<PAGE>
[ART APPEARS HERE]
PIMCO ADVISORS
INSTITUTIONAL FUNDS
ANNUAL REPORT
OCTOBER 31, 1995
PIMCO
<PAGE>
CONTENTS
Chairman's Message 1
Management Discussion and Analysis 2
Investment Performance 4
Statements of Assets and Liabilities 10
Statements of Operations 12
Statements of Changes in Net Assets 14
Financial Highlights 20
Schedules of Investments
Money Market Fund 26
PIMCO Managed Bond and Income Fund 27
NFJ Equity Income Fund 30
NFJ Diversified Low P/E Fund 31
NFJ Small Cap Value Fund 32
Cadence Capital Appreciation Fund 34
Cadence Mid Cap Growth Fund 35
Cadence Micro Cap Growth Fund 37
Cadence Small Cap Growth Fund 38
Columbus Circle Investors
Core Equity Fund 39
Columbus Circle Investors
Mid Cap Equity Fund 40
Parametric Enhanced Equity Fund 41
Blairlogie Emergency Markets Fund 44
Blairlogie International Active Fund 46
Balanced Fund 49
Notes to Financial Statements 53
Independent Auditors' Report 62
Federal Income Tax Information 63
<PAGE>
CHAIRMAN'S MESSAGE
Dear Shareholder:
We are pleased to present the Annual Report for the PIMCO
Advisors Institutional Funds for the fiscal year ended
October 31, 1995.
During this period, our Funds enjoyed a favorable investment
climate, with both the stock and bond markets experiencing
exceptional gains. The performance of all PIMCO Advisors
Institutional Funds during this period appears on the
following pages.
Along with the strong results for the twelve months, we are
pleased to announce enhanced services to our investors. As of
November 1, PIMCO Advisors Institutional Funds and the sister
fund family, PIMCO Funds, offer shareholders full exchange
privileges among all our institutional fixed income and
equity funds.
This new service is made possible by the consolidation of
operations and shareholder services between the two fund
families. The combination represents a significant step
toward streamlining operations and enhancing services to our
shareholders. It is important to note that the investment
objectives of the Funds, the portfolio managers, and your
account contact will not change.
We thank you for the continued opportunity to serve your
investment needs.
Sincerely,
/s/ William D. Cvengros
William D. Cvengros
Chairman of the Board
December 15, 1995
1
<PAGE>
MANAGEMENT DISCUSSION AND ANALYSIS
During the twelve months ended October 31, 1995, the broad
bond market, as measured by the Lehman Brothers Aggregate
Bond Index, posted a total return of 15.6%, the beneficiary
of declining interest rates and low inflation. Stocks also
climbed higher, buoyed by strong corporate earnings, with the
S&P 500 Index finishing 26.4% ahead of where it began the
period.
Stocks were led during the twelve months by large
capitalization issues, which outdistanced their small cap
brethren by a 26.4% to 18.3% margin. This sizable preference
by the market for large cap stocks was principally the result
of a declining dollar over much of the period. With the
dollar weaker, large, multinational US corporations saw their
earnings improve through higher exports and overseas sales
that translated into more dollars at home. The following bar
chart depicts the return of the S&P 500 Index less that of
the Russell 2000 Index.
-------------------------------------------------------------
Large Cap Stocks Relative to
Small Cap Stocks Through October 31, 1995
-------------------------------------------------------------
[BAR CHART APPEARS HERE]
The bar chart depicts the relative out performance of
the Standard & Poor's 500 Index (comprised of large
capitalization issues) compared to the Russell 2000 Index
(comprised of small capitalization issues). The Standard &
Poor's 500 Index out performed the Russell 2000 Index seven
of the twelve months during the fiscal year ended October 31,
1995.
-------------------------------------------------------------
Growth stocks were favored during the fiscal year as
investors shied away from economically-sensitive stocks
toward more stable growth names as the economy showed signs
of slowing. Overall, growth stocks outperformed value issues
by a 29.2% to 24.7% margin. The following bar chart depicts
the return of the Russell 1000 Growth Index less that of the
Russell 1000 Value Index.
-------------------------------------------------------------
Growth Stocks Relative to
Value Stocks Through October 31, 1995
-------------------------------------------------------------
[BAR CHART APPEARS HERE]
The bar chart depicts the relative out performance of
the Russell 1000 Growth Index compared to the Russell 1000
Value Index. The Russell 1000 Growth Index out performed the
Russell 1000 Value Index eight of the twelve months during
the fiscal year ended October 31, 1995.
-------------------------------------------------------------
2
<PAGE>
Contrasting economic climates set the tone for the
outperformance of US stocks over many of the international
markets. European Economic Union markets were embattled by
tight monetary controls in Germany and fiscal austerity in
France while Japan experienced weakening exports and a
potential banking crisis of a magnitude not seen for decades.
Meanwhile, the US, which is further along in its economic
recovery, experienced the enviable combination of declining
interest rates and strong growth of corporate earnings. The
following bar chart depicts the return of the S&P 500 Index
less that of the EAFE Index.
-------------------------------------------------------------
Domestic Stocks Relative to Foreign Stocks
Through October 31, 1995
-------------------------------------------------------------
[BAR CHART APPEARS HERE]
The bar chart depicts the relative out performance of
the Standard & Poor's 500 Index (comprised of large
capitalization issues) compared to the Morgan Stanley Capital
EAFE Index (comprised of stock markets in Europe, Australasia
and the Far East). The Standard & Poor's 500 Index out
performed the EAFE Index nine of the twelve months during the
fiscal year ended October 31, 1995 .
-------------------------------------------------------------
Source: Frank Russell Company
Investment Outlook
PIMCO Advisor Institutional Funds anticipates continued
moderate economic growth and low inflation in the year ahead.
This environment should be beneficial for both domestic
stocks and bonds. The long-term reasons for investing
internationally remain intact. While international investing
involves special risks due to changes in currency rates,
political instability and foreign taxation, PIMCO Advisors
International Funds feels the opportunities in both developed
and emerging markets are compelling.
3
<PAGE>
INVESTMENT PERFORMANCE
Performance Graphs and Tables
The following is a summary of the performance of the PIMCO
Advisors Institutional Funds' Institutional Class comparing
their returns with a representative market index. The total
return for each Fund is net of fees and includes reinvestment
of dividends, income, and capital gains, if any. Please
remember that indexes, in general, have no trading costs or
deductions for management and other expenses.
The performance data quoted represents past performance.
Investment return and principal value will fluctuate so that
the Fund shares, when redeemed, may be worth more or less
than their original cost.
-------------------------------------------------------------
Money Market Fund Through October 31, 1995
-------------------------------------------------------------
[LINE GRAPH APPEARS HERE]
<TABLE>
<CAPTION>
Money Salomon
Market 3 Mo. T-Bill
<S> <C> <C>
3/01/91 $200,000 $200,000
10/31/91 $207,562 $207,665
10/31/92 $215,549 $215,695
10/31/93 $221,654 $222,345
10/31/94 $229,477 $230,873
10/31/95 $242,496 $244,066
</TABLE>
-------------------------------------------------------------
The line graph above assumes the investment of $200,000 on
3/1/91, the Fund's Institutional Class inception date,
compared with the Salomon 3 Month T-Bills Index, an unmanaged
index of three-month Treasury bills.
<TABLE>
<CAPTION>
Annualized Returns Ended 10/31/95
- -------------------------------------------------------------
Since
Inception
1 Yr. 3 Yrs. 4 Yrs. (3/1/91)
- -------------------------------------------------------------
<S> <C> <C> <C> <C>
Money Market
Fund (%) 5.67 4.01 3.97 4.21
- -------------------------------------------------------------
Salomon 3 Mo.
T-Bills (%) 5.73 4.21 4.12 n/a
- -------------------------------------------------------------
<CAPTION>
Cumulative Returns Ended 10/31/95
- -------------------------------------------------------------
Since
Inception
1 Yr. 3 Yrs. 4 Yrs. (1/24/95)
- -------------------------------------------------------------
<S> <C> <C> <C> <C>
Money Market Fund
Admin. Class (%) n/a n/a n/a 4.21
- -------------------------------------------------------------
Salomon 3 Mo.
T-Bills (%) n/a n/a n/a n/a
- -------------------------------------------------------------
</TABLE>
-------------------------------------------------------------
PIMCO Managed Bond and Income Fund Through October 31, 1995
-------------------------------------------------------------
[LINE GRAPH APPEARS HERE]
<TABLE>
<CAPTION>
PIMCO Lehman Bros
Managed Bond Aggregate Bond
and Index Index
<S> <C> <C>
1/01/92 $200,000 $200,000
10/31/92 $214,746 $211,405
10/31/93 $244,362 $236,499
10/31/94 $235,617 $227,807
10/31/95 $273,223 $258,869
</TABLE>
-------------------------------------------------------------
The line graph above assumes the investment of $200,000 on
1/1/92, the first full month following the Fund's
Institutional Class inception on 12/30/91, compared with the
Lehman Brothers Aggregate Bond Index, an unmanaged bond
market index.
<TABLE>
<CAPTION>
Annualized Returns Ended 10/31/95
- --------------------------------------------------------------
Since
Inception
1 Yr. 2 Yrs. 3 Yrs. (12/30/91)
- --------------------------------------------------------------
<S> <C> <C> <C> <C>
Managed Bond and
Income Fund (%) 15.96 5.74 8.36 8.51
- --------------------------------------------------------------
Lehman Bros.
Aggregate 15.65 5.55 7.61 n/a
Bond Index (%)
- --------------------------------------------------------------
<CAPTION>
Cumulative Returns Ended 10/31/95
- --------------------------------------------------------------
Since
Inception
1 Yr. 2 Yrs. 3 Yrs. (11/30/94)
- --------------------------------------------------------------
<S> <C> <C> <C> <C>
Managed Bond and
Income Fund n/a n/a n/a 15.92
Admin. Class (%)
- --------------------------------------------------------------
Lehman Bros.
Aggregate n/a n/a n/a n/a
Bond Index (%)
- --------------------------------------------------------------
</TABLE>
4
<PAGE>
-------------------------------------------------------------
NFJ Equity Income Fund Through October 31, 1995
-------------------------------------------------------------
[LINE GRAPH APPEARS HERE]
<TABLE>
<CAPTION>
NFJ S&P
Equity 500
Income Index
<S> <C> <C>
4/01/91 $200,000 $200,000
10/31/91 $222,929 $213,127
10/31/92 $251,660 $234,351
10/31/93 $293,571 $269,268
10/31/94 $300,183 $279,820
10/31/95 $358,285 $353,730
</TABLE>
-------------------------------------------------------------
The line graph above assumes the investment of $200,000 on
4/1/91, the first full month following the Fund's
Institutional Class inception on 3/8/91, compared with the
S&P 500 Index, an unmanaged market index.
<TABLE>
<CAPTION>
Annualized Returns Ended 10/31/95
- -------------------------------------------------------------
Since
Inception
1 Yr. 3 Yrs. 4 Yrs. (3/8/91)
- -------------------------------------------------------------
<S> <C> <C> <C> <C>
NFJ Equity
Income Fund (%) 19.36 12.50 12.59 13.43
- -------------------------------------------------------------
S&P 500
Index (%) 26.41 14.72 13.50 n/a
- -------------------------------------------------------------
<CAPTION>
Cumulative Returns Ended 10/31/95
- --------------------------------------------------------------
Since
Inception
1 Yr. 3 Yrs. 4 Yrs. (11/30/94)
- --------------------------------------------------------------
<S> <C> <C> <C> <C>
NFJ Equity
Income Fund n/a n/a n/a 25.69
Admin. Class (%)
- --------------------------------------------------------------
S&P 500
Index (%) n/a n/a n/a n/a
- --------------------------------------------------------------
</TABLE>
-------------------------------------------------------------
NFJ Diversified Low P/E Fund Through October 31, 1995
-------------------------------------------------------------
[LINE GRAPH APPEARS HERE]
<TABLE>
<CAPTION>
NFJ S&P
Diversified 500
Low P/E Index
<S> <C> <C>
1/01/92 $200,000 $200,000
10/31/92 $207,957 $205,646
10/31/93 $263,113 $236,286
10/31/94 $263,516 $245,546
10/31/95 $329,351 $310,402
</TABLE>
-------------------------------------------------------------
The line graph above assumes the investment of $200,000 on
1/1/92, the first full month following the Fund's
Institutional Class inception on 12/30/91, compared with the
S&P 500 Index, an unmanaged market index.
<TABLE>
<CAPTION>
Annualized Returns Ended 10/31/95
- --------------------------------------------------------------
Since
Inception
1 Yr. 2 Yrs. 3 Yrs. (12/30/91)
- --------------------------------------------------------------
<S> <C> <C> <C> <C>
NFJ Diversified
Low P/E Fund (%) 24.98 11.88 16.56 14.08
- --------------------------------------------------------------
S&P 500
Index (%) 26.41 14.62 14.72 n/a
- --------------------------------------------------------------
</TABLE>
-------------------------------------------------------------
NFJ Small Cap Value Fund Through October 31, 1995
-------------------------------------------------------------
[LINE GRAPH APPEARS HERE]
<TABLE>
<CAPTION>
NFJ Russell
Small Cap 2000
Value Index
<S> <C> <C>
10/1/91 $200,000 $200,000
10/31/91 $202,376 $205,280
10/31/92 $230,194 $224,752
10/31/93 $284,528 $297,555
10/31/94 $276,313 $296,643
10/31/95 $331,240 $351,006
</TABLE>
-------------------------------------------------------------
The line graph above assumes the investment of $200,000 on
10/1/91, the Fund's Institutional Class inception date,
compared with the Russell 2000 Index, an unmanaged market
index.
<TABLE>
<CAPTION>
Annualized Returns Ended 10/31/95
- --------------------------------------------------------------
Since
Inception
1 Yr. 3 Yrs. 4 Yrs. (10/1/91)
- --------------------------------------------------------------
<S> <C> <C> <C> <C>
NFJ Small Cap
Value Fund (%) 19.88 12.90 13.11 13.15
- --------------------------------------------------------------
Russell 2000
Index (%) 18.33 16.02 14.35 n/a
- --------------------------------------------------------------
</TABLE>
5
<PAGE>
INVESTMENT PERFORMANCE (Cont.)
-------------------------------------------------------------
Cadence Capital Appreciation Fund Through October 31, 1995
-------------------------------------------------------------
[LINE GRAPH APPEARS HERE]
<TABLE>
<CAPTION>
Cadence S&P
Capital 500
Appreciation Index
<S> <C> <C>
4/01/91 $200,000 $200,000
10/31/91 $217,393 $213,127
10/31/92 $240,759 $234,351
10/31/93 $301,676 $269,268
10/31/94 $302,124 $279,820
10/31/95 $388,139 $353,730
</TABLE>
-------------------------------------------------------------
The line graph above assumes the investment of $200,000 on
4/1/91, the first full month following the Fund's
Institutional Class inception on 3/8/91, compared with the
S&P 500 Index, an unmanaged market index.
<TABLE>
<CAPTION>
Annualized Returns Ended 10/31/95
- -------------------------------------------------------------
Since
Inception
1 Yr. 3 Yrs. 4 Yrs. (3/8/91)
- -------------------------------------------------------------
<S> <C> <C> <C> <C>
Cadence Capital
Appreciation 28.47 17.26 15.59 15.88
Fund (%)
- -------------------------------------------------------------
S&P 500
Index (%) 26.41 14.72 13.50 n/a
- -------------------------------------------------------------
</TABLE>
-------------------------------------------------------------
Cadence Mid Cap Growth Fund Through October 31, 1995
-------------------------------------------------------------
[LINE GRAPH APPEARS HERE]
<TABLE>
<CAPTION>
Cadence S&P
MidCap MidCap
Growth Index
<S> <C> <C>
9/01/91 $200,000 $200,000
10/31/91 $206,372 $207,154
10/31/92 $228,890 $229,546
10/31/93 $285,123 $279,003
10/31/94 $286,774 $285,646
10/31/95 $374,345 $346,262
</TABLE>
-------------------------------------------------------------
The line graph above assumes the investment of $200,000 on
9/1/91, the first full month following the Fund's
Institutional Class inception on 8/26/91, compared with the
S&P MidCap Index, an unmanaged market index.
<TABLE>
<CAPTION>
Annualized Returns Ended 10/31/95
- --------------------------------------------------------------
Since
Inception
1 Yr. 3 Yrs. 4 Yrs. (8/26/91)
- --------------------------------------------------------------
<S> <C> <C> <C> <C>
Cadence Mid Cap
Growth Fund (%) 30.54 17.82 16.05 16.11
- --------------------------------------------------------------
S&P MidCap
Index (%) 21.21 14.68 13.70 n/a
- --------------------------------------------------------------
<CAPTION>
Cumulative Returns Ended 10/31/95
- --------------------------------------------------------------
Since
Inception
1 Yr. 3 Yrs. 4 Yrs. (11/30/94)
- --------------------------------------------------------------
<S> <C> <C> <C> <C>
Cadence Mid Cap
Growth Fund n/a n/a n/a 36.64
Admin. Class (%)
- --------------------------------------------------------------
S&P MidCap
Index (%) n/a n/a n/a n/a
- --------------------------------------------------------------
</TABLE>
-------------------------------------------------------------
Cadence Micro Cap Growth Fund Through October 31, 1995
-------------------------------------------------------------
[LINE GRAPH APPEARS HERE]
<TABLE>
<CAPTION>
Cadence Russell
Micro Cap 2000
Growth Index
<S> <C> <C>
7/01/93 $200,000 $200,000
10/31/93 $221,879 $223,095
10/31/94 $238,086 $222,412
10/31/95 $308,401 $263,171
</TABLE>
-------------------------------------------------------------
The line graph above assumes the investment of $200,000 on
7/1/93, the first full month following the Fund's
Institutional Class inception on 6/25/93, compared with the
Russell 2000 Index, an unmanaged market index.
<TABLE>
<CAPTION>
Annualized Returns Ended 10/31/95
- -------------------------------------------------------------
Since
Inception
1 Yr. 2 Yrs. 3 Yrs. (6/25/93)
- -------------------------------------------------------------
<S> <C> <C> <C> <C>
Cadence Micro Cap
Growth Fund (%) 29.54 17.90 n/a 20.17
- -------------------------------------------------------------
Russell 2000
Index (%) 18.33 8.61 n/a n/a
- -------------------------------------------------------------
</TABLE>
6
<PAGE>
-------------------------------------------------------------
Cadence Small Cap Growth Fund Through October 31, 1995
-------------------------------------------------------------
[LINE GRAPH APPEARS HERE]
<TABLE>
<CAPTION>
Cadence Russell
Small Cap 2000
Growth Index
<S> <C> <C>
2/01/91 $200,000 $200,000
10/31/91 $263,145 $260,144
10/31/92 $289,983 $284,820
10/31/93 $402,485 $377,080
10/31/94 $421,081 $375,925
10/31/95 $494,314 $444,817
</TABLE>
-------------------------------------------------------------
The line graph above assumes the investment of $200,000 on
2/1/91, the first full month following the Fund's
Institutional Class inception on 1/7/91, compared with the
Russell 2000 Index, an unmanaged market index.
<TABLE>
<CAPTION>
Annualized Returns Ended 10/31/95
- -------------------------------------------------------------
Since
Inception
1 Yr. 3 Yrs. 4 Yrs. (1/7/91)
- -------------------------------------------------------------
<S> <C> <C> <C> <C>
Cadence Small Cap
Growth Fund (%) 17.39 19.46 17.07 24.11
- -------------------------------------------------------------
Russell 2000
Index (%) 18.33 16.02 14.35 n/a
- -------------------------------------------------------------
<CAPTION>
Cumulative Returns Ended 10/31/95
- -------------------------------------------------------------
Since
Inception
1 Yr. 3 Yrs. 4 Yrs. (9/27/95)
- -------------------------------------------------------------
<S> <C> <C> <C> <C>
Cadence Small
Cap Growth Fund n/a n/a n/a (5.34)
Admin. Class (%)
- -------------------------------------------------------------
Russell 2000
Index (%) n/a n/a n/a n/a
- -------------------------------------------------------------
</TABLE>
-------------------------------------------------------------
Columbus Circle Investors Core Equity Fund
Through October 31, 1995
-------------------------------------------------------------
[LINE GRAPH APPEARS HERE]
<TABLE>
<CAPTION>
CCI
Core S&P 500
Equity Index
<S> <C> <C>
1/01/95 $200,000 $200,000
10/31/95 $255,530 $258,657
</TABLE>
-------------------------------------------------------------
The line graph above assumes the investment of $200,000 on
1/1/95, the first full month following the Fund's
Institutional Class inception on 12/28/94, compared with the
S&P 500 Index, an unmanaged market index.
<TABLE>
<CAPTION>
Cumulative Returns Ended 10/31/95
- --------------------------------------------------------------
Since
Inception
1 Yr. 2 Yrs. 3 Yrs. (12/28/94)
- --------------------------------------------------------------
<S> <C> <C> <C> <C>
Columbus Circle
Investors Core n/a n/a n/a 27.86
Equity Fund (%)
- --------------------------------------------------------------
S&P 500
Index (%) n/a n/a n/a n/a
- --------------------------------------------------------------
<CAPTION>
Cumulative Returns Ended 10/31/95
- --------------------------------------------------------------
Since
Inception
1 Yr. 2 Yrs. 3 Yrs. (5/31/95)
- --------------------------------------------------------------
<S> <C> <C> <C> <C>
Columbus Circle
Investors Core
Equity Fund n/a n/a n/a 11.34
Admin. Class (%)
- --------------------------------------------------------------
S&P 500
Index (%) n/a n/a n/a n/a
- --------------------------------------------------------------
</TABLE>
-------------------------------------------------------------
Columbus Circle Investors Mid Cap Equity Fund
Through October 31, 1995
-------------------------------------------------------------
[LINE GRAPH APPEARS HERE]
<TABLE>
<CAPTION>
CCI S&P
Mid Cap Mid Cap
Equity Index
<S> <C> <C>
1/01/95 $200,000 $200,000
10/31/95 $258,597 $251,577
</TABLE>
-------------------------------------------------------------
The line graph above assumes the investment of $200,000 on
1/1/95, the first full month following the Fund's
Institutional Class inception on 12/28/94, compared with the
S&P MidCap Index, an unmanaged market index.
<TABLE>
<CAPTION>
Cumulative Returns Ended 10/31/95
- --------------------------------------------------------------
Since
Inception
1 Yr. 2 Yrs. 3 Yrs. (12/28/94)
- --------------------------------------------------------------
<S> <C> <C> <C> <C>
Columbus Circle
Investors Mid Cap n/a n/a n/a 29.34
Equity Fund (%)
- --------------------------------------------------------------
S&P MidCap
Index (%) n/a n/a n/a n/a
- --------------------------------------------------------------
</TABLE>
7
<PAGE>
INVESTMENT PERFORMANCE (Cont.)
-------------------------------------------------------------
Parametric Enhanced Equity Fund Through October 31, 1995
-------------------------------------------------------------
[LINE GRAPH APPEARS HERE]
<TABLE>
<CAPTION>
Parametric S&P
Enhanced 500
Equity Index
<S> <C> <C>
3/01/91 $200,000 $200,000
10/31/91 $218,442 $218,179
10/31/92 $243,478 $239,905
10/31/93 $263,442 $275,650
10/31/94 $268,252 $286,452
10/31/95 $333,870 $362,114
</TABLE>
-------------------------------------------------------------
The line graph above assumes the investment of $200,000 on
3/1/91, the first full month following the Fund's
Institutional Class inception on 2/11/91, compared with the
S&P 500 Index, an unmanaged market index.
<TABLE>
<CAPTION>
Annualized Returns Ended 10/31/95
- -------------------------------------------------------------
Since
Inception
1 Yr. 3 Yrs. 4 Yrs. (2/11/91)
- -------------------------------------------------------------
<S> <C> <C> <C> <C>
Parametric
Enhanced Equity
Fund (%) 24.46 11.10 11.19 11.55
- -------------------------------------------------------------
S&P 500
Index (%) 26.41 14.72 13.50 n/a
- -------------------------------------------------------------
</TABLE>
-------------------------------------------------------------
Blairlogie Emerging Markets Fund Through October 31, 1995
-------------------------------------------------------------
[LINE GRAPH APPEARS HERE]
<TABLE>
<CAPTION>
Blairlogie
Emerging MSCI IFC
Markets Index Index
<S> <C> <C> <C>
6/01/93 $200,000 $200,000 $200,000
10/31/93 $251,097 $258,920 $258,973
10/31/94 $342,254 $334,954 $329,994
10/31/95 $247,465 $269,911 $252,373
</TABLE>
-------------------------------------------------------------
The line graph above assumes the investment of $200,000 on
6/1/93, the Fund's Institutional Class inception date,
compared with the Morgan Stanley Capital International (MSCI)
Emerging Markets Free Index and the International Finance
Corporation Investable (IFCI) Index, both unmanaged market
indexes of emerging markets stocks.
<TABLE>
<CAPTION>
Annualized Returns Ended 10/31/95
- --------------------------------------------------------------
Since
Inception
1 Yr. 2 Yrs. 3 Yrs. (6/1/93)
- --------------------------------------------------------------
<S> <C> <C> <C> <C>
Blairlogie
Emerging Markets (27.70) (0.73) n/a 9.21
Fund (%)
- --------------------------------------------------------------
MSCI Emerging
Markets Free (19.42) 2.10 n/a n/a
Index (%)
- --------------------------------------------------------------
IFCI Composite
Index (%) (23.52) (1.28) n/a n/a
- --------------------------------------------------------------
<CAPTION>
Annualized Returns Ended 10/31/95
- ---------------------------------------------------------------
Since
Inception
1 Yr. 2 Yrs. 3 Yrs. (10/20/94)
- ---------------------------------------------------------------
<S> <C> <C> <C> <C>
Blairlogie Emerging
Markets Fund (27.96) n/a n/a (29.06)
Admin. Class (%)
- ---------------------------------------------------------------
MSCI Emerging
Markets Free (19.42) n/a n/a n/a
Index (%)
- ---------------------------------------------------------------
IFCI Composite
Index (%) (23.52) n/a n/a n/a
- ---------------------------------------------------------------
</TABLE>
8
<PAGE>
-------------------------------------------------------------
Blairlogie International Active Fund Through October 31, 1995
-------------------------------------------------------------
[LINE GRAPH APPEARS HERE]
<TABLE>
<CAPTION>
Blairlogie
International EAFE
Active Index
<S> <C> <C>
7/01/93 $200,000 $200,000
10/31/93 $222,035 $219,768
10/31/94 $247,979 $242,105
10/31/95 $259,487 $241,164
</TABLE>
-------------------------------------------------------------
The line graph above assumes the investment of $200,000 on
7/1/93, the first full month following the Fund's
Institutional Class inception on 6/8/93, compared with the
Morgan Stanley Capital International EAFE Index (Europe,
Australasia, Far East), an unmanaged market index of over
1,000 stocks.
<TABLE>
<CAPTION>
Annualized Returns Ended 10/31/95
- ---------------------------------------------------------------
Since
Inception
1 Yr. 2 Yrs. 3 Yrs. (6/8/93)
- ---------------------------------------------------------------
<S> <C> <C> <C> <C>
Blairlogie
International 3.83 7.69 n/a 9.59
Active Fund (%)
- ---------------------------------------------------------------
EAFE Index (%) (0.40) 4.70 n/a n/a
- ---------------------------------------------------------------
<CAPTION>
Cumulative Returns Ended 10/31/95
- ---------------------------------------------------------------
Since
Inception
1 Yr. 2 Yrs. 3 Yrs. (11/30/94)
- ---------------------------------------------------------------
<S> <C> <C> <C> <C>
Blairlogie
International
Active Fund n/a n/a n/a 9.61
Admin. Class (%)
- ---------------------------------------------------------------
EAFE Index (%) n/a n/a n/a n/a
- ---------------------------------------------------------------
</TABLE>
-------------------------------------------------------------
Balanced Fund Through October 31, 1995
-------------------------------------------------------------
[LINE GRAPH APPEARS HERE]
<TABLE>
<CAPTION>
Lehman Bros S&P
Aggregate Bond 500
Balanced Index Index
<S> <C> <C> <C>
7/01/92 $200,000 $200,000 $200,000
10/31/92 $211,214 $205,820 $206,964
10/31/93 $232,468 $230,251 $237,800
10/31/94 $232,651 $221,789 $247,120
10/31/95 $277,946 $252,030 $312,392
</TABLE>
-------------------------------------------------------------
The line graph above assumes the investment of $200,000 on
7/1/92, the first full month following the Fund's
Institutional Class inception on 6/25/92, compared with the
Lehman Brothers Aggregate Bond Index and the S&P 500 Index,
unmanaged bond and stock market indexes.
<TABLE>
<CAPTION>
Annualized Returns Ended 10/31/95
- -------------------------------------------------------------
Since
Inception
1 Yr. 2 Yrs 3 Yrs. (6/25/92)
- -------------------------------------------------------------
<S> <C> <C> <C> <C>
Balanced
Fund (%) 19.47 9.35 9.58 10.57
- -------------------------------------------------------------
S&P 500
Index (%) 26.41 14.62 14.72 n/a
- -------------------------------------------------------------
Lehman Bros.
