<PAGE>
Registration Nos. 33-70116
811-8036
As filed with the Securities and Exchange Commission on August 29, 1997
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
------------------------
FORM N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 /X/
Pre-Effective Amendment No. / /
Post-Effective Amendment No. 12 /X/
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 /X/
Amendment No. 14 /X/
(Check appropriate box or boxes)
THE OFFITBANK INVESTMENT FUND, INC.
(Exact name of Registrant as specified in charter)
125 West 55th Street
11th Floor
New York, New York 10019
(Address of Principal Executive Offices with Zip Code)
------------------------
Registrant's Telephone Number, including Area Code: (800) 845-8406
------------------------
Wallace Mathai-Davis
Secretary and Treasurer
The OFFITBANK Investment Fund, Inc.
125 West 55th Street
New York, New York 10019
(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
<PAGE>
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, 1996 was filed on February 26, 1997.
<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 Dividends and Distributions;
Securities Taxes; Additional Information;
Reports to Shareholders
Item 7. Purchase of Securities
Being Offered Management of shares; Sharholder
Services
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
Being Offered Management; Purchase 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 Information
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>
PART A
<PAGE>
PRELIMINARY NOTE
The Registrant's Prospectus dated May 1, 1997, to which the interim financial
statements contained herein are added by Post-Effective Amendment No. 12, are
incorporated by reference to the Registrant's filing of definitive copies under
Rule 497(c).
<PAGE>
THE OFFITBANK INVESTMENT FUND, INC.
CALIFORNIA MUNICIPAL FUND
Supplement Dated August 29, 1997
to the Prospectus Dated May 1, 1997
FINANCIAL HIGHLIGHTS
(UNAUDITED)
The table below of Financial Highlights (unaudited) sets forth per-share data
for a share of capital stock outstanding for the California Municipal Fund (the
"Fund"), a portfolio of The OFFITBANK Investment Fund, Inc. (the "Company"), for
the period ended June 30, 1997. Financial highlights are not presented for the
Advisor Shares since no such shares were outstanding during the period
presented. This Supplement is provided to update, and should be read in
conjunction with, the information provided in the Prospectus and the related
financial statements and notes thereto appearing in the Fund's Semi-Annual
Report covering the period ended June 30, 1997. The Semi-Annual Report to
shareholders may be obtained from the Fund free of charge by calling (800)
618-9510.
<TABLE>
<CAPTION>
SELECTED RATIOS AND DATA FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGH THE PERIOD:
- -------------------------------------------------------------------------------------
SELECT SHARES
---------------------
FOR THE PERIOD FROM
APRIL 2, 1997*
THROUGH JUNE 30, 1997
---------------------
<S> <C>
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE, BEGINNING OF PERIOD . . . . . . . . . . . $10.00
--------
Net investment income . . . . . . . . . . . . . . . . . 0.11
Net realized and unrealized gain. . . . . . . . . . . . 0.17
--------
Total from investment operations. . . . . . . . . . . . 0.28
--------
LESS DIVIDENDS FROM:
Net investment income . . . . . . . . . . . . . . . . . (0.11)
--------
NET ASSET VALUE, END OF PERIOD . . . . . . . . . . . . . . $10.17
--------
--------
TOTAL INVESTMENT RETURN**: . . . . . . . . . . . . . . . . 2.83%
RATIOS/ SUPPLEMENTAL DATA:
Net assets, end of period (in thousands). . . . . . . . $1,462
Ratios to average net assets:
Expenses. . . . . . . . . . . . . . . . . . . . . . . . 0.50% (1)(2)
Net investment income . . . . . . . . . . . . . . . . . 4.38% (1)
PORTFOLIO TURNOVER RATE. . . . . . . . . . . . . . . . . . 6%
</TABLE>
* Commencement of operations.
** Not annualized. Total return is based on the change in net asset value
during the period and assumes reinvestment of all dividends and
distributions.
(1) Annualized.
(2) If the Fund had borne all expenses that were assumed or waived by the
Adviser and Administrator, the above expense ratio would have been
6.31% (annualized) for the period ended June 30, 1997.
<PAGE>
PART B
<PAGE>
PRELIMINARY NOTE
The Registrant's Prospectus and Statement of Additional Information dated May 1,
1997, to which the interim financial statements contained herein are added by
Post-Effective Amendment No. 12, are incorporated by reference to the
Registrant's filing of definitive copies under Rule 497(c).
<PAGE>
THE OFFITBANK INVESTMENT FUND, INC.
SUPPLEMENT DATED AUGUST 29, 1997
TO STATEMENT OF ADDITIONAL INFORMATION DATED MAY 1, 1997
This Supplement is provided to update, and should be read in conjunction
with, the information provided in the Statement of Additional Information.
