WHITEHALL FUNDS TRUST
(FORMERLY IBJ FUNDS TRUST)
ANNUAL REPORT
NOVEMBER 30, 1999
- --------------------------------------------------------------------------------
WHITEHALL GROWTH FUND
WHITEHALL GROWTH & INCOME FUND
WHITEHALL INCOME FUND
WHITEHALL MONEY MARKET FUND
IBJ WHITEHALL [BULLET] FINANCIAL GROUP
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WHITEHALL FUNDS Trust
(FORMERLY IBJ FUNDS TRUST)
- --------------------------------------------------------------------------------
Fellow Shareholders:
OUR NEW NAME
We are pleased to submit this Annual Report of The Whitehall Funds
Trust for the fiscal year ending November 30, 1999. As you may know, the name of
the Funds was changed from the IBJ Funds Trust to the Whitehall Funds Trust in
January, 2000. Beginning in February, 2000, the Funds will be listed in the
newspaper under the heading "Whitehall Funds".
The individual Fund names have changed as well and these changes are
shown below:
FORMER FUND NAME NEW FUND NAME
---------------- -------------
IBJ Core Equity Fund Whitehall Growth Fund
IBJ Blended Total Return Fund Whitehall Growth & Income Fund
IBJ Core Fixed Income Fund Whitehall Income Fund
IBJ Reserve Money Market Fund Whitehall Money Market Fund
In choosing a new name for our mutual fund family, we looked to our sponsor
and investment adviser - IBJ Whitehall Bank & Trust Co. We selected Whitehall
because it is a name which reflects our tradition of strength and continuity and
which reflects our roots in the Wall Street area since our founding seventy-five
years ago.
In all other respects, however, the Funds remain unchanged. The same
management and research team continues to supervise the Funds' portfolios, and
the Funds' investment objectives, policies and procedures will continue as
before.
OUR OUTLOOK
In the period since the Funds' semi-annual report, dated May 31, 1999,
strong economic growth has characterized the U.S. and global business
environment. This momentum, coupled with accommodative financial conditions,
combined to produce above trendline growth that appears to be sustainable well
into the New Year. Concerns related to higher interest rates, weakening domestic
currency and sharply advancing energy prices were not sufficient to retard the
benefits of muted inflation trends, solid productivity increases, near-record
unemployment, and sustainable earnings growth. Expected glitches from the
world's computer systems as a result of the Year 2000 rollover failed to
materialize, while significant GDP sectors such as retail sales generated their
best holiday season results in over ten years, spurred by the best consumer
confidence readings in almost three decades. Consensus expectations call for a
4.0% - 4.5% GDP advance in the first half of 2000 followed by a moderation in
real growth in the closing quarters of the year to around 2.5%.
Future economic expansion appears to be buoyed by business hiring plans
that have advanced sharply entering the first quarter and sharp increases in
research and development budgets for 2000.
1
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With manufacturing company surveys pointing to acceleration in recent weeks,it
now appears that the economy is hitting on all cylinders. Accompanying the
stronger growth has been nascent indications of a rise in both actual and
anticipated inflation trends. While still modest, the trend has been upward
inboth the consumption price deflator and core inflation measures. Enhanced
monetary liquidity as a result of Y2K concerns, accompanied by tax cut proposals
by both Clinton and Bush, could add to a "negative psychology" infiltrating the
money and capital markets during the early part of the New Year.
The trend toward rising interest rates should continue early in the first
quarter as the Federal Reserve Bank reacts to the steady flow of stronger-than
- -expected domestic and foreign economic releases. Nevertheless, the drag from
higher energy prices, central bank tightening, lower mortgage refinancing
activity and lackluster mortgage creations should combine to restrict growth
later in 2000. Moreover, the improved business outlook in both Asia and Europe
is clouded by the apparent stalled recoveries in Japan and Germany.
CONCLUSION
In summary, we remain confident as to the sustainability of a healthy
business environment within the United States at this time. Improving foreign
business trends should contribute to the earnings of multinational corporations
while technology-driven productivity remains our best weapon against mounting
inflationary pressures. We believe that these themes will remain paramount in
consensus forecasts in the New Year. The world appears to be embracing the "New
Economic Model" that allows for higher real growth accompanied by low
unemployment and muted inflation pressures.
In discussing the individual performance of our Funds on the following
pages, you will see that for the majority of our shareholders 1999 was a very
good year. Still, we approach the new year with caution. While it is always
gratifying to report above-average investment returns, we are at the same time
guided by our dual mandate which is to grow and preserve our clients' wealth by
pursuing investments which do not expose you to undue levels of risk.
Respectfully submitted,
/s/signature
Michael Felson
Chief Investment Officer
2
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MANAGEMENT'S DISCUSSION
WHITEHALL FUNDS Trust
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WHITEHALL GROWTH FUND (FORMERLY IBJ CORE EQUITY FUND)
A $10,000 investment in the Whitehall Growth Fund, made on the inception date,
would have increased to $34,314 (as of November 30, 1999). The graph below shows
how this compares to our benchmark over the same period. Total return for the
Fund was 44.49% for the year ended November 30, 1999.
The Fund's performance is compared to the Standard & Poor's 500 Stock Index,
which reflects the performance of the U.S. Stock Market as a whole. The index is
unmanaged, and therefore does not incur the fees associated with a mutual fund,
such as investment management and fund administration fees. The performance of
the Whitehall Growth Fund is net of all fees.
[graph omitted]
WHITEHALL GROWTH FUND
formerly Standard & Poor's
IBJ Core Equity Fund 500 Stock Index
2/1/95 10,000 10,000
3/95 10,730 10,695
6/95 11,390 11,715
9/95 12,400 12,645
12/95 13,135 13,406
3/96 14,276 14,125
6/96 14,495 14,758
9/96 14,899 15,214
12/96 15,845 16,481
3/97 16,173 16,924
6/97 18,264 19,876
9/97 19,778 21,365
12/97 20,585 21,979
3/98 22,947 25,042
6/98 22,531 25,874
9/98 20,039 23,306
12/98 25,708 28,266
3/99 27,999 29,673
6/99 29,749 31,765
9/99 29,945 29,873
11/99 34,314 32,312
Whitehall Growth Fund
Average Annual Total Return
as of November 30, 1999*
--------------------------------
Since Inception
1 Year 3 Year (2/1/95)
--------------------------------
44.49% 28.53% 29.10%
--------------------------------
* Without certain fee waivers, returns would have been lower.
Past performance is not predictive of future results. At any time the investment
return and NAV will fluctuate, so that an investor's shares may be worth more or
less than the original cost.
3
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MANAGEMENT'S DISCUSSION
WHITEHALL FUNDS Trust
- --------------------------------------------------------------------------------
WHITEHALL GROWTH & INCOME FUND (FORMRLY IBJ BLENDED TOTAL RETURN FUND)
A $10,000 investment in the Whitehall Growth & Income Fund, made on the
inception date would have increased to $21,128 (as of November 30, 1999). The
graph below shows how this compares to our benchmark over the same period. Total
return for the Fund was 15.23% for the year ended November 30, 1999. The
Fund'sperformance is compared to the Lehman Intermediate Government/ Corporate
Bond Index, which reflects the performance of U.S. Treasury and Government
issues with maturities of 1 to 10 years, and investment grade corporate bonds
with maturities of 1 to 10 years, and the Standard & Poor's 500 Stock Index,
which reflects the performance of the U.S. stock market as a whole. The indices
are unmanaged, and therefore do not incur the fees associated with a mutual
fund, such as investment management and fund administration fees. The
performance of the Whitehall Growth & Income Fund is net of all fees.
(graph omitted)
[Line graph omitted--plot points as follows]
WHITEHALL GROWTH &
INCOME FUND
formerly
IBJ Blended
Total Return Standard & Poors Lehman Intermediate Government/
Fund 500 Stock Index Corporate Bond Index
2/1/95 10,000 10,000 10,000
3/95 10,540 10,695 10,265
6/95 11,099 11,715 10,778
9/95 11,656 12,645 10,956
12/95 12,222 13,406 11,342
3/96 12,673 14,125 11,247
6/96 12,807 14,758 11,318
9/96 13,048 15,214 11,519
12/96 13,721 16,481 11,801
3/97 13,662 16,924 11,787
6/97 17,798 19,876 12,135
9/97 15,807 21,365 12,463
12/97 16,048 21,979 12,729
3/98 17,122 25,042 12,928
6/98 17,190 25,874 13,171
9/98 16,886 23,306 13,763
12/98 18,922 28,266 13,804
3/99 19,102 29,673 13,778
6/99 19,998 31,765 13,723
9/99 19,654 29,783 13,849
11/99 21,128 32,312 13,902
Whitehall Growth & Income Fund
Average Annual Total Return
as of November 30, 1999*
-------------------------------
Since Inception
1 Year 3 Year (2/1/95)
-------------------------------
15.23% 15.30% 16.76%
-------------------------------
* Without certain fee waivers, returns would have been lower.
Past performance is not predictive of future results. At any time the investment
return and NAV will fluctuate, so that an investor's shares may be worth more or
less than the original cost.
4
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MANAGEMENT'S DISCUSSION
WHITEHALL FUNDS Trust
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WHITEHALL INCOME FUND (FORMERLY IBJ CORE FIXED INCOME FUND)
A $10,000 investment in the Whitehall Income Fund, made on the inception
date would have increased to $13,467 (as of November 30, 1999). The graph below
shows how this compares to our benchmark over the same period. Total return for
the Fund was -1.79% for the year ended November 30, 1999.
The Fund's performance is compared to the Lehman Intermediate Government/
Corporate Bond Index, which reflects the performance of U.S. Treasury and
Government issues with maturities of 1 to 10 years, and investment grade
corporate bonds with maturities of 1 to 10 years. The index is unmanaged,
and therefore does not incur the fees associated with a mutual fund,
such as investment management and fund administration fees. The
performance of the Whitehall Income Fund is net of all fees.
WHITEHALL
INCOME FUND
formerly
IBJ Core Lehman Intermediate
Fixed Income Fund Government/Corporate
Service Class Bond Index
2/1/95 10,000 10,000
3/95 10,320 10,265
6/95 10,780 10,778
9/95 10,931 10,956
12/95 11,359 11,342
3/96 11,133 11,247
6/96 11,130 11,318
9/96 11,286 11,519
12/96 11,612 11,801
3/97 11,513 11,787
6/97 11,903 12,135
9/97 12,313 12,463
12/97 12,646 12,729
3/98 12,825 12,928
6/98 13,122 13,171
9/98 13,741 13,763
12/98 13,752 13,804
3/99 13,602 13,778
6/99 13,431 13,723
9/99 13,480 13,849
11/99 13,467 13,902
Whitehall Income Fund
Average Annual Total Return
as of November 30, 1999*
--------------------------
Since Inception
1 Year 3 Year (2/1/95)
--------------------------
-1.79% 4.78% 6.36%
--------------------------
* Without certain fee waivers, returns would have been lower.
Past performance is not predictive of future results. At any time the investment
return and NAV will fluctuate, so that an investor's shares may be worth more or
less than the original cost.
5
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IBJ FUNDS TRUST
RESERVE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS - November 30, 1999
- --------------------------------------------------------------------------------
PAR VALUE VALUE
- --------- -----
COMMERCIAL PAPER (A) -- 90.87%
AUTOMOBILE -- 3.86%
$800,000 DaimlerChrysler, N.A. Holding Corp.
5.890%, 01/28/00 .................. $ 792,408
----------
FINANCIAL SERVICES -- 29.56%
900,000 AI Credit Corp.
5.840%, 01/21/00 .................. 892,554
900,000 Duke Capital Corp.
