<PAGE>
PIMCO FUNDS: EQUITY ADVISORS SERIES
SEMI-ANNUAL REPORT
DECEMBER 31, 1995
P I M C O
<PAGE>
CONTENTS
Chairman's Message 1
Statement of Assets and Liabilities 2
Statement of Operations 4
Statement of Changes in Net Assets 6
Financial Highlights 12
Schedules of Investments
NFJ Equity Income Fund 18
NFJ Diversified Low P/E Fund 19
NFJ Small Cap Value Fund 20
Cadence Capital Appreciation Fund 22
Cadence Mid Cap Growth Fund 23
Cadence Micro Cap Growth Fund 25
Cadence Small Cap Growth Fund 26
Columbus Circle Investors
Core Equity Fund 27
Columbus Circle Investors
Mid Cap Equity Fund 28
Parametric Enhanced Equity Fund 29
Blairlogie Emerging Markets Fund 32
Blairlogie International Active Fund 34
Balanced Fund 36
Notes to Financial Statements 39
Fund Objectives 44
<PAGE>
CHAIRMAN'S MESSAGE
Dear Client:
We are pleased to present this semi-annual report for the
PIMCO Funds: Equity Advisors Series (formerly the PIMCO
Advisors Institutional Funds) for a short two-month period
ended December 31, 1995. We are changing semi-annual and
annual reporting from our previous schedule of April and
October. Beginning with this report, our reporting periods
will coincide with the calendar's (and the markets') first
half and full year periods ended June 30 and December 31,
respectively.
During the reporting period, the S&P 500 Index climbed 6.3%,
completing a spectacular year for stocks as corporate belt-
tightening kept earnings strong even as the economy weakened.
Bonds, which also had an exceptional year as interest rates
fell, capped off with a Lehman Aggregate Bond Index return of
2.9% for the final two months.
In our annual report dated October 31, 1995, we announced
several new services available to you, including the
consolidation of shareholder services with our sister fund
family, PIMCO Funds, and the consequent ability to offer full
exchange privileges among all our fixed income and equity
funds.
We are now pleased to announce that the PIMCO Advisors
Institutional Funds have been further aligned with PIMCO
Funds to allow the marketing of our Funds as a single fund
family to be known simply as "PIMCO Funds." Specifically, the
equity-oriented PIMCO Advisors Institutional Funds will now
be known as "PIMCO Funds: Equity Advisors Series."
Our goal is to create a single marketing banner with the
uniform policies, services, and cost advantages that come
with a single family of funds. By consolidating our position
in the highly competitive mutual fund market, we hope to
increase the Funds' assets, thereby increasing their
effectiveness as investment vehicles. As before, it is
important to note that the investment objective, portfolio
management and your account manager will not be affected as a
result of this name change.
Your Fund will be easier to find in financial publications
since all Funds will be listed under the "PIMCO Funds"
heading, while the name of your individual Fund will remain
the same. You may continue to contact shareholder services
for all of our Funds, fixed income and equity, through our
toll-free number at (800) 927-4648.
As always, we appreciate the opportunity to serve you and
look forward to meeting your investment needs in the future.
Sincerely,
/s/ William D. Cvengros
William D. Cvengros
Chairman of the Board
February 23, 1996
1
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
December 31, 1995 (unaudited)
<TABLE>
<CAPTION>
Amounts in thousands, except ---------- --------------- ------------- ------------ ----------- -------------
per share amounts CADENCE
CAPITAL CADENCE MID CADENCE MICRO
NFJ EQUITY NFJ DIVERSIFIED NFJ SMALL CAP APPRECIATION CAP GROWTH CAP GROWTH
INCOME FUND LOW P/E FUND VALUE FUND FUND FUND FUND
---------- --------------- ------------- ------------ ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
Assets:
Investments, at value $ 135,037 $ 15,432 $ 43,234 $ 263,732 $ 183,444 $ 74,388
- -------------------------------------------- ---------- ---------- ---------- ---------- ---------- ----------
Cash and foreign currency 2 0 14 0 1,734 10
- -------------------------------------------- ---------- ---------- ---------- ---------- ---------- ----------
Receivable for investments and
foreign currency sold 0 0 0 399 516 123
- -------------------------------------------- ---------- ---------- ---------- ---------- ---------- ----------
Receivable for Fund shares sold 644 0 2 2,127 306 0
- -------------------------------------------- ---------- ---------- ---------- ---------- ---------- ----------
Variation margin receivable 0 0 0 0 0 0
- -------------------------------------------- ---------- ---------- ---------- ---------- ---------- ----------
Interest and dividends receivable 495 36 73 449 100 21
- -------------------------------------------- ---------- ---------- ---------- ---------- ---------- ----------
136,178 15,468 43,323 266,707 186,100 74,542
============================================ ========== ========== ========== ========== ========== ==========
Liabilities:
Payable for investments and
foreign currency purchased 0 0 0 3,055 441 175
- -------------------------------------------- ---------- ---------- ---------- ---------- ---------- ----------
Written options outstanding 0 0 0 0 0 0
- -------------------------------------------- ---------- ---------- ---------- ---------- ---------- ----------
Payable for Fund shares redeemed 2,156 0 0 0 13 6
- -------------------------------------------- ---------- ---------- ---------- ---------- ---------- ----------
Dividends payable 249 1 21 2,224 280 163
- -------------------------------------------- ---------- ---------- ---------- ---------- ---------- ----------
Accrued investment advisor's fee 51 6 22 98 74 77
- -------------------------------------------- ---------- ---------- ---------- ---------- ---------- ----------
Accrued administrator's fee 28 3 9 55 41 15
- -------------------------------------------- ---------- ---------- ---------- ---------- ---------- ----------
Accrued distribution fee 1 0 1 0 0 0
- -------------------------------------------- ---------- ---------- ---------- ---------- ---------- ----------
Accrued trustees' fee 0 0 0 1 1 0
- -------------------------------------------- ---------- ---------- ---------- ---------- ---------- ----------
Other liabilities 0 0 0 3,130 0 1
- -------------------------------------------- ---------- ---------- ---------- ---------- ---------- ----------
2,485 10 53 8,563 850 437
============================================ ========== ========== ========== ========== ========== ==========
Net Assets $ 133,693 $ 15,458 $ 43,270 $ 258,144 $ 185,250 $ 74,105
============================================ ========== ========== ========== ========== ========== ==========
Net Assets Consist of:
Paid-in capital $ 116,132 $ 12,518 $ 39,239 $ 207,165 $ 136,305 $ 56,220
- -------------------------------------------- ---------- ---------- ---------- ---------- ---------- ----------
Undistributed (overdistributed)
net investment income (64) 0 0 (70) (4) (62)
- -------------------------------------------- ---------- ---------- ---------- ---------- ---------- ----------
Accumulated undistributed
net realized gain (loss) 1,649 69 286 3,666 11,227 314
- -------------------------------------------- ---------- ---------- ---------- ---------- ---------- ----------
Net unrealized appreciation 15,976 2,871 3,745 47,383 37,722 17,633
- -------------------------------------------- ---------- ---------- ---------- ---------- ---------- ----------
$ 133,693 $ 15,458 $ 43,270 $ 258,144 $ 185,250 $ 74,105
============================================ ========== ========== ========== ========== ========== ==========
Shares Issued and Outstanding
Institutional class 9,520 1,342 2,931 15,798 10,139 4,675
- -------------------------------------------- ---------- ---------- ---------- ---------- ---------- ----------
Administrative class 507 0 419 0 51 0
- -------------------------------------------- ---------- ---------- ---------- ---------- ---------- ----------
Net Asset Value, Offering and Redemption Price
Per Share (Net Assets Per Share Outstanding)
Institutional class $ 13.33 $ 11.52 $ 12.92 $ 16.34 $ 18.18 $ 15.85
- -------------------------------------------- ---------- ---------- ---------- ---------- ---------- ----------
Administrative class 13.37 - 12.92 - 18.19 -
- -------------------------------------------- ---------- ---------- ---------- ---------- ---------- ----------
Cost of Investments Owned 119,061 12,561 39,489 216,349 145,722 56,755
============================================ ========== ========== ========== ========== ========== ==========
Cost of Foreign Currency Held 0 0 0 0 0 0
============================================ ========== ========== ========== ========== ========== ==========
</TABLE>
See Notes to Financial Statements
2
<PAGE>
<TABLE>
<CAPTION>
------------- ---------------- ---------------- ----------- ------------ ------------- -------------
COLUMBUS COLUMBUS
CADENCE SMALL CIRCLE INVESTORS CIRCLE INVESTORS PARAMETRIC BLAIRLOGIE BLAIRLOGIE
CAP GROWTH CORE EQUITY MID CAP EQUITY ENHANCED EMERGING INTERNATIONAL
FUND FUND FUND EQUITY FUND MARKETS FUND ACTIVE FUND BALANCED FUND
------------- ---------------- ---------------- ----------- ------------ ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
$ 74,836 $ 34,376 $ 8,823 $ 93,512 $ 69,637 $ 65,318 $ 80,972
---------- ---------- ---------- ---------- ---------- ---------- ----------
0 3 0 12 1,900 2,465 28
---------- ---------- ---------- ---------- ---------- ---------- ----------
525 33 115 0 989 27 1
---------- ---------- ---------- ---------- ---------- ---------- ----------
943 4 0 146 654 101 6
---------- ---------- ---------- ---------- ---------- ---------- ----------
0 0 0 0 0 1 36
---------- ---------- ---------- ---------- ---------- ---------- ----------
33 40 2 142 378 164 483
---------- ---------- ---------- ---------- ---------- ---------- ----------
76,337 34,456 8,940 93,812 73,558 68,076 81,526
========== ========== ========== ========== ========== ========== ==========
198 413 107 962 0 130 4,872
---------- ---------- ---------- ---------- ---------- ---------- ----------
0 9 0 0 0 0 0
---------- ---------- ---------- ---------- ---------- ---------- ----------
2,886 5 0 156 709 46 0
---------- ---------- ---------- ---------- ---------- ---------- ----------
985 130 161 147 67 1,228 0
---------- ---------- ---------- ---------- ---------- ---------- ----------
63 16 5 34 52 34 29
---------- ---------- ---------- ---------- ---------- ---------- ----------
16 7 2 19 31 28 16
---------- ---------- ---------- ---------- ---------- ---------- ----------
0 5 0 0 0 0 0
---------- ---------- ---------- ---------- ---------- ---------- ----------
0 0 0 0 0 0 0
---------- ---------- ---------- ---------- ---------- ---------- ----------
14 1 88 1 1 79 0
---------- ---------- ---------- ---------- ---------- ---------- ----------
4,162 586 363 1,319 860 1,545 4,917
========== ========== ========== ========== ========== ========== ==========
$ 72,175 $ 33,870 $ 8,577 $ 92,493 $ 72,698 $ 66,531 $ 76,609
========== ========== ========== ========== ========== ========== ==========
$ 55,379 $ 31,420 $ 7,362 $ 74,139 $ 87,585 $ 61,139 $ 66,436
---------- ---------- ---------- ---------- ---------- ---------- ----------
(6) (1) (2) (3) (109) (2,307) 1
---------- ---------- ---------- ---------- ---------- ---------- ----------
1,481 (319) (171) 56 (15,513) 2,642 327
---------- ---------- ---------- ---------- ---------- ---------- ----------
15,321 2,770 1,388 18,301 735 5,057 9,845
---------- ---------- ---------- ---------- ---------- ---------- ----------
$ 72,175 $ 33,870 $ 8,577 $ 92,493 $ 72,698 $ 66,531 $ 76,609
========== ========== ========== ========== ========== ========== ==========
3,655 639 670 6,254 6,258 5,533 6,731
---------- ---------- ---------- ---------- ---------- ---------- ----------
37 2,082 0 0 86 63 0
---------- ---------- ---------- ---------- ---------- ---------- ----------
$ 19.55 $ 12.44 $ 12.79 $ 14.79 $ 11.46 $ 11.89 $ 11.38
---------- ---------- ---------- ---------- ---------- ---------- ----------
19.54 12.45 - - 11.43 11.88 -
---------- ---------- ---------- ---------- ---------- ---------- ----------
59,515 31,606 7,435 75,211 68,897 60,337 71,252
========== ========== ========== ========== ========== ========== ==========
0 0 0 0 0 2,472 0
========== ========== ========== ========== ========== ========== ==========
</TABLE>
3
<PAGE>
STATEMENT OF OPERATIONS
For the two months ended December 31, 1995 (unaudited)
<TABLE>
<CAPTION>
$ in thousands ----------- --------------- ------------- ------------ ----------- -------------
CADENCE
CAPITAL CADENCE MID CADENCE MICRO
NFJ EQUITY NFJ DIVERSIFIED NFJ SMALL CAP APPRECIATION CAP GROWTH CAP GROWTH
INCOME FUND LOW P/E FUND VALUE FUND FUND FUND FUND
----------- --------------- ------------- ------------ ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
Investment Income:
Dividends, net of foreign taxes $ 955 $ 85 $ 189 $ 815 $ 289 $ 86
- -------------------------------------------- ---------- ---------- ---------- ---------- ---------- ----------
Interest 104 9 35 181 163 33
- -------------------------------------------- ---------- ---------- ---------- ---------- ---------- ----------
Total income 1,059 94 224 996 452 119
============================================ ========== ========== ========== ========== ========== ==========
Expenses:
Investment advisory fees 97 11 41 192 146 150
- -------------------------------------------- ---------- ---------- ---------- ---------- ---------- ----------
Administration fees 54 6 17 107 81 30
- -------------------------------------------- ---------- ---------- ---------- ---------- ---------- ----------
Distribution fees - Administrative Class 3 0 2 0 0 0
- -------------------------------------------- ---------- ---------- ---------- ---------- ---------- ----------
Trustees' fees 1 0 1 2 2 1
- -------------------------------------------- ---------- ---------- ---------- ---------- ---------- ----------
Total expenses 155 17 61 301 229 181
- -------------------------------------------- ---------- ---------- ---------- ---------- ---------- ----------
Net Investment Income (Loss) 904 77 163 695 223 (62)
============================================ ========== ========== ========== ========== ========== ==========
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on investments 1,678 83 423 3,671 11,236 331
- -------------------------------------------- ---------- ---------- ---------- ---------- ---------- ----------
Net realized gain on futures
contracts and written options 0 0 0 0 0 0
- -------------------------------------------- ---------- ---------- ---------- ---------- ---------- ----------
Net realized loss on foreign
currency transactions 0 0 0 0 0 0
- -------------------------------------------- ---------- ---------- ---------- ---------- ---------- ----------
Net change in unrealized appreciation
(depreciation) on investments 5,206 793 1,280 2,870 (6,638) 3,408
- -------------------------------------------- ---------- ---------- ---------- ---------- ---------- ----------
Net change in unrealized appreciation
(depreciation) on futures contracts and
written options 0 0 0 0 0 0
- -------------------------------------------- ---------- ---------- ---------- ---------- ---------- ----------
Net change in unrealized appreciation
(depreciation) on translation of assets and
liabilities denominated in foreign currencies 0 0 0 0 0 0
- -------------------------------------------- ---------- ---------- ---------- ---------- ---------- ----------
Net Gain 6,884 876 1,703 6,541 4,598 3,739
- -------------------------------------------- ---------- ---------- ---------- ---------- ---------- ----------
Net Increase in Assets Resulting
from Operations $ 7,788 $ 953 $ 1,866 $ 7,236 $ 4,821 $ 3,677
============================================ ========== ========== ========== ========== ========== ==========
</TABLE>
See Notes to Financial Statements
4
<PAGE>
<TABLE>
<CAPTION>
------------- ---------------- ---------------- ----------- ------------ ------------- -------------
COLUMBUS COLUMBUS
CADENCE SMALL CIRCLE INVESTORS CIRCLE INVESTORS PARAMETRIC BLAIRLOGIE BLAIRLOGIE
CAP GROWTH CORE EQUITY MID CAP EQUITY ENHANCED EMERGING INTERNATIONAL
FUND FUND FUND EQUITY FUND MARKETS FUND ACTIVE FUND BALANCED FUND
------------- ---------------- ---------------- ----------- ------------ ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
$ 107 $ 57 $ 5 $ 368 $ 267 $ 73 $ 183
---------- ---------- ---------- ---------- ---------- ---------- ----------
43 36 6 17 15 58 392
---------- ---------- ---------- ---------- ---------- ---------- ----------
150 93 11 385 282 131 575
========== ========== ========== ========== ========== ========== ==========
124 32 9 62 102 66 56
---------- ---------- ---------- ---------- ---------- ---------- ----------
31 14 4 35 60 55 31
---------- ---------- ---------- ---------- ---------- ---------- ----------
0 11 0 0 0 0 0
---------- ---------- ---------- ---------- ---------- ---------- ----------
1 0 0 1 1 1 1
---------- ---------- ---------- ---------- ---------- ---------- ----------
156 57 13 98 163 122 88
---------- ---------- ---------- ---------- ---------- ---------- ----------
(6) 36 (2) 287 119 9 487
========== ========== ========== ========== ========== ========== ==========
1,484 (343) (171) 214 (368) 299 167
---------- ---------- ---------- ---------- ---------- ---------- ----------
0 25 0 0 0 134 599
---------- ---------- ---------- ---------- ---------- ---------- ----------
0 0 0 0 (32) (161) 0
---------- ---------- ---------- ---------- ---------- ---------- ----------
(997) 330 335 3,727 1,707 3,826 2,484
---------- ---------- ---------- ---------- ---------- ---------- ----------
0 0 0 0 0 58 (161)
---------- ---------- ---------- ---------- ---------- ---------- ----------
0 0 0 0 (2) 123 0
---------- ---------- ---------- ---------- ---------- ---------- ----------
487 12 164 3,941 1,305 4,279 3,089
---------- ---------- ---------- ---------- ---------- ---------- ----------
$ 481 $ 48 $ 162 $ 4,228 $ 1,424 $ 4,288 $ 3,576
========== ========== ========== ========== ========== ========== ==========
</TABLE>
5
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
$ in thousands ----------------------------------------- -----------------------------------------
NFJ EQUITY INCOME FUND NFJ DIVERSIFIED LOW P/E FUND
----------------------------------------- -----------------------------------------
Increase (Decrease) in Net Assets from: Two Months Ended Year Ended Two Months Ended Year Ended
December 31, 1995 October 31, 1995 (a) December 31, 1995 October 31, 1995 (a)
(unaudited) (unaudited)
<S> <C> <C> <C> <C>
Operations
Net investment income $ 904 $ 3,800 $ 77 $ 337
- ------------------------------------------ ----------------------------------------- -----------------------------------------
Net realized gain 1,678 4,643 83 2,035
- ------------------------------------------ ----------------------------------------- -----------------------------------------
Net change in unrealized appreciation
(depreciation) on investments 5,206 9,476 793 484
- ------------------------------------------ ----------------------------------------- -----------------------------------------
Net increase resulting from operations 7,788 17,919 953 2,856
========================================== ========================================= =========================================
Net equalization credits (debits) 43 62 0 (4)
========================================== ========================================= =========================================
Distributions to Shareholders
From net investment income
Institutional class (861) (3,822) (77) (342)
- ------------------------------------------ ----------------------------------------- -----------------------------------------
Administrative class (43) (4) 0 0
- ------------------------------------------ ----------------------------------------- -----------------------------------------
In excess of net investment income
Institutional class (61) 0 0 0
- ------------------------------------------ ----------------------------------------- -----------------------------------------
Administrative class (3) 0 0 0
- ------------------------------------------ ----------------------------------------- -----------------------------------------
From net realized capital gains
Institutional class (4,404) (2,558) (2,044) (1,375)
- ------------------------------------------ ----------------------------------------- -----------------------------------------
Administrative class (232) (4) 0 0
- ------------------------------------------ ----------------------------------------- -----------------------------------------
Total distributions (5,604) (6,388) (2,121) (1,717)
========================================== ========================================= =========================================
Fund Share Transactions
Receipts for shares sold
Institutional class 6,442 25,992 80 115
- ------------------------------------------ ----------------------------------------- -----------------------------------------
Administrative class 6,436 120 0 0
- ------------------------------------------ ----------------------------------------- -----------------------------------------
Issued as reinvestment of distributions
Institutional class 5,075 5,859 2,120 1,715
- ------------------------------------------ ----------------------------------------- -----------------------------------------
Administrative class 277 8 0 0
- ------------------------------------------ ----------------------------------------- -----------------------------------------
Cost of shares redeemed
Institutional class (4,709) (17,770) (17) (3,964)
- ------------------------------------------ ----------------------------------------- -----------------------------------------
Administrative class (210) (12) 0 0
- ------------------------------------------ ----------------------------------------- -----------------------------------------
Net increase (decrease) resulting from
Fund share transactions 13,311 14,197 2,183 (2,134)
- ------------------------------------------ ----------------------------------------- -----------------------------------------
Total Increase (Decrease) in Net Assets 15,538 25,790 1,015 (999)
========================================== ========================================= =========================================
Net Assets
Beginning of period 118,155 92,365 14,443 15,442
- ------------------------------------------ ----------------------------------------- -----------------------------------------
End of period * $ 133,693 $ 118,155 $ 15,458 $ 14,443
- ------------------------------------------ ----------------------------------------- -----------------------------------------
*Including net undistributed
(overdistributed) investment income of: $ (64) $ 0 $ 0 $ 0
- ------------------------------------------ ----------------------------------------- -----------------------------------------
</TABLE>
(a) Audited by Deloitte & Touche LLP
See Notes to Financial Statements
6
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------- ----------------------------------------- -----------------------------------------
NFJ SMALL CAP VALUE FUND CADENCE CAPITAL APPRECIATION FUND CADENCE MID CAP GROWTH FUND
- ----------------------------------------- ----------------------------------------- -----------------------------------------
Two Months Ended Year Ended Two Months Ended Year Ended Two Months Ended Year Ended
December 31, 1995 October 31, 1995 (a) December 31, 1995 October 31, 1995 (a) December 31, 1995 October 31, 1995 (a)
(unaudited) (unaudited) (unaudited)
<S> <C> <C> <C> <C> <C>
$ 163 $ 763 $ 695 $ 2,383 $ 223 $ 615
- ----------------------------------------- ----------------------------------------- -----------------------------------------
423 2,349 3,671 16,227 11,236 6,630
- ----------------------------------------- ----------------------------------------- -----------------------------------------
1,280 3,100 2,870 31,810 (6,638) 31,560
- ----------------------------------------- ----------------------------------------- -----------------------------------------
1,866 6,212 7,236 50,420 4,821 38,805
========================================= ========================================= =========================================
6 (10) 35 65 (22) 46
========================================= ========================================= =========================================
(145) (761) (695) (2,383) (222) (615)
- ----------------------------------------- ----------------------------------------- -----------------------------------------
(19) 0 0 0 (1) 0
- ----------------------------------------- ----------------------------------------- -----------------------------------------
0 0 (70) 0 (4) 0
- ----------------------------------------- ----------------------------------------- -----------------------------------------
0 0 0 0 0 0
- ----------------------------------------- ----------------------------------------- -----------------------------------------
(2,049) (2,473) (15,492) 0 (4,244) 0
- ----------------------------------------- ----------------------------------------- -----------------------------------------
(293) 0 0 0 (21) 0
- ----------------------------------------- ----------------------------------------- -----------------------------------------
(2,506) (3,234) (16,257) (2,383) (4,492) (615)
========================================= ========================================= =========================================
1,232 4,351 23,457 47,862 7,971 56,121
- ----------------------------------------- ----------------------------------------- -----------------------------------------
5,219 0 0 0 54 1,745
- ----------------------------------------- ----------------------------------------- -----------------------------------------
2,174 3,218 14,032 2,167 4,364 563
- ----------------------------------------- ----------------------------------------- -----------------------------------------
311 0 0 0 22 0
- ----------------------------------------- ----------------------------------------- -----------------------------------------
(95) (6,680) (6,579) (27,352) (17,642) (27,331)
- ----------------------------------------- ----------------------------------------- -----------------------------------------
(30) 0 0 0 (38) (913)
- ----------------------------------------- ----------------------------------------- -----------------------------------------
8,811 889 30,910 22,677 (5,269) 30,185
- ----------------------------------------- ----------------------------------------- -----------------------------------------
8,177 3,857 21,924 70,779 (4,962) 68,421
========================================= ========================================= =========================================
35,093 31,236 236,220 165,441 190,212 121,791
- ----------------------------------------- ----------------------------------------- -----------------------------------------
$ 43,270 $ 35,093 $ 258,144 $ 236,220 $ 185,250 $ 190,212
- ----------------------------------------- ----------------------------------------- -----------------------------------------
$ 0 $ 1 $ (70) $ 0 $ (4) $ 0
- ----------------------------------------- ----------------------------------------- -----------------------------------------
</TABLE>
7
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS (Cont.)
