<PAGE>
ST. JAMES PORTFOLIOS
SCHEDULE OF INVESTMENTS
MAY 31, 1995
EQUITY PORTFOLIO
See Notes to Financial Statements.
<TABLE>
<CAPTION>
SHARES VALUE
------ -----------
<C> <S> <C>
COMMON STOCK--95.58%
AIRCRAFT & PARTS--3.44%
4,275 Boeing.................................................... $ 251,691
5,000 Sundstrand................................................ 277,500
-----------
529,191
-----------
AUTOMOTIVE--3.21%
10,975 Allen Group............................................... 256,541
5,525 Varity.................................................... 238,266
-----------
494,807
-----------
BANKING--4.87%
7,375 First American Corporation................................ 255,360
5,690 Integra Financial......................................... 270,986
6,725 West One Bancorp.......................................... 225,288
-----------
751,634
-----------
BROADCASTING--1.61%
14,375 Comcast (Class A)......................................... 247,969
-----------
CHEMICALS--5.65%
5,075 Air Products & Chemicals.................................. 269,609
5,215 Grace (W.R.) & Co. ....................................... 335,064
13,325 RPM....................................................... 264,834
-----------
869,507
-----------
COMMUNICATION--6.68%
6,090 AT & T.................................................... 309,067
5,950 DSC Communications*....................................... 219,405
3,550 Ericsson (L. M.) Telephone AB ADR......................... 260,481
4,000 Motorola.................................................. 239,500
-----------
1,028,453
-----------
COMPUTERS & EQUIPMENT--5.99%
5,425 Adobe Systems............................................. 280,744
7,525 Honeywell................................................. 298,178
7,875 Legent*................................................... 343,547
-----------
922,469
-----------
CONGLOMERATES--1.73%
2,375 I T T..................................................... 265,703
-----------
CONSTRUCTION EQUIPMENT--1.58%
3,700 Dover..................................................... 242,813
-----------
CONSUMER GOODS--7.48%
4,875 Eastman Kodak............................................. 294,327
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----------
<C> <S> <C>
CONSUMER GOODS--(CONTINUED)
10,898 Mattel.................................................... $ 272,450
6,150 Premark International..................................... 306,731
3,875 Procter & Gamble.......................................... 278,516
-----------
1,152,024
-----------
CONSUMER SERVICES--1.76%
9,050 Stewart Enterprises....................................... 271,500
-----------
ELECTRICAL EQUIPMENT--3.86%
8,350 Newbridge Networks*....................................... 295,381
5,725 Varian Associates......................................... 299,847
-----------
595,228
-----------
FINANCIAL SERVICES--5.16%
10,250 Charter One Financial..................................... 256,250
5,800 Dean Witter Discover & Co. ............................... 276,225
14,300 Mercury Financial......................................... 262,763
-----------
795,238
-----------
FOOD & BEVERAGES--2.16%
6,775 PepsiCo................................................... 331,975
-----------
FOREST PRODUCTS--1.65%
5,600 Pentair................................................... 253,400
-----------
HEALTHCARE SERVICES--9.58%
7,175 Bausch & Lomb............................................. 291,483
8,200 DENTSPLY International.................................... 292,125
4,450 Johnson & Johnson......................................... 294,813
3,340 Pfizer.................................................... 294,338
3,650 Warner Lambert............................................ 302,494
-----------
1,475,253
-----------
HOUSEHOLD APPLIANCES &
FURNITURE--5.02%
11,750 Heilig Meyers............................................. 280,531
5,750 Leggett & Platt........................................... 240,063
4,425 Whirlpool................................................. 252,778
-----------
773,372
-----------
INDUSTRIAL DIVERSIFIED--1.82%
4,830 General Electric.......................................... 280,140
-----------
INSURANCE--1.58%
2,950 Chubb..................................................... 243,006
-----------
</TABLE>
<PAGE>
ST. JAMES PORTFOLIOS
SCHEDULE OF INVESTMENTS
MAY 31, 1995
EQUITY PORTFOLIO (CONTINUED)
See Notes to Financial Statements.
<TABLE>
<CAPTION>
SHARES VALUE
------ ----------
<C> <S> <C>
COMMON STOCK (CONTINUED)
MACHINERY--1.92%
8,193 Thermo Electron*........................................... $ 294,948
----------
OFFICE EQUIPMENT--0.08%
575 Miller (Herman)............................................ 12,291
----------
OIL & GAS--7.11%
4,075 Amoco...................................................... 278,628
5,625 Anadarko Petroleum......................................... 243,984
2,495 Mobil...................................................... 250,436
2,540 Royal Dutch Petroleum...................................... 321,945
----------
1,094,993
----------
PRINTING & PUBLISHING--2.18%
6,550 Houghton Mifflin........................................... 336,506
----------
RECREATION--3.16%
10,525 Carnival (Class A)......................................... 244,706
9,925 Harley-Davidson............................................ 241,922
----------
486,628
----------
RETAIL--1.48%
8,165 Albertson's................................................ 228,620
----------
STEEL--3.29%
5,300 Nucor...................................................... 253,075
12,250 Worthington Industries..................................... 254,188
----------
507,263
----------
TRUCKING--1.53%
14,700 Celadon Group*............................................. 235,200
----------
TOTAL COMMON STOCK
(Cost $13,460,971)........................................ 14,720,131
----------
</TABLE>
- ---------------------
*Non-income producing security
ADRAmerican Depository Receipt
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- -----------
<C> <S> <C>
SHORT-TERM OBLIGATION--6.68%
REPURCHASE AGREEMENT
$1,029,132 Cantor Fitzgerald, 5.46%, dated 5/31/95 due 6/01/95,
proceeds $1,029,288 (collateralized by various U.S.
Treasury Bills, Notes & Bonds with rates from 5.75%
to 7.25%, due from 3/7/96 to 5/15/16, valued at
$1,058,452)
(Cost $1,029,132).................................. $ 1,029,132
-----------
TOTAL INVESTMENTS--102.26%
(Cost $14,490,103)............................................. 15,749,263
OTHER ASSETS AND LIABILITIES (NET)--(2.26%)..................... (347,926)
-----------
TOTAL NET ASSETS--100.00%....................................... $15,401,337
===========
</TABLE>
<PAGE>
ST. JAMES PORTFOLIOS
SCHEDULE OF INVESTMENTS
MAY 31, 1995
INCOME PORTFOLIO
See Notes to Financial Statements.
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
---------- -----------
<C> <S> <C>
CORPORATE OBLIGATIONS--12.68%
BANKING--6.39%
$1,000,000 Bank of New York, 8.50%, due 12/15/04............... $ 1,099,964
1,000,000 Citicorp, 8.80%, due 2/01/00........................ 1,037,039
-----------
2,137,003
-----------
ELECTRONICS--3.09%
1,000,000 Rockwell International, 7.625%, due 2/17/98......... 1,034,075
-----------
FINANCIAL SERVICES--3.20%
1,000,000 Ford Motor Credit Corporation, 8.20%, due 2/15/02... 1,070,356
-----------
TOTAL CORPORATE OBLIGATIONS
(Cost $4,008,795).................................. 4,241,434
-----------
U.S. GOVERNMENT AGENCY OBLIGATIONS--27.66%
1,000,000 Federal Home Loan Banks
8.585%, due 1/11/00................................. 1,016,500
Federal National Mortgage Association
1,000,000 7.26%, due 10/16/97................................. 1,004,330
3,000,000 8.59%, due 2/03/05.................................. 3,153,507
971,905 Government National Mortgage Association
8.50%, due 11/15/24................................. 1,007,744
Student Loan Marketing Association
2,000,000 7.62%, due 4/18/00.................................. 2,053,418
1,000,000 9.01%, due 12/02/04................................. 1,014,512
-----------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $9,068,316).................................. 9,250,011
-----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
---------- -----------
<C> <S> <C>
UNITED STATES TREASURY
OBLIGATIONS--56.63%
United States Treasury Notes
$ 300,000 7.875%, due 7/31/96.................................. $ 306,656
4,000,000 7.500%, due 1/31/97.................................. 4,102,500
2,000,000 7.375%, due 11/15/97................................. 2,065,622
4,500,000 7.750%, due 1/31/00.................................. 4,805,154
3,000,000 6.250%, due 5/31/00.................................. 3,022,500
4,000,000 7.875%, due 11/15/04................................. 4,431,248
200,000 United States Treasury Bonds 11.50%, due 11/15/95.... 205,437
-----------
TOTAL UNITED STATES TREASURY OBLIGATIONS (Cost
$18,102,624)........................................ 18,939,117
-----------
SHORT-TERM OBLIGATION--1.28%
TIME DEPOSIT
426,644 National Westminster Bank (Nassau), 5.46%, due
6/01/95
(Cost $426,644)..................................... 426,644
-----------
TOTAL INVESTMENTS--98.25%
(Cost $31,606,379).............................................. 32,857,206
OTHER ASSETS AND LIABILITIES
(NET)--1.75%.................................................... 583,943
-----------
TOTAL NET ASSETS--100.00%........................................ $33,441,149
===========
</TABLE>
<PAGE>
ST. JAMES PORTFOLIOS
SCHEDULE OF INVESTMENTS
MAY 31, 1995
TOTAL RETURN BOND PORTFOLIO
See Notes to Financial Statements.
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
---------- -----------
<C> <S> <C>
CORPORATE OBLIGATIONS--16.19%
AEROSPACE--2.16%
$ 500,000 Rockwell International, 7.875%, due 2/15/05.......... $ 540,147
-----------
BANKING--4.21%
1,000,000 Republic National Bank of New York, 7.75%, due
5/15/09............................................. 1,054,172
-----------
COMMUNICATIONS--6.08%
1,500,000 AT&T, 7.00%, due 5/15/05............................. 1,521,974
-----------
FINANCIAL SERVICES--2.71%
500,000 Ford Motor Credit Corp., 8.20%, due 2/15/02.......... 535,178
50,000 General Motors Acceptance Corp., 9.625%, due 5/15/00. 56,001
25,000 General Motors Acceptance Corp., 7.00%, due 9/15/02 25,062
50,000 Texaco Capital, 9.75%, due 3/15/20................... 63,001
-----------
679,242
-----------
FOOD & TOBACCO--0.20%
50,000 Philip Morris, 8.875%, due 7/01/96................... 51,256
-----------
HOTELS--0.20%
50,000 Marriott Corp. MTN, 9.875%, due 11/01/97............. 49,836
-----------
OFFICE EQUIPMENT--0.21%
50,000 Xerox Corp. MTN, 9.625%, due 9/01/97................. 53,462
-----------
RETAIL--0.42%
50,000 Dayton Hudson, 9.75%, due 11/01/98................... 54,840
50,000 Sears Roebuck & Co., 9.00%, due 9/15/96.............. 51,686
-----------
106,526
-----------
TOTAL CORPORATE OBLIGATIONS
(Cost $3,883,534)................................... 4,056,615
-----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
---------- -----------
<C> <S> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS--24.81%
Federal National Mortgage Association
$1,990,000 7.55%, due 6/10/04................................ $ 2,056,888
200,000 8.50%, due 2/01/05................................ 214,490
1,000,000 7.25%, due 6/01/05................................ 1,000,000
Government National Mortgage Association
2,874,279 8.00%, due 2/15/24................................ 2,944,316
-----------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $5,925,750)................................ 6,215,694
-----------
UNITED STATES TREASURY
OBLIGATIONS--55.52%
United States Treasury Notes
1,000,000 7.250%, due 2/15/98............................... 1,032,500
500,000 7.125%, due 9/30/99............................... 520,468
1,000,000 6.000%, due 10/15/99.............................. 998,436
3,000,000 7.500%, due 10/31/99.............................. 3,165,933
3,000,000 5.750%, due 8/15/03............................... 2,895,000
3,500,000 7.250%, due 5/15/04............................... 3,714,375
United States Treasury Bonds
1,500,000 7.250%, due 5/15/16............................... 1,581,562
-----------
TOTAL UNITED STATES TREASURY OBLIGATIONS
(Cost $13,159,597)............................... 13,908,274
-----------
SHORT-TERM OBLIGATION--6.33%
TIME DEPOSIT
1,584,639 National Westminster Bank (Nassau), 5.46%, due
6/01/95
(Cost $1,584,639)................................ 1,584,639
-----------
TOTAL INVESTMENTS--102.85%
(Cost $24,553,520)........................................... 25,765,222
OTHER ASSETS AND LIABILITIES
(NET)--(2.85%)............................................... (714,660)
-----------
TOTAL NET ASSETS--100.00%..................................... $25,050,562
===========
</TABLE>
<PAGE>
ST. JAMES PORTFOLIOS
SCHEDULE OF INVESTMENTS
MAY 31, 1995
EQUITY MARKET PORTFOLIO
See Notes to Financial Statements.
<TABLE>
<CAPTION>
SHARES VALUE
------ -----------
<C> <S> <C>
COMMON STOCK--93.94%
AEROSPACE & AIRCRAFT--4.61%
900 Allied Signal............................................. $ 36,338
100 Ball...................................................... 3,325
1,100 Boeing.................................................... 64,762
200 General Dynamics.......................................... 8,750
5,600 General Electric.......................................... 324,799
100 Goodrich (B.F.)........................................... 4,963
752 Lockheed Martin........................................... 44,743
400 McDonnell Douglas......................................... 28,900
200 Northrop Grumman.......................................... 10,475
200 Ogden..................................................... 4,400
700 Rockwell International.................................... 31,938
300 Textron................................................... 18,263
200 TRW....................................................... 15,775
400 United Technologies....................................... 30,350
-----------
627,781
-----------
AIRLINES--0.19%
200 Delta Air Lines........................................... 13,025
500 Southwest Airlines........................................ 11,062
200 USAir Group*.............................................. 1,775
-----------
25,862
-----------
APPAREL--0.18%
200 Fruit of the Loom*........................................ 5,300
300 Liz Claiborne............................................. 5,325
100 Russell................................................... 2,900
200 VF........................................................ 10,650
-----------
24,175
-----------
AUTOMOTIVE--2.74%
100 Briggs & Stratton......................................... 3,550
1,200 Chrysler.................................................. 52,350
300 Cooper Tire & Rubber...................................... 7,275
300 Dana...................................................... 8,475
300 Eaton..................................................... 18,338
200 Echlin.................................................... 7,200
200 Fleetwood Enterprises..................................... 4,150
3,300 Ford Motor................................................ 96,524
2,500 General Motors............................................ 120,000
400 Genuine Parts............................................. 15,700
500 Goodyear Tire & Rubber.................................... 21,125
200 Navistar International*................................... 3,100
100 Paccar.................................................... 4,775
100 Snap-On................................................... 3,550
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----------
<C> <S> <C>
AUTOMOTIVE--(CONTINUED)
100 Trinova................................................... $ 3,400
100 Varity*................................................... 4,313
-----------
373,825
-----------
BANKING--5.82%
400 Ahmanson (H.F.)........................................... 9,100
1,300 Banc One.................................................. 45,175
300 Bank of Boston............................................ 10,950
600 Bank of New York.......................................... 24,450
1,200 BankAmerica............................................... 62,700
300 Bankers Trust (NY) Corp................................... 18,825
300 Barnett Banks............................................. 14,888
400 Boatmen's Bancshares...................................... 13,000
600 Chase Manhattan........................................... 27,750
800 Chemical Banking.......................................... 36,900
1,300 Citicorp.................................................. 69,549
500 CoreStates Financial...................................... 16,625
300 First Chicago............................................. 17,213
300 First Fidelity Bancorporation............................. 15,938
300 First Interstate Bancorp.................................. 25,200
600 First Union Corp.......................................... 29,400
500 Fleet Financial Group..................................... 17,438
200 Golden West Financial..................................... 9,825
400 Great Western Financial................................... 8,750
800 KeyCorp................................................... 24,500
450 Mellon Bank............................................... 19,238
600 Morgan (J.P.)............................................. 42,525
500 National City............................................. 15,188
900 NationsBank............................................... 50,962
500 NBD Bancorp............................................... 16,438
1,000 Norwest................................................... 28,375
800 PNC Bank.................................................. 21,600
400 Shawmut National.......................................... 11,600
400 SunTrust Banks............................................ 23,200
300 U.S. Bancorp (OR)......................................... 7,350
600 Wachovia.................................................. 22,725
200 Wells Fargo............................................... 36,800
-----------
794,177
-----------
CHEMICALS--3.86%
400 Air Products & Chemicals.................................. 21,250
900 Dow Chemical.............................................. 66,037
1,800 du Pont (E.I.) de Nemours................................. 122,174
300 Eastman Chemical.......................................... 18,000
</TABLE>
<PAGE>
ST. JAMES PORTFOLIOS
SCHEDULE OF INVESTMENTS
MAY 31, 1995
EQUITY MARKET PORTFOLIO (CONTINUED)
See Notes to Financial Statements.