5.500%, 12/21/99 (B) .............. 897,250
800,000 Ford Motor Credit Co.
5.810%, 01/21/00 .................. 793,415
900,000 General Electric Capital Corp.
5.470%, 12/21/99 ................... 897,265
900,000 General Motors Acceptance Corp.
5.840%, 01/28/00 ................... 891,532
900,000 GTE Funding, Inc.
5.880%, 01/21/00 ................... 892,503
800,000 Toyota Motor Credit Corp.
5.270%, 12/14/99 ................... 798,478
----------
6,062,997
----------
INDUSTRIAL GOODS AND SERVICES -- 38.07%
900,000 Abbott Laboratories
5.430%, 12/02/99 ................... 899,864
1,000,000 BP America, Inc.
5.670%, 01/28/00 ................... 990,865
900,000 Campbell Soup Co.
5.250%, 12/20/99 ................... 897,506
800,000 Cargill, Inc.
5.820%, 01/19/00 ................... 793,663
700,000 Disney (Walt) Co.
5.730%, 01/19/00 ................... 694,541
850,000 Emerson Electric Co.
5.450%, 12/03/99 ................... 849,743
800,000 Gannett Co.
5.750%, 01/21/00 ................... 793,483
1,000,000 Pfizer, Inc.
5.850%, 01/24/00 (B) ............... 991,225
900,000 Weyerhaeuser Real Estate
5.280%, 12/02/99 ................... 899,868
----------
7,810,758
----------
REGIONAL AGENCIES -- 3.86%
800,000 Province of British Columbia
5.820%, 02/02/00 ................... 791,852
----------
CREDIT
PAR VALUE RATINGS+ VALUE
--------- --------- -----
UTILITIES -- 15.52%
$ 800,000 AT&T Corp.
5.280%, 12/10/99 ................... 798,944
800,000 BellSouth Telecomm, Inc.
5.250%, 12/06/99 ................... 799,417
800,000 Duke Energy Corp.
5.750%, 01/14/00 ................... 794,378
800,000 Southern Co.
5.850%, 02/07/00 (B) ............... 791,160
----------
3,183,899
----------
TOTAL COMMERCIAL PAPER ............. 18,641,914
----------
(Cost $18,641,914)
U.S. GOVERNMENT AND AGENCY OBLIGATIONS -- 7.78%
FEDERAL HOME LOAN MORTGAGE
CORPORATION -- 3.64%
750,000 5.480%, 12/20/99 ........... AAA/Aaa 747,831
----------
FEDERAL NATIONAL
MORTGAGE ASSOCIATION -- 4.14%
850,000 5.460%, 12/13/99 ........... AAA/Aaa 848,453
----------
TOTAL U.S. GOVERNMENT AND
AGENCY OBLIGATIONS ......... 1,596,284
----------
(Cost $1,596,284)
SHARES
------
INVESTMENT COMPANY -- 1.78%
365,506 TempCash Provident Money Market
Investment Fund ............ 365,506
---------
TOTAL INVESTMENT COMPANY ... 365,506
---------
(Cost $365,506)
TOTAL INVESTMENTS -- 100.43% 20,603,704
----------
(Cost $20,603,704)
OTHER ASSETS
NET OF LIABILITIES -- (0.43)% (89,234)
-----------
NET ASSETS -- 100.00%....... $20,514,470
===========
-------------------------------
(A) Interest rate presented represents annualized yield at time of
purchase.
(B) Securities exempt from registration under section 4(2) of the
Securities Act of 1933, as amended. These securities may only be resold in
an exempt transaction to qualified institutional buyers. At November 30,
1999,
these securities amounted to $2,679,635 or 13.06% of net assets.
+ See page 15 for Credit Ratings Summary (unaudited).
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
6
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IBJ FUNDS TRUST
CORE FIXED INCOME FUND
PORTFOLIO OF INVESTMENTS - NOVEMBER 30, 1999
- --------------------------------------------------------------------------------
CREDIT
PAR VALUE RATINGS+ VALUE
- --------- -------- -----
CORPORATE OBLIGATIONS -- 50.05%
AEROSPACE -- 1.25%
$ 467,000 Lockheed Martin Corp.
7.250%, 05/15/06 ........... BBB-/Baa3 $ 445,985
-------------
AUTOMOBILES -- 5.09%
650,000 DaimlerChrysler N.A.
Holding Corp., MTN
6.630%, 09/21/01 ........... A+/A1 649,187
300,000 Delphi Automotive
Systems Corp.
6.500%, 05/01/09 ........... BBB/Baa2 275,625
335,000 Ford Capital BV, Yankee
9.875%, 05/15/02 ........... A/A1 356,356
400,000 General Motors Acceptance Corp.
7.000%, 03/01/00 ........... A/A3 400,928
131,000 General Motors Acceptance Corp.
9.000%, 10/15/02 ........... A/A2 138,041
-------------
1,820,137
-------------
BANKING -- 4.11%
200,000 BankAmerica Corp., MTN
7.125%, 05/12/05 ........... A/Aa3 199,250
250,000 Bankers Trust Corp., NY,
Subordinated Debentures
9.500%, 06/14/00 ........... A-/A3 254,062
700,000 Northern Trust Co.
6.700%, 09/15/05 ........... A+/A1 688,625
350,000 Swiss Bank Corp., NY,
Subordinated Debentures
7.000%, 10/15/15 ........... AA/Aa2 329,875
-------------
1,471,812
-------------
DURABLE GOODS -- 0.74%
250,000 Whirlpool Corp., Debentures
9.000%, 03/01/03 ........... A-/Baa1 263,750
-------------
FINANCIAL SERVICES -- 10.56%
200,000 Abbey National Plc,
Subordinated Notes
6.690%, 10/17/05 ........... AA-/Aa3 194,250
350,000 Associates Corp., N.A.
7.500%, 04/15/02 ........... AA-/Aa3 355,250
400,000 Associates Corp., N.A.,
Senior Note
6.500%, 08/15/02 ........... AA-/Aa3 396,500
310,000 BHP Finance USA, Yankee
7.875%, 12/01/02 ........... A/A3 317,750
250,000 Case Credit Corp., MTN,
Series A
5.930%, 02/26/01 ........... A-/Baa1 247,500
385,000 Commercial Credit Co., Notes
6.875%, 05/01/02 ........... A+/Aa3 384,519
319,000 Dean Witter,
Discover & Co., Notes
6.875%, 03/01/03 ........... A+/A1 317,804
100,000 Discover Credit, MTN
8.540%, 12/11/01 ........... A-/A2 101,625
500,000 Household Finance Corp.
6.450%, 03/15/01 ........... A/A2 498,125
270,000 Lehman Brothers
Holdings Inc., Notes
8.500%, 05/01/07 ........... A/A3 281,475
100,000 Metropolitan Life
Insurance Co.
6.300%, 11/01/03 (A) ....... A+/A1 96,125
200,000 National Rural Utilities
Cooperative Finance Corp.
6.500%, 09/15/02 ........... AA/Aa3 198,250
400,000 St. Paul Cos., Inc., MTN
6.740%, 07/18/05 ........... A+/A1 390,000
-------------
3,779,173
-------------
FOOD SERVICE -- 2.42%
350,000 Nabisco, Inc.
6.850%, 06/15/05 ........... BBB/Baa2 335,125
150,000 Panamerican Beverage, Inc.,
Senior Notes
8.125%, 04/01/03 ........... BBB-/Baa3 144,188
400,000 Tyson Foods, Inc., Yankee
6.625%, 10/17/05 ........... A-/A3 385,000
-------------
864,313
-------------
HEALTH CARE SERVICES -- 0.78%
12,000 Columbia/HCA Healthcare Corp.
7.150%, 03/30/04 ........... BB+/Ba2 11,145
55,000 Columbia/HCA Healthcare Corp.
6.910%, 06/15/05 ........... BBB/Ba2 49,225
250,000 Columbia/HCA Healthcare Corp.
7.000%, 07/01/07 ........... BBB/Baa2 217,812
-------------
278,182
-------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
7
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IBJ FUNDS TRUST
CORE FIXED INCOME FUND
PORTFOLIO OF INVESTMENTS (CONTINUED)- NOVEMBER 30, 1999
- --------------------------------------------------------------------------------
CREDIT
PAR VALUE RATINGS+ VALUE
- --------- -------- -----
INDUSTRIAL GOODS AND SERVICES -- 8.81%
$ 225,000 ADT Operations, Inc.
8.250%, 08/01/00 .......... A-/Baa2 $ 226,969
210,000 Case Corp.
7.250%, 08/01/05 ........... A-/Baa1 202,125
325,000 Champion International Corp.
7.700%, 12/15/99 ........... BBB/Baa1 325,000
350,000 Crown Cork & Seal
Financial Plc, Yankee
6.750%, 12/15/03 ........... BBB/Baa1 339,937
400,000 Dow Chemical Co.
7.375%, 11/01/29 ........... A/A1 389,000
250,000 du Pont (E.I.) de Nemours & Co.
6.875%, 10/15/09 ........... AA-/Aa3 245,937
230,000 Hertz Corp., Senior Notes
7.000%, 05/01/02 ........... BBB+/A3 230,575
300,000 Hertz Corp.
7.625%, 08/15/07 ........... A-/A3 306,000
230,000 Levi Strauss & Co.
6.800%, 11/01/03 (A) ....... BBB/Baa2 189,750
200,000 USG Corp., Senior Notes
9.250%, 09/15/01 ........... BBB/Ba1 210,500
250,000 Westinghouse Electric
Corp., MTN
9.400%, 01/31/01 ........... BB-/Ba1 255,000
250,000 WMX Technologies
8.000%, 04/30/04 ........... BBB/Ba1 231,563
---------
3,152,356
---------
OIL AND GAS -- 2.63%
250,000 Amoco Canada Petroleum Co.,
Yankee
7.950%, 10/01/22 ........... AAA/Aa1 245,312
101,000 Columbia Gas System, Inc.
6.800%, 11/28/05 ........... BBB/Baa1 97,844
175,000 El Paso Natural Gas,
Debentures
7.500%, 11/15/26 ........... BBB/Baa2 164,062
250,000 Gulf Canada Resources, Ltd.,
Subordinated Debentures
9.625%, 07/01/05 ........... BB-/Ba2 256,875
190,000 Union Oil Co. of California,
MTN
6.700%, 10/15/07 ........... A/A3 178,363
---------
942,456
---------
REGIONAL AGENCY -- 0.14%
50,000 Province of Quebec
6.500%, 01/17/06 ........... A+/A2 $ 48,375
---------
TELECOMMUNICATIONS -- 0.80%
100,000 Cable and Wireless
Communications Plc, Yankee
6.375%, 03/06/03 ........... A-/Baa1 99,625
190,000 GTE Southwest, Inc., Debenture
6.540%, 12/01/05 ........... AA/A2 184,775
---------
284,400
---------
TRANSPORTATION -- 3.73%
431,000 Canadian National Railway Co.,
Yankee
7.000%, 03/15/04 ........... BBB/Baa2 426,151
140,000 Canadian Pacific Ltd., Yankee
6.875%, 04/15/03 ........... BBB/Baa2 138,250
350,000 Consolidated Rail Corp.,
Subordinated Notes
6.860%, 12/31/07 ........... A/A1 333,809
300,000 CSX Corp.
7.000%, 09/15/02 ........... BBB/Baa2 297,375
140,000 Union Pacific Corp.
7.375%, 05/15/01 ........... BBB/Baa2 140,700
---------
1,336,285
---------
UTILITIES -- 8.99%
350,000 Central Power & Light Co.,
First Mortgage
6.875%, 02/01/03 ........... A/A3 346,500
405,000 Duquesne Light Co.
