<PAGE>
THE PANAGORA FUNDS
SEMI-ANNUAL REPORT
NOVEMBER 30, 1994
<PAGE>
The PanAgora Funds
President's Letter
November 30, 1994
We are pleased to present the semi-annual report of The PanAgora Funds for the
six months ended November 30, 1994. The PanAgora Funds were started in 1993 to
provide investors with investment vehicles in the form of mutual funds
implementing specific investment strategies. PanAgora Asset Management, Inc.,
the Fund's advisor, manages pension funds using very similar strategies. The
PanAgora Funds make these strategies available to smaller pension funds,
foundations and endowment funds, 401k plans and individual investors.
The PanAgora Funds are a series of three funds. The PanAgora Asset Allocation
Fund invests in a mix of U.S. stocks, bonds and cash equivalents. The PanAgora
International Equity Fund invests in stocks outside the U.S. The PanAgora
Global Fund invests in stocks, bonds and cash equivalents in the U.S. and
around the world. In order to achieve its investment objectives, the PanAgora
Asset Allocation Fund and the PanAgora Global Fund engage significantly in
options and futures for hedging and other permissible purposes. The PanAgora
International Equity Fund also invests in options and futures for hedging and
other permissible purposes. For a further discussion on the Funds' use of
options and future transactions, please read the Funds' prospectus.
The PanAgora Asset Allocation Fund's investment objective is to maximize total
return, consisting of capital appreciation and current income. The Fund
attempts to achieve its objective by actively allocating assets among U.S.
equity securities, investment grade fixed income securities and cash and cash
equivalents based on the Advisor's proprietary asset allocation disciplines.
The Fund has reduced its holdings in stocks and increased its investments in
bonds. The shift to bonds occurred because the Advisor believes that the
fundamental environment for equities had deteriorated. The rate of economic
growth has peaked, monetary policy is restrictive, and the breadth in the
market has deteriorated to a point where the conditions for a bear market have
been set. Normally, the discipline shifts to cash during this stage of the
business cycle. However, because the yield curve is steep rather than flat or
inverted, and bonds are offering a 5% real yield, the discipline has shifted
from stocks to bonds rather than to cash.
The PanAgora International Equity Fund's primary investment objective is to
maximize total return, consisting primarily of capital appreciation. Current
income is secondary objective. The Fund attempts to achieve its objective by
actively allocating assets among international equity markets based on the
Advisor's proprietary asset allocation disciplines. International equity
markets began the year strongly as they looked forward to renewed global
prosperity.
<PAGE>
However, they weakened later in the year under competition from stiffer bond
interest rates. The latter reflected world-wide competition for capital as
recovery from economic recession accelerated. This cyclical demand for funds
added to more persistent demands from vigorous emerging markets for new
investment in infrastructure and from developed country governments to
subsidize consumption in the face of stagnant or declining living standards.
During 1994, roughly a 10% portion of the portfolio was placed in a diversified
list of a dozen emerging markets. Most of the purchases took place at prices
well below those experienced at the year's opening. We believe they will prove
sound, long-term investments in high-growth economies.
The PanAgora Global Fund's investment objective is to maximize total return,
consisting of capital appreciation and current income. The Fund attempts to
achieve its objective by actively allocating assets among global equity, fixed
income and currency markets based on the Advisor's proprietary asset allocation
disciplines. Global investment strategies are new to most American investors,
but familiar to many European investors. Despite the early stage of recession
recovery in Europe and Japan over this period, demand for capital was strong
in 1994. Rising interest rates in the U.S. prodded world-wide rates higher
than generally expected. The underlying cause seems to be more basic than a
concern by the U.S. Federal Reserve over potential inflation. Sustained
demands for capital have led to higher real rates of return required for
marginal investments, constraining pricing for existing securities. This
environment encourages caution and broad diversification.
Thank you for your interest in The PanAgora Funds. Please contact us if you
have any questions. We look forward to hearing from you.
Sincerely,
Richard A. Crowell
President
The PanAgora Funds
<PAGE>
PANAGORA ASSET ALLOCATION FUND
PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
SHARE MARKET PERCENT OF
DESCRIPTION AMOUNT VALUE (NOTE 1) NET ASSET
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
STOCK AND EQUIVALENTS - 72.0%
AEROSPACE
Lockheed Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 $ 20,625 0.3%
--------
AUTOMOTIVE
Chrysler Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 600 29,025
Ford Motor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,400 65,100
Goodyear Tire & Rubber . . . . . . . . . . . . . . . . . . . . . . . . . . 500 16,938
Paccar Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 41,500
--------
152,563 2.4%
BANKING --------
Amsouth Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 22,400
Bankers Trust NY Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . 600 35,550
Citicorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 600 24,975
First Union Corp (N.E.) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,100 43,863
J P Morgan & Co Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,100 64,625
Norwest Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,300 28,275
The Chase Manhattan Corp . . . . . . . . . . . . . . . . . . . . . . . . . 600 21,450
--------
241,138 3.8%
CHEMICALS --------
Dow Chemical Co . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 51,200
FMC Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 58,250
Lubrizol Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 900 28,350
Thiokol Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 26,625
Union Carbide Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,200 34,350
--------
198,775 3.2%
COMMUNICATION --------
AT & T Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 900 44,213
DSC Communications * . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,200 37,500
E Systems Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 600 21,975
I T T Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400 31,850
Kingworld Productions Inc * . . . . . . . . . . . . . . . . . . . . . . . 1,400 48,825
MCI Communications . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,100 40,950
Nynex Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,800 67,725
Rochester Tel Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,100 23,925
Southwestern Bell Corp . . . . . . . . . . . . . . . . . . . . . . . . . . 900 37,238
Sprint Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 29,875
US West Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 7,050
--------
391,126 6.2%
COMPUTER EQUIPMENT --------
Apple Computer Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . 700 26,075
Autodesk Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 600 22,575
Compaq Computer * . . . . . . . . . . . . . . . . . . . . . . . . . . . . 700 27,388
International Business Machines . . . . . . . . . . . . . . . . . . . . . . 900 63,675
Lotus Development Corp * . . . . . . . . . . . . . . . . . . . . . . . . . 400 17,900
Pitney Bowes Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 600 19,950
Sun Microsystems Inc * . . . . . . . . . . . . . . . . . . . . . . . . . . 700 23,450
--------
201,013 3.2%
--------
</TABLE>
See accompanying notes to the financial statements. 1
<PAGE>
PANAGORA ASSET ALLOCATION FUND
PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 1994 (UNAUDITED) - CONTINUED
<TABLE>
<CAPTION>
SHARE MARKET PERCENT OF
DESCRIPTION AMOUNT VALUE (NOTE 1) NET ASSETS
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
CONSTRUCTION AND BUILDING
Fleetwood Enterprises, Inc . . . . . . . . . . . . . . . . . . . . . . . . 1,100 $ 21,588
Fluor Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 600 25,725
---------
47,313 0.8%
---------
CONSUMER GOODS
Champion International . . . . . . . . . . . . . . . . . . . . . . . . . . 1,500 52,125
Gibson Greetings Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 21,200
Gillette Co . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 700 51,450
James River Co . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,900 61,263
Procter & Gamble Co . . . . . . . . . . . . . . . . . . . . . . . . . . . 500 31,250
Reebok Intl Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 700 26,863
Stride Rite Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,800 22,275
---------
266,426 4.3%
---------
ELECTRONICS
Ameritech Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,800 71,100
Digital Equipment Corp * . . . . . . . . . . . . . . . . . . . . . . . . 2,700 91,800
Intel Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400 25,250
Texas Instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400 30,200
---------
218,350 3.5%
---------
FINANCIAL SERVICES
Ahmanson H F & Co . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,400 39,900
Asarco Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 700 19,163
Bear Stearns Co Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 25,000
Beneficial Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 29,200
Federal Home Loan Mortgage Association (Participating Preferred Stock) . . 400 19,950
Federal National Mortgage Association . . . . . . . . . . . . . . . . . . 400 28,450
MBNA Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,200 28,350
Merrill Lynch . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 38,000
---------
228,013 3.6%
---------
FOOD AND BEVERAGE
Coca-Cola Co . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,400 71,575
Dole Food Co . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 700 16,450
Loral Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 39,625
Pepsico Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 600 21,225
Philip Morris Companies Inc . . . . . . . . . . . . . . . . . . . . . . . 500 29,875
Seagrams Co Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,500 43,688
Shoneys Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,400 19,250
---------
241,688 3.9%
---------
HEALTH CARE
Abbott Laboratories . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,200 38,250
Baxter International, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 1,000 25,750
Becton Dickinson & Co . . . . . . . . . . . . . . . . . . . . . . . . . . 600 28,350
Johnson & Johnson . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 42,700
Merck & Co Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 29,800
Nellcor Inc * . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 900 30,488
Pfizer Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400 30,950
Schering-Plough Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 74,875
Shared Medical . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,700 51,213
United States Surgical Corp . . . . . . . . . . . . . . . . . . . . . . . 1,300 28,275
Upjohn Co . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,500 48,188
---------
428,839 6.8%
---------
</TABLE>
See accompanying notes to the financial statements. 2
<PAGE>
PANAGORA ASSET ALLOCATION FUND
PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 1994 (UNAUDITED) - CONTINUED
<TABLE>
<CAPTION>
SHARE MARKET PERCENT OF
DESCRIPTION AMOUNT VALUE (NOTE 1) NET ASSETS
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INSURANCE
Aetna Life & Casualty . . . . . . . . . . . . . . . . . . . . . . . . . . 300 $ 13,425
America Premier Underwriters . . . . . . . . . . . . . . . . . . . . . . . 700 16,013
American Intl Group . . . . . . . . . . . . . . . . . . . . . . . . . . . 700 64,138
Cigna Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 700 44,363
Unum Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 700 25,550
---------
163,489 2.6%
---------
MACHINERY
Deere & Co . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400 25,700 0.4%
---------
MANUFACTURING
Boeing Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,400 62,650
General Electric . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,500 115,000
Raytheon Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 62,875
---------
240,525 3.8%
---------
METALS AND MINING
Amerada Hess Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 45,500
Ashland Oil Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,100 37,400
Crown Cork & Seal Inc. * . . . . . . . . . . . . . . . . . . . . . . . . . 600 22,650
Dresser Inds Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,100 22,000
Enron Oil & Gas. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 14,500
Exxon Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 600 36,225
ONEOK Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,400 24,150
Ornda Healthcorp * . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,300 16,900
Panhandle Eastern Corp . . . . . . . . . . . . . . . . . . . . . . . . . . 800 16,900
Phelps Dodge Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 600 34,350
Tenneco Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500 19,438
Texaco Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 62,125
Unocal Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 21,300
USX-Marathon Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,400 25,200
Williams Companies Inc . . . . . . . . . . . . . . . . . . . . . . . . . . 1,200 33,889
---------
432,527 6.9%
---------
OIL AND GAS
Chevron Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,500 109,063
Mobil Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 25,575
Royal Dutch Petroleum. . . . . . . . . . . . . . . . . . . . . . . . . . . 1,100 119,488
Schlumberger Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 42,500
---------
296,626 4.7%
---------
PAPER AND ALLIED PRODUCTS
Boise Cascade Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . 900 21,825
Potlatch Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 600 22,500
---------
44,325 0.7%
---------
RETAIL STORES
Circuit City Stores Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 1,100 27,088
Claire's Stores Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,300 29,038
J.C. Penney. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 36,800
K Mart Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 23,200
Kroger Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 24,125
</TABLE>
See accompanying notes to the financial statements. 3
<PAGE>
PANAGORA ASSET ALLOCATION FUND
PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 1994 (UNAUDITED) - CONTINUED
<TABLE>
<CAPTION>
FACE/SHARE MARKET PERCENT OF
DESCRIPTION AMOUNT VALUE (NOTE 1) NET ASSETS
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
RETAIL STORES - (CONTINUED)
Rite Aid Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,200 $ 27,150
Sears Roebuck . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400 18,900
Toys R Us Inc * . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 36,625
Wal-Mart Stores Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,700 39,313
---------
262,239 4.2%
---------
TECHNOLOGY
Entergy Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,600 58,500 0.9%
---------
TRANSPORTATION
American President Companies . . . . . . . . . . . . . . . . . . . . . . . 900 20,025
Conrail Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 900 46,800
Delta Air Lines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 50,125
---------
116,950 1.9%
---------
UTILITIES
DQE Co . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 24,200
Illinova Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 20,000
Niagara Mohawk Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,400 47,175
Peco Energy Co . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,400 57,900
Southern Co . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,200 45,650
---------
194,925 3.1%
---------
WHOLESALE TRADE
Fleming Co . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,700 39,100 0.6%
---------------------
TOTAL STOCK AND EQUIVALENTS (Cost $4,710,159) 4,510,775 72.0%
---------------------
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C>
SHORT-TERM INVESTMENTS - 24.1%
U.S. GOVERNMENT
U.S. Treasury Bill . . . . . . . . . . . . . . . . . . . 4.50% 12/29/94 $ 160,000 157,948
U.S. Treasury Bill . . . . . . . . . . . . . . . . . . 4.90% 01/05/95 740,000 730,348
-------
888,296 14.2%
-------
REPURCHASE AGREEMENT
Cantor Fitzgerald Repurchase Agreement, dated 11/30/94,
due 12/1/94, with a maturity value of $310,946 and an
effective yield of 5.12%, collateralized by U.S. Treasury
Obligations with rates ranging from 4.25% to 8.75% and
maturity dates ranging from 12/31/94 to 05/15/17, with an
aggregate market value of $317,409. 310,901
</TABLE>
See accompanying notes to the financial statements. 4
<PAGE>
PANAGORA ASSET ALLOCATION FUND
PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 1994 (UNAUDITED) - CONTINUED
<TABLE>
<CAPTION>
FACE/SHARE MARKET PERCENT OF
DESCRIPTION AMOUNT VALUE (NOTE 1) NET ASSETS
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
REPURCHASE AGREEMENT - (CONTINUED)
Salomon Brothers Repurchase Agreement, dated 11/30/94,
due 12/1/94, with a maturity value of $310,946 and an
effective yield of 5.20%, collateralized by U.S. Treasury
Obligations with rates ranging from 4.38% to 6.50% and
maturity dates ranging from 11/15/94 to 01/15/00, with an
aggregate market value of $316,228. $ 310,901 $ 310,901
-----------
621,802 9.9%
-----------------------------
TOTAL SHORT-TERM INVESTMENTS (at Amortized Cost) 1,510,098 24.1%
-----------------------------
TOTAL INVESTMENTS (Cost $6,220,257+) 6,020,873 96.1%
Excess of Other Assets over Liabilities 246,687 3.9%
-----------------------------
NET ASSETS $ 6,267,560 100.0%
=============================
</TABLE>
* Non-income producing security.
+ Aggregate cost for Federal income tax purposes (Note 3).