PLEASE NOTE, THE FOLLOWING REVISIONS REGARDING THE "MANAGEMENT OF THE FUND"
SECTION ON PAGES 44 THROUGH 46 OF THE STATEMENT OF ADDITIONAL INFORMATION:
DIRECTORS AND OFFICERS (The last sentence of this Section on Page 45 now reads
as follows):
As of August 11, 1997, the Directors and officers, as a group, did not
own 1% or more of the Company or of any Fund.
INVESTMENT ADVISER (The second paragraph of this Section on page 46 now reads
as follows):
For its services under the Advisory Agreements, the Adviser receives from
each Fund an advisory fee. The fee is payable monthly at an annual rate of
.85% of the first $200,000,000, .75% on the next $400,000,000 and .65% on
amounts in excess of $600,000,000 of OFFITBANK High Yield Fund's average
daily net assets; .90% of the first $200,000,000 and .80% on amounts in
excess thereof of OFFITBANK Emerging Markets Fund's average daily net assets;
.80% of the first $200,000,000 and .70% on amounts in excess thereof of
OFFITBANK Investment Grade Global Debt Fund's average daily net assets; .90%
of OFFITBANK Global Convertible Fund's average daily net assets; 1.00% of
OFFITBANK Latin America Equity Fund's average daily net assets; .35% of
OFFITBANK U.S. Government Securities Fund's average daily net assets; .35% of
OFFITBANK Mortgage Securities Fund's average daily net assets; .35% of
OFFITBANK National Municipal Fund's average daily net assets; .35% of
OFFITBANK California Municipal Fund's average daily net assets and .35% of
OFFITBANK New York Municipal Fund's average daily net assets. With respect
to OFFITBANK Total Return Fund, the Adviser is entitled to receive a monthly
fee from the Fund at the annual rate of .50% with respect to the Fund's
assets other than investments in the other Funds of the Company. The Adviser
may waive all or part of its fee from time to time in order to increase a
Fund's net investment income available for distribution to shareholders. The
Funds will not be required to reimburse the Adviser for any advisory fees
waived. The Adviser may from time to time, at its own expense, provide
compensation to financial institutions for performing administration or other
tentative services for their customers. These services may include
maintaining account records, processing orders to purchase, redeem and
exchange shares and answering customer inquiries. For the fiscal year ended
December 31, 1996, the High Yield Fund paid the Adviser $4,989,174 in
advisory fees, the Emerging Markets Fund paid the Adviser $759,339 in
advisory fees; and the Adviser earned $69,937, but waived $69,937, in advisory
fees for the New York Municipal Fund and earned $53,176, but waived $53,176,
in advisory fees for the Latin America Equity Fund. For the fiscal year
ended December 31, 1995, the High Yield Fund paid the Adviser $2,884,016 in
advisory fees, the Adviser earned $312,096, but waived $52,155, in advisory
fees for the Emerging Markets Fund and earned $23,448, but waived $23,280, in
advisory fees for the New York Municipal Fund. For the fiscal period ended
December 31, 1994, the Adviser earned fees of $1,185,535 for the High Yield
Fund and $187,360 for the Emerging Markets Fund. The Adviser waived fees of
$45,799 for the Emerging Markets Fund.
-1-
<PAGE>
PLEASE NOTE, THE FOLLOWING REVISIONS REGARDING THE "PERFORMANCE CALCULATIONS"
SECTION ON PAGES 50 THROUGH 52 OF THE STATEMENT OF ADDITIONAL INFORMATION:
TOTAL RETURN (Pages 50 through 52):
The following table for the California Municipal Fund sets forth the
aggregate total return for each class of shares for the time period ended
June 30, 1997.
CALIFORNIA MUNICIPAL FUND
-------------------------
SELECT ADVISOR
SHARES SHARES*
------ -------
Since inception (April 2, 1997).................. 2.83 2.83
- ---------------
* The return figures do not reflect the distribution and service fees
currently paid with respect to the Advisor Shares of the Fund. At June 30,
1997, no Advisor Shares for the California Municipal Fund had been issued
to the public.
The 30-day yield and tax equivalent yield for the Select Shares of the
California Municipal Fund for the period ended June 30, 1997, were 4.49% and
7.43%, respectively.
PLEASE NOTE, THE FOLLOWING REVISIONS REGARDING THE "GENERAL INFORMATION" SECTION
ON PAGES 56 THROUGH 59 OF THE STATEMENT OF ADDITIONAL INFORMATION:
CERTAIN OWNERS OF SHARES OF THE COMPANY (This section on Pages 57 through 59 now
reads as follows):
As of August 11, 1997, the following persons owned of record or
beneficially 5% or more of the outstanding shares of any class of shares of a
Fund of the Company:
EMERGING MARKETS FUND (SELECT SHARES) SHARES OWNED PERCENTAGE
- --------------------- ------------- ----------
GAF Corporation Master Retirement Trust 1,226,850.866 7.71%
Trustee-Bankers Trust Co.