8.375%, 05/15/24 ........... BBB+/Baa1 398,925
285,000 Hydro-Quebec, MTN
9.410%, 03/23/00 ........... A+/A2 287,137
250,000 Hydro-Quebec, MTN
8.590%, 08/22/01 ........... A+/A2 256,875
300,000 Illinois Power Co., Notes
6.500%, 08/01/03 ........... BBB/Baa1 292,125
300,000 Jersey Central Power &
Light Co., First Mortgage
7.125%, 10/01/04 ........... A-/Baa1 298,125
200,000 Monongahela Power Co.
8.375%, 07/01/22 ........... A+/A1 200,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
8
<PAGE>
IBJ FUNDS TRUST
CORE FIXED INCOME FUND
PORTFOLIO OF INVESTMENTS (CONTINUED)- NOVEMBER 30, 1999
- --------------------------------------------------------------------------------
CREDIT
PAR VALUE RATINGS+ VALUE
--------- --------- -----
UTILITIES (CONTINUED)
$ 400,000 New Orleans Public Service,
Inc., Notes
8.000%, 03/01/06 ........... BBB/Baa2 $ 404,000
100,000 Niagara Mohawk Power Corp.,
Mortgage
9.500%, 06/01/00 ........... BB+/Ba3 101,375
140,000 Niagara Mohawk Power Corp.,
First Mortgage
9.250%, 10/01/01 ........... BB+/Ba3 144,900
196,585 Niagara Mohawk Power Corp.,
Series E, Senior Notes
7.375%, 07/01/03 ........... BB-/Ba3 196,340
40,000 Rochester Gas & Electric Corp.,
First Mortgage
9.375%, 04/01/21 ........... AAA/Aaa 41,300
250,000 West Penn Power Co.
8.875%, 02/01/21 ........... A+/A1 250,000
----------
3,217,602
----------
TOTAL CORPORATE OBLIGATIONS 17,904,826
----------
(Cost $18,360,704)
U.S. GOVERNMENT AND AGENCY OBLIGATIONS -- 40.73%
U.S. TREASURY BONDS -- 11.93%
1,500,000 6.250%, 08/15/23 ........... AAA/Aaa 1,450,320
1,500,000 6.875%, 08/15/25 ........... AAA/Aaa 1,564,830
750,000 6.000%, 02/15/26 ........... AAA/Aaa 702,533
550,000 6.500%, 11/15/26 ........... AAA/Aaa 548,933
----------
4,266,616
----------
U.S. TREASURY NOTES -- 8.69%
1,000,000 6.875%, 05/15/06 ........... AAA/Aaa 1,032,110
2,000,000 7.000%, 07/15/06 ........... AAA/Aaa 2,077,760
----------
3,109,870
----------
FEDERAL FARM CREDIT BANK -- 3.36%
500,000 6.320%, 09/09/02 ........... AAA/Aaa 498,685
220,000 6.040%, 01/19/06 ........... AAA/Aaa 212,777
500,000 6.430%, 07/23/07 ........... AAA/Aaa 489,060
----------
1,200,522
----------
FEDERAL HOME LOAN BANK -- 2.15%
435,000 6.750%, 04/05/04 ........... AAA/Aaa 437,375
350,000 6.040%, 02/04/08 ........... AAA/Aaa 333,284
----------
770,659
----------
FEDERAL HOME LOAN MORTGAGE CORPORATION -- 5.44%
$ 635,000 6.704%, 01/09/07 ........... AAA/Aaa $ 632,257
300,000 8.250%, 06/01/16 ........... AAA/Aaa 335,715
7,265 7.500%, 02/01/17 ........... AAA/Aaa 7,327
1,000,000 6.750%, 09/15/29 ........... AAA/Aaa 969,950
----------
1,945,249
----------
FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 6.71%
150,000 6.720%, 07/14/04 ........... AAA/Aaa 146,148
700,000 6.540%, 10/03/05 ........... AAA/Aaa 695,576
850,000 6.700%, 06/19/07 ........... AAA/Aaa 845,002
575,000 6.210%, 11/01/07 ........... AAA/Aaa 554,432
156,502 8.000%, 11/01/26 ........... AAA/Aaa 158,703
----------
2,399,861
----------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION -- 2.45%
599 11.500%, 04/15/10 .......... AAA/Aaa 670
47,744 13.000%, 06/15/14 .......... AAA/Aaa 55,144
69,830 13.000%, 11/15/14 .......... AAA/Aaa 80,654
19,367 13.000%, 12/15/14 .......... AAA/Aaa 22,368
160,428 8.000%, 07/15/26 ........... AAA/Aaa 163,285
141,837 8.000%, 12/15/26 ........... AAA/Aaa 144,363
43,966 8.000%, 01/15/27 ........... AAA/Aaa 44,750
375,931 7.000%, 02/15/27 ........... AAA/Aaa 367,353
----------
878,587
----------
TOTAL U.S. GOVERNMENT
AND AGENCY OBLIGATIONS ..... 14,571,364
----------
(Cost $15,220,052)
ASSET-BACKED SECURITIES -- 7.96%
750,000 Chase Manhattan Auto Owner
Trust, Series 1997-B, Class A4
6.500%, 10/15/01 ........... AAA/Aaa 745,898
500,000 Chase Manhattan Credit Card
Master Trust, Series 1999-3,
Class A
6.660%, 01/15/07 ........... AAA/Aaa 500,723
316,000 Discover Card Master Trust I,
Series 1999-4, Class B
5.850%, 11/15/04 ........... A/A2 305,190
630,000 EQCC Home Equity Loan Trust,
Series 1999-1,Class A4F
6.134%, 07/20/28 ........... AAA/Aaa 596,654
500,000 Orix Credit Alliance Owner Trust
Series 1999-A, Class A4
6.870%, 10/15/04 ........... AAA/Aaa 499,978
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
9
<PAGE>
IBJ FUNDS TRUST
CORE FIXED INCOME FUND
PORTFOLIO OF INVESTMENTS (CONTINUED)- NOVEMBER 30, 1999
- --------------------------------------------------------------------------------
PAR VALUE VALUE
--------- -----
ASSET-BACKED SECURITIES (CONTINUED)
200,000 PP&L Transition Bond Co., LLC,
Series 1999-1, Class A5
6.830%, 03/25/07 ........... AAA/Aaa $ 198,616
---------
TOTAL ASSET-BACKED SECURITIES 2,847,059
---------
(Cost $2,867,970)
SHARES
-------
INVESTMENT COMPANY -- 1.54%
552,079 TempCash Provident Money Market
Investment Fund ................................. 552,079
---------
TOTAL INVESTMENT COMPANY ........................ 552,079
---------
(Cost $552,079)
TOTAL INVESTMENTS-- 100.28% .................... 35,875,328
----------
(Cost $37,000,805)
OTHER ASSETS NET OF LIABILITIES -- (0.28)% ..... (101,135)
-----------
NET ASSETS-- 100.00% ............................ $35,774,193
===========
---------------------------------------
(A) Securities exempt from registration under Rule 144A of the Securities Act of
1933, as amended. These securities may only be resold, in transactions
exempt from registration, to qualified institutional buyers. At November 30,
1999, these securities amounted to $285,875 or 0.80% of net assets.
MTN Medium Term Note
+ See page 15 for Credit Ratings Summary (unaudited).
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
10
<PAGE>
IBJ FUNDS TRUST
CORE EQUITY FUND
PORTFOLIO OF INVESTMENTS - NOVEMBER 30, 1999
- --------------------------------------------------------------------------------
SHARES VALUE
------ -----
COMMON STOCKS -- 97.69%
BANKING -- 2.83%
80,000 Wells Fargo & Co. .............. $ 3,720,000
-----------
BEVERAGES -- 0.79%
30,000 PepsiCo, Inc. .................. 1,036,875
-----------
COMPUTERS -- 10.56%
66,000 EMC Corp./Mass.* ............... 5,515,125
60,000 Gateway 2000* .................. 4,582,500
40,000 Hewlett-Packard Co. ............ 3,795,000
------------
13,892,625
------------
DIVERSIFIED MANUFACTURING -- 6.19%
60,000 AlliedSignal Corp. ............. 3,588,750
35,000 General Electric Co. ........... 4,550,000
------------
8,138,750
------------
ENTERTAINMENT -- 4.10%
180,000 Mirage Resorts, Inc.* .......... 2,306,250
50,000 Time Warner, Inc. .............. 3,084,375
------------
5,390,625
------------
FINANCIAL SERVICES -- 6.79%
50,000 Fannie Mae ..................... 3,331,250
60,000 Household International, Inc. .. 2,373,750
40,000 Merrill Lynch & Co. ............ 3,225,000
------------
8,930,000
------------
HEALTH CARE SERVICES -- 2.77%
15,000 Baxter International, Inc. .. ... 1,013,438
50,250 Cardinal Health, Inc. ........ .. 2,628,703
------------
3,642,141
------------
HOUSEHOLD PRODUCTS -- 2.50%
60,000 Colgate-Palmolive Co. .......... 3,292,500
------------
INSURANCE -- 3.34%
42,500 American International Group, Inc. 4,388,125
------------
OIL AND GAS -- 4.11%
15,000 Exxon Corp. .................... 1,189,688
55,000 Halliburton Co. ................ 2,127,812
20,000 Mobil Corp. .................... 2,086,250
------------
5,403,750
------------
PHARMACEUTICALS -- 8.82%
106,000 Amgen, Inc.* ................... 4,829,625
60,000 Bristol-Myers Squibb Co. ....... 4,383,750
66,000 Pfizer, Inc. ................... 2,388,375
------------
11,601,750
------------
SHARES VALUE
------ -----
RESTAURANTS -- 3.08%
90,000 McDonald's Corp. ............... $ 4,050,000
------------
RETAIL -- 5.20%
44,000 Costco Cos., Inc.* ............. 4,034,250
90,000 Kroger Co.* .................... 1,918,125
80,000 Office Depot, Inc.* ............ 890,000
------------
6,842,375
------------
SEMICONDUCTORS -- 20.72%
120,000 Altera Corp.* .................. 6,465,000
60,000 Intel Corp. .................... 4,601,250
70,000 Maxim Integrated Products, Inc.* 5,621,875
40,000 Texas Instruments, Inc. ........ 3,842,500
75,000 Xilinx, Inc.* .................. 6,712,500
------------
27,243,125
------------
TECHNOLOGY -- 11.68%
65,000 Applied Materials, Inc.* ....... 6,333,437
30,000 Micron Technology, Inc.* ....... 2,013,750
90,000 Molex, Inc. .................... 4,556,250
30,000 Novellus Systems, Inc.* ........ 2,463,750
------------
15,367,187
------------
TELECOMMUNICATIONS -- 4.21%
60,000 Sprint Corp. (FON Group) ....... 4,162,500
15,000 Sprint Corp. (PCS Group)* ...... 1,376,250
------------
5,538,750
------------
TOTAL COMMON STOCKS 128,478,578
------------
(Cost $63,373,601)