<TABLE>
<CAPTION>
$ in thousands ----------------------------------------- -----------------------------------------
CADENCE MICRO CAP GROWTH FUND CADENCE SMALL CAP GROWTH FUND
----------------------------------------- -----------------------------------------
Increase (Decrease) in Net Assets from: Two months ended Two months ended
December 31, 1995 Year Ended December 31, 1995 Year Ended
(unaudited) October 31, 1995 (a) (unaudited) October 31, 1995 (a)
<S> <C> <C> <C> <C>
Operations
Net investment income (loss) $ (62) $ (182) $ (6) $ (161)
- ------------------------------------------- ----------------------------------------- -----------------------------------------
Net realized gain (loss) 331 2,911 1,484 5,706
- ------------------------------------------- ----------------------------------------- -----------------------------------------
Net change in unrealized appreciation
(depreciation) on investments 3,408 10,798 (997) 4,873
- ------------------------------------------- ----------------------------------------- -----------------------------------------
Net change in unrealized appreciation
on futures contracts and written options 0 0 0 0
- ------------------------------------------- ----------------------------------------- -----------------------------------------
Net increase (decrease) resulting from
operations 3,677 13,527 481 10,418
=========================================== ========================================= =========================================
Net equalization credits (debits) 0 0 0 0
=========================================== ========================================= =========================================
Distributions to Shareholders
From net investment income
Institutional class 0 0 0 0
- ------------------------------------------- ----------------------------------------- -----------------------------------------
Administrative class 0 0 0 0
- ------------------------------------------- ----------------------------------------- -----------------------------------------
In excess of net investment income
Institutional class 0 0 0 0
- ------------------------------------------- ----------------------------------------- -----------------------------------------
Administrative class 0 0 0 0
- ------------------------------------------- ----------------------------------------- -----------------------------------------
From net realized capital gains
Institutional class (1,543) 0 (5,641) (3,708)
- ------------------------------------------- ----------------------------------------- -----------------------------------------
Administrative class 0 0 (55) 0
- ------------------------------------------- ----------------------------------------- -----------------------------------------
In excess of net realized capital gains
Institutional class 0 0 0 0
- ------------------------------------------- ----------------------------------------- -----------------------------------------
Administrative class 0 0 0 0
- ------------------------------------------- ----------------------------------------- -----------------------------------------
Total distributions (1,543) 0 (5,696) (3,708)
=========================================== ========================================= =========================================
Fund Share Transactions
Receipts for shares sold
Institutional class 1,137 26,532 1,008 16,717
- ------------------------------------------- ----------------------------------------- -----------------------------------------
Administrative class 0 0 176 574
- ------------------------------------------- ----------------------------------------- -----------------------------------------
Issued as reinvestment of distributions
Institutional class 1,380 0 4,655 3,456
- ------------------------------------------- ----------------------------------------- -----------------------------------------
Administrative class 0 0 55 0
- ------------------------------------------- ----------------------------------------- -----------------------------------------
Cost of shares redeemed
Institutional class (321) (2,889) (3,022) (3,361)
- ------------------------------------------- ----------------------------------------- -----------------------------------------
Administrative class 0 0 (3) 0
- ------------------------------------------- ----------------------------------------- -----------------------------------------
Net increase (decrease) resulting from
fund share transactions 2,196 23,643 2,869 17,386
- ------------------------------------------- ----------------------------------------- -----------------------------------------
Total Increase (Decrease) in Net Assets 4,330 37,170 (2,346) 24,096
=========================================== ========================================= =========================================
Net Assets
Beginning of period 69,775 32,605 74,521 50,425
- ------------------------------------------- ----------------------------------------- -----------------------------------------
End of period * $ 74,105 $ 69,775 $ 72,175 $ 74,521
- ------------------------------------------- ----------------------------------------- -----------------------------------------
*Including net overdistributed investment
income of: $ (62) $ 0 $ (6) $ 0
- ------------------------------------------- ----------------------------------------- -----------------------------------------
</TABLE>
(a) Audited by Deloitte & Touche LLP
See Notes to Financial Statements
8
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------- ----------------------------------------- -----------------------------------------
COLUMBUS CIRCLE INVESTORS COLUMBUS CIRCLE INVESTORS
CORE EQUITY FUND MID CAP EQUITY FUND PARAMETRIC ENHANCED EQUITY FUND
- ----------------------------------------- ----------------------------------------- -----------------------------------------
Two months ended Period From Two months ended Period From Two Months Ended
December 31, 1995 December 28, 1994 to December 31, 1995 December 28, 1994 to December 31, 1995 Year Ended
(unaudited) October 31, 1995 (a) (unaudited) October 31, 1995 (a) (unaudited) October 31, 1995 (a)
<S> <C> <C> <C> <C> <C>
$ 36 $ 62 $ (2) $ 10 $ 287 $ 1,357
- ----------------------------------------- ----------------------------------------- -----------------------------------------
(318) 756 (171) 243 214 2,417
- ----------------------------------------- ----------------------------------------- -----------------------------------------
330 2,439 335 1,053 3,727 12,008
- ----------------------------------------- ----------------------------------------- -----------------------------------------
0 1 0 0 0 0
- ----------------------------------------- ----------------------------------------- -----------------------------------------
48 3,258 162 1,306 4,228 15,782
========================================= ========================================= =========================================
4 80 0 13 51 (27)
========================================= ========================================= =========================================
(11) (27) 0 (10) (287) (1,356)
- ----------------------------------------- ----------------------------------------- -----------------------------------------
(26) (35) 0 0 0 0
- ----------------------------------------- ----------------------------------------- -----------------------------------------
0 0 0 0 (3) 0
- ----------------------------------------- ----------------------------------------- -----------------------------------------
0 0 0 0 0 0
- ----------------------------------------- ----------------------------------------- -----------------------------------------
(104) 0 (72) 0 (2,327) (939)
- ----------------------------------------- ----------------------------------------- -----------------------------------------
(334) 0 0 0 0 0
- ----------------------------------------- ----------------------------------------- -----------------------------------------
(76) 0 (171) 0 0 0
- ----------------------------------------- ----------------------------------------- -----------------------------------------
(243) 0 0 0 0 0
- ----------------------------------------- ----------------------------------------- -----------------------------------------
(794) (62) (243) (10) (2,617) (2,295)
========================================= ========================================= =========================================
294 7,025 273 7,334 18,493 11,181
- ----------------------------------------- ----------------------------------------- -----------------------------------------
5,262 23,345 0 0 0 0
- ----------------------------------------- ----------------------------------------- -----------------------------------------
61 8 82 3 2,470 2,282
- ----------------------------------------- ----------------------------------------- -----------------------------------------
603 35 0 0 0 0
- ----------------------------------------- ----------------------------------------- -----------------------------------------
(25) (293) (54) (289) (4,131) (18,839)
- ----------------------------------------- ----------------------------------------- -----------------------------------------
(4,019) (960) 0 0 0 0
- ----------------------------------------- ----------------------------------------- -----------------------------------------
2,176 29,160 301 7,048 16,832 (5,376)
- ----------------------------------------- ----------------------------------------- -----------------------------------------
1,434 32,436 220 8,357 18,494 8,084
========================================= ========================================= =========================================
32,436 0 8,357 0 73,999 65,915
- ----------------------------------------- ----------------------------------------- -----------------------------------------
$ 33,870 $ 32,436 $ 8,577 $ 8,357 $ 92,493 $ 73,999
========================================= ========================================= =========================================
$ (1) $ 0 $ (2) $ 0 $ (3) $ 0
========================================= ========================================= =========================================
</TABLE>
9
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS (Cont.)
<TABLE>
<CAPTION>
$ in thousands ----------------------------------------- -----------------------------------------
BLAIRLOGIE EMERGING MARKETS FUND BLAIRLOGIE INTERNATIONAL ACTIVE FUND
----------------------------------------- -----------------------------------------
Increase (Decrease) in Net Assets from: Two Months Ended Two Months Ended
December 31, 1995 Year Ended December 31, 1995 Year Ended
(unaudited) October 31, 1995 (a) (unaudited) October 31, 1995 (a)
<S> <C> <C> <C> <C>
Operations
Net investment income $ 119 $ 428 $ 9 $ 515
- -------------------------------------------- ----------------------------------------- -----------------------------------------
Net realized gain (loss) (400) (15,110) 272 3,506
- -------------------------------------------- ----------------------------------------- -----------------------------------------
Net change in unrealized appreciation
(depreciation) on investments 1,707 (8,263) 3,826 63
- -------------------------------------------- ----------------------------------------- -----------------------------------------
Net change in unrealized appreciation
(depreciation) on futures contracts and
written options 0 0 58 (61)
- -------------------------------------------- ----------------------------------------- -----------------------------------------
Net change in unrealized appreciation
(depreciation) on translation of assets
and liabilities denominated in
foreign currencies (2) (2) 123 (73)
- -------------------------------------------- ----------------------------------------- -----------------------------------------
Net increase (decrease) resulting from
operations 1,424 (22,947) 4,288 3,950
============================================ ========================================= =========================================
Net equalization credits (debits) (8) 4 30 142
============================================ ========================================= =========================================
Distributions to Shareholders
From net investment income
Institutional class (127) (414) 0 (504)
- -------------------------------------------- ----------------------------------------- -----------------------------------------
Administrative class (2) (3) 0 (5)
- -------------------------------------------- ----------------------------------------- -----------------------------------------
In excess of net investment income
Institutional class (108) 0 (2,278) 0
- -------------------------------------------- ----------------------------------------- -----------------------------------------
Administrative class (1) 0 (25) 0
- -------------------------------------------- ----------------------------------------- -----------------------------------------
From net realized capital gains
Institutional class 0 (3,784) (1,127) (844)
- -------------------------------------------- ----------------------------------------- -----------------------------------------
Administrative class 0 0 (13) (2)
- -------------------------------------------- ----------------------------------------- -----------------------------------------
Total distributions (238) (4,201) (3,443) (1,355)
============================================ ========================================= =========================================
Fund Share Transactions
Receipts for shares sold
Institutional class 7,092 64,126 1,231 45,600
- -------------------------------------------- ----------------------------------------- -----------------------------------------
Administrative class 144 1,512 38 947
- -------------------------------------------- ----------------------------------------- -----------------------------------------
Issued as reinvestment of distributions
Institutional class 167 3,577 2,171 1,148
- -------------------------------------------- ----------------------------------------- -----------------------------------------
Administrative class 3 4 38 7
- -------------------------------------------- ----------------------------------------- -----------------------------------------
Cost of shares redeemed
Institutional class (10,243) (46,658) (2,096) (8,424)
- -------------------------------------------- ----------------------------------------- -----------------------------------------
Administrative class (12) (668) (8) (302)
- -------------------------------------------- ----------------------------------------- -----------------------------------------
Net increase (decrease) resulting from
Fund share transactions (2,849) 21,893 1,374 38,976
- -------------------------------------------- ----------------------------------------- -----------------------------------------
Total Increase (Decrease) in Net Assets (1,671) (5,251) 2,249 41,713
============================================ ========================================= =========================================
Net Assets
Beginning of period 74,369 79,620 64,282 22,569
- -------------------------------------------- ----------------------------------------- -----------------------------------------
End of period * $ 72,698 $ 74,369 $ 66,531 $ 64,282
- -------------------------------------------- ----------------------------------------- -----------------------------------------
*Including net undistributed
(overdistributed) investment income of: $ (109) $ 10 $ (2,307) $ (13)
- -------------------------------------------- ----------------------------------------- -----------------------------------------
</TABLE>
(a) Audited by Deloitte & Touche LLP
See Notes to Financial Statements
10
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------
BALANCED FUND
- -----------------------------------------
Two Months Ended
December 31, 1995 Year Ended
(unaudited) October 31,1995 (a)
<S> <C>
$ 487 $ 3,449
- -----------------------------------------
766 7,151
- -----------------------------------------
2,484 3,440
- -----------------------------------------
(161) 958
- -----------------------------------------
0 0
- -----------------------------------------
3,576 14,998
=========================================
0 0
=========================================
(486) (3,451)
- -----------------------------------------
0 0
- -----------------------------------------
0 0
- -----------------------------------------
0 0
- -----------------------------------------
(6,226) 0
- -----------------------------------------
0 0
- -----------------------------------------
(6,712) (3,451)
=========================================
617 20,019
- -----------------------------------------
0 0
- -----------------------------------------
6,712 3,421
- -----------------------------------------
0 0
- -----------------------------------------
(222) (93,043)
- -----------------------------------------
0 0
- -----------------------------------------
7,107 (69,603)
- -----------------------------------------
3,971 (58,056)
=========================================
72,638 130,694
- -----------------------------------------
$ 76,609 $ 72,638
- -----------------------------------------
$ 1 $ 0
- -----------------------------------------
</TABLE>
11
<PAGE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
Selected Per Share Data for --------- ---------- -------------- ---------- ---------- ---------- ------------- -------------
the Year or Period Ended: NET TOTAL DIVIDENDS
NET ASSET REALIZED/ INCOME DIVIDENDS IN EXCESS DISTRIBUTIONS
VALUE NET UNREALIZED FROM FROM NET OF NET FROM NET DISTRIBUTIONS
BEGINNING INVESTMENT GAIN (LOSS) INVESTMENT INVESTMENT INVESTMENT REALIZED FROM
OF PERIOD INCOME ON INVESTMENTS OPERATIONS INCOME INCOME CAPITAL GAINS EQUALIZATION
--------- ---------- -------------- ---------- ---------- ---------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
NFJ Equity Income Fund
Institutional Class
12/31/95 (a) $ 13.09 $ 0.09 $ 0.73 $ 0.82 $ (0.09) $ (0.01) $ (0.48) $ 0.00
- ------------------------------- ---------- ------------ ------------- ----------- ----------- ----------- ------------- ----------
10/31/95 11.75 0.46 1.67 2.13 (0.46) 0.00 (0.33) 0.00
- ------------------------------- ---------- ------------ ------------- ----------- ----------- ----------- ------------- ----------
10/31/94 11.95 0.42 (0.16) 0.26 (0.42) 0.00 (0.04) 0.00
- ------------------------------- ---------- ------------ ------------- ----------- ----------- ----------- ------------- ----------
10/31/93 10.92 0.40 1.40 1.80 (0.40) 0.00 (0.37) 0.00
- ------------------------------- ---------- ------------ ------------- ----------- ----------- ----------- ------------- ----------
10/31/92 10.77 0.45 0.93 1.38 (0.43) 0.00 (0.57) (0.23)
- ------------------------------- ---------- ------------ ------------- ----------- ----------- ----------- ------------- ----------
03/08/91 - 10/31/91 10.00 0.24 0.92 1.16 (0.24) 0.00 (0.15) 0.00
- ------------------------------- ---------- ------------ ------------- ----------- ----------- ----------- ------------- ----------
Administrative Class
12/31/95 (a) 13.13 0.10 0.71 0.81 (0.08) (0.01) (0.48) 0.00
- ------------------------------- ---------- ------------ ------------- ----------- ----------- ----------- ------------- ----------
11/30/94 - 10/31/95 11.12 0.39 2.35 2.74 (0.40) 0.00 (0.33) 0.00
- ------------------------------- ---------- ------------ ------------- ----------- ----------- ----------- ------------- ----------
NFJ Diversified Low P/E Fund
Institutional Class
12/31/95 (a) $ 12.53 $ 0.07 $ 0.76 $ 0.83 $ (0.07) $ 0.00 $ (1.77) $ 0.00
- ------------------------------- ---------- ------------ ------------- ----------- ----------- ----------- ------------- ----------
10/31/95 11.55 0.30 2.18 2.48 (0.30) 0.00 (1.20) 0.00
- ------------------------------- ---------- ------------ ------------- ----------- ----------- ----------- ------------- ----------
10/31/94 11.92 0.30 (0.28) 0.02 (0.29) 0.00 (0.10) 0.00
- ------------------------------- ---------- ------------ ------------- ----------- ----------- ----------- ------------- ----------
10/31/93 10.05 0.28 2.36 2.64 (0.28) 0.00 (0.49) 0.00
- ------------------------------- ---------- ------------ ------------- ----------- ----------- ----------- ------------- ----------
12/30/91 - 10/31/92 10.00 0.24 0.23 0.47 (0.24) 0.00 (0.18) 0.00
- ------------------------------- ---------- ------------ ------------- ----------- ----------- ----------- ------------- ----------
NFJ Small Cap Value Fund
Institutional Class
12/31/95 (a) $ 13.10 $ 0.05 $ 0.56 $ 0.61 $ (0.05) $ 0.00 $ (0.74) $ 0.00
- ------------------------------- ---------- ------------ ------------- ----------- ----------- ----------- ------------- ----------
10/31/95 12.07 0.28 1.92 2.20 (0.28) 0.00 (0.89) 0.00
- ------------------------------- ---------- ------------ ------------- ----------- ----------- ----------- ------------- ----------
10/31/94 12.81 0.29 (0.65) (0.36) (0.29) 0.00 (0.09) 0.00
- ------------------------------- ---------- ------------ ------------- ----------- ----------- ----------- ------------- ----------
10/31/93 10.98 0.24 2.33 2.57 (0.24) 0.00 (0.50) 0.00
- ------------------------------- ---------- ------------ ------------- ----------- ----------- ----------- ------------- ----------
10/31/92 10.09 0.22 1.17 1.39 (0.22) 0.00 (0.24) (0.04)
- ------------------------------- ---------- ------------ ------------- ----------- ----------- ----------- ------------- ----------
10/01/91 - 10/31/91 10.00 0.02 0.10 0.12 (0.03) 0.00 0.00 0.00
- ------------------------------- ---------- ------------ ------------- ----------- ----------- ----------- ------------- ----------
Administrative Class
11/01/95 - 12/31/95 (a) 13.16 0.05 0.50 0.55 (0.05) 0.00 (0.74) 0.00
- ------------------------------- ---------- ------------ ------------- ----------- ----------- ----------- ------------- ----------
Cadence Capital
Appreciation Fund
Institutional Class
12/31/95 (a) $ 16.94 $ 0.05 $ 0.43 $ 0.48 $ (0.05) $ 0.00 $ (1.03) $ 0.00
- ------------------------------- ---------- ------------ ------------- ----------- ----------- ----------- ------------- ----------
10/31/95 13.34 0.18 3.60 3.78 (0.18) 0.00 0.00 0.00
- ------------------------------- ---------- ------------ ------------- ----------- ----------- ----------- ------------- ----------
10/31/94 13.50 0.14 (0.12) 0.02 (0.14) 0.00 (0.04) 0.00
- ------------------------------- ---------- ------------ ------------- ----------- ----------- ----------- ------------- ----------
10/31/93 11.27 0.11 2.73 2.84 (0.11) 0.00 (0.50) 0.00
- ------------------------------- ---------- ------------ ------------- ----------- ----------- ----------- ------------- ----------
10/31/92 11.02 0.14 1.05 1.19 (0.14) 0.00 (0.72) (0.08)
- ------------------------------- ---------- ------------ ------------- ----------- ----------- ----------- ------------- ----------
03/08/91 - 10/31/91 10.00 0.09 1.02 1.11 (0.09) 0.00 0.00 0.00
- ------------------------------- ---------- ------------ ------------- ----------- ----------- ----------- ------------- ----------
</TABLE>
* Annualized
(a) Unaudited, prior periods audited by Deloitte & Touche LLP
See Notes to Financial Statements
12
<PAGE>
<TABLE>
<CAPTION>
- ---------------- -------------- ------------- -------------- --------------- -------------- -------------- -------------
RATIO OF NET
RATIO OF INVESTMENT
NET ASSET NET ASSETS EXPENSES TO INCOME TO PORTFOLIO AVERAGE
TOTAL VALUE END OF END OF PERIOD AVERAGE NET AVERAGE NET TURNOVER COMMISSION
DISTRIBUTIONS PERIOD TOTAL RETURN (000'S) ASSETS ASSETS RATE RATE
- ---------------- -------------- ------------- -------------- --------------- -------------- -------------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ (0.58) $ 13.33 6.21% $ 126,910 0.70%* 4.17%* 7.13% $ 0.06
- ---------------- -------------- ------------- -------------- --------------- -------------- -------------- -------------
(0.79) 13.09 19.36 118,015 0.70 3.83 46.49 0.06
- ---------------- -------------- ------------- -------------- --------------- -------------- -------------- -------------
(0.46) 11.75 2.25 92,365 0.70 3.77 35.56
- ---------------- -------------- ------------- -------------- --------------- -------------- --------------
(0.77) 11.95 16.65 67,854 0.70 3.55 38.60
- ---------------- -------------- ------------- -------------- --------------- -------------- --------------
(1.23) 10.92 12.89 30,506 0.70 3.83 46.74
- ---------------- -------------- ------------- -------------- --------------- -------------- --------------
(0.39) 10.77 11.81 15,628 0.74* 4.18* 61.51
- ---------------- -------------- ------------- -------------- --------------- -------------- --------------
(0.57) 13.37 6.20 6,783 0.95* 3.98* 7.13 N/A
- ---------------- -------------- ------------- -------------- --------------- -------------- -------------- -------------
(0.73) 13.13 25.69 140 0.95* 3.43* 43.27 N/A
- ---------------- -------------- ------------- -------------- --------------- -------------- -------------- -------------
$ (1.84) $ 11.52 6.58% $ 15,458 0.70%* 3.06%* 2.23% $ 0.04
- ---------------- -------------- ------------- -------------- --------------- -------------- -------------- -------------
(1.50) 12.53 24.98 14,443 0.70 2.50 71.02 0.06
- ---------------- -------------- ------------- -------------- --------------- -------------- -------------- -------------
(0.39) 11.55 0.15 15,442 0.70 2.34 43.70
- ---------------- -------------- ------------- -------------- --------------- -------------- --------------
(0.77) 11.92 26.35 22,930 0.70 2.43 28.19
- ---------------- -------------- ------------- -------------- --------------- -------------- --------------
(0.42) 10.05 4.68 18,083 0.70* 2.57* 72.77
- ---------------- -------------- ------------- -------------- --------------- -------------- --------------
$ (0.79) $ 12.92 4.68% $ 37,862 0.85%* 2.40%* 6.82% $ 0.04
- ---------------- -------------- ------------- -------------- --------------- -------------- -------------- -------------
(1.17) 13.10 19.88 35,093 0.85 2.25 49.57 0.04
- ---------------- -------------- ------------- -------------- --------------- -------------- -------------- -------------
(0.38) 12.07 (2.89) 31,236 0.85 2.23 48.12
- ---------------- -------------- ------------- -------------- --------------- -------------- --------------
(0.74) 12.81 23.60 46,523 0.85 2.05 41.80
- ---------------- -------------- ------------- -------------- --------------- -------------- --------------
(0.50) 10.98 13.75 18,261 0.85 2.16 26.77
- ---------------- -------------- ------------- -------------- --------------- -------------- --------------
(0.03) 10.09 1.19 5,060 1.09* 3.06* 0.00
- ---------------- -------------- ------------- -------------- --------------- -------------- --------------
(0.79) 12.92 4.21 5,408 1.10* 2.04* 6.82 N/A
- ---------------- -------------- ------------- -------------- --------------- -------------- -------------- -------------
$ (1.08) $ 16.34 2.90% 258,144 0.70%* 1.62%* 19.05% $ 0.04
- ---------------- -------------- ------------- -------------- --------------- -------------- -------------- -------------
(0.18) 16.94 28.47 236,220 0.70 1.22 82.69 0.05
- ---------------- -------------- ------------- -------------- --------------- -------------- -------------- -------------
(0.18) 13.34 0.15 165,441 0.70 1.17 76.75
- ---------------- -------------- ------------- -------------- --------------- -------------- --------------
(0.61) 13.50 25.30 84,990 0.70 0.94 81.15
- ---------------- -------------- ------------- -------------- --------------- -------------- --------------
(0.94) 11.27 10.75 36,334 0.70 1.13 134.17
- ---------------- -------------- ------------- -------------- --------------- -------------- --------------
(0.09) 11.02 11.19 18,813 0.75* 1.55* 40.54
- ---------------- -------------- ------------- -------------- --------------- -------------- --------------
</TABLE>
13
<PAGE>
FINANCIAL HIGHLIGHTS (Cont.)
