<PAGE>
AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON OCTOBER 28, 1996.
File No. 33-65436
File No. 811-7830
- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OF 1933 / /
POST-EFFECTIVE AMENDMENT NO. 6 /X/
and
REGISTRATION STATEMENT UNDER THE
INVESTMENT COMPANY ACT OF 1940 / /
AMENDMENT NO. 7 /X/
MARQUIS FUNDS
(Exact Name of Registrant as Specified in Charter)
c/o CT Corporation
2 Oliver Street
Boston, Massachusetts 02109
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, including Area Code (800) 932-7781
Robert A. Nesher
c/o SEI Corporation
680 East Swedesford Road
Wayne, Pennsylvania 19087
(Name and Address of Agent for Service)
Copies to:
Richard W. Grant, Esquire John H. Grady, Jr., Esquire
Morgan, Lewis & Bockius LLP Morgan, Lewis & Bockius LLP
2000 One Logan Square 1800 M Street, N.W.
Philadelphia, PA 19103 Washington, D.C. 20036
- --------------------------------------------------------------------------------
/X/immediately upon filing pursuant to paragraph (b)
/ /on [date] pursuant to paragraph (b)
/ /60 days after filing pursuant to paragraph (a)
/ /75 days after filing pursuant to paragraph (a)
/ /on [date] pursuant to paragraph (a) of Rule 485.
- --------------------------------------------------------------------------------
Pursuant to the provisions of Rule 24f-2 under the Investment Company Act of
1940, an indefinite number of units of beneficial interest is being registered
by this Registration Statement. Registrant's Rule 24f-2 Notice for fiscal year
ended September 30, 1995 was filed on November 14, 1995.
- --------------------------------------------------------------------------------
<PAGE>
MARQUIS FUNDS
<TABLE>
<CAPTION>
CROSS REFERENCE SHEET
N-1A ITEM NO. LOCATION
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C>
PART A - Treasury Securities Money Market Fund - Trust Class
Item 1. Cover Page Cover Page
Item 2. Synopsis Summary
Item 3. Condensed Financial Information Financial Highlights
Item 4. General Description of Registrant The Trust; Investment Objectives; Investment Policies;
General Information
Item 5. Management of the Fund General Information; The Adviser; The Administrator;
The Shareholder Servicing Agent and Transfer Agent;
The Distributor
Item 5A. Management's Discussion of Fund Performance *
Item 6. Capital Stock and Other Securities Taxes; General Information
Item 7. Purchase of Securities Being Offered Purchase of Shares
Item 8. Redemption or Repurchase Redemption of Shares
Item 9. Pending Legal Proceedings *
PART A - Treasury Securities Money Market Fund - Retail Class
Item 1. Cover Page Cover Page
Item 2. Synopsis Summary
Item 3. Condensed Financial Information Financial Highlights
Item 4. General Description of Registrant The Trust; Investment Objectives; Investment Policies;
General Information
Item 5. Management of the Fund General Information; The Adviser; The Administrator;
The Shareholder Servicing Agent and Transfer Agent;
The Distributor
Item 5A. Management's Discussion of Fund Performance *
Item 6. Capital Stock and Other Securities Taxes; General Information
Item 7. Purchase of Securities Being Offered Purchase of Shares
Item 8. Redemption or Repurchase Redemption of Shares
Item 9. Pending Legal Proceedings *
PART A - Treasury Securities Money Market Fund - Cash Sweep Class
Item 1. Cover Page Cover Page
Item 2. Synopsis Summary
Item 3. Condensed Financial Information *
Item 4. General Description of Registrant The Trust; Investment Objectives; Investment Policies;
General Information
Item 5. Management of the Fund General Information; The Adviser; The Administrator;
The Shareholder Servicing Agent and Transfer Agent;
The Distributor
Item 5A. Management's Discussion of Fund Performance *
Item 6. Capital Stock and Other Securities Taxes; General Information
Item 7. Purchase of Securities Being Offered Purchase of Shares
</TABLE>
i
<PAGE>
<TABLE>
<S> <C>
Item 8. Redemption or Repurchase Redemption of Shares
Item 9. Pending Legal Proceedings *
<CAPTION>
PART A - Government Securities, Louisiana Tax-Free Income, Balanced, Value Equity, Growth Equity Funds - Class A and Class B
<S> <C>
Item 1. Cover Page Cover Page
Item 2. Synopsis Summary
Item 3. Condensed Financial Information Financial Highlights
Item 4. General Description of Registrant The Trust; Investment Objectives; Investment Policies
and Information; General Investment Policies and
Information; General Information
Item 5. Management of Fund General Information; The Adviser; The Administrator;
The Shareholder Servicing Agent and Transfer Agent;
The Distributor
Item 5A. Management's Discussion of Fund Performance *
Item 6. Capital Stock and Other Securities General Information; Taxes
Item 7. Purchase of Securities Being Offered How to Purchase Shares; Alternative Sales Charge
Options; Exchanges
Item 8. Redemption or Repurchase Redemption of Shares
Item 9. Pending Legal Proceedings *
PART A - Institutional Money Market Fund
Item 1. Cover Page Cover Page
Item 2. Synopsis Summary
Item 3. Condensed Financial Information Financial Highlights
Item 4. General Description of Registrant The Trust; Investment Objectives; Investment Policies
and Information; General Investment Policies and
Information; General Information
Item 5. Management of Fund General Information; The Adviser; The Administrator;
The Shareholder Servicing Agent and Transfer Agent;
The Distributor
Item 5A. Management's Discussion of Fund Performance *
Item 6. Capital Stock and Other Securities General Information; Taxes
Item 7. Purchase of Securities Being Offered How to Purchase Shares; Alternative Sales Charge
Options; Exchanges
Item 8. Redemption or Repurchase Redemption of Shares
Item 9. Pending Legal Proceedings *
</TABLE>
ii
<PAGE>
<TABLE>
<S> <C>
PART A - Tax Exempt Money Market Fund
Item 1. Cover Page Cover Page
Item 2. Synopsis Summary
Item 3. Condensed Financial Information Financial Highlights
Item 4. General Description of Registrant The Trust; Investment Objectives; Investment Policies
and Information; General Investment; Policies and
Information; General Information
Item 5. Management of Fund General Information; The Adviser; The Administrator;
The Shareholder Servicing Agent and Transfer Agent;
The Distributor
Item 5A. Management's Discussion of Fund Performance *
Item 6. Capital Stock and Other Securities General Information; Taxes
Item 7. Purchase of Securities Being Offered How to Purchase Shares; Alternative Sales Charge
Options; Exchanges
Item 8. Redemption or Repurchase Redemption of Shares
Item 9. Pending Legal Proceedings *
PART B - All Portfolios
Item 10. Cover Page Cover Page
Item 11. Table of Contents Table of Contents
Item 12. General Information and History The Trust
Item 13. Investment Objectives and Policies Additional Description of Permitted Investments;
Investment Limitations; Non-Fundamental Policies
Item 14. Management of the Registrant General Information (Prospectus); Trustees and Officers
of the Trust; The Administrator
Item 15. Control Persons and Principal Holders of Securities Trustees and Officers of the Trust; General Information
(Prospectus)
Item 16. Investment Advisory and Other Services The Adviser; The Administrator; The Distributor;
Experts; The Shareholder Servicing Agent and Transfer
Agent (Prospectus)
Item 17. Brokerage Allocation Fund Transactions; Trading Practices and Brokerage
Item 18. Capital Stock and Other Securities Description of Shares
Item 19. Purchase, Redemption, and Pricing of Securities Purchase of Shares (Prospectus) [or] How to Purchase
Being Offered Shares (Prospectus) and Alternative Sales Charge
Options (Prospectus); Redemption of Shares
(Prospectus); Purchase and Redemption of Shares;
Conversion Feature; Letter of Intent; Determination of
Net Asset Value
Item 20. Tax Status Taxes (Prospectus); Taxes
Item 21. Underwriters The Distributor
Item 22. Calculation of Yield Quotations Performance (Prospectus); Computation of Yield;
Calculation of Total Return
Item 23. Financial Statements Financial Statements
</TABLE>
iii
<PAGE>
PART C
Information required to be included in Part C is set forth under the appropriate
item, so numbered, in Part C of the Registration Statement.
*Not Applicable.
iv
<PAGE>
The Prospectuses and the Statement of Additional Information for the Trust Class
of the Treasury Securities Money Market Fund; Retail Class of the Treasury
Securities Money Market Fund; Cash Sweep Class of the Treasury Securities Money
Market Fund; Class A and Class B of the Government Securities Fund, Louisiana
Tax-Free Income Fund, Balanced Fund, Value Equity Fund and Growth Equity Fund;
Institutional Money Market Fund; and Tax Exempt Money Market Fund, included as
part of Post-Effective Amendment No. 5 to the Registrant's Registration
Statement on Form N-1A (File No. 33-65436), filed with the Securities and
Exchange Commission on January 29, 1996 pursuant to Rule 485(b) under the
Securities Act of 1933, are hereby incorporated by reference as if set forth
full herein.
v
<PAGE>
Marquis Funds(R)
Balanced Fund
Government Securities Fund
Growth Equity Fund
Louisiana Tax-Free Income Fund
Value Equity Fund
Supplement dated October 28, 1996
to the Prospectus dated January 29, 1996
The Prospectus dated January 29, 1996 is hereby amended by the additions of the
following unaudited financial information for the Growth Equity Fund for the
period ended September 30, 1996.
Financial Highlights
The following table provides unaudited financial highlights for the Growth
Equity Fund for the period March 1, 1996 (commencement of operations) through
September 30, 1996, for a share of each class outstanding throughout the period.
<TABLE>
<CAPTION>
The Growth Equity Fund: Class A(1) Class B(2)
- ----------------------- ---------- ----------
<S> <C> <C>
Net Asset Value Beginning of Period $ 11.00 $ 11.14
Net Investment Income 0.03 0.01
Realized and Unrealized Gains or (Losses) on Investments 1.10 0.93
Distributions from Net Investment Income (0.03) (0.01)
Net Asset Value End of Period $ 12.10 $ 12.07
Total Return + 18.59%* 19.87%*
Net Assets End of Period (000) $ 18,400 $ 152
Ratio of Expenses to Average Net Assets 1.00%* 1.75%*
Ratio of Net Income to Average Net Assets 0.73%* (0.02)%*
Ratio of Expenses to Average Net Assets (Excluding 1.12%* 1.87%*
Waivers)
Ratio of Net Investment Income to Average Net Assets 0.61%* (0.14)%*
(Excluding Waivers)
Portfolio Turnover Rate 91.09% 91.09%
Average Commission Rate** $ .0797 $ .0797
</TABLE>
+ Total return does not reflect sales loads on Class B shares.