INVESTMENT COMPANY -- 2.36%
3,104,453 TempCash Provident Money
Market Investment Fund ......... 3,104,453
------------
TOTAL INVESTMENT COMPANY 3,104,453
------------
(Cost $3,104,453)
TOTAL INVESTMENTS-- 100.05% 131,583,031
------------
(Cost $66,478,054)
OTHER ASSETS NET OF LIABILITIES -- (0.05)% (61,787)
------------
NET ASSETS-- 100.00% $131,521,244
============
- -----------------------------
* Non-income producing security.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
11
<PAGE>
IBJ FUNDS TRUST
BLENDED TOTAL RETURN FUND
PORTFOLIO OF INVESTMENTS - NOVEMBER 30, 1999
- --------------------------------------------------------------------------------
SHARES VALUE
- ------ -----
COMMON STOCKS -- 63.60%
AEROSPACE / DEFENSE -- 0.73%
14,200 Raytheon Co., Class B .......... $ 435,762
-----------
BANKING -- 1.80%
23,000 Wells Fargo & Co. .............. 1,069,500
-----------
BEVERAGES -- 1.57%
27,000 PepsiCo, Inc. .................. 933,187
-----------
COMPUTERS -- 2.16%
13,600 Hewlett-Packard Co. ............ 1,290,300
-----------
CONSUMER GOODS -- 1.65%
15,400 Kimberly-Clark Corp. ........... 983,675
-----------
DIVERSIFIED MANUFACTURING -- 4.71%
18,000 AlliedSignal Corp. ............. 1,076,625
13,300 General Electric Co. ........... 1,729,000
-----------
2,805,625
-----------
ENTERTAINMENT -- 2.53%
60,000 Mirage Resorts, Inc.* .......... 768,750
12,000 Time Warner, Inc. .............. 740,250
-----------
1,509,000
-----------
FINANCIAL SERVICES -- 1.33%
20,000 Household International, Inc. .. 791,250
-----------
FOOD SERVICE -- 1.28%
20,000 Sysco Corp. ............... 761,250
-----------
HEALTH CARE SERVICES -- 1.87%
12,000 Baxter International, Inc. 810,750
5,835 Cardinal Health, Inc. ..... 305,243
-----------
1,115,993
-----------
HOUSEHOLD PRODUCTS -- 1.47%
16,000 Colgate-Palmolive Co. ..... 878,000
-----------
INSURANCE -- 2.71%
12,500 American International Group, Inc. 1,290,625
4,000 Progressive Corp. ......... 322,250
-----------
1,612,875
-----------
OIL AND GAS -- 3.43%
12,000 Exxon Corp. 951,750
10,500 Mobil Corp. 1,095,281
-----------
2,047,031
-----------
PHARMACEUTICALS -- 5.10%
30,000 Amgen, Inc.* 1,366,875
8,000 Bristol-Myers Squibb Co. 584,500
30,000 Pfizer, Inc. 1,085,625
-----------
3,037,000
-----------
RESTAURANTS -- 1.96%
26,000 McDonald's Corp. 1,170,000
-----------
RETAIL -- 4.39%
10,000 Costco Cos., Inc.* 916,875
12,000 CVS Corp. 476,250
41,600 Kroger Co.* 886,600
30,000 Office Depot, Inc.* 333,750
-----------
2,613,475
-----------
SEMICONDUCTORS -- 13.39%
40,000 Altera Corp.* 2,155,000
15,000 Intel Corp. 1,150,312
27,000 Maxim Integrated Products, Inc.* 2,168,437
28,000 Xilinx, Inc.* 2,506,000
-----------
7,979,749
-----------
TECHNOLOGY -- 10.65%
22,000 Applied Materials, Inc.* 2,143,625
12,000 Micron Technology, Inc.* 805,500
25,000 Molex, Inc. 1,265,625
14,000 Novellus Systems, Inc.* 1,149,750
14,500 SCI Systems, Inc.* 984,187
-----------
6,348,687
-----------
TELECOMMUNICATIONS -- 0.87%
10,000 SBC Communications, Inc. 519,375
-----------
TOTAL COMMON STOCKS 37,901,734
-----------
(Cost $22,116,120)
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
12
<PAGE>
IBJ FUNDS TRUST
BLENDED TOTAL RETURN FUND
PORTFOLIO OF INVESTMENTS (CONTINUED) - NOVEMBER 30, 1999
- --------------------------------------------------------------------------------
CREDIT
PAR VALUE RATINGS+ VALUE
- --------- --------- -----
U.S. GOVERNMENT AND AGENCY OBLIGATIONS -- 14.61%
U.S. TREASURY BONDS -- 3.31%
$ 750,000 6.250%, 08/15/23 AAA/Aaa $ 725,160
1,000,000 6.500%, 11/15/26 AAA/Aaa 998,060
250,000 6.375%, 08/15/27 AAA/Aaa 245,820
-----------
1,969,040
-----------
U.S. TREASURY NOTES -- 4.07%
100,000 6.000%, 07/31/02 AAA/Aaa 99,941
50,000 6.500%, 05/15/05 AAA/Aaa 50,652
1,200,000 6.875%, 05/15/06 AAA/Aaa 1,238,532
1,000,000 7.000%, 07/15/06 AAA/Aaa 1,038,880
-----------
2,428,005
-----------
FEDERAL FARM CREDIT BANK -- 1.24%
750,000 6.010%, 07/09/02 AAA/Aaa 737,108
-----------
FEDERAL HOME LOAN BANK -- 1.62%
500,000 6.135%, 12/23/04 AAA/Aaa 489,905
500,000 6.040%, 02/04/08 AAA/Aaa 476,120
-----------
966,025
-----------
FEDERAL HOME LOAN
MORTGAGE CORPORATION -- 3.61%
1,170,000 6.943%, 03/21/07, Debenture AAA/Aaa 1,180,670
1,000,000 6.750%, 09/15/29 AAA/Aaa 969,950
-----------
2,150,620
-----------
FEDERAL NATIONAL
MORTGAGE ASSOCIATION -- 0.66%
407 6.500%, 08/25/04 AAA/Aaa 402
400,000 6.570%, 08/22/07, MTN AAA/Aaa 394,488
-----------
394,890
-----------
GOVERNMENT NATIONAL
MORTGAGE ASSOCIATION -- 0.10%
51,308 13.00%, 03/15/12 AAA/Aaa 59,261
-----------
TOTAL U.S. GOVERNMENT
AND AGENCY OBLIGATIONS 8,704,949
-----------
(Cost $9,033,088)
CORPORATE OBLIGATIONS -- 14.42%
AEROSPACE -- 0.71%
442,000 Lockheed Martin Corp.
7.250%, 05/15/06 BBB-/Baa3 422,110
-----------
AUTOMOBILES -- 0.81%
$ 300,000 DaimlerChrysler, N.A.
Holding Corp., MTN
6.630%, 09/21/01 A+/A1 $ 299,625
200,000 Delphi Automotive
Systems Corp.
6.500%, 05/01/09 BBB/Baa2 183,750
-----------
483,375
-----------
BANKING -- 3.31%
1,000,000 Deutsche Ausgleichsbank
6.500%, 09/15/04 AAA/NA 982,500
500,000 Keycorp, MTN
6.300%, 04/20/00 BBB+/A2 499,375
100,000 NBD Bancorp, Inc.
7.125%, 05/15/07 A/A1 98,125
400,000 Northern Trust Co.
6.700%, 09/15/05 A+/A1 393,500
-----------
1,973,500
-----------
COMPUTERS -- 0.50%
300,000 Sun Microsystems, Inc.
7.000%, 08/15/02 BBB+/Baa1 300,375
-----------
ENTERTAINMENT -- 0.13%
80,000 Time Warner, Inc.
7.950%, 02/01/00 BBB-/Ba1 80,200
-----------
FINANCIAL SERVICES -- 1.95%
300,000 Associates Corp., N.A.,
Senior Note
6.500%, 08/15/02 AA-/Aa3 297,375
360,000 BHP Finance USA, Yankee
7.875%, 12/01/02 A/A3 369,000
500,000 Ford Motor Credit Co.
6.700%, 07/16/04 A/A1 494,375
-----------
1,160,750
-----------
HEALTH CARE SERVICES -- 0.81%
12,000 Columbia/HCA Healthcare Corp.
7.250%, 05/20/08 BB+/Ba2 10,485
500,000 Columbia/HCA
Healthcare Corp., MTN
9.000%, 12/15/14 BBB/Ba2 473,750
-----------
484,235
-----------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
13
<PAGE>
IBJ FUNDS TRUST
BLENDED TOTAL RETURN FUND
PORTFOLIO OF INVESTMENTS (CONTINUED)- NOVEMBER 30, 1999
================================================================
CREDIT
PAR VALUE RATINGS+ VALUE
- --------- --------- -----
INDUSTRIAL GOODS AND SERVICES -- 2.15%
$ 350,000 Crown Cork & Seal
Financial Plc, Yankee
6.750%, 12/15/03 BBB/Baa1 $ 339,938
150,000 du Pont (E.I.) de Nemours & Co.
6.875%, 10/15/09 AA-/Aa3 147,563
300,000 PPG Industries, Inc.
6.750%, 08/15/04 A/A1 295,125
250,000 Unisys Corp., Senior Notes
12.000%, 04/15/03 BB+/Ba3 268,125
250,000 WMX Technologies
8.000%, 04/30/04 BBB/Ba1 231,563
-----------
1,282,314
-----------
OIL AND GAS -- 2.80%
350,000 Amoco Canada Petroleum Co.,
Yankee
7.950%, 10/01/22 AAA/Aa1 343,438
500,000 Ferrellgas Partners, L.P.
9.375%, 06/15/06 B+/B1 495,625
456,000 Imperial Oil, Ltd., Yankee
8.750%, 10/15/19 AA+/Aa2 473,670
334,000 Occidental Petroleum Corp.,
Debenture
11.125%, 06/01/19 BBB/Baa2 353,205
-----------
1,665,938
-----------
Regional Agencies -- 0.17%
100,000 Province of Alberta, Yankee
9.250%, 04/01/00 AA+/Aa2 100,875
-----------
TRANSPORTATION -- 0.47%
300,000 Norfolk Southern Railway
5.950%, 04/01/07 A+/Aa3 277,500
-----------
UTILITIES -- 0.61%
225,000 Duquesne Light Co.
8.375%, 05/15/24 BBB+/Baa1 221,625
150,000 New England Telephone &
Telegraph Co., Debenture
6.375%, 09/01/08 AA/Aa2 140,625
-----------
362,250
-----------
TOTAL CORPORATE OBLIGATIONS 8,593,422
-----------
(Cost $8,849,330)
CREDIT
PAR VALUE RATINGS+ VALUE
- --------- --------- -----
ASSET-BACKED SECURITIES -- 4.07%
$ 300,000 Capital Auto Receivables Asset
Trust, Series 1999-2, Class A4
6.300%, 05/15/04 AAA/Aaa $ 297,621
750,000 Chase Manhattan Auto Owner
Trust, Series 1997-B, Class A4
6.500%, 10/15/01 AAA/Aaa 745,898
500,000 Chase Manhattan Credit Card
Master Trust, Series 1999-3,
Class A
6.660%, 01/15/07 AAA/Aaa 500,723
500,000 MBNA Master Credit Card Trust,
Series 1999-G, Class A
6.350%, 12/15/06 AAA/Aaa 485,130
400,000 PP&L Transition Bond Co., LLC,
Series 1999-1, Class A5
6.830%, 08/25/04 AAA/Aaa 397,231
-----------
TOTAL ASSET-BACKED SECURITIES 2,426,603
-----------
(Cost $2,455,257)
SHARES
- --------------------------------------------------------------------------------
INVESTMENT COMPANY -- 2.86%
1,702,467 TempCash Provident Money
Market Investment Fund 1,702,467
---------
INVESTMENT COMPANY 1,702,467
---------
(Cost $1,702,467)
TOTAL INVESTMENTS -- 99.56% 59,329,175
----------
(Cost $44,156,262)
OTHER ASSETS
NET OF LIABILITIES -- 0.44% 261,735
----------
NET ASSETS -- 100.00% $59,590,910
===========
- ---------------------------
* Non-income producing security.
