<PAGE>
Registration Nos. 33-70116
811-8036
As filed with the Securities and Exchange Commission on August 12, 1996
- -----------------------------------------------------------------------
- -----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------------
FORM N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
Pre-Effective Amendment No.
Post-Effective Amendment No. 9
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
Amendment No. 11
(Check appropriate box or boxes)
THE OFFITBANK INVESTMENT FUND, INC.
(Exact name of Registrant as specified in charter)
237 Park Avenue
New York, New York 10017
------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, including Area Code: (800) 845-8406
------------------------------------------------
Wallace Mathai-Davis
Secretary and Treasurer
The OFFITBANK Investment Fund, Inc.
237 Park Avenue
New York, New York 10017
-------------------------
(Name and Address of Agent for Service)
with a copy to:
Gary S. Schpero, Esq
Simpson Thacher & Bartlett
425 Lexington Avenue
New York, New York 10017-3954
(212) 455-2000
Approximate Date of Proposed Public Offering: As soon as practicable after
the effective date of this Registration Statement.
It is proposed that this filing will become effective:
X immediately upon filing pursuant to paragraph (b)
-----
on (date) pursuant to paragraph (b)
-----
on (date) pursuant to paragraph (a)(i)
-----
75 days after filing pursuant to paragraph (a)(ii)
-----
on (date) pursuant to paragraph (a)(ii) of rule 485
-----
60 days after filing pursuant to paragraph (a)(i)
-----
If appropriate, check the following box:
this post-effective amendment designates a new effective
-----
date for a previously filed post-effective amendment
Pursuant to Rule 24f-2 under the Investment Company Act of 1940, the
Registrant has previously filed a declaration of registration of an indefinite
number of shares of Capital Stock, $.001 par value per share, of all series of
the Registrant, now existing or hereafter created. Registrant's 24f-2 Notice
for the fiscal year ended December 31, 1995 was filed on February 29, 1996.
<PAGE>
THE OFFITBANK INVESTMENT FUND, INC.
CROSS REFERENCE SHEET
Pursuant to Rule 495(a)
under the Securities Act of 1933
N-1A Item No. Location
- ------------- --------
Part A Prospectus Caption
- ------ ------------------
Item 1. Cover Page Cover Page
Item 2. Synopsis Prospectus Summary;
Expense Information
Item 3. Condensed Financial Financial Highlights
Information
Item 4. General Description of
Registrant Prospectus Summary;
Investment Objectives and
Policies; Other Investment
Policies and Risks; Special
Risk Considerations; The
Transfer; Limiting Investment
Risks; Additional Information;
Appendix A; Appendix B
Item 5. Management of the Fund Management; Fund
Expenses
Item 5A. Management's Discussion of
Fund Performance Not Applicable
Item 6. Capital Stock and Other
Securities Dividends and Distributions;
Taxes; Additional Information;
Reports to Shareholders
Item 7. Purchase of Securities
Being Offered Management; Purchase of
Shares; Net Asset Value
Item 8. Redemption or Repurchase Redemption of Shares;
Shareholder Services
Item 9. Pending Legal Proceedings Not Applicable
<PAGE>
Statement of Additional
Part B Information Caption
- ------ -----------------------
Item 10. Cover Page Cover Page
Item 11. Table of Contents Table of Contents
Item 12. General Information and
History Not Applicable
Item 13. Investment Objectives and
Policies Additional Information on
Portfolio Instruments and
Techniques; Additional Risk
Considerations; Investment
Limitations
Item 14. Management of the Registrant Management of the Fund
Item 15. Control Persons and Principal
Holders of Securities General Information
Item 16. Investment Advisory and
Other Services Management of the Fund
Item 17. Brokerage Allocation Portfolio Transactions
Item 18. Capital Stock and Other
Securities General Information
Item 19. Purchase, Redemption and
Pricing of Securities Management; Purchase
Being Offered of Shares; Redemption of
Shares; Shareholder Services
Item 20. Tax Status Additional Information
Concerning Taxes
Item 21. Underwriters Distributor
Item 22. Calculation of Performance Data Performance Information
Item 23. Financial Statements Report of Independent
Accountants; Financial
Statements
<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.
<PAGE>
PRELIMINARY NOTE
The Registrant's Prospectuses and Statements of Additional
Information, each dated May 1, 1996 for The OFFITBANK Investment Fund,
Inc., except for the presentation herein of interim financial
statements, are incorporated by reference to the Registrant's filing
of definitive copies under Rule 497(c).
<PAGE>
OFFITBANK LATIN AMERICA TOTAL RETURN FUND
a portfolio of
THE OFFITBANK INVESTMENT FUND, INC.
Supplement dated August 12, 1996 to
Prospectus dated May 1, 1996
The table of "Financial Highlights (unaudited) For a share of capital
stock outstanding through the period ended June 30, 1996" below
supplements the unaudited financial statements of OFFITBANK Latin
America Total Return Fund (the "Fund") a portfolio of The OFFITBANK
Investment Fund, Inc. (the "Company") contained in the Statement of
Additional Information and sets forth certain information regarding
the investment operations of the Fund for the period presented.