* Annualized
** Average commission rate paid per share for security purchases and sales
during the period.
(1) Commenced operations on March 1, 1996.
(2) Commenced operations on April 19, 1996.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
<PAGE>
Marquis Funds(R)
Tax Exempt Money Market Fund
Supplement dated October 28, 1996
to the Prospectus dated January 29, 1996
The Prospectus dated January 29, 1996 is hereby amended by the additions of the
following unaudited financial information for the Tax Exempt Money Market Fund
for the period ended September 30, 1996.
Financial Highlights
The following table provides unaudited financial highlights for the Tax Exempt
Money Market Fund for the period June 7, 1996 (commencement of operations)
through September 30, 1996, for a share outstanding throughout the period.
<TABLE>
<S> <C>
Tax Exempt Money Market Fund: (1)
- ----------------------------
Net Asset Value Beginning of Period $ 1.00
Net Investment Income 0.01
Realized and Unrealized Gains or (Losses) on Investments --
Distributions from Net Investment Income (0.01)
Net Asset Value End of Period $ 1.00
Total Return 2.90%*
Net Assets End of Period (000) $66,214
Ratio of Expenses to Average Net Assets 0.65%*
Ratio of Net Income to Average Net Assets 2.92%*
Ratio of Expenses to Average Net Assets (Excluding 0.77%*
Waivers)
Ratio of Net Investment Income to Average Net 2.80%*
Assets (Excluding Waivers)
Portfolio Turnover Rate N/A
Average Commission Rate** N/A
- --------------------------------------------------------------------------------
</TABLE>
* Annualized
** Average commission rate paid per share for security purchases and sales
during the period.
(1) The Tax Exempt Money Market Fund commenced operations on June 7, 1996.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
<PAGE>
Marquis Funds(R)
(The "Trust")
Supplement dated October 28, 1996 to the
Statement of Additional Information
The Statement of Additional Information for the Trust is hereby amended and
supplemented by the following unaudited financial statements for the Growth
Equity Fund for the period March 1, 1996 (commencement of operations) through
September 30, 1996, as well as for the Tax Exempt Money Market Fund for the
period June 7, 1996 (commencement of operations) through September 30, 1996,
with financial notes for each Fund.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
<PAGE>
- --------------------------------------------------------------------------------
STATEMENT OF NET ASSETS
Unaudited
- ---------------------------------------------------------------------
Tax Exempt Money Market Fund
- ---------------------------------------------------------------------
Description Par (000) Value (000)
- ---------------------------------------------------------------------
=====================================================================
Municipal Bonds -- 99.7%
=====================================================================
Alabama -- 2.8%
Montgomery BMC Special Care
Facilities Finance Authority, Baptist
Medical Center, Ser A VRDN
RB (A)(B)(C)
3.900%, 08/01/20 $1,845 $ 1,845
-------
Arizona -- 3.8%
Tucson Industrial Development
Authority, Tucson City Center
Parking, VRDN, RB (A)(B)(C)
3.925%, 06/01/15 2,200 2,200
Yavapai County, Arizona Industrial
Development Authority Kachina
Pointe Project (A)
3.800%, 01/01/09 300 300
-------
2,500
-------
Arkansas -- 2.1%
Little Rock Southwest Hospital, Ser 88,
VRDN, RB (A)(B)(C)
3.675%, 10/01/18 800 800
Little Rock Unified School District, TRAN
3.850%, 12/30/96 595 595
-------
1,395
-------
California -- 9.2%
California Higher Education Authority
Student Loan RB (A)
3.950%, 06/01/01 750 750
California State, Ser 1996-1997, RAN
4.500%, 06/30/97 2,500 2,510
Los Angeles, California Department
of Airports, Ser B RB
7.200%, 05/01/01 1,300 1,350
Ravenswood California City School
District, TRAN
4.500%, 07/08/97 500 502
San Bernadino County, Alta Loma
Heritage Project, Ser A, VRDN
RB (A)(B)(C)
3.625%, 02/01/23 $1,000 $1,000
------
6,112
------
Colorado -- 5.9%
Colorado Housing Finance Authority,
Cambray Park Project, VRDN,
RB (A)(B)(C)
3.950%, 05/01/15 400 400
Colorado Multi-Family Housing Authority,
Hamphen and Estes Project, VRDN,
(A)(B)(C)
3.70%, 12/01/05 950 950
Denver City & County, Ogden
Residence Project, VRDN,
RB (A)(B)(C)
4.000%, 12/01/09 1,095 1,095
Woodstream, Colorado Colorado
Housing Financial Authority (A)
3.950%, 06/01/05 1,450 1,450
------
3,895
------
District of Columbia -- 1.5%
District of Columbia, Ser B-1, VRDN,
RB (A)(B)(C)
4.050%, 06/01/03 400 400
District of Columbia, Ser B-2, VRDN,
RB (A)(B)(C)
4.050%, 06/01/03 225 225
Washington, DC, George Washington
University (A)
4.000%, 03/01/06 350 350
------
975
------
Florida -- 5.2%
Brevard County Housing Finance
Authority, Park Village & Malobar
Lakes Project, VRDN RB (A)
3.950%, 12/01/10 600 600
The accompanying notes are an integral part of the financial statements.
- --------------------------------------------------------------------------------
<PAGE>
[MARQUIS LOGO APPEARS HERE]
- --------------------------------------------------------------------------------
SEPTEMBER 30, 1996
Unaudited
- --------------------------------------------------------------------
Tax Exempt Money Market Fund (continued)
- --------------------------------------------------------------------
Description Par (000) Value (000)
- --------------------------------------------------------------------
====================================================================
Munipal Bonds (continued)
====================================================================
Florida (continued)
Broward County, Housing Finance
Authority, Lake Park Association (A)
3.900%, 12/01/10 $ 700 $ 700
Florida Housing Finance Agency,
Lakeside South Association,
VRDN RB (A)
3.925%, 08/01/06 600 600
Jacksonville University Hospital Center
Project, VRDN RB (A)(B)(C)
4.000%, 02/01/19 600 600
Suwannee County Florida Advent
Christian Project (A)
3.950%, 10/01/19 975 975
------
3,475
------
Georgia -- 4.1%
DeKalb County, Camden Brook Project,
VRDN, RB (A)(B)(C)
3.850%, 06/15/25 500 500
DeKalb County, Wood Terrace
Apartments Project, VRDN,
RB (A)(B)(C)
3.850%, 12/15/15 2,210 2,210
------
2,710
------
Idaho -- 0.6%
University of Idaho, Student Fee
Telecommunications, RB (FSA)
4.100%, 04/01/97 400 400
------
Illinois -- 14.1%
Chicago Multi-Family Housing
Authority, Waveland Project B,
VRDN RB (A)(B)(C)
3.850%, 11/01/10 125 125
Chicago Multi-Family Housing
Authority, Waveland Project F,
VRDN RB (A)(B)(C)
3.850%, 11/01/10 2,600 2,600
Chicago Park District, Ser A, TAW
5.000%, 10/30/96 2,000 2,002
Chicago, Illinois
4.000%, 12/01/17 1,000 1,000
Illinois Development Financial Authority
3.950%, 09/01/26 1,000 1,000
Illinois Health Facility Authority,
Lutheran Institution, Ser C,
RB (A)(B)(C)
3.500%, 04/01/15 2,000 2,000
Orland Hills Mortgage Authority,
Ser 1988-A, VRDN, RB (A)(B)(C)
3.850%, 12/01/04 600 600
------
9,327
------
Indiana -- 3.0%
Fort Wayne, Educational Development
Authority, Georgetown PL Venture,
VRDN RB (A)(B)(C)
3.900%, 12/01/15 2,000 2,000
------
Iowa -- 0.3%
Iowa Finance Authority Small Business
Revenue Ser A (A)
3.800%, 11/01/15 200 200
------
Kansas -- 0.9%
Topeka Multi-Family Housing Revenue,
Ser 85, VRDN, RB (A)(B)
3.725%, 01/01/09 600 600
------
The accompanying notes are an integral part of the financial statements.
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
STATEMENT OF NET ASSETS
Unaudited
- --------------------------------------------------------------------------------
Tax Exempt Money Market Fund (continued)
- --------------------------------------------------------------------
Description Par (000) Value (000)
- --------------------------------------------------------------------
====================================================================
Municipal Bonds (continued)
====================================================================
Kentucky -- 0.8%
Covington Industrial Building,
Atkins & Pearce Inc., Ser 1995,
VRDN RB (A)(B)(C)
3.850%, 04/01/05 $ 500 $ 500
--------
Louisiana -- 2.8%
Calcasieu Parish, Sales Tax District,
Ser #4-A, VRDN, RB (A)
3.850%, 09/01/01 350 350
East Baton Rouge, Louisiana
3.850%, 1,000 1,000
New Orleans Industrial Development
Board, Spectrum Control Technology,
RB (A)(B)(C)
3.850%, 03/01/07 500 500
--------
1,850
--------
Maryland -- 0.9%
Maryland Health & Higher Education
Facilities Authority, Kennedy
Krieger, VRDN, RB (A)(B)(C)
3.850%, 07/01/23 600 600
--------
Michigan -- 1.7%
Michigan State Job Development
Authority, Gordon Food Service
Project (A)
3.800%, 08/01/15 1,000 1,000
Michigan State Job Development
Authority, Pollution Control Revenue
Mazda Motor Manufacturing,
RB (A)(B)(C)
3.875%, 10/01/08 125 125
--------
1,125
--------
Minnesota -- 3.7%
Minneapolis, Minnesota, Commerce At
Centre VLG Project Ser 1996
4.000%, 09/01/97 715 715
St Paul, Minnesota Housing &
Redevelopment Authority District
Heating, Ser A, RB (A)
4.000%, 12/01/12 $1,750 $ 1,750
-------
2,465
-------
Missouri -- 1.8%
Missouri State Health & Educational
Facilities Authority, Health Care,
VRDN, RB, (MBIA) (A)(B)(C)
3.900%, 06/01/22 1,200 1,200
-------
Nevada -- 0.2%
Henderson, Public Improvement
Trust, Pueblo Verde I+II Apartment
Project, Ser 1995a/95b #1071,
VRDN, RB (A)(B)(C)
3.900%, 08/01/26 100 100
-------
North Carolina -- 1.4%
North Carolina Medical Care
Community, Hospital Revenue
Pooled Finance Project, VRDN,
RB (A)(B)(C)
3.850%, 10/01/16 600 600
Winston Salem, VRDN (A)(B)(C)
3.800%, 08/01/01 300 300
-------
900
-------
Ohio -- 3.7%
Bellevue, Ohio, Bellevue Hospital
Project, RB (A)
3.950%, 03/01/97 225 225
Cleveland Waterworks Revenue,
Ser E, RB (MBIA)
7.750%, 01/01/07 750 772
North Olmsted, BAN
4.600%, 12/19/96 750 751
The accompanying notes are an integral part of the financial statements.
