
COMPASS CASH RESERVE FUND
PRO-FORMA SCHEDULE OF INVESTMENTS
MARCH 31, 1995
(UNAUDITED) PAR (000)
----------------------------------------
PNC COMPASS
MONEY MARKET CASH RESERVE PRO-FORMA
SECURITY DESCRIPTION RATE MATURITY PORTFOLIO FUND COMBINED
--------------------- ----- --------- -------------- ------------ -----------
<S> <C> <C> <C> <C> <C>
TORONTO DOMININ HOLDINGS 5.73 05/02/95 15,000 0 15,000
TOYOTA MOTOR CREDIT YCP 6.23 04/03/95 0 5,000 5,000
WESTDEUTSCHE LANDESBANK 6.12 06/01/95 0 10,000 10,000
WESTDEUTSCHE LANDESBANK 6.63 03/01/96 0 7,000 7,000
TRI PARTY REPO (CHEM) 6.40 0 25,309 25,309
TRI PARTY REPO (CR) 6.56 0 20,000 20,000
INFINITY CASH RESERVE - PRIME 7,115 0 7,115
TOTAL INVESTMENTS
<CAPTION>
PNC MONEY MARKET PORTFOLIO
COMPASS CASH RESERVE FUND
PRO-FORMA SCHEDULE OF INVESTMENTS
MARCH 31, 1995
(UNAUDITED) VALUE AT MARCH 31, 1995
-----------------------------------------------
PNC COMPASS
MONEY MARKET CASH RESERVE PRO-FORMA
SECURITY DESCRIPTION PORTFOLIO FUND COMBINED
---------------------- -------------- -------------- -------------
<S> <C> <C> <C>
TORONTO DOMININ HOLDINGS 14,925,988 0 14,925,988
TOYOTA MOTOR CREDIT YCP 0 4,998,306 4,998,306
WESTDEUTSCHE LANDESBANK 0 10,000,000 10,000,000
WESTDEUTSCHE LANDESBANK 0 7,001,038 7,001,038
TRI PARTY REPO (CHEM) 0 25,309,000 25,309,000
TRI PARTY REPO (CR) 0 20,000,000 20,000,000
INFINITY CASH RESERVE - PRIME 7,115,490 0 7,115,490
TOTAL INVESTMENTS $1,207,209,226 $435,095,609 $1,642,304,835
============== ============ ==============
</TABLE>
See Accompanying Notes to Proforma Financial Statements
<PAGE> 12
<TABLE>
<CAPTION>
PNC GOVERNMENT MONEY MARKET PORTFOLIO
COMPASS U.S. TREASURY FUND
PRO-FORMA SCHEDULE OF INVESTMENTS PAR (000)
MARCH 31, 1995 -------------------------------------------
(UNAUDITED) PNC
GOVERNMENT COMPASS
MONEY MARKET U.S TREASURY PRO-FORMA
RATE MATURITY PORTFOLIO FUND COMBINED
----- --------- ----------- ------------ ----------
<S> <C> <C> <C> <C> <C>
FFCB 5.84 % 06/01/95 $12,000 $0 $12,000
FFCB 6.20 04/07/95 10,000 0 10,000
FFCB 6.20 09/18/95 10,000 0 10,000
FHLB 5.57 04/19/95 13,000 0 13,000
FHLB 5.97 07/03/95 12,360 0 12,360
FHLB 6.00 04/28/95 20,000 0 20,000
FHLB 6.06 04/28/95 15,000 0 15,000
FHLB 6.79 02/15/96 10,000 0 10,000
FHLB VARIABLE RATE BOND 6.09 05/02/95 10,000 0 10,000
FHLB VARIABLE RATE BOND 6.50 04/03/95 25,000 0 25,000
FHLMC 5.90 04/03/95 55,000 0 55,000
FHLMC 5.90 04/04/95 50,000 0 50,000
FHLMC 6.00 04/03/95 6,090 0 6,090
FNMA 5.95 06/26/95 20,000 0 20,000
FNMA 5.97 06/20/95 25,000 0 25,000
FNMA 6.02 06/12/95 25,000 0 25,000
FNMA 6.41 06/12/95 28,000 0 28,000
FNMA VARIABLE RATE NOTES 6.07 04/04/95 20,000 0 20,000
FNMA VARIABLE RATE NOTES 6.16 04/03/95 25,000 0 25,000
FIRST BOSTON CORPORATION REPO 6.03 04/10/95 50,000 0 50,000
LEHMAN GOVERNMENT SECURITIES REPO 6.50 04/03/95 36,900 0 36,900
MORGAN STANLEY & CO. REPURCHASE AGREEMENT 6.40 04/03/95 75,000 0 75,000
SLMA VARIABLE RATE NOTES 6.00 04/04/95 5,000 0 5,000
SLMA VARIABLE RATE NOTES 6.01 04/04/95 10,000 0 10,000
SLMA VARIABLE RATE NOTES 6.02 04/04/95 6,000 0 6,000
SLMA VARIABLE RATE NOTES 6.04 04/04/95 5,000 0 5,000
SLMA VARIABLE RATE NOTES 6.12 04/04/95 5,500 0 5,500
SLMA VARIABLE RATE NOTES 6.17 04/04/95 20,600 0 20,600
SLMA VARIABLE RATE NOTES 6.20 04/04/95 4,000 0 4,000
SLMA VARIABLE RATE NOTES 6.25 04/04/95 5,825 0 5,825
TENNESSEE VALLEY AUTHORITY 5.92 04/06/95 25,000 0 25,000
TRI PARTY REPO (BONY TSY) 6.30 0 85,000 0
TRI PARTY REPO (CHEM TSY) 6.05 0 34,573 0
TRI PARTY REPO (TR) 6.56 0 80,000 0
U.S. TREASURY BILL 0.00 04/13/95 0 25,000 0
U.S. TREASURY BILL 0.00 04/20/95 0 15,000 0
U.S. TREASURY BILL 0.00 05/11/95 0 20,000 0
U.S. TREASURY BILL 0.00 08/24/95 0 30,000 0
U.S. TREASURY NOTE 3.88 08/31/95 0 20,000 0
U.S. TREASURY NOTE 4.25 07/31/95 0 15,000 0
U.S. TREASURY NOTE 4.63 08/15/95 0 25,000 0
TOTAL INVESTMENTS
<CAPTION>
PNC GOVERNMENT MONEY MARKET PORTFOLIO
COMPASS U.S. TREASURY FUND
PRO-FORMA SCHEDULE OF INVESTMENTS VALUE AT MARCH 31, 1995
MARCH 31, 1995 ----------------------------------------
(UNAUDITED) PNC
GOVERNMENT COMPASS
MONEY MARKET U.S TREASURY PRO-FORMA
PORTFOLIO FUND COMBINED
----------- ------------- -----------
<S> <C> <C> <C>
FFCB $11,910,453 $0 $11,910,453
FFCB 10,000,000 0 10,000,000
FFCB 10,000,000 0 10,000,000
FHLB 12,963,795 0 12,963,795
FHLB 12,169,378 0 12,169,378
FHLB 19,910,000 0 19,910,000
FHLB 14,931,825 0 14,931,825
FHLB 10,009,104 0 10,009,104
FHLB VARIABLE RATE BOND 9,994,132 0 9,994,132
FHLB VARIABLE RATE BOND 24,995,004 0 24,995,004
FHLMC 54,981,972 0 54,981,972
FHLMC 49,975,417 0 49,975,417
FHLMC 6,087,970 0 6,087,970
FNMA 19,715,722 0 19,715,722
FNMA 24,668,333 0 24,668,333
FNMA 19,759,200 0 19,759,200
FNMA 16,782,060 0 16,782,060
FNMA VARIABLE RATE NOTES 20,000,000 0 20,000,000
FNMA VARIABLE RATE NOTES 25,000,000 0 25,000,000
FIRST BOSTON CORPORATION REPO 50,000,000 0 50,000,000
LEHMAN GOVERNMENT SECURITIES REPO 36,900,000 0 36,900,000
MORGAN STANLEY & CO. REPURCHASE AGREEMENT 75,000,000 0 75,000,000
SLMA VARIABLE RATE NOTES 5,000,000 0 5,000,000
SLMA VARIABLE RATE NOTES 9,997,551 0 9,997,551
SLMA VARIABLE RATE NOTES 6,000,000 0 6,000,000
SLMA VARIABLE RATE NOTES 5,001,926 0 5,001,926
SLMA VARIABLE RATE NOTES 5,500,950 0 5,500,950
SLMA VARIABLE RATE NOTES 20,654,204 0 20,654,204
SLMA VARIABLE RATE NOTES 4,009,358 0 4,009,358
SLMA VARIABLE RATE NOTES 5,852,449 0 5,852,449
TENNESSEE VALLEY AUTHORITY 24,979,444 0 24,979,444
TRI PARTY REPO (BONY TSY) 0 85,000,000 85,000,000
TRI PARTY REPO (CHEM TSY) 0 34,573,000 34,573,000
TRI PARTY REPO (TR) 0 80,000,000 80,000,000
U.S. TREASURY BILL 0 24,952,417 24,952,417
U.S. TREASURY BILL 0 14,957,329 14,957,329
U.S. TREASURY BILL 0 19,871,111 19,871,111
U.S. TREASURY BILL 0 29,282,854 29,282,854
U.S. TREASURY NOTE 0 19,814,225 19,814,225
U.S. TREASURY NOTE 0 14,906,433 14,906,433
U.S. TREASURY NOTE 0 24,831,588 24,831,588
TOTAL INVESTMENTS $622,750,248 $348,188,958 $970,939,206
============ ============ ============
</TABLE>
See Accompanying Notes to Proforma Financial Statements
<PAGE> 13
<TABLE>
<CAPTION>
PNC TAX-FREE INCOME PORTFOLIO
COMPASS MUNICIPAL BOND FUND PAR (000)
PRO-FORMA SCHEDULE OF INVESTMENTS ----------------------------------
MARCH 31, 1995 PNC COMPASS
(UNAUDITED) TAX-FREE MUNICIPAL
INCOME BOND PRO-FORMA
RATE MATURITY PORTFOLIO FUND COMBINED
----- --------- ----------- ----------- ----------
<S> <C> <C> <C> <C> <C>
ALLEGHENY CNTY HOSP, PA 7.00 % 07/01/06 $0 $500 $500
ATLANTA, GA (GO) 6.13 12/01/23 0 500 500
AZUSA CA UNI SCH DIST 5.10 05/01/07 0 830 830
BALTIMORE PORT FACILITY INDUSTRIAL RB 6.50 10/01/11 100 0 100
BURLINGTON, VT (RB) 6.88 07/01/12 0 1,000 1,000
CENTRAL BUCKS SCH, PA GO 5.30 05/15/11 0 200 200
CHICAGO, IL 7.60 06/01/02 0 250 250
COLUMBUS OHIO 6.63 09/15/01 0 265 265
DIST OF COLUMBIA (PRF) 7.60 06/01/01 0 450 450
FLORIDA DEPARTMENT OF TRANSPORTATION 6.25 07/01/07 400 0 400
GEORGIA GENERAL OBLIGATION BONDS SERIES 1992B 6.30 03/01/10 310 0 310
GEORGIA MUNICIPAL ELECTRIC AUTHORITY 6.13 01/01/14 400 0 400
GWINNETT COUNTY GENERAL OBLIGATION BONDS 6.00 01/01/10 400 0 400
HAMPTON GENERAL OBLIGATION BONDS SERIES 1995 6.00 01/15/08 400 0 400
HARRIS COUNTY (GO) 7.00 08/01/09 0 500 500
HAWAII STATE (PRF) 7.00 06/01/05 0 1,000 1,000
HONOLULU, HI (PRF) 7.15 06/01/08 0 1,000 1,000
ILL EDUC FAC AUTH 5.60 07/01/17 0 1,260 1,260
ILL EDUC FAC AUTH (MP) 8.63 09/01/11 0 560 560
JEFFERSON CNTY, KY 5.65 08/15/03 0 500 500
JEFFERSON COUNTY SCHOOL DISTRICT 6.00 12/15/12 300 0 300
JOHNSON COUNTY GENERAL OBLIGATION 6.00 09/01/07 400 0 400
KANE CNTY ILL 5.30 12/01/09 0 1,000 1,000
KANSAS DEPARTMENT OF TRANSPORTATION 6.13 09/01/10 500 0 500
KANSAS DEPARTMENT OF TRANSPORTATION 6.00 09/01/12 400 0 400
LOUISIANA HOUSING FINANCE AUTHORITY 9.38 02/01/15 15 0 15
LOUISVILLE KENTUCKY WATER SUPPLY REVENUE BONDS 6.00 11/15/14 400 0 400
MARYLAND HEALTH & HIGHER EDUCATION AUTHORITY 5.60 07/01/09 300 0 300
MICH MUN BD AUTH 5.40 10/01/14 0 1,015 1,015
MILWAUKEE, WI (GO) 6.13 10/01/03 0 250 250
MINNESOTA STATE 5.00 08/01/05 0 1,000 1,000
NEBRASKA STATE 6.00 01/01/08 0 500 500
NEW HAMPSHIRE ST TPKE 7.00 11/01/06 0 500 500
NEW JERSEY TURNPIKE AUTHORITY REVENUE BONDS 6.50 01/01/16 100 0 100
NEW MEXICO STATE UNIVERSITY REVENUE BONDS 5.70 04/01/09 500 0 500
NEW YORK CITY GENERAL OBLIGATION BONDS 4.30 10/01/22 500 0 500
NORTH CAROLINA MUNICIPAL POWER AGENCY 6.00 01/01/10 300 0 300
N.J. HEALTH CARE 6.25 07/01/16 0 500 500
OCEAN COUNTY, NJ 5.13 07/01/06 0 300 300
OHIO ST WTR DEV AUTH 6.00 12/01/08 0 1,000 1,000
OHIO STATE UNIVERSITY REVENUE BONDS 5.75 12/01/09 500 0 500
OHIO WATER DEVELOPMENT AUTHORITY 5.65 12/01/05 300 0 300
OMAHA PUBLIC POWER DISTRICT REVENUE BONDS 5.50 02/01/07 300 0 300
PA ST PUB SCHL BLDG AUTH 6.25 01/01/07 0 500 500
PA STATE HIGH EDU FACS RB 9.10 07/01/01 0 200 200
<CAPTION>
PNC TAX-FREE INCOME PORTFOLIO
COMPASS MUNICIPAL BOND FUND VALUE AT MARCH 31, 1995
PRO-FORMA SCHEDULE OF INVESTMENTS --------------------------------------
MARCH 31, 1995 PNC COMPASS
(UNAUDITED) TAX-FREE MUNICIPAL
INCOME BOND PRO-FORMA
PORTFOLIO FUND COMBINED
----------- ------------- -----------
<S> <C> <C> <C>
ALLEGHENY CNTY HOSP, PA $0 $528,125 $528,125
ATLANTA, GA (GO) 0 502,500 502,500
AZUSA CA UNI SCH DIST 0 790,575 790,575
BALTIMORE PORT FACILITY INDUSTRIAL RB 104,375 0 104,375
BURLINGTON, VT (RB) 0 1,046,250 1,046,250
CENTRAL BUCKS SCH, PA GO 0 189,250 189,250
CHICAGO, IL 0 262,500 262,500
COLUMBUS OHIO 0 287,194 287,194
DIST OF COLUMBIA (PRF) 0 492,750 492,750
FLORIDA DEPARTMENT OF TRANSPORTATION 417,500 0 417,500
GEORGIA GENERAL OBLIGATION BONDS SERIES 1992B 334,025 0 334,025
GEORGIA MUNICIPAL ELECTRIC AUTHORITY 402,000 0 402,000
GWINNETT COUNTY GENERAL OBLIGATION BONDS 406,000 0 406,000
HAMPTON GENERAL OBLIGATION BONDS SERIES 1995 414,500 0 414,500
HARRIS COUNTY (GO) 0 542,500 542,500
HAWAII STATE (PRF) 0 1,087,500 1,087,500
HONOLULU, HI (PRF) 0 1,101,250 1,101,250
ILL EDUC FAC AUTH 0 1,184,400 1,184,400
ILL EDUC FAC AUTH (MP) 0 605,500 605,500
JEFFERSON CNTY, KY 0 508,750 508,750
JEFFERSON COUNTY SCHOOL DISTRICT 302,250 0 302,250
JOHNSON COUNTY GENERAL OBLIGATION 410,000 0 410,000
KANE CNTY ILL 0 986,250 986,250
KANSAS DEPARTMENT OF TRANSPORTATION 523,125 0 523,125
KANSAS DEPARTMENT OF TRANSPORTATION 403,500 0 403,500
LOUISIANA HOUSING FINANCE AUTHORITY 15,525 0 15,525
LOUISVILLE KENTUCKY WATER SUPPLY REVENUE BONDS 402,500 0 402,500
MARYLAND HEALTH & HIGHER EDUCATION AUTHORITY 295,125 0 295,125
MICH MUN BD AUTH 0 933,800 933,800
MILWAUKEE, WI (GO) 0 261,250 261,250
MINNESOTA STATE 0 980,000 980,000
NEBRASKA STATE 0 504,375 504,375
NEW HAMPSHIRE ST TPKE 0 565,000 565,000
NEW JERSEY TURNPIKE AUTHORITY REVENUE BONDS 107,250 0 107,250
NEW MEXICO STATE UNIVERSITY REVENUE BONDS 498,750 0 498,750
NEW YORK CITY GENERAL OBLIGATION BONDS 500,000 0 500,000
NORTH CAROLINA MUNICIPAL POWER AGENCY 306,000 0 306,000
N.J. HEALTH CARE 0 511,250 511,250
OCEAN COUNTY, NJ 0 289,875 289,875
OHIO ST WTR DEV AUTH 0 1,020,000 1,020,000
OHIO STATE UNIVERSITY REVENUE BONDS 490,625 0 490,625
OHIO WATER DEVELOPMENT AUTHORITY 305,250 0 305,250
OMAHA PUBLIC POWER DISTRICT REVENUE BONDS 294,375 0 294,375
PA ST PUB SCHL BLDG AUTH 0 521,250 521,250
PA STATE HIGH EDU FACS RB 0 208,500 208,500
</TABLE>
<PAGE> 14
<TABLE>
<CAPTION>
PNC TAX-FREE INCOME PORTFOLIO
COMPASS MUNICIPAL BOND FUND PAR (000)
PRO-FORMA SCHEDULE OF INVESTMENTS ----------------------------------
MARCH 31, 1995 PNC COMPASS
(UNAUDITED) TAX-FREE MUNICIPAL
INCOME BOND PRO-FORMA
RATE MATURITY PORTFOLIO FUND COMBINED
----- --------- ----------- ----------- ----------
<S> <C> <C> <C> <C> <C>
PA STATE HIGHER EDUC AUTH 6.80 12/01/00 0 630 630
PALM BEACH, FL 8.63 07/01/04 0 500 500
PHOENIX GENERAL OBLIGATION BONDS SERIES 1992 6.38 07/01/13 200 0 200
PIEDMONT MUN PWR AGY 6.25 01/01/09 0 500 500
PIEDMONT MUN PWR AGY 6.25 01/01/18 0 500 500
PORT OF SEATTLE, WA 6.25 11/01/10 0 500 500
PORTLAND SEWER SYSTEM REVENUE BONDS 6.00 10/01/12 300 0 300
PUERTO RICO TEL (RB) 5.25 11/01/05 0 500 500
RICHMOND GENERAL OBLIGATION BONDS 5.50 01/15/13 400 0 400
SABINE RIVER AUTHORITY POLLUTION CONTROL 8.20 07/01/14 85 0 85
SALT LAKE CITY HOSPITAL REVENUE BONDS 8.13 05/15/15 100 0 100
SALT LAKE CITY UTAH 5.40 02/01/03 0 500 500
SALT RIVER PROJECT (RB) 5.30 01/01/03 0 500 500
SAN ANTONIO GENERAL OBLIGATION BONDS SERIES 1992 5.75 08/01/13 450 0 450
SCHUYLKILL CO, PA (PRF) 6.95 06/01/04 0 500 500
SCOTTSDALE AZ MN PTY CORP 6.25 11/01/10 0 500 500
SOLANCO SCH DIST, PA (GO) 6.30 02/15/14 0 100 100
SOUTH CAROLINA PUBLIC SERVICE AUTHORITY 6.50 07/01/14 100 0 100
SOUTH DAKOTA ST BLDG LSE 6.38 09/01/05 0 500 500
SOUTHERN CALIF PWR AUTH 5.38 01/01/10 0 1,000 1,000
SPARTANBURG WATER WORKS IMPROVEMENT 6.20 06/01/09 300 0 300
TENNESSEE STATE (GO) 6.85 06/01/10 0 1,000 1,000
UNIVERSITY OF DELAWARE HOUSING BONDS 5.50 11/01/15 250 0 250
UNIVERSITY OF TEXAS 7.00 08/15/07 0 500 500
UNIV. OF PUERTO RICO 7.75 06/01/07 0 100 100
VERMONT STATE (PRF) 6.75 02/01/08 0 1,000 1,000
VIRGINIA HSG DEV AUTH AMT 6.70 07/01/05 0 500 500
VIRGINIA TRANSPORTATION BOARD REVENUE BONDS 5.25 05/15/12 400 0 400
WARREN HILLS, NJ (PN) 4.90 12/15/04 0 710 710
WASHINGTON CTY (GO) 6.00 06/01/05 0 500 500
WESTMORELAND CO., PA (GO) 6.05 06/01/97 0 250 250
WINNEBAGO & BOONE CNTY IL 5.90 02/01/05 0 500 500
SMITH BARNEY TAX-FREE MONEY MARKET FUND 352 0 352
TOTAL INVESTMENTS
<CAPTION>
PNC TAX-FREE INCOME PORTFOLIO
COMPASS MUNICIPAL BOND FUND VALUE AT MARCH 31, 1995
PRO-FORMA SCHEDULE OF INVESTMENTS -------------------------------------
MARCH 31, 1995 PNC COMPASS
(UNAUDITED) TAX-FREE MUNICIPAL
INCOME BOND PRO-FORMA
PORTFOLIO FUND COMBINED
----------- ------------- -----------
<S> <C> <C> <C>
PA STATE HIGHER EDUC AUTH 0 661,500 661,500
PALM BEACH, FL 0 552,500 552,500
PHOENIX GENERAL OBLIGATION BONDS SERIES 1992 206,250 0 206,250
PIEDMONT MUN PWR AGY 0 528,125 528,125
PIEDMONT MUN PWR AGY 0 505,625 505,625
PORT OF SEATTLE, WA 0 513,125 513,125
PORTLAND SEWER SYSTEM REVENUE BONDS 308,625 0 308,625
PUERTO RICO TEL (RB) 0 496,875 496,875
RICHMOND GENERAL OBLIGATION BONDS 375,500 0 375,500
SABINE RIVER AUTHORITY POLLUTION CONTROL 89,994 0 89,994
SALT LAKE CITY HOSPITAL REVENUE BONDS 110,750 0 110,750
SALT LAKE CITY UTAH 0 489,375 489,375
SALT RIVER PROJECT (RB) 0 503,750 503,750
SAN ANTONIO GENERAL OBLIGATION BONDS SERIES 1992 444,938 0 444,938
SCHUYLKILL CO, PA (PRF) 0 546,875 546,875
SCOTTSDALE AZ MN PTY CORP 0 510,000 510,000
SOLANCO SCH DIST, PA (GO) 0 506,875 506,875
SOUTH CAROLINA PUBLIC SERVICE AUTHORITY 103,500 0 103,500
SOUTH DAKOTA ST BLDG LSE 0 531,875 531,875
SOUTHERN CALIF PWR AUTH 0 951,250 951,250
SPARTANBURG WATER WORKS IMPROVEMENT 307,500 0 307,500
TENNESSEE STATE (GO) 0 1,076,250 1,076,250
UNIVERSITY OF DELAWARE HOUSING BONDS 241,875 0 241,875
UNIVERSITY OF TEXAS 0 547,500 547,500
UNIV. OF PUERTO RICO 0 105,125 105,125
VERMONT STATE (PRF) 0 1,087,500 1,087,500
VIRGINIA HSG DEV AUTH AMT 0 518,750 518,750
VIRGINIA TRANSPORTATION BOARD REVENUE BONDS 374,000 0 374,000
WARREN HILLS, NJ (PN) 0 677,163 677,163
WASHINGTON CTY (GO) 0 526,875 526,875
WESTMORELAND CO., PA (GO) 0 254,688 254,688
WINNEBAGO & BOONE CNTY IL 0 513,750 513,750
SMITH BARNEY TAX-FREE MONEY MARKET FUND 351,968 0 351,968
TOTAL INVESTMENTS $9,847,574 $28,515,944 $38,363,518
========== =========== ===========
</TABLE>
See Accompanying Notes to Proforma Financial Statements
<PAGE> 15
<TABLE>
<CAPTION>
PNC PENNSYLVANIA TAX-FREE INCOME PORTFOLIO
COMPASS PENNSYLVANIA MUNICIPAL BOND FUND PAR (000)
PRO-FORMA SCHEDULE OF INVESTMENTS ---------------------------------------
MARCH 31, 1995 PNC COMPASS
PENNSYLVANIA PENNSYLVANIA
(UNAUDITED) TAX-FREE MUNICIPAL
INCOME BOND PRO-FORMA
RATE MATURITY PORTFOLIO FUND COMBINED
----- --------- ----------- ------------ ----------
<S> <C> <C> <C> <C> <C>
ALLEGHENY COUNTY GENERAL OBLIGATION BONDS 6.20 % 09/01/01 $250 $0 $250
ALLEGHENY COUNTY GENERAL OBLIGATION BONDS 5.00 10/01/10 1,000 0 1,000
ALLEGHENY COUNTY HOSPITAL DEVELOPMENT 6.35 04/01/00 300 0 300
ALLEGHENY COUNTY HOSPITAL DEVELOPMENT 7.38 04/01/15 750 0 750
ALLEGHENY COUNTY RESIDENTIAL FINANCE 6.20 05/01/17 400 0 400
ALLEGHENY COUNTY, PA GO 5.00 10/01/10 0 500 500
ALLEGHENY COUNTY, PA GO 5.90 05/01/07 0 500 500
BEAVER COUNTY, PA (RB) 6.60 09/01/10 0 500 500
BERKS COUNTY GENERAL OBLIGATION BONDS 5.75 11/15/12 300 0 300
BERKS COUNTY, PA (GO) 5.00 05/15/10 0 500 500
BRISTOL TOWNSHIP SCHOOL DISTRICT 5.10 02/15/08 1,000 0 1,000
BRISTOL TWP., PA (GO) 5.00 02/15/07 0 500 500
CAMBRIA COUNTY UNLIMITED TAX GO 8.25 06/01/00 600 0 600
CENTRAL BUCKS SCHOOL DISTRICT 5.15 05/15/08 1,015 0 1,015
CENTRAL BUCKS SCH, PA GO 5.30 05/15/11 0 300 300
CENTRE COUNTY GENERAL OBLIGATION 5.30 07/01/18 530 0 530
CHARLEROI SCHOOL DISTRICT REVENUE BONDS 5.75 11/15/13 300 0 300
CHESTER COUNTY SOLID WASTE AUTHORITY 6.75 01/01/99 250 0 250
CHESTER COUNTY UNLIMITED TAX GO 6.70 12/15/04 385 0 385
CHESTER UPLAND SCHOOL DISTRICT AUTHORITY 5.60 11/15/14 850 0 850
COATESVILLE SCHOOL DISTRICT UNLIMITED TAX GO 6.40 01/15/05 500 0 500
DAUPHIN COUNTY GENERAL AUTHORITY RB 5.30 06/01/05 535 0 535
DAUPHIN COUNTY GENERAL AUTHORITY RB 5.40 06/01/06 565 0 565
DAUPHIN COUNTY GENERAL AUTHORITY RB 5.50 06/01/07 550 0 550
DAUPHIN COUNTY GENERAL AUTHORITY RB 6.85 06/01/09 800 0 800
DEER LAKES SCHOOL DISTRICT UNLIMITED TAX GO 6.35 01/15/14 1,000 0 1,000
DEER LAKES SCHOOL DISTRICT UNLIMITED TAX GO 6.45 01/15/19 1,300 500 1,800
DELAWARE COUNTY AUTHORITY HEALTH CARE 6.00 11/15/07 2,000 0 2,000
DREXEL UNIV, PA (RB) 7.25 05/01/10 0 500 500
DUQUESNE SCHOOL DISTRICT GO 5.75 10/01/18 1,000 0 1,000
ERIE COUNTY PRISON AUTHORITY 6.25 11/01/01 500 0 500
FOX CHAPEL SCHOOL DISTRICT GO 5.50 08/15/11 575 0 575
HARRISBURG AUTHORITY LEASE REVENUE BOND 6.50 06/01/04 500 0 500
HAZLETON PA., (GO) 5.88 03/01/10 0 500 500
INDIANA COUNTY HOSPITAL AUTHORITY 7.13 07/01/23 1,500 0 1,500
LACKAWANNA CNTY, PA (GO) 5.10 12/01/08 0 250 250
LANCASTER COUNTY HOSPITAL AUTHORITY 5.30 11/15/08 500 0 500
LANCASTER HIGHER EDUCATION AUTHORITY 5.65 04/15/10 500 0 500
LANCASTER, PA 9.38 01/01/05 0 450 450
LEBANON COUNTY HOSPITAL AUTHORITY 5.55 11/15/04 355 0 355
LEBANON COUNTY HOSPITAL AUTHORITY 6.00 11/15/09 500 0 500
LEBANON COUNTY HOSPITAL AUTHORITY 6.00 11/15/18 750 0 750
LIGONIER VALLEY SCHOOL DISTRICT 5.65 03/01/14 2,000 0 2,000
LYCOMING COUNTY AUTHORITY HOSPITAL LEASE 7.75 07/01/16 2,000 0 2,000
MANHEIM PA., (GO) 6.10 05/15/14 0 1,000 1,000
<CAPTION>
PNC PENNSYLVANIA TAX-FREE INCOME PORTFOLIO
COMPASS PENNSYLVANIA MUNICIPAL BOND FUND VALUE AT MARCH 31, 1995
PRO-FORMA SCHEDULE OF INVESTMENTS ---------------------------------------------
MARCH 31, 1995 PNC COMPASS
PENNSYLVANIA PENNSYLVANIA
(UNAUDITED) TAX-FREE MUNICIPAL
INCOME BOND PRO-FORMA
PORTFOLIO FUND COMBINED
----------- ------------- -----------
<S> <C> <C> <C>
ALLEGHENY COUNTY GENERAL OBLIGATION BONDS $265,000 $0 $265,000
ALLEGHENY COUNTY GENERAL OBLIGATION BONDS 902,500 0 902,500
ALLEGHENY COUNTY HOSPITAL DEVELOPMENT 315,375 0 315,375
ALLEGHENY COUNTY HOSPITAL DEVELOPMENT 771,563 0 771,563
ALLEGHENY COUNTY RESIDENTIAL FINANCE 397,500 0 397,500
ALLEGHENY COUNTY, PA GO 0 450,625 450,625
ALLEGHENY COUNTY, PA GO 0 511,875 511,875
BEAVER COUNTY, PA (RB) 0 507,500 507,500
BERKS COUNTY GENERAL OBLIGATION BONDS 295,125 0 295,125
BERKS COUNTY, PA (GO) 0 459,375 459,375
BRISTOL TOWNSHIP SCHOOL DISTRICT 942,500 0 942,500
BRISTOL TWP., PA (GO) 0 470,000 470,000
CAMBRIA COUNTY UNLIMITED TAX GO 658,500 0 658,500
CENTRAL BUCKS SCHOOL DISTRICT 964,250 0 964,250
CENTRAL BUCKS SCH, PA GO 0 283,875 283,875
CENTRE COUNTY GENERAL OBLIGATION 480,975 0 480,975
CHARLEROI SCHOOL DISTRICT REVENUE BONDS 295,875 0 295,875
CHESTER COUNTY SOLID WASTE AUTHORITY 263,750 0 263,750
CHESTER COUNTY UNLIMITED TAX GO 410,506 0 410,506
CHESTER UPLAND SCHOOL DISTRICT AUTHORITY 802,188 0 802,188
COATESVILLE SCHOOL DISTRICT UNLIMITED TAX GO 534,375 0 534,375
DAUPHIN COUNTY GENERAL AUTHORITY RB 508,250 0 508,250
DAUPHIN COUNTY GENERAL AUTHORITY RB 534,631 0 534,631
DAUPHIN COUNTY GENERAL AUTHORITY RB 519,063 0 519,063
DAUPHIN COUNTY GENERAL AUTHORITY RB 842,000 0 842,000
DEER LAKES SCHOOL DISTRICT UNLIMITED TAX GO 1,018,750 0 1,018,750
DEER LAKES SCHOOL DISTRICT UNLIMITED TAX GO 1,329,250 510,625 1,839,875
DELAWARE COUNTY AUTHORITY HEALTH CARE 1,855,000 0 1,855,000
DREXEL UNIV, PA (RB) 0 530,625 530,625
DUQUESNE SCHOOL DISTRICT GO 926,250 0 926,250
ERIE COUNTY PRISON AUTHORITY 533,125 0 533,125
FOX CHAPEL SCHOOL DISTRICT GO 543,375 0 543,375
HARRISBURG AUTHORITY LEASE REVENUE BOND 533,125 0 533,125
HAZLETON PA., (GO) 0 498,750 498,750
INDIANA COUNTY HOSPITAL AUTHORITY 1,490,625 0 1,490,625
LACKAWANNA CNTY, PA (GO) 0 232,500 232,500
LANCASTER COUNTY HOSPITAL AUTHORITY 468,750 0 468,750
LANCASTER HIGHER EDUCATION AUTHORITY 489,375 0 489,375
LANCASTER, PA 0 464,625 464,625
LEBANON COUNTY HOSPITAL AUTHORITY 333,700 0 333,700
LEBANON COUNTY HOSPITAL AUTHORITY 457,500 0 457,500
LEBANON COUNTY HOSPITAL AUTHORITY 660,938 0 660,938
LIGONIER VALLEY SCHOOL DISTRICT 1,932,500 0 1,932,500
LYCOMING COUNTY AUTHORITY HOSPITAL LEASE 2,155,000 0 2,155,000
MANHEIM PA., (GO) 0 1,005,000 1,005,000
</TABLE>
<PAGE> 16
<TABLE>
<CAPTION>
PNC PENNSYLVANIA TAX-FREE INCOME PORTFOLIO
COMPASS PENNSYLVANIA MUNICIPAL BOND FUND PAR (000)
PRO-FORMA SCHEDULE OF INVESTMENTS ---------------------------------------
MARCH 31, 1995 PNC COMPASS
PENNSYLVANIA PENNSYLVANIA
(UNAUDITED) TAX-FREE MUNICIPAL
INCOME BOND PRO-FORMA
RATE MATURITY PORTFOLIO FUND COMBINED
----- --------- ----------- ------------ ----------
<S> <C> <C> <C> <C> <C>
MONTGOMERY COUNTY HIGHER EDUCATION 7.88 01/01/19 500 0 500
MOON TOWNSHIP WATER AND SEWER AUTHORITY 6.70 12/01/19 1,000 0 1,000
NEW GARDEN TOWNSHIP SEWER AUTHORITY 7.00 03/01/15 420 0 420
NORTH PENN SCH DIST, PA 5.10 09/01/09 0 500 500
NORTHAMPTON COUNTY HIGHER EDUCATION 6.10 07/01/12 1,950 0 1,950
OIL CITY SCHOOL DISTRICT GENERAL OBLIGATION 5.30 05/15/11 565 0 565
PA HOUSING FINANCE AGY 6.40 07/01/12 0 500 500
PA STATE FINANCING AUTH 6.60 11/01/09 0 500 500
PA STATE TURNPIKE (RB) 6.00 12/01/09 0 500 500
PA TURNPIKE COMM (RB) 5.88 12/01/08 0 500 500
PENN INTER-GOVT COOP AUTH 5.60 06/15/15 0 500 500
PENNSBURY SCHOOL DISTRICT UNLIMITED TAX GO 6.65 08/15/09 685 0 685
PENNSYLVANIA CERTIFICATES OF PARTICIPATION 5.20 07/01/05 400 0 400
PENNSYLVANIA COMMONWEALTH TURNPIKE 6.50 06/01/04 445 0 445
PENNSYLVANIA FINANCE AUTHORITY REVENUE BONDS 6.60 11/01/09 2,760 0 2,760
PENNSYLVANIA HIGHER EDUCATIONAL FACILITIES 4.95 02/01/02 255 0 255
PENNSYLVANIA HIGHER EDUCATIONAL FACILITIES 5.15 02/01/04 1,230 0 1,230
PENNSYLVANIA HIGHER EDUCATIONAL FACILITIES 5.15 11/01/11 500 0 500
PENNSYLVANIA HIGHER EDUCATIONAL FACILITIES 5.45 02/01/07 285 0 285
PENNSYLVANIA INFRASTRUCTURE GO 6.80 09/01/10 2,000 0 2,000
PENNSYLVANIA INTERGOVERNMENTAL COOP 5.25 06/15/06 1,000 0 1,000
PENNSYLVANIA INTERGOVERNMENTAL COOP 5.75 06/15/15 1,000 0 1,000
PENNSYLVANIA STATE (RB) 5.50 08/15/16 2,000 0 2,000
PENNSYLVANIA STATE (RB) 6.63 01/01/17 0 250 250
PENNSYLVANIA UNLIMITED TAX GO 6.50 11/01/05 250 0 250
PHILADELPHIA HOSPITAL AND HIGHER EDUCATION 5.10 07/01/98 470 0 470
PHILADELPHIA HOSPITAL AND HIGHER EDUCATION 5.25 07/01/02 500 0 500
PHILADELPHIA HOSPITAL AND HIGHER EDUCATION 5.95 05/01/04 500 0 500
PHILADELPHIA HOSPITAL AND HIGHER EDUCATION 6.00 06/01/23 815 0 815