<TABLE>
<CAPTION>
FOR THE PERIOD
FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGH THE PERIOD: FEBRUARY 13,
1996* THROUGH
JUNE 30, 1996
- --------------------------------------------------------------------------------
<S> <C>
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE, BEGINNING OF PERIOD........................... 10.00
-----
Net investment income................................ 0.08
Net realized and unrealized gains on investments..... 0.78
-----
Total from investment operations..................... 0.86
-----
LESS DIVIDENDS AND DISTRIBUTIONS FROM:
Net investment income................................ (0.08)
-----
Total dividends and distributions.................... (0.08)
-----
NET ASSET VALUE, END OF PERIOD................................. $10.78
------
------
TOTAL INVESTMENT RETURN........................................ 8.68%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands)............. $4,959
RATIOS TO AVERAGE NET ASSETS:
Expenses............................................. 2.00%(1)(2)
Net investment income................................ 1.67%(1)
PORTFOLIO TURNOVER RATE........................................ 43%
</TABLE>
- -----------------------------
* Commencement of operations.
(1) Annualized.
(2) If the Fund had borne all expenses that were assumed or waived by the
Advisor and Administrator, the above annualized expense ratio would have
been 4.66%
<PAGE>
THE OFFITBANK INVESTMENT FUND, INC.
237 Park Avenue
New York, New York 10017
1-800-845-8406
This Supplement to the Statement of Additional Information is not
a prospectus and is only authorized for distribution when preceded or
accompanied by a Prospectus of the OFFITBANK Latin America Total
Return Fund. The following supplements the information contained in
the Company's Statement of Additional Information dated May 1, 1996.
FINANCIAL INFORMATION
The unaudited financial statements for OFFITBANK Latin America Total Return
Fund for the period ended June 30, 1996 are attached hereto.
<PAGE>
OFFITBANK INVESTMENT FUND, INC.
OFFITBANK LATIN AMERICA TOTAL RETURN FUND
PORTFOLIO OF INVESTMENTS (CONTINUED)
JUNE 30, 1996
<TABLE>
<CAPTION>
PRINCIPAL/SHARE MARKET
AMOUNT VALUE
--------------- ----------
<S> <C> <C>
EQUITY SECURITIES - (CONTINUED)
CONSTRUCTION - 0.98%
COMMON STOCK
MEXICO
Empresas ICA Sociedad Controladora
S.A. de C.V. - ADR*... . . . . . . . . . . 3,500 $48,563
----------
FOOD PROCESSING - 1.34%
COMMON STOCK
MEXICO
Gruma S.A. -Cl. B . . . . . . . . . . . . . . 14,350 (a) 66,515
----------
HOLDING COMPANIES - 4.68%
COMMON STOCK
MEXICO
Grupo Alfa S.A. - Cl.A. . . . . . . . . . . . 31,114 (a) 140,317
Grupo Carso S.A. - Cl. A. . . . . . . . . . . 13,000 (a) 91,502
----------
231,819
----------
HOUSING - 0.91%
COMMON STOCK
MEXICO
Corporacion Geo S.A. -Cl. B . . . . . . . . . 10,000 (a) 45,295
----------
IRON / STEEL - 2.85%
COMMON STOCK
BRAZIL
Companhia Siderurgica Nacional - ADR* . . . . 800 20,808
Companhia Vale do Rio Doce - ADR* . . . . . . 2,200 44,066
Tubos de Acero de Mexico S.A. - ADR*. . . . . 5,800 54,738
Usinas Siderurgicas de Minas Gerais S.A.-
ADR (144A)*+. . . . . . . . . . . . . . . . 2,000 21,720
----------
141,332
----------
MANUFACTURING - 2.35%
PREFERRED STOCK
BRAZIL
Ericsson Telecomunicacoes S.A. . . . . . . . 7,500 (a) 116,545
----------
MEDIA - 2.23%
COMMON STOCK
MEXICO
Grupo Televisa S.A. - GDS++ . . . . . . . . . 3,600 110,700
----------
MINING - 1.51%
COMMON STOCK
PERU
Compania de Minas Buenaventura S.A. -
ADR* . . . . . . . . . . . . . . . . . . . 2,500 49,688
----------
<PAGE>
OFFITBANK INVESTMENT FUND, INC.
OFFITBANK LATIN AMERICA TOTAL RETURN FUND
PORTFOLIO OF INVESTMENTS (UNAUDITED)
JUNE 30, 1996
PRINCIPAL/SHARE MARKET
AMOUNT VALUE
--------------- ----------
EQUITY SECURITIES - 60.17%
AUTO PARTS/RELATED - 1.88%
COMMON STOCK
ARGENTINA
Compania Interamericana de Automobiles
S.A. . . . . . . . . . . . . . . . . . . . 7,500 (d) $53,250
----------
MEXICO
Corporacion Sanluis S.A. de C.V . . . . . . . 7,000 (a) 39,749
----------
BANKS - 7.53%
COMMON STOCK
ARGENTINA
Banco Frances del Rio de la Plata
S.A. - ADR*. . . . . . . . . . . . . . . . 1,600 46,000
----------
CHILE
Banco BHIF - ADR* . . . . . . . . . . . . . . 3,000 60,375
----------
COLUMBIA
Banco Industrial Colombiano - ADR*. . . . . . 1,200 20,250
----------
PREFERRED STOCK
BRAZIL
Banco Bradesco S.A. . . . . . . . . . . . . . 12,450 (c) 101,693
Uniao de Bancos Brasileiros S.A . . . . . . . 5,360 (c) 145,172
----------
246,865
----------
BEVERAGES - 0.45%
COMMON STOCK
UNITED STATES
Panamerican Beverages, Inc. . . . . . . . . . 500 22,375
----------
BREWERY - 1.07%
PREFERRED STOCK
BRAZIL
Companhia Cervejaria Brahma . . . . . . . . . 90 (c) 53,252
----------
BUILDING MATERIALS - 3.62%
COMMON STOCK
MEXICO
Cementos Apasco S.A.. . . . . . . . . . . . . 17,000 (a) 94,289
Cementos Mexicanos S.A. de C.V. . . . . . . . 24,000 (a) 85,256
----------
179,545
----------
CHEMICALS - 0.71%
COMMON STOCK
CHILE
Sociedad Quimica y Minera de Chile
S.A. - ADR*. . . . . . . . . . . . . . . . 650 35,263
----------
<PAGE>
OFFITBANK INVESTMENT FUND, INC.
