MARINER MUTUAL FUNDS TRUST
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FIXED INCOME FUND
HSBC Asset Management (LOGO)
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ANNUAL REPORT
December 31, 1995
Managed by:
HSBC ASSET MANAGEMENT AMERICAS INC.
Sponsored and distributed by:
MARINER FUNDS SERVICES
COVER
<PAGE>
MARINER MUTUAL FUNDS TRUST
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FIXED INCOME FUND
HSBC Asset Management (LOGO)
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February 12, 1996
Dear Shareholder:
This was a record year in the fixed income markets. The total return of the
market, as measured by the Lehman Aggregate Index was 18.47%, the highest in
over a decade and third highest in history. The forces driving the market were
low inflation, slowing economic activity and the prospect of a balanced budget.
This combination has been potent and we have finished the year with a strong
rally.
MANAGER'S DISCUSSION OF PERFORMANCE
- -----------------------------------
The Fund returned 16.73% versus 18.47% for the Lehman Aggregate Index.Our
returns were below the index because of a higher average quality, incorrect
duration positioning in the first quarter, and an underweighting in Corporates
which were the best performing sector in 1995. The combination of these factors
caused the funds to lag the index in what was a terrific rally.
Sincerely,
/s/ JAMES LARK
James Lark
1
<PAGE>
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN
FIXED INCOME FUND VS. LEHMAN AGGREGATE
<TABLE>
<CAPTION>
Average Annual Total Return
- -----------------------------------------------------
1 Year Inception
- -----------------------------------------------------
<S> <C> <C>
Offering Price(1) 11.14% 5.88%
NAV(2) 16.73% 7.64%
- -----------------------------------------------------
</TABLE>
CHART
[GRAPHIC OMITTED]
<TABLE>
<CAPTION>
Plot Points: FUND(1) LEHMAN FUND(2)
<S> <C> <C> <C>
Jan 10,000 10,000 10,000
Mar 9,788 10,315 10,277
Jun 10,053 10,589 10,555
Sep 10,343 10,865 10,860
Dec 10,340 10,870 10,857
Mar 10,164 10,558 10,672
Jun 10,073 10,450 10,576
Sep 10,112 10,514 10,618
Dec 10,145 10,554 10,651
Mar 10,580 11,086 11,108
Jun 11,218 11,761 11,778
Sep 11,374 11,993 11,941
Dec 11,842 12,504 12,433
<FN>
Past performance is not predictive of future performance
(1) Includes the maximum sales charge
(2) Excludes the maximum sales charge
</FN>
</TABLE>
The above illustration compares a $10,000 investment in the Fixed Income Fund on
January 15, 1993, to a $10,000 investment in the Lehman Aggregate Bond Index on
that date. All dividends and capital gain distributions are reinvested.
The Fund's performance takes into account all applicable fees and expenses. The
Lehman Aggregate Bond Index is a widely accepted unmanaged index of overall
government corporate/mortgage bond market performance and does not take into
account charges, fees and other expenses.
2
<PAGE>
BOARD OF TRUSTEES
JOHN P. PFANN* CHAIRMAN OF THE BOARD; Chairman and President,
JPP Equities, Inc.