PHILADELPHIA HOSPITAL AND HIGHER EDUCATION 6.20 05/01/11 500 0 500
PHILADELPHIA HOSPITAL AND HIGHER EDUCATION 7.75 08/15/17 750 0 750
PHILADELPHIA INDUSTRIAL DEVELOPMENT AUTHORITY 5.25 07/01/17 1,000 0 1,000
PHILADELPHIA INDUSTRIAL DEVELOPMENT AUTHORITY 5.25 07/01/17 810 0 810
PHILADELPHIA MUNICIPAL AUTHORITY 5.63 11/15/14 1,000 0 1,000
PHILADELPHIA MUNICIPAL AUTHORITY 7.10 11/15/11 2,500 0 2,500
PHILADELPHIA SCHOOL DISTRICT UNLIMITED TAX 6.70 07/01/99 250 0 250
PHILADELPHIA, PA (RB) 5.50 07/01/05 0 500 500
PHILA., PA IDR (RB) 6.75 05/01/12 0 500 500
PITTSBRGH, PA URB REDEV 5.50 10/01/10 0 500 500
PITTSBURGH WATER AND SEWER AUTHORITY 6.60 09/01/02 250 0 250
PITTSBURGH, PA (GO) 6.13 09/01/17 0 500 500
POCONO MOUNTAIN, PA 5.75 10/01/09 0 500 500
PUERTO RICO ELECTRIC POWER AUTHORITY 6.75 07/01/03 250 0 250
PUERTO RICO PUBLIC BUILDINGS AUTHORITY 6.50 07/01/03 500 0 500
RINGGOLD PA., (GO) 6.20 02/01/19 0 500 500
<CAPTION>
PNC PENNSYLVANIA TAX-FREE INCOME PORTFOLIO
COMPASS PENNSYLVANIA MUNICIPAL BOND FUND VALUE AT MARCH 31, 1995
PRO-FORMA SCHEDULE OF INVESTMENTS -----------------------------------------------
MARCH 31, 1995 PNC COMPASS
PENNSYLVANIA PENNSYLVANIA
(UNAUDITED) TAX-FREE MUNICIPAL
INCOME BOND PRO-FORMA
PORTFOLIO FUND COMBINED
----------- ------------- -----------
<S> <C> <C> <C>
MONTGOMERY COUNTY HIGHER EDUCATION 513,750 0 513,750
MOON TOWNSHIP WATER AND SEWER AUTHORITY 1,022,500 0 1,022,500
NEW GARDEN TOWNSHIP SEWER AUTHORITY 447,300 0 447,300
NORTH PENN SCH DIST, PA 0 464,375 464,375
NORTHAMPTON COUNTY HIGHER EDUCATION 1,859,813 0 1,859,813
OIL CITY SCHOOL DISTRICT GENERAL OBLIGATION 529,688 0 529,688
PA HOUSING FINANCE AGY 0 505,625 505,625
PA STATE FINANCING AUTH 0 518,125 518,125
PA STATE TURNPIKE (RB) 0 507,500 507,500
PA TURNPIKE COMM (RB) 0 496,250 496,250
PENN INTER-GOVT COOP AUTH 0 476,250 476,250
PENNSBURY SCHOOL DISTRICT UNLIMITED TAX GO 734,663 0 734,663
PENNSYLVANIA CERTIFICATES OF PARTICIPATION 387,500 0 387,500
PENNSYLVANIA COMMONWEALTH TURNPIKE 476,706 0 476,706
PENNSYLVANIA FINANCE AUTHORITY REVENUE BONDS 2,863,500 0 2,863,500
PENNSYLVANIA HIGHER EDUCATIONAL FACILITIES 243,206 0 243,206
PENNSYLVANIA HIGHER EDUCATIONAL FACILITIES 1,154,663 0 1,154,663
PENNSYLVANIA HIGHER EDUCATIONAL FACILITIES 453,750 0 453,750
PENNSYLVANIA HIGHER EDUCATIONAL FACILITIES 269,681 0 269,681
PENNSYLVANIA INFRASTRUCTURE GO 2,110,000 0 2,110,000
PENNSYLVANIA INTERGOVERNMENTAL COOP 965,000 0 965,000
PENNSYLVANIA INTERGOVERNMENTAL COOP 956,250 0 956,250
PENNSYLVANIA STATE (RB) 1,870,000 0 1,870,000
PENNSYLVANIA STATE (RB) 0 252,500 252,500
PENNSYLVANIA UNLIMITED TAX GO 266,250 0 266,250
PHILADELPHIA HOSPITAL AND HIGHER EDUCATION 459,425 0 459,425
PHILADELPHIA HOSPITAL AND HIGHER EDUCATION 483,125 0 483,125
PHILADELPHIA HOSPITAL AND HIGHER EDUCATION 483,750 0 483,750
PHILADELPHIA HOSPITAL AND HIGHER EDUCATION 691,731 0 691,731
PHILADELPHIA HOSPITAL AND HIGHER EDUCATION 442,500 0 442,500
PHILADELPHIA HOSPITAL AND HIGHER EDUCATION 845,625 0 845,625
PHILADELPHIA INDUSTRIAL DEVELOPMENT AUTHORITY 871,250 0 871,250
PHILADELPHIA INDUSTRIAL DEVELOPMENT AUTHORITY 705,713 0 705,713
PHILADELPHIA MUNICIPAL AUTHORITY 948,750 0 948,750
PHILADELPHIA MUNICIPAL AUTHORITY 2,821,875 0 2,821,875
PHILADELPHIA SCHOOL DISTRICT UNLIMITED TAX 265,938 0 265,938
PHILADELPHIA, PA (RB) 0 477,500 477,500
PHILA., PA IDR (RB) 0 518,750 518,750
PITTSBRGH, PA URB REDEV 0 466,250 466,250
PITTSBURGH WATER AND SEWER AUTHORITY 274,688 0 274,688
PITTSBURGH, PA (GO) 0 504,375 504,375
POCONO MOUNTAIN, PA 0 494,375 494,375
PUERTO RICO ELECTRIC POWER AUTHORITY 270,000 0 270,000
PUERTO RICO PUBLIC BUILDINGS AUTHORITY 533,750 0 533,750
RINGGOLD PA., (GO) 0 502,500 502,500
</TABLE>
<PAGE> 17
<TABLE>
<CAPTION>
PNC PENNSYLVANIA TAX-FREE INCOME PORTFOLIO
COMPASS PENNSYLVANIA MUNICIPAL BOND FUND PAR (000)
PRO-FORMA SCHEDULE OF INVESTMENTS ----------------------------------------
MARCH 31, 1995 PNC COMPASS
PENNSYLVANIA PENNSYLVANIA
(UNAUDITED) TAX-FREE MUNICIPAL
INCOME BOND PRO-FORMA
RATE MATURITY PORTFOLIO FUND COMBINED
----- --------- ----------- ------------ ----------
<S> <C> <C> <C> <C> <C>
SCRANTON-LACKAWANNA HEALTH AND WELFARE 7.40 06/15/00 200 0 200
SE PA TRANS AUTH REV 5.75 12/01/04 0 500 500
SENECA VY PA SCH DIST GO 5.75 07/01/10 0 500 500
SOUTHEASTERN PENNSYLVANIA TRANPORTATION 5.88 03/01/09 1,230 0 1,230
STATE PUBLIC SCHOOL BUILDING AUTHORITY 5.38 10/01/17 1,000 0 1,000
SUSQUEHANNA UNIV, PA RB 6.90 03/01/02 0 750 750
THOM JEFF UNIV, PA (PRF) 7.55 11/01/10 0 500 500
TRINITY SCHOOL DISTRICT GENERAL OBLIGATION 5.50 11/01/11 2,000 0 2,000
WATTSBURG, PA (GO) 6.35 04/01/15 0 500 500
WAYNE HIGHLANDS, PA (GO) 6.00 04/01/12 0 500 500
WEST CHESTER, PA (GO) 6.20 09/01/14 0 1,000 1,000
WEST VIEW, PA (ETM) 9.00 05/15/99 0 400 400
WESTMORELAND COUNTY INDUSTRIAL DEVELOPMENT 6.00 07/01/11 200 0 200
YORK COUNTY HOSPITAL AUTHORITY REVENUE BOND 4.60 12/01/04 605 0 605
YORK COUNTY HOSPITAL AUTHORITY REVENUE BOND 4.70 12/01/05 680 0 680
YORK COUNTY HOSPITAL AUTHORITY REVENUE BOND 4.80 12/01/06 635 0 635
SMITH BARNEY TAX FREE MONEY MARKET FUND 1,900,914 0 1,900,914
VANGUARD PENNSYLVANIA TAX-EXEMPT MONEY FUND 1,000,000 0 1,000,000
TOTAL INVESTMENTS
<CAPTION>
PNC PENNSYLVANIA TAX-FREE INCOME PORTFOLIO
COMPASS PENNSYLVANIA MUNICIPAL BOND FUND VALUE AT MARCH 31, 1995
PRO-FORMA SCHEDULE OF INVESTMENTS ---------------------------------------------
MARCH 31, 1995 PNC COMPASS
PENNSYLVANIA PENNSYLVANIA
(UNAUDITED) TAX-FREE MUNICIPAL
INCOME BOND PRO-FORMA
PORTFOLIO FUND COMBINED
----------- ------------- -----------
<S> <C> <C> <C>
SCRANTON-LACKAWANNA HEALTH AND WELFARE 223,750 0 223,750
SE PA TRANS AUTH REV 0 501,250 501,250
SENECA VY PA SCH DIST GO 0 496,875 496,875
SOUTHEASTERN PENNSYLVANIA TRANPORTATION 1,243,838 0 1,243,838
STATE PUBLIC SCHOOL BUILDING AUTHORITY 937,500 0 937,500
SUSQUEHANNA UNIV, PA RB 0 786,563 786,563
THOM JEFF UNIV, PA (PRF) 0 566,250 566,250
TRINITY SCHOOL DISTRICT GENERAL OBLIGATION 1,927,500 0 1,927,500
WATTSBURG, PA (GO) 0 509,375 509,375
WAYNE HIGHLANDS, PA (GO) 0 500,000 500,000
WEST CHESTER, PA (GO) 0 1,011,250 1,011,250
WEST VIEW, PA (ETM) 0 460,000 460,000
WESTMORELAND COUNTY INDUSTRIAL DEVELOPMENT 201,250 0 201,250
YORK COUNTY HOSPITAL AUTHORITY REVENUE BOND 564,919 0 564,919
YORK COUNTY HOSPITAL AUTHORITY REVENUE BOND 631,550 0 631,550
YORK COUNTY HOSPITAL AUTHORITY REVENUE BOND 587,375 0 587,375
SMITH BARNEY TAX FREE MONEY MARKET FUND 1,900,914 0 1,900,914
VANGUARD PENNSYLVANIA TAX-EXEMPT MONEY FUND 1,000,000 0 1,000,000
TOTAL INVESTMENTS $61,872,120 $16,941,313 $78,813,433
=========== =========== ===========
</TABLE>
See Accompanying Notes to Proforma Financial Statements
<PAGE> 18
<TABLE>
<CAPTION>
PNC VALUE EQUITY PORTFOLIO
COMPASS EQUITY INCOME FUND
PRO-FORMA SCHEDULE OF INVESTMENTS
MARCH 31, 1995
(UNAUDITED)
SHARES VALUE AT MARCH 31, 1995
----------------------------------------- ------------------------------------------
PNC COMPASS PNC COMPASS
VALUE EQUITY VALUE EQUITY
EQUITY INCOME PRO-FORMA EQUITY INCOME PRO-FORMA
PORTFOLIO FUND COMBINED PORTFOLIO FUND COMBINED
--------- ---- -------- --------- ---- --------
<S> <C> <C> <C> <C> <C>
ACE LIMITED 0 234,200 234,200 $0 $5,913,550 $5,913,550
AETNA LIFE & CASUALTY 0 97,400 97,400 0 5,551,800 5,551,800
ALCAN ALUMINUM LTD 0 50,000 50,000 0 1,331,250 1,331,250
ALCATEL ALSTHOM - ADR 0 61,500 61,500 0 1,114,687 1,114,687
ALEXANDER & ALEXANDER 0 92,100 92,100 0 2,175,863 2,175,863
ALEXANDER & BALDWIN 0 106,300 106,300 0 2,391,750 2,391,750
ALLIEDSIGNAL, INC. 238,400 0 238,400 9,357,200 0 9,357,200
ALUMINUM COMPANY AMERICA 0 369,400 369,400 0 15,283,925 15,283,925
AMBAC, INC. 176,400 0 176,400 7,166,250 0 7,166,250
AMERADA HESS CO 0 60,000 60,000 0 2,962,500 2,962,500
AMERICAN GENERAL CORP. 211,600 0 211,600 6,824,100 0 6,824,100
AMERICAN HOME PRODUCTS CORP. 181,800 0 181,800 12,953,250 0 12,953,250
AMERICAN INTERNATIONAL GROUP, INC. 93,250 0 93,250 9,721,313 0 9,721,313
AMERICAN PREMIER UNDWR. 0 40,000 40,000 0 965,000 965,000
AMERICAN REAL ESTATE 0 148,700 148,700 0 1,171,013 1,171,013
AMR CORPORATION 0 4,775,000 4,775,000 0 4,464,625 4,464,625
AMR CORP. 0 8,000 8,000 0 518,000 518,000
AON CORP. 220,300 0 220,300 8,040,950 0 8,040,950
ASTORIA FINANCIAL CORP 0 88,000 88,000 0 2,706,000 2,706,000
ATLANTIC RICHFIELD CO. 104,800 14,100 118,900 12,052,000 1,621,500 13,673,500
BANCO BILBAO VIZCAYA-ADR 0 4,200 4,200 0 106,050 106,050
BANK OF NEW YORK CO.,INC. 197,500 0 197,500 6,492,813 0 6,492,813
BANKAMERICA CORP 0 216,793 216,793 0 10,460,262 10,460,262
BCE INC. 0 249,900 249,900 0 7,715,663 7,715,663
BE AEROSPACE INCORPORATED 0 239,800 239,800 0 1,558,700 1,558,700
BECKMAN INSTRUMENTS, INC. 279,000 0 279,000 8,265,375 0 8,265,375
BMC SOFTWARE 0 30,400 30,400 0 1,938,000 1,938,000
BOEING CO. 321,700 52,500 374,200 17,331,588 2,828,438 20,160,025
BOISE CASCADE PFD-CV 0 99,800 99,800 0 2,956,575 2,956,575
BOISE CASCADE CORP. 0 50,200 50,200 0 1,744,450 1,744,450
BRASCAN LIMITED -CL A 0 101,700 101,700 0 1,372,950 1,372,950
BRIERLEY INVEST LTD ADR 0 625,000 625,000 0 906,250 906,250
BRISTOL MEYERS SQUIBB CO. 175,700 0 175,700 11,069,100 0 11,069,100
BRITISH AIRWAYS PLC ADR 149,100 0 149,100 9,803,325 0 9,803,325
BURLINGTON RESOURCES 0 87,100 87,100 0 3,549,325 3,549,325
CALIFORNIA FEDERAL BANK 0 143,462 143,462 0 1,524,284 1,524,284
CANADIAN PAC LTD 0 91,300 91,300 0 1,369,500 1,369,500
CENTEX CONSTRUCTION 0 251,000 251,000 0 3,106,125 3,106,125
CENTRAL MAINE POWER CO 0 139,400 139,400 0 1,533,400 1,533,400
CENTRAL VERMONT PUBLIC SV 0 77,600 77,600 0 1,037,900 1,037,900
CHEVRON CORP. 135,300 0 135,300 6,494,400 0 6,494,400
CHIQUITTA BRANDS INTL 0 123,000 123,000 0 1,552,875 1,552,875
</TABLE>
<PAGE> 19
<TABLE>
<CAPTION>
PNC VALUE EQUITY PORTFOLIO
COMPASS EQUITY INCOME FUND
PRO-FORMA SCHEDULE OF INVESTMENTS
MARCH 31, 1995
(UNAUDITED)
SHARES VALUE AT MARCH 31, 1995
----------------------------------------- ------------------------------------------
PNC COMPASS PNC COMPASS
VALUE EQUITY VALUE EQUITY
EQUITY INCOME PRO-FORMA EQUITY INCOME PRO-FORMA
PORTFOLIO FUND COMBINED PORTFOLIO FUND COMBINED
--------- ---- -------- --------- ---- --------
<S> <C> <C> <C> <C> <C> <C>
CHRYSLER CORP. 216,100 0 216,100 9,049,188 0 9,049,188
CHUBB CORP. 97,500 89,100 186,600 7,702,500 7,038,900 14,741,400
CIGNA CORP. 0 75,000 75,000 0 5,606,250 5,606,250
CMS ENERGY CORPORATION 0 65,300 65,300 0 1,526,388 1,526,388
COAST SAVINGS FINANCIAL 0 63,600 63,600 0 1,025,550 1,025,550
COMERICA, INC. 294,200 0 294,200 8,090,500 0 8,090,500
COMSAT CORPORATION 0 142,500 142,500 0 2,654,063 2,654,063
CONRAIL CORP. 157,500 0 157,500 8,839,688 0 8,839,688
COOPER INDUSTRIES INC. 0 59,100 59,100 0 2,290,125 2,290,125
CORESTATES FINANCIAL CORP. 348,426 0 348,426 11,149,632 0 11,149,632
CORNING INCORPORATED 0 13,200 13,200 0 475,200 475,200
DEAN WITTER DISCOVER & CO. 281,936 0 281,936 11,488,892 0 11,488,892
DIAMOND SHAMROCK, INC. 229,400 0 229,400 6,050,425 0 6,050,425
DOW CHEMICAL CO. 190,000 0 190,000 13,870,000 0 13,870,000
EASTMAN KODAK COMPANY 0 121,000 121,000 0 6,428,125 6,428,125
ELF AQUITAINE ADR 258,100 0 258,100 10,001,375 0 10,001,375
ELI LILLY & CO. 188,200 0 188,200 13,762,125 0 13,762,125
ENSERCH CORP 0 55,100 55,100 0 819,613 819,613
ENTERGY CORP. 200,000 72,100 272,100 4,175,000 1,505,088 5,680,088
ESSEX PROPERTY TRUST REIT 0 161,000 161,000 0 2,555,875 2,555,875
EXXON CORP. 116,200 0 116,200 7,756,350 0 7,756,350
E.I. DU PONT DE NEMOURS & CO. 177,825 0 177,825 10,758,413 0 10,758,413
FEDERAL PAPER BOARD CO., INC. 157,600 0 157,600 4,491,600 0 4,491,600
FINGERHUT COMPANIES, INC. 395,400 0 395,400 4,695,375 0 4,695,375
FIRST BRANDS CORP. 133,559 0 133,559 5,025,157 0 5,025,157
FIRST CHICAGO CORP. 242,800 0 242,800 12,170,350 0 12,170,350
FORD MOTOR CO. 374,900 0 374,900 10,122,300 0 10,122,300
FRUIT OF THE LOOM, INC. 285,800 0 285,800 7,502,250 0 7,502,250
GABLES RESIDTL TR (REIT) 0 32,900 32,900 0 612,763 612,763
GENERAL ELECTRIC CO. 221,900 0 221,900 12,010,338 0 12,010,338
GENERAL MOTORS CORP. 182,804 161,800 344,604 8,089,077 7,159,650 15,248,727
GENERAL REINSURANCE CORP. 50,600 0 50,600 6,679,200 0 6,679,200
GEORGIA PAC CORP 0 19,000 19,000 0 1,515,250 1,515,250
GLENDALE FED BK PFD-CV 0 211,450 211,450 0 6,237,775 6,237,775
GLENDALE FED BNK WARRANT 0 130,480 130,480 0 391,440 391,440
GOODYEAR TIRE & RUBBER CO. 298,000 0 298,000 10,951,500 0 10,951,500
GP FINANCIAL CORP 0 100,000 100,000 0 2,312,500 2,312,500
HAEMONETICS CORPORATION 0 20,000 20,000 0 290,000 290,000
HILLS DEPT STORES 0 27,251 27,251 0 551,833 551,833
IMC GLOBAL, INC. 264,050 0 264,050 12,905,444 0 12,905,444
IMPERIAL OIL LIMITED 0 45,500 45,500 0 1,620,938 1,620,938
INTERNATIONAL PAPER CO. 100,000 150,800 250,800 7,512,500 11,328,850 18,841,350
</TABLE>
<PAGE> 20
<TABLE>
<CAPTION>
PNC VALUE EQUITY PORTFOLIO
COMPASS EQUITY INCOME FUND
PRO-FORMA SCHEDULE OF INVESTMENTS
MARCH 31, 1995
(UNAUDITED)
SHARES VALUE AT MARCH 31, 1995
----------------------------------------- ------------------------------------------
PNC COMPASS PNC COMPASS
VALUE EQUITY VALUE EQUITY
EQUITY INCOME PRO-FORMA EQUITY INCOME PRO-FORMA
PORTFOLIO FUND COMBINED PORTFOLIO FUND COMBINED
--------- ---- -------- --------- ---- --------
<S> <C> <C> <C> <C> <C> <C>
INTERSTATE BAKERIES INC. 0 253,600 253,600 0 3,677,200 3,677,200
ITT CORP. 66,000 0 66,000 6,773,250 0 6,773,250
JOHNSTOWN AMERICA INDUS 0 10,000 10,000 0 135,000 135,000
K MART CORP. 723,000 110,700 833,700 9,941,250 1,522,125 11,463,375
KEYCORP 0 122,200 122,200 0 3,452,150 3,452,150
KIMBERLY CLARK CORP 0 15,000 15,000 0 780,000 780,000
KOGER EQUITY INC (REIT) 0 215,700 215,700 0 1,455,975 1,455,975
LDDS COMMUNICATIONS INC. 0 95,614 95,614 0 2,234,977 2,234,977
LEHMAN BROS HOLDING INC 0 213,560 213,560 0 3,844,080 3,844,080
LOEWS CORPORATION 0 10,000 10,000 0 987,500 987,500
LONDON & O/S FREITR ADR 0 82,400 82,400 0 947,600 947,600
LONG ISLAND BANCORP INC 0 100,000 100,000 0 1,750,000 1,750,000
LUBRIZOL CORP. 459,200 0 459,200 16,186,800 0 16,186,800
MBIA, INC. 117,500 0 117,500 7,387,813 0 7,387,813
MERCK & CO., INC. 283,350 0 283,350 12,077,794 0 12,077,794
MERIDIAN BANCORP, INC. 288,900 0 288,900 8,847,563 0 8,847,563
MITCHELL ENERGY CL A 0 1,000 1,000 0 18,000 18,000
MOBIL CORP. 92,500 0 92,500 8,567,813 0 8,567,813
MONSANTO CO. 154,800 0 154,800 12,422,700 0 12,422,700
MURPHY OIL 0 5,900 5,900 0 254,438 254,438
NATIONAL FUEL GAS CORP. 0 25,000 25,000 0 700,000 700,000
NATIONSBANK CORP. 148,500 0 148,500 7,536,375 0 7,536,375
NEW YORK ST ELEC & GAS 0 49,100 49,100 0 1,049,513 1,049,513
NEWHALL LAND & FARM CO. 0 74,200 74,200 0 1,094,450 1,094,450
NIAGARA MOHAWK PWR CO 0 240,800 240,800 0 3,311,000 3,311,000
NIPSCO 100,000 0 100,000 3,112,500 0 3,112,500
NOBLE DRILLING CORP. 0 236,400 236,400 0 1,447,950 1,447,950
NORDSK HYDRO A.S. ADR 0 66,000 66,000 0 2,458,500 2,458,500
NORFOLK SOUTHERN CORP. 106,100 0 106,100 7,095,438 0 7,095,438
NYNEX CORP. 286,800 0 286,800 11,364,450 0 11,364,450
OCCIDENTAL PETRO CORP 0 0 0 0 0 0
OHIO EDISON CO. 223,900 0 223,900 4,478,000 0 4,478,000
OLD REPUBLIC INTL CORP 0 110,000 110,000 0 2,640,000 2,640,000
OMI CORP 0 173,500 173,500 0 954,250 954,250
ORYX ENERGY CO. 0 268,000 268,000 0 3,383,500 3,383,500
OVERSEAS SHIPHOLDING 0 6,900 6,900 0 141,450 141,450
PECO ENERGY CO. 446,900 0 446,900 11,228,363 0 11,228,363
PETROLEUM HEAT & POWER 0 416,700 416,700 0 3,021,075 3,021,075
PHELPS DODGE CORP. 179,300 0 179,300 10,197,688 0 10,197,688
PHILLIPS PETROLEUM CO. 186,900 116,600 303,500 6,845,213 4,270,475 11,115,688
POLICY MANAGEMENT SYSTEM 0 44,200 44,200 0 1,939,275 1,939,275
POTASH CORP SASK INC 0 35,800 35,800 0 1,593,100 1,593,100
</TABLE>
<PAGE> 21
<TABLE>
<CAPTION>
PNC VALUE EQUITY PORTFOLIO
COMPASS EQUITY INCOME FUND
PRO-FORMA SCHEDULE OF INVESTMENTS
MARCH 31, 1995
(UNAUDITED)
SHARES VALUE AT MARCH 31, 1995
----------------------------------------- ------------------------------------------
PNC COMPASS PNC COMPASS
VALUE EQUITY VALUE EQUITY
EQUITY INCOME PRO-FORMA EQUITY INCOME PRO-FORMA
PORTFOLIO FUND COMBINED PORTFOLIO FUND COMBINED
--------- ---- -------- --------- ---- --------
<S> <C> <C> <C> <C> <C> <C>
RAYCHEM CORP. 0 83,700 83,700 0 3,400,313 3,400,313
RAYONIER INC 0 25,900 25,900 0 806,138 806,138
REINSURANCE GROUP OF AMER 0 19,200 19,200 0 520,800 520,800
RELIASTAR FINANCIAL CORP. 90,000 0 90,000 3,060,000 0 3,060,000
REPUBLIC NEW YORK CORP. 151,800 0 151,800 7,457,175 0 7,457,175
REYNLDS MTLS PFD 0 30,600 30,600 0 1,457,325 1,457,325
RHONE-POULENC S.A. ADR 0 30,400 30,400 0 714,400 714,400
ROYAL DUTCH PETROLEUM CO. 83,400 0 83,400 10,008,000 0 10,008,000
RYLAND GROUP 0 113,500 113,500 0 1,631,563 1,631,563
SANTA FE ENERGY RES PFD 0 100,000 100,000 0 962,500 962,500
SEAGRAM LTD 0 49,000 49,000 0 1,555,750 1,555,750
SEAGULL ENERGY 0 197,800 197,800 0 3,906,550 3,906,550
SEARS, ROEBUCK & CO. 165,500 0 165,500 8,833,563 0 8,833,563
SEQUA CORP. -CL A 0 94,900 94,900 0 2,775,825 2,775,825
SMITH BARNEY MONEY MARKET FUND 14,342,831 0 14,342,831 14,342,831 0 14,342,831
SONAT OFFSHORE DRILLING 0 165,100 165,100 0 3,838,575 3,838,575
SOUTHDOWN INC 0 144,300 144,300 0 2,453,100 2,453,100
SOUTHERN CO. 316,300 0 316,300 6,444,613 0 6,444,613
STANDARD COMMERCIAL CORP 0 0 0 0 4 4
STORAGE EQUITIES (REIT) 0 103,000 103,000 0 1,751,000 1,751,000
STRATUS COMPUTER, INC. 182,500 0 182,500 5,703,125 0 5,703,125
SUN COMMUNTIES INC (REIT) 0 104,200 104,200 0 2,344,500 2,344,500
SUN MICROSYSTEMS, INC. 304,200 0 304,200 10,570,950 0 10,570,950
TECHNIP ADS 144A 0 55,700 55,700 0 1,570,740 1,570,740
TEMPLE INLAND CO 0 102,500 102,500 0 4,599,688 4,599,688
TENNECO, INC. 232,700 0 232,700 10,965,988 0 10,965,988
TEXACO, INC. 96,600 0 96,600 6,423,900 0 6,423,900
TIG HOLDINGS, INC. 194,100 0 194,100 4,367,250 0 4,367,250
ULTRAMAR PLC ADR 294,500 0 294,500 7,657,000 0 7,657,000
UNICOM CORPORATION 425,430 171,900 597,330 10,103,963 4,082,625 14,186,588
UNION BANK/SF 0 101,600 101,600 0 3,505,200 3,505,200
UNITED TECHNOLOGIES CORP. 187,050 0 187,050 12,929,831 0 12,929,831
UNIVERSAL CORP 0 428,600 428,600 0 8,947,025 8,947,025
UNOCAL CORP 0 153,000 153,000 0 4,398,750 4,398,750
UST, INC. 267,800 0 267,800 8,502,650 0 8,502,650
USX-MARATHON GROUP INC 0 284,500 284,500 0 4,978,750 4,978,750
U.S. WEST, INC. 268,500 0 268,500 10,740,000 0 10,740,000
WASHINGTON ENERGY CO 0 25,000 25,000 0 334,375 334,375
WILLAMETTE INDUSTRIES INC 0 63,200 63,200 0 3,444,400 3,444,400
WMX TECHNOLOGIES INC. 0 118,100 118,100 0 3,247,750 3,247,750
XEROX CORP. 51,200 0 51,200 6,009,600 0 6,009,600
YORK INTERNATIONAL CORP 0 53,200 53,200 0 2,101,400 2,101,400
</TABLE>
<PAGE> 22
<TABLE>
<CAPTION>
PNC VALUE EQUITY PORTFOLIO
COMPASS EQUITY INCOME FUND
PRO-FORMA SCHEDULE OF INVESTMENTS
MARCH 31, 1995
(UNAUDITED)
SHARES VALUE AT MARCH 31, 1995
----------------------------------------- ------------------------------------------
PNC COMPASS PNC COMPASS
VALUE EQUITY VALUE EQUITY
EQUITY INCOME PRO-FORMA EQUITY INCOME PRO-FORMA
PORTFOLIO FUND COMBINED PORTFOLIO FUND COMBINED
--------- ---- -------- --------- ---- --------
<S> <C> <C> <C> <C> <C> <C>
REPO (6.25%) 0 14,897,000 14,897,000 0 14,897,000 14,897,000
TOTAL INVESTMENTS $638,604,283 $290,668,007 $929,272,290
============ ============ ============
</TABLE>
See Accompanying Notes to Proforma Financial Statements
<PAGE> 23
<TABLE>
<CAPTION>
PNC GROWTH EQUITY PORTFOLIO
COMPASS GROWTH FUND
PRO-FORMA SCHEDULE OF INVESTMENTS
MARCH 31, 1995
(UNAUDITED)
SHARES/PAR (000) VALUE AT MARCH 31, 1995
------------------------------------ --------------------------------------
PNC
GROWTH COMPASS PNC COMPASS
EQUITY GROWTH PRO-FORMA GROWTH GROWTH PRO-FORMA
PORTFOLIO FUND COMBINED PORTFOLIO FUND COMBINED
--------- ---- -------- --------- ---- ---------
<S> <C> <C> <C> <C> <C> <C>
EQUITY SECURITIES:
ABBOTT LABORATORIES, INC. 70,000 77,000 147,000 $2,493,750 $2,743,125 $5,236,875
ACE LIMITED 0 126,000 126,000 0 3,181,500 3,181,500
AIR PRODUCTS & CHEMICAL INC. 39,000 26,800 65,800 2,032,875 1,396,950 3,429,825
ALBEMARLE CORP 0 130,000 130,000 0 1,657,500 1,657,500
ALBERTSON'S, INC. 60,000 0 60,000 1,935,000 0 1,935,000
ALLIED-SIGNAL, INC. 67,000 0 67,000 2,629,750 0 2,629,750
AMERICAN INTERNATIONAL GROUP, INC. 27,000 26,500 53,500 2,814,750 2,762,625 5,577,375
AMERICAN RE CORP 0 70,200 70,200 0 2,457,000 2,457,000
AMGEN, INC. 30,000 0 30,000 2,021,250 0 2,021,250
* AMOCO CORP 0 54,000 54,000 0 3,435,750 3,435,750
AMP, INC. 30,000 72,000 102,000 1,080,000 2,592,000 3,672,000
ANHEUSER-BUSCH COS.,INC. 51,000 0 51,000 2,989,875 0 2,989,875
ATMEL CORP. 21,200 0 21,200 818,850 0 818,850
AT&T CORP. 32,000 36,500 68,500 1,656,000 1,888,875 3,544,875
AUTOMATIC DATA PROCESSING, INC. 42,000 42,000 84,000 2,646,000 2,646,000 5,292,000
* AUTOZONE INC. 0 90,100 90,100 0 2,241,238 2,241,238
BANKAMERICA CORP. 45,500 0 45,500 2,195,375 0 2,195,375
* BEVERLY ENTERPRISES 0 138,000 138,000 0 2,001,000 2,001,000
BOATMEN'S BANCSHARES,INC. 50,000 0 50,000 1,512,500 0 1,512,500
* BURLINGTON RESOURCES 0 35,000 35,000 0 1,426,250 1,426,250
CAPITAL CITIES ABC,INC. 24,300 0 24,300 2,144,475 0 2,144,475
CINTAS CORP. 46,300 0 46,300 1,736,250 0 1,736,250
CISCO SYSTEMS, INC. 60,500 0 60,500 2,306,563 0 2,306,563
CLARK EQUIPMENT CO. 18,700 0 18,700 1,542,750 0 1,542,750
COCA-COLA CO. 44,500 0 44,500 2,514,250 0 2,514,250
COLGATE-PALMOLIVE CO. 20,000 0 20,000 1,320,000 0 1,320,000
COLUMBIA HCA HEALTHCARE CORP. 50,000 0 50,000 2,150,000 0 2,150,000
COMCAST SPECIAL A 0 150,000 150,000 0 2,343,750 2,343,750
COMPAQ COMPUTER CORP. 46,000 0 46,000 1,587,000 0 1,587,000
COMPUTER SCIENCES CORP. 29,000 50,000 79,000 1,431,875 2,468,750 3,900,625
CONAGRA, INC. 46,000 0 46,000 1,523,750 0 1,523,750
COOPER TIRE & RUBBER CO. 70,000 0 70,000 1,986,250 0 1,986,250
CPC INTERNATIONAL, INC. 54,000 0 54,000 2,922,750 0 2,922,750
DEAN WITTER DISCOVER & CO. 36,000 0 36,000 1,467,000 0 1,467,000
DIAL CORP. 86,000 0 86,000 2,182,250 0 2,182,250
DOW CHEMICAL CO. 36,000 0 36,000 2,628,000 0 2,628,000
DSC COMMUNICATIONS CORP. 37,500 0 37,500 1,221,093 0 1,221,093
* DUN & BRADSTREET 0 32,000 32,000 0 1,684,000 1,684,000
* DURIRON CO 0 120,000 120,000 0 2,460,000 2,460,000
ECHLIN,INC. 60,000 0 60,000 2,310,000 0 2,310,000
EMERSON ELECTRIC CO. 45,000 0 45,000 2,992,500 0 2,992,500
ENGELHARD CORP 0 111,000 111,000 0 3,288,375 3,288,375
EQUIFAX, INC. 50,000 0 50,000 1,687,500 0 1,687,500
</TABLE>
<PAGE> 24
<TABLE>
<CAPTION>
PNC GROWTH EQUITY PORTFOLIO
COMPASS GROWTH FUND
PRO-FORMA SCHEDULE OF INVESTMENTS
MARCH 31, 1995
(UNAUDITED)
SHARES/PAR (000) VALUE AT MARCH 31, 1995
------------------------------------ --------------------------------------
PNC
GROWTH COMPASS PNC COMPASS
EQUITY GROWTH PRO-FORMA GROWTH GROWTH PRO-FORMA
PORTFOLIO FUND COMBINED PORTFOLIO FUND COMBINED
--------- ---- -------- --------- ---- ---------
<S> <C> <C> <C> <C> <C> <C>
ERICSSON L M TELEPHONE CO 0 50,000 50,000 0 3,090,625 3,090,625
E.I. DU PONT DE NEMOURS & CO. 34,000 0 34,000 2,057,000 0 2,057,000
FEDERAL HOME LOAN MORTGAGE CORP. 10,000 0 10,000 605,000 0 605,000
FEDERAL NATIONAL MORTGAGE ASSOCIATION 10,000 0 10,000 813,750 0 813,750
FED. NATL. MTG. ASSOC. 0 40,000 40,000 0 3,255,000 3,255,000