- --------------------------------------------------------------------------------
<PAGE>
- ---------------------------------------------[LOGO OF MARQUIS APPEARS HERE]-----
SEPTEMBER 30, 1996
Unaudited
- --------------------------------------------------------------------------------
Tax Exempt Money Market Fund (continued)
- --------------------------------------------------------------------
Description Par (000) Value (000)
- --------------------------------------------------------------------
====================================================================
Municipal Bonds (continued)
====================================================================
Ohio (continued)
Village of Canal Winchester, Ohio, BAN
4.500%, 08/13/97 $ 700 $ 702
------
2,450
------
Oklahoma -- 3.8%
Oklahoma City Industrial Development
Authority, Baptist General Convention
Refunding, Ser 89, RB (A)(B)(C)
3.850%, 03/01/09 600 600
Oklahoma City, Univercity City Project,
Ser 85, VRDN, RB (A)(B)(C)
4.050%, 08/01/15 600 600
Oklahoma State Water Reserve Board
State Loan Program Revenue (A)
3.700%, 09/01/24 500 500
Tulsa City, Oklahoma, Industrial
Authority Health Care, Laureate
Psychiatric Project, VRDN, RB (A)
3.850%, 12/15/08 645 645
Yukon, Oklahoma, Municipal Authority
Sales Tax & Utility System.
RB (AMBAC)
4.200%, 06/01/97 180 180
------
2,525
------
Pennsylvania -- 12.7%
Allegheny County Children's Hospital
of Pittsburgh, Ser 85B, (MBIA)(A)
3.750%, 12/01/15 600 600
Delaware County, Pennsylvania
Industrial Development Authority,
Scott Paper Company Project,
Ser A, RB
3.800%, 12/01/18 500 500
Delaware Valley, Regional Finance
Authority (A)(C)
3.950%, 08/01/16 2,100 2,100
Montgomery County Higher
Education & Health Facility
Authority, Higher Education &
Loan, Ser 96-A, VRDN, RB(A)(B)(C)
3.900%, 06/01/21 2,500 2,500
Pennsylvania State Higher Education
Facility, Allegheny College Project,
VRDN, RB (A)(B)(C)
3.950%, 11/01/26 2,200 2,200
Philadelphia School District, TRAN
4.500%, 06/30/97 500 502
------
8,402
------
Tennessee -- 2.0%
Franklin County, Tennessee, Health &
Education Facilities Board
University of South Sewanee Credit
Enhancement Project, RB (A)
3.750%, 09/01/10 350 350
Jefferson County Industrial
Development (A)
4.000%, 04/01/98 1,000 1,000
------
1,350
------
Texas -- 1.2%
Corpus Christi,Texas, Texas Industrial
Development Authority Air Inventory
Project (A)
3.766%, 02/01/97 105 105
Keller, Texas Independent School
District, GO
8.250%, 08/01/97 500 517
Maury County,Tennessee Hillview
Health Care Center Ser 86 (A)
3.850%, 06/01/04 155 155
------
777
------
The accompanying notes are an integral part of the financial statements.
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
STATEMENT OF NET ASSETS
Unaudited
- --------------------------------------------------------------------------------
Tax Exempt Money Market Fund (continued)
- -----------------------------------------------------------------------
Description Par (000) Value (000)
- -----------------------------------------------------------------------
=======================================================================
Municipal Bonds (continued)
=======================================================================
Utah -- 1.7%
Salt Lake City, Industrial Development
Authority, Park View Plaza Project,
VRDN, RB (A)(B)(C)
4.060%, 12/01/14 $ 300 $ 300
West Valley, Utah, Industrial Development
Authority, Johnson Matthey Project,
RB (A)
4.100%, 11/01/11 800 800
-------
1,100
-------
Virginia -- 3.9%
Fairfax County,Virginia, Industrial
Development Authority, Fairfax
Hospital, Ser A (A)
3.900%, 1,300 1,300
Virginia State Housing Development
Authority, AHC Services Corps, Ser A,
VRDN, RB (A)(B)(C)
3.900%, 09/01/17 1,300 1,300
-------
2,600
-------
Washington -- 0.6%
Washington State Housing Finance
Community, Nonprofit Housing
YMCA, Snobonish County Project,
VRDN, RB (A)(B)(C)
4.100%, 08/01/19 415 415
-------
West Virginia -- 0.9%
Charleston Community Parking Facility
Revenue, VRDN, RB (A)(B)(C)
4.000%, 12/01/16 600 600
-------
Wisconsin -- 2.4%
Indian Hill,Wisconsin, Maple Dale
School District, TRAN
4.190%, 08/20/97 600 600
Kettle, Wisconsin, Moraine School
District, TRAN
4.010%, 08/22/97 500 500
Tomah Area School District,Wisconsin
TRAN
4.190%, 09/17/97 500 500
-------
1,600
-------
Total Municipal Bonds
(Cost $65,993) 65,993
-------
Total Investments -- 99.7%
(Cost $65,993) 65,993
-------
Other Assets and Liabilities, Net -- 0.3% 221
-------
=======================================================================
Net Assets:
=======================================================================
Fund Shares (unlimited authorization -- no par
value) based on 66,214,023 outstanding
shares of beneficial interest 66,214
-------
Total Net Assets -- 100.0% $66,214
=======
Net Asset Value, Offering and Redemption
Price Per Share $1.00
=======
- -----------------------------------------------------------------------
(A)Variable rate instrument. The rate reflected on the Statement of Net Assets
is the rate in effect on September 30, 1996.
(B)Put and Demand features exist requiring the issuer to repurchase the
instrument prior to maturity. The maturity date shown is the lesser of the
put date or the maturity date.
(C) Securities are held in connection with a letter of credit or other credit
support.
BAN -- Bond Anticipation Note
GO -- General Obligation
RAN -- Revenue Anticipation Note
RB -- Revenue Bond
Ser-- Series
TAW -- Tax Anticipation Warrant
TRAN -- Tax and Revenue Anticipation Note
VRDN -- Variable Rate Demand Note
The following organizations have provided underlying credit support for certain
securities as defined in the Statement of Net Assets:
AMBAC -- American Municipal Bond Assurance Company
FSA -- Financial Security Assurance
MBIA -- Municipal Bond Insurance Company
The accompanying notes are an integral part of the financial statements.
- --------------------------------------------------------------------------------
<PAGE>
[LOGO APPEARS HERE]
- ----------------------------------------------------------------
SEPTEMBER 30, 1996
Unaudited
- ----------------------------------------------------------------
Growth Equity Fund
- ----------------------------------------------------------------
Description Shares Value (000)
- ----------------------------------------------------------------
================================================================
Common Stock -- 95.9%
================================================================
Air Transportation -- 0.7%
UAL* 2,900 $ 136
------
Apparel/Textiles -- 2.6%
Jones Apparel Group * 4,000 255
Tommy Hilfiger* 3,900 231
------
486
------
Automotive -- 0.7%
Harley-Davidson 3,200 138
------
Beauty Products -- 3.6%
Avon Products 9,000 447
Procter & Gamble 2,200 214
------
661
------
Broadcasting, Newspapers & Advertising -- 2.0%
HBO 3,000 200
Omnicom Group 3,700 173
------
373
------
Chemicals -- 3.2%
Monsanto 6,000 219
PPG Industries 3,300 179
Rhone-Poulenc Rorer 2,550 188
------
586
------
Communications Equipment -- 3.9%
ADC Telecommunications* 2,650 170
Andrew* 3,800 190
GTE 4,000 154
Tellabs* 2,900 205
------
719
------
Computers & Services -- 2.8%
Compaq Computer* 3,200 205
Diebold 1,750 102
Gateway 2000* 4,500 215
------
522
------
Consumer Products -- 1.4%
Nine West Group* 4,700 $ 255
------
Drugs -- 9.7%
American Home Products 3,400 217
Amgen* 2,800 177
Bristol-Myers Squibb 2,200 212
Eli Lilly 3,750 242
Glaxo PLC ADR 6,200 193
Merck 2,500 176
Pfizer 3,200 253
Pharmacia Upjohn ADR 3,800 157
Schering Plough 2,700 166
------
1,793
------
Environmental Services -- 1.0%
Republic Industries * 6,300 183
------
Financial Services -- 3.2%
Charles Schwab 6,300 146
Franklin Resources 4,500 299
SLMA 1,900 142
------
587
------
Food, Beverage & Tobacco -- 3.9%
Anheuser Busch 2,600 98
Campbell Soup 2,800 218
Ralston Purina Group 3,200 219
Sara Lee 5,400 193
------
728
------
Hotels & Lodging -- 2.5%
HFS* 2,800 187
Marriott International 5,000 276
------
463
------
Household Products -- 3.7%
Clorox 2,700 259
General Electric 3,100 282
Illinois Tool Works 2,100 151
------
692
------
The accompanying notes are an integral part of the financial statements.