WOLFE J. FRANKL* Former Director, North America, Berlin Economic
Development Corporation
WILLIAM L. KUFTA Chief Investment Officer, Beacon Trust Company
ROBERT A. ROBINSON* Trustee, Henrietta and B. Frederick H. Bugher Foundation
*Member of the Audit and Nominating Committees
- -------------------------------------------------------------------------------
OFFICERS
WILLIAM B. BLUNDIN CHIEF EXECUTIVE OFFICER
ANN E. BERGIN PRESIDENT
WILLIAM J. TOMKO VICE PRESIDENT
MARK E. NAGLE TREASURER
MARTIN R. DEAN ASSISTANT TREASURER
ROBERT L. TUCH ASSISTANT SECRETARY
ALAINA V. METZ ASSISTANT SECRETARY
3
<PAGE>
STATEMENT OF INVESTMENTS AS OF DECEMBER 31, 1995
<TABLE>
<CAPTION>
FIXED INCOME FUND
INTEREST MATURITY PRINCIPAL
RATE DATE AMOUNT VALUE
-------- -------- ---------- ----------
U.S. GOVERNMENT AGENCY OBLIGATIONS-40.8%
MORTGAGE-BACKED SECURITIES-36.3%
<S> <C> <C> <C> <C>
Federal Home Loan Mortgage Corporation:
220019 7.750% 01/01/02 $ 306,537 $ 312,456
1979-C 10.000 09/15/09 420,393 433,005
G10347 7.500 05/01/10 4,646,750 4,778,894
33-C 8.000 09/15/18 1,307,092 1,316,947
138-C 8.850 04/15/20 253,342 253,925
C80288 9.000 04/01/25 2,379,439 2,505,847
C00421 8.000 09/01/25 3,011,147 3,119,362
D62926 6.500 08/01/25 2,989,872 2,957,172
Federal National Mortgage Association
Real Estate Mortgage Investment Conduits:
1989-C 10.000 12/25/17 1,902,349 1,965,545
1994-56L 6.500 09/25/22 4,449,717 4,382,303
Federal National Mortgage Association 7.500 06/01/25 3,721,062 3,811,763
7.000 12/01/25 4,989,466 5,028,448
Government National Mortgage Association:
Collateralized Mortgage Obligation #168414. 10.000 08/15/22 961,241 1,053,607
Collateralized Mortgage Obligation #356578 7.500 06/15/23 4,205,903 4,324,194
Resolution Trust Corp. 1992-MH3 6.800 12/15/11 79,415 79,471
-----------
Total U.S. Government Agency Mortgage-Backed Securities (Cost - $35,765,883) 36,322,939
-----------
OTHER AGENCY OBLIGATIONS-4.5%
Federal Home Loan Bank 6.270 01/14/04 1,500,000 1,500,889
6.160 01/21/04 1,500,000 1,490,556
Federal National Mortgage Association 5.550 02/12/99 1,500,000 1,491,040
-----------
Total Other Agency Obligations (Cost - $4,464,772) 4,482,485
-----------
Total U.S. Government Agency Obligations (Cost - $40,230,655) 40,805,424
-----------
U.S. GOVERNMENT OBLIGATIONS-26.9%
U.S. Treasury Bonds: 11.625 11/15/04 1,000,000 1,415,625
8.875 08/15/17 190,000 254,541
8.750 08/15/20 2,280,000 3,058,761
7.875 02/15/21 1,000,000 1,230,937
8.000 11/15/21 1,160,000 1,451,812
7.500 11/15/24 1,000,000 1,201,250
7.625 02/15/25 500,000 610,937
6.875 08/15/25 8,500,000 9,589,062
-----------
18,812,925
-----------
</TABLE>
5
<PAGE>
STATEMENT OF INVESTMENTS AS OF DECEMBER 31, 1995 (CONTINUED)
<TABLE>
<CAPTION>
FIXED INCOME FUND
INTEREST MATURITY PRINCIPAL
RATE DATE AMOUNT VALUE
-------- -------- ----------- -----------
U.S. GOVERNMENT OBLIGATIONS-(CONTINUED)
<S> <C> <C> <C> <C>
U.S. Treasury Notes: 6.875% 07/31/99 $ 1,000,000 $ 1,049,687
8.000 08/15/99 1,000,000 1,087,813
7.750 01/31/00 1,000,000 1,086,562
6.750 04/30/00 3,000,000 3,157,500
7.875 11/15/04 500,000 579,062
7.500 02/15/05 1,000,000 1,135,000
-----------
8,095,624
-----------
Total U.S. Government Obligations (Cost - $24,893,475) 26,908,549
-----------
ASSET-BACKED SECURITY-1.5%
Sears Credit Account 1991-B (Cost - $1,620,465) 8.600 05/15/98 1,500,000 1,517,385
-----------
OTHER MORTGAGE-RELATED SECURITY-3.0%
Prudential Home Mortgage Securities 1993-9 A9
(Cost - $2,997,188) 6.700 03/25/08 3,000,000 3,023,610
-----------
CORPORATE BONDS-12.9%
FINANCIAL SERVICES - 7.3%