OFFITBANK LATIN AMERICA TOTAL RETURN FUND
PORTFOLIO OF INVESTMENTS (CONTINUED)
JUNE 30, 1996
PRINCIPAL/SHARE MARKET
AMOUNT VALUE
--------------- ----------
EQUITY SECURITIES - (CONTINUED)
MINING (CONTINUED)
COMMON STOCK (CONTINUED)
UNITED KINGDOM
Antofagasta Holdings plc. . . . . . . . . . . 5,000 (b) $25,068
----------
OIL/GAS - 3.28%
COMMON STOCK
ARGENTINA
Perez Companc S.A. -ADR*. . . . . . . . . . . 10,700 140,170
YPF Sociedad Anonima S.A. - ADR*. . . . . . . 1,000 22,500
----------
162,670
----------
PAPER PRODUCTS/PULP - 0.35%
COMMON STOCK
COLUMBIA
Papeles Nacionales - ADR*.. . . . . . . . . . 2,500 17,500
----------
REAL ESTATE - 0.55%
COMMON STOCK
ARGENTINA
IRSA Inversiones y Representaciones
S.A. - GDS++ . . . . . . . . . . . . . . . 800 27,000
----------
RETAIL - 0.83%
COMMON STOCK
BRAZIL
Globex Utilidades S.A . . . . . . . . . . . . 2,500 (c) 41,214
----------
TELECOMMUNICATIONS - 20.33%
COMMON STOCK
ARGENTINA
Telefonica de Argentina S.A. - ADR* . . . . . 700 20,738
----------
BRAZIL
Telecomunicacoes Brasileiras S.A. - ADR*. . . 9,200 640,550
Telecomunicacoes de Minas Gerais . . . . . . 1,510 (c) 155,693
----------
796,243
----------
CHILE
Cia de Telecomunicaciones de Chile S.A. -
ADR* . . . . . . . . . . . . . . . . . . . 210 20,606
----------
PREFERRED STOCK
BRAZIL
Telecomunicacoes de Minas Gerais. . . . . . . 15 (c) 1,528
Telecomunicacoes do Rio de Janeiro S.A. . . . 1,500 (c) 168,841
----------
170,369
----------
<PAGE>
OFFITBANK INVESTMENT FUND, INC.
OFFITBANK LATIN AMERICA TOTAL RETURN FUND
PORTFOLIO OF INVESTMENTS (CONTINUED)
JUNE 30, 1996
PRINCIPAL/SHARE MARKET
AMOUNT VALUE
--------------- ----------
EQUITY SECURITIES - (CONTINUED)
UTILITIES - 2.72%
COMMON STOCK
BRAZIL
Cia Energetica de Minas Gerais - ADR* . . . . 1,600 $45,440
Companhia Paulista de Forca e Luz . . . . . . 1,000 (c) 89,650
----------
135,090
----------
TOTAL EQUITY SECURITIES. . . . . . . . . . . . . . 2,983,879
----------
DEBT SECURITIES - 18.20%
CORPORATE DEBT - 16.06%
BANKS - 1.78%
ARGENTINA
Banco de Galicia, 7.00%, 08/01/02.. . . . . . $80,000 88,200
----------
COMMUNICATIONS - 2.06%
COLUMBIA
Occidente Y Caribe Step-Up Bonds,
0/14.00%, 03/15/04 (144A)+**.. . . . . . . 200,000 102,000
----------
CONSTRUCTION - 5.07%
MEXICO
Empresas ICA Sociedad, 11.875%, 05/30/01
(144A)+. . . . . . . . . . . . . . . . . . 250,000 251,563
----------
IRON/STEEL - 0.65%
MEXICO
Tubos De Acero, 13.75%, 12/08/99. . . . . . . 30,000 32,550
----------
MANUFACTURING - 1.26%
MEXICO
AXA S.A. De C.V., 8.50%, 10/01/98. . . . . . 65,000 62,400
----------
MEDIA - 4.22%
BRAZIL
RBS Participacos S.A., 14.00%, 12/15/03 . . . 100,000 105,000
----------
MEXICO
Grupo Televisa, 11.875%, 05/15/06 (144A)+ . .. 50,000 51,000
Grupo Televisa Step-Up Bonds, 0/13.25%,
05/15/08 (144A)+**. . . . . . . . . . . . . 100,000 53,500
----------
104,500
----------
PETROCHEMICALS - 1.01%
BRAZIL
OPP Petroquimica S.A., 11.50%, 02/23/04
(144A)+. . . . . . . . . . . . . . . . . . 50,000 49,875
----------
</TABLE>
<PAGE>
OFFITBANK INVESTMENT FUND, INC.