- --------------------------------------------------------------------------------
<PAGE>
- ----------------------------------------------------------------
STATEMENT OF NET ASSETS
Unaudited
- ----------------------------------------------------------------
Growth Equity Fund (continued)
- ----------------------------------------------------------------
Description Shares Value (000)
- ----------------------------------------------------------------
================================================================
Common Stocks (continued)
================================================================
Insurance -- 1.8%
Equifax 6,800 $ 179
Marsh & McLennan 1,600 155
------
334
------
Leasing & Renting -- 1.1%
Pitney Bowes 3,700 195
------
Leisure -- 1.4%
Callaway Golf 7,500 256
------
Machinery -- 1.6%
Duriron 7,800 207
Tyco Laboratories 2,150 93
------
300
------
Marine Transportation -- 0.8%
Carnival, Cl A 5,000 155
------
Measuring Devices -- 1.2%
Thermo Electron* 5,700 231
------
Medical Products & Services -- 4.4%
Becton Dickinson 4,800 212
Dentsply International* 4,200 187
Guidant 3,850 213
Medtronic 3,200 205
------
817
------
Miscellaneous Business Services -- 7.4%
BMC Software* 2,800 223
Cisco Systems* 4,400 273
Computer Associates
International 3,900 233
Newbridge Networks* 2,500 159
Parametric Technology* 5,100 252
Sun Microsystems* 3,600 224
------
1,364
------
Miscellaneous Manufacturing -- 2.4%
Belden 9,000 261
Blyth Industries* 3,700 179
------
440
------
Paper & Paper Products -- 0.9%
Caraustar Industries 5,700 $ 169
------
Petroleum & Fuel Products -- 2.2%
Noble Affiliates 5,000 211
Transocean Offshore 3,300 202
------
413
------
Photographic Equipment & Supplies -- 0.4%
Xerox 1,550 83
------
Printing & Publishing -- 2.4%
Meredith 5,050 249
Tribune 2,500 195
------
444
------
Professional Services -- 0.9%
Servicemaster Limited Partnership 6,750 164
------
Retail -- 5.2%
Albertson's 5,200 219
Gap 8,800 254
Staples* 8,400 186
TJX 5,000 179
Wal-Mart 5,000 132
------
970
------
Rubber & Plastic -- 1.1%
Nike, Cl B 1,750 213
------
Semi-Conductors/Instruments -- 2.4%
American Power Conversion* 6,600 97
Amphenal Class* 8,000 183
Intel 1,750 167
------
447
------
Telephones & Telecommunication -- 7.9%
Airtouch Communications* 6,000 166
Ameritech 2,900 153
The accompanying notes are an integral part of the financial statements.
- --------------------------------------------------------------------------------
<PAGE>
[LOGO APPEARS HERE]
- --------------------------------------------------------------------
SEPTEMBER 30, 1996
Unaudited
- --------------------------------------------------------------------
Growth Equity Fund (continued)
- --------------------------------------------------------------------
Description Value (000)
- --------------------------------------------------------------------
====================================================================
Common Stocks (continued)
====================================================================
Telephones & Telecommunication (continued)
AT&T 3,660 $ 191
Bell Atlantic 3,000 180
BellSouth 5,300 196
Cincinnati Bell 3,100 164
LCI International* 9,000 283
Worldcom* 6,300 135
-------
1,468
-------
Wholesale -- 5.5%
Cardinal Health 2,700 223
Gillette 4,300 310
Johnson & Johnson 5,000 256
Philip Morris 2,600 233
-------
1,022
-------
Total Common Stocks
(Cost $16,180) 17,807
-------
====================================================================
Cash Equivalents -- 4.0%
====================================================================
SEI Liquid Asset Trust Government
Portfolio $366 367
SEI Liquid Asset Trust Treasury Portfolio 366 367
-------
Total Cash Equivalents
(Cost $734) 734
-------
Total Investments -- 99.9%
(Cost $16,914) 18,541
-------
Other Assets and Liabilities, Net -- 0.1% 11
-------
====================================================================
Net Assets:
====================================================================
Fund Shares of Class A (unlimited
authorization -- no par value) based
on 1,521,164 outstanding shares
of beneficial interest $16,853
Fund Shares of Class B (unlimited
authorization -- no par value) based
on 12,626 outstanding shares
of beneficial interest 145
Accumulated net realized loss on investments (73)
Net unrealized appreciation on investments 1,627
-------
Total Net Assets -- 100.0% $18,552
=======
Net Asset Value and Redemption Price
Per Share -- Class A $12.10
=======
Maximum Offering Price Per Share --
Class A ($12.10 / 96.50%) $12.54
=======
Net Asset Value and Offering Price
Per Share -- Class B (1) $12.07
=======
- --------------------------------------------------------------------
* Non-income producing security
(1)Class B has a contingent deferred sales charge. For a description of a
possible redemption charge, see the notes to the financial statements.
ADR -- American Depository Receipt
Cl -- Class
PLC -- Public Limited Company
SLMA -- Student Loan Marketing Association
The accompanying notes are an integral part of the financial statements.
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
STATEMENT OF OPERATIONS (000) Unaudited
-----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Tax Exempt Growth
Money Market Equity
Fund Fund
============ ==========
6/7/96 3/1/96
to 9/30/96 to 9/30/96
============ ==========
<S> <C> <C>
INVESTMENT INCOME:
Interest income $574 $ 57
Dividend income -- 112
------ --------
Total investment income 574 169
------ --------
EXPENSES:
Administration fees 24 15
Waiver of administration fees (4) (2)
Investment advisory fees 56 72
Waiver of investment
advisory fees (15) (9)
Custodian 2 1
Transfer agent fees 5 12
Distribution fees(1) 25 --
Distribution fee waiver(1) (25) --
Professional fees 4 1
Registration fees 29 6
Trustee fees -- --
Printing expense 1 1
Amortization of deferred organization costs 1 1
Insurance and other fees 2 --
------ --------
Total expenses 105 98
------ --------
Net investment income 469 71
------ --------
Net realized gain (loss) on securities sold -- (73)
Change in unrealized appreciation/depreciation
on investment securities -- 1,627
------ --------
Net realized and unrealized gain (loss)
on investments -- 1,554
------ --------
Increase in net assets resulting from operations 469 1,625
====== ========
</TABLE>
(1) All distribution fees and waivers are incurred at the Class B level for
all funds.
The accompanying notes are an integral part of the financial statements.
- --------------------------------------------------------------------------------
<PAGE>
- ----------------------------------------------------[LOGO APPEARS HERE]---------
SEPTEMBER 30, 1996
STATEMENT OF CHANGES IN NET ASSETS (000)
Unaudited
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Tax Exempt Growth Equity
Money Market Fund Fund
----------------- -------------
6/7/96 3/1/96
to 9/30/96 to 9/30/96
---------- ----------
<S> <C> <C>
INVESTMENT ACTIVITIES:
Net investment income $ 469 $ 71
Net realized gain (loss) on securities sold -- (73)
Net unrealized appreciation (depreciation) of
investment securities -- 1,627
-------- --------
Net increase (decrease) in net assets
resulting from operations 469 1,625
-------- --------
DISTRIBUTIONS TO SHAREHOLDERS:
Income distribution Class A (1) (469) (71)
Income distribution Class B (2) -- --
Capital gain distribution Class A -- --
Capital gain distribution Class B -- --
-------- --------
Total distribution (469) (71)
-------- --------
SHARE TRANSACTIONS:
Class A (1):
Shares issued 106,346 29,369
Shares issued in lieu of cash distribution 222 62
Shares redeemed (40,354) (12,578)
-------- --------
Total Class A share transactions 66,214 16,853
-------- --------
Class B (2):
Shares issued -- 145
Shares issued in lieu of cash distribution -- --
Shares redeemed -- --
-------- --------
Total Class B share transactions -- 145
-------- --------
Increase in net assets from shareholder transactions 66,214 16,998
-------- --------
Total increase in net assets 66,214 18,552
-------- --------
NET ASSETS:
Beginning of period -- --
-------- --------
End of period $ 66,214 $ 18,552
======== ========
SHARES ISSUED AND REDEEMED:
Class A (1):
Issued 106,346 2,638
Issued in lieu of cash distribution 222 5
Redeemed (40,354) (1,122)
-------- --------
Total Class A share transactions 66,214 1,521
-------- --------
Class B (2):
Issued -- 13
Issued in lieu of cash distribution -- --
Redeemed -- --
- ------- --------
Total Class B share transactions -- 13
- ------- --------
Net increase in share transactions 66,214 2,034
= ======= ========
</TABLE>
The accompanying notes are an integral part of the financial statements.
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
Unaudited
-----------------------------------------------------------------------------
For a Share Outstanding Throughout the Period Ended September 30, 1996
-----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Net Asset Realized Distributions
Value Net and Unrealized from Net Net Asset
Beginning Investment Gains or (Losses) Investment Value Total
of Period Income on Investments Income End of Period Return
-------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Tax Exempt Money Market Fund
--------------------------------------------------------------------------------------------------------------
1996(1) $1.00 0.01 -- (0.01) $1.00 2.90%*
--------------------------------------------------------------------------------------------------------------
Growth Equity Fund
--------------------------------------------------------------------------------------------------------------
CLASS A
1996(2) $11.00 0.03 1.10 (0.03) $12.10 18.59%*
CLASS B
1996(3) $11.14 0.01 0.93 (0.01) $12.07 19.87%*
</TABLE>
---------------------------------------------------------------------------
+ Total return does not reflect sales loads on Class B shares.
* Annualized.
** Average commission rate paid per share for security purchases and sales
during the period. Presentation of the rate is only required for fiscal
years beginning after September 1, 1995.
(1) Commenced operations on June 7, 1996
(2) Commenced operations on March 1, 1996
(3) Commenced operations on April 19, 1996
The accompanying notes are an integral part of the financial statements.