<TABLE>
<CAPTION>
Selected Per Share Data for --------- ---------- -------------- ---------- ---------- ------------- ------------- -------------
the Year or Period Ended: NET TOTAL DISTRIB-
NET ASSET NET REALIZED/ INCOME DIVIDENDS DISTRIBUTIONS UTIONS IN
VALUE INVESTMENT UNREALIZED FROM FROM NET FROM NET EXCESS OF DISTRIBUTIONS
BEGINNING INCOME GAIN (LOSS) INVESTMENT INVESTMENT REALIZED NET REALIZED FROM
OF PERIOD (LOSS) ON INVESTMENTS OPERATIONS INCOME CAPITAL GAINS CAPITAL GAINS EQUALIZATION
--------- ---------- -------------- ---------- ---------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Cadence Mid Cap Growth Fund
Institutional Class
12/31/95 (a) $ 18.16 $ 0.02 $ 0.45 $ 0.47 $ (0.02) $ (0.43) $ 0.00 $ 0.00
- ------------------------------ --------- ------------ ------------ --------- ----------- ----------- ----------- -----------
10/31/95 13.97 0.07 4.19 4.26 (0.07) 0.00 0.00 0.00
- ------------------------------ --------- ------------ ------------ --------- ----------- ----------- ----------- -----------
10/31/94 13.97 0.06 0.01 0.07 (0.06) (0.01) 0.00 0.00
- ------------------------------ --------- ------------ ------------ --------- ----------- ----------- ----------- -----------
10/31/93 11.29 0.07 2.70 2.77 (0.07) (0.02) 0.00 0.00
- ------------------------------ --------- ------------ ------------ --------- ----------- ----------- ----------- -----------
10/31/92 10.28 0.10 1.03 1.13 (0.10) 0.00 0.00 (0.02)
- ------------------------------ --------- ------------ ------------ --------- ----------- ----------- ----------- -----------
08/26/91 - 10/31/91 10.00 0.02 0.27 0.29 (0.01) 0.00 0.00 0.00
- ------------------------------ --------- ------------ ------------ --------- ----------- ----------- ----------- -----------
Administrative Class
12/31/95 (a) 18.17 0.01 0.46 0.47 (0.02) (0.43) 0.00 0.00
- ------------------------------ --------- ------------ ------------ --------- ----------- ----------- ----------- -----------
11/30/94 - 10/31/95 13.31 0.03 4.85 4.88 (0.02) 0.00 0.00 0.00
- ------------------------------ --------- ------------ ------------ --------- ----------- ----------- ----------- -----------
Cadence Micro Cap Growth Fund
Institutional Class
12/31/95 (a) $ 15.38 $ (0.01) $ 0.82 $ 0.81 $ 0.00 $ (0.34) $ 0.00 $ 0.00
- ------------------------------ --------- ------------ ------------ --------- ----------- ----------- ----------- -----------
10/31/95 11.87 (0.04) 3.55 3.51 0.00 0.00 0.00 0.00
- ------------------------------ --------- ------------ ------------ --------- ----------- ----------- ----------- -----------
10/31/94 11.06 (0.03) 0.84 0.81 0.00 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 0.00
- ------------------------------ --------- ------------ ------------ --------- ----------- ----------- ----------- -----------
Cadence Small Cap Growth Fund
Institutional Class
12/31/95 (a) $ 21.02 $ 0.00 $ 0.13 $ 0.13 $ 0.00 $ (1.60) $ 0.00 $ 0.00
- ------------------------------ --------- ------------ ------------ --------- ----------- ----------- ----------- -----------
10/31/95 19.38 (0.05) 3.12 3.07 0.00 (1.43) 0.00 0.00
- ------------------------------ --------- ------------ ------------ --------- ----------- ----------- ----------- -----------
10/31/94 19.15 (0.02) 0.89 0.87 0.00 (0.64) 0.00 0.00
- ------------------------------ --------- ------------ ------------ --------- ----------- ----------- ----------- -----------
10/31/93 15.80 (0.06) 6.19 6.13 0.00 (2.78) 0.00 0.00
- ------------------------------ --------- ------------ ------------ --------- ----------- ----------- ----------- -----------
10/31/92 14.87 0.01 1.50 1.51 (0.01) (0.57) 0.00 0.00
- ------------------------------ --------- ------------ ------------ --------- ----------- ----------- ----------- -----------
01/07/91 - 10/31/91 10.00 0.02 5.03 5.05 (0.02) (0.16) 0.00 0.00
- ------------------------------ --------- ------------ ------------ --------- ----------- ----------- ----------- -----------
Administrative Class
12/31/95 (a) 21.01 0.00 0.13 0.13 0.00 (1.60) 0.00 0.00
- ------------------------------ --------- ------------ ------------ --------- ----------- ----------- ----------- -----------
09/27/95 - 10/31/95 21.90 (0.02) (0.87) (0.89) 0.00 0.00 0.00 0.00
- ------------------------------ --------- ------------ ------------ --------- ----------- ----------- ----------- -----------
Columbus Circle Investors
Core Equity Fund
Institutional Class
12/31/95 (a) $ 12.72 $ 0.02 $ 0.00 $ 0.02 $ (0.02) $ (0.16) $ (0.12) $ 0.00
- ------------------------------ --------- ------------ ------------ --------- ----------- ----------- ----------- -----------
12/28/94 - 10/31/95 10.00 0.07 2.71 2.78 (0.06) 0.00 0.00 0.00
- ------------------------------ --------- ------------ ------------ --------- ----------- ----------- ----------- -----------
Administrative Class
12/31/95 (a) 12.73 0.01 0.00 0.01 (0.01) (0.16) (0.12) 0.00
- ------------------------------ --------- ------------ ------------ --------- ----------- ----------- ----------- -----------
05/31/95 - 10/31/95 11.45 0.02 1.28 1.30 (0.02) 0.00 0.00 0.00
- ------------------------------ --------- ------------ ------------ --------- ----------- ----------- ----------- -----------
</TABLE>
* Annualized
(a) Unaudited, prior periods audited by Deloitte & Touche LLP
See Notes to Financial Statements
14
<PAGE>
<TABLE>
- --------------- -------------- ------------ ------------ -------------- ------------ -------------- ----------- ------------
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 $ (0.45) $ 18.18 2.58% $ 184,321 0.70%* 0.69%* 25.55% $ 0.03
- --------------- -------------- ------------ ------------ -------------- ------------ -------------- ----------- ------------
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 (0.45) 18.19 2.54 929 0.95* 0.43* 25.55 N/A
- --------------- -------------- ------------ ------------ -------------- ------------ -------------- ----------- ------------
0.00 (0.02) 18.17 36.64 892 0.94* 0.23* 71.73 N/A
- --------------- -------------- ------------ ------------ -------------- ------------ -------------- ----------- ------------
$ 0.00 $ (0.34) $ 15.85 5.24% $ 74,105 1.50%* (0.51%)* 8.51% $ 0.02
- --------------- -------------- ------------ ------------ -------------- ------------ -------------- ----------- ------------
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 $ (1.60) $ 19.55 0.67% $ 71,455 1.25%* (0.04%)* 13.85% $ 0.02
- --------------- -------------- ------------ ------------ -------------- ------------ -------------- ----------- ------------
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 (1.60) 19.54 0.63 720 1.50* (0.32)* 13.85 N/A
- --------------- -------------- ------------ ------------ -------------- ------------ -------------- ----------- ------------
0.00 0.00 21.01 (5.34) 544 1.60* (0.82)* 8.80 N/A
- --------------- -------------- ------------ ------------ -------------- ------------ -------------- ----------- ------------
$ 0.00 $ (0.30) $ 12.44 0.21% $ 7,947 0.82%* 0.94%* 17.18% $ 0.04
- --------------- -------------- ------------ ------------ -------------- ------------ -------------- ----------- ------------
0.00 (0.06) 12.72 27.86 7,791 0.82* 0.79* 122.88 0.03
- --------------- -------------- ------------ ------------ -------------- ------------ -------------- ----------- ------------
0.00 (0.29) 12.45 0.17 25,923 1.07* 0.54* 17.18 N/A
- --------------- -------------- ------------ ------------ -------------- ------------ -------------- ----------- ------------
0.00 (0.02) 12.73 11.34 24,645 1.06* 0.34* 57.96 N/A
- --------------- -------------- ------------ ------------ -------------- ------------ -------------- ----------- ------------
</TABLE>
15
<PAGE>
FINANCIAL HIGHLIGHTS (Cont.)
<TABLE>
---------- ---------- -------------- ---------- ---------- ------------- ------------- -------------
Selected Per Share Data for NET TOTAL
the Year or Period Ended: NET ASSET NET REALIZED/ INCOME DIVIDENDS DIVIDENDS IN DISTRIBUTIONS DISTRIBUTIONS
VALUE INVESTMENT UNREALIZED FROM FROM NET EXCESS OF NET FROM NET IN EXCESS OF
BEGINNING INCOME GAIN (LOSS) INVESTMENT INVESTMENT INVESTMENT REALIZED NET REALIZED
OF PERIOD (LOSS) ON INVESTMENTS OPERATIONS INCOME INCOME CAPITAL GAINS CAPITAL GAINS
- ---------------------------- ---------- ---------- -------------- ---------- ---------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Columbus Circle Investors
Mid Cap Equity Fund
Institutional Class
12/31/95 (a) $ 12.92 $ 0.00 $ 0.24 $ 0.24 $ 0.00 $ 0.00 $ (0.11) $ (0.26)
- ---------------------------- ---------- ---------- -------------- ---------- ---------- ------------- ------------- -------------
12/28/94 - 10/31/95 10.00 0.02 2.92 2.94 (0.02) 0.00 0.00 0.00
- ---------------------------- ---------- ---------- -------------- ---------- ---------- ------------- ------------- -------------
Parametric Enhanced
Equity Fund
Institutional Class
12/31/95 (a) $ 14.44 $ 0.05 $ 0.73 $ 0.78 $ (0.05) $ 0.00 $ (0.38) $ 0.00
- ---------------------------- ---------- ---------- -------------- ---------- ---------- ------------- ------------- -------------
10/31/95 11.99 0.25 2.62 2.87 (0.25) 0.00 (0.17) 0.00
- ---------------------------- ---------- ---------- -------------- ---------- ---------- ------------- ------------- -------------
10/31/94 12.08 0.25 (0.04) 0.21 (0.25) 0.00 (0.05) 0.00
- ---------------------------- ---------- ---------- -------------- ---------- ---------- ------------- ------------- -------------
10/31/93 11.76 0.23 0.74 0.97 (0.23) 0.00 (0.42) 0.00
- ---------------------------- ---------- ---------- -------------- ---------- ---------- ------------- ------------- -------------
10/31/92 10.80 0.16 1.06 1.22 (0.16) 0.00 (0.04) 0.00
- ---------------------------- ---------- ---------- -------------- ---------- ---------- ------------- ------------- -------------
02/11/91 - 10/31/91 10.00 0.16 0.80 0.96 (0.16) 0.00 0.00 0.00
- ---------------------------- ---------- ---------- -------------- ---------- ---------- ------------- ------------- -------------
Blairlogie Emerging
Markets Fund
Institutional Class
12/31/95 (a) $ 11.27 $ 0.02 $ 0.21 $ 0.23 $ (0.02) $ (0.02) $ 0.00 $ 0.00
- ---------------------------- ---------- ---------- -------------- ---------- ---------- ------------- ------------- -------------
10/31/95 16.53 0.07 (4.55) (4.48) (0.06) 0.00 (0.72) 0.00
- ---------------------------- ---------- ---------- -------------- ---------- ---------- ------------- ------------- -------------
10/31/94 12.27 (0.01) 4.45 4.44 0.00 0.00 (0.18) 0.00
- ---------------------------- ---------- ---------- -------------- ---------- ---------- ------------- ------------- -------------
06/01/93 - 10/31/93 10.00 0.03 2.52 2.55 (0.02) 0.00 (0.26) 0.00
- ---------------------------- ---------- ---------- -------------- ---------- ---------- ------------- ------------- -------------
Administrative Class
12/31/95 (a) 11.24 0.02 0.20 0.22 (0.02) (0.01) 0.00 0.00
- ---------------------------- ---------- ---------- -------------- ---------- ---------- ------------- ------------- -------------
10/31/95 16.95 0.00 (4.95) (4.95) (0.05) 0.00 (0.71) 0.00
- ---------------------------- ---------- ---------- -------------- ---------- ---------- ------------- ------------- -------------
Blairlogie International
Active Fund
Institutional Class
12/31/95 (a) $ 11.74 $ 0.02 $ 0.77 $ 0.79 $ 0.00 $ (0.43) $ (0.21) $ 0.00
- ---------------------------- ---------- ---------- -------------- ---------- ---------- ------------- ------------- -------------
10/31/95 11.86 0.10 0.30 0.40 (0.09) 0.00 (0.43) 0.00
- ---------------------------- ---------- ---------- -------------- ---------- ---------- ------------- ------------- -------------
10/31/94 10.69 0.09 1.15 1.24 (0.03) 0.00 (0.04) 0.00
- ---------------------------- ---------- ---------- -------------- ---------- ---------- ------------- ------------- -------------
06/08/93 - 10/31/93 10.00 0.05 0.69 0.74 (0.04) 0.00 (0.01) 0.00
- ---------------------------- ---------- ---------- -------------- ---------- ---------- ------------- ------------- -------------
Administrative Class
12/31/95 (a) 11.73 0.02 0.76 0.78 0.00 (0.42) (0.21) 0.00
- ---------------------------- ---------- ---------- -------------- ---------- ---------- ------------- ------------- -------------
11/30/94 - 10/31/95 11.21 0.02 1.01 1.03 (0.08) 0.00 (0.43) 0.00
- ---------------------------- ---------- ---------- -------------- ---------- ---------- ------------- ------------- -------------
Balanced Fund
Institutional Class
12/31/95 (a) $ 11.89 $ 0.08 $ 0.50 $ 0.58 $ (0.08) $ 0.00 $ (1.01) $ 0.00
- ---------------------------- ---------- ---------- -------------- ---------- ---------- ------------- ------------- -------------
10/31/95 10.35 0.44 1.54 1.98 (0.44) 0.00 0.00 0.00
- ---------------------------- ---------- ---------- -------------- ---------- ---------- ------------- ------------- -------------
10/31/94 10.84 0.34 (0.34) 0.00 (0.34) 0.00 (0.15) 0.00
- ---------------------------- ---------- ---------- -------------- ---------- ---------- ------------- ------------- -------------
10/31/93 10.42 0.35 0.68 1.03 (0.35) 0.00 (0.26) 0.00
- ---------------------------- ---------- ---------- -------------- ---------- ---------- ------------- ------------- -------------
06/25/92 - 10/31/92 10.00 0.12 0.52 0.64 (0.12) 0.00 (0.10) 0.00
- ---------------------------- ---------- ---------- -------------- ---------- ---------- ------------- ------------- -------------
</TABLE>
* Annualized
(a) Unaudited, prior periods audited by Deloitte & Touche LLP
See Notes to Financial Statements
16
<PAGE>
<TABLE>
<CAPTION>
- ------------- -------------- ------------- ------------- ------------- ------------ ------------- ------------- ------------
RATIO OF NET
RATIO OF INVESTMENT
DISTRIBUTIONS NET ASSET NET ASSETS EXPENSES TO INCOME TO PORTFOLIO AVERAGE
FROM TOTAL VALUE END OF END OF PERIOD AVERAGE NET AVERAGE NET TURNOVER COMMISSION
EQUALIZATIONS DISTRIBUTIONS PERIOD TOTAL RETURN (000'S) ASSETS ASSETS RATE RATE
- ------------- -------------- ------------- ------------- ------------- ------------ ------------- ------------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$ 0.00 (0.37) $ 12.79 1.87% $ 8,577 0.88%* (0.11%)* 27.17% $ 0.03
- ------------- -------------- ------------- ------------- ------------- ------------ ------------- ------------- ------------
0.00 (0.02) 12.92 29.34 8,357 0.88* 0.24* 131.58 0.04
- ------------- -------------- ------------- ------------- ------------- ------------ ------------- ------------- ------------
$ 0.00 $ (0.43) $ 14.79 5.44% $ 92,493 0.70%* 2.06%* 2.17% $ 0.05
- ------------- -------------- ------------- ------------- ------------- ------------ ------------- ------------- ------------
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
- ------------- -------------- ------------- ------------- ------------- ------------ ------------- -------------
(0.06) (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 $ (0.04) $ 11.46 2.01% $ 71,715 1.35%* 0.99%* 18.56% $ 0.02
- ------------- -------------- ------------- ------------- ------------- ------------ ------------- ------------- ------------
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 (0.03) 11.43 1.97 983 1.60* 0.81* 18.56 N/A
- ------------- -------------- ------------- ------------- ------------- ------------ ------------- ------------- ------------
0.00 (0.76) 11.24 (27.96) 830 1.62 0.02 118.18 N/A
- ------------- -------------- ------------- ------------- ------------- ------------ ------------- ------------- ------------
$ 0.00 $ (0.64) $ 11.89 6.71% $ 65,778 1.10%* 0.08%* 13.31% $ 0.02
- ------------- -------------- ------------- ------------- ------------- ------------ ------------- ------------- ------------
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 (0.63) 11.88 6.66 753 1.35* (0.17)* 13.31 N/A
- ------------- -------------- ------------- ------------- ------------- ------------ ------------- ------------- ------------
0.00 (0.51) 11.73 9.61 675 1.34* 0.50* 58.07 N/A
- ------------- -------------- ------------- ------------- ------------- ------------ ------------- ------------- ------------
$ 0.00 $ (1.09) $ 11.38 4.90% $ 76,609 0.70%* 3.90%* 9.57% $ 0.00
- ------------- -------------- ------------- ------------- ------------- ------------ ------------- ------------- ------------
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>
17
<PAGE>
7.3% Consumer Staples Capital Goods 9.1%
16.3% Consumer Discretionary Financial & Business Services 15.1%
5.6% Technology Energy 7.4%
7.1% Materials & Processing Short-Term Instruments 8.7%
7.6% Health Care Utilities 16.8%
SCHEDULE OF INVESTMENTS
NFJ Equity Income Fund
December 31, 1995 (unaudited)
<TABLE>
<CAPTION>
Value
Shares (000's)
- ------------------------------------------------------------------------------
COMMON STOCKS - 92.3%
- ------------------------------------------------------------------------------
<S> <C> <C>
Capital Goods - 9.1%
Briggs & Stratton Co. 55,800 $ 2,420
Deere & Co. 71,300 2,513
GATX Corp. 49,300 2,397
P.P. & L. Resources, Inc. 96,300 2,408
Potlatch Corp. 61,800 2,472
---------
12,210
Consumer Discretionary - 16.3%
Brunswick Corp. 113,600 2,726
Chrysler Corp. 45,580 2,524
Ford Motor Co. 83,700 2,427
Harland (John H.) Co. 116,600 2,434
K Mart Corp. 300,000 2,175
Maytag Corp. 117,900 2,387
Melville Corp. 154,700 4,757
Springs Industries, Inc. 57,700 2,387
---------
21,817
Consumer Staples - 7.3%
American Brands, Inc. 56,100 2,503
Anheuser Busch 35,800 2,394
Philip Morris Co., Inc. 27,200 2,462
Supervalu, Inc. 76,800 2,419
---------
9,778
Energy - 7.4%
Atlantic Richfield Co. 21,400 2,370
Texaco, Inc. 32,700 2,567
Ultramar Corp. 192,000 4,944
---------
9,881
Financial & Business Services - 15.1%
Aetna Life & Casualty Co. 33,500 2,320
Bankers Trust N.Y. Corp. 37,700 2,507
Bear Stearns Cos. 118,717 2,360
Chase Manhattan Corp. 40,700 2,467
Meditrust 71,300 2,487
Mellon Bank Corp. 45,900 2,467
PNC Bank Corp. 82,400 2,657
Provident Life Accident 'B' 84,700 2,869
---------
20,134
Health Care - 7.6%
American Home Products 25,600 2,483
Baxter International, Inc. 62,600 2,621
Bristol Myers Squibb 28,400 2,439
Pharmacia & Upjohn, Inc. 67,495 2,615
---------
10,158
Materials & Processing - 7.1%
Dow Chemical 34,300 2,414
Phelps Dodge Corp. 73,600 4,582
PHH Corp. 53,100 2,482
---------
9,478
Technology - 5.6%
Harris Corp. 45,400 2,480
Northrop Grumman Corp. 78,400 5,018
---------
7,498
Utilities - 16.8%
Comstat Corp. 117,900 2,196
Detroit Edison Co. 71,100 2,453
NICOR, Inc. 93,500 2,572
Pacific Gas & Electric 87,600 2,486
Pacific Telesis 160,000 5,380
Peoples Energy Corp. 79,000 2,508
<CAPTION>
Value
Shares (000's)
- ------------------------------------------------------------------------------
<S> <C> <C>
Southern New England Telecom 63,400 $ 2,520
Washington Water Power 137,000 2,399
---------
22,514
---------
Total Common Stocks 123,468
(Cost $107,492) =========
<CAPTION>
- ------------------------------------------------------------------------------
SHORT-TERM INSTRUMENTS - 8.7%
- ------------------------------------------------------------------------------
Principal
Amount
(000's)
<S> <C> <C>
Repurchase Agreement - 8.7%
State Street Bank $ 11,569 11,569
4.25% due 01/02/96
(Dated 12/29/95. Collateralized by
U.S. Treasury Bond 8.75% due 05/15/17
valued at $11,800,554. Repurchase
proceeds are $11,574,463.)