See accompanying notes to the financial statements. 5
<PAGE>
PANAGORA GLOBAL FUND
PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
SHARE MARKET PERCENT OF
DESCRIPTION AMOUNT VALUE (NOTE 1) NET ASSETS
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
STOCK AND EQUIVALENTS - 66.0%
AUTOMOTIVE
Bridgestone Corp . . . . . . . . . . . . . . . . . . . . 2,000 $ 31,150
Chrysler Corp . . . . . . . . . . . . . . . . . . . . . . 3,100 149,963
Daikin Industries Ltd . . . . . . . . . . . . . . . . . . 1,000 9,113
Fischer (George)-Registered . . . . . . . . . . . . . . . 2 420
Ford Motor . . . . . . . . . . . . . . . . . . . . . . . 8,800 238,700
General Motors . . . . . . . . . . . . . . . . . . . . . 6,300 240,188
Honda Motor Co Ltd . . . . . . . . . . . . . . . . . . . 3,000 50,367
Koyo Seiko Co Ltd . . . . . . . . . . . . . . . . . . . . 1,000 9,608
NGK Spark Plug . . . . . . . . . . . . . . . . . . . . . 1,000 13,148
Nissan Motors . . . . . . . . . . . . . . . . . . . . . . 7,000 51,682
Peugeot SA . . . . . . . . . . . . . . . . . . . . . . . 500 73,234
Toyoda Automatic Loom Works . . . . . . . . . . . . . . . 1,000 20,531
Toyota Motor Corp . . . . . . . . . . . . . . . . . . . . 10,000 213,401
Volvo AB Class A . . . . . . . . . . . . . . . . . . . . 17,500 335,388
Volvo AB Class B . . . . . . . . . . . . . . . . . . . . 20,500 394,242
---------
1,831,135 4.3%
---------
BANKING
Asahi Bank Ltd . . . . . . . . . . . . . . . . . . . . . 6,000 69,178
Banco Bilbao Vizcaya . . . . . . . . . . . . . . . . . . 500 13,033
Banco de Santander SA . . . . . . . . . . . . . . . . . . 500 20,562
Banco Espanol de Credito * . . . . . . . . . . . . . . . 3,100 22,511
Bank Austria AG - Preferred . . . . . . . . . . . . . . . 800 38,273
Bank Austria AG (Participating Certificate) . . . . . . . 900 30,929
Bank Austria AG . . . . . . . . . . . . . . . . . . . . . 6,200 472,114
Bank of East Asia Ltd . . . . . . . . . . . . . . . . . . 2,500 10,247
Bank of Tokyo Ltd . . . . . . . . . . . . . . . . . . . . 6,000 89,810
Bankamerica Corp . . . . . . . . . . . . . . . . . . . . 3,100 127,100
Banque National de Paris . . . . . . . . . . . . . . . . 1,900 94,294
Chiba Bank . . . . . . . . . . . . . . . . . . . . . . . 2,000 18,609
Compagnie Bancaire . . . . . . . . . . . . . . . . . . . 300 32,286
Compagnie Financiere Paribas . . . . . . . . . . . . . . 1,200 84,981
Compagnie Financierede Suez . . . . . . . . . . . . . . . 1,600 78,810
Credit National . . . . . . . . . . . . . . . . . . . . . 100 7,639
Creditanstalt-Bankverein Preferred . . . . . . . . . . . 1,900 111,517
Creditanstalt-Bankverein . . . . . . . . . . . . . . . . 3,500 207,642
CS Holdings - Warrants * . . . . . . . . . . . . . . . . 298 2,531
CS Holdings . . . . . . . . . . . . . . . . . . . . . . . 591 915
Daiichi Kangyo Bank Ltd . . . . . . . . . . . . . . . . . 9,000 160,203
Development Bank Of Singapore . . . . . . . . . . . . . . 2,500 24,932
Fuji Bank Ltd . . . . . . . . . . . . . . . . . . . . . . 8,000 165,057
Generale de Banque SA . . . . . . . . . . . . . . . . . . 78 19,687
Gunma Bank . . . . . . . . . . . . . . . . . . . . . . . 1,000 11,530
Hang Seng Bank . . . . . . . . . . . . . . . . . . . . . 6,000 44,803
Higo Bank . . . . . . . . . . . . . . . . . . . . . . . . 1,000 8,394
</TABLE>
See accompanying notes to the financial statements. 6
<PAGE>
PANAGORA GLOBAL FUND
PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 1994 (UNAUDITED) - CONTINUED
<TABLE>
<CAPTION> SHARE MARKET PERCENT OF
DESCRIPTION AMOUNT VALUE (NOTE 1) NET ASSETS
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
BANKING - (CONTINUED)
Hokuriku Bank . . . . . . . . . . . . . . . . . . . . . . 2,000 $14,766
Industrial Bank of Japan . . . . . . . . . . . . . . . . 6,000 166,877
Joyo Bank Ltd . . . . . . . . . . . . . . . . . . . . . . 2,000 17,193
Kredietbank . . . . . . . . . . . . . . . . . . . . . . . 70 14,217
Malayan Banking Berhad . . . . . . . . . . . . . . . . . 30,000 193,647
Mitsubishi Trust & Banking Corp . . . . . . . . . . . . . 4,000 56,637
Overseas Chinese Banking Corp Ltd . . . . . . . . . . . . 4,666 47,807
Sakura Bank Ltd . . . . . . . . . . . . . . . . . . . . . 9,000 119,242
Seventy Seven Bank * . . . . . . . . . . . . . . . . . . 1,000 10,114
Shizuoka Bank . . . . . . . . . . . . . . . . . . . . . . 2,000 26,700
Societe Generale . . . . . . . . . . . . . . . . . . . . 900 103,048
Sumitomo Bank . . . . . . . . . . . . . . . . . . . . . . 9,000 161,113
Tokai Bank . . . . . . . . . . . . . . . . . . . . . . . 6,000 75,853
United Overseas Bank - Foreign . . . . . . . . . . . . . 3,375 35,502
United Overseas Bank - Rights * . . . . . . . . . . . . . 26 0
Yamaguchi Bank . . . . . . . . . . . . . . . . . . . . . 1,000 16,283
Yasuda Trust & Banking . . . . . . . . . . . . . . . . . 3,000 24,273
Yokohama Bank . . . . . . . . . . . . . . . . . . . . . . 3,000 26,033
---------
3,076,892 7.2%
---------
CHEMICALS
AGA AB - B Shares . . . . . . . . . . . . . . . . . . . . 5,500 49,968
Air Liquide Corp . . . . . . . . . . . . . . . . . . . . 700 96,673
Asahi Chemical Industry Ltd . . . . . . . . . . . . . . 4,000 29,937
Daicel Chemical Industries Ltd . . . . . . . . . . . . . 1,000 5,866
Dainippon Ink & Chemicals Inc . . . . . . . . . . . . . . 2,000 10,397
Dow Chemical Co . . . . . . . . . . . . . . . . . . . . . 2,400 153,600
Eastman Chemical Company . . . . . . . . . . . . . . . . 725 34,166
Kansai Paint Co . . . . . . . . . . . . . . . . . . . . . 1,000 5,967
Konica Corp . . . . . . . . . . . . . . . . . . . . . . . 1,000 7,676
Kureha Chemical Industry . . . . . . . . . . . . . . . . 1,000 5,421
Kyowa Hakko Kogyo . . . . . . . . . . . . . . . . . . . . 1,000 9,628
Lenzing AG . . . . . . . . . . . . . . . . . . . . . . . 500 44,449
Mitsubishi Gas Chemical Co Inc . . . . . . . . . . . . . 1,000 5,027
Mitsubishi Kasei Corp . . . . . . . . . . . . . . . . . . 6,000 33,193
Mitsui Toatsu Chemicals Inc . . . . . . . . . . . . . . . 2,000 8,374
Nippon Shokubai Company . . . . . . . . . . . . . . . . . 1,000 9,912
Shin-Etsu Chemical Co . . . . . . . . . . . . . . . . . . 1,000 19,621
Showa Denko K.K. * . . . . . . . . . . . . . . . . . . . 3,000 10,437
Solvay & Cie SA . . . . . . . . . . . . . . . . . . . . . 45 20,965
Sumitomo Chemical Co . . . . . . . . . . . . . . . . . . 4,000 23,181
Takeda Chemical Industries Ltd . . . . . . . . . . . . . 2,000 24,880
Toray Industries Inc . . . . . . . . . . . . . . . . . . 4,000 29,613
Tosoh Corp * . . . . . . . . . . . . . . . . . . . . . . 2,000 8,314
UBE Industries Ltd * . . . . . . . . . . . . . . . . . . 2,000 8,172
---------
655,437 1.5%
---------
COMMUNICATION
Airtouch Communications Inc * . . . . . . . . . . . . . 3,700 100,363
</TABLE>
See accompanying notes to the financial statements. 7
<PAGE>
PANAGORA GLOBAL FUND
PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 1994 (UNAUDITED) - CONTINUED
<TABLE>
<CAPTION> SHARE MARKET PERCENT OF
DESCRIPTION AMOUNT VALUE (NOTE 1) NET ASSETS
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
COMMUNICATION - (CONTINUED)
AT & T Corp . . . . . . . . . . . . . . . . . . . . . . . 11,900 $ 584,588
Bell Atlantic Corp . . . . . . . . . . . . . . . . . . . 3,800 190,475
Bellsouth Corp . . . . . . . . . . . . . . . . . . . . . 4,400 228,250
Disney (Walt) Company . . . . . . . . . . . . . . . . . . 4,700 205,038
Elsevier . . . . . . . . . . . . . . . . . . . . . . . . 8,100 80,728
GTE Corp . . . . . . . . . . . . . . . . . . . . . . . . 8,400 257,250
Hong Kong Telecom . . . . . . . . . . . . . . . . . . . . 34,000 67,262
Motorola Inc . . . . . . . . . . . . . . . . . . . . . . 4,800 270,600
Nynex Corp . . . . . . . . . . . . . . . . . . . . . . . 3,700 139,213
Oy Nokia AB Preferred . . . . . . . . . . . . . . . . . . 2,750 376,162
Pacific Telesis Group . . . . . . . . . . . . . . . . . . 3,700 107,300
Singapore Press Holdings . . . . . . . . . . . . . . . . 700 7,985
Southwestern Bell Corp . . . . . . . . . . . . . . . . . 5,300 219,288
Telefonica de Espana SA . . . . . . . . . . . . . . . . . 5,200 66,776
Time Warner Inc . . . . . . . . . . . . . . . . . . . . . 3,300 111,375
Toppan Printing Co . . . . . . . . . . . . . . . . . . . 2,000 28,925
US West Inc . . . . . . . . . . . . . . . . . . . . . . . 3,700 130,425
----------
3,172,003 7.4%
----------
CONSTRUCTION AND BUILDING
Asahi Glass Ltd . . . . . . . . . . . . . . . . . . . . . 3,000 37,016
Bekaert Sa . . . . . . . . . . . . . . . . . . . . . . . 13 9,261
Bouygues . . . . . . . . . . . . . . . . . . . . . . . . 200 21,190
Cimenteries CBR Cementbed * . . . . . . . . . . . . . . 21 7,781
Daishowa Paper Manufacturing Co Ltd . . . . . . . . . . . 1,000 7,636
Daiwa House Industry Co Ltd . . . . . . . . . . . . . . . 1,000 13,755
Dragados Y Construcciones . . . . . . . . . . . . . . . . 800 11,955
Home Depot . . . . . . . . . . . . . . . . . . . . . . . 4,000 185,000
Imetal . . . . . . . . . . . . . . . . . . . . . . . . . 100 9,554
INAX Corp . . . . . . . . . . . . . . . . . . . . . . . . 1,000 10,620
Kajima Corp . . . . . . . . . . . . . . . . . . . . . . . 3,000 26,063
Keppel Corporation Ltd . . . . . . . . . . . . . . . . . 1,000 8,128
Lafarge Coppee French . . . . . . . . . . . . . . . . . . 800 61,428
Metra OY Class B . . . . . . . . . . . . . . . . . . . . 1,000 28,591
Nihon Cement Co Ltd . . . . . . . . . . . . . . . . . . . 1,000 7,211
Obayashi Corp . . . . . . . . . . . . . . . . . . . . . . 2,000 12,845
Penta-Ocean Construction . . . . . . . . . . . . . . . . 1,000 5,613
Radex-Heraklith Industrial AG . . . . . . . . . . . . . . 900 32,720
Sanwa Shutter . . . . . . . . . . . . . . . . . . . . . . 1,000 9,102
Sekisui House Ltd . . . . . . . . . . . . . . . . . . . . 2,000 23,262
Shimizu Corp . . . . . . . . . . . . . . . . . . . . . . 2,000 19,762
Tostem Corporation . . . . . . . . . . . . . . . . . . . 1,000 29,330
Universale Bau AG . . . . . . . . . . . . . . . . . . . . 400 26,082
Wienerberger Baustoffindustrie AG . . . . . . . . . . . . 500 172,236
----------
776,141 1.8%
----------
CONSUMER GOODS
Ajinomoto Co Inc . . . . . . . . . . . . . . . . . . . . 2,000 25,891
Carnaud Metalbox . . . . . . . . . . . . . . . . . . . . 800 27,777
</TABLE>
See accompanying notes to the financial statements. 8
<PAGE>
PANAGORA GLOBAL FUND
PORTFOLIO OF INVESTMENTS
NOVEMBER 30,1994 (UNAUDITED) - CONTINUED
<TABLE>
<CAPTION>
SHARE MARKET PERCENT OF
DESCRIPTION AMOUNT VALUE (NOTE1) NET ASSETS
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
CONSUMER GOODS - (CONTINUED)
Citizen Watch Co Ltd . . . . . . . . . . . . . . . . . . 1,000 $ 7,464
Comptoirs Modernes . . . . . . . . . . . . . . . . . . . 100 24,015
Dollfus-Mieg & Cie . . . . . . . . . . . . . . . . . . . 100 5,678
Eastman Kodak Co . . . . . . . . . . . . . . . . . . . . 2,900 132,313
Fuji Photo Film . . . . . . . . . . . . . . . . . . . . 1,000 22,250
Johnson & Johnson . . . . . . . . . . . . . . . . . . . 5,800 309,575
Kanebo Ltd . . . . . . . . . . . . . . . . . . . . . . . 1,000 3,489
Kurabo Industries . . . . . . . . . . . . . . . . . . . 1,000 4,207
Kuraray Co . . . . . . . . . . . . . . . . . . . . . . . 1,000 11,833
L'Oreal . . . . . . . . . . . . . . . . . . . . . . . . 600 130,149
Matsushita Electric Industrial Co Ltd . . . . . . . . . 6,000 92,845
Michelin SA, Cie Generale des Etablissements . . . . . . 1,100 42,323
Mitsubishi Paper Mills Ltd . . . . . . . . . . . . . . . 1,000 7,585
Moulinex . . . . . . . . . . . . . . . . . . . . . . . . 300 6,212
Nichii Co . . . . . . . . . . . . . . . . . . . . . . . 1,000 14,058
Nippon Sheet Glass . . . . . . . . . . . . . . . . . . . 1,000 5,188
Nisshinbo Industries Inc . . . . . . . . . . . . . . . . 1,000 11,125
Oji Paper Co Ltd . . . . . . . . . . . . . . . . . . . . 2,000 21,037
Procter & Gamble Co . . . . . . . . . . . . . . . . . . 6,000 375,000
Sony Corp. . . . . . . . . . . . . . . . . . . . . . . . 1,000 53,097
Taiyo Fishery Co Ltd . . . . . . . . . . . . . . . . . . 1,000 4,015
Toyobo Co Ltd . . . . . . . . . . . . . . . . . . . . . 2,000 8,051
Unilever . . . . . . . . . . . . . . . . . . . . . . . . 1,400 156,275
Unitika Ltd * . . . . . . . . . . . . . . . . . . . . . 1,000 3,449
----------
1,504,901 3.5%
CONSUMER SERVICES ----------
Accor Corp . . . . . . . . . . . . . . . . . . . . . . . 300 32,732
Chugai Pharmaceutical Co Ltd . . . . . . . . . . . . . . 1,000 10,721
Club Mediterrane . . . . . . . . . . . . . . . . . . . . 100 8,364
Dai Nippon Printing Co Ltd . . . . . . . . . . . . . . . 2,000 34,994
Genting Bhd . . . . . . . . . . . . . . . . . . . . . . 25,500 202,049
Lion Corporation . . . . . . . . . . . . . . . . . . . . 1,000 6,685
Nippon Yusen Kabushiki Kaish . . . . . . . . . . . . . . 3,000 19,965
Sumitomo Corp . . . . . . . . . . . . . . . . . . . . . 3,000 30,341
Yamaichi Securities . . . . . . . . . . . . . . . . . . 3,000 22,028
----------
367,879 0.9%
DIVERSIFIED ----------
Instrumentarium Group - A Shares * . . . . . . . . . . . 1,200 24,683
Instrumentaruim Group - B Shares * . . . . . . . . . . . 400 8,145
----------
32,828 0.1%
ELECTRONICS ----------
Alcatel Alsthom . . . . . . . . . . . . . . . . . . . . 1,500 126,859
Ameritech Corp . . . . . . . . . . . . . . . . . . . . . 4,800 189,600
Bic . . . . . . . . . . . . . . . . . . . . . . . . . . 100 12,435
Canon Inc . . . . . . . . . . . . . . . . . . . . . . . 2,000 34,589
Casio Computer Co Ltd . . . . . . . . . . . . . . . . . 1,000 12,642
</TABLE>
See accompanying notes to the financial statements. 9
<PAGE>
PANAGORA GLOBAL FUND
PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 1994 (UNAUDITED) - CONTINUED
<TABLE>
<CAPTION>
SHARE MARKET PERCENT OF
DESCRIPTION AMOUNT VALUE (NOTE 1) NET ASSETS
- --------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
ELECTRONICS - (CONTINUED)
Fanuc Co . . . . . . . . . . . . . . . . . . . . . . . . 1,000 $ 46,625
Fujitsu Ltd . . . . . . . . . . . . . . . . . . . . . . . 5,000 52,086
Furukawa Electric . . . . . . . . . . . . . . . . . . . . 2,000 11,651
Hitachi Ltd . . . . . . . . . . . . . . . . . . . . . . . 9,000 88,931
Intel Corp . . . . . . . . . . . . . . . . . . . . . . . 3,700 233,563
Mitsubishi Electric * . . . . . . . . . . . . . . . . . 6,000 42,296
Mitsubishi Heavy Industries Ltd . . . . . . . . . . . . . 9,000 66,812
NEC Corp . . . . . . . . . . . . . . . . . . . . . . . . 4,000 46,523
Nippondenso Co Ltd . . . . . . . . . . . . . . . . . . . 2,000 40,860
Sanyo Electric Co Ltd . . . . . . . . . . . . . . . . . . 5,000 29,330
Sharp Corp . . . . . . . . . . . . . . . . . . . . . . . 3,000 52,187
Strabag Oesterreich AG . . . . . . . . . . . . . . . . . 200 28,668
Sumitomo Electric Industries Ltd . . . . . . . . . . . . 2,000 27,914
Tohoku Electric Power . . . . . . . . . . . . . . . . . . 1,000 24,880
----------
1,168,451 2.7%
EQUIPMENT ----------
Amada Co Ltd . . . . . . . . . . . . . . . . . . . . . . 1,000 12,440
Atlas Copco AB B Free . . . . . . . . . . . . . . . . . 1,200 15,518
Havas SA . . . . . . . . . . . . . . . . . . . . . . . . 500 40,641
Hewlett-Packard Inc . . . . . . . . . . . . . . . . . . . 2,200 215,600
International Business Machines . . . . . . . . . . . . . 5,100 360,825
Komatsu Ltd . . . . . . . . . . . . . . . . . . . . . . . 3,000 27,884
Murata Mfg Co Ltd . . . . . . . . . . . . . . . . . . . . 1,000 40,051
Niigata Engineering Co Ltd . . . . . . . . . . . . . . . 1,000 4,298
----------
717,257 1.7%
FINANCIAL SERVICES ----------
Ashikaga Bank . . . . . . . . . . . . . . . . . . . . . . 2,000 14,766
Assicurazione Generali Itl . . . . . . . . . . . . . . . 580 13,386
Banco Central Hispano . . . . . . . . . . . . . . . . . . 400 9,264
Charqeurs . . . . . . . . . . . . . . . . . . . . . . . . 100 23,848
Credit Foncier de France . . . . . . . . . . . . . . . . 100 14,944
Daiwa Securities . . . . . . . . . . . . . . . . . . . . 4,000 52,187
Federal National Mortgage Association . . . . . . . . . . 2,400 170,700
Fin Pour L'Expans D'Telecomm . . . . . . . . . . . . . . 100 2,017
Holderbank Financiere Glarus AG - Warrants * . . . . . . 336 520
Kan Osake Pannk . . . . . . . . . . . . . . . . . . . . . 56,420 69,634
Mitsui Marine & Fire Insurance Co Ltd . . . . . . . . . . 2,000 14,523
Mitsui Trust & Banking Co Ltd . . . . . . . . . . . . . . 3,000 30,645
Nippon Shinpan Co . . . . . . . . . . . . . . . . . . . . 1,000 7,808
Nomura Securities Co Ltd . . . . . . . . . . . . . . . . 5,000 98,104
SOVAC SA . . . . . . . . . . . . . . . . . . . . . . . . 100 7,993
Unitas Bank Ltd . . . . . . . . . . . . . . . . . . . . . 37,600 102,862
----------
633,201 1.5%
FOOD AND BEVERAGE ----------
Asahi Breweries Ltd . . . . . . . . . . . . . . . . . . . 1,000 11,226
Coca-Cola Co . . . . . . . . . . . . . . . . . . . . . . 11,500 587,938
Cultor OY 2-Free . . . . . . . . . . . . . . . . . . . . 600 15,550
</TABLE>
See accompanying notes to the financial statements. 10
<PAGE>
PANAGORA GLOBAL FUND
PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 1994 (UNAUDITED) - CONTINUED
<TABLE>
<CAPTION> SHARE MARKET PERCENT OF
DESCRIPTION AMOUNT VALUE (NOTE 1) NET ASSETS
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
FOOD AND BEVERAGE - (CONTINUED)
Cultor OY Series 1 . . . . . . . . . . . . . . . . . . . 1,200 $ 31,101
Fraser and Neave Ltd . . . . . . . . . . . . . . . . . . 4,000 44,536
Groupe Danone . . . . . . . . . . . . . . . . . . . . . 700 101,617
Itoham Foods . . . . . . . . . . . . . . . . . . . . . . 1,000 7,778
Kikkoman Corp . . . . . . . . . . . . . . . . . . . . . 1,000 8,192
Kirin Brewery Co Ltd . . . . . . . . . . . . . . . . . . 3,000 31,859
LVMH Company . . . . . . . . . . . . . . . . . . . . . . 900 144,033
McDonalds Corp . . . . . . . . . . . . . . . . . . . . . 6,200 175,925
Meiji Milk Products . . . . . . . . . . . . . . . . . . 1,000 7,302
Nichirei Corp . . . . . . . . . . . . . . . . . . . . . 1,000 6,867
Nippon Meat Packers Inc . . . . . . . . . . . . . . . . 1,000 14,058
Oesterreichische Brau-Beteiligungs-AG . . . . . . . . . 1,100 59,191
Pepsico Inc. . . . . . . . . . . . . . . . . . . . . . . 7,000 247,625
Pernod-Ricard . . . . . . . . . . . . . . . . . . . . . 600 36,758
Philip Morris Comp Cos Inc . . . . . . . . . . . . . . . 7,800 466,050
Sapporo Breweries . . . . . . . . . . . . . . . . . . . 1,000 9,426
Snow Brand Milk Products Co Ltd . . . . . . . . . . . . 1,000 7,737
Takara Shuzo . . . . . . . . . . . . . . . . . . . . . . 1,000 7,838
Toyo Seikan Kaisha Ltd . . . . . . . . . . . . . . . . . 1,000 33,780
Yamazaki Baking Co . . . . . . . . . . . . . . . . . . . 1,000 20,025
----------
2,076,412 4.8%
HEALTH CARE ----------
Abbott Laboratories . . . . . . . . . . . . . . . . . . 7,400 235,875
American Home Products . . . . . . . . . . . . . . . . . 2,700 175,838
Banyu Pharmaceutical Co . . . . . . . . . . . . . . . . 1,000 9,477
Bristol-Myers Squibb Co . . . . . . . . . . . . . . . . 4,600 265,650
Daiichi Pharmaceutical Co . . . . . . . . . . . . . . . 1,000 15,373
Essilor International . . . . . . . . . . . . . . . . . 100 14,126
Kaneka Corp . . . . . . . . . . . . . . . . . . . . . . 1,000 7,990