Aggregate Bond 15.65 5.55 7.61 n/a
Index (%)
- -------------------------------------------------------------
</TABLE>
9
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES
October 31, 1995
<TABLE>
<CAPTION>
------------ ----------- ----------- ------------ ------------- ------------
Amounts in thousands, except per share amounts PIMCO Cadence
Managed NFJ Capital
Money Market Bond and NFJ Equity Diversified NFJ Small Cap Appreciation
Fund Income Fund Income Fund Low P/E Fund Value Fund Fund
------------ ----------- ----------- ------------ ------------- ------------
<S> <C> <C> <C> <C> <C> <C>
Assets:
Investments, at value $ 7,664 $ 440,848 $ 113,865 $ 14,437 $ 35,037 $ 234,120
- ---------------------------------------------- ----------- ---------- ---------- ----------- ------------ -----------
Foreign currency investments, at value 0 0 0 0 0 0
- ---------------------------------------------- ----------- ---------- ---------- ----------- ------------ -----------
Cash 0 3 98 0 6 3,335
- ---------------------------------------------- ----------- ---------- ---------- ----------- ------------ -----------
Receivable for investments and
foreign currency sold 0 626 737 80 49 1,758
- ---------------------------------------------- ----------- ---------- ---------- ----------- ------------ -----------
Receivable for Fund shares sold 57 0 5,565 3 7 139
- ---------------------------------------------- ----------- ---------- ---------- ----------- ------------ -----------
Variation margin receivable 0 327 0 0 0 0
- ---------------------------------------------- ----------- ---------- ---------- ----------- ------------ -----------
Interest and dividends receivable 42 4,249 318 22 62 114
- ---------------------------------------------- ----------- ---------- ---------- ----------- ------------ -----------
7,763 446,053 120,583 14,542 35,161 239,466
============================================== =========== ========== ========== =========== ============ ===========
Liabilities:
Payable for investments and
foreign currency purchased 0 3 2,178 90 32 3,017
- ---------------------------------------------- ----------- ---------- ---------- ----------- ------------ -----------
Written options outstanding 0 16 0 0 0 0
- ---------------------------------------------- ----------- ---------- ---------- ----------- ------------ -----------
Payable for Fund shares redeemed 9 474 3 0 6 3
- ---------------------------------------------- ----------- ---------- ---------- ----------- ------------ -----------
Dividends payable 0 106 176 0 3 78
- ---------------------------------------------- ----------- ---------- ---------- ----------- ------------ -----------
Accrued investment adviser's fee 1 89 43 5 18 90
- ---------------------------------------------- ----------- ---------- ---------- ----------- ------------ -----------
Accrued administrator's fee 2 89 24 3 8 50
- ---------------------------------------------- ----------- ---------- ---------- ----------- ------------ -----------
Accrued distribution fee 0 1 0 0 0 0
- ---------------------------------------------- ----------- ---------- ---------- ----------- ------------ -----------
Accrued trustees' fee 0 15 4 1 1 8
- ---------------------------------------------- ----------- ---------- ---------- ----------- ------------ -----------
Accrued reorganization expense 0 6 0 0 0 0
- ---------------------------------------------- ----------- ---------- ---------- ----------- ------------ -----------
Other liabilities 0 0 0 0 0 0
- ---------------------------------------------- ----------- ---------- ---------- ----------- ------------ -----------
12 799 2,428 99 68 3,246
============================================== =========== ========== ========== =========== ============ ===========
Net Assets $ 7,751 $ 445,254 $ 118,155 $ 14,443 $ 35,093 $ 236,220
============================================== =========== ========== ========== =========== ============ ===========
Net Assets Consist of:
Paid in capital $ 7,751 $ 433,992 $ 102,778 $ 10,335 $ 30,422 $ 176,220
- ---------------------------------------------- ----------- ---------- ---------- ----------- ------------ -----------
Undistributed (overdistributed)
net investment income 0 (5) 0 0 1 0
- ---------------------------------------------- ----------- ---------- ---------- ----------- ------------ -----------
Accumulated undistributed
net realized gain (loss) 0 1,664 4,607 2,030 2,205 15,487
- ---------------------------------------------- ----------- ---------- ---------- ----------- ------------ -----------
Net unrealized appreciation (depreciation) 0 9,603 10,770 2,078 2,465 44,513
- ---------------------------------------------- ----------- ---------- ---------- ----------- ------------ -----------
$ 7,751 $ 445,254 $ 118,155 $ 14,443 $ 35,093 $ 236,220
============================================== =========== ========== ========== =========== ============ ===========
Shares Issued and Outstanding
Institutional class 7,741 43,309 9,013 1,153 2,679 13,946
- ---------------------------------------------- ----------- ---------- ---------- ----------- ------------ -----------
Administrative class 10 309 11 0 0 0
- ---------------------------------------------- ----------- ---------- ---------- ----------- ------------ -----------
Net Asset Value, Offering and Redemption Price
Per Share (Net Assets Per Share Outstanding)
Institutional class $ 1.00 $ 10.21 $ 13.09 $ 12.53 $ 13.10 $ 16.94
- ---------------------------------------------- ----------- ---------- ---------- ----------- ------------ -----------
Administrative class 1.00 10.22 13.13 - - -
- ---------------------------------------------- ----------- ---------- ---------- ----------- ------------ -----------
Cost of Investments Owned 7,664 435,924 103,095 12,359 32,572 189,607
- ---------------------------------------------- ----------- ---------- ---------- ----------- ------------ -----------
Cost of Foreign Currency Held 0 0 0 0 0 0
============================================== =========== ========== ========== =========== ============ ===========
</TABLE>
See Notes to Financial Statements
10
<PAGE>
<TABLE>
<CAPTION>
- ------------ --------------- ------------- ----------------- ------------------ ------------- ------------- -------------- ---------
Columbus Columbus
Cadence Mid Cadence Micro Cadence Small Circle Investors Circle Investors Parametric Blairlogie Blairlogie
Cap Growth Cap Growth Cap Growth Core Equity Mid Cap Equity Enhanced Emerging International Balanced
Fund Fund Fund Fund Fund Equity Fund Markets Fund Active Fund Fund
- ------------ --------------- ------------- ----------------- ------------------ ------------- ------------- -------------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$ 189,595 $ 70,392 $ 76,655 $ 31,761 $ 8,298 $ 73,955 $ 71,334 $ 58,609 $ 78,180
- ------------ ------------ ------------ ------------ ------------ ------------ ------------ --------- ---------
0 0 0 0 0 0 250 5,094 0
- ------------ ------------ ------------ ------------ ------------ ------------ ------------ --------- ---------
194 90 0 539 99 11 1,708 1,080 8
- ------------ ------------ ------------ ------------ ------------ ------------ ------------ --------- ---------
3,274 66 658 305 185 0 2,477 830 1,670
- ------------ ------------ ------------ ------------ ------------ ------------ ------------ --------- ---------
104 36 0 136 0 0 96 25 1
- ------------ ------------ ------------ ------------ ------------ ------------ ------------ --------- ---------
0 0 0 0 0 0 0 6 22
- ------------ ------------ ------------ ------------ ------------ ------------ ------------ --------- ---------
69 31 13 18 1 84 211 163 370
- ------------ ------------ ------------ ------------ ------------ ------------ ------------ --------- ---------
193,236 70,615 77,326 32,759 8,583 74,050 76,076 65,807 80,251
============ ============ ============ ============ ============ ============ ============ ========= =========
2,888 647 485 278 211 0 1,473 1,267 7,560
- ------------ ------------ ------------ ------------ ------------ ------------ ------------ --------- ---------
0 0 0 1 0 0 0 0 0
- ------------ ------------ ------------ ------------ ------------ ------------ ------------ --------- ---------
2 104 2,159 3 3 4 27 4 0
- ------------ ------------ ------------ ------------ ------------ ------------ ------------ --------- ---------
16 0 0 13 7 0 115 191 0
- ------------ ------------ ------------ ------------ ------------ ------------ ------------ --------- ---------
72 73 65 15 4 29 56 33 32
- ------------ ------------ ------------ ------------ ------------ ------------ ------------ --------- ---------
40 14 16 7 1 16 33 28 18
- ------------ ------------ ------------ ------------ ------------ ------------ ------------ --------- ---------
0 0 0 5 0 0 0 0 0
- ------------ ------------ ------------ ------------ ------------ ------------ ------------ --------- ---------
6 2 2 1 0 2 3 2 3
- ------------ ------------ ------------ ------------ ------------ ------------ ------------ --------- ---------
0 0 0 0 0 0 0 0 0
- ------------ ------------ ------------ ------------ ------------ ------------ ------------ --------- ---------
0 0 78 0 0 0 0 0 0
- ------------ ------------ ------------ ------------ ------------ ------------ ------------ --------- ---------
3,024 840 2,805 323 226 51 1,707 1,525 7,613
============ ============ ============ ============ ============ ============ ============ ========= =========
$ 190,212 $ 69,775 $ 74,521 $ 32,436 $ 8,357 $ 73,999 $ 74,369 $ 64,282 $ 72,638
============ ============ ============ ============ ============ ============ ============ ========= =========
$ 141,596 $ 54,024 $ 52,510 $ 29,240 $ 7,061 $ 57,256 $ 90,442 $ 59,735 $ 59,329
- ------------ ------------ ------------ ------------ ------------ ------------ ------------ --------- ---------
0 0 0 0 0 0 10 (13) 0
- ------------ ------------ ------------ ------------ ------------ ------------ ------------ --------- ---------
4,256 1,526 5,693 756 243 2,169 (15,113) 3,510 5,787
- ------------ ------------ ------------ ------------ ------------ ------------ ------------ --------- ---------
44,360 14,225 16,318 2,440 1,053 14,574 (970) 1,050 7,522
- ------------ ------------ ------------ ------------ ------------ ------------ ------------ --------- ---------
$ 190,212 $ 69,775 $ 74,521 $ 32,436 $ 8,357 $ 73,999 $ 74,369 $ 64,282 $ 72,638
============ ============ ============ ============ ============ ============ ============ ========= =========
10,423 4,536 3,519 613 647 5,126 6,525 5,418 6,109
- ------------ ------------ ------------ ------------ ------------ ------------ ------------ --------- ---------
49 0 26 1,937 0 0 74 58 0
- ------------ ------------ ------------ ------------ ------------ ------------ ------------ --------- ---------
$ 18.16 $ 15.38 $ 21.02 $ 12.72 $ 12.92 $ 14.44 $ 11.27 $ 11.74 $ 11.89
- ------------ ------------ ------------ ------------ ------------ ------------ ------------ --------- ---------
18.17 - 21.01 12.73 -- -- 11.24 11.73 -
- ------------ ------------ ------------ ------------ ------------ ------------ ------------ --------- ---------
145,235 56,167 60,337 29,322 7,245 59,381 72,304 57,455 70,943
============ ============ ============ ============ ============ ============ ============ ========= =========
0 0 0 0 0 0 250 5,116 0
============ ============ ============ ============ ============ ============ ============ ========= =========
</TABLE>
11
<PAGE>
STATEMENTS OF OPERATIONS
For the year or period ended October 31, 1995
<TABLE>
<CAPTION>
------------ ----------- ----------- ------------ ------------- ------------
$ in thousands PIMCO Cadence
Managed NFJ Capital
Money Market Bond and NFJ Equity Diversified NFJ Small Cap Appreciation
Fund Income Fund Income Fund Low P/E Fund Value Fund Fund
------------ ----------- ----------- ------------ ------------- ------------
<S> <C> <C> <C> <C> <C> <C>
Investment Income:
Dividends, net of foreign taxes $ 0 $ 0 $ 4,162 $ 405 $ 964 $ 2,967
- ---------------------------------------------- ----------- ---------- ---------- ----------- ------------ -----------
Interest 576 28,155 335 28 88 794
- ---------------------------------------------- ----------- ---------- ---------- ----------- ------------ -----------
Total income 576 28,155 4,497 433 1,052 3,761
============================================== =========== ========== ========== =========== ============ ===========
Expenses:
Investment advisory fees 14 1,009 446 61 203 881
- ---------------------------------------------- ----------- ---------- ---------- ----------- ------------ -----------
Administration fees 24 1,009 247 34 85 490
- ---------------------------------------------- ----------- ---------- ---------- ----------- ------------ -----------
Distribution fees - Administrative Class 1 5 0 0 0 0
- ---------------------------------------------- ----------- ---------- ---------- ----------- ------------ -----------
Trustees' fees 1 15 4 1 1 7
- ---------------------------------------------- ----------- ---------- ---------- ----------- ------------ -----------
Miscellaneous 0 6 0 0 0 0
- ---------------------------------------------- ----------- ---------- ---------- ----------- ------------ -----------
Total expenses 40 2,044 697 96 289 1,378
- ---------------------------------------------- ----------- ---------- ---------- ----------- ------------ -----------
Net Investment Income (Loss) 536 26,111 3,800 337 763 2,383
============================================== =========== ========== ========== =========== ============ ===========
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on investments 0 (2,228) 4,643 2,035 2,349 16,227
- ---------------------------------------------- ----------- ---------- ---------- ----------- ------------ -----------
Net realized gain on futures
contracts and written options 0 16,773 0 0 0 0
- ---------------------------------------------- ----------- ---------- ---------- ----------- ------------ -----------
Net realized gain on foreign
currency transactions 0 0 0 0 0 0
- ---------------------------------------------- ----------- ---------- ---------- ----------- ------------ -----------
Net change in unrealized appreciation
(depreciation) on investments 0 11,126 9,476 484 3,100 31,810
- ---------------------------------------------- ----------- ---------- ---------- ----------- ------------ -----------
Net change in unrealized appreciation
(depreciation) on futures contracts and
written options 0 8,255 0 0 0 0
- ---------------------------------------------- ----------- ---------- ---------- ----------- ------------ -----------
Net change in unrealized depreciation
on translation of assets and liabilities
denominated in foreign currencies 0 0 0 0 0 0
- ---------------------------------------------- ----------- ---------- ---------- ----------- ------------ -----------
Net Gain (Loss) 0 33,926 14,119 2,519 5,449 48,037
- ---------------------------------------------- ----------- ---------- ---------- ----------- ------------ -----------
Net Increase (Decrease) in Assets Resulting
from Operations $ 536 $ 60,037 $ 17,919 $ 2,856 $ 6,212 $ 50,420
============================================== =========== ========== ========== =========== ============ ===========
</TABLE>
(a) From commencement of operations on December 28, 1994.
See Notes to Financial Statements
12
<PAGE>
<TABLE>
<CAPTION>
- ------------ --------------- ------------- ----------------- ------------------ ------------- ------------- -------------- ---------
Columbus Columbus
Cadence Mid Cadence Micro Cadence Small Circle Investors Circle Investors Parametric Blairlogie Blairlogie
Cap Growth Cap Growth Cap Growth Core Equity Mid Cap Equity Enhanced Emerging International Balanced
Fund Fund Fund Fund (a) Fund (a) Equity Fund Markets Fund Active Fund Fund
- ------------ --------------- ------------- ----------------- ------------------ ------------- ------------- -------------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$ 1,139 $ 308 $ 339 $ 121 $ 19 $ 1,817 $ 1,342 $ 858 $ 1,365
- ------------ ------------ ------------ ------------ ------------ ------------ ------------ --------- ---------
494 243 246 71 28 39 103 177 2,736
- ------------ ------------ ------------ ------------ ------------ ------------ ------------ --------- ---------
1,633 551 585 192 47 1,856 1,445 1,035 4,101
============ ============ ============ ============ ============ ============ ============ ========= =========
650 609 595 74 26 319 638 282 417
- ------------ ------------ ------------ ------------ ------------ ------------ ------------ --------- ---------
361 122 149 33 11 177 375 235 232
- ------------ ------------ ------------ ------------ ------------ ------------ ------------ --------- ---------
1 0 0 22 0 0 1 2 0
- ------------ ------------ ------------ ------------ ------------ ------------ ------------ --------- ---------
6 2 2 1 0 3 3 1 3
- ------------ ------------ ------------ ------------ ------------ ------------ ------------ --------- ---------
0 0 0 0 0 0 0 0 0
- ------------ ------------ ------------ ------------ ------------ ------------ ------------ --------- ---------
1,018 733 746 130 37 499 1,017 520 652
- ------------ ------------ ------------ ------------ ------------ ------------ ------------ --------- ---------
615 (182) (161) 62 10 1,357 428 515 3,449
============ ============ ============ ============ ============ ============ ============ ========= =========
6,630 2,911 5,706 740 238 2,417 (15,214) 1,012 6,372
- ------------ ------------ ------------ ------------ ------------ ------------ ------------ --------- ---------
0 0 0 16 5 0 0 174 779
- ------------ ------------ ------------ ------------ ------------ ------------ ------------ --------- ---------
0 0 0 0 0 0 104 2,320 0
- ------------ ------------ ------------ ------------ ------------ ------------ ------------ --------- ---------
31,560 10,798 4,873 2,439 1,053 12,008 (8,263) 63 3,440
- ------------ ------------ ------------ ------------ ------------ ------------ ------------ --------- ---------
0 0 0 1 0 0 0 (61) 958
- ------------ ------------ ------------ ------------ ------------ ------------ ------------ --------- ---------
0 0 0 0 0 0 (2) (73) 0
- ------------ ------------ ------------ ------------ ------------ ------------ ------------ --------- ---------
38,190 13,709 10,579 3,196 1,296 14,425 (23,375) 3,435 11,549
- ------------ ------------ ------------ ------------ ------------ ------------ ------------ --------- ---------
$ 38,805 $ 13,527 $ 10,418 $ 3,258 $ 1,306 $ 15,782 $ (22,947) $ 3,950 $ 14,998
============ ============ ============ ============ ============ ============ ============ ========= =========
</TABLE>
13
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
-------------------------------------- --------------------------------------
$ in thousands Money Market Fund PIMCO Managed Bond and Income Fund
-------------------------------------- --------------------------------------
Increase (Decrease) in Net Assets from:
Year Ended Year Ended
October 31, 1995 October 31, 1994 October 31, 1995 October 31, 1994
<S> <C> <C> <C> <C>
Operations
Net investment income $ 536 $ 232 $ 26,111 $ 18,938
- ------------------------------------------------- -------------------------------------- --------------------------------------
Net realized gain (loss) 0 0 14,545 (13,171)
- ------------------------------------------------- -------------------------------------- --------------------------------------
Net change in unrealized appreciation
(depreciation) on investments 0 0 11,126 (15,278)
- ------------------------------------------------- -------------------------------------- --------------------------------------
Net change in unrealized appreciation
(depreciation) on futures contracts and
written options 0 0 8,255 (3,286)
- ------------------------------------------------- -------------------------------------- --------------------------------------
Net increase (decrease) resulting from operations 536 232 60,037 (12,797)
================================================= ====================================== ======================================
Net equalization credits (debits) 0 0 0 0
================================================= ====================================== ======================================
Distributions to Shareholders
From net investment income
Institutional class (517) (232) (25,586) (18,938)
- ------------------------------------------------- -------------------------------------- --------------------------------------
Administrative class (19) 0 (106) 0
- ------------------------------------------------- -------------------------------------- --------------------------------------
From net realized capital gains
Institutional class 0 0 (422) (1,934)
- ------------------------------------------------- -------------------------------------- --------------------------------------
Administrative class 0 0 (2) 0
- ------------------------------------------------- -------------------------------------- --------------------------------------
Tax basis return of capital
Institutional class 0 0 0 (2,228)
- ------------------------------------------------- -------------------------------------- --------------------------------------
Administrative class 0 0 0 0
- ------------------------------------------------- -------------------------------------- --------------------------------------
Total distributions (536) (232) (26,116) (23,100)
================================================= ====================================== ======================================
Fund Share Transactions
Receipts for shares sold
Institutional class 22,820 20,109 100,602 45,109
- ------------------------------------------------- -------------------------------------- --------------------------------------
Administrative class 1,799 0 2,972 0
- ------------------------------------------------- -------------------------------------- --------------------------------------
Issued as reinvestment of distributions
Institutional class 493 226 24,511 22,389
- ------------------------------------------------- -------------------------------------- --------------------------------------
Administrative class 19 0 108 0
- ------------------------------------------------- -------------------------------------- --------------------------------------
Cost of shares redeemed
Institutional class (23,025) (18,717) (74,687) (44,961)
- ------------------------------------------------- -------------------------------------- --------------------------------------
Administrative class (1,809) 0 (73) 0
- ------------------------------------------------- -------------------------------------- --------------------------------------
Net increase (decrease) resulting from
Fund share transactions 297 1,618 53,433 22,537
- ------------------------------------------------- -------------------------------------- --------------------------------------
Total Increase (Decrease) in Net Assets 297 1,618 87,354 (13,360)
================================================= ====================================== ======================================
Net Assets
Beginning of period 7,454 5,836 357,900 371,260
- ------------------------------------------------- -------------------------------------- --------------------------------------
End of period * $ 7,751 $ 7,454 $ 445,254 $ 357,900
- ------------------------------------------------- -------------------------------------- --------------------------------------
*Including net undistributed
(overdistributed) investment income of: $ 0 $ 0 $ (5) $ 0
- ------------------------------------------------- -------------------------------------- --------------------------------------
</TABLE>
See Notes to Financial Statements
14
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------- -------------------------------------- --------------------------------------
NFJ Equity Income Fund NFJ Diversified Low P/E Fund NFJ Small Cap Value Fund
- -------------------------------------- -------------------------------------- --------------------------------------
Year Ended Year Ended Year Ended
October 31, 1995 October 31, 1994 October 31, 1995 October 31, 1994 October 31, 1995 October 31, 1994
<S> <C> <C> <C> <C> <C>
$ 3,800 $ 3,091 $ 337 $ 443 $ 763 $ 796
- -------------------------------------- -------------------------------------- --------------------------------------
4,643 2,553 2,035 1,370 2,349 2,329
- -------------------------------------- -------------------------------------- --------------------------------------
9,476 (3,086) 484 (1,865) 3,100 (4,045)
- -------------------------------------- -------------------------------------- --------------------------------------
0 0 0 0 0 0
- -------------------------------------- -------------------------------------- --------------------------------------
17,919 2,558 2,856 (52) 6,212 (920)
====================================== ====================================== ======================================
62 210 (4) (20) (10) (60)
====================================== ====================================== ======================================
(3,822) (3,065) (342) (438) (761) (796)
- -------------------------------------- -------------------------------------- --------------------------------------
(4) 0 0 0 0 0
- -------------------------------------- -------------------------------------- --------------------------------------
(2,558) (285) (1,375) (166) (2,473) (271)
- -------------------------------------- -------------------------------------- --------------------------------------
(4) 0 0 0 0 0
- -------------------------------------- -------------------------------------- --------------------------------------
0 0 0 0 0 0
- -------------------------------------- -------------------------------------- --------------------------------------
0 0 0 0 0 0
- -------------------------------------- -------------------------------------- --------------------------------------
(6,388) (3,350) (1,717) (604) (3,234) (1,067)
====================================== ====================================== ======================================
25,992 40,831 115 1,361 4,351 11,609
- -------------------------------------- -------------------------------------- --------------------------------------
120 0 0 0 0 0
- -------------------------------------- -------------------------------------- --------------------------------------
5,859 3,042 1,715 601 3,218 1,036
- -------------------------------------- -------------------------------------- --------------------------------------
8 0 0 0 0 0
- -------------------------------------- -------------------------------------- --------------------------------------
(17,770) (18,780) (3,964) (8,774) (6,680) (25,885)
- -------------------------------------- -------------------------------------- --------------------------------------
(12) 0 0 0 0 0
- -------------------------------------- -------------------------------------- --------------------------------------
14,197 25,093 (2,134) (6,812) 889 (13,240)
- -------------------------------------- -------------------------------------- --------------------------------------
25,790 24,511 (999) (7,488) 3,857 (15,287)
====================================== ====================================== ======================================
92,365 67,854 15,442 22,930 31,236 46,523
- -------------------------------------- -------------------------------------- --------------------------------------
$ 118,155 $ 92,365 $ 14,443 $ 15,442 $ 35,093 $ 31,236
- -------------------------------------- -------------------------------------- --------------------------------------
$ 0 $ 26 $ 0 $ 5 $ 1 $ 0
- -------------------------------------- -------------------------------------- --------------------------------------
</TABLE>
15
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
-------------------------------------- --------------------------------------
$ in thousands Cadence Capital Appreciation Fund Cadence Mid Cap Growth Fund
-------------------------------------- --------------------------------------
Increase in Net Assets from:
Year Ended Year Ended
October 31, 1995 October 31, 1994 October 31, 1995 October 31, 1994
<S> <C> <C> <C> <C>
Operations
Net investment income (loss) $ 2,383 $ 1,549 $ 615 $ 450
- ---------------------------------------------- -------------------------------------- --------------------------------------
Net realized gain (loss) 16,227 (730) 6,630 (2,373)
- ---------------------------------------------- -------------------------------------- --------------------------------------
Net change in unrealized appreciation
(depreciation) on investments 31,810 772 31,560 2,911
- ---------------------------------------------- -------------------------------------- --------------------------------------
Net change in unrealized appreciation
on futures contracts and written options 0 0 0 0
- ---------------------------------------------- -------------------------------------- --------------------------------------
Net increase resulting from operations 50,420 1,591 38,805 988
============================================== ====================================== ======================================
Net equalization credits 65 253 46 60
============================================== ====================================== ======================================
Distributions to Shareholders
From net investment income
Institutional class (2,383) (1,552) (615) (450)
- ---------------------------------------------- -------------------------------------- --------------------------------------
Administrative class 0 0 0 0
- ---------------------------------------------- -------------------------------------- --------------------------------------
From net realized capital gains
Institutional class 0 (394) 0 (72)
- ---------------------------------------------- -------------------------------------- --------------------------------------
Administrative class 0 0 0 0
- ---------------------------------------------- -------------------------------------- --------------------------------------
Tax basis return of capital
Institutional class 0 (5) 0 (4)
- ---------------------------------------------- -------------------------------------- --------------------------------------
Administrative class 0 0 0 0
- ---------------------------------------------- -------------------------------------- --------------------------------------
Total distributions (2,383) (1,951) (615) (526)
============================================== ====================================== ======================================
Fund Share Transactions
Receipts for shares sold
Institutional class 47,862 94,234 56,121 74,414
- ---------------------------------------------- -------------------------------------- --------------------------------------
Administrative class 0 0 1,745 0
- ---------------------------------------------- -------------------------------------- --------------------------------------
Issued as reinvestment of distributions
Institutional class 2,167 1,883 563 503
- ---------------------------------------------- -------------------------------------- --------------------------------------
Administrative class 0 0 0 0
- ---------------------------------------------- -------------------------------------- --------------------------------------
Cost of shares redeemed
Institutional class (27,352) (15,559) (27,331) (21,273)
- ---------------------------------------------- -------------------------------------- --------------------------------------
Administrative class 0 0 (913) 0
- ---------------------------------------------- -------------------------------------- --------------------------------------
Net increase resulting from
Fund share transactions 22,677 80,558 30,185 53,644
- ---------------------------------------------- -------------------------------------- --------------------------------------
Total Increase in Net Assets 70,779 80,451 68,421 54,166
============================================== ====================================== ======================================
Net Assets
Beginning of period 165,441 84,990 121,791 67,625
- ---------------------------------------------- -------------------------------------- --------------------------------------
End of period * $ 236,220 $ 165,441 $ 190,212 $ 121,791
- ---------------------------------------------- -------------------------------------- --------------------------------------
*Including net undistributed
(overdistributed) investment income of: $ 0 $ 0 $ 0 $ 0
- ---------------------------------------------- -------------------------------------- --------------------------------------
</TABLE>
See Notes to Financial Statements
16
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------- -------------------------------------- --------------------------------------
Cadence Micro Cap Growth Fund Cadence Small Cap Growth Fund Columbus Circle Investors
Core Equity Fund
- -------------------------------------- -------------------------------------- --------------------------------------
Period from
Year Ended Year Ended December 28, 1994 to
October 31, 1995 October 31, 1994 October 31, 1995 October 31, 1994 October 31, 1995
<S> <C> <C> <C> <C>
$ (182) $ (50) $ (161) $ (150) $ 62
- -------------------------------------- -------------------------------------- --------------------------------------
2,911 (1,218) 5,706 3,696 756
- -------------------------------------- -------------------------------------- --------------------------------------
10,798 2,444 4,873 (1,467) 2,439
- -------------------------------------- -------------------------------------- --------------------------------------
0 0 0 0 1
- -------------------------------------- -------------------------------------- --------------------------------------
13,527 1,176 10,418 2,079 3,258
====================================== ====================================== ======================================
0 0 0 0 80
====================================== ====================================== ======================================
0 0 0 0 (27)
- -------------------------------------- -------------------------------------- --------------------------------------
0 0 0 0 (35)
- -------------------------------------- -------------------------------------- --------------------------------------
0 0 (3,708) (1,453) 0
- -------------------------------------- -------------------------------------- --------------------------------------
0 0 0 0 0
- -------------------------------------- -------------------------------------- --------------------------------------
0 0 0 0 0
- -------------------------------------- -------------------------------------- --------------------------------------
0 0 0 0 0
- -------------------------------------- -------------------------------------- --------------------------------------
0 0 (3,708) (1,453) (62)
====================================== ====================================== ======================================
26,532 20,799 16,717 8,392 7,025
- -------------------------------------- -------------------------------------- --------------------------------------
0 0 574 0 23,345
- -------------------------------------- -------------------------------------- --------------------------------------
0 0 3,456 1,424 8
- -------------------------------------- -------------------------------------- --------------------------------------
0 0 0 0 35
- -------------------------------------- -------------------------------------- --------------------------------------
(2,889) (197) (3,361) (3,325) (293)
- -------------------------------------- -------------------------------------- --------------------------------------
0 0 0 0 (960)
- -------------------------------------- -------------------------------------- --------------------------------------
23,643 20,602 17,386 6,491 29,160
- -------------------------------------- -------------------------------------- --------------------------------------