OFFITBANK LATIN AMERICA TOTAL RETURN FUND
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED)
JUNE 30, 1996
ASSETS
Investments, at value (cost $3,669,652)(Note 1a) . . . $3,886,217
Cash . . . . . . . . . . . . . . . . . . . . . . . . . 1,213,570
Receivable for securities sold . . . . . . . . . . . . 32,363
Interest and dividends receivable. . . . . . . . . . . 11,014
Receivable from Adviser (Note 2) . . . . . . . . . . . 11,477
Unamortized organization expense . . . . . . . . . . . 11,732
-----------------
Total assets. . . . . . . . . . . . . . 5,166,373
-----------------
LIABILITIES
Payable for securities purchased.. . . . . . . . . . . 187,903
Income distribution payable. . . . . . . . . . . . . . 8,055
Accrued expenses . . . . . . . . . . . . . . . . . . . 11,026
-----------------
Total liabilities . . . . . . . . . . . 206,984
-----------------
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . $4,959,389
-----------------
-----------------
NET ASSETS CONSIST OF:
Shares of capital stock, $0.001 par value per share,
460,176 issued and outstanding . . . . . . . . . . . $ 460
Additional paid-in capital . . . . . . . . . . . . . . 4,755,370
Net realized loss on investments . . . . . . . . . . . (11,231)
Net realized loss on foreign currency transaction. . . (1,775)
Net unrealized appreciation on investments . . . . . . 216,565
-----------------
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . $4,959,389
-----------------
-----------------
Net Asset Value Per Share. . . . . . . . . . . . . . . $10.78
-----------------
-----------------
<PAGE>
OFFITBANK INVESTMENT FUND, INC.
OFFITBANK LATIN AMERICA TOTAL RETURN FUND
STATEMENT OF OPERATIONS (UNAUDITED)
FOR THE PERIOD FEBRUARY 13, 1996* THROUGH JUNE 30, 1996
INVESTMENT INCOME
Interest income. . . . . . . . . . . . . . . . . . . . $ 20,071
Dividend income (net of foreign withholding tax
of $854) . . . . . . . . . . . . . . . . . . . . . . 5,762
-----------------
Total income . . . . . . . . . . . . . . . . . . . 25,833
-----------------
EXPENSES
Fund accounting (Note 2) . . . . . . . . . . . . . . . 13,050
Advisory (Note 2). . . . . . . . . . . . . . . . . . . 7,026
Audit. . . . . . . . . . . . . . . . . . . . . . . . . 3,209
Amortization of organization expenses. . . . . . . . . 972
Administrative (Note 2). . . . . . . . . . . . . . . . 1,052
Registration . . . . . . . . . . . . . . . . . . . . . 1,375
Legal. . . . . . . . . . . . . . . . . . . . . . . . . 1,104
Custodian. . . . . . . . . . . . . . . . . . . . . . . 471
Printing . . . . . . . . . . . . . . . . . . . . . . . 750
Transfer agent and shareholder servicing (Note 2). . . 280
Directors fees.. . . . . . . . . . . . . . . . . . . . 1,890
Miscellaneous. . . . . . . . . . . . . . . . . . . . . 1,908
-----------------
Total expenses before waivers/reimbursements . . . 33,087
Less expenses waived/ reimbursed (Note 2). . . . . (19,124)
-----------------
Net expenses . . . . . . . . . . . . . . . . . . . 13,963
-----------------
Net investment income. . . . . . . . . . . . . . . . . 11,870
-----------------
REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS
Net realized loss on investments . . . . . . . . . . . (13,006)
Net unrealized appreciation on investments . . . . . . 216,565
-----------------
Net realized and unrealized gain on investments... 203,559
-----------------
Net increase in net assets resulting from operations . $215,429
-----------------
-----------------
* Commencement of operations.
<PAGE>
OFFITBANK INVESTMENT FUND, INC.
OFFITBANK LATIN AMERICA TOTAL RETURN FUND
STATEMENT OF CHANGES IN NET ASSETS (UNAUDITED)
FOR THE PERIOD FEBRUARY 13, 1996* THROUGH JUNE 30, 1996
OPERATIONS
Net investment income. . . . . . . . . . . . . . . . . $ 11,870
Net realized loss on investments . . . . . . . . . . . (13,006)
Net unrealized appreciation on investments . . . . . . 216,565
-----------------
Net increase in net assets resulting from operations . 215,429
-----------------
DIVIDENDS TO SHAREHOLDERS
From net investment income . . . . . . . . . . . . . . (11,870)
-----------------
CAPITAL SHARE TRANSACTIONS
Proceeds from sales of shares. . . . . . . . . . . . . 4,751,995
Net asset value of shares issued to shareholders in
reinvestment of dividends . . . . . . . . . . . . 3,815
-----------------
Net increase in net assets from capital share
transactions . . . . . . . . . . . . . . . . . . 4,755,810
-----------------
Total increase in net assets.. . . . . . . . . . . . . 4,959,369
NET ASSETS
Beginning of period. . . . . . . . . . . . . . . . . . 20
-----------------
End of period. . . . . . . . . . . . . . . . . . . . . $4,959,389
-----------------
-----------------
* Commencement of operations.
<PAGE>
OFFITBANK INVESTMENT FUND, INC.
OFFITBANK LATIN AMERICA TOTAL RETURN FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1. SIGNIFICANT ACCOUNTING POLICIES. The OFFITBANK Investment Fund, Inc. (the
"Company") was incorporated in Maryland on September 8, 1993. The Company is
registered under the Investment Company Act of 1940, as amended (the "1940
Act"). Each Fund operates as an open-ended management investment company. The
Company consists of seven separately managed investment portfolios (the
"Funds"): OFFITBANK High Yield Fund, OFFITBANK Emerging Markets Fund, OFFITBANK
Latin America Total Return Fund, OFFITBANK New York Municipal Fund, OFFITBANK
National Municipal Fund, OFFITBANK California Municipal Fund and OFFITBANK
Global Convertible Fund. Of these, only the High Yield, Emerging Markets, New
York Municipal and Latin America Total Return Fund had commenced operations as
of March 2, 1994, March 8, 1994, April 3, 1995, and February 13, 1996,
respectively. The following are significant accounting policies followed by the
Company in the preparation of the financial statements:
a. VALUATION OF SECURITIES. Equity securities are valued at the last sale
price on the exchange or in the principal over-the-counter market in which such
securities are traded or, lacking any sales, at the last available bid price.