Meiji Seika Kaisha Ltd . . . . . . . . . . . . . . . . . 1,000 6,513
Merck & Co Inc . . . . . . . . . . . . . . . . . . . . . 10,000 372,500
Pfizer Inc . . . . . . . . . . . . . . . . . . . . . . . 2,800 216,650
Sandoz AG - B . . . . . . . . . . . . . . . . . . . . . 1 536
Sankyo Co Ltd . . . . . . . . . . . . . . . . . . . . . 1,000 24,981
Taisho Pharmaceutical Co Ltd . . . . . . . . . . . . . . 1,000 18,003
Tanabe Seiyaku . . . . . . . . . . . . . . . . . . . . . 1,000 8,496
Yamanouchi Pharmaceutical * . . . . . . . . . . . . . . 1,000 19,924
----------
1,391,932 3.2%
INSURANCE ----------
American Intl Group . . . . . . . . . . . . . . . . . . 2,800 256,550
Axa Sa . . . . . . . . . . . . . . . . . . . . . . . . . 1,700 83,704
EA-Generali AG . . . . . . . . . . . . . . . . . . . . . 900 227,900
Fortis AG . . . . . . . . . . . . . . . . . . . . . . . 184 15,433
Nichido Fire &Marine Insurance . . . . . . . . . . . . . 1,000 8,384
Nippon Fire & Marine Insurance . . . . . . . . . . . . . 2,000 13,047
Pohjola Insurance Co - A Shares . . . . . . . . . . . . 700 10,223
Pohjola Insurance Co - B Shares . . . . . . . . . . . . 2,600 31,553
</TABLE>
See accompanying notes to the financial statements. 11
<PAGE>
PANAGORA GLOBAL FUND
PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 1994 (UNAUDITED) - CONTINUED
<TABLE>
<CAPTION> SHARE MARKET PERCENT OF
DESCRIPTION AMOUNT VALUE (NOTE 1) NET ASSETS
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INSURANCE - (CONTINUED)
Royal Belge * . . . . . . . . . . . . . . . . . . . . . 69 $ 10,719
Sampo Insurance Co 'A' Free . . . . . . . . . . . . . . 1,200 56,771
Sumitomo Marine & Fire Insurance Co Ltd . . . . . . . . 2,000 17,072
Tokio Marine & Fire Insurance Co Ltd . . . . . . . . . . 4,000 46,119
---------
777,475 1.8%
MACHINERY ---------
Kawasaki Steel Corp . . . . . . . . . . . . . . . . . . 9,000 38,594
Kobe Steel Ltd * . . . . . . . . . . . . . . . . . . . 8,000 25,406
Kubota Corp . . . . . . . . . . . . . . . . . . . . . . 4,000 29,249
Minebea Kabushiki Kaisha . . . . . . . . . . . . . . . . 1,000 8,094
NGK Insulators Ltd . . . . . . . . . . . . . . . . . . . 1,000 10,215
Nippon Steel Corp . . . . . . . . . . . . . . . . . . . 19,000 73,790
NKK Corp * . . . . . . . . . . . . . . . . . . . . . . 10,000 27,611
Steyr-Daimler-Puch AG . . . . . . . . . . . . . . . . . 1,200 20,077
Sumitomo Metal Mining Co Ltd . . . . . . . . . . . . . . 2,000 18,812
Tsubakimoto Chain . . . . . . . . . . . . . . . . . . . 1,000 5,512
---------
257,360 0.6%
MANUFACTURING ---------
Amer-Yhthymae OY-A . . . . . . . . . . . . . . . . . . . 1,800 35,174
Assa Abloy Ab-B * . . . . . . . . . . . . . . . . . . . 1,200 3,899
Atlas Copco AB A Free . . . . . . . . . . . . . . . . . 12,000 154,381
Brother Industries Ltd . . . . . . . . . . . . . . . . . 1,000 6,797
Compagnie de Saint Goban . . . . . . . . . . . . . . . . 800 96,357
Constantia Industries . . . . . . . . . . . . . . . . . 400 31,834
Daido Steel Co . . . . . . . . . . . . . . . . . . . . . 1,000 5,684
Denki Kagaku Kogyo K.K. * . . . . . . . . . . . . . . . 1,000 4,177
E I Dupont de Nemours & Co Inc . . . . . . . . . . . . . 6,000 323,250
Ebaba Corp . . . . . . . . . . . . . . . . . . . . . . . 1,000 17,396
Fletcher Forestry . . . . . . . . . . . . . . . . . . . 25,000 29,043
General Electric . . . . . . . . . . . . . . . . . . . . 15,200 699,200
Gervaert Photo-Production . . . . . . . . . . . . . . . 161 46,528
Groupe Bruxelles Lambert SA . . . . . . . . . . . . . . 126 15,042
Kone Corp Class B . . . . . . . . . . . . . . . . . . . 500 53,172
Kymmene Oy . . . . . . . . . . . . . . . . . . . . . . . 6,400 168,504
Metra OY Class A . . . . . . . . . . . . . . . . . . . . 1,100 32,808
Minnesota Mining & Mfg . . . . . . . . . . . . . . . . . 3,800 194,750
Nippon Paper Industries Co . . . . . . . . . . . . . . . 3,000 22,726
Rhone-Polenc SA Class A . . . . . . . . . . . . . . . . 3,300 81,948
Sankyo Aluminum Industry Co . . . . . . . . . . . . . . 1,000 6,321
Settsu Corp * . . . . . . . . . . . . . . . . . . . . . 1,000 4,096
Sumitomo Heavy Industries . . . . . . . . . . . . . . . 2,000 7,666
Sumitomo Metal Industries . . . . . . . . . . . . . . . 9,000 29,309
Sumitomo Osaka Cement Co Ltd . . . . . . . . . . . . . . 1,000 4,703
The Japan Steel Works Ltd . . . . . . . . . . . . . . . 1,000 3,267
Thomson CSF . . . . . . . . . . . . . . . . . . . . . . 1,200 37,695
---------
2,115,727 4.9%
---------
</TABLE>
See accompanying notes to the financial statements. 12
<PAGE>
PANAGORA GLOBAL FUND
PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 1994 (UNAUDITED) - CONTINUED
<TABLE>
<CAPTION> SHARE MARKET PERCENT OF
DESCRIPTION AMOUNT VALUE (NOTE 1) NET ASSETS
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
METALS AND MINING
Fujikura Ltd . . . . . . . . . . . . . . . . . . . . . . 1,000 $ 7,413
Mitsubishi Materials Corp . . . . . . . . . . . . . . . 3,000 16,384
Mitsui Mining & Smelting * . . . . . . . . . . . . . . . 1,000 4,268
Nationale Elf Aquitaine . . . . . . . . . . . . . . . . 6 411
Nippon Light Metal Co Ltd . . . . . . . . . . . . . . . 1,000 6,989
NV Union Miniere SA * . . . . . . . . . . . . . . . . . 133 10,537
OEMV AG . . . . . . . . . . . . . . . . . . . . . . . . 3,300 276,654
Repsol SA . . . . . . . . . . . . . . . . . . . . . . . 900 25,935
Total SA . . . . . . . . . . . . . . . . . . . . . . . . 2,300 144,071
Veitscher Magnesitwerke AG * . . . . . . . . . . . . . 1,400 42,288
--------
534,950 1.2%
MISCELLANEOUS --------
Aoki Corp . . . . . . . . . . . . . . . . . . . . . . . 1,000 4,056
CBR Cimenteries Warrants * . . . . . . . . . . . . . . 146 942
Chichibu Onoda Cement Corp . . . . . . . . . . . . . . . 2,000 12,278
Chiyoda Corp . . . . . . . . . . . . . . . . . . . . . . 1,000 13,350
Cie Parisienne de Reescompte . . . . . . . . . . . . . . 100 6,784
Delhaize Le . . . . . . . . . . . . . . . . . . . . . . 275 11,068
Docks de France . . . . . . . . . . . . . . . . . . . . 100 12,770
Ecco SA . . . . . . . . . . . . . . . . . . . . . . . . 100 12,602
Eisai Co Ltd . . . . . . . . . . . . . . . . . . . . . . 1,000 16,890
Frigoscandia AB Series A . . . . . . . . . . . . . . . . 100 318
Frigoscandia AB Series B . . . . . . . . . . . . . . . . 100 318
Gunze Ltd . . . . . . . . . . . . . . . . . . . . . . . 1,000 6,705
Haseko Corporation . . . . . . . . . . . . . . . . . . . 1,000 6,169
Hokkaido Bank . . . . . . . . . . . . . . . . . . . . . 1,000 4,046
Honshu Paper Co . . . . . . . . . . . . . . . . . . . . 1,000 6,625
Ishihara Sangyo Kaisha * . . . . . . . . . . . . . . . 1,000 4,056
Ito Yokado Co . . . . . . . . . . . . . . . . . . . . . 1,000 53,097
Kao Corp . . . . . . . . . . . . . . . . . . . . . . . . 2,000 22,453
Kumagai Gumi Co . . . . . . . . . . . . . . . . . . . . 2,000 9,204
Lagardere Groupe . . . . . . . . . . . . . . . . . . . . 900 21,563
Lyonnaise Des Eaux-Dumez . . . . . . . . . . . . . . . . 600 54,033
Mitsukoshi Ltd . . . . . . . . . . . . . . . . . . . . . 1,000 9,568
Nippon Suisan Kaisha Ltd . . . . . . . . . . . . . . . . 1,000 4,673
NOF Corp . . . . . . . . . . . . . . . . . . . . . . . . 1,000 6,321
Nord-Est . . . . . . . . . . . . . . . . . . . . . . . . 100 2,558
NSK Ltd . . . . . . . . . . . . . . . . . . . . . . . . 2,000 15,009
NTN Toyo Bearing Co Ltd . . . . . . . . . . . . . . . . 1,000 6,888
Olympus Optical . . . . . . . . . . . . . . . . . . . . 1,000 10,923
Omron Corp . . . . . . . . . . . . . . . . . . . . . . . 1,000 17,295
Orient Corporation . . . . . . . . . . . . . . . . . . . 1,000 5,967
Outokumpo Oy . . . . . . . . . . . . . . . . . . . . . . 9,700 179,970
Oy Nokia AB . . . . . . . . . . . . . . . . . . . . . . 3,000 409,742
Renown Inc . . . . . . . . . . . . . . . . . . . . . . . 1,000 4,400
Repola Oy . . . . . . . . . . . . . . . . . . . . . . . 11,800 216,019
Ricoh Corp Ltd . . . . . . . . . . . . . . . . . . . . . 2,000 19,014
Saint Louis . . . . . . . . . . . . . . . . . . . . . . 100 27,416
</TABLE>
See accompanying notes to the financial statements. 13
<PAGE>
PANAGORA GLOBAL FUND
PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 1994 (UNAUDITED) - CONTINUED
<TABLE>
<CAPTION> SHARE MARKET PERCENT OF
DESCRIPTION AMOUNT VALUE (NOTE 1) NET ASSETS
- --------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MISCELLANEOUS - (CONTINUED)
Sekisui Chemical . . . . . . . . . . . . . . . . . . . . 2,000 $ 19,601
Shionogi & Co Ltd . . . . . . . . . . . . . . . . . . . 1,000 8,738
Shiseido Co . . . . . . . . . . . . . . . . . . . . . . 1,000 12,137
Sime Darby Berhan Singapore . . . . . . . . . . . . . . 40,000 109,288
Teijin Limited . . . . . . . . . . . . . . . . . . . . . 3,000 16,809
Tokyotokeiba Co Ltd . . . . . . . . . . . . . . . . . . 1,000 5,259
Toto Ltd . . . . . . . . . . . . . . . . . . . . . . . . 1,000 15,778
Union Immobiliere de France . . . . . . . . . . . . . . 100 8,253
Yamaha Corp . . . . . . . . . . . . . . . . . . . . . . 1,000 12,541
----------
1,423,494 3.3%
NONDURABLE GOODS ----------
Marui Co . . . . . . . . . . . . . . . . . . . . . . . . 1,000 16,890 0.0%
----------
OIL AND GAS
Amoco Corp . . . . . . . . . . . . . . . . . . . . . . . 4,400 267,300
Atlantic Richfield . . . . . . . . . . . . . . . . . . . 1,400 144,900
Chevron Corp . . . . . . . . . . . . . . . . . . . . . . 5,800 253,025
Cosmo Oil Co Ltd . . . . . . . . . . . . . . . . . . . . 2,000 14,625
Exxon Corp . . . . . . . . . . . . . . . . . . . . . . . 11,000 664,125
Gas Natural SA . . . . . . . . . . . . . . . . . . . . . 500 45,481
Hong Kong & China Gas Co Ltd . . . . . . . . . . . . . . 24,000 39,101
Japan Energy Corp . . . . . . . . . . . . . . . . . . . 3,000 12,137
Mitsubishi Oil Co . . . . . . . . . . . . . . . . . . . 1,000 9,588
Mobil Corp . . . . . . . . . . . . . . . . . . . . . . . 3,500 298,375
Nippon Oil Co Ltd . . . . . . . . . . . . . . . . . . . 3,000 20,602
Royal Dutch Petroleum . . . . . . . . . . . . . . . . . 4,700 510,538
Schlumberger Ltd . . . . . . . . . . . . . . . . . . . . 2,100 111,563
Teikoku Oil Co . . . . . . . . . . . . . . . . . . . . . 1,000 7,221
Texaco Inc . . . . . . . . . . . . . . . . . . . . . . . 2,300 142,888
Tokyo Gas . . . . . . . . . . . . . . . . . . . . . . . 8,000 34,387
----------
2,575,856 6.0%
REAL ESTATE ----------
Cheung Kong Holdings Ltd . . . . . . . . . . . . . . . . 7,000 29,145
City Developments Ltd . . . . . . . . . . . . . . . . . 1,200 6,352
Daikyo Inc . . . . . . . . . . . . . . . . . . . . . . . 1,000 7,767
Mitsubishi Estate Co Ltd . . . . . . . . . . . . . . . . 4,000 44,096
Mitsui Fudosan Co Ltd . . . . . . . . . . . . . . . . . 2,000 20,632
New World Development Co Ltd . . . . . . . . . . . . . . 22,000 61,871
SIMCO - Registered . . . . . . . . . . . . . . . . . . . 200 17,175
Sodexho SA . . . . . . . . . . . . . . . . . . . . . . . 100 16,227
Ste Francaise d'Investissements Immobiliers & de Gestion 200 14,546
Sun Hung Kai Properties Ltd . . . . . . . . . . . . . . 7,600 48,840
Tokyo Tatemono Co Ltd . . . . . . . . . . . . . . . . . 1,000 5,815
Union du Credit Bail Immobilier * . . . . . . . . . . . 100 8,587
Wharf Holdings Ltd . . . . . . . . . . . . . . . . . . . 7,000 24,347
----------
305,400 0.7%
----------
</TABLE>
See accompanying notes to the financial statements. 14
<PAGE>
PANAGORA INTERNATIONAL EQUITY FUND
PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 1994 (UNAUDITED) - CONTINUED
<TABLE>
<CAPTION> SHARE MARKET PERCENT OF
DESCRIPTION AMOUNT VALUE (NOTE 1) NET ASSETS
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
RETAIL STORES
Asics Corp . . . . . . . . . . . . . . . . . . . . . . . 1,000 $ 3,752
Carrefour Supermarche . . . . . . . . . . . . . . . . . . 300 124,796
Casino - Non Voting Preferred . . . . . . . . . . . . . . 200 4,573
Casino (Etabl Econ) . . . . . . . . . . . . . . . . . . . 600 18,346
Daiei Inc * . . . . . . . . . . . . . . . . . . . . . . 2,000 27,914
Daimaru Inc . . . . . . . . . . . . . . . . . . . . . . . 1,000 7,140
Dairy Farm Intl Holdings . . . . . . . . . . . . . . . . 20,000 20,688
Hankyu Department Store Inc . . . . . . . . . . . . . . . 1,000 11,934
Isetan Co Ltd . . . . . . . . . . . . . . . . . . . . . . 1,000 18,205
Jusco Co . . . . . . . . . . . . . . . . . . . . . . . . 1,000 22,048
Kesko Oy Osake . . . . . . . . . . . . . . . . . . . . . 7,000 77,032
Pinault Printemps Redoute SA . . . . . . . . . . . . . . 200 35,688
Promodes . . . . . . . . . . . . . . . . . . . . . . . . 200 38,550
Sears Roebuck . . . . . . . . . . . . . . . . . . . . . . 3,100 146,475
Seiyu Ltd . . . . . . . . . . . . . . . . . . . . . . . . 1,000 13,451
Seven Eleven Japan Ltd . . . . . . . . . . . . . . . . . 1,100 86,665
Sta Meridionale Finanziaria SPA . . . . . . . . . . . . . 12,500 30,625
Stockmann Ab 'B' Free * . . . . . . . . . . . . . . . . 500 23,449
Stockmann AB * . . . . . . . . . . . . . . . . . . . . . 600 30,237
Takashimaya Co . . . . . . . . . . . . . . . . . . . . . 1,000 14,058
Wal-Mart Stores Inc . . . . . . . . . . . . . . . . . . . 20,300 469,438
---------
1,225,064 2.9%
---------
TECHNOLOGY
BWT Stamm . . . . . . . . . . . . . . . . . . . . . . . . 200 30,567
Fujita Corp . . . . . . . . . . . . . . . . . . . . . . . 1,000 5,411
GTM Entrerpose SA . . . . . . . . . . . . . . . . . . . . 100 7,323
Hazama-Gumi Ltd . . . . . . . . . . . . . . . . . . . . . 1,000 3,995
Kinden Corp . . . . . . . . . . . . . . . . . . . . . . . 1,000 16,587
Kyocera Corp . . . . . . . . . . . . . . . . . . . . . . 1,000 74,235
Okumura . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 7,676
Taisei Corp . . . . . . . . . . . . . . . . . . . . . . . 3,000 18,205
Yokogawa Electric Corp . . . . . . . . . . . . . . . . . 1,000 10,215
---------
174,214 0.4%
---------
TRANSPORTATION
Austrian Airline . . . . . . . . . . . . . . . . . . . . 300 53,719
Cathay Pacific Airways Ltd . . . . . . . . . . . . . . . 9,000 12,859
Danzas Holding . . . . . . . . . . . . . . . . . . . . . 3 593
Eridania Beghin Say . . . . . . . . . . . . . . . . . . . 300 41,599
Hankyu Corp . . . . . . . . . . . . . . . . . . . . . . . 2,000 11,995
Japan Airlines Co Ltd . . . . . . . . . . . . . . . . . . 5,000 36,916
Kamigumi Co Ltd . . . . . . . . . . . . . . . . . . . . . 1,000 10,620
Kawasaki Kisen Kaisha Ltd * . . . . . . . . . . . . . . 2,000 7,929
Keihin Electric Express Railway Co Ltd . . . . . . . . . 1,000 5,826
Kinki Nippon Railway Co Ltd . . . . . . . . . . . . . . . 4,000 33,497
Mitisui OSK Lines Ltd . . . . . . . . . . . . . . . . . . 3,000 11,985
Mitsui Engineering & Shipbuilding Co Ltd . . . . . . . . 2,000 6,250
Nagoya Railroad Co Ltd . . . . . . . . . . . . . . . . . 2,000 9,851
Nankai Electric Railway Co . . . . . . . . . . . . . . . 1,000 7,879
</TABLE>
See accompanying notes to the financial statements. 15
<PAGE>
PANAGORA GLOBAL FUND
PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 1994 (UNAUDITED) - CONTINUED
<TABLE>
<CAPTION> FACE/SHARE MARKET PERCENT OF
DESCRIPTION AMOUNT VALUE (NOTE 1) NET ASSETS
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
TRANSPORTATION - (CONTINUED)
Nippon Express Co . . . . . . . . . . . . . . . . . . . . 3,000 $ 31,252
Odakyu Electric Railway Co Ltd . . . . . . . . . . . . . 2,000 14,200
Sagami Railway . . . . . . . . . . . . . . . . . . . . . 1,000 4,652
Singapore Airlines Ltd . . . . . . . . . . . . . . . . . 3,000 29,099
Swire Pacific Ltd . . . . . . . . . . . . . . . . . . . . 5,000 33,295
Tobu Railway Co Ltd . . . . . . . . . . . . . . . . . . . 2,000 11,914
Tokyu Corp . . . . . . . . . . . . . . . . . . . . . . . 3,000 20,420
Yamato Transport Co Ltd . . . . . . . . . . . . . . . . . 1,000 12,238
-----------
408,588 1.0%
-----------
UTILITIES
China Light & Power Co Ltd . . . . . . . . . . . . . . . 5,800 24,973
Cie Generale Des Eaux . . . . . . . . . . . . . . . . . . 1,200 114,870
Electrabel . . . . . . . . . . . . . . . . . . . . . . . 239 42,538
Electrabel-Preferred . . . . . . . . . . . . . . . . . . 52 9,352
Empresa Nacional de Electricidad SA * . . . . . . . . . 900 40,795
Iberdrola SA . . . . . . . . . . . . . . . . . . . . . . 2,200 14,782
Kansai Electric Power Co Inc . . . . . . . . . . . . . . 3,000 73,730
Oesterreichische Elektrizitaetswirschafts AG . . . . . . 3,800 228,533
Osaka Gas Co Ltd . . . . . . . . . . . . . . . . . . . . 7,000 28,319
Pacific Gas & Electric . . . . . . . . . . . . . . . . . 3,800 90,725
Petrofina SA . . . . . . . . . . . . . . . . . . . . . . 125 36,434
Reunies Electrobel & Tractebel * . . . . . . . . . . . . 62 18,494
Schnieder SA . . . . . . . . . . . . . . . . . . . . . . 600 43,271
Tokyo Electric Power Co Inc . . . . . . . . . . . . . . . 4,000 113,274
Viag AG . . . . . . . . . . . . . . . . . . . . . . . . . 100 28,944
-----------
909,034 2.1%
-----------
WHOLESALE TRADE
Hutchison Whampoa Ltd . . . . . . . . . . . . . . . . . . 11,000 43,808
Itochu Corp . . . . . . . . . . . . . . . . . . . . . . . 4,000 29,290
Iwatani International Corp . . . . . . . . . . . . . . . 1,000 5,654
Jardine Matheson Holdings Ltd . . . . . . . . . . . . . . 2,000 13,641
Marubeni Corp . . . . . . . . . . . . . . . . . . . . . . 4,000 22,412
Mitsubishi Corp . . . . . . . . . . . . . . . . . . . . . 4,000 53,401
Mitsui & Co Ltd . . . . . . . . . . . . . . . . . . . . . 4,000 34,751
-----------
202,957 0.5%
------------------------
TOTAL STOCK AND EQUIVALENTS (Cost $28,478,293) 28,331,478 66.0%
------------------------
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C>
SHORT-TERM INVESTMENTS - 27.4%
U.S. GOVERNMENT
U.S. Treasury Bill . . . . . . . . . 4.70% 12/22/94 $3,600,000 3,557,185
U.S. Treasury Bill . . . . . . . . . 5.41% 03/09/95 4,000,000 3,936,223
-----------
7,493,408 17.4%
-----------
</TABLE>
See accompanying notes to the financial statements. 16
<PAGE>
PANAGORA GLOBAL FUND
PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 1994 (UNAUDITED) - CONTINUED
<TABLE>
<CAPTION>
FACE/SHARE MARKET PERCENT OF
DESCRIPTION AMOUNT VALUE (NOTE 1) NET ASSETS
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
REPURCHASE AGREEMENT
Cantor Fitzgerald Repurchase Agreement, dated 11/30/94,
due 12/1/94, with a maturity value of $2,143,836 and an
effective yield of 5.12%, collateralized by U.S. Treasury
Obligations with rates ranging from 4.25% to 8.75% and
maturity dates ranging from 12/31/94 to 05/15/17, with an
aggregate market value of $2,188,399. 2,143,526
Salomon Brothers Repurchase Agreement, dated 11/30/94,
due 12/1/94, with a maturity value of $2,143,836 and an
effective yield of 5.20%, collateralized by U.S. Treasury
Obligations with rates ranging from 4.38% to 6.50% and
maturity dates ranging from 11/15/94 to 01/15/00, with an
aggregate market value of $2,180,253. 2,143,526 2,143,526
------------
4,287,052 10.0%
---------------------------
TOTAL SHORT-TERM INVESTMENTS (at Amortized Cost) 11,780,460 27.4%
---------------------------
TOTAL INVESTMENTS (Cost $40,258,753+) 40,111,938 93.4%
Excess of Other Assets over Liabilities 2,812,241 6.6%
---------------------------
NET ASSETS $ 42,924,179 100.0%
===========================
</TABLE>
* Non-income producing security.