37,170 21,778 24,096 7,117 32,436
====================================== ====================================== ======================================
32,605 10,827 50,425 43,308 0
- -------------------------------------- -------------------------------------- --------------------------------------
$ 69,775 $ 32,605 $ 74,521 $ 50,425 $ 32,436
- -------------------------------------- -------------------------------------- --------------------------------------
$ 0 $ 0 $ 0 $ 0 $ 0
- -------------------------------------- -------------------------------------- --------------------------------------
</TABLE>
17
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
------------------------- --------------------------------------
$ in thousands Columbus Circle Investors Parametric Enhanced Equity Fund
Mid Cap Equity Fund
------------------------- --------------------------------------
Period from
Increase (Decrease) in Net Assets from: December 28, 1994 to Year Ended
October 31, 1995 October 31, 1995 October 31, 1994
<S> <C> <C> <C>
Operations
Net investment income (loss) $ 10 $ 1,357 $ 1,308
- ------------------------------------------------- ------------------------- --------------------------------------
Net realized gain (loss) 243 2,417 731
- ------------------------------------------------- ------------------------- --------------------------------------
Net change in unrealized appreciation
(depreciation) on investments 1,053 12,008 (495)
- ------------------------------------------------- ------------------------- --------------------------------------
Net change in unrealized appreciation
(depreciation) on futures contracts and
written options 0 0 0
- ------------------------------------------------- ------------------------- --------------------------------------
Net change in unrealized depreciation on
translation of assets and liabilities
denominated in foreign currencies 0 0 0
- ------------------------------------------------- ------------------------- --------------------------------------
Net increase (decrease) resulting from operations 1,306 15,782 1,544
================================================= ========================= ======================================
Net equalization credits (debits) 13 (27) 90
================================================= ========================= ======================================
Distributions to Shareholders
From net investment income
Institutional class (10) (1,356) (1,308)
- ------------------------------------------------- ------------------------- --------------------------------------
Administrative class 0 0 0
- ------------------------------------------------- ------------------------- --------------------------------------
From net realized capital gains
Institutional class 0 (939) (242)
- ------------------------------------------------- ------------------------- --------------------------------------
Administrative class 0 0 0
- ------------------------------------------------- ------------------------- --------------------------------------
Total distributions (10) (2,295) (1,550)
================================================= ========================= ======================================
Fund Share Transactions
Receipts for shares sold
Institutional class 7,334 11,181 31,773
- ------------------------------------------------- ------------------------- --------------------------------------
Administrative class 0 0 0
- ------------------------------------------------- ------------------------- --------------------------------------
Issued as reinvestment of distributions
Institutional class 3 2,282 1,544
- ------------------------------------------------- ------------------------- --------------------------------------
Administrative class 0 0 0
- ------------------------------------------------- ------------------------- --------------------------------------
Cost of shares redeemed
Institutional class (289) (18,839) (14,210)
- ------------------------------------------------- ------------------------- --------------------------------------
Administrative class 0 0 0
- ------------------------------------------------- ------------------------- --------------------------------------
Net increase (decrease) resulting from
Fund share transactions 7,048 (5,374) 19,107
- ------------------------------------------------- ------------------------- --------------------------------------
Total Increase (Decrease) in Net Assets 8,357 8,084 19,191
================================================= ========================= ======================================
Net Assets
Beginning of period 0 65,915 46,724
- ------------------------------------------------- ------------------------- --------------------------------------
End of period * $ 8,357 $ 73,999 $ 65,915
- ------------------------------------------------- ------------------------- --------------------------------------
*Including net undistributed
(overdistributed) investment income of: $ 0 $ 0 $ 0
- ------------------------------------------------- ------------------------- --------------------------------------
</TABLE>
See Notes to Financial Statements
18
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------- -------------------------------------- --------------------------------------
Blairlogie Emerging Markets Fund Blairlogie International Active Fund Balanced Fund
- -------------------------------------- -------------------------------------- --------------------------------------
Year Ended Year Ended Year Ended
October 31, 1995 October 31, 1994 October 31, 1995 October 31, 1994 October 31, 1995 October 31, 1994
<S> <C> <C> <C> <C> <C>
$ 428 $ (22) $ 515 $ 159 $ 3,449 $ 4,311
- -------------------------------------- -------------------------------------- --------------------------------------
(15,110) 3,745 3,506 695 7,151 (1,199)
- -------------------------------------- -------------------------------------- --------------------------------------
(8,263) 5,133 63 566 3,440 (2,198)
- -------------------------------------- -------------------------------------- --------------------------------------
0 0 (61) 27 958 (800)
- -------------------------------------- -------------------------------------- --------------------------------------
(2) 0 (73) 34 0 0
- -------------------------------------- -------------------------------------- --------------------------------------
(22,947) 8,856 3,950 1,481 14,998 114
====================================== ====================================== ======================================
4 73 142 56 0 0
====================================== ====================================== ======================================
(414) (2) (504) (55) (3,451) (4,310)
- -------------------------------------- -------------------------------------- --------------------------------------
(3) 0 (5) 0 0 0
- -------------------------------------- -------------------------------------- --------------------------------------
(3,784) (244) (844) (35) 0 (1,852)
- -------------------------------------- -------------------------------------- --------------------------------------
0 0 (2) 0 0 0
- -------------------------------------- -------------------------------------- --------------------------------------
(4,201) (246) (1,355) (90) (3,451) (6,162)
====================================== ====================================== ======================================
64,126 74,920 45,600 13,806 20,019 32,514
- -------------------------------------- -------------------------------------- --------------------------------------
1,512 0 947 0 0 0
- -------------------------------------- -------------------------------------- --------------------------------------
3,577 245 1,148 89 3,421 6,162
- -------------------------------------- -------------------------------------- --------------------------------------
4 0 7 0 0 0
- -------------------------------------- -------------------------------------- --------------------------------------
(46,658) (18,853) (8,424) (1,072) (93,043) (28,344)
- -------------------------------------- -------------------------------------- --------------------------------------
(668) 0 (302) 0 0 0
- -------------------------------------- -------------------------------------- --------------------------------------
21,893 56,312 38,976 12,823 (69,603) 10,332
- -------------------------------------- -------------------------------------- --------------------------------------
(5,251) 64,995 41,713 14,270 (58,056) 4,284
====================================== ====================================== ======================================
79,620 14,625 22,569 8,299 130,694 126,410
- -------------------------------------- -------------------------------------- --------------------------------------
$ 74,369 $ 79,620 $ 64,282 $ 22,569 $ 72,638 $ 130,694
- -------------------------------------- -------------------------------------- --------------------------------------
$ 10 $ 0 $ (13) $ (21) $ 0 $ 2
- -------------------------------------- -------------------------------------- --------------------------------------
</TABLE>
19
<PAGE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
------------ ---------- -------------- ------------ ---------- ------------- -------------
Selected Per Share Data for Net Asset Net Realized/ Total Income Dividends Distributions
the Year or Period Ended: Value Net Unrealized from from Net from Net Distributions
Beginning of Investment Gain (Loss) on Investment Investment Realized from
Period Income Investments Operations Income Capital Gains Equalization
------------ ---------- -------------- ------------ ---------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
Money Market Fund
Institutional Class
10/31/95 $ 1.00 $ 0.06 $ 0.00 $ 0.06 $ (0.06) $ 0.00 $ 0.00
- ---------------------------- ------------ ---------- -------------- ------------ ---------- ------------- -------------
10/31/94 1.00 0.03 0.00 0.03 (0.03) 0.00 0.00
- ---------------------------- ------------ ---------- -------------- ------------ ---------- ------------- -------------
10/31/93 1.00 0.03 0.00 0.03 (0.03) 0.00 0.00
- ---------------------------- ------------ ---------- -------------- ------------ ---------- ------------- -------------
10/31/92 1.00 0.04 0.00 0.04 (0.04) 0.00 0.00
- ---------------------------- ------------ ---------- -------------- ------------ ---------- ------------- -------------
03/01/91 - 10/31/91 1.00 0.04 0.00 0.04 (0.04) 0.00 0.00
- ---------------------------- ------------ ---------- -------------- ------------ ---------- ------------- -------------
Administrative Class
01/24/95 - 10/31/95 1.00 0.05 0.00 0.05 (0.05) 0.00 0.00
- ---------------------------- ------------ ---------- -------------- ------------ ---------- ------------- -------------
PIMCO Managed Bond and
Income Fund
Institutional Class
10/31/95 $ 9.39 $ 0.69 $ 0.76 $ 1.45 $ (0.62) $ (0.01) $ 0.00
- ---------------------------- ------------ ---------- -------------- ------------ ---------- ------------- -------------
10/31/94 10.38 0.51 (0.88) (0.37) (0.51) (0.05) 0.00
- ---------------------------- ------------ ---------- -------------- ------------ ---------- ------------- -------------
10/31/93 9.99 0.61 0.74 1.35 (0.61) (0.35) 0.00
- ---------------------------- ------------ ---------- -------------- ------------ ---------- ------------- -------------
12/30/91 - 10/31/92 10.00 0.49 0.23 0.72 (0.49) (0.24) 0.00
- ---------------------------- ------------ ---------- -------------- ------------ ---------- ------------- -------------
Administrative Class
11/30/94 - 10/31/95 9.34 0.56 0.88 1.44 (0.55) (0.01) 0.00
- ---------------------------- ------------ ---------- -------------- ------------ ---------- ------------- -------------
NFJ Equity Income Fund
Institutional Class
10/31/95 $ 11.75 $ 0.46 $ 1.67 $ 2.13 $ (0.46) $ (0.33) $ 0.00
- ---------------------------- ------------ ---------- -------------- ------------ ---------- ------------- -------------
10/31/94 11.95 0.42 (0.16) 0.26 (0.42) (0.04) 0.00
- ---------------------------- ------------ ---------- -------------- ------------ ---------- ------------- -------------
10/31/93 10.92 0.40 1.40 1.80 (0.40) (0.37) 0.00
- ---------------------------- ------------ ---------- -------------- ------------ ---------- ------------- -------------
10/31/92 10.77 0.45 0.93 1.38 (0.43) (0.57) (0.23)
- ---------------------------- ------------ ---------- -------------- ------------ ---------- ------------- -------------
03/08/91 - 10/31/91 10.00 0.24 0.92 1.16 (0.24) (0.15) 0.00
- ---------------------------- ------------ ---------- -------------- ------------ ---------- ------------- -------------
Administrative Class
11/30/94 - 10/31/95 11.12 0.39 2.35 2.74 (0.40) (0.33) 0.00
- ---------------------------- ------------ ---------- -------------- ------------ ---------- ------------- -------------
NFJ Diversified Low P/E Fund
10/31/95 $ 11.55 $ 0.30 $ 2.18 $ 2.48 $ (0.30) $ (1.20) $ 0.00
- ---------------------------- ------------ ---------- -------------- ------------ ---------- ------------- -------------
10/31/94 11.92 0.30 (0.28) 0.02 (0.29) (0.10) 0.00
- ---------------------------- ------------ ---------- -------------- ------------ ---------- ------------- -------------
10/31/93 10.05 0.28 2.36 2.64 (0.28) (0.49) 0.00
- ---------------------------- ------------ ---------- -------------- ------------ ---------- ------------- -------------
12/30/91 - 10/31/92 10.00 0.24 0.23 0.47 (0.24) (0.18) 0.00
- ---------------------------- ------------ ---------- -------------- ------------ ---------- ------------- -------------
NFJ Small Cap Value Fund
Institutional Class
10/31/95 $ 12.07 $ 0.28 $ 1.92 $ 2.20 $ (0.28) $ (0.89) $ 0.00
- ---------------------------- ------------ ---------- -------------- ------------ ---------- ------------- -------------
10/31/94 12.81 0.29 (0.65) (0.36) (0.29) (0.09) 0.00
- ---------------------------- ------------ ---------- -------------- ------------ ---------- ------------- -------------
10/31/93 10.98 0.24 2.33 2.57 (0.24) (0.50) 0.00
- ---------------------------- ------------ ---------- -------------- ------------ ---------- ------------- -------------
10/31/92 10.09 0.22 1.17 1.39 (0.22) (0.24) (0.04)
- ---------------------------- ------------ ---------- -------------- ------------ ---------- ------------- -------------
10/01/91 - 10/31/91 10.00 0.02 0.10 0.12 (0.03) 0.00 0.00
- ---------------------------- ------------ ---------- -------------- ------------ ---------- ------------- -------------
</TABLE>
* Annualized
See Notes to Financial Statements
20
<PAGE>
<TABLE>
<CAPTION>
- --------- ------------- ------------ ------------ ------------- ----------- ----------- --------- ----------
Ratio of Net
Ratio of Investment
Tax Basis Net Asset Net Assets Expenses to Income to Portfolio Average
Return of Total Value End of End of Period Average Net Average Net Turnover Commission
Capital Distributions Period Total Return (000's) Assets Assets Rate Rate
- --------- ------------- ------------ ------------ ------------- ----------- ----------- --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$ 0.00 $ (0.06) $ 1.00 5.67% $ 7,741 0.40% 5.53% N/A N/A
- --------- ------------- ------------ ------------ ------------- ----------- ----------- --------- ----------
0.00 (0.03) 1.00 3.53 7,454 0.40 3.52 N/A
- --------- ------------- ------------ ------------ ------------- ----------- ----------- ---------
0.00 (0.03) 1.00 2.83 5,836 0.40 2.78 N/A
- --------- ------------- ------------ ------------ ------------- ----------- ----------- ---------
0.00 (0.04) 1.00 3.85 7,817 0.40 4.02 N/A
- --------- ------------- ------------ ------------ ------------- ----------- ----------- ---------
0.00 (0.04) 1.00 3.78 45,406 0.53* 5.20 N/A
- --------- ------------- ------------ ------------ ------------- ----------- ----------- ---------
0.00 (0.05) 1.00 4.21 10 0.68* 5.94* N/A N/A
- --------- ------------- ------------ ------------ ------------- ----------- ----------- --------- ----------
$ 0.00 $ (0.63) $ 10.21 15.96% $ 442,091 0.50% 6.47% 41.05% N/A
- --------- ------------- ------------ ------------ ------------- ----------- ----------- --------- ----------
(0.06) (0.62) 9.39 (3.58) 357,900 0.50 5.22 99.46
- --------- ------------- ------------ ------------ ------------- ----------- ----------- ---------
0.00 (0.96) 10.38 13.79 371,260 0.50 5.38 49.71
- --------- ------------- ------------ ------------ ------------- ----------- ----------- ---------
0.00 (0.73) 9.99 7.52 287,113 0.50* 5.83* 133.61
- --------- ------------- ------------ ------------ ------------- ----------- ----------- ---------
0.00 (0.56) 10.22 15.92 3,163 0.76* 6.22* 40.91 N/A
- --------- ------------- ------------ ------------ ------------- ----------- ----------- --------- ----------
$ 0.00 $ (0.79) $ 13.09 19.36% $ 118,015 0.70% 3.83% 46.49% $0.06
- --------- ------------- ------------ ------------ ------------- ----------- ----------- --------- ----------
0.00 (0.46) 11.75 2.25 92,365 0.70 3.77 35.56
- --------- ------------- ------------ ------------ ------------- ----------- ----------- ---------
0.00 (0.77) 11.95 16.65 67,854 0.70 3.55 38.60
- --------- ------------- ------------ ------------ ------------- ----------- ----------- ---------
0.00 (1.23) 10.92 12.89 30,506 0.70 3.83 46.74
- --------- ------------- ------------ ------------ ------------- ----------- ----------- ---------
0.00 (0.39) 10.77 11.81 15,628 0.74* 4.18* 61.51
- --------- ------------- ------------ ------------ ------------- ----------- ----------- ---------
0.00 (0.73) 13.13 25.69 140 0.95* 3.43* 43.27 N/A
- --------- ------------- ------------ ------------ ------------- ----------- ----------- --------- ----------
$ 0.00 $ (1.50) $ 12.53 24.98% $ 14,443 0.70% 2.50% 71.02% $0.06
- --------- ------------- ------------ ------------ ------------- ----------- ----------- --------- ----------
0.00 (0.39) 11.55 0.15 15,442 0.70 2.34 43.70
- --------- ------------- ------------ ------------ ------------- ----------- ----------- ---------
0.00 (0.77) 11.92 26.35 22,930 0.70 2.43 28.19
- --------- ------------- ------------ ------------ ------------- ----------- ----------- ---------
0.00 (0.42) 10.05 4.68 18,083 0.70* 2.57* 72.77
- --------- ------------- ------------ ------------ ------------- ----------- ----------- ---------
$ 0.00 $ (1.17) $ 13.10 19.88% $ 35,093 0.85% 2.25% 49.57% $0.04
- --------- ------------- ------------ ------------ ------------- ----------- ----------- --------- ----------
0.00 (0.38) 12.07 (2.89) 31,236 0.85 2.23 48.12
- --------- ------------- ------------ ------------ ------------- ----------- ----------- ---------
0.00 (0.74) 12.81 23.60 46,523 0.85 2.05 41.80
- --------- ------------- ------------ ------------ ------------- ----------- ----------- ---------
0.00 (0.50) 10.98 13.75 18,261 0.85 2.16 26.77
- --------- ------------- ------------ ------------ ------------- ----------- ----------- ---------
0.00 (0.03) 10.09 1.19 5,060 1.09* 3.06* 0.00
- --------- ------------- ------------ ------------ ------------- ----------- ----------- ---------
</TABLE>
21
<PAGE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
------------ ------------- -------------- ------------ ---------- ------------- -------------
Selected Per Share Data for Net Asset Net Realized/ Total Income Dividends Distributions
the Year or Period Ended: Value Net Unrealized from from Net from Net Distributions
Beginning of Investment Gain (Loss) on Investment Investment Realized from
Period Income (Loss) Investments Operations Income Capital Gains Equalization
------------ ------------- -------------- ------------ ---------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
Cadence Capital Appreciation Fund
Institutional Class
10/31/95 $ 13.34 $ 0.18 $ 3.60 $ 3.78 $ (0.18) $ 0.00 $ 0.00
- ----------------------------- ------------ ------------- -------------- ------------ ---------- ------------- -------------
10/31/94 13.50 0.14 (0.12) 0.02 (0.14) (0.04) 0.00
- ----------------------------- ------------ ------------- -------------- ------------ ---------- ------------- -------------
10/31/93 11.27 0.11 2.73 2.84 (0.11) (0.50) 0.00
- ----------------------------- ------------ ------------- -------------- ------------ ---------- ------------- -------------
10/31/92 11.02 0.14 1.05 1.19 (0.14) (0.72) (0.08)
- ----------------------------- ------------ ------------- -------------- ------------ ---------- ------------- -------------
03/08/91 - 10/31/91 10.00 0.09 1.02 1.11 (0.09) 0.00 0.00
- ----------------------------- ------------ ------------- -------------- ------------ ---------- ------------- -------------
Cadence Mid Cap Growth Fund
Institutional Class
10/31/95 $ 13.97 $ 0.07 $ 4.19 $ 4.26 $ (0.07) $ 0.00 $ 0.00
- ----------------------------- ------------ ------------- -------------- ------------ ---------- ------------- -------------
10/31/94 13.97 0.06 0.01 0.07 (0.06) (0.01) 0.00
- ----------------------------- ------------ ------------- -------------- ------------ ---------- ------------- -------------
10/31/93 11.29 0.07 2.70 2.77 (0.07) (0.02) 0.00
- ----------------------------- ------------ ------------- -------------- ------------ ---------- ------------- -------------
10/31/92 10.28 0.10 1.03 1.13 (0.10) 0.00 (0.02)
- ----------------------------- ------------ ------------- -------------- ------------ ---------- ------------- -------------
08/26/91 - 10/31/91 10.00 0.02 0.27 0.29 (0.01) 0.00 0.00
- ----------------------------- ------------ ------------- -------------- ------------ ---------- ------------- -------------
Administrative Class
11/30/94 - 10/31/95 13.31 0.03 4.85 4.88 (0.02) 0.00 0.00
- ----------------------------- ------------ ------------- -------------- ------------ ---------- ------------- -------------
Cadence Micro Cap Growth Fund
Institutional Class
10/31/95 $ 11.87 $ (0.04) $ 3.55 $ 3.51 $ 0.00 $ 0.00 $ 0.00
- ----------------------------- ------------ ------------- -------------- ------------ ---------- ------------- -------------
10/31/94 11.06 (0.03) 0.84 0.81 0.00 0.00 0.00
- ----------------------------- ------------ ------------- -------------- ------------ ---------- ------------- -------------
06/25/93 - 10/31/93 10.00 0.00 1.07 1.07 0.00 0.00 0.00
- ----------------------------- ------------ ------------- -------------- ------------ ---------- ------------- -------------
Cadence Small Cap Growth Fund
Institutional Class
10/31/95 $ 19.38 $ (0.05) $ 3.12 $ 3.07 $ 0.00 $ (1.43) $ 0.00
- ----------------------------- ------------ ------------- -------------- ------------ ---------- ------------- -------------
10/31/94 19.15 (0.02) 0.89 0.87 0.00 (0.64) 0.00
- ----------------------------- ------------ ------------- -------------- ------------ ---------- ------------- -------------
10/31/93 15.80 (0.06) 6.19 6.13 0.00 (2.78) 0.00
- ----------------------------- ------------ ------------- -------------- ------------ ---------- ------------- -------------
10/31/92 14.87 0.01 1.50 1.51 (0.01) (0.57) 0.00
- ----------------------------- ------------ ------------- -------------- ------------ ---------- ------------- -------------
01/07/91 - 10/31/91 10.00 0.02 5.03 5.05 (0.02) (0.16) 0.00
- ----------------------------- ------------ ------------- -------------- ------------ ---------- ------------- -------------
Administrative Class
09/27/95 - 10/31/95 21.90 (0.02) (0.87) (0.89) 0.00 0.00 0.00
- ----------------------------- ------------ ------------- -------------- ------------ ---------- ------------- -------------
Columbus Circle Investors
Core Equity Fund
Institutional Class
12/28/94 - 10/31/95 $ 10.00 $ 0.07 $ 2.71 $ 2.78 $ (0.06) $ 0.00 $ 0.00
- ----------------------------- ------------ ------------- -------------- ------------ ---------- ------------- -------------
Administrative Class
05/31/95 - 10/31/95 11.45 0.02 1.28 1.30 (0.02) 0.00 0.00
- ----------------------------- ------------ ------------- -------------- ------------ ---------- ------------- -------------
</TABLE>
* Annualized
See Notes to Financial Statements
22
<PAGE>
<TABLE>
<CAPTION>
- --------- ------------- ------------ ------------ ------------- ----------- ----------- --------- ----------
Ratio of Net
Ratio of Investment
Tax Basis Net Asset Net Assets Expenses to Income to Portfolio Average
Return of Total Value End of End of Period Average Net Average Net Turnover Commission
Capital Distributions Period Total Return (000's) Assets Assets Rate Rate
- --------- ------------- ------------ ------------ ------------- ----------- ----------- --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$ 0.00 $ (0.18) $ 16.94 28.47% $ 236,220 0.70% 1.22% 82.69% $0.05
- --------- ------------- ------------ ------------ ------------- ----------- ----------- --------- ----------
0.00 (0.18) 13.34 0.15 165,441 0.70 1.17 76.75
- --------- ------------- ------------ ------------ ------------- ----------- ----------- ---------
0.00 (0.61) 13.50 25.30 84,990 0.70 0.94 81.15
- --------- ------------- ------------ ------------ ------------- ----------- ----------- ---------
0.00 (0.94) 11.27 10.75 36,334 0.70 1.13 134.17
- --------- ------------- ------------ ------------ ------------- ----------- ----------- ---------
0.00 (0.09) 11.02 11.19 18,813 0.75* 1.55* 40.54
- --------- ------------- ------------ ------------ ------------- ----------- ----------- ---------
$ 0.00 $ (0.07) $ 18.16 30.54% $ 189,320 0.70% 0.43% 78.29% $0.04
- --------- ------------- ------------ ------------ ------------- ----------- ----------- --------- ----------
0.00 (0.07) 13.97 0.58 121,791 0.70 0.45 60.85
- --------- ------------- ------------ ------------ ------------- ----------- ----------- ---------
0.00 (0.09) 13.97 24.57 67,625 0.70 0.56 97.87
- --------- ------------- ------------ ------------ ------------- ----------- ----------- ---------
0.00 (0.12) 11.29 10.91 21,213 0.70 0.87 65.92
- --------- ------------- ------------ ------------ ------------- ----------- ----------- ---------
0.00 (0.01) 10.28 2.98 2,748 0.82* 0.92* 13.41
- --------- ------------- ------------ ------------ ------------- ----------- ----------- ---------
0.00 (0.02) 18.17 36.64 892 0.94* 0.23* 71.73 N/A
- --------- ------------- ------------ ------------ ------------- ----------- ----------- --------- ----------
$ 0.00 $ 0.00 $ 15.38 29.54% $ 69,775 1.50% (0.37%) 86.68% $0.03
- --------- ------------- ------------ ------------ ------------- ----------- ----------- --------- ----------
0.00 0.00 11.87 7.31 32,605 1.50 (0.25) 58.81
- --------- ------------- ------------ ------------ ------------- ----------- ----------- ---------
(0.01) (0.01) 11.06 10.81 10,827 1.50* (0.02)* 15.98
- --------- ------------- ------------ ------------ ------------- ----------- ----------- ---------
$ 0.00 $ (1.43) $ 21.02 17.39% $ 73,977 1.25% (0.27%) 85.61% $0.02
- --------- ------------- ------------ ------------ ------------- ----------- ----------- --------- ----------
0.00 (0.64) 19.38 4.62 50,425 1.25 (0.33) 65.53
- --------- ------------- ------------ ------------ ------------- ----------- ----------- ---------
0.00 (2.78) 19.15 38.80 43,308 1.25 (0.35) 62.15
- --------- ------------- ------------ ------------ ------------- ----------- ----------- ---------
0.00 (0.58) 15.80 10.20 33,734 1.25 0.09 66.05
- --------- ------------- ------------ ------------ ------------- ----------- ----------- ---------
0.00 (0.18) 14.87 50.68 33,168 1.29* 0.11* 47.84
- --------- ------------- ------------ ------------ ------------- ----------- ----------- ---------
0.00 0.00 21.01 (5.34) 544 1.60* (0.82)* 8.80 N/A
- --------- ------------- ------------ ------------ ------------- ----------- ----------- --------- ----------
$ 0.00 $ (0.06) $ 12.72 27.86% $ 7,791 0.82%* 0.79%* 122.88% $0.03
- --------- ------------- ------------ ------------ ------------- ----------- ----------- --------- ----------
0.00 (0.02) 12.73 11.34 24,645 1.06* 0.34* 57.96 N/A
- --------- ------------- ------------ ------------ ------------- ----------- ----------- --------- ----------
</TABLE>
23
<PAGE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
------------ ---------- -------------- ------------ ---------- ------------- -------------
Selected Per Share Data for Net Asset Net Realized/ Total Income Dividends Distributions
the Year or Period Ended: Value Net Unrealized from from Net from Net Distributions
Beginning of Investment Gain (Loss) on Investment Investment Realized from
Period Income Investments Operations Income Capital Gains Equalization
------------ ---------- -------------- ------------ ---------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
Columbus Circle Investors
Mid Cap Equity Fund
Institutional Class
12/28/94 - 10/31/95 $ 10.00 $ 0.02 $ 2.92 $ 2.94 $ (0.02) $ 0.00 $ 0.00
- --------------------------------- ------------ ---------- -------------- ------------ ---------- ------------- -------------
Parametric Enhanced Equity Fund
Institutional Class
10/31/95 $ 11.99 $ 0.25 $ 2.62 $ 2.87 $ (0.25) $ (0.17) $ 0.00
- --------------------------------- ------------ ---------- -------------- ------------ ---------- ------------- -------------
10/31/94 12.08 0.25 (0.04) 0.21 (0.25) (0.05) 0.00
- --------------------------------- ------------ ---------- -------------- ------------ ---------- ------------- -------------
10/31/93 11.76 0.23 0.74 0.97 (0.23) (0.42) 0.00
- --------------------------------- ------------ ---------- -------------- ------------ ---------- ------------- -------------
10/31/92 10.80 0.16 1.06 1.22 (0.16) (0.04) (0.06)
- --------------------------------- ------------ ---------- -------------- ------------ ---------- ------------- -------------
02/11/91 - 10/31/91 10.00 0.16 0.80 0.96 (0.16) 0.00 0.00
- --------------------------------- ------------ ---------- -------------- ------------ ---------- ------------- -------------
Blairlogie Emerging Markets Fund
Institutional Class
10/31/95 $ 16.53 $ 0.07 $ (4.55) $ (4.48) $ (0.06) $ (0.72) $ 0.00
- --------------------------------- ------------ ---------- -------------- ------------ ---------- ------------- -------------
10/31/94 12.27 (0.01) 4.45 4.44 0.00 (0.18) 0.00
- --------------------------------- ------------ ---------- -------------- ------------ ---------- ------------- -------------
06/08/93 - 10/31/93 10.00 0.03 2.52 2.55 (0.02) (0.26) 0.00
- --------------------------------- ------------ ---------- -------------- ------------ ---------- ------------- -------------
Administrative Class
10/31/95 16.95 0.00 (4.95) (4.95) (0.05) (0.71) 0.00
- --------------------------------- ------------ ---------- -------------- ------------ ---------- ------------- -------------
Blairlogie International Active Fund
Institutional Class
10/31/95 $ 11.86 $ 0.10 $ 0.30 $ 0.40 $ (0.09) $ (0.43) $ 0.00
- --------------------------------- ------------ ---------- -------------- ------------ ---------- ------------- -------------
10/31/94 10.69 0.09 1.15 1.24 (0.03) (0.04) 0.00
- --------------------------------- ------------ ---------- -------------- ------------ ---------- ------------- -------------
06/08/93 - 10/31/93 10.00 0.05 0.69 0.74 (0.04) (0.01) 0.00
- --------------------------------- ------------ ---------- -------------- ------------ ---------- ------------- -------------
Administrative Class
11/30/94 - 10/31/95 11.21 0.02 1.01 1.03 (0.08) (0.43) 0.00
- --------------------------------- ------------ ---------- -------------- ------------ ---------- ------------- -------------
Balanced Fund
Institutional Class
10/31/95 $ 10.35 $ 0.44 $ 1.54 $ 1.98 $ (0.44) $ 0.00 $ 0.00
- --------------------------------- ------------ ---------- -------------- ------------ ---------- ------------- -------------
10/31/94 10.84 0.34 (0.34) 0.00 (0.34) (0.15) 0.00
- --------------------------------- ------------ ---------- -------------- ------------ ---------- ------------- -------------
10/31/93 10.42 0.35 0.68 1.03 (0.35) (0.26) 0.00
- --------------------------------- ------------ ---------- -------------- ------------ ---------- ------------- -------------
06/25/92 - 10/31/92 10.00 0.12 0.52 0.64 (0.12) (0.10) 0.00
- --------------------------------- ------------ ---------- -------------- ------------ ---------- ------------- -------------
</TABLE>
* Annualized
See Notes to Financial Statements
24
<PAGE>
<TABLE>
<CAPTION>
- --------- ------------- ------------ ------------ ------------- ----------- ----------- --------- ----------
Ratio of Net
Ratio of Investment
Tax Basis Net Asset Net Assets Expenses to Income to Portfolio Average
Return of Total Value End of End of Period Average Net Average Net Turnover Commission
Capital Distributions Period Total Return (000's) Assets Assets Rate Rate
- --------- ------------- ------------ ------------ ------------- ----------- ----------- --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$ 0.00 $ (0.02) $ 12.92 29.34% $ 8,357 0.88%* 0.24%* 131.58% $0.04
- --------- ------------- ------------ ------------ ------------- ----------- ----------- --------- ----------
$ 0.00 $ (0.42) $ 14.44 24.46% $ 73,999 0.70% 1.91% 20.59% $0.05
- --------- ------------- ------------ ------------ ------------- ----------- ----------- --------- ----------
0.00 (0.30) 11.99 1.83 65,915 0.70 2.20 43.58
- --------- ------------- ------------ ------------ ------------- ----------- ----------- ---------
0.00 (0.65) 12.08 8.20 46,724 0.70 1.89 15.02
- --------- ------------- ------------ ------------ ------------- ----------- ----------- ---------
0.00 (0.26) 11.76 11.46 36,515 0.70 1.81 16.85
- --------- ------------- ------------ ------------ ------------- ----------- ----------- ---------
0.00 (0.16) 10.80 9.59 4,451 0.73* 2.14* 0.15
- --------- ------------- ------------ ------------ ------------- ----------- ----------- ---------
$ 0.00 $ (0.78) $ 11.27 (27.70%) $ 73,539 1.35% 0.57% 118.18% $0.03
- --------- ------------- ------------ ------------ ------------- ----------- ----------- --------- ----------
0.00 (0.18) 16.53 36.31 79,620 1.35 (0.06) 79.04
- --------- ------------- ------------ ------------ ------------- ----------- ----------- ---------
0.00 (0.28) 12.27 25.55 14,625 1.34* 0.64* 36.51
- --------- ------------- ------------ ------------ ------------- ----------- ----------- ---------
0.00 (0.76) 11.24 (27.96) 830 1.62 0.02 118.18 N/A
- --------- ------------- ------------ ------------ ------------- ----------- ----------- --------- ----------
$ 0.00 $ (0.52) $ 11.74 3.83% $ 63,607 1.10% 1.10% 63.12% $0.03
- --------- ------------- ------------ ------------ ------------- ----------- ----------- --------- ----------
0.00 (0.07) 11.86 11.68 22,569 1.10 1.12 88.55
- --------- ------------- ------------ ------------ ------------- ----------- ----------- ---------
0.00 (0.05) 10.69 7.39 8,299 1.10* 0.91* 19.61
- --------- ------------- ------------ ------------ ------------- ----------- ----------- ---------
0.00 (0.51) 11.73 9.61 675 1.34* 0.50* 58.07 N/A
- --------- ------------- ------------ ------------ ------------- ----------- ----------- --------- ----------
$ 0.00 $ (0.44) $ 11.89 19.47% $ 72,638 0.70% 3.73% 43.10% $0.04
- --------- ------------- ------------ ------------ ------------- ----------- ----------- --------- ----------
0.00 (0.49) 10.35 0.08 130,694 0.70 3.25 46.72
- --------- ------------- ------------ ------------ ------------- ----------- ----------- ---------
0.00 (0.61) 10.84 10.06 126,410 0.70 3.10 19.32
- --------- ------------- ------------ ------------ ------------- ----------- ----------- ---------
0.00 (0.22) 10.42 6.40 99,198 0.70* 3.36* 38.51
- --------- ------------- ------------ ------------ ------------- ----------- ----------- ---------
</TABLE>
25
<PAGE>
SCHEDULE OF INVESTMENTS
[PIE CHART APPEARS HERE] Short-Term Instruments 98.9%
Money Market Fund
October 31, 1995
<TABLE>
<CAPTION>
Principal
Amount Value
(000's) (000's)
- --------------------------------------------------------------------------------
Short-Term Instruments - 98.9%
- --------------------------------------------------------------------------------
<S> <C> <C>
Discount Notes - 93.5%
American Greetings Co.