Attention: Clare Petosa
Mail Stop 3048
34 Exchange Place
Jersey City, N.J 07302
Mall Investment LP 1,003,099.772 6.304%
215 Keo Way
Des Moines, IA 50309
NEW YORK MUNICIPAL FUND (SELECT SHARES) SHARES OWNED PERCENTAGE
- ----------------------- ------------- ----------
OFFITBANK Capital 473,949.515 16.377%
Attn: Vincent Rella
520 Madison Avenue, 27th Floor
New York, N.Y. 10022
Sylvia Slifka 203,192.677 7.021%
870 Fifth Avenue
New York, N.Y. 10021
LATIN AMERICA EQUITY FUND (SELECT SHARES) SHARES OWNED PERCENTAGE
- ------------------------- ------------- ----------
Lighthouse Inc. 359,565.583 7.127%
111 East 59th Street
New York, N.Y. 10022
-2-
<PAGE>
Mall Investment L.P. 1,234,906.783 24.478%
215 Keo Way
Des Moines, IA 50309
Taube Family Trust 295,411.752 5.855%
1050 Ralston Avenue
Belmont, CA
LATIN AMERICA EQUITY FUND (ADVISER SHARES) SHARES OWNED PERCENTAGE
- ------------------------- ------------- ----------
Donaldson Lufkin & Jenrette Securities Corp 60,128.029 100% *
One Pershing Plaza
Jersey City, New Jersey 07399
INVESTMENT GRADE GLOBAL DEBT FUND (SELECT SHARES) SHARES OWNED PERCENTAGE
- --------------------------------- ------------- ----------
BISYS Fund Services 3,200 100% *
3435 Stelzer Road
Columbus, OH 43219
CALIFORNIA MUNICIPAL FUND (SELECT SHARES) SHARES OWNED PERCENTAGE
- ------------------------- ------------- ----------
OFFITBANK Capital 208,971.225 65.882% *
520 Madison Avenue
New York, NY 10022
Dennis Lavinthal 55,020.028 17.346%
14958 Venture Boulevard
Sherman Oaks, California 91403
Elisa Zaffaroni Trust 19,747.811 6.225%
950 Page Mill Road
Palo Alto, California 94304
Adam Wetsma 20,978.087 6.613%
2019 San Ysidro Drive
Beverly Hills, California 90210
NATIONAL MUNICIPAL FUND (SELECT SHARES) SHARES OWNED PERCENTAGE
- ----------------------- ------------- ----------
Furman Selz LLP 5 100% *
230 Park Avenue, 9th Floor
New York, NY 10169
MORTGAGE SECURITIES FUND (SELECT SHARES) SHARES OWNED PERCENTAGE
- ------------------------ ------------- ----------
Danielle Rich Trust 249,550.052 28.010% *
36 South Charles Street
Baltimore, Maryland 21201
Ilona Rich Trust 249,550.052 28.010% *
36 South Charles Street
Baltimore, Maryland 21201
Zenkel Foundation 49,902.589 5.601%
15 West 53 Street
New York, New York 10019
Gladys Cole IRA Rollover 187,814.787 21.080%
1211 Avenue of Americas
New York, NY 10036
-3-
<PAGE>
U.S. GOVERNMENT SECURITIES FUND (SELECT SHARES) SHARES OWNED PERCENTAGE
- ------------------------------- ------------- ----------
Roger Blumencranz IRA Rollover 22,526.144 17.186%
465 East Shore Boulevard
Kings Point, NY 11024
Light & Co 40,060.108 30.563% *
P.O. Box 1596
Baltimore, Maryland 21203
Zenkel Foundation 58,632.056 44.732% *
15 West 53 Street
New York, New York 10019
* Accountholder may be deemed to have "control" as defined under the
Securities Act of 1933.
FINANCIAL INFORMATION (This section on Pages 59 now reads as follows):
The audited financial statements and independent accountant's report
thereto of the Company for the fiscal year ended December 31, 1996 are
incorporated by reference to those contained in the Annual Report for the year
ended December 31, 1996 filed with the Commission. The unaudited financial
statements of the California Municipal Fund for the period ended June 30, 1997
are incorporated by reference to those contained in the Semi-Annual Report
covering the same period filed with the Commission.
-4-
<PAGE>
PART C
<PAGE>
PART C
OTHER INFORMATION
ITEM 24. FINANCIAL STATEMENTS AND EXHIBITS
(a) FINANCIAL STATEMENTS:
Included in the Prospectus:
(1) Financial Highlights for the periods ended December 31, 1994,
December 31, 1995 and December 31, 1996 (audited).