---------
Total Short-Term Instruments 11,569
(Cost $11,569) =========
TOTAL INVESTMENTS (A) - 101.0% $ 135,037
(Cost $119,061)
OTHER ASSETS AND LIABILITIES (NET) - (1.0%) (1,344)
---------
NET ASSETS - 100.0% $ 133,693
=========
NOTES TO SCHEDULE OF INVESTMENTS ($ IN THOUSANDS):
(a) At December 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. $ 19,265
Aggregate gross unrealized depreciation for
all investments in which there was an excess
of tax cost over value. (3,289)
---------
Unrealized appreciation-net $ 15,976
=========
</TABLE>
See Notes to Financial Statements
18
<PAGE>
6.4% Other Consumer Discretionary 15.4%
9.7% Utilities Consumer Staples 11.1%
7.2% Short-Term Instruments Technology 11.2%
10.3% Energy Financial & Business Services 14.6%
7.8% Health Care
6.1% Materials & Processing
SCHEDULE OF INVESTMENTS
NFJ Diversified Low P/E Fund
December 31, 1995 (unaudited)
<TABLE>
<CAPTION>
Value
Shares (000's)
- ------------------------------------------------------------------------------
COMMON STOCKS - 92.6%
- ------------------------------------------------------------------------------
<S> <C> <C>
Capital Goods - 3.7%
Briggs & Stratton Co. 6,500 $ 282
Deere & Co. 8,400 296
---------
578
Consumer Discretionary - 15.4%
Brunswick Corp. 6,700 161
Chrysler Corp. 5,605 310
Dillard Department Stores 4,900 140
Goodyear Tire & Rubber 6,900 313
Maytag Corp. 14,600 296
Melville Corp. 9,000 277
Omnicom Group 4,200 156
Premark International, Inc. 6,000 304
Reebok International Limited 5,200 147
Sears Roebuck 3,800 148
Xerox Corp. 1,000 137
---------
2,389
Consumer Staples - 11.1%
Anheuser Busch 6,200 415
IBP, Inc. 6,300 318
Philip Morris Co., Inc. 3,100 281
Supervalu, Inc. 13,300 419
Unilever N.V. 2,100 296
---------
1,729
Energy - 10.3%
Atlantic Richfield Co. 3,700 410
Repsol 8,700 286
Texaco, Inc. 5,700 447
Ultramar Corp. 17,200 443
---------
1,586
Financial & Business Services - 14.6%
Bear Stearns Cos. 6,700 133
Chase Manhattan Corp. 6,300 382
Lowes Corp. 3,600 282
Mellon Bank Corp. 5,000 269
PHH Corp. 8,100 379
Provident Life Accident `B' 14,000 474
Standard Federal Bancorp. 8,400 331
---------
2,250
Health Care - 7.8%
American Home Products 4,400 427
Beckman Instruments 4,000 142
Pharmacia & Upjohn, Inc. 11,310 438
Tenet Healthcare Corp. (b) 9,300 193
---------
1,200
Materials & Processing - 6.1%
Lennar Corp. 5,750 144
Phelps Dodge Corp. 4,500 280
Union Carbide Corp. 3,800 143
Wellman, Inc. 5,500 125
Willamette Industries 4,500 253
---------
945
Technology - 11.2%
Advanced Micro Devices (b) 7,600 125
Harris Corp. 4,800 262
Northrop Grumman Corp. 6,900 442
Raytheon Co. 6,800 321
Seagate Technology (b) 6,000 285
Sterling Software, Inc. (b) 4,700 293
---------
1,728
<CAPTION>
Value
Shares (000's)
- ------------------------------------------------------------------------------
<S> <C> <C>
Transportation - 2.7%
AMR Corp. (b) 1,900 $ 141
Conrail, Inc. 3,900 273
---------
414
Utilities - 9.7%
Comstat Corp. 12,200 227
Detroit Edison Co. 8,300 286
NICOR, Inc. 9,000 247
Pacific Gas & Electric 15,100 428
Pacific Telesis 9,300 313
---------
1,501
---------
Total Common Stocks 14,320
=========
(Cost $11,449)
<CAPTION>
- ------------------------------------------------------------------------------
SHORT-TERM INSTRUMENTS - 7.2%
- ------------------------------------------------------------------------------
<S> <C> <C>
Principal
Amount
(000's)
Repurchase Agreement - 7.2%
State Street Bank $ 1,112 1,112
4.25% due 01/02/96
(Dated 12/29/95. Collateralized by
U.S. Treasury Bond 8.75% due 05/15/17
valued at $1,136,842. Repurchase
proceeds are $1,112,525.)
---------
Total Short-Term Instruments 1,112
(Cost $1,112) =========
TOTAL INVESTMENTS (A) - 99.8% $ 15,432
(Cost $12,561)
OTHER ASSETS AND LIABILITIES (NET) - 0.2% 26
---------
NET ASSETS - 100.0% $ 15,458
=========
NOTES TO SCHEDULE OF INVESTMENTS ($ IN THOUSANDS):
(a) At December 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. $ 3,130
Aggregate gross unrealized depreciation for
all investments in which there was an excess
of tax cost over value. (259)
---------
Unrealized appreciation-net $ 2,871
=========
</TABLE>
(b) Non-income producing security.
See Notes to Financial Statements
19
<PAGE>
11.9% Consumer Discretionary Short-Term Instruments 9.8%
6.2% Utilities Capital Goods 10.1%
4.3% Other Consumer Staples 7.4%
5.2% Technology Energy 4.8%
16.0% Materials & Processing Financial & Business Services 20.5%
3.7% Health Care
SCHEDULE OF INVESTMENTS
NFJ Small Cap Value Fund
December 31, 1995 (unaudited)
<TABLE>
<CAPTION>
Value
Shares (000's)
- ------------------------------------------------------------------------------
COMMON STOCKS - 90.1%
- ------------------------------------------------------------------------------
<S> <C> <C>
Capital Goods - 10.1%
AGCO Corp. 8,550 $ 436
Barnes Group, Inc. 10,100 364
Blount International, Inc. `A' 14,500 381
Brenco, Inc. 36,700 376
Kysor Industrial Corp. 17,500 424
Oshkosh Truck Corp. `B' 25,400 387
Regal Beloit 19,200 418
Scotsman Industries, Inc. 22,400 395
Smith (A.O.) Corp. 18,000 374
Tecumseh Products Co. `A' 7,700 398
Webb Corp. 20,300 409
---------
4,362
Consumer Discretionary - 11.9%
Blair Corp. 13,000 411
Borg Warner Automotive 12,600 403
Ennis Business Forms, Inc. 30,000 368
Fedders USA, Inc. 72,300 416
Garan, Inc. 22,600 381
Guilford Mills, Inc. 17,000 346
Haggar Corp. 20,400 367
Handleman Co. 28,300 163
Outboard Marine Corp. 18,800 383
Oxford Industries, Inc. 20,000 335
Ross Stores, Inc. 20,800 398
Shopko Stores, Inc. 34,200 385
Sturm Ruger & Co., Inc. 13,300 364
Toro Co. 13,400 441
---------
5,161
Consumer Services - 1.7%
Bowne & Co., Inc. 19,200 384
Merrill Corp. 23,400 374
---------
758
Consumer Staples - 7.4%
Bindley Western Industries, Inc. 24,400 415
Dimon, Inc. 25,300 446
Fay's, Inc. 57,000 428
International Multifoods 18,300 368
Marsh Supermarkets, Inc. `B' 32,100 425
Morningstar Group, Inc. (b) 48,300 386
Nash Finch Co. 20,000 365
Super Foods Services, Inc. 29,500 384
---------
3,217
Energy - 4.8%
Diamond Shamrock R & M, Inc. 15,100 391
KCS Energy, Inc. 30,000 450
Offshore Logistics, Inc. 32,400 409
Swift Energy Co. 35,700 428
Tosco Corp. 10,100 385
---------
2,063
Financial & Business Services - 20.5%
American Bankers Insurance Group 11,400 445
American Health Properties 18,400 396
Boston Bancorp. 9,700 390
Capstead Mortgage Corp. 17,000 389
Charter One Financial, Inc. 13,500 413
Collective Bancorp., Inc. 14,800 376
Comdisco, Inc. 17,350 393
Eaton Vance Corp. 13,300 376
First Commerce Corp. 12,900 413
First Finance Corp. 20,600 474
Fremont General 11,000 404
Glimcher Realty Trust 21,900 378
Hibernia Corp. `A' 37,500 403
Inter-Regional Financial Group 15,150 383
Investors Financial Services Corp. 2,994 62
Investors Financial Services Corp. `A' 575 12
Jefferies Group, Inc. 8,400 397
<CAPTION>
Value
Shares (000's)
- ------------------------------------------------------------------------------
<S> <C> <C>
Mcgrath Rentcorp. 20,000 $ 380
Morgan Keegan, Inc. 32,350 408
Orion Capital Corp. 9,200 399
Pioneer Financial Services, Inc. 24,200 448
Raymond James Financial Corp. 16,400 346
Sovereign Bancorp., Inc. 37,300 378
U.S. Facilities 18,500 395
---------
8,858
Health Care - 3.7%
Adac Laboratories 32,400 393
Allied Healthcare Products 24,100 386
Bergen Brunswig `A' 16,815 418
ICN Pharmaceuticals, Inc. 20,225 389
---------
1,586
Materials & Processing - 16.0%
Amcast Industrial Corp. 21,200 387
American President 17,100 393
Butler Manufacturing Co. 10,850 426
Caraustar Industries, Inc. 19,400 388
Castle (A.M.) & Co. 4,400 124
Chesapeake Corp. 13,800 409
Cleveland Cliffs, Inc. 9,800 402
Commercial Metals 16,100 398
Continental Homes 20,200 497
First Mississippi 15,400 408
Gencorp 34,300 420
Kaman Corp. 36,300 404
Nacco Industries, Inc. 6,600 366
Quanex Corp. 19,700 382
Standard Motor Products 25,200 378
Texas Industries, Inc. 7,400 392
Varlen Corp. 17,000 366
Wellman, Inc. 17,200 391
---------
6,931
Technology - 5.2%
Innovex, Inc. 20,300 310
Macneal-Schwendler Corp. 25,700 410
MTS Systems Corp. 12,100 399
Pioneer Standard Electronics 28,000 371
Thiokol Corp. 11,200 379
Wyle Labs 10,800 379
---------
2,248
Transportation - 2.6%
Coachman Industries 17,600 383
Sea Containers Limited `A' 21,800 379
Winnebago Industries 47,700 370
---------
1,132
Utilities - 6.2%
Central Hudson Gas & Electric 12,300 380
Commonwealth Energy System 8,500 380
Eastern Utilities Associates 16,100 380
Energen Corp. 15,800 380
Orange & Rockland Utilities 10,800 386
Southern California Water Co. 19,400 393
United Illuminating 9,700 363
---------
2,662
Total Common Stocks 38,978
(Cost $35,233) =========
</TABLE>
20
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------
SHORT-TERM INSTRUMENTS - 9.8%
- ------------------------------------------------------------------------------
Principal
Amount Value
(000's) (000's)
<S> <C> <C>
Repurchase Agreement - 9.8%
State Street Bank $ 4,256 $ 4,256
4.25% due 01/02/96
(Dated 12/29/95. Collateralized by
U.S. Treasury Bond 8.75% due 05/15/17
valued at $4,341,274. Repurchase
proceeds are $4,258,010.)
---------
Total Short-Term Instruments 4,256
(Cost $4,256) =========
TOTAL INVESTMENTS (A) - 99.9% $ 43,234
(Cost $39,489)
OTHER ASSETS AND LIABILITIES (NET) - 0.1% 36
---------
NET ASSETS - 100.0% $ 43,270
=========
NOTES TO SCHEDULE OF INVESTMENTS ($ IN THOUSANDS):
(a) At December 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. $ 5,253
Aggregate gross unrealized depreciation for
all investments in which there was an excess
of tax cost over value. (1,508)
---------
Unrealized appreciation-net $ 3,745
=========
</TABLE>
(b) Non-income producing security.
See Notes to Financial Statements
21
<PAGE>
7.0% Short-Term Instruments Other 7.7%
9.7% Capital Goods Consumer Discretionary 6.2%
22.2% Technology Consumer Services 4.5%
5.0% Materials & Processing Financial & Business Services 29.2%
Health Care 10.7%
SCHEDULE OF INVESTMENTS
Cadence Capital Appreciation Fund
December 31, 1995 (unaudited)
<TABLE>
<CAPTION>
Value
Shares (000's)
- ------------------------------------------------------------------------------
COMMON STOCKS - 95.2%
- ------------------------------------------------------------------------------
<S> <C> <C>
Capital Goods - 9.7%
Allied Signal, Inc. 72,700 $ 3,453
Case Corp. 85,800 3,925
Johnson Controls, Inc. 50,800 3,493
PPG Industries, Inc 71,100 3,253
Rockwell International Corp. 72,100 3,812
Sundstrand Corp. 47,900 3,371
United Technologies 38,100 3,615
---------
24,922
Consumer Discretionary - 6.2%
HBO & Co. 43,400 3,326
Kroger Co. (b) 102,400 3,840
Nike, Inc. 72,300 5,034
Xerox Corp. 26,400 3,617
---------
15,817
Consumer Services - 4.5%
La Quinta Motor Inns 122,200 3,345
Mattel, Inc. 137,376 4,224
Philip Morris Co., Inc. 44,400 4,018
---------
11,587
Consumer Staples - 1.7%
Kimberly Clark Corp. 54,308 4,494
---------
Energy - 2.8%
British Petroleum - ADR 35,100 3,585
Royal Dutch Petroleum 26,600 3,754
---------
7,339
Financial & Business Services - 29.2%
Advanta Corp. `B' 88,500 3,219
American Express 61,500 2,545
Bank of Boston Corp. 74,900 3,464
Bank of New York 85,700 4,178
Bankamerica Corp. 51,000 3,302
Bear Stearns Cos. 120,700 2,399
Chemical Banking Corp. 64,200 3,772
Citicorp 57,700 3,880
Federal Home Loan Mortgage 33,800 2,822
First Chicago Corp. 81,202 3,207
First Interstate Bank 27,200 3,713
First Tennessee National Corp. 65,300 3,950
Fleet Financial Group, Inc. 88,900 3,623
Midlantic Corp. 55,900 3,668
National City Corp. 79,200 2,624
NationsBank Corp. 36,200 2,520
Norwest Corp. 109,000 3,597
Southtrust Corp. 128,300 3,288
St. Paul Cos., Inc. 65,700 3,655
TIG Holdings, Inc. 142,000 4,047
Transamerica Corp. 49,100 3,578
Travelers Group Inc. 68,900 4,332
---------
75,383
Health Care - 10.7%
American Home Products 42,200 4,093
Boston Scientific Corp. (b) 61,900 3,033
Foundation Health Corp. (b) 90,500 3,892
Guidant Corp. 139,400 5,890
Medtronic, Inc. 54,300 3,034
Pharmacia & Upjohn, Inc. 85,000 3,294
Schering-Plough 78,100 4,275
---------
27,511
Materials & Processing - 5.0%
Eastman Chemical Co. 49,300 3,087
IMC Global, Inc. 83,800 3,425
Textron, Inc. 46,500 3,139
Union Carbide Corp. 87,400 3,278
---------
12,929
<CAPTION>
Value
Shares (000's)
- ------------------------------------------------------------------------------
<S> <C> <C>
Technology - 22.2%
Adaptec, Inc. (b) 94,900 $ 3,891
Altera Corp. (b) 57,900 2,881
Applied Materials (b) 62,200 2,449
Arrow Electronics, Inc. 74,000 3,191
Cabletron Systems, Inc. (b) 40,800 3,305
Computer Associates International, Inc. 44,500 2,531
Dell Computer Corp., Inc.(b) 84,700 2,933
Digital Equipment Corp. (b) 51,800 3,322
Gateway 2000, Inc. (b) 129,700 3,178
Hewlett Packard Co. 36,600 3,065
Intel Corp. 47,000 2,667
Loral Corp. 143,300 5,068
Oracle Systems Corp. (b) 56,750 2,405
Seagate Technology (b) 63,100 2,997
Sun Microsystems, Inc. (b) 62,100 2,833
Teradyne, Inc. (b) 130,800 3,270
Texas Instruments, Inc. 58,800 3,043
Tyco Labs 90,600 3,228
U.S. Robotics Corp. (b) 13,400 1,176
---------
57,433
Transportation - 1.0%
Delta Air Lines 34,300 2,534
Utilities - 2.2%
General Public Utilities 91,700 3,118
Unicom Corp. 76,800 2,515
---------
5,633
---------
Total Common Stocks 245,582
(Cost $198,199) =========
<CAPTION>
- ------------------------------------------------------------------------------
SHORT-TERM INSTRUMENTS - 7.0%
- ------------------------------------------------------------------------------
Principal
Amount
(000's)
<S> <C> <C>
Repurchase Agreement - 7.0%
State Street Bank $ 18,150 18,150
4.25% due 01/02/96
(Dated 12/29/95. Collateralized by
U.S. Treasury Bond 8.75% due 05/15/17
valued at $18,515,236. Repurchase
proceeds are $18,158,571.)
---------
Total Short-Term Instruments 18,150
(Cost $18,150) =========
TOTAL INVESTMENTS (A) - 102.2% $ 263,732
(Cost $216,349)
OTHER ASSETS AND LIABILITIES (NET) - (2.2%) (5,588)
---------
NET ASSETS - 100.0% $ 258,144
=========
NOTES TO SCHEDULE OF INVESTMENTS ($ IN THOUSANDS):
(a) At December 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. $ 50,843
Aggregate gross unrealized depreciation for
all investments in which there was an excess
of tax cost over value. (3,460)
---------
Unrealized appreciation-net $ 47,383
=========
</TABLE>
(b) Non-income producing security.