5.740% due 11/08/95 $ 250 $ 250
Avnet, Inc.
5.730% due 12/08/95 300 298
Commercial Credit Co.
9.875% due 12/01/95 350 351
Electronic Data Systems Corp.
5.670% due 11/28/95 250 249
Federal Home Loan Bank Corp.
5.600% due 11/09/95 500 499
Federal Home Loan Mortgage Corp.
5.655% due 11/13/95 250 250
Ford Motor Credit Co.
5.700% due 11/10/95 250 250
G. E. Capital Corp.
5.770% due 11/27/95 160 159
Georgia Power
4.750% due 03/01/96 250 249
Great-West Life & Annuity
5.720% due 12/08/95 250 249
GTE Northwest, Inc.
5.730% due 11/09/95 200 200
Heinz Co.
5.750% due 11/13/95 250 250
Hercules, Inc.
5.730% due 11/15/95 250 249
IBM Credit Corp.
5.750% due 11/10/95 300 300
Kimberly Clark
5.720% due 11/30/95 250 249
McCormick & Co., Inc.
5.710% due 11/21/95 300 299
MidAmerica Energy Co.
5.730% due 11/21/95 250 249
New England Power Co.
5.740% due 11/27/95 250 249
PHH Corp.
5.730% due 11/29/95 250 249
Raytheon Corp.
5.720% due 11/20/95 250 249
Shell Oil Co.
7.700% due 02/01/96 250 251
Sonoco Products Co.
5.760% due 11/14/95 250 249
Stanley Works
5.720% due 11/27/95 300 299
Temple Inland, Inc.
5.750% due 11/02/95 250 249
Toys-R-Us, Inc.
5.680% due 12/01/95 250 249
Waste Management
6.250% due 12/15/95 300 300
Weyerhaeuser Co.
9.250% due 11/15/95 300 300
---------
Total Short-Term Notes 7,244
=========
<CAPTION>
Principal
Amount Value
(000's) (000's)
- --------------------------------------------------------------------------------
<S> <C> <C>
Repurchase Agreement - 5.4%
State Street Bank $ 420 $ 420
4.500% due 11/01/95
(Dated 10/31/95. Collateralized by
U.S. Treasury Bond 11.250% due 02/15/15
valued at $430,876. Repurchase
proceeds are $420,053.)
Total Investments - 98.9% $ 7,664
(Cost $7,664)
Other Assets and Liabilities (Net) - 1.1% 87
---------
Net Assets - 100.0% $ 7,751
=========
</TABLE>
See Notes to Financial Statements
26
<PAGE>
SCHEDULE OF INVESTMENTS
Corporate Bonds and Notes 30.8%
Other 2.4%
[PIE CHART APPEARS HERE]
Short-Term Instruments 20.6%
Mortgage-Backed Securities 45.2%
PIMCO Managed Bond and Income Fund
October 31, 1995
<TABLE>
<CAPTION>
Principal
Amount Value
(000's) (000's)
- --------------------------------------------------------------------------------
Corporate Bonds and Notes - 30.8%
- --------------------------------------------------------------------------------
<S> <C> <C>
Banking and Finance - 6.5%
Citicorp
5.950% due 01/30/98 (d) (e) $ 5,000 $ 5,003
6.000% due 05/29/98 (d) (e) 5,000 4,944
First Interstate Bancorp
6.188% due 06/25/97 250 251
General Motors Acceptance Corp.
6.750% due 04/25/97 10,000 10,099
7.900% due 05/01/97 500 513
Great Western Financial
8.625% due 12/01/98 3,000 3,176
Home Savings of America
10.500% due 06/12/97 4,500 4,561
Lehman Brothers Holdings
8.875% due 11/01/98 500 533
----------
29,080
Industrials - 16.9%
AMR Corp.
7.750% due 12/01/97 10,000 10,204
9.430% due 05/10/01 1,000 1,117
8.900% due 02/26/07 (e) 6,450 6,949
Columbia Health Care
5.996% due 07/28/97 15,000 15,013
Hewlett Packard Co.
5.680% due 01/05/96 5,000 4,947
5.670% due 01/09/96 3,800 3,757
Occidental Petroleum
11.750% due 03/15/11 10,000 10,674
Time Warner, Inc.
6.835% due 08/15/00 (e) 5,575 5,603
7.975% due 08/15/04 3,345 3,437
8.110% due 08/15/06 6,690 6,869
8.180% due 08/15/07 6,690 6,858
----------
75,428
Utilities - 7.4%
Commonwealth Edison
8.000% due 10/15/03 7,550 7,715
CTC Mansfield Funding
11.125% due 09/30/16 2,500 2,534
Illinois Power Co.
5.850% due 10/01/96 1,000 998
Long Island Lighting Co.
8.750% due 05/01/96 8,000 8,088
9.000% due 11/01/22 (e) 7,250 7,286
Ohio Edison
8.500% due 05/01/96 3,000 3,035
Wisconsin Electric Power
5.700% due 12/08/95 3,100 3,082
----------
32,738
----------
Total Corporate Bonds and Notes 137,246
(Cost $133,857) ==========
<CAPTION>
- --------------------------------------------------------------------------------
U.S. Treasury Obligations - 2.3%
- --------------------------------------------------------------------------------
<S> <C> <C>
U.S. Treasury Note
6.500% due 04/30/97 10,000 10,131
----------
Total U.S. Treasury Obligations 10,131
(Cost $10,125) ==========
<CAPTION>
- --------------------------------------------------------------------------------
U.S. Government Agencies - 0.1%
- --------------------------------------------------------------------------------
<S> <C> <C>
Federal Home Loan Bank
5.630% due 11/13/95 (d) 600 599
----------
Total U.S. Government Agencies 599
(Cost $599) ==========
<CAPTION>
Principal
Amount Value
(000's) (000's)
- --------------------------------------------------------------------------------
Mortgage-Backed Securities - 45.2%
- --------------------------------------------------------------------------------
<S> <C> <C>
Federal Home Loan Mortgage Corporation - 1.6%
9.000% due 12/15/20 $ 4,627 $ 4,853
10.500% due 04/01/01 190 198
8.500% due 12/01/01 10 10
7.250% due 03/01/06 547 548
8.250% due 03/01/08 244 251
8.250% due 05/01/08 76 78
9.500% due 02/01/11 204 216
15.500% due 06/01/11 4 4
10.000% due 06/01/11 39 42
11.875% due 06/15/13 (e) 413 455
8.800% due 12/01/15 (e) 339 365
----------
7,020
Federal Housing Authority - 0.2%
8.829% due 05/01/19 (e) 652 678
7.430% due 10/01/19 391 400
----------
1,078
Federal National Mortgage Association - 11.5%
4.500% due 07/01/96 (e) 14 14
9.000% due 12/01/01 2,180 2,289
8.500% due 12/01/01 147 152
8.500% due 07/01/03 1,214 1,258
8.500% due 10/01/04 1,311 1,362
8.500% due 11/01/04 1,030 1,070
8.500% due 01/01/05 158 164
8.500% due 01/01/05 2,444 2,540
8.000% due 10/01/05 760 778
8.500% due 01/01/07 1,090 1,133
8.500% due 08/01/07 95 98
7.750% due 10/01/07 631 641
7.000% due 08/01/09 621 624
11.000% due 09/01/10 (e) 366 412
13.750% due 10/01/10 52 61
13.750% due 11/01/11 7 9
14.750% due 10/01/12 55 65
13.750% due 10/01/12 71 82
14.750% due 11/01/12 6 7
13.750% due 01/01/13 12 14
14.500% due 03/01/13 13 16
13.750% due 09/01/13 24 29
13.750% due 11/01/13 10 12
13.750% due 12/01/14 2 3
8.029% due 07/01/20 (d) 2,251 2,351
6.542% due 02/01/23 (d) 3,084 3,152
7.454% due 02/01/23 (d) 7,446 7,461
5.484% due 12/01/23 (d) 4,031 4,072
5.912% due 01/01/24 (d) 7,104 7,221
6.574% due 04/01/24 (d) 5,464 5,565
6.056% due 10/01/24 (d) 4,204 4,284
7.769% due 04/01/29 (d) 4,127 4,257
----------
51,196
Government National Mortgage Association - 4.2%
7.500% due 03/15/24 460 467
12.000% due 10/15/12 16 18
12.000% due 01/15/13 10 12
12.000% due 09/15/13 3 4
12.000% due 09/15/13 3 4
12.000% due 02/15/14 22 26
12.000% due 03/15/14 11 13
12.000% due 04/15/14 5 6
12.000% due 12/15/14 2 2
12.000% due 04/15/15 2 3
12.000% due 04/15/15 7 8
12.000% due 06/15/15 1 1
</TABLE>
27
<PAGE>
SCHEDULE OF INVESTMENTS (Cont.)
PIMCO Managed Bond and Income Fund
October 31, 1995
<TABLE>
<CAPTION>
Principal
Amount Value
(000's) (000's)
- --------------------------------------------------------------------------------
<S> <C> <C>
12.000% due 06/15/15 $ 17 $ 20
12.000% due 10/15/15 1 1
7.375% due 06/20/23 (d) (e) 8,274 8,424
7.000% due 09/20/24 (d) (e) 4,661 4,764
7.000% due 01/20/25 (d) (e) 4,709 4,804
----------
18,577
Collateralized Mortgage Obligations - 27.7%
AFC
6.592% due 10/25/26 (d) (e) 8,182 8,243
American Southwest Financial
8.450% due 09/01/17 246 245
Bank of America
9.000% due 03/01/08 (e) 124 129
Capstead
8.900% due 12/25/21 (e) 1,068 1,101
Chase Mortgage Financial
8.000% due 06/25/24 (e) 957 967
Citicorp Mortgage
9.500% due 07/25/04 49 51
9.500% due 10/25/04 220 230
CMC Securities Corp.
9.000% due 04/25/10 16,253 16,711
10.000% due 04/20/20 8,885 9,673
Countrywide
7.913% due 11/25/24 (d) (e) 10,388 10,661
7.408% due 11/25/24 (d) (e) 12,226 12,536
Dime Savings
7.140% due 11/25/18 (d) (e) 222 209
Donaldson, Lufkin & Jenrette
11.000% due 08/01/19 557 616
FNMA
7.000% due 04/25/15 367 370
8.500% due 03/25/17 1,580 1,601
9.000% due 09/25/18 2,240 2,309
9.250% due 07/25/19 9,091 9,566
GMC
9.300% due 07/20/19 1,000 1,086
Norwest
12.375% due 01/01/14 622 682
Residential Funding
10.000% due 10/01/19 (e) 56 57
Resolution Trust Corp.
8.835% due 12/25/23 (e) 1,313 1,348
Ryland Acceptance Corp.
7.878% due 09/25/23 (d) 10,352 10,507
8.000% due 09/25/22 (e) 9,553 9,601
Saxon Mortgage
8.169% due 09/25/22 (d) (e) 7,259 7,409
8.130% due 01/25/23 (d) (e) 10,317 10,472
Sears
8.250% due 09/25/31 (e) 341 343
Sears Mortgage
8.712% due 05/25/32 (d) (e) 5,208 5,223
Security Pacific
8.500% due 03/01/17 (e) 131 130
U.S. Home Equity
8.500% due 04/15/21 68 69
Western Federal Savings & Loan
6.979% due 03/25/19 (d) (e) 1,016 1,006
----------
123,151
----------
Total Mortgage-Backed Securities 201,022
(Cost $199,587) ==========
<CAPTION>
Principal
Amount Value
(000's) (000's)
- --------------------------------------------------------------------------------
Purchased CME Put Option - 0.0%
- --------------------------------------------------------------------------------
<S> <C> <C>
December Futures 150 2
Strike @ 95.00 Exp. 11/95 ----------
Total Purchased CME Put Option 2
(Cost $3) ==========
<CAPTION>
- --------------------------------------------------------------------------------
Short-Term Instruments - 20.6%
- --------------------------------------------------------------------------------
<S> <C> <C>
Discount Notes - 16.9%
Abbott Laboratories
5.710% due 11/14/95 3,000 2,994
Armstrong World
8.5% due 02/08/96 400 402
Associates Corp. of North America
5.680% due 11/27/95 5,500 5,477
AT&T Corp.
5.710% due 11/03/95 5,000 4,998
5.640% due 11/21/95 2,200 2,193
5.700% due 01/09/96 10,000 9,887
5.700% due 01/12/96 1,000 988
Discover Credit Corp.
8.920% due 03/15/96 (e) 11,000 11,209
9.000% due 04/15/96 (e) 5,250 5,316
Eli Lilly & Co.
6.080% due 01/09/96 4,500 4,449
Emerson Electric Co.
5.750% due 11/17/95 500 499
G. E. Capital Corp.
5.720% due 11/20/95 3,000 2,991
5.720% due 11/30/95 8,700 8,660
5.700% due 01/19/96 2,500 2,468
Motorola, Inc.
5.710% due 11/17/95 800 798
Norfolk Southern Corp.
5.680% due 01/12/96 300 296
Pitney Bowes Credit, Inc.
5.690% due 11/20/95 2,000 1,994
United Parcel Service
5.710% due 11/15/95 3,600 3,592
U.S. West Communications
5.700% due 11/30/95 4,700 4,678
Wal-Mart Stores
5.720% due 11/09/95 1,400 1,398
----------
75,287
Repurchase Agreement - 2.9%
State Street Bank 12,860 12,860
4.500% due 11/01/95
(Dated 10/31/95. Collateralized by
U.S. Treasury Bond 11.250% due 02/15/15
valued at $13,122,123. Repurchase
proceeds are $12,861,608.)
U.S. Treasury Bills - 0.8%
6.560% due 11/16/95 (b) 620 618
5.340% due 11/30/95 (b) 780 777
5.270% due 02/08/96 (b) 615 606
6.310% due 02/08/96 (b) 1,695 1,670
5.265% due 02/15/96 (b) 30 30
----------
3,701
----------
Total Short-Term Instruments 91,848
(Cost $91,753 ) ==========
</TABLE>
28
<PAGE>
<TABLE>
<CAPTION>
Value
(000's)
- --------------------------------------------------------------------------------
<S> <C>
Total Investments (a) - 99.0% $ 440,848
(Cost $435,924)
Written Options (c) - 0.0% (16)
(Premiums $169)
Other Assets and Liabilities (Net) - 1.0% 4,422
----------
Net Assets - 100.0% $ 445,254
==========
Notes to Schedule of Investments ($ in thousands):
(a) At October 31, 1995, the net unrealized appreciation
(depreciation) of investments based on cost for
federal income tax purposes was as follows:
Aggregate gross unrealized appreciation for
all investments in which there was an excess
of value over tax cost. $ 6,410
Aggregate gross unrealized depreciation for
all investments in which there was an excess
of tax cost over value. (1,486)
----------
Unrealized appreciation-net $ 4,924
==========
(b) Securities with an aggregate market value of
$3,701 have been segregated with the custodian
to cover margin requirements for the following open
future contracts at October 31, 1995:
<CAPTION>
Unrealized
Type Contracts Appreciation
- --------------------------------------------------------------------------------
<S> <C> <C>
U.S. Treasury 5 Year Note (12/95) 567 $ 229
U.S. Treasury 10 Year Note (12/95) 1,432 2,150
U.S. Treasury 30 Year Note (12/95) 624 2,146
----------
$ 4,525
==========
(c) Premiums received on Written Put Options:
<CAPTION>
Premium Market
Type Par Received Value
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
CBOT U.S. Treasury Bond Futures
Strike @ 112.00 Exp. (11/95) $ 500,000 $ 169 $ 16
(d) Variable rate security. The rate listed is as of October 31, 1995.
(e) Security valued under procedures established by the Board of Trustees.
</TABLE>
See Notes to Financial Statements
29
<PAGE>
SCHEDULE OF INVESTMENTS
NFJ Equity Income Fund
October 31, 1995
15.1% Consumer Discretionary
17.5% Utilities
10.5% Other
6.9% Health Care
13.8% Financial & Business Services [PIE CHART APPEARS HERE]
9.8% Short-Term Instruments
8.9% Materials & Processing
7.0% Energy
6.9% Consumer Staples
<TABLE>
<CAPTION>
Value
Shares (000's)
- --------------------------------------------------------------------------------
Common Stocks - 86.6%
- --------------------------------------------------------------------------------
<S> <C> <C>
Capital Goods - 5.2%
Briggs & Stratton Co. 48,100 $ 1,944
Deere & Co. 24,200 2,163
GATX Corp. 41,900 1,990
----------
6,097
Consumer Discretionary - 15.1%
Brunswick Corp. 113,600 2,215
Chrysler Corp. 37,880 1,956
Ford Motor Co. 67,000 1,926
Harland John H Co. 95,600 1,984
K Mart Corp. 239,500 1,965
Maytag Corp. 108,900 2,069
Melville Corp. 112,300 3,594
Springs Industries, Inc. 49,900 2,139
----------
17,848
Consumer Staples - 6.9%
American Brands, Inc. 47,800 2,049
Anheuser Busch 31,100 2,053
Philip Morris Co., Inc. 23,600 1,994
Supervalu, Inc. 67,900 2,088
----------
8,184
Energy - 7.0%
Atlantic Richfield 18,800 2,007
Texaco, Inc. 29,800 2,030
Ultramar Corp. 174,600 4,256
----------
8,293
Financial & Business Services - 13.8%
Aetna Life & Casulty Co. 31,200 2,196
Bankers Trust N.Y. Corp. 30,900 1,970
Bear Stearns 91,917 1,827
Chase Manhattan Corp. 35,200 2,006
Meditrust 58,700 1,981
Mellon Bank Corp. 38,300 1,920
PNC Bank Corp. 82,400 2,163
Provident Life Accident "B" 84,700 2,266
----------
16,329
Health Care - 6.9%
American Home Products 22,200 1,967
Baxter International, Inc. 51,800 2,001
Bristol Myers Squibb 26,300 2,005
Upjohn Co. 43,100 2,187
----------
8,160
Materials & Processing - 8.9%
Fed Paper Board, Inc. 54,300 2,281
Olin Corp. 31,100 1,990
Phelps Dodge Corp. 67,700 4,290
PHH Corp. 43,500 1,903
----------
10,464
Technology - 5.3%
Harris Corp. 37,400 2,174
Northrop Grumman Corp. 70,400 4,030
----------
6,204
Utilities - 17.5%
Comsat Corp. 97,900 $ 1,946
Detroit Edison Co. 61,700 2,082
NICOR Inc. 75,400 2,026
Pacific Gas & Electric 69,100 2,030
Pacific Telesis 138,900 4,219
Peoples Energy Corp. 74,000 2,128
Southern New England Telecom 57,400 2,074
Texas Utilities Co. 58,000 2,132
Washington Water Power 119,000 2,053
----------
20,690
----------
Total Common Stocks 102,269
==========
(Cost $91,499)
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Short-Term Instruments - 9.8%
- --------------------------------------------------------------------------------
Principal
Amount
(000's)
<S> <C> <C>
Repurchase Agreement - 9.8%
State Street Bank $ 11,596 11,596
4.500% due 11/01/95
(Dated 10/31/95. Collateralized by
U.S. Treasury Bond 11.250%
due 02/15/15 valued at $11,829,496.
Repurchase proceeds are $11,597,450.)
----------
Total Short-Term Instruments 11,596
==========
(Cost $11,596)
Total Investments (a) - 96.4% $ 113,865
(Cost $103,095)
Other Assets and Liabilities (Net) - 3.6% 4,290
----------
Net Assets - 100.0% $ 118,155
==========
Notes to Schedule of Investments ($ in thousands):
(a) At October 31, 1995, the net unrealized appreciation
(depreciation) of investments based on cost for
federal income tax purposes was as follows:
Aggregate gross unrealized appreciation for
all investments in which there was an excess
of value over tax cost. $ 14,267
Aggregate gross unrealized depreciation for
all investments in which there was an excess
of tax cost over value. (3,497)
----------
Unrealized appreciation-net $ 10,770
==========
</TABLE>
See Notes to Financial Statements
30
<PAGE>
SCHEDULE OF INVESTMENTS
NFJ Diversified Low P/E Fund
October 31, 1995
14.1% Financial & Business Services
14.2% Consumer Discretionary
6.5% Other
6.6% Materials & Processing
11.3% Consumer Staples [PIE CHART APPEARS HERE]
10.9% Technology
10.3% Energy
10.0% Utilities
8.4% Short-Term Instruments
7.7% Health Care
<TABLE>
<CAPTION>
Value
Shares (000's)
- --------------------------------------------------------------------------------
Common Stocks - 91.6%
- --------------------------------------------------------------------------------
<S> <C> <C>
Capital Goods - 3.8%
Briggs & Stratton Co. 6,500 $ 262
Deere & Co. 3,200 286
----------
548
Consumer Discretionary - 14.2%
Brunswick Corp. 6,700 131
Chrysler Corp. 4,105 212
Goodyear Tire & Rubber 6,900 262
Maytag Corp. 14,600 277
Melville Corp. 7,400 237
Omnicom Group 2,100 134
Premark International, Inc. 6,000 278
Reebok International Limited 3,800 129
Sears Roebuck 7,600 258
Xerox Corp. 1,000 130
----------
2,048
Consumer Staples - 11.3%
Anheuser Busch 6,200 409
IBP, Inc. 4,700 281
Philip Morris Co., Inc. 3,100 262
Supervalu, Inc. 13,300 409
Unilever NV 2,100 276
----------
1,637
Energy - 10.3%
Atlantic Richfield 3,700 395
Repsol 8,700 258
Texaco, Inc. 6,000 409
Ultramar Corp. 17,200 419
----------
1,481
Financial & Business Services - 14.1%
Bear Stearns Cos 6,700 133
Chase Manhattan Corp. 6,300 359
Loews Corp. 1,800 264
Mellon Bank Corp. 5,000 251
PHH Corp. 8,100 354
Provident Life Accident "B" 14,000 375
Standard Federal Bank 8,400 298
----------
2,034
Health Care - 7.7%
American Home Products 4,400 390
Beckman Instruments 4,000 133
Tenet Healthcare Corp. (b) 9,300 166
Upjohn Co. 8,400 426
----------
1,115
Materials & Processing - 6.6%
Lennar Corp. 5,750 132
Phelps Dodge Corp. 4,500 285
Union Carbide Corp. 3,800 144
Wellman, Inc. 5,500 129
Willamette Industries 4,500 261
----------
951
Technology - 10.9%
Advanced Micro Devices (b) 4,900 117
Harris Corp. 4,800 279
Northrop Grumman Corp. 6,400 366
Raytheon Co. 6,800 297
Seagate Technology (b) 6,000 269
Sterling Software, Inc. (b) 5,400 249
----------
1,577
Transportation - 2.7%
AMR Corp. (b) 1,900 125
Conrail, Inc. 3,900 268
----------
393
Utilities - 10.0%
Comsat Corp. 12,200 242
Detroit Edison Co. 8,300 280
NICOR, Inc. 9,000 242
Pacific Gas & Electric 13,500 397
Pacific Telesis 9,300 282
----------
1,443
----------
Total Common Stocks 13,227
==========
(Cost $11,149)
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Short-Term Instruments - 8.4%
- --------------------------------------------------------------------------------
Principal
Amount
(000's)
<S> <C> <C>
Repurchase Agreement - 8.4%
State Street Bank $ 1,210 1,210
4.500% due 11/01/95
(Dated 10/31/95. Collateralized by
U.S. Treasury Bond 11.250% due 02/15/15
valued at $1,245,622. Repurchase
proceeds are $1,216,152.)