FIRST DATA CORP. 27,700 0 27,700 1,436,938 0 1,436,938
FIRST FINANCIAL MANAGEMENT CORP. 30,000 0 30,000 2,167,500 0 2,167,500
* FISERV INC 0 9,800 9,800 0 259,700 259,700
FOREST LABORATORIES, INC. 15,000 0 15,000 714,375 0 714,375
FOSTER WHEELER CORP. 15,000 44,900 59,900 508,125 1,520,988 2,029,113
GENERAL ELECTRIC CO. 84,000 0 84,000 4,546,500 0 4,546,500
GENERAL INSTRUMENTS CORP. 74,000 68,000 142,000 2,571,500 2,363,000 4,934,500
GENERAL MILLS INC 0 22,600 22,600 0 1,347,525 1,347,525
GENERAL RE CORP. 10,000 0 10,000 1,320,000 0 1,320,000
* GENETICS INSTITUTE 0 54,000 54,000 0 2,052,000 2,052,000
GILLETTE CO. 36,000 0 36,000 2,938,500 0 2,938,500
* HAFSLUND NYCOMED-CL B ADR 0 90,000 90,000 0 1,788,750 1,788,750
HBO & CO. 29,100 0 29,100 1,265,850 0 1,265,850
HEALTHSOUTH CORP. 75,000 0 75,000 3,046,875 0 3,046,875
HEWLETT PACKARD CO. 13,400 24,000 37,400 1,613,025 2,889,000 4,502,025
HOME DEPOT, INC. 25,000 0 25,000 1,106,250 0 1,106,250
HOSPITALITY FRANCHISE SYSTEM, INC. 91,000 0 91,000 2,912,000 0 2,912,000
HUMANA, INC. 80,000 0 80,000 2,050,000 0 2,050,000
ILLINOIS TOOL WORKS, INC. 68,000 70,000 138,000 3,323,500 3,421,250 6,744,750
INTEL CORP. 25,700 0 25,700 2,181,288 0 2,181,288
INTERNATIONAL BUSINESS MACHINES CORP. 19,700 0 19,700 1,612,938 0 1,612,938
* INTERNATIONAL GAME TECH 0 107,000 107,000 0 1,444,500 1,444,500
* INTERNATIONAL PAPER CO 0 21,900 21,900 0 1,645,238 1,645,238
INTERPUBLIC GROUP OF COS.,INC. 73,900 0 73,900 2,762,013 0 2,762,013
JOHNSON & JOHNSON 42,000 0 42,000 2,499,000 0 2,499,000
* KERR MCGEE CORP 0 40,000 40,000 0 2,040,000 2,040,000
KIMBERLY CLARK CORP 0 50,000 50,000 0 2,600,000 2,600,000
KNIGHT-RIDDER INC 0 26,800 26,800 0 1,514,200 1,514,200
KROGER CO. 77,200 0 77,200 2,036,150 0 2,036,150
LA QUINTA INNS, INC. 90,000 0 90,000 2,441,250 0 2,441,250
LANCASTER COLONY CORP. 43,333 0 43,333 1,538,322 0 1,538,322
LOWE'S COS., INC. 31,000 0 31,000 1,069,500 0 1,069,500
LSI LOGIC CORP. 36,000 0 36,000 1,890,000 0 1,890,000
* LTV CORPORATION 0 74,000 74,000 0 1,128,500 1,128,500
MALLINCKRODT GROUP INC 0 50,700 50,700 0 1,711,125 1,711,125
MANOR CARE, INC. 55,000 0 55,000 1,670,625 0 1,670,625
MARRIOT INTERNATIONAL, INC. 83,000 0 83,000 2,884,250 0 2,884,250
MATTELL, INC. 64,062 0 64,062 1,577,526 0 1,577,526
MAY DEPT STORES 0 56,000 56,000 0 2,072,000 2,072,000
</TABLE>
<PAGE> 25
<TABLE>
<CAPTION>
PNC GROWTH EQUITY PORTFOLIO
COMPASS GROWTH FUND
PRO-FORMA SCHEDULE OF INVESTMENTS
MARCH 31, 1995
(UNAUDITED)
SHARES/PAR (000) VALUE AT MARCH 31, 1995
------------------------------------ --------------------------------------
PNC
GROWTH COMPASS PNC COMPASS
EQUITY GROWTH PRO-FORMA GROWTH GROWTH PRO-FORMA
PORTFOLIO FUND COMBINED PORTFOLIO FUND COMBINED
--------- ---- -------- --------- ---- ---------
<S> <C> <C> <C> <C> <C> <C>
MCDONALDS CORP. 62,000 0 62,000 2,115,750 0 2,115,750
MCGRAW-HILL , INC. 34,800 0 34,800 2,496,900 0 2,496,900
MCI COMM CO 0 90,000 90,000 0 1,856,250 1,856,250
MERCK & CO., INC. 50,000 0 50,000 2,131,250 0 2,131,250
MFS COMMUNICATIONS CO INC 0 47,400 47,400 0 1,659,000 1,659,000
MICRON TECHNOLOGY, INC. 13,700 0 13,700 1,041,200 0 1,041,200
MICROSOFT CORP. 34,000 0 34,000 2,418,250 0 2,418,250
MICROSOFT INC. 0 30,000 30,000 0 2,133,750 2,133,750
MILLIPORE CORP. 40,000 0 40,000 2,230,000 0 2,230,000
MINNESOTA MINING & MANUFACTURING CO. 45,000 22,500 67,500 2,615,625 1,307,813 3,923,438
MIRAGE RESORTS, INC. 39,800 0 39,800 1,114,400 0 1,114,400
MOLEX, INC. CLASS A 53,750 0 53,750 1,814,062 0 1,814,062
MORGAN J P & CO 0 34,000 34,000 0 2,074,000 2,074,000
MOTOROLA, INC. 37,100 37,000 74,100 2,026,588 2,021,125 4,047,713
* M.S. CARRIERS INC 0 120,200 120,200 0 2,704,500 2,704,500
NABISCO HOLDINGS CORP. 36,000 0 36,000 1,030,500 0 1,030,500
* NALCO CHEMICAL COMPANY 0 38,000 38,000 0 1,277,750 1,277,750
NEWELL CO. 55,600 0 55,600 1,417,800 0 1,417,800
* NOBLE AFFILIATES 0 53,000 53,000 0 1,450,875 1,450,875
NOKIA ADR CLASS A 0 16,500 16,500 0 1,212,750 1,212,750
NOVELL INC 0 128,000 128,000 0 2,432,000 2,432,000
OFFICEMAX, INC. 93,400 0 93,400 2,393,374 0 2,393,374
OMNICOM GROUP,INC. 40,000 0 40,000 2,190,000 0 2,190,000
ORACLE SYSTEMS CORP. 42,000 0 42,000 1,312,500 0 1,312,500
PACIFICARE HEALTH SYSTEMS, INC. CLASS B 45,000 0 45,000 3,251,250 0 3,251,250
PARKER-HANNIFIN CORP. 40,000 0 40,000 1,770,000 0 1,770,000
PEPSICO,INC. 65,300 73,000 138,300 2,546,700 2,847,000 5,393,700
* PERRIGO CO 0 100,000 100,000 0 1,162,500 1,162,500
PETSMART, INC. 29,000 0 29,000 1,015,000 0 1,015,000
PFIZER, INC. 25,000 35,000 60,000 2,143,750 3,001,250 5,145,000
PHILIP MORRIS COS., INC. 34,500 0 34,500 2,251,125 0 2,251,125
* POLICY MANAGEMENT SYSTEM 0 44,000 44,000 0 1,930,500 1,930,500
PPG INDUSTRIES, INC. 30,000 0 30,000 1,132,500 0 1,132,500
PROCTER & GAMBLE CO. 33,500 0 33,500 2,219,375 0 2,219,375
PROMUS COS., INC. 14,000 0 14,000 525,000 0 525,000
READERS DIGEST ASSOCIATION, INC. 35,400 0 35,400 1,703,625 0 1,703,625
REPUBLIC NEW YORK CORP 0 66,000 66,000 0 3,242,250 3,242,250
REUTERS HOLDINGS PLC ADR 36,000 0 36,000 1,656,000 0 1,656,000
RUBBERMAID, INC. 30,000 46,000 76,000 990,000 1,518,000 2,508,000
R.R. DONNELLEY & SONS CO. 40,000 0 40,000 1,375,000 0 1,375,000
SARA LEE CORP. 80,000 63,800 143,800 2,090,000 1,666,775 3,756,775
* SCHLUMBERGER LTD 0 34,500 34,500 0 2,057,063 2,057,063
SCHOLASTIC CORPORATION 0 51,700 51,700 0 2,817,650 2,817,650
SCOTT PAPER CO. 25,000 0 25,000 2,234,375 0 2,234,375
</TABLE>
<PAGE> 26
<TABLE>
<CAPTION>
PNC GROWTH EQUITY PORTFOLIO
COMPASS GROWTH FUND
PRO-FORMA SCHEDULE OF INVESTMENTS
MARCH 31, 1995
(UNAUDITED)
SHARES/PAR (000)
---------------------------------
PNC
GROWTH COMPASS
EQUITY GROWTH PRO-FORMA
PORTFOLIO FUND COMBINED
--------- ---- --------
RATE MATURITY
---- --------
<S> <C> <C> <C> <C> <C>
SERVICE CORP. INTERNATIONAL 75,000 0 75,000
STAPLES, INC. 60,000 0 60,000
TEVA PHARMACEUTICAL INDUSTRIES LTD, ADR 70,000 0 70,000
TEXAS INSTRUMENTS, INC. 12,500 0 12,500
TYSON FOODS, INC. 60,500 0 60,500
* UNOCAL CORP 0 99,000 99,000
UST, INC. 60,000 0 60,000
* VALUE HEALTH INC 0 38,300 38,300
VARIAN ASSOCIATES, INC. 53,200 0 53,200
VIACOM, INC. CLASS B 18,000 0 18,000
VODAFONE GRP PLC ADR 0 75,000 75,000
WAL-MART STORES, INC. 24,000 85,000 109,000
WALT DISNEY CO. 38,000 0 38,000
WARNER-LAMBERT CO. 17,000 0 17,000
WASHINGTON POST CLASS B 0 8,000 8,000
XEROX CORP. 9,200 0 9,200
YORK INTERNATIONAL CORP 0 38,700 38,700
ZENECA GROUP PLC ADR 0 72,000 72,000
FIXED INCOME SECURITIES:
FEDERAL HOME LOAN BANK DISCOUNT NOTES 6.25% 04/03/95 26,240 0 26,240
REPO (6.25%) 6.25 04/03/95 0 7,266 7,266
TOTAL INVESTMENTS
<CAPTION>
PNC GROWTH EQUITY PORTFOLIO
COMPASS GROWTH FUND
PRO-FORMA SCHEDULE OF INVESTMENTS
MARCH 31, 1995
(UNAUDITED)
VALUE AT MARCH 31, 1995
---------------------------------------
PNC COMPASS
GROWTH GROWTH PRO-FORMA
PORTFOLIO FUND COMBINED
--------- ---- --------
<S> <C> <C> <C>
SERVICE CORP. INTERNATIONAL 2,100,000 0 2,100,000
STAPLES, INC. 1,582,500 0 1,582,500
TEVA PHARMACEUTICAL INDUSTRIES LTD, ADR 2,108,750 0 2,108,750
TEXAS INSTRUMENTS, INC. 1,106,250 0 1,106,250
TYSON FOODS, INC. 1,459,562 0 1,459,562
* UNOCAL CORP 0 2,846,250 2,846,250
UST, INC. 1,905,000 0 1,905,000
* VALUE HEALTH INC 0 1,464,975 1,464,975
VARIAN ASSOCIATES, INC. 2,241,050 0 2,241,050
VIACOM, INC. CLASS B 805,500 0 805,500
VODAFONE GRP PLC ADR 0 2,484,375 2,484,375
WAL-MART STORES, INC. 612,000 2,167,500 2,779,500
WALT DISNEY CO. 2,028,250 0 2,028,250
WARNER-LAMBERT CO. 1,330,250 0 1,330,250
WASHINGTON POST CLASS B 0 2,056,000 2,056,000
XEROX CORP. 1,079,850 0 1,079,850
YORK INTERNATIONAL CORP 0 1,528,650 1,528,650
ZENECA GROUP PLC ADR 0 3,051,000 3,051,000
FIXED INCOME SECURITIES:
FEDERAL HOME LOAN BANK DISCOUNT NOTES 26,230,889 0 26,230,889
REPO (6.25%) 0 7,266,000 7,266,000
TOTAL INVESTMENTS $223,481,531 $142,055,638 $365,537,169
============ ============ ============
</TABLE>
* Denotes securities in violation of proposed investment objectives.
See Accompanying Notes to Proforma Financial Statemnts
<PAGE> 27
<TABLE>
<CAPTION>
PNC SMALL CAP GROWTH EQUITY PORTFOLIO
COMPASS SMALL COMPANY FUND
PRO-FORMA SCHEDULE OF INVESTMENTS
MARCH 31, 1995
(UNAUDITED)
SHARES/PAR(000) VALUE AT MARCH 31, 1995
------------------------------------- ---------------------------------------------
PNC COMPASS PNC COMPASS
SMALL CAP SMALL SMALL CAP SMALL
GROWTH EQUITY COMPANY PRO-FORMA GROWTH EQUITY COMPANY PRO-FORMA
PORTFOLIO FUND COMBINED PORTFOLIO FUND COMBINED
--------- ---- -------- --------- ---- --------
<S> <C> <C> <C> <C> <C> <C>
EQUITY SECURITIES:
AAR CORP 0 31,500 31,500 $0 $381,938 $381,938
ABR INFORMATION SERVICES 19,200 0 19,200 475,200 0 475,200
ACCUSTAFF, INC. 27,600 0 27,600 527,850 0 527,850
ACT MANUFACTURING, INC. 11,400 0 11,400 162,450 0 162,450
ACXIOM CORP. 70,000 0 70,000 1,172,500 0 1,172,500
ADTRAN, INC. 30,000 0 30,000 1,672,500 0 1,672,500
AFC CABLE SYSTEMS, INC. 29,300 0 29,300 454,150 0 454,150
ALASKA AIRGROUP INC 0 22,600 22,600 0 358,775 358,775
ALIAS RESEARCH, INC. 40,000 0 40,000 1,220,000 0 1,220,000
AMCAST INDUSTRIAL CORP. 0 19,000 19,000 0 380,000 380,000
AMEIRCAN MEDICAL RESPONSE, INC. 20,000 0 20,000 502,500 0 502,500
AMERICAN HOMEPATIENT INC. 42,000 0 42,000 1,175,125 0 1,175,125
AMERICAN MANAGEMENT SYSTEMS, INC. 61,900 0 61,900 1,199,313 0 1,199,313
AMPHENOL CORP. 48,500 0 48,500 1,212,500 0 1,212,500
APPLIED MAGNETICS 0 31,500 31,500 0 82,688 82,688
APPLIED VOICE TECHNOLOGY, INC. 32,500 0 32,500 662,188 0 662,188
ARROW INTERNATIONAL, INC. 16,400 0 16,400 578,100 0 578,100
ARVIN INDUSTRIES 0 15,200 15,200 0 323,000 323,000
ASM LITHOGRAPHY HOLDING 33,600 0 33,600 945,000 0 945,000
ASPEN TECHNOLOGY, INC. 35,600 0 35,600 703,100 0 703,100
ATRIA SOFTWARE, INC. 43,500 0 43,500 2,066,250 0 2,066,250
BERGEN BRUNSWIG 0 25,095 25,095 0 671,291 671,291
BOOKS-A-MILLION, INC. 70,000 0 70,000 1,023,750 0 1,023,750
BOWNE & CO INC 0 21,300 21,300 0 343,463 343,463
BRANDON SYSTEMS CORP. 20,000 0 20,000 437,500 0 437,500
BROWN GROUP INC 0 8,800 8,800 0 255,200 255,200
BUGABOO CREEK STEAK HOUSE, INC. 16,400 0 16,400 205,000 0 205,000
CALDOR CORP 0 13,900 13,900 0 297,113 297,113
CAPSTEAD MORTGAGE CORP 0 11,400 11,400 0 256,500 256,500
CAROLINA FREIGHT CORP 0 27,300 27,300 0 273,000 273,000
CASCADE COMMUNICATIONS CORP. 15,000 0 15,000 1,035,000 0 1,035,000
CHIQUITTA BRANDS INTL 0 23,100 23,100 0 291,638 291,638
COGNEX CORP. 54,500 0 54,500 1,566,875 0 1,566,875
COHERENT COMMUNICATIONS SYSTEM CORP. 34,000 0 34,000 658,750 0 658,750
COMDISCO INC 0 4,600 4,600 0 123,050 123,050
CONCENTRA CORP. 54,800 0 54,800 753,500 0 753,500
CONTINENTAL MEDICAL SYS 0 30,900 30,900 0 239,475 239,475
COORS ADOLPH CO. 0 15,300 15,300 0 250,538 250,538
CPI CORP 0 19,000 19,000 0 301,625 301,625
CRAY RESEARCH INC. 0 20,700 20,700 0 380,363 380,363
CRSS INC 0 2,200 2,200 0 20,075 20,075
CYCARE SYSTEMS, INC. 27,000 0 27,000 590,625 0 590,625
DAVIDSON & ASSOCIATES, INC. 12,000 0 12,000 402,000 0 402,000
DELTA WOODSIDE IND. INC. 0 30,600 30,600 0 256,275 256,275
</TABLE>
<PAGE> 28
<TABLE>
<CAPTION>
PNC SMALL CAP GROWTH EQUITY PORTFOLIO
COMPASS SMALL COMPANY FUND
PRO-FORMA SCHEDULE OF INVESTMENTS
MARCH 31, 1995
(UNAUDITED)
SHARES/PAR(000) VALUE AT MARCH 31, 1995
------------------------------------- ---------------------------------------------
PNC COMPASS PNC COMPASS
SMALL CAP SMALL SMALL CAP SMALL
GROWTH EQUITY COMPANY PRO-FORMA GROWTH EQUITY COMPANY PRO-FORMA
PORTFOLIO FUND COMBINED PORTFOLIO FUND COMBINED
--------- ---- -------- --------- ---- --------
<S> <C> <C> <C> <C> <C> <C>
DH TECHNOLOGY, INC. 26,500 0 26,500 550,438 0 550,438
DIALOGIC CORP. 20,800 0 20,800 590,200 0 590,200
DIAMOND SHAMROCK, INC. 0 12,200 12,200 0 321,775 321,775
DOUBLETREE CORP. 51,000 0 51,000 1,032,750 0 1,032,750
DURA PHARMACEUTICALS 50,000 0 50,000 743,750 0 743,750
EGG HEAD INC 0 25,000 25,000 0 212,500 212,500
EIS INTERNATIONAL, INC. 71,000 0 71,000 1,189,250 0 1,189,250
ELECTRO SCIENTIFIC INDUSTRIES, INC. 25,300 0 25,300 610,363 0 610,363
ELECTRONICS FOR IMAGING, INC. 20,400 0 20,400 1,091,400 0 1,091,400
ENERGEN CORP 0 19,000 19,000 0 434,625 434,625
ENSERCH CORP 0 21,800 21,800 0 324,275 324,275
EPIC DESIGN TECHNOLOGY, INC. 12,200 0 12,200 326,350 0 326,350
FAIR, ISSAC & CO., INC. 17,000 0 17,000 816,000 0 816,000
FORE SYSTEMS, INC. 33,000 0 33,000 1,303,500 0 1,303,500
FRED'S INCORPORATED 0 30,000 30,000 0 292,500 292,500
FSI INTERNATIONAL, INC. 33,100 0 33,100 1,336,413 0 1,336,413
FTP SOFTWARE, INC. 37,200 0 37,200 1,181,100 0 1,181,100
FURON CO 0 5,100 5,100 0 98,175 98,175
GARTNER GROUP INC. NEW CLASS A 40,000 0 40,000 1,720,000 0 1,720,000
GENERAL HOST CORP 0 27,563 27,563 0 182,602 182,602
GENESCO INC 0 53,100 53,100 0 139,388 139,388
GENEVA STEEL CLASS A 0 17,700 17,700 0 210,188 210,188
GIBSON GREETINGS INC 0 23,100 23,100 0 205,013 205,013
GILAT SATELLITE NETWORKS 55,000 0 55,000 893,750 0 893,750
GOOD GUYS INC. 0 30,100 30,100 0 353,675 353,675
GUARANTY NATIONAL CORP 0 19,500 19,500 0 302,250 302,250
GUILFORD MILLS INC. 0 19,000 19,000 0 408,500 408,500
GULF SOUTH MEDICAL SUPPLY, INC. 30,000 0 30,000 1,222,500 0 1,222,500
HANDLEMAN CO DEL 0 34,500 34,500 0 370,875 370,875
HARMAN INTERNATIONAL INDUSTRIES, INC. 34,000 0 34,000 1,262,250 0 1,262,250
HBO & CO. 26,000 0 26,000 1,131,000 0 1,131,000
HCIA, INC. 64,000 0 64,000 1,568,000 0 1,568,000
HEALTH CARE & RETIREMENT 38,900 0 38,900 1,225,350 0 1,225,350
HECHINGER COMPANY CL A 0 39,000 39,000 0 433,875 433,875
HUFFY CORP 0 23,400 23,400 0 353,925 353,925
HYPERION SOFTWARE CORP. 29,000 0 29,000 1,355,750 0 1,355,750
IDEXX LABORATORIES, INC. 35,000 0 35,000 1,452,500 0 1,452,500
IES INDUSTRIES INC. (ST) 0 10,100 10,100 0 251,238 251,238
INFORMATION STORAGE DEVICES, INC. 2,700 0 2,700 58,050 0 58,050
INTEGRATED SILICON SOLUTION, INC. 39,000 0 39,000 1,365,000 0 1,365,000
INTERFACE INC. CL A 0 30,700 30,700 0 429,800 429,800
INTERGRAPH CORP 0 40,700 40,700 0 483,313 483,313
INTERNATIONAL RECTIFIER CORP. 43,300 0 43,300 1,039,200 0 1,039,200
ISOLYSER COMPANY, INC. 44,400 0 44,400 799,200 0 799,200
JOHN ALDEN FIN CORP 0 10,800 10,800 0 198,450 198,450
JUST FOR FEET, INC. 52,600 0 52,600 1,321,575 0 1,321,575
</TABLE>
<PAGE> 29
<TABLE>
<CAPTION>
PNC SMALL CAP GROWTH EQUITY PORTFOLIO
COMPASS SMALL COMPANY FUND
PRO-FORMA SCHEDULE OF INVESTMENTS
MARCH 31, 1995
(UNAUDITED)
SHARES/PAR(000) VALUE AT MARCH 31, 1995
------------------------------------- ---------------------------------------------
PNC COMPASS PNC COMPASS
SMALL CAP SMALL SMALL CAP SMALL
GROWTH EQUITY COMPANY PRO-FORMA GROWTH EQUITY COMPANY PRO-FORMA
PORTFOLIO FUND COMBINED PORTFOLIO FUND COMBINED
--------- ---- -------- --------- ---- --------
<S> <C> <C> <C> <C> <C> <C>
LAM RESEARCH CORP. 22,400 0 22,400 1,002,400 0 1,002,400
LANDRY'S SEAFOOD RESTAURANTS,INC. 44,500 0 44,500 1,362,813 0 1,362,813
LANDSTAR SYSTEM, INC. 32,700 0 32,700 1,030,050 0 1,030,050
LDDS COMMUNICATIONS, INC. 23,400 0 23,400 546,970 0 546,970
L.A. GEAR INC 0 16,700 16,700 0 56,363 56,363
MACROMEDIA, INC. 28,600 0 28,600 965,250 0 965,250
MAGMA COPPER COMPANY 0 21,000 21,000 0 364,875 364,875
MARSHALL INDUSTRIES 0 12,400 12,400 0 322,400 322,400
MEDAPHIS CORP. 22,300 0 22,300 1,404,900 0 1,404,900
MEDIC COMPUTER SYSTEMS, INC. 35,800 0 35,800 1,557,300 0 1,557,300
MEDPARTNERS, INC. 11,100 0 11,100 245,588 0 245,588
MICREL, INC. 66,400 0 66,400 1,162,000 0 1,162,000
MICRO WAREHOUSE, INC. 29,900 0 29,900 926,900 0 926,900
MICROCOM INC. 97,320 0 97,320 1,103,974 0 1,103,974
MICROTEC RESEARCH, INC. 59,600 0 59,600 745,000 0 745,000
MID-AMERICAN WASTE 0 38,300 38,300 0 143,625 143,625
MORGAN KEEGAN INC 0 29,850 29,850 0 444,019 444,019
MORRISON KNUDSEN INC 0 26,000 26,000 0 156,000 156,000
MORRISON RESTAURANTS, INC. 43,600 0 43,600 959,200 0 959,200
MOVIE GALLERY, INC. 40,000 0 40,000 1,075,000 0 1,075,000
M.S. CARRIERS, INC. 22,700 0 22,700 510,750 0 510,750
M/A COM, INC. 0 11,900 11,900 0 117,513 117,513
NACCO IND 0 7,200 7,200 0 392,400 392,400
NASHUA CORPORATION 0 14,500 14,500 0 280,938 280,938
NATIONAL COMPUTER SYSTEMS INC. 33,800 0 33,800 566,150 0 566,150
NATIONAL SERVICES INDUS 0 9,600 9,600 0 259,200 259,200
NAUTICA ENTERPRISES 30,600 0 30,600 956,250 0 956,250
NETMANAGE, INC. 36,500 0 36,500 1,533,000 0 1,533,000
NETWORK GENERAL CORP. 48,700 0 48,700 1,387,950 0 1,387,950
NORRELL CORP. 40,900 0 40,900 899,800 0 899,800
O'CHARLEY'S, INC. 18,000 0 18,000 211,500 0 211,500
OHIO CASUALTY CORP 0 11,100 11,100 0 374,625 374,625
OMNICARE, INC. 25,000 0 25,000 1,312,500 0 1,312,500
OPTI, INC. 53,000 0 53,000 854,625 0 854,625
ORTHODONTIC CENTERS OF AMERICA,INC. 71,300 0 71,300 1,256,663 0 1,256,663
ORTHOFIX INTERNATIONAL, N.V. 75,000 0 75,000 1,331,250 0 1,331,250
OUTBOARD MARINE CORP 0 18,800 18,800 0 394,800 394,800
PAIRGAIN TECHNOLOGIES, INC. 22,700 0 22,700 541,963 0 541,963
PAPA JOHN'S INTERNATIONAL, INC. 18,500 0 18,500 663,686 0 663,686
PAYCHEX, INC. 9,500 0 9,500 437,000 0 437,000
PEAK TECHNOLOGIES GROUP 40,000 0 40,000 800,000 0 800,000
PETCO ANIMAL SUPPLIES, INC. 32,800 0 32,800 688,800 0 688,800
PHH CORP 0 7,600 7,600 0 288,800 288,800
PHOTRONICS, INC. 67,500 0 67,500 1,535,625 0 1,535,625
PHYCOR, INC. 46,800 0 46,800 1,602,900 0 1,602,900
PIERCING PAGODA, INC. 24,300 0 24,300 206,550 0 206,550
</TABLE>
<PAGE> 30
<TABLE>
<CAPTION>
PNC SMALL CAP GROWTH EQUITY PORTFOLIO
COMPASS SMALL COMPANY FUND
PRO-FORMA SCHEDULE OF INVESTMENTS
MARCH 31, 1995
(UNAUDITED)
SHARES/PAR(000) VALUE AT MARCH 31, 1995
------------------------------------- ---------------------------------------------
PNC COMPASS PNC COMPASS
SMALL CAP SMALL SMALL CAP SMALL
GROWTH EQUITY COMPANY PRO-FORMA GROWTH EQUITY COMPANY PRO-FORMA
PORTFOLIO FUND COMBINED PORTFOLIO FUND COMBINED
--------- ---- -------- --------- ---- --------
<S> <C> <C> <C> <C> <C> <C>
PINKERTON'S INC. 0 10,700 10,700 0 173,875 173,875
PIONEER STANDARD ELECT 0 24,200 24,200 0 441,650 441,650
POOL ENERGY SERVICES 0 39,700 39,700 0 312,638 312,638
POPE & TALBOT INC 0 21,000 21,000 0 336,000 336,000
PRIMARK CORP 0 21,900 21,900 0 314,813 314,813
PROVIDENT LIFE & ACCIDENT 0 14,800 14,800 0 334,850 334,850
PROXIMA CORP. 31,500 0 31,500 815,063 0 815,063
PULTE CORP 0 18,300 18,300 0 430,050 430,050
QUAKER STATE CORP. 0 20,700 20,700 0 284,625 284,625
QUALITY DINING, INC. 9,700 0 9,700 118,825 0 118,825
QUANEX CORP 0 16,500 16,500 0 375,375 375,375
* QUANTUM CORPORATION 0 22,300 22,300 0 331,713 331,713
QUICKSILVER, INC. 26,500 0 26,500 571,253 0 571,253
QUINTILES TRANSNATIONAL CORP. 37,000 0 37,000 1,341,250 0 1,341,250
REGAL CINEMAS, INC. 41,800 0 41,800 1,034,550 0 1,034,550
RELIASTAR FINANCIAL CORP 0 9,200 9,200 0 312,800 312,800
REMEDY CORP. 1,000 0 1,000 35,875 0 35,875
ROBERT HALF INTERNATIONAL, INC. 52,800 0 52,800 1,346,400 0 1,346,400
ROCK BOTTOM RESTAURANTS, INC. 60,000 0 60,000 1,237,500 0 1,237,500
ROSS STORES INCORPORATED 0 25,600 25,600 0 281,600 281,600
RUDDICK CORP 0 19,200 19,200 0 384,000 384,000
RYKOFF-SEXTON INC 0 21,625 21,625 0 340,594 340,594
SCIENTIFIC GAMES HOLDING CORP., INC. 44,000 0 44,000 913,000 0 913,000
SHIVA CORP. 30,000 0 30,000 978,750 0 978,750
SILICON VALLEY GROUP, INC. 40,000 0 40,000 1,125,000 0 1,125,000
SIZZLER INTERNATIONAL 0 57,300 57,300 0 307,988 307,988
SOFTKEY INTERNATIONAL , INC. 53,000 0 53,000 1,444,250 0 1,444,250
SOFTWARE ARTISTRY, INC. 30,000 0 30,000 720,000 0 720,000
SOUTHDOWN INC 0 11,000 11,000 0 187,000 187,000
SPACELABS MEDICAL INC. 0 17,000 17,000 0 425,000 425,000
SPEEDWAY MOTORSPORTS, INC. 27,600 0 27,600 496,800 0 496,800
SPS TRANSACTION CO. 32,000 0 32,000 1,120,000 0 1,120,000
SPX CORP 0 18,600 18,600 0 269,700 269,700
STONE CONTAINER CORP 0 13,000 13,000 0 297,375 297,375
STORAGE USA, INC. 40,000 0 40,000 1,165,000 0 1,165,000
STRATACOM, INC. 56,000 0 56,000 2,408,000 0 2,408,000
ST. JOHN KNITS, INC. 30,000 0 30,000 1,095,000 0 1,095,000
SUN HEALTHCARE GROUP, INC. 45,000 0 45,000 1,147,500 0 1,147,500
SUNGLASS HUT INTERNATIONAL, INC. 45,500 0 45,500 1,347,938 0 1,347,938
SWIFT TRANSPORTATION CO., INC. 30,000 0 30,000 465,000 0 465,000
SYSTEM SOFTWARE ASSOCIATES,INC. 23,000 0 23,000 575,000 0 575,000
TECHNOL MEDICAL PRODUCTS, INC. 33,600 0 33,600 638,400 0 638,400
TENCOR INSTRUMENTS 11,400 0 11,400 675,450 0 675,450
TERRA INDUSTRIES INC 0 23,600 23,600 0 256,650 256,650
TGV SOFTWARE, INC. 14,000 0 14,000 315,000 0 315,000
THE LEARNING CO. 50,000 0 50,000 1,493,750 0 1,493,750
</TABLE>
<PAGE> 31
<TABLE>
<CAPTION>
PNC SMALL CAP GROWTH EQUITY PORTFOLIO
COMPASS SMALL COMPANY FUND
PRO-FORMA SCHEDULE OF INVESTMENTS
MARCH 31, 1995
(UNAUDITED)
SHARES/PAR(000)
------------------------------------
PNC COMPASS
SMALL CAP SMALL
GROWTH EQUITY COMPANY PRO-FORMA
PORTFOLIO FUND COMBINED
--------- ---- --------
RATE MATURITY
---- --------
<S> <C> <C> <C> <C>
THIOKOL CORP 0 15,400 15,400
TIVOLI SYSTEMS, INC. 35,100 0 35,100
TOMMY HILFIGER CORP. 50,000 0 50,000
TORO COMPANY 0 14,000 14,000
TOWER SEMICONDUCTOR LTD. 32,400 0 32,400
TREND-LINES, INC. 31,000 0 31,000
TRIMBLE NAVIGATION, LTD. 50,000 0 50,000
UGI CORPORATION 0 14,500 14,500
ULTRATECH STEPPER, INC. 12,000 0 12,000
UNC INC. 0 71,800 71,800
UNITED ILLUMINATING 0 11,000 11,000
UNITED WASTE SYSTEMS, INC. 45,500 0 45,500
UNIVERSAL CORP 0 10,200 10,200
UNIVERSAL HEALTH SERVICES 0 12,600 12,600
U.S. ROBOTICS CORP. 23,000 0 23,000
U.S. SHOE CORPORATION 0 18,100 18,100
VENCOR, INC. 35,500 0 35,500
VIVRA, INC. 29,300 0 29,300
WACKENHUT CORRECTIONS CORP. 61,100 0 61,100
WASHINGTON WATER POWER 0 17,500 17,500
WATKINS JOHNSON CO. 0 9,300 9,300
WESTERN PUBLISHING 0 20,500 20,500
FIXED INCOME SECURITIES:
FEDERAL HOME LOAN BANK DISCOUNT NOTES 6.25% 04/03/95 $16,350 $0 $16,350
SHOLODGE, INC. 7.50 05/01/04 1,500 0 1,500
TRI-PARTY REPO (SHEARSON) 0 72,700 72,700
TOTAL INVESTMENTS
<CAPTION>
PNC SMALL CAP GROWTH EQUITY PORTFOLIO
COMPASS SMALL COMPANY FUND
PRO-FORMA SCHEDULE OF INVESTMENTS
MARCH 31, 1995
(UNAUDITED)
VALUE AT MARCH 31, 1995
----------------------------------------------
PNC COMPASS
SMALL CAP SMALL
GROWTH EQUITY COMPANY PRO-FORMA
PORTFOLIO FUND COMBINED
--------- ---- --------
<S> <C> <C> <C>
THIOKOL CORP 0 436,975 436,975
TIVOLI SYSTEMS, INC. 1,298,700 0 1,298,700
TOMMY HILFIGER CORP. 1,100,000 0 1,100,000
TORO COMPANY 0 400,750 400,750
TOWER SEMICONDUCTOR LTD. 639,900 0 639,900
TREND-LINES, INC. 406,875 0 406,875
TRIMBLE NAVIGATION, LTD. 950,000 0 950,000
UGI CORPORATION 0 277,313 277,313
ULTRATECH STEPPER, INC. 583,500 0 583,500
UNC INC. 0 394,900 394,900
UNITED ILLUMINATING 0 352,000 352,000
UNITED WASTE SYSTEMS, INC. 1,285,375 0 1,285,375
UNIVERSAL CORP 0 212,925 212,925
UNIVERSAL HEALTH SERVICES 0 318,150 318,150
U.S. ROBOTICS CORP. 1,437,500 0 1,437,500
U.S. SHOE CORPORATION 0 477,388 477,388
VENCOR, INC. 1,264,688 0 1,264,688
VIVRA, INC. 944,925 0 944,925
WACKENHUT CORRECTIONS CORP. 1,733,713 0 1,733,713
WASHINGTON WATER POWER 0 262,500 262,500
WATKINS JOHNSON CO. 0 355,725 355,725
WESTERN PUBLISHING 0 174,250 174,250
FIXED INCOME SECURITIES:
FEDERAL HOME LOAN BANK DISCOUNT NOTES 16,344,323 0 16,344,323
SHOLODGE, INC. 1,297,500 0 1,297,500
TRI-PARTY REPO (SHEARSON) 0 72,700 72,700
TOTAL INVESTMENTS $133,883,225 $25,222,368 $159,105,593
============ =========== ============
</TABLE>
* Denotes securities in violation of proposed investment objectives.