See Notes to Financial Statements
22
<PAGE>
6.7% Other Short-Term Instruments 6.5%
28.0% Financial & Business Services Utilities 2.5%
8.7% Consumer Discretionary Technology 28.2%
7.5% Capital Goods Health Care 10.9%
SCHEDULE OF INVESTMENTS
Cadence Mid Cap Growth Fund
December 31, 1995 (unaudited)
<TABLE>
<CAPTION>
Value
Shares (000's)
- ------------------------------------------------------------------------------
COMMON STOCKS - 92.5%
- ------------------------------------------------------------------------------
<S> <C> <C>
Capital Goods - 7.5%
Belden, Inc. 70,100 $ 1,805
GATX Corp. 44,400 2,159
Harnischfeger Industries, Inc. 58,500 1,945
Mark IV Industries, Inc. 75,741 1,496
Northrop Grumman Corp. 35,200 2,253
Oakwood Homes 47,700 1,830
Redman Industries, Inc. (b) 6,700 226
York International Corp. 48,700 2,289
---------
14,003
Consumer Discretionary - 8.7%
Callaway Golf Co. 95,400 2,158
Cytec Industries, Inc. (b) 32,300 2,015
First Brands Corp. 53,200 2,534
General Nutrition Cos., Inc. (b) 115,900 2,665
Harman International 43,160 1,732
HBO & Co. 31,800 2,437
Mattel, Inc. 82,332 2,532
---------
16,073
Consumer Services - 1.0%
Advo, Inc. 70,700 1,837
Consumer Staples - 2.4%
Kroger Co. (b) 67,000 2,513
Richfood Holdings, Inc. 71,100 1,902
---------
4,415
Energy - 1.2%
Stolt-Nielsen S.A. 76,300 2,203
Financial & Business Services - 28.0%
Advanta Corp. `A' 50,350 1,926
Allmerica Financial Corp. (b) 80,100 2,163
American Re Corp. 46,900 1,917
Bank of Boston Corp. 46,800 2,165
Baybanks, Inc. 23,600 2,319
Citizens Corp. 101,200 1,885
Comdisco, Inc. 88,250 1,997
Crestar Financial Corp. 41,000 2,424
Cullen/Frost Bankers, Inc. 35,200 1,760
Finova Group, Inc. 52,700 2,543
First American Corp. 39,500 1,871
First USA, Inc. 48,600 2,157
Gallagher Arthur J. & Co. 12,500 466
Green Tree Financial Corp. 92,100 2,429
Mark Twain Bancshares, Inc. 24,900 966
MGIC Investment Corp. 39,800 2,159
Mid Ocean Limited 53,100 1,970
Mutual Risk Management Limited 61,300 2,804
NAC Re Corp. 49,700 1,789
Protective Life Corp. 60,900 1,903
Southern National Corp. 86,900 2,281
Summit Bancorp. 70,000 2,205
SunAmerica, Inc. 56,200 2,670
The Money Store 151,100 2,361
Trustmark Corp. 40,100 912
Union Planters Corp. 57,600 1,836
---------
51,878
Health Care - 10.9%
Boston Scientific Corp. (b) 44,200 2,166
Guidant Corp. 84,200 3,557
Health Management Associates `A' (b) 88,900 2,323
<CAPTION>
Value
Shares (000's)
- --------------------------------------------------------------------------------
<S> <C> <C>
Horizon Healthcare Corp. (b) 79,700 $ 2,012
Medtronic, Inc. 36,700 2,051
Ornda Healthcorp (b) 104,500 2,430
Sybron Corp. (b) 135,000 3,206
Watson Pharmaceutical, Inc. (b) 48,100 2,357
---------
20,102
Materials & Processing - 1.2%
Praxair, Inc. 65,700 2,209
Technology - 28.2%
Applied Materials (b) 58,200 2,292
Ascend Communications, Inc. (b) 27,800 2,255
Cabletron Systems, Inc. (b) 40,000 3,240
Cadence Designs Systems, Inc. (b) 86,600 3,637
Ceridian Corp. (b) 73,500 3,032
Cheyenne Software, Inc. (b) 87,500 2,286
Computer Associates International, Inc. 31,800 1,808
Credence Systems Co. (b) 86,560 1,980
Harris Corp. 33,100 1,808
KLA Instruments Corp. (b) 78,300 2,041
Lam Research Corp. (b) 43,400 1,986
Loral Corp. 100,200 3,545
McAfee Associates, Inc. (b) 51,100 2,242
McDonnell Douglas 31,800 2,926
Netmanage, Inc. (b) 91,000 2,116
Oracle Systems Corp. (b) 40,600 1,720
Parametric Technology Corp. (b) 38,600 2,567
Raychem Corp. 41,300 2,349
S3, Inc. (b) 148,900 2,624
Sun Microsystems, Inc. (b) 74,300 3,390
Teradyne, Inc. (b) 95,200 2,380
---------
52,224
Transportation - 0.9%
America West Airlines (b) 103,700 1,763
Utilities - 2.5%
Boston Edison Co. 60,900 1,796
Frontier Corp. 94,900 2,847
---------
4,643
---------
Total Common Stocks 171,350
(Cost $133,628) =========
<CAPTION>
- ------------------------------------------------------------------------------
SHORT-TERM INSTRUMENTS - 6.5%
- ------------------------------------------------------------------------------
Principal
Amount
(000's)
<S> <C> <C>
Repurchase Agreement - 6.5%
State Street Bank $ 12,094 12,094
4.25% due 01/02/96
(Dated 12/29/95. Collateralized by
U.S. Treasury Bond 8.75% due 05/15/17
valued at $12,339,058. Repurchase
proceeds are $12,099,711.)
---------
Total Short-Term Instruments $ 12,094
(Cost $12,094) =========
</TABLE>
23
<PAGE>
SCHEDULE OF INVESTMENTS (Cont.)
Cadence Mid Cap Growth Fund
December 31, 1995 (unaudited)
<TABLE>
<CAPTION>
Value
Shares (000's)
- ------------------------------------------------------------------------------
<S> <C> <C>
TOTAL INVESTMENTS (A) - 99.0% $ 183,444
(Cost $145,722)
OTHER ASSETS AND LIABILITIES (NET) - 1.0% 1,806
---------
NET ASSETS - 100.0% $ 185,250
=========
NOTES TO SCHEDULE OF INVESTMENTS ($ IN THOUSANDS):
(a) At December 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. $ 38,768
Aggregate gross unrealized depreciation for
all investments in which there was an excess
of tax cost over value. (1,046)
---------
Unrealized appreciation-net $ 37,722
=========
</TABLE>
(b) Non-income producing security.
See Notes to Financial Statements
24
<PAGE>
5.8% Consumer Services Capital Goods 11.1%
29.2% Technology Consumer Discretionary 7.1%
5.0% Other Materials & Processing 5.1%
12.1% Health Care Consumer Staples 4.2%
Financial & Business Services 20.8%
SCHEDULE OF INVESTMENTS
Cadence Micro Cap Growth Fund
December 31, 1995 (unaudited)
<TABLE>
<CAPTION>
Value
Shares (000's)
- ------------------------------------------------------------------------------
COMMON STOCKS - 97.7%
- ------------------------------------------------------------------------------
<S> <C> <C>
Capital Goods - 11.1%
Gardner Denver Machinery, Inc. (b) 48,800 $ 927
Helix Technology 28,500 1,126
Hughes Supply, Inc. 28,000 791
Interpool, Inc. (b) 71,900 1,285
NCI Building Systems, Inc. (b) 33,350 825
Shelter Components Corp. 98,750 1,617
Watsco, Inc. `A' 92,750 1,658
---------
8,229
Consumer Discretionary - 7.1%
Culp, Inc. 107,550 1,196
Custom Chrome, Inc. (b) 54,500 1,260
Day Runner, Inc. (b) 22,900 790
Holophane Corp. (b) 60,150 1,308
Orchard Supply Hardware Store (b) 35,100 724
--------
5,278
Consumer Services - 5.8%
Aaron Rents, Inc. `B' 41,500 747
Anchor Gaming (b) 35,100 799
Ha-Lo Industries, Inc. (b) 18,500 569
Penn National Gaming, Inc. (b) 40,000 515
Reeds Jewelers, Inc. (b) 89,400 905
Riser Foods, Inc. 46,700 753
--------
4,288
Consumer Staples - 4.2%
Alpine Lace Brands, Inc. (b) 128,700 1,223
Fresh America Corp. (b) 32,300 311
Morningstar Group, Inc. (b) 102,400 819
Sylvan, Inc. (b) 64,600 767
--------
3,120
Energy - 1.2%
ICO, Inc. 177,200 864
Financial & Business Services - 20.8%
Aames Financial Corp. 51,600 1,438
Bank of New Hampshire Corp. 33,900 1,466
Charter Bancshares, Inc. 39,480 775
Chittenden Corp. 60,944 1,950
Community First Bankshares 75,400 1,715
Graphic Industries 112,700 1,381
Pioneer Financial Services, Inc. 94,200 1,743
Provident Bankshares Corp. 45,790 1,351
Right Management Consultants (b) 83,400 1,939
Vermont Financial Services Corp. 48,500 1,676
--------
15,434
Health Care - 12.1%
Conmed Corp. (b) 77,850 1,946
Corvel Corp. (b) 44,500 1,697
Inphynet Medical Management (b) 45,500 1,092
Rexall Sundown, Inc. (b) 41,700 917
Rotech Medical Corp. (b) 32,100 883
Sterling Healthcare Group (b) 60,900 647
Vitalink Pharmacy Service (b) 61,200 1,423
Youth Services International, Inc. (b) 23,000 357
--------
8,962
Materials & Processing - 5.1%
Castle (A.M.) & Co. 77,000 2,166
Roanoke Electric Steel Corp. 96,550 1,605
--------
3,771
<CAPTION>
Value
Shares (000's)
- ------------------------------------------------------------------------------
<S> <C> <C>
Technology - 29.2%
Altron, Inc. (b) 58,550 $ 1,757
Aseco Corp. (b) 74,900 1,236
Barra, Inc. (b) 49,200 835
Bay Networks, Inc. (b) 36,697 1,509
Bel Fuse, Inc. (b) 78,300 822
Ciber, Inc. (b) 31,700 741
Compucom Systems, Inc. (b) 144,500 1,373
Credence Systems Co. (b) 44,050 1,008
Electro Scientific Industries (b) 42,500 1,243
Gelman Sciences, Inc. (b) 77,650 1,961
Ikos Systems, Inc. (b) 119,800 1,333
International Remote Imaging Systems (b) 94,400 743
Microcom, Inc. (b) 83,700 2,176
Microdyne Corp. (b) 49,400 840
TCSI Corp. (b) 77,500 1,434
Tencor Instruments (b) 26,200 639
Tylan General, Inc. (b) 65,500 802
United Video Satellite (b) 43,500 1,175
--------
21,627
Transportation - 1.1%
Atlantic Coast Airlines, Inc. (b) 76,900 788
--------
Total Common Stocks 72,361
(Cost $54,728) ========
<CAPTION>
- ------------------------------------------------------------------------------
SHORT-TERM INSTRUMENTS - 2.7%
- ------------------------------------------------------------------------------
Principal
Amount
(000's)
<S> <C> <C>
Repurchase Agreement - 2.7%
State Street Bank $ 2,027 2,027
4.25% due 01/02/96
(Dated 12/29/95. Collateralized by
U.S. Treasury Bond 8.75% due 05/15/17
valued at $2,067,590. Repurchase
proceeds are $2,027,957.)
---------
Total Short-Term Instruments 2,027
(Cost $2,027) =========
TOTAL INVESTMENTS (A) - 100.4% $ 74,388
(Cost $56,755)
OTHER ASSETS AND LIABILITIES (NET) - (0.4%) (283)
---------
NET ASSETS - 100.0% $ 74,105
=========
NOTES TO SCHEDULE OF INVESTMENTS ($ IN THOUSANDS):
(a) At December 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. $ 18,800
Aggregate gross unrealized depreciation for
all investments in which there was an excess
of tax cost over value. (1,167)
---------
Unrealized appreciation-net $ 17,633
=========
</TABLE>
(b) Non-income producing security.
See Notes to Financial Statements
25
<PAGE>
6.6% Consumer Discretionary Capital Goods 12.4%
20.6% Technology Short-Term Instruments 6.0%
7.8% Materials & Processing Consumer Services 3.0%
14.3% Health Care Financial & Business Services 33.0
SCHEDULE OF INVESTMENTS
Cadence Small Cap Growth Fund
December 31, 1995 (unaudited)
<TABLE>
<CAPTION>
Value
Shares (000's)
- ------------------------------------------------------------------------------
COMMON STOCKS - 97.7%
- ------------------------------------------------------------------------------
<S> <C> <C>
Capital Goods - 12.4%
Blount International, Inc. `A' 33,600 $ 882
Helix Technology 22,500 889
IDEX Corp. 29,300 1,194
Methode Electronics `A' 73,250 1,044
NCI Building Systems, Inc. (b) 13,900 344
Roper Industries, Inc. 30,300 1,114
Standex International Corp. 35,500 1,163
United Waste Systems, Inc. (b) 33,600 1,252
Watkins-Johnson Co. 24,900 1,089
--------
8,971
Consumer Discretionary - 6.6%
Anthony Industries, Inc. 47,300 1,088
Rex Stores Co. (b) 56,700 1,006
St. John Knits, Inc. 15,700 834
Toro Co. 31,200 1,026
United Television, Inc. 8,800 794
--------
4,748
Consumer Services - 3.0%
Gilat Satellite Networks Limited (b) 37,500 947
Ross Stores, Inc. 41,200 788
U.S. Home Corp. (b) 12,200 355
Whole Foods Market, Inc. (b) 7,900 110
--------
2,200
Financial & Business Services - 33.0%
Allied Group, Inc. 29,500 1,062
American Travellers Co. (b) 51,200 1,440
Associated Banc-Corp. 25,187 1,031
Capital Re Corp. 40,300 1,239
Centura Banks, Inc. 24,600 864
City National Corp. 40,700 570
Colonial Bancgroup, Inc. 13,600 439
E.W. Blanch Holdings, Inc. 22,100 517
Executive Risk, Inc. 40,100 1,163
First Midwest Bancorp., Inc. 20,900 603
Green Tree Financial Corp. 55,700 1,469
Harleysville Group, Inc. 16,100 521
HCC Insurance Holdings, Inc. (b) 30,800 1,140
MMI Cos., Inc. 34,900 838
National Re Corp. 25,800 980
Olympic Financial Limited (b) 35,600 579
Penncorp Financial Group, Inc. 43,700 1,284
Peoples Heritage Financial Group 35,400 805
Protective Life Corp. 43,400 1,356
Reinsurance Group of America 23,100 846
Selective Insurance Group 24,100 856
The Money Store 51,000 797
Trans Financial, Inc. 15,100 270
Trenwick Group, Inc. 14,700 827
UST Corp. 59,800 867
Vesta Insurance Group, Inc. 24,100 1,313
Westamerica Bancorp. 3,500 151
--------
23,827
Health Care - 14.3%
Conmed Corp. (b) 20,700 518
Inphynet Medical Management (b) 44,900 1,078
Maxicare Health Plans, Inc. (b) 27,400 736
Orthodontic Centers of America, Inc. (b) 27,400 1,322
Physician Reliance Network (b) 24,400 970
Physio-Control International Corp. (b) 48,100 860
Rotech Medical Corp. (b) 35,000 963
Universal Health Services, Inc. (b) 28,800 1,278
Vital Signs, Inc. 42,200 1,113
Watson Pharmaceutical, Inc. (b) 29,800 1,460
--------
10,298
Materials & Processing - 7.8%
Amcol International Corp. 51,300 731
Castle (A.M.) & Co. 17,700 498
Intertape Polymer Group, Inc. 21,400 671
<CAPTION>
Value
Shares (000's)
- ------------------------------------------------------------------------------
<S> <C> <C>
Medusa Corp. 31,000 $ 822
Mississippi Chemical Corp. 30,900 718
Mueller Industries, Inc. (b) 34,800 1,018
NN Ball & Roller, Inc. 21,350 374
Titan Wheel International, Inc. 48,125 782
--------
5,614
Technology - 20.6%
Adobe Systems, Inc. 12,048 746
Altron, Inc. (b) 30,000 900
Atmel Corp. (b) 34,900 781
Brightpoint, Inc. (b) 45,000 636
FSI International, Inc. (b) 32,000 648
Global Village Communication (b) 34,900 676
Hutchinson Technology (b) 14,800 625
KLA Instruments Corp. (b) 28,900 753
Kulicke & Soffa Industries (b) 14,700 342
Lattice Semiconductor Corp. (b) 27,700 904
LSI Logic Corp. (b) 20,000 655
LTX Corp. (b) 70,700 645
Network Equipment Tech, Inc. (b) 32,600 892
NU Horizons Electronics, Inc. (b) 20,700 367
Rational Software Corp. (b) 48,200 1,078
Sanmina Corp. (b) 22,000 1,141
Sierra Semiconductor Corp. (b) 60,600 841
Silicon Valley Group, Inc. (b) 32,500 821
Tencor Instruments (b) 25,400 619
Wyle Labs 23,100 811
--------
14,881
--------
Total Common Stocks 70,539
(Cost $55,218) ========
<CAPTION>
- ------------------------------------------------------------------------------
SHORT-TERM INSTRUMENTS - 6.0%
- ------------------------------------------------------------------------------
Principal
Amount
(000's)
<S> <C> <C>
Repurchase Agreement - 6.0%
State Street Bank $ 4,297 4,297
4.25% due 01/02/96
(Dated 12/29/95. Collateralized by
U.S. Treasury Bond 8.75% due 05/15/17
valued at $4,387,812. Repurchase
proceeds are $4,299,029.)
---------
Total Short-Term Instruments 4,297
(Cost $4,297) =========
TOTAL INVESTMENTS (A) - 103.7% $ 74,836
(Cost $59,515)
OTHER ASSETS AND LIABILITIES (NET) - (3.7%) (2,661)
---------
NET ASSETS - 100.0% $ 72,175
=========
Notes to Schedule of Investments ($ in thousands):
(a) At December 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. $ 16,421
Aggregate gross unrealized depreciation for
all investments in which there was an excess of
tax cost over value. (1,100)
---------
Unrealized appreciation-net $ 15,321
=========
</TABLE>
(b) Non-income producing security.
See Notes to Financial Statements
26
<PAGE>
7.2% Short-Term Instruments Consumer Discretionary 12.6%
5.3% Utilities Consumer Staples 9.7%
25.3% Technology Financial & Business Services 15.0%
4.7% Other Health Care 21.7%
SCHEDULE OF INVESTMENTS
Columbus Circle Investors Core Equity Fund
December 31, 1995 (unaudited)
<TABLE>
<CAPTION>
Value
Shares (000's)
- ------------------------------------------------------------------------------
COMMON STOCKS - 94.3%
- ------------------------------------------------------------------------------
<S> <C> <C>
Consumer Discretionary - 12.6%
Disney (Walt) Productions 10,400 $ 614
Federated Department Stores, Inc. (b) 18,000 495
General Motors `H' 7,300 359
Kroger Co. (b) 10,400 390
Liberty Media Group `A' (b) 12,900 336
Mirage Resorts (b) 16,300 562
Nike, Inc. 4,800 334
Office Depot, Inc. 16,900 334
Viacom, Inc. `B' (b) 17,700 839
--------
4,263
Consumer Staples - 9.7%
Black & Decker Corp. 21,400 754
Kimberly Clark Corp. 16,000 1,324
Pepsico 21,500 1,201
--------
3,279
Energy - 3.4%
Amerada Hess Corp. 6,800 360
British Petroleum - ADR 4,269 436
Schlumberger Limited 5,100 353
--------
1,149
Financial & Business Services - 15.0%
Aetna Life & Casualty Co. 6,700 464
American Express 15,600 645
American International Group, Inc. 8,550 791
Bank of New York 10,800 527
Chemical Banking Corp. 11,300 664
Cigna Corp. 6,800 702
Fleet Financial Group, Inc. 8,200 334
Green Tree Financial Corp. 22,000 580
Stratacom, Inc. 5,100 375
--------
5,082
Health Care - 21.7%
Amgen, Inc. (b) 18,900 1,122
Boston Scientific Corp. (b) 10,100 495
Columbia HCA Healthcare Corp. 20,780 1,055
Johnson & Johnson 15,100 1,293
Medtronic, Inc. 16,300 911
Merck & Co., Inc. 18,800 1,236
Smithkline Beecham - ADR 12,400 688
United Healthcare Corp. 8,600 563
--------
7,363
Materials & Processing - 1.3%
Potash Corp. of Saskatchewan 6,300 447
Technology - 25.3%
3Com Corp. (b) 8,000 373
Applied Materials (b) (c) 12,400 488
Boeing 10,200 800
Cisco Systems (b) 13,500 1,007
Computer Associates International, Inc. 14,650 833
Ericsson (L.M.) - ADR 34,200 667
First Data Corp. 8,500 568
General Motors `E' 14,600 760
Hewlett Packard Co. 7,800 653
Informix Corp. (b) 10,000 300
KLA Instruments Corp. (b) 6,600 172
LSI Logic Corp. (b) 10,000 328
Microsoft Corp. (b) 11,000 965
Oracle Systems Corp. (b) 13,250 561
U.S. Robotics Corp. (b) 1,000 88
--------
8,563
<CAPTION>
Value
Shares (000's)
- ------------------------------------------------------------------------------
<S> <C> <C>
Utilities - 5.3%
AT&T Corp. 15,000 $ 971
MCI Communications Corp. 31,200 815
--------
1,786
--------
Total Common Stocks 31,932
(Cost $29,162) ========
<CAPTION>
- ------------------------------------------------------------------------------
SHORT-TERM INSTRUMENTS - 7.2%
- ------------------------------------------------------------------------------
Principal
Amount
(000's)
<S> <C> <C>
Repurchase Agreement - 7.2%
State Street Bank $ 2,444 2,444
4.25% due 01/02/96
(Dated 12/29/95. Collateralized by
U.S. Treasury Bond 8.75% due 05/15/17
valued at $2,493,075. Repurchase
proceeds are $2,445,154.)