----------
Total Short-Term Instruments 1,210
==========
(Cost $1,210)
Total Investments (a) - 100.0% $ 14,437
(Cost $12,359)
Other Assets and Liabilities (Net) - 0.0% (6)
----------
Net Assets - 100.0% $ 14,443
==========
Notes to Schedule of Investments ($ in thousands):
(a) At October 31, 1995, the net unrealized appreciation
(depreciation) of investments based on cost for
federal income tax purposes was as follows:
Aggregate gross unrealized appreciation for
all investments in which there was an excess
of value over tax cost. $ 2,323
Aggregate gross unrealized depreciation for
all investments in which there was an excess
of tax cost over value. (245)
----------
Unrealized appreciation-net $ 2,078
==========
(b) Non-income producing security.
</TABLE>
See Notes to Financial Statements
31
<PAGE>
SCHEDULE OF INVESTMENTS
NFJ Small Cap Value Fund
October 31, 1995
16.6% Materials & Processing
22.2% Financial & Business Services
5.0% Other
3.0% Health Care
3.9% Short-Term Instruments
14.3% Consumer Discretionary [PIE CHART APPEARS HERE]
10.3% Capital Goods
8.3% Consumer Staples
6.8% Utilities
5.2% Technology
4.2% Energy
<TABLE>
<CAPTION>
Value
Shares (000's)
- --------------------------------------------------------------------------------
Common Stocks - 95.9%
- --------------------------------------------------------------------------------
<S> <C> <C>
Capital Goods - 10.3%
AGCO Corp. 6,650 $ 298
Barnes Group, Inc. 8,900 334
Blount Inc. "A" 6,300 273
Brenco, Inc. 29,000 337
Kysor Industrial Corp. 15,700 367
Oshkosh Truck Corp. "B" 23,400 333
Regal Beloit 19,200 346
Scotsman Industries, Inc. 21,600 351
Smith (A.O.) Corp. 15,500 321
Tecumseh Products Co. "A" 6,200 291
Webb Corp. 18,000 374
----------
3,625
Consumer Discretionary - 14.3%
Blair Corp. 12,100 357
Borg Warner Automotive 12,100 357
Ennis Business Forms, Inc. 24,200 345
Fedders USA, Inc. 57,500 338
Garan, Inc. 12,900 237
Guilford Mills, Inc. 15,400 341
Haggar Corp. 13,400 221
Handleman 28,300 219
Outboard Marine Corp. 17,800 369
Oxford Industries, Inc. 15,100 245
Ross Stores, Inc. 21,600 339
Shopko Stores, Inc. 30,200 325
Standard Products Co. 7,100 110
Strawbridge & Clothier "A" 14,000 266
Sturm Ruger & Co., Inc. 12,000 324
Toro Co. 11,200 323
Windmere Corp. 50,500 316
----------
5,032
Consumer Services - 2.0%
Bowne & Co., Inc. 19,200 357
Merrill Corp. 20,800 333
----------
690
Consumer Staples - 8.3%
Bindley Western Industries, Inc. 20,000 312
Dimon, Inc. 22,800 333
Fay's, Inc. 36,000 288
International Multifoods 15,700 322
Marsh Supermarkets, Inc. "B" 30,300 364
Morningstar Group, Inc. (b) 38,000 295
Nash Finch Co. 16,700 298
Super Foods Services, Inc. 29,500 395
Thorn Apple Valley, Inc. 16,500 285
----------
2,892
Energy - 4.2%
Diamond Shamrock R & M, Inc. 12,400 319
KCS Energy, Inc. 20,800 237
Offshore Logistics, Inc. (b) 24,800 307
Swift Energy Co. (b) 32,700 290
Tosco Corp. 9,100 314
----------
1,467
Financial & Business Services 22.2%
American Bankers Insurance Group 11,400 409
American Health Properties 15,300 315
Boston Bancorp 9,000 331
Capstead Mortgage Corp. 10,000 328
Charter One Financial, Inc. 13,500 383
Collective Bancorp, Inc. 14,800 350
Comdisco, Inc. 10,300 314
Eaton Vance Corp. 10,700 391
First Commerce Corp. 12,900 400
First Finance Corp. 20,600 440
Fremont General 14,300 415
Glimcher Realty Trust 17,300 311
Hibernia Corp. "A" 37,500 370
Inter-Regional Financial Group 9,100 319
Jefferies Group, Inc. 9,400 369
Mcgrath Rentcorp 18,000 315
Morgan Keegan, Inc. 28,350 308
Orion Capital Corp. 7,800 320
Pioneer Financial Services, Inc. 22,400 314
Raymond James Financial Corp. 18,200 391
U S Facilities 18,000 340
Zions Bancorp 5,400 374
----------
7,807
Health Care - 3.0%
Adac Laboratories 31,400 373
Allied Healthcare Products 18,900 359
Bergen Brunswig "A" 15,015 312
----------
1,044
Materials & Processing - 16.6%
Amcast Industrial Corp. 19,000 323
American President 13,600 330
Butler Manufacturing Co. 13,050 385
Caraustar Industries, Inc. 16,800 315
Chesapeake Corp. 11,200 343
Cleveland Cliffs, Inc. 8,800 329
Commercial Metals 13,100 337
Continental Homes 16,900 346
Gencorp 27,300 287
Kaman Corp. 25,700 276
Nacco Industries, Inc. 5,600 321
Quanex Corp. 17,700 350
Standard Motor Products 20,400 337
Texas Industries, Inc. 7,400 389
Varlen Corp. 16,280 435
Vigoro Group 8,700 377
Wellman, Inc. 14,300 336
----------
5,816
Technology - 5.2%
Macneal-Schwendler Corp. 22,800 348
Mts Systems Corp. 13,700 387
Pioneer Standard Electronics 25,000 347
Thiokol Corp. 9,400 325
Wyle Labs 10,200 435
----------
1,842
Transportation - 3.0%
Coachman Industries 26,100 441
Sea Containers Limited "A" 17,100 312
Winnebago Industries 37,000 296
----------
1,049
Utilities - 6.8%
Central Hudson Gas & Electric 10,700 328
Commonwealth Energy System 7,900 335
Eastern Utilities Associates 13,100 308
Energen Corp. 15,800 357
Orange & Rockland Utilities 10,800 379
Southern California Water Co. 18,400 347
United Illuminating 9,000 342
----------
2,396
----------
Total Common Stocks 33,660
==========
(Cost $31,195)
</TABLE>
32
<PAGE>
<TABLE>
<CAPTION>
Principal
Amount Value
(000's) (000's)
<S> <C> <C>
- --------------------------------------------------------------------------------
Short-Term Instruments - 3.9%
- --------------------------------------------------------------------------------
Repurchase Agreement - 3.9%
State Street Bank $ 1,377 $ 1,377
4.500% due 11/01/95
(Dated 10/31/95. Collateralized by
U.S. Treasury Bond 11.250% due 02/15/15
valued at $1,410,139. Repurchase
proceeds are $1,377,172.)
----------
Total Short-Term Instruments 1,377
==========
(Cost $1,377)
Total Investments (a) - 99.8% $ 35,037
(Cost $32,572)
Other Assets and Liabilities (Net) - 0.2% 56
----------
Net Assets - 100.0% $ 35,093
==========
Notes to Schedule of Investments ($ in thousands):
(a) At October 31, 1995, the net unrealized appreciation
(depreciation) of investments based on cost for
federal income tax purposes was as follows:
Aggregate gross unrealized appreciation for
all investments in which there was an excess
of value over tax cost. $ 4,520
Aggregate gross unrealized depreciation for
all investments in which there was an excess
of tax cost over value. (2,055)
----------
Unrealized appreciation-net $ 2,465
==========
(b) Non-income producing security.
</TABLE>
See Notes to Financial Statements
33
<PAGE>
SCHEDULE OF INVESTMENTS
Cadence Capital Appreciation Fund
October 31, 1995
22.2% Technology
24.3% Financial & Business Services
3.7% Energy
5.5% Consumer Services
7.2% Materials & Processing [PIE CHART APPEARS HERE]
10.4% Health Care
9.9% Short-Term Instruments
8.3% Capital Goods
7.6% Consumer Goods
<TABLE>
<CAPTION>
Value
Shares (000's)
- --------------------------------------------------------------------------------
Common Stocks - 89.2%
- --------------------------------------------------------------------------------
<S> <C> <C>
Capital Goods - 8.3%
Allied Signal, Inc. 65,400 $ 2,780
Case Corp. 77,300 2,947
Johnson Controls, Inc. 45,800 2,668
PPG Industries, Inc. 64,100 2,724
Rockwell International Corp. 64,900 2,888
Sundstrand Corp. 43,100 2,640
United Technologies 34,300 3,044
----------
19,691
Consumer Goods - 7.6%
Consolidated Papers, Inc. 39,400 2,256
HBO & Co. 39,100 2,766
Kroger Co. (b) 92,200 3,077
Leggett & Platt, Inc. 130,800 3,139
Nike, Inc. 65,200 3,700
Xerox Corp. 23,700 3,075
----------
18,013
Consumer Services - 5.5%
IBP, Inc. 70,000 4,191
La Quinta Motor Inns 76,700 1,998
Mattel, Inc. 123,676 3,556
Philip Morris Co, Inc. 39,900 3,372
----------
13,117
Energy - 3.7%
British Petroleum - ADR 31,600 2,789
Imperial Oil Limited 80,100 2,924
Royal Dutch Petrol Guilder 23,900 2,937
----------
8,650
Financial & Business Services - 24.3%
Advanta Corp. 79,700 2,849
Bank of Boston Corp. 67,500 3,004
Bank of New York 77,200 3,242
Bankamerica Corp 42,100 2,421
Chemical Banking Corp. 57,800 3,287
Citicorp 51,900 3,367
Dean Witter Discover & Co. 59,400 2,955
Equitable of Iowa Co. 87,200 3,052
First Chicago Corp. 32,700 2,220
First Interstate Bank 27,200 3,509
First Tennessee National Corp. 58,800 3,146
Fleet Financial Group, Inc. 80,100 3,104
Midlantic Corp. 55,900 2,963
Norwest Corp. 98,200 2,897
Southtrust Corp. 115,600 2,904
St Paul Cos, Inc. 59,200 3,004
TIG Holdings, Inc. 127,900 3,245
Transamerica Corp. 44,200 2,995
Travelers Group, Inc. 62,100 3,136
----------
57,300
Health Care - 10.4%
Abbott Laboratories 78,800 3,132
American Home Products 38,000 3,368
Boston Scientific Corp. (b) 93,300 3,930
Foundation Health Corp. (b) 81,600 3,458
Guidant Corp. 125,600 4,019
Medtronic, Inc. 49,600 2,864
Schering-Plough 70,300 3,770
----------
24,541
Materials & Processing - 7.2%
Eastman Chemical Co. 44,400 2,642
Georgia-Pacific Corp. 31,200 2,574
International Paper 68,800 2,546
Textron, Inc. 41,900 2,881
Scott Paper 62,700 3,339
Union Carbide Corp. 78,700 2,981
----------
16,963
Technology - 22.2%
Adaptec, Inc. (b) 85,500 3,805
Alliance Semiconductor Corp. (b) 76,950 2,366
Applied Materials (b) 56,000 2,807
Arrow Electronics, Inc. (b) 53,200 2,700
Cabletron Systems, Inc. (b) 50,100 3,939
Computer Assoc International, Inc. 82,300 4,527
Dell Computer Corp., Inc. (b) 69,500 3,240
DSC Communications (b) 52,500 1,943
Gateway 2000, Inc. (b) 94,600 3,157
Hewlett Packard Co. 47,700 4,418
Loral Corp. 143,700 4,257
Oracle Systems Corp. (b) 65,950 2,877
Seagate Technology (b) 56,900 2,546
Teradyne, Inc. (b) 73,000 2,436
Texas Instruments, Inc. 52,900 3,610
Xilinx, Inc. (b) 83,400 3,836
----------
52,464
----------
Total Common Stocks 210,739
==========
(Cost $166,226)
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Short-Term Instruments - 9.9%
- --------------------------------------------------------------------------------
Principal
Amount
(000's)
<S> <C> <C>
Repurchase Agreement - 9.9%
State Street Bank $ 23,381 23,381
4.500% due 11/01/95
(Dated 10/31/95. Collateralized by
U.S. Treasury Bond 11.250% due 02/15/15
valued at $23,854,844. Repurchase
proceeds are $23,383,923.)
----------
Total Short-Term Instruments 23,381
==========
(Cost $23,381)
Total Investments (a) - 99.1% $ 234,120
(Cost $189,607)
Other Assets and Liabilities (Net) - 0.9% 2,100
----------
Net Assets - 100.0% $ 236,220
==========
Notes to Schedule of Investments ($ in thousands):
(a) At October 31, 1995, the net unrealized appreciation
(depreciation) of investments based on cost for
federal income tax purposes was as follows:
Aggregate gross unrealized appreciation for
all investments in which there was an excess
of value over tax cost. $ 48,054
Aggregate gross unrealized depreciation for
all investments in which there was an excess
of tax cost over value. (3,541)
----------
Unrealized appreciation-net $ 44,513
==========
(b) Non-income producing security.
</TABLE>
See Notes to Financial Statements
34
<PAGE>
SCHEDULE OF INVESTMENTS
Cadence Mid Cap Growth Fund
October 31, 1995
26.0% Financial & Business Services
29.2% Technology
0.9% Energy
1.4% Utilities
4.4% Consumer Staples
10.7% Consumer Discretionary [PIE CHART APPEARS HERE]
9.4% Health Care
7.0% Short-Term Instruments
5.7% Capital Goods
5.0% Materials & Processing
<TABLE>
<CAPTION>
Value
Shares (000's)
- --------------------------------------------------------------------------------
<S> <C> <C>
Common Stocks - 92.7%
Capital Goods - 5.7%
AGCO Corp. 52,300 $ 2,340
Belden, Inc. 69,900 1,686
GATX Corp. 35,000 1,663
Mark IV Industries, Inc. 79,929 1,559
Northrop Grumman Corp. 31,400 1,798
York International Corp. 39,500 1,728
----------
10,774
Consumer Discretionary - 10.7%
American Greetings "A" 70,800 2,230
Consolidated Papers, Inc. 1,900 109
Cytec Industries, Inc. (b) 11,700 640
First Brands Corp. 56,100 2,566
General Nutrition Cos., Inc. (b) 122,000 3,035
Harman International 56,170 2,591
HBO & Co. 33,600 2,377
Leggett & Platt, Inc. 100,200 2,405
Manpower, Inc. 71,800 1,948
Mattel, Inc. 86,851 2,497
----------
20,398
Consumer Staples - 4.4%
Canandaigua Wine Co. "A" (b) 44,400 2,131
IBP, Inc. 64,200 3,844
Kroger Co. (b) 70,700 2,360
----------
8,335
Energy - 0.9%
Stolt-Nielsen SA (b) 60,900 1,827
----------
Financial & Business Services 26.0%
Advanta Corp. "A" 53,200 2,061
Allmerica Financial Corp. (b) 84,400 2,120
American Re Corp. 45,900 1,756
Bank of Boston Corp. 49,400 2,198
Baybanks, Inc. 24,900 2,017
Citizens Corp. 106,800 1,936
Comdisco, Inc. 62,000 1,891
Crestar Financial Corp. 43,200 2,462
Cullen/Frost Bankers, Inc. 37,100 1,892
Finova Group, Inc. 55,600 2,516
First Usa, Inc. 51,200 2,355
Green Tree Financial Corp. 97,200 2,588
MGIC Investment Corp. 42,000 2,389
Mid Ocean Limited 56,000 1,981
Mutual Risk Management Limited 64,600 2,382
Nac Re Corp. 38,600 1,356
Paul Revere Corp 46,100 925
Protective Life Corp. 64,200 1,830
Signet Bank Corp. 84,600 2,009
Southern National Corp. 91,600 2,359
Summit Bancorp 70,000 1,986
SunAmerica, Inc. 39,300 2,446
The Money Store 52,650 2,106
Union Planters Corp. 60,700 1,859
----------
49,420
Health Care - 9.4%
Boston Scientific Corp. (b) 82,200 3,463
Guidant Corp. 88,500 2,832
Health Management Associates "A" (b) 93,900 2,019
Medtronic, Inc. 39,500 2,281
Ornda Healthcorp (b) 110,100 1,941
Sybron Corp. (b) 70,900 3,013
Watson Pharmaceutical, Inc. (b) 50,600 2,264
----------
17,813
Materials & Processing - 5.0%
Bowater, Inc. 50,300 2,226
Cabot Corp. 54,100 2,570
Domtar, Inc. (b) 48,700 444
Illinois Central Corp. 59,200 2,264
Praxair, Inc. 70,900 1,914
----------
9,418
Technology - 29.2%
Applied Materials (b) 44,000 2,206
Cabletron Systems, Inc. (b) 41,700 3,279
Cadence Designs Systems, Inc. (b) 91,200 2,941
Ceridian Corp. (b) 77,200 3,358
Computer Associates International, Inc. 59,000 3,245
Credence Systemsco (b) 63,500 2,373
Cypress Semiconductor Corp. (b) 52,600 1,868
DSC Communications (b) 54,800 2,028
Harris Corp. 34,900 2,029
Integrated Device Tech, Inc. (b) 5,500 105
KLA Instruments Corp. (b) 62,600 2,676
Lam Research Corp. (b) 45,600 2,776
Loral Corp. 105,400 3,122
McDonnell Douglas 33,400 2,730
National Semiconductor (b) 74,600 1,818
Netmanage, Inc. (b) 87,600 1,785
Oracle Systems Corp. (b) 63,600 2,775
Parametric Technology Corp. (b) 41,000 2,742
Read-Rite Corp. (b) 65,500 2,284
S3, Inc. (b) 156,800 2,685
Softkey International (b) 22,500 709
Sun Microsystem, Inc. (b) 43,500 3,393
Teradyne, Inc. (b) 76,800 2,563
----------
55,490
Utilities - 1.4%
Frontier Corp. 100,100 2,703
----------
Total Common Stocks 176,178
==========
(Cost $131,818)
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Short-Term Instruments - 7.0%
- --------------------------------------------------------------------------------
Principal
Amount
(000's)
<S> <C> <C>
Repurchase Agreement - 7.0%
State Street Bank $ 13,417 13,417
4.500% due 11/01/95
(Dated 10/31/95. Collateralized by
U.S. Treasury Bond 11.250% due
02/15/15 valued at $13,686,178.
Repurchase proceeds are $13,418,677.)
----------
Total Short-Term Instruments 13,417
==========
(Cost $13,417)
Total Investments (a) - 99.7% $ 189,595
(Cost $145,235)
Other Assets and Liabilities (Net) - 0.3% 617
----------
Net Assets - 100.0% $ 190,212
==========
</TABLE>
35
<PAGE>
SCHEDULE OF INVESTMENTS (Cont.)
Cadence Mid Cap Growth Fund
October 31, 1995
<TABLE>
<S> <C>
Notes to Schedule of Investments ($ in thousands):
(a) At October 31, 1995, the net unrealized appreciation
(depreciation) of investments based on cost for
federal income tax purposes was as follows:
Aggregate gross unrealized appreciation for
all investments in which there was an excess
of value over tax cost. $ 46,656
Aggregate gross unrealized depreciation for
all investments in which there was an excess
of tax cost over value. (2,296)
----------
Unrealized appreciation-net $ 44,360
==========
(b) Non-income producing security.
</TABLE>
See Notes to Financial Statements
36
<PAGE>
SCHEDULE OF INVESTMENTS
Cadence Micro Cap Growth Fund
October 31, 1995
20.1% Financial & Business Services
29.5% Technology
1.2% Energy
3.5% Consumer Services
4.0% Consumer Staples
13.4% Capital Goods
9.8% Health Care
8.2% Short-Term Instruments
6.3% Consumer Discretionary
4.8% Materials & Processing
<TABLE>
<CAPTION>
Value
Shares (000's)
- --------------------------------------------------------------------------------
Common Stocks - 92.6%
- --------------------------------------------------------------------------------
<S> <C> <C>
Capital Goods - 13.4%
Helix Technology 28,500 $ 1,069
Hughes Supply, Inc. 50,400 1,216
Interpool, Inc. (b) 71,900 1,150
NCI Building Systems, Inc. (b) 62,750 1,459
Shelter Components Corp. 98,750 1,506
Tech-Sym Corp. (b) 47,800 1,416
Watsco, Inc. "A" 92,750 1,542
----------
9,358
Consumer Discretionary - 6.3%
Culp, Inc. 107,550 1,049
Custom Chrome, Inc. (b) 54,500 1,369
Holophane Corp. (b) 40,100 1,083
Varsity Spirit Corp. 59,075 871
----------
4,372
Consumer Services - 3.5%
Aaron Rents, Inc. "B" 41,500 747
Penn National Gaming, Inc. (b) 37,500 638
Reeds Jewelers, Inc. (b) 37,400 393
Urban Outfitters, Inc. (b) 31,700 689
----------
2,467
Consumer Staples - 4.0%
Alpine Lace Brands, Inc. (b) 128,700 1,418
Morningstar Group, Inc. (b) 102,400 793
Rocky Mountain Chocolate Factory (b) 38,000 570
----------
2,781
Energy - 1.2%
ICO, Inc. 177,200 842
----------
Financial & Business Services - 20.1%
Aames Financial Corp. 51,600 1,290
Bank of New Hampshire Corp. 33,900 1,220
Carolina First Corp. 33,545 495
Charter Bancshares, Inc. 39,480 721
Chittenden Corp. 60,944 1,661
Community First Bankshares 75,400 1,527
Graphic Industries 112,700 1,099
Pioneer Financial Services, Inc. 94,200 1,319
Provident Bankshares Corp. 45,790 1,396
Right Management Consultants (b) 55,600 1,730
Vermont Financial Services Corp. 48,500 1,540
----------
13,998
Health Care - 9.8%
Conmed Corp. (b) 51,900 1,817
Corvel Corp. (b) 44,500 1,424
Inphynet Medical Management (b) 45,500 819
Rotech Medical Corp. (b) 32,100 730
Sterling Healthcare Group (b) 60,900 837
Vitalink Pharmacy Service (b) 61,200 1,102
Watson Pharmaceutical, Inc. (b) 2,000 89
----------
6,818
Materials & Processing - 4.8%
Castle (A.M.) & Co. 77,000 1,877
Roanoke Electric Steel Corp. 96,550 1,472
----------
3,349
Technology - 29.5%
Altron, Inc. (b) 58,550 1,683
Aseco Corp. (b) 74,900 1,367
Bel Fuse, Inc. (b) 78,300 881
Compucom Systems, Inc. (b) 144,500 975
Credence Systems Co. (b) 44,050 1,646
Electro Scientific Industries (b) 42,500 1,317
Emulex Corp. (b) 31,600 514
Gelman Sciences, Inc. (b) 77,650 1,660
Ikos Systems, Inc. (b) 119,800 1,408
International Remote Imaging Systems (b) 6,800 48
Microcom, Inc. (b) 88,700 1,940
Microdyne Corp. (b) 49,400 1,371
TCSI Corp. (b) 77,500 1,162
Tencor Instruments (b) 26,200 1,117
Tylan General, Inc. 49,600 794
United Video Satellite (b) 43,500 1,120
Xylogics, Inc. (b) 23,300 1,611
----------
20,614
----------
Total Common Stocks 64,599
(Cost $50,374) ==========
<CAPTION>
- --------------------------------------------------------------------------------
Short-Term Instruments - 8.3%
- --------------------------------------------------------------------------------
Principal
Amount
(000's)
<S> <C> <C>
Repurchase Agreement - 8.3%
State Street Bank $ 5,793 5,793
4.500% due 11/01/95
(Dated 10/31/95. Collateralized by
U.S. Treasury Bond 11.250% due 02/15/15
valued at $5,914,748. Repurchase
proceeds are $5,793,724.)
----------
Total Short-Term Instruments 5,793
(Cost $5,793) ==========
Total Investments (a) - 100.9% $ 70,392
(Cost $56,167)
Other Assets and Liabilities (Net) - (0.9)% (617)
----------
Net Assets - 100.0% $ 69,775
==========
Notes to Schedule of Investments ($ in thousands):
(a) At October 31, 1995, the net unrealized appreciation
(depreciation) of investments based on cost for
federal income tax purposes was as follows:
Aggregate gross unrealized appreciation for
all investments in which there was an excess
of value over tax cost. $ 15,458
Aggregate gross unrealized depreciation for
all investments in which there was an excess
of tax cost over value. (1,233)
----------
Unrealized appreciation-net $ 44,225
==========
(b) Non-income producing security.
</TABLE>
See Notes to Financial Statements
37
<PAGE>
SCHEDULE OF INVESTMENTS
Cadence Small Cap Growth Fund
October 31, 1995
26.7% Financial & Business Services
1.1% Consumer Services
5.4% Materials & Processing
9.0% Health Care
25.6% Technology
14.3% Capital Goods
11.8% Short-Term Instruments
9.0% Consumer Discretionary
<TABLE>
<CAPTION>
Value
Shares (000's)
- --------------------------------------------------------------------------------
Common Stocks - 91.1%
- --------------------------------------------------------------------------------
<S> <C> <C>
Capital Goods - 14.3%
AGCO Corp. 28,100 $ 1,257
Blount, Inc. "A" 21,500 932
Helix Technology 21,700 814
IDEX Corp. 28,150 1,063
Methode Electronics "A" 47,200 1,085
Roper Industries, Inc. 29,400 1,066
Smith (A.O.) Corp. 27,800 577
Standex International Corp. 34,100 1,117
United Waste Systems, Inc. (b) 33,500 1,323
Watkins-Johnson Co. 29,500 1,420
----------
10,654
Consumer Discretionary - 9.0%
Anthony Industries, Inc. 45,800 853
First Alert, Inc. (b) 55,500 860
Lo-Jack Corp. (b) 61,900 960
Rex Stores Co. (b) 54,700 930
St. John Knits, Inc. 26,600 1,274
Toro Co. 30,100 869
United Television, Inc. (b) 11,500 980
----------
6,726
Consumer Services - 1.1%
Gilat Satellite Networks Limited (b) 36,100 803
----------
Financial & Business Services - 26.7%
Allied Group, Inc. 28,400 923
American Travellers Co. (b) 49,200 1,101
Associated Banc-Corp. 24,350 919
Capital Re Corp. 39,000 1,102
Centura Banks, Inc. 23,800 803
City National Corp. 39,200 519
Colonial Bancgroup, Inc. 11,200 323
Devon Group, Inc. (b) 17,800 694
Executive Risk, Inc. 38,800 853
First Midwest Bancorp, Inc. 10,700 300
Green Tree Financial Corp. 53,900 1,435
Harleysville Group, Inc. 15,400 424
HCC Insurance Holdings, Inc. (b) 29,700 1,032
MMI Companies, Inc. 33,900 759
National Re Corp. 25,000 841
Penncorp Financial Group, Inc. 42,000 1,003
Protective Life Corp. 41,900 1,194
PXRE Corp. 32,200 821
Reinsurance Group of America 22,200 763
Selective Insurance Group 23,100 860
The Money Store 19,800 792
Trenwick Group, Inc. 13,900 695
UST Corp. 57,900 789
Vesta Insurance Group, Inc. 23,100 933
----------
19,878
Health Care - 9.0%
Conmed Corp. (b) 13,300 466
Inphynet Medical Management (b) 43,300 779
Orthodontic Centers of America, Inc. (b) 26,600 851
Physician Reliance Network (b) 23,600 785
Rotech Medical Corp. (b) 33,900 771
Universal Health Services, Inc. (b) 27,800 1,043
Vital Signs, Inc. 39,900 728
Watson Pharmaceutical, Inc. (b) 28,800 1,285
----------
6,708
Materials & Processing - 5.4%
Amcol International Corp. 49,600 837
Intertape Polymer Group, Inc. 27,300 792
Medusa Corp. 29,700 742
Mueller Industries, Inc. (b) 33,600 790
Titan Wheel International, Inc. 59,375 861
----------
4,022
Technology - 25.6%
Altron, Inc. (b) 29,400 845
Atmel Corp. (b) 35,100 1,097
Brightpoint, Inc. (b) 43,300 823
Cypress Semiconductor Corp. (b) 20,300 717
Esterline Technologies (b) 19,500 451
Frame Technology Corp. (b) 32,200 906
FSI International, Inc. (b) 31,000 736
Global Village Communication (b) 18,500 319
Hutchinson Technology (b) 14,200 898
KLA Instruments Corp. (b) 32,800 1,402
Kulicke & Soffa Industries (b) 32,300 1,131
Lattice Semiconductor Corp. (b) 26,600 1,044
LSI Logic Corp. (b) 24,000 1,131
LTX Corp. (b) 21,800 269
Network Equipment Tech, Inc. (b) 38,300 1,250
Rational Software Corp. (b) 46,400 725
Sanmina Corp. (b) 28,200 1,523
Sierra Semiconductor Corp. (b) 45,900 820
Silicon Valley Group, Inc. (b) 31,500 1,020
Tencor Instruments (b) 24,500 1,044
Wyle Labs 22,100 942
----------
19,093
----------
Total Common Stocks 67,884
(Cost $51,566) ==========
<CAPTION>
- --------------------------------------------------------------------------------
Short-Term Instruments - 11.8%
- --------------------------------------------------------------------------------
Principal
Amount
(000's)
<S> <C> <C>
Repurchase Agreement - 11.8%
State Street Bank $ 8,771 8,771
4.500% due 11/01/95
(Dated 10/31/95. Collateralized by
U.S. Treasury Note 11.250%
due 02/15/15 valued at $8,946,546.
Repurchase proceeds are $8,772,096.)