American Express Credit Corp. 6.125 06/15/00 3,000,000 3,043,239
General Motors Acceptance Corp. 7.400 01/14/97 1,750,000 1,781,955
Provident Bank Corp. 6.375 01/15/04 2,500,000 2,487,400
-----------
7,312,594
-----------
INDUSTRIAL - 0.7%
Polaroid Corp. 7.250 01/15/97 665,000 674,952
-----------
UTILITIES - 3.6%
Central Power & Light Co. 6.000 10/01/97 1,500,000 1,507,750
NYNEX 7.250 02/15/24 500,000 514,892
Pacific Telephone & Telegraph 6.875 08/15/23 1,500,000 1,511,928
-----------
3,534,570
-----------
</TABLE>
6
<PAGE>
STATEMENT OF INVESTMENTS AS OF DECEMBER 31, 1995 (CONTINUED)
<TABLE>
<CAPTION>
FIXED INCOME FUND
INTEREST MATURITY PRINCIPAL
RATE DATE AMOUNT VALUE
-------- -------- ---------- -----------
<S> <C> <C> <C> <C>
CORPORATE BONDS-(CONTINUED)
YANKEES - 1.3%
Export Development Corp. 8.125% 08/10/99 $ 380,000 $ 410,377
Ontario Province, Canada 15.750 03/15/12 775,000 910,121
----------
1,320,498
----------
Total Corporate Bonds (Cost - $12,925,479) 12,842,614
----------
SHORT-TERM INVESTMENT - 1.6%
Provident Institutional Temporary Investment Fund
(Cost - $1,634,000) 5.590 On Demand 1,634,000 1,634,000
-----------
TOTAL INVESTMENTS - 86.7% (Cost - $84,301,262)* 86,731,582
OTHER ASSETS, LESS LIABILITIES - 13.3% 13,210,463
-----------
NET ASSETS - 100% $99,942,045
===========
<FN>
* Also, cost for Federal income tax purposes. As of December 31, 1995, net
unrealized appreciation for Federal Income tax purposes aggregated
$2,430,320 of which $2,989,934 related to appreciated securities and
$559,614 related to depreciated securities.
</FN>
</TABLE>
See Notes to Financial Statements.
7
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES AS OF DECEMBER 31, 1995
FIXED INCOME FUND
ASSETS:
Investments at value (Cost $84,301,262) $86,731,582
Cash 541
Receivable for fund shares sold 12,485,981
Interest and dividends receivable 1,206,158
Organizational costs, net 24,274
Prepaid expenses 8,630
-----------
TOTAL ASSETS 100,457,166
-----------
LIABILITIES:
Dividends payable 424,878
Accrued expenses 35,811
Due to affiliates 54,432
-----------
TOTAL LIABILITIES 515,121
-----------
NET ASSETS $99,942,045
===========
NET ASSETS CONSIST OF:
Paid-in capital $98,621,639
Accumulated net realized loss on investments (1,109,914)
Net unrealized appreciation on investments 2,430,320
-----------
NET ASSETS - applicable to 9,718,065 shares
($0.001 par value) outstanding; unlimited number of
shares authorized $99,942,045
===========
NET ASSET VALUE, offering and redemption price per share $10.28
===========
See Notes to Financial Statements.
8
<PAGE>
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1995
FIXED INCOME FUND
<TABLE>
<CAPTION>
INVESTMENT INCOME:
<S> <C>
Income:
Interest $ 5,874,281
-----------
Expenses:
Advisory fees 464,376
Administrative services fee 84,432
Co-administrative and shareholder servicing fees 59,102
Distribution expenses 55,771
Transfer agent fees 36,235
Audit fee 25,653
Legal fees 18,604
Amortization of organizational costs 12,457
Insurance 11,941
Custodian fee 11,400
Printing 9,435
Trustees' fees and expenses 9,403
Miscellaneous expenses 7,092
-----------
Total expenses 805,901
Less expense waivers (20,930)
-----------
Net expenses 784,971
-----------
Net investment income 5,089,310
-----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized loss on investments (89,155)
Net change in unrealized appreciation on investments 8,168,553
-----------
Net gain on investments 8,079,398
-----------
Net increase in net assets resulting from operations $13,168,708
===========
</TABLE>
See Notes to Financial Statements.