See Accompanying Notes to Performa Financial Statements
<PAGE> 32
Compass Small Company Fund
Schedule of Investments
August 31, 1995
(Unaudited)
<TABLE>
<CAPTION>
Value at
Shares/Par(000) August 31, 1995
----------------- ---------------
Compass Compass
Small Small
Company Company
Fund Fund
---- ----
<S> <C> <C>
ABR INFORMATION SERVICES 2,800 63,000
ACCUSTAFF 1,500 42,000
ACT MANUFACTURING 1,900 37,000
ACTEL 1,800 30,000
* ALLIANCE SEMICONDUCTOR 11,500 450,000
* ALTERA 7,100 445,000
AMERICA RADIO SYSTEMS 8,200 234,000
APPLE SOUTH 9,600 235,000
APPLEBEES INTERNATIONAL 7,600 228,000
APPLIED DIGITAL ACCESS 2,000 24,000
APPLIX 1,200 34,000
ASHWORTH 4,200 $29,000
ASPEN TECHNOLOGY 2,200 59,000
ATLANTIC 7,100 284,000
* ATMEL 11,800 373,000
AUSPEX SYSTEMS 2,500 39,000
AVECOR CARDIOVASCULAR 2,700 36,000
BABY SUPERSTORE 6,000 281,000
BARRETT RESOURCES 8,700 188,000
BELDEN & BLAKE 2,100 34,000
BORDERS GROUP 11,800 239,000
BROOKS AUTOMATION 2,400 43,000
BROOKTREE 4,000 80,000
CANNONDALE 2,100 34,000
CAREER HORIZONS 1,600 40,000
CHICAGO MINIATURE LAMP 2,600 44,000
CHIPS & TECHNOLOGIES 3,200 44,000
CINCINNATI MICROWAVE 13,500 243,000
* CIRRUS LOGIC 9,800 534,000
COGNEX 6,200 309,000
COLONIA DATA TECHNOLOGIES 9,400 170,000
COMMUNITY HEALTH SYSTEMS 4,600 177,000
COMPODENT 1,600 44,000
COMPUTATIONAL SYSTEMS 900 14,000
CORPORATE EXPRESS 9,600 224,000
CREDIT ACCEPTANCE 1,400 30,000
CYBER COMPUTER PRODUCTS 2,800 64,000
DAKA INTERNATIONAL 400 11,000
DALLAS SEMICONDUCTORS 3,600 86,000
DAVE AND BUSTER'S 1,800 31,000
DIAMOND MULTIMEDIA SYSTEMS 2,000 54,000
DIGITAL LINK 1,300 31,000
DISCREET LOGIC 3,500 142,000
</TABLE>
<PAGE> 33
Compass Small Company Fund
Schedule of Investments
August 31, 1995
(Unaudited)
<TABLE>
<CAPTION>
Value at
Shares/Par(000) August 31, 1995
----------------- ---------------
Compass Compass
Small Small
Company Company
Fund Fund
---- ----
<S> <C> <C>
DOLLAR TREE STORES 2,400 71,000
DOUBLETREE 2,600 50,000
DURACRAFT 7,800 311,000
EDELBROCK 2,700 42,000
* ELECTRONIC ARTS 6,000 228,000
FELCOR SUITES HOTELS 2,000 54,000
FRIEDMAN'S CLASS A 11,900 277,000
FSI INTERNATIONAL 12,700 448,000
GARDEN RIDGE 1,700 53,000
GASONICS INTERNATIONAL 3,300 115,000
* GTI 15,400 337,000
GYMBOREE 5,500 164,000
HARMAN INTERNATIONAL 5,565 248,000
HEALTHPLAN SERVICES 1,600 30,000
* HEALTHSOURCE 6,800 272,000
* HEALTHSOUTH REHABILITATION 8,400 198,000
HOLLYWOOD ENTERTAINMENT 10,100 287,000
HORIZON MENTAL HEALTH MANAGEMENT 1,400 21,000
HORIZON/CMS HEALTHCARE 9,500 209,000
HUTCHINSON TECHNOLOGY 5,000 391,000
INPHYNET MEDICAL MANAGEMENT 1,400 31,000
INTEGRATED HEALTH SERVICES 4,500 134,000
INTEGRATED SILICON SYSTEMS 8,700 248,000
INTERSOLV 2,200 43,000
INTER-TEL 1,400 23,000
JUST FOR FEET 3,600 105,000
KEY TRONIC 4,800 73,000
KLA INSTRUMENTS 5,400 462,000
* KOMAG 9,100 566,000
LAQUITA INNS 14,300 429,000
LATTICE SEMICONDUCTOR 13,300 437,000
LEVEL ONE COMMUNICATIONS 1,600 40,000
* LONE STAR STEAK HOUSE & SALOON 13,100 524,000
LONGHORN STEAK 1,500 27,000
MACKIE DESIGNS 3,300 50,000
MICRO LINEAR 3,700 58,000
* MICROCHIP TECHNOLOGY 7,500 284,000
* MID ATLANTIC MEDICAL SERVICES 8,600 160,000
MINNESOTA EDUCATIONAL COMPUTING 1,800 52,000
MOBILE TELECOMMUNICATION TECHNOLOGY 3,300 101,000
MOBILEMEDIA 9,000 218,000
MOOVIES 1,900 36,000
MOVIE GALLERY 1,600 76,000
NATIONAL INSTRUMENTS 2,600 56,000
</TABLE>
<PAGE> 34
Compass Small Company Fund
Schedule of Investments
August 31, 1995
(Unaudited)
<TABLE>
<CAPTION>
Value at
Shares/Par(000) August 31, 1995
----------------- ---------------
Compass Compass
Small Small
Company Company
Fund Fund
---- ----
<S> <C> <C>
NATIONAL WIRELESS HOLDINGS 2,600 34,000
NAUTICA ENTERPRISES 10,400 329,000
NECKLERMEDIA 2,600 110,000
NHP 1,200 16,000
NORTHFIELD LABORATORIES 2,000 34,000
NOVELLUS SYSTEMS 4,300 317,000
NUMBER NINE VISUAL TECHNOLOGY 2,600 47,000
O'CHARLEYS 3,900 65,000
OAK TECHNOLOGY 10,900 478,000
OPTA FOOD INGREDIENTS 1,700 27,000
ORCHARD SUPPLY HARDWARE 1,100 17,000
OSTEX INTERNATIONAL 1,200 20,000
OUTBACK STEAKHOUSE 8,400 271,000
PAPA JOHN'S INTERNATIONAL 2,100 84,000
* PARAMETRIC TECHNOLOGY 7,200 398,000
PHAMIS 1,600 43,000
PHYSICIANS HEALTH SERVICES 2,500 70,000
PINNACLE SYSTEMS 1,300 35,000
PLATINUM SOFTWARE 13,400 157,000
PLAYERS INTERNATIONAL 10,600 223,000
PROFFITTS 10,900 287,000
PROJECT SOFTWARE AND DEVELOPMENT 1,000 29,000
* QUANTUM 19,900 478,000
READING & BATES 13,800 167,000
* READ-RITE 14,900 610,000
RESMED 2,200 33,000
ROCK BOTTOM RESTAURANTS 2,300 59,000
S3 11,700 459,000
SILICON VALLEY GROUP 3,500 151,000
SIMULA 1,300 35,000
SIRROM CAPITAL 1,700 28,000
SOFTDESK 2,300 56,000
SPECTRAN 2,700 125,000
SPORTS & RECREATION 8,500 101,000
STARBUCKS 7,700 308,000
STATION CASINOS 8,800 171,000
STORMEDIA 7,200 299,000
SUMMIT MEDICAL SYSTEMS 1,900 29,000
SYMMETRICOM 1,700 38,000
* SYNOPSYS 7,500 435,000
SYSTEM SOFTWARE ASSOCIATES 7,900 249,000
TECHNOL MEDICAL PRODUCTS 10,300 187,000
TENCOR INSTRUMENT 9,400 407,000
* TERADYNE 9,600 364,000
</TABLE>
<PAGE> 35
Compass Small Company Fund
Schedule of Investments
August 31, 1995
(Unaudited)
<TABLE>
<CAPTION>
Value at
Shares/Par(000) August 31, 1995
----------------- ---------------
Compass Compass
Small Small
Company Company
Fund Fund
---- ----
Rate
----
<S> <C> <C> <C>
THERMEDICS 2,700 52,000
THERMOLASE 1,400 28,000
TOMMY HILFIGER 13,200 443,000
TOWER SEMICONDUCTOR 2,000 62,000
TRANSACTION SYSTEMS ARCHITECTS 1,300 32,000
TRISM 3,700 31,000
TYLAN GENERAL 1,800 30,000
ULTRATECH STEPPAR 9,100 359,000
UNITED AMERICAN HEALTHCARE 1,800 20,000
U.S. FILTER 2,200 48,000
U.S. OFFICE PRODUCTS 2,500 43,000
WATSON PHARMACEUTICALS 6,800 282,000
WEATHERFORD INTERNATIONAL 10,600 139,000
WEST MARINE 3,300 87,000
* WESTERN DIGITAL 19,200 396,000
WIND RIVER SYSTEMS 1,900 35,000
WINSTON HOTELS 3,000 33,000
* WLSI TECHNOLOGY 7,300 241,000
LEHMAN MORTGAGE REPO 5.8% 2,153 2,153,000
Total Investments $26,266,000
===========
</TABLE>
* Denotes securities in violation of proposed investment objectives.
See Accompanying Notes to Proforma Financial Statements
<PAGE> 36
<TABLE>
<CAPTION>
PNC BALANCED PORTFOLIO
COMPASS BALANCED FUND
PRO-FORMA SCHEDULE OF INVESTMENTS
MARCH 31, 1995 SHARES/PAR (000) VALUE AT MARCH 31, 1995
(UNAUDITED) -------------------------------- -----------------------------------
PNC COMPASS PNC COMPASS
BALANCED BALANCED PRO-FORMA BALANCED BALANCED PRO-FORMA
PORTFOLIO FUND COMBINED PORTFOLIO FUND COMBINED
--------- ------- --------- --------- -------- ---------
<S> <C> <C> <C> <C> <C> <C>
EQUITY SECURITIES:
AIRTOUCH COM. INC. 0 6,500 6,500 $0 $177,125 $177,125
ALLIED-SIGNAL,INC. 20,400 0 20,400 800,700 0 800,700
AMERICAN HOME PRODUCTS CORP. 29,300 0 29,300 2,087,625 0 2,087,625
AMERICAN INTERNATIONAL GROUP, INC. 22,450 0 22,450 2,340,413 0 2,340,413
AMOCO CORP. 32,300 0 32,300 2,055,088 0 2,055,088
ANHEUSER BUSCH CO INC 0 2,800 2,800 0 164,150 164,150
APPLE COMPUTERS 0 3,000 3,000 0 105,750 105,750
ARCHER DANIELS MIDLAND 0 12,000 12,000 0 223,500 223,500
ATLANTIC RICHFIELD CO 0 2,000 2,000 0 230,000 230,000
AT&T CORP. 34,100 6,000 40,100 1,764,675 310,500 2,075,175
AVNET, INC. 0 5,000 5,000 0 201,875 201,875
A.M.P., INC. 27,000 0 27,000 972,000 0 972,000
BECKMAN INSTRUMENTS, INC. 52,500 0 52,500 1,555,313 0 1,555,313
BELL ATLANTIC CORP 0 4,000 4,000 0 211,000 211,000
BOEING CO. 40,100 0 40,100 2,160,388 0 2,160,388
BRISTOL-MYERS SQUIBB CO. 18,500 4,000 22,500 1,165,500 252,000 1,417,500
BURLINGTON RESOURCES 0 4,500 4,500 0 183,375 183,375
BW/IP HOLDING INC CL A 0 7,000 7,000 0 115,500 115,500
CHEVRON CORP. 19,800 3,800 23,600 950,400 182,400 1,132,800
CHRYSLER CORP. 18,500 0 18,500 774,688 0 774,688
CHUBB CORP. 15,700 0 15,700 1,240,300 0 1,240,300
CINTAS CORP. 34,200 0 34,200 1,282,500 0 1,282,500
COCA-COLA CO. 24,500 0 24,500 1,384,250 0 1,384,250
COMERICA, INC. 45,800 7,500 53,300 1,259,500 206,250 1,465,750
COMPAQ COMPUTER CORP. 25,400 0 25,400 876,300 0 876,300
COMPUTER SCIENCES CORP. 29,300 0 29,300 1,446,688 0 1,446,688
CONRAIL CORP. 17,700 0 17,700 993,413 0 993,413
CROMPTON AND KNOWLES 0 10,000 10,000 0 167,500 167,500
DANA CORP. 0 8,000 8,000 0 204,000 204,000
DEAN WITTER DISCOVER & CO. 44,300 0 44,300 1,805,225 0 1,805,225
DOMINION RESOURCES 0 6,500 6,500 0 234,000 234,000
DOW CHEMICAL CO. 27,900 0 27,900 2,036,700 0 2,036,700
DUN & BRADSTREET 0 3,800 3,800 0 199,975 199,975
DUPONT E I DE NEMOURS 0 5,000 5,000 0 302,500 302,500
DURACELL INTL INC 0 4,000 4,000 0 179,000 179,000
EASTMAN KODAK COMPANY 0 5,800 5,800 0 308,125 308,125
E.I. DUPONT DE NEMOURS & CO. 32,900 0 32,900 1,990,450 0 1,990,450
ELF AQUITAINE ADR 39,500 0 39,500 1,530,625 0 1,530,625
ELI LILLY & CO. 25,400 0 25,400 1,857,375 0 1,857,375
EMERSON ELECTRIC CO. 21,400 0 21,400 1,423,100 0 1,423,100
ENGELHARD CORP 0 7,000 7,000 0 207,375 207,375
ENTERGY CORP. 49,800 0 49,800 1,039,575 0 1,039,575
EXXON CORP. 18,100 0 18,100 1,208,175 0 1,208,175
FEDERAL NATIONAL MORTGAGE ASSOCIATION 13,800 2,500 16,300 1,122,975 203,437 1,326,412
FIRST CHICAGO CORP. 26,600 0 26,600 1,333,325 0 1,333,325
</TABLE>
<PAGE> 37
<TABLE>
<CAPTION>
PNC BALANCED PORTFOLIO
COMPASS BALANCED FUND
PRO-FORMA SCHEDULE OF INVESTMENTS
MARCH 31, 1995 SHARES/PAR (000) VALUE AT MARCH 31, 1995
(UNAUDITED) -------------------------------- -----------------------------------
PNC COMPASS PNC COMPASS
BALANCED BALANCED PRO-FORMA BALANCED BALANCED PRO-FORMA
PORTFOLIO FUND COMBINED PORTFOLIO FUND COMBINED
--------- ------- --------- --------- -------- ---------
<S> <C> <C> <C> <C> <C> <C>
FIRST DATA CORP. 19,500 0 19,500 1,011,563 0 1,011,563
FLUOR CORP. 27,500 0 27,500 1,326,875 0 1,326,875
FORD MOTOR CO. 39,000 9,000 48,000 1,053,000 243,000 1,296,000
FOSTER WHEELER CORP. 30,300 0 30,300 1,026,413 0 1,026,413
GENERAL ELECTRIC CO. 43,100 6,000 49,100 2,332,788 324,750 2,657,538
GENERAL INSTRUMENTS CORP. 34,500 0 34,500 1,198,875 0 1,198,875
GENERAL MOTORS CORP. 23,500 0 23,500 1,039,875 0 1,039,875
GENERAL PUBLIC UTILITIES 0 4,000 4,000 0 116,500 116,500
GENERAL RE CORP. 11,700 0 11,700 1,544,400 0 1,544,400
GRAINGER (W.W.) INC. 0 4,000 4,000 0 252,000 252,000
GTE CORP 0 5,800 5,800 0 192,850 192,850
HANSON TRUST PLC ADR 0 12,000 12,000 0 226,500 226,500
HARRIS CORP DEL 0 4,000 4,000 0 191,500 191,500
H.J. HEINZ CO. 19,600 0 19,600 754,600 0 754,600
IDAHO POWER CO. 3,000 0 3,000 3,060,000 0 3,060,000
INGERSOLL RAND CO 0 8,000 8,000 0 263,000 263,000
INTEL CORP. 22,000 0 22,000 1,867,250 0 1,867,250
INTERNATIONAL PAPER CO. 20,500 0 20,500 1,540,063 0 1,540,063
ITT CORP. 2,000 0 2,000 2,155,000 0 2,155,000
I.M.C. GLOBAL, INC. 26,000 0 26,000 1,270,750 0 1,270,750
JOHNSON & JOHNSON 19,800 0 19,800 1,178,100 0 1,178,100
J.C. PENNEY CO., INC. 27,400 0 27,400 1,229,575 0 1,229,575
K MART CORP. 95,000 0 95,000 1,306,250 0 1,306,250
KEYCORP 0 6,400 6,400 0 180,800 180,800
KIMBERLY CLARK CORP 0 5,000 5,000 0 260,000 260,000
LA QUINTA MOTOR INNS, INC. 34,500 0 34,500 935,813 0 935,813
LINCOLN NATL CORP 0 4,700 4,700 0 189,175 189,175
LOEWS CORPORATION 0 1,700 1,700 0 167,875 167,875
LUBRIZOL CORP. 36,500 0 36,500 1,286,625 0 1,286,625
MASCO CORP 0 7,000 7,000 0 193,375 193,375
MAY DEPT STORES 0 6,000 6,000 0 222,000 222,000
MELLON BANK 0 4,000 4,000 0 163,000 163,000
MERCK & CO., INC. 38,600 4,300 42,900 1,645,325 183,288 1,828,613
MERIDIAN BANCORP, INC. 44,000 0 44,000 1,347,500 0 1,347,500
MICROSOFT CORP. 18,600 0 18,600 1,322,925 0 1,322,925
MINNESOTA MINING & MANUFACTURING CO. 23,300 6,000 29,300 1,354,313 348,750 1,703,063
MOBIL CORP. 12,700 0 12,700 1,176,338 0 1,176,338
MONSANTO CO. 15,800 0 15,800 1,267,950 0 1,267,950
MORGAN J P & CO 0 3,000 3,000 0 183,000 183,000
MOTOROLA, INC. 25,000 0 25,000 1,365,625 0 1,365,625
NATIONSBANK CORP. 30,200 0 30,200 1,532,650 0 1,532,650
NORFOLK SOUTHERN CORP. 15,700 3,000 18,700 1,049,938 200,625 1,250,563
NOVELL INC 0 9,200 9,200 0 174,800 174,800
NYNEX CORP. 28,100 0 28,100 1,113,463 0 1,113,463
PACIFIC GAS & ELECTRIC 0 9,000 9,000 0 223,875 223,875
PECO ENERGY CO. 64,300 0 64,300 1,615,538 0 1,615,538
</TABLE>
<PAGE> 38
<TABLE>
<CAPTION>
PNC BALANCED PORTFOLIO
COMPASS BALANCED FUND
PRO-FORMA SCHEDULE OF INVESTMENTS
MARCH 31, 1995 SHARES/PAR (000) VALUE AT MARCH 31, 1995
(UNAUDITED) -------------------------------- -----------------------------------
PNC COMPASS PNC COMPASS
BALANCED BALANCED PRO-FORMA BALANCED BALANCED PRO-FORMA
PORTFOLIO FUND COMBINED PORTFOLIO FUND COMBINED
--------- ------- --------- --------- -------- ---------
<S> <C> <C> <C> <C> <C> <C>
PENNEY J C INC 0 4,000 4,000 0 179,500 179,500
PEPSICO INC 0 5,000 5,000 0 195,000 195,000
PHELPS DODGE CORP. 21,600 0 21,600 1,228,500 0 1,228,500
PHILIP MORRIS 0 2,000 2,000 0 130,500 130,500
PITNEY BOWES, INC. 26,100 5,000 31,100 939,600 180,000 1,119,600
* PNC FINANCE CORP 0 6,000 6,000 0 146,250 146,250
RAYTHEON CO 0 3,500 3,500 0 255,063 255,063
ROYAL DUTCH PETROLEUM CO. 15,800 0 15,800 1,896,000 0 1,896,000
RYDER SYSTEMS, INC. 2,500 0 2,500 2,496,875 0 2,496,875
SBC COMMUNICATIONS INC. 25,400 0 25,400 1,069,975 0 1,069,975
SCHERING PLOUGH CORP 0 1,700 1,700 0 126,438 126,438
SCHLUMBERGER LTD 0 3,500 3,500 0 208,688 208,688
SCOTT PAPER CO. 23,100 0 23,100 2,064,563 0 2,064,563
SEARS ROEBUCK & CO. 23,600 0 23,600 1,259,650 0 1,259,650
STRATUS COMPUTER, INC. 41,300 0 41,300 1,290,625 0 1,290,625
SUN MICROSYSTEMS, INC. 44,000 0 44,000 1,529,000 0 1,529,000
TENNECO, INC. 28,600 0 28,600 1,347,775 0 1,347,775
TEXACO INC 0 3,000 3,000 0 199,500 199,500
TEXAS INDUSTRIES INC 0 1,500 1,500 0 132,750 132,750
TOYS R US 0 6,500 6,500 0 166,563 166,563
UNION PACIFIC CORP 0 3,500 3,500 0 192,500 192,500
UNITED TECHNOLOGIES CORP. 24,500 4,000 28,500 1,693,563 276,500 1,970,063
UNOCAL CORP. 43,000 0 43,000 1,236,250 0 1,236,250
UST, INC. 36,100 0 36,100 1,146,175 0 1,146,175
WAL-MART STORES, INC. 48,000 7,200 55,200 1,224,000 183,600 1,407,600
WALT DISNEY CO. 25,200 0 25,200 1,345,050 0 1,345,050
WARNER LAMBERT CO 0 3,500 3,500 0 273,875 273,875
WEYERHAEUSER CO. 1,000 5,000 6,000 926,250 194,375 1,120,625
WHEELABRATOR TECH INC 0 10,000 10,000 0 136,250 136,250
WITCO CORP 0 5,800 5,800 0 170,375 170,375
WMX TECHNOLOGIES INC. 0 6,800 6,800 0 187,000 187,000
XEROX CORP. 13,800 0 13,800 1,619,775 0 1,619,775
</TABLE>
<PAGE> 39
<TABLE>
<CAPTION>
PNC BALANCED PORTFOLIO
COMPASS BALANCED FUND
PRO-FORMA SCHEDULE OF INVESTMENTS SHARES/PAR (000)
MARCH 31, 1995 ---------------------------------
(UNAUDITED) PNC COMPASS
BALANCED BALANCED PRO-FORMA
PORTFOLIO FUND COMBINED
--------- -------- ---------
RATE MATURITY
---- --------
<S> <C> <C> <C> <C> <C>
FIXED INCOME SECURITIES:
AMEX 7.15 % 08/15/99 $0 $250 $250
AMERICAN HOME PRODUCTS 7.70 02/05/02 2,500 0 2,500
ANHEUSER BUSCH MTN, 7.50 12/01/97 0 300 300
ASSOCIATES CORP. 7.25 05/15/98 0 200 200
FEDERAL FARM CREDIT BANK 6.70 09/09/97 2,000 0 2,000
FEDERAL HOME LOAN BANK 6.25 04/03/95 12,335 0 12,335
FEDERAL HOME LOAN BANK BONDS 8.46 12/20/99 1,500 0 1,500
FEDERAL HOME LOAN MORTGAGE CORPORATION 8.53 02/02/05 2,500 0 2,500
FEDERAL HOME LOAN MORTGAGE CORPORATION 7.13 07/21/99 0 300 300
FEDERAL NATIONAL MORTGAGE ASSOCIATION 8.00 02/25/02 1,240 0 1,240
FEDERAL NATIONAL MORTGAGE ASSOCIATION 6.40 03/25/03 1,000 0 1,000
FEDERAL NATIONAL MORTGAGE ASSOCIATION 8.25 10/25/96 750 0 750
FORD MOTOR CREDIT 7.50 06/15/04 0 250 250
GE CAPITAL CORP. 8.00 01/15/98 0 200 200
GENERAL MOTORS ACCEPTANCE CORP. 8.63 06/15/99 2,400 0 2,400
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 8.00 12/15/06 2,840 0 2,840
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 7.50 06/15/07 2,906 0 2,906
MERRILL LYNCH ASSET BACKED CORP. 5.50 07/15/95 715 0 715
NATIONSBANK CORP. 7.50 02/15/97 2,000 0 2,000
NISSAN AUTO RECEIVABLES GRANTOR TRUST 6.45 03/15/96 1,201 0 1,201
PEPSICO INC. 6.25 09/01/99 0 200 200
SOUTHERN CALIFORNIA EDISON 5.88 02/01/98 0 200 200
TENNESSE VALLEY AUTHORITY 6.13 07/15/03 2,000 0 2,000
* TIME WARNER INC. 8.75 01/10/15 0 250 250
U.S. TREASURY BOND 7.25 05/15/16 0 500 500
U.S. TREASURY BOND 7.50 11/15/16 0 500 500
U.S. TREASURY BOND 8.13 08/15/19 2,500 0 2,500
U.S. TREASURY BOND 8.13 08/15/19 0 500 500
U.S. TREASURY NOTE 6.38 01/15/00 0 250 250
U.S. TREASURY NOTE 7.50 11/15/01 0 650 650
U.S. TREASURY NOTE 7.50 05/15/02 0 500 500
U.S. TREASURY NOTE 6.38 08/15/02 0 250 250
U.S. TREASURY NOTE 7.25 05/15/04 0 500 500
U.S. TREASURY NOTE 7.25 08/15/04 6,000 0 6,000
U.S. TREASURY NOTE 7.88 11/15/04 0 250 250
U.S. TREASURY NOTE 5.50 04/30/96 0 200 200
U.S. TREASURY NOTE 6.00 06/30/96 0 200 200
U.S. TREASURY NOTE 6.13 07/31/96 0 150 150
U.S. TREASURY NOTE 7.25 08/31/96 0 500 500
U.S. TREASURY NOTE 7.50 01/31/97 0 300 300
U.S. TREASURY NOTE 6.75 02/28/97 0 250 250
U.S. TREASURY NOTE 6.75 05/31/97 0 250 250
U.S. TREASURY NOTE 7.38 11/15/97 0 500 500
<CAPTION>
PNC BALANCED PORTFOLIO
COMPASS BALANCED FUND
PRO-FORMA SCHEDULE OF INVESTMENTS VALUE AT MARCH 31, 1995
MARCH 31, 1995 -------------------------------------
(UNAUDITED) PNC COMPASS
BALANCED BALANCED PRO-FORMA
PORTFOLIO FUND COMBINED
----------- --------- ---------
<S> <C> <C> <C>
FIXED INCOME SECURITIES:
AMEX $0 $247,500 $247,500
AMERICAN HOME PRODUCTS 2,521,875 0 2,521,875
ANHEUSER BUSCH MTN, 0 301,875 301,875
ASSOCIATES CORP. 0 199,500 199,500
FEDERAL FARM CREDIT BANK 1,977,460 0 1,977,460
FEDERAL HOME LOAN BANK 12,330,717 0 12,330,717
FEDERAL HOME LOAN BANK BONDS 1,517,220 0 1,517,220
FEDERAL HOME LOAN MORTGAGE CORPORATION 2,590,275 0 2,590,275
FEDERAL HOME LOAN MORTGAGE CORPORATION 0 298,536 298,536
FEDERAL NATIONAL MORTGAGE ASSOCIATION 1,248,830 0 1,248,830
FEDERAL NATIONAL MORTGAGE ASSOCIATION 924,660 0 924,660
FEDERAL NATIONAL MORTGAGE ASSOCIATION 756,996 0 756,996
FORD MOTOR CREDIT 0 244,063 244,063
GE CAPITAL CORP. 0 203,750 203,750
GENERAL MOTORS ACCEPTANCE CORP. 2,469,000 0 2,469,000
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2,815,057 0 2,815,057
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2,808,976 0 2,808,976
MERRILL LYNCH ASSET BACKED CORP. 708,121 0 708,121
NATIONSBANK CORP. 2,010,000 0 2,010,000
NISSAN AUTO RECEIVABLES GRANTOR TRUST 1,193,006 0 1,193,006
PEPSICO INC. 0 191,250 191,250
SOUTHERN CALIFORNIA EDISON 0 192,750 192,750
TENNESSE VALLEY AUTHORITY 1,820,000 0 1,820,000
* TIME WARNER INC. 0 250,000 250,000
U.S. TREASURY BOND 0 483,905 483,905
U.S. TREASURY BOND 0 496,455 496,455
U.S. TREASURY BOND 2,650,025 0 2,650,025
U.S. TREASURY BOND 0 529,685 529,685
U.S. TREASURY NOTE 0 243,053 243,053
U.S. TREASURY NOTE 0 661,674 661,674
U.S. TREASURY NOTE 0 509,805 509,805
U.S. TREASURY NOTE 0 238,320 238,320
U.S. TREASURY NOTE 0 500,290 500,290
U.S. TREASURY NOTE 6,007,260 0 6,007,260
U.S. TREASURY NOTE 0 260,845 260,845
U.S. TREASURY NOTE 0 197,840 197,840
U.S. TREASURY NOTE 0 198,494 198,494
U.S. TREASURY NOTE 0 148,996 148,996
U.S. TREASURY NOTE 0 503,725 503,725
U.S. TREASURY NOTE 0 303,558 303,558
U.S. TREASURY NOTE 0 249,800 249,800
U.S. TREASURY NOTE 0 249,520 249,520
U.S. TREASURY NOTE 0 505,060 505,060
</TABLE>
<PAGE> 40
<TABLE>
<CAPTION>
PNC BALANCED PORTFOLIO
COMPASS BALANCED FUND
PRO-FORMA SCHEDULE OF INVESTMENTS SHARES/PAR (000)
MARCH 31, 1995 ---------------------------------
(UNAUDITED) PNC COMPASS
BALANCED BALANCED PRO-FORMA
PORTFOLIO FUND COMBINED
--------- -------- ---------
<S> <C> <C> <C> <C> <C>
U.S. TREASURY NOTE 7.25 02/15/98 0 400 400
U.S. TREASURY NOTE 7.50 10/31/99 0 500 500
U.S. TREASURY NOTE 7.13 09/30/99 5,000 0 5,000
U.S. TREASURY NOTE 5.13 03/31/98 1,000 0 1,000
U.S. TREASURY NOTE 7.63 05/31/96 500 0 500
U.S. TREASURY NOTE 8.25 07/15/98 2,500 0 2,500
WAL-MART STORES 8.00 09/15/06 0 300 300
WMX TECHNOLOGIES 8.25 11/15/99 0 250 250
TEMPORARY INVESTMENT FUND 0 942,000 942,000
TRI PARTY REPO (BONY TSY) 0 2,227,000 2,227,000
TOTAL INVESTMENTS
<CAPTION>
PNC BALANCED PORTFOLIO
COMPASS BALANCED FUND
PRO-FORMA SCHEDULE OF INVESTMENTS VALUE AT MARCH 31, 1995
MARCH 31, 1995 -------------------------------------
(UNAUDITED) PNC COMPASS
BALANCED BALANCED PRO-FORMA
PORTFOLIO FUND COMBINED
----------- --------- ---------
<S> <C> <C> <C>
U.S. TREASURY NOTE 0 403,228 403,228
U.S. TREASURY NOTE 0 507,920 507,920
U.S. TREASURY NOTE 5,012,250 0 5,012,250
U.S. TREASURY NOTE 952,440 0 952,440
U.S. TREASURY NOTE 505,845 0 505,845
U.S. TREASURY NOTE 2,593,525 0 2,593,525
WAL-MART STORES 0 309,750 309,750
WMX TECHNOLOGIES 0 256,250 256,250
TEMPORARY INVESTMENT FUND 0 942,000 942,000
TRI PARTY REPO (BONY TSY) 0 2,227,000 2,227,000
TOTAL INVESTMENTS $162,093,798 $25,661,121 $187,754,919
============ =========== ============
</TABLE>
* Denotes securities in violation of proposed investment objectives.