+ Aggregate cost for Federal income tax purposes (Note 3).
On November 30, 1994, geographical diversification of the PanAgora Global
Fund's investments as a percentage of net assets, excluding short-term
investments, was as follows:
<TABLE>
<CAPTION>
COUNTRY PERCENTAGE OF
NET ASSETS
<S> <C>
United States 29.0%
Japan 13.2
France 5.9
Austria 5.0
Finland 4.6
Sweden 2.2
Netherlands 1.7
Singapore 1.2
Hong Kong 1.1
Belgium 0.7
Spain 0.6
Malaysia 0.5
Italy 0.1
New Zealand 0.1
Germany 0.1
--------
66.0%
========
</TABLE>
See accompanying notes to the financial statements. 17
<PAGE>
PANAGORA INTERNATIONAL EQUITY FUND
PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
SHARE MARKET PERCENT OF
DESCRIPTION AMOUNT VALUE (NOTE 1) NET ASSETS
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
STOCK AND EQUIVALENTS - 89.6
AUTOMOTIVE
Astra International - Foreign . . . . . . . . . . . . . . . . . 13,500 $ 26,955
Bridgestone Corp . . . . . . . . . . . . . . . . . . . . . . . 1,600 24,920
Cia Interamericana de Auto . . . . . . . . . . . . . . . . . . 600 6,664
Daimler-Benz AG . . . . . . . . . . . . . . . . . . . . . . . . 400 189,347
Fiat Italian Priv Shares * . . . . . . . . . . . . . . . . . . 12,500 28,475
Fiat Risp Non Conv Itl Shares . . . . . . . . . . . . . . . . . 9,600 20,687
Fiat SPA . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,900 122,681
Fischer (George) - Registered . . . . . . . . . . . . . . . . . 2 420
Gebruder Sulzer AG . . . . . . . . . . . . . . . . . . . . . . 11 7,515
Gilardini SPA . . . . . . . . . . . . . . . . . . . . . . . . . 3,300 7,789
Honda Motor Co Ltd . . . . . . . . . . . . . . . . . . . . . . 1,600 26,862
Linde AG . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 1,714
Mannesmann AG . . . . . . . . . . . . . . . . . . . . . . . . . 300 78,416
Nissan Motors . . . . . . . . . . . . . . . . . . . . . . . . . 4,000 29,532
Otosan Otomobil AS - Rights * . . . . . . . . . . . . . . . . . 900 209
Otosan Otomobil AS . . . . . . . . . . . . . . . . . . . . . . 3,600 936
Peugeot SA . . . . . . . . . . . . . . . . . . . . . . . . . . 200 29,294
Tofas Turk Otomobil Fabrikasi AS . . . . . . . . . . . . . . . 71,000 59,271
Toyota Motor Co . . . . . . . . . . . . . . . . . . . . . . . . 5,986 127,742
Volkswagen AG . . . . . . . . . . . . . . . . . . . . . . . . . 200 54,509
Volvo Aktiebolag A Free . . . . . . . . . . . . . . . . . . . . 3,800 72,827
Volvo Aktiebolag B Free . . . . . . . . . . . . . . . . . . . . 5,900 113,465
----------
1,030,230 6.0%
BANKING ----------
ABN AMRO Holdings . . . . . . . . . . . . . . . . . . . . . . . 100 3,463
Asahi Bank Ltd . . . . . . . . . . . . . . . . . . . . . . . . 4,000 46,362
Banca Commerciale Italiana - Rights * . . . . . . . . . . . . . 16,800 5,779
Banca Nazionale Deli . . . . . . . . . . . . . . . . . . . . . 4,600 7,769
Banco Ambrosiano Veneto . . . . . . . . . . . . . . . . . . . . 6,900 19,074
Banco Ambrosiano Veneto - Non convertible . . . . . . . . . . . 3,000 4,275
Banco Bilbao Vizcaya . . . . . . . . . . . . . . . . . . . . . 600 15,639
Banco Comercial Portugues - Rights * . . . . . . . . . . . . . 3,300 44,144
Banco de Santander . . . . . . . . . . . . . . . . . . . . . . 400 16,449
Banco Espanol de Credito * . . . . . . . . . . . . . . . . . . 1,200 8,714
Banco Espirito . . . . . . . . . . . . . . . . . . . . . . . . 2,000 39,201
Banco Frances del Rio Plata . . . . . . . . . . . . . . . . . . 400 3,482
Banco Galicia y Buenos Aires . . . . . . . . . . . . . . . . . 345 2,037
Banco Portuguese de Invest SA . . . . . . . . . . . . . . . . . 1,200 18,831
Bangkok Bank Public Co Ltd - Foreign . . . . . . . . . . . . . 5,000 49,492
Bank Austria AG - Participating Certificate . . . . . . . . . . 400 13,746
Bank Austria AG - Non Voting Preferred . . . . . . . . . . . . 400 19,136
Bank Austria AG . . . . . . . . . . . . . . . . . . . . . . . . 2,960 225,396
Bank International - Foreign . . . . . . . . . . . . . . . . . 7,000 23,778
Bank Of Tokyo Ltd . . . . . . . . . . . . . . . . . . . . . . . 3,000 44,905
</TABLE>
See accompanying notes to the financial statements. 18
<PAGE>
PANAGORA INTERNATIONAL EQUITY FUND
PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 1994 (UNAUDITED) - CONTINUED
<TABLE>
<CAPTION> SHARE MARKET PERCENT OF
DESCRIPTION AMOUNT VALUE (NOTE 1) NET ASSETS
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
BANKING - (CONTINUED)
Banka Commerciale Italiana . . . . . . . . . . . . . . . . . . 22,600 $ 47,288
Banque National de Paris . . . . . . . . . . . . . . . . . . . 800 39,703
Bayerische Hypothekenbank . . . . . . . . . . . . . . . . . . 200 52,278
Charoen Pokphand Feedmill Public Co - Foreign . . . . . . . . 100 702
Chiba Bank . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 9,305
Commercial Bank Of Greece . . . . . . . . . . . . . . . . . . 1,000 33,196
Compagnie Bancaire . . . . . . . . . . . . . . . . . . . . . . 100 10,762
Compagnie Financiere Paribas . . . . . . . . . . . . . . . . . 500 35,409
Compagnie Financierede Suez . . . . . . . . . . . . . . . . . 600 29,554
Credit Bank Athens . . . . . . . . . . . . . . . . . . . . . . 1,666 69,562
Creditanstalt-Bankverein . . . . . . . . . . . . . . . . . . . 1,721 102,100
Creditanstalt-Bkverein:Vorzu . . . . . . . . . . . . . . . . . 900 52,824
CS Holdings - Bearer . . . . . . . . . . . . . . . . . . . . . 128 54,304
CS Holdings - Registered . . . . . . . . . . . . . . . . . . . 263 21,541
CS Holdings - Warrants * . . . . . . . . . . . . . . . . . . 87 739
Dai-Ichi Kangyo Bank Ltd . . . . . . . . . . . . . . . . . . . 5,790 103,064
Den Danske Bank . . . . . . . . . . . . . . . . . . . . . . . 276 14,921
Deutsche Bank AG . . . . . . . . . . . . . . . . . . . . . . . 300 141,723
Dresdner Bank AG . . . . . . . . . . . . . . . . . . . . . . . 300 78,225
Ergo Bank SA . . . . . . . . . . . . . . . . . . . . . . . . . 900 34,230
Fuji Bank . . . . . . . . . . . . . . . . . . . . . . . . . . 5,100 105,224
Grupo Financiero Banamex . . . . . . . . . . . . . . . . . . . 300 2,111
Grupo Financiero Bancomer . . . . . . . . . . . . . . . . . . 7,800 9,481
Gunma Bank . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 11,530
Hang Seng Bank . . . . . . . . . . . . . . . . . . . . . . . . 1,300 9,707
Hokuriku Bank . . . . . . . . . . . . . . . . . . . . . . . . 1,000 7,383
Hsbc Holdings Plc . . . . . . . . . . . . . . . . . . . . . . 5,700 63,015
Industrial Bank Of Japan . . . . . . . . . . . . . . . . . . . 3,800 105,689
Internationale Nederlanden Group . . . . . . . . . . . . . . . 687 32,317
Joyo Bank . . . . . . . . . . . . . . . . . . . . . . . . . . 1,680 14,442
Mediobanca Banca di Credito . . . . . . . . . . . . . . . . . 6,370 50,561
Mitsubishi Bank . . . . . . . . . . . . . . . . . . . . . . . 1,790 40,009
Mitsubishi Trust & Banking Corp . . . . . . . . . . . . . . . 1,800 25,487
Philippine National Bank . . . . . . . . . . . . . . . . . . . 1,000 13,208
Sakura Bank . . . . . . . . . . . . . . . . . . . . . . . . . 5,400 71,545
Schweiz Bankgesellschaft- Registered . . . . . . . . . . . . . 119 23,087
Seventy Seven Bank * . . . . . . . . . . . . . . . . . . . . 1,000 10,114
Shizuoka Bank . . . . . . . . . . . . . . . . . . . . . . . . 1,600 21,360
Siam Commercial Bank Public Co . . . . . . . . . . . . . . . . 2,000 15,406
Siderca S.A. . . . . . . . . . . . . . . . . . . . . . . . . . 9,000 6,845
Skandinaviska Enskilda Banken * . . . . . . . . . . . . . . . 9,000 54,551
Societe Generale . . . . . . . . . . . . . . . . . . . . . . 300 34,349
Sophus Berendsen - A Shares . . . . . . . . . . . . . . . . . 31 2,585
Sophus Berendsen - B Shares . . . . . . . . . . . . . . . . . 93 7,754
Sumitomo Bank . . . . . . . . . . . . . . . . . . . . . . . . 5,693 101,913
Svenska Handelsbanken Series A . . . . . . . . . . . . . . . . 3,500 48,045
Svenska Handelsbanken Series B . . . . . . . . . . . . . . . . 400 5,226
</TABLE>
See accompanying notes to the financial statements. 19
<PAGE>
PANAGORA INTERNATIONAL EQUITY FUND
PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 1994 (UNAUDITED) - CONTINUED
<TABLE>
<CAPTION> SHARE MARKET PERCENT OF
DESCRIPTION AMOUNT VALUE (NOTE 1) NET ASSETS
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
BANKING - (CONTINUED)
Swiss Bank Corp - Bearer . . . . . . . . . . . . . . . . . . . 127 $ 34,993
Swiss Bank Corp - Registered . . . . . . . . . . . . . . . . . 145 19,210
Thai Farmers Bank Public Co . . . . . . . . . . . . . . . . . 3,600 23,852
Tokai Bank . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 40,455
Turkiye Garanti Bankasi AS - Rights . . . . . . . . . . . . . 100,000 0
Turkiye Garanti Bankasi AS . . . . . . . . . . . . . . . . . . 121,000 31,133
Turkiye Is Bankasi AS . . . . . . . . . . . . . . . . . . . . 75,500 15,704
Unidanmark AS * . . . . . . . . . . . . . . . . . . . . . . . 242 9,103
Union Bank of Switzerland . . . . . . . . . . . . . . . . . . 112 96,705
United Overseas Bank . . . . . . . . . . . . . . . . . . . . . 4,487 47,199
Yasuda Trust & Banking . . . . . . . . . . . . . . . . . . . . 2,000 16,182
Yokohama Bank . . . . . . . . . . . . . . . . . . . . . . . . 2,000 17,355
----------
2,787,937 16.3%
CHEMICALS ----------
AGA AB - A Shares . . . . . . . . . . . . . . . . . . . . . . 2,200 20,133
AGA AB - B Shares . . . . . . . . . . . . . . . . . . . . . . 2,600 23,621
Air Liquide Corp . . . . . . . . . . . . . . . . . . . . . . . 300 41,431
Asahi Chemical Industry Co Ltd . . . . . . . . . . . . . . . . 2,100 15,717
Astra Cia Argentina Depetro . . . . . . . . . . . . . . . . . 1,000 1,941
Bayer AG . . . . . . . . . . . . . . . . . . . . . . . . . . . 500 109,592
Ciba-Geigy AG - Registered . . . . . . . . . . . . . . . . . . 138 80,319
Continental AG . . . . . . . . . . . . . . . . . . . . . . . . 100 13,803
Daicel Chemical Industries Ltd . . . . . . . . . . . . . . . . 1,000 5,866
Dainippon Ink & Chemicals Inc . . . . . . . . . . . . . . . . 1,000 5,199
Imperial Chemical Industries . . . . . . . . . . . . . . . . . 1,200 14,350
Konica Corp . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 7,676
Kyowa Hakko Kogyo . . . . . . . . . . . . . . . . . . . . . . 1,000 9,628
Lenzing AG . . . . . . . . . . . . . . . . . . . . . . . . . . 200 17,780
Mitsubishi Chemical Corp . . . . . . . . . . . . . . . . . . . 4,100 22,682
Mitsubishi Gas Chemical Co Inc . . . . . . . . . . . . . . . . 1,000 5,027
Mitsui Toatsu Chemicals Inc . . . . . . . . . . . . . . . . . 1,000 4,187
Montedison SPA - Non Convertible * . . . . . . . . . . . . . . 9,700 5,966
Montedison SPA * . . . . . . . . . . . . . . . . . . . . . . 68,700 49,347
Norsk Hydro AS . . . . . . . . . . . . . . . . . . . . . . . . 100 3,796
Shin-Etsu Chemical Co . . . . . . . . . . . . . . . . . . . . 1,000 19,621
Showa Denko K.K. * . . . . . . . . . . . . . . . . . . . . . . 2,000 6,958
Sumitomo Chemical Co . . . . . . . . . . . . . . . . . . . . . 3,000 17,386
Takeda Chemical Industries Ltd . . . . . . . . . . . . . . . . 2,000 24,880
Toray Industries Inc . . . . . . . . . . . . . . . . . . . . . 2,000 14,908
Tosoh Corp * . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 4,157
UBE Industries Ltd * . . . . . . . . . . . . . . . . . . . . . 1,400 5,720
----------
551,691 3.2%
COMMUNICATION ----------
Cia Portuguesa Radio Marconi * . . . . . . . . . . . . . . . 600 20,783
Elsevier . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,300 92,688
Ericsson Ab B Free . . . . . . . . . . . . . . . . . . . . . . 3,700 203,652
Hong Kong Telecommunications Ltd . . . . . . . . . . . . . . . 4,500 8,902
Intracom SA . . . . . . . . . . . . . . . . . . . . . . . . . 200 7,698
</TABLE>
See accompanying notes to financial statements. 20
<PAGE>
PANAGORA INTERNATIONAL EQUITY FUND
PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 1994 (UNAUDITED)-CONTINUED
<TABLE>
<CAPTION>
SHARE MARKET PERCENT OF
DESCRIPTION AMOUNT VALUE (NOTE 1) NET ASSETS
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
COMMUNICATION - (CONTINUED)
Nokia AB - Preferred . . . . . . . . . . . . . . . . . . . 1,200 $ 164,143
Philippine Long Distance Tel . . . . . . . . . . . . . . . 700 36,688
Royal Ptt Nederland Nv . . . . . . . . . . . . . . . . . . 1,200 37,519
Singapore Press Holdings Ltd . . . . . . . . . . . . . . . 1,600 29,727
SIP di Risp . . . . . . . . . . . . . . . . . . . . . . . 21,000 43,552
Telebras Brc . . . . . . . . . . . . . . . . . . . . . . . 1,000,000 47,900
Telefonica de Argentina-B . . . . . . . . . . . . . . . . 10,300 58,233
Telefonica de Espana SA . . . . . . . . . . . . . . . . . 2,200 28,252
Telefonos de Mexico . . . . . . . . . . . . . . . . . . . 23,400 63,145
Telicom Italia SPA . . . . . . . . . . . . . . . . . . . . 75,200 194,339
Toppan Printing Co . . . . . . . . . . . . . . . . . . . . 1,000 14,463
----------
1,051,684 6.2%
----------
CONSTRUCTION AND BUILDING
Asahi Glass Co Ltd . . . . . . . . . . . . . . . . . . . . 2,200 27,145
Bouygues . . . . . . . . . . . . . . . . . . . . . . . . . 100 10,595
Cementos de Mexico . . . . . . . . . . . . . . . . . . . . 3,975 38,143
Daishowa Paper Manufacturing Co Ltd . . . . . . . . . . . 600 4,582
Daiwa House Industry Co . . . . . . . . . . . . . . . . . 600 8,253
Euroc Industriab Ser A Fr * . . . . . . . . . . . . . . . 1,100 20,571
Forbo Holding AG - Registered . . . . . . . . . . . . . . 1 845
Imetal . . . . . . . . . . . . . . . . . . . . . . . . . . 100 9,554
Indocement Tunggal Prakarsa - Foreign . . . . . . . . . . 17,000 70,230
Kajima Corp . . . . . . . . . . . . . . . . . . . . . . . 1,200 10,425
Lafarge Coppee French . . . . . . . . . . . . . . . . . . 300 23,035
Maeda Road Construction Co . . . . . . . . . . . . . . . . 800 14,159
MAN AG . . . . . . . . . . . . . . . . . . . . . . . . . . 120 32,285
Metra OY - B Shares . . . . . . . . . . . . . . . . . . . 400 11,437
Michaniki SA . . . . . . . . . . . . . . . . . . . . . . . 300 4,465
Nihon Cement Co Ltd . . . . . . . . . . . . . . . . . . . 1,000 7,211
Obayashi Corp . . . . . . . . . . . . . . . . . . . . . . 1,000 6,422
Penta-Ocean Construction . . . . . . . . . . . . . . . . . 1,000 5,613
Radex-Heraklith Industries AG . . . . . . . . . . . . . . 400 14,542
Sanwa Shutter Co . . . . . . . . . . . . . . . . . . . . . 800 7,282
Sekisui House Ltd . . . . . . . . . . . . . . . . . . . . 1,000 11,631
Shimizu Corp . . . . . . . . . . . . . . . . . . . . . . . 1,000 9,881
Skanska AB Series B . . . . . . . . . . . . . . . . . . . 2,100 47,906
Soares de Costa SA . . . . . . . . . . . . . . . . . . . . 120 2,000
Stora Kopparbergs Bergslags AB . . . . . . . . . . . . . . 800 49,550
Titan Cement Co . . . . . . . . . . . . . . . . . . . . . 1,100 33,651
Trakya Cam Sanayii AS . . . . . . . . . . . . . . . . . . 8,400 2,253
Wienerberger Baustoffindustrie AG . . . . . . . . . . . . 300 103,342
----------
587,008 3.4%
----------
CONSUMER GOODS
Ajinomoto Co Inc . . . . . . . . . . . . . . . . . . . . . 1,200 15,535
Aksa Akrilik Kimya Sanayii . . . . . . . . . . . . . . . . 18,280 14,010
Arcelik A.S. . . . . . . . . . . . . . . . . . . . . . . . 77,600 22,830
Barito Pacific Timber - Foreign . . . . . . . . . . . . . 4,000 6,197
</TABLE>
See accompanying notes to the financial statements. 21
<PAGE>
PANAGORA INTERNATIONAL EQUITY FUND
PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 1994 (UNAUDITED) - CONTINUED
<TABLE>
<CAPTION>
SHARE MARKET PERCENT OF
DESCRIPTION AMOUNT VALUE (NOTE 1) NET ASSETS
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
CONSUMER GOODS - (CONTINUED)
Benetton . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,300 $ 28,133
Carnaud Metalbox . . . . . . . . . . . . . . . . . . . . . . . 300 10,416
Citizen Watch Co Ltd . . . . . . . . . . . . . . . . . . . . . 1,000 7,464
Electrolux . . . . . . . . . . . . . . . . . . . . . . . . . . 1,200 61,275
Esselte AB Series A . . . . . . . . . . . . . . . . . . . . . 500 6,366
Fuji Photo Film . . . . . . . . . . . . . . . . . . . . . . . 1,800 40,051
Kanebo Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 3,489
Kuraray Co . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 11,833
L'Oreal . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 65,074
Maruha Corp * . . . . . . . . . . . . . . . . . . . . . . . . 600 2,409
Matsushita Electric Industrial Co Ltd . . . . . . . . . . . . 3,600 55,707
Michelin SA - Registered B Shares . . . . . . . . . . . . . . 400 15,390