MTN Medium Term Note
+ See page 15 for Credit Rating Summary (unaudited)
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
14
<PAGE>
IBJ FUNDS TRUST
PORTFOLIO OF INVESTMENTS (CONTINUED)- NOVEMBER 30, 1999
- -----------------------------------------------------------------------------
CREDIT RATING SUMMARY (UNAUDITED)
CREDIT RATINGS GIVEN BY STANDARD & POOR'S CORPORATION AND MOODY'S INVESTORS
SERVICES INC.
STANDARD & POOR'S MOODY'S
- ------------------------------------------------------
AAA Aaa Instrument judged to be of the highest quality and
carrying the smallest amount of investment risk.
AA Aa Instrument judged to be of high quality by all
standards.
A A Instrument judged to be adequate by all standards.
BBB Baa Instrument judged to be of modest quality by all
standards.
BB Ba Instrument judged to have speculative elements.
B B Instrument judged to lack characteristics of the
desirable investment.
NR NR Not Rated. In the opinion of the Investment Advisor,
instrument judged to be of comparable investment
quality to rated securities which may be purchased by
the Fund.
For items possessing the strongest investment attributes of their category,
Moody's gives that letter rating followed by a number.
The Standard & Poor's rating may be modified by the addition of a plus or minus
sign to show relative standings within the major rating categories.
U.S. Government and Agency Issues have an assumed rating of AAA/Aaa.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
15
<PAGE>
IBJ FUNDS TRUST
STATEMENTS OF ASSETS AND LIABILITIES
NOVEMBER 30, 1999
<TABLE>
<CAPTION>
RESERVE MONEY CORE FIXED CORE EQUITY BLENDED TOTAL
MARKET FUND INCOME FUND FUND RETURN FUND
------------- ----------- ----------- -------------
ASSETS:
Investments:
<S> <C> <C> <C> <C>
Investments at cost ...................... $ 20,603,704 $ 37,000,805 $ 66,478,054 $ 44,156,262
Net unrealized appreciation (depreciation) -- (1,125,477) 65,104,977 15,172,913
------------ ------------ ------------ ------------
Total investments at value ............... 20,603,704 35,875,328 131,583,031 59,329,175
Cash ..................................... -- -- 39 --
Receivables:
Fund shares sold ......................... 17,769 5,912 23,153 9,486
Dividends and interest ................... 1,610 549,498 79,911 341,678
Deferred organization costs .............. 976 976 976 976
Other assets ............................. 3,438 3,438 3,438 3,438
------------ ------------ ------------ ------------
Total Assets ............................. 20,627,497 36,435,152 131,690,548 59,684,753
------------ ------------ ------------ ------------
LIABILITIES:
Payables:
To custodian ............................. 78,982 15,079 -- 11,566
Investments purchased .................... -- 596,869 -- --
Fund shares repurchased .................. 8,992 931 14,553 166
Advisory fees ............................ -- 11,804 54,594 24,693
Administration fees ...................... 2,532 4,426 16,378 7,408
Co-Administration fees ................... -- 885 3,276 1,482
Transfer agent fee ....................... 5,911 8,136 11,849 8,826
Trustees fees ............................ 922 1,914 6,713 3,279
Accrued expenses and other payables ...... 15,688 20,915 61,941 36,423
------------ ------------ ------------ ------------
Total Liabilities 113,027 660,959 169,304 93,843
------------ ------------- ------------ ------------
NET ASSETS $20,514,470 $35,774,193 $131,521,244 $59,590,910
============ ============ ============= ===========
NET ASSETS CONSIST OF:
Paid-in Capital .......................... $ 20,523,830 $ 36,961,168 $ 52,187,275 $ 43,991,480
Accumulated undistributed
net investment income .................... -- -- -- 266,241
Accumulated net realized gain
on investments sold ...................... (9,360) (61,498) 14,228,992 160,276
Net unrealized appreciation (depreciation)
on investments ........................... -- (1,125,477) 65,104,977 15,172,913
------------ ------------ ------------ ------------
TOTAL NET ASSETS ......................... $ 20,514,470 $ 35,774,193 $131,521,244 $ 59,590,910
============ ============ ============= ===========
Premium Class:
Net Assets .............................. $ 14,290 $ 14,314 $ 25,121 $ 18,616
============ ============ ============= ===========
Shares of beneficial interest outstanding 14,294 1,462 1,197 1,397
============ ============ ============= ===========
Net asset value, offering and
redemption price per share
(Net Assets/Shares Outstanding) ......... $ 1.00 $ 9.79 $ 20.98 $ 13.33
============ ============ ============= ===========
Service Class:
Net Assets .............................. $ 20,500,180 $ 35,759,879 $131,496,123 $ 59,572,294
============ ============ ============= ===========
Shares of beneficial interest outstanding 20,509,648 3,651,043 6,270,769 4,467,920
============ ============ ============= ===========
Net asset value, offering and
redemption price per share
(Net Assets/Shares Outstanding) ......... $ 1.00 $ 9.79 $ 20.97 $ 13.33
============ ============ ============= ===========
</TABLE>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
16
<PAGE>
<TABLE>
<CAPTION>
IBJ FUNDS Trust
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED NOVEMBER 30, 1999 RESERVE MONEY CORE FIXED CORE EQUITY BLENDED TOTAL
MARKET FUND INCOME FUND FUND RETURN FUND
------------- ----------- ----------- -------------
INVESTMENT INCOME:
<S> <C> <C> <C> <C>
Interest ...................................... $ 1,013,727 $ 2,337,892 $ -- $ 1,477,355
Dividends ..................................... 15,348 24,168 879,043 383,994
------------ ------------ ------------ ------------
Total Income .................................. 1,029,075 2,362,060 879,043 1,861,349
------------ ------------ ------------ ------------
EXPENSES:
Advisory ...................................... 70,587 185,017 750,665 369,277
Co-Administration ............................. 6,050 11,101 37,533 18,464
Administration ................................ 30,251 55,505 187,666 92,319
Transfer Agent ................................ 53,307 82,018 98,117 79,130
Custody ....................................... 8,057 14,796 50,081 24,632
Professional Fees ............................. 17,165 30,197 106,270 52,174
Trustees ...................................... 3,416 6,268 21,192 10,425
Printing ...................................... 2,043 3,078 10,798 5,107
Registration and filing fees .................. 17,546 16,571 17,818 16,836
Amortization of organization costs ............ 5,749 5,749 5,749 5,749
Miscellaneous ................................. 2,016 6,875 14,713 11,070
------------ ------------ ------------ ------------
Total expenses before waivers ................. 216,187 417,175 1,300,602 685,183
------------ ------------ ------------ ------------
Less expenses waived .......................... (87,094) (40,906) (138,669) (68,286)
------------ ------------ ------------ ------------
Net expenses .................................. 129,093 376,269 1,161,933 616,897
------------ ------------ ------------ ------------
NET INVESTMENT INCOME (LOSS) .................. 899,982 1,985,791 (282,890) 1,244,452
------------ ------------ ------------ ------------
NET REALIZED AND UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Net realized gain (loss) on
investment transactions ....................... (559) (41,725) 14,568,242 164,669
Net change in unrealized appreciation
(depreciation) on investments ................. -- (2,615,002) 32,359,170 7,272,465
------------- ------------ ------------ ------------
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS .................... (559) (2,656,727) 46,927,412 7,437,134
------------- ------------ ------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ..................... $ 899,423 $ (670,936) $ 46,644,522 $ 8,681,586
============ ============ ============ ============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
17
</TABLE>
<PAGE>
IBJ FUNDS TRUST
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
RESERVE MONEY
MARKET FUND
-------------------------------
YEAR ENDED YEAR ENDED
NOVEMBER 30, NOVEMBER 30,
1999 1998
-------------- -------------
<S> <C> <C>
INVESTMENT ACTIVITIES:
Operations:
Net investment income (loss) ...................................... $ 899,982 $ 1,141,127
Net realized gain (loss) on investment transactions ............... (559) (247)
Net change in unrealized appreciation (depreciation) on investments -- --
------------- -------------
Net increase (decrease) in
net assets resulting from operations .............................. 899,423 1,140,880
------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM NET INVESTMENT INCOME:
Premium Class ..................................................... (621) (677)
Service Class ..................................................... (899,361) (1,140,450)
------------ -------------
(899,982) (1,141,127)
------------ -------------
DISTRIBUTIONS TO SHAREHOLDERS IN EXCESS OF NET INVESTMENT INCOME:
Premium Class ..................................................... -- --
Service Class ..................................................... -- --
------------ -------------
-- --
------------ -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM REALIZED GAINS ON INVESTMENTS:
Premium Class ..................................................... -- --
Service Class ..................................................... -- --
------------ -------------
-- --
------------ -------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued ....................................... 41,324,463 36,424,340
Dividends reinvested .............................................. 900,063 1,245,201
Cost of shares redeemed ........................................... (40,307,779) (44,868,289)
------------ -------------
Change in net assets from capital share transactions .............. 1,916,747 (7,198,748)
------------ -------------
Net change in net assets .......................................... 1,916,188 (7,198,995)
NET ASSETS:
Beginning of year ................................................. 18,598,282 25,797,277
------------ ------------
End of period (including line A) .................................. $ 20,514,470 $ 18,598,282
============ ============
(A) Undistributed net investment income ........................... $ -- $ --
============ ============
CORE FIXED
INCOME FUND
-----------------------------------
YEAR ENDED YEAR ENDED
NOVEMBER 30, NOVEMBER 30,
1999 1998
------------- -------------
<S> <C> <C>
INVESTMENT ACTIVITIES:
Operations:
Net investment income (loss) ...................................... $ 1,985,791 $ 2,047,874
Net realized gain (loss) on investment transactions ............... (41,725) 367,794
Net change in unrealized appreciation (depreciation) on investments (2,615,002) 803,213
------------- -------------
Net increase (decrease) in
net assets resulting from operations .............................. (670,936) 3,218,881
------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM NET INVESTMENT INCOME:
Premium Class ..................................................... (804) (614)
Service Class ..................................................... (2,076,255) (2,053,647)
------------- -------------
(2,077,059) (2,054,261)
------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS IN EXCESS OF NET INVESTMENT INCOME:
Premium Class ..................................................... (10) --
Service Class ..................................................... (24,367) --
------------- -------------
(24,377) --
------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM REALIZED GAINS ON INVESTMENTS:
Premium Class ..................................................... (95) (102)
Service Class ..................................................... (253,847) (243,081)
------------- -------------
(253,942) (243,183)
------------- -------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued ....................................... 4,953,315 9,118,310
Dividends reinvested .............................................. 2,357,031 2,442,821
Cost of shares redeemed ........................................... (7,327,447) (5,306,620)
------------- -------------
Change in net assets from capital share transactions .............. (17,101) 6,254,511
------------- -------------
Net change in net assets .......................................... (3,043,415) 7,175,948
NET ASSETS:
Beginning of year ................................................. 38,817,608 31,641,660
------------- -------------
End of period (including line A) .................................. $ 35,774,193 $ 38,817,608
============= =============
(A) Undistributed net investment income ........................... -- $ 100,752
============= =============
CORE EQUITY
FUND
------------------------------
YEAR ENDED YEAR ENDED
NOVEMBER 30, NOVEMBER 30,
1999 1998
------------- -------------
<S> <C> <C>
INVESTMENT ACTIVITIES:
Operations:
Net investment income (loss) ...................................... $ (282,890) $ 356,318
Net realized gain (loss) on investment transactions ............... 14,568,242 15,507,187
Net change in unrealized appreciation (depreciation) on investments 32,359,170 3,511,547
------------- -------------
Net increase (decrease) in
net assets resulting from operations .............................. 46,644,522 19,375,052