<TABLE>
<CAPTION>
SHARES VALUE
------ -----------
<C> <S> <C>
COMMON STOCK (CONTINUED)
CHEMICALS--(CONTINUED)
100 First Mississippi......................................... $ 2,313
100 FMC*...................................................... 6,438
300 Grace (W.R.).............................................. 19,275
200 Great Lakes Chemical...................................... 12,200
400 Hercules.................................................. 21,000
400 International Flavors & Fragrances........................ 19,700
1,400 Minnesota Mining & Manufacturing.......................... 83,824
400 Monsanto.................................................. 33,300
500 Morton International...................................... 15,875
200 Nalco Chemical............................................ 7,550
100 Owens Corning Fiberglass*................................. 3,625
700 PPG Industries............................................ 29,138
400 Praxair................................................... 9,950
200 Rohm & Haas............................................... 11,775
200 Sigma Aldrich............................................. 8,800
500 Union Carbide............................................. 14,625
-----------
526,849
-----------
COMMUNICATION--8.95%
1,600 AirTouch Communications*.................................. 43,600
600 ALLTEL.................................................... 14,775
1,800 Ameritech Corp............................................ 79,874
150 Andrew*................................................... 7,238
5,100 AT & T.................................................... 258,824
1,400 Bell Atlantic............................................. 78,050
1,600 BellSouth................................................. 98,199
48 Cox Communications
(Class A)*............................................... 780
400 DSC Communications*....................................... 14,750
3,100 GTE....................................................... 103,462
2,200 MCI Communications........................................ 44,275
1,900 Motorola.................................................. 113,762
800 Northern Telecom Ltd...................................... 30,700
1,400 Nynex Corp................................................ 58,450
1,400 Pacific Telesis Group..................................... 37,450
2,000 SBC Communications........................................ 90,000
200 Scientific Atlanta........................................ 3,725
1,100 Sprint.................................................... 36,850
2,100 Tele-Communications
(Class A)*............................................... 44,100
1,500 US West................................................... 61,874
-----------
1,220,738
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----------
<C> <S> <C>
COMPUTER EQUIPMENT--7.93%
400 Amdahl*................................................... $ 5,200
400 Apple Computer............................................ 16,600
300 Applied Materials*........................................ 23,025
200 Autodesk.................................................. 7,400
500 Automatic Data Processing................................. 31,125
200 Cabletron Systems*........................................ 10,700
100 Ceridian*................................................. 3,225
900 COMPAQ Computer*.......................................... 35,213
500 Computer Associates International......................... 32,750
200 Computer Sciences*........................................ 10,600
100 Cray Research*............................................ 2,288
100 Data General*............................................. 800
500 Digital Equipment*........................................ 22,313
100 Harris Corp............................................... 5,313
1,700 Hewlett-Packard........................................... 112,412
400 Honeywell................................................. 15,850
1,400 Intel..................................................... 156,974
100 Intergraph*............................................... 1,338
1,900 International Business Machines........................... 177,174
200 Lotus Development*........................................ 6,050
700 Micron Technology......................................... 31,238
1,900 Microsoft*(a)............................................. 160,787
1,200 Novell*................................................... 23,100
1,400 Oracle Systems*........................................... 48,475
500 Pitney Bowes.............................................. 18,500
500 Silicon Graphics*......................................... 19,438
300 Sun Microsystems*......................................... 13,463
400 Tandem Computers*......................................... 5,300
200 Tandy..................................................... 9,350
300 Texas Instruments......................................... 34,688
600 Unisys*................................................... 6,375
300 Xerox..................................................... 34,013
-----------
1,081,077
-----------
CONGLOMERATES--0.25%
300 ITT....................................................... 33,563
-----------
CONSTRUCTION--0.87%
500 Baker Hughes.............................................. 11,250
700 Caterpillar Inc. ......................................... 42,175
200 Dover..................................................... 13,125
300 Fluor..................................................... 14,850
100 Foster Wheeler............................................ 3,288
400 Halliburton............................................... 15,600
</TABLE>
<PAGE>
ST. JAMES PORTFOLIOS
SCHEDULE OF INVESTMENTS
MAY 31, 1995
EQUITY MARKET PORTFOLIO (CONTINUED)
See Notes to Financial Statements.
<TABLE>
<CAPTION>
SHARES VALUE
------ -----------
<C> <S> <C>
COMMON STOCK (CONTINUED)
CONSTRUCTION--(CONTINUED)
200 Harnischfeger Industries.................................. $ 6,950
100 Morrison Knudsen.......................................... 550
300 Rowan*.................................................... 2,250
200 Western Atlas*............................................ 9,025
-----------
119,063
-----------
CONSUMER GOODS--3.28%
500 Colgate-Palmolive......................................... 38,500
800 ConAgra................................................... 26,700
700 Gillette.................................................. 59,062
300 Hasbro.................................................... 10,575
100 Jostens................................................... 2,013
700 Kellogg................................................... 46,988
750 Mattel.................................................... 18,750
500 Newell.................................................... 12,438
200 Premark International..................................... 9,975
2,200 Procter & Gamble.......................................... 158,124
500 Rubbermaid................................................ 15,938
1,600 Sara Lee.................................................. 44,600
100 Stanley Works............................................. 4,000
-----------
447,663
-----------
DRUGS--5.89%
2,600 Abbott Laboratories....................................... 103,999
200 Allergan.................................................. 5,325
300 ALZA Corp (Class A)*...................................... 6,263
1,000 American Home Products.................................... 73,624
400 Amgen*.................................................... 28,950
1,700 Bristol-Myers Squibb...................................... 112,837
1,000 Lilly (Eli) & Co. ........................................ 74,625
4,200 Merck..................................................... 197,924
1,100 Pfizer.................................................... 96,937
600 Schering-Plough........................................... 47,250
600 Upjohn.................................................... 21,825
400 Warner Lambert............................................ 33,150
-----------
802,709
-----------
ELECTRICAL EQUIPMENT--1.83%
400 Advanced Micro Devices.................................... 13,150
700 AMP....................................................... 29,837
300 Black & Decker............................................ 9,900
900 Cisco Systems*............................................ 39,263
700 Emerson Electric.......................................... 48,124
200 Grainger (W.W.)........................................... 11,975
100 Johnson Controls.......................................... 5,725
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----------
<C> <S> <C>
ELECTRICAL EQUIPMENT--(CONTINUED)
300 Loral..................................................... $ 14,363
100 M/A-Com................................................... 1,188
400 National Semiconductor*................................... 10,000
200 National Service Industries............................... 5,775
400 Raytheon.................................................. 31,000
200 Teledyne.................................................. 4,875
100 Thomas & Betts............................................ 6,738
1,200 Westinghouse Electric..................................... 17,400
-----------
249,313
-----------
ENERGY--0.78%
600 Dresser Industries........................................ 13,725
800 Enron..................................................... 29,200
200 ENSERCH................................................... 3,475
100 Helmerich & Payne......................................... 2,988
200 McDermott International................................... 5,250
800 Schlumberger Ltd. ........................................ 52,000
-----------
106,638
-----------
ENGINES & TURBINES--0.09%
300 Brunswick................................................. 5,513
100 Cummins Engine............................................ 4,550
100 Outboard Marine........................................... 2,013
-----------
12,076
-----------
ENTERTAINMENT--1.83%
500 Capital Cities/ABC........................................ 48,250
160 CBS....................................................... 10,720
800 Comcast................................................... 13,900
1,700 Disney (Walt)............................................. 94,562
100 King World Productions*................................... 4,150
200 Loews..................................................... 23,775
1,151 Viacom (Class B)*......................................... 53,664
-----------
249,021
-----------
ENVIRONMENTAL MANAGEMENT--0.54%
600 Browning-Ferris Industries................................ 21,375
900 Laidlaw (Class B)......................................... 8,325
1,600 WMX Technologies.......................................... 43,600
-----------
73,300
-----------
</TABLE>
<PAGE>
ST. JAMES PORTFOLIOS
SCHEDULE OF INVESTMENTS
MAY 31, 1995
EQUITY MARKET PORTFOLIO (CONTINUED)
See Notes to Financial Statements.
<TABLE>
<CAPTION>
SHARES VALUE
------ -----------
<C> <S> <C>
COMMON STOCK (CONTINUED)
FINANCIAL SERVICES--2.39%
1,600 American Express.......................................... $ 57,000
200 Beneficial................................................ 8,900
600 Dean Witter Discover...................................... 28,575
600 Federal Home Loan Mortgage Corporation.................... 40,875
900 Federal National Mortgage Association..................... 83,699
400 First Data................................................ 23,100
300 H&R Block................................................. 10,838
300 Household International................................... 14,813
500 MBNA...................................................... 16,875
600 Merrill Lynch............................................. 28,200
300 Salomon................................................... 12,300
-----------
325,175
-----------
FOOD & BEVERAGES--7.33%
100 Adolph Coors (Class B).................................... 1,713
800 Anheuser Busch............................................ 47,299
1,687 Archer Daniels Midland.................................... 31,210
200 Brown Forman (Class B).................................... 6,650
800 Campbell Soup............................................. 39,300
4,200 Coca-Cola Bottling Consolidated........................... 259,874
500 CPC International......................................... 30,375
500 General Mills............................................. 25,937
800 H J Heinz................................................. 36,200
300 Hershey Foods............................................. 15,488
2,600 PepsiCo................................................... 127,399
2,800 Philip Morris............................................. 204,049
400 Quaker Oats............................................... 13,950
300 Ralston Purina Group...................................... 15,075
1,200 Seagram................................................... 36,000
500 Unilever (N.V.) ADR....................................... 63,624
700 UST Inc. ................................................. 20,913
300 Whitman................................................... 5,438
400 Wrigley (WM) Jr. ......................................... 18,100
-----------
998,594
-----------
FOREST PRODUCTS--1.70%
200 Bemis..................................................... 5,700
200 Boise Cascade............................................. 6,600
300 Champion International.................................... 13,913
100 Federal Paper Board....................................... 3,250
300 Georgia Pacific........................................... 23,325
400 International Paper....................................... 31,449
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----------
<C> <S> <C>
FOREST PRODUCTS--(CONTINUED)
300 James River............................................... $ 8,100
500 Kimberly-Clark............................................ 30,000
400 Louisiana Pacific......................................... 8,900
200 Mead...................................................... 10,775
100 Potlatch.................................................. 4,288
500 Scott Paper............................................... 21,687
300 Stone Container*.......................................... 5,250
200 Temple Inland............................................. 8,650
200 Union Camp................................................ 10,375
200 Westvaco.................................................. 8,550
700 Weyerhaeuser.............................................. 30,713
-----------
231,525
-----------
GENERAL BUILDING--0.27%
100 Armstrong World Industries................................ 5,163
100 Centex.................................................... 2,875
100 Kaufman & Broad Home...................................... 1,413
500 Masco..................................................... 14,438
100 Pulte..................................................... 2,738
200 Tyco Laboratories......................................... 10,825
-----------
37,452
-----------
GROCERY STORES--0.57%
800 Albertson's............................................... 22,400
500 American Stores........................................... 13,063
300 Bruno's................................................... 3,450
100 Fleming................................................... 2,588
200 Giant Food (Class A)...................................... 5,750
100 Great Atlantic & Pacific Tea.............................. 2,488
400 Kroger*................................................... 10,400
200 SuperValu................................................. 5,675
200 Winn Dixie Stores......................................... 11,475
-----------
77,289
-----------
HEALTH CARE--2.71%
200 Bard (C.R.)............................................... 5,900
200 Bausch & Lomb............................................. 8,125
900 Baxter International...................................... 31,387
200 Becton Dickinson.......................................... 11,500
300 Beverly Enterprises*...................................... 3,413
400 Biomet*................................................... 5,850
1,400 Columbia/HCA Healthcare................................... 57,224
100 Community Psychiatric Centers............................. 1,238
2,100 Johnson & Johnson......................................... 139,124
200 Mallinckrodt Group........................................ 7,275
</TABLE>
<PAGE>
ST. JAMES PORTFOLIOS
SCHEDULE OF INVESTMENTS
MAY 31, 1995
EQUITY MARKET PORTFOLIO (CONTINUED)
See Notes to Financial Statements.
<TABLE>
<CAPTION>
SHARES VALUE
------ -----------
<C> <S> <C>
COMMON STOCK (CONTINUED)
HEALTH CARE--(CONTINUED)
200 Manor Care................................................ $ 5,850
400 Medtronic................................................. 30,100
700 National Medical Enterprises*............................. 11,638
200 St. Jude Medical*......................................... 9,050
200 U.S. Surgical Corp........................................ 4,125
600 United Healthcare......................................... 22,350
500 U.S. Health Care.......................................... 15,500
-----------
369,649
-----------
HOUSEHOLD APPLIANCES &
FURNITURE--0.17%
400 Maytag.................................................... 6,500
100 Springs Industries (Class A).............................. 3,938
200 Whirlpool................................................. 11,425
100 Zenith Electronics*....................................... 775
-----------
22,638
-----------
INDUSTRIAL MACHINERY--0.73%
100 Cincinnati Milacron....................................... 2,700
400 Cooper Industries......................................... 14,800
300 Deere (John) & Co......................................... 25,950
100 Giddings & Lewis.......................................... 1,725
400 Illinois Tool Works....................................... 19,900
300 Ingersoll Rand............................................ 11,175
400 Pall...................................................... 8,800
200 Parker-Hannifin........................................... 11,425
100 Raychem................................................... 3,638
-----------
100,113
-----------
INSURANCE--2.95%
400 Aetna Life & Casualty..................................... 23,850
100 Alexander & Alexander..................................... 2,538
700 American General.......................................... 24,150
1,000 American International Group.............................. 113,749
300 Chubb..................................................... 24,713
200 CIGNA..................................................... 14,950
300 General RE................................................ 40,612
200 Jefferson Pilot........................................... 10,550
300 Lincoln National.......................................... 13,575
200 Marsh & McLennan.......................................... 15,925
300 Providian................................................. 10,913
200 Safeco.................................................... 11,750
300 St. Paul.................................................. 15,263
200 Torchmark................................................. 7,975
200 Transamerica.............................................. 11,950
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----------
<C> <S> <C>
INSURANCE--(CONTINUED)
1,000 Travelers Group........................................... $ 42,249
300 U S F & G................................................. 5,175
200 UNUM...................................................... 8,550
100 USLIFE.................................................... 4,025
-----------
402,462
-----------
LODGING--0.31%
200 Bally Entertainment*...................................... 2,075
200 Hilton Hotels............................................. 13,400
400 Marriott International.................................... 13,550
300 Promus*................................................... 12,563
-----------
41,588
-----------
METALS & MINING--1.35%
700 Alcan Aluminum Ltd. ...................................... 20,737
600 Aluminum Company of America............................... 27,900
100 ASARCO.................................................... 2,888
1,100 Barrick Gold.............................................. 27,775
300 Cyprus Amax Minerals...................................... 7,950
400 Echo Bay Mines Ltd. ...................................... 3,575
300 Engelhard................................................. 12,488
400 Homestake Mining.......................................... 6,750
400 Inco Ltd. ................................................ 10,000
300 Newmont Mining............................................ 12,525
200 Phelps Dodge.............................................. 11,025
800 Placer Dome............................................... 20,200
200 Reynolds Metals........................................... 9,875
440 Santa Fe Pacific Gold..................................... 5,500
100 Timken.................................................... 4,213
-----------
183,401
-----------
NATURAL GAS--0.73%
200 Columbia Gas System*...................................... 6,000
300 Consolidated Natural Gas.................................. 11,963
200 NICOR..................................................... 5,325
400 NorAm Energy.............................................. 2,650
100 ONEOK..................................................... 1,900
300 Pacific Enterprises....................................... 7,575
500 Panhandle Eastern......................................... 12,563
100 Peoples Energy............................................ 2,675
300 Sonat..................................................... 9,863
600 Tenneco................................................... 28,799
300 Williams Companies........................................ 10,200
-----------
99,513
-----------
</TABLE>
<PAGE>
ST. JAMES PORTFOLIOS
SCHEDULE OF INVESTMENTS
MAY 31, 1995
EQUITY MARKET PORTFOLIO (CONTINUED)
See Notes to Financial Statements.