(2) Financial Highlights for the California Municipal Fund for the
period ended June 30, 1997 (unaudited).
Incorporated by reference in Statement of Additional Information:
(1) Portfolios of Investments dated December 31, 1996 (audited).*
(2) Statements of Assets and Liabilities dated December 31, 1996
(audited).*
(3) Statements of Operations for the period ended December 31, 1996
(audited).*
(4) Statement of Changes in Net Assets for the periods ended
December 31, 1995 and December 31, 1996 (audited).*
(5) Financial Highlights for the periods ended December 31, 1994,
December 31, 1995 and December 31, 1996 (audited).*
(6) Notes to Financial Statements dated December 31, 1996
(audited).*
(7) Report of Independent Accountants to Financial Statements for
the period ended December 31, 1996.*
(8) Portfolios of Investments for the California Municipal Fund
dated June 30, 1997 (unaudited).**
(9) Statements of Assets and Liabilities for the California
Municipal Fund dated June 30, 1997 (unaudited).**
(10) Statements of Operations for the California Municipal Fund for
the period ended June 30, 1997 (unaudited).**
(11) Statement of Changes in Net Assets for the California Municipal
Fund for the period ended June 30, 1997 (unaudited).**
(12) Financial Highlights for the California Municipal Fund for the
period ended June 30, 1997 (unaudited).**
(13) Notes to Financial Statements for the California Municipal Fund
dated June 30, 1997 (unaudited).**
(b) EXHIBITS:
Exhibit
Number Description
------- -----------
1(a) -- Registrant's Articles of Incorporation.(1)
1(b) -- Registrant's Amended and Restated Articles of
Incorporation.(3)
1(c) -- Registrant's Form of Articles Supplementary.(5)
1(d) -- Registrant's Form of Articles Supplementary. (9)
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)
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)
4(i) -- Form of Stock Certificate for shares of Class I
stock.(8)
4(j) -- Form of Stock Certificate for shares of Class J
stock.(8)
C-1
<PAGE>
4(k) -- Form of Stock Certificate for shares of Class K
stock.(8)
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)
5(d) -- Form of Advisory Agreement between Registrant and
OFFITBANK U.S. Government Securities Fund, OFFITBANK
Mortgage Securities Fund and OFFITBANK Total Return
Fund.(8)
6(a) -- 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(b) -- 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(c) -- 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)
6(d) -- Form of Distribution Agreement between Registrant and
OFFIT Funds Distributor, Inc.(8)
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) -- Form of Custodian Agreement between Registrant and The
Bank of New York. (9)
8(d) -- Form of Amendment to the Custodian Agreement between
Registrant and The Bank of New York with respect to the
Emerging Markets Fund. filed herewith.
9(a) -- Form of Shareholder Servicing Agreement between the
Registrant and Shareholder Servicing Agents.(7)
9(b) -- Form of Fund Administration Agreement between
Registrant and BISYS Fund Services.(8)
9(c) -- Form of Transfer Agency Agreement between Registrant
and BISYS Fund Services.(8)
9(d) -- Form of Fund Accounting Agreement between Registrant
and BISYS Fund Services.(8)
10 -- Opinion and Consent of Piper & Marbury.(3)
11(a) -- Consent of Price Waterhouse LLP. (9)
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)
C-2
<PAGE>
13(c) -- Form of Share Purchase Agreement between the Registrant
and OFFIT Funds Distributor with respect to U.S.
Government Securities Fund, Mortgage Securities Fund
and Total Return Fund.(10)
14 -- None.
15(a) -- Form of Plan Distribution.(2)
15(b) -- Amendment to Plan of Distribution.(7)
16(a) -- Schedule of computation for the High Yield, Emerging
Markets and New York Municipal Funds.(6)
16(b) -- Schedule of computation for the Latin America Total
Return Fund. (9)
16(c) -- Schedule of computation for the California Municipal
Fund. filed herewith.
18 -- Form of Amended Multiclass Plan Pursuant to
Rule 18f-3.(7)
27 -- Financial Data Schedule, filed herewith.
- ---------------
* Incorporated by reference to the Registrant's Annual Report filed with the
Securities and Exchange Commission on March 3,1997.
** Incorporated by reference to the Registrant's Semi-Annual Report filed with
the Securities and Exchange Commission on June 30,1997.
(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) Exhibit is incorporated by reference to Post-Effective Amendment No. 11,
filed on February 14, 1997.
(9) Exhibit is incorporated by reference to Post-Effective Amendment No. 12,
filed on April 30, 1997.
(10) To be filed by subsequent amendment.
ITEM 25. PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH REGISTRANT.
None.
ITEM 26. NUMBER OF HOLDERS OF SECURITIES.