Debt securities held in the Fund generally are valued based on quoted bid
prices. Short-term debt investments having maturities of 60 days or less are
amortized to maturity based on their amortized cost. Securities for which
market quotations are not readily available are valued at fair value determined
in good faith by or under the direction of the Company's Board of Directors.
Securities may be valued by independent pricing services which use prices
provided by market-makers or estimates of market values obtained from yield data
relating to instruments or securities with similar characteristics.
b. ORGANIZATIONAL EXPENSES. Costs incurred in connection with the
organization and initial registration of the Funds have been deferred and are
being amortized over a sixty-month period, beginning with Fund's commencement of
operations.
c. CALCULATION OF EXPENSES. Expenses directly attributable to a Fund are
charged to that Fund. Other expenses are allocated proportionately among each
Fund of the Company in relation to the net assets of each Fund or on another
reasonable basis.
d. SECURITIES TRANSACTIONS AND INVESTMENT INCOME. Securities transactions are
recorded on a trade date basis. Realized gains and losses from securities
transactions are recorded on the identified cost basis. Interest income,
including, where applicable, amortization of premium and accretion of discount
on investments, is accrued daily.
e. DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Dividends from net investment
income are declared daily and paid quarterly. Distributions of net realized
gains are normally declared and paid at least annually by the Fund.
The amount of dividends and distributions from net investment income and net
realized capital gains are determined in accordance with federal income tax
regulations which may differ with generally accepted accounting principles.
These "book/tax" differences are either temporary or permanent in nature. To
the extent these differences are permanent in nature, such amounts are
<PAGE>
OFFITBANK INVESTMENT FUND, INC.
OFFITBANK LATIN AMERICA TOTAL RETURN FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
reclassified within the capital accounts based on their federal tax-basis
treatment; temporary differences do not require a reclassification.
f. FEDERAL INCOME TAXES. The Fund intend to qualify as a "regulated
investment company" under Subchapter M of the Internal Revenue Code and
distribute all of its taxable income to its shareholders. Therefore, no federal
income tax provision is required.
g. USE OF ESTIMATES. Estimates and assumptions are required to be made
regarding assets, liabilities, and changes in net assets resulting from
operations when financial statements are prepared. Changes in the economic
environment, financial markets and any other parameters used in determining
these estimates could cause actual results to differ from these amounts.
h. FOREIGN EXCHANGE TRANSACTIONS. The books and records of the Fund are
maintained in U.S. dollars as follows:
i. market value of investment securities and other assets and liabilities at
the exchange rate on valuation date;
ii. purchase and sales of investment securities, income and expenses at the
exchange rate prevailing on the respective date of such transactions.
The resultant exchange gains or losses are included in the Statement of
Operations.
2. INVESTMENT ADVISORY, ADMINISTRATION AND DISTRIBUTION AGREEMENTS. The
Company has entered into an investment advisory agreement (the "Investment
Advisory Agreement") with OFFITBANK (the "Advisor"). The Investment Advisory
Agreement provides that the Fund pay the Advisor an investment advisory fee that
is calculated and paid monthly at the annual rate of 1.00% of net assets. The
Advisor will provide portfolio management and certain bookkeeping services for
the Company. For the period ended June 30, 1996, the Advisor was entitled to
fees of $7,026. The Advisor waived fees of $6,595.
Furman Selz LLC ("Furman Selz") provides the Company with administrative, fund
accounting, dividend disbursing and transfer agency services pursuant to an
administration agreement (the "Administration Agreement"). The services under
the Administration Agreement are subject to the supervision of the Company's
Board of Directors and officers and include the day-to-day administration of
matters related to the corporate existence of the Company, maintenance of its
records, preparation of reports, supervision of the Company's arrangements with
its custodian and assistance in the preparation of the Company's registration
statements under federal and state laws. Pursuant to the Administration
Agreement, the Company will pay Furman Selz a monthly fee for its services which
on an annualized basis will not exceed 0.15% of the average daily net assets of
the Company. For the period ended June 30, 1996, Furman Selz was entitled to
fees of $1,052. Furman Selz waived fees of $1,052.
<PAGE>
OFFITBANK INVESTMENT FUND, INC.
OFFITBANK LATIN AMERICA TOTAL RETURN FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
As Administrator, Furman Selz provides the Fund with fund accounting related
services. For these services Furman Selz is paid a fee of $2,500 per month,
plus out-of-pocket expenses. For the period ended June 30, 1996, Furman Selz
earned fees and expenses of $13,050.
Furman Selz acts as Transfer Agent for the Fund. Furman Selz receives
reimbursement of certain expenses plus a per account fee of $15.00 per year.
For the period ended June 30, 1996, Furman Selz was entitled to fees and
expenses of $280.
OFFITBANK has voluntarily agreed to cap the expenses of the Fund at 2.00%. In
order to maintain this ratio, the Advisor has agreed to reimburse the Fund
$11,477.