<TABLE>
<CAPTION>
SHARES VALUE
------ -----------
<C> <S> <C>
COMMON STOCK (CONTINUED)
OIL & GAS--8.35%
300 Amerada Hess.............................................. $ 15,225
1,600 Amoco..................................................... 109,399
200 Ashland................................................... 7,425
500 Atlantic Richfield........................................ 58,062
400 Burlington Resources...................................... 16,600
2,100 Chevron................................................... 103,162
300 Coastal................................................... 9,413
4,100 Exxon..................................................... 292,637
200 Kerr--McGee............................................... 11,150
100 Louisiana Land & Exploration.............................. 3,875
1,300 Mobil..................................................... 130,487
1,000 Occidental Petroleum...................................... 23,000
300 Oryx Energy*.............................................. 4,313
200 Pennzoil.................................................. 9,875
900 Phillips Petroleum........................................ 32,624
1,700 Royal Dutch Petroleum..................................... 215,474
300 Santa Fe Energy Resources*................................ 2,925
300 Sun....................................................... 9,450
600 Texaco.................................................... 41,099
800 Unocal.................................................... 23,700
900 USX-Marathon Group........................................ 17,888
-----------
1,137,783
-----------
PRINTING & PUBLISHING--1.71%
200 American Greetings (Class A).............................. 5,600
200 Avery Dennison............................................ 8,250
300 Deluxe.................................................... 9,563
500 Donnelley (R.R.) & Sons................................... 18,250
300 Dow Jones................................................. 10,950
600 Dun & Bradstreet.......................................... 31,800
500 Gannett................................................... 26,750
200 Harcourt General.......................................... 8,425
100 Harland (J. H.)........................................... 2,363
200 Knight-Ridder............................................. 11,050
200 McGraw-Hill Companies..................................... 14,800
100 Meredith.................................................. 2,625
300 Moore Corp Ltd............................................ 6,563
300 New York Times (Class A).................................. 6,788
1,200 Time Warner............................................... 47,549
400 Times Mirror Co (Class A)................................. 9,300
200 Tribune................................................... 11,925
-----------
232,551
-----------
RAILROADS--1.00%
300 Burlington Northern....................................... 18,338
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----------
<C> <S> <C>
RAILROADS--(CONTINUED)
300 Conrail................................................... $ 16,200
300 CSX....................................................... 22,875
400 Norfolk Southern.......................................... 27,400
500 Santa Fe Southern Pacific................................. 12,250
700 Union Pacific............................................. 38,762
-----------
135,825
-----------
RESTAURANTS--0.91%
1,000 Darden Restaurants........................................ 11,000
100 Luby's Cafeterias......................................... 2,038
2,300 McDonald's................................................ 87,112
200 Ryan's Family Steak House*................................ 1,375
100 Shoney's*................................................. 1,088
600 Sysco..................................................... 16,275
300 Wendy's International..................................... 5,138
-----------
124,026
-----------
RETAIL--4.58%
300 Charming Shoppes.......................................... 1,294
300 Circuit City Stores....................................... 8,250
400 CUC International......................................... 14,700
200 Dayton-Hudson............................................. 14,175
400 Dillard Dept Stores....................................... 11,500
500 Gap Inc................................................... 17,188
100 Handleman................................................. 1,163
1,500 Home Depot................................................ 62,437
1,500 Kmart..................................................... 19,125
100 Long's Drugstores......................................... 3,513
500 Lowes..................................................... 13,625
800 May Dept Stores........................................... 31,400
300 Melville.................................................. 11,925
100 Mercantile Stores......................................... 4,688
300 Nordstrom................................................. 12,375
800 Penney (J.C.)............................................. 37,700
600 Price/Costco*............................................. 8,400
300 Rite Aid.................................................. 7,125
1,300 Sears Roebuck............................................. 73,287
1,200 The Limited............................................... 26,700
200 The Pep Boys (Manny,
Moe & Jack).............................................. 5,575
200 TJX....................................................... 2,675
900 Toys 'R Us*............................................... 22,725
7,500 Wal-Mart Stores........................................... 187,499
400 Walgreen.................................................. 19,250
400 Woolworth (F.W.).......................................... 6,150
-----------
624,444
-----------
</TABLE>
<PAGE>
ST. JAMES PORTFOLIOS
SCHEDULE OF INVESTMENTS
MAY 31, 1995
EQUITY MARKET PORTFOLIO (CONTINUED)
See Notes to Financial Statements.
<TABLE>
<CAPTION>
SHARES VALUE
------ -----------
<C> <S> <C>
COMMON STOCK (CONTINUED)
SCIENTIFIC EQUIPMENT--0.29%
500 Boston Scientific*........................................ $ 14,375
200 E G & G................................................... 3,625
200 General Signal............................................ 7,400
100 Millipore................................................. 6,563
100 Perkin Elmer.............................................. 3,475
100 Tektronix................................................. 4,600
-----------
40,038
-----------
SPECIALIZED SERVICES--0.58%
200 Alco Standard............................................. 14,325
300 Crown Cork & Seal*........................................ 14,100
200 Ecolab.................................................... 5,075
200 Federal Express*.......................................... 11,975
300 Interpublic Group......................................... 11,063
300 Ryder System.............................................. 7,613
200 Safety Kleen.............................................. 3,400
300 Service Corp International................................ 8,588
100 Shared Medical Systems.................................... 3,313
-----------
79,452
-----------
SPECIALTY CONSUMER
PRODUCTS--1.48%
100 Alberto Culver (Class B).................................. 3,225
600 American Brands........................................... 24,224
200 Avon Products............................................. 13,475
100 Brown Group............................................... 2,188
200 Clorox.................................................... 11,975
700 Corning................................................... 22,400
1,100 Eastman Kodak............................................. 66,412
200 Nike (Class B)............................................ 15,775
300 Pioneer Hi-Bred International............................. 11,700
200 Polaroid.................................................. 7,375
300 Reebok International Ltd.................................. 10,050
300 Sherwin Williams.......................................... 11,025
200 Stride Rite............................................... 2,250
-----------
202,074
-----------
STEEL--0.30%
300 Armco..................................................... 1,913
400 Bethlehem Steel*.......................................... 5,900
100 Crane Company............................................. 3,425
100 Inland Steel Industries*.................................. 2,813
300 Nucor..................................................... 14,324
200 USX-US Steel Group........................................ 6,400
300 Worthington Industries.................................... 6,225
-----------
41,000
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----------
<C> <S> <C>
TRANSPORTATION SERVICES--0.24%
200 AMR*...................................................... $ 13,650
100 Consolidated Freightways*................................. 2,375
300 Dial Corporation.......................................... 7,350
100 Pittston Services Group................................... 2,413
100 Roadway Services.......................................... 4,650
100 Yellow Corp. ............................................. 1,888
-----------
32,326
-----------
UTILITIES--3.65%
600 American Electric Power................................... 20,550
500 Baltimore Gas and Electric................................ 13,000
500 Carolina Power & Light.................................... 14,938
600 Central & South West...................................... 15,450
509 CINergy................................................... 13,557
800 Consolidated Edison Company of NY......................... 23,900
500 Detroit Edison............................................ 15,063
600 Dominion Resources........................................ 22,275
700 Duke Power................................................ 29,225
100 Eastern Enterprises....................................... 3,000
700 Entergy................................................... 17,325
600 FPL Group................................................. 23,550
400 General Public Utilities.................................. 12,000
400 Houston Industries........................................ 17,250
500 Niagara Mohawk Power...................................... 7,375
200 Northern States Power..................................... 9,475
500 Ohio Edison............................................... 10,938
900 PacifiCorp................................................ 17,775
1,400 Pacific Gas & Electric.................................... 40,600
700 PECO Energy............................................... 19,688
800 Public Service Enterprise Group........................... 23,800
1,500 SCECorp................................................... 26,063
2,100 Southern.................................................. 46,462
700 Texas Utilities........................................... 25,287
700 Unicom.................................................... 19,075
300 Union Electric............................................ 11,363
-----------
498,984
-----------
TOTAL COMMON STOCK
(Cost $10,972,276)............................................... 12,805,732
-----------
</TABLE>
<PAGE>
ST. JAMES PORTFOLIOS
SCHEDULE OF INVESTMENTS
MAY 31, 1995
EQUITY MARKET PORTFOLIO (CONTINUED)
See Notes to Financial Statements.
<TABLE>
<CAPTION>
SHARES/
PRINCIPAL
AMOUNT VALUE
--------- ----------
<C> <S> <C>
PREFERRED STOCK--0.00%
3 Teledyne Series E, $1.20
(Cost $0)............................................. $ 42
----------
SHORT-TERM OBLIGATION--1.70%
TIME DEPOSIT
$231,566 National Westminster Bank (Nassau), 5.46%, due 6/01/95
(Cost $231,566)....................................... 231,566
----------
</TABLE>
<TABLE>
<CAPTION>
VALUE
-----------
<C> <S> <C>
TOTAL
INVESTMENTS--
95.64%
(cost
$11,203,842).. $13,037,340
OTHER ASSETS
AND
LIABILITIES
(NET)--4.36%.. 595,043
-----------
TOTAL NET
ASSETS--
100.00%....... $13,632,383
===========
</TABLE>
- ---------------------
* Non-income producing security
(a) Security has been pledged to cover collateral requirements for open
futures contracts
ADRAmerican Depository Receipt
SCHEDULE OF OPEN FINANCIAL FUTURES CONTRACTS
MAY 31, 1995
<TABLE>
<CAPTION>
NUMBER FACE UNREALIZED
OF AMOUNT APPRECIATION
CONTRACTS AT VALUE EXPIRATION AT 5/31/95
--------- -------- ---------- ------------
<S> <C> <C> <C> <C>
LONG:
Standard & Poor's 500................ 1 $268,950 9/15/95 $4,493
======
</TABLE>
<PAGE>
ST. JAMES PORTFOLIOS
SCHEDULE OF INVESTMENTS
MAY 31, 1995
BOND MARKET PORTFOLIO
See Notes to Financial Statements.
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- -----------
<C> <S> <C>
CORPORATE OBLIGATIONS--12.91%
ASSET-BACKED SECURITIES--1.85%
$ 300,000 Premier Auto Trust, 6.35%, due 5/02/00................ $ 300,654
-----------
BANKING--0.65%
110,000 Bank of Boston, 6.625%, due 12/01/05.................. 105,238
-----------
COMMUNICATION--3.12%
500,000 MCI Communications Sr. Nts., 7.625%, due 11/07/96..... 508,335
-----------
CONSUMER SERVICES--3.16%
500,000 Hertz, 9.125%, due 8/01/96............................ 514,760
-----------
FINANCIAL SERVICES--3.18%
500,000 General Electric Capital, 8.75%, due 11/26/96......... 517,490
-----------
RETAIL--0.95%
150,000 Penney (J.C.), 7.375%, due 6/15/04.................... 155,822
-----------
TOTAL CORPORATE OBLIGATIONS
(Cost $2,077,387).................................... 2,102,299
-----------
U.S. GOVERNMENT MORTGAGE-BACKED
OBLIGATIONS--28.03%
Federal Home Loan Mortgage Corporation
379,254 9.00%, due 4/01/22.................................... 395,505
359,360 7.00%, due 5/01/24.................................... 353,826
354,429 7.00%, due 6/01/24.................................... 348,971
Federal National Mortgage
Association
353,093 7.00%, due 6/01/09.................................... 355,412
546,337 8.50%, due 8/01/23.................................... 565,000
461,342 7.00%, due 5/01/24.................................... 453,952
419,458 7.00%, due 6/01/24.................................... 412,738
Government National Mortgage Association
286,756 9.50%, due 1/15/19.................................... 303,884
267,859 9.50%, due 10/15/20................................... 282,853
1,084,327 7.50%, due 6/15/24.................................... 1,091,604
-----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- -----------
<C> <S> <C>
TOTAL U.S. GOVERNMENT MORTGAGE-BACKED OBLIGATIONS
(Cost $4,427,700)................................... $ 4,563,745
-----------
U.S. GOVERNMENT AGENCY
OBLIGATIONS--1.24%
Federal Home Loan Mortgage Association
$ 200,000 7.23%, due 12/17/02
(Cost $189,153)..................................... 201,192
-----------
UNITED STATES TREASURY
OBLIGATIONS--52.33%
United States Treasury Notes
1,270,000 6.500%, due 5/15/97.................................. 1,284,681
825,000 6.500%, due 8/15/97.................................. 835,312
500,000 7.125%, due 10/15/98................................. 517,890
500,000 7.000%, due 4/15/99.................................. 516,955
650,000 8.875%, due 5/15/00.................................. 728,306
1,230,000 6.250%, due 2/15/03.................................. 1,228,266
500,000 7.250%, due 5/15/04.................................. 531,015
1,000,000 7.500%, due 2/15/05.................................. 1,084,060
United States Treasury Bonds
245,000 9.375%, due 2/15/06.................................. 301,695
1,000,000 7.250%, due 5/15/16.................................. 1,052,030
400,000 7.500%, due 11/15/24................................. 439,936
-----------
TOTAL UNITED STATES TREASURY OBLIGATIONS
(Cost $8,081,590)................................... 8,520,146
-----------
SHORT-TERM OBLIGATION--2.56%
TIME DEPOSIT
416,748 National Westminster Bank (Nassau), 5.46%, due
6/01/95
(Cost $416,748) .................................... 416,748
-----------
TOTAL INVESTMENTS--97.07%
(Cost $15,192,578).............................................. 15,804,130
OTHER ASSETS AND LIABILITIES
(NET)--2.93%.................................................... 476,725
-----------
TOTAL NET ASSETS--100.00%........................................ $16,280,855
===========
</TABLE>
<PAGE>
ST. JAMES PORTFOLIOS
SCHEDULE OF INVESTMENTS
MAY 31, 1995
SMALL CAP PORTFOLIO
See Notes to Financial Statements.
<TABLE>
<CAPTION>
SHARES VALUE
------ -----------
<C> <S> <C>
COMMON STOCK--96.70%
ADVERTISING--0.20%
2,800 Ackerley Communications................................... $ 27,650
-----------
AGRICULTURE--0.69%
2,200 First Mississippi......................................... 50,875
1,100 Vigoro.................................................... 42,900
-----------
93,775
-----------
AMUSEMENT & RECREATION
SERVICES--3.18%
2,700 Acclaim Entertainment*.................................... 45,900
2,400 Carmike Cinemas (Class A)*................................ 57,300
2,000 Grand Casinos*............................................ 63,750
1,500 Harman International Industries........................... 54,188
2,850 Players International*.................................... 59,138
9,900 Roadmaster Industries*.................................... 32,175
4,500 Showboat.................................................. 75,375
2,500 WMS Industries............................................ 46,250
-----------
434,076
-----------
APPAREL--0.35%
2,800 Kellwood.................................................. 47,600
-----------
BANKING--9.43%
4,400 Albank Financial.......................................... 112,200
1,200 American Savings of FL- F.S.B.*........................... 24,450
3,300 Centerbank................................................ 47,025
2,000 Centura Banks............................................. 51,750
4,400 Charter One Financial..................................... 110,000
1,400 Collective Bancorp........................................ 31,150
3,000 Commercial Federal*....................................... 87,750
1,500 Firstfed Michigan......................................... 43,500
10,800 Glendale Federal Bank FSB*................................ 148,500
2,600 Hawkeye Bancorporation.................................... 56,875
3,600 JSB Financial............................................. 111,150
1,401 New York Bancorp.......................................... 28,010
2,500 ONBANcorp................................................. 66,563
2,600 Peoples Heritage Financial Group.......................... 37,375
2,800 Premier Bancorp........................................... 47,600
4,500 Republic Bancorp.......................................... 51,188
4,300 Roosevelt Financial Group................................. 73,100
1,900 TCF Financial............................................. 88,350
2,700 Union Planters............................................ 71,550
-----------
1,288,086
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----------
<C> <S> <C>
BUILDING & CONSTRUCTION--1.60%
2,600 Champion Enterprises........................................ $ 43,550
1,700 Oakwood Homes............................................... 42,713
3,700 Payless Cashways*........................................... 26,825
2,500 Pulte....................................................... 68,438
2,400 Toll Brothers*.............................................. 37,500
-----------
219,026
-----------
CHEMICALS--0.58%
2,800 McWhorter Technologies*..................................... 42,700
3,400 Sterling Chemicals.......................................... 36,125
-----------
78,825
-----------
COMPUTERS--6.83%
3,600 AST Research*............................................... 66,600
4,300 Cray Research............................................... 98,363
3,000 Exabyte*.................................................... 40,500
2,100 Gartner Group (Class A)*.................................... 100,275
2,200 Komag*...................................................... 84,700
7,800 Logicon (a)................................................. 299,324
5,500 Merisel*.................................................... 35,063
2,300 Safeguard Scientifics....................................... 78,200
4,200 Tech Data*.................................................. 42,525
3,500 Western Digital*............................................ 61,688
2,400 Xircom*..................................................... 25,500
-----------
932,738
-----------
CONSTRUCTION EQUIPMENT &
MATERIALS--1.32%
1,000 Blount (Class A).............................................. 37,875
1,500 Commercial Intertech........................................ 27,000
1,800 Elcor....................................................... 34,875
1,400 Kennametal.................................................. 45,500
2,200 Pope & Talbot............................................... 35,200
-----------
180,450
-----------
DEFENSE--1.53%
2,200 Alliant Techsystems*........................................ 80,575
900 Sturm Ruger & Company....................................... 26,213
1,700 Thiokol..................................................... 53,338
1,100 Watkins Johnson............................................. 49,225
-----------
209,351
-----------
ELECTRONICS--8.08%
3,200 Allen Group................................................. 74,800
12,600 Audiovox (Class A)*......................................... 66,938
</TABLE>
<PAGE>
ST. JAMES PORTFOLIOS
SCHEDULE OF INVESTMENTS
MAY 31, 1995
SMALL CAP PORTFOLIO (CONTINUED)
See Notes to Financial Statements.