Mitsubishi Paper Mills Ltd . . . . . . . . . . . . . . . . . . 1,000 7,585
Moulinex . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 2,071
New Oji Paper Co Ltd . . . . . . . . . . . . . . . . . . . . . 1,400 14,726
Nintendo Co Ltd . . . . . . . . . . . . . . . . . . . . . . . 300 16,233
Nippon Sheet Glass . . . . . . . . . . . . . . . . . . . . . . 1,000 5,188
Philips' Gloeilampenfabrieken, NV . . . . . . . . . . . . . . 900 27,268
Royal Copenhagen A/S - A Shares . . . . . . . . . . . . . . . 15 830
Sony Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 1,060 56,283
Toyobo Co Ltd . . . . . . . . . . . . . . . . . . . . . . . . 800 3,220
Unitika Ltd * . . . . . . . . . . . . . . . . . . . . . . . . 1,000 3,449
--------
503,032 2.9%
--------
CONSUMER SERVICE
Accor French Ord . . . . . . . . . . . . . . . . . . . . . . . 100 10,911
Adia New * . . . . . . . . . . . . . . . . . . . . . . . . . 35 5,813
Chugai Pharmaceutical Co Ltd . . . . . . . . . . . . . . . . . 600 6,432
Dai Nippon Printing Co Ltd . . . . . . . . . . . . . . . . . . 1,200 20,996
Daiwa Securities . . . . . . . . . . . . . . . . . . . . . . . 2,000 26,094
Esselte AB Series B . . . . . . . . . . . . . . . . . . . . . 100 1,273
Euro Disneyland Sca - Rights * . . . . . . . . . . . . . . . 600 0
Euro Disneyland Sca - Warrants 2004 * . . . . . . . . . . . . 600 66
Euro Disneyland Sca . . . . . . . . . . . . . . . . . . . . . 100 165
Nippon Yusen Kabushiki Kaish . . . . . . . . . . . . . . . . . 2,200 14,641
Nomura Securities Co Ltd . . . . . . . . . . . . . . . . . . . 3,000 58,862
San Miquel Corp-Class B . . . . . . . . . . . . . . . . . . . 7,200 40,452
Societe Generale de Surveillance Holdings Ltd - Registered . . 16 4,143
Societe Generale de Surveillance Holdings Ltd . . . . . . . . . 6 8,198
Sumitomo Corp . . . . . . . . . . . . . . . . . . . . . . . . . 2,000 20,228
Vard As - A Shares * . . . . . . . . . . . . . . . . . . . . . 600 1,627
Yamaichi Securities . . . . . . . . . . . . . . . . . . . . . . 2,000 14,685
--------
234,586 1.4%
--------
DIVERSIFIED
East Asiatic Co * . . . . . . . . . . . . . . . . . . . . . . 111 2,494
Instrumentarium Group - A Shares * . . . . . . . . . . . . .. 500 10,285
--------
12,779 0.1%
--------
</TABLE>
See accompanying notes to the financial statements. 22
<PAGE>
PANAGORA INTERNATIONAL EQUITY FUND
PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 1994 (UNAUDITED) - CONTINUED
<TABLE>
<CAPTION>
SHARE MARKET PERCENT OF
DESCRIPTION AMOUNT VALUE (NOTE 1) NET ASSETS
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
ELECTRONICS
Alcatel Alsthom . . . . . . . . . . . . . . . . . . . . . . . . 622 $ 52,604
Bic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 12,435
Canon Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 17,295
Chubb Security PLC . . . . . . . . . . . . . . . . . . . . . . 7,960 40,295
Cogefar Italian . . . . . . . . . . . . . . . . . . . . . . . . 4,900 5,147
Cukurova Elektrik . . . . . . . . . . . . . . . . . . . . . . . 4,200 1,000
Fujitsu Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 33,335
Furukawa Electric . . . . . . . . . . . . . . . . . . . . . . . 1,000 5,826
Hitachi Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . 6,100 60,275
Kandenko Co Ltd . . . . . . . . . . . . . . . . . . . . . . . . 122 2,098
Manila Electirc - B Shares . . . . . . . . . . . . . . . . . . 1,000 13,522
Mitsubishi Electric * . . . . . . . . . . . . . . . . . . . . . 4,000 28,197
Mitsubishi Heavy Industries Ltd . . . . . . . . . . . . . . . . 5,300 39,345
NEC Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,200 25,588
Nippondenso Co Ltd . . . . . . . . . . . . . . . . . . . . . . 1,000 20,430
Racal Electronics . . . . . . . . . . . . . . . . . . . . . . . 60 216
Sanyo Electric Co Ltd . . . . . . . . . . . . . . . . . . . . . 3,000 17,598
Sharp Corp . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000 34,791
Siemens AG . . . . . . . . . . . . . . . . . . . . . . . . . . 400 155,685
Strabag Oesterreich AG . . . . . . . . . . . . . . . . . . . . 100 14,334
Sumitomo Electric Industries . . . . . . . . . . . . . . . . . 1,200 16,748
S.M.H. AG - Bearer. . . . . . . . . . . . . . . . . . . . . . . 19 9,122
S.M.H. AG-Registered . . . . . . . . . . . . . . . . . . . . . 81 8,652
Tohoku Electric Power * . . . . . . . . . . . . . . . . . . . . 1,000 24,880
Vodafone Group Plc . . . . . . . . . . . . . . . . . . . . . . 19,347 61,552
---------
700,970 4.1%
---------
EQUIPMENT
Atlas Copco Ab-Ser 'B' Free . . . . . . . . . . . . . . . . . . 1,500 19,397
Havas SA . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 16,257
Komatsu Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . 1,400 13,012
Molinos Rio de La Plata . . . . . . . . . . . . . . . . . . . . 145 1,001
Niigata Engineering Co Ltd . . . . . . . . . . . . . . . . . . 1,000 4,298
Olivetti & C SPA - Private Placement * . . . . . . . . . . . . 300 407
Pittler Maschinen * . . . . . . . . . . . . . . . . . . . . . . 3 182
Snia BPD SPA . . . . . . . . . . . . . . . . . . . . . . . . . 200 232
---------
54,786 0.3%
---------
FINANCIAL SERVICES
Ashikaga Bank . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 7,383
Assicurazione Generali . . . . . . . . . . . . . . . . . . . . 10,850 250,403
Banco Central Hispano . . . . . . . . . . . . . . . . . . . . . 1,500 34,741
Banco Totta & Acores . . . . . . . . . . . . . . . . . . . . . 1,600 32,709
Credit Foncier de France . . . . . . . . . . . . . . . . . . . 100 14,944
Credito Italiano . . . . . . . . . . . . . . . . . . . . . . . 30,100 29,573
FIDIS SPA . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000 11,755
Holderbank Financiere Glarus AG - Registered . . . . . . . . . 54 8,275
Holderbank Financiere Glarus AG . . . . . . . . . . . . . . . . 20 15,536
Kansallis-Osake-Pankki . . . . . . . . . . . . . . . . . . . . 23,940 29,547
</TABLE>
See accompanying notes to the financial statements. 23
<PAGE>
PANAGORA INTERNATIONAL EQUITY FUND
PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 1994 (UNAUDITED) - CONTINUED
<TABLE>
<CAPTION>
SHARE MARKET PERCENT OF
DESCRIPTION AMOUNT VALUE (NOTE 1) NET ASSETS
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
FINANCIAL SERVICES - (CONTINUED)
Mitsui Marine & Fire Insurance . . . . . . . . . . . . . . . . 1,400 $ 10,166
Mitsui Trust & Banking . . . . . . . . . . . . . . . . . . . . 2,400 24,516
Nippon Shinpan Co . . . . . . . . . . . . . . . . . . . . . . . 1,000 7,808
SOVAC SA . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 7,993
Sumitomo Trust & Banking Co Ltd . . . . . . . . . . . . . . . . 1,150 14,771
Unitas Bank Ltd . . . . . . . . . . . . . . . . . . . . . . . . 15,900 43,498
Zurich Versicherungs . . . . . . . . . . . . . . . . . . . . . 20 18,782
---------
562,400 3.3%
---------
FOOD AND BEVERAGE
Aarhus Oliefabrik 'A' . . . . . . . . . . . . . . . . . . . . . 16 886
Aarhus Oliefbarik 'B' Lim Vtg . . . . . . . . . . . . . . . . . 4 218
Asahi Breweries Ltd . . . . . . . . . . . . . . . . . . . . . . 1,000 11,226
Carlsberg 'A' . . . . . . . . . . . . . . . . . . . . . . . . . 184 7,820
Carlsberg AS - B Shares . . . . . . . . . . . . . . . . . . . . 149 6,284
Cultor OY Series 1 . . . . . . . . . . . . . . . . . . . . . . 500 12,959
Delta Dairy SA . . . . . . . . . . . . . . . . . . . . . . . . 600 15,242
Ege Biracilik Ve Malt Sanay . . . . . . . . . . . . . . . . . . 28,160 20,810
Fomento Economico Mexicano . . . . . . . . . . . . . . . . . . 2,700 11,463
Groupe Danone . . . . . . . . . . . . . . . . . . . . . . . . . 300 43,550
Grupo Industrial Bimbo-Ser A . . . . . . . . . . . . . . . . . 2,000 15,411
Heineken NV . . . . . . . . . . . . . . . . . . . . . . . . . . 100 14,471
Hellenic Bottling Co . . . . . . . . . . . . . . . . . . . . . 1,300 43,531
Hellenic Sugar - Registered * . . . . . . . . . . . . . . . . . 1,000 15,833
House Foods Corp . . . . . . . . . . . . . . . . . . . . . . . 880 16,999
Kirin Brewery Co Ltd . . . . . . . . . . . . . . . . . . . . . 2,000 21,239
LVMH Company . . . . . . . . . . . . . . . . . . . . . . . . . 420 67,216
Marudai Food Co Ltd . . . . . . . . . . . . . . . . . . . . . . 800 6,133
Meiji Milk Products . . . . . . . . . . . . . . . . . . . . . . 1,000 7,302
Moevenpick Holding - Bearer . . . . . . . . . . . . . . . . . . 3 996
Moevenpick Holding - Participating Certificate . . . . . . . . 2 679
Nestle SA . . . . . . . . . . . . . . . . . . . . . . . . . . . 208 193,445
Nichirei Corp . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 6,867
Oesterreichische Brau-Beteiligungs-AG . . . . . . . . . . . . . 500 26,905
Parmalat Finanziaria SPA * . . . . . . . . . . . . . . . . . . 15,300 15,609
Pernod-Ricard - Rights * . . . . . . . . . . . . . . . . . . . 80 852
Pernod-Ricard . . . . . . . . . . . . . . . . . . . . . . . . . 200 12,253
Sapporo Breweries . . . . . . . . . . . . . . . . . . . . . . . 1,000 9,426
Snow Brand Milk Product Co Ltd . . . . . . . . . . . . . . . . 800 6,190
Superfos AS . . . . . . . . . . . . . . . . . . . . . . . . . . 32 2,022
Unilever Indonesia . . . . . . . . . . . . . . . . . . . . . . 1,000 17,099
Yakult Honsha . . . . . . . . . . . . . . . . . . . . . . . . . 800 12,379
---------
643,315 3.8%
---------
HEALTH CARE
Astra AB A Free Shares . . . . . . . . . . . . . . . . . . . . 8,600 231,545
Astra AB B Free Shares . . . . . . . . . . . . . . . . . . . . 2,500 66,978
Ciba-Geigy AG - Bearer . . . . . . . . . . . . . . . . . . . . 20 11,731
Glaxo Holdings PLC . . . . . . . . . . . . . . . . . . . . . . 6,108 59,064
</TABLE>
See accompanying notes to the financial statements. 24
<PAGE>
PANAGORA INTERNATIONAL EQUITY FUND
PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 1994 (UNAUDITED) - CONTINUED
<TABLE>
<CAPTION> SHARE MARKET PERCENT OF
DESCRIPTION AMOUNT VALUE (NOTE 1) NET ASSETS
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
HEALTH CARE - (continued)
Kaneka Corp . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 $ 7,990
Meiji Seika Kaisha Ltd . . . . . . . . . . . . . . . . . . . . 1,000 6,513
Novo-Nordisk AS - B Shares . . . . . . . . . . . . . . . . . . 196 17,714
PSC Roche Holding . . . . . . . . . . . . . . . . . . . . . . 36 158,708
Radiometer AS . . . . . . . . . . . . . . . . . . . . . . . . 53 2,642
Sandoz AG - B . . . . . . . . . . . . . . . . . . . . . . . . 12 6,432
Sandoz AG . . . . . . . . . . . . . . . . . . . . . . . . . . 295 151,876
Sankyo Co Ltd . . . . . . . . . . . . . . . . . . . . . . . . 1,000 24,981
Smithkline Beecham A . . . . . . . . . . . . . . . . . . . . . 3,078 20,502
Taisho Pharmaceutical Co Ltd . . . . . . . . . . . . . . . . . 1,000 18,003
Yamanouchi Pharmaceutical * . . . . . . . . . . . . . . . . . 1,000 19,924
Zeneca Group Plc . . . . . . . . . . . . . . . . . . . . . . . 2,300 30,495
--------
835,098 4.9%
INSURANCE --------
Alleanza Assicuraz . . . . . . . . . . . . . . . . . . . . . . 253 2,178
Allianz Holdings AG . . . . . . . . . . . . . . . . . . . . . 200 305,250
Axa Sa . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 49,238
EA -Generali AG . . . . . . . . . . . . . . . . . . . . . . . 400 101,289
Muenchener Rueckversicherungs . . . . . . . . . . . . . . . . 100 179,146
Nichido Fire & Marine Insurance . . . . . . . . . . . . . . . 1,000 8,384
Nippon Fire & Marine Insurance . . . . . . . . . . . . . . . . 1,000 6,523
Pohjola Insurance Co - A Shares . . . . . . . . . . . . . . . 300 4,381
Pohjola Insurance Co - B Shares . . . . . . . . . . . . . . . 1,200 14,563
R.A.S. d' Risp Port - Convertible Bond Rights * . . . . . . . 1,100 266
R.A.S. d' Risp Port - Rights * . . . . . . . . . . . . . . . 1,100 683
R.A.S. d' Risp Port * . . . . . . . . . . . . . . . . . . . 1,100 5,623
R.A.S. SPA - Convertible Bond Rights * . . . . . . . . . . . 2,600 1,537
R.A.S. SPA - Rights * . . . . . . . . . . . . . . . . . . . . 2,600 3,425
R.A.S. SPA . . . . . . . . . . . . . . . . . . . . . . . . . . 2,600 23,651
SAI Sta Assicuratrice Industriale SPA - Non-Convertible . . . 800 4,521
SAI Sta Assicuratrice Industriale SPA . . . . . . . . . . . . 1,600 17,894
Sampo Insurance Company Ltd . . . . . . . . . . . . . . . . . 500 23,655
Skandia Forsakrings AB * . . . . . . . . . . . . . . . . . . 2,500 45,592
Societe Centrale Union des Assurance * . . . . . . . . . . . 435 12,290
Sumitomo Marine & Fire Insurance Co Ltd . . . . . . . . . . . 1,000 8,536
Swiss Reinsurance Co - Bearer . . . . . . . . . . . . . . . . 5 2,940
Swiss Reinsurance Co - Registered . . . . . . . . . . . . . . 67 39,400
Tokio Marine & Fire Insurance Co Ltd . . . . . . . . . . . . . 2,200 25,365
Zurich Versicherungs - Registered . . . . . . . . . . . . . . 28 26,210
--------
912,540 5.3%
MACHINERY --------
Fischer (George) . . . . . . . . . . . . . . . . . . . . . . . 2 2,295
Kawasaki Steel Corp . . . . . . . . . . . . . . . . . . . . . 5,400 23,156
Kobe Steel Ltd * . . . . . . . . . . . . . . . . . . . . . . 5,000 15,879
Minebea Kabushiki Kaisha . . . . . . . . . . . . . . . . . . . 1,000 8,111
NGK Insulators Ltd . . . . . . . . . . . . . . . . . . . . . . 1,000 10,215
</TABLE>
See accompanying notes to the financial statements. 25
<PAGE>
PANAGORA INTERNATIONAL EQUITY FUND
PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 1994 (UNAUDITED) - CONTINUED
<TABLE>
<CAPTION> SHARE MARKET PERCENT OF
DESCRIPTION AMOUNT VALUE (NOTE 1) NET ASSETS
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MACHINERY - (CONTINUED)
Nippon Steel Corp . . . . . . . . . . . . . . . . . . . . . . 11,900 $ 46,216
NKK Corp * . . . . . . . . . . . . . . . . . . . . . . . . . 6,000 16,567
Steyr-Daimler-Puch AG . . . . . . . . . . . . . . . . . . . . 100 1,673
Sumitomo Metal Mining Co Ltd . . . . . . . . . . . . . . . . . 1,000 9,406
Thyssen AG . . . . . . . . . . . . . . . . . . . . . . . . . . 220 39,202
Trelleborg AB Series B . . . . . . . . . . . . . . . . . . . . 2,800 40,850
--------
213,570 1.3%
MANUFACTURING --------
Amer-Yhthymae OY-A . . . . . . . . . . . . . . . . . . . . . . 800 15,633
Assa Abloy Ab-B * . . . . . . . . . . . . . . . . . . . . . . 600 1,950
Atlas Copco Ab A Free . . . . . . . . . . . . . . . . . . . . . 3,400 43,741
Compagnie de Saint Goban . . . . . . . . . . . . . . . . . . . 295 35,532
Daido Steel Co . . . . . . . . . . . . . . . . . . . . . . . . 1,800 10,231
Denki Kagaku Kogyo K.K. * . . . . . . . . . . . . . . . . . . 400 1,671
Falck, Acciaierie Ferriere * . . . . . . . . . . . . . . . . . 1,100 2,641
Fletcher Challenge Ltd - Forestry Division . . . . . . . . . . 3,900 4,531
Forbo Holding AG . . . . . . . . . . . . . . . . . . . . . . . 1 1,782
General Electric PLC . . . . . . . . . . . . . . . . . . . . . 2,166 9,403
Kone Corp - B Shares . . . . . . . . . . . . . . . . . . . . . 200 21,269
Kymmene OY . . . . . . . . . . . . . . . . . . . . . . . . . . 2,700 71,088
Metra OY - A Shares . . . . . . . . . . . . . . . . . . . . . . 500 14,913
Nippon Paper Industries Co . . . . . . . . . . . . . . . . . . 2,000 15,150
Pirelli SPA . . . . . . . . . . . . . . . . . . . . . . . . . . 19,200 25,503
Rhone-Poulenc SA . . . . . . . . . . . . . . . . . . . . . . . 1,300 32,283
Sasib SPA . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,100 5,351
Schindler Holding AG - Participating Certificate . . . . . . . 2 2,378
Schindler Holding AG - Registered . . . . . . . . . . . . . . . 4 4,620
Siam Cement Co Ltd- Foreign . . . . . . . . . . . . . . . . . . 500 29,536
Stora Kopparbergs Bergslags AB . . . . . . . . . . . . . . . . 300 18,502
Sulzer AG - Participating Certificate . . . . . . . . . . . . . 5 3,371
Sumitomo Heavy Industries . . . . . . . . . . . . . . . . . . . 1,000 3,833
Sumitomo Metal Industries . . . . . . . . . . . . . . . . . . . 5,000 16,334
Sumitomo Osaka Cement Co Ltd . . . . . . . . . . . . . . . . . 1,000 4,703
Svenska Cellulosa AB Free * . . . . . . . . . . . . . . . . . 3,300 52,521
Svenska Kullagerfabriken Frueher AB Series B . . . . . . . . . 1,500 26,559
Swissair - Registered . . . . . . . . . . . . . . . . . . . . . 12 7,383
The Japan Steel Works Ltd . . . . . . . . . . . . . . . . . . . 1,000 3,267
Thomson CSF . . . . . . . . . . . . . . . . . . . . . . . . . . 500 15,706
Unilever NV . . . . . . . . . . . . . . . . . . . . . . . . . . 475 53,373
--------
554,758 3.2%
METALS AND MINING --------
Alusuisse-Lonza Holding Ltd - Registered . . . . . . . . . . . 22 10,812
Cia Naviera Perez Compancy -B Shares . . . . . . . . . . . . . 4,800 23,295