- --------------------------------------------------------------------------------
<PAGE>
- ----------------------------------------------------------[LOGO APPEARS HERE]---
SEPTEMBER 30, 1996
Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratio of
Expenses to
Ratio of Ratio of Average Net
Net Assets Expenses to Net Income Assets
End of Average to Average (Excluding
Period (000) Net Assets Net Assets Waivers)
- -------------------------------------------------------------------------------------------------------
Tax Exempt Money Market Fund
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1996(1) $66,214 0.65%* 2.92%* 0.77%*
- -------------------------------------------------------------------------------------------------------
Growth Equity Fund
- -------------------------------------------------------------------------------------------------------
CLASS A
1996(2) $18,400 1.00%* 0.73%* 1.12%*
CLASS B
1996(3) $ 152 1.75%* (0.02)%* 1.87%*
<CAPTION>
- -------------------------------------------------------------------------------------------------------
Ratio of Net
Investment
Income to
Average Portfolio Average
Net Assets Turnover Commission
(Excluding Waivers) Rate Rate**
- ------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------
<S> <C> <C> <C>
1996(1) 2.80%* n/a n/a
- ------------------------------------------------------------------------------------
Growth Equity Fund
- ------------------------------------------------------------------------------------
CLASS A
1996(2) 0.61%* 91.09% $.0797
CLASS B
1996(3) (0.14)%* 91.09% $.0797
- ------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
Unaudited
- --------------------------------------------------------------------------------
1. Organization
- --------------------------------------------------------------------------------
The Marquis Funds (the "Trust") was organized as a Massachusetts business trust
under a Declaration of Trust dated June 29, 1993. The Trust is registered under
the Investment Company Act of 1940, as amended, as an open-end management
company with eight funds: Institutional Money Market Fund, Treasury Securities
Money Market Fund, Tax Exempt Money Market Fund (the "Money Market Funds"),
Government Securities Fund, Louisiana Tax-Free Income Fund, Balanced Fund, Value
Equity Fund, and Growth Equity Fund (the "Non-Dollar Funds"). The assets of each
Fund are segregated, and a shareholder's interest is limited to the Fund in
which shares are held. The Trust is registered to offer the following classes of
shares: Trust, Retail, and the Cash Sweep in the Treasury Securities Money
Market Fund, and Class A and Class B in the Non-Dollar Funds. The Cash Sweep
Class of the Treasury Securities Money Market Fund has not commenced operations
as of September 30, 1996.
2. Significant Accounting Policies
- --------------------------------------------------------------------------------
The following is a summary of the significant accounting policies followed by
the Funds.
Securities Valuation--Investments in equity securities which are traded on a
national securities exchange (or reported on the NASDAQ national market system)
are stated at the last quoted sales price if readily available for such equity
securities on each business day; other equity securities traded in the
over-the-counter market and listed equity securities for which no sale was
reported on that date are stated at the last quoted bid price. Debt obligations
exceeding sixty days to maturity for which market quotations are readily
available are valued at the most recently quoted bid price. Debt obligations
with sixty days or less remaining until maturity may be valued at their
amortized cost. Under this valuation method, purchase discounts and premiums are
accreted and amortized ratably to maturity and are included in interest income.
Restricted and illiquid securities for which quotations are not readily
available are valued at fair value using methods determined in good faith as
approved by the Board of Trustees.
Federal Income Taxes--It is each Fund's intention to continue to qualify as a
regulated investment company for Federal income tax purposes and to distribute
all of its taxable income and net capital gains. Accordingly, no provision for
Federal income taxes is required in the accompanying financial statements.
Security Transactions and Related Income--Security transactions are accounted
for on the date the security is purchased or sold (trade date). Dividend income
is recognized on the ex-dividend date and interest income is recognized on the
accrual basis. Costs used in determining realized gains and losses on the sales
of investment securities are those of the specific securities sold adjusted for
the accretion and amortization of purchase discounts and premiums during the
respective holding period. Purchase discounts and premiums on securities held by
the Non-Dollar Funds are
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------[LOGO OF MARQUIS APPEARS HERE]------
SEPTEMBER 30, 1996
Unaudited
- --------------------------------------------------------------------------------
accreted and amortized to maturity using the scientific interest method, which
approximates the effective interest method.
Repurchase Agreements -- Securities pledged as collateral for repurchase
agreements are held by the custodian bank until the respective agreements
mature. Provisions of the repurchase agreements ensure that the market value of
the collateral, including accrued interest thereon, is sufficient in the event
of default of the counterparty. The Funds also invest in tri-party repurchase
agreements. Securities held as collateral for tri-party repurchase agreements
are maintained in a segregated account by the broker's custodian bank until
maturity of the repurchase agreement. If the counterparty defaults and the value
of the collateral declines or if the counterparty enters an insolvency
proceeding, realization of the collateral by the Funds may be delayed or
limited.
Net Asset Value Per Share -- The net asset value per share of each Fund is
calculated each business day. In general, it is computed by dividing the
assets of each Fund, less its liabilities, by the number of outstanding shares
of the Fund.
Classes -- Class specific expenses are borne by that class. Income, expenses,
and realized and unrealized gains/losses are allocated to the respective classes
on the basis of relative daily net assets.
Other -- Distributions from net investment income are declared and paid
quarterly for the Growth Equity Fund. Distributions from net investment income
are declared daily and paid monthly for the Tax Exempt Money Market Fund. Any
net realized capital gains are declared and distributed to shareholders at least
annually.
3. Investment Advisory, Administrative, and Distribution Agreements
- --------------------------------------------------------------------------------
First National Bank of Commerce in New Orleans (the "Adviser") serves as
investment adviser to each Fund pursuant to an investment advisory agreement
(the "Advisory Agreement") with the Trust. For its services, the Adviser is
entitled to a fee, that is calculated daily and paid monthly, at an annual rate
based on the average daily net assets of each Fund as follows: Tax Exempt Money
Market Fund -- .45%, and Growth Equity Fund -- .74%. The Adviser has voluntarily
agreed to waive a portion of their fee so that expenses of each Fund will not
exceed certain annual expense limitations.
Weiss, Peck & Greer, L.L.C. serves as the investment Sub-Adviser for the Tax
Exempt Money Market Fund pursuant to a sub-advisory agreement with the Adviser.
The Trust and SEI Fund Resources (the "Administrator") have entered into an
Administration Agreement. SEI Financial Management Corporation, a wholly-owned
subsidiary of SEI Corporation, is the owner of all beneficial interest in the
Administrator. Under terms of the Administration Agreement,
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS Unaudited
- --------------------------------------------------------------------------------
the Administrator is entitled to a fee calculated daily and paid monthly at an
annual rate of .15% of the average daily net assets of the Tax Exempt Money
Market Fund and Growth Equity Fund.
The Trust and SEI Financial Services Company (the "Distributor") have entered
into a Distribution Agreement. As provided in certain Distribution Plans adopted
under the Distribution Agreement, the Trust will pay a fee, at an annual rate of
.75% of the average daily net assets of the Class B shares of the Non-Dollar
Funds to the Distributor as compensation for its services.
The Class A shares of the Non-Dollar Funds are subject to a maximum sales load
of 3.50%.
There is a contingent deferred sales charge on the Class B shares of the
Non-Dollar Funds that varies depending on the number of years from time of
payment for the purchase of shares until the time of redemption of such shares
(the "holding period"). Solely for the purpose of determining the number of
years from the time of any payment for the purchase of shares, all payments
during the month are aggregated and deemed to have been made on the first day of
the month.
<TABLE>
<CAPTION>
CONTINGENT DEFERRED SALES
CHARGE AS A PERCENTAGE
YEAR SINCE OF DOLLAR AMOUNT
PURCHASE SUBJECT TO CHARGE
------------ ----------------------------
<S> <C>
First 3.50%
Second 2.75%
Third 2.00%
Fourth 1.25%
Fifth 0.50%
Sixth None
</TABLE>
4. Organizational Costs and Transactions with Affiliates
- --------------------------------------------------------------------------------
Organizational costs have been capitalized by the Funds and are being amortized
over sixty months commencing with operations. In the event any of the initial
shares of the Funds are redeemed by any holder thereof during the period that
the Funds are amortizing their organizational costs, the redemption proceeds
payable to the holder thereof will be reduced by the unamortized
organizational costs in the same ratio as the number of initial shares being
redeemed bears to the number of initial shares outstanding at the time of
redemption. These organizational costs include legal fees of approximately
$54,278 for organizational work performed by a law firm of which an officer and
a trustee of the Trust are partners. Certain officers and trustees of the Trust
who are officers of the Administrator and the Distributor, received no
compensation from the Trust.
- --------------------------------------------------------------------------------
<PAGE>
- ----------------------------------------------[LOGO OF MARQUIS APPEARS HERE]----
SEPTEMBER 30, 1996
- --------------------------------------------------------------------------------
5. Investment Transactions Unaudited
- --------------------------------------------------------------------------------
The cost of security purchases and the proceeds from the sale of securities,
other than short-term investments, for the period ended September 30, 1996 were
as follows:
<TABLE>
<CAPTION>
GROWTH
EQUITY
FUND
(000) (a)
----------
<S> <C>
Purchases:
U.S. Government $ --
Other 16,995
Sales:
U.S. Government $ --
Other 13,686
</TABLE>
(a) Does not include $12,944,061 of securities received in exchange for shares
of the Fund.
On September 30, 1996, the total cost of securities and the net realized gains
or losses on securities sold for Federal income tax purposes was not materially
different from amounts reported for financial reporting purposes. The aggregate
gross unrealized appreciation and depreciation on securities at September 30,
1996, for the Growth Equity Fund is as follows:
<TABLE>
<CAPTION>
GROWTH
EQUITY
FUND
(000)
----------
<S> <C>
Aggregate Gross Unrealized Gain $ 1,910
Aggregate Gross Unrealized Loss (283)
--------
Net Unrealized Gain (Loss) $ 1,627
--------
</TABLE>
6. Concentration of Credit Risk
- --------------------------------------------------------------------------------
The Tax Exempt Money Market Fund invests in debt instruments of municipal
issuers. The issuers' ability to meet their obligations may be affected by
economic developments in a specific state or region.
The Tax Exempt Money Market Fund invests in securities which include revenue
bonds, tax and revenue anticipation notes, and general obligation bonds. At
September 30, 1996, the percentage of portfolio investments by each revenue
source was as follows.
<TABLE>
<CAPTION>
Tax Exempt
Money Market Fund
=================
<S> <C>
Revenue Bonds 81%
Anticipation Notes 11%
Pre-Refunded Securities 3%
General Obligations 2%
Participation Notes 1%
Cash Equivalents 2%
-----------------
Total 100%
=================
</TABLE>
- --------------------------------------------------------------------------------
<PAGE>
[LOGO APPEARS HERE]
- --------------------------------------------------------------------------------
SEPTEMBER 30, 1996
NOTES TO FINANCIAL STATEMENTS Unaudited
- --------------------------------------------------------------------------------
<PAGE>
PART C
Item 24. Financial Statements and Exhibits
Financial statements and exhibits filed as part of the Registration
Statement:
(a) Financial Statements
(i) Financial highlights for the Tax Exempt Money Market Fund and
Growth Equity Fund are included in Part A as prospectus
supplements.