--------
TOTAL SHORT-TERM INSTRUMENTS 2,444
(Cost $2,444) ========
TOTAL INVESTMENTS (A) - 101.5% $ 34,376
(Cost $31,606)
WRITTEN OPTION (C) - 0.0% (9)
(Premium $10)
OTHER ASSETS AND LIABILITIES (NET) - (1.5%) (497)
--------
NET ASSETS -100.0% $ 33,870
========
Notes to Schedule of Investments ($ in thousands):
(a) At December 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. $ 3,414
Aggregate gross unrealized depreciation for
all investments in which there was an excess
of tax cost over value. (644)
--------
Unrealized appreciation-net $ 2,770
========
(b) Non-income producing security.
(c) Premium received on Written Covered Call Option:
<CAPTION>
Number of Premium Market
Type Contacts Received Value
- ------------------------------------------------------------------------------
<S> <C> <C> <C>
Applied Materials 44 $ 10 $ 9
Strike @ 40.00 Exp. 1/96
</TABLE>
See Notes to Financial Statements
27
<PAGE>
8.8% Financial & Business Services Consumer Discretionary 20.7%
4.1% Materials & Processing Consumer Services 25.2%
17.8% Technology Short-Term Instruments 12.8%
2.9% Other
10.6% Health Care
SCHEDULE OF INVESTMENTS
Columbus Circle Investors Mid Cap Equity Fund
December 31, 1995 (unaudited)
<TABLE>
<CAPTION>
Value
Shares (000's)
- ------------------------------------------------------------------------------
COMMON STOCKS - 90.1%
- ------------------------------------------------------------------------------
<S> <C> <C>
Consumer Discretionary - 20.7%
Boston Chicken (b) 11,700 $ 376
Callaway Golf Co. 6,600 149
Diebold, Inc. 5,400 299
Estee Lauder 2,400 84
Gucci, Inc. 4,400 171
Harley Davidson, Inc. 4,900 141
Liz Claiborne, Inc. 3,900 108
Officemax, Inc. (b) 8,350 187
Premisys Communications 3,100 174
Warnaco Group, Inc. `A' 3,500 88
-------
1,777
Consumer Services - 25.2%
Clear Channel Communications 3,000 132
Diamond Multimedia Systems 2,800 100
DST Systems, Inc. 3,000 86
Fiserv, Inc. (b) 5,600 168
Gartner Group, Inc. (b) 4,000 192
General Nutrition Cos., Inc. (b) 12,600 290
HFS, Inc. (b) 5,400 441
Mentor Graphics Corp. (b) 5,400 99
Paging Network, Inc. 8,000 195
Peoplesoft, Inc. 4,000 172
Scholastic Corp. 1,900 148
Starbucks Corp. 6,400 134
-------
2,157
Energy - 1.1%
Ucar International, Inc. 2,900 98
Financial & Business Services - 8.8%
American Re Corp. 2,900 119
Mid Ocean Limited 2,700 100
PMI Group, Inc. 3,300 149
Prudential Reinsurance Holdings 13,100 306
Symantec Corp. (b) 3,500 81
-------
755
Health Care - 10.6%
Guidant Corp. 9,400 397
Healthsouth Corp. (b) 7,100 207
Medpartners/Mullikin 4,800 158
Mylan Laboratories 6,150 145
-------
907
Materials & Processing - 4.1%
Bowater, Inc. 2,800 99
Millipore Corp. 1,800 74
Potash Corp. of Saskatchewan 2,500 177
-------
350
Technology - 17.8%
Adtran, Inc. (b) 1,700 92
Ascend Communications, Inc. (b) 1,500 122
Dell Computer Corp., Inc. (b) 3,600 125
Fore Systems (b) 2,500 149
Madge Networks N.V. (b) 3,800 170
Memc Electronics 3,400 111
Millicom International Cellular (b) 2,800 85
Qualcomm, Inc. (b) 5,800 249
Raychem Corp. 1,400 80
Sterling Software, Inc. (b) 2,100 131
Structural Dynamics Research (b) 3,100 91
Vishay Intertechnology, Inc. 3,970 125
-------
1,530
<CAPTION>
Value
Shares (000's)
- ------------------------------------------------------------------------------
<S> <C> <C>
Utilities - 1.8%
MFS Communications Co., Inc. (b) 2,900 $ 154
-------
Total Common Stocks 7,728
(Cost $6,340) =======
<CAPTION>
- ------------------------------------------------------------------------------
SHORT-TERM INSTRUMENTS - 12.8%
- ------------------------------------------------------------------------------
Principal
Amount
(000's)
<S> <C> <C>
Repurchase Agreement - 12.8%
State Street Bank $ 1,095 1,095
4.25% due 01/02/96
(Dated 12/29/95. Collateralized by
U.S. Treasury Bond 8.75% due 05/15/17
valued at $1,123,546. Repurchase
proceeds are $1,095,517.)
-------
Total Short-Term Instruments 1,095
(Cost $1,095) =======
TOTAL INVESTMENTS (A) - 102.9% $ 8,823
(Cost $7,435)
OTHER ASSETS AND LIABILITIES (NET) - (2.9%) (246)
-------
NET ASSETS - 100.0% $ 8,577
=======
NOTES TO SCHEDULE OF INVESTMENTS ($ IN THOUSANDS):
(a) At December 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. $ 1,464
Aggregate gross unrealized depreciation for
all investments in which there was an excess
of tax cost over value. (76)
-------
Unrealized appreciation-net $ 1,388
=======
</TABLE>
(b) Non-income producing security.
See Notes to Financial Statements
28
<PAGE>
4.2% Capital Goods Other 4.0%
14.1% Technology Financial & Business Services 16.4%
13.7 Utilities Consumer Staples 9.2%
4.7% Materials & Processing Energy 6.7%
11.8% Health Care Consumer Discrectionary 16.3%
SCHEDULE OF INVESTMENTS
Parametric Enhanced Equity Fund
December 31, 1995 (unaudited)
<TABLE>
<CAPTION>
Value
Shares (000's)
- ------------------------------------------------------------------------------
COMMON STOCKS - 99.6%
- ------------------------------------------------------------------------------
<S> <C> <C>
Capital Goods - 4.2%
Allied Signal, Inc. 11,492 $ 546
Caterpillar, Inc. 9,500 558
Cummins Engine, Inc. 10,000 370
Emerson Electric Co. 2,900 237
General Electric 4,000 288
Grainger (W.W.), Inc. 6,600 437
Illinois Tool Works 5,000 295
Ingersoll Rand Co. 7,000 246
Northrop Grumman Corp. 10,000 640
Paccar, Inc. 1,430 60
Potlatch Corp. 5,200 208
-------
3,885
Consumer Discretionary - 16.3%
Albertson's, Inc. 19,637 646
Briggs & Stratton Co. 7,000 304
Cooper Tire & Rubber Corp. 15,000 369
Crown Cork & Seal (b) 10,600 443
Dana Corp. 15,500 453
Dial Corp. 13,000 385
Dillard Department Stores 5,700 162
Disney (Walt) Productions 15,500 915
Echlin, Inc. 15,300 558
Fleming Cos., Inc. 3,593 74
FMC Corp. 3,700 250
Genuine Parts Co. 4,300 176
Giant Foods, Inc. 4,300 135
Gillette Co. 4,100 214
Harland (John H.) Co. 63 1
Home Depot, Inc. 16,400 785
International Flavors & Fragrances 5,100 245
King World Productions (b) 9,300 362
Kroger Co. (b) 15,100 566
Limited, Inc. 15,800 275
Liz Claiborne, Inc. 9,500 264
Lowes Co. 14,100 472
McDonalds Corp. 7,500 338
Minnesota Mining & Manufacturing Co. 6,600 437
Nike, Inc. 14,100 982
Premark International, Inc. 11,200 567
Procter & Gamble Co. 11,248 934
Ralston-Purina Group 1 0
Reebok International Limited 15,100 427
Schweitzer-Mauduit 750 17
Seagrams Limited 8,500 294
SPX Corp. 4,200 67
Stride Rite Corp. 8,700 65
Toys R Us (b) 9,100 198
Unilever N.V. 2,700 380
UST, Inc. 15,900 531
VF Corp. 3,500 185
Wal-Mart Stores, Inc. 28,100 629
Walgreen Co. 8,023 240
Wendy's International, Inc. 11,900 253
Winn Dixie Stores 12,000 443
-------
15,041
Consumer Services - 1.8%
CUC International, Inc. (b) 10,550 360
Harrah's Entertainment, Inc. (b) 21,600 524
Mattel, Inc. 23,800 732
-------
1,616
Consumer Staples - 9.2%
American Brands, Inc. 5,900 $ 263
American Stores Co. 6,100 163
Anheuser Busch 9,900 662
Archer-Daniel Midland 7,334 132
Campbell Soup Co. 11,000 660
Coca-Cola Co. 17,600 1,307
Colgate Palmolive 1,400 98
Conagra 15,075 622
CPC International, Inc. 5,800 398
General Mills, Inc. 2,500 144
Heinz (H.J.) Co. 3,050 100
Kellogg Co. 4,654 360
Kimberly Clark Corp. 8,200 679
Pepsico 19,100 1,067
Philip Morris Co., Inc. 11,800 1,068
Quaker Oats Co. 4,065 140
Sara Lee Corp. 10,500 335
Sysco Corp. 5,900 192
Wrigley, William Jr. Co. 2,800 147
-------
8,537
Energy - 6.7%
Amoco Corp. 9,200 661
Atlantic Richfield Co. 2,400 266
Chevron Corp. 10,900 572
Exxon Corp. 15,700 1,258
Mobil Corp. 7,361 824
Phillips Petroleum Co. 13,600 464
Royal Dutch Petrol Guilder 8,000 1,129
Schlumberger Limited 3,400 235
Texaco, Inc. 8,468 665
Unocal Corp. 3,729 109
-------
6,183
Financial & Business Services - 16.4%
American International Group, Inc. 7,837 725
Banc One Corp. 15,480 584
Bank of Boston Corp. 13,400 620
Bankamerica Corp. 14,000 907
Bankers Trust N.Y. Corp. 3,684 245
Barnett Banks of Florida 6,200 366
Chase Manhattan Corp. 7,300 443
Chemical Banking Corp. 13,311 782
Chubb Corp. 4,900 474
Cigna Corp. 1,400 145
Citicorp 16,283 1,095
Federal National Mortgage Assn. 10,600 1,316
First Chicago Corp. 7,650 302
First Fidelity 6,900 520
First Union Corp. 9,400 523
Fleet Financial Group, Inc. 13,100 534
General Re Corp. 2,600 403
Golden West Financial Corp. 10,100 558
H & R Block 7,800 316
Jefferson Pilot Corp. 8,400 391
Merrill Lynch Co. 2,700 138
Morgan J.P. and Co., Inc. 4,558 366
NationsBank Corp. 8,766 610
Norwest Corp. 21,170 699
Safeco Corp. 8,600 297
St. Paul Cos., Inc. 6,800 378
Suntrust Banks, Inc. 9,500 650
Wachovia Corp. 4,800 220
Wells Fargo & Co. 2,461 532
-------
15,139
</TABLE>
29
<PAGE>
SCHEDULE OF INVESTMENTS (Cont.)
Parametric Enhanced Equity Fund
December 31, 1995 (unaudited)
<TABLE>
<CAPTION>
Value
Shares (000's)
- ------------------------------------------------------------------------------
<S> <C> <C>
Health Care - 11.8%
Abbott Laboratories 19,500 $ 814
American Home Products 4,500 437
Amgen, Inc. (b) 12,500 742
Becton Dickinson 4,500 338
Beverly Enterprises 9,300 99
Bristol Myers Squibb 5,700 489
Johnson & Johnson 13,000 1,113
Lilly Eli & Co. 5,200 293
Manor Care, Inc. 4,300 150
Medtronic, Inc. 19,800 1,106
Merck & Co., Inc. 16,600 1,091
Pfizer, Inc. 14,700 926
Schering-Plough 14,300 783
Shared Medical Systems Corp. 3,100 169
St. Jude Medical Enterprises, Inc. 13,950 600
United Healthcare Corp. 11,900 779
U.S. Health Care Systems, Inc. 7,400 344
Warner Lambert Co. 6,300 612
-------
10,885
Materials & Processing - 4.7%
Barrick Gold Corp. 12,200 322
du Pont (E.I.) de Nemours 7,000 489
Engelhard Corp. 3,750 82
First Mississippi 1,900 50
First Mississippi Gold, Inc. (b) 1,204 27
Fluor Corp. 6,277 414
Great Lakes Chemical 4,700 338
Hercules, Inc. 8,300 468
International Paper 8,746 330
Louisiana Pacific Corp. 10,300 250
Morton International 9,200 330
NUCOR Corp. 6,900 394
Pall Corp. 6,855 184
Union Carbide Corp. 13,800 518
Worthington Industries, Inc. 9,400 196
-------
4,392
Technology - 14.1%
Advanced Micro Devices 24,900 411
Andrew Corp. (b) 11,550 442
Applied Materials (b) 11,800 465
Autodesk, Inc. 5,400 185
Automatic Data Processing 7,400 549
Cabletron Systems, Inc. (b) 4,000 324
Compaq Computer Corp. (b) 15,000 720
Computer Associates International, Inc. 8,850 503
DSC Communications (b) 18,300 675
General Dynamics Corp. 9,200 544
Honeywell, Inc. 2,600 126
IBM Corp. 3,900 358
Intel Corp. 17,000 965
Loral Corp. 22,200 785
McDonnell Douglas 11,300 1,040
Micron Technology, Inc. 13,600 539
Microsoft Corp. (b) 11,700 1,027
Motorola 8,980 512
National Semiconductor (b) 8,400 187
Northern Telecommunications Limited 2,500 108
Novell, Inc. (b) 18,300 260
Oracle Systems Corp. (b) 17,350 735
Raytheon Co. 12,700 600
<CAPTION>
Value
Shares (000's)
- ------------------------------------------------------------------------------
Service Corp. International 6,500 $ 286
Tektronix 6,700 329
Texas Instruments, Inc. 5,400 279
WMX Technologies 4,723 141
-------
13,095
Transportation - 0.7%
Consolidated Freightways, Inc. 10,000 265
Norfolk Southern 2,700 214
Southwest Airlines 7,500 174
-------
653
Utilities - 13.7%
AT&T Corp. 7,500 486
American Electric Power, Inc. 5,961 240
Ameritech 10,133 598
Baltimore Gas & Electric 7,284 208
Bell Atlantic Corp. 4,741 317
Bell South 21,970 956
Carolina Power and Light 8,464 292
Central & South West 9,300 259
Coastal Corp. 14,200 529
Consolidated Edison Co. 7,800 250
Consolidated Natural Gas 4,471 203
Detroit Edison Co. 10,000 345
Dominion Resources, Inc. 5,750 237
Duke Power Co. 7,551 358
Enron Corp. 16,800 641
Entergy Corp. 7,600 222
FPL Group, Inc. 5,632 261
GTE Corp. 14,777 650
Houston Industry, Inc. 8,694 211
MCI Communications Corp. 14,000 366
NICOR, Inc. 9,081 250
Nynex Corp. 3,806 206
Ohio Edison Co. 8,431 198
Pacific Gas & Electric 9,200 261
Pacific Telesis 10,162 342
Peco Energy Co. 12,491 376
Peoples Energy Corp. 5,800 184
Public Service Enterprise 7,335 225
SBC Communications 16,921 973
Sonat, Inc. 7,300 260
Southern Co. 17,960 442
Sprint Corp. 11,782 470
U.S. West Communications Group 8,171 292
U.S. West Media Group (b) 7,332 139
Unicom Corp. 7,300 239
Union Electric Co. 5,100 212
-------
12,698
-------
Total Common Stocks 92,124
(Cost $73,823) =======
</TABLE>
30
<PAGE>
- ------------------------------------------------------------------------------
SHORT-TERM INSTRUMENTS - 1.5%
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount Value
(000's) (000's)
<S> <C> <C>
Repurchase Agreement - 1.5%
State Street Bank $ 1,388 $ 1,388
4.25% due 01/02/96
(Dated 12/29/95. Collateralized by
U.S. Treasury Bond 8.75% due 05/15/17
valued at $1,416,067. Repurchase
proceeds are $1,388,655.)
--------
Total Short-Term Instruments 1,388
(Cost $1,388) ========
TOTAL INVESTMENTS (a) - 101.1% $ 93,512
(Cost $75,211)
OTHER ASSETS AND LIABILITIES (NET) - (1.1%) (1,019)
--------
NET ASSETS - 100.0% $ 92,493
========
NOTES TO SCHEDULE OF INVESTMENTS ($ IN THOUSANDS):
(a) At December 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. $ 19,680
Aggregate gross unrealized depreciation for
all investments in which there was an excess
of tax cost over value. (1,379)
--------
Unrealized appreciation-net $ 18,301
========
</TABLE>
(b) Non-income producing security.
See Notes to Financial Statements
31
<PAGE>
5.5% Israel Brazil 12.5%
17.5% Other Chile 5.3%
6.2% Thailand India 7.7%
4.1% South Korea Argentina 4.9%
9.5% South Africa Malaysia 12.0%
10.6% Mexico
SCHEDULE OF INVESTMENTS
Blairlogie Emerging Markets Fund
December 31, 1995 (unaudited)
<TABLE>
<CAPTION>
Value
Shares (000's)
- ------------------------------------------------------------------------------
COMMON STOCKS - 95.5%
- ------------------------------------------------------------------------------
<S> <C> <C>
Argentina - 4.9%
Baesa Embotellador - ADS (b) 4,800 $ 101
Banco Frances Del Rio 17,365 154
Banco Galicia 38,114 198
Central Puerto SA 46,100 175
Compania Naviera Perez Co. - ADR 64,023 679
Corp. Cementeria Argentina (b) 41,000 187
Inversiones y Representaciones - GDR 5,144 131
Molinos Rio De La Plata 18,550 152
Telefonica De Argentina - ADR 38,200 1,041
YPF Sociedad Anonima - ADR 35,700 772
-------
3,590
Brazil - 12.5%
Aracruz Celulose SA PNB 455,622 713
Banco Bradesco 122,860 1,072
Banco Brasil Rights (b) 2,873 0
Brasmotor SA (b) 2,177 432
Centrais Eletrobras 6,652 1,800
Cia Energetica Minas Ger (b) 16,530 366
Cia Paulista De Forca `E' 9,295 450
Cia Vale Do Rio Doce 5,619 925
Forca Cia Rights (b) 51 0
Lojas Americanas SA (b) 20,934 491
Paranapanema SA Mineraca 36,456 469
Petrol Brasileiros 5,602 478
Telecomunicacoes Brasileiras - ADR 32,300 1,555
Usinas Siderurgicas Mina 400,194 325
-------
9,076
Chile - 5.3%
Banco Osorno y La Union 28,300 393
Compania Cervecerias Unidas - ADR 11,000 256
Compania De Telefonos De Chile - ADR 6,084 504
Empresa Nacional De Electric - ADR 25,700 585
Enersis - ADR 51,700 1,473
Madeco SA - ADR 10,000 270
Maders y Sinteticos Sociedad - ADS 10,100 197
Sociedad Quimica y Minera De Chile (b) 4,050 190
-------
3,868
Colombia - 2.7%
Banco Industrial Colombiano - ADR 71,700 1,174
Carulla - ADR 8,560 60
Cementos Diamante SA - ADR 40,300 746
-------
1,980
India - 7.7%
Bajai Auto - GDR 15,570 407
Bank Gdanski (b) 21,200 205
East India Hotels - GDR 24,260 434
Grasim Industries 23,000 421
Gujarat Narmada Va - GDR 2,360 15
Gujarat Narmada Va - GDR 42,500 260
Hindalco Industries 19,620 670
Indian Rayon & Industries - GDR 39,050 473
Jardine Fleming India Fund 66,890 610
Larsen & Tourbro Limited 36,780 666
Oryx (India) Fund Limited (b) 5,030 215
Oryx (India) Shares Fund (b) 10,800 92
Raymond Limited (b) 12,600 203
Reliance Industries - GDS 38,320 536
South Indian Viscose Warrants (b) 11,260 2
Tata Engineering & Loco Co. - GDR 32,224 423
-------
5,632
Indonesia - 3.7%
Astra International 296,900 617
Bank International Indonesia 190,500 631
Indah Kiat Paper Pulp 64,156 55
Indo Foods Sukses Makmur 87,000 419
P.T. Semen Gresik 220,500 617
United Tractors 186,500 351
-------
2,690
<CAPTION>
Value
Shares (000's)
- ------------------------------------------------------------------------------
<S> <C> <C>
Israel - 5.5%
Africa Israel Investments (b) 420 $ 506
Bank Hapoalim (b) 252,300 416
Blue Square Chain Stores (b) 70,000 471
Koor Industries 6,390 632
Orbotech (b) 29,800 347
Osem Investment 91,136 542
Tadiran Limited 105,400 408
Teva Pharmaceutical - ADR 14,700 682
-------
4,004
Malaysia - 12.0%
Arab Malaysian Finance Rights 208,000 126
DCB Holdings Berhad 149,000 434
Edaran Otomobil Nasional (b) 92,000 692
Genting Berhad 75,500 630
Land & General Holdings 375,000 812
Malaysian Banking Berhad 167,000 1,408
RJ Reynolds Berhad (b) 259,000 597
Road Builder (M) Holdings Berhad 219,400 760
Sungei Way Holdings Berhad 161,000 580
Technology Resources Industries (b) 253,000 747
Telekom Malaysia 53,000 413
UMW Holdings Berhad 263,866 707
United Engineers 130,000 829
-------
8,735
Mexico - 10.6%
Cemex SA - ADS (b) 119,200 426
Cifra SA `B' 636,980 670
Coval (b) 42 0
Empresas Ica Sociedad (b) 37,000 384
Grupo Financiero Banamex (b) 227,240 413
Grupo Mexico SA (b) 182,260 771
Grupo Modelo SA De Cv (b) 174,000 813
Grupo Televisa - GDS 19,510 439
Kimberly Clark 'A' 39,200 592
Telefonos De Mexico - ADR 86,550 2,759
Tubos De Acero De Mexico (b) 59,500 433
-------
7,700
Pakistan - 0.4%
Dewan Salman Rights (b) 10,263 0
Dg Kahn Cement (b) 194,100 170
Fauji Fertilizer Co. 37,400 56
Pakistan State Oil 8,710 67
-------
293
Peru - 2.1%
Compaina Peruana De Telefonos `B' 422,338 903
Credicorp Limited (b) 19,563 342
Minsur SA (b) 36,400 258
--------
1,503
Poland - 2.1%
Argos Holdings (b) 23,000 193
Bank Rozwoju Eksportu (b) 25,390 386
Debica (b) 23,000 347
Elektrim (b) 102,331 347
Polifarb (b) 70,500 267
-------
1,540
Portugal - 0.8%
Cimpor Cimentos (b) 6,010 99
Investec (b) 4,900 98
Jeronimo Martins 1,990 110
Portugal Telecom (b) 7,500 141
Sonae Investmentos 5,750 123
-------
571
South Africa - 9.5%
Anglo American Gold 8,050 656
Barlow Limited 43,980 627
De Beers Centenary 21,440 650
Gencor 170,810 595
Liberty Life Association of Africa (b) 15,500 480
</TABLE>
32
<PAGE>
<TABLE>
<CAPTION>
Value
Shares (000's)
- ------------------------------------------------------------------------------
<S> <C> <C>
Murray Roberts Holdings 75,830 $ 536
Nedcor 46,100 786
Nedcor Warrants (b) 14,400 84
Norwich Holdings (b) 213,400 416
Rembrandt Group 60,840 584
Smith C.G. Limited 88,230 678
South African Breweries 22,000 806
-------
6,898
South Korea - 3.8%
Cho Hung Bank 33,306 389
Korea Electric Power 22,600 897
Korea Kumho Petrochemica 37,600 441
Pohang Iron & Steel - ADR 4,900 107
Pohang Iron & Steel Co. (b) 580 38
Samsung Co. - GDS 15,850 143
Samsung Co. 1,172 11
Samsung Heavy Industries (b) 29,500 757
-------
2,783
Sri Lanka - 1.4%
Aitken Spence & Co. 75,900 272
Development Finance Corp. Of Ceylon 38,933 224
Hatton National Bank 21,700 237
Keells (John) Holdings 64,808 175
Lanka Walltiles 106,800 95
-------
1,003
Thailand - 6.2%
Advanced Information Service 67,500 1,195
Bangkok Bank Public Co. 95,500 1,160
Industry Finance of Thailand 267,033 906
Krung Thai Bank Public Co. Limited (b) 117,200 485
Phatra Thanakit Co. (b) 31,000 266
Thai Farmers Bank Public 45,200 456
-------
4,468
Turkey - 3.6%
Adana Cimento 1,838,400 241
Akaltekstil 2,070,000 203
Akbank 1,272,000 243
Arcelik 2,373,000 193
Bagfas Bandirma Gubre 836,000 262
Brisa Bridgestone Sabanc 1,426,000 350
Erciyas Biracilik 625,000 296
Migros Turk Tas 535,200 414
Netas Telekomunik 1,493,000 428
-------
2,630
Venezuela - 0.7%
Corimon C.A.C.A. - ADR 21,115 67
Mavesa SA - ADR 50,700 193
Sider Venez - ADS 113,200 215
-------
475
-------
Total Common Stocks 69,439
(Cost $68,674) =======
<CAPTION>
- ------------------------------------------------------------------------------
CORPORATE BONDS AND NOTES - 0.3%
- ------------------------------------------------------------------------------
Principal
Amount
(000's)
<S> <C> <C>
South Korea - 0.3%
Ssangyong Oil Refining $ 185 198
3.750% due 12/31/08
-------
Total Corporate Bonds and Notes 198
(Cost $223) =======
- ------------------------------------------------------------------------------
TOTAL INVESTMENTS (A) - 95.8% $ 69,637
(Cost $68,897)
OTHER ASSETS AND LIABILITIES (NET) - 4.2% 3,061
--------
NET ASSETS - 100.0% $ 72,698
========
NOTES TO SCHEDULE OF INVESTMENTS ($ IN THOUSANDS):
(a) At December 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. $ 6,835
Aggregate gross unrealized depreciation for
all investments in which there was an excess
of tax cost over value. (6,095)
--------
Unrealized appreciation-net $ 740
========
</TABLE>
(b) Non-income producing security.