Dalmine SPA * . . . . . . . . . . . . . . . . . . . . . . . . 15,500 4,207
Degussa AG . . . . . . . . . . . . . . . . . . . . . . . . . . 100 27,988
Eregli Demir Ve Celik Fabrik . . . . . . . . . . . . . . . . . 178,325 17,565
</TABLE>
See accompanying notes to financial statements. 26
<PAGE>
PANAGORA INTERNATIONAL EQUITY FUND
PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 1994 (UNAUDITED) - CONTINUED
<TABLE>
<CAPTION>
SHARE MARKET PERCENT OF
DESCRIPTION AMOUNT VALUE (NOTE 1) NET ASSETS
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
METALS AND MINING - (CONTINUED)
Eregli Demir ve Celik Fabrikalari Turk Anonim Sirketi . . . . . 100 $ 7
Fujikura Ltd . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 7,413
Mitsubishi Materials Corp . . . . . . . . . . . . . . . . . . . 2,000 10,923
Mitsui Mining & Smelting * . . . . . . . . . . . . . . . . . . 1,000 4,268
Nikon Corp . . . . . . . . . . . . . . . . . . . . . . . . . . 400 3,726
Nippon Light Metal Co . . . . . . . . . . . . . . . . . . . . . 600 4,193
Pechiney International SA . . . . . . . . . . . . . . . . . . . 151 4,589
Preussag AG . . . . . . . . . . . . . . . . . . . . . . . . . . 100 27,605
Repsol SA . . . . . . . . . . . . . . . . . . . . . . . . . . . 700 20,172
RTZ Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,750 23,203
Societe National Elf-Aquitaine * . . . . . . . . . . . . . . . 1,120 76,714
Svenska Kullagerfabriken Frueher AB Series A . . . . . . . . . 1,200 21,327
Total SA . . . . . . . . . . . . . . . . . . . . . . . . . . . 900 56,375
Veitscher * . . . . . . . . . . . . . . . . . . . . . . . . . 700 21,144
Ypf Sociedade Anonima . . . . . . . . . . . . . . . . . . . . . 3,200 73,328
--------
438,854 2.6%
--------
MISCELLANEOUS
Akzo Dutch . . . . . . . . . . . . . . . . . . . . . . . . . . 38 4,220
Alusuisse-Lonza Holdings . . . . . . . . . . . . . . . . . . . 10 4,914
Aoki Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 4,056
Arjo Wiggins Appleton Plc . . . . . . . . . . . . . . . . . . . 1,433 5,873
Barito Pacific Timber . . . . . . . . . . . . . . . . . . . . . 12,000 18,590
Basf AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400 77,575
Bayerische Vereinsbank AG . . . . . . . . . . . . . . . . . . . 200 58,334
Beiersdorf . . . . . . . . . . . . . . . . . . . . . . . . . . 25 16,353
Burgo (Caritere) Spaitalian . . . . . . . . . . . . . . . . . . 1,700 9,991
Chichibu Onoda Cement Corp . . . . . . . . . . . . . . . . . . 1,000 6,139
Cifra SA de Cv B . . . . . . . . . . . . . . . . . . . . . . . 7,000 20,273
Cimsa Cimento Sanayi Ve Ticaret AS . . . . . . . . . . . . . . 13,000 32,024
Constantia Industries . . . . . . . . . . . . . . . . . . . . . 200 15,917
Corticeira Amorim SA * . . . . . . . . . . . . . . . . . . . . 200 3,521
Dampskibssels Kabet af 1912 AS . . . . . . . . . . . . . . . . 100 17,750
Docks de France . . . . . . . . . . . . . . . . . . . . . . . . 100 12,770
Douglas Holding AG . . . . . . . . . . . . . . . . . . . . . . 5 1,307
FLSA Industries - B Shares * . . . . . . . . . . . . . . . . . 48 3,517
Frigoscandia AB Series B . . . . . . . . . . . . . . . . . . . 200 637
Grupo Televisa S.A.-Ser Cpo . . . . . . . . . . . . . . . . . . 300 6,813
Hanson Trust PLC . . . . . . . . . . . . . . . . . . . . . . . 17,050 62,930
Haseko Corporation . . . . . . . . . . . . . . . . . . . . . . 1,000 6,169
Hellas Can SA . . . . . . . . . . . . . . . . . . . . . . . . . 100 1,774
Hokkaido Bank . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 4,046
Honshu Paper Co . . . . . . . . . . . . . . . . . . . . . . . . 1,000 6,625
Intl Service System -B Shares . . . . . . . . . . . . . . . . . 151 4,156
Ishihara Sangyo Kaisha * . . . . . . . . . . . . . . . . . . . 1,000 4,056
Istituto Bancario San Paolo di Torino . . . . . . . . . . . . . 10,000 58,343
Italcementi Fabbriche Riunite Cemento SPA . . . . . . . . . . . 2,200 14,013
</TABLE>
See accompanying notes to the financial statements. 27
<PAGE>
PANAGORA INTERNATIONAL EQUITY FUND
PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 1994 (UNAUDITED) - CONTINUED
<TABLE>
<CAPTION> SHARE MARKET PERCENT OF
DESCRIPTION AMOUNT VALUE (NOTE 1) NET ASSETS
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MISCELLANEOUS - (CONTINUED)
Ito Yokado Co . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 $ 53,097
Jeronimo Marhns . . . . . . . . . . . . . . . . . . . . . . . . 700 32,680
Kao Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 11,226
Kloeckner Humbol * . . . . . . . . . . . . . . . . . . . . . . 100 7,338
Korn -Og Foders . . . . . . . . . . . . . . . . . . . . . . . . 12 2,149
Kubota Corp . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000 14,625
Kumagai Gumi Co . . . . . . . . . . . . . . . . . . . . . . . . 1,000 4,602
Lagardere Groupe . . . . . . . . . . . . . . . . . . . . . . . 400 9,584
Lusotur * . . . . . . . . . . . . . . . . . . . . . . . . . . 100 2,060
Lyonnaise Des Eaux-Dumez . . . . . . . . . . . . . . . . . . . 200 18,011
Mague-Gestao e Participacoes . . . . . . . . . . . . . . . . . 100 2,347
Mitsukoshi Ltd . . . . . . . . . . . . . . . . . . . . . . . . 1,000 9,568
Nippon Suisan Kaisha Ltd . . . . . . . . . . . . . . . . . . . 1,000 4,673
Nokia AB . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,300 177,555
Nord-Est . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 2,558
Nordiske Kabel Traadfabri * . . . . . . . . . . . . . . . . . 39 2,000
NSK Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 7,504
NTN Toyo Bearing Co Ltd . . . . . . . . . . . . . . . . . . . . 1,000 6,888
Orient Corporation . . . . . . . . . . . . . . . . . . . . . . 1,000 5,967
Outokumpo Oy . . . . . . . . . . . . . . . . . . . . . . . . . 4,100 76,070
Previdente Italiana . . . . . . . . . . . . . . . . . . . . . . 800 6,474
Repola Oy . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000 91,534
Ricoh Corp Ltd . . . . . . . . . . . . . . . . . . . . . . . . 1,000 9,507
Securitas AB -B- Free . . . . . . . . . . . . . . . . . . . . . 600 14,722
Sekisui Chemical . . . . . . . . . . . . . . . . . . . . . . . 1,000 9,800
Shionogi & Co Ltd . . . . . . . . . . . . . . . . . . . . . . . 1,000 8,738
Shiseido Co . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 12,137
Snia BPD SPA . . . . . . . . . . . . . . . . . . . . . . . . . 9,100 10,573
Sonae Industria e Investimento . . . . . . . . . . . . . . . . 1,400 33,471
Teijin Limited . . . . . . . . . . . . . . . . . . . . . . . . 2,000 11,206
Toto Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 15,778
----------
1,157,128 6 .8%
----------
NONDURABLE GOODS
Marui Co . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 16,890 0 .1%
----------
OIL AND GAS
Cosmo Oil Co Ltd . . . . . . . . . . . . . . . . . . . . . . . 1,000 7,312
Gas Natural SA . . . . . . . . . . . . . . . . . . . . . . . . 300 27,288
Japan Energy Corp . . . . . . . . . . . . . . . . . . . . . . . 1,400 5,664
Mitsubishi Oil Co . . . . . . . . . . . . . . . . . . . . . . . 1,000 9,588
Nippon Oil Co Ltd . . . . . . . . . . . . . . . . . . . . . . . 2,200 15,108
OEMV AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,650 138,327
Royal Dutch Petroleum Co . . . . . . . . . . . . . . . . . . . 1,400 152,047
Tokyo Gas . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000 21,492
----------
376,826 2 .2%
----------
PAPER AND ALLIED PRODUCTS
Indah Kiat Pulp & Paper -Foreign * . . . . . . . . . . . . . . 13,000 13,724 0 .1%
----------
</TABLE>
See accompanying notes to the financial statements. 28
<PAGE>
PANAGORA INTERNATIONAL EQUITY FUND
PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 1994 (UNAUDITED) - CONTINUED
<TABLE>
<CAPTION> SHARE MARKET PERCENT OF
DESCRIPTION AMOUNT VALUE (NOTE 1) NET ASSETS
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
REAL ESTATE
Ayala Land Inc - B Shares . . . . . . . . . . . . . . . . . . . 800 $ 1,174
Cheung Kong Holdings Ltd . . . . . . . . . . . . . . . . . . . 1,800 7,494
Daikyo Inc . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000 15,535
Land & House Public Co - Foreign . . . . . . . . . . . . . . . 1,100 19,845
Mitsubishi Estate Co Ltd . . . . . . . . . . . . . . . . . . . 2,000 22,048
Mitsui Fudosan Co Ltd . . . . . . . . . . . . . . . . . . . . . 1,000 10,316
SIMCO - Registered . . . . . . . . . . . . . . . . . . . . . . 100 8,587
Ste Francaise d'Investissements Immobiliers & de Gestion . . . 100 7,273
Sun Hung Kai Properties Ltd . . . . . . . . . . . . . . . . . . 1,280 8,226
--------
100,498 0.6%
--------
RETAIL STORES
Carrefour Supermarche . . . . . . . . . . . . . . . . . . . . . 130 54,078
Casino - Non Voting Preferred . . . . . . . . . . . . . . . . . 100 2,286
Casino (Etabl Econ) . . . . . . . . . . . . . . . . . . . . . . 200 6,115
Daiei Inc * . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 13,957
Grands Magasins Jelmoli - Registered . . . . . . . . . . . . . 8 833
Grands Magasins Jelmoli . . . . . . . . . . . . . . . . . . . . 2 1,117
Hennes & Mauritz . . . . . . . . . . . . . . . . . . . . . . . 1,000 51,991
Interdiscount Holding SA - Participating Certificate . . . . . 1 1,336
Interdiscount Holding SA . . . . . . . . . . . . . . . . . . . 1 125
Jusco Co . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 22,048
Karstadt AG . . . . . . . . . . . . . . . . . . . . . . . . . . 20 7,077
Kaufhof AG . . . . . . . . . . . . . . . . . . . . . . . . . . 100 27,924
Kesko OY Osake . . . . . . . . . . . . . . . . . . . . . . . . 3,000 33,014
La Rinascente per l'Esercizio di Grandi Magazzini SPA . . . . . 4,600 24,857
Merkur Holding AG . . . . . . . . . . . . . . . . . . . . . . . 21 5,469
Migros Turk TAS - Rights * . . . . . . . . . . . . . . . . . . 1,000 0
Migros Turk TAS . . . . . . . . . . . . . . . . . . . . . . . . 2,000 4,489
Netas Telekomunik . . . . . . . . . . . . . . . . . . . . . . . 31,000 11,455
Pinault Printemps Redoute SA . . . . . . . . . . . . . . . . . 100 17,844
Promodes . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 19,275
Seven Eleven Japan Ltd . . . . . . . . . . . . . . . . . . . . 111 8,745
SME Sta Meridonale Finanziacia SPA . . . . . . . . . . . . . . 17,700 43,365
Stockmann AB - B Shares * . . . . . . . . . . . . . . . . . . 200 9,380
Stockmann AB * . . . . . . . . . . . . . . . . . . . . . . . . 300 15,118
--------
381,898 2.2%
--------
TECHNOLOGY
BWT Stamm . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 15,284
Fujita Corp . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 5,411
Hazama-Gumi Ltd . . . . . . . . . . . . . . . . . . . . . . . . 1,000 3,995
Kyocera Corp . . . . . . . . . . . . . . . . . . . . . . . . . 800 59,388
Olivetti & C SPA . . . . . . . . . . . . . . . . . . . . . . . 15,900 18,956
Roche Holdings AG . . . . . . . . . . . . . . . . . . . . . . . 8 69,450
Taisei Corp . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000 12,137
Unicer- Uniao Cervejeira . . . . . . . . . . . . . . . . . . . 100 1,523
Yokogawa Electric . . . . . . . . . . . . . . . . . . . . . . . 2,100 21,451
--------
207,595 1.2%
--------
See accompanying notes to the financial statements. 29
<PAGE>
PANAGORA INTERNATIONAL EQUITY FUND
PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 1994 (UNAUDITED) - CONTINUED
</TABLE>
<TABLE>
<CAPTION>
SHARE MARKET PERCENT OF
DESCRIPTION AMOUNT VALUE (NOTE 1) NET ASSETS
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
TELECOMMUNICATIONS
Great Nordic Holding Ltd * . . . . . . . . . . . . . . . . . . 31 $ 2,575
Sirti SPA . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000 17,414
United Communications Industry Public . . . . . . . . . . . . . 900 25,145
---------
45,134 0.3%
---------
TEXTILES
Marzotto & Figi SPA . . . . . . . . . . . . . . . . . . . . . . 700 4,804 0.0%
---------
TOBACCO
Empressa La Moderna . . . . . . . . . . . . . . . . . . . . . . 1,000 7,110
Gudang Garam . . . . . . . . . . . . . . . . . . . . . . . . . 4,000 22,584
---------
29,694 0.2%
---------
TRANSPORTATION
Alitalia Italian Ord . . . . . . . . . . . . . . . . . . . . . 10,000 5,259
Austrian Airline . . . . . . . . . . . . . . . . . . . . . . . 200 35,813
Bremer Vulkan * . . . . . . . . . . . . . . . . . . . . . . . . 100 6,324
Danske Luftfart * . . . . . . . . . . . . . . . . . . . . . . . 2 1,677
Danzas Holding AG - Registered . . . . . . . . . . . . . . . . 2 1,978
Danzas Holding AG . . . . . . . . . . . . . . . . . . . . . . . 2 396
Eridania Beghin Say . . . . . . . . . . . . . . . . . . . . . . 100 13,866
Hankyu Corp . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 5,998
Japan Airlines . . . . . . . . . . . . . . . . . . . . . . . . 3,400 25,103
Kamigumi Co Ltd . . . . . . . . . . . . . . . . . . . . . . . . 600 6,372
Kawasaki Kisen Kaisha Ltd * . . . . . . . . . . . . . . . . . . 1,000 3,965
Keihin Electric Express Railway Co Ltd . . . . . . . . . . . . 1,000 5,826
Kinki Nippon Railway . . . . . . . . . . . . . . . . . . . . . 2,274 19,043
Lauritzen Holdings - B Shares * . . . . . . . . . . . . . . . . 14 2,166
Lufthansa German Ord . . . . . . . . . . . . . . . . . . . . . 300 37,965
Mitisui OSK Lines Ltd . . . . . . . . . . . . . . . . . . . . . 2,000 7,990
Mitsui Engineering & Shipbuilding Co Ltd . . . . . . . . . . . 1,000 3,125
Nagoya Railroad Co Ltd . . . . . . . . . . . . . . . . . . . . 1,000 4,925
Nankai Electric Railway Co . . . . . . . . . . . . . . . . . . 1,000 7,879
Nippon Express Co . . . . . . . . . . . . . . . . . . . . . . . 2,000 20,834
Odakyu Electric Railway Co Ltd . . . . . . . . . . . . . . . . 1,000 7,100
Pakhoed Holding Nv Rotter . . . . . . . . . . . . . . . . . . . 100 2,568
Sagami Railway . . . . . . . . . . . . . . . . . . . . . . . . 1,000 4,652
Tobu Railway Co Ltd . . . . . . . . . . . . . . . . . . . . . . 1,000 5,957
Tokyu Corp . . . . . . . . . . . . . . . . . . . . . . . . . . 2,180 14,838
Yamato Transport Co Ltd . . . . . . . . . . . . . . . . . . . . 1,000 12,238
---------
263,857 1.5%
---------
UTILITIES
Asea AB - A Shares * . . . . . . . . . . . . . . . . . . . . . 1,100 78,198
Asea AB - B Shares * . . . . . . . . . . . . . . . . . . . . . 600 42,654
Autopistas Concesionaria . . . . . . . . . . . . . . . . . . . 2,400 20,088
Brown Boveri & Cie - Bearer . . . . . . . . . . . . . . . . . . 41 34,448
Brown Boveri & Cie - Registered . . . . . . . . . . . . . . . . 29 4,685
China Light & Power Co. . . . . . . . . . . . . . . . . . . . . 1,560 6,717
Cie Generale Des Eaux . . . . . . . . . . . . . . . . . . . . . 1,224 117,167
</TABLE>
See accompanying notes to the financial statements. 30
<PAGE>
PANAGORA INTERNATIONAL EQUITY FUND
PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 1994 (UNAUDITED) - CONTINUED
<TABLE>
<CAPTION>
FACE/SHARE MARKET PERCENT OF
DESCRIPTION AMOUNT VALUE (NOTE 1) NET ASSETS
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
UTILITIES - (CONTINUED)
Edison SPA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,500 $ 35,430
Empresa Nacional de Electricidad SA * . . . . . . . . . . . . . . . . 600 27,197
Iberdrola SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,200 14,782
Italgas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,900 26,216
Kansai Electric Power . . . . . . . . . . . . . . . . . . . . . . . . 1,560 38,339
Oesterreichische Elektrizitaetswirtschafts-AG . . . . . . . . . . . . 1,840 110,658
Osaka Gas Co Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000 16,182
Rhine-Westphalia Electric Power Corporation - Non Voting Preferred . . 100 23,417
Rhine-Westphalia Electric Power Corporation . . . . . . . . . . . . . 200 57,633
Saipem SPA * . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,400 10,357
Schnieder SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 21,636
Shinawatra Computer Co-Foreign . . . . . . . . . . . . . . . . . . . . 300 7,759
Sika Finance Ltd - Bearer . . . . . . . . . . . . . . . . . . . . . . 12 3,306
Tele Danmark - B Shares . . . . . . . . . . . . . . . . . . . . . . . 684 35,754
Tokyo Electric Power Co Inc . . . . . . . . . . . . . . . . . . . . . 2,040 57,770
Veba AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 98,499
Viag AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 28,944
-----------
917,836 5.4%
WHOLESALE TRADE -----------
Hutchison Whampoa. . . . . . . . . . . . . . . . . . . . . . . . . . . 3,800 15,134
Itochu Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,500 18,306