<TABLE>
<CAPTION>
SHARES VALUE
------ -----------
<C> <S> <C>
COMMON STOCK (CONTINUED)
ELECTRONICS--(CONTINUED)
3,400 BMC Industries............................................ $ 73,950
3,100 Core Industries........................................... 32,163
2,700 Dallas Semiconductor...................................... 49,613
1,400 Hutchinson Technology*.................................... 46,200
2,400 Kulicke & Soffa Industries................................ 101,400
3,400 Marshall Industries....................................... 91,800
2,200 Oak Industries............................................ 61,050
1,100 Park Electrochemical...................................... 38,225
2,100 Plantronics*.............................................. 51,975
3,600 SCI Systems*.............................................. 74,250
3,200 Standard Microsystems*.................................... 55,600
3,200 Tech-Sym.................................................. 82,400
3,100 VLSI Technology*.......................................... 80,600
4,200 Windmere.................................................. 36,225
3,300 Wyle Electronics.......................................... 86,625
-----------
1,103,814
-----------
ENVIRONMENTAL--1.00%
8,600 Allwaste*................................................. 48,375
3,700 Dames & Moore............................................. 43,938
3,000 USA Waste Services*....................................... 44,625
-----------
136,938
-----------
FINANCIAL SERVICES--3.88%
3,200 Duff & Phelps Corp........................................ 34,400
4,500 Enhance Financial Services Group.......................... 80,438
2,900 Foothill Group............................................ 71,775
2,100 PEC Israel Economic*...................................... 50,925
3,600 Pioneer Group ............................................ 96,749
1,600 Quick & Reilly Group...................................... 75,200
3,400 Raymond James Financial................................... 62,475
2,800 Summit Bancorporation..................................... 57,750
-----------
529,712
-----------
FOOD & BEVERAGES--2.76%
1,200 American Maize Products
(Class A)................................................ 36,450
5,200 Buffets*.................................................. 72,150
2,300 Coca-Cola Bottling Consolidated........................... 73,025
3,700 Hudson Foods.............................................. 50,875
5,300 Interstate Bakeries....................................... 77,513
2,700 J&J Snack Foods*.......................................... 32,063
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----------
<C> <S> <C>
FOOD & BEVERAGES--(CONTINUED)
1,700 Smithfield Foods*......................................... $ 34,850
-----------
376,926
-----------
HEALTH SERVICES & HOSPITAL
SUPPLIES--9.62%
2,900 Bio-Rad Laboratories
(Class A)*............................................... 87,000
2,600 Charter Medical*.......................................... 44,525
6,200 Continental Medical Systems*.............................. 58,125
4,600 Employee Benefit Plans*................................... 61,525
3,400 Enzo Biochem*............................................. 32,725
2,200 Grancare*................................................. 34,925
2,700 Haemonetics*.............................................. 48,600
2,150 Health Management Systems*................................ 55,900
3,000 Healthcare Services Group................................. 32,625
2,600 Hillhaven*................................................ 74,425
3,500 Horizon Healthcare*....................................... 63,875
7,098 ICN Pharmaceuticals....................................... 120,665
2,600 Nellcor*.................................................. 111,800
4,000 Playtex Products*......................................... 31,000
1,900 Regency Health Services*.................................. 20,900
2,400 Sofamor/Danek Group*...................................... 50,400
1,800 Sunrise Medical*.......................................... 60,300
3,000 Surgical Care Affiliates.................................. 61,500
2,700 Universal Health Services
(Class B)................................................ 74,588
2,750 Vencor*................................................... 86,969
3,600 Vivra*.................................................... 101,700
-----------
1,314,072
-----------
HOME FURNISHING--0.57%
2,100 Ethan Allen Interiors*.................................... 42,000
4,410 Pier 1 Imports............................................ 35,280
-----------
77,280
-----------
INSURANCE--5.97%
1,800 Acceptance Insurance Group................................ 25,200
2,900 American Travellers*...................................... 51,838
2,000 Emphesys Financial Group.................................. 50,500
4,300 Fidelity National Financial............................... 55,900
2,000 FINOVA Group.............................................. 73,749
1,320 Fremont General........................................... 33,330
3,700 Hilb Rogal & Hamilton..................................... 46,250
2,300 Liberty................................................... 59,513
1,700 Life Partners Group....................................... 31,875
</TABLE>
<PAGE>
ST. JAMES PORTFOLIOS
SCHEDULE OF INVESTMENTS
MAY 31, 1995
SMALL CAP PORTFOLIO (CONTINUED)
See Notes to Financial Statements.
<TABLE>
<CAPTION>
SHARES VALUE
------ -----------
<C> <S> <C>
COMMON STOCK (CONTINUED)
INSURANCE--(CONTINUED)
3,600 Life Re................................................... $ 61,200
2,900 Life USA Holdings*........................................ 27,913
1,000 National RE............................................... 30,750
2,100 Orion Capital............................................. 81,374
1,300 Protective Life........................................... 64,513
1,000 United Companies Financial................................ 44,250
1,300 United Wisconsin Services................................. 27,300
1,500 Vesta Insurance Group..................................... 50,063
-----------
815,518
-----------
MACHINERY--2.01%
1,600 AGCO...................................................... 60,600
1,900 BW/IP..................................................... 33,725
4,500 Fedders................................................... 30,375
1,900 Helix Technology.......................................... 71,725
4,000 Scotsman Industries....................................... 78,500
-----------
274,925
-----------
MANUFACTURING--2.19%
5,800 GenCorp................................................... 74,675
1,300 Kaydon.................................................... 35,750
2,300 Outboard Marine........................................... 46,288
1,200 Teleflex.................................................. 49,650
11,200 UNC....................................................... 57,400
1,600 Whittaker................................................. 35,400
-----------
299,163
-----------
METALS & MINING--4.68%
2,400 Amcast Industrial......................................... 47,400
2,900 Astec Industries*......................................... 33,350
1,700 Cleveland-Cliffs.......................................... 66,087
2,500 Commercial Metals......................................... 68,437
3,300 INDRESCO*................................................. 44,963
4,000 J & L Specialty Steel..................................... 75,000
3,900 Material Sciences*........................................ 77,025
1,600 Mueller Industries*....................................... 73,200
600 NACCO Industries (Class A)................................ 36,000
1,100 Seitel.................................................... 31,075
2,900 Smith International....................................... 51,838
3,500 Terra Industries.......................................... 35,000
-----------
639,375
-----------
MOTOR VEHICLES &
EQUIPMENT--2.12%
1,400 Coachmen Industries....................................... 19,250
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----------
<C> <S> <C>
MOTOR VEHICLES &
EQUIPMENT--(CONTINUED)
9,100 Rollins Truck Leasing..................................... $ 95,549
2,600 Standard Motor Products................................... 51,350
1,400 Standard Products......................................... 30,275
3,500 TBC*...................................................... 38,938
2,400 Titan Wheels International................................ 53,700
-----------
289,062
-----------
OFFICE EQUIPMENT &
SERVICES--3.22%
6,500 American Management Systems*.............................. 145,437
3,300 Banctec*.................................................. 49,913
3,200 CACI International*....................................... 32,000
4,400 Inacom Corporation*....................................... 45,100
4,000 Nu-Kote Holding (Class A)*................................ 110,000
6,700 Recognition Equipment..................................... 57,788
-----------
440,238
-----------
OIL & GAS--5.45%
3,800 Camco International....................................... 84,075
3,300 Energen................................................... 68,475
2,100 Hornbeck Offshore Services*............................... 32,550
2,700 McDermott (J. Ray) S. A................................... 70,875
3,800 Newfield Exploration Company*............................. 103,549
5,700 Oceaneering International................................. 55,575
1,000 Phoenix Resource.......................................... 32,125
1,300 Production Operators...................................... 39,325
6,900 Reading & Bates........................................... 60,374
4,000 Sonat Offshore Drilling................................... 114,000
4,800 Tatham Offshore*.......................................... 24,600
5,200 Weatherford International................................. 58,500
-----------
744,023
-----------
REAL ESTATE INVESTMENT
TRUST--2.00%
1,700 National Golf Properties.................................. 36,550
3,000 ROC Communities........................................... 65,624
1,500 Storage USA............................................... 42,563
1,400 Tanger Factory Outlet Centers............................. 35,000
3,500 Walden Residential Properties............................. 64,749
1,350 Wellsford Residential Properties.......................... 29,025
-----------
273,511
-----------
</TABLE>
<PAGE>
ST. JAMES PORTFOLIOS
SCHEDULE OF INVESTMENTS
MAY 31, 1995
SMALL CAP PORTFOLIO (CONTINUED)
See Notes to Financial Statements.
<TABLE>
<CAPTION>
SHARES VALUE
------ -----------
<C> <S> <C>
COMMON STOCK (CONTINUED)
RESTAURANTS--1.55%
3,200 Luby's Cafeteria.......................................... $ 65,200
12,500 Ryan's Family Steak House*................................ 85,937
2,650 Sbarro.................................................... 60,950
-----------
212,087
-----------
RETAIL--5.94%
2,400 Baker (J.)................................................ 31,500
1,500 Blair..................................................... 48,375
2,500 Bradlees.................................................. 12,188
1,500 Caldor*................................................... 28,125
3,000 Carson Pirie Scott & Company*............................. 50,250
3,800 Chic By HIS*.............................................. 40,850
3,900 Claire's Stores........................................... 62,400
3,100 Consolidated Stores*...................................... 58,124
4,600 Dress Barn*............................................... 41,400
2,200 Eckerd*................................................... 71,225
1,400 Friedman's*............................................... 25,025
1,800 Mac Frugals Bargains Closeouts............................ 27,000
2,100 Medicine Shoppe International............................. 70,875
2,200 Paragon Trade Brands*..................................... 29,975
1,300 Penn Traffic*............................................. 42,900
1,700 Rex Stores Corporation*................................... 23,800
2,300 Smith's Food & Drugs (Class B)............................ 44,563
1,900 Super Rite................................................ 29,450
3,300 Venture Stores............................................ 33,000
2,200 Younkers*................................................. 40,425
-----------
811,450
-----------
SPECIALIZED SERVICES--1.88%
2,500 American President........................................ 60,624
2,600 Bowne & Co................................................ 46,150
2,700 Dimon..................................................... 46,575
2,300 Enterra................................................... 43,988
1,400 PHH....................................................... 58,800
-----------
256,137
-----------
SPECIALTY CONSUMER
PRODUCTS--3.36%
2,000 Alberto Culver (Class B).................................. 64,500
2,800 American Safety Razor*.................................... 32,900
600 Duracraft*................................................ 18,750
5,900 Handleman................................................. 68,587
1,300 Helene Curtis............................................. 42,900
3,900 Oneida.................................................... 58,500
</TABLE>
<TABLE>
<CAPTION>
SHARES/
PRINCIPAL
AMOUNT VALUE
--------- -----------
<C> <S> <C>
SPECIALTY CONSUMER
PRODUCTS--(CONTINUED)
12,100 Topps................................................. $ 71,844
4,300 Universal............................................. 99,974
-----------
457,955
-----------
TEXTILES--2.23%
1,500 Chesapeake............................................ 42,750
4,900 Cone Mills*........................................... 61,862
2,500 Guilford Mills........................................ 64,374
2,300 Mohawk Industries*.................................... 34,788
1,300 St. John Knits........................................ 50,375
2,700 West Point Stevens*................................... 48,938
-----------
303,087
-----------
UTILITIES--2.48%
2,200 Central Hudson Gas & Electric......................... 59,674
2,800 Commonwealth Energy Systems........................... 110,600
5,700 Destec Energy*........................................ 68,400
2,400 Eastern Utilities Associates.......................... 55,500
2,800 Southwestern Energy................................... 42,700
-----------
336,874
-----------
TOTAL COMMON STOCK
(Cost $12,253,440).............................................. 13,203,724
-----------
RIGHTS--0.00%
5,700 Statesman Group Rights*
(Cost $0)............................................ 0
-----------
SHORT-TERM OBLIGATION--2.98%
TIME DEPOSIT
$407,297 National Westminster Bank (Nassau), 5.46%, due 6/01/95
(Cost $407,297)...................................... 407,297
-----------
TOTAL INVESTMENTS--99.68%
(Cost $12,660,737).............................................. 13,611,021
OTHER ASSETS AND LIABILITIES
(NET)--0.32%.................................................... 43,674
-----------
TOTAL NET ASSETS--100.00%........................................ $13,654,695
===========
</TABLE>
- ---------------------
* Non-income producing security
(a) Security has been pledged to cover margin requirements for futures
contracts.
<PAGE>
ST. JAMES PORTFOLIOS
SCHEDULE OF INVESTMENTS
MAY 31, 1995
SMALL CAP PORTFOLIO (CONTINUED)
See Notes to Financial Statements.
SCHEDULE OF OPEN FINANCIAL FUTURES CONTRACTS
MAY 31, 1995
<TABLE>
<CAPTION>
UNREALIZED
NUMBER FACE APPRECIATION
OF AMOUNT AT (DEPRECIATION)
CONTRACTS VALUE EXPIRATION AT 5/31/95
--------- --------- ---------- --------------
<S> <C> <C> <C> <C>
LONG:
Standard & Poor's Mid Cap 400..... 4 $384,200 9/95 ($4,830)
=======
</TABLE>
<PAGE>
ST. JAMES PORTFOLIOS
SCHEDULE OF INVESTMENTS
MAY 31, 1995
BALANCED PORTFOLIO
See Notes to Financial Statements.
<TABLE>
<CAPTION>
SHARES VALUE
------ -----------
<C> <S> <C>
COMMON STOCK--49.06%
AIRLINES--0.53%
5,800 AMR....................................................... $ 395,850
-----------
AEROSPACE--0.49%
6,000 Textron................................................... 365,250
-----------
APPAREL & TEXTILES--0.45%
18,600 Haggar.................................................... 334,800
-----------
AUTOMOTIVE--2.96%
38,000 Arkansas Best............................................. 365,750
14,000 General Motors Corp....................................... 672,000
17,000 Goodyear Tire & Rubber.................................... 718,250
25,000 Hayes Wheels International................................ 450,000
-----------
2,206,000
-----------
BANKING--2.33%
15,000 Bay View Capital.......................................... 386,250
24,000 Key Corp.................................................. 735,000
25,000 U.S. Bancorp (OR)......................................... 612,500
-----------
1,733,750
-----------
CHEMICAL--1.61%
15,000 Arco Chemical............................................. 693,750
20,450 Hanna (M. A.)............................................. 506,138
-----------
1,199,888
-----------
COMMUNICATION--1.85%
18,000 Advanced Micro Devices.................................... 591,750
10,000 AT & T.................................................... 507,500
10,000 Telefonos De Mexico ADR................................... 281,250
-----------
1,380,500
-----------
COMPUTER EQUIPMENT--2.91%
19,000 Apple Computer............................................ 788,500
8,000 Intel..................................................... 897,000
25,000 Standard Register......................................... 481,250
-----------
2,166,750
-----------
CONSUMER GOODS--0.63%
20,000 The Singer Company........................................ 472,500
-----------
DRUGS--2.81%
9,600 Bristol-Myers Squibb...................................... 637,200
10,000 Lilly (Eli) & Co.......................................... 746,250
15,000 Merck & Co................................................ 706,875
-----------
2,090,325
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----------
<C> <S> <C>
ELECTRONICS--2.69%
11,000 Eaton..................................................... $ 672,375
21,000 Marshall Industries....................................... 567,000
19,000 Philips Electronics ADR................................... 762,375
-----------
2,001,750
-----------
ENERGY--7.48%
10,000 Exxon Corp................................................ 713,750
25,000 Occidental Petroleum...................................... 575,000
22,400 Repsol S.A. ADR........................................... 730,800
5,000 Royal Dutch Petroleum..................................... 633,750
13,500 Tenneco................................................... 648,000
6,000 Texaco.................................................... 411,000
25,800 Ultramar.................................................. 686,925
17,000 Valero Energy............................................. 361,250
40,000 YPF S.A. ADR.............................................. 810,000
-----------
5,570,475
-----------
FINANCIAL SERVICES--3.33%
12,000 Exel Limited.............................................. 561,000
7,000 Federal National Mortgage Association..................... 651,000
40,000 National Auto Credit...................................... 415,000
18,000 Student Loan Marketing Association........................ 855,000
-----------
2,482,000
-----------
FOOD & BEVERAGES--3.88%
13,000 Anheuser Busch............................................ 768,625
12,000 Nestle ADR................................................ 605,393
11,000 Philip Morris............................................. 801,625
25,000 RJR Holdings Group........................................ 712,500
-----------
2,888,143
-----------
FORESTRY--2.26%
14,000 Weyerhaeuser.............................................. 614,250
37,000 Wickes Lumber*............................................ 573,500
10,000 Willamette Industries..................................... 497,500
-----------
1,685,250
-----------
HOME FURNISHINGS--0.40%
35,000 Griffon*.................................................. 297,500
-----------
INSURANCE--0.81%
20,000 Allstate.................................................. 602,500
-----------
</TABLE>
<PAGE>
ST. JAMES PORTFOLIOS
SCHEDULE OF INVESTMENTS
MAY 31, 1995
BALANCED PORTFOLIO (CONTINUED)
See Notes to Financial Statements.