See Notes to Financial Statements
33
<PAGE>
Germany 6.0%
11.9% United Kingdom France 7.7%
15.2% Other Hong Kong 3.2%
Malaysia 3.4%
3.8% Italy
4.0% Spain Japan 43.0%
SCHEDULE OF INVESTMENTS
Blairlogie International Active Fund
December 31, 1995 (unaudited)
<TABLE>
<CAPTION>
Value
Shares (000's)
- --------------------------------------------------------------------------------
COMMON STOCKS - 98.2%
- --------------------------------------------------------------------------------
<S> <C> <C>
Australia - 0.7%
Amcor Limited 'A' 12,600 $ 89
Broken Hill Proprietary Co. 6,722 95
Comalco Limited 19,200 103
Westpac Banking Corp. 25,800 114
WMC Limited 14,600 93
-------
494
Austria - 1.0%
Creditanstalt Bankverein 3,290 169
Flughafen Wien Ag 2,900 192
Oesterreichische 2,000 120
OMV Ag 1,870 161
-------
642
Finland - 1.3%
Enso-Gutzeit Oy 9,300 62
Finnair Oy 25,700 192
Nokia Corp. 2,700 106
Rauma 3,800 75
Valmet 6,200 155
Werner Soderstrom Osakey 'B' 16,200 242
-------
832
France (c) - 7.7%
Alcatel Alsthom 4,800 413
Axa 7,785 524
Carrefour 745 450
Club Mediterrane (b) 3,890 310
Club Mediterrane Rights (b) 864 72
Credit Local De France 4,210 336
Danone 2,070 341
Eaux (Cie Generale) 3,492 348
Lafarge Coppee SA 3,679 237
Peugeot 2,650 349
Roussel Uclaf 2,670 452
Saloman SA 730 424
Schneider SA 11,490 392
Total Co. 7,070 476
-------
5,124
Germany (c) - 6.0%
Adidas Ag (b) 2,500 132
Allianz Ag Holdings 209 410
Bayer Ag 937 248
Bayerische Motoren Werke 239 122
Commerzbank Ag 2,460 583
Karstadt Ag 674 276
Mannesmann Ag 1,313 417
Merck Kgaa 11,400 463
Muenchener Rueckvers Ag 76 163
Munchener Rueckvers Warrants (b) 3 0
Siemens Ag 820 450
Veba Ag 9,930 424
Volkswagen Ag 940 315
-------
4,003
Hong Kong - 3.2%
Cheung Kong Holdings 18,000 110
Hang Seng Bank 41,600 373
Hong Kong Telecommunications 95,600 170
Hutchison Whampoa 73,000 445
Sun Hung Kai Properties 63,816 522
Swire Pacific 'A' 37,400 290
Wharf Holdings 60,000 200
-------
2,110
<CAPTION>
Value
Shares (000's)
- --------------------------------------------------------------------------------
Ireland - 1.5%
Allied Irish Banks 32,000 $ 173
Bank of Ireland 33,000 238
CRH 37,000 277
Kerry Group 'A' 21,800 166
Smurfit (Jefferson) 66,600 155
-------
1,009
Italy - 3.8%
Benetton 20,000 238
Credito Italiano 431,000 502
Eni Spa 65,000 227
Fiat Spa 61,000 198
R.A.S. Spa 32,000 364
Rinascente (La) 32,000 194
Sasib RNC (b) 47,000 115
SME 66,000 135
Telecom Italia Spa 264,000 410
Unichem Spa (b) 20,000 108
-------
2,491
Japan (c) - 43.0%
Daiwa Securities Co. Limited 135,000 2,060
Fujisawa Pharmaceutical 133,000 1,272
Hitachi Limited 119,000 1,196
Marubeni Corp. (b) 216,000 1,167
Matsushita Electric Work 135,000 1,422
Mitsubishi Chemical Corp. 336,000 1,630
Mitsui Engineering 534,000 1,481
Mitsui Fudosan 148,000 1,816
Mitsui O.S.K. Lines Limited (b) 192,000 614
Nippon Oil Co. 99,000 620
Nippon Telegraph & Telephone (b) 200 1,616
NKK Corp. 611,000 1,641
Obayashi Corp. 182,000 1,442
Sony Corp. 18,000 1,077
Sumitomo Bank 95,000 2,010
Sumitomo Metal Mining 190,000 1,704
Sumitomo Trust & Banking 123,000 1,735
Takashimaya Corp. 88,000 1,403
Tokyo Steel Manufacturing 60,000 1,101
Tokyu Corp. 151,000 1,064
UBE Industries Limited 150,000 565
-------
28,636
Malaysia - 3.4%
DCB Holdings Berhad 76,000 222
Edaran Otomobil Nasional (b) 23,000 173
Land & General Holdings 51,702 112
Malaysian Banking Berhad 29,000 244
Resorts World Berhad 35,971 193
RJ Reynolds Berhad (b) 109,000 251
Road Builder (M) Holdings Berhad 80,412 279
Sungei Way Holdings Berhad 68,000 245
Technology Resources Industries (b) 101,000 298
Telekom Malaysia 551 4
United Engineers Berhad 36,000 230
-------
2,251
Netherlands - 2.6%
ABN-Amro Holdings Nv 5,690 259
Ahold Koninklijke 4,711 192
Amev Nv Cva 3,962 265
Elsevier Nv 16,351 218
Kon Ptt Nederland 4,580 166
Philips Electronics 5,909 213
Polygram Nv 4,283 227
Ver Ned Uitgevers 1,500 206
-------
1,746
</TABLE>
34
<PAGE>
<TABLE>
<CAPTION>
Value
Shares (000's)
- --------------------------------------------------------------------------------
<S> <C> <C>
New Zealand - 1.6%
Brierley Investments 259,600 $ 205
Carter Holt Harvey (b) 99,200 214
Telecom Corp. of New Zealand 120,000 517
Trust Bank New Zealand 76,000 102
-------
1,038
Norway - 2.1%
Den Norske Bank 132,700 347
Hafslund Nycomed As 7,540 191
Kvaerner As 'A' 3,895 138
Norsk Hydro As 9,800 411
Orkla As 6,725 320
-------
1,407
Singapore - 2.1%
City Developments 50,828 370
Courts (Singapore) (b) 140,000 214
DBS Land 70,000 237
Overseas Union Bank 50,000 345
Singapore Airlines 13,550 126
United Overseas Bank 13,791 133
-------
1,425
Spain - 4.0%
Argentaria Corp. 5,480 225
Aumar Autop Del Mare Nos 20,100 261
Banco Popular Espanol 2,316 426
Banco Santander SA 8,290 415
Endesa 6,854 387
Iberdrola SA 51,560 470
Repsol SA 5,756 188
Telefonica De Esp (b) 23,120 319
-------
2,691
Switzerland - 2.3%
Allusuisse Lonza Holdings 190 150
BBC Brown Boveri Ag 175 203
Ciba Geigy Ag 165 145
Nestle SA Registared 110 122
Roche Holding Ag-Genusss 50 395
Schw Bankgesellsch 345 374
Winterthur Schweiz 175 124
-------
1,513
United Kingdom (c) - 11.9%
Abbey National Plc 57,400 567
BAA 63,140 475
Barclays (b) 45,000 516
Boots Co. 46,200 420
British Petroleum 58,150 486
British Telecommunications 73,770 405
Commercial Union (b) 45,000 439
Guinness 58,700 432
Lloyds Bank 104,104 536
Pilkington 194,750 610
Smithkline Beecham 68,120 751
Tesco 123,000 567
Tomkins 112,000 490
Wolseley Plc 68,000 476
Zeneca Group 38,060 736
-------
7,906
</TABLE>
<TABLE>
<CAPTION>
Value
(000's)
- --------------------------------------------------------------------------------
<S> <C>
TOTAL INVESTMENTS (A) - 98.2% $ 65,318
(Cost $60,337)
OTHER ASSETS AND LIABILITIES (NET) - 1.8% 1,213
--------
NET ASSETS - 100.0% $ 66,531
========
Notes to Schedule of Investments ($ in thousands):
(a) At December 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. $ 6,159
Aggregate gross unrealized depreciation for
all investments in which there was an excess
of tax cost over value. (1,178)
--------
Unrealized appreciation-net $ 4,981
========
(b) Non-income producing security.
(c) Foreign forward currency contracts outstanding at
December 31, 1995:
<CAPTION>
Principal
Amount Unrealized
Covered Expiration Appreciation
Type By Contract Month (Depreciation)
- -------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Buy DM 7,500 1/96 $ (9)
Buy ECU 2,588 1/96 5
Sell ECU 1,500 1/96 (3)
Sell FF 26,000 1/96 (74)
Buy BP 1,249 1/96 23
Sell JY 600,000 1/96 135
----------
$ 77
==========
</TABLE>
Principal amount denoted in indicated currency:
DM - German Mark
ECU - European Currency
FF - French Franc
BP - British Pound
JY - Japanese Yen
See Notes to Financial Statements
35
<PAGE>
6.9% Technology Consumer Discretionary 8.7%
Consumer Staples 5.2%
8.9% Financial & Business Services
Other 9.1%
6.4% Health Care Utilities 8.1%
SCHEDULE OF INVESTMENTS
Balanced Fund
December 31, 1995 (unaudited)
<TABLE>
<CAPTION>
Value
Shares (000's)
- --------------------------------------------------------------------------------
COMMON STOCKS - 53.3%
- --------------------------------------------------------------------------------
<S> <C> <C>
Capital Goods - 1.9%
Allied Signal, Inc. 5,668 $ 269
Caterpillar, Inc. 1,800 106
Cummins Engine, Inc. 2,500 93
Emerson Electric Co. 1,400 114
General Electric 1,900 137
Grainger (W.W.), Inc. 3,000 199
Illinois Tool Works 2,300 136
Ingersoll Rand Co. 3,300 116
Northrop Grumman Corp. 3,300 211
Potlatch Corp. 2,300 92
-------
1,473
Consumer Discretionary - 8.7%
Albertson's, Inc. 9,154 301
Briggs & Stratton Co. 3,300 143
Cooper Tire & Rubber Corp. 7,000 172
Crown Cork & Seal (d) 5,200 217
Dana Corp. 6,100 178
Dial Corp. 6,300 187
Dillard Department Stores 2,800 80
Disney (Walt) Productions 7,200 425
Echlin, Inc. 6,600 241
Fleming Cos., Inc. 1,823 38
FMC Corp. 1,800 122
Genuine Parts Co. 2,100 86
Giant Foods, Inc. 2,300 72
Gillette Co. 1,900 99
Harland (John H.) Co. 21 0
Home Depot, Inc. 7,533 361
International Flavors & Fragrances 2,300 110
King World Productions (d) 4,300 167
Kroger Co. (d) 7,100 266
Limited, Inc. 7,400 129
Liz Claiborne, Inc. 4,600 128
Lowes Co. 2,900 97
McDonalds Corp. 3,500 158
Minnesota Mining & Manufacturing Co. 3,200 212
Nike, Inc. 6,400 446
Premark International, Inc. 2,300 116
Procter & Gamble Co. 5,500 457
Reebok International Limited 4,300 121
Schweitzer-Mauduit 390 9
Seagrams Limited 4,200 145
SPX Corp. 2,200 35
Stride Rite Corp. 4,100 31
Toys R Us, Inc. (d) 4,600 100
Unilever N.V. 1,300 183
UST, Inc. 7,400 247
VF Corp. 1,700 90
Wal-Mart Stores, Inc. 13,200 295
Walgreen Co. 3,891 116
Wendy's International, Inc. 3,100 66
Winn Dixie Stores 5,800 214
-------
6,660
Consumer Services - 0.7%
CUC International, Inc. (d) 2,350 80
Harrah's Entertainment, Inc. (d) 5,900 143
Mattel, Inc. 11,062 340
-------
563
Consumer Staples - 5.2%
American Brands, Inc. 2,700 120
American Stores Co. 3,000 80
Anheuser Busch 5,100 341
Archer-Daniel Midland 3,454 62
Campbell Soup Co. 5,000 $ 300
Coca-Cola Co. 8,200 609
Colgate Palmolive 400 28
Conagra 7,000 289
CPC International, Inc. 2,800 192
General Mills, Inc. 1,300 75
Heinz (H.J.) Co. 1,650 55
Kellogg Co. 2,339 181
Kimberly Clark Corp. 3,900 323
Pepsico 8,900 497
Philip Morris Co., Inc. 5,400 488
Quaker Oats Co. 1,846 64
Sara Lee Corp. 5,100 163
Sysco Corp. 2,000 65
Wrigley, William Jr. Co. 1,400 74
-------
4,006
Energy - 3.8%
Amoco Corp. 4,400 316
Atlantic Richfield Co. 1,200 133
Chevron Corp. 5,000 263
Exxon Corp. 7,300 585
Mobil Corp. 3,444 386
Phillips Petroleum Co. 6,400 218
Royal Dutch Petrol 3,900 550
Schlumberger Limited 1,600 111
Texaco, Inc. 3,946 310
Unocal Corp. 1,732 50
-------
2,922
Financial & Business Services - 8.9%
American International Group, Inc. 3,575 331
Banc One Corp. 7,545 285
Bank of Boston Corp. 2,600 120
Bankamerica Corp. 6,600 427
Bankers Trust N.Y. Corp. 1,688 112
Barnett Banks of Florida 3,000 177
Chase Manhattan Corp. 1,500 91
Chemical Banking Corp. 6,232 366
Chubb Corp. 2,300 223
Cigna Corp. 700 72
Citicorp 7,110 478
Federal National Mortgage Association 4,900 608
First Chicago Corp. 4,200 166
First Fidelity 3,200 241
First Union Corp. 4,300 239
Fleet Financial Group, Inc. 6,100 249
General Re Corp. 1,500 233
Golden West Financial Corp. 4,700 259
H & R Block 3,600 146
Jefferson Pilot Corp. 4,050 188
Merrill Lynch Co. 1,000 51
Morgan, J.P. and Co., Inc. 2,094 168
NationsBank Corp. 4,070 283
Norwest Corp. 9,687 320
Safeco Corp. 4,400 152
St. Paul Cos., Inc. 3,100 172
Suntrust Banks, Inc. 4,500 308
Wachovia Corp. 2,300 105
Wells Fargo & Co. 1,053 227
-------
6,797
Health Care - 6.4%
Abbott Laboratories 9,100 380
American Home Products 2,200 213
Amgen, Inc. (d) 2,200 131
Becton Dickinson 2,100 158
Beverly Enterprises 4,300 46
</TABLE>
36
<PAGE>
<TABLE>
<CAPTION>
Value
Shares (000's)
- --------------------------------------------------------------------------------
<S> <C> <C>
Bristol Myers Squibb 2,600 $ 223
Johnson & Johnson 6,200 531
Lilly Eli & Co. 2,800 158
Manor Care, Inc. 2,200 77
Medtronic, Inc. 9,200 514
Merck & Co., Inc. 8,000 526
Pfizer, Inc. 7,000 441
Schering-Plough 6,700 366
Shared Medical Systems Corp. 1,500 82
St. Jude Medical Enterprise, Inc. 6,600 284
United Healthcare Corp. 4,500 295
U.S. Health Care Systems, Inc. 3,800 177
Warner Lambert Co. 2,900 282
-------
4,884
Materials & Processing - 2.3%
Barrick Gold Corp. 2,800 74
du Pont (E.I.) de Nemours 3,300 231
Engelhard Corp. 1,850 40
First Mississippi 1,000 27
First Mississippi Gold, Inc. (d) 708 16
Fluor Corp. 2,877 190
Great Lakes Chemical 2,300 165
Hercules, Inc. 1,600 90
International Paper 4,275 162
Louisiana Pacific Corp. 4,900 119
Morton International 4,700 169
NUCOR Corp. 3,200 183
Pall Corp. 3,220 87
Union Carbide Corp. 2,700 101
Worthington Industries, Inc. 4,950 103
-------
1,757
Technology - 6.9%
Advanced Micro Devices 10,000 165
Andrew Corp. (d) 4,850 186
Applied Materials (d) 2,400 95
Autodesk, Inc. 2,700 92
Automatic Data Processing 3,500 260
Cabletron Systems, Inc. (d) 1,200 97
Compaq Computer Corp. (d) 7,000 336
Computer Associates International, Inc. 1,850 105
DSC Communications (d) 5,600 207
General Dynamics Corp. 3,400 201
Honeywell, Inc. 1,300 63
IBM Corp. 1,800 165
Intel Corp. 8,700 494
Loral Corp. 10,400 368
McDonnell Douglas 5,400 497
Micron Technology, Inc. 2,700 107
Microsoft Corp. (d) 5,500 483
Motorola 3,966 226
National Semiconductor (d) 4,200 93
Northern Telecommunications Limited 1,200 51
Novell, Inc. (d) 8,700 124
Oracle Systems Corp. (d) 6,600 280
Raytheon Co. 6,300 298
Service Corp. International 1,800 79
Tektronix 1,600 79
Texas Instruments, Inc. 1,600 83
WMX Technologies 2,223 66
-------
5,300
Transportation - 0.4%
Consolidated Freightways, Inc. 3,200 85
Norfolk Southern 1,400 111
Southwest Airlines 3,600 84
-------
280
Utilities - 8.1%
American Electric Power, Inc. 3,149 $ 128
Ameritech 4,717 278
Baltimore Gas & Electric 4,190 119
Bell Atlantic Corp. 2,326 156
Bell South 5,554 242
Carolina Power and Light 4,892 169
Central & South West 5,200 145
Coastal Corp. 6,600 246
Consolidated Edison Co. 4,300 138
Consolidated Natural Gas 2,795 127
Detroit Edison Co. 6,000 207
Dominion Resources, Inc. 3,300 136
Duke Power Co. 4,333 205
Enron Corp. 7,900 301
Entergy Corp. 3,900 114
FPL Group, Inc. 2,897 134
GTE Corp. 6,985 307
Houston Industry, Inc. 6,018 146
MCI Communications Corp. 7,200 188
NICOR, Inc. 4,345 119
Northern States Power Co. 1,800 88
Nynex Corp. 1,971 106
Ohio Edison Co. 4,867 114
ONEOK, Inc. 3,900 89
Pacific Gas & Electric 4,400 125
Pacific Telesis 4,895 164
Pacificorp (Oregon) 33 1
Peco Energy Co. 7,294 220
Peoples Energy Corp. 3,800 121
Public Service Enterprises 3,408 104
SBC Communications 8,050 463
Sonat, Inc. 3,500 125
Southern Co. 8,530 210
Sprint Corp. 5,752 229
U.S. West Communications Group 4,091 146
U.S. West Media Group (d) 4,006 76
Unicom Corp. 1,600 52
Union Electric Co. 3,200 134
Williams Cos. 1,400 61
-------
6,233
-------
Total Common Stocks 40,875
(Cost $31,693) =======
</TABLE>
37
<PAGE>
Corporate Bonds & Notes 6.3%
Short-Term Intruments 5.5%
U.S.Treasury Notes 10.0%
Mortgage -Backed Securities 30.6%
SCHEDULE OF INVESTMENTS (Cont.)