<TABLE>
<CAPTION>
Number of Record Holders
Title of Class at August 11, 1997
-------------- ------------------------
<S> <C>
Select Shares of OFFITBANK High Yield Fund,
par value $.001 per share. . . . . . . . . . . . . . . . . . . . . . . 1047
C-3
<PAGE>
Advisor Shares of OFFITBANK High Yield Fund,
par value $.001 per share. . . . . . . . . . . . . . . . . . . . . . . 0
Select Shares of OFFITBANK Emerging Markets Fund,
par value $.001 per share. . . . . . . . . . . . . . . . . . . . . . . 232
Advisor Shares of OFFITBANK Emerging Markets Fund,
par value $.001 per share. . . . . . . . . . . . . . . . . . . . . . . 0
Select Shares of OFFITBANK Investment Grade Global Debt Fund,
par value $.001 per share . . . . . . . . . . . . . . . . . . . . . . 1
Advisor Shares of OFFITBANK Investment Grade Global Debt Fund,
par value $.001 per share . . . . . . . . . . . . . . . . . . . . . . 0
Select Shares of OFFITBANK Latin America Equity Fund,
par value $.001 per share. . . . . . . . . . . . . . . . . . . . . . . 126
Advisor of OFFITBANK Latin America Equity Fund,
par value $.001 per share. . . . . . . . . . . . . . . . . . . . . . . 1
Select Shares of OFFITBANK Global Convertible Fund,
par value $.001 per share. . . . . . . . . . . . . . . . . . . . . . . 1
Advisor Shares of OFFITBANK Global Convertible Fund,
par value $.001 per share. . . . . . . . . . . . . . . . . . . . . . . 0
Select Shares of OFFITBANK National Municipal Fund,
par value $.001 per share. . . . . . . . . . . . . . . . . . . . . . . 1
Advisor Shares of OFFITBANK National Municipal Fund,
par value $.001 per share. . . . . . . . . . . . . . . . . . . . . . . 0
Select Shares of OFFITBANK California Municipal Fund,
par value $.001 per share. . . . . . . . . . . . . . . . . . . . . . . 6
Advisor Shares of OFFITBANK California Municipal Fund,
par value $.001 per share. . . . . . . . . . . . . . . . . . . . . . . 0
Select Shares of OFFITBANK New York Municipal Fund,
par value $.001 per share. . . . . . . . . . . . . . . . . . . . . . . 63
Advisor Shares of OFFITBANK New York Municipal Fund,
par value $.001 per share. . . . . . . . . . . . . . . . . . . . . . . 0
Select Shares of OFFITBANK Mortgage Securities Fund,
par value $.001 per share. . . . . . . . . . . . . . . . . . . . . . . 14
Advisor Shares of OFFITBANK Mortgage Securities Fund,
par value $.001 per share. . . . . . . . . . . . . . . . . . . . . . . 0
Select Shares of OFFITBANK U.S. Government Fund,
par value $.001 per share. . . . . . . . . . . . . . . . . . . . . . . 7
Advisor Shares of OFFITBANK U.S. Government Fund,
par value $.001 per share. . . . . . . . . . . . . . . . . . . . . . . 0
</TABLE>
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 OFFIT Funds Distributor, Inc. (Exhibit 6(e) hereto).
C-4
<PAGE>
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, engaged in any other business, profession,
vocation or employment of a substantial nature.
C-5
<PAGE>
<TABLE>
<CAPTION>
Principal Occupation
or Other Employment
of a Substantial
Position with Nature During the
Name OFFITBANK Past Two Years
---- --------- --------------
<S> <C> <C>
H. Furlong Baldwin Director Chairman of the Board,
Mercantile Bankshares Inc. Mercantile Bankshares
Two Hopkins Plaza
Baltimore, MD 21201
Marchese Alessandro di Montezemolo Director Private Investor
P.O. Box 5057
New York, New York 11969
David I. Margolis Director Chairman and Chief
147 East 48th Street Executive Officer,
New York, New York 10017 Coltec Industries, Inc.
Harvey M. Meyerhoff Director Chairman of the Board,
Magna Holdings, Inc. Magna Holdings, Inc.
25 South Charles Street
Suite 2100
Baltimore, MD 21201
Morris W. Offit, C.F.A. Director Chairman of the Board
OFFITBANK OFFITBANK
520 Madison Avenue
New York, New York 10022
Dr. 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
Edward V. ("Ned") Regan Director President
The Jerome Levy Economics The Jerome Levy Economics
Institute of Bard College Institute of Bard
31 West 52nd Street, 17th Street College
New York, New York 10019
B. Lance Sauerteig, Esq. Director President, First Spring
130 Edgehill Road Corporation
New Haven, CT 06511
Ricardo Steinbruch Director Private Investor
Grupo Vicuhna
Rua Itacolomi 412, Higienopolis
Sao Paulo, S.P. 01239-020
Brazil
</TABLE>
ITEM 29. PRINCIPAL UNDERWRITER.