----------
Total Short-Term Instruments 8,771
(Cost $8,771) ==========
Total Investments (a) - 102.9% $ 76,655
(Cost $60,337)
Other Assets and Liabilities (Net) - (2.9)% (2,134)
----------
Net Assets - 100.0% $ 74,521
==========
Notes to Schedule of Investments ($ in thousands):
(a) At October 31, 1995, the net unrealized appreciation
(depreciation) of investments based on cost for
federal income tax purposes was as follows:
Aggregate gross unrealized appreciation for
all investments in which there was an excess
of value over tax cost. $ 17,359
Aggregate gross unrealized depreciation for
all investments in which there was an excess
of tax cost over value. (1,041)
----------
Unrealized appreciation-net $ 16,318
==========
(b) Non-income producing security.
</TABLE>
See Notes to Financial Statements
38
<PAGE>
SCHEDULE OF INVESTMENTS
Columbus Circle Investors Core Equity Fund
October 31, 1995
14.7% Short-Term Instruments
16.7% Health Care
21.7% Technology
4.0% Other
3.6% Energy
12.9% Consumer Discretionary
9.8% Financial & Business Staples
7.9% Consumer Staples
6.6% Utilities
<TABLE>
<CAPTION>
Value
Shares (000's)
- --------------------------------------------------------------------------------
Common Stocks - 83.2%
- --------------------------------------------------------------------------------
<S> <C> <C>
Capital Goods - 1.4%
Deere & Co. 5,200 $ 465
----------
465
Consumer Discretionary - 12.9%
Capital Cities ABC 4,100 486
Disney (Walt) Productions 8,900 513
Federated Department Stores, Inc. (b) 15,500 393
General Motors `H' 6,200 260
Kroger Co. (b) 8,900 297
Liberty Media Group `A' (b) 11,300 278
Mirage Resorts (b) 13,400 439
Office Depot, Inc. 15,400 441
Price Costco 19,200 327
Viacom, Inc. `B' (b) 14,800 740
----------
4,174
Consumer Staples - 7.9%
Black & Decker Corp. 18,100 613
Kimberly Clark Corp. 13,600 988
Pepsico 20,300 961
----------
2,562
Energy - 3.6%
Amoco Corp. 9,600 613
British Petroleum - ADR 3,369 297
Schlumberger Limited 4,200 262
----------
1,172
Financial & Business Services - 9.8%
American Express 14,400 585
American International Group, Inc. 7,450 629
Bank of New York 9,200 386
Chemical Banking Corp. 10,000 569
Cigna Corp. 4,600 456
Green Tree Financial Corp. 20,200 538
----------
3,163
Health Care - 16.7%
Amgen, Inc. (b) 8,800 422
Boston Scientific Corp. (b) 13,600 573
Columbia HCA Healthcare Corp. 18,680 917
Johnson & Johnson 10,400 848
Medtronic, Inc. 16,000 924
Merck & Co, Inc. 15,600 897
Smithkline Beecham - ADR 9,500 493
Upjohn Co. 6,800 345
----------
5,419
Materials & Processing - 2.6%
Champion International Corp. 8,000 428
Georgia-Pacific Corp. 5,000 413
----------
841
Technology - 21.7%
Applied Materials (b) 9,200 461
Atmel Corp. (b) 14,500 453
Broderbund Software, Inc. (b) 5,600 389
Cisco Systems (b) 11,600 899
Computer Associates International, Inc. 12,650 696
Ericsson (LM) - ADR 27,400 585
First Data Corp. 7,200 476
General Motors `E' 12,300 580
Informix Corp. (b) 10,000 291
KLA Instruments Corp. (b) 9,800 419
LSI Logic Corp. (b) 7,400 349
Microsoft Corp. (b) 7,700 770
Nokia Corp. - ADR 4,400 245
Oracle Systems Corp. (b) 10,050 438
----------
7,051
Utilities - 6.6%
A T & T Corp. 7,100 454
Airtouch Communications, Inc. (b) 14,100 402
MCI Communications Corp. 24,430 748
Vodafone Group 13,100 535
----------
2,139
----------
Total Common Stocks 26,986
(Cost $24,547) ==========
<CAPTION>
- --------------------------------------------------------------------------------
Short-Term Instruments - 14.7%
- --------------------------------------------------------------------------------
Principal
Amount
(000's)
<S> <C> <C>
Repurchase Agreement - 14.7%
State Street Bank $ 4,775 $ 4,775
4.500% due 11/01/95
(Dated 10/31/95. Collateralized by
U.S. Treasury Note 6.500% due
04/30/97 valued at $4,870,673.
Repurchase proceeds are $4,775,597.)
----------
Total Short-Term Instruments 4,775
(Cost $4,775) ==========
Total Investments (a) - 97.9% $ 31,761
(Cost $29,322)
Written Option (c) - 0.0% (1)
(Premiums $2)
Other Assets and Liabilities (Net) - 2.1% 676
----------
Net Assets - 100.0% $ 32,436
==========
Notes to Schedule of Investments ($ in thousands):
(a) At October 31, 1995, the net unrealized appreciation
(depreciation) of investments based on cost for
federal income tax purposes was as follows:
Aggregate gross unrealized appreciation for
all investments in which there was an excess
of value over tax cost. $ 2,896
Aggregate gross unrealized depreciation for
all investments in which there was an excess
of tax cost over value. (457)
----------
Unrealized appreciation-net $ 2,439
==========
(b) Non-income producing security.
(c) Premium received on Written Call Option:
<CAPTION>
Premium Market
Type Shares Received Value
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
Amgen, Inc.
Strike @ 50.00 Exp. 11/95 800 $ 2 $ 1
</TABLE>
See Notes to Financial Statements
39
<PAGE>
SCHEDULE OF INVESTMENTS
Columbus Circle Investors Mid Cap Equity Fund
October 31, 1995
18.6% Consumer Discretionary
19.4% Technology
22.6% Consumer Services
1.9% Other
10.0% Financial & Business Services
8.6% Short-Term Instruments
8.5% Health Care
8.0% Materials & Processing
1.7% Capital Goods
<TABLE>
<CAPTION>
Value
Shares (000's)
<S> <C> <C>
- --------------------------------------------------------------------------------
Common Stocks - 90.7%
- --------------------------------------------------------------------------------
Capital Goods - 1.7%
Case Corp. 3,800 $ 145
----------
Consumer Discretionary - 18.6%
Baby Superstore 1,700 80
Boston Chicken (b) 11,700 396
CompUSA, Inc. (b) 1,000 38
Diebold, Inc. 5,400 286
Gucci, Inc. 3,500 105
Harley Davidson, Inc. 9,400 251
Liz Claiborne, Inc. 3,300 94
Officemax, Inc. (b) 8,350 207
Premisys Communications 200 18
Warnaco Group, Inc. "A" 3,500 81
----------
1,556
Consumer Services - 22.6%
Clear Channel Communications 1,500 123
DST Systems 1,100 23
Fiserv, Inc. (b) 5,200 134
Gartner Group, Inc. (b) 4,000 175
General Nutrition Cos, Inc. (b) 11,400 284
Gtech Holdings Corp. 3,400 83
HFS, Inc. (b) 6,100 374
Hollywood Entertainment 1,400 37
Paging Network, Inc. 5,400 124
Peoplesoft, Inc. 2,000 172
Petsmart, Inc. (b) 3,900 131
Scholastic Corp. 1,600 99
Starbucks Corp. 3,200 125
----------
1,884
Energy - 1.0%
Ucar International, Inc. 2,900 83
----------
Financial & Business Services - 10.0%
American Re Corp. 2,900 111
Countrywide Credit Industries, Inc. 8,300 184
Mid Ocean Limited 2,700 96
PMI Group, Inc. 3,300 158
Prudential Reinsurance Holdings 10,900 222
Symantec Corp. (b) 2,700 65
----------
836
Health Care - 8.5%
Guidant Corp. 11,400 365
Healthsouth Corp. (b) 4,000 104
Lincare Holdings, Inc. (b) 4,900 122
Mylan Laboratories 6,150 117
----------
708
Materials & Processing - 8.0%
Bowater, Inc. 3,600 159
James River Corp. 7,100 228
Millipore Corp. 1,800 64
Potash Corp. of Saskatchewan 2,200 153
Praxair, Inc. 2,400 65
----------
669
Technology - 19.4%
AVX Corp. 5,000 156
Broderbund Software, Inc. (b) 1,400 97
Dell Computer Corp., Inc. (b) 4,600 214
KLA Instruments Corp. (b) 4,400 188
Madge Networks NV (b) 900 38
Memc Electronics 2,700 87
Millicom International Cellular (b) 2,800 93
Qualcomm, Inc. (b) 5,100 196
Tellabs, Inc. 4,500 153
Teradyne, Inc. (b) 6,300 210
Vishay Intertechnology, Inc. 5,370 188
----------
1,620
Utilities - 0.9%
MFS Communications Co., Inc. (b) 1,900 77
----------
Total Common Stocks 7,578
==========
(Cost $6,525)
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Short-Term Instruments - 8.6%
- --------------------------------------------------------------------------------
Principal
Amount
(000's)
<S> <C> <C>
Repurchase Agreement - 8.6%
State Street Bank $ 720 720
4.500% due 11/01/95
(Dated 10/31/95. Collateralized by
U.S. Treasury Bond 11.250% due 02/15/15
valued at $738,441. Repurchase
proceeds are $720,090.)
----------
Total Short-Term Instruments 720
==========
(Cost $720)
Total Investments (a) - 99.3% $ 8,298
(Cost $7,245)
Other Assets and Liabilities (Net) - 0.7% 59
----------
Net Assets - 100.0% $ 8,357
==========
Notes to Schedule of Investments ($ in thousands):
(a) At October 31, 1995, the net unrealized appreciation
(depreciation) of investments based on cost for
federal income tax purposes was as follows:
Aggregate gross unrealized appreciation for
all investments in which there was an excess
of value over tax cost. $ 1,220
Aggregate gross unrealized depreciation for
all investments in which there was an excess
of tax cost over value. (167)
----------
Unrealized appreciation-net $ 1,053
==========
(b) Non-income producing security.
</TABLE>
See Notes to Financial Statements
40
<PAGE>
SCHEDULE OF INVESTMENTS
Parametric Enhanced Equity Fund
October 31, 1995
15.1% Utilities
15.9% Consumer Discretionary
16.3% Financial & Business Services
3.4% Capital Goods
0.7% Other
14.6% Technology
12.0% Consumer Staples
11.5% Health Care
6.9% Energy
3.5% Materials & Processing
<TABLE>
<CAPTION>
Value
Shares (000's)
- --------------------------------------------------------------------------------
Common Stocks - 99.8%
- --------------------------------------------------------------------------------
<S> <C> <C>
Capital Goods - 3.4%
Allied Signal, Inc. 10,492 $ 446
Caterpillar, Inc. 1,800 101
Cummins Engine, Inc. 3,700 130
Emerson Electric Co. 2,600 185
General Electric 3,600 228
Grainger (W.W.), Inc. 6,000 375
Illinois Tool Works 4,600 267
Ingersoll Rand Co. 6,400 227
Northrop Grumman Corp. 6,400 366
Paccar, Inc. 30 1
Potlatch Corp. 4,700 198
----------
2,524
Consumer Discretionary - 15.9%
Albertson's, Inc. 17,837 593
Briggs & Stratton Co. 6,400 258
Cooper Tire & Rubber Corp. 13,600 314
Crown Cork & Seal (b) 9,600 335
Dana Corp. 12,100 310
Dial Corp. 11,800 287
Dillard Department Stores 5,200 141
Echlin, Inc. 13,000 465
Fleming Cos., Inc. 3,293 75
Fluor Corp. 5,677 321
FMC Corp. 3,400 243
Genuine Parts Co. 3,900 155
Giant Foods, Inc. 4,300 138
Gillette Co. 3,700 179
Harland John H Co. 63 1
Home Depot, Inc. 14,900 555
International Flavors & Fragrances 4,600 222
Kroger Co. (b) 13,700 457
Limited, Inc. 14,300 263
Liz Claiborne, Inc. 8,600 244
Lowes Co. 4,000 108
McDonalds Corp. 6,800 279
Minnesota Mining & Manufacturing Co. 6,000 341
Nike, Inc. 12,800 726
Premark International, Inc. 1,800 83
Procter & Gamble Co. 10,248 830
Ralston-Purina Group 1 0
Reebok International Limited 8,300 282
Seagrams Limited 7,700 277
SPX Corp. 3,800 59
Stride Rite Corp. 7,900 89
Toys R Us (b) 8,300 182
Unilever N V 2,500 328
UST, Inc. 14,500 435
VF Corp. 3,200 153
Wal-Mart Stores, Inc. 25,600 554
Walgreen Co. 7,323 209
Walt Disney Productions 14,100 813
Wendys International, Inc. 5,800 115
Winn Dixie Stores 5,700 371
----------
11,790
Consumer Staples - 12.0%
American Brands, Inc. 5,400 231
Amern Stores Co. 5,600 167
Anheuser Busch 9,000 594
Archer-Daniel Midland 6,634 107
Campbell Soup Co. 10,000 524
CBS, Inc. 4,400 355
Coca-Cola Co. 16,000 1,150
Colgate Palmolive 700 48
Conagra 13,675 528
CPC International, Inc. 5,300 352
CUC International, Inc. (b) 2,150 75
General Mills, Inc. 2,300 132
H.J. Heinz Co. 1,900 89
Harrah's Entertainment, Inc. (b) 11,100 276
Kellog Co. 4,254 307
Kimberly Clark Corp. 7,500 544
King World Productions 8,500 296
Mattel, Inc. 21,600 621
Pepsico 17,400 918
Philip Morris Co, Inc. 10,700 904
Quaker Oats Co. 3,665 125
Sara Lee Corp. 9,500 279
Sysco Corp. 5,400 164
Wrigley William Jr Co. 2,600 121
----------
8,907
Energy - 6.9%
Amoco Corp. 8,400 537
Atlantic Richfield 2,200 235
Chevron Corp. 9,900 463
Exxon Corp. 14,300 1,092
Mobil Corp. 6,661 671
Phillips Petroleum Co. 12,400 400
Royal Dutch Petrol Guilder 7,300 897
Schlumberger Limited 3,100 193
Texaco, Inc. 7,668 522
Unocal Corp. 3,429 90
----------
5,100
Financial & Business Services - 16.3%
American International Group, Inc. 7,137 602
Banc One Corp. 14,080 475
Bank of Boston Corp. 3,500 155
Bankamerica Corp. 12,700 730
Bankers Trust NY Corp. 3,384 216
Barnett Banks of Florida 5,600 309
Chase Manhattan Corp. 1,800 103
Chemical Banking Corp. 12,111 689
Chubb Corp. 4,500 404
Cigna Corp. 1,300 129
Citicorp 13,983 907
Federal National Mortgage Association 9,600 1,007
First Fidelity 6,300 412
First Union Corp. 8,100 402
Fleet Financial Group, Inc. 11,900 461
General Re Corp. 2,400 348
Golden West Financial Corp. 9,200 461
H & R Block 7,100 293
Jefferson Pilot Corp. 5,100 337
Merrill Lynch Co. 1,700 94
Morgan J.P. and Co., Inc. 4,158 321
Nations Bank Corp. 7,966 524
NBD Bancorp 7,650 291
Norwest Corp. 19,270 568
Safeco Corp. 4,100 263
St Paul Cos., Inc. 6,200 315
Suntrust Banks, Inc. 8,600 555
Wachovia Corp. 4,400 194
Wells Fargo & Co. 2,261 475
----------
12,040
Health Care - 11.5%
Abbott Laboratories 17,700 703
American Home Products 4,100 363
Amgen, Inc. (b) 4,300 206
Becton Dickinson 4,100 267
Beverly Enterprises 8,400 99
</TABLE>
41
<PAGE>
SCHEDULE OF INVESTMENTS (Cont.)
Parametric Enhanced Equity Fund
October 31, 1995
<TABLE>
<CAPTION>
Value
Shares (000's)
- --------------------------------------------------------------------------------
<S> <C> <C>
Bristol Myers Squibb 5,200 $ 396
Johnson & Johnson 11,800 962
Lilly Eli & Co. 2,400 232
Manor Care, Inc. 3,900 128
Medtronic, Inc. 18,000 1,040
Merck & Co, Inc. 15,100 868
Pfizer, Inc. 13,400 769
Schering-Plough 13,000 697
Shared Medical Systems Corp. 2,800 108
St Jude Medical Enterprise, Inc. 8,700 463
United Healthcare Corp. 8,500 452
U.S. Health Care Systems, Inc. 7,400 285
Warner Lambert Co. 5,700 485
----------
8,523
Materials & Processing - 3.5%
Barrick Gold Corp. 3,500 81
duPont (E.I.) deNemours 6,400 399
Engelhard Corp. 3,450 86
First Mississippi 1,700 35
First Mississippi Gold, Inc. (b) 1,204 22
Great Lakes Chemical 4,300 289
Hercules, Inc. 2,300 123
International Paper 7,946 294
Louisiana Pacific Corp. 9,400 224
Morton International 8,400 256
NUCOR Corp. 6,300 303
Pall Corp. 6,255 152
Union Carbide Corp. 5,200 197
Worthington Industries, Inc. 9,400 156
----------
2,617
Technology - 14.6%
Advanced Micro Devices 19,200 459
Andrew Corp. (b) 9,650 408
Applied Materials (b) 4,600 231
Autodesk, Inc. 5,400 184
Automatic Data Processing 6,700 479
Cabletron Systems, Inc. (b) 2,200 173
Compaq Computer Corp. (b) 13,600 758
Computer Associates International, Inc. 3,350 184
DSC Communications (b) 10,900 403
General Dynamics Corp. 6,600 365
Honeywell, Inc. 2,400 101
Intel Corp. 17,000 1,188
IBM Corp. 3,600 350
Loral Corp. 20,200 598
McDonnell Douglas 10,300 842
Micron Technlogy, Inc. 4,500 318
Microsoft Corp. (b) 10,600 1,060
Motorola 7,580 497
National Semiconductor (b) 3,300 80
Northern Telecom Limited 2,300 83
Novell, Inc. (b) 16,700 276
Oracle Systems Corp. (b) 17,350 757
Raytheon Co. 11,600 506
Service Corp. International 3,700 148
Tektronix 2,700 160
Texas Instruments, Inc. 1,500 102
WMX Technologies 4,323 122
----------
10,832
Transportation - 0.6%
Consolidated Freightways, Inc. 4,200 98
Norfolk Southern 2,500 193
Southwest Airlines 6,800 136
----------
427
Utilities - 15.1%
American Electric Power, Inc. 6,161 235
Ameritech 9,233 499
Baltimore Gas & Electric 8,184 219
Bell Atlantic Corp. 4,341 276
Bell South 5,235 401
Carolina Power and Lighting 9,664 316
Central & South West 10,500 281
Coastal Corp. 12,900 418
Consolidated Edison Co. 8,200 249
Consolidated Natural Gas 5,071 193
Detroit Edison Co. 11,700 395
Dominion Resources, Inc. 6,050 240
Duke Power Co. 8,151 365
Enron Corp. 15,300 526
Entergy Corp. 6,900 197
FPL Group, Inc. 5,732 240
GTE Corp. 13,477 556
Houston Industry, Inc. 5,847 271
MCI Communications Corp. 14,000 349
Nicor, Inc. 8,281 223
Northern States Power Co. 3,200 151
Nynex Corp. 3,506 165
Ohio Edison Co. 9,631 220
ONEOK, Inc. 7,300 178
Pacific Gas & Electric 8,400 247
Pacific Telesis 9,262 281
Pacificorp (Oregon) 46 1
Peco Energy Co. 14,291 418
Peoples Energy Corp. 7,100 204
Public Service Enterprise 6,735 198
SBC Communications 15,309 855
Sonat, Inc. 6,600 190
Southern Co. 16,360 391
Sprint Corp. 10,682 411
U S West Communications Group 7,332 349
Unicom Corp. 3,000 98
Union Electric Co. 5,800 226
Williams Cos. 2,600 100
----------
11,132
----------
Total Common Stocks $ 73,892
==========
(Cost $59,318)
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Short-Term Instruments - 0.1%
- --------------------------------------------------------------------------------
Principal
Amount
(000's)
<S> <C> <C>
Repurchase Agreement - 0.1%
State Street Bank $ 63 63
5.875% due 11/01/95
(Dated 10/31/95. Collateralized by
U.S. Treasury Bill 0.000% due 05/31/96
valued at $63,728. Repurchase
proceeds are $63,008.)
----------
Total Short-Term Instruments 63
==========
(Cost $63)
Total Investments (a) - 99.9% $ 73,955
(Cost $59,381)
Other Assets and Liabilities (Net) - 0.1% 44
----------
Net Assets - 100.0% $ 73,999
==========
</TABLE>
42
<PAGE>
<TABLE>
<S> <C>
Notes to Schedule of Investments ($ in thousands):
(a) At October 31, 1995, the net unrealized appreciation
(depreciation) of investments based on cost for
federal income tax purposes was as follows:
Aggregate gross unrealized appreciation for
all investments in which there was an excess
of value over tax cost. $ 15,937
Aggregate gross unrealized depreciation for
all investments in which there was an excess
of tax cost over value. (1,363)
----------
Unrealized appreciation-net $ 14,574
==========
(b) Non-income producing security.
</TABLE>
See Notes to Financial Statements
43
<PAGE>
SCHEDULE OF INVESTMENTS
Blairlogie Emerging Markets Fund
October 31, 1995
16.5% Malaysia
19.4% Other
4.1% Indonesia
4.2% South Korea
4.6% Thailand
13.3% Brazil [PIE CHART APPEARS HERE]
9.2% South Africa
7.4% India
7.1% Chile
5.1% Israel
5.0% Mexico
<TABLE>
<CAPTION>
Value
Shares (000's)
- --------------------------------------------------------------------------------
Common Stocks - 95.9%
- --------------------------------------------------------------------------------
<S> <C> <C>
Argentina - 2.9%
Astra Cia Argentina 83,000 $ 123
Baesa Embotellador - ADS 4,800 110
Banco Frances Del Rio 15,100 110
Banco Galicia 32,300 152
Central Puerto SA 46,100 140
Compania Naviera Perez Co - ADR 25,023 219
Inversiones y Representaciones - GDR (b) 5,000 105
Molinos Rio De La Plata 18,550 116
Telefonica De Argentina - ADR 24,700 513
YPF Sociedad Anonima - ADR 32,100 550
----------
2,138
Brazil (d) - 13.3%
Aracruz Celulose SA PNB 229,622 432
Banco Bradesco 138,860 1,271
Brasmotor SA 2,177 509
Centrais Eletrobras 5,126 1,461
Cia Energetica Minas Ger 23,030 493
Cia Paulista De Forca E 12,592 621
Cia Vale Do Rio Doce 9,967 1,607
Lojas Americanas SA 20,934 501
Paranapanema SA Mineraca 36,456 419
Petrol Brasileiros 5,602 484
Telecomunicacoes Brasileiras - ADR 39,900 1,608
Usinas Siderurgicas Mina 527,194 493
----------
9,899
Chile - 7.1%
Compania De Telefonos Chile - ADR 16,884 1,216
Empresa Nacional De Electric - ADR 37,700 810
Enersis - ADR 21,400 538
Madeco SA - ADR 57,000 1,418
Sociedad Quimica y Minera Chile 29,750 1,290
----------
5,272
Colombia - 2.6%
Carulla - ADR 34,560 272
Cementos Diamante SA - ADR (c) 40,300 705
Banco Industries Colombiano - ADR 71,700 977
----------
1,954
India - 7.4%
Bajai Auto - GDR 15,570 419
East India Hotels - GDR (b) 24,260 437
Grasim Industries 23,000 512
Gujarat Narmada VA - GDR (b) 2,360 18
Gujarat Narmada VA - GDR (b) 42,500 324
Hindalco Industries 19,620 625
Indian Rayon & Inds - GDR (c) 39,050 478
Jardine Fleming India Fund 66,890 594
Larsen & Tourbro Limited - (c) 36,780 666
Oryx (India) Fund Limited (b) 5,030 277
Oryx (India) Shares Fund (b) 10,800 116
Reliance Industries - GDS (c) 38,320 604
South Indian Viscose Warrants (b) 11,260 1
Tata Engineering & Loco Co. - GDR 20,140 422
----------
5,493
Indonesia - 4.1%
Astra International 395,900 793
Bank International Indonesia 190,500 667
Indah Kiat Paper Pulp 244,736 240
Indo Foods Sukses Makmur 87,000 402
P.T. Semen Gresik 220,500 573
United Tractors 186,500 369
----------
3,044
<CAPTION>
Value
Shares (000's)
- --------------------------------------------------------------------------------
<S> <C> <C>
Israel - 5.1%
Africa Israel Investments (b) 420 $ 509
Bank Hapoalim Bm 252,300 390
Bezek 143,450 386
Blue Square Chain Stores (b) 70,000 448
Koor Industries 6,390 551
Orbotech (b) 29,800 386
Osem Investment 91,136 576
Teva Pharmaceutical - ADR 14,700 577
----------
3,823
Malaysia - 16.5%
Arab Malaysian Finance Rights 208,000 139
DCB Holdings Berhad 549,000 1,556
Genting Berhad 75,500 651
Land & General Holdings 375,000 871
Leader Universal Holdings 194,333 524
Malaysian Banking Berhad 167,000 1,348
RJ Reynolds Berhad 386,000 790
Road Builder (M) Holdings Berhad 219,400 678
Sungei Way Holdings Berhad 161,000 542
Technology Resources Industries (b) 429,000 1,089
Telekom Malaysia 271,000 1,942
UMW Holdings Berhad 404,866 964
United Engineers 191,000 1,188
----------
12,282
Mexico - 5.0%
Cemex SA - ADS (b)(c) 50,000 152
Cifra SA "B" 288,980 312
Grupo Financiero Banamex 314,000 458
Grupo Mexico SA (b) 36,260 152
Grupo Televisa - GDS 10,810 185
Kimberly Clark "A" 34,700 457
Telefonos De Mexico - ADR 52,750 1,451
Tubos De Acero De Mexico (b) 77,500 534
----------
3,701
Pakistan (d) - 0.5%
Dewan Salman Fibre (b) 3,700 8
Dewan Salman Rights (b) 10,263 0
Dg Kahn Cement (b) 194,100 213
Fauji Fertilizer Co 37,400 60
Pakistan State Oil 6,700 71
----------
352
Peru (d) - 2.3%
Credicorp 22,162 351
Compaina Peruana De Telefonos "B" 471,138 870
Minsur Sa 68,000 465
----------
1,686
Poland - 1.8%
Argos Holdings (b) 23,000 239
Bank Rozwoju Eksportu (b) 20,000 311
Debica (b) 23,000 318
Elektrim 85,331 285
Polifarb (b) 56,000 207
----------
1,360
Portugal - 0.8%
Cimpor Cimentos 6,010 98
Investec (b) 4,900 91
Jeronimo Martins 1,990 106
Portugal Telecom 7,500 142
Sonae Investmentos 5,750 132
----------
569
</TABLE>
44
<PAGE>
<TABLE>
<CAPTION>
Value
Shares (000's)
- --------------------------------------------------------------------------------
<S> <C> <C>
South Africa - 9.2%
Barlow Limited 67,480 $ 869
De Beers Centenary 31,630 874
Gencor 216,810 761
Liberty Life Association of Africa 15,500 403
Murray Roberts Holdings 120,330 841
Nedcor 57,600 821
Nedcor Warrants (b) 14,400 48
Rembrandt Group 86,440 788
Smith C.G. Limited 97,830 637
South African Breweries 25,000 821
----------
6,863
South Korea - 4.2%
Cho Hung Bank 33,306 440
Korea Electric Power 22,600 931
Korea Kumho Petrochemica 37,600 484
Pohang Iron & Steel - ADR 4,900 126
Pohang Iron & Steel Co (b) 580 51
Samsung Co - GDS (c) 15,850 182
Samsung Co (c) 1,172 13
Samsung Heavy Industries (b) 29,500 898
Ssangyong Oil Refining 185,000 195
----------
3,125
Sri Lanka - 1.4%
Aitken Spence & Co. 75,900 296
Development Finance Corp. of Ceylon 38,933 230
Hatton National Bank (b) 21,700 212
Keells (John) Holdings 56,700 189
Lanka Walltiles 106,800 113
----------
1,040
Thailand - 4.6%
Advanced Information Service 67,500 1,073
Bangkok Bank Public Co 113,900 1,177
Krung Thai Bank Public Co Limited 117,200 467
Thai Farmers Bank Public 85,700 708
----------
3,425
Turkey - 4.1%
Adana Cimento 766,000 164
Adana Cimento Bonus Issue (b) 306,400 66
Adana Cimento Rights Issue (b) 766,000 149
Akaltekstil 2,070,000 266
Akbank 992,000 261
Arcelik 2,073,000 343
Bagfas Bandirma Gubre 836,000 407
Brisa Bridgestone Sabanc 959,000 290
Erciyas Biracilik 465,000 295
Migros Turk Tas 426,000 490
Netas Telekomunik 1,015,000 351
----------
3,082
Venezuela - 2.7%
Corimon C.A.C.A. - ADR 85,030 362
Mavesa SA - ADR 140,700 692
Sider Venez - ADS 340,000 977
----------
2,031
----------
Total Common Stocks 71,139
==========
(Cost $72,087)
<CAPTION>
Principal
Amount Value
(000's) (000's)
- --------------------------------------------------------------------------------
Corporate Bonds and Notes - 0.3%
- --------------------------------------------------------------------------------
<S> <C> <C>
South Korea - 0.3%
Ssangyong Oil Refining
3.750% due 12/31/08 $ 185 $ 195
----------
Total Corporate Bonds and Notes 195
(Cost $217) ----------
Total Investments (a) - 95.9% $ 71,334
(Cost $72,304)
Foreign Currencies - 0.3%
Thai Bat 250
----------
Total Foreign Currency Investments 250
(Cost $250)
Other Assets and Liabilities (Net) - 3.8% 2,785
----------
Net Assets - 100.0% $ 74,369
==========
Notes to Schedule of Investments ($ in thousands):
(a) At October 31, 1995, the net unrealized appreciation
(depreciation) of investments based on cost for
federal income tax purposes was as follows:
Aggregate gross unrealized appreciation for
all investments in which there was an excess
of value over tax cost. $ 6,258
Aggregate gross unrealized depreciation for
all investments in which there was an excess
of tax cost over value. (7,228)
----------
Unrealized depreciation-net $ (970)
==========
</TABLE>
(b) Non-income producing security.