<TABLE>
<CAPTION>
SHARES VALUE
------ -----------
<C> <S> <C>
COMMON STOCK (CONTINUED)
LEASING--2.09%
20,000 Comdisco.................................................. $ 600,000
12,500 GATX...................................................... 529,688
33,000 Winthrop Resources........................................ 429,000
-----------
1,558,688
-----------
MANUFACTURING--3.18%
15,000 Cleveland-Cliffs.......................................... 583,125
23 Consorcio G Grupo Dina
ADR L.................................................... 55
14,800 Cummins Engine............................................ 673,400
32,000 Giddings & Lewis.......................................... 552,000
12,000 Tecumseh Products
(Class A)................................................ 558,000
-----------
2,366,580
-----------
OFFICE EQUIPMENT--1.58%
15,000 Pitney Bowes.............................................. 555,000
5,500 Xerox..................................................... 623,563
-----------
1,178,563
-----------
REALTY--1.37%
30,000 Cali Realty............................................... 532,500
38,000 Commercial Net Lease Realty............................... 489,250
-----------
1,021,750
-----------
RETAIL--2.54%
22,000 Dillard Dept Stores....................................... 632,500
24,000 Meyer (Fred)*............................................. 642,000
13,000 Penney (J.C.)............................................. 612,625
-----------
1,887,125
-----------
SCIENTIFIC EQUIPMENT--0.88%
20,000 Fisher Scientific......................................... 652,500
-----------
TOTAL COMMON STOCK
(Cost $32,736,276)............................................... 36,538,437
-----------
CONVERTIBLE PREFERRED STOCK--2.28%
6,500 Burlington Northern
Series A, $3.125......................................... 433,875
</TABLE>
<TABLE>
<CAPTION>
SHARES/
PRINCIPAL
AMOUNT VALUE
--------- -----------
<C> <S> <C>
CONVERTIBLE PREFERRED STOCK
(CONTINUED)
11,000 Delta Airlines
Series C, $3.50....................................... $ 596,750
7,000 Ford Motor, 8.40%...................................... 668,500
-----------
TOTAL CONVERTIBLE PREFERRED STOCK
(Cost $1,607,786)..................................... 1,699,125
-----------
CORPORATE OBLIGATIONS--25.68%
AUTOMOTIVE--0.53%
$ 350,000 General Motors Corp., 8.95%, due 7/02/09............... 382,015
-----------
BUSINESS EQUIPMENT &
SERVICES--1.66%
1,195,000 Xerox Corp, 9.20%, due 7/15/99......................... 1,234,540
-----------
ELECTRIC UTILITIES--2.38%
600,000 Potomac Edison, 9.25%, due 6/01/19..................... 637,530
1,000,000 Hydro Quebec, 9.75%, due 1/15/18....................... 1,134,778
-----------
1,772,308
-----------
ENERGY--2.55%
500,000 Occidental Petroleum, 9.75%, due 6/15/01............... 568,785
1,250,000 Occidental Petroleum MTN, 8.50%, due 9/15/04........... 1,330,311
-----------
1,899,096
-----------
FINANCIAL SERVICES--6.06%
400,000 Ford Capital, 10.125%, due 11/15/00.................... 462,734
1,100,000 Ford Motor Credit, 5.625%, due 12/15/98................ 1,068,113
45,000 Ford Motor Credit, 5.625%, due 1/15/99................. 43,644
500,000 Ford Motor Credit, 7.50%, due 6/15/04.................. 514,086
600,000 General Motors Acceptance, 7.375%, due 6/22/00......... 614,171
</TABLE>
<PAGE>
ST. JAMES PORTFOLIOS
SCHEDULE OF INVESTMENTS
MAY 31, 1995
BALANCED PORTFOLIO (CONTINUED)
See Notes to Financial Statements.
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- -----------
<C> <S> <C>
CORPORATE OBLIGATIONS (CONTINUED)
FINANCIAL SERVICES--(CONTINUED)
$1,275,000 Goldman Sachs, 8.00%, due 3/01/13**.................. $ 1,290,211
500,000 SAFECO, 7.875%, due 4/01/05.......................... 530,246
-----------
4,523,205
-----------
FOOD & BEVERAGES--4.68%
1,850,000 Anheuser Busch, 8.50%, due 3/01/17................... 1,923,734
1,500,000 Kraft, 8.50%, due 2/15/17............................ 1,559,822
-----------
3,483,556
-----------
MANUFACTURING--0.26%
518,000 Consorcio G Grupo Dina, 8.00%, due 8/08/04........... 194,250
-----------
TELEPHONE UTILITIES--5.20%
1,350,000 New York Telephone, 6.25%, due 2/15/04............... 1,294,291
1,045,000 Pacific Telephone & Telegraph, 7.25%, due 2/01/08.... 1,047,376
1,500,000 Southwestern Bell Telephone, 7.75%, due 9/01/09...... 1,536,196
-----------
3,877,863
-----------
TRANSPORTATION--2.36%
1,675,000 Union Pacific, 8.50%, due 1/15/17.................... 1,760,321
-----------
TOTAL CORPORATE OBLIGATIONS
(Cost $18,476,863).................................. 19,127,154
-----------
U.S. GOVERNMENT AGENCY
OBLIGATIONS--6.75%
825,000 Farm Credit Financial Assistance Corporation, 9.20%,
due 9/27/05......................................... 897,443
1,285,000 Federal Home Loan Mortgage Corporation, 8.53%, due
2/02/05............................................. 1,385,749
500,000 Federal National Mortgage Association, 8.675%, due
11/10/04............................................ 542,793
2,000,000 Student Loan Marketing Association, 8.80%, due
11/15/04............................................ 2,024,292
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- -----------
<C> <S> <C>
U.S. GOVERNMENT AGENCY
OBLIGATIONS (CONTINUED)
$ 175,000 Tennessee Valley Authority, 6.875%, due 1/15/02...... $ 176,040
-----------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $4,858,518)................................... 5,026,317
-----------
UNITED STATES TREASURY
OBLIGATIONS--10.13%
United States Treasury Notes
1,150,000 6.750%, due 6/30/99.................................. 1,179,469
1,250,000 7.125%, due 9/30/99.................................. 1,301,170
1,800,000 6.000%, due 10/15/99................................. 1,797,185
1,250,000 6.250%, due 2/15/03.................................. 1,248,437
500,000 7.250%, due 5/15/04.................................. 530,624
United States Treasury Bonds
1,175,000 8.250%, due 5/15/05.................................. 1,271,569
200,000 7.875%, due 11/15/07................................. 217,000
-----------
TOTAL UNITED STATES TREASURY OBLIGATIONS
(Cost $7,217,835)................................... 7,545,454
-----------
SHORT-TERM OBLIGATION--6.54%
REPURCHASE AGREEMENT
4,870,249 Prudential Securities Inc., 5.75%, dated 5/31/95, due
6/01/95, proceeds $4,871,027 (collateralized by
various U.S. Government Agency Mortgage-Backed
Securities with rates from 4.15% to 10.00%, due from
9/15/97 to 1/15/24, valued at $4,967,627)
(Cost $4,870,249)................................... 4,870,249
-----------
TOTAL INVESTMENTS--100.44%
(Cost $69,767,527)............................................. $74,806,736
OTHER ASSETS AND LIABILITIES
(NET)--(0.44%)................................................. (327,657)
-----------
TOTAL NET ASSETS--100.00%....................................... $74,479,079
===========
</TABLE>
- ---------------------
* Non-income producing security
** Securities exempt from registration under Rule 144A
ADRAmerican Depository Receipt
<PAGE>
ST. JAMES PORTFOLIOS
SCHEDULE OF INVESTMENTS
MAY 31, 1995
EQUITY GROWTH PORTFOLIO
See Notes to Financial Statements.
<TABLE>
<CAPTION>
SHARES VALUE
------ -----------
<C> <S> <C>
COMMON STOCK--92.55%
AUTOMOTIVE--2.22%
64,500 Hayes Wheels International................................ $ 1,161,000
-----------
BUSINESS EQUIPMENT &
SERVICES--7.50%
75,000 EMC Corporation*.......................................... 1,725,000
60,000 G Tech Holdings*.......................................... 1,447,500
25,000 Olsten.................................................... 753,125
-----------
3,925,625
-----------
CHEMICALS--4.50%
20,000 du Pont (E.I.) de Nemours................................. 1,357,500
20,000 Loctite................................................... 997,500
-----------
2,355,000
-----------
CONSUMER GOODS &
SERVICES--11.48%
20,000 Colgate-Palmolive......................................... 1,540,000
9,000 Kimberly Clark............................................ 540,000
30,000 Premark International..................................... 1,496,250
30,000 Sherwin Williams.......................................... 1,102,500
25,000 VF........................................................ 1,331,250
-----------
6,010,000
-----------
DRUGS--2.26%
15,000 Schering-Plough........................................... 1,181,250
-----------
ELECTRICAL EQUIPMENT--5.58%
28,000 General Electric.......................................... 1,624,000
45,000 National Service Industries............................... 1,299,375
-----------
2,923,375
-----------
ELECTRONIC COMPONENTS--6.47%
40,000 AMP....................................................... 1,705,000
15,000 Intel..................................................... 1,681,875
-----------
3,386,875
-----------
ENGINEERING SERVICES--2.11%
50,400 Jacobs Engineering Group.................................. 1,102,500
-----------
ENVIRONMENTAL SERVICES--2.34%
45,000 WMX Technologies.......................................... 1,226,250
-----------
FINANCIAL SERVICES--4.23%
5,000 Brooklyn Bancorp.......................................... 153,750
8,000 Federal National Mortgage Association..................... 744,000
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----------
<C> <S> <C>
FINANCIAL SERVICES--(CONTINUED)
20,000 Firstfed Michigan...................................... $ 580,000
33,000 Greenpoint Financial................................... 734,250
-----------
2,212,000
-----------
FOOD AND BEVERAGES--2.34%
25,000 PepsiCo................................................ 1,225,000
-----------
FREIGHT--1.47%
55,000 Kirby.................................................. 770,000
-----------
GROCERY STORES--1.89%
30,000 Penn Traffic*.......................................... 990,000
-----------
INSURANCE--2.04%
31,000 American General....................................... 1,069,500
-----------
LEASING--1.81%
90,000 Rollins Truck Leasing.................................. 945,000
-----------
MEDICAL SUPPLIES & SERVICES--9.89%
50,000 Bard (C.R.)............................................ 1,475,000
43,300 Baxter International................................... 1,510,088
25,000 Columbia/HCA Healthcare................................ 1,021,875
30,000 Sybron*................................................ 1,170,000
-----------
5,176,963
-----------
METALS & MINING--4.24%
40,000 Asarco................................................. 1,155,000
60,000 Freeport-McMoRan....................................... 1,035,000
1,500 Freeport McMoRan Copper & Gold (Class A)................. 30,750
-----------
2,220,750
-----------
OIL & GAS--6.77%
16,000 Amoco.................................................. 1,094,000
27,000 Burlington Resources................................... 1,120,500
28,500 Castle Energy.......................................... 242,250
40,000 Noble Affiliates....................................... 1,085,000
-----------
3,541,750
-----------
PUBLISHING--2.01%
25,000 Harcourt General....................................... 1,053,125
-----------
RAILROADS--2.03%
30,000 Illinois Central....................................... 1,061,250
-----------
</TABLE>
<PAGE>
ST. JAMES PORTFOLIOS
SCHEDULE OF INVESTMENTS
MAY 31, 1995
EQUITY GROWTH PORTFOLIO (CONTINUED)
See Notes to Financial Statements.
<TABLE>
<CAPTION>
SHARES VALUE
------ -----------
<C> <S> <C>
COMMON STOCK (CONTINUED)
TELECOMMUNICATIONS--9.37%
40,000 Airtouch Communications*.................................. $ 1,090,000
30,000 ALLTEL.................................................... 738,750
50,000 Comcast Corp (Class A).................................... 843,750
60,000 Mobile Telecommunications*................................ 1,342,500
15,000 Motorola.................................................. 898,125
-----------
4,913,125
-----------
TOTAL COMMON STOCK
(Cost $45,414,848)............................................... 48,450,338
-----------
PREFERRED STOCK--1.49%
TELECOMMUNICATIONS
17,000 Cellular Communications*
(Cost $809,625).......................................... 782,000
-----------
</TABLE>
- ---------------------
* Non-income producing security
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- -----------
<C> <S> <C>
SHORT-TERM OBLIGATION--6.09%
REPURCHASE AGREEMENT
$3,189,835 Salomon Brothers, 5.64%, dated 5/31/95, due 6/01/95,
proceeds $3,190,335 (collateralized by U.S.
Treasury Bond, 6.25%, due 8/15/23, valued at
$3,255,899)
(Cost $3,189,835).................................. $ 3,189,835
-----------
TOTAL INVESTMENTS--100.13%
(Cost $49,414,308)............................................. 52,422,173
OTHER ASSETS AND LIABILITIES
(NET)--(0.13%)................................................. (69,359)
-----------
TOTAL NET ASSETS--100.00%....................................... $52,352,814
===========
</TABLE>
<PAGE>
ST. JAMES PORTFOLIOS
SCHEDULE OF INVESTMENTS
MAY 31, 1995
VALUE EQUITY INCOME PORTFOLIO
See Notes to Financial Statements.