See Accompanying Notes to Proforma Financial Statements
<PAGE> 41
<TABLE>
<CAPTION>
PNC SHORT-TERM BOND PORTFOLIO
BFM SHORT DURATION PORTFOLIO
COMPASS SHORT/INTERMEDIATE FUND
PRO-FORMA SCHEDULE OF INVESTMENTS
MARCH 31, 1995 PAR (000)
(UNAUDITED) ----------------------------------------------
PNC BFM COMPASS
SHORT-TERM SHORT SHORT/
BOND DURATION INTERMEDIATE PRO-FORMA
RATE MATURITY PORTFOLIO FUND FUND COMBINED
---- ---------- --------- -------- ------------ -----------
<S> <C> <C> <C> <C> <C> <C>
ADVANTA MORTGAGE LOAN TRUST 5.55 % 03/15/97 $825 $0 $0 $825
* AMERICAN HOME PRODUCTS 7.70 02/15/00 850 0 0 850
AMEX 7.15 08/15/99 0 0 4,750 4,750
* ANHEUSER BUSCH MTN, 7.50 12/01/97 0 0 2,500 2,500
* ASSOC CORP N.A. 6.38 04/15/95 0 0 2,000 2,000
* ASSOC CORP OF N. AMERICA 5.30 09/04/95 0 0 1,000 1,000
* ASSOCIATES CORP N.A. 7.63 04/15/98 0 0 2,400 2,400
* BASS AMERICA INC. 6.75 08/01/99 0 0 5,000 5,000
BETA FN 144A MTN LQ(Q/D) 6.36 04/20/95 0 0 2,000 2,000
CHASE MANHATTAN CREDIT CARD 8.75 08/15/99 0 1,000 0 1,000
CHASE MSTR TR 8.75 08/15/99 0 0 2,000 2,000
* CHRYSLER FINANCIAL CORP. 5.08 01/27/97 1,000 0 0 1,000
* COCA COLA COMPANY 7.88 09/15/98 0 0 6,000 6,000
COLLATERALIZED MORTGAGE SECURITIES CORPORATION 9.45 05/01/13 0 398 0 398
COLONIAL CREDIT CARD TRUST 6.80 08/15/97 0 1,500 0 1,500
CORESTATES HOME EQUITY TRUST 5.10 03/15/96 735 0 0 735
DISCOVER CARD MT 6.23 10/16/04 0 500 0 500
DISCOVER CARD TRUST 8.63 07/16/98 0 600 0 600
* DUKE POWER CO MTN. 7.50 04/01/99 0 0 4,000 4,000
* DUPONT EI DE NEMOURS & CO 8.45 10/15/96 0 0 3,500 3,500
FEDERAL FARM CREDIT BANK BONDS 6.70 09/30/96 2,000 0 0 2,000
FEDERAL HOME LOAN MORTGAGE CORPORATION 7.25 06/01/07 0 797 0 797
FEDERAL HOME LOAN MORTGAGE CORPORATION 7.38 03/01/06 0 368 0 368
FEDERAL HOME LOAN MORTGAGE CORPORATION 8.00 11/01/03 0 1,061 0 1,061
FEDERAL HOME LOAN MORTGAGE CORPORATION 8.25 06/01/03 0 155 0 155
FEDERAL HOME LOAN MORTGAGE CORPORATION 8.75 01/04/13 0 396 0 396
FEDERAL HOME LOAN MORTGAGE CORPORATION 8.80 06/01/19 0 208 0 208
FEDERAL HOME LOAN MORTGAGE CORPORATION 9.25 12/01/08 0 1,400 0 1,400
FEDERAL NATIONAL MORTGAGE ASSOCIATION 4.75 09/25/00 0 1,500 0 1,500
FEDERAL NATIONAL MORTGAGE ASSOCIATION 9.50 01/25/04 0 1,779 0 1,779
FEDERAL NATIONAL MORTGAGE ASSOCIATION 9.00 06/25/17 0 1,215 0 1,215
FEDERAL NATIONAL MORTGAGE ASSOCIATION 8.50 11/25/18 0 471 0 471
FEDERAL NATIONAL MORTGAGE ASSOCIATION 6.00 11/01/02 0 2,322 0 2,322
FEDERAL NATIONAL MORTGAGE ASSOCIATION 6.49 01/01/21 0 1,114 0 1,114
FEDERAL NATIONAL MORTGAGE ASSOCIATION 6.89 11/01/02 0 1,111 0 1,111
FEDERAL NATIONAL MORTGAGE ASSOCIATION 7.25 04/25/96 792 0 0 792
FEDERAL NATIONAL MORTGAGE ASSOCIATION 7.85 05/01/18 0 233 0 233
FHLMC 7.86 01/21/97 0 0 2,000 2,000
FHLMC CMO 6.75 09/15/16 0 0 4,000 4,000
FIRST USA MASTER TRUST 6.25 08/15/03 0 500 0 500
* FORD CAPITAL BV 9.50 07/01/01 0 0 2,000 2,000
* FORD MOTOR CC 8.00 01/15/99 0 0 1,000 1,000
* FORD MOTOR CREDIT MTN 8.40 03/26/99 0 0 5,000 5,000
* GMAC 8.60 07/17/95 0 0 2,500 2,500
GMAC 4.15 03/15/98 0 0 1,092 1,092
GMAC EURO BOND 9.40 06/07/95 0 0 1,000 1,000
GOLDMAN SACHS 144A 4.77 10/16/95 0 0 3,000 3,000
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 7.00 01/20/99 0 1,500 0 1,500
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 7.50 03/20/25 0 1,800 0 1,800
* GREAT WESTERN FINANCIAL CORP. 6.38 07/01/00 1,000 0 0 1,000
* HOUSEHOLD FIN 7.80 11/01/96 0 0 2,000 2,000
* HOUSEHOLD FINANCE CO 8.88 07/05/99 0 0 1,000 1,000
JOHN DEERE OWNER TRUST 4.10 10/15/00 819 0 0 819
<CAPTION>
PNC SHORT-TERM BOND PORTFOLIO
BFM SHORT DURATION PORTFOLIO
COMPASS SHORT/INTERMEDIATE FUND
PRO-FORMA SCHEDULE OF INVESTMENTS
MARCH 31, 1995 VALUE AT MARCH 31, 1995
(UNAUDITED) ------------------------------------------------------------
PNC BFM COMPASS
SHORT-TERM SHORT SHORT/
BOND DURATION INTERMEDIATE PRO-FORMA
PORTFOLIO FUND FUND COMBINED
--------- -------- ------------- ----------
<S> <C> <C> <C> <C>
ADVANTA MORTGAGE LOAN TRUST $775,621 $0 $0 $775,621
* AMERICAN HOME PRODUCTS 857,438 0 0 857,438
AMEX 0 0 4,702,500 4,702,500
* ANHEUSER BUSCH MTN, 0 0 2,515,625 2,515,625
* ASSOC CORP N.A. 0 0 1,999,860 1,999,860
* ASSOC CORP OF N. AMERICA 0 0 995,000 995,000
* ASSOCIATES CORP N.A. 0 0 2,415,000 2,415,000
* BASS AMERICA INC. 0 0 4,856,250 4,856,250
BETA FN 144A MTN LQ(Q/D) 0 0 1,999,400 1,999,400
CHASE MANHATTAN CREDIT CARD 0 1,018,120 0 1,018,120
CHASE MSTR TR 0 0 2,040,000 2,040,000
* CHRYSLER FINANCIAL CORP. 968,750 0 0 968,750
* COCA COLA COMPANY 0 0 6,135,000 6,135,000
COLLATERALIZED MORTGAGE SECURITIES CORPORATION 0 403,775 0 403,775
COLONIAL CREDIT CARD TRUST 0 1,499,520 0 1,499,520
CORESTATES HOME EQUITY TRUST 677,404 0 0 677,404
DISCOVER CARD MT 0 500,310 0 500,310
DISCOVER CARD TRUST 0 609,372 0 609,372
* DUKE POWER CO MTN. 0 0 4,015,000 4,015,000
* DUPONT EI DE NEMOURS & CO 0 0 3,570,000 3,570,000
FEDERAL FARM CREDIT BANK BONDS 1,997,180 0 0 1,997,180
FEDERAL HOME LOAN MORTGAGE CORPORATION 0 784,421 0 784,421
FEDERAL HOME LOAN MORTGAGE CORPORATION 0 361,172 0 361,172
FEDERAL HOME LOAN MORTGAGE CORPORATION 0 1,058,572 0 1,058,572
FEDERAL HOME LOAN MORTGAGE CORPORATION 0 266,765 0 266,765
FEDERAL HOME LOAN MORTGAGE CORPORATION 0 399,778 0 399,778
FEDERAL HOME LOAN MORTGAGE CORPORATION 0 212,835 0 212,835
FEDERAL HOME LOAN MORTGAGE CORPORATION 0 1,441,883 0 1,441,883
FEDERAL NATIONAL MORTGAGE ASSOCIATION 0 1,463,420 0 1,463,420
FEDERAL NATIONAL MORTGAGE ASSOCIATION 0 1,828,348 0 1,828,348
FEDERAL NATIONAL MORTGAGE ASSOCIATION 0 1,232,715 0 1,232,715
FEDERAL NATIONAL MORTGAGE ASSOCIATION 0 474,896 0 474,896
FEDERAL NATIONAL MORTGAGE ASSOCIATION 0 2,220,766 0 2,220,766
FEDERAL NATIONAL MORTGAGE ASSOCIATION 0 1,094,047 0 1,094,047
FEDERAL NATIONAL MORTGAGE ASSOCIATION 0 1,103,861 0 1,103,861
FEDERAL NATIONAL MORTGAGE ASSOCIATION 790,495 0 0 790,495
FEDERAL NATIONAL MORTGAGE ASSOCIATION 0 236,076 0 236,076
FHLMC 0 0 2,026,580 2,026,580
FHLMC CMO 0 0 3,883,560 3,883,560
FIRST USA MASTER TRUST 0 500,780 0 500,780
* FORD CAPITAL BV 0 0 2,162,500 2,162,500
* FORD MOTOR CC 0 0 1,013,750 1,013,750
* FORD MOTOR CREDIT MTN 0 0 5,137,500 5,137,500
* GMAC 0 0 2,512,500 2,512,500
GMAC 0 0 1,073,007 1,073,007
GMAC EURO BOND 0 0 1,005,000 1,005,000
GOLDMAN SACHS 144A 0 0 2,970,000 2,970,000
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 0 1,530,469 0 1,530,469
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 0 1,833,750 0 1,833,750
* GREAT WESTERN FINANCIAL CORP. 937,188 0 0 937,188
* HOUSEHOLD FIN 0 0 2,015,000 2,015,000
* HOUSEHOLD FINANCE CO 0 0 1,021,250 1,021,250
JOHN DEERE OWNER TRUST 802,180 0 0 802,180
</TABLE>
<PAGE> 42
<TABLE>
<CAPTION>
PNC SHORT-TERM BOND PORTFOLIO
BFM SHORT DURATION PORTFOLIO
COMPASS SHORT/INTERMEDIATE FUND
PRO-FORMA SCHEDULE OF INVESTMENTS
MARCH 31, 1995 PAR (000)
(UNAUDITED) -----------------------------------------------
PNC BFM COMPASS
SHORT-TERM SHORT SHORT/
BOND DURATION INTERMEDIATE PRO-FORMA
RATE MATURITY PORTFOLIO FUND FUND COMBINED
---- -------- ---------- ------- ------------ ----------
<S> <C> <C> <C> <C> <C> <C>
KIDDER PEOBODY MORTGAGE ASSETS TRUST 8.50 09/01/14 0 539 0 539
* LEHMAN BROTHERS INC. SUBORDINATED NOTES 7.38 08/15/97 1,000 0 0 1,000
LEMAN BROTHERS REPURCHASE AGREEMENT 6.25 04/03/95 0 1,410 0 1,410
MERRILL LYNCH ASSET BACKED CORP. 5.50 07/15/95 715 0 0 715
MLABC 5.50 05/15/98 0 0 1,712 1,712
MLABC 5.13 07/15/98 0 0 1,549 1,549
NOMURA ASSET SECURITIES CORPORATION 7.00 07/25/24 0 725 0 725
* PEPSICO INC 5.63 07/01/95 0 0 2,000 2,000
* PEPSICO INC 6.13 01/15/98 0 0 2,000 2,000
* PEPSICO INC 7.00 11/15/96 0 0 3,000 3,000
PREM AUTO TR 4.90 10/15/98 0 0 794 794
PREMIER AUTO TRUST 4.65 11/02/99 0 0 5,331 5,331
* REPUBLIC NAT BANK NY 6.40 04/15/95 0 0 4,000 4,000
RESOLUTION TRUST CORPORATION 8.00 07/25/29 0 1,498 0 1,498
* RYDER SYSTEM, INC. 7.66 09/15/99 500 0 0 500
SALOMON BROTHERS MORTGAGE SECUITIES VII INC. 7.37 10/25/23 0 465 0 465
* SALOMON BROTHERS, INC. 5.26 02/10/99 1,000 0 0 1,000
SMALL BUSINESS ADMINISTRATION GUARANTEED LOAN (ARM) 6.87 03/25/16 0 750 0 750
SMALL BUSINESS ADMINISTRATION GUARANTEED LOAN (ARM) 6.90 07/25/16 0 770 0 770
STANDARD CR CRD 7.88 01/07/00 0 0 4,000 4,000
STANDARD CREDIT CARD ABS 8.88 09/07/99 0 0 5,000 5,000
STANDARD CREDIT CARD MASTER TRUST 8.50 08/07/97 0 600 0 600
* STHRN CAL EDISON CO 5.90 01/15/97 0 0 3,000 3,000
TENNESSEE VALLEY AUTH 8.38 10/01/99 0 0 2,000 2,000
* TEXACO CAPITAL INC 7.88 05/01/95 0 0 3,000 3,000
* TEXACO CAPITAL INC 9.00 11/15/96 0 0 1,500 1,500
* TEXACO CAPITAL INC 9.00 12/15/99 0 0 3,000 3,000
* TEXACO CAPITAL (MTN) 8.53 08/15/97 0 0 1,350 1,350
THE MONEY STORE HOME EQUITY TRUST 5.08 11/15/95 1,218 0 0 1,218
TOYOTA MOTOR CREDIT AUTO RECEIVABLE 3.90 08/17/98 65 0 0 65
UNION FEDERAL MASTER TRUST 4.88 11/15/95 922 0 0 922
* UNITED COMPANIES FINANCIAL CORP. 6.58 04/10/96 1,747 0 0 1,747
U.S. TREASURY NOTE 4.25 05/15/96 0 0 3,000 3,000
U.S. TREASURY NOTE 4.63 02/15/96 0 0 5,000 5,000
U.S. TREASURY NOTE 5.13 03/31/96 0 0 3,000 3,000
U.S. TREASURY NOTE 5.13 02/28/98 0 0 1,000 1,000
U.S. TREASURY NOTE 5.63 08/31/97 0 0 8,000 8,000
U.S. TREASURY NOTE 5.75 10/31/97 0 0 3,000 3,000
U.S. TREASURY NOTE 6.00 06/30/96 0 16,270 0 16,270
U.S. TREASURY NOTE 6.00 11/30/97 0 0 5,000 5,000
U.S. TREASURY NOTE 6.25 01/31/97 0 0 3,000 3,000
U.S. TREASURY NOTE 6.50 11/30/96 0 0 1,000 1,000
U.S. TREASURY NOTE 6.50 05/15/97 0 0 5,000 5,000
U.S. TREASURY NOTE 6.75 02/28/97 0 0 2,000 2,000
U.S. TREASURY NOTE 6.75 05/31/97 0 0 8,000 8,000
U.S. TREASURY NOTE 6.88 10/31/96 0 0 2,000 2,000
U.S. TREASURY NOTE 6.88 02/28/97 1,000 0 0 1,000
U.S. TREASURY NOTE 6.88 02/28/97 0 4,000 0 4,000
U.S. TREASURY NOTE 6.88 04/30/97 0 0 10,000 10,000
U.S. TREASURY NOTE 7.25 01/30/96 0 240 0 240
U.S. TREASURY NOTE 7.25 08/31/96 0 0 1,000 1,000
U.S. TREASURY NOTE 7.25 11/30/96 0 0 2,000 2,000
U.S. TREASURY NOTE 7.25 02/15/98 0 0 4,000 4,000
<CAPTION>
PNC SHORT-TERM BOND PORTFOLIO
BFM SHORT DURATION PORTFOLIO
COMPASS SHORT/INTERMEDIATE FUND
PRO-FORMA SCHEDULE OF INVESTMENTS
MARCH 31, 1995 VALUE AT MARCH 31, 1995
(UNAUDITED) ---------------------------------------------------------
PNC BFM COMPASS
SHORT-TERM SHORT SHORT/
BOND DURATION INTERMEDIATE PRO-FORMA
PORTFOLIO FUND FUND COMBINED
------------ -------- ----------- ----------
<S> <C> <C> <C> <C>
KIDDER PEOBODY MORTGAGE ASSETS TRUST 0 545,398 0 545,398
* LEHMAN BROTHERS INC. SUBORDINATED NOTES 990,000 0 0 990,000
LEMAN BROTHERS REPURCHASE AGREEMENT 0 1,410,000 0 1,410,000
MERRILL LYNCH ASSET BACKED CORP. 708,121 0 0 708,121
MLABC 0 0 1,694,069 1,694,069
MLABC 0 0 1,526,613 1,526,613
NOMURA ASSET SECURITIES CORPORATION 0 717,335 0 717,335
* PEPSICO INC 0 0 1,997,500 1,997,500
* PEPSICO INC 0 0 1,952,500 1,952,500
* PEPSICO INC 0 0 3,003,750 3,003,750
PREM AUTO TR 0 0 772,675 772,675
PREMIER AUTO TRUST 0 0 5,155,413 5,155,413
* REPUBLIC NAT BANK NY 0 0 4,000,000 4,000,000
RESOLUTION TRUST CORPORATION 0 1,501,396 0 1,501,396
* RYDER SYSTEM, INC. 500,000 0 0 500,000
SALOMON BROTHERS MORTGAGE SECUITIES VII INC. 0 463,161 0 463,161
* SALOMON BROTHERS, INC. 951,250 0 0 951,250
SMALL BUSINESS ADMINISTRATION GUARANTEED LOAN (ARM) 0 754,080 0 754,080
SMALL BUSINESS ADMINISTRATION GUARANTEED LOAN (ARM) 0 773,704 0 773,704
STANDARD CR CRD 0 0 4,080,000 4,080,000
STANDARD CREDIT CARD ABS 0 0 5,225,000 5,225,000
STANDARD CREDIT CARD MASTER TRUST 0 609,750 0 609,750
* STHRN CAL EDISON CO 0 0 2,925,000 2,925,000
TENNESSEE VALLEY AUTH 0 0 2,080,000 2,080,000
* TEXACO CAPITAL INC 0 0 3,003,750 3,003,750
* TEXACO CAPITAL INC 0 0 1,548,750 1,548,750
* TEXACO CAPITAL INC 0 0 3,180,000 3,180,000
* TEXACO CAPITAL (MTN) 0 0 1,385,438 1,385,438
THE MONEY STORE HOME EQUITY TRUST 1,166,094 0 0 1,166,094
TOYOTA MOTOR CREDIT AUTO RECEIVABLE 63,113 0 0 63,113
UNION FEDERAL MASTER TRUST 906,312 0 0 906,312
* UNITED COMPANIES FINANCIAL CORP. 1,730,722 0 0 1,730,722
U.S. TREASURY NOTE 0 0 2,925,690 2,925,690
U.S. TREASURY NOTE 0 0 4,921,850 4,921,850
U.S. TREASURY NOTE 0 0 2,960,310 2,960,310
U.S. TREASURY NOTE 0 0 952,440 952,440
U.S. TREASURY NOTE 0 0 7,778,080 7,778,080
U.S. TREASURY NOTE 0 0 2,917,500 2,917,500
U.S. TREASURY NOTE 0 16,150,578 0 16,150,578
U.S. TREASURY NOTE 0 0 4,885,900 4,885,900
U.S. TREASURY NOTE 0 0 2,974,230 2,974,230
U.S. TREASURY NOTE 0 0 996,160 996,160
U.S. TREASURY NOTE 0 0 4,964,500 4,964,500
U.S. TREASURY NOTE 0 0 1,998,400 1,998,400
U.S. TREASURY NOTE 0 0 7,984,640 7,984,640
U.S. TREASURY NOTE 0 0 2,003,820 2,003,820
U.S. TREASURY NOTE 1,001,750 0 0 1,001,750
U.S. TREASURY NOTE 0 4,005,641 0 4,005,641
U.S. TREASURY NOTE 0 0 10,009,600 10,009,600
U.S. TREASURY NOTE 0 241,874 0 241,874
U.S. TREASURY NOTE 0 0 1,007,450 1,007,450
U.S. TREASURY NOTE 0 0 2,015,800 2,015,800
U.S. TREASURY NOTE 0 0 4,032,280 4,032,280
</TABLE>
<PAGE> 43
<TABLE>
<CAPTION>
PNC SHORT-TERM BOND PORTFOLIO
BFM SHORT DURATION PORTFOLIO
COMPASS SHORT/INTERMEDIATE FUND
PRO-FORMA SCHEDULE OF INVESTMENTS
MARCH 31, 1995 PAR (000)
(UNAUDITED) ----------------------------------------------
PNC BFM COMPASS
SHORT-TERM SHORT SHORT/
BOND DURATION INTERMEDIATE PRO-FORMA
RATE MATURITY PORTFOLIO FUND FUND COMBINED
----- -------- --------- -------- ------------ ----------
<S> <C> <C> <C> <C> <C> <C>
U.S. TREASURY NOTE 7.38 05/15/96 0 0 2,000 2,000
U.S. TREASURY NOTE 7.50 01/31/96 0 0 8,000 8,000
U.S. TREASURY NOTE 7.50 01/31/97 0 2,935 0 2,935
U.S. TREASURY NOTE 7.88 01/15/98 0 0 4,000 4,000
U.S. TREASURY NOTE 8.00 08/15/99 0 0 3,000 3,000
U.S. TREASURY NOTE 8.50 11/15/95 0 0 2,000 2,000
* WAL-MART 8.00 05/01/96 0 0 3,000 3,000
SHEARSON TEMP FUND 0 0 7,168 7,168
SMITH BARNEY MONEY MARKET FUND 173,187 0 0 173,187
TOTAL INVESTMENTS
<CAPTION>
PNC SHORT-TERM BOND PORTFOLIO
BFM SHORT DURATION PORTFOLIO
COMPASS SHORT/INTERMEDIATE FUND
PRO-FORMA SCHEDULE OF INVESTMENTS
MARCH 31, 1995 VALUE AT MARCH 31, 1995
(UNAUDITED) -----------------------------------------------------------
PNC BFM COMPASS
SHORT-TERM SHORT SHORT/
BOND DURATION INTERMEDIATE PRO-FORMA
PORTFOLIO FUND FUND COMBINED
----------- ---------- ----------- ----------
<S> <C> <C> <C> <C>
U.S. TREASURY NOTE 0 0 2,016,600 2,016,600
U.S. TREASURY NOTE 0 0 8,065,440 8,065,440
U.S. TREASURY NOTE 0 2,971,218 0 2,971,218
U.S. TREASURY NOTE 0 0 4,092,480 4,092,480
U.S. TREASURY NOTE 0 0 3,105,480 3,105,480
U.S. TREASURY NOTE 0 0 2,025,600 2,025,600
* WAL-MART 0 0 3,033,750 3,033,750
SHEARSON TEMP FUND 0 0 7,168,028 7,168,028
SMITH BARNEY MONEY MARKET FUND 173,187 0 0 173,187
TOTAL INVESTMENTS $15,996,804 $52,219,786 $198,430,767 $266,647,357
=========== =========== ============ ============
</TABLE>
* Denotes securities in violation of proposed investment objectives.
See Accompanying Notes to Proforma Financial Statements
<PAGE> 44
<TABLE>
<CAPTION>
BFM CORE FIXED INCOME PORTFOLIO
COMPASS FIXED INCOME FUND PAR (000)
PRO-FORMA SCHEDULE OF INVESTMENTS -------------------------------
MARCH 31, 1995 BFM COMPASS
(UNAUDITED) CORE FIXED FIXED
INCOME INCOME PRO-FORMA
RATE MATURITY PORTFOLIO FUND COMBINED
---- -------- --------- ------ ---------
<S> <C> <C> <C> <C> <C>
AFRICAN DEVELOPMENT BANK 9.50 % 12/15/95 $100 $0 $100
ALBERTSONS INC. (MTN) 4.82 03/25/96 0 5,000 5,000
AMERICAN GENERAL FINANCE CORPORATION 8.50 08/15/98 100 0 100
AMERICAN HOME PRODUCTS CORPORATION 7.90 02/15/05 150 0 150
AMEX 7.15 08/15/99 0 2,000 2,000
ANHEUSER BUSCH COS, INC. 9.00 12/01/09 0 4,500 4,500
ARCHER DANIELS MIDLAND CO 7.13 03/01/13 0 3,000 3,000
ASSOCIATES CORP N.A. 7.63 04/15/98 0 1,000 1,000
ASSOCIATES CORP N.A. 8.63 06/15/97 0 3,000 3,000
ASSOCIATES CORP. OF NORTH AMERICA 6.25 03/15/99 100 0 100
ASSOCIATES CORP. OF NORTH AMERICA 6.75 07/15/97 60 0 60
BANC ONE CREDIT CARD MASTER TRUST 7.55 12/15/99 250 0 250
BANQUE NATIONALE/PARIS YB 9.88 05/25/98 0 1,000 1,000
BASS AMERICA INC. 6.63 03/01/03 0 1,000 1,000
BASS AMERICA INC. 6.75 08/01/99 0 4,000 4,000
BETA FN 144A MTN LQ(Q/D) 6.36 04/20/95 0 3,500 3,500
BRITISH COLUMBIA HYDRO AND POWER 15.50 11/15/11 100 0 100
CATTERPILLAR FINANCIAL SERVICES 8.72 07/21/97 100 0 100
CENTRAL POWER AND LIGHT COMPANY 6.00 04/01/00 100 0 100
CHASE MSTR TR 8.75 08/15/99 0 3,000 3,000
CHRYSLER FINANCIAL CORPORATION 7.08 04/04/97 150 0 150
COCA COLA COMPANY 7.88 09/15/98 0 1,955 1,955
CSX CORPORATION 8.63 05/15/22 60 0 60
DONNELLEY & SONS 8.88 04/15/21 0 7,000 7,000
DONNELLEY & SONS 7.00 01/01/03 0 2,000 2,000
DU PONT E I DE NEMOURS AND COMPANY 7.50 03/01/33 105 0 105
FHLMC CMO 6.75 09/15/16 0 6,000 6,000
FHLMC 7.13 07/21/99 0 3,000 3,000
FHLMC CMO 8.00 03/15/05 0 1,699 1,699
FEDERAL HOME LOAN MORTGAGE CORPORATION 8.00 11/01/15 184 0 184
FEDERAL HOUSING ADMINISTRATION 8.93 06/01/20 221 0 221
FEDERAL HOUSING ADMINISTRATION 10.23 05/01/33 99 0 99
FEDERAL NATIONAL MORTGAGE ASSOCIATION 6.50 10/25/03 100 0 100
FEDERAL NATIONAL MORTGAGE ASSOCIATION 7.50 02/01/09 347 0 347
FEDERAL NATIONAL MORTGAGE ASSOCIATION 8.00 08/25/16 33 0 33
FEDERAL NATIONAL MORTGAGE ASSOCIATION 8.00 01/01/99 1,007 0 1,007
FEDERAL NATIONAL MORTGAGE ASSOCIATION 8.50 02/01/05 100 0 100
FNMA 9.50 09/25/18 0 756 756
FIRST BOSTON COMPANY MORTGAGE SECURITIES TRUST 9.45 08/20/17 98 0 98
FIRST BOSTON MORTGAGE SECURITIES CORPORATION 6.75 09/25/06 119 0 119
FIRST UNION CORPORATION 8.00 11/15/02 100 0 100
FIRST USA CREDIT CARD MASTER TRUST 6.25 08/15/03 300 0 300
FORD CAPITAL BV 9.13 04/08/96 100 0 100
FORD CAPITAL BV 9.50 07/01/01 0 1,000 1,000
FORD MOTOR CC 6.75 08/15/08 0 5,000 5,000
<CAPTION>
BFM CORE FIXED INCOME PORTFOLIO
COMPASS FIXED INCOME FUND VALUE AT MARCH 31, 1995
PRO-FORMA SCHEDULE OF INVESTMENTS ---------------------------------------
MARCH 31, 1995 BFM COMPASS
(UNAUDITED) CORE FIXED FIXED
INCOME INCOME PRO-FORMA
PORTFOLIO FUND COMBINED
---------- ------- -----------
<S> <C> <C> <C>
AFRICAN DEVELOPMENT BANK $101,979 $0 $101,979
ALBERTSONS INC. (MTN) 0 4,906,250 4,906,250
AMERICAN GENERAL FINANCE CORPORATION 102,842 0 102,842
AMERICAN HOME PRODUCTS CORPORATION 151,603 0 151,603
AMEX 0 1,980,000 1,980,000
ANHEUSER BUSCH COS, INC. 0 4,989,375 4,989,375
ARCHER DANIELS MIDLAND CO 0 2,748,750 2,748,750
ASSOCIATES CORP N.A. 0 1,006,250 1,006,250
ASSOCIATES CORP N.A. 0 3,086,250 3,086,250
ASSOCIATES CORP. OF NORTH AMERICA 95,758 0 95,758
ASSOCIATES CORP. OF NORTH AMERICA 59,364 0 59,364
BANC ONE CREDIT CARD MASTER TRUST 252,656 0 252,656
BANQUE NATIONALE/PARIS YB 0 1,071,250 1,071,250
BASS AMERICA INC. 0 930,000 930,000
BASS AMERICA INC. 0 3,885,000 3,885,000
BETA FN 144A MTN LQ(Q/D) 0 3,498,950 3,498,950
BRITISH COLUMBIA HYDRO AND POWER 118,105 0 118,105
CATTERPILLAR FINANCIAL SERVICES 103,037 0 103,037
CENTRAL POWER AND LIGHT COMPANY 93,434 0 93,434
CHASE MSTR TR 0 3,060,000 3,060,000
CHRYSLER FINANCIAL CORPORATION 150,000 0 150,000
COCA COLA COMPANY 0 1,998,988 1,998,988
CSX CORPORATION 51,827 0 51,827
DONNELLEY & SONS 0 7,665,000 7,665,000
DONNELLEY & SONS 0 1,937,500 1,937,500
DU PONT E I DE NEMOURS AND COMPANY 96,305 0 96,305
FHLMC CMO 0 5,825,340 5,825,340
FHLMC 0 2,985,360 2,985,360
FHLMC CMO 0 1,712,185 1,712,185
FEDERAL HOME LOAN MORTGAGE CORPORATION 184,206 0 184,206
FEDERAL HOUSING ADMINISTRATION 223,393 0 223,393
FEDERAL HOUSING ADMINISTRATION 103,640 0 103,640
FEDERAL NATIONAL MORTGAGE ASSOCIATION 92,578 0 92,578
FEDERAL NATIONAL MORTGAGE ASSOCIATION 344,655 0 344,655
FEDERAL NATIONAL MORTGAGE ASSOCIATION 33,325 0 33,325
FEDERAL NATIONAL MORTGAGE ASSOCIATION 1,000,097 0 1,000,097
FEDERAL NATIONAL MORTGAGE ASSOCIATION 102,531 0 102,531
FNMA 0 769,088 769,088
FIRST BOSTON COMPANY MORTGAGE SECURITIES TRUST 100,027 0 100,027
FIRST BOSTON MORTGAGE SECURITIES CORPORATION 110,057 0 110,057
FIRST UNION CORPORATION 100,093 0 100,093
FIRST USA CREDIT CARD MASTER TRUST 300,468 0 300,468
FORD CAPITAL BV 101,907 0 101,907
FORD CAPITAL BV 0 1,081,250 1,081,250
FORD MOTOR CC 0 4,512,500 4,512,500
</TABLE>
<PAGE> 45
<TABLE>
<CAPTION>
BFM CORE FIXED INCOME PORTFOLIO
COMPASS FIXED INCOME FUND PAR (000)
PRO-FORMA SCHEDULE OF INVESTMENTS -------------------------------
MARCH 31, 1995 BFM COMPASS
(UNAUDITED) CORE FIXED FIXED
INCOME INCOME PRO-FORMA
RATE MATURITY PORTFOLIO FUND COMBINED
---- -------- --------- ------- ----------
<S> <C> <C> <C> <C> <C>
FORD MOTOR CC 8.00 01/15/99 0 2,000 2,000
GMAC 4.15 03/15/98 0 655 655
GMAC 5.70 12/22/97 150 0 150
GNMA 6.50 01/20/99 300 0 300
GNMA 7.00 02/20/25 245 0 245
GNMA 8.50 01/15/10 649 0 649
GNMA 8.50 03/15/20 0 208 208
GNMA 8.50 04/15/20 0 381 381
GNMA 8.50 04/15/20 0 210 210
GNMA 8.50 04/15/20 0 663 663
GNMA 9.00 09/15/16 0 539 539
GNMA 9.00 10/15/19 0 333 333
GNMA 9.00 11/15/19 0 216 216
GNMA 9.00 11/15/19 0 327 327
GNMA 9.00 12/15/19 0 272 272
GNMA 9.00 01/15/99 637 0 637
GNMA 9.50 11/15/26 622 0 622
GNMA 10.50 01/15/16 44 0 44
GNMA 11.00 05/15/16 25 0 25
GNMA 11.50 05/15/16 10 0 10
GNMA 12.00 05/15/16 12 0 12
GNMA 12.50 04/15/13 2 0 2
GRAND MET INV CORP 7.13 09/15/04 0 5,000 5,000
GTE SOUTHWEST INC. 5.82 12/01/99 100 0 100
HYDRO QUEBEC 8.05 07/07/24 100 0 100
HYDRO-QUEBEC 9.40 02/01/21 0 3,000 3,000
ITT FINANCIAL CORPORATION 8.85 07/15/05 100 0 100
J.C. PENNEY & CO 9.45 07/15/02 0 3,000 3,000
KIDDER PEOBODY ACCEPTANCE CORPORATION 6.65 02/01/06 100 0 100
KIMBERLY CLARK 7.88 02/01/23 0 3,750 3,750
LEHMAN BROTHERS INC. REPURCHASE AGREEMENT 6.25 04/03/95 300 0 300
MCDONALD'S CORP 7.38 07/15/02 0 2,000 2,000
MERRILL LYNCH 7.00 04/27/08 0 3,000 3,000
MERRILL LYNCH 7.05 04/15/03 0 2,000 2,000
MERRILL LYNCH 8.30 11/01/02 0 2,000 2,000
MLABC 5.50 05/15/98 0 1,027 1,027
MLABC 5.13 07/15/98 0 1,549 1,549
MOBIL CORPORATION 7.63 02/23/33 100 0 100
NATIONAL WESTMINSTER BK 9.45 05/01/01 0 4,000 4,000
NORFOLK OF SOUTHERN CORP. 9.00 03/01/21 0 4,000 4,000
PACIFIC GAS AND ELECTRIC COMPANY 7.25 08/01/26 50 0 50
PEPSICO INC 6.13 01/15/98 0 2,000 2,000
PREM AUTO TR 4.90 10/15/98 0 3,176 3,176
PROCTOR & GAMBLE CO. 7.38 03/01/23 0 2,000 2,000
PROVINCE OF ONTARIO YB 8.00 10/17/01 0 5,000 5,000
<CAPTION>
BFM CORE FIXED INCOME PORTFOLIO
COMPASS FIXED INCOME FUND VALUE AT MARCH 31, 1995
PRO-FORMA SCHEDULE OF INVESTMENTS ----------------------------------------
MARCH 31, 1995 BFM COMPASS
(UNAUDITED) CORE FIXED FIXED
INCOME INCOME PRO-FORMA
PORTFOLIO FUND COMBINED
---------- ------ ----------
<S> <C> <C> <C>
FORD MOTOR CC 0 2,027,500 2,027,500
GMAC 0 643,804 643,804
GMAC 143,355 0 143,355
GNMA 297,281 0 297,281
GNMA 246,749 0 246,749
GNMA 661,496 0 661,496
GNMA 0 210,511 210,511
GNMA 0 386,140 386,140
GNMA 0 212,689 212,689
GNMA 0 672,451 672,451
GNMA 0 556,069 556,069
GNMA 0 344,153 344,153
GNMA 0 222,574 222,574
GNMA 0 338,100 338,100
GNMA 0 281,114 281,114
GNMA 650,983 0 650,983
GNMA 646,326 0 646,326
GNMA 47,775 0 47,775
GNMA 26,745 0 26,745
GNMA 11,171 0 11,171
GNMA 13,900 0 13,900
GNMA 1,713 0 1,713
GRAND MET INV CORP 0 4,800,000 4,800,000
GTE SOUTHWEST INC. 93,187 0 93,187
HYDRO QUEBEC 100,270 0 100,270
HYDRO-QUEBEC 0 3,251,250 3,251,250
ITT FINANCIAL CORPORATION 104,924 0 104,924
J.C. PENNEY & CO 0 3,217,500 3,217,500
KIDDER PEOBODY ACCEPTANCE CORPORATION 94,078 0 94,078
KIMBERLY CLARK 0 3,689,063 3,689,063
LEHMAN BROTHERS INC. REPURCHASE AGREEMENT 300,000 0 300,000
MCDONALD'S CORP 0 2,002,500 2,002,500
MERRILL LYNCH 0 2,707,500 2,707,500
MERRILL LYNCH 0 1,867,500 1,867,500
MERRILL LYNCH 0 2,030,000 2,030,000
MLABC 0 1,016,441 1,016,441
MLABC 0 1,526,613 1,526,613
MOBIL CORPORATION 93,386 0 93,386
NATIONAL WESTMINSTER BK 0 4,325,000 4,325,000
NORFOLK OF SOUTHERN CORP. 0 4,370,000 4,370,000
PACIFIC GAS AND ELECTRIC COMPANY 43,947 0 43,947
PEPSICO INC 0 1,952,500 1,952,500
PREM AUTO TR 0 3,090,700 3,090,700
PROCTOR & GAMBLE CO. 0 1,837,500 1,837,500
PROVINCE OF ONTARIO YB 0 5,081,250 5,081,250
</TABLE>
<PAGE> 46
<TABLE>
<CAPTION>
BFM CORE FIXED INCOME PORTFOLIO
COMPASS FIXED INCOME FUND PAR (000)
PRO-FORMA SCHEDULE OF INVESTMENTS -------------------------------
MARCH 31, 1995 BFM COMPASS
(UNAUDITED) CORE FIXED FIXED
INCOME INCOME PRO-FORMA
RATE MATURITY PORTFOLIO FUND COMBINED
---- -------- --------- ------- ----------
<S> <C> <C> <C> <C> <C>
QUEBEC PROVENCE, CDA 7.50 07/15/23 100 0 100
REPUBLIC OF ITALY 6.88 09/27/23 50 0 50
SALOMON BROTHERS MORTGAGE SECURITIES VII INC. 7.00 07/25/24 104 0 104
SALOMON BROTHERS MORTGAGE TRUST (PRINCIPAL ONLY) 10/23/17 183 0 183
SHAWMUT BANK OF CONNECTICUT NA 8.63 02/15/05 100 0 100
SMITH BARNEY HOLDINGS INC. 5.38 06/01/96 100 0 100
SMITH BARNEY HOLDINGS INC. 5.50 01/15/99 50 0 50
STANDARD CREDIT CARD MASTER TRUST 8.25 01/08/07 150 0 150
STHRN CAL EDISON CO 5.90 01/15/97 0 2,000 2,000
TECO ENERGY INC MTN 9.25 06/19/97 0 1,000 1,000
TEXACO CAPITAL INC 8.50 02/15/03 0 5,000 5,000
TEXACO CAPITAL INC 9.00 11/15/96 0 1,000 1,000
TEXAS UTILITIES ELECTRIC COMPANY 7.38 10/01/25 50 0 50
TORONTO-DOMINION BANK 7.88 08/15/04 0 2,000 2,000
UNITED PARCEL SERVICE 8.38 04/01/20 0 7,000 7,000
U.S. TREASURY BOND 6.25 08/15/23 0 5,000 5,000
U.S. TREASURY BOND 7.25 05/15/16 315 0 315
U.S. TREASURY BOND 7.25 05/15/16 0 10,000 10,000
U.S. TREASURY BOND 7.50 11/15/24 650 0 650
U.S. TREASURY BOND 7.63 02/15/07 0 2,000 2,000
U.S. TREASURY BOND 7.88 02/15/21 0 1,000 1,000
U.S. TREASURY BOND 8.13 08/15/19 0 6,000 6,000
U.S. TREASURY BOND 8.75 05/15/17 0 2,000 2,000
U.S. TREASURY BOND 8.75 08/15/20 683 0 683
U.S. TREASURY BOND 10.38 11/15/12 590 0 590
U.S. TREASURY NOTE 4.25 12/31/95 0 5,000 5,000
U.S. TREASURY NOTE 4.38 11/15/96 0 3,000 3,000
U.S. TREASURY NOTE 4.63 02/15/96 0 7,500 7,500
U.S. TREASURY NOTE 5.13 11/15/95 0 3,000 3,000
U.S. TREASURY NOTE 5.13 03/31/96 0 2,000 2,000
U.S. TREASURY NOTE 5.13 02/28/98 0 2,000 2,000
U.S. TREASURY NOTE 5.13 03/31/98 0 7,000 7,000
U.S. TREASURY NOTE 5.13 11/30/98 0 2,000 2,000
U.S. TREASURY NOTE 5.63 08/31/97 0 2,000 2,000
U.S. TREASURY NOTE 5.75 10/31/97 0 2,000 2,000
U.S. TREASURY NOTE 6.00 11/30/97 0 3,000 3,000
U.S. TREASURY NOTE 6.25 02/15/03 655 0 655
U.S. TREASURY NOTE 6.38 01/15/99 0 2,000 2,000
U.S. TREASURY NOTE 6.50 11/30/96 0 2,000 2,000
U.S. TREASURY NOTE 6.50 05/15/97 0 2,000 2,000
U.S. TREASURY NOTE 6.50 08/15/97 0 1,000 1,000
U.S. TREASURY NOTE 6.75 05/31/97 0 3,000 3,000
U.S. TREASURY NOTE 7.00 04/15/99 0 2,000 2,000
U.S. TREASURY NOTE 7.13 10/15/98 0 2,000 2,000
U.S. TREASURY NOTE 7.25 08/15/04 0 1,850 1,850
<CAPTION>
BFM CORE FIXED INCOME PORTFOLIO
COMPASS FIXED INCOME FUND VALUE AT MARCH 31, 1995
PRO-FORMA SCHEDULE OF INVESTMENTS --------------------------------------
MARCH 31, 1995 BFM COMPASS
(UNAUDITED) CORE FIXED FIXED
INCOME INCOME PRO-FORMA
PORTFOLIO FUND COMBINED
---------- ------ ----------
<S> <C> <C> <C>
QUEBEC PROVENCE, CDA 88,627 0 88,627
REPUBLIC OF ITALY 40,249 0 40,249
SALOMON BROTHERS MORTGAGE SECURITIES VII INC. 89,325 0 89,325
SALOMON BROTHERS MORTGAGE TRUST (PRINCIPAL ONLY) 125,933 0 125,933
SHAWMUT BANK OF CONNECTICUT NA 103,267 0 103,267
SMITH BARNEY HOLDINGS INC. 97,935 0 97,935
SMITH BARNEY HOLDINGS INC. 46,228 0 46,228
STANDARD CREDIT CARD MASTER TRUST 154,313 0 154,313
STHRN CAL EDISON CO 0 1,950,000 1,950,000
TECO ENERGY INC MTN 0 1,042,500 1,042,500
TEXACO CAPITAL INC 0 5,237,500 5,237,500
TEXACO CAPITAL INC 0 1,032,500 1,032,500
TEXAS UTILITIES ELECTRIC COMPANY 43,841 0 43,841
TORONTO-DOMINION BANK 0 1,977,500 1,977,500
UNITED PARCEL SERVICE 0 7,332,500 7,332,500
U.S. TREASURY BOND 0 4,260,950 4,260,950
U.S. TREASURY BOND 304,564 0 304,564
U.S. TREASURY BOND 0 9,678,100 9,678,100
U.S. TREASURY BOND 551,029 0 551,029