(a) Not applicable.
(b) The information required by Item 29(b) with respect to each director,
officer or partner of OFFIT Funds Distributor, Inc. is incorporated by reference
to Schedule A on Form BD filed by OFFIT Funds Distributor, Inc. pursuant to the
Securities Exchange Act of 1934 (SEC File No. 8-46960)
C-6
<PAGE>
<TABLE>
<CAPTION>
Positions and
Name and Principal Positions and Offices Offices with
Business Address with Underwriter Registrant
- ------------------ ------------------ ----------
<S> <C> <C>
Lynn J. Mangum Chairman/CEO None
150 Clove Road
Little Falls, NJ 07424
Robert J. McMullan Executive Vice President/ None
150 Clove Road Treasurer
Little Falls, NJ 07424
J. David Huber President None
3435 Stelzer Road
Columbus, Ohio 43219
Kevin J. Dell Vice President/ General None
150 Clove Road Counsel/Secretary
Little Falls, NJ 07424
Mark J. Rybarczyk Senior Vice President None
11 Greenway Plaza
Suite 300
Houston, TX 77046
Dennis Sheehan Senior Vice President None
150 Clove Road
Little Falls, NJ 07424
William Tomko Senior Vice President None
3435 Stelzer Road
Columbus, Ohio 43219
George Martinez Senior Vice President None
3435 Stelzer Road
Columbus, Ohio 43219
Dale Smith Vice President None
3435 Stelzer Road
Columbus, Ohio 43219
Michael Burns Vice President None
3435 Stelzer Road
Columbus, Ohio 43219
Bruce Treff Assistant Secretary None
3435 Stelzer Road
Columbus, Ohio 43219
Annamaria Porcaro Assistant Secretary None
150 Clove Road
Little Falls, NJ 07424
</TABLE>
(c) Not applicable.
C-7
<PAGE>
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:
(1) The OFFITBANK Investment Fund, Inc.
125 West 55th Street
11th Floor
New York, New York 10019
(records relating to the Company)
(2) OFFITBANK
520 Madison Avenue
New York, New York 10022
(advisory records)
(3) OFFIT Funds Distributor, Inc.
3435 Stelzer Road
Columbus, Ohio 43219
(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.
(c) Registrant hereby undertakes to file a post-effective amendment,
using financial statements which need not be audited, within four to six months
from the start of operations of the Total Return Fund, Global Debt Fund, Global
Convertible Fund, U.S. Government Securities Fund, Mortgage Securities Fund and
the National Municipal Fund.
C-8
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the
Investment Company Act of 1940, as amended, the Registrant certifies that it
meets all the requirements for effectiveness of this Registration Statement
pursuant to Rule 485(b) under Securities Act of 1933 and has duly caused this
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 29th day
of August, 1997.
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 29th day of August, 1997.
SIGNATURE TITLE
- --------- -----
Morris W. Offit * Director, Chairman of
- -------------------------------------- the Board and President
Morris W. Offit
(Principal Executive Director)
Edward J. Landau * Director
- --------------------------------------
Edward J. Landau
The Very Reverend James Parks Morton * Director
- --------------------------------------
The Very Reverend James Parks Morton
/s/ Wallace Mathai-Davis Treasurer and Secretary
- --------------------------------------
Wallace Mathai-Davis
/s/ Morris W. Offit
- --------------------------------------
Attorney-in-fact
THE OFFITBANK INVESTMENT FUND, INC.
- ---------------
* Pursuant to Power of Attorney filed with Pre-Effective Amendment No. 1 dated
November 24, 1993.
C-9
<PAGE>
INDEX TO EXHIBITS
Exhibit Sequentially
Number Description of Exhibit Numbered Page
- ------- ---------------------- -------------
8(d) Form of Amendment to the Custodian Agreement
16(c) Schedule of Computation for California
Municipal Fund
27 Financial Data Schedule
C-10
<PAGE>
OFFITBANK INVESTMENT FUND, INC.
APPENDIX B
(AMENDED JUNE 19, 1997)
SERIES
OFFITBANK HIGH YIELD FUND
OFFITBANK NEW YORK MUNICIPAL FUND
OFFITBANK CALIFORNIA MUNICIPAL FUND
OFFITBANK EMERGING MARKETS FUND
OFFITBANK U.S. GOVERNMENT SECURITIES FUND
OFFITBANK MORTGAGE SECURITIES FUND
<PAGE>
THE OFFITBANK INVESTMENT FUND, INC.