<TABLE>
<CAPTION>
SHARES VALUE
------ -----------
<C> <S> <C>
COMMON STOCK--91.17%
AEROSPACE--1.31%
4,600 Goodrich (B.F.)........................................... $ 228,275
-----------
BANKS--14.25%
8,100 Banc One.................................................. 281,475
1,300 BankAmerica............................................... 67,925
6,100 Boatmen's Bancshares...................................... 198,250
6,900 Corestates Financial...................................... 229,425
1,300 First Chicago............................................. 74,588
1,500 First Union Corp.......................................... 73,500
7,550 Mellon Bank............................................... 322,763
7,400 Morgan (J.P.) & Co........................................ 524,475
15,100 PNC Bank.................................................. 407,700
6,600 U.S. Bancorp.............................................. 161,700
4,000 Wachovia.................................................. 151,500
-----------
2,493,301
-----------
CHEMICALS--3.02%
2,448 Dow Chemical.............................................. 179,622
4,000 Olin...................................................... 216,000
4,800 Witco..................................................... 132,000
-----------
527,622
-----------
CONGLOMERATES--0.87%
8,000 Hanson PLC ADR............................................ 152,000
-----------
DRUGS--9.55%
6,546 American Home Products.................................... 481,950
8,800 Bristol-Myers Squibb...................................... 584,100
3,600 Lilly (Eli) & Company..................................... 268,650
9,200 Upjohn.................................................... 334,650
-----------
1,669,350
-----------
FINANCIAL SERVICES--2.19%
4,888 Ahmanson (H.F.) & Co...................................... 111,202
2,300 Beneficial................................................ 102,350
7,729 Great Western Financial................................... 169,072
-----------
382,624
-----------
FOOD & BEVERAGES--0.18%
700 Heinz (H.J.).............................................. 31,675
-----------
FOREST PRODUCTS--0.28%
1,100 Weyerhaeuser.............................................. 48,263
-----------
HEALTHCARE--0.36%
1,800 Baxter International...................................... 62,775
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----------
<C> <S> <C>
HOUSEHOLD PRODUCTS--1.57%
6,400 Tambrands................................................. $ 274,400
-----------
INSURANCE--7.25%
4,200 Aetna Life & Casualty..................................... 250,425
13,500 American General.......................................... 465,750
8,100 Lincoln National.......................................... 366,525
700 Marsh & McLennan.......................................... 55,738
2,200 SAFECO.................................................... 129,250
-----------
1,267,688
-----------
OIL & GAS--9.56%
5,000 Atlantic Richfield........................................ 580,624
2,884 Chevron................................................... 141,677
1,300 Consolidated Natural Gas.................................. 51,838
5,588 Exxon..................................................... 398,844
4,600 Nicor..................................................... 122,475
5,481 Texaco.................................................... 375,449
-----------
1,670,907
-----------
PRINTING & PUBLISHING--5.33%
12,500 Deluxe.................................................... 398,437
10,061 Dun & Bradstreet.......................................... 533,232
-----------
931,669
-----------
RETAIL--3.01%
8,800 K mart.................................................... 112,200
8,800 Penney (J.C.)............................................. 414,700
-----------
526,900
-----------
TOBACCO--6.25%
7,800 American Brands........................................... 314,924
7,600 Philip Morris............................................. 553,850
7,500 UST Inc. ................................................. 224,063
-----------
1,092,837
-----------
UTILITIES--ELECTRIC--12.88%
11,300 Baltimore Gas & Electric.................................. 293,800
10,100 Central & South West...................................... 260,074
14,321 Northeast Utilities....................................... 341,913
5,100 NY State Electric & Gas................................... 118,575
2,400 Peco Energy............................................... 67,500
11,600 Pennsylvania Power & Light................................ 223,300
9,644 Public Service Enterprise Group........................... 286,909
9,244 Texas Utilities........................................... 333,940
</TABLE>
<PAGE>
ST. JAMES PORTFOLIOS
SCHEDULE OF INVESTMENTS
MAY 31, 1995
VALUE EQUITY INCOME PORTFOLIO (CONTINUED)
See Notes to Financial Statements.
<TABLE>
<CAPTION>
SHARES/ VALUE
------- -----------
<C> <S> <C>
COMMON STOCK (CONTINUED)
UTILITIES--ELECTRIC--(CONTINUED)
4,300 Union Electric........................................... $ 162,863
5,700 Wisconsin Energy......................................... 163,875
-----------
2,252,749
-----------
UTILITIES--TELEPHONES--13.31%
2,266 Ameritech................................................ 100,553
7,500 Bell Atlantic............................................ 418,124
996 BellSouth................................................ 61,130
15,100 GTE...................................................... 503,963
11,924 NYNEX.................................................... 497,827
14,600 Pacific Telesis Group.................................... 390,550
8,652 US West.................................................. 356,895
-----------
2,329,042
-----------
TOTAL COMMON STOCK
(Cost $14,257,662)............................................... 15,942,077
-----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- -----------
<C> <S> <C>
SHORT-TERM OBLIGATION--4.72%
REPURCHASE AGREEMENT
$824,629 Prudential Securities Inc., 5.75%, dated 5/31/95, due
6/01/95, proceeds $824,761 (collateralized by in
various U.S. Government Agency Mortgage-Backed
Securities with rates from 4.15% to 10.00%, due from
9/15/97 to 1/15/24, valued at $841,096)
(Cost $824,629)..................................... $ 824,629
-----------
TOTAL INVESTMENTS--95.89%
(Cost $15,082,291)............................................. 16,766,706
OTHER ASSETS AND LIABILITIES
(NET)--4.11%................................................... 718,989
-----------
TOTAL NET ASSETS--100.00%....................................... $17,485,695
===========
</TABLE>
- ---------------------
ADR American Depository Receipt
<PAGE>
ST. JAMES PORTFOLIOS
SCHEDULE OF INVESTMENTS
MAY 31, 1995
INTERNATIONAL EQUITY PORTFOLIO
See Notes to Financial Statements.
<TABLE>
<CAPTION>
SHARES VALUE
------ ----------
<C> <S> <C>
COMMON STOCK--89.58%
ARGENTINA--2.38%
10,000 Quilmes Industries......................................... $ 210,000
----------
BERMUDA--1.03%
4,000 Partnerre Holdings Ltd. ................................... 91,000
----------
CANADA--2.20%
5,000 Imperial Oil............................................... 194,375
----------
FRANCE--8.11%
2,500 Cie Generale des Eaux...................................... 276,994
5,000 Coflexip ADR............................................... 143,750
400 Gaz et Eaux................................................ 159,549
5,000 Idia....................................................... 136,987
----------
717,280
----------
GERMANY--6.65%
300 Hochtief................................................... 177,408
300 Linde AG................................................... 176,346
60 Linde AG New............................................... 35,227
100 Munich Reinsurance......................................... 199,009
----------
587,990
----------
HONG KONG--4.69%
60,000 Hutchison Whampoa.......................................... 303,306
50,000 Johnson Electric Holdings.................................. 111,510
----------
414,816
----------
INDONESIA--0.76%
25,000 P.T. Wicaksana Overseas.................................... 67,385
----------
JAPAN--12.12%
12,000 Canon...................................................... 187,123
7,000 Canon Sales................................................ 182,753
4,000 Ito Yokado................................................. 211,695
45,000 Mitsubishi Heavy........................................... 308,862
10,000 Nippondenso................................................ 180,744
----------
1,071,177
----------
MALAYSIA--5.66%
35,000 Nestle Berhad.............................................. 271,285
80,000 Nylex Berhad............................................... 228,880
----------
500,165
----------
NETHERLANDS--9.59%
5,000 IHC Caland................................................. 133,844
2,000 Randstad Holdings.......................................... 124,288
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ ----------
<C> <S> <C>
NETHERLANDS--(CONTINUED)
3,000 Royal Dutch Petroleum.................................. $ 380,249
2,500 Wolters Kluwer......................................... 209,625
----------
848,006
----------
NORWAY--4.00%
5,000 Norsk Hydro ADR........................................ 206,250
10,000 Unitor ADR............................................. 147,391
----------
353,641
----------
SINGAPORE--5.08%
15,000 Development Bank of Singapore.......................... 175,482
30,000 Keppel................................................. 273,453
----------
448,935
----------
SOUTH AFRICA--1.51%
40,000 Liblife Strategic Investments Ltd. .................... 133,188
----------
SPAIN--2.54%
2,500 Banco Intercontinental Espana.......................... 224,581
----------
SWEDEN--2.60%
8,000 Astra AB (Class B)..................................... 229,806
----------
SWITZERLAND--11.68%
1,500 BBC Brown Boveri (Registered).......................... 300,900
5,000 Nestle ADR............................................. 252,247
1,000 Societe Generale Surveillance (Registered)............. 319,760
500 Sika Finanz AG-Bearer.................................. 158,594
----------
1,031,501
----------
UNITED KINGDOM--8.98%
50,000 Blenheim Group......................................... 204,265
6,000 British Sky Broadcasting ADR........................... 153,000
12,000 Hanson PLC ADR......................................... 228,000
50,000 Rentokil Group PLC..................................... 209,030
----------
794,295
----------
TOTAL COMMON STOCK
(Cost $7,139,924)............................................. 7,918,141
----------
PREFERRED STOCK--1.68%
GERMANY
300 Krones
(Cost $157,638)....................................... 148,725
----------
</TABLE>
<PAGE>
ST. JAMES PORTFOLIOS
SCHEDULE OF INVESTMENTS
MAY 31, 1995
INTERNATIONAL EQUITY PORTFOLIO (CONTINUED)
See Notes to Financial Statements.
<TABLE>
<CAPTION>
SHARES/
PRINCIPAL
AMOUNT VALUE
--------- ----------
<C> <S> <C>
WARRANTS--0.57%
GERMANY
500 Deutsche Bank, 6/30/95
(Cost $45,748)....................................... $ 50,496
----------
CORPORATE OBLIGATION--2.82%
THAILAND 2.82%
$250,000 Bangkok Bank, 3.25%, due 3/3/04
(Cost $207,909)...................................... 249,375
----------
SHORT-TERM OBLIGATION--5.67%
REPURCHASE AGREEMENT
501,424 Prudential Securities Inc., 5.75%, dated 5/31/95, due
6/01/95, proceeds $501,504 (collateralized by various
U.S. Government Mortgage-Backed Securities with rates
from 4.15% to 10.00%, due from 9/15/97 to 1/15/24,
valued at $511,428)
(Cost $501,424)...................................... 501,424
----------
TOTAL INVESTMENTS--100.32%
(Cost $8,052,643)............................................... 8,868,161
OTHER ASSETS AND LIABILITIES
(NET)--(0.32)%.................................................. (28,127)
----------
TOTAL NET ASSETS--100.00%........................................ $8,840,034
==========
</TABLE>
- ---------------------
ADR American Depository Receipt
<TABLE>
<CAPTION>
% OF
NET ASSETS
----------
SECTOR ALLOCATION
<S> <C>
Advertising.......................................................... 2.32%
Banking.............................................................. 7.92
Basic Industry....................................................... 7.56
Construction & Building.............................................. 2.01
Consumer Goods....................................................... 18.03
Drugs................................................................ 2.60
Electric Services.................................................... 3.13
Electronics & Equipment.............................................. 16.03
Financial Services................................................... 2.54
Healthcare........................................................... 2.04
Insurance............................................................ 2.25
Machinery............................................................ 13.34
Natural Resources.................................................... 1.63
Oil & Gas............................................................ 6.50
Printing & Publishing................................................ 2.37
Retail............................................................... 2.58
Utilities............................................................ 1.80
------
Subtotal............................................................ 94.65
Cash Equivalents..................................................... 5.35
------
Total Net Assets................................................... 100.00%
======
</TABLE>
<PAGE>
ST. JAMES PORTFOLIOS
STATEMENTS OF ASSETS AND LIABILITIES
MAY 31, 1995
<TABLE>
<CAPTION>
TOTAL RETURN EQUITY BOND
EQUITY INCOME BOND MARKET MARKET
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
----------- ----------- ------------ ----------- -----------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments in
securities, at value
(Note 3d)(a).......... $15,749,263 $32,857,206 $25,765,222 $13,037,340 $15,804,130
Dividends and interest
receivable............ 35,174 558,669 263,605 48,302 160,006
Receivable for
investment securities
sold.................. 485,563 -- -- 598,110 278,876
Receivable from
affiliate (Note 2a)... 40,461 43,452 38,373 50,188 47,110
Receivable for futures
variation margin (Note
3c)................... -- -- -- 3,045 --
Prepaid expenses....... 3,848 2,842 2,792 2,781 2,797
Deferred organization
expenses (Note 1e).... 34,023 34,023 34,083 41,808 38,556
----------- ----------- ----------- ----------- -----------
Total assets........... 16,348,332 33,496,192 26,104,075 13,781,574 16,331,475
----------- ----------- ----------- ----------- -----------
LIABILITIES:
Payable for investment
securities purchased.. 894,338 -- 1,000,000 96,405 --
Due to servicing agent
(Note 2b)............. 4,616 5,405 5,049 5,002 5,112
Organization expenses
payable (Note 1e)..... 36,584 36,584 36,584 36,058 36,058
Payable for futures
variation margin (Note
3c)................... -- -- -- -- --
Accrued expenses and
other liabilities..... 11,457 13,054 11,880 11,726 9,450
----------- ----------- ----------- ----------- -----------
Total liabilities...... 946,995 55,043 1,053,513 149,191 50,620
----------- ----------- ----------- ----------- -----------
NET ASSETS: $15,401,337 $33,441,149 $25,050,562 $13,632,383 $16,280,855
=========== =========== =========== =========== ===========
REPRESENTED BY:
Paid-in capital for
beneficial interests.. $15,401,337 $33,441,149 $25,050,562 $13,632,383 $16,280,855
=========== =========== =========== =========== ===========
- ---------------
(a) Cost of investments. $14,490,103 $31,606,379 $24,553,520 $11,203,842 $15,192,578
</TABLE>
See Notes to Financial Statements.
<PAGE>
ST. JAMES PORTFOLIOS
STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)
MAY 31, 1995
<TABLE>
<CAPTION>
VALUE
EQUITY EQUITY INTERNATIONAL
SMALL CAP BALANCED GROWTH INCOME EQUITY
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
----------- ----------- ----------- ----------- -------------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments in
securities, at value
(Note 3d)(a) ......... $13,611,021 $74,806,736 $52,422,173 $16,766,706 $8,868,161
Dividends and interest
receivable............ 15,179 768,297 66,525 88,685 48,458
Receivable for
investment securities
sold.................. -- -- 560,000 744,950 --
Receivable from
affiliate (Note 2a)... 46,473 81,090 68,287 45,592 32,481
Receivable for futures
variation margin (Note
3c)................... -- -- -- -- --
Prepaid expenses....... 2,727 8,238 2,950 2,751 2,700
Deferred organization
expenses (Note 1e).... 35,340 55,199 51,049 37,577 34,184
----------- ----------- ----------- ----------- ----------
Total assets........... 13,710,740 75,719,560 53,170,984 17,686,261 8,985,984
----------- ----------- ----------- ----------- ----------
LIABILITIES:
Payable for investment
securities purchased.. -- 1,175,084 758,950 149,877 96,130
Due to servicing agent
(Note 2b)............. 4,672 6,872 6,095 4,822 4,455
Organization expenses
payable (Note 1e)..... 36,058 36,058 36,058 36,058 36,584
Payable for futures
variation margin (Note
3c)................... 2,800 -- -- -- --
Accrued expenses and
other liabilities..... 12,515 22,467 17,067 9,809 8,781
----------- ----------- ----------- ----------- ----------
Total liabilities...... 56,045 1,240,481 818,170 200,566 145,950
----------- ----------- ----------- ----------- ----------
NET ASSETS.............. $13,654,695 $74,479,079 $52,352,814 $17,485,695 $8,840,034
=========== =========== =========== =========== ==========
REPRESENTED BY:
Paid-in-capital for
beneficial interests.. $13,654,695 $74,479,079 $52,352,814 $17,485,695 $8,840,034
=========== =========== =========== =========== ==========
- ---------------
(a) Cost of investments. $12,660,737 $69,767,527 $49,414,308 $15,082,291 $8,052,643
</TABLE>
See Notes to Financial Statements.
<PAGE>
ST. JAMES PORTFOLIOS
STATEMENTS OF OPERATIONS
COMMENCEMENT OF OPERATIONS THROUGH MAY 31, 1995 (A)
<TABLE>
<CAPTION>
TOTAL RETURN EQUITY BOND
EQUITY INCOME BOND MARKET MARKET
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
---------- ---------- ------------ ---------- ----------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME (NOTE
1):
Interest............... $ 23,004 $ 758,407 $ 481,370 $ 44,889 $1,428,528
Dividends (b).......... 70,381 -- -- 537,049 --
---------- ---------- ---------- ---------- ----------
93,385 758,407 481,370 581,938 1,428,528
---------- ---------- ---------- ---------- ----------
EXPENSES (NOTE 1F):
Investment advisory
fees (Note 2a)........ 23,905 67,732 43,478 49,516 47,955
Servicing and fund
accounting agent fees
(Note 2b)............. 20,368 23,776 21,403 54,614 54,279
Custodian fees (Note
2c)................... 8,556 3,927 3,153 18,970 6,749
Amortization of
organization expenses
(Note 1e)............. 2,739 2,739 2,679 9,058 8,354
Trustees' fees and
expenses (Note 2d).... 473 1,552 957 4,667 3,999
Auditing fees.......... 5,000 5,000 5,000 5,000 5,000
Legal fees............. 2,704 5,977 4,479 3,864 4,594
Miscellaneous.......... 621 481 702 3,776 479
---------- ---------- ---------- ---------- ----------
Total Expenses......... 64,366 111,184 81,851 149,465 131,409
Less: Waiver of fees
(Note 2a)............. (23,905) (67,732) (43,478) (49,516) (47,955)
Reimbursement of
expenses (Note 2a).. (40,461) (43,452) (38,373) (99,949) (83,454)
---------- ---------- ---------- ---------- ----------
Net Expenses........... 0 0 0 0 0
---------- ---------- ---------- ---------- ----------
NET INVESTMENT INCOME... 93,385 758,407 481,370 581,938 1,428,528
---------- ---------- ---------- ---------- ----------
REALIZED AND UNREALIZED
GAIN (LOSS) (NOTE 3):
Net realized gain
(loss) on investments. (284,228) 95,033 127,441 1,516,504 136,599
Net realized gain
(loss) on foreign
currency transactions. -- -- -- -- --
Net realized gain on
futures (Note 3c)..... -- -- -- 74,965 --
Net change in
unrealized
appreciation on
investments(c)........ 1,259,160 1,250,827 1,211,702 1,837,991 611,552
---------- ---------- ---------- ---------- ----------
NET REALIZED AND
UNREALIZED GAIN ....... 974,932 1,345,860 1,339,143 3,429,460 748,151
---------- ---------- ---------- ---------- ----------
NET INCREASE IN NET
ASSETS RESULTING FROM
OPERATIONS............. $1,068,317 $2,104,267 $1,820,513 $4,011,398 $2,176,679
========== ========== ========== ========== ==========
- ---------------
(a) Commencement of
operations: 01/16/95 01/16/95 01/19/95 07/11/94 07/11/94
(b) Net of foreign taxes
withheld: $1,525 -- -- $3,499 --
(c)Includes net
unrealized
appreciation
(depreciation) of
financial futures and
foreign currency: -- -- -- $4,493 --
</TABLE>
See Notes to Financial Statements.