U.S. TREASURY BOND 0 2,022,560 2,022,560
U.S. TREASURY BOND 0 1,032,450 1,032,450
U.S. TREASURY BOND 0 6,356,220 6,356,220
U.S. TREASURY BOND 0 2,247,560 2,247,560
U.S. TREASURY BOND 771,046 0 771,046
U.S. TREASURY BOND 726,898 0 726,898
U.S. TREASURY NOTE 0 4,922,600 4,922,600
U.S. TREASURY NOTE 0 2,893,260 2,893,260
U.S. TREASURY NOTE 0 7,382,775 7,382,775
U.S. TREASURY NOTE 0 2,978,430 2,978,430
U.S. TREASURY NOTE 0 1,973,540 1,973,540
U.S. TREASURY NOTE 0 1,904,880 1,904,880
U.S. TREASURY NOTE 0 6,657,980 6,657,980
U.S. TREASURY NOTE 0 1,878,140 1,878,140
U.S. TREASURY NOTE 0 1,944,520 1,944,520
U.S. TREASURY NOTE 0 1,945,000 1,945,000
U.S. TREASURY NOTE 0 2,931,540 2,931,540
U.S. TREASURY NOTE 616,827 0 616,827
U.S. TREASURY NOTE 0 1,956,180 1,956,180
U.S. TREASURY NOTE 0 1,992,320 1,992,320
U.S. TREASURY NOTE 0 1,985,800 1,985,800
U.S. TREASURY NOTE 0 991,490 991,490
U.S. TREASURY NOTE 0 2,994,240 2,994,240
U.S. TREASURY NOTE 0 1,999,360 1,999,360
U.S. TREASURY NOTE 0 2,012,580 2,012,580
U.S. TREASURY NOTE 0 1,851,055 1,851,055
</TABLE>
<PAGE> 47
<TABLE>
<CAPTION>
BFM CORE FIXED INCOME PORTFOLIO
COMPASS FIXED INCOME FUND PAR (000)
PRO-FORMA SCHEDULE OF INVESTMENTS -------------------------------
MARCH 31, 1995 BFM COMPASS
(UNAUDITED) CORE FIXED FIXED
INCOME INCOME PRO-FORMA
RATE MATURITY PORTFOLIO FUND COMBINED
---- -------- --------- ------ ---------
<S> <C> <C> <C> <C> <C>
U.S. TREASURY NOTE 7.25 08/15/04 500 0 500
U.S. TREASURY NOTE 7.25 11/30/96 425 0 425
U.S. TREASURY NOTE 7.25 02/15/98 0 4,000 4,000
U.S. TREASURY NOTE 7.25 02/15/98 1,355 0 1,355
U.S. TREASURY NOTE 7.38 05/15/96 0 1,000 1,000
U.S. TREASURY NOTE 7.50 11/15/01 635 0 635
U.S. TREASURY NOTE 7.50 02/15/05 510 0 510
U.S. TREASURY NOTE 7.50 01/31/97 2,000 0 2,000
U.S. TREASURY NOTE 7.75 02/15/01 0 2,000 2,000
U.S. TREASURY NOTE 7.75 11/30/99 1,780 0 1,780
U.S. TREASURY NOTE 8.25 07/15/98 0 2,000 2,000
U.S. TREASURY NOTE 8.50 11/15/00 0 6,000 6,000
WAL-MART 8.00 05/01/96 0 2,000 2,000
WEYERHAUSER CO MTN 8.84 04/12/99 0 4,000 4,000
SHEARSON TEMP FUND 0 8,657 8,657
TOTAL INVESTMENTS
<CAPTION>
BFM CORE FIXED INCOME PORTFOLIO
COMPASS FIXED INCOME FUND VALUE AT MARCH 31, 1995
PRO-FORMA SCHEDULE OF INVESTMENTS ---------------------------------------
MARCH 31, 1995 BFM COMPASS
(UNAUDITED) CORE FIXED FIXED
INCOME INCOME PRO-FORMA
PORTFOLIO FUND COMBINED
--------- -------- ---------
<S> <C> <C> <C>
U.S. TREASURY NOTE 500,080 0 500,080
U.S. TREASURY NOTE 428,319 0 428,319
U.S. TREASURY NOTE 0 4,032,280 4,032,280
U.S. TREASURY NOTE 1,366,645 0 1,366,645
U.S. TREASURY NOTE 0 1,008,300 1,008,300
U.S. TREASURY NOTE 646,113 0 646,113
U.S. TREASURY NOTE 520,358 0 520,358
U.S. TREASURY NOTE 2,024,680 0 2,024,680
U.S. TREASURY NOTE 0 2,058,980 2,058,980
U.S. TREASURY NOTE 1,825,604 0 1,825,604
U.S. TREASURY NOTE 0 2,071,860 2,071,860
U.S. TREASURY NOTE 0 6,381,720 6,381,720
WAL-MART 0 2,022,500 2,022,500
WEYERHAUSER CO MTN 0 4,190,000 4,190,000
SHEARSON TEMP FUND 0 8,657,069 8,657,069
TOTAL INVESTMENTS $18,823,054 $240,098,446 $258,921,500
============ ============ ============
</TABLE>
See Accompanying Notes to Performa Financial Statements
<PAGE> 48
PNC MUNICIPAL MONEY MARKET PORTFOLIO
COMPASS MUNICIPAL MONEY FUND
PRO-FORMA COMBINED STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
PNC COMPASS
MUNICIPAL MUNICIPAL
MONEY MARKET MONEY PRO-FORMA
PORTFOLIO FUND COMBINED
------------- ------------- --------------
<S> <C> <C> <C>
ASSETS
Investments, @ value (Cost
$224,892,411 and $47,292,316
respectively) $224,892,411 $47,292,316 $272,184,727
Cash (13,795) 44,248 30,453
Dividends and Interest receivable 1,527,894 452,292 1,980,186
Capital shares sold receivable 0 0 0
Prepaid expenses 19,755 67,586 87,341
-------------- ------------- --------------
TOTAL ASSETS 226,426,265 47,856,442 274,282,707
-------------- ------------- --------------
LIABILITIES
Capital shares redeemed payable 0 0 0
Securities purchased payable 0 900,000 900,000
Dividends payable 743,373 8,682 752,055
Accrued expenses payable 118,294 118,607 236,901
-------------- ------------- --------------
TOTAL LIABILITIES 861,667 1,027,289 1,888,956
-------------- ------------- --------------
TOTAL NET ASSETS $225,564,598 $46,829,153 $272,393,751
============== ============= ==============
TOTAL NET ASSETS BY CLASS OF SHARES
Institutional Class $34,746,526 N/A $34,746,526
Service Class 190,789,264 46,829,153 237,618,417
Series A Investor Class 28,808 N/A 28,808
-------------- ------------- --------------
$225,564,598 $46,829,153 $272,393,751
============== ============= ==============
SHARES OUTSTANDING
Institutional Class 34,751,840 N/A 34,751,840
Service Class
Pre-merger 190,819,260 46,868,954 N/A
Post-merger 190,819,260 46,868,954 237,688,214
Series A Investor Class 28,814 N/A 28,814
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
Institutional Class $1.00 N/A $1.00
Service Class
Pre-merger $1.00 $1.00 N/A
Post-merger $1.00 $1.00 $1.00
Series A Investor Class (Net Asset Value) $1.00 N/A $1.00
Maximum offering price per Series A Investor Class $1.00 N/A $1.00
Note: Series B and Series C Investor Class shares will be available for
shareholders in a future period.
See Accompanying Notes to Proforma Financial Statements
</TABLE>
<PAGE> 49
PNC PENNSYLVANIA MUNICIPAL MONEY MARKET PORTFOLIO
COMPASS PENNSYLVANIA MUNICIPAL MONEY FUND
PRO-FORMA COMBINED STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
PNC COMPASS
PENNSYLVANIA PENNSYLVANIA
MUNICIPAL MUNICIPAL
MONEY MARKET MONEY PRO-FORMA
PORTFOLIO FUND COMBINED
-------------- ------------- --------------
<S> <C> <C> <C>
ASSETS
Investments, @ value (Cost
$324,566,952 and $42,724,427
respectively) $324,566,952 $42,724,427 $367,291,379
Cash 60,223 13,127 73,350
Dividends and Interest receivable 1,711,919 456,315 2,168,234
Capital shares sold receivable 0 0 0
Prepaid expenses 28,484 38,224 66,708
-------------- ------------- --------------
TOTAL ASSETS 326,367,578 43,232,093 369,599,671
-------------- ------------- --------------
LIABILITIES
Capital shares redeemed payable 0 0 0
Securities purchased payable 2,000,000 2,000,000
Dividends payable 1,028,089 7,761 1,035,850
Accrued expenses payable 79,334 42,503 121,837
-------------- ------------- --------------
TOTAL LIABILITIES 1,107,423 2,050,264 3,157,687
-------------- ------------- --------------
TOTAL NET ASSETS $325,260,155 $41,181,829 $366,441,984
============== ============= ==============
TOTAL NET ASSETS BY CLASS OF SHARES
Institutional Class $187,857,999 N/A $187,857,999
Service Class 137,296,807 41,181,829 178,478,636
Series A Investor Class 105,349 N/A 105,349
-------------- ------------- --------------
$325,260,155 $41,181,829 $366,441,984
============== ============= ==============
SHARES OUTSTANDING
Institutional Class 187,857,855 N/A 187,857,855
Service Class
Pre-merger 137,296,821 41,184,251 N/A
Post-merger 137,296,821 41,184,251 178,481,072
Series A Investor Class 105,349 N/A 105,349
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
Institutional Class $1.00 N/A $1.00
Service Class
Pre-merger $1.00 $1.00 N/A
Post-merger $1.00 $1.00 $1.00
Series A Investor Class (Net Asset Value) $1.00 N/A $1.00
Maximum offering price per Series A Investor Class $1.00 N/A $1.00
</TABLE>
Note: Series B and Series C Investor Class shares will be available for
shareholders in a future period.
See Accompanying Notes to Proforma Financial Statements
<PAGE> 50
PNC MONEY MARKET PORTFOLIO
COMPASS CASH RESERVE FUND
PRO-FORMA COMBINED STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
PNC COMPASS
MONEY CASH
MARKET RESERVE PRO-FORMA
PORTFOLIO FUND COMBINED
-------------- ------------- --------------
<S> <C> <C> <C>
ASSETS
Investments, @ value (Cost
$1,207,209,226 and $435,095,609
respectively) $1,207,209,226 $435,095,609 $1,642,304,835
Cash 0 764 764
Dividends and Interest receivable 5,474,595 1,952,626 7,427,221
Capital shares sold receivable 1,590 0 1,590
Prepaid expenses 264,518 46,582 311,100
-------------- ------------- --------------
TOTAL ASSETS 1,212,949,929 437,095,581 1,650,045,510
-------------- ------------- --------------
LIABILITIES
Capital shares redeemed payable 0 0 0
Dividends payable 6,130,246 135,167 6,265,413
Accrued expenses payable 349,880 387,170 737,050
TOTAL LIABILITIES 6,480,126 522,337 7,002,463
-------------- ------------- --------------
TOTAL NET ASSETS $1,206,469,803 $436,573,244 $1,643,043,047
============== ============= ==============
TOTAL NET ASSETS BY CLASS OF SHARES
Institutional Class $593,948,095 N/A $593,948,095
Service Class 605,219,878 436,573,244 1,041,793,122
Series A Investor Class 7,301,830 N/A 7,301,830
-------------- ------------- --------------
$1,206,469,803 $436,573,244 $1,643,043,047
============== ============= ==============
SHARES OUTSTANDING
Institutional Class 593,927,411 N/A 593,927,411
Service Class
Pre-merger 605,221,765 436,721,161 N/A
Post-merger 605,221,765 436,721,161 1,041,942,926
Series A Investor Class 7,301,881 N/A 7,301,881
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
Institutional Class $1.00 N/A $1.00
Service Class
Pre-merger $1.00 $1.00 N/A
Post-merger $1.00 $1.00 $1.00
Series A Investor Class (Net Asset Value) $1.00 N/A $1.00
Maximum offering price per Series A Investor Class $1.00 N/A $1.00
</TABLE>
Note: Series B and Series C Investor Class shares will be available for
shareholders in a future period.
See Accompanying Notes to Proforma Financial Statements
<PAGE> 51
PNC GOVERNMENT MONEY MARKET PORTFOLIO
COMPASS U.S. TREASURY FUND
PRO-FORMA COMBINED STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
PNC COMPASS
GOVERNMENT U.S.
MONEY MARKET TREASURY PRO-FORMA
PORTFOLIO FUND COMBINED
-------------- ------------- --------------
<S> <C> <C> <C>
ASSETS
Investments, @ value (Cost
$622,750,248 and $348,188,958
respectively) $622,750,248 $348,188,958 $970,939,206
Cash 64,173 208 64,381
Dividends and Interest receivable 1,746,487 352,056 2,098,543
Capital shares sold receivable 0 0 0
Prepaid expenses 20,562 93,195 113,757
-------------- ------------- --------------
Total Assets 624,581,470 348,634,417 973,215,887
-------------- ------------- --------------
LIABILITIES
Capital shares redeemed payable 0 251,890 251,890
Dividends payable 2,885,397 105,481 2,990,878
Accrued expenses payable 232,985 0 232,985
-------------- ------------- --------------
TOTAL LIABILITIES 3,118,382 357,371 3,475,753
-------------- ------------- --------------
TOTAL NET ASSETS $621,463,088 $348,277,046 $969,740,134
============== ============= ==============
TOTAL NET ASSETS BY CLASS OF SHARES
Institutional Class $113,706,910 N/A $113,706,910
Service Class 505,356,292 348,277,046 853,633,338
Series A Investor Class 2,399,886 N/A 2,399,886
-------------- ------------- --------------
$621,463,088 $348,277,046 $969,740,134
============== ============= ==============
SHARES OUTSTANDING
Institutional Class 113,704,861 N/A 113,704,861
Service Class
Pre-merger 505,347,225 348,271,759 N/A
Post-merger 505,347,225 348,271,759 853,618,984
Series A Investor Class 2,399,857 N/A 2,399,857
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
Institutional Class $1.00 N/A $1.00
Service Class
Pre-merger $1.00 $1.00 N/A
Post-merger $1.00 $1.00 $1.00
Series A Investor Class (Net Asset Value) $1.00 N/A $1.00
Maximum offering price per Series A Investor Class $1.00 N/A $1.00
</TABLE>
Note: Series B and Series C Investor Class shares will be available for
shareholders in a future period.
See Accompanying Notes to Proforma Financial Statements
<PAGE> 52
PNC TAX-FREE INCOME PORTFOLIO
COMPASS MUNICIPAL BOND FUND
PRO-FORMA COMBINED STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
PNC COMPASS
TAX-FREE MUNICIPAL
INCOME BOND PRO-FORMA
PORTFOLIO FUND COMBINED
-------------- ------------- --------------
<S> <C> <C> <C>
ASSETS
Investments, @ value (Cost
$9,789,950 and $28,656,897
respectively) $9,847,574 $28,515,944 $38,363,518
Cash 0 (52,913) (52,913)
Dividends and Interest receivable 141,815 485,269 627,084
Receivable from Advisor 33,536 0 33,536
Prepaid expenses 12,814 10,938 23,752
-------------- ------------- --------------
TOTAL ASSETS 10,035,739 28,959,238 38,994,977
-------------- ------------- --------------
LIABILITIES
Capital shares redeemed payable 5,797 7 5,804
Dividends payable 0 0 0
Accrued expenses payable 47,950 70,136 118,086
-------------- ------------- --------------
TOTAL LIABILITIES 53,747 70,143 123,890
-------------- ------------- --------------
TOTAL NET ASSETS $9,981,992 $28,889,095 $38,871,087
============== ============= ==============
TOTAL NET ASSETS BY CLASS OF SHARES
Institutional Class $11,770 N/A $11,770
Service Class 3,089,624 28,889,095 31,978,719
Series A Investor Class 6,880,598 N/A 6,880,598
-------------- ------------- --------------
$9,981,992 $28,889,095 $38,871,087
============== ============= ==============
SHARES OUTSTANDING
Institutional Class 1,133 N/A 1,133
Service Class
Pre-merger 297,405 2,793,612 N/A
Post-merger 297,405 2,780,471 3,077,876
Series A Investor Class 662,291 N/A 662,291
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
Institutional Class $10.39 N/A $10.39
Service Class
Pre-merger $10.39 $10.34 N/A
Post-merger $10.39 $10.39 $10.39
Series A Investor Class (Net Asset Value) $10.39 N/A $10.39
Maximum offering price per Series A Investor Class $10.88 N/A $10.88
</TABLE>
Note: Series B and Series C Investor Class shares will be available for
shareholders in a future period.
See Accompanying Notes to Proforma Financial Statements
<PAGE> 53
PNC PENNSYLVANIA TAX-FREE INCOME PORTFOLIO
COMPASS PENNSYLVANIA MUNICIPAL BOND FUND
PRO-FORMA COMBINED STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
PNC COMPASS
PENNSYLVANIA PENNSYLVANIA
TAX-FREE MUNICIPAL
INCOME BOND PRO-FORMA
PORTFOLIO FUND COMBINED
-------------- ------------- --------------
<S> <C> <C> <C>
ASSETS
Investments, @ value (Cost
$ 63,023,846 and $17,282,563
respectively) $61,872,120 $16,941,313 $78,813,433
Cash 0 488 488
Dividends and Interest receivable 1,073,210 305,821 1,379,031
Capital shares sold receivable 148,800 0 148,800
Prepaid expenses 16,144 6,907 23,051
-------------- ------------- --------------
TOTAL ASSETS 63,110,274 17,254,529 80,364,803
-------------- ------------- --------------
LIABILITIES
Capital shares redeemed payable 226,984 0 226,984
Investment purchased payable 1,830,104 500,000 2,330,104
Dividends payable 88,588 0 88,588
Other payables 0 2,153 2,153
Accrued expenses payable 93,499 32,153 125,652
-------------- ------------- --------------
TOTAL LIABILITIES 2,239,175 534,306 2,773,481
-------------- ------------- --------------
TOTAL NET ASSETS $60,871,099 $16,720,223 $77,591,322
============== ============= ==============
TOTAL NET ASSETS BY CLASS OF SHARES
Institutional Class $1,157,106 N/A $1,157,106
Service Class 12,914,730 16,720,223 29,634,953
Series A Investor Class 44,458,184 N/A 44,458,184
Series B Investor Class 2,341,079 N/A 2,341,079
-------------- ------------- --------------
$60,871,099 $16,720,223 $77,591,322
============== ============= ==============
SHARES OUTSTANDING
Institutional Class 115,231 N/A 115,231
Service Class
Pre-merger 1,286,171 1,729,936 N/A
Post-merger 1,286,171 1,665,361 2,951,532
Series A Investor Class 4,427,574 N/A 4,427,574
Series B Investor Class 233,149 N/A 233,149
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
Institutional Class $10.04 N/A $10.04
Service Class
Pre-merger $10.04 $9.67 N/A
Post-merger $10.04 $10.04 $10.04
Series A Investor Class (Net Asset Value) $10.04 N/A $10.04
Maximum offering price per Series A Investor Class $10.51 N/A $10.51
Series B Investor Class (Net Asset Value) $10.04
Redemption Price $9.59 N/A $9.59
</TABLE>
Note: Series C Investor Class shares will be available for shareholders
in a future period.
See Accompanying Notes to Proforma Financial Statements
<PAGE> 54
PNC VALUE EQUITY PORTFOLIO
COMPASS EQUITY INCOME FUND
PRO-FORMA COMBINED STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
PNC COMPASS
VALUE EQUITY
EQUITY INCOME PRO-FORMA
PORTFOLIO FUND COMBINED
-------------- ------------- --------------
<S> <C> <C> <C>
ASSETS
Investments, @ value (Cost $
$570,413,430 and $273,321,119
respectively) $638,604,283 $290,668,007 $929,272,290
Cash 0 1,062,247 1,062,247
Dividends and Interest receivable 1,527,617 971,856 2,499,473
Investment sold receivable 2,623,913 7,480,135 10,104,048
Capital shares sold receivable 224,665 82,407 307,072
Prepaid expenses 31,091 62,580 93,671
-------------- ------------- --------------
TOTAL ASSETS 643,011,569 300,327,232 943,338,801
-------------- ------------- --------------
LIABILITIES
Capital shares redeemed payable 180,638 4,205,459 4,386,097
Investments purchased payable 6,549,535 2,416,049 8,965,584
Dividends payable 0 0 0
Accrued expenses payable 393,502 302,116 695,618
-------------- ------------- --------------
TOTAL LIABILITIES 7,123,675 6,923,624 14,047,299
-------------- ------------- --------------
TOTAL NET ASSETS $635,887,894 $293,403,608 $929,291,502
============== ============= ==============
TOTAL NET ASSETS BY CLASS OF SHARES
Institutional Class $497,417,569 N/A $497,417,569
Service Class 125,896,641 293,403,608 419,300,249
Series A Investor Class 12,573,684 N/A 12,573,684
-------------- ------------- --------------
$635,887,894 $293,403,608 $929,291,502
============== ============= ==============
SHARES OUTSTANDING
Institutional Class 40,984,991 N/A 40,984,991
Service Class
Pre-merger 10,371,904 24,066,169 N/A
Post-merger 10,371,904 24,168,337 34,540,241
Series A Investor Class 1,035,874 N/A 1,035,874
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
Institutional Class $12.14 N/A $12.14
Service Class
Pre-merger $12.14 $12.19 N/A
Post-merger $12.14 $12.14 $12.14
Series A Investor Class (Net Asset Value) $12.14 N/A $12.14
Maximum offering price per Series A Investor Class $12.71 N/A $12.71
</TABLE>
Note: Series B and Series C Investor Class shares will be available for
shareholders in a future period.
See Accompanying Notes to Proforma Financial Statements
<PAGE> 55
PNC GROWTH EQUITY PORTFOLIO
COMPASS GROWTH FUND
PRO-FORMA COMBINED STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
PNC COMPASS
GROWTH EQUITY GROWTH PRO-FORMA
PORTFOLIO FUND COMBINED
-------------- ------------- --------------
<S> <C> <C> <C>
ASSETS
Investments, @ value (Cost
$204,119,070 and $130,132,604
respectively) $223,481,531 $142,055,638 $365,537,169
Cash 14,455 38,614 53,069
Dividends and Interest receivable 315,792 264,376 580,168
Investments sold receivable 2,522,378 886,214 3,408,592
Capital shares sold receivable 676,343 195,399 871,742
Prepaid expenses 13,878 27,902 41,780
-------------- ------------- --------------
TOTAL ASSETS 227,024,377 143,468,143 370,492,520
-------------- ------------- --------------
LIABILITIES
Capital shares redeemed payable 36,258 23,038 59,296
Investment purchased payable 3,298,985 1,303,169 4,602,154
Dividends payable 0 0 0
Accrued expenses payable 153,484 163,153 316,637
-------------- ------------- --------------
TOTAL LIABILITIES 3,488,727 1,489,360 4,978,087
-------------- ------------- --------------
TOTAL NET ASSETS $223,535,650 $141,978,783 $365,514,433
============== ============= ==============
TOTAL NET ASSETS BY CLASS OF SHARES
Institutional Class $166,209,725 N/A $166,209,725
Service Class 50,177,330 141,978,783 192,156,113
Series A Investor Class 7,148,595 N/A 7,148,595
-------------- ------------- --------------
$223,535,650 $141,978,783 $365,514,433
============== ============= ==============
SHARES OUTSTANDING
Institutional Class 15,220,512 N/A 15,220,512
Service Class
Pre-merger 4,599,623 12,353,389 N/A
Post-merger 4,599,623 13,013,637 17,613,260
Series A Investor Class 655,763 N/A 655,763
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
Institutional Class $10.92 N/A $10.92
Service Class
Pre-merger $10.91 $11.49 N/A
Post-merger $10.91 $10.91 $10.91
Series A Investor Class (Net Asset Value) $10.90 N/A $10.90
Maximum offering price per Series A Investor Class $11.41 N/A $11.41
</TABLE>
Note: Series B and Series C Investor Class shares will be available for
shareholders in a future period.
See Accompanying Notes to Proforma Financial Statements
<PAGE> 56
PNC SMALL CAP GROWTH EQUITY PORTFOLIO
COMPASS SMALL COMPANY FUND
PRO-FORMA COMBINED STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
PNC COMPASS
SMALL CAP SMALL
GROWTH EQUITY COMPANY PRO-FORMA
PORTFOLIO FUND COMBINED
-------------- ------------- --------------
<S> <C> <C> <C>
ASSETS
Investments, @ value (Cost
$108,414,011 and $25,608,718
respectively) $133,883,225 $25,222,368 $159,105,593
Cash 8,774 12,889 21,663
Dividends and Interest receivable 71,267 44,275 115,542
Investments sold receivable 1,207,979 0 1,207,979
Capital shares sold receivable 107,061 0 107,061
Prepaid expenses 25,638 21,968 47,606
-------------- ------------- --------------
TOTAL ASSETS 135,303,944 25,301,500 160,605,444
-------------- ------------- --------------
LIABILITIES
Capital shares redeemed payable 64,160 6,000 64,160
Investments purchased payable 3,516,053 0 3,516,053
Accrued expenses payable 89,079 50,750 139,829
-------------- ------------- --------------
TOTAL LIABILITIES 3,669,292 56,750 3,720,042
-------------- ------------- --------------
TOTAL NET ASSETS $131,634,652 $25,244,750 $156,885,402
============== ============= ==============
TOTAL NET ASSETS BY CLASS OF SHARES
Institutional Class $96,600,862 N/A $96,600,862
Service Class 31,794,267 25,244,750 57,039,017
Series A Investor Class 3,239,523 N/A 3,239,523
-------------- ------------- --------------
$131,634,652 $25,244,750 $156,879,402
============== ============= ==============
SHARES OUTSTANDING
Institutional Class 8,295,570 N/A 8,295,570
Service Class
Pre-merger 2,733,726 2,326,617 N/A
Post-merger 2,733,726 2,170,587 4,904,313
Series A Investor Class 279,175 N/A 279,175
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
Institutional Class $11.64 N/A $11.64
Service Class
Pre-merger $11.63 $10.85 N/A
Post-merger $11.63 $11.63 $11.63
Series A Investor Class (Net Asset Value) $11.60 N/A $11.60
Maximum offering price per Series A Investor Class $12.15 N/A $12.15
</TABLE>
Note: Series B and Series C Investor Class shares will be available for
shareholders in a future period.
See Accompanying Notes to Proforma Financial Statements
<PAGE> 57
PNC BALANCED PORTFOLIO
COMPASS BALANCED FUND
PRO-FORMA COMBINED STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
PNC COMPASS
BALANCED BALANCED PRO-FORMA
PORTFOLIO FUND COMBINED
-------------- ------------- --------------
<S> <C> <C> <C>
ASSETS
Investments, @ value (Cost
$153,236,446 and $24,874,957
respectively) $162,093,798 $25,661,121 $187,754,919
Cash 218,965 1,889 220,854
Dividends and Interest receivable 701,516 223,201 924,717
Securities sold receivable 0 265,522 265,522
Capital shares sold receivable 419,367 2,390 421,757
Prepaid expenses 22,733 420 23,153
-------------- ------------- --------------
TOTAL ASSETS 163,456,379 26,154,543 189,610,922
-------------- ------------- --------------
LIABILITIES
Capital shares redeemed payable 450,365 0 450,365
Investment purchased payable 609,236 101,368 710,604
Accrued expenses payable 148,005 24,879 172,884
-------------- ------------- --------------
TOTAL LIABILITIES 1,207,606 126,247 1,333,853
-------------- ------------- --------------
TOTAL NET ASSETS $162,248,773 $26,028,296 $188,277,069
============== ============= ==============
TOTAL NET ASSETS BY CLASS OF SHARES
Institutional Class $22,547,858 N/A $22,547,858
Service Class 75,284,207 26,028,296 101,312,503
Series A Investor Class 62,628,492 N/A 62,628,492
Series B Investor Class 1,788,216 N/A 1,788,216
-------------- ------------- --------------
$162,248,773 $26,028,296 $188,277,069
============== ============= ==============
SHARES OUTSTANDING
Institutional Class 1,826,709 N/A 1,826,709
Service Class
Pre-merger 6,101,013 2,498,607 N/A
Post-merger 6,101,013 2,109,262 8,210,275
Series A Investor Class 5,074,659 N/A 5,074,659
Series B Investor Class 145,053 N/A 145,053
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
Institutional Class $12.34 N/A $12.34
Service Class
Pre-merger $12.34 $10.42 N/A
Post-merger $12.34 $12.34 $12.34
Series A Investor Class (Net Asset Value) $12.34 N/A $12.34
Maximum offering price per Series A Investor Class $12.92 N/A $12.92
Series B Investor Class (Net Asset Value) $12.33 N/A $12.33
Redemption Price $11.77 N/A $11.77
</TABLE>
Note: Series C Investor Class shares will be available for shareholders
in a future period.
See Accompanying Notes to Proforma Financial Statements
<PAGE> 58
PNC SHORT-TERM BOND PORTFOLIO
BFM SHORT DURATION
COMPASS SHORT/INTERMEDIATE FUND
PRO-FORMA COMBINED STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
PNC BFM COMPASS
SHORT-TERM SHORT SHORT/
BOND DURATION INTERMEDIATE PRO-FORMA
PORTFOLIO PORTFOLIO FUND COMBINED
-------------- ------------- -------------- -----------
<S> <C> <C> <C>
ASSETS
Investments, @ value (Cost
$16,354,281 and $52,183,653
$201,180,524 respectively) $15,996,804 $52,219,786 $198,430,767 $266,647,357
Cash 0 6,246 0 6,246
Dividends and Interest receivable 92,087 586,723 3,430,781 4,109,591
Investments sold receivable 0 3,407,912 0 3,407,912
Capital shares sold receivable 11,095 0 10,001 21,096
Receivable from Advisor 2,426 126,197 2,187 130,810
Prepaid expenses 27,684 54,319 41,823 123,826
-------------- ------------- -------------- --------------
TOTAL ASSETS 16,130,096 56,401,183 201,915,559 274,446,838
-------------- ------------- -------------- --------------
LIABILITIES
Capital shares redeemed payable 27,662 0 587,320 614,982
Investment purchased payable 0 5,939,417 0 5,939,417
Dividends payable 64,035 0 0 64,035
Accrued expenses payable 30,296 141,395 239,015 410,706
-------------- ------------- -------------- --------------
TOTAL LIABILITIES 121,993 6,080,812 826,335 7,029,140
-------------- ------------- -------------- --------------
TOTAL NET ASSETS $16,008,103 $50,320,371 $201,089,224 $267,417,698
============== ============= ============== ==============
TOTAL NET ASSETS BY CLASS OF SHARES
Institutional Class $9,972,122 $50,320,371 N/A $60,292,493
Service Class 5,776,529 N/A 201,089,224 206,865,753
Series A Investor Class 259,452 N/A N/A 259,452
-------------- ------------- -------------- --------------
$16,008,103 $50,320,371 $201,089,224 $267,417,698
============== ============= ============== ==============
SHARES OUTSTANDING
Institutional Class
Pre-merger 1,043,327 5,179,742 N/A 6,223,069
Post-merger 1,043,327 5,263,637 N/A 6,306,964
Service Class
Pre-merger 604,373 N/A 19,856,597 20,460,970
Post-merger 604,373 N/A 21,034,438 21,638,811
Series A Investor Class 27,166 N/A N/A 27,166
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE
Institutional Class
Pre-merger $9.56 $9.71 N/A $9.69
Post-merger $9.56 $9.56 N/A $9.56
Service Class
Pre-merger $9.56 N/A $10.13 N/A
Post-merger $9.56 N/A $9.56 $9.56
Series A Investor Class (Net Asset Value) $9.55 N/A N/A $9.56
Maximum offering price per Series A Investor Class $10.01 N/A N/A $10.01
</TABLE>
Note: Series B and Series C Investor Class shares will be available for
shareholders in a future period.