------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM NET INVESTMENT INCOME:
Premium Class ..................................................... -- (50)
Service Class ..................................................... -- (355,900)
------------- -------------
-- (355,950)
------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS IN EXCESS OF NET INVESTMENT INCOME:
Premium Class ..................................................... -- --
Service Class ..................................................... -- --
------------- -------------
-- --
------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM REALIZED GAINS ON INVESTMENTS:
Premium Class ..................................................... (2,055) (2,343)
Service Class ..................................................... (14,694,987) (16,713,117)
------------- -------------
(14,697,042) (16,715,460)
------------- -------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued ....................................... 16,667,882 22,769,953
Dividends reinvested .............................................. 14,696,927 18,600,734
Cost of shares redeemed ........................................... (56,293,818) (24,571,996)
------------- -------------
Change in net assets from capital share transactions .............. (24,929,009) 16,798,691
------------- -------------
Net change in net assets .......................................... 7,018,471 19,102,333
NET ASSETS:
Beginning of year ................................................. 124,502,773 105,400,440
------------- -------------
End of period (including line A) .................................. $ 131,521,244 $ 124,502,773
============= =============
(A) Undistributed net investment income ........................... -- --
============= =============
BLENDED TOTAL
RETURN FUND
------------------------------
YEAR ENDED YEAR ENDED
NOVEMBER 30, NOVEMBER 30,
1999 1998
------------- ------------
<S> <C> <C>
INVESTMENT ACTIVITIES:
Operations:
Net investment income (loss) ...................................... $ 1,244,452 $ 1,851,807
Net realized gain (loss) on investment transactions ............... 164,669 5,722,500
Net change in unrealized appreciation (depreciation) on investments 7,272,465 1,801,885
------------- ------------
Net increase (decrease) in
net assets resulting from operations .............................. 8,681,586 9,376,192
------------- ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM NET INVESTMENT INCOME:
Premium Class ..................................................... (273) (418)
Service Class ..................................................... (981,730) (1,899,280)
------------- ------------
(982,003) (1,899,698)
------------- ------------
DISTRIBUTIONS TO SHAREHOLDERS IN EXCESS OF NET INVESTMENT INCOME:
Premium Class ..................................................... -- --
Service Class ..................................................... -- --
------------- ------------
-- --
------------- ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM REALIZED GAINS ON INVESTMENTS:
Premium Class ..................................................... (1,434) (2,110)
Service Class ..................................................... (5,724,142) (9,347,592)
------------- ------------
(5,725,576) (9,349,702)
------------- ------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued ....................................... 4,923,466 6,727,596
Dividends reinvested .............................................. 6,707,555 11,665,161
Cost of shares redeemed ........................................... (20,291,830) (12,122,879)
-------------- ------------
Change in net assets from capital share transactions .............. (8,660,809) 6,269,878
-------------- ------------
Net change in net assets .......................................... (6,686,802) 4,396,670
NET ASSETS:
Beginning of year ................................................. 66,277,712 61,881,042
------------- ------------
End of period (including line A) .................................. $ 59,590,910 $ 66,277,712
============= ============
(A) Undistributed net investment income ........................... $ 266,241 $ 6,018
============= ============
</TABLE>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
18 & 19
<PAGE>
IBJ FUNDS TRUST
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
RESERVE MONEY MARKET FUND
PREMIUM CLASS
---------------------------------------------------------------------------------
YEAR ENDED NOVEMBER 30, PERIOD ENDED
--------------------------------------------------------------- NOVEMBER 30,
1999 1998 1997 1996 1995*
----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE,
Beginning of Period .............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
----------- ----------- ----------- ----------- -----------
Income from Investment
Operations:
Net investment income ............ 0.04 0.05 0.05 0.05 0.04
----------- ----------- ----------- ----------- -----------
Less Dividends from:
Net investment income ............ (0.04) (0.05) (0.05) (0.05) (0.04)
----------- ----------- ----------- ----------- -----------
NET ASSET VALUE, End of Period ... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=========== =========== =========== =========== ===========
Total Return (a) ................. 4.54% 5.27% 4.96% 4.88% 4.55%
Ratios/Supplemental Data:
Net Assets at the end of
period (in thousands) ............ $ 14 $ 14 $ 13 $ 14 $ 13
Ratios to average net assets:
Expenses before waivers+ ......... 1.07% 0.76% 0.99% 0.95% 0.92%**
Expenses net of waivers .......... 0.64% 0.41% 0.64% 0.65% 0.64%**
Net investment income
(net of waivers) ................. 4.46% 5.16% 4.84% 4.82% 5.40%**
- -------------------------------------------------------------
<FN>
* Commencement of operations, February 1, 1995.
** Annualized.
+ During the period, certain fees were voluntarily reduced and/or reimbursed. If such voluntary fee reductions
and/or reimbursements had not occurred, the ratios would have been as indicated.
(a) Total return is based on the change in net asset value during the period and assumes reinvestment of all
dividends and distributions.
</FN>
</TABLE>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
20
<PAGE>
<TABLE>
<CAPTION>
RESERVE MONEY MARKET FUND
SERVICE CLASS
---------------------------------------------------------------------------------
YEAR ENDED NOVEMBER 30, PERIOD ENDED
--------------------------------------------------------------- NOVEMBER 30,
1999 1998 1997 1996 1995*
----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE,
Beginning of Period .............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
----------- ----------- ----------- ----------- -----------
Income from Investment
Operations:
Net investment income ............ 0.04 0.05 0.05 0.05 0.04
----------- ----------- ----------- ----------- -----------
Less Dividends from:
Net investment income ............ (0.04) (0.05) (0.05) (0.05) (0.04)
----------- ----------- ----------- ----------- -----------
NET ASSET VALUE, End of Period ... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=========== =========== =========== =========== ===========
Total Return (a) 4.54% 5.27% 4.96% 4.88% 4.55%
Ratios/Supplemental Data:
Net Assets at the end of
period (in thousands) ............ $ 20,500 $ 18,585 $ 25,784 $ 34,269 $ 28,943
Ratios to average net assets:
Expenses before waivers+ ......... 1.07% 0.76% 0.99% 0.95% 0.92%**
Expenses net of waivers .......... 0.64% 0.41% 0.64% 0.65% 0.64%**
Net investment income
(net of waivers) ................. 4.46% 5.16% 4.84% 4.82% 5.40%**
- -----------------------------------------------------
<FN>
* Commencement of operations, February 1, 1995.
** Annualized.
+ During the period, certain fees were voluntarily reduced and/or reimbursed. If such voluntary fee reductions
and/or reimbursements had not occurred, the ratios would have been as indicated.
(a) Total return is based on the change in net asset value during the period and assumes reinvestment of all
dividends and distributions.
</FN>
</TABLE>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
21
<PAGE>
<TABLE>
<CAPTION>
IBJ FUNDS Trust
Financial Highlights
CORE FIXED INCOME FUND
PREMIUM CLASS
--------------------------------------------------------------
YEAR ENDED NOVEMBER 30, PERIOD ENDED
NOVEMBER 30,
-------------------------------------------------
1999 1998 1997 1996 1995*
-------- -------- -------- -------- --------
Net Asset Value,
<S> <C> <C> <C> <C> <C>
Beginning of the Period ...................... $ 10.61 $ 10.35 $ 10.22 $ 10.72 $ 10.00
-------- -------- -------- -------- --------
Income from Investment
Operations:
Net investment income ........................ 0.53 0.59 0.57 0.54 0.48
Net realized and unrealized
gain (loss) on investment
transactions ................................. (0.71) 0.34 0.13 (0.12) 0.72
-------- -------- -------- -------- --------
Total income (loss) from
investment operations ........................ (0.18) 0.93 0.70 0.42 1.20
-------- -------- -------- -------- --------
Less Dividends from:
Net investment income ........................ (0.56) (0.59) (0.57) (0.54) (0.48)
In excess of net
investment income ............................ (0.01) -- -- -- --
Realized gains ............................... (0.07) (0.08) -- (0.38) --
-------- -------- -------- -------- --------
Total distributions .......................... (0.64) (0.67) (0.57) (0.92) (0.48)
-------- -------- -------- -------- --------
Net change in net asset
value per share .............................. (0.82) 0.26 0.13 (0.50) 0.72
-------- -------- -------- -------- --------
Net Asset Value, End of Period ............... $ 9.79 $ 10.61 $ 10.35 $ 10.22 $ 10.72
======== ======== ======== ======== ========
Total Return (a) ............................. (1.79)% 9.27% 7.20% 4.25% 12.28%
Ratios/Supplemental Data:
Net Assets at the end of
period (in thousands) ....................... $ 14 $ 15 $ 13 $ 15 $ 14
Ratios to average net assets:
Expenses before waivers+ ..................... 1.13% 0.90% 1.17% 1.22% 1.22%**
Expenses net of waivers ...................... 1.02% 0.80% 1.07% 1.12% 1.12%**
Net investment income ........................ 5.37% 5.63% 5.61% 5.07% 5.59%**
Portfolio Turnover Rate (b) .................. 70% 93% 210% 160% 297%
- --------------------------------------------------------------------------
<FN>
* Commencement of operations, February 1, 1995.
** Annualized.
+ During the period, certain fees were voluntarily reduced and/or reimbursed. If such voluntary fee reductions
and/or reimbursements had not occurred, the ratios would have been as indicated.
(a) Total return is based on the change in net asset value during the period and assumes reinvestment of all
dividends and distributions.
(b) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes
of shares issued.
</FN>
</TABLE>
See accompanying notes to financial statements.
22
<PAGE>
<TABLE>
<CAPTION>
CORE FIXED INCOME FUND
SERVICE CLASS
------------------------------------------------------------------------
YEAR ENDED NOVEMBER 30, PERIOD ENDED
NOVEMBER 30,
------------------------------------------------------------------------
1999 1998 1997 1996 1995*
---------- ---------- ---------- ---------- ----------
Net Asset Value,
<S> <C> <C> <C> <C> <C>
Beginning of the Period ...................... $ 10.61 $ 10.36 $ 10.22 $ 10.72 $ 10.00
---------- ---------- ---------- ---------- ----------
Income from Investment
Operations:
Net investment income ........................ 0.55 0.59 0.57 0.54 0.48
Net realized and unrealized
gain (loss) on investment
transactions ................................. (0.72) 0.33 0.14 (0.12) 0.72
---------- ---------- ---------- ---------- ----------
Total income (loss) from
investment operations ........................ (0.17) 0.92 0.71 0.42 1.20
---------- ---------- ---------- ---------- ----------
Less Dividends from:
Net investment income ........................ (0.57) (0.59) (0.57) (0.54) (0.48)
In excess of net
investment income ............................ (0.01) -- -- -- --
Realized gains ............................... (0.07) (0.08) -- (0.38) --
---------- ---------- ---------- ---------- ----------
Total distributions .......................... (0.65) (0.67) (0.57) (0.92) (0.48)
---------- ---------- ---------- ---------- ----------
Net change in net asset
value per share .............................. (0.82) 0.25 0.14 (0.50) 0.72
---------- ---------- ---------- ---------- ----------
Net Asset Value, End of Period ............... $ 9.79 $ 10.61 $ 10.36 $ 10.22 $ 10.72
========== =========== =========== =========== ==========
Total Return (a) ............................. (1.79)% 9.27% 7.20% 4.25% 12.28%
Ratios/Supplemental Data:
Net Assets at the end of
period (in thousands) ........................ $ 35,760 $ 38,803 $ 31,628 $ 27,768 $ 26,849
Ratios to average net assets:
Expenses before waivers+ ..................... 1.13% 0.90% 1.17% 1.22% 1.22%**
Expenses net of waivers ...................... 1.02% 0.80% 1.07% 1.12% 1.12%**
Net investment income ........................ 5.37% 5.63% 5.61% 5.07% 5.59%**
Portfolio Turnover Rate (b) .................. 70% 93% 210% 160% 297%
- --------------------------------------------------------------------------
<FN>
* Commencement of operations, February 1, 1995.