Marubeni Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000 16,809
Mitsubishi Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000 40,051
Mitsui & Co . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,600 22,588
Ste Guilbert SA . . . . . . . . . . . . . . . . . . . . . . . . . . . 114 9,217
-----------
122,105 0.7%
--------------------
TOTAL STOCK AND EQUIVALENTS (Cost $15,576,833) 15,313,227 89.6%
--------------------
SHORT-TERM INVESTMENTS - 8.8%
U.S. GOVERNMENT
U.S. Treasury Bill . . . . . . . . . 4.70% 12/22/94 $ 1,290,000 1,275,827 7.5%
REPURCHASE AGREEMENT -----------
Salomon Brothers Repurchase Agreement, dated 11/30/94,
due 12/1/94, with a maturity value of $216,202 and an
effective yield of 5.20%, collateralized by U.S. Treasury
Obligations with rates ranging from 4.38% to 6.50% and
maturity dates ranging from 11/15/94 to 01/15/00, with an
aggregate market value of $219,875. 216,171 216,171 1.3%
TOTAL SHORT-TERM INVESTMENTS (at Amortized Cost ) 1,491,998 8.8%
--------------------
TOTAL INVESTMENTS (Cost $17,068,831+) 16,805,225 98.4%
Excess of Other Assets over Liabilities 276,949 1.6%
--------------------
NET ASSETS $17,082,174 100.0%
====================
</TABLE>
See accompanying notes to the financial statements. 31
<PAGE>
PANAGORA INTERNATIONAL EQUITY FUND
PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 1994 (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
* Non-income producing security.
+ Aggregate cost for Federal income tax purposes (Note 3).
On November 30, 1994, geographical diversification of the PanAgora
International Equity Fund's investments as a percentage of net assets,
excluding short-term investments, was as follows:
<TABLE>
<CAPTION>
COUNTRY PERCENTAGE OF
NET ASSETS
<S> <C>
Japan 19.9%
Germany 11.3
Sweden 8.7
Italy 7.8
France 7.0
Switzerland 6.9
Austria 6.0
Finland 4.9
Netherlands 2.5
United Kingdom 1.9
Greece 1.5
Portugal 1.4
Turkey 1.4
Spain 1.2
Indonesia 1.1
Mexico 1.0
Thailand 1.0
Argentina 1.0
Denmark 0.9
Hong Kong 0.7
Philippines 0.6
Singapore 0.5
Brazil 0.3
India 0.1
----
89.6%
====
</TABLE>
See accompanying notes to the financial statements. 32
<PAGE>
THE PANAGORA FUNDS
STATEMENT OF ASSETS AND LIABILITIES
NOVEMBER 30. 1994 (UNAUDITED)
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------
PANAGORA PANAGORA
ASSET PANAGORA INTERNATIONAL
ALLOCATION GLOBAL EQUITY
FUND FUND FUND
----------- ------------ -------------
<S> <C> <C> <C>
ASSETS:
Investments, at value * (Note 1) $ 6,020,873 $ 40,111,938 $ 16,805,225
Cash and foreign currency 129,796 3,016,382 607,913
Receivable from:
Fund shares sold 41,020 - -
Dividends and interest 23,553 122,808 46,939
Advisor (Note 2) 58,929 36,405 88,455
Net open futures contracts (Note 6) 15,538 - -
Cash collateral on futures 108,396 -
Unamortized organization costs (Note 5) 14,646 14,679 14,679
----------- ------------ ------------
Total assets 6,304,355 43,410,608 17,563,211
----------- ------------ ------------
LIABILITIES:
Payable for:
Securities purchased - - 320,424
Net open forward contracts (Note 6) - 312,893 -
Net open futures contracts (Note 6) - 88,732 75,913
Investment Advisory fees (Note 2) 15,113 51,244 52,444
Accrued expenses and other liabilities 21,682 33,560 32,256
----------- ------------ ------------
Total Liabilities 36,795 486,429 481,037
----------- ------------ ------------
NET ASSETS $ 6,267,560 $ 42,924,179 $ 17,082,174
=========== ============ ============
NET ASSETS CONSIST OF:
Paid-in capital 6,343,703 43,647,141 16,662,957
Undistributed net investment income (distributions in
excess of net investment income) 43,882 (833,481) (3,883)
Accumulated net realized gain on investments, futures
contracts and foreign currency transactions 54,197 449,889 747,839
Net unrealized (depreciation) on investments,
forward currency contracts, futures contracts,
foreign currency and other assets (174,222) (339,370) (324,739)
----------- ------------ ------------
NET ASSETS $ 6,267,560 $ 42,924,179 $ 17,082,174
=========== ============ ============
NUMBER OF FUND SHARES OUTSTANDING 623,359 4,111,245 1,583,847
=========== ============ ============
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE OF
BENEFICIAL INTEREST OUTSTANDING $10.05 $10.44 $10.79
=========== ============ ============
* Cost of investments $ 6,220,257 $ 40,258,753 $ 17,068,831
</TABLE>
See accompanying notes to the financial statements. 33
<PAGE>
THE PANAGORA FUNDS
STATEMENT OF OPERATIONS
NOVEMBER 30, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------
PANAGORA PANAGORA
ASSET PANAGORA INTERNATIONAL
ALLOCATION GLOBAL EQUITY
FUND FUND FUND
---------- ----------- -------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Dividends (net of foreign withholding taxes*) $ 45,607 $ 312,040 $ 68,374
Interest 21,906 188,329 33,486
--------- ----------- ---------
Total investment income 67,513 500,369 101,860
--------- ----------- ---------
EXPENSES:
Investment Advisory fees (Note 2) 15,113 150,584 52,444
Custody, transfer agent and administration fees 34,360 73,231 69,156
Audit and legal fees 22,461 27,625 26,623
Registration and filing fees 3,378 4,042 4,061
Trustees' fees and expenses (Note 2) 3,927 3,927 3,928
Amortization of organization costs (Note 5) 2,091 2,081 2,081
Other 226 2,257 2,254
--------- ----------- ---------
Total expenses 81,556 263,747 160,547
Less expenses waived or borne by the Advisor (Note 2) (58,929) (48,496) (88,455)
--------- ----------- ---------
Net expenses 22,627 215,251 72,092
--------- ----------- ---------
NET INVESTMENT INCOME 44,886 285,118 29,768
--------- ----------- ---------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTES 1 AND 3):
Net realized gain (loss) on:
Security transactions (7,179) 922,678 586,734
Futures contracts 47,539 (498,961) (444,547)
Foreign currency, forward contracts and foreign
currency related transactions - (47,988) 214,540
--------- ----------- ---------
Net realized gain 40,360 375,729 356,727
--------- ----------- ---------
Net change in unrealized appreciation (depreciation) of:
Securities $(116,616) (1,040,233) (875,336)
Futures contracts 31,650 377,038 8,089
Forward currency contracts - (300,376) (2,131)
Foreign currency and other assets - 202,917 (32,866)
--------- ----------- ---------
Net unrealized (depreciation) during the period (84,966) (760,654) (902,244)
--------- ----------- ---------
NET REALIZED AND UNREALIZED (LOSS) (44,606) (384,925) (545,517)
--------- ----------- ---------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $ 280 $ (99,807) $(515,749)
========= =========== =========
*Net of foreign taxes withheld of: $348 $21,072 $10,132
</TABLE>
See acompanying noytes to the financial statements.
34
<PAGE>
THE PANAGORA FUNDS
STATEMENT OF CHANGES IN NET ASSETS
PANAGORA ASSET ALLOCATION FUND
<TABLE>
- ----------------------------------------------------------------------------------------------------
<CAPTION>
SIX MONTHS ENDED
NOVEMBER 30, 1994 YEAR ENDED
(UNAUDITED) MAY 31, 1994
----------------- ------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM:
OPERATIONS:
Net investment income $ 44,886 $ 37,104
Net realized gain on investments, closed futures
contracts, and foreign currency transactions 40,360 25,584
Net change in unrealized appreciation (depreciation)
on investments, open futures contracts, forward
currency contracts, foreign currency, and other assets (84,966) (89,256)
---------- -----------
Net increase (decrease) in net assets
resulting from operations 280 (26,568)
---------- -----------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (12,004) (26,104)
Net realized capital gains - (11,747)
---------- -----------
Total distributions to shareholders (12,004) (37,851)
---------- -----------
FUND SHARE TRANSACTIONS (NOTE 4):
Proceeds from sale of shares 3,579,125 2,878,610
Net asset value of shares issued to shareholders
in payment of distributions declared 12,004 37,851
Cost of shares repurchased (182,678) (15,209)
----------- ------------
Net increase in net assets resulting from
Fund share transactions 3,408,451 2,901,252
----------- ------------
TOTAL INCREASE IN NET ASSETS 3,384,723 2,836,833
NET ASSETS:
Beginning of period 2,870,833 34,000
----------- ------------
End of period * $6,267,560 $2,870,833
=========== ===========
* Including undistributed net
investment income of: $ 43,882 $ 11,000
</TABLE>
See accompanying notes to the financial statements. 35
<PAGE>
THE PANAGORA FUNDS
STATEMENT OF CHANGES IN NET ASSETS
PANAGORA GLOBAL FUND
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------
SIX MONTHS ENDED
NOVEMBER 30, 1994 YEAR ENDED
(UNAUDITED) MAY 31, 1994
----------------- ------------
INCREASE (DECREASE) IN NET ASSETS FROM:
<S> <C> <C>
OPERATIONS:
Net investment income $285,118 $381,178
Net realized gain on investments, closed futures
contracts, and foreign currency transactions 375,729 74,161
Net change in unrealized appreciation (depreciation)
on investments, open futures contracts, forward
currency contracts, foreign currency, and other assets (760,654) 421,283
----------- -----------
Net increase (decrease) in net assets
resulting from operations (99,807) 876,622
----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income - (381,178)
In excess of net investment income - (1,118,599)
----------- -----------
Total distributions to shareholders - (1,499,777)
----------- -----------
FUND SHARE TRANSACTIONS (NOTE 4):
Proceeds from sale of shares 1,756,409 42,897,445
Net asset value of shares issued to shareholders
in payment of distributions declared - 1,499,777
Cost of shares repurchased (489,995) (2,049,495)
----------- -----------
Net increase in net assets resulting from
Fund share transactions 1,266,414 42,347,727
----------- -----------
TOTAL INCREASE IN NET ASSETS 1,166,607 41,724,572
NET ASSETS:
Beginning of period 41,757,572 33,000
----------- -----------
End of period * $42,924,179 $41,757,572
=========== ===========
* Including distributions in excess
of net investment income of: $833,481 $1,118,599
</TABLE>
See accompanying notes to the financial statements. 36
<PAGE>
THE PANAGORA FUNDS
STATEMENT OF CHANGES IN NET ASSETS
PANAGORA INTERNATIONAL EQUITY FUND
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------
SIX MONTHS ENDED
NOVEMBER 30, 1994 YEAR ENDED
INCREASE (DECREASE) IN NET ASSETS FROM: (UNAUDITED) MAY 31, 1994
----------------- ------------
<S> <C> <C>
OPERATIONS:
Net investment income $29,768 $131,046
Net realized gain on investments, closed futures
contracts, and foreign currency transactions 356,727 586,345
Net change in unrealized appreciation (depreciation)
on investments, open futures contracts, forward
currency contracts, foreign currency, and other assets (902,244) 577,506
----------- -----------
Net increase (decrease) in net assets
resulting from operations (515,749) 1,294,897
----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (31,520) (35,519)
In excess of net investment income - (292,892)
----------- -----------
Total distributions to shareholders (31,520) (328,411)
FUND SHARE TRANSACTIONS (NOTE 4):
Proceeds from sale of shares 12,956,193 13,701,754
Net asset value of shares issued to shareholders
in payment of distributions declared 31,318 326,091
Cost of shares repurchased (10,312,635) (72,764)
----------- -----------
Net increase in net assets resulting from
Fund share transactions 2,674,876 13,955,081
----------- -----------
TOTAL INCREASE IN NET ASSETS 2,096,087 14,921,567
NET ASSETS:
Beginning of period 14,954,567 33,000
End of period * $17,082,174 $14,954,567
=========== ===========
* Including distributions in excess
of net investment income of: $3,883 $2,131
</TABLE>
See accompanying notes to the financial statements. 37
<PAGE>
THE PANAGORA FUNDS
FINANCIAL HIGHLIGHTS
PANAGORA ASSET ALLOCATION FUND
<TABLE>
<CAPTION>
FOR A FUND SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- ----------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED
NOVEMBER 30, 1994 YEAR ENDED
(UNAUDITED) MAY 31, 1994
----------------- ------------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $10.01 $10.00
------ ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.05 0.14
Net realized and unrealized gain on investments 0.01 0.02
------ ------
Total from investment operations 0.06 0.16
------ ------
LESS DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (0.02) (0.10)
From net realized gains - (0.05)
------ ------
Total distributions (0.02) (0.15)
------ ------
NET ASSET VALUE, END OF PERIOD $10.05 $10.01
====== ======
TOTAL RETURN 0.60% 1.63%
====== ======
RATIOS / SUPPLEMENTAL DATA:
Net assets, end of period (000's) $6,268 $2,871
Ratio of net expenses to average daily net assets 0.90%* 0.90%
Ratio of net investment income to average daily net assets 1.78%* 2.08%
Portfolio turnover rate 10% 50%
Without the waiver of fees and reimbursement of expenses
by the advisor, the ratio of net expenses to average net assets
would have been: 2.69%* 8.96%
</TABLE>
* Annualized
See accompanying notes to the financial statements. 38
<PAGE>
THE PANAGORA FUNDS
FINANCIAL HIGHLIGHTS
PANAGORA GLOBAL FUND
FOR A FUND SHARE OUTSTANDING THROUGHOUT EACH PERIOD
<TABLE>
- --------------------------------------------------------------------------------------------------------
<CAPTION>
SIX MONTHS ENDED
NOVEMBER 30, 1994 YEAR ENDED
(UNAUDITED) MAY 31, 1994
----------------- ------------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $10.48 $10.00
------ ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.08 0.11
Net realized and unrealized gain (loss) on investments (0.12) 0.76
------ ------
Total from investment operations (0.04) 0.87
------ ------
LESS DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income - (0.10)
In excess of net investment income - (0.29)
------ ------
Total distributions - (0.39)
------ ------
NET ASSET VALUE, END OF PERIOD 10.44 $10.48
====== ======
TOTAL RETURN (0.38%) 8.68%
====== ======
RATIOS / SUPPLEMENTAL DATA:
Net assets, end of period (000's) $42,924 $41,758
Ratio of net expenses to average daily net assets 1.00%* 1.00%
Ratio of net investment income to average daily net assets 1.33%* 1.23%
Portfolio turnover rate 69% 187%
Without the waiver of fees and reimbursement of expenses
by the advisor, the ratio of net expenses to average net assets
would have been: 1.08%* 1.53%
</TABLE>
* Annualized
See accompanying notes to the financial statements. 39
<PAGE>
THE PANAGORA FUNDS
FINANCIAL HIGHLIGHTS
PANAGORA INTERNATIONAL EQUITY FUND
<TABLE>
<CAPTION>
FOR A fUND SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- ------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED
NOVEMBER 30, 1994 YEAR ENDED
(UNAUDITED) MAY 31, 1994
----------------- ------------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $10.75 $10.00
------ ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.02 0.11
Net realized and unrealized gain on investments 0.04 0.89
------ ------
Total from investment operations 0.06 1.00
------ ------
LESS DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (0.02) (0.03)
In excess of net investment income - (0.22)
------ ------
Total distributions (0.02) (0.25)
------ ------
NET ASSET VALUE, END OF PERIOD $10.79 $10.75
====== ======
TOTAL RETURN 0.55% 10.12%
====== ======
RATIOS / SUPPLEMENTAL DATA:
Net assets, end of period (000's) $17,082 $14,955
Ratio of net expenses to average daily net assets 1.10%* 1.10%
Ratio of net investment income to average daily net assets 0.45%* 0.93%
Portfolio turnover rate 29% 160%
Without the waiver of fees and reimbursement of expenses
by the advisor, the ratio of net expenses to average net assets
would have been: 2.01%* 2.42%
</TABLE>
* Annualized
See accompanying notes to the financial statements. 40
<PAGE>
THE PANAGORA FUNDS
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
The PanAgora Funds (the "Trust") were organized under the laws of the
Commonwealth of Massachusetts on January 27, 1993 as a Massachusetts
business trust and began operations on June 1, 1993. The Trust is
registered under the Investment Company Act of 1940, as amended (the
"1940 Act"), as an open-end management investment company, consisting of
three investment series: PanAgora Asset Allocation Fund, PanAgora Global
Fund and PanAgora International Equity Fund (the "Funds"). The following
is a summary of significant accounting policies consistently followed by
the Funds in the preparation of their financial statements.