See Accompanying Notes to Proforma Financial Statements
<PAGE> 59
BFM CORE FIXED INCOME PORTFOLIO
COMPASS FIXED INCOME FUND
PRO-FORMA COMBINED STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
BFM COMPASS
CORE FIXED FIXED
INCOME INCOME PRO-FORMA
PORTFOLIO FUND COMBINED
-------------- ------------- --------------
<S> <C> <C> <C>
ASSETS
Investments, @ value (Cost
$18,900,772 and $245,029,866
respectively) $18,823,054 $240,098,446 $258,921,500
Cash 13,594 21,717 35,311
Dividends and Interest receivable 269,795 3,948,761 4,218,556
Investments sold receivable 2,521,275 0 2,521,275
Capital shares sold receivable 0 128,026 128,026
Receivable from Advisor 138,516 0 138,516
Prepaid expenses 31,462 60,810 92,272
-------------- ------------- --------------
TOTAL ASSETS 21,797,696 244,257,760 266,055,456
-------------- ------------- --------------
LIABILITIES
Capital shares redeemed payable 0 168,635 168,635
Investment purchased payable 1,855,860 0 1,855,860
Reverse repurchase agreements 509,375 0 509,375
Dividends payable 0 0 0
Accrued expenses payable 78,221 260,584 338,805
-------------- ------------- --------------
TOTAL LIABILITIES 2,443,456 429,219 2,872,675
-------------- ------------- --------------
TOTAL NET ASSETS $19,354,240 $243,828,541 $263,182,781
============== ============= ==============
TOTAL NET ASSETS BY CLASS OF SHARES
Institutional Class $19,354,240 N/A $19,354,240
Service Class N/A 243,828,541 243,828,541
-------------- ------------- --------------
$19,354,240 $243,828,541 $263,182,781
============== ============= ==============
SHARES OUTSTANDING
Institutional Class
Pre-merger 2,045,312 N/A 2,045,312
Post-merger 2,045,312 N/A 2,045,312
Service Class
Pre-merger N/A 24,209,382 24,209,382
Post-merger N/A 25,774,687 25,774,687
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
Institutional Class
Pre-merger $9.46 N/A N/A
Post-merger $9.46 N/A $9.46
Service Class
Pre-merger N/A $10.07 N/A
Post-merger N/A $9.46 $9.46
</TABLE>
Note: Series A, Series B and Series C Investor Class shares will be available
for shareholders in a future period.
See Accompanying Notes to Proforma Financial Statements
<PAGE> 60
PNC MUNICIPAL MONEY MARKET PORTFOLIO
COMPASS MUNICIPAL MONEY FUND
PRO-FORMA COMBINED STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED MARCH 31, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
PNC
MUNICIPAL COMPASS
MONEY MARKET MUNICIPAL PRO-FORMA PRO-FORMA
PORTFOLIO MONEY FUND ADJUSTMENTS COMBINED
-------------- ------------- ------------- -----------
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Interest $3,959,375 $851,704 $4,811,079
Dividends - - -
-------------- ------------- ------------- -----------
TOTAL INVESTMENT INCOME 3,959,375 851,704 4,811,079
-------------- ------------- ------------- -----------
EXPENSES
Investment Advisory Fees 469,233 91,356 12,985 (1) 573,574
Administration Fees 156,411 41,110 (6,330)(1) 191,191
Custodian Fees 30,200 3,359 33,559
Transfer Agent Fees 18,712 6,903 25,615
Service Fees 260,837 - 69,418 (1) 330,255
Distribution Fees 84 - 84
Legal and Audit 9,888 1,427 (1,427)(2) 9,888
Printing 6,409 (819) 819 (2) 6,409
Registration Fees 22,483 6,774 29,257
Trustees' Fees and Officers' Salaries 2,011 1,092 (1,092)(2) 2,011
Organization and Other 3,161 20,213 23,374
-------------- ------------- ------------- -----------
979,429 171,415 74,373 1,225,217
Less: Fees waived & Expenses Reimbursed (457,824) - (80,152)(3) (537,976)
-------------- ------------- ------------- -----------
TOTAL EXPENSES 521,605 171,415 (5,779) 687,241
-------------- ------------- ------------- -----------
NET INVESTMENT INCOME 3,437,770 680,289 5,779 4,123,838
-------------- ------------- ------------- -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS TRANSACTIONS
Net realized gain (loss) on investment
transactions (12,356) (817) (13,173)
Change in unrealized appreciation
(depreciation) - - -
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENT TRANSACTIONS (12,356) (817) (13,173)
-------------- ------------- ------------- -----------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $3,425,414 $679,472 $5,779 $4,110,665
============== ============= ============= ===========
</TABLE>
(1) Based on fee structure of new regristrant and the total assets of
the combined funds.
(2) Adjustments reflect expected savings when the two funds combine.
(3) Reflects the anticipated change in the waiver of the investment advisory
and administration fees based on expense ratios of new registrant and
combined assets of the merged funds.
See Accompanying Notes to Proforma Financial Statements.
<PAGE> 61
PNC MUNICIPAL MONEY MARKET PORTFOLIO
COMPASS MUNICIPAL MONEY FUND
PRO-FORMA COMBINED STATEMENT OF OPERATIONS
FOR THE YEAR ENDED SEPTEMBER 30, 1994
(UNAUDITED)
<TABLE>
<CAPTION>
PNC
MUNICIPAL COMPASS
MONEY MARKET MUNICIPAL PRO-FORMA PRO-FORMA
PORTFOLIO MONEY FUND ADJUSTMENTS COMBINED
-------------- ------------- ------------- -----------
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Interest $4,632,663 $1,299,013 $5,931,676
Dividends - - -
------------- ------------- ------------- -----------
TOTAL INVESTMENT INCOME 4,632,663 1,299,013 5,931,676
------------- ------------- ------------- -----------
EXPENSES
Investment Advisory Fees 771,325 189,847 23,717 (1) 984,889
Administration Fees 257,109 85,431 (14,244)(1) 328,296
Custodian Fees 49,117 4,795 53,912
Transfer Agent Fees 47,827 13,426 61,253
Service Fees 368,547 - 194,446 (1) 562,993
Distribution Fees 165 - 165
Legal and Audit 23,621 9,686 (9,686)(2) 23,621
Printing 27,724 9,614 (9,614)(2) 27,724
Registration Fees 50,195 10,104 60,299
Trustees' Fees and Officers' Salaries 3,597 801 (801)(2) 3,597
Organization and Other 12,096 (39,806) (27,710)
------------- ------------- ------------- -----------
1,611,323 283,898 183,818 2,079,039
Less: Fees waived & Expenses Reimbursed (814,098) - (88,940)(3) (903,038)
------------- ------------- ------------- -----------
TOTAL EXPENSES 797,225 283,898 94,878 1,176,001
------------- ------------- ------------- -----------
NET INVESTMENT INCOME 3,835,438 1,015,115 (94,878) 4,755,675
------------- ------------- ------------- -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS TRANSACTIONS
Net realized gain (loss) on investment
transactions (19,387) 17,746 (1,641)
Change in unrealized appreciation
(depreciation) - - -
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENT TRANSACTIONS (19,387) 17,746 (1,641)
------------- ------------- ------------- -----------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $3,816,051 $1,032,861 ($94,878) $4,754,034
============= ============= ============= ===========
</TABLE>
(1) Based on fee structure of new regristrant and the total assets of the
combined funds.
(2) Adjustments reflect expected savings when the two funds combine.
(3) Reflects the anticipated change in the waiver of the investment advisory
and administration fees based on expense ratios of new registrant and
combined assets of the merged funds.
See Accompanying Notes to Proforma Financial Statements.
<PAGE> 62
PNC PENNSYLVANIA MUNICIPAL MONEY MARKET PORTFOLIO
COMPASS PENNSYLVANIA MUNICIPAL MONEY FUND
PRO-FORMA COMBINED STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED MARCH 31, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
PNC COMPASS
PENNSYLVANIA PENNSYLVANIA
MUNICIPAL MONEY MUNICIPAL PRO-FORMA PRO-FORMA
MARKET PORTFOLIO MONEY FUND ADJUSTMENTS COMBINED
----------------- ------------- ------------- -----------
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Interest $6,315,344 $733,582 $7,048,926
Dividends - - -
------------- ------------- ------------- -----------
TOTAL INVESTMENT INCOME 6,315,344 733,582 7,048,926
------------- ------------- ------------- -----------
EXPENSES
Investment Advisory Fees 772,434 80,126 12,381 (1) 864,941
Administration Fees 257,478 36,057 (5,221)(1) 288,314
Custodian Fees 37,701 7,232 44,933
Transfer Agent Fees 10,686 13,143 23,829
Service Fees 170,233 - 60,724 (1) 230,957
Distribution Fees 316 - 316
Legal and Audit 15,394 4,391 (4,391)(2) 15,394
Printing 13,560 1,475 (1,475)(2) 13,560
Registration Fees 13,828 (2,958) 10,870
Trustees' Fees and Officers' Salaries 2,706 1,066 (1,066)(2) 2,706
Organization and Other 5,842 (474) 5,368
------------- ------------- ------------- -----------
1,300,178 140,058 60,952 1,501,188
Less: Fees waived & Expenses Reimbursed (700,499) (19,468) (11,716)(3) (731,683)
------------- ------------- ------------- -----------
TOTAL EXPENSES 599,679 120,590 49,236 769,505
------------- ------------- ------------- -----------
NET INVESTMENT INCOME 5,715,665 612,992 (49,236) 6,279,421
------------- ------------- ------------- -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS TRANSACTIONS
Net realized gain (loss) on investment
transactions - 2 2
Change in unrealized appreciation
(depreciation) - - -
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENT TRANSACTIONS - 2 2
------------- ------------- ------------- -----------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $5,715,665 $612,994 ($49,236) $6,279,423
============= ============= ============= ===========
</TABLE>
(1) Based on fee structure of new regristrant and the total assets of the
combined funds.
(2) Adjustments reflect expected savings when the two funds combine.
(3) Reflects the anticipated change in the waiver of the investment advisory
and administration fees based on expense ratios of new registrant and
combined assets of the merged funds.
See Accompanying Notes to Proforma Financial Statements.
<PAGE> 63
PNC PENNSYLVANIA MUNICIPAL MONEY MARKET PORTFOLIO
COMPASS PENNSYLVANIA MUNICIPAL MONEY FUND
PRO-FORMA COMBINED STATEMENT OF OPERATIONS
FOR THE YEAR ENDED SEPTEMBER 30, 1994
(UNAUDITED)
<TABLE>
<CAPTION>
PNC COMPASS
PENNSYLVANIA PENNSYLVANIA
MUNICIPAL MONEY MUNICIPAL PRO-FORMA PRO-FORMA
MARKET PORTFOLIO MONEY FUND ADJUSTMENTS COMBINED
----------------- ------------- ------------- -----------
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Interest $2,345,552 $882,759 $3,228,311
Dividends - - -
------------- ------------- ------------- -----------
TOTAL INVESTMENT INCOME 2,345,552 882,759 3,228,311
------------- ------------- ------------- -----------
EXPENSES
Investment Advisory Fees 378,994 128,027 16,359 (1) 523,380
Administration Fees 126,331 57,612 (9,483)(1) 174,460
Custodian Fees 29,877 71 29,948
Transfer Agent Fees 20,043 12,072 32,115
Service Fees 56,294 - 101,958 (1) 158,252
Distribution Fees 193 - 193
Legal and Audit 9,232 421 (421)(2) 9,232
Printing 12,220 139 (139)(2) 12,220
Registration Fees 25,542 7,079 32,621
Trustees' Fees and Officers' Salaries 1,700 12 (12)(2) 1,700
Organization and Other 6,674 16,601 23,275
------------- ------------- ------------- -----------
667,100 222,034 108,262 997,396
Less: Fees waived & Expenses Reimbursed (476,317) (116,679) 79,731 (3) (513,265)
------------- ------------- ------------- -----------
TOTAL EXPENSES 190,783 105,355 187,993 484,131
------------- ------------- ------------- -----------
NET INVESTMENT INCOME 2,154,769 777,404 (187,993) 2,744,180
------------- ------------- ------------- -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS TRANSACTIONS
Net realized gain (loss) on investment
transactions 130 (2,459) (2,329)
Change in unrealized appreciation
(depreciation) - - -
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENT TRANSACTIONS 130 (2,459) (2,329)
------------- ------------- ------------- -----------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $2,154,899 $774,945 ($187,993) $2,741,851
============= ============= ============= ===========
</TABLE>
(1) Based on fee structure of new regristrant and the total assets of the
combined funds.
(2) Adjustments reflect expected savings when the two funds combine.
(3) Reflects the anticipated change in the waiver of the investment advisory
and administration fees based on expense ratios of new registrant and
combined assets of the merged funds.
See Accompanying Notes to Proforma Financial Statements.
<PAGE> 64
PNC MONEY MARKET PORTFOLIO
COMPASS CASH RESERVE FUND
PRO-FORMA COMBINED STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED MARCH 31, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
PNC COMPASS
MONEY MARKET CASH RESERVE PRO-FORMA PRO-FORMA
PORTFOLIO FUND ADJUSTMENTS COMBINED
----------------- ------------- ------------- -----------
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Interest $36,312,611 $11,944,013 $48,256,624
Dividends - - -
------------- ------------- ------------- -----------
TOTAL INVESTMENT INCOME 36,312,611 11,944,013 48,256,624
------------- ------------- ------------- -----------
EXPENSES
Investment Advisory Fees 2,775,547 733,142 114,608 (1) 3,623,297
Administration Fees 844,302 377,045 (143,690)(1) 1,077,657
Custodian Fees 107,268 7,145 114,413
Transfer Agent Fees 21,219 53,530 74,749
Service Fees 924,049 - 632,632 (1) 1,556,681
Distribution Fees 11,985 - 11,985
Legal and Audit 63,302 34,640 (34,640)(2) 63,302
Printing 44,741 14,014 (14,014)(2) 44,741
Registration Fees 49,196 22,867 72,063
Trustees' Fees and Officers' Salaries 9,963 10,979 (10,979)(2) 9,963
Organization and Other 24,438 (36,915) (12,477)
------------- ------------- ------------- -----------
4,876,010 1,216,447 543,917 6,636,374
Less: Fees waived & Expenses Reimbursed (2,361,082) - (343,602)(3) (2,704,684)
------------- ------------- ------------- -----------
TOTAL EXPENSES 2,514,928 1,216,447 200,315 3,931,690
------------- ------------- ------------- -----------
NET INVESTMENT INCOME 33,797,683 10,727,566 (200,315) 44,324,934
------------- ------------- ------------- -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS TRANSACTIONS
Net realized gain (loss) on investment
transactions 19,382 (831,734) (812,352)
Change in unrealized appreciation
(depreciation) - - -
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENT TRANSACTIONS 19,382 (831,734) (812,352)
------------- ------------- ------------- -----------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $33,817,065 $9,895,832 ($200,315) $43,512,582
============= ============= ============= ===========
</TABLE>
(1) Based on fee structure of new regristrant and the total assets of the
combined funds.
(2) Adjustments reflect expected savings when the two funds combine.
(3) Reflects the anticipated change in the waiver of the investment advisory
and administration fees based on expense ratios of new registrant and
combined assets of the merged funds.
See Accompanying Notes to Proforma Financial Statements.
<PAGE> 65
PNC MONEY MARKET PORTFOLIO
COMPASS CASH RESERVE FUND
PRO-FORMA COMBINED STATEMENT OF OPERATIONS
FOR THE YEAR ENDED SEPTEMBER 30, 1994
(UNAUDITED)
<TABLE>
<CAPTION>
PNC COMPASS
MONEY MARKET CASH RESERVE PRO-FORMA PRO-FORMA
PORTFOLIO FUND ADJUSTMENTS COMBINED
----------------- ------------- ------------- -----------
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Interest $37,214,883 $17,024,578 $54,239,461
Dividends - - -
------------- ------------- ------------- -----------
TOTAL INVESTMENT INCOME 37,214,883 17,024,578 54,239,461
------------- ------------- ------------- -----------
EXPENSES
Investment Advisory Fees 4,311,077 1,545,338 249,439 (1) 6,105,854
Administration Fees 1,344,415 794,746 (297,551)(1) 1,841,610
Custodian Fees 177,983 35,519 213,502
Transfer Agent Fees 67,179 21,595 88,774
Service Fees 1,382,350 - 1,515,538 (1) 2,897,888
Distribution Fees 10,092 - 10,092
Legal and Audit 127,847 66,568 (66,568)(2) 127,847
Printing 125,866 66,029 (66,029)(2) 125,866
Registration Fees 48,658 208 48,866
Trustees' Fees and Officers' Salaries 30,138 5,597 (5,597)(2) 30,138
Organization and Other 67,641 110,344 177,985
------------- ------------- ------------- -----------
7,693,246 2,645,944 1,329,232 11,668,422
Less: Fees waived & Expenses Reimbursed (3,900,913) - (934,009)(3) (4,834,922)
------------- ------------- ------------- -----------
TOTAL EXPENSES 3,792,333 2,645,944 395,223 6,833,500
------------- ------------- ------------- -----------
NET INVESTMENT INCOME 33,422,550 14,378,634 (395,223) 47,405,961
------------- ------------- ------------- -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS TRANSACTIONS
Net realized gain (loss) on investment
transactions (16,921) (205,218) (222,139)
Change in unrealized appreciation
(depreciation) - - -
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENT TRANSACTIONS (16,921) (205,218) (222,139)
------------- ------------- ------------- -----------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $33,405,629 $14,173,416 ($395,223) $47,183,822
============= ============= ============= ===========
</TABLE>
(1) Based on fee structure of new regristrant and the total assets of the
combined funds.
(2) Adjustments reflect expected savings when the two funds combine.
(3) Reflects the anticipated change in the waiver of the investment advisory
and administration fees based on expense ratios of new registrant and
combined assets of the merged funds.
See Accompanying Notes to Proforma Financial Statements.
<PAGE> 66
PNC GOVERNMENT MONEY MARKET PORTFOLIO
COMPASS U.S. TREASURY FUND
PRO-FORMA COMBINED STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED MARCH 31, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
PNC
GOVERNMENT COMPASS
MONEY MARKET U.S. TREASURY PRO-FORMA PRO-FORMA
PORTFOLIO FUND ADJUSTMENTS COMBINED
----------------- ------------- ------------- -----------
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Interest $16,188,882 $9,318,717 $25,507,599
Dividends - - -
------------- ------------- ------------- -----------
TOTAL INVESTMENT INCOME 16,188,882 9,318,717 25,507,599
------------- ------------- ------------- -----------
EXPENSES
Investment Advisory Fees 1,278,894 597,256 176,155 (1) 2,052,305
Administration Fees 417,822 307,161 (82,095)(1) 642,888
Custodian Fees 51,225 5,887 57,112
Transfer Agent Fees 24,932 41,235 66,167
Service Fees 761,644 - 515,358 (1) 1,277,002
Distribution Fees 4,673 - 4,673
Legal and Audit 26,706 26,308 (26,308)(2) 26,706
Printing 17,241 11,055 (11,055)(2) 17,241
Registration Fees 51,719 2,854 54,573
Trustees' Fees and Officers' Salaries 4,151 10,646 (10,646)(2) 4,151
Organization and Other 10,612 46,621 57,233
------------- ------------- ------------- -----------
2,649,619 1,049,023 561,409 4,260,051
Less: Fees waived & Expenses Reimbursed (1,172,805) - (527,912)(3) (1,700,717)
------------- ------------- ------------- -----------
TOTAL EXPENSES 1,476,814 1,049,023 33,497 2,559,334
------------- ------------- ------------- -----------
NET INVESTMENT INCOME 14,712,068 8,269,694 (33,497) 22,948,265
------------- ------------- ------------- -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS TRANSACTIONS
Net realized gain (loss) on investment
transactions 6,023 - 6,023
Change in unrealized appreciation
(depreciation) - - -
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENT TRANSACTIONS 6,023 - 6,023
------------- ------------- ------------- -----------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $14,718,091 $8,269,694 ($33,497) $22,954,288
============= ============= ============= ===========
</TABLE>
(1) Based on fee structure of new regristrant and the total assets of the
combined funds.
(2) Adjustments reflect expected savings when the two funds combine.
(3) Reflects the anticipated change in the waiver of the investment advisory
and administration fees based on expense ratios of new registrant and
combined assets of the merged funds.
See Accompanying Notes to Proforma Financial Statements.
<PAGE> 67
PNC GOVERNMENT MONEY MARKET PORTFOLIO
COMPASS U.S. TREASURY FUND
PRO-FORMA COMBINED STATEMENT OF OPERATIONS
FOR THE YEAR ENDED SEPTEMBER 30, 1994
(UNAUDITED)
<TABLE>
<CAPTION>
PNC
GOVERNMENT COMPASS
MONEY MARKET U.S. TREASURY PRO-FORMA PRO-FORMA
PORTFOLIO FUND ADJUSTMENTS COMBINED
----------------- ------------- ------------- -----------
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Interest $11,105,336 $13,756,120 $24,861,456
Dividends - - -
------------- ------------- ------------- -----------
TOTAL INVESTMENT INCOME 11,105,336 13,756,120 24,861,456
------------- ------------- ------------- -----------
EXPENSES
Investment Advisory Fees 1,267,972 1,314,577 375,489 (1) 2,958,038
Administration Fees 422,657 676,069 (144,182)(1) 954,544
Custodian Fees 64,479 26,446 90,925
Transfer Agent Fees 75,877 19,610 95,487
Service Fees 677,020 - 1,212,037 (1) 1,889,057
Distribution Fees 427 - 427
Legal and Audit 38,606 53,428 (53,428)(2) 38,606
Printing 35,755 52,994 (52,994)(2) 35,755
Registration Fees 50,116 15,780 65,896
Trustees' Fees and Officers' Salaries 5,864 4,416 (4,416)(2) 5,864
Organization and Other 19,060 (15,249) 3,811
------------- ------------- ------------- -----------
2,657,833 2,148,071 1,332,506 6,138,410
Less: Fees waived & Expenses Reimbursed (1,275,957) - (1,132,352)(3) (2,408,309)
------------- ------------- ------------- -----------
TOTAL EXPENSES 1,381,876 2,148,071 200,154 3,730,101
------------- ------------- ------------- -----------
NET INVESTMENT INCOME 9,723,460 11,608,049 (200,154) 21,131,355
------------- ------------- ------------- -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS TRANSACTIONS
Net realized gain (loss) on investment
transactions 13,624 5,285 18,909
Change in unrealized appreciation
(depreciation) - - -
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENT TRANSACTIONS 13,624 5,285 18,909
------------- ------------- ------------- -----------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $9,737,084 $11,613,334 ($200,154) $21,150,264
============= ============= ============= ===========
</TABLE>
(1) Based on fee structure of new regristrant and the total assets of the
combined funds.
(2) Adjustments reflect expected savings when the two funds combine.
(3) Reflects the anticipated change in the waiver of the investment advisory
and administration fees based on expense ratios of new registrant and
combined assets of the merged funds.
See Accompanying Notes to Proforma Financial Statements.
<PAGE> 68
PNC TAX-FREE INCOME PORTFOLIO
COMPASS MUNICIPAL BOND FUND
PRO-FORMA COMBINED STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED MARCH 31, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
PNC COMPASS
TAX-FREE MUNICIPAL BOND PRO-FORMA PRO-FORMA
INCOME PORTFOLIO FUND ADJUSTMENTS COMBINED
----------------- ------------- ------------- -----------
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Interest $276,312 $825,422 $1,101,734
Dividends - - -
------------- ------------- ------------- -----------
TOTAL INVESTMENT INCOME 276,312 825,422 1,101,734
------------- ------------- ------------- -----------
EXPENSES
Investment Advisory Fees 23,479 88,588 (14,169)(1) 97,898
Administration Fees 9,391 26,716 3,053 (1) 39,160
Custodian Fees 6,090 4,771 10,861
Transfer Agent Fees 10,645 22,799 33,444
Service Fees 3,308 - 50,288 (1) 53,596
Distribution Fees 14,965 - (6,628)(1) 8,337
Legal and Audit 464 2,969 (2,969)(2) 464
Printing 308 988 (988)(2) 308
Registration Fees 12,465 (2,862) 9,603
Trustees' Fees and Officers' Salaries 75 904 (904)(2) 75
Organization and Other 7,650 2,857 10,507
------------- ------------- ------------- -----------
88,840 147,730 27,683 264,253
Less: Fees waived & Expenses Reimbursed (47,089) (19,754) (25,454)(3) (92,297)
------------- ------------- ------------- -----------
TOTAL EXPENSES 41,751 127,976 2,229 171,956
------------- ------------- ------------- -----------
NET INVESTMENT INCOME 234,561 697,446 (2,229) 929,778
------------- ------------- ------------- -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS TRANSACTIONS
Net realized gain (loss) on investment
transactions 11,979 (339,113) (327,134)
Change in unrealized appreciation
(depreciation) 325,886 858,207 1,184,093
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENT TRANSACTIONS 337,865 519,094 856,959
------------- ------------- ------------- -----------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $572,426 $1,216,540 ($2,229) $1,786,737
============= ============= ============= ===========
</TABLE>
(1) Based on fee structure of new regristrant and the total assets of the
combined funds.
(2) Adjustments reflect expected savings when the two funds combine.
(3) Reflects the anticipated change in the waiver of the investment advisory
and administration fees based on expense ratios of new registrant and
combined assets of the merged funds.
See Accompanying Notes to Proforma Financial Statements.
<PAGE> 69
PNC TAX-FREE INCOME PORTFOLIO
COMPASS MUNICIPAL BOND FUND
PRO-FORMA COMBINED STATEMENT OF OPERATIONS
FOR THE YEAR ENDED SEPTEMBER 30, 1994
(UNAUDITED)
<TABLE>
<CAPTION>
PNC COMPASS
TAX-FREE MUNICIPAL BOND PRO-FORMA PRO-FORMA
INCOME PORTFOLIO FUND ADJUSTMENTS COMBINED
----------------- ------------- ------------- -----------
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Interest $522,665 $1,871,898 $2,394,563
Dividends - - -
------------- ------------- ------------- -----------
TOTAL INVESTMENT INCOME 522,665 1,871,898 2,394,563
------------- ------------- ------------- -----------
EXPENSES
Investment Advisory Fees 47,655 209,230 (35,307)(1) 221,578
Administration Fees 19,062 62,629 6,940 (1) 88,631
Custodian Fees 12,380 2,269 14,649
Transfer Agent Fees 47,988 12,656 60,644
Service Fees 3,523 - 116,354 (1) 119,877
Distribution Fees 33,891 - (15,062)(1) 18,829
Legal and Audit 1,367 4,583 (4,583)(2) 1,367
Printing 1,788 4,547 (4,547)(2) 1,788
Registration Fees 15,055 7,843 22,898
Trustees' Fees and Officers' Salaries 191 379 (379)(2) 191
Organization and Other 19,143 242 19,385
------------- ------------- ------------- -----------
202,043 304,378 63,416 569,837
Less: Fees waived & Expenses Reimbursed (116,974) (77,072) 11,923 (3) (182,123)
------------- ------------- ------------- -----------
TOTAL EXPENSES 85,069 227,306 75,339 387,714
------------- ------------- ------------- -----------
NET INVESTMENT INCOME 437,596 1,644,592 (75,339) 2,006,849
------------- ------------- ------------- -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS TRANSACTIONS
Net realized gain (loss) on investment
transactions 21,842 (373,828) (351,986)
Change in unrealized appreciation
(depreciation) (924,036) (2,387,922) (3,311,958)
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENT TRANSACTIONS (902,194) (2,761,750) (3,663,944)
------------- ------------- ------------- -----------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ($464,598) ($1,117,158) ($75,339) ($1,657,095)
============= ============= ============= ===========
</TABLE>
(1) Based on fee structure of new regristrant and the total assets of the
combined funds.
(2) Adjustments reflect expected savings when the two funds combine.
(3) Reflects the anticipated change in the waiver of the investment advisory
and administration fees based on expense ratios of new registrant and
combined assets of the merged funds.
See Accompanying Notes to Proforma Financial Statements.
<PAGE> 70
PNC PENNSYLVANIA TAX-FREE INCOME PORTFOLIO
COMPASS PENNSYLVANIA MUNICIPAL BOND FUND
PRO-FORMA COMBINED STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED MARCH 31, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
PNC COMPASS
PENNSYLVANIA PENNSYLVANIA
TAX-FREE MUNICIPAL BOND PRO-FORMA PRO-FORMA
INCOME PORTFOLIO FUND ADJUSTMENTS COMBINED
----------------- ------------- ------------- -----------
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Interest $1,714,147 $488,756 $2,202,903
Dividends - - -
------------- ------------- ------------- -----------
TOTAL INVESTMENT INCOME 1,714,147 488,756 2,202,903
------------- ------------- ------------- -----------
EXPENSES
Investment Advisory Fees 141,528 55,338 (11,138)(1) 185,728
Administration Fees 56,611 15,744 1,936 (1) 74,291
Custodian Fees 7,520 1,767 9,287
Transfer Agent Fees 19,548 17,226 36,774
Service Fees 15,293 - 61,474 (1) 76,767
Distribution Fees 101,583 - (45,774)(1) 55,809
Legal and Audit 3,058 1,953 (1,953)(2) 3,058
Printing 2,416 1,122 (1,122)(2) 2,416
Registration Fees 2,493 (1,900) 593
Trustees' Fees and Officers' Salaries 601 673 (673)(2) 601
Organization and Other 6,946 2,704 9,650
------------- ------------- ------------- -----------
357,597 94,627 2,750 454,974
Less: Fees waived & Expenses Reimbursed (99,195) (17,839) 18,084 (3) (98,950)
------------- ------------- ------------- -----------
TOTAL EXPENSES 258,402 76,788 20,834 356,024
------------- ------------- ------------- -----------
NET INVESTMENT INCOME 1,455,745 411,968 (20,834) 1,846,879
------------- ------------- ------------- -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS TRANSACTIONS
Net realized gain (loss) on investment
transactions (1,076,333) (473,487) (1,549,820)
Change in unrealized appreciation
(depreciation) 2,252,735 790,543 3,043,278
Net Realized and Unrealized
GAIN (LOSS) ON INVESTMENT TRANSACTIONS 1,176,402 317,056 1,493,458
------------- ------------- ------------- -----------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $2,632,147 $729,024 ($20,834) $3,340,337
============= ============= ============= ===========
</TABLE>
(1) Based on fee structure of new regristrant and the total assets of the
combined funds.
(2) Adjustments reflect expected savings when the two funds combine.
(3) Reflects the anticipated change in the waiver of the investment advisory
and administration fees based on expense ratios of new registrant and
combined assets of the merged funds.
See Accompanying Notes to Proforma Financial Statements.
<PAGE> 71
PNC PENNSYLVANIA TAX-FREE INCOME PORTFOLIO
COMPASS PENNSYLVANIA MUNICIPAL BOND FUND
PRO-FORMA COMBINED STATEMENT OF OPERATIONS
FOR THE YEAR ENDED SEPTEMBER 30, 1994
(UNAUDITED)
<TABLE>
<CAPTION>
PNC COMPASS
PENNSYLVANIA PENNSYLVANIA
TAX-FREE MUNICIPAL BOND PRO-FORMA PRO-FORMA
INCOME PORTFOLIO FUND ADJUSTMENTS COMBINED
----------------- ------------- ------------- -----------
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Interest $3,032,628 $912,969 $3,945,597
Dividends - - -
------------- ------------- ------------- -----------
TOTAL INVESTMENT INCOME 3,032,628 912,969 3,945,597
------------- ------------- ------------- -----------
EXPENSES
Investment Advisory Fees 276,649 109,844 (17,084)(1) 369,409
Administration Fees 109,878 31,234 6,652 (1) 147,764
Custodian Fees 14,992 742 15,734
Transfer Agent Fees 40,804 15,738 56,542
Service Fees 24,652 - 128,333 (1) 152,985
Distribution Fees 53,423 - 59,495 (1) 112,918
Legal and Audit 7,498 1,541 (1,541)(2) 7,498
Printing 7,393 1,151 (1,151)(2) 7,393
Registration Fees 16,808 7,758 24,566
Trustees' Fees and Officers' Salaries 1,128 95 (95)(2) 1,128
Organization and Other 17,191 2,492 19,683
------------- ------------- ------------- -----------
570,416 170,595 174,609 915,620
Less: Fees waived & Expenses Reimbursed (330,526) (94,769) 213,545 (3) (211,750)
------------- ------------- ------------- -----------
TOTAL EXPENSES 239,890 75,826 388,154 703,870
------------- ------------- ------------- -----------
NET INVESTMENT INCOME 2,792,738 837,143 (388,154) 3,241,727
------------- ------------- ------------- -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS TRANSACTIONS
Net realized gain (loss) on investment
transactions (285,131) (69,366) (354,497)
Change in unrealized appreciation
(depreciation) (4,507,643) (1,166,394) (5,674,037)
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENT TRANSACTIONS (4,792,774) (1,235,760) (6,028,534)
------------- ------------- ------------- -----------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ($2,000,036) ($398,617) ($388,154) ($2,786,807)
============= ============= ============= ===========
</TABLE>
(1) Based on fee structure of new regristrant and the total assets of the
combined funds.
(2) Adjustments reflect expected savings when the two funds combine.
(3) Reflects the anticipated change in the waiver of the investment advisory
and administration fees based on expense ratios of new registrant and
combined assets of the merged funds.
See Accompanying Notes to Proforma Financial Statements.
<PAGE> 72
PNC VALUE EQUITY PORTFOLIO
COMPASS EQUITY/INCOME FUND
PRO-FORMA COMBINED STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED MARCH 31, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
PNC COMPASS
VALUE EQUITY EQUITY/INCOME PRO-FORMA PRO-FORMA
PORTFOLIO FUND ADJUSTMENTS COMBINED
----------------- ------------- ------------- -----------
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Interest $287,963 $633,462 $921,425
Dividends 10,499,938 4,227,725 14,727,663
------------- ------------- ------------- -----------
TOTAL INVESTMENT INCOME 10,787,901 4,861,187 15,649,088
------------- ------------- ------------- -----------
EXPENSES
Investment Advisory Fees 1,759,164 994,379 (206,221)(1) 2,547,322
Administration Fees 625,594 255,697 2,378 (1) 883,669
Custodian Fees 54,399 27,619 82,018
Transfer Agent Fees 14,714 44,349 59,063
Service Fees 137,771 - 463,868 (1) 601,639
Distribution Fees 22,847 - (8,528)(1) 14,319
Legal and Audit 33,374 24,644 (24,644)(2) 33,374
Printing 21,667 5,459 (5,459)(2) 21,667
Registration Fees 12,465 (2,098) 10,367
Trustees' Fees and Officers' Salaries 5,320 7,151 (7,151)(2) 5,320
Organization and Other 18,147 34,920 53,067
------------- ------------- ------------- -----------
2,705,462 1,392,120 214,243 4,311,825
Less: Fees waived & Expenses Reimbursed (465,831) - 247,594 (3) (218,237)
------------- ------------- ------------- -----------
TOTAL EXPENSES 2,239,631 1,392,120 461,837 4,093,588
------------- ------------- ------------- -----------
NET INVESTMENT INCOME 8,548,270 3,469,067 (461,837) 11,555,500
------------- ------------- ------------- -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS TRANSACTIONS
Net realized gain (loss) on investment
transactions 15,118,074 440,194 15,558,268
Change in unrealized appreciation
(depreciation) 24,669,433 3,299,842 27,969,275
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENT TRANSACTIONS 39,787,507 3,740,036 43,527,543
------------- ------------- ------------- -----------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $48,335,777 $7,209,103 ($461,837) $55,083,043
============= ============= ============= ===========
</TABLE>
(1) Based on fee structure of new regristrant and the total assets of the
combined funds.
(2) Adjustments reflect expected savings when the two funds combine.
(3) Reflects the anticipated change in the waiver of the investment advisory
and administration fees based on expense ratios of new registrant and
combined assets of the merged funds.
See Accompanying Notes to Proforma Financial Statements.