** Annualized.
+ During the period, certain fees were voluntarily reduced and/or reimbursed. If
such voluntary fee reductions and/or reimbursements had not occurred, the ratios
would have been as indicated.
(a) Total return is based on the change in net asset value during the period and assumes reinvestment
of all dividends and distributions.
(b) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between
the classes of shares issued.
</FN>
</TABLE>
See accompanying notes to financial statements.
23
<PAGE>
<TABLE>
<CAPTION>
IBJ FUNDS Trust
Financial Highlights
CORE EQUITY FUND
PREMIUM CLASS
---------------------------------------------------------------
YEARS ENDED NOVEMBER 30, PERIOD ENDED
-------------------------------------------------NOVEMBER 30,
1999 1998 1997 1996 1995*
-------- -------- -------- -------- --------
Net Asset Value,
<S> <C> <C> <C> <C> <C>
Beginning of the Period ...................... $ 16.52 $ 16.68 $ 15.37 $ 12.97 $ 10.00
-------- -------- -------- -------- --------
Income from Investment
Operations:
Net investment income (loss) ................. (0.04) 0.07 0.35 0.14 0.13
Net realized and unrealized gain
on investment transactions ................... 6.45 2.37 3.04 2.90 2.84
-------- -------- -------- -------- --------
Total income from
investment operations ........................ 6.41 2.44 3.39 3.04 2.97
-------- -------- -------- -------- --------
Less Dividends from:
Net investment income ........................ -- (0.05) (0.31) (0.19) --
In excess of net
investment income ............................ -- -- (0.24) -- --
Realized gains ............................... (1.95) (2.55) (1.53) (0.45) --
-------- -------- -------- -------- --------
Total Distributions .......................... (1.95) (2.60) (2.08) (0.64) --
-------- -------- -------- -------- --------
Net change in net asset
value per share .............................. 4.46 (0.16) 1.31 2.40 2.97
-------- -------- -------- -------- --------
Net Asset Value, End of Period ............... $ 20.98 $ 16.52 $ 16.68 $ 15.37 $ 12.97
======== ======== ======== ======== ========
Total Return (a) ............................. 44.49% 17.87% 24.68% 24.61% 29.70%
Ratios/Supplemental Data:
Net Assets at the end of
period (in thousands) ....................... $ 25 $ 17 $ 15 $ 20 $ 16
Ratios to average net assets:
Expenses before waivers+ ..................... 1.04% 1.04% 0.99% 0.99% 1.09%**
Expenses net of waivers ...................... 0.93% 0.94% 0.89% 0.89% 0.89%**
Net investment income (loss) ................. (0.23)% 0.32% 0.74% 0.93% 1.30%**
Portfolio Turnover Rate (b) .................. 6% 92% 44% 27% 37%
- --------------------------------------------------------------------------
<FN>
* Commencement of operations, February 1, 1995.
** Annualized.
+ During the period, certain fees were voluntarily reduced and/or reimbursed. If such voluntary fee reductions
and/or reimbursements had not occurred, the ratios would have been as indicated.
(a) Total return is based on the change in net asset value during the period and assumes reinvestment of all
dividends and distributions.
(b) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes
of shares issued.
</FN>
</TABLE>
See accompanying notes to financial statements.
24
<PAGE>
<TABLE>
<CAPTION>
CORE EQUITY FUND
SERVICE CLASS
----------------------------------------------------------------------
YEARS ENDED NOVEMBER 30, PERIOD ENDED
------------------------------------------------------------NOVEMBER 30,
1999 1998 1997 1996 1995*
----------- ----------- -------- ---------- ----------
Net Asset Value,
<S> <C> <C> <C> <C> <C>
Beginning of the Period ...................... $ 16.51 $ 16.67 $ 15.37 $ 12.97 $ 10.00
----------- ----------- -------- ---------- ----------
Income from Investment
Operations:
Net investment income (loss) ................. (0.05) 0.07 0.35 0.14 0.13
Net realized and unrealized gain
on investment transactions ................... 6.46 2.37 3.03 2.90 2.84
----------- ----------- -------- ---------- ----------
Total income from
investment operations ........................ 6.41 2.44 3.38 3.04 2.97
----------- ----------- -------- ---------- ----------
Less Dividends from:
Net investment income ........................ -- (0.05) (0.31) (0.19) --
In excess of net
investment income ............................ -- -- (0.24) -- --
Realized gains ............................... (1.95) (2.55) (1.53) (0.45) --
----------- ----------- -------- ---------- ----------
Total Distributions .......................... (1.95) (2.60) (2.08) (0.64) --
----------- ----------- -------- ---------- ----------
Net change in net asset
value per share .............................. 4.46 (0.16) 1.30 2.40 2.97
----------- ----------- --------- ---------- ----------
Net Asset Value, End of Period ............... $ 20.97 $ 16.51 $ 16.67 $ 15.37 $ 12.97
=========== =========== ========= ========== ==========
Total Return (a) ............................. 44.49% 17.87% 24.68% 24.61% 29.70%
Ratios/Supplemental Data:
Net Assets at the end of
period (in thousands) ........................ $ 131,496 $ 124,485 $105,386 $ 93,640 $ 86,596
Ratios to average net assets:
Expenses before waivers+ ..................... 1.04% 1.04% 0.99% 0.99% 1.09%**
Expenses net of waivers ...................... 0.93% 0.94% 0.89% 0.89% 0.89%**
Net investment income (loss) ................. (0.23)% 0.32% 0.74% 0.93% 1.29%**
Portfolio Turnover Rate (b) .................. 6% 92% 44% 27% 37%
- --------------------------------------------------------------------------
<FN>
* Commencement of operations, February 1, 1995.
** Annualized.
+ During the period, certain fees were voluntarily reduced and/or reimbursed. If such voluntary fee reductions
and/or reimbursements had not occurred, the ratios would have been as indicated.
(a) Total return is based on the change in net asset value during the period and assumes reinvestment of all
dividends and distributions.
(b) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes
of shares issued.
</FN>
</TABLE>
See accompanying notes to financial statements.
25
<PAGE>
<TABLE>
<CAPTION>
IBJ FUNDS Trust
Financial Highlights
BLENDED TOTAL RETURN FUND
SERVICE CLASS
------------------------------------------------------------
YEAR ENDED NOVEMBER 30, PERIOD ENDED
-------------------------------------------------NOVEMBER 30,
1999 1998 1997 1996 1995*
-------- -------- -------- -------- --------
Net Asset Value,
<S> <C> <C> <C> <C> <C>
Beginning of the Period ...................... $ 12.90 $ 13.51 $ 12.76 $ 11.78 $ 10.00
-------- -------- -------- -------- --------
Income from Investment
Operations:
Net investment income ........................ 0.25 0.38 0.50 0.34 0.27
Net realized and unrealized
gain on investment
transactions ................................. 1.51 1.41 1.27 1.26 1.79
-------- -------- -------- -------- --------
Total income from
investment operations ........................ 1.76 1.79 1.77 1.60 2.06
-------- -------- -------- -------- --------
Less Dividends from:
Net investment income ........................ (0.20) (0.38) (0.50) (0.35) (0.28)
Realized gains ............................... (1.13) (2.02) (0.52) (0.27) --
-------- -------- -------- -------- --------
Total Distributions .......................... (1.33) (2.40) (1.02) (0.62) (0.28)
-------- -------- -------- -------- --------
Net change in net asset
value per share .............................. 0.43 (0.61) 0.75 0.98 1.78
-------- -------- -------- -------- --------
Net Asset Value, End of Period ............... $ 13.33 $ 12.90 $ 13.51 $ 12.76 $ 11.78
======== ======== ======== ========= ========
Total Return (a) ............................. 15.23% 15.98% 14.69% 14.08% 20.72%
Ratios/Supplemental Data:
Net Assets at the end of
period (in thousands) ....................... $ 19 $ 16 $ 14 $ 17 $ 15
Ratios to average net assets:
Expenses before waiver+ ...................... 1.11% 1.01% 1.07% 1.09% 1.14%**
Expenses net of waiver ....................... 1.00% 0.91% 0.97% 0.99% 1.04%**
Net investment income ........................ 2.02% 2.95% 2.91% 2.98% 3.04%**
Portfolio Turnover Rate (b) .................. 42% 76% 138% 77% 78%
- --------------------------------------------------------------------------
<FN>
* Commencement of operations, February 1, 1995.
** Annualized.
+ During the period, certain fees were voluntarily reduced and/or reimbursed. If such voluntary fee reductions
and/or reimbursements had not occurred, the ratios would have been as indicated.
(a) Total return is based on the change in net asset value during the period and assumes reinvestment of all
dividends and distributions.
(b) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes
of shares issued.
</FN>
</TABLE>
See accompanying notes to financial statements.
26
<PAGE>
<TABLE>
<CAPTION>
BLENDED TOTAL RETURN FUND
SERVICE CLASS
----------------------------------------------------------------------
YEARS ENDED NOVEMBER 30, PERIOD ENDED
-----------------------------------------------------------NOVEMBER 30,
1999 1998 1997 1996 1995*
---------- ---------- ---------- ---------- ----------
Net Asset Value,
<S> <C> <C> <C> <C> <C>
Beginning of the Period ...... $ 12.90 $ 13.51 $ 12.76 $ 11.79 $ 10.00
---------- ---------- ---------- ---------- ----------
Income from Investment
Operations:
Net investment income ........ 0.26 0.38 0.50 0.34 0.31
Net realized and unrealized
gain on investment
transactions ................. 1.50 1.41 1.27 1.26 1.79
---------- ---------- ---------- ---------- ----------
Total income from
investment operations ........ 1.76 1.79 1.77 1.60 2.10
---------- ---------- ---------- ---------- ----------
Less Dividends from:
Net investment income ........ (0.20) (0.38) (0.50) (0.36) (0.31)
Realized gains ............... (1.13) (2.02) (0.52) (0.27) --
---------- ---------- ---------- ---------- ----------
Total Distributions .......... (1.33) (2.40) (1.02) (0.63) (0.31)
---------- ---------- ---------- ---------- ----------
Net change in net asset
value per share .............. 0.43 (0.61) 0.75 0.97 1.79
---------- ---------- ---------- ---------- ----------
Net Asset Value, End of Period $ 13.33 $ 12.90 $ 13.51 $ 12.76 $ 11.79
---------- ---------- ---------- ---------- ----------
---------- ---------- ---------- ---------- ----------
Total Return (a) ............. 15.23% 15.98% 14.69% 14.08% 20.82%
Ratios/Supplemental Data:
Net Assets at the end of
period (in thousands) ........ $ 59,572 $ 66,262 $ 61,867 $ 64,232 $ 50,583
Ratios to average net assets:
Expenses before waivers+ ..... 1.11% 1.01% 1.07% 1.09% 1.15%**
Expenses net of waivers ...... 1.00% 0.91% 0.97% 0.99% 1.05%**
Net investment income ........ 2.02% 2.95% 2.91% 2.98% 3.04%**
Portfolio Turnover Rate (b) .. 42% 76% 138% 77% 78%
- -------------------------------------------------------------
<FN>
* Commencement of operations, February 1, 1995.
** Annualized.
+ During the period, certain fees were voluntarily reduced and/or reimbursed. If such voluntary fee reductions
and/or reimbursements had not occurred, the ratios would have been as indicated.
(a) Total return is based on the change in net asset value during the period and assumes reinvestment of all
dividends and distributions.
(b) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes
of shares issued.
</FN>
</TABLE>
See accompanying notes to financial statements.