Balanced Fund
December 31, 1995 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
(000's) (000's)
- --------------------------------------------------------------------------------
CORPORATE BONDS AND NOTES - 6.3%
- --------------------------------------------------------------------------------
<S> <C> <C>
AMR Corp.
10.000% due 02/01/01 $ 400 $ 457
9.430% due 05/10/01 1,000 1,135
Cleveland Electric
9.375% due 03/01/17 1,000 991
Long Island Lighting Co.
9.000% due 11/01/22 2,000 2,066
Ohio Power
8.300% due 04/01/97 127 130
-------
Total Corporate Bonds and Notes 4,779
(Cost $4,585) =======
- --------------------------------------------------------------------------------
U.S. TREASURY NOTES - 10.0%
- --------------------------------------------------------------------------------
6.125% due 07/31/96 5,000 5,027
6.375% due 08/15/02 2,500 2,627
-------
Total U.S. Treasury Notes 7,654
(Cost $7,579) =======
- --------------------------------------------------------------------------------
MORTGAGE-BACKED SECURITIES - 30.6%
- --------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp. - 1.5%
8.500% due 03/01/23 969 1,017
10.150% due 04/15/06 97 99
-------
1,116
Federal Housing Authority - 0.8%
6.930% due 07/01/14 613 613
Federal National Mortgage Association - 4.9%
7.181% due 12/01/23 (c) 1,173 1,210
8.500% due 07/01/02 - 01/01/08 (e) 1,698 1,770
9.500% due 06/25/18 750 802
-------
3,782
Government National Mortgage Association - 15.2%
6.500% due 01/22/26 5,000 4,952
7.250% due 08/20/24 - 09/20/24 (c) (e) 2,928 2,997
7.375% due 04/20/23 (c) 2,363 2,422
7.500% due 05/15/17 20 20
8.000% due 09/15/06 90 93
9.500% due 09/15/09 - 10/15/09 (e) 170 182
10.750% due 09/15/00 - 10/15/00 (e) 207 222
13.250% due 10/20/14 81 93
14.000% due 08/15/12 - 09/15/12 (e) 55 63
16.000% due 10/15/11 - 04/15/12 (e) 470 564
-------
11,608
Collateralized Mortgage Obligations - 8.2%
Bear Stearns Cos.
9.000% due 01/25/21 34 34
Capstead
8.900% due 12/25/21 395 410
Countrywide
7.662% due 11/25/24 (c) 1,529 1,569
7.927% due 11/25/24 (c) 1,513 1,555
Home Savings
6.035% due 05/25/27 (c) 1,285 1,264
PNC
7.500% due 06/25/10 1,466 1,468
-------
6,300
-------
Total Mortgage-Backed Securities 23,419
(Cost $23,150) =======
- --------------------------------------------------------------------------------
SHORT-TERM INSTRUMENTS - 5.5%
- --------------------------------------------------------------------------------
Discount Notes - 2.3%
AT&T Corp.
5.450% due 04/19/96 $ 400 $ 393
G.E. Capital Corp.
5.710% due 01/25/96 900 897
National Rural Utility Coop.
5.720% due 01/12/96 500 499
-------
1,789
Repurchase Agreement - 2.9%
State Street Bank 2,228 2,228
4.25% due 01/02/96
(Dated 12/29/95. Collateralized by
U.S. Treasury Bond 8.75% due 05/15/17
valued at $2,286,981. Repurchase
proceeds are $2,229,052.)
U.S. Treasury Bill - 0.3%
5.325% due 03/07/96 (b) 230 228
-------
Total Short-Term Instruments 4,245
(Cost $4,245) =======
TOTAL INVESTMENTS (A) - 105.7% $80,972
(Cost $71,252)
OTHER ASSETS AND LIABILITIES (NET) - (5.7%) (4,363)
-------
NET ASSETS - 100.0% $76,609
=======
NOTES TO SCHEDULE OF INVESTMENTS ($ IN THOUSANDS):
(a) At December 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. $10,397
Aggregate gross unrealized depreciation for
all investments in which there was an excess
of tax cost over value. (677)
-------
Unrealized appreciation-net $ 9,720
=======
(b) Securities with an aggregate market value of $228
have been segregated with the custodian to cover margin
requirements for the following open future contracts at
December 31, 1995:
<CAPTION>
Unrealized
Type Contracts Appreciation
- --------------------------------------------------------------------------------
<S> <C> <C>
U.S. Treasury 10 Year Note (3/96) 110 $ 104
U.S. Treasury 30 Year Note (3/96) 15 21
-----
$ 125
=====
</TABLE>
(c) Variable rate security. The rate listed is as of December 31, 1995.
(d) Non-income producing security.
(e) Securities are grouped by coupon rate and represent a range of maturities.
See Notes to Financial Statements
38
<PAGE>
NOTES TO FINANCIAL STATEMENTS
December 31, 1995 (unaudited)
1. Significant Accounting Policies
PIMCO Funds: Equity Advisors Series (the "Trust") (formerly
the PIMCO Advisors Institutional Funds) 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 thirteen separate
investment funds (the "Funds"):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. The
following is a summary of significant accounting policies
consistently followed by the Trust in preparation of its
financial statements. These policies are in conformity with
generally accepted accounting principles.
Security Valuation. Portfolio securities and other financial
instruments 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, as is the case for most securities
traded over-the-counter, the mean between representative bid
and asked quotations obtained from a quotation reporting
system or from established market makers. Foreign currency
amounts are converted to U.S. dollars using foreign exchange
quotations received from independent dealers. Short-term
investments having a maturity of 60 days or less are valued
at amortized cost, which approximates market value. Certain
fixed income securities for which daily market quotations are
not readily available may be valued, pursuant to guidelines
established by the Board of Trustees, with reference to fixed
income securities whose prices are more readily obtainable.
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.
Dividends and Distributions to Shareholders. Dividends from
net investment income 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 from net investment income
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. Net
long-term capital gains earned by a Fund, if any, will be
distributed no less frequently than once each year. Foreign
exchange gains or losses on investments and the income
generated from such investments, arising from fluctuations of
exchange rates of the non-dollar denominated investments
relative to the U.S. dollar, are reported to shareholders as
income in accordance with the provisions of the Internal
Revenue Code.
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 such items as wash sales, foreign currency transactions,
net operating losses and capital loss carryforwards.
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 reclassified from
undistributed net investment income (loss) to paid-in capital
on the statement of assets and liabilities.
For the year ended October 31, 1995, the Blairlogie Emerging
Markets Fund realized a capital loss of
39
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont.)
December 31, 1995 (unaudited)
$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.
Multiclass 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. The NFJ Equity Income, NFJ Small Cap
Value, Cadence Mid Cap Growth, Cadence Small Cap Growth,
Columbus Circle Investors Core Equity, Blairlogie Emerging
Markets and Blairlogie International Active Funds had
commenced multiclass operations as of December 31, 1995.
Income and non-class specific expenses are allocated daily to
each class of shares based on the relative value of settled
shares as of the beginning of each day. Realized and
unrealized capital gains and losses are allocated to each
class of shares based on relative net assets as of the
beginning of each day adjusted for the prior day's capital
share activity.
Federal Income Taxes. Each Fund intends to qualify as a
regulated investment company and distribute all of its
taxable income and net realized gains, if applicable, to
shareholders. Accordingly, no provision for Federal income
taxes has been provided.
Foreign Taxes on Dividends. Dividend income in the statement
of operations is shown net of foreign taxes withheld on
dividends from foreign securities. Foreign taxes withheld
were as follows: Cadence Capital Appreciation Fund -$4,104;
Parametric Enhanced Equity Fund - $264; Blairlogie Emerging
Markets Fund - $13,152; Blairlogie International Active
Fund - $8,296; and Balanced Fund - $132.
Equalization. All of the 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.
Futures and Options. Certain Funds are authorized to enter
into futures contracts and options. The primary risks
associated with the use of futures contracts and options are
imperfect correlation between the change in market value of
the securities held by a Fund and the prices of futures
contracts and options, and the possibility of an illiquid
market. Futures contracts and purchased options are valued
based upon their quoted daily settlement prices. The premium
received for a written option is recorded as an asset with an
equal liability which is marked-to-market based on the
options quoted daily settlement price. Fluctuations in value
of such instruments are recorded as unrealized appreciation
(depreciation) until terminated, at which time realized gains
and losses are recognized.
Currencies with an aggregate market value of $83,259 have
been segregated with the custodian to cover margin
requirements for the following open stock index futures
contracts at December 31, 1995 (amount in thousands):
<TABLE>
<CAPTION>
Blairlogie International Active Fund
Unrealized
Appreciation
Type Contracts (Depreciation)
-------------------------------------------------------
<S> <C> <C>
Australian Index (3/96) 12 $ (1)
LIFFE FT-SE 100 (3/96) 7 0
Osaka 300 (3/96) 10 7
-----
$ 6
=====
</TABLE>
40
<PAGE>
Forward Currency Contracts. Certain Funds are authorized to
enter into forward foreign exchange contracts for the purpose
of hedging against foreign exchange risk arising from the
Fund's investment or anticipated investment in securities
denominated in foreign currencies. The aggregate principal
amounts of the contracts for which delivery is anticipated
are recorded in the Fund's account, while such amounts are
not recorded if the Fund intends to settle the contracts
prior to delivery. All commitments are marked-to-market daily
at the applicable translation rates and any resulting
unrealized gains or losses are recorded in the Trust's
financial statements. The Fund records realized gains or
losses at the time the forward contract is extinguished by
entry into a closing transaction or by delivery of the
currency. Risks may arise upon entering 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.
Estimates. The preparation of financial statements in
accordance with generally accepted accounting principles
requires management to make estimates and assumptions that
affect the reported amounts and disclosures in the financial
statements. Actual results could differ from those estimates.
2. 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 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%.
Administration Fee. Pacific Investment Management Company
("PIMCO") provides administrative services to the Trust for
which it 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
each Fund.
Expenses. The Trust is responsible for the following
expenses: (i) salaries and other compensation of any of the
Trust's executive officers and employees who are not
officers, directors, stockholders or employees of PIMCO
Advisors, PIMCO, or its subsidiaries or affiliates; (ii)
taxes and governmental fees; (iii) brokerage fees and
commissions and other portfolio transaction expenses; (iv)
the cost of borrowing money, including interest expenses; (v)
fees and expenses of the Trustees who are not "interested
persons" of the Adviser, PIMCO, Portfolio Managers, or the
Trust, and any counsel retained exclusively for their
benefit; (vi) extraordinary expenses, including costs of
litigation and indemnification expenses; (vii) expenses such
as organizational expenses, which are capitalized in
accordance with generally accepted accounting principles; and
(viii) any expenses allocated or allocable to a specific
class of shares, which include service fees payable of .25%
of average daily net assets with respect to the
Administrative Class shares and may include certain other
expenses as permitted by the Trust's Multiple Class Plan
adopted pursuant to Rule 18f-3 under the Investment Company
Act of 1940 and subject to review and approval by the
Trustees.
Expense Limitation. PIMCO Advisors has undertaken to
reimburse the Trust for its operating expenses, exclusive of
class specific 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 June 30, 1996. No reimbursements were due as of
December 31, 1995.
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.
Pursuant to the Portfolio Management Agreements, which became
effective November 15, 1994, PIMCO Advisors employs six of
its sub-partnerships as managers for the Funds.
Certain officers of PIMCO Advisors are also officers of the
Trust.
41
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont.)
December 31, 1995 (unaudited)
3. Purchases and Sales of Securities
Purchases and sales of securities (excluding short-term
investments) for the two months ended December 31, 1995 were
as follows ($ in thousands):
<TABLE>
<CAPTION>
U.S. Government/Agency All Other
------------------------------------------------------
Purchases Sales Purchases Sales
-------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
NFJ Equity Income Fund $ 22,458 $ 8,143
NFJ Diversified Low P/E Fund 526 310
NFJ Small Cap Value Fund 6,123 2,507
Cadence Capital Appreciation Fund 72,135 43,833
Cadence Mid Cap Growth Fund 43,977 53,404
Cadence Micro Cap Growth Fund 9,784 5,761
Cadence Small Cap Growth Fund 11,502 9,553
Columbus Circle Investors
Core Equity Fund 9,982 5,023
Columbus Circle Investors
Mid Cap Equity Fund 2,064 2,079
Parametric Enhanced Equity Fund 16,042 1,751
Blairlogie Emerging Markets Fund 13,293 16,342
Blairlogie International Active Fund 10,795 8,213
Balanced Fund $ 7,483 $ 4,899 500 1,755
</TABLE>
4. Transactions in Written Call Options
Transactions in written call and put options were as follows
(amount in thousands):
<TABLE>
<CAPTION>
Columbus Circle Investors
Core Equity Fund
Number of
Premium Contracts
------------------------------------------------------------
<S> <C> <C>
Balance at 10/31/95 $ 2 8
Sales 44 215
Closing Buys (23) (107)
Expirations (6) (54)
Exercised (7) (18)
------------------------------------------------------------
Balance at 12/31/95 $ 10 44
============================================================
</TABLE>
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>
NFJ NFJ NFJ
NFJ Equity Diversified NFJ Small Cap Cadence
Period Ended Equity Income Low Small Cap Value Capital
December 31, 1995 Income Admin. P/E Value Admin.(a) Appreciation
-----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Shares sold 480 491 6 91 397 1,383
Issued as reinvestment
of dividends 381 21 184 168 24 859
Shares redeemed (354) (16) (1) (7) (2) (390)
-----------------------------------------------------------------------------------------------------
Net increase 507 496 189 252 419 1,852
=====================================================================================================
</TABLE>
(a) From commencement of operations, November 1, 1995
42
<PAGE>
<TABLE>
<CAPTION>
Columbus
Cadence Cadence Circle
Cadence Mid Cap Cadence Cadence Small Cap Investors
Period Ended Mid Cap Growth Micro Cap Small Cap Growth Core
December 31, 1995 Growth Admin. (b) Growth Growth Admin. Equity
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Shares sold 433 3 72 52 8 23
Issued as reinvestment
of dividends 240 1 87 238 3 5
Shares redeemed (957) (2) (20) (154) 0 (2)
----------------------------------------------------------------------------------------------------------------
Net increase (decrease) (284) 2 139 136 11 26
================================================================================================================
<CAPTION>
Columbus Columbus
Circle Circle Blairlogie
Investors Investors Parametric Blairlogie Emerging Blairlogie
Period Ended Core Equity Mid Cap Enhanced Emerging Markets International
December 31, 1995 Admin. Equity Equity Markets Admin. Active
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Shares sold 411 21 1,235 629 13 103
Issued as reinvestment
of dividends 48 6 167 15 0 183
Shares redeemed (314) (4) (274) (911) (1) (171)
----------------------------------------------------------------------------------------------------------------
Net increase (decrease) 145 23 1,128 (267) 12 115
================================================================================================================
<CAPTION>
Blairlogie
International
Period Ended Active
December 31, 1995 Admin. Balanced
-----------------------------------------------------
<S> <C> <C>
Shares sold 3 50
Issued as reinvestment
of dividends 3 590
Shares redeemed (1) (18)
-----------------------------------------------------
Net increase 5 622
=====================================================
</TABLE>
<TABLE>
<CAPTION>
NFJ Cadence
Year or NFJ Equity NFJ NFJ Cadence Cadence Mid Cap
Period Ended Equity Income Diversified Small Cap Capital Mid Cap Growth
October 31, 1995 Income Admin.(a) Low P/E Value Appreciation Growth Admin. (b)
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Shares sold 2,186 11 10 367 3,256 3,440 99
Issued as reinvestment
of dividends 513 1 171 283 143 35 0
Shares redeemed (1,547) (1) (365) (559) (1,858) (1,769) (50)
----------------------------------------------------------------------------------------------------------------
Net increase (decrease) 1,152 11 (184) 91 1,541 1,706 49
================================================================================================================
<CAPTION>
Columbus Columbus Columbus
Cadence Cadence Circle Circle Circle
Year or Cadence Small Small Cap Investors Investors Investors Parametric
Period Ended Micro Cap Cap Growth Core Core Equity Mid Cap Enhanced
October 31, 1995 Growth Growth Admin. (b) Equity (c) Admin. (d) Equity (c) Equity
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Shares sold 1,966 887 26 636 2,012 671 872
Issued as reinvestment
of dividends 0 199 0 1 3 0 185
Shares redeemed (206) (168) 0 (25) (78) (24) (1,427)
----------------------------------------------------------------------------------------------------------------
Net increase (decrease) 1,790 918 26 612 1,937 647 (370)
================================================================================================================
<CAPTION>
Blairlogie Blairlogie
Year or Blairlogie Emerging Blairlogie International
Period Ended Emerging Markets International Active
October 31, 1995 Markets Admin. Active Admin. (a) 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, November 30, 1994.
(b) From commencement of operations, September 27, 1995.
(c) From commencement of operations, December 28, 1994.
(d) From commencement of operations, May 31, 1995.
6. Change in Fiscal Year
Effective November 1, 1995, the Trust's fiscal year end
changed from October 31 to June 30.
43
<PAGE>
- --------------------------------------------------------------------------------
FUND OBJECTIVES
FUND INVESTMENT OBJECTIVES AND PRIMARY INVESTMENTS
- --------------------------------------------------------------------------------
NFJ Equity Income Seeks current income as a primary investment
objective, and long-term growth of capital as a
secondary objective; invests primarily in common
stocks with below-average price to earnings ratios
and higher dividend yields relative to their
industry groups.
- --------------------------------------------------------------------------------
NFJ Diversified Low P/E Seeks long-term growth of capital and income;
invests primarily in common stocks with below-
average price to earnings ratios relative to their
industry groups.
- --------------------------------------------------------------------------------
NFJ Small Cap Value Seeks long-term growth of capital and income;
invests primarily in common stocks of companies
with market capitalizations between $50 million and
$1 billion and below-average price to earnings
ratios relative to their industry groups.
- --------------------------------------------------------------------------------
Cadence Capital Seeks growth of capital; invests primarily in
Appreciation common stocks of companies with market
capitalizations of at least $100 million that have
improving fundamentals and whose stock is
reasonably valued by the market.
- --------------------------------------------------------------------------------
Cadence Mid Cap Seeks growth of capital; invests primarily in
Growth common stocks of companies with market
capitalizations in excess of $500 million that have
improving fundamentals and whose stock is
reasonably valued by the market.
- --------------------------------------------------------------------------------
Cadence Micro Cap Seeks long-term growth of capital; invests
Growth primarily in common stocks of companies with market
capitalizations of less than $100 million that have
improving fundamentals and whose stock is
reasonably valued by the market.
- --------------------------------------------------------------------------------
Cadence Small Cap Seeks growth of capital; invests primarily in
Growth common stocks of companies with market
capitalizations between $50 million and $500
million that have improving fundamentals and whose
stock is reasonably valued by the market.
- --------------------------------------------------------------------------------
Columbus Circle Investors Seeks long-term growth of capital, with income as a
Core Equity secondary objective; invests primarily in common
stocks of companies with market capitalizations in
excess of $3 billion.
- --------------------------------------------------------------------------------
Columbus Circle Investors Seeks long-term growth of capital; invests
Mid Cap Equity primarily in common stocks of companies with market
capitalizations between $800 million to $3 billion.
- --------------------------------------------------------------------------------
Parametric Enhanced Seeks to provide a total return which equals or
Equity exceeds total return performance of the Standard &
Poor's 500 Composite Stock Price Index; invests in
common stocks represented in that Index.
- --------------------------------------------------------------------------------
Blairlogie Emerging Seeks long-term growth of capital; invests
Markets primarily in common stocks of companies located in
emerging market countries.
- --------------------------------------------------------------------------------
Blairlogie International Seeks long-term growth of capital; invests
Active primarily in a diversified portfolio of
international equity securities.
- --------------------------------------------------------------------------------
Balanced Seeks total return; invests in common stocks, fixed
income securities and money market instruments.
- --------------------------------------------------------------------------------
The above chart provides general information about each of the Funds. It is
qualified in its entirety by the more complete descriptions of the Funds
appearing in the Prospectus.
Also available within the PIMCO Funds are the following portfolios of the
Pacific Investment Management Series:
Fixed Income Funds: Equity Funds:
Short-Term Fund High Yield Fund StocksPLUS Fund
Low Duration Fund Global Fund Growth Stock Fund
Total Return Fund Foreign Fund VersaSTYLE Equity Fund
Long-Term U.S.
Government Fund
To obtain additional information about the PIMCO Funds or to request a
prospectus, please call 1-800-927-4648. Read the prospectus carefully before you
invest or send money.
44
<PAGE>
Trustees and Officers
William D. Cvengros, Chairman, President & Trustee
Richard L. Nelson, Trustee
Lyman W. Porter, Trustee
Alan Richards, Trustee
Garlin G. Flynn, 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
Price Waterhouse LLP
1055 Broadway, Suite 1000
Kansas City, Missouri 64105
<PAGE>
PIMCO FUNDS:
EQUITY ADVISORS SERIES
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 Funds: Equity Advisors Series. It is not authorized for distribution to
prospective investors unless accompanied or preceded by an effective Prospectus
for the PIMCO Funds: Equity Advisors Series, which contains information covering
its investment policies as well as other pertinent information.