The Company has entered into a distribution agreement (the "Distribution
Agreement") with OFFIT Funds Distributor, Inc., an affiliate of Furman Selz LLC.
Under the Distribution Agreement, the Distributor, as agent of the Company,
agrees to use its best efforts as sole distributor of the Company's shares.
Under the Plan of Distribution, the Fund is authorized to spend up to 0.25% of
its average net assets to compensate the Distributor for its services. The
Distribution Agreement provides that the Company will bear the costs of the
registration of its shares with the Commission and various states and the
printing of its prospectuses, statements of additional information and reports
to shareholders. For the period ended June 30, 1996, no distribution costs were
incurred.
3. INVESTMENTS. Purchase and sales of securities for the period ended June
30, 1996, other than short-term securities, amounted to $4,456,228 and $682,378,
respectively.
At June 30, 1996, net unrealized appreciation of investments was $216,565.
Net unrealized appreciation was composed of aggregate gross unrelated
appreciation of $263,072, for securities in which there is an excess of value
over cost, and aggregate gross unrealized depreciation of $46,507, for all
securities in which there is an excess of cost over value. The cost of
securities is substantially the same for Federal income tax purposes as it is
for financial reporting purposes.
4. CAPITAL STOCK TRANSACTIONS. The Company's Articles of Incorporation permit
the Company to issue ten billion shares (par value $0.001). Transactions in
shares of common stock of the Fund for the period ended June 30, 1996, were as
follows:
Shares Amount
--------- -----------
Beginning balance . . . . . . . . . 2 $ 20
--------- -----------
Shares sold . . . . . . . . . . . . 459,780 4,751,995
Shares issued in
reinvestment of net
investment income . . . . . . . . 394 3,815
--------- -----------
Net increase. . . . . . . . . . . . 460,174 4,755,810
--------- -----------
Ending balance. . . . . . . . . . . 460,176 $4,755,830
--------- -----------
--------- -----------
<PAGE>
PART C
OTHER INFORMATION
Item 24. FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial Statements:
Included in the Prospectus:
(1) Financial Highlights for the period ended June 30, 1996
(unaudited).
Included in Statement of Additional Information:
(1) Portfolios of Investments dated June 30, 1996 (unaudited).
(2) Statements of Assets and Liabilities dated June 30, 1996
(unaudited).
(3) Statements of Operations for the period ended June 30, 1996
(unaudited).
(4) Statement of Changes in Net Assets for the period ended June 30,
1996 (unaudited).
(5) Financial Highlights for the period ended June 30, 1996
(unaudited).
(6) Notes to Financial Statements dated June 30, 1996 (unaudited).
(b) Exhibits:
Exhibit
Number Description
------- -----------
1(a) -- Registrant's Articles of Incorporation (1)
1(b) -- Registrant's Amended and Restarted Articles of
Incorporation.(3)
1(c) -- Registrant's Form of Articles Supplementary.(5)
2(a) -- Registrant's By-Laws.(1)
2(b) -- Registrant's Amended and Restated By-Laws.(3)
3 -- None.
4(a) -- Form of Stock Certificate for shares of Class A
stock.(3)
4(b) -- Form of Stock Certificate for shares of Class B
stock.(5)
4(c) -- Form of Stock Certificate for shares of Class C
stock.(3)
4(e) -- Form of Stock Certificate for shares of Class E
stock.(5)
4(f) -- Form of Stock Certificate for shares of Class F stock.(5)
<PAGE>
4(g) -- Form of Stock Certificate for shares of Class G
stock.(5)
4(h) -- Form of Stock Certificate for shares of Class H
stock.(5)
5(a) -- Form of Advisory Agreement between Registrant and OFFITBANK
with respect to the High Yield, Global Debt and Emerging
Markets Funds.(3)
5(b) -- Form of Advisory Agreement between the Registrant and OFFITBANK
with respect to the Global Convertible, Latin America Equity,
National Municipal, California Municipal and New York Municipal
Funds.(5)
5(c) -- Agreement to Advisory Agreement between the Registrant and
OFFITBANK reflecting the change in name of the Latin America
Equity, to Latin America Total Return Fund.(6)
6(a) -- Form of Distribution Agreement between Registrant and Furman
Selz Incorporated with respect to the High Yield, Global Debt
and Emerging Markets Funds.(2)
6(b) -- Form of Supplement to the Distribution Agreement between
Registrant and OFFIT Funds Distributor, Inc. with respect to
the Global Convertible, Latin America Equity, National
Municipal, California Municipal and New York Municipal
Funds.(5)
6(c) -- Amendment to the Distribution Agreement between Registrant and
OFFIT Funds Distributor, Inc. reflecting the change in name of
the Latin America Equity Fund to Latin America Total Return
Fund.(6)
6(d) -- Amendment to the Distribution Agreement in connection with the
reclassification of existing shares of each Fund as "Select
Shares" as of the close of business May 1, 1996, and the
creation of Advisor Shares.(7)
7 -- None.