(c) Restriced security. Purchased in a private placement
transaction; resale to public may require registration.
(d) Foreign forward currency contracts outstanding at
October 31, 1995:
<TABLE>
<CAPTION>
Principal
Amount Unrealized
Covered Expiration Appreciation
Type By Contract Month (Depreciation)
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Sell BRR 27 11/95 0
Sell BRR 16 11/95 0
Sell PEI 204 11/95 0
Sell PKR 3 11/95 0
Sell PKR 5 11/95 0
Sell PKR 3 11/95 0
-----------
</TABLE>
0
===========
(e) Principal amount denoted in indicated currency:
BRR - Brazilian Real Cruzeiro
PEI - Peruvian Inti
PKR - Pakistani Rupee
See Notes to Financial Statements
45
<PAGE>
SCHEDULE OF INVESTMENTS
Blairlogie International Active Fund
October 31, 1995
34.9% Japan
3.8% Netherlands
3.0% Malaysia
5.1% Germany
10.1% Other
2.3% Switzerland [PIE CHART APPEARS HERE]
13.3% United Kingdom
8.1% France
2.4% Singapore
5.4% Hong Kong
2.8% Spain
<TABLE>
<CAPTION>
Value
Shares (000's)
- --------------------------------------------------------------------------------
Common Stocks - 91.2%
- --------------------------------------------------------------------------------
<S> <C> <C>
Australia - 0.7%
Amcor Limited "A" 12,600 $ 94
Broken Hill Proprietary 6,722 91
Comalco Limited 19,200 97
Western Mining Corp. 14,600 94
Westpac Banking Corp. 25,800 106
----------
482
Austria - 0.9%
Creditanstalt Bankverein 2,300 115
Flughafen Wien Ag 2,900 186
Mayr Melnhof Karton Ag 2,300 134
Oesterreichische 2,000 122
----------
557
Belgium - 1.4%
Electrabel Npv 1,250 280
Fortis Ag 1,400 152
Generale De Banque Npv 604 195
Gib Holding Limited 3,637 142
Glaverbel 1,090 124
----------
893
Finland - 1.4%
Enso-Gutzeit Oy 17,800 140
Finnair Oy 25,700 186
Nokia Corp. 1,400 82
Rauma 3,800 83
Valmet 6,200 172
Werner Soderstrom Osakey "B" 2,700 242
----------
905
France (d) - 8.1%
Alcatel Alsthom 4,800 411
Axa 7,785 433
Carrefour 745 438
Club Mediterrane (b) 3,890 305
Club Mediterrane Rights (b) 3,890 0
Credit Local De France 6,145 487
Danone 2,070 331
Eaux (Cie Generale) 3,492 325
Lafarge Coppee Sa 5,504 365
Peugeot 2,650 346
Roussel-Uclaf 2,670 438
Saloman Sa 730 422
Schneider Sa 11,490 444
Total Co. 7,070 437
----------
5,182
Germany (d) - 5.1%
Allianz Ag Holdings 146 268
Bayer Ag 937 247
Bayerische Motoren Werke 239 128
Commerzbank Ag 1,760 407
Karstadt Ag 674 292
Mannesmann Ag 1,313 431
Merck Kgaa 5,000 209
Muenchener Rueckvers Ag 70 145
Muenchener Rueckvers Warrants (b) 3 0
Siemens Ag 820 428
Veba Ag 9,930 407
Volkswagen Ag 940 296
----------
3,258
<CAPTION>
Value
Shares (000's)
- --------------------------------------------------------------------------------
<S> <C> <C>
Hong Kong - 5.4%
Cheung Kong Holdings 67,000 $ 378
Hang Seng Bank 61,600 516
Hong Kong Telecommunications 95,600 167
Hutchison Whampoa 105,000 579
Sun Hung Kai Properties 97,816 781
Swire Pacific "A" 67,900 509
Wharf Holdings 116,000 392
Wing Hang Bank Limited 52,500 169
----------
3,491
Ireland - 1.5%
Allied Irish Banks 32,000 162
Bank of Ireland 33,000 220
CRH 37,000 244
Kerry Group "A" 21,800 168
Smurfit (Jefferson) 66,600 178
----------
972
Italy (d) - 2.1%
Benetton 13,000 135
Credito Italiano 226,000 257
Fiat Spa 32,000 104
Rinascente (La) 23,000 136
Sasib RNC (b) 47,000 117
SME 66,000 145
Telecom Italia Spa 203,000 309
Unichem Spa (b) 20,000 126
----------
1,329
Japan (d) - 34.9%
Daiwa Securities Co Limited 135,000 1,586
Fujisawa Pharmaceutical 123,000 1,199
Hitachi Limited 119,000 1,223
Matsushita Electric Work 117,000 1,157
Mazda Motor Corp. (b) 207,000 651
Mitsubishi Chemical Corp. 303,000 1,377
Mitsui Engineering 624,000 1,369
Mitsui Fudosan (b) 115,000 1,317
Nippon Telegraph & Telegraph (b) 168 1,383
NKK Corp (b) 635,000 1,536
Obayashi Corp. 169,000 1,259
Sony Corp. 18,000 811
Sumitomo Bank 75,000 1,329
Sumitomo Metal Mining 190,000 1,501
Sumitomo Trust & Banking 107,000 1,236
Takashimaya Corp. 104,000 1,446
Tokyo Steel Manufacturing 60,000 1,116
Tokyu Corp. 151,000 962
----------
22,458
Malaysia - 3.0%
DCB Holdings Berhad 76,000 218
Land & General Holdings 51,702 120
Malayan Banking Berhad 29,000 234
Resorts World Berhad 35,971 178
RJ Reynolds Berhad 109,000 223
Road Builder (M) Holdings Berhad 80,412 249
Sungei Way Holding Berhad 68,000 229
Technology Resources Industries (b) 101,000 257
Telekom Malaysia 551 4
United Engineers Berhad 35,000 220
----------
1,932
</TABLE>
46
<PAGE>
<TABLE>
<CAPTION>
Value
Shares (000's)
- --------------------------------------------------------------------------------
<S> <C> <C>
Netherlands - 3.8%
ABN-Amro Holdings Nv 5,690 $ 239
Ahold Koninklijke 8,841 335
Akzo Noble Nv 2,238 255
Amev Nv Cva 5,222 328
Elsevier Nv 24,561 317
Kon Ptt Nederland 8,320 292
Philips Electronics 5,909 228
Polygram Nv 4,283 267
Ver Ned Uitgevers 1,500 210
----------
2,471
Norway - 2.1%
Den Norske Bank 132,700 364
Elkem As 10,200 110
Hafslund Nycomed As 5,440 152
Kvaerner As "A" 3,895 164
Orkla As 6,200 302
Saga Petroleum 17,950 225
----------
1,317
Singapore - 2.4%
Cerebos Pacific 16,300 101
City Developments 50,828 315
Courts (Singapore) 140,000 220
DBS Land 70,000 207
Overseas Union Bank 50,000 311
Singapore Airlines 13,550 126
United Overseas Bank 26,791 235
----------
1,515
Spain - 2.8%
Argentaria Corp. 5,480 194
Aumar Autop Del Mare Nos 20,100 231
Banco Popular Espanol 2,316 368
Endesa 6,854 341
Iberdrola Sa 27,000 204
Repsol Sa 5,756 172
Telefonica De Esp 23,120 291
----------
1,801
Switzerland (d) - 2.3%
Allusuisse Lonza Holdings 190 145
BBC Brown Boveri Ag 175 203
Ciba Geigy Ag 215 186
Nestle SA Registared 110 115
Roche Holding Ag-Genusss 40 290
Schw Bankgesellsch 275 298
Sig Schweiz, Industrie 55 119
Winterthur Schweiz 175 115
----------
1,471
United Kingdom - 13.3%
Abbey National Plc 62,400 529
Baa 82,140 640
Boots Co. 46,200 409
British Petroleum 76,150 561
British Telecomm 73,770 440
BTR 98,832 526
Guinness 58,700 471
HSBC Holdings Plc 33,300 496
Lloyds Bank 38,500 475
Pilkington 171,000 512
RTZ Corp. 32,630 452
Seeboard 67,000 550
Smithkline Beecham 68,120 712
<CAPTION>
Value
Shares (000's)
- --------------------------------------------------------------------------------
<S> <C> <C>
Tesco 123,000 $ 584
Wolseley Plc 85,000 527
Zeneca Group 37,060 691
----------
8,575
Total Investments (a) - 91.2% $ 58,609
(Cost $57,455)
Foreign Currencies - 7.9%
Australian Dollar (c) 491
British Pound (c) 1,879
Finnish Markka 167
French Franc 63
German Mark (c) 597
Hong Kong Dollar (c) 247
Japanese Yen (c) 1,650
----------
Total Foreign Currency Investments 5,094
(Cost $5,116)
Other Assets and Liabilities (Net) - 0.9% 579
----------
Net Assets - 100.0% $ 64,282
==========
Notes to Schedule of Investments ($ in thousands):
(a) At October 31, 1995, the net unrealized appreciation
(depreciation) of investments based on cost for
federal income tax purposes was as follows:
Aggregate gross unrealized appreciation for
all investments in which there was an excess
of value over tax cost. $ 4,060
Aggregate gross unrealized depreciation for
all investments in which there was an excess
of tax cost over value. (2,928)
----------
Unrealized appreciation-net $ 1,132
==========
</TABLE>
(b) Non-income producing security.
(c) Currencies with an aggregate market value of
$239 have been segregated with the custodian
to cover margin requirements for the following
open stock index futures contracts at October 31, 1995:
<TABLE>
<CAPTION>
Unrealized
Appreciation/
Type Contracts (Depreciation)
- --------------------------------------------------------------------------------
<S> <C> <C>
Australian Index (12/95) 12 $ (16)
DTB DAX (12/95) 5 (21)
Hang Seng Index (11/95) 3 (2)
LIFFE FT-SE 100 (12/95) 7 (15)
Osaka 300 (12/95) 28 2
--------------
$ (52)
==============
</TABLE>
47
<PAGE>
SCHEDULE OF INVESTMENTS (Cont.)
Blairlogie International Active Fund
October 31, 1995
<TABLE>
<CAPTION>
(d) Foreign forward currency contracts outstanding at October 31, 1995:
Principal
Amount Unrealized
Covered Expiration Appreciation
Type By Contract Month (Depreciation)
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Buy CHF 2,349 11/95 $ 29
Sell CHF 1,156 11/95 2
Sell DEM 1,500 11/95 (17)
Sell FRF 10,000 11/95 (30)
Buy FRF 5,000 11/95 3
Buy ITL 1,632,600 11/95 (1)
Buy JPY 100,130 11/95 (16)
----------------
$ (30)
================
(e) Principal amount denoted in indicated currency:
CHF - Swiss Franc
DEM - German Mark
FRF - French Franc
ITL - Italian Lira
JPY - Japanese Yen
</TABLE>
See Notes to Financial Statements
48
<PAGE>
SCHEDULE OF INVESTMENTS
Balanced Fund
October 31, 1995
Corporate Bonds and Notes 8.3%
[PIE CHART APPEARS HERE] Mortgage-Backed Securities 36.2%
Common Stocks 52.8%
Short-Term Instruments 10.3%
<TABLE>
<CAPTION>
Value
Shares (000's)
- --------------------------------------------------------------------------------
Common Stocks - 52.8%
- --------------------------------------------------------------------------------
<S> <C> <C>
Capital Goods - 1.8%
Allied Signal, Inc. 5,668 $ 241
Caterpillar, Inc. 1,100 62
Cummins Engine, Inc. 1,800 63
Emerson Electric Co. 1,400 100
General Electric 1,900 120
Grainger (W.W.), Inc. 3,000 187
Illinois Tool Works 2,300 134
Ingersoll Rand Co. 3,300 117
Northrop Grumman Corp. 3,300 189
Potlatch Corp. 2,300 97
----------
1,310
Consumer Discretionary - 6.9%
Albertson's, Inc. 9,154 304
Briggs & Stratton Co. 3,300 133
Crown Cork & Seal (d) 5,200 181
Dana Corp. 6,100 156
Dial Corp. 6,300 154
Dillard Department Stores 2,800 76
Echlin, Inc. 6,600 236
Fluor Corp. 2,877 163
FMC Corp. 1,800 129
Giant Foods, Inc. 2,300 74
Gillette Co. 1,900 92
Harland John H Co. 21 0
Home Depot, Inc. 7,533 281
Internatlonal Flavors & Fragrances 2,300 111
King World Productions (d) 4,300 150
Limited, Inc. 7,400 136
Liz Claiborne, Inc. 4,600 131
Lowes Co. 2,000 54
Minnesota Mining & Manufacturing Co. 3,200 182
Nike, Inc. 6,400 363
Premark International, Inc. 1,100 51
Procter & Gamble Co. 5,500 446
Reebok International Limited 4,300 146
SPX Corp. 2,200 34
Stride Rite Corp. 4,100 46
Toys R Us, Inc. (d) 4,600 101
Unilever N. V. 1,300 170
UST, Inc. 7,400 222
VF Corp. 1,700 81
Wal-Mart Stores, Inc. 13,200 285
Walgreen Co. 3,891 111
Winn Dixie Stores 2,900 189
----------
4,988
Consumer Services - 0.9%
CBS, Inc. 2,300 186
CUC International, Inc. (d) 1,050 36
Harrah's Entertainment, Inc. (d) 5,900 146
Mattel, Inc. 11,062 318
----------
686
Consumer Staples - 7.0%
American Brands, Inc. 2,700 116
Amern Stores Co. 3,000 90
Anheuser Busch 5,100 337
Archer-Daniel Midland 3,454 56
Campbell Soup Co. 5,000 262
Coca-Cola Co. 8,200 589
Colgate Palmolive 400 28
Conagra 7,000 270
Cooper Tire & Rubber Corp. 7,000 162
CPC International, Inc. 2,800 186
Fleming Cos, Inc. 1,823 41
</TABLE>
<TABLE>
<CAPTION>
Value
Shares (000's)
- --------------------------------------------------------------------------------
<S> <C> <C>
General Mills, Inc. 1,300 $ 75
Genuine Parts Co. 2,100 83
H.J. Heinz Co 1,100 51
Kellog Co. 2,339 169
Kimberly Clark Corp. 3,900 283
Kroger Co. (d) 7,100 237
McDonalds Corp. 3,500 144
Pepsico 8,900 469
Philip Morris Co, Inc. 5,400 456
Quaker Oats Co. 1,846 63
Sara Lee Corp. 5,100 150
Seagrams Limited 4,200 151
Sysco Corp. 2,000 61
Walt Disney Productions 7,200 415
Wendys International, Inc. 3,100 61
Wrigley, William Jr. Co. 1,400 65
----------
5,070
Energy - 3.6%
Amoco Corp. 4,400 281
Atlantic Richfield 1,200 128
Chevron Corp. 5,000 234
Exxon Corp. 7,300 558
Mobil Corp. 3,444 347
Phillips Petroleum Co. 6,400 206
Royal Dutch Petrol Guilder 3,900 479
Schlumberger Limited 1,600 100
Texaco, Inc. 3,946 269
Unocal Corp. 1,732 45
----------
2,647
Financial & Business Services - 8.7%
Amer International Group, Inc. 3,575 301
Banc One Corp. 7,545 255
Bank of Boston Corp. 1,900 85
Bankamerica Corp. 6,600 380
Bankers Trust N.Y. Corp. 1,688 108
Barnett Banks of Florida 3,000 166
Chase Manhattan Corp. 1,100 63
Chemical Banking Corp. 6,232 354
Chubb Corp. 2,300 207
Cigna Corp. 700 69
Citicorp 7,110 461
Federal National Mortgage Association 4,900 514
First Fidelity 3,200 209
First Union Corp. 4,300 213
Fleet Financial Group, Inc. 6,100 236
General Re Corp. 1,500 217
Golden West Financial Corp. 4,700 236
H & R Block 3,600 149
Jefferson Pilot Corp. 2,700 178
Merrill Lynch Co. 1,000 56
Morgan, J.P. and Co., Inc. 2,094 161
Nations Bank Corp. 4,070 268
NBD Bancorp. 4,200 160
Norwest Corp. 9,687 286
Safeco Corp. 2,200 141
St Paul Cos., Inc. 3,100 157
Suntrust Banks, Inc. 4,500 290
Wachovia Corp. 2,300 101
Wells Fargo & Co. 1,053 221
WMX Technologies 2,223 63
----------
6,305
</TABLE>
49
<PAGE>
SCHEDULE OF INVESTMENTS (Cont.)
Balanced Fund
October 31, 1995
<TABLE>
Value
Shares (000's)
- --------------------------------------------------------------------------------
<S> <C> <C>
Health Care - 6.1%
Abbott Laboratories 9,100 $ 362
American Home Products 2,200 195
Amgen, Inc. (d) 2,200 106
Becton Dickinson 2,100 137
Beverly Enterprises 4,300 51
Bristol Myers Squibb 2,600 198
Johnson & Johnson 6,200 505
Lilly Eli & Co. 1,400 135
Manor Care, Inc. 2,200 72
Medtronic, Inc. 9,200 531
Merck & Co, Inc. 8,000 460
Pfizer, Inc. 7,000 402
Schering-Plough 6,700 359
Shared Medical Systems Corp. 1,500 58
St Jude Medical Enterprise, Inc. 4,400 234
United Healthcare Corp. 4,500 239
U.S. Health Care Systems, Inc. 3,800 146
Warner Lambert Co. 2,900 247
----------
4,437
Materials & Processing - 1.9%
Barrick Gold Corp. 2,000 46
duPont (E.I.) deNemours 3,300 206
Engelhard Corp. 1,850 46
First Mississippi 1,000 21
First Mississippi Gold, Inc. (d) 708 13
Great Lakes Chemical 2,300 155
Hercules, Inc. 1,300 69
International Paper 4,275 158
Louisiana Pacific Corp. 4,900 117
Morton International 4,700 143
NUCOR Corp. 3,200 154
Pall Corp. 3,220 79
Union Carbide Corp. 2,700 102
Worthington Industries, Inc. 4,950 82
----------
1,391
Technology - 7.5%
Advanced Micro Devices 10,000 239
Andrew Corp. (d) 4,850 205
Applied Materials (d) 2,400 120
Autodesk, Inc. 2,700 92
Automatic Data Processing 3,500 250
Cabletron Systems, Inc. (d) 1,200 94
Compaq Computer Corp. (d) 7,000 390
Computer Associates International, Inc. 1,850 102
DSC Communications (d) 5,600 207
General Dynamics Corp. 3,400 188
Honeywell, Inc. 1,300 55
Intel Corp. 8,700 608
IBM Machines Corp. 1,800 175
Loral Corp. 10,400 308
McDonnell Douglas 5,400 441
Micron Technlogy, Inc. 2,300 163
Microsoft Corp. (d) 5,500 550
Motorola 3,966 260
National Semiconductor (d) 1,600 39
Northern Telecommunications Limited 1,200 43
Novell, Inc. (d) 8,700 144
Oracle Systems Corp. (d) 6,600 288
Raytheon Co. 6,300 275
Service Corp. International 1,200 48
Tektronix 1,600 95
Texas Instruments, Inc. 500 34
----------
5,413
Transportation - 0.3%
Consolidated Freightways, Inc. 2,100 49
Norfolk Southern 1,400 108
Southwest Airlines 3,600 72
----------
229
Utilities - 8.0%
Ameritech 4,717 254
American Electric Power, Inc. 3,149 120
Baltimore Gas & Electric 4,190 112
Bell Atlantic Corp. 2,326 148
Bell South 2,777 212
Carolina Power and Lighting 4,892 160
Central & South West 5,200 139
Coastal Corp. 6,600 214
Consolidated Edison Co. 4,300 131
Consolidated Natural Gas 2,795 106
Detroit Edison Co. 6,000 203
Dominion Resources, Inc. 3,300 131
Duke Power Co. 4,333 194
Enron Corp. 7,900 272
Entergy Corp. 3,900 111
FPL Group, Inc. 2,897 121
GTE Corp. 6,985 288
Houston Industry, Inc. 3,009 140
MCI Comm Corp. 7,200 180
Nicor, Inc. 4,345 117
Northern States Power Co. 1,800 85
Nynex Corp. 1,971 93
Ohio Edison Co. 4,867 111
ONEOK, Inc. 3,900 95
Pacific Gas & Electric 4,400 129
Pacific Telesis 4,895 149
Pacificorp (Oregon) 33 1
Peco Energy Co. 7,294 213
Peoples Energy Corp. 3,800 109
Public Service Enterprises 3,408 100
SBC Communications 7,983 446
Sonat, Inc. 3,500 101
Southern Co. 8,530 204
Sprint Corp. 5,752 221
U.S. West Communications Group 4,006 191
Unicom Corp. 1,600 52
Union Electric Co. 3,200 125
Williams Cos. 1,400 54
----------
5,832
----------
Total Common Stocks 38,308
(Cost $31,347) ==========
</TABLE>
50
<PAGE>
<TABLE>
<CAPTION>
Principal
Amount Value
(000's) (000's)
- --------------------------------------------------------------------------------
Corporate Bonds and Notes - 8.3%
- --------------------------------------------------------------------------------
<S> <C> <C>
Banking and Finance - 1.4%
National Rural Utility Coop.
5.720% due 11/13/95 (c) $ 1,000 $ 998
----------
Industrials - 2.7%
AMR Corp.
10.000% due 02/01/01 400 453
9.430% due 05/10/01 (c) 1,000 1,117
Minnesota Mining & Manufacturing
5.820% due 11/15/95 (c) 400 399
----------
1,969
Utilities - 4.2%
Cleveland Electric
9.375% due 03/01/17 1,000 945
Long Island Lighting Co.
9.000% due 11/01/22 (e) 2,000 2,010
Ohio Power
8.300% due 04/01/97 127 130
----------
3,085
----------
Total Corporate Bonds and Notes 6,052
==========
(Cost $5,984)
<CAPTION>
- --------------------------------------------------------------------------------
Mortgage-Backed Securities - 36.2%
- --------------------------------------------------------------------------------
<S> <C> <C>
Federal Home Loan Mortgage Corp. - 1.6%
8.500% due 03/01/23 996 1,038
10.150% due 04/15/06 108 110
----------
1,148
Federal Housing Authority - 0.8%
6.930% due 07/01/14 (c) (e) 615 615
----------
Federal Home Loan Bank Corp - 0.8%
5.630% due 11/13/95 (c) 600 599
----------
Federal National Mortgage Association - 4.4%
8.500% due 07/01/02 759 784
8.500% due 09/01/02 64 66
8.500% due 01/01/07 462 480
8.500% due 01/01/08 (e) 505 529
5.484% due 12/01/23 (c) 1,344 1,357
----------
3,216
Government National Mortgage Association - 16.1%
10.750% due 09/15/00 88 93
10.750% due 10/15/00 132 139
8.000% due 09/15/06 91 94
9.500% due 09/15/09 23 24
9.500% due 10/15/09 177 190
16.000% due 10/15/11 99 117
16.000% due 10/15/11 46 55
16.000% due 11/15/11 20 24
16.000% due 12/15/11 6 7
16.000% due 12/15/11 13 16
16.000% due 12/15/11 27 32
16.000% due 12/15/11 6 7
16.000% due 12/15/11 8 10
16.000% due 12/15/11 18 22
16.000% due 12/15/11 4 5
16.000% due 12/15/11 3 4
16.000% due 12/15/11 50 60
16.000% due 01/15/12 14 16
16.000% due 01/15/12 9 11
16.000% due 01/15/12 2 2
16.000% due 03/15/12 82 98
16.000% due 04/15/12 66 80
14.000% due 08/15/12 (e) 32 37
14.000% due 09/15/12 (e) 23 26
13.250% due 10/20/14 81 93
7.500% due 05/15/17 20 20
7.375% due 04/20/23 2,448 2,502
7.250% due 08/24/24 (c) 1,079 1,101
6.500% due 09/20/24 1,921 1,943
6.500% due 12/19/25 5,000 4,859
----------
11,687
Collateralized Mortgage Obligations - 12.5%
Bear Stearns
9.000% due 01/25/21 (e) 50 51
Capstead
8.900% due 12/25/21 (e) 427 441
Countrywide
7.408% due 11/25/24 (c) (e) 1,630 1,671
7.913% due 11/25/24 (c) (e) 1,598 1,640
FNMA
9.500% due 06/25/18 781 829
Home Savings
6.075% due 05/25/27 (c) (e) 1,320 1,286
PNC
7.500% due 06/25/10 1,563 1,568
Resolution Trust Corp.
8.835% due 12/25/23 (c) (e) 1,536 1,577
----------
9,063
----------
Total Mortgage-Backed Securities 26,328
(Cost $26,120) ==========
<CAPTION>
- --------------------------------------------------------------------------------
Short-Term Instruments - 10.3%
- --------------------------------------------------------------------------------
<S> <C> <C>
Discount Notes - 7.5%
AT&T Corp.
5.640% due 11/22/95 800 797
Associates Corp. of North America
5.680% due 11/27/95 1,000 996
5.700% due 11/28/95 400 398
Hewlett Packard Co.
5.670% due 01/09/96 1,000 989
Motorola, Inc.
5.720% due 11/08/95 500 499
Toys-R-Us, Inc.
5.690% due 11/15/95 600 599
U.S. West Communications
5.700% due 11/14/95 800 798
Wal-Mart Stores
5.720% due 11/09/95 400 399
----------
5,475
</TABLE>
51
<PAGE>
SCHEDULE OF INVESTMENTS (Cont.)
Balanced Fund
October 31, 1995
<TABLE>
<CAPTION>
Principal
Amount Value
(000's) (000's)
- --------------------------------------------------------------------------------
<S> <C> <C>
Repurchase Agreement - 2.5%
State Street Bank $ 1,778 $ 1,778
4.500% due 11/01/95
(Dated 10/31/95. Collateralized by
U.S. Treasury Bond 11.250% due 02/15/15
valued at $1,829,124. Repurchase
proceeds are $1,789,223.)
U.S. Treasury Bill (b) - 0.3%
5.340% due 11/30/95 240 239
----------
Total Short-Term Instruments 7,492
(Cost $7,492) ==========
Total Investments (a) - 107.6% $ 78,180
(Cost $70,943)
Other Assets and Liabilities (Net) - (7.6%) (5,542)
----------
Net Assets - 100.0% $ 72,638
==========
Notes to Schedule of Investments ($ in thousands):
(a) At October 31, 1995, the net unrealized appreciation
(depreciation) of investments based on cost for
federal income tax purposes was as follows:
Aggregate gross unrealized appreciation for
all investments in which there was an excess
of value over tax cost. $ 8,119
Aggregate gross unrealized depreciation for
all investments in which there was an excess
of tax cost over value. (882)
----------
Unrealized appreciation-net $ 7,237
==========
(b) Securities with an aggregate market value of $239
have been segregated with the custodian to cover
margin requirements for the following open future
contracts at October 31, 1995:
</TABLE>
<TABLE>
<CAPTION>
Unrealized
Type Contracts Appreciation
- --------------------------------------------------------------------------------
<S> <C> <C>
U.S. Treasury 5 Year Note (12/95) 18 $ 15
U.S. Treasury 10 Year Note (12/95) 135 167
U.S. Treasury 30 Year Note (12/95) 30 103
----------
$ 285
==========
</TABLE>
(c) Variable rate security. The rate listed is as of October 31, 1995.
(d) Non-income producing security.
(e)Security valued under procedures established by the Board of Trustees.
See Notes to Financial Statements
52
<PAGE>
NOTES TO FINANCIAL STATEMENTS
October 31, 1995
1. Significant Accounting Policies
PIMCO Advisors Institutional Funds (the "Trust") was
established as a Massachusetts business trust on August 24,
1990. The Trust is registered under the Investment Company
Act of 1940, as amended, as a no-load, open-end management
investment company. The Trust currently consists of fifteen
separate investment funds (the "Funds"): the Money Market
Fund; the PIMCO Managed Bond and Income Fund; the NFJ Equity
Income Fund; the NFJ Diversified Low P/E Fund; the NFJ Small
Cap Value Fund; the Cadence Capital Appreciation Fund; the
Cadence Mid Cap Growth Fund; the Cadence Micro Cap Growth
Fund; the Cadence Small Cap Growth Fund; the Columbus Circle
Investors Core Equity Fund; the Columbus Circle Investors Mid
Cap Equity Fund; the Parametric Enhanced Equity Fund; the
Blairlogie Emerging Markets Fund; the Blairlogie
International Active Fund; and the Balanced Fund (See
Note 6).
Effective October 31, 1995, two series of the Trust, the
Utility Stock Fund and Parametric International Equity Fund,
were closed. The annual reports for these two Funds are
provided separately.