(ii) The Registrant's unaudited Financial Statements for the
Growth Equity Fund and the Tax Exempt Money Market Fund are filed
herewith. The Financial Statements included are in Part B, the
Statement of Additional Information:
Statement of Net Assets
Statement of Operations
Statement of Changes in Net Assets
Financial Highlights
Notes to Financial Statements
(b) Exhibits:
(1) Registrant's Agreement and Declaration of Trust dated
June 29, 1993 as originally filed with Pre-Effective
Amendment No. 1 to Registrant's Registration Statement on
Form N-1A, filed with the Securities and Exchange
Commission on August 25, 1993 is incorporated by
reference to Post-Effective Amendment No. 5, as filed on
January 29, 1996.
(2) Registrant's By-Laws adopted on June 29, 1993 as
originally filed with Pre-Effective Amendment No. 1 to
Registrant's Registration Statement on Form N-1A, filed
with the Securities and Exchange Commission on August 25,
1993 are incorporated by reference to Post-Effective
Amendment No. 5, as filed on January 29, 199 6.
(5) Investment Advisory Agreement between the Registrant and
First National Bank of Commerce in New Orleans dated
August 17, 1993 as originally filed with Pre-Effective
Amendment No. 1 to Registrant's Registration Statement on
Form N-1A, filed with the Securities and Exchange
Commission on August 25, 1993 is incorporated by
reference to Post-Effective Amendment No. 5, as filed on
January 29, 1996.
(6)(a) Distribution Agreement between the Registrant and SEI
Financial Services Company dated August 17, 1993 as
originally filed with Pre-Effective Amendment No. 1 to
Registrant's Registration Statement on Form N-1A, filed
with the Securities and Exchange Commission on August 25,
1993 is incorporated by reference to Post-Effective
Amendment No. 5, as filed on January 29, 1996.
(6)(b) Distribution Agreement between the Registrant and SEI
Financial Services Company dated August 8, 1994 is
incorporated by reference to Post-Effective Amendment No.
5, as filed on January 29, 1996.
(8) Custodian Agreement between the Registrant and First
National Bank of Commerce in New Orleans dated August 17,
1993 as originally filed with Pre-Effective Amendment No.
1 to Registrant's Registration Statement on Form N-1A,
filed with the Securities and Exchange Commission on
August 25, 1993 is incorporated by reference to Post-
Effective Amendment No. 5, as filed on January 29, 1996.
(9)(a) Administration Agreement between the Registrant and SEI
Financial Management Corporation dated August 17, 1993 as
originally filed with Pre-Effective Amendment No. 1 to
Registrant's Registration
<PAGE>
Statement on Form N-1A, filed with the Securities and
Exchange Commission on August 25, 1993 is incorporated by
reference to Post-Effective Amendment No. 5, as filed on
January 29, 1996.
(9)(b) Transfer Agent Agreement between the Registrant and
Supervised Service Company dated October 1, 1993 as
originally filed with Post-Effective Amendment No. 2 to
Registrant's Registration Statement on Form N-1A, filed
with the Securities and Exchange Commission on November
29, 1994 is incorporated by reference to Post-Effective
Amendment No. 5, as filed on January 29, 1996.
(10) Opinion and Consent of Counsel dated August 20, 1993 as
originally filed with Pre-Effective Amendment No. 1 to
Registrant's Registration Statement on Form N-1A, filed
with the Securities and Exchange Commission on August 25,
1993 is incorporated by reference to Post-Effective
Amendment No. 5, as filed on January 29, 1996.
(11) Opinion and Consent of Independent Accountants is filed
(15)(A) herewith. (15)(a) 12b-1 Plan with respect to the Retail
Class Shares of the Treasury Securities Money Market Fund
dated August 17, 1993 as originally filed with Pre-
Effective Amendment No. 1 to Registrant's Registration
Statement on Form N-1A, filed with the Securities and
Exchange Commission on August 25, 1993 is incorporated by
reference to Post-Effective Amendment No. 5, as filed on
January 29, 1996.
(15)(b) 12b-1 Plan with respect to the Class B Shares of the
Government Securities, Louisiana Tax-Free, Balanced
(formerly the "Growth and Income Fund") and Value Equity
Funds dated August 17, 1993 as originally filed with Pre-
Effective Amendment No. 1 to Registrant's Registration
Statement on Form N-1A, filed with the Securities and
Exchange Commission on August 25, 1993 is incorporated by
reference to Post-Effective Amendment No. 5, as filed on
January 29, 1996.
(15)(c) Distribution Plan with respect to the Class C Shares of
the Treasury Securities Money Market Fund dated August 8,
1994 as originally filed with Post-Effective Amendment
No. 2 to Registrant's Registration Statement on Form N-
1A, filed with the Securities and Exchange Commission on
November 29, 1994 is incorporated by reference to Post-
Effective Amendment No. 5, as filed on January 29, 1996.
(16) Performance Calculations for the Treasury Securities
Money Market Fund for fiscal year ended September 30,
1994 as originally filed with Post-Effective Amendment
No. 2 to Registrant's Registration Statement on Form N-1A
filed with the Securities and Exchange Commission on
November 29, 1994 is incorporated by reference to Post-
Effective Amendment No. 5, as filed on January 29, 1996.
(17) Financial Data Schedules for the Growth Equity Fund Class
A and Class B shares and the Tax Exempt Money Market Fund
are filed herewith.
(18) Rule 18f-3 plan dated May 15, 1995 as originally filed
with Post-Effective Amendment No. 3 to Registrant's
Registration Statement filed with the Securities and
Exchange Commission on May 26, 1995 is incorporated by
reference to Post-Effective Amendment No. 5, as filed on
January 29, 1996.
(24) Powers of Attorney for John T. Cooney, William M. Doran,
David G. Lee, Frank E. Morris, Barry M. Mulroy, Robert A.
Patterson, Gene Peters, Robert A. Nesher, Carmen V. Romeo
and James M. Storey are incorporated by reference to
Post-Effective Amendment No. 5, as filed on January 29,
1996.
- -----------------------
Item 25. Persons Controlled by or under Common Control with Registrant
Persons directly or indirectly controlled by or under common control
with the Registrant, the percentage of voting securities owned by such control
persons and, if a company, the state under whose laws it was organized:
See the Prospectuses and the Statement of Additional Information
regarding the Trust's control relationships. SEI Financial Management
Corporation, a wholly-owned subsidiary of SEI Corporation ("SEI"), is the owner
of all beneficial interest in SEI Fund Resources ("the Administrator"). SEI and
its subsidiaries and affiliates,
<PAGE>
including the Administrator, are leading providers of funds evaluation services,
trust accounting systems, and brokerage and information services to financial
institutions, institutional investors, and money managers.
Item 26. Number of Holders of Securities
The number of record holders of each class as of September 30, 1996:
<TABLE>
<CAPTION>
Number of
Title of Class Record Holders
-------------- --------------
<S> <C>
Units of beneficial interest, without par value-
Treasury Securities Money Market Fund-Trust Class..................... 5
Treasury Securities Money Market Fund-Retail Class.................. 142
Treasury Securities Money Market Fund-Cash Sweep Class................ 0
Government Securities Fund-Class A.................................. 477
Government Securities Fund-Class B................................... 51
Louisiana Tax-Free Income Fund-Class A.............................. 725
Louisiana Tax-Free Income Fund-Class B............................... 44
Balanced Fund-Class A............................................... 581
Balanced Fund-Class B............................................... 213
Value Equity Fund-Class A........................................... 755
Value Equity Fund-Class B........................................... 462
Growth Equity Fund-Class A........................................... 48
Growth Equity Fund-Class B........................................... 21
Institutional Money Market Fund....................................... 6
Tax Exempt Money Market Fund.......................................... 3
</TABLE>
Item 27. Indemnification
Article VIII of the Agreement and Declaration of Trust filed as Exhibit
1 to the Registration Statement in incorporated herein by reference.
Insofar as indemnification for liabilities arising under the Securities
Act of 1933, as amended (the "Act"), may be permitted to trustees, officers and
controlling persons of the Registrant by the Registrant pursuant to the
Declaration of Trust or otherwise, the Registrant is aware that in the opinion
of the Securities and Exchange Commission, such indemnification is against
public policy as expressed in the Act and therefore, is unenforceable. In the
event that a claim for indemnification against such liabilities (other than the
payment by the Registrant of expenses incurred or paid by trustees, officers or
controlling persons of the Registrant in connection with the successful defense
of any act, suit or proceeding) is asserted by such trustees, officers or
controlling persons in connection with the shares being registered, the
Registrant will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of appropriate jurisdiction
the question whether such indemnification by it is against public policy as
expressed in the Act and will be governed by the final adjudication of such
issues.
Item 28. Business and Other Connections of Investment Adviser
Business and other connections of a substantial nature in which each
investment adviser and each director, officer or partner of such investment
adviser is or has been involved at any time during the past two fiscal years in
the capacity of director, officer, employee, partner or trustee are as follows:
<PAGE>
First National Bank of Commerce in New Orleans ("First National Bank")
offers a wide variety of financial services to customers. First National Bank
currently manages assets of approximately $2.3 billion. First National Bank's
principal place of business is 210 Baronne Street, New Orleans, Louisiana 70112.
Other business, profession, vocation, or employment of a substantial
nature in which each director or principal officer of First National Bank is or
has been, at any time during the last two fiscal years, engaged for his or her
own account or in the capacity of director, officer, employee, partner or
trustee are as follows:
<TABLE>
<CAPTION>
Name and Position Name of Connection with
with Investment Adviser Other Company Other Company
----------------------- ------------- -------------
<S> <C> <C>
Edward M. Simmons McIlhenny Company President & CEO
Director
H. Leighton Steward The LL&E Company Chairman, President & CEO
Director
Joseph B. Storey Oil & Gas Consultant Consultant
Director
Norman C. Francis Xavier University President
Director
Patrick F. Taylor Taylor Energy Company Chairman and CEO
Director
Charles C. Teamer Dillard University Vice President, Fiscal Affairs
Director
Lloyd F. Gaubert L.F. Gaubert & Co. Inc. President
Director
John J. Gelpi, Jr. Industrial Metals of the South, President
Director Inc.