9
<PAGE>
Statement of Changes in Net Assets
FIXED INCOME FUND
<TABLE>
<CAPTION>
FOR THE FOR THE
YEAR ENDED YEAR ENDED
DECEMBER 31, 1995 DECEMBER 31, 1994
----------------- -----------------
<S> <C> <C>
OPERATIONS:
Net investment income $ 5,089,310 $ 5,424,521
Net realized loss on investments (89,155) (945,839)
Net change in unrealized appreciation (depreciation) on investments 8,168,553 (6,295,449)
----------- -----------
Net increase (decrease) in net assets resulting from operations 13,168,708 (1,816,767)
----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (5,089,310) (5,424,521)
----------- -----------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of 3,103,767 and 1,533,134 shares, respectively 31,114,026 14,857,353
Net asset value of 9,374 and 15,721 shares issued in reinvestment
of distributions, respectively 92,653 152,957
Payments for redemptions of 2,464,690 and 1,449,568 shares,
respectively (24,118,178) (13,902,241)
----------- -----------
Net increase in net assets from capital share transactions 7,088,501 1,108,069
----------- -----------
Net increase (decrease) in net assets 15,167,899 (6,133,219)
----------- -----------
NET ASSETS:
Beginning of year 84,774,146 90,907,365
----------- -----------
End of year $99,942,045 $84,774,146
=========== ===========
</TABLE>
See Notes to Financial Statements.
10
<PAGE>
NOTES TO FINANCIAL STATEMENTS
1. SIGNIFICANT ACCOUNTING POLICIES
Mariner Fixed Income Fund (the "Fund") is an investment portfolio of
Mariner Mutual Funds Trust (the "Trust"). The Trust is a Massachusetts
business trust and is an open-end, diversified investment company with
multiple investment portfolios, including the Fund.
SECURITIES VALUATION: Portfolio securities for which market quotations
are readily available are valued at the quoted bid price. Securities
for which market quotations are not readily available are valued at
fair value as determined in good faith by or under the supervision of
the Trust's officers in accordance with guidelines which have been
adopted by the Board of Trustees. Such procedures include the use of
independent pricing services which use prices based on yields or prices
of securities of comparable quality, coupon, maturity and type,
indicators as to value from dealers and general market conditions.
Short-term obligations having maturities of 60 days or less are valued
at amortized cost which approximates market value.
TAXES: It is the Fund's policy to comply with the provisions of the
Internal Revenue Code, as amended, applicable to regulated investment
companies, and to distribute substantially all of its taxable income
and net realized capital gains to its shareholders for each taxable
year. Therefore, no provision is required for Federal income tax.
The Fund has available a $1,082,278 capital loss carryforward which,
if not utilized, $207,551 and $874,727 will expire in year 2002 and
2003, respectively.
DIVIDENDS AND DISTRIBUTIONS: The Fund intends to declare as a dividend
substantially all of its net investment income at the end of each
business day and pay within five business days after the end of each
month. Net capital gains, if any, will be distributed annually.
SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Security transactions
are recorded on trade date. Identified cost of investments sold is used
for both financial statement and Federal income tax purposes. Interest
income is recorded as earned.
EXPENSE ALLOCATION: Expenses directly attributed to each Fund in the
Trust are charged to that Fund's operations; expenses which are
applicable to all Funds are allocated among them.
ORGANIZATIONAL COSTS: Costs incurred in connection with the
organization of the Fund are being amortized on a straight-line basis
over a five year period from the date operations commenced.
2. PORTFOLIO SECURITIES
The cost of securities purchased and proceeds from securities sold
(excluding short-term securities and principal paydowns) for the year
ended December 31, 1995 were approximately $140,414,000 and
$31,953,000, respectively.
11
<PAGE>
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
3. AGREEMENTS
The Trust retains HSBC Asset Management Americas Inc.("HSBC Americas")
to act as Investment Adviser for the Fund. HSBC Americas is the North
American investment affiliate of HSBC Holdings plc (Hong Kong and
Shanghai Banking Corporation). As Investment Adviser, HSBC Americas
furnishes investment guidance and policy direction in connection with
the management of the portfolio of the Fund, subject to policy
established by the Board of Trustees.