Multi-class Operations. The Trust is authorized to offer two
classes of shares, the Institutional Class and the
Administrative Class. A comprehensive discussion of the terms
under which shares of either class are offered is contained
in the prospectus for the Trust. Both classes of shares have
identical voting, dividend, liquidation and other rights and
the same terms and conditions, except for class specific
expenses and exclusive rights to vote on matters affecting
only individual classes.
Income, non-class specific expenses, and realized and
unrealized capital gains and losses are allocated to each
class of shares based upon net assets at the close of
business on the preceding day.
The Blairlogie Emerging Markets Fund commenced Administrative
Class operations on October 20, 1994. (Included in receipts
for shares sold in the statement of changes in net assets
for the year ended October 31, 1994, is $9,945 for the
Administrative Class. All other information related to the
Administrative Class for the year ended October 31, 1994 is
insignificant). The PIMCO Managed Bond and Income, NFJ Equity
Income, Cadence Mid Cap Growth, and Blairlogie International
Active Funds commenced Administrative Class operations on
November 30, 1994. The Money Market Fund, the Columbus
Circle Investors Core Equity Fund and the Cadence Small Cap
Growth Fund commenced Administrative Class operations on
January 24, 1995, May 31, 1995 and September 27, 1995,
respectively. None of the other Funds had commenced multi-
class operations as of October 31, 1995.
Security Valuation. The Money Market Fund's securities are
valued at amortized cost, which approximates market value,
and the Fund intends to maintain a net asset value of $1.00
per share. All the other Funds are valued as follows:
Portfolio securities for which market quotations are readily
available are stated at market value. Market value is
determined on the basis of last reported sales prices, or if
no sales are reported, the mean between representative bid
and asked quotations obtained from a quotation reporting
system or from established market makers. Short-term
investments having a maturity of 60 days or less are valued
at amortized cost, unless the amortized cost does not
approximate market value. Subject to the foregoing,
securities for which market quotations are not readily
available are valued at fair value as determined in good
faith under the direction of the Trust's Board of Trustees
(such valuation methods were used for approximately 29% and
13% of the PIMCO Managed Bond and Income and Balanced Funds,
respectively).
53
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont.)
October 31, 1995
Foreign Currency Translation. Securities and other assets and
liabilities denominated in foreign currencies are translated
into U.S. dollars using the foreign exchange quotation in
effect at 2:30 P.M. Eastern time. The cost of foreign
securities is translated at the exchange rate in effect when
the investment is acquired. Income and expenses are
translated at the rate of exchange in effect at the time of
each transaction.
The Trust isolates that portion of the results of operations
resulting from changes in foreign exchange rates on
investments from the fluctuations arising from changes in
market prices of securities held. Such fluctuations are
included with the net realized and unrealized gain or loss on
foreign currency transactions. Reported net realized foreign
exchange gains or losses arise from sales of portfolio
securities, sales and maturities of short-term securities,
sales of foreign currencies, currency gains or losses
realized between the trade and settlement dates on securities
transactions, the difference between the amounts of
dividends, interest, and foreign withholding taxes recorded
on the Trust's books, and the U.S. dollar equivalent of the
amounts actually received or paid. Net unrealized foreign
exchange gains and losses arise from changes in the value of
assets and liabilities including investments in securities at
fiscal year end, resulting from changes in the exchange rate.
Dividends and Distributions to Shareholders. Dividends from
net investment income are declared daily and paid monthly to
shareholders of record by the Money Market and the PIMCO
Managed Bond and Income Funds. Dividends are declared and
paid quarterly to shareholders of record by the NFJ Equity
Income, NFJ Diversified Low P/E, NFJ Small Cap Value,
Cadence Capital Appreciation, Cadence Mid Cap Growth, Cadence
Micro Cap Growth, Cadence Small Cap Growth, Parametric
Enhanced Equity, and the Balanced Funds. Dividends are
declared and paid semi-annually to shareholders of record by
the Columbus Circle Investors Core Equity Fund. The Columbus
Circle Investors Mid Cap Equity, Blairlogie Emerging Markets,
and Blairlogie International Active Funds distribute all of
their net investment income at least annually. Distributions
on any net realized capital gains are declared and paid at
least annually. Dividends and distributions to shareholders
are recorded on the ex-dividend date.
Income dividends and capital gain distributions are
determined in accordance with income tax regulations which
may differ from generally accepted accounting principles.
These differences are primarily due to differing treatments
for foreign currency transactions, net operating losses,
deferral of wash sales, futures, and options. Permanent book
and tax differences relating to shareholder distributions
will result in reclassifications to paid in capital.
Two of the Funds had a tax operating loss during the year
ended October 31, 1995 which resulted in a permanent
difference between book income and tax-basis income: Cadence
Small Cap Growth Fund - $161,325, and Cadence Micro Cap
Growth Fund - $181,906. This difference was reclassed from
undistributed net investment income (loss) to paid in capital
on the statements of assets and liabilities.
For the year ended October 31, 1995, the Blairlogie Emerging
Markets Fund realized a capital loss of $15,213,940 for
Federal income tax purposes. This capital loss is available
to offset future realized capital gains through October 31,
2003. The Fund will resume capital gain distributions in the
future to the extent gains are realized in excess of
available carryforwards.
54
<PAGE>
Foreign Taxes on Dividends. Dividend income in the statements
of operations is shown net of foreign taxes withheld on
dividends from foreign securities. Foreign taxes withheld
were as follows: NFJ Diversified Low P/E Fund -$1,586; NFJ
Small Cap Value Fund - $284; Cadence Capital Appreciation
Fund - $48,551; Cadence Mid Cap Growth Fund - $3,701; Columbus
Circle Investors Core Equity Fund - $613; Columbus Circle
Investors Mid Cap Equity Fund - $595; Parametric Enhanced
Equity Fund - $5,015; Blairlogie Emerging Markets Fund -
$174,575; Blairlogie International Active Fund - $103,138;
Balanced Fund - $3,174.
Federal Income Taxes. The Trust's policy is to comply with
the requirements of the Internal Revenue Code that are
applicable to regulated investment companies and to
distribute substantially all of its taxable income to its
shareholders. Accordingly, no Federal income tax provision is
required.
Securities Transactions and Investment Income. Securities
transactions are recorded as of the trade date. Securities
purchased or sold on a when-issued or delayed-delivery basis
may be settled a month or more after the trade date. Realized
gains and losses from securities sold are recorded on the
identified cost basis. Dividend income is recorded on the ex-
dividend date. Interest income is recorded on the accrual
basis and includes the accretion of discounts and
amortization of premiums.
Equalization. All of the Funds, except the Money Market and
the PIMCO Managed Bond and Income Funds, follow the
accounting practice known as equalization, by which a portion
of the proceeds from sales and costs of repurchases of Fund
shares, equivalent on a per share basis to the amount of
distributable investment income on the date of the
transaction, is credited or charged to undistributed income.
As a result, undistributed investment income per share is
unaffected by sales or redemptions of Fund shares.
2. Derivative Financial Instruments
Interest Rate and Stock Index Futures Contracts. The PIMCO
Managed Bond and Income and Balanced Funds invested in
interest rate futures contracts, and the Blairlogie
International Active Fund invested in stock index futures
contracts during the year ended October 31, 1995. An interest
rate futures contract is an agreement between two parties to
buy and sell a specified quantity of a financial instrument
at a specified price at a future date. A stock index futures
contract is an agreement between two parties to take or make
delivery of an amount of cash equal to the difference between
the value of the index at the close of the last trading day
of the contract and the price at which the index contract was
originally written. Initial margin deposits are made upon
entering into futures contracts and can be either cash or
securities. During the period the futures contract is open,
changes in the value of the contract are recognized as
unrealized gains or losses by "marking-to-market" on a daily
basis to reflect the market value of the contract at the end
of each day's trading. Variation margin receivables or
payables represent the difference between the unrealized
appreciation (depreciation) on the open contracts and the
cash deposits made on the margin accounts. When the contract
is closed, a Fund records a realized gain or loss equal to
the difference between the proceeds from the closing
transaction and a Fund's cost of the contract. Interest rate
futures
55
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont.)
October 31, 1995
contracts are used as non-leveraged substitutes for the
underlying physical securities. Stock index futures are
entered into for the purposes of hedging exposure in certain
foreign markets. These investments involve, to varying
degrees, elements of market risk and risks in excess of the
amount recognized in the Statements of Assets and
Liabilities. The face or contract amounts reflect the extent
of the involvement the Funds have in the particular classes
of instruments. Risks associated with the use of the stock
index futures contracts include an imperfect correlation
between the movement in the index and the movement in the
market values of the securities held in that market. Risks
may also arise if there is an illiquid secondary market for
the instruments, or the inability of counterparties to
perform.
Transactions in Written Call and Put Options. The Columbus
Circle Investors Core Equity and Columbus Circle Investors
Mid Cap Equity Funds wrote options on securities during the
year ended October 31, 1995. The PIMCO Managed Bond and
Income Fund wrote options on interest rate futures contracts
during the year ended October 31, 1995. When a Fund writes
(sells) an option, an amount equal to the premium received is
recorded as an asset with an equal liability which is marked-
to-market based on the option's quoted daily settlement
price. Fluctuations in the value of such an instrument is
recorded as unrealized appreciation (depreciation) until
terminated, at which time realized gains and losses are
recognized. The purposes of using options on futures
contracts include hedging exposure to rising interest rates
while retaining capital gain potential from falling rates and
capitalizing on anticipated changes in market volatility.
These investments involve, to varying degrees, elements of
market risk and risks in excess of the amount recognized in
the Statements of Assets and Liabilities. Risks may include
an imperfect correlation between the changes in the market
values of the securities held by a Fund and the prices of
futures options, an illiquid secondary market for the
instruments, or the inability of counterparties to perform.
Transactions in written call and put options were as follows
($ in thousands):
<TABLE>
<CAPTION>
Columbus Circle Investors
PIMCO Managed ----------------------------------------------------------
Bond and Income Fund Core Equity Fund Mid Cap Equity Fund
------------------------- ------------------------- -------------------------
Number of Number of Number of
Premium Contracts Premium Contracts Premium Contracts
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Balance at 10/31/94 $ 0 0 $ 0 0 $ 0 0
Sales 626 1,350 44 171 9 52
Closing Buys (269) (450) (37) (145) (3) (18)
Expirations (52) (200) (4) (15) (4) (28)
Exercised (136) (200) (1) (3) (2) (6)
--------------------------------------------------------------------------------------------
Balance at 10/31/95 $ 169 500 $ 2 8 $ 0 0
============================================================================================
</TABLE>
The net short-term gain relating to those purchase
transactions was $309,175 for PIMCO Managed Bond and Income
Fund, $15,956 for Columbus Circle Investors Core Equity Fund,
and $5,176 for Columbus Circle Investors Mid Cap Equity Fund.
56
<PAGE>
Forward Foreign Currency Contracts. The Blairlogie Emerging
Markets and the Blairlogie International Active Funds
invested in forward foreign currency contracts during the
year ended October 31, 1995. These contracts may be used for
the purpose of hedging against foreign exchange risk arising
from a Fund's investment in foreign securities. These
contracts are "marked-to-market" daily at the applicable
translation rates and any resulting unrealized gains or
losses are recorded in a Fund's financial statements. A Fund
records realized gains or losses at the time the forward
contract is closed. A forward contract is extinguished
through a closing transaction or upon delivery of the
currency. These investments involve, to varying degrees,
elements of market risk and risks in excess of the amount
recognized in the statements of assets and liabilities. Risks
may also arise upon entering into these contracts from the
potential inability of counterparties to meet the terms of
their contracts and from unanticipated movements in the value
of a foreign currency relative to the U.S. dollar.
3. Fees, Expenses, and Related Party Transactions
Investment Advisory Fee. PIMCO Advisors L.P. ("PIMCO
Advisors") serves as investment advisor to the Trust,
pursuant to an Investment Advisory Agreement. PIMCO Advisors
receives from the Trust a fee based on an annual percentage
of the average daily net assets of each Fund as follows: for
the Money Market Fund - .15%; for the PIMCO Managed Bond and
Income Fund - .25%; for the NFJ Equity Income, NFJ
Diversified Low P/E, Cadence Capital Appreciation, Cadence
Mid Cap Growth, Parametric Enhanced Equity and Balanced
Funds - .45%; for the Columbus Circle Investors Core Equity
Fund - .57%; for the NFJ Small Cap Value and Blairlogie
International Active Funds - .60%; for the Columbus Circle
Investors Mid Cap Equity Fund - .63%; for the Blairlogie
Emerging Markets Funds - .85%; for the Cadence Small Cap
Growth Fund - 1.00%; and for the Cadence Micro Cap Growth
Fund - 1.25%. The fee is accrued daily and paid monthly.
Administration Fee. Prior to August 16, 1995, PIMCO Advisors
served as the administrator to the Trust, pursuant to an
Administration Agreement. Effective August 16, 1995, Pacific
Investment Management Company ("PIMCO") became administrator
to the Trust, pursuant to a new Administration Agreement. As
under the previous Administration Agreement, PIMCO
administers all of the operations of the Trust and its Funds
and procures on behalf of the Trust, at PIMCO's expense,
certain services including custodial, administrative,
transfer agency, portfolio accounting, dividend disbursing,
auditing, and ordinary legal services.
The Trust will bear any extraordinary expenses (such as
litigation and indemnification expenses), brokerage fees or
other transactional expenses for securities or other assets,
taxes (if any) paid by a Fund, interest on borrowing, and
fees and expenses of the independent trustees.
Under the new Administration Agreement, PIMCO receives from
the Trust an administrative fee at the annual rate of .25% of
the average daily net assets of each of the Funds other than
the Blairlogie Emerging Markets and Blairlogie International
Active Funds for which the fee is at the annual rate of .50%
of the average daily net assets of the portfolio. The fee is
accrued daily and paid monthly. Under a Class Addendum to the
Administration Agreement which provides for the issuance of
Administrative Class shares, the Administrative Class pays
PIMCO Advisors an additional fee ("Service fee") at an annual
rate of .25% of the average daily net assets of each Fund, in
addition to the fee paid under the Administration Agreement.
57
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont.)
October 31, 1995
Expense Limitation. PIMCO Advisors has undertaken to
reimburse the Trust for its operating expenses, exclusive of
class service fees, brokerage fees or other transactional
expenses, taxes paid by a Fund, interest on borrowing and
extraordinary expenses, in excess of the sum of advisory and
administration fees as a percentage of daily net assets of
each Fund (consolidating both classes of shares), through
October 31, 1995. No reimbursements were due as of
October 31, 1995.
The Trust has incurred $6,225,568 in investment advisory fees
to PIMCO Advisors for the year ended October 31, 1995. As of
October 31, 1995, $626,661 remains payable.
The Trust has incurred $3,582,905 in administration fees to
the Administrator for the year ended October 31, 1995. As of
October 31, 1995, $349,113 remains payable.
The Trust has incurred $51,122 in Trustees fees, advanced by
the PIMCO Advisors on behalf of the Trust, for the year ended
October 31, 1995. These expenses are allocated to the Funds
of the Trust according to their respective daily average net
assets. As of October 31, 1995, the entire balance remains
payable.
Pursuant to the Portfolio Management Agreements, which became
effective November 15, 1994, PIMCO Advisors employs six of
its subpartnerships as Fund managers for fourteen of the
Funds. Pacific Mutual Life Insurance Company was employed as
manager for the Money Market Fund.
Related Party Transactions. PIMCO Advisors Distribution
Company ("PADCO"), an indirect wholly-owned subsidiary of
PIMCO Advisors, serves as the distributor of the Trust's
shares. Pursuant to a Distribution Agreement, all expenses
relating to the distribution of Trust shares will be paid by
PIMCO Advisors, the administrator or PADCO out of past
profits and resources which may include fees received by
PIMCO Advisors or the administrator.
Certain officers of PIMCO Advisors are also officers of the
Trust.
58
<PAGE>
4. Purchases and Sales of Securities
Purchases and sales of securities (excluding short-term
investments) for the year ended October 31, 1995 were as
follows ($ in thousands):
<TABLE>
<CAPTION>
U.S. Government/Agency All Other
-----------------------------------------------------------------
Purchases Sales Purchases Sales
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
PIMCO Managed Bond
and Income Fund $ 140,276 $ 95,587 $ 33,722 $ 29,261
NFJ Equity Income Fund 42,988 44,911
NFJ Diversified Low P/E Fund 9,162 13,210
NFJ Small Cap Value Fund 15,842 16,526
Cadence Capital Appreciation Fund 157,376 148,563
Cadence Mid Cap Growth Fund 128,789 106,054
Cadence Micro Cap Growth Fund 59,567 38,439
Cadence Small Cap Growth Fund 56,963 47,282
Columbus Circle Investors
Core Equity Fund 28,479 15,002
Columbus Circle Investors
Mid Cap Equity Fund 11,666 5,378
Parametric Enhanced Equity Fund 14,334 17,397
Blairlogie Emerging Markets Fund 102,126 83,129
Blairlogie International Active Fund 59,144 26,706
Balanced Fund 26,683 15,146 8,298 70,439
</TABLE>
No activity is shown for the Money Market Fund since it trades exclusively in
short-term debt securities.
59
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont.)
October 31, 1995
5. Shares of Beneficial Interest
The Trust may issue an unlimited number of shares of
beneficial interest with a $.0001 par value. Changes in
shares of beneficial interest were as follows (shares in
thousands):
<TABLE>
<CAPTION>
PIMCO
PIMCO Managed NFJ
Year or Money Managed Bond and NFJ Equity
Period Ended Money Market Bond and Income Equity Income
October 31, 1995 Market Admin. (a) Income Admin. (b) Income Admin. (b)
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Shares sold 22,820 1,799 10,242 306 2,186 11
Issued as reinvestment
of dividends 493 19 2,500 10 513 1
Shares redeemed (23,025) (1,808) (7,537) (7) (1,547) (1)
- --------------------------------------------------------------------------------------------------------------------------------
Net increase 288 10 5,205 309 1,152 11
================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
NFJ Cadence
Year or Diversified NFJ Cadence Cadence Mid Cap Cadence
Period Ended Low Small Cap Capital Mid Cap Growth Micro Cap
October 31, 1995 P/E Value Appreciation Growth Admin. (b) Growth
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Shares sold 10 367 3,256 3,440 99 1,996
Issued as reinvestment
of dividends 171 283 143 35 0 0
Shares redeemed (365) (559) (1,858) 1,769 (50) (206)
- --------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) (184) 91 1,541 5,244 49 1,790
================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Columbus
Columbus Circle Columbus
Cadence Circle Investors Circle
Year or Cadence Small Cap Investors Core Investors Parametric
Period Ended Small Cap Growth Core Equity Mid Cap Enhanced
October 31, 1995 Growth Admin. (c) Equity (d) Admin. (e) Equity (d) Equity
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Shares sold 887 26 636 2,012 671 872
Issued as reinvestment
of dividends 199 0 1 3 0 185
Shares redeemed (168) 0 (25) (78) (24) (1,427)
- --------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) 918 26 612 1,937 647 (370)
================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Blairlogie Blairlogie
Year or Blairlogie Emerging Blairlogie International
Period Ended Emerging Markets International Active
October 31, 1995 Markets Admin. Active Admin. (b) Balanced
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Shares sold 5,234 130 4,157 83 1,847
Issued as reinvestment
of dividends 248 0 104 1 311
Shares redeemed (3,774) (57) (747) (26) (8,679)
- -------------------------------------------------------------------------------------------------------------------
Net increase (decrease) 1,708 73 3,514 58 (6,521)
===================================================================================================================
</TABLE>
(a) From commencement of operations, January 24, 1995.
(b) From commencement of operations, November 30, 1994.
(c) From commencement of operations, September 27, 1995.
(d) From commencement of operations, December 28, 1994.
(e) From commencement of operations, May 31, 1995.
60
<PAGE>
<TABLE>
<CAPTION>
PIMCO NFJ
Managed NFJ Diversified NFJ Cadence
Year Ended Money Bond and Equity Low Small Cap Capital
October 31, 1994 Market Income Income P/E Value Appreciation
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Shares sold 20,109 4,599 3,548 119 920 7,143
Issued as reinvestment
of dividends 226 2,286 263 52 83 141
Shares redeemed (18,717) (4,553) (1,627) (757) (2,046) (1,174)
- --------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) 1,618 2,332 2,184 (586) (1,043) 6,110
================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Blairlogie
Year or Cadence Cadence Cadence Parametric Blairlogie Emerging
Period Ended Mid Cap Micro Cap Small Cap Enhanced Emerging Markets
October 31, 1994 Growth Growth Growth Equity Markets Admin. (a)
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Shares sold 5,393 1,785 444 2,696 4,769 1
Issued as reinvestment
of dividends 36 0 76 131 16 0
Shares redeemed (1,554) (18) (179) (1,199) (1,160) 0
- --------------------------------------------------------------------------------------------------------------------------------
Net increase 3,875 1,767 341 1,628 3,625 1
================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Blairlogie
Year Ended International
October 31, 1994 Active Balanced
- ---------------------------------------------------------------------
<S> <C> <C>
Shares sold 1,211 3,099
Issued as reinvestment
of dividends 8 591
Shares redeemed (93) (2,726)
- ---------------------------------------------------------------------
Net increase 1,126 964
=====================================================================
</TABLE>
(a) From commencement of operations, October 20, 1994.
6. Reorganization
PIMCO Advisors Institutional Funds entered into an Agreement
and Plan of Reorganization with PIMCO Funds, another
registered open-end investment company. Pursuant to the
Reorganization Agreement, two of the Trust's series, the
Money Market Fund and PIMCO Managed Bond and Income Fund,
transferred all of their respective assets, subject to any
liabilities, to the PIMCO Funds on November 1, 1995. Included
in the statements of assets and liabilities are accrued
reorganization expenses of $45 and $6,006 for the Money
Market Fund and Managed Bond and Income Fund, respectively.
7. Change in Fiscal Year
Effective November 1, 1995, The Trust's fiscal year end
changed from October 31 to June 30.
61
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Trustees and Shareholders of the PIMCO Advisors
Institutional Funds
We have audited the accompanying statements of assets and
liabilities, including the schedules of investments, of the
PIMCO Advisors Institutional Funds (comprised respectively of
the Money Market Fund, PIMCO Managed Bond and Income Fund,
NFJ Equity Income Fund, NFJ Diversified Low P/E Fund, NFJ
Small Cap Value Fund, Cadence Capital Appreciation Fund,
Cadence Mid Cap Growth Fund, Cadence Micro Cap Growth Fund,
Cadence Small Cap Growth Fund, Columbus Circle Investors Core
Equity Fund, Columbus Circle Investors Mid Cap Equity Fund,
Parametric Enhanced Equity Fund, Blairlogie Emerging Markets
Fund, Blairlogie International Active Fund and Balanced
Fund), "the Trust", as of October 31, 1995; the related
statements of operations for the indicated periods then
ended; the statements of changes in net assets for the
indicated periods ended October 31, 1995 and 1994; and
financial highlights tables for the periods ended 1995, 1994,
1993, 1992, 1991. These financial statements and financial
highlights tables are the responsibility of the Trust's
management. Our responsibility is to express an opinion on
these financial statements and financial highlights tables
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
tables 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 October 31,
1995 by correspondence with the custodians and brokers; where
replies were not received from brokers, we performed other
auditing procedures. 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, such financial statements and financial
highlights tables present fairly, in all material respects,
the financial position of each of the respective Funds
constituting the Trust as of October 31, 1995, the results of
their operations, the changes in their net assets, and the
financial highlights tables for the respective stated
periods, in conformity with generally accepted accounting
principles.
DELOITTE & TOUCHE LLP
Costa Mesa, California
December 15, 1995
62
<PAGE>
FEDERAL INCOME TAX INFORMATION
As required by the Internal Revenue Code regulations
shareholders must be notified within 60 days of the Trust's
fiscal year end (October 31, 1995) as to the tax status of
capital gain dividends, the dividend received deduction for
corporations, and the foreign tax credit.
Dividend Distributions. The following table provides rates
for the dividends distributed from net investment income, as
well as short-term and long-term capital gains. Distributions
from net investment income and short-term capital gains are
taxed as ordinary income. All rates are shown as per share
amounts.
<TABLE>
<CAPTION>
Net
Investment Short-Term Long-Term
Income Capital Gain Capital Gain
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Money Market Fund .0552
PIMCO Managed Bond and Income Fund .6315
NFJ Equity Income Fund .4641 .0901 .2399
NFJ Diversified Low P/E Fund .2997 1.2041
NFJ Small Cap Value Fund .2786 .3338 .5570
Cadence Capital Appreciation Fund .1782
Cadence Mid Cap Growth Fund .0657
Cadence Micro Cap Growth Fund
Cadence Small Cap Growth Fund 1.4318
Columbus Circle Investors Core Equity Fund .0619
Columbus Circle Investors Mid Cap Equity Fund .0152
Parametric Enhanced Equity Fund .2504 .0187 .1474
Blairlogie Emerging Markets Fund .0638 .1298 .1298
Blairlogie International Active Fund .0935 .3434 .0906
Balanced Fund .4365
</TABLE>
Dividend Received Deduction. Corporate shareholders are
generally entitled to take the dividend received deduction on
the portion of the Fund's dividend distribution that
qualifies under tax law. The percentage of each Fund's fiscal
1995 net investment income dividends that qualify for the
corporate dividend received deduction are as follows: NFJ
Equity Income Fund - 69.50%; NFJ Diversified Low P/E Fund -
72.49%; NFJ Small Cap Value Fund - 47.44%; Cadence Capital
Appreciation Fund - 36.85%; Cadence Mid Cap Growth Fund -
100%; Columbus Circle Investors Core Equity Fund - 14.32%;
Columbus Circle Investors Mid Cap Equity Fund - 7.20%;
Parametric Enhanced Equity Fund -100%; Blairlogie Emerging
Markets Fund - 100%; Balanced Fund - 31.56%.
63
<PAGE>
FEDERAL INCOME TAX INFORMATION (Cont.)
Foreign Taxed Paid. Blairlogie Emerging Markets and
Blairlogie International Active Funds have elected to pass
through foreign taxes paid by each Fund to its shareholders
in the amount designated below on a per share basis.
Accordingly, shareholders who report their gross income
dividends in a federal income tax return will be entitled to
deduct such foreign taxes, or claim a foreign credit in
computing their U.S. income tax liability, when applicable.
It is generally more advantageous to claim a credit rather
than to take a deduction. The following table allocates the
dividends and distributions paid by their sources.
<TABLE>
<CAPTION>
Blairlogie Blairlogie
Emerging Markets Fund International Active Fund
-----------------------------------------------------------
Gross Foreign Gross Foreign
Dividends Tax Dividends Tax
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Argentina .0207
Australia .0042
Austria .0012 .0010 .0001
Belgium .0047 .0007
Brazil .0770 .0106
Chile .0256 .0007
Columbia .0089
Finland .0036
France .0245
Germany .0103 .0010
Greece .0004
Hong Kong .0154
Hungary .0004
India .0041 .0004
Indonesia .0080 .0010
Ireland .0027
Israel .0057 .0011
Italy .0037 .0006
Japan .0242 .0031
Jordan .0023
Luxenberg .0013 .0001
Malaysia .0199 .0055 .0015 .0005
Mexico .0156
Netherlands .0125 .0018
Norway .0060 .0009
Pakistan .0014 .0002
Peru .0031
Portugal .0031 .0006
Singapore .0032 .0007
South Africa .0164 .0014
South Korea .0059 .0010
Spain .0155 .0021
Sri Lanka .0017 .0003
Switzerland .0043 .0006
Thailand .0132 .0013
Turkey .0134
United Kingdom .0036 .0004 .0382 .0068
Venezuela .0021
- -----------------------------------------------------------------------------------------------
Total .2550 .0246 .1755 .0189
===============================================================================================
</TABLE>
Shareholders are advised to consult their own tax adviser
with respect to the tax consequences of their investment in
the Trust. However, income received by tax-exempt recipients
need not be reported as taxable income. In January 1996, you
will be advised on IRS form 1099 DIV as to the federal tax
status of the dividends and distributions received by you in
calendar year 1995.
64
<PAGE>
Trustees and Officers
William D. Cvengros, Chairman, President & Trustee
Richard L. Nelson, Trustee
Lyman W. Porter, Trustee
Alan Richards, Trustee
Teresa A. Wagner, Secretary
R. Mark Brandenberger, Treasurer
Investment Advisor
PIMCO Advisors L.P.
840 Newport Center Drive, Suite 360
Newport Beach, California 92660
Administrator
Pacific Investment Management Company
840 Newport Center Drive, Suite 360
Newport Beach, California 92660
Transfer Agent and Custodian
Investors Fiduciary Trust Company
127 West 10th Street
Kansas City, Missouri 64105
Counsel
Dechert Price & Rhoads
1500 K Street N.W.
Washington, D.C. 20005
Independent Accountants
Deloitte & Touche LLP
695 Town Center Drive, Suite 1200
Costa Mesa, California 92626
<PAGE>
PIMCO ADVISORS
INSTITUTIONAL FUNDS
840 Newport Center Drive, Suite 360
Newport Beach, CA 92660
(800) 927-4648
This report is submitted for the general information of the shareholders of the
PIMCO Advisors Institutional Funds. It is not authorized for distribution to
prospective investors unless accompanied or preceded by an effective Prospectus
for the PIMCO Advisors Institutional Funds, which contains information covering
its investment policies as well as other pertinent information.
[ART WORK APPEARS HERE]