Erik F. Johnsen Central Gulf Lines, Inc. President
Director
J. Merrick Jones, Jr. Canal Barge Co., Inc. President
Director
Edwin Lupberger Energy Corporation Chairman and President
Director
Robert W. Merrick Latter & Blum, Inc. President
Director
G. Frank Purvis, Jr. Pan-American Life Insurance Co. Chairman of the Board
Director
Ashton J. Ryan, Jr. -- --
Director, President & COO
Margaret Moss Allums -- --
Director
Ian Arnof First Commerce Corporation President & CEO
Director
William G. Barry Audubon Computer Rentals, Inc. Chairman of the Board
Director
Sydney Besthoff, III K&B, Incorporated --
Director
John D. Charbonnet Charbonnet Construction President
Director
Laurance Eustis, Jr. Eustis Insurance, Inc. Chairman of the Board
Director
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Name and Position Name of Connection with
with Investment Adviser Other Company Other Company
----------------------- ------------- -------------
<S> <C> <C>
Howard C. Gaines -- --
Director, President & CEO
Gerard W. Barrousse -- --
Executive Vice President
Glenn W. Hayes -- --
Executive Vice President
Suzanne T. Mestayer -- --
Executive Vice President
David T. Spell, Jr. -- --
Executive Vice President
</TABLE>
Item 29. Principal Underwriters:
(a) Furnish the name of each investment company (other than the Registrant) for
which each principal underwriter currently distributing the securities of
the Registrant also acts as a principal underwriter, distributor or
investment adviser.
Registrant's distributor, SEI Financial Services Company ("SFS"), acts as
distributor for:
<TABLE>
<S> <C>
SEI Daily Income Trust July 15, 1982
SEI Liquid Asset Trust November 29, 1982
SEI Tax Exempt Trust December 3, 1982
SEI Index Funds July 10, 1985
SEI Institutional Managed Trust January 22, 1987
SEI International Trust August 30, 1988
Stepstone Funds January 30, 1991
The Advisors' Inner Circle Fund November 14, 1991
The Pillar Funds February 28, 1992
CUFUND May 1, 1992
STI Classic Funds May 29, 1992
CoreFunds, Inc. October 30, 1992
First American Funds, Inc. November 1, 1992
First American Investment Funds, Inc. November 1, 1992
The Arbor Fund January 28, 1993
1784 Funds(R) June 1, 1993
The PBHG Funds, Inc. July 16, 1993
Marquis Funds(R) August 17, 1993
Morgan Grenfell Investment Trust January 3, 1994
The Achievement Funds Trust December 27, 1994
Bishop Street Funds January 27, 1995
CrestFunds, Inc. March 1, 1995
STI Classic Variable Trust August 18, 1995
ARK Funds November 1, 1995
Monitor Funds January 11, 1996
FMB Funds, Inc. March 1, 1996
SEI Asset Allocation Trust April 1, 1996
Turner Funds April 30, 1996
SEI Institutional Investments Trust June 14, 1996
First American Strategy Funds, Inc. October 1, 1996
</TABLE>
<PAGE>
SFS provides numerous financial services to investment managers, pension
plan sponsors, and bank trust departments. These services include
portfolio evaluation, performance measurement and consulting services
("Funds Evaluation") and automated execution, clearing and settlement of
securities transactions ("MarketLink").
(b) Furnish the Information required by the following table with respect to
each director, officer or partner of each principal underwriter named in
the answer to Item 21 of Part B. Unless otherwise noted, the business
address of each director or officer is 680 East Swedesford Road, Wayne, PA
19087.
<TABLE>
<CAPTION>
Position and Office Positions and Offices
Name with Underwriter with Registrant
- --------------------------------------------- ----------------
<S> <C> <C>
Alfred P. West, Jr. Director, Chairman & Chief Executive Officer --
Henry H. Greer Director, President & Chief Operating Officer --
Carmen V. Romeo Director, Executive Vice President & Treasurer --
Gilbert L. Beebower Executive Vice President --
Richard B. Lieb Executive Vice President, President-Investment Services Division --
Leo J. Dolan, Jr. Senior Vice President --
Carl A. Guarino Senior Vice President --
Jerome Hickey Senior Vice President --
Larry Hutchison Senior Vice President --
Steven Kramer Senior Vice President --
David G. Lee Senior Vice President President & Chief
Executive Officer
William Madden Senior Vice President --
Jack May Senior Vice President --
A. Keith McDowell Senior Vice President --
Dennis J. McGonigle Senior Vice President --
Hartland J. McKeown Senior Vice President --
Barbara J. Moore Senior Vice President --
James V. Morris Senior Vice President --
Steven Onofrio Senior Vice President --
Kevin P. Robins Senior Vice President, General Counsel & Vice President &
Secretary Assistant Secretary
Robert Wagner Senior Vice President --
Patrick K. Walsh Senior Vice President --
Kenneth Zimmer Senior Vice President --
Robert Aller Vice President --
Marc H. Cahn Vice President & Assistant Secretary Vice President &
Assistant Secretary
Gordon W. Carpenter Vice President --
Todd Cipperman Vice President & Assistant Secretary Vice President &
Assistant Secretary
Robert Crudup Vice President & Managing Director --
Ed Daly Vice President --
Jeff Drennen Vice President --
Mick Duncan Vice President and Team Leader Assistant Secretary
Vic Galef Vice President & Managing Director --
Kathy Heilig Vice President --
Michael Kantor Vice President --
Samuel King Vice President --
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Position and Office Positions and Offices
Name with Underwriter with Registrant
- ---- ---------------- ---------------
<S> <C> <C>
Kim Kirk Vice President & Managing Director --
Donald H. Korytowski Vice President --
John Krzeminski Vice President & Managing Director --
Robert S. Ludwig Vice President and Team Leader Assistant Secretary
Vicki Malloy Vice President and Team Leader Assistant Secretary
Carolyn McLaurin Vice President & Managing Director --
W. Kelso Morrill Vice President --
Barbara A. Nugent Vice President & Assistant Secretary Vice President &
Assistant Secretary
Sandra K. Orlow Vice President & Assistant Secretary Vice President &
Assistant Secretary
Donald Pepin Vice President & Managing Director --
Larry Pokora Vice President --
Kim Rainey Vice President --
Paul Sachs Vice President --
Mark Samuels Vice President & Managing Director --
Steve Smith Vice President --
Daniel Spaventa Vice President --
Kathryn L. Stanton Vice President & Assistant Secretary --
Wayne M. Withrow Vice President & Managing Director --
William Zawaski Vice President --
James Dougherty Director of Brokerage Services --
</TABLE>
Item 30. Location of Accounts and Records
The names and addresses of each person maintaining physical possession
of any account, book or other document required to be maintained under Rule
31(a) of the 1940 Act are as follows:
With respect to Rules 31a-1(a); 31a-1(b)(1); (2)(a) and (b); (3); (6);
(8); (12); and 31a-1(d), the required books and records are maintained at the
offices of Registrant's custodian:
First National Bank of Commerce in New Orleans
210 Baronne Street
New Orleans, Louisiana 70112
With respect to Rules 31a-1(a); 31a-1(b)(1),(4); (2)(C) and (D); (4);
(5); (6); (8); (9); (10); (11); and 31a-1(f), the required books and records are
maintained at the offices of Registrant's administrator:
SEI Fund Resources
680 East Swedesford Road
Wayne, Pennsylvania 19087
With respect to Rules 31a-1(b)(5), (6), (9) and (10) and 31a-1(f), the
required books and records are maintained at the principal offices of the
Registrant's investment adviser and sub-adviser:
First National Bank of Commerce in New Orleans
210 Baronne Street
New Orleans, Louisiana 70112
xii
<PAGE>
Weiss, Peck & Greer L.L.C.
One New York Plaza
New York, N.Y. 10004
Item 31. Management Services
Not Applicable
Item 32. Undertakings
Registrant hereby undertakes that whenever shareholders meeting the
requirements of Section 16(c) of the Investment Company Act of 1940
inform the Board of Trustees of their desire to communicate with
shareholders of the Trust, the Trustees will inform such shareholders
as to the approximate number of shareholders of record and the
approximate costs of mailing or afford said shareholders access to a
list of shareholders.
Registrant undertakes to hold a meeting of shareholders for the
purpose of voting upon the question of removal of a Trustee(s) when
requested in writing to do so by the holders of at least 10% of
Registrant's outstanding shares and in connection with such meetings
to comply with the provisions of Section 16(c) of the Investment
Company Act of 1940 relating to shareholder communications.
Registrant undertakes to furnish each person to whom a prospectus is
delivered with a copy of the Registrant's latest annual report to
shareholders upon request and without charge.
xiii
<PAGE>
NOTICE
A copy of the Agreement and Declaration of Trust of Marquis Funds is on
file with the Secretary of State of The Commonwealth of Massachusetts and notice
is hereby given that this Registration Statement has been executed on behalf of
the Trust by an officer of the Trust as an officer and by its Trustees as
trustees and not individually and the obligations of or arising out of this
Registration Statement are not binding upon any of the Trustees, officers, or
shareholders individually but are binding only upon the assets and property of
the Trust.
xiv
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, and the
Investment Company Act of 1940, as amended, the Registrant certifies that it
meets all of the requirements for effectiveness of this Registration Statement
pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused
this Post Effective Amendment No. 6 to Registration Statement No. 33-65436 to be
signed on its behalf by the undersigned, thereunto duly authorized, in the City
of Wayne, Commonwealth of Pennsylvania on the 28th day of October, 1996.
Marquis Funds
By: /s/ David G. Lee
------------------------------
David G. Lee
President
Pursuant to the requirements of the Securities Act of 1933, this Amendment has
been signed below by the following persons in the capacity and on the dates
indicated.
<TABLE>
<S> <C> <C>
* Trustee October 28, 1996
- ------------------------------
John T. Cooney
* Trustee October 28, 1996
- ------------------------------
William M. Doran
* Trustee October 28, 1996
- ------------------------------
Frank E. Morris
* Trustee October 28, 1996
- ------------------------------
Barry Mulroy
* Trustee October 28, 1996
- ------------------------------
Robert A. Nesher
* Trustee October 28, 1996
- ------------------------------
Robert A. Patterson
* Trustee October 28, 1996
- ------------------------------
Gene Peters
* Trustee October 28, 1996
- ------------------------------
James M. Storey
/s/ David G. Lee President & Chief October 28, 1996
- ------------------------------ Executive Officer
David G. Lee
/s/ Stephen G. Meyer Controller & Chief October 28, 1996
- ------------------------------ Financial Officer
Stephen G. Meyer
*By /s/ David G. Lee
-----------------------------------
David G. Lee
Attorney in Fact
</TABLE>
xv
<PAGE>
EXHIBIT INDEX
<TABLE>
<C> <S>
EX-99.B1 Registrant's Agreement and Declaration of Trust
dated June 29, 1993 as originally filed with
Pre-Effective Amendment No. 1 to Registrant's
Registration Statement on Form N-1A, filed with the
Securities and Exchange Commission on August 25,
1993 is incorporated by reference to Post-Effective
Amendment No. 5, as filed on January 29, 1996.