As compensation for its services, HSBC Americas is paid monthly
advisory fees at the following annual rates:
ADVISORY
PORTION OF THE FUND'S AVERAGE DAILY NET ASSETS FEE RATE
--------------------------------------------------------- --------
Not exceeding $400 million 0.550%
In excess of $400 million but not exceeding $800 million 0.505%
In excess of $800 million but not exceeding $1.2 billion 0.460%
In excess of $1.2 billion but not exceeding $1.6 billion 0.415%
In excess of $1.6 billion but not exceeding $2 billion 0.370%
In excess of $2 billion 0.315%
For the year ended December 31, 1995, HSBC Americas earned
approximately $464,400 in advisory fees.
As administrator, PFPC Inc. ("PFPC") is paid a monthly asset based fee
of 0.10% of the Fund's first $200 million of average net assets; 0.075%
of the Fund's next $200 million of average net assets; 0.05% of the
Fund's next $200 million of average net assets; and 0.03% of the Fund's
average net assets in excess of $600 million; exclusive of
out-of-pocket expenses. PFPC has agreed to waive 10% and 5% of its fee
during the first and second year of its administration, respectively.
For the year ended December 31, 1995, PFPC earned approximately
$78,200, net of fee waivers of approximately $6,300, in administrative
services fees. Effective March 1996, PFPC will be terminated as
administrator and transfer agent for the Fund.
HSBC Americas may enter into agreements (the "Service Agreements") with
certain banks, financial institutions and corporations ("Service
Organizations") whereby each Service Organization handles recordkeeping
and provides certain administrative services for its customers who
invest in the Fund through accounts maintained at that Service
Organization. Each Service Organization will receive monthly payments,
which are based upon expenses that the Service Organization has
incurred in the performance of its services under the Service
Agreement. The payments from the Fund on an annual basis will not
exceed 0.25% of the average value of the Fund's shares held in the
subaccounts of the Service Organizations.
Effective September 25, 1995, Bank of New York replaced Marine Midland
Bank, N.A. ("Marine Midland"), an affiliate of the Adviser, as
custodian for the Fund. For furnishing custodian services, Marine
Midland was paid a monthly fee with respect to the Fund for safekeeping
its assets plus certain transaction charges and out-of-pocket expenses.
For the period from January 1, 1995 through September 25, 1995, HSBC
Americas paid the Fund's entire custodian fee of approximately $9,500.
12
<PAGE>
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
3. AGREEMENTS (CONTINUED)
HSBC Americas earned co-administration and shareholder servicing fees
of 0.03% and 0.04% of the Fund's average net assets, respectively,
totaling approximately $59,100. Of that total, HSBC Americas waived
approximately $5,100 of these fees for the month of January 1995 .
The Fund has adopted a Distribution Plan and Agreement (the "Plan")
pursuant to Rule 12b-1 of the Investment Company Act of 1940, as
amended. The Plan provides for a monthly payment by the Fund to Mariner
Funds Services for expenses incurred in connection with distribution
services provided to the Fund not to exceed an annual rate of 0.35% of
the average daily value of the Fund's net assets during the preceding
month.
One state in which the shares of the Fund are qualified for sale
imposes limitations on the expenses of the Fund. The Advisory Contract
and the Administrative Services Contract with HSBC Americas provide
that if, in any fiscal year, the total expenses of the Fund (excluding
taxes, interest, distribution expenses, brokerage commissions and other
portfolio transaction expenses, other expenditures which are
capitalized in accordance with generally accepted accounting principles
and extraordinary expenses, but including the advisory and
administrative services fees) exceed the expense limitation applicable
to the Fund imposed by the securities regulations of such state, HSBC
Americas will pay or reimburse the Fund in amounts equal to the excess.
Although there is no certainty that this limitation will be in effect
in the future, the effective limitation on an annual basis with respect
to the Fund is currently 2.5% per annum of the first $30 million of
average net assets, 2.0% of the next $70 million of average net assets
and 1.5% of average net assets in excess of $100 million. For the year
ended December 31, 1995, there were no payments or reimbursements
required as a result of this expense limitation.
A partner of Baker & McKenzie, legal counsel to the Trust, serves as
Secretary of the Trust. For the year ended December 31, 1995, the Fund
incurred legal fees of approximately $16,200 to Fund counsel.