8(a) -- Form of Custodian Agreement between Registrant and The Chase
Manhattan Bank, N.A. (the "Custodian") with respect to the High
Yield, Global Debt and Emerging Markets Funds.(3)
8(b) -- Form of Custodian Agreement between Registrant and the
Custodian with respect to the Global Convertible, Latin America
Equity, National Municipal, California Municipal and New York
Municipal Funds.(5)
8(c) -- Amendment to the Custodian Agreement between Registrant and the
Custodian with respect to the Latin America Total Return
Fund.(8)
<PAGE>
9(a) -- Form of Fund Administration Agreement between Registrant and
Furman Selz Incorporated with respect to the High Yield, Global
Debt and Emerging Markets Funds.(2)
9(b) -- Form of Transfer Agency Agreement between Registrant and Furman
Selz Incorporated with respect to the High Yield, Global Debt
and Emerging Markets Funds.(2)
9(c) -- Form of Supplement to the Fund Administration Agreement between
Registrant and Furman Selz Incorporated with respect to the
Global Convertible, Latin America Equity, National Municipal,
California Municipal and New York Municipal Funds.(5)
9(d) -- Form of Supplement to the Transfer Agency Agreement between
Registrant and Furman Selz Incorporated with respect to the
Global Convertible, Latin America Equity, National Municipal,
California Municipal and New York Municipal Funds.(5)
9(e) -- Amendment to the Administration Agreement between Registrant
and Furman Selz LLC reflecting the change in name of the Latin
America Equity Fund to Latin America Total Return Fund.(6)
9(f) -- Amendment to the Transfer Agency Agreement between Registrant
and Furman Selz LLC reflecting the change in name of the Latin
America Equity Fund to Latin America Total Return Fund.(6)
9(g) -- Form of Shareholder Servicing Agreement between the Registrant
and Shareholder Servicing Agents.(7)
10 -- Opinion and Consent of Piper & Marbury.(3)
11(a) -- Consent of Price Waterhouse LLP.(7)
11(b) -- Powers of Attorney for Messrs. Landau and Morton.(2)
12 -- None.
13(a) -- Form of Share Purchase Agreement between Registrant and Furman
Selz Incorporated with respect to the High Yield, Global Debt
and Emerging Markets Funds.(3)
13(b) -- Form of Share Purchase Agreement between Registrant and Furman
Selz Incorporated with respect to the Global Convertible, Latin
America Equity, National Municipal, California Municipal and
New York Municipal Funds.(5)
14 -- None.
15(a) -- Form of Plan Distribution.(2)
<PAGE>
15(b) -- Amendment to Plan of Distribution.(7)
16 -- Schedule of computation for the High Yield, Emerging Markets
and New York Municipal Funds.(6)
18 -- Form of Amended Multiclass Plan Pursuant to Rule 18f-3.(7)
27 -- Financial Data Schedule for the Latin America Total Return
Fund.
- ----------
(1) Exhibit is incorporated by reference to the Registrant's Registration
Statement on Form N-1A, filed October 8, 1993, Registration Nos. 33-70116
and 811-8036 (the "Registration Statement").
(2) Exhibit is incorporated by reference to Pre-Effective Amendment No. 1,
filed November 24, 1993 to the Registration Statement.
(3) Exhibit is incorporated by reference to Pre-Effective Amendment No. 2,
filed January 31 1994, to the Registration Statement.
(4) Exhibit is incorporated by reference to Post-Effective Amendment No. 2,
filed on August 26, 1994, to the Registration Statement.
(5) Exhibit is incorporated by reference to Post-Effective Amendment No. 3,
filed on November 25, 1994, to the Registration Statement.
(6) Exhibit is incorporated by reference to Post-Effective Amendment No. 6,
filed on February 29, 1996, to the Registration Statement.
(7) Exhibit is incorporated by reference to Post-Effective Amendment No. 7,
filed on April 27, 1996, to the Registration Statement.
(8) To be filed by amendment to this Registration Statement.
Item 25. PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH REGISTRANT.
None.
Item 26. NUMBER OF HOLDERS OF SECURITIES.
Number of Record
Holders at
Title of Class July 31, 1996
-------------- ----------------
Shares of OFFITBANK High Yield Fund, par value
$.001 per share . . . . . . . . . . . . . . . . . . . . 566
Shares of OFFITBANK Emerging Markets Fund,
par value $.001 per share . . . . . . . . . . . . . . . 96
Shares of OFFITBANK Investment Grade Global Debt,
par value $.001 per share . . . . . . . . . . . . . . . 1
<PAGE>
Number of Record
Holders at
Title of Class July 31, 1996
-------------- ----------------
Shares of OFFITBANK Latin America Total Return Fund,
par value $.001 per share . . . . . . . . . . . . . . . 26
Shares of OFFITBANK Global Convertible Fund,
par value $.001 per share . . . . . . . . . . . . . . . 1
Shares of OFFITBANK National Municipal Fund,
par value $.001 per share . . . . . . . . . . . . . . . 1
Shares of OFFITBANK California Municipal Fund,
par value $.001 per share . . . . . . . . . . . . . . . 1
Shares of OFFITBANK New York Municipal Fund,
par value $.001 per share . . . . . . . . . . . . . . . 36
Item 27. INDEMNIFICATION.
Reference is made to Article VII of Registrant's Articles of
Incorporation (Exhibit 1 hereto), Article IV of Registrant's By-Laws (Exhibit 2
hereto) and Paragraph 4 of the Form of Distribution Agreement between Registrant
and Furman Selz Incorporated (Exhibit 6 hereto).
Insofar as indemnification for liabilities arising under the
Securities Act of 1933, as amended (the "Securities Act"), may be permitted to
directors, officers and controlling persons of the Registrant pursuant to the
foregoing provisions, or otherwise, Registrant understands that in the opinion
of the Securities and Exchange Commission such indemnification is against public
policy as expressed in the Securities Act and is, therefore, unenforceable. In
the event that a claim for indemnification against such liabilities (other than
the payment by Registrant of expenses incurred or paid by a director, officer or
controlling person of Registrant in the successful defense of any action, suit
or proceeding) is asserted by such director, officer or controlling person in
connection with the securities 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 policy as expressed in the Securities Act and
will be governed by the final adjudication of such issue.