<PAGE>
ST. JAMES PORTFOLIOS
STATEMENTS OF OPERATIONS (CONTINUED)
COMMENCEMENT OF OPERATIONS THROUGH MAY 31, 1995 (A)
<TABLE>
<CAPTION>
SMALL EQUITY VALUE EQUITY INTERNATIONAL
CAP BALANCED GROWTH INCOME EQUITY
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
---------- ---------- ---------- ------------ -------------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME (NOTE
1):
Interest............... $ 31,685 $2,401,616 $ 112,874 $ 31,027 $ 31,668
Dividends (b).......... 167,293 795,427 496,863 779,640 66,283
---------- ---------- ---------- ---------- --------
198,978 3,197,043 609,737 810,667 97,951
---------- ---------- ---------- ---------- --------
EXPENSES (NOTE 1F):
Investment advisory
fees (Note 2a)........ 75,292 365,664 285,384 102,039 26,276
Servicing and fund
accounting agent fees
(Note 2b)............. 50,206 72,155 66,174 52,265 18,964
Custodian fees (Note
2c)................... 10,500 19,156 15,079 7,991 3,359
Amortization of
organization expenses
(Note 1e)............. 7,657 11,960 11,061 8,142 2,579
Trustees' fees and
expenses (Note 2d).... 2,418 11,482 9,148 3,330 368
Auditing fees.......... 5,000 5,000 5,000 5,000 5,000
Legal fees............. 3,421 17,697 12,935 4,370 1,605
Miscellaneous.......... 448 616 556 456 606
---------- ---------- ---------- ---------- --------
Total Expenses......... 154,942 503,730 405,337 183,593 58,757
Less: Waiver of fees
(Note 2a)............. (75,292) (365,664) (285,384) (102,039) (26,276)
Reimbursement of
expenses (Note 2a).. (79,650) (138,066) (119,953) (81,554) (32,481)
---------- ---------- ---------- ---------- --------
Net Expenses........... 0 0 0 0 0
---------- ---------- ---------- ---------- --------
NET INVESTMENT INCOME... 198,978 3,197,043 609,737 810,667 97,951
---------- ---------- ---------- ---------- --------
REALIZED AND UNREALIZED
GAIN (LOSS) (NOTE 3):
Net realized gain
(loss) on investments
...................... 218,682 1,047,162 2,653,871 511,049 9,535
Net realized gain
(loss) on foreign
currency transactions. -- -- -- -- (779)
Net realized gain on
futures (Note 3c)..... 29,096 -- -- -- --
Net change in
unrealized
appreciation on
investments(c)........ 945,454 5,039,209 3,007,865 1,684,415 815,551
---------- ---------- ---------- ---------- --------
NET REALIZED AND
UNREALIZED GAIN ....... 1,193,232 6,086,371 5,661,736 2,195,464 824,307
---------- ---------- ---------- ---------- --------
NET INCREASE IN NET
ASSETS RESULTING FROM
OPERATIONS............. $1,392,210 $9,283,414 $6,271,473 $3,006,131 $922,258
========== ========== ========== ========== ========
- ---------------
(a)Commencement of
operations: 07/11/94 07/11/94 07/11/94 07/11/94 01/24/95
(b)Net of foreign taxes
withheld: -- $ 13,537 -- $ 835 $ 11,159
(c)Includes net
unrealized
appreciation
(depreciation) of
financial futures and
foreign currency: $ (4,830) -- -- -- $ 33
</TABLE>
See Notes to Financial Statements.
<PAGE>
ST. JAMES PORTFOLIOS
STATEMENTS OF CHANGES IN NET ASSETS
COMMENCEMENT OF OPERATIONS THROUGH MAY 31, 1995(A)
<TABLE>
<CAPTION>
TOTAL RETURN EQUITY BOND
EQUITY INCOME BOND MARKET MARKET
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
----------- ----------- ------------ ----------- -----------
<S> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN
NET ASSETS FROM:
OPERATIONS:
Net investment income.. $ 93,385 $ 758,407 $ 481,370 $ 581,938 $ 1,428,528
Net realized gain
(loss) on
investments........... (284,228) 95,033 127,441 1,516,504 136,599
Net realized gain
(loss) on foreign
currency
transactions.......... -- -- -- -- --
Net realized gain on
futures............... -- -- -- 74,965 --
Net change in
unrealized
appreciation on
investments for the
period................ 1,259,160 1,250,827 1,211,702 1,837,991 611,552
----------- ----------- ----------- ----------- -----------
Net increase in net
assets resulting
from operations...... 1,068,317 2,104,267 1,820,513 4,011,398 2,176,679
----------- ----------- ----------- ----------- -----------
TRANSACTIONS IN
INVESTORS' BENEFICIAL
INTEREST:
Additions.............. 14,601,919 31,900,618 23,570,121 34,190,623 32,835,501
Reductions............. (269,006) (563,843) (340,179) (24,586,405) (18,748,092)
----------- ----------- ----------- ----------- -----------
Net increase from
transactions in
investors' beneficial
interest.............. 14,332,913 31,336,775 23,229,942 9,604,218 14,087,409
----------- ----------- ----------- ----------- -----------
TOTAL INCREASE IN NET
ASSETS.............. 15,401,230 33,441,042 25,050,455 13,615,616 16,264,088
NET ASSETS
Beginning of period
(Note 1).............. 107 107 107 16,767 16,767
----------- ----------- ----------- ----------- -----------
End of period.......... $15,401,337 $33,441,149 $25,050,562 $13,632,383 $16,280,855
=========== =========== =========== =========== ===========
SUPPLEMENTARY DATA
COMMENCEMENT OF
OPERATIONS THROUGH MAY
31, 1995(A)
<CAPTION>
TOTAL RETURN EQUITY BOND
EQUITY INCOME BOND MARKET MARKET
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
----------- ----------- ------------ ----------- -----------
<S> <C> <C> <C> <C> <C>
Ratios:
Expenses to Average Net
Assets(b)(c).......... 0.00% 0.00% 0.00% 0.00% 0.00%
Net Investment Income
to Average Net
Assets(b)(c).......... 2.54% 7.28% 7.20% 2.94% 7.45%
Portfolio Turnover(d).. 34% 34% 84% 98% 67%
- ---------------
(a) Commencement of
operations: 01/16/95 01/16/95 01/19/95 07/11/94 07/11/94
(b) Annualized
(c) Reflects a voluntary
expense waiver and
reimbursement of
expenses by the
investment advisor.
Without these
waivers and
reimbursements, the
ratios of expenses
to average net
assets and net
investment income to
average net assets
would have been as
follows:
Expenses to Average
Net Assets(b)........ 1.75% 1.07% 1.22% 0.75% 0.69%
Net Investment Income
to
Average Net
Assets(b)........... 0.79% 6.21% 5.98% 2.19% 6.76%
</TABLE>
(d) Portfolio Turnover calculation excludes in-kind transfers of securities.
(See Note 3a)
See Notes to Financial Statements.
<PAGE>
ST. JAMES PORTFOLIOS
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
COMMENCEMENT OF OPERATIONS THROUGH MAY 31, 1995(A)
<TABLE>
<CAPTION>
SMALL EQUITY VALUE EQUITY INTERNATIONAL
CAP BALANCED GROWTH INCOME EQUITY
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
----------- ------------ ------------ ------------ -------------
<S> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN
NET ASSETS FROM:
OPERATIONS:
Net investment income.. $ 198,978 $ 3,197,043 $ 609,737 $ 810,667 $ 97,951
Net realized gain on
investments........... 218,682 1,047,162 2,653,871 511,049 9,535
Net realized loss on
foreign currency
transactions.......... -- -- -- -- (779)
Net realized gain on
futures............... 29,096 -- -- -- --
Net change in
unrealized
appreciation on
investments for the
period................ 945,454 5,039,209 3,007,865 1,684,415 815,551
----------- ------------ ------------ ------------ ----------
Net increase in net
assets resulting
from operations...... 1,392,210 9,283,414 6,271,473 3,006,131 922,258
----------- ------------ ------------ ------------ ----------
TRANSACTIONS IN
INVESTORS' BENEFICIAL
INTEREST:
Additions.............. 20,475,410 96,451,552 73,536,283 26,435,352 8,407,110
Reductions............. (8,229,692) (31,272,654) (27,471,709) (11,972,555) (489,441)
----------- ------------ ------------ ------------ ----------
Net increase from
transactions in
investors' beneficial
interest.............. 12,245,718 65,178,898 46,064,574 14,462,797 7,917,669
----------- ------------ ------------ ------------ ----------
TOTAL INCREASE IN NET
ASSETS.............. 13,637,928 74,462,312 52,336,047 17,468,928 8,839,927
NET ASSETS
Beginning of period
(Note 1).............. 16,767 16,767 16,767 16,767 107
----------- ------------ ------------ ------------ ----------
End of period.......... $13,654,695 $ 74,479,079 $ 52,352,814 $ 17,485,695 $8,840,034
=========== ============ ============ ============ ==========
SUPPLEMENTARY DATA
COMMENCEMENT OF
OPERATIONS THROUGH MAY
31, 1995(A)
<CAPTION>
SMALL EQUITY VALUE EQUITY INTERNATIONAL
CAP BALANCED GROWTH INCOME EQUITY
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
----------- ------------ ------------ ------------ -------------
<S> <C> <C> <C> <C> <C>
Ratios:
Expenses to Average Net
Assets(b)(c).......... 0.00% 0.00% 0.00% 0.00% 0.00%
Net Investment Income
to Average Net
Assets(b)(c).......... 1.72% 5.68% 1.39% 5.16% 3.73%
Portfolio Turnover(d).. 47% 57% 122% 28% 8%
- ---------------
(a) Commencement of
operations: 07/11/94 07/11/94 07/11/94 07/11/94 01/24/95
(b) Annualized
(c) Reflects a voluntary
expense waiver and
reimbursement of
expenses by the
investment advisor.
Without these
waivers and
reimbursements, the
ratios of expenses
to average net
assets and net
investment income to
average net assets
would have been as
follows:
Expenses to Average
Net Assets(b)......... 1.34% 0.90% 0.92% 1.17% 2.24%
Net Investment Income
to Average Net
Assets(b)............. 0.38% 4.78% 0.47% 3.99% 1.49%
(d) Portfolio Turnover
calculation excludes
in-kind transfers of
securities. (See
Note 3a)
</TABLE>
See Notes to Financial Statements.
<PAGE>
ST. JAMES PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS
1. SIGNIFICANT ACCOUNTING POLICIES:
St. James Portfolios (the "Portfolio Series") was organized as a New York
trust on May 11, 1994, with the Portfolios established as separate series of
the Portfolio Series on the same date. The Portfolio Series is comprised of
twelve portfolios, ten of which are active and described herein (each a
"Portfolio"; collectively, the "Portfolios"): Equity Portfolio, Income
Portfolio, Total Return Bond Portfolio, Equity Market Portfolio, Bond Market
Portfolio, Small Cap Portfolio, Balanced Portfolio, Equity Growth Portfolio,
Value Equity Income Portfolio and International Equity Portfolio. The
Portfolio Series had no operations until July 11, 1994 (when operations
commenced with respect to the Equity Market, Bond Market, Small Cap, Balanced,
Equity Growth and Value Equity Income Portfolios) other than matters relating
to its organization and registration as an open-end diversified management
investment company under the Investment Company Act of 1940 (the "Act"), the
sale of an initial beneficial interest (the "Initial Interest") of each
Portfolio at the respective purchase prices of $16,667 each to a corresponding
series of Excelsior Institutional Trust (each a "Fund") as noted below and the
sale of an Initial Interest of each Portfolio at the respective purchase price
of $100 each to UST Distributors, Inc. The Equity, Income, Total Return Bond
and International Equity Portfolios commenced operations on January 16, 1995,
January 16, 1995, January 19, 1995 and January 24, 1995, respectively. The
Declaration of Trust permits the Portfolio Series to issue an unlimited number
of beneficial interests in each Portfolio.
<TABLE>
<CAPTION>
PORTFOLIO FUND
--------- ----
<S> <C>
Equity Portfolio.................................. Equity Fund
Income Portfolio.................................. Income Fund
Total Return Bond Portfolio....................... Total Return Bond Fund
Equity Market Portfolio........................... Equity Index Fund
Bond Market Portfolio............................. Bond Index Fund
Small Cap Portfolio............................... Small Capitalization Fund
Balanced Portfolio................................ Balanced Fund
Equity Growth Portfolio........................... Equity Growth Fund
Value Equity Income Portfolio..................... Value Equity Income Fund
International Equity Portfolio.................... International Equity Fund
</TABLE>
United States Trust Company of The Pacific Northwest ("U.S. Trust Pacific")
serves as investment advisor for the Portfolios listed below. U.S. Trust
Pacific has delegated the daily management of the security holdings of the
Portfolios to the investment managers named below, acting as subadvisors:
Equity Market Portfolio, Bond
Market Portfolio and Small
Cap Portfolio................. United States Trust Company of New York
("U.S. Trust")
Balanced Portfolio............. Becker Capital Management
Equity Growth Portfolio........ Luther King Capital Management
Value Equity Income Portfolio.. Spare Kaplan Bischel & Associates
International Equity
Portfolio..................... Harding, Loevner Management, L.P.
U.S. Trust serves directly as the investment advisor for the Equity Portfolio,
Income Portfolio and Total Return Bond Portfolio. Signature Financial
Services, Inc. ("SFSI") serves as the Portfolio Series' servicing and fund
accounting agent. U.S. Trust serves as the Portfolio Series' custodian. U.S.
Trust Pacific is a subsidiary of U.S. Trust.
<PAGE>
ST. JAMES PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
The following is a summary of the significant accounting policies of the
Portfolios:
a) Valuation of Investments--Investments in securities (including financial
futures) that are traded on a domestic exchange are valued at the last sale
price on the exchange on which such securities are primarily traded or at the
last sale price on a national securities market. Securities traded over-the-
counter are valued each business day on the basis of closing over-the-counter
bid prices. Securities for which there were no transactions are valued at the
average of the most recent bid and asked prices (as calculated by an
independent pricing service (the "Service") based upon its evaluation of the
market for such securities) when, in the judgment of the Service, quoted bid
and asked prices for securities are readily available and are representative
of the market. Bid price is used when no asked price is available. Investments
in securities that are primarily traded on foreign securities exchanges are
generally valued at the preceding closing values of such securities on their
respective exchanges, except that when an occurrence subsequent to the time a
value was so established is likely to have changed such value, then a fair
value of those securities will be determined by consideration of other factors
under the direction of the Portfolio Series' Trustees. A security which is
traded on more than one exchange is valued at the quotation on the exchange
determined to be the primary market on which the security is traded.
All other foreign securities are valued at the last current bid quotation if
market quotations are available, or at fair value as determined in accordance
with policies established by the Board of Trustees. Investment valuations,
other assets, and liabilities initially expressed in foreign currencies are
converted each business day into U.S. dollars based upon current exchange
rates. Purchases and sales of foreign investments and income and expenses are
converted into U.S. dollars based upon currency exchange rates prevailing upon
the respective dates of such transactions. Gains and losses attributable to
foreign currency rates are recorded for financial statement purposes as
realized gains and losses on investments.
Securities for which market quotations are not readily available are valued
at fair value pursuant to guidelines adopted by the Portfolio Series'
Trustees. Short-term debt instruments with remaining maturities of 60 days or
less are valued at amortized cost, which approximates market value.
b) Forward foreign currency exchange contracts--The International Equity
Portfolio's participation in forward currency exchange contracts will be
limited to hedging involving either specific transactions or portfolio
positions. Transaction hedging involves the purchase or sale of foreign
currency with respect to specific receivables or payables of the Portfolio
generally arising in connection with the purchase or sale of its portfolio
securities. Risk may arise upon entering into these contracts from the
potential inability of counterparties to meet the terms of their contracts and
is generally limited to the amount of unrealized gain on the contracts, if
any, on the date of default. Risk may also arise from unanticipated movements
in the value of a foreign currency relative to the U.S. dollar. Contracts are
marked to market daily and the change in market value is recorded as
unrealized appreciation or depreciation. Realized gains and losses arising
from such transactions are included in net realized gains or losses from
foreign currency transactions.