13
<PAGE>
FINANCIAL HIGHLIGHTS
SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
<TABLE>
<CAPTION>
FIXED INCOME FUND
FOR THE PERIOD
JANUARY 15, 1993
FOR THE FOR THE (COMMENCEMENT OF
YEAR ENDED YEAR ENDED OPERATIONS) TO
DECEMBER 31, 1995 DECEMBER 31, 1994 DECEMBER 31, 1993
----------------- ----------------- -----------------
<S> <C> <C> <C>
Net asset value, beginning of period $ 9.35 $ 10.13 $ 10.00
------- ------- -------
Income From Investment Operations
Net investment income 0.59 0.59 0.63
Net realized and unrealized gain (loss) on investments 0.93 (0.78) 0.21
------- ------- -------
Total from investment operations 1.52 (0.19) 0.84
------- ------- -------
Less Distributions from:
Net investment income (0.59) (0.59) (0.63)
Net capital gain -- -- (0.07)
Excess of net realized gain on investments -- -- (0.01)
------- ------- -------
Total distributions (0.59) (0.59) (0.71)
------- ------- -------
Net asset value, end of period $10.28 $ 9.35 $10.13
======= ======= =======
Total Return (a) 16.73% (1.89)% 8.57%(b)
Ratios / Supplemental Data
Net assets (000), end of period $99,942 $84,774 $90,907
Ratio of expenses (without fee waivers)
to average net assets 0.96% 0.86% 0.87%(c)
Ratio of expenses (with fee waivers)
to average net assets 0.93% 0.77% 0.22%(c)
Ratio of net investment income (without fee
waivers) to average net assets 6.00% 6.01% 5.75%(c)
Ratio of net investment income (with fee waivers)
to average net assets 6.03% 6.10% 6.40%(c)
Portfolio turnover rate 41.58% 63.96% 107.34%(b)
<FN>
- -----------------
(a) Excludes sales charge.
(b) Not annualized.
(c) Annualized.
</FN>
</TABLE>
See Notes to Financial Statements.
14
<PAGE>
REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
To the Shareholders and Board of Trustees
Mariner Mutual Funds Trust
We have audited the accompanying statement of assets and liabilities of the
Mariner Fixed Income Fund (one of the portfolios comprising Mariner Mutual
Funds Trust), including the statement of investments, as of December 31,
1995, and the related statement of operations for the year then ended, the
statement of changes in net assets for each of the two years in the period
then ended, and financial highlights for each of the periods indicated
herein. These financial statements and financial highlights are the
responsibility of the Trust's management. Our responsibility is to express
an opinion on these financial statements and financial highlights based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included confirmation of
securities owned as of December 31, 1995, by correspondence with the
custodian. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position
of the Mariner Fixed Income Fund at December 31, 1995, the results of its
operations for the year then ended, the changes in its net assets for each
of the two years in the period then ended and the financial highlights for
each of the indicated periods, in conformity with generally accepted
accounting principles.
/s/ ERNST & YOUNG LLP
New York, New York
February 5, 1996
15
<PAGE>
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- -------------------------------------------------------------------------------
MARINER SM MUTUAL FUNDS TRUST
3435 Stelzer Road
Columbus,Ohio 43219
GENERAL INFORMATION:
(800) 753-4462
INVESTMENT ADVISER AND CO-ADMINISTRATOR
HSBC Asset Management Americas Inc.
250 Park Avenue
New York, New York 10177
SPONSOR AND DISTRIBUTOR (EFFECTIVE JANUARY 1, 1996)
BISYSFund Services
3435 Stelzer Road
Columbus, Ohio 43219
ADMINISTRATOR, TRANSFER
AND DIVIDEND DISBURSING AGENT
PFPC, Inc.
400 Bellevue Parkway
Wilmington, Delaware 19809
CUSTODIAN
Bank of New York
90 Washington Street
New York, New York 10286
LEGAL COUNSEL
Baker & McKenzie
805 Third Avenue
New York, New York 10022
INDEPENDENT AUDITORS
Ernst & Young LLP
787 Seventh Avenue
New York, New York 10019
This report is for the information of the shareholders of Mariner Mutual Funds
Trust. Its use in connection with any offering of the Trust's shares is
authorized only in the case of a concurrent or prior delivery of the Trust's
current prospectus.
BACK