EXHIBIT 16
TOTAL RETURN
CALIFORNIA MUNICIPAL FUND - SELECT SHARES
AGGREGATE TOTAL RETURN
WITH SALES CHARGE OF: 0.00%
- -----------------------------------
T = (ERV/P)^1/N - 1
WHERE: T = TOTAL RETURN
ERV = ENDING REDEEMABLE VALUE AT THE END
OF THE PERIOD OF A HYPOTHETICAL
$1,000 INVESTMENT MADE AT THE
BEGINNING OF THE PERIOD.
P = A HYPOTHETICAL INITIAL PAYMENT OF $1,000.
N = NUMBER OF DAYS
EXAMPLE:
SINCE INCEPTION: ( 04/02/97 TO 06/30/97 ):
( 1,006.8 / 1000^(1/( 89/365))-1) = 2.83%
<PAGE>
THE OFFITBANK INVESTMENT FUND, INC.
TAX EQUIVALENT SEC YIELDS
THIRTY DAY PERIOD ENDING JUNE 30, 1997
CALIFORNIA MUNICIPAL FUND - SELECT SHARES
TAX EQUIV.
YIELD
SEC Yield (w/o load) 7.43%
All calculations performed using the following equation:
TAX EQUIV. = SEC YIELD
YIELD -----------
( 1 - .396)
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> OFFITBANK HIGH YIELD FUND SELECT SHARES
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 1016228
<INVESTMENTS-AT-VALUE> 1055141
<RECEIVABLES> 23436
<ASSETS-OTHER> 13731
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1092308
<PAYABLE-FOR-SECURITIES> 20365
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8280
<TOTAL-LIABILITIES> 28645
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1018722
<SHARES-COMMON-STOCK> 103610
<SHARES-COMMON-PRIOR> 83888
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 717
<ACCUMULATED-NET-GAINS> 6623
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 39035
<NET-ASSETS> 1063663
<DIVIDEND-INCOME> 360
<INTEREST-INCOME> 43995
<OTHER-INCOME> 0
<EXPENSES-NET> 4346
<NET-INVESTMENT-INCOME> 40009
<REALIZED-GAINS-CURRENT> 6000
<APPREC-INCREASE-CURRENT> 5278
<NET-CHANGE-FROM-OPS> 51287
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 40009
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 25823
<NUMBER-OF-SHARES-REDEEMED> 8311
<SHARES-REINVESTED> 2210
<NET-CHANGE-IN-ASSETS> 211943
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 13
<OVERDISTRIB-NII-PRIOR> 108
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3465
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4700
<AVERAGE-NET-ASSETS> 949895
<PER-SHARE-NAV-BEGIN> 10.15
<PER-SHARE-NII> 0.43
<PER-SHARE-GAIN-APPREC> 0.12
<PER-SHARE-DIVIDEND> 0.43
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.27
<EXPENSE-RATIO> 0.92
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> OFFITBANK EMERGING MARKETS FUND SELECT SHARES
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 165703
<INVESTMENTS-AT-VALUE> 172750
<RECEIVABLES> 5599
<ASSETS-OTHER> 428
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 178777
<PAYABLE-FOR-SECURITIES> 2976
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4310
<TOTAL-LIABILITIES> 7286
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 157308
<SHARES-COMMON-STOCK> 14913
<SHARES-COMMON-PRIOR> 10531
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6825
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7358
<NET-ASSETS> 171491
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8046
<OTHER-INCOME> 0
<EXPENSES-NET> 954
<NET-INVESTMENT-INCOME> 7092
<REALIZED-GAINS-CURRENT> 7148
<APPREC-INCREASE-CURRENT> (1242)
<NET-CHANGE-FROM-OPS> 12998
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 7092
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5840
<NUMBER-OF-SHARES-REDEEMED> 1645
<SHARES-REINVESTED> 187
<NET-CHANGE-IN-ASSETS> 55347
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1059
<OVERDISTRIB-NII-PRIOR> 231
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 640
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1007
<AVERAGE-NET-ASSETS> 143457
<PER-SHARE-NAV-BEGIN> 11.03
<PER-SHARE-NII> 0.45
<PER-SHARE-GAIN-APPREC> 0.47
<PER-SHARE-DIVIDEND> 0.45
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.50
<EXPENSE-RATIO> 1.34
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> OFFITBANK NEW YORK MUNICIPAL FUND SELECT SHARES
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 27596
<INVESTMENTS-AT-VALUE> 28013
<RECEIVABLES> 420
<ASSETS-OTHER> 30
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 28463
<PAYABLE-FOR-SECURITIES> 502
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 156
<TOTAL-LIABILITIES> 658
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 27321
<SHARES-COMMON-STOCK> 2658
<SHARES-COMMON-PRIOR> 1938
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 3
<ACCUMULATED-NET-GAINS> 70
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 417
<NET-ASSETS> 27805
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 585
<OTHER-INCOME> 0
<EXPENSES-NET> 62
<NET-INVESTMENT-INCOME> 523
<REALIZED-GAINS-CURRENT> 59
<APPREC-INCREASE-CURRENT> 128
<NET-CHANGE-FROM-OPS> 710
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 523