Item 28. BUSINESS AND OTHER CONNECTIONS OF INVESTMENT ADVISER.
The Adviser provides a wide range of asset management services to
individuals, institutions and retirement benefit plans.
To the knowledge of Registrant, none of the Directors or executive
officers of the Adviser except those described below, are or have been, at any
time during the past two years,
<PAGE>
engaged in any other business, profession, vocation or employment of a
substantial nature.
Principal Occupation
or Other Employment
of a Substantial
Position with Nature During the
Name Offitbank Past Two Years
---- --------- --------------
H. Furlong Baldwin Director Chairman of the Board,
Mercantile Safe Deposit & Mercantile Bankshares
Trust Co.
Two Hopkins Plaza
Baltimore, MD 21201
Alessandro di Montezemolo Director Private Investor
200 East 65th Street
New York, 10021
David I. Margolis Director Chairman and Chief
Coltec Industries, Inc. Executive Officer,
430 Park Avenue Coltec Industries, Inc.
New York, New York 10022
Harvey M. Meyerhoff Director Chairman of the Board,
Magna Holdings, Inc. Magna Holdings, Inc.
25 South Charles Street
Suite 2100
Baltimore, MD 21201
George Randolph Packard Director Professor, The Paul H.
4425 Garfield Street, N.W. Nitze School of Advanced
Washington, D.C. 20007 International Studies,
Johns Hopkins University
B. Lance Sauerteig, Esq. Director President, First Spring
First Spring Corporation Corporation
499 Park Avenue
New York, NY 10022
Item 29. PRINCIPAL UNDERWRITER.
(a) Not applicable.
(b) The information required by this Item 29(b) with respect to each
director, officer or partner of OFFIT Funds Distributor, Inc. is
incorporated by reference to Schedule A of Form 8D filed by OFFIT
Funds Distributor, Inc. Pursuant to the Securities Exchange Act
of 1934 (SEC File No. 8-46960).
(c) Not applicable.
Item 30. LOCATION OF ACCOUNTS AND RECORDS.
All accounts, books and other documents required to be maintained by
Section 31(a) of the Investment Company Act of 1940, as amended (the "1940
Act"), and the rules thereunder will be maintained at the offices of:
<PAGE>
(1) The OFFITBANK Investment Fund, Inc.
237 Park Avenue, Suite 910
New York, New York 10017
(records relating to the Company)
(2) OFFITBANK
520 Madison Avenue
New York, New York 10022
(advisory records)
(3) OFFIT Funds Distributor, Inc.
230 Park Avenue
New York, New York 10169
(records of principal underwriter)
Item 31. MANAGEMENT SERVICES.
Not applicable.
Item 32. UNDERTAKINGS.
(a) Registrant undertakes to call a meeting of shareholders for
the purpose of voting upon the question of removal of one or more of
Registrant's directors when requested in writing to do so by the holders of
at least 10% of Registrant's outstanding shares of common stock and, in
conjunction with such meeting, to assist in communications with other
shareholders in this regard, as provided under Section 16(c) of the 1940 Act.
(b) Registrant undertakes to furnish each person to whom a
prospectus is delivered with a copy of the Registrant's annual report to
shareholders, upon request and without charge.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the
Investment Company Act of 1940, the Registrant certifies that it has met all of
the requirements for effectiveness of this Amendment to its Registration
Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly
caused this Amendment to its Registration Statement to be signed on its behalf
by the undersigned, thereunto duly authorized, in the City of New York, and
State of New York, on the 9th day of August, 1996.
THE OFFITBANK INVESTMENT FUND, INC.
By /s/ Morris W. Offit
________________________________
Morris W. Offit, President
Pursuant to the requirements of the Securities Act of 1933, this Amendment
to its Registration Statement has been signed below by the following persons in
the capacities and on the 9th
day of August, 1996.
SIGNATURE TITLE
/s/ Morris W. Offit Director, Chairman of
____________________ the Board and President
Morris W. Offit (Principal Executive Director)
* Director
____________________
Edward J. Landau
*
____________________
The Very Reverend James Parks Morton Director
/s/ Morris W. Offit
____________________
Morris W. Offit
Attorney-in-fact
<PAGE>
THE OFFITBANK INVESTMENT FUND, INC.
INDEX TO EXHIBITS
Exhibit Sequentially
Number Description of Exhibit
- ------- -----------------------
Numbered Page
-----------------------
27 Financial Data Schedule
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> FEB-13-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 3670
<INVESTMENTS-AT-VALUE> 3886
<RECEIVABLES> 55
<ASSETS-OTHER> 1225
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5166
<PAYABLE-FOR-SECURITIES> 188
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 19
<TOTAL-LIABILITIES> 207
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4756
<SHARES-COMMON-STOCK> 460
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (13)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 217
<NET-ASSETS> 4959
<DIVIDEND-INCOME> 6
<INTEREST-INCOME> 20
<OTHER-INCOME> 0
<EXPENSES-NET> 14
<NET-INVESTMENT-INCOME> 12
<REALIZED-GAINS-CURRENT> (13)
<APPREC-INCREASE-CURRENT> 216
<NET-CHANGE-FROM-OPS> 215
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 12
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 460
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 4959
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 7
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 33
<AVERAGE-NET-ASSETS> 1868
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.08
<PER-SHARE-GAIN-APPREC> 0.78
<PER-SHARE-DIVIDEND> 0.08
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.78
<EXPENSE-RATIO> 2.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