<PAGE>
ST. JAMES PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
c) Security transactions and investment income--Security transactions are
recorded on a trade date basis. Realized gains and losses on investments sold
are recorded on the basis of identified cost. Interest income, including where
applicable amortization of discounts and premiums on investments, is recorded
on the accrual basis. Dividend income is recorded on the ex-dividend date,
except for certain dividends from foreign securities, which are recorded as
soon as the Portfolio is informed of the dividend.
d) Repurchase agreements--The Portfolios may purchase portfolio securities
from financial institutions deemed to be creditworthy by the investment
advisor subject to the seller's agreement to repurchase and the Portfolios'
agreement to resell such securities at mutually agreed upon prices. Securities
purchased subject to such repurchase agreements are deposited with the
Portfolios' subcustodian or are maintained in the Federal Reserve/Treasury
book-entry system and must have, at all times, an aggregate market value of
not less than 102% of the repurchase price (including accrued interest).
If the value of the underlying security, including accrued interest, falls
below 102% of the repurchase price plus accrued interest, the Portfolios will
require the seller to deposit additional collateral by the next business day.
Default or bankruptcy of the seller may, however, expose the applicable
Portfolio to a risk of loss in the event that the portfolio is delayed or
prevented from exercising its right to dispose of the underlying collateral
securities or to the extent that proceeds from a sale of the underlying
securities were less than the repurchase price under the agreement.
e) Deferred Organization Expenses--The following organization expenses have
been deferred and are being amortized on a straight-line basis over a period
not to exceed five years beginning with the commencement of operations of the
Portfolios:
Equity Portfolio............. $36,762 Small Cap Portfolio.......... $42,997
Income Portfolio............. $36,762 Balanced Portfolio........... $67,159
Total Return Bond Portfolio.. $36,762 Equity Growth Portfolio...... $62,110
Equity Market Portfolio...... $50,866 Value Equity Income
Bond Market Portfolio........ $46,910 Portfolio.................... $45,719
International Equity
Portfolio.................... $36,763
Any amount received by a Portfolio from its corresponding Fund as a result
of a redemption of the Fund's Initial Shares will be applied so as to reduce
the amount of unamortized organization expenses of that Portfolio. The amount
paid by the Portfolio Series on behalf of a Portfolio on any withdrawal from
the Portfolio of the Initial Interest of UST Distributors, Inc. will be
reduced by a pro rata portion of any unamortized organization expenses of the
Portfolio. With regard to each Portfolio, this reduction will be determined
with respect to each withdrawal of an Initial Interest by calculating the
proportion of the amount of the Initial Interest withdrawn to the aggregate
amount of the Initial Interests then outstanding. The service providers to the
Portfolios have agreed to contribute to each Portfolio at the time of the
termination, liquidation, or dissolution of a Portfolio, an amount equal to
the unamortized organizational expense at such time.
f) Expense Allocation--Expenses incurred by the Portfolio Series with
respect to any two or more Portfolios are allocated in proportion to the
average net assets of each Portfolio, except where allocation of direct
expenses to each Portfolio can otherwise be fairly made. Expenses directly
attributable to a Portfolio are charged to that Portfolio.
<PAGE>
ST. JAMES PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
g) Federal Income Taxes--Each Portfolio will be treated as a partnership for
federal income tax purposes. As such, each investor in each Portfolio will be
subject to taxation on its share of that Portfolio's ordinary income and
capital gains. It is intended that each Portfolio's assets will be managed in
such a way that an investor in the Portfolio will be able to satisfy the
requirements of Subchapter M of the Internal Revenue Code.
2. INVESTMENT ADVISORY FEE, SUBADVISORY FEES AND OTHER TRANSACTIONS WITH
AFFILIATES
a) Fees payable by the Portfolio Series pursuant to the provisions of
Investment Advisory Agreements with U.S. Trust and U.S. Trust Pacific are
payable monthly, computed on the average daily values of each Portfolio's net
assets at the following annual rates: 0.25% of the Equity Market and Bond
Market Portfolios, 0.65% for the Equity, Income, Total Return Bond, Small Cap,
Balanced, Equity Growth and Value Equity Income Portfolios, and 1.00% for the
International Equity Portfolio. For the period ended May 31, 1995, U.S. Trust
and U.S. Trust Pacific voluntarily agreed to waive all of their investment
advisory fees amounting to the following:
<TABLE>
<S> <C>
Equity Portfolio............. $23,905
Income Portfolio............. $67,732
Total Return Bond Portfolio.. $43,478
Equity Market Portfolio...... $49,516
Bond Market Portfolio........ $47,955
</TABLE>
<TABLE>
<S> <C>
Small Cap Portfolio............................................... $ 75,292
Balanced Portfolio................................................ $365,664
Equity Growth Portfolio........................................... $285,384
Value Equity Income Portfolio..................................... $102,039
International Equity Portfolio.................................... $ 26,276
</TABLE>
In addition, U.S. Trust voluntarily agreed to reimburse the Portfolio Series
for all expenses exclusive of the investment advisory fee, taxes, interest,
brokerage commissions and extraordinary expenses. For the period ended May 31,
1995, U.S. Trust voluntarily reimbursed the Portfolio Series the following
amounts:
<TABLE>
<S> <C>
Equity Portfolio............. $40,461
Income Portfolio............. $43,452
Total Return Bond Portfolio.. $38,373
Equity Market Portfolio...... $99,949
Bond Market Portfolio........ $83,454
</TABLE>
<TABLE>
<S> <C>
Small Cap Portfolio............................................... $ 79,650
Balanced Portfolio................................................ $138,066
Equity Growth Portfolio........................................... $119,953
Value Equity Income Portfolio..................................... $ 81,554
International Equity Portfolio.................................... $ 32,481
</TABLE>
Pursuant to separate subadvisory agreements between U.S. Trust Pacific and
each subadvisor, subadvisory fees are payable monthly by U.S. Trust Pacific,
computed on the average daily value of each Portfolio's net assets at the
following maximum annual rates: 0.25% for the Equity Market and Bond Market
Portfolios, 0.65% for the Small Cap Portfolio, 0.425% for the Balanced
Portfolio, 0.40% for the Equity Growth and Value Equity Income Portfolios, and
0.45% for the International Equity Portfolio. The subadvisors are compensated
only by U.S. Trust Pacific, and receive no fee directly from the Portfolio
Series. For the period ended May 31, 1995, subadvisory fees amounted to the
following:
<TABLE>
<S> <C>
Equity Market Portfolio.. $ 49,516
Bond Market Portfolio.... $ 47,955
Small Cap Portfolio...... $ 75,292
Balanced Portfolio....... $239,088
</TABLE>
<TABLE>
<S> <C>
Equity Growth Portfolio........................................... $175,621
Value Equity Income Portfolio..................................... $ 62,793
International Equity Portfolio.................................... $ 11,824
</TABLE>
b) Pursuant to a Servicing and Fund Accounting Agreement ("Agreement") with
SFSI, SFSI serves as the servicing and fund accounting agent to the Portfolio
Series, providing fund accounting and other services necessary for the
operations of the Portfolio Series and furnishing office facilities required
for conducting the business of the Portfolio Series. Certain officers of SFSI
serve as officers of
<PAGE>
ST. JAMES PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
the Portfolio Series and are compensated by SFSI. Fees payable to SFSI
pursuant to the Agreement for its servicing functions are payable monthly and
computed on the average daily value of each Portfolio's net assets at the
following annual rates: 0.05% of the first $2 billion in assets; 0.08% of the
next $500 million; 0.07% of the next $500 million; 0.06% of the next $1
billion; and 0.05% thereafter. In addition, for its fund accounting services
under the Agreement, SFSI receives a fee payable monthly of $50,000 per year
per Portfolio plus out of pocket expenses. For the period ended May 31, 1995,
fees charged under the Agreement for each Portfolio amounted to the following:
<TABLE>
<S> <C>
Equity Portfolio............. $20,368
Income Portfolio............. $23,776
Total Return Bond Portfolio.. $21,403
Equity Market Portfolio...... $54,614
Bond Market Portfolio........ $54,279
</TABLE>
<TABLE>
<S> <C>
Small Cap Portfolio................................................ $50,206
Balanced Portfolio................................................. $72,155
Equity Growth Portfolio............................................ $66,174
Value Equity Income Portfolio...................................... $52,265
International Equity Portfolio..................................... $18,964
</TABLE>
c) U.S. Trust serves as custodian of the Portfolios' assets pursuant to a
Custody Agreement between U.S. Trust and the Portfolio Series. Pursuant to
delegation authority provided under the Custody Agreement, U.S. Trust has
entered into a subcustody agreement with Investors Bank & Trust Company
("IBT") with respect to the Portfolio Series. For services provided thereunder
by IBT, U.S. Trust has agreed to pay IBT a fee as agreed upon from time to
time. IBT receives no fee directly from the Portfolio Series for its
subcustody services.
Fees received by U.S. Trust under the Custody Agreement for the period ended
May 31, 1995 amounted to the following:
Equity Portfolio............. $ 8,556 Small Cap Portfolio.......... $10,500
Income Portfolio............. $ 3,927 Balanced Portfolio........... $19,156
Total Return Bond Portfolio.. $ 3,153 Equity Growth Portfolio...... $15,079
Equity Market Portfolio...... $18,970 Value Equity Income
Bond Market Portfolio........ $ 6,749 Portfolio.................... $ 7,991
International Equity
Portfolio.................... $ 3,359
d) Independent Trustees of the Portfolio receive an annual retainer of
$8,000 and an additional $500 for each meeting of the Board of Trustees
attended. In addition, the Portfolio Series reimburses the Independent
Trustees for reasonable expenses incurred when acting in their capacity as
Trustees. Officers and Trustees deemed to be affiliated or "interested
persons" under the Act of the Portfolio Series or the Trust receive no
compensation from the Portfolio Series or Trust for their services.
3. PURCHASES AND SALES OF INVESTMENT SECURITIES
a) Investment transactions (excluding short-term investments) for the period
ended May 31, 1995 were as follows:
<TABLE>
<CAPTION>
COST OF CONTRIBUTION PROCEEDS
PURCHASES IN KIND FROM SALES
----------- ------------ -----------
<S> <C> <C> <C>
Equity Portfolio.......................... $13,513,487 $3,082,356 $ 2,851,416
Income Portfolio.......................... $35,671,056 $2,572,283 $ 7,154,320
Total Return Bond Portfolio............... $34,257,977 $1,065,955 $12,376,567
Equity Market Portfolio................... $28,335,763 -- $18,881,078
</TABLE>
<PAGE>
ST. JAMES PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
<TABLE>
<CAPTION>
COST OF CONTRIBUTION PROCEEDS
PURCHASES IN KIND FROM SALES
----------- ------------ -----------
<S> <C> <C> <C>
Bond Market Portfolio..................... $12,633,873 $18,368,738 $16,140,644
Small Cap Portfolio....................... $ 6,564,523 $10,867,612 $ 5,397,376
Balanced Portfolio........................ $40,797,824 $55,122,809 $32,206,524
Equity Growth Portfolio................... $53,637,021 $42,762,650 $52,676,570
Value Equity Income Portfolio............. $ 4,289,532 $18,620,401 $ 9,163,320
International Equity Portfolio............ $ 7,948,180 -- $ 406,495
</TABLE>
b) Investment transactions in U.S. Government and Agency Obligations
(excluding short-term investments) for the period ended May 31, 1995 were as
follows:
<TABLE>
<CAPTION>
COST OF CONTRIBUTION PROCEEDS
PURCHASES IN-KIND FROM SALES
----------- ------------ -----------
<S> <C> <C> <C>
Equity Portfolio.......................... -- -- --
Income Portfolio.......................... $31,662,656 $ 510,937 $ 5,089,062
Total Return Bond Portfolio............... $30,770,046 -- $11,739,042
Equity Market Portfolio................... -- -- --
Bond Market Portfolio..................... $10,606,404 $18,320,517 $16,140,644
Small Cap Portfolio....................... -- -- --
Balanced Portfolio........................ $10,557,894 $12,083,900 $10,096,699
Equity Growth Portfolio................... -- -- --
Value Equity Income Portfolio............. -- -- --
International Equity Portfolio............ -- -- --
</TABLE>
c) With respect to the Equity Market and Small Cap Portfolios, the
portfolios are engaged in financial futures contracts. Futures contracts on
securities and securities indices will be used primarily to accomodate cash
flows or in anticipation of taking a market position when, in the opinion of
the investment advisor, available cash balances do not permit economically
efficient purchases of securities. The Portfolios are exposed to market risk
as a result of changes in the value of the underlying financial instruments.
Investments in financial futures require the Portfolios to mark to market the
value of each contract on a daily basis, which reflects the change in the
market value of the contract at the close of each day's trading. Accordingly,
variation margin payments are made or received to reflect daily unrealized
gains or losses. When the contracts are closed, the Portfolios recognize a
realized gain or loss. Investments in financial futures require initial margin
deposits with a custodian, which consists of cash or securities, up to
approximately 10% of the contract amount. The amount of these deposits is
determined by the stock exchange or board of trade on which the contract is
traded.
<PAGE>
ST. JAMES PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
d) At May 31, 1995, the cost and gross unrealized appreciation and
depreciation in the value of investments owned by the Portfolios, as computed
on a federal tax basis, were as follows:
<TABLE>
<CAPTION>
TOTAL RETURN EQUITY BOND
EQUITY INCOME BOND MARKET MARKET
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
----------- ----------- ------------ ----------- -------------
<S> <C> <C> <C> <C> <C>
Aggregate cost.......... $14,490,103 $31,606,379 $24,553,520 $11,230,028 $15,192,578
=========== =========== =========== =========== ===========
Gross unrealized
appreciation........... $ 1,337,208 $ 1,252,690 $ 1,211,702 $ 1,986,981 $ 612,042
Gross unrealized
depreciation........... (78,048) (1,863) -- (179,669) (490)
----------- ----------- ----------- ----------- -----------
Net unrealized
appreciation
(depreciation)......... $ 1,259,160 $ 1,250,827 $ 1,211,702 $ 1,807,312 $ 611,552
=========== =========== =========== =========== ===========
<CAPTION>
VALUE
SMALL EQUITY EQUITY INTERNATIONAL
CAP BALANCED GROWTH INCOME EQUITY
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
----------- ----------- ------------ ----------- -------------
<S> <C> <C> <C> <C> <C>
Aggregate cost.......... $12,664,073 $69,773,777 $49,448,173 $15,083,656 $ 8,052,643
=========== =========== =========== =========== ===========
Gross unrealized
appreciation........... $ 1,656,594 $ 6,027,032 $ 4,278,015 $ 1,852,413 $ 864,776
Gross unrealized
depreciation........... (709,646) (994,073) (1,304,015) (169,363) (49,258)
----------- ----------- ----------- ----------- -----------
Net unrealized
appreciation
(depreciation)......... $ 946,948 $ 5,032,959 $ 2,974,000 $ 1,683,050 $ 815,518
=========== =========== =========== =========== ===========
</TABLE>
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REPORT OF PRICE WATERHOUSE LLP, INDEPENDENT ACCOUNTANTS
TO THE TRUSTEES AND INVESTORS OF THE
ST. JAMES PORTFOLIOS
In our opinion, the accompanying statements of assets and liabilities,
including the schedules of investments, and the related statements of
operations and of changes in net assets and the supplementary data present
fairly, in all material respects, the financial position of each of the
Portfolios constituting the St. James Portfolios (the "Portfolios") at May 31,
1995, and the results of their operations, the changes in their net assets,
and their supplementary data for the periods indicated, in conformity with
generally accepted accounting principles. These financial statements and
supplementary data (hereafter referred to as "financial statements") are the
responsibility of the Portfolios' management; our responsibility is to express
an opinion on these financial statements based on our audits. We conducted our
audits of these financial statements in accordance with generally accepted
auditing standards which require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing
the accounting principles used and significant estimates made by management,
and evaluating the overall financial statement presentation. We believe that
our audits, which included confirmation of securities at May 31, 1995 by
correspondence with the custodian and brokers, and the application of
alternative auditing procedures where confirmations from brokers were not
received, provide a reasonable basis for the opinion expressed above.
Price Waterhouse LLP
Boston, Massachusetts
July 25, 1995
USTEXITA95