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1056
<NUMBER-OF-SHARES-REDEEMED> 371
<SHARES-REINVESTED> 35
<NET-CHANGE-IN-ASSETS> 7648
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 8
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 45
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 124
<AVERAGE-NET-ASSETS> 23856
<PER-SHARE-NAV-BEGIN> 10.40
<PER-SHARE-NII> 0.23
<PER-SHARE-GAIN-APPREC> 0.06
<PER-SHARE-DIVIDEND> 0.23
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.46
<EXPENSE-RATIO> 0.53
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> OFFITBANK CALIFORNIA MUNICIPAL FUND SELECT SHARES
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> APR-02-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 1422
<INVESTMENTS-AT-VALUE> 1441
<RECEIVABLES> 38
<ASSETS-OTHER> 39
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1518
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 56
<TOTAL-LIABILITIES> 56
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1442
<SHARES-COMMON-STOCK> 144
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 19
<NET-ASSETS> 1462
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 15
<OTHER-INCOME> 0
<EXPENSES-NET> 2
<NET-INVESTMENT-INCOME> 13
<REALIZED-GAINS-CURRENT> 1
<APPREC-INCREASE-CURRENT> 19
<NET-CHANGE-FROM-OPS> 33
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 13
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 143
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 1
<NET-CHANGE-IN-ASSETS> 1462
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 19
<AVERAGE-NET-ASSETS> 979
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.11
<PER-SHARE-GAIN-APPREC> 0.17
<PER-SHARE-DIVIDEND> 0.11
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.17
<EXPENSE-RATIO> 0.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 41
<NAME> OFFITBANK LATIN AMERICA EQUITY FUND SELECT SHARES
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 55618
<INVESTMENTS-AT-VALUE> 67651
<RECEIVABLES> 255
<ASSETS-OTHER> 139
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 68045
<PAYABLE-FOR-SECURITIES> 8
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 492
<TOTAL-LIABILITIES> 500
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 55482
<SHARES-COMMON-STOCK> 4408
<SHARES-COMMON-PRIOR> 1141
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 10
<ACCUMULATED-NET-GAINS> 42
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12031
<NET-ASSETS> 67545
<DIVIDEND-INCOME> 474
<INTEREST-INCOME> 264
<OTHER-INCOME> 0
<EXPENSES-NET> 383
<NET-INVESTMENT-INCOME> 355
<REALIZED-GAINS-CURRENT> 140
<APPREC-INCREASE-CURRENT> 10983
<NET-CHANGE-FROM-OPS> 11478
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 365
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3292
<NUMBER-OF-SHARES-REDEEMED> 28
<SHARES-REINVESTED> 3
<NET-CHANGE-IN-ASSETS> 54238
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 60
<OVERDIST-NET-GAINS-PRIOR> 38
<GROSS-ADVISORY-FEES> 210
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 399
<AVERAGE-NET-ASSETS> 42917
<PER-SHARE-NAV-BEGIN> 11.66
<PER-SHARE-NII> 0.11
<PER-SHARE-GAIN-APPREC> 3.66
<PER-SHARE-DIVIDEND> 0.11
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.32
<EXPENSE-RATIO> 1.83
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 42
<NAME> OFFITBANK LATIN AMERICA EQUITY FUND ADVISOR SHARES
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JUN-23-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 55618
<INVESTMENTS-AT-VALUE> 67651
<RECEIVABLES> 255
<ASSETS-OTHER> 139
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 68045
<PAYABLE-FOR-SECURITIES> 8
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 492
<TOTAL-LIABILITIES> 500
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 55482
<SHARES-COMMON-STOCK> 1
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 10
<ACCUMULATED-NET-GAINS> 42
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12031
<NET-ASSETS> 67545
<DIVIDEND-INCOME> 474
<INTEREST-INCOME> 264
<OTHER-INCOME> 0
<EXPENSES-NET> 383
<NET-INVESTMENT-INCOME> 355
<REALIZED-GAINS-CURRENT> 140
<APPREC-INCREASE-CURRENT> 10983
<NET-CHANGE-FROM-OPS> 11478
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3292
<NUMBER-OF-SHARES-REDEEMED> 28
<SHARES-REINVESTED> 3
<NET-CHANGE-IN-ASSETS> 54238
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 60
<OVERDIST-NET-GAINS-PRIOR> 38
<GROSS-ADVISORY-FEES> 210
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 399
<AVERAGE-NET-ASSETS> 10
<PER-SHARE-NAV-BEGIN> 15.11
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0.21
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.32
<EXPENSE-RATIO> 1.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