PORTFOLIO VALUATION
Securities traded on a recognized U.S. or foreign securities exchange or the
National Association of Securities Dealers Automated Quotation System
(NASDAQ) are valued at their last sale price on the principal exchange on
which they are traded or NASDAQ (if NASDAQ is the principal market for such
securities). If no sale occurs, securities are valued at the mean between
the closing bid and asked price. Unlisted equity securities for which
market quotations are readily available are valued at the mean between the
most recent bid and asked price. Debt securities and other fixed-income
investments of the Funds will be valued at prices supplied by independent
pricing agents selected by the Board of Trustees. Short-term obligations
maturing in sixty days or less are valued at amortized cost. Amortized cost
valuation involves initially valuing a security at its cost, and thereafter,
assuming a constant amortization to maturity of any discount or premium,
regardless of the impact of fluctuating interest rates on the market value
of the security. Securities whose market value does not, in the Adviser's
opinion, reflect fair value are valued at fair value using methods
determined in good faith by the Board of Trustees.
REPURCHASE AGREEMENTS
Each Fund may engage in repurchase agreement transactions. Under the term
of a typical repurchase agreement, the Fund takes possession of an
underlying debt obligation subject to an obligation of the seller to
repurchase, and the Fund to resell, the obligation at an agreed-upon price
and time, thereby determining the yield during the Fund's holding period.
This arrangement results in a fixed rate of return that is not subject to
market fluctuations during the Fund's holding period. The value of the
collateral is at least equal at all times to the total amount of the
repurchase obligations, including interest. In the event of counterparty
default, the Fund has the right to use the collateral to offset losses
incurred. There is potential loss to the Fund in the event the Fund is
delayed or prevented from exercising its rights to dispose of the collateral
securities, including the risk of a possible decline in the value of the
underlying securities during the period while the Fund seeks to assert its
rights. The Fund's investment adviser, acting under the supervision of the
Board of Trustees, reviews the value of the collateral and the
creditworthiness of those banks and dealers with which the Fund enters into
repurchase agreements to evaluate potential risks.
FUTURES CONTRACTS
The Funds will engage in futures transactions only for bona fide hedging and
non-hedging purposes as defined in regulations of the Commodity Futures
Trading Commission. Upon entering into a futures contract, each Fund is
required to deposit with the broker an amount of cash or cash equivalents
equal to a certain percentage of the contract amount. This is known as the
"initial margin."
41
<PAGE>
THE PANAGORA FUNDS
(NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
Subsequent payments ("variation margin") are made or received by the Asset
Allocation Fund each day, depending on the daily fluctuation of the value
of the contract; and by the Global Fund and International Equity Fund when
the futures contract is closed.
Futures contracts are marked-to-market daily and the daily changes in the
value of the contract are recorded as unrealized gains or losses. The Fund
recognizes a realized gain or loss when the contract is closed.
There are several risks in connection with the use of futures contracts as a
hedging device. The change in value of futures contracts primarily
corresponds with the value of their underlying instruments or index, which
may not correlate with the change in value of the hedged investments. In
addition, there is the risk that the Fund may not be able to enter into a
closing transaction because of an illiquid secondary market.
FOREIGN CURRENCY
The books and records of the Funds are maintained in United States (U.S.)
dollars. Foreign currencies, investments and other assets and liabilities
are translated into U.S. dollars at the exchange rates prevailing at the
end of the period, and purchases and sales of investment securities, income
and expenses are translated on the respective dates of such transactions.
Unrealized gains and losses which result from changes in foreign currency
exchange rates have been included in the unrealized appreciation/
(depreciation) of foreign currency and net other assets. Net realized
foreign currency gains and losses resulting from changes in exchange rates
included foreign currency gains and losses between trade date and
settlement date on investment securities transactions, foreign currency
transactions and the difference between the amounts of interest and
dividends recorded on the books of the Funds and the amount actually
received. The portion of foreign currency gains and losses related to
fluctuation in exchange rates between the initial trade date and subsequent
sale trade date is included in realized gains and losses on investment
securities sold.
FORWARD FOREIGN CURRENCY CONTRACTS
The PanAgora Global Fund and the PanAgora International Equity Fund may
enter into forward foreign currency contracts. Forward foreign currency
contracts are valued at the forward rate and are marked-to-market daily.
The change in market value is recorded by the Fund as an unrealized gain or
loss. When the contract is closed or delivery is taken, the Fund records a
realized gain or loss equal to the difference between the value of the
contract at the time it was opened and the value at the time it was closed.
The use of forward foreign currency contracts does not eliminate
fluctuations in the underlying prices of the Fund's securities, but it does
establish a rate of exchange that can be achieved in the future. Although
forward foreign currency contracts limit the risk of loss due to a decline
in the value of the hedged currency, they also limit any potential gain that
might result should the value of the currency increase. In addition, the
Fund could be exposed to risks if the counterparties to the contracts are
unable to meet the terms of their contracts.
42
<PAGE>
THE PANAGORA FUNDS
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
SECURITIES TRANSACTIONS AND INVESTMENT INCOME
Securities transactions are recorded as of the trade date. Realized gains
or losses from securities sold are recorded on the identified cost basis.
Interest income is recorded on the accrual basis and consists of interest
accrued and, if applicable, discount earned less premiums amortized.
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities are recorded as soon as the Fund is
informed of the ex-dividend date.
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Each fund declares and pays dividends from net investment income, if any,
and distributes net short-term capital gains, if any, on a quarterly basis.
Each Fund also distributes, at least annually, substantially all of the
long-term capital gains in excess of available capital losses, if any,
which it realizes for each taxable year. Income distributions and capital
gain distributions are determined in accordance with income tax regulations
which may differ from generally accepted accounting principles. These
differences are primarily due to differing treatments of income and gains
on various investment securities held by each fund, timing differences and
differing characterization of distributions made by each Fund. Permanent
differences relating to shareholder distributions will result in
reclassifications to paid-in capital.
FEDERAL INCOME TAXES
It is the policy of the Funds to qualify as regulated investment company, by
complying with the requirements under Subchapter M of the Internal Revenue
Code of 1986, as amended, applicable to regulated investment companies and
by distributing substantially all of its earnings to its shareholders.
Therefore, no provision for federal income or excise tax is necessary.
2. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
The Trust has entered into an investment advisory agreement (the "Advisory
Agreement") with PanAgora Asset Management, Inc. ("PanAgora"). Under the
Advisory Agreement, the Trust, on behalf of each Fund, pays a monthly fee at
an annual rate of the value of each Fund's average daily net assets as
follows:
PanAgora Asset Allocation Fund 0.60%
PanAgora Global Fund 0.70%
PanAgora International Equity Fund 0.80%
PanAgora has agreed to voluntarily waive and reimburse a portion or all of
their respective fees and expenses of the Asset Allocation Fund, Global Fund
and International Equity Fund to the extent that the Funds' total annual
expenses exceed 0.90%, 1.00% or 1.10% of their average daily net assets,
respectively.
Effective August 22, 1994, the Trust entered into Administration, Custodian
and Transfer Agency and Service Agreements with Investors Bank & Trust
Company ("Investors Bank"). Prior to August 22, 1994, Boston Company
Advisors served as administrator, Boston Safe Deposit and Trust Company
served as custodian and The Shareholder Services Group, Inc. served as the
transfer agent.
43
<PAGE>
THE PANAGORA FUNDS
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
PanAgora has agreed to pay to Funds Distributor, Inc., the Trust's
distributor, as compensation for certain distribution services rendered to
the Trust, a monthly fee at the annual rate of 0.03% of the value of the
average daily net assets of each Fund. The minimum fee, with respect to
all three funds, is $15,000 per year. The Funds do not pay any fees to
Funds Distributor, Inc.
No officer, director or employee of PanAgora, Investors Bank or any parent
or subsidiary of those corporations receives any compensation from the
Trust for serving as a Trustee or officer of the Trust. The Trust pays
each Trustee who is not any officer, director, or employee of PanAgora or
any of their affiliates $5,000 per annum plus $1,000 per meeting attended
and reimburses each such Trustee for travel and out-of-pocket expenses.
3. PURCHASES AND SALES OF SECURITIES
Costs of purchases and proceeds from sales of investment securities,
excluding short-term investments, during the period ended November 30, 1994
were as follows:
<TABLE>
<CAPTION>
Purchases Sales
--------- -----
<S> <C> <C>
PanAgora Asset Allocation Fund $3,281,478 $320,090
PanAgora Global Fund $28,741,383 $20,987,757
PanAgora International Equity Fund $14,564,094 $2,760,738
</TABLE>
At November 30, 1994, aggregated gross unrealized appreciation for all
securities in which there is an excess of value over tax cost and aggregate
gross unrealized depreciation for all securities in which there is an
excess of tax cost over value were as follows:
<TABLE>
<CAPTION>
TAX BASIS TAX BASIS
UNREALIZED UNREALIZED
APPRECIATION DEPRECIATION
------------ ------------
<S> <C> <C>
PanAgora Asset Allocation Fund 135,607 (334,991)
PanAgora Global Fund 1,437,366 (1,584,181)
PanAgora International Equity Fund 429,870 (693,476)
</TABLE>
44
<PAGE>
THE PANAGORA FUNDS
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
4. SHARES OF BENEFICIAL INTEREST
At November 30, 1994 an unlimited number of shares of beneficial interest
without par value were authorized. Changes in shares of beneficial
interest were as follows:
<TABLE>
<CAPTION>
Six Months Ended
November 30, 1994 Year Ended
(Unaudited) May 31, 1994
----------------- ------------
<S> <C> <C>
PANAGORA ASSET ALLOCATION FUND:
Shares sold 353,371 281,095
Shares issued to shareholders in reinvestment of
distributions 1,185 3,736
Shares repurchased (17,945) (1,483)
---------- ---------
Net increase 336,611 283,348
Fund shares:
Beginning of period 286,748 3,400
---------- ---------
End of period 623,359 286,748
========== =========
</TABLE>
<TABLE>
<CAPTION>
Six Months Ended
November 30, 1994 Year Ended
(Unaudited) May 31, 1994
----------------- ------------
<S> <C> <C>
PANAGORA GLOBAL FUND:
Shares sold 184,717 4,031,219
Shares issued to shareholders in reinvestment of
distributions - 141,622
Shares repurchased (59,295) (190,318)
--------- ---------
Net increase 125,422 3,982,523
Fund shares:
Beginning of period 3,985,823 3,300
--------- ---------
End of period 4,111,245 3,985,823
========= =========
</TABLE>
45
<PAGE>
THE PANAGORA FUNDS
<TABLE>
<CAPTION>
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
- ---------------------------------------------------------------------------------------------------
Six Months Ended
November 30, 1994 Year Ended
(Unaudited) May 31, 1994
----------------- ------------
<S> <C> <C>
PANAGORA INTERNATIONAL EQUITY FUND:
Shares sold 1,145,795 1,362,693
Shares issued to shareholders in reinvestment of
distributions 2,837 31,417
Shares repurchased (955,382) (6,813)
--------- ---------
Net increase 193,250 1,387,297
Fund shares:
Beginning of period 1,390,597 3,300
--------- ---------
End of period 1,583,847 1,390,597
========= =========
</TABLE>
5. ORGANIZATION COSTS
Each Fund bore all costs in connection with its organization including the
fees and expenses of registering and qualifying its shares for distribution
under Federal and state securities regulations. All such costs are being
amortized on the straight-line method over a period of five years from the
commencement of operations for each Fund. In the event that any of the
initial shares of the Funds are redeemed during such amortization period,
the Funds will be reimbursed for any unamortized costs in the same
proportion as the number of shares redeemed bears to the number of initial
shares held at the time of redemption.
46
<PAGE>
THE PANAGORA FUNDS
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
6. FINANCIAL INSTRUMENTS
The Funds may purchase financial instruments with off-balance sheet risk in
the normal course of its investment activities. The Asset Allocation Fund
may invest in futures contracts and the Global Fund and the International
Equity Fund may invest in forward currency contracts and futures contracts.
The notional or contractual amounts of these instruments represent the
investment the Funds have in particular classes of financial instruments
and do not represent the amounts potentially subject to risk. The
measurement of the risks associated with these instruments is meaningful
only when all related and offsetting tranactions are considered. A summary
of obligations under these financial instruments at November 30, 1994 is as
follows:
FORWARD CURRENCY CONTRACTS
GLOBAL FUND
<TABLE>
<CAPTION>
Net Unrealized
Settlement Units of In Exchange for Appreciation
Date Deliver/Receive Currency (in U.S. Dollars) (Depreciation)
---------- --------------- -------- ----------------- --------------
<S> <C> <C> <C> <C>
Contracts to sell currency:
12/08/94 British Pound 322,030 $520,304 $ 15,557
=========
Contracts to buy currency:
12/08/94 British Pound 2,928,094 $4,730,921 (141,452)
12/08/94 Canadian Dollar 6,642,380 $4,891,170 (60,793)
12/08/94 Deutsche Mark 2,131,160 $1,403,510 (44,602)
12/08/94 Japanese Yen 601,900,760 $6,174,608 (81,603)
---------
$(328,450)
=========
</TABLE>
FUTURES CONTRACTS
ASSET ALLOCATION
<TABLE>
<CAPTION>
Net Unrealized
Number of Appreciation
Contracts Type Expiration Date Contract Value (Depreciation)
--------- ---- --------------- -------------- --------------
<S> <C> <C> <C> <C>
Buys:
22 U.S. Treasury note 10 Year March 1995 $2,188,313 $(2,062)
Index Future
Sells:
7 Standard & Poor's 500 December 1994 $1,593,550 $27,225
Index Future
</TABLE>
47
<PAGE>
THE PANAGORA FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
GLOBAL FUND
<TABLE>
<CAPTION>
Net Unrealized
Number of Appreciation
Contracts Type Expiration Date Contract Value (Depreciation)
--------- ---- --------------- -------------- --------------
<S> <C> <C> <C> <C>
Buys:
12 U.S. Treasury Note 10 March 1995 $1,193,625 $ 3,187
Year Index Future
6 Standard & Poor's 500 December 1994 $1,361,850 (38,800)
Index Future
58 U.K. Gilt Index Future March 1995 $4,651,551 (18,599)
67 Canadian 10 Year Bond March 1995 $4,783,000 16,951
Index Future
5 Japan 10 Year Bond Index December 1994 $5,489,760 25,146
Future
$ (12,115)
=========
Sells:
8 Topix Index Future December 1994 $1,216,890 48,041
34 CAC 40 Index Future December 1994 $2,511,450 (124,658)
---------
$ (76,617)
=========
</TABLE>
INTERNATIONAL EQUITY FUND
<TABLE>
<CAPTION>
Net Unrealized
Number of Appreciation
Contracts Type Expiration Date Contract Value (Depreciation)
--------- ---- --------------- -------------- --------------
<S> <C> <C> <C> <C>
Buys:
2 All Ordinary Index Future December 1994 $72,666 $ (6,086)
8 Topix Index Future December 1994 $1,227,408 (54,626)
---------
$ (60,712)
=========
Sells:
2 Financial Times Stock December 1994 $242,454 $ (522)
Exchange Index Future
4 CAC 40 Index Future December 1994 $295,465 (14,679)
---------
$ (15,201)
=========
</TABLE>
48