EX-99.B2 Registrant's By-Laws adopted on June 29, 1993 as
originally filed with Pre-Effective Amendment No. 1
to Registrant's Registration Statement on Form
N-1A, filed with the Securities and Exchange
Commission on August 25, 1993 are incorporated by
reference to Post-Effective Amendment No. 5, as
filed on January 29, 1996.
EX-99.B5 Investment Advisory Agreement between the
Registrant and First National Bank of Commerce in
New Orleans dated August 17, 1993 as originally
filed with Pre-Effective Amendment No. 1 to
Registrant's Registration Statement on Form N-1A,
filed with the Securities and Exchange Commission
on August 25, 1993 is incorporated by reference to
Post-Effective Amendment No. 5, as filed on
January 29, 1996.
EX-99.B6(a) Distribution Agreement between the Registrant and
SEI Financial Services Company dated August 17,
1993 as originally filed with Pre-Effective
Amendment No. 1 to Registrant's Registration
Statement on Form N-1A, filed with the Securities
and Exchange Commission on August 25, 1993 is
incorporated by reference to Post-Effective
Amendment No. 5, as filed on January 29, 1996.
EX-99.B6(b) Distribution Agreement between the Registrant and
SEI Financial Services Company dated August 8, 1994
is incorporated by reference to Post-Effective
Amendment No. 5, as filed on January 29, 1996.
EX-99.B8 Custodian Agreement between the Registrant and
First National Bank of Commerce in New Orleans
dated August 17, 1993 as originally filed with
Pre-Effective Amendment No. 1 to Registrant's
Registration Statement on Form N-1A, filed with the
Securities and Exchange Commission on August 25,
1993 is incorporated by reference to Post-Effective
Amendment No. 5, as filed on January 29, 1996.
EX-99.B9(a) Administration Agreement between the Registrant
and SEI Financial Management Corporation dated
August 17, 1993 as originally filed with
Pre-Effective Amendment No. 1 to Registrant's
Registration Statement on Form N-1A, filed with the
Securities and Exchange Commission on August 25,
1993 is incorporated by reference to Post-Effective
Amendment No. 5, as filed on January 29, 1996.
EX-99.B9(b) Transfer Agent Agreement between the Registrant
and Supervised Service Company dated October 1,
1993 as originally filed with Post-Effective
Amendment No. 2 to Registrant's Registration
Statement on Form N-1A, filed with the Securities
and Exchange Commission on November 29, 1994 is
incorporated by reference to Post-Effective
Amendment No. 5, as filed on January 29, 1996.
</TABLE>
xvi
<PAGE>
<TABLE>
<C> <S>
EX-99.B10 Opinion and Consent of Counsel dated August 20,
1993 as originally filed with Pre-Effective
Amendment No. 1 to Registrant's Registration
Statement on Form N-1A, filed with the Securities
and Exchange Commission on August 25, 1993 is
incorporated by reference to Post-Effective
Amendment No. 5, as filed on January 29, 1996.
EX-99.B11 Opinion and Consent of Independent Accountants is
filed herewith.
EX-99.B15(a) 12b-1 Plan with respect to the Retail Class Shares
of the Treasury Securities Money Market Fund dated
August 17, 1993 as originally filed with
Pre-Effective Amendment No. 1 to Registrant's
Registration Statement on Form N-1A, filed with the
Securities and Exchange Commission on August 25,
1993 is incorporated by reference to Post-Effective
Amendment No. 5, as filed on January 29, 1996.
EX-99.B15(b) 12b-1 Plan with respect to the Class B Shares of
the Government Securities, Louisiana Tax-Free,
Balanced (formerly the "Growth and Income Fund")
and Value Equity Funds dated August 17, 1993 as
originally filed with Pre-Effective Amendment No. 1
to Registrant's Registration Statement on Form
N-1A, filed with the Securities and Exchange
Commission on August 25, 1993 is incorporated by
reference to Post-Effective Amendment No. 5, as
filed on January 29, 1996.
EX-99.B15(c) Distribution Plan with respect to the Class C
Shares of the Treasury Securities Money Market Fund
dated August 8, 1994 as originally filed with
Post-Effective Amendment No. 2 to Registrant's
Registration Statement on Form N-1A, filed with the
Securities and Exchange Commission on November 29,
1994 is incorporated by reference to Post-Effective
Amendment No. 5, as filed on January 29, 1996.
EX-99.B16 Performance Calculations for the Treasury
Securities Money Market Fund for fiscal year ended
September 30, 1994 as originally filed with
Post-Effective Amendment No. 2 to Registrant's
Registration Statement on Form N-1A filed with the
Securities and Exchange Commission on November 29,
1994 is incorporated by reference to Post-Effective
Amendment No. 5, as filed on January 29, 1996.
EX-99.B18 Rule 18f-3 plan dated May 15, 1995 as originally
filed with Post-Effective Amendment No. 3 to
Registrant's Registration Statement filed with the
Securities and Exchange Commission on May 26, 1995
is incorporated by reference to Post-Effective
Amendment No. 5, as filed on January 29, 1996.
EX-99.B24 Powers of Attorney for John T. Cooney,
William M. Doran, David G. Lee, Frank E. Morris,
Barry M. Mulroy, Robert A. Patterson, Gene Peters,
Robert A. Nesher, Carmen V. Romeo and James M.
Storey are incorporated by reference to
Post-Effective Amendment No. 5, as filed on
January 29, 1996.
EX-27.1 Financial Data Schedules for the Growth Equity
Fund Class A shares are filed herewith.
EX-27.2 Financial Data Schedules for the Growth Equity
Fund Class B shares are filed herewith.
EX-27.3 Financial Data Schedules for the Tax Exempt Money
Market Fund are filed herewith.
</TABLE>
xvii
<PAGE>
ARTHUR ANDERSON LLP
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
-----------------------------------------
As independent public accountants, we hereby consent to the incorporation by
reference in this Registration Statement of our report dated November 6, 1995,
on the September 30, 1995 financial statements of Marquis Funds, included in the
Post-Effective Amendment No. 6 to the Registration Statement on Form N-1A of
Marquis Funds (No. 33-65436), and to all references to our Firm included in or
made part of Post-Effective Amendment No. 6 to Registration Statement File No.
33-65436.
ARTHUR ANDERSEN LLP
Philadelphia, Pa.
October 28, 1996
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000908731
<NAME> THE MARQUIS FUNDS
<SERIES>
<NUMBER> 071
<NAME> GROWTH EQUITY CLASS A
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 7-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> MAR-01-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 16,914
<INVESTMENTS-AT-VALUE> 18,541
<RECEIVABLES> 56
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 18,597
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (45)
<TOTAL-LIABILITIES> (45)
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 16,998
<SHARES-COMMON-STOCK> 1,521
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (73)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,627
<NET-ASSETS> 18,552
<DIVIDEND-INCOME> 112
<INTEREST-INCOME> 57
<OTHER-INCOME> 0
<EXPENSES-NET> (98)
<NET-INVESTMENT-INCOME> 71
<REALIZED-GAINS-CURRENT> (73)
<APPREC-INCREASE-CURRENT> 1,627
<NET-CHANGE-FROM-OPS> 1,625
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 71
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,638
<NUMBER-OF-SHARES-REDEEMED> (622)
<SHARES-REINVESTED> 5
<NET-CHANGE-IN-ASSETS> 18,400
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (81)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (109)
<AVERAGE-NET-ASSETS> 16,603
<PER-SHARE-NAV-BEGIN> 11.00
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> 1.10
<PER-SHARE-DIVIDEND> (.03)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.10
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000908731
<NAME> THE MARQUIS FUNDS
<SERIES>
<NUMBER> 072
<NAME> GROWTH EQUITY CLASS B
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 5-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> APR-19-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 16,914
<INVESTMENTS-AT-VALUE> 18,541
<RECEIVABLES> 56
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 18,597
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (45)
<TOTAL-LIABILITIES> (45)
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 16,998
<SHARES-COMMON-STOCK> 13
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (73)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,627
<NET-ASSETS> 18,552
<DIVIDEND-INCOME> 112
<INTEREST-INCOME> 57
<OTHER-INCOME> 0
<EXPENSES-NET> (98)
<NET-INVESTMENT-INCOME> 71
<REALIZED-GAINS-CURRENT> (73)
<APPREC-INCREASE-CURRENT> 1,627
<NET-CHANGE-FROM-OPS> 1,625
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 13
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 152
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (81)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (109)
<AVERAGE-NET-ASSETS> 79
<PER-SHARE-NAV-BEGIN> 11.14
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> .94
<PER-SHARE-DIVIDEND> (.01)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.07
<EXPENSE-RATIO> 1.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000908731
<NAME> THE MARQUIS FUNDS
<SERIES>
<NUMBER> 080
<NAME> TAX EXEMPT MONEY MARKET
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> JUN-07-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 65,993
<INVESTMENTS-AT-VALUE> 65,993
<RECEIVABLES> 447
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 66,440
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (226)
<TOTAL-LIABILITIES> (226)
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 66,214
<SHARES-COMMON-STOCK> 66,214
<SHARES-COMMON-PRIOR> 0
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<NET-ASSETS> 66,214
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 574
<OTHER-INCOME> 0
<EXPENSES-NET> (105)
<NET-INVESTMENT-INCOME> 469
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 469
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (469)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 106,346
<NUMBER-OF-SHARES-REDEEMED> (40,354)
<SHARES-REINVESTED> 222
<NET-CHANGE-IN-ASSETS> 66,214
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (71)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (149)
<AVERAGE-NET-ASSETS> 50,751
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .01
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<PER-SHARE-DIVIDEND> (.01)
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<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .65
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