<PAGE> 73
PNC VALUE EQUITY PORTFOLIO
COMPASS EQUITY/INCOME FUND
PRO-FORMA COMBINED STATEMENT OF OPERATIONS
FOR THE YEAR ENDED SEPTEMBER 30, 1994
(UNAUDITED)
<TABLE>
<CAPTION>
PNC COMPASS
VALUE EQUITY EQUITY/INCOME PRO-FORMA PRO-FORMA
PORTFOLIO FUND ADJUSTMENTS COMBINED
----------------- ------------- ------------- -----------
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Interest $1,180,667 $2,730,992 $3,911,659
Dividends 16,692,818 7,484,385 24,177,203
------------- ------------- ------------- -----------
TOTAL INVESTMENT INCOME 17,873,485 10,215,377 28,088,862
------------- ------------- ------------- -----------
EXPENSES
Investment Advisory Fees 3,171,674 1,946,120 (416,614)(1) 4,701,180
Administration Fees 1,137,117 500,430 1,021 (1) 1,638,568
Custodian Fees 99,231 18,236 117,467
Transfer Agent Fees 37,911 23,262 61,173
Service Fees 177,459 - 881,384 (1) 1,058,843
Distribution Fees 31,135 - (11,675)(1) 19,460
Legal and Audit 77,839 36,842 (36,842)(2) 77,839
Printing 61,094 36,540 (36,540)(2) 61,094
Registration Fees 32,504 24,187 56,691
Trustees' Fees and Officers' Salaries 11,904 3,046 (3,046)(2) 11,904
Organization and Other 45,979 (15,030) 30,949
------------- ------------- ------------- -----------
4,883,847 2,573,633 377,688 7,835,168
Less: Fees waived & Expenses Reimbursed (926,910) - 586,043 (3) (340,867)
------------- ------------- ------------- -----------
TOTAL EXPENSES 3,956,937 2,573,633 963,731 7,494,301
------------- ------------- ------------- -----------
NET INVESTMENT INCOME 13,916,548 7,641,744 (963,731) 20,594,561
------------- ------------- ------------- -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS TRANSACTIONS
Net realized gain (loss) on investment
transactions 15,933,683 24,080,833 40,014,516
Change in unrealized appreciation
(depreciation) (8,855,288) (374,450) (9,229,738)
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENT TRANSACTIONS 7,078,395 23,706,383 30,784,778
------------- ------------- ------------- -----------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $20,994,943 $31,348,127 ($963,731) $51,379,339
============= ============= ============= ===========
</TABLE>
(1) Based on fee structure of new regristrant and the total assets of the
combined funds.
(2) Adjustments reflect expected savings when the two funds combine.
(3) Reflects the anticipated change in the waiver of the investment advisory
and administration fees based on expense ratios of new registrant and
combined assets of the merged funds.
See Accompanying Notes to Proforma Financial Statements.
<PAGE> 74
PNC GROWTH EQUITY PORTFOLIO
COMPASS GROWTH FUND
PRO-FORMA COMBINED STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED MARCH 31, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
PNC COMPASS
GROWTH EQUITY GROWTH PRO-FORMA PRO-FORMA
PORTFOLIO FUND ADJUSTMENTS COMBINED
----------------- ------------- ------------- -----------
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Interest $586,644 $162,905 $749,549
Dividends 1,207,746 967,261 2,175,007
------------- ------------- ------------- -----------
TOTAL INVESTMENT INCOME 1,794,390 1,130,166 2,924,556
------------- ------------- ------------- -----------
EXPENSES
Investment Advisory Fees 469,375 472,518 (98,870)(1) 843,023
Administration Fees 170,682 121,504 14,367 (1) 306,553
Custodian Fees 23,033 14,067 37,100
Transfer Agent Fees 12,282 25,174 37,456
Service Fees 51,412 - 218,116 (1) 269,528
Distribution Fees 12,125 - (4,526)(1) 7,599
Legal and Audit 8,497 8,711 (8,711)(2) 8,497
Printing 10,008 (807) 807 (2) 10,008
Registration Fees 17,106 1,951 19,057
Trustees' Fees and Officers' Salaries 1,326 1,214 (1,214)(2) 1,326
Organization and Other 8,500 2,387 10,887
------------- ------------- ------------- -----------
784,346 646,719 119,969 1,551,034
Less: Fees waived & Expenses Reimbursed (166,241) - 44,037 (122,204)
------------- ------------- ------------- -----------
TOTAL EXPENSES 618,105 646,719 164,006 1,428,830
------------- ------------- ------------- -----------
NET INVESTMENT INCOME 1,176,285 483,447 (164,006) 1,495,726
------------- ------------- ------------- -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS TRANSACTIONS
Net realized gain (loss) on investment
transactions 1,227,325 650,554 1,877,879
Change in unrealized appreciation
(depreciation) 13,986,348 6,524,122 20,510,470
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENT TRANSACTIONS 15,213,673 7,174,676 22,388,349
------------- ------------- ------------- -----------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $16,389,958 $7,658,123 ($164,006) $23,884,075
============= ============= ============= ===========
</TABLE>
(1) Based on fee structure of new regristrant and the total assets of the
combined funds.
(2) Adjustments reflect expected savings when the two funds combine.
(3) Reflects the anticipated change in the waiver of the investment advisory
and administration fees based on expense ratios of new registrant and
combined assets of the merged funds.
See Accompanying Notes to Proforma Financial Statements.
<PAGE> 75
PNC GROWTH EQUITY PORTFOLIO
COMPASS GROWTH FUND
PRO-FORMA COMBINED STATEMENT OF OPERATIONS
FOR THE YEAR ENDED SEPTEMBER 30, 1994
(UNAUDITED)
<TABLE>
<CAPTION>
PNC COMPASS
GROWTH EQUITY GROWTH PRO-FORMA PRO-FORMA
PORTFOLIO FUND ADJUSTMENTS COMBINED
----------------- ------------- ------------- -----------
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Interest $421,145 $102,124 $523,269
Dividends 1,101,071 1,904,823 3,005,894
------------- ------------- ------------- -----------
TOTAL INVESTMENT INCOME 1,522,216 2,006,947 3,529,163
------------- ------------- ------------- -----------
EXPENSES
Investment Advisory Fees 643,001 996,016 (213,649)(1) 1,425,368
Administration Fees 233,819 256,119 28,378 (1) 518,316
Custodian Fees 42,216 12,965 55,181
Transfer Agent Fees 42,454 21,311 63,765
Service Fees 58,828 - 444,576 (1) 503,404
Distribution Fees 16,155 - (6,058)(1) 10,097
Legal and Audit 16,348 23,060 (23,060)(2) 16,348
Printing 20,250 22,877 (22,877)(2) 20,250
Registration Fees 26,041 3,024 29,065
Trustees' Fees and Officers' Salaries 2,476 1,906 (1,906)(2) 2,476
Organization and Other 14,227 20,653 0 34,880
------------- ------------- ------------- -----------
1,115,815 1,357,931 205,404 2,679,150
Less: Fees waived & Expenses Reimbursed (280,921) - 61,784 (3) (219,137)
------------- ------------- ------------- -----------
TOTAL EXPENSES 834,894 1,357,931 267,188 2,460,013
------------- ------------- ------------- -----------
NET INVESTMENT INCOME 687,322 649,016 (267,188) 1,069,150
------------- ------------- ------------- -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS TRANSACTIONS
Net realized gain (loss) on investment
transactions 3,202,620 4,345,299 7,547,919
Change in unrealized appreciation
(depreciation) (16,170,202) (1,396,905) (17,567,107)
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENT TRANSACTIONS (12,967,582) 2,948,394 (10,019,188)
------------- ------------- ------------- -----------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ($12,280,260) $3,597,410 ($267,188) ($8,950,038)
============= ============= ============= ===========
</TABLE>
(1) Based on fee structure of new regristrant and the total assets of the
combined funds.
(2) Adjustments reflect expected savings when the two funds combine.
(3) Reflects the anticipated change in the waiver of the investment advisory
and administration fees based on expense ratios of new registrant and
combined assets of the merged funds.
See Accompanying Notes to Proforma Financial Statements.
<PAGE> 76
PNC SMALL CAP GROWTH EQUITY PORTFOLIO
COMPASS SMALL COMPANY FUND
PRO-FORMA COMBINED STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED MARCH 31, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
PNC
SMALL CAP COMPASS
GROWTH EQUITY SMALL COMPANY PRO-FORMA PRO-FORMA
PORTFOLIO FUND ADJUSTMENTS COMBINED
----------------- ------------- ------------- -----------
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Interest $472,519 $21,370 $493,889
Dividends 80,651 273,448 354,099
------------- ------------- ------------- -----------
TOTAL INVESTMENT INCOME 553,170 294,818 847,988
------------- ------------- ------------- -----------
EXPENSES
Investment Advisory Fees 289,259 118,610 (45,155)(1) 362,714
Administration Fees 105,185 23,722 2,989 (1) 131,896
Custodian Fees 23,150 14,447 37,597
Transfer Agent Fees 12,001 18,382 30,383
Service Fees 31,520 - 125,301 (1) 156,821
Distribution Fees 4,524 - (1,689)(1) 2,835
Legal and Audit 5,123 1,750 (1,750)(2) 5,123
Printing 3,326 452 (452)(2) 3,326
Registration Fees 15,944 (3,141) 12,803
Trustees' Fees and Officers' Salaries 802 715 (715)(2) 802
Organization and Other 5,099 4,804 9,903
------------- ------------- ------------- -----------
495,933 179,741 78,529 754,203
Less: Fees waived & Expenses Reimbursed (15,592) - (161,111)(3) (176,703)
------------- ------------- ------------- -----------
TOTAL EXPENSES 480,341 179,741 (82,582) 577,500
------------- ------------- ------------- -----------
NET INVESTMENT INCOME 72,829 115,077 82,582 270,488
------------- ------------- ------------- -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS TRANSACTIONS
Net realized gain (loss) on investment
transactions (1,407,028) 658,347 (748,681)
Change in unrealized appreciation
(depreciation) 16,205,644 (1,658,000) 14,547,644
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENT TRANSACTIONS 14,798,616 (999,653) 13,798,963
------------- ------------- ------------- -----------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $14,871,445 ($884,576) $82,582 $14,069,451
============= ============= ============= ===========
</TABLE>
(1) Based on fee structure of new regristrant and the total assets of the
combined funds.
(2) Adjustments reflect expected savings when the two funds combine.
(3) Reflects the anticipated change in the waiver of the investment advisory
and administration fees based on expense ratios of new registrant and
combined assets of the merged funds.
See Accompanying Notes to Proforma Financial Statements.
<PAGE> 77
PNC SMALL CAP GROWTH EQUITY PORTFOLIO
COMPASS SMALL COMPANY FUND
PRO-FORMA COMBINED STATEMENT OF OPERATIONS
FOR THE YEAR ENDED SEPTEMBER 30, 1994
(UNAUDITED)
<TABLE>
<CAPTION>
PNC
SMALL CAP COMPASS
GROWTH EQUITY SMALL COMPANY PRO-FORMA PRO-FORMA
PORTFOLIO FUND ADJUSTMENTS COMBINED
----------------- ------------- ------------- -----------
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Interest $260,147 $29,128 $289,275
Dividends 107,364 411,514 518,878
------------- ------------- ------------- -----------
TOTAL INVESTMENT INCOME 367,511 440,642 808,153
------------- ------------- ------------- -----------
EXPENSES
Investment Advisory Fees 216,145 198,934 (77,295)(1) 337,784
Administration Fees 78,598 39,787 4,446 (1) 122,831
Custodian Fees 39,042 1,529 40,571
Transfer Agent Fees 26,039 18,444 44,483
Service Fees 28,347 - 120,646 (1) 148,993
Distribution Fees 3,297 - (1,236)(1) 2,061
Legal and Audit 4,605 3,086 (3,086)(2) 4,605
Printing 8,930 3,061 (3,061)(2) 8,930
Registration Fees 23,905 8,314 32,219
Trustees' Fees and Officers' Salaries 800 255 (255)(2) 800
Organization and Other 8,344 155 8,499
------------- ------------- ------------- -----------
438,052 273,565 40,159 751,776
Less: Fees waived & Expenses Reimbursed (75,964) - (63,566)(3) (139,530)
------------- ------------- ------------- -----------
TOTAL EXPENSES 362,088 273,565 (23,407) 612,246
------------- ------------- ------------- -----------
NET INVESTMENT INCOME 5,423 167,077 23,407 195,907
------------- ------------- ------------- -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS TRANSACTIONS
Net realized gain (loss) on investment
transactions 3,202,620 1,542,906 4,745,526
Change in unrealized appreciation
(depreciation) (16,170,202) (657,540) (16,827,742)
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENT TRANSACTIONS (12,967,582) 885,366 (12,082,216)
------------- ------------- ------------- -----------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ($12,962,159) $1,052,443 $23,407 ($11,886,309)
============= ============= ============= ===========
</TABLE>
(1) Based on fee structure of new regristrant and the total assets of the
combined funds.
(2) Adjustments reflect expected savings when the two funds combine.
(3) Reflects the anticipated change in the waiver of the investment advisory
and administration fees based on expense ratios of new registrant and
combined assets of the merged funds.
See Accompanying Notes to Proforma Financial Statements.
<PAGE> 78
PNC BALANCED PORTFOLIO
COMPASS BALANCED FUND
PRO-FORMA COMBINED STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED MARCH 31, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
PNC COMPASS
BALANCED BALNCED PRO-FORMA PRO-FORMA
PORTFOLIO FUND ADJUSTMENTS COMBINED
----------------- ------------- ------------- -----------
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Interest $2,299,628 $310,514 $2,610,142
Dividends 1,126,053 151,894 1,277,947
------------- ------------- ------------- -----------
TOTAL INVESTMENT INCOME 3,425,681 462,408 3,888,089
------------- ------------- ------------- -----------
EXPENSES
Investment Advisory Fees 409,649 65,188 (12,508)(1) 462,329
Administration Fees 148,963 16,763 2,394 (1) 168,120
Custodian Fees 21,533 7,865 29,398
Transfer Agent Fees 39,458 11,215 50,673
Service Fees 84,823 - 220,683 (1) 305,506
Distribution Fees 127,340 - (45,926)(1) 81,414
Legal and Audit 7,343 1,846 (1,846)(2) 7,343
Printing 4,868 1,458 (1,458)(2) 4,868
Registration Fees 13,211 2,575 15,786
Trustees' Fees and Officers' Salaries 1,193 227 (227)(2) 1,193
Organization and Other 9,242 1,508 10,750
------------- ------------- ------------- -----------
867,623 108,645 161,112 1,137,380
Less: Fees waived & Expenses Reimbursed (171,330) (25,752) 1,071 (3) (196,011)
------------- ------------- ------------- -----------
TOTAL EXPENSES 696,293 82,893 162,183 941,369
------------- ------------- ------------- -----------
NET INVESTMENT INCOME 2,729,388 379,515 (162,183) 2,946,720
------------- ------------- ------------- -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS TRANSACTIONS
Net realized gain (loss) on investment
transactions (5,399,745) 188,165 (5,211,580)
Change in unrealized appreciation
(depreciation) 11,766,008 871,185 12,637,193
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENT TRANSACTIONS 6,366,263 1,059,350 7,425,613
------------- ------------- ------------- -----------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $9,095,651 $1,438,865 ($162,183) $10,372,333
============= ============= ============= ===========
</TABLE>
(1) Based on fee structure of new regristrant and the total assets of the
combined funds.
(2) Adjustments reflect expected savings when the two funds combine.
(3) Reflects the anticipated change in the waiver of the investment advisory
and administration fees based on expense ratios of new registrant and
combined assets of the merged funds.
See Accompanying Notes to Proforma Financial Statements.
<PAGE> 79
PNC BALANCED PORTFOLIO
COMPASS BALANCED FUND
PRO-FORMA COMBINED STATEMENT OF OPERATIONS
FOR THE YEAR ENDED SEPTEMBER 30, 1994
(UNAUDITED)
<TABLE>
<CAPTION>
PNC COMPASS
BALANCED BALNCED PRO-FORMA PRO-FORMA
PORTFOLIO FUND ADJUSTMENTS COMBINED
----------------- ------------- ------------- -----------
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Interest $2,893,951 $95,698 $2,989,649
Dividends 1,800,352 48,229 1,848,581
------------- ------------- ------------- -----------
TOTAL INVESTMENT INCOME 4,694,303 143,927 4,838,230
------------- ------------- ------------- -----------
EXPENSES
Investment Advisory Fees 672,745 22,117 (4,546)(1) 690,316
Administration Fees 244,634 5,687 704 (1) 251,025
Custodian Fees 33,978 2,246 36,224
Transfer Agent Fees 74,659 1,390 76,049
Service Fees 123,661 - 118,463 (1) 242,124
Distribution Fees 222,954 - (83,607)(1) 139,347
Legal and Audit 16,533 411 (411)(2) 16,533
Printing 9,767 411 (411)(2) 9,767
Registration Fees 43,773 1,430 45,203
Trustees' Fees and Officers' Salaries 2,557 63 (63)(2) 2,557
Organization and Other 18,551 700 19,251
------------- ------------- ------------- -----------
1,463,812 34,455 30,129 1,528,396
Less: Fees waived & Expenses Reimbursed (321,688) (21,180) 239,057 (3) (103,811)
------------- ------------- ------------- -----------
TOTAL EXPENSES 1,142,124 13,275 269,186 1,424,585
------------- ------------- ------------- -----------
NET INVESTMENT INCOME 3,552,179 130,652 (269,186) 3,413,645
------------- ------------- ------------- -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS TRANSACTIONS
Net realized gain (loss) on investment
transactions 1,771,608 27,498 1,799,106
Change in unrealized appreciation
(depreciation) (7,289,079) (85,020) (7,374,099)
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENT TRANSACTIONS (5,517,471) (57,522) (5,574,993)
------------- ------------- ------------- -----------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ($1,965,292) $73,130 ($269,186) ($2,161,348)
============= ============= ============= ===========
</TABLE>
(1) Based on fee structure of new regristrant and the total assets of the
combined funds.
(2) Adjustments reflect expected savings when the two funds combine.
(3) Reflects the anticipated change in the waiver of the investment advisory
and administration fees based on expense ratios of new registrant and
combined assets of the merged funds.
See Accompanying Notes to Proforma Financial Statements.
<PAGE> 80
PNC SHORT-TERM BOND PORTFOLIO
BMF SHORT DURATION FUND
COMPASS SHORT/INTERMEDIATE FUND
PRO-FORMA COMBINED STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED MARCH 31, 1994
(UNAUDITED)
<TABLE>
<CAPTION>
COMPASS
PNC BFM SHORT
SHORT TERM BOND SHORT TERM INTERMEDIATE PRO-FORMA PRO-FORMA
PORTFOLIO DURATION FUND FUND ADJUSTMENTS COMBINED
---------------- ------------- ------------- ----------- ----------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME
Interest $611,287 $1,005,855 $6,824,747 $7,830,602
Dividends - - - -
------------- ------------- ------------- ----------- -------------
TOTAL INVESTMENT INCOME 611,287 1,005,855 6,824,747 7,830,602
------------- ------------- ------------- ----------- -------------
EXPENSES
Investment Advisory Fees 52,691 45,649 616,897 (70,863)(1) 644,374
Administration Fees 21,076 31,914 185,068 19,691 (1) 257,749
Custodian Fees 8,083 29,952 2,919 40,954
Transfer Agent Fees 8,097 17,012 37,604 62,713
Service Fees 6,298 - - 310,642 (1) 316,940
Distribution Fees 354 - - 356 (1) 710
Legal and Audit 1,460 12,384 16,966 (18,426)(2) 12,384
Printing 1,143 - 2,279 3,422
Registration Fees 11,628 14,062 (8,844) 16,846
Trustees' Fees and Officers' Salaries 294 3,028 6,863 (7,157)(2) 3,028
Organization and Other 3,784 19,694 10,099 33,577
------------- ------------- ------------- ----------- -------------
114,908 173,695 869,851 234,243 1,392,697
Less: Fees waived & Expenses Reimbursed (66,103) (86,960) - (213,429)(3) (366,492)
------------- ------------- ------------- ----------- -------------
TOTAL EXPENSES 48,805 86,735 869,851 20,814 1,026,205
------------- ------------- ------------- ----------- -------------
NET INVESTMENT INCOME 562,482 919,120 5,954,896 (20,814) 7,415,684
------------- ------------- ------------- ----------- -------------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS TRANSACTIONS
Net realized gain (loss) on investment
transactions (273,282) (141,008) (1,156,902) (1,571,192)
Change in unrealized appreciation
(depreciation) 203,056 587,673 1,543,020 2,333,749
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENT TRANSACTIONS (70,226) 446,665 386,118 762,557
------------- ------------- ------------- ----------- -------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $492,256 $1,365,785 $6,341,014 ($20,814) $8,178,241
============= ============= ============= =========== =============
</TABLE>
(1) Based on fee structure of new regristrant and the total assets of the
combined funds.
(2) Adjustments reflect expected savings when the two funds combine.
(3) Reflects the anticipated change in the waiver of the investment advisory
and administration fees based on expense ratios of new registrant and
combined assets of the merged funds.
See Accompanying Notes to Proforma Financial Statements.
<PAGE> 81
PNC SHORT-TERM BOND PORTFOLIO
BMF SHORT DURATION FUND
COMPASS SHORT/INTERMEDIATE FUND
PRO-FORMA COMBINED STATEMENT OF OPERATIONS
FOR THE YEAR ENDED SEPTEMBER 30, 1994
(UNAUDITED)
<TABLE>
<CAPTION>
COMPASS
PNC BFM SHORT
SHORT TERM BOND SHORT TERM INTERMEDIATE PRO-FORMA PRO-FORMA
PORTFOLIO DURATION FUND FUND ADJUSTMENTS COMBINED
----------------- -------------- ------------- ------------- ----------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME
Interest $1,634,723 $1,845,377 $14,600,807 $16,446,184
Dividends - - - -
------------- ------------- ------------- ----------- -------------
TOTAL INVESTMENT INCOME 1,634,723 1,845,377 14,600,807 16,446,184
------------- ------------- ------------- ----------- -------------
EXPENSES
Investment Advisory Fees 174,589 100,349 1,516,089 (186,800)(1) 1,604,227
Administration Fees 69,836 64,818 454,826 52,211 (1) 641,691
Custodian Fees 17,095 40,694 19,366 77,155
Transfer Agent Fees 27,286 31,265 23,420 81,971
Service Fees 13,458 - - 760,151 (1) 773,609
Distribution Fees 316 - - 316
Legal and Audit 4,893 38,048 37,809 (42,702)(2) 38,048
Printing 5,759 37,597 43,356
Registration Fees 25,996 28,982 23,210 78,188
Trustees' Fees and Officers' Salaries 715 5,810 3,124 (3,839)(2) 5,810
Organization and Other 6,277 40,003 23,768 70,048
------------- ------------- ------------- ----------- -------------
346,220 349,969 2,139,209 579,021 3,414,419
Less: Fees waived & Expenses Reimbursed (192,774) (159,363) - (523,618)(3) (875,755)
------------- ------------- ------------- ----------- -------------
TOTAL EXPENSES 153,446 190,606 2,139,209 55,403 2,538,664
------------- ------------- ------------- ----------- -------------
NET INVESTMENT INCOME 1,481,277 1,654,771 12,461,598 (55,403) 15,542,243
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS TRANSACTIONS
Net realized gain (loss) on investment
transactions (1,064,511) (410,499) (1,501,590) (2,976,600)
Change in unrealized appreciation
(depreciation) (557,603) (590,015) (12,267,631) (13,415,249)
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENT TRANSACTIONS (1,622,114) (1,000,514) (13,769,221) (16,391,849)
------------- ------------- ------------- ----------- -------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ($140,837) $654,257 ($1,307,623) ($55,403) ($849,606)
============= ============= ============= =========== =============
</TABLE>
(1) Based on fee structure of new regristrant and the total assets of the
combined funds.
(2) Adjustments reflect expected savings when the two funds combine.
(3) Reflects the anticipated change in the waiver of the investment advisory
and administration fees based on expense ratios of new registrant and
combined assets of the merged funds.
See Accompanying Notes to Proforma Financial Statements.
<PAGE> 82
BFM CORE FIXED INCOME PORTFOLIO
COMPASS FIXED INCOME FUND
PRO-FORMA COMBINED STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED MARCH 31, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
BFM
CORE FIXED COMPASS
INCOME FIXED INCOME PRO-FORMA PRO-FORMA
PORTFOLIO FUND ADJUSTMENTS COMBINED
----------------- ------------- ------------- -----------
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Interest $511,349 $8,576,940 $9,088,289
Dividends - - -
------------- ------------- ------------- -----------
TOTAL INVESTMENT INCOME 511,349 8,576,940 9,088,289
------------- ------------- ------------- -----------
EXPENSES
Investment Advisory Fees 23,911 725,554 (108,388)(1) 641,077
Administration Fees 25,648 217,665 13,118 (1) 256,431
Custodian Fees 36,337 11,047 47,384
Transfer Agent Fees 18,346 34,512 52,858
Service Fees - - 384,646 (1) 384,646
Distribution Fees - - 0
Legal and Audit 5,710 25,591 (25,591)(2) 5,710
Printing - 4,412 (4,412)(2) 0
Registration Fees 14,061 (4,275) 9,786
Trustees' Fees and Officers' Salaries 1,210 0 1,210
Organization and Other 9,825 (9,636) 189
------------- ------------- ------------- -----------
135,048 1,004,870 259,373 1,399,291
Less: Fees waived & Expenses Reimbursed (97,530) - (193,992)(3) (291,522)
------------- ------------- ------------- -----------
TOTAL EXPENSES 37,518 1,004,870 65,381 1,107,769
------------- ------------- ------------- -----------
NET INVESTMENT INCOME 473,831 7,572,070 (65,381) 7,980,520
------------- ------------- ------------- -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS TRANSACTIONS
Net realized gain (loss) on investment
transactions (87,921) (1,098,532) (1,186,453)
Change in unrealized appreciation
(depreciation) 350,690 5,050,394 5,401,084
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENT TRANSACTIONS 262,769 3,951,862 4,214,631
------------- ------------- ------------- -----------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $736,600 $11,523,932 ($65,381) $12,195,151
============= ============= ============= ===========
</TABLE>
(1) Based on fee structure of new regristrant and the total assets of the
combined funds.
(2) Adjustments reflect expected savings when the two funds combine.
(3) Reflects the anticipated change in the waiver of the investment advisory
and administration fees based on expense ratios of new registrant and
combined assets of the merged funds.
See Accompanying Notes to Proforma Financial Statements.
<PAGE> 83
BFM CORE FIXED INCOME PORTFOLIO
COMPASS FIXED INCOME FUND
PRO-FORMA COMBINED STATEMENT OF OPERATIONS
FOR THE YEAR ENDED SEPTEMBER 30, 1994
(UNAUDITED)
<TABLE>
<CAPTION>
BFM
CORE FIXED COMPASS
INCOME FIXED INCOME PRO-FORMA PRO-FORMA
PORTFOLIO FUND ADJUSTMENTS COMBINED
----------------- ------------- ------------- -----------
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Interest $700,743 $17,236,014 $17,936,757
Dividends - - -
------------- ------------- ------------- -----------
TOTAL INVESTMENT INCOME 700,743 17,236,014 17,936,757
------------- ------------- ------------- -----------
EXPENSES
Investment Advisory Fees 38,435 1,581,531 (247,646)(1) 1,372,320
Administration Fees 78,265 474,452 (3,789)(1) 548,928
Custodian Fees 51,615 19,381 70,996
Transfer Agent Fees 38,807 23,417 62,224
Service Fees - - 823,392 (1) 823,392
Distribution Fees - -
Legal and Audit 11,621 37,840 (37,840)(2) 11,621
Printing - 37,531 (37,531)(2)
Registration Fees 28,182 20,761 48,943
Trustees' Fees and Officers' Salaries 1,995 3,126 (3,126)(2) 1,995
Organization and Other 17,809 54,415 72,224
------------- ------------- ------------- -----------
266,729 2,252,454 493,460 3,012,643
Less: Fees waived & Expenses Reimbursed (206,424) - (424,145)(3) (630,569)
------------- ------------- ------------- -----------
TOTAL EXPENSES 60,305 2,252,454 69,315 2,382,074
------------- ------------- ------------- -----------
NET INVESTMENT INCOME 640,438 14,983,560 (69,315) 15,554,683
------------- ------------- ------------- -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS TRANSACTIONS
Net realized gain (loss) on investment
transactions (539,866) (736,958) (1,276,824)
Change in unrealized appreciation
(depreciation) (499,395) (26,464,814) (26,964,209)
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENT TRANSACTIONS (1,039,261) (27,201,772) (28,241,033)
------------- ------------- ------------- -----------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ($398,823) ($12,218,212) ($69,315) ($12,686,350)
============= ============= ============= ===========
</TABLE>
(1) Based on fee structure of new regristrant and the total assets of the
combined funds.
(2) Adjustments reflect expected savings when the two funds combine.
(3) Reflects the anticipated change in the waiver of the investment advisory
and administration fees based on expense ratios of new registrant and
combined assets of the merged funds.
See Accompanying Notes to Proforma Financial Statements.
<PAGE> 84
NOTES TO PRO FORMA FINANCIAL STATEMENTS OF THE PNC FUND,
THE COMPASS CAPITAL GROUP OF FUNDS AND THE BFM INSTITUTIONAL TRUST INC.
MARCH 31, 1995
(UNAUDITED)
1. BASIS OF COMBINATION
The pro forma combined portfolio of investments and pro forma combined
statement of assets and liabilities reflect the accounts of The PNC Fund, The
Compass Capital Group of Funds (the "Compass Fund") and The BFM Institutional
Trust Inc. (the "BFM Fund") at March 31, 1995. The pro forma combined
statements of operations reflect the accounts of the PNC Fund, the Compass Fund
and the BFM Fund for the twelve months ended September 30, 1994, and the six
months ended March 31, 1995. These proforma financial statements have been
derived from the annual and semi-annual financial statements of the PNC Fund as
of September 30, 1994 and March 31, 1995, respectively, and from the books and
records of the Compass Fund and the BFM Fund utilized in calculating daily net
asset values for the respective periods ended September 30, 1994 and March 31,
1995.
The pro forma statements give effect to the proposed transfer of the assets and
liabilities of the Compass Fund in exchange for Service Shares of the PNC Fund
and the BFM Fund in exchange for Institutional Shares of the PNC Fund. The
historical cost of investment securities will be carried forward to the
surviving portfolios and the results of operations of the surviving portfolios
for pre-combining periods will not be restated. The Pro Forma Statements do
not reflect the expenses of the PNC Fund, the Compass Fund and the BFM Fund in
carrying out their obligations under the Asset Purchase Agreements as these
expenses are immaterial to the proforma financial statements. The actual
fiscal year end of the combined fund will be September 30, the fiscal year end
of the PNC Fund.
The accompanying Pro Forma financial statements should be read in conjunction
with the historical financial statements of the PNC Fund, the Compass Fund and
the BFM Fund included or incorporated by reference in the Statement of
Additional Information.
The portfolios affected by the proposed business combination are as follows:
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------
PNC Fund The BFM Institutional Trust Inc. The Compass Capital
Group of Funds
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Small Cap Growth Equity n/a Small Company Fund
Portfolio
- --------------------------------------------------------------------------------------------------------
Growth Equity Portfolio n/a Growth Fund
- --------------------------------------------------------------------------------------------------------
Value Equity Portfolio n/a Equity Income Fund
- --------------------------------------------------------------------------------------------------------
Balanced Portfolio n/a Balanced Fund
- --------------------------------------------------------------------------------------------------------
International Equity Portfolio n/a International Equity Fund 1
- --------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 85
NOTES TO PRO FORMA FINANCIAL STATEMENTS OF THE PNC FUND,
THE COMPASS CAPITAL GROUP OF FUNDS AND THE BFM INSTITUTIONAL TRUST INC.
MARCH 31, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------
PNC Fund The BFM Institutional Trust Inc. The Compass Capital
Group of Funds
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
n/a The Core Fixed Income Portfolio Fixed Income Fund
- --------------------------------------------------------------------------------------------------------
Short-Term Bond Portfolio The Short Duration Portfolio Short/Intermediate Fund
- --------------------------------------------------------------------------------------------------------
shell The Mulit-Sector Mortgage 2
Securities Portfolio III
- --------------------------------------------------------------------------------------------------------
Tax-Free Income Portfolio n/a Municipal Bond Fund
- --------------------------------------------------------------------------------------------------------
shell n/a New Jersey Municipal Bond Fund 2
- --------------------------------------------------------------------------------------------------------
Pennsylvania Tax-Free Income n/a Pennsylvania Municipal Bond
Portfolio Fund
- --------------------------------------------------------------------------------------------------------
shell n/a International Fixed Income Fund 2
- --------------------------------------------------------------------------------------------------------
Money Market Portfolio n/a Cash Reserve Fund
- --------------------------------------------------------------------------------------------------------
Government Money Market n/a U.S. Treasury Fund
Portfolio
- --------------------------------------------------------------------------------------------------------
Municipal Money Market n/a Municipal Money Fund
Portfolio
- --------------------------------------------------------------------------------------------------------
shell n/a New Jersey Municipal Money Fund 2
- --------------------------------------------------------------------------------------------------------
Pennsylvania Municipal Money n/a Pennsylvania Municipal Money
Market Portfolio Fund
- --------------------------------------------------------------------------------------------------------
</TABLE>
1 - Pro Forma financial statements not presented because acquired funds' net
assets do not exceed 10% of the registrant's net assets as of September 19,
1995.
2 - Pro Forma financial statements not presented because acquired fund is being
combined into an inactive portfolio of the registrant.
2. SHARES OF BENEFICIAL INTEREST
The Pro Forma net asset value per share assumes the issuance at March 31, 1995
of additional shares of Service Shares and Institutional Shares of the PNC Fund
to the holders of the Compass Fund and the BFM Fund, respectively, in
conjunction with the proposed Transactions.
<PAGE> 86
NOTES TO PRO FORMA FINANCIAL STATEMENTS OF THE PNC FUND,
THE COMPASS CAPITAL GROUP OF FUNDS AND THE BFM INSTITUTIONAL TRUST INC.
MARCH 31, 1995
(UNAUDITED)
3. PRO FORMA OPERATIONS
The Pro Forma Statement of Operations assumes historical rates of gross
investment income for the investments of the PNC Fund, the Compass Fund and the
BFM Fund. Accordingly, the combined gross investment income is equal to the
sum of each such funds' gross investment income. Certain expenses have been
adjusted to reflect the expected expenses of the combined fund. Pro Forma
operating expenses include the actual expenses of the PNC Fund, the Compass
Fund and the BFM Fund and of the combined fund adjusted for certain items.
4. SURVIVING ENTITY
The Small Cap Growth Equity, Growth Equity, Value Equity, Balanced, Tax-Free
Income, Pennsylvania Tax-Free Income, Money Market, Government Money Market,
Municipal Money Market and Pennsylvania Municipal Money Market portfolios of
the PNC Fund will be the surviving entity. This determination was based on the
following:
- The current adviser and investment objectives of the above PNC Fund
portfolios will be the same for the surviving funds. The advisers
of the other portfolios will be terminated with the business
combination.
- The composition of the surviving portfolio will more closely
resemble the composition of the above PNC Fund portfolios.
- The surviving funds multiple class and fee structures are consistent
with the multiple class and fee structures of the above PNC Fund
portfolios.
The Core Fixed Income Portfolio and The Short Duration Portfolio of the BFM
Fund will be the surviving entity based on the following:
- The current adviser and investment objectives of the above BFM Funds
will be the same for the surviving funds. The advisers of the
other portfolios will be terminated with the business combination.
- The composition of the surviving portfolios will more closely
resemble the composition of the above BFM Funds.
5. EXHIBIT TO PRO-FORMA SCHEDULE OF INVESTMENTS
The Pro-Forma combined schedule of investments for Small Cap Growth Equity
Portfolio and Compass Small Company Fund is accompanied by the August 31, 1995
schedule of investments for the Compass Small Company Fund. Due to change in
the sub-adviser on July 1, 1995, the structure and composition of the portfolio
changed substantially from a value oriented approach to a growth oriented
approach.
<PAGE> 87
SIGNATURES
As required by the Securities Act of 1933, this Pre-Effective
Amendment No. 1 to Registrant's Registration Statement (SEC File No. 33-63329)
has been signed on behalf of the Registrant, in the City of Philadelphia and
Commonwealth of Pennsylvania, on this 19th day of October, 1995.
THE PNC(R) FUND
Registrant
By: /s/ G. Willing Pepper
G. Willing Pepper, Chairman of
the Board and President
(Principal Executive Officer)
As required by the Securities Act of 1933, this Pre-Effective Amendment No. 1
to Registrant's Registration Statement (SEC File No. 33-63329) has been
signed by the following persons in the capacities and on the dates indicated:
<TABLE>
<CAPTION>
Signature Title Date
--------- ----- ----
<S> <C> <C>
Chairman of the
/s/ G. Willing Pepper Board and President October 19, 1995
(G. Willing Pepper) (Principal Executive
Officer)
*David R. Wilmerding, Jr. Vice-Chairman of October 19, 1995
(David R. Wilmerding, Jr.) the Board
Vice-President
and Treasurer
(Principal
Financial and
/s/ Edward J. Roach Accounting Officer) October 19, 1995
(Edward J. Roach)
*Robert R. Fortune Trustee October 19, 1995
(Robert R. Fortune)
*Philip E. Coldwell Trustee October 19, 1995
(Philip E. Coldwell)
*Rodney D. Johnson Trustee October 19, 1995
(Rodney D. Johnson)
*Anthony M. Santomero Trustee October 19, 1995
(Anthony M. Santomero)
*By:/s/ Edward J. Roach
Edward J. Roach, Attorney-in-Fact
</TABLE>
|
|