27
<PAGE>
IBJ FUNDS Trust
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR NOVEMBER 30, 1999
NOTE 1 -- ORANIZATION. IBJ Funds Trust (the "Trust") is registered under
the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end
diversified management investment company and currently consists of four
separate investment portfolios: Reserve Money Market Fund, Core Fixed Income
Fund, Core Equity Fund and Blended Total Return Fund (individually, a "Fund",
and collectively, the "Funds"), each with two classes of shares known as the
Premium Class and the Service Class. Each class of shares outstanding bears the
same voting, dividend, liquidation and other rights and conditions, except that
the expenses incurred in the distribution and marketing of such shares are
different for each class. The Premium Class may be subject to a 12b-1 fee of up
to 0.35% of average daily net assets and a shareholder servicing fee of up to
0.50% of average daily net assets. For the year ended November 30, 1999, no
12b-1 and shareholder servicing fees were paid. The Premium Class was never
offered to the public and the Board of Trustees approved the termination of such
class on October 28, 1999.
The investment objectives of the Reserve Money Market Fund ("Money Market")
are current income, liquidity and the maintenance of a stable $1.00 net asset
value per share by investing in high quality, U.S. dollar-denominated short-term
obligations which are determined by the investment advisor to present minimal
credit risks.
The investment objective of the Core Fixed Income Fund ("Core Fixed Income") is
to provide a high total return(appreciation plus current income) by investing at
least 65% of its total assets in bonds such as U.S. Government securities,
corporate bonds, asset-backedsecurities(including mortgage-backed securities),
savings and loan and U.S. and foreign bank obligations, commercial paper, and
related repurchase agreements.
The investment objective of the Core Equity Fund ("Core Equity") is to seek
long-term capital appreciation through investment in a diversified portfolio of
common stock (and securities convertible into common stock) of publicly traded
U.S. companies. However, if in the investment advisor's judgment, market
conditions change, Core Equity may also invest in the common stock, convertible
securities, preferred stocks and warrants of any U.S. companies, the equity
securities of foreign companies (if traded "over-the-counter") and American
Depositary Receipts.
The investment objective of the Blended Total Return Fund ("Blended Total
Return") is to provide investors with long-term capital appreciation and current
income for high total return by investing in varying proportions of equities and
debt securities depending on the projected strength of the equity and debt
markets at the time of purchase.
NOTE 2 -- SIGNIFICANT ACCOUNTING POLICIES. The following is a summary of the
significant accounting policies followed by the Funds in the preparation of
the financial statements.The policies are in conformity with generally accepted
accounting principles. The preparation of financial statements requires
management to make estimates and assumptions that affect the reported
amounts and disclosures in the financial statements. Actual results could
differ from those estimates.
(a)PORTFOLIO VALUATIONS: The net asset value per share of the Funds
is calculated as of 12:00 noon(Eastern time)for Money Market and as of 4:00 p.m
(Eastern time) for each of the non-money market funds. Securities listed on an
exchange are valued on the basis of the last sale prior to the time the
valuation is made. If there has been no sale since the immediately previous
valuation, then the current bid price is used. Quotations are taken from the
exchange where the security is primarily traded. Portfolio securities which are
primarily traded on foreign exchanges may be valued with the assistance of a
pricing service and are generally valued on the basis of the bid price at the
close of business on each business day. Securities for which market quotations
are not readily available are valued at fair value as determined in good faith
by or at the direction of the Board of Trustees. Money Market uses the amortized
cost method to value its portfolio securities, in accordance with Rule 2a-7
under the 1940 Act, as amended, and seeks to maintain a constant net asset value
of $1.00 per share. The amortized cost
28
<PAGE>
IBJ FUNDS TRUST
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED NOVEMBER 30, 1999 (CONTINUED)
method involves valuing a security at its cost and amortizing any discount or
premium over the period until maturity, regardless of the impact of fluctuating
interest rates on the market value of the security.
(b) SECURITIES TRANSACTIONS AND RELATED INCOME: The Funds record security
transactions on a trade date basis. Interest income, including accretion of
discount and amortization of premium, is accrued daily. Dividend income is
recognized on the ex-dividend date. Realized gains and losses from security
transactions are recorded on an identified cost basis.
(c) EXPENSE: The Trust accounts separately for the assets, liabilities and
operations of each Fund. Direct expenses of a Fund are charged to that Fund,
while general Trust expenses are allocated proportionately among each Fund
within the Trust in relation to the net assets of each Fund or on another
reasonable basis. The investment income and expense of a Fund (other than class
specific expenses) and realized and unrealized gains and losses on investments
of a Fund are allocated to each class of shares based upon their relative net
assets on the date income is earned or expenses and realized and unrealized
gains and losses are incurred. Costs incurred in connection with the
organization and initial registration of the Funds have been deferred and are
being amortized on a straight-line basis over sixty months beginning with each
Fund's commencement of operations. In the event any of the initial shares of any
of the Funds are redeemed, the redemption proceeds will be reduced by the amount
of any unamortized organization expenses in the same proportion as the number of
shares redeemed bears to the number of initial shares held at the time of
redemption.
(d) DIVIDENDS AND DISTRIBUTION TO SHAREHOLDERS: Money Market and Core Fixed
Income's net investment income is declared daily and paid monthly. Core Equity's
net investment income is declared and paid annually. Blended Total Return's net
investment income is declared and paid quarterly. Net realized gains on
portfolio securities, if any, are distributed at least annually by each Fund.
However, to the extent net realized gains can be offset by capital loss
carryover, such gains will not be distributed. Dividends and distributions are
recorded by the Funds on the ex-dividend date. The amount of dividends from net
investment income and distributions from net realized gains are determined in
accordance with federal income tax regulations which may differ from generally
accepted accounting principles. These book/tax differences are either considered
temporary or permanent in nature. To the extent these differences are permanent
in nature, such amounts are reclassified within the composition of net assets
based on their federal tax-basis treatment; temporary differences do not require
reclassification. Dividend and distributions which exceed net investment income
and net realized capital gains for financial reporting purposes but not for tax
purposes are reported as dividends in excess of net investment income or
distributions in excess of net realized gains. Permanent book/tax differences
are primarily attributable to redesignation of distributions and paydowns.
(e)FEDERAL INCOME TAXES: It is the Funds' policy to continue to comply with the
requirements of Subchapter M of the Internal Revenue Code applicable to
regulated investment companies and to distribute timely all of their net
investment company taxable income and net capital gains to
shareholders.Therefore, no federal income tax provision is required.
NOTE 3 -- AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES. The Trust,on behalf
of each Fund, has entered into investment advisory agreements (the "Advisory
Agreements") with IBJ Whitehall Bank & Trust Company (the "Advisor" or "IBJW").
Pursuant to the terms of the Advisory Agreements, the Advisor is entitled to a
fee that is calculated daily and paid monthly based on the average daily net
assets of each Fund, at the annual rate of: 0.35% for Money Market; 0.50% for
Core Fixed Income; 0.60% for Core Equity; and 0.60% for Blended Total Return.
Through November 30, 1999, the Advisor has
29
<PAGE>
IBJ FUNDS TRUST
NOTES TO FINANCIALS STATEMENTS
FOR THE YEAR ENDED NOVEMBER 30, 1999 (CONTINUED)
- --------------------------------------------------------------------------------
contractually agreed to waive a portion of its management fee equal to 0.10% of
average daily net assets with respect to Core Fixed Income, Core Equity and
Blended Total Return. This resulted in fee waivers of $37,003, $125,111 and
$61,546 for Core Fixed Income, Core Equity and Blended Total Return,
respectively, for the year ended November 30, 1999. Through November 30, 1999,
the Advisor has contractually agreed to waive its management fee and to
reimburse Money Market up to $35,000 for its other expenses. This resulted in
the Advisor waiving $70,587 in management fees and reimbursing expenses of
$10,457 for the year ended November 30, 1999. Under the terms of its contractual
waiver, the Advisor may charge Money Market up to its full management fee and
may reimburse Money Market less than $35,000 if, in doing so, Money Market's net
expenses would not exceed 0.64% of average daily net assets. IBJW also serves as
custodian for all the Funds.
In September 1998, IBJW entered into a Co-Administration Services Contract with
the Trust. Under this contract, IBJW performs supplemental administrative
services, including (i) supervising the activities of First Data Investor
Services Group, Inc. ("Investor Services Group"), a wholly-owned subsidiary of
First Data Corporation, and the Funds' other service providers, (ii) serving as
liaison with the Trustees and (iii) providing general product management and
oversight to the extent not provided by Investor Services Group. In
consideration of IBJW's services under this contract, the Trust pays IBJW a
monthly fee with respect to each Fund at an annual rate of 0.03% of the average
daily net assets of the Fund during the preceding month. For the year ended
November 30, 1999, IBJW received co-administration fees of $6,050, $11,101,
$37,533 and $18,464 and has waived fees of $6,050, $3,903, $13,558 and $6,740
for Money Market, Core Fixed Income, Core Equity and Blended Total Return,
respectively.
The Trust and Investor Services Group have entered into an administration
agreement under which Investor Services Group (Administrator) provides services
for a fee, computed daily and paid monthly, at the annual rate of 0.15% of
average daily net assets of each Fund up to $500 million; 0.10% of average daily
net assets of each Fund in excess of $500 million up to $1 billion; and 0.075%
of average daily net assets of each Fund in excess of $1 billion. The services
are subject to the supervision of the Trust's Board of Trustees and officers and
include the day-to-day administration of matters related to the corporate
existence of the Trust, maintenance of its records, preparation of reports,
supervision of the Trust's arrangements with its custodian and assistance in the
preparation of the Trust's registration statements under federal and state laws.
In addition, Investor Services Group also provides certain fund accounting and
related services. The Investor Services Group also serves as transfer agent for
the Funds pursuant to a Transfer Agency and Services Agreement with the Trust
effective March 1, 1998.
First Data Distributors, Inc. (the "Distributor"), a wholly-owned subsidiary of
Investor Services Group and an indirect wholly-owned subsidiary of First Data
Corporation, serves as the distributor of the Trust's shares.
The Trust has adopted a Rule 12b-1 Distribution Plan and Agreement (the "Plan")
pursuant to Rule 12b-1 under the 1940 Act for the Premium Class of Shares of
each Fund of the Trust. The Distributor may be paid a fee of up to 0.35% of the
average daily net assets of the Premium Class of Shares of each Fund. There were
no fees or expenses charged to the Trust under the Plan. The Distributor serves
as the exclusive distributor of the shares of each Fund pursuant to the Plan. In
addition, a shareholder servicing fee of up to 0.50% of the average daily net
assets of the Premium Class of Shares of each Fund may be paid to various
financial institutions for providing services, such as maintaining shareholder
accounts and records.
30
<PAGE>
IBJ FUNDS TRUST
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED NOVEMBER 30, 1999 (CONTINUED)
NOTE 4 -- TRUSTEE COMPENSATION. The Trust pays each unaffiliated Trustee an
annual fee of $5,000 ($7,000 for the Chairman of the Board), plus a fee of $500
for each Board of Trustees meeting and $500 for each Board committee meeting of
the Trust. The Trust also reimburses expenses incurred by each unaffiliated
Trustee in attending such meetings. Trustees who are affiliated receive no
compensation from the Trust.
NOTE 5 -- SECURITIES TRANSACTIONS. For the year ended November 30, 1999, the
cost of purchases and the proceeds from sales of the Funds' portfolio securities
(excluding short-term investments), amounted to the following:
<TABLE>
<CAPTION>
PURCHASES SALES
--------------------------- ------------------------
U.S. GOVERNMENT OTHER U.S. GOVERNMENT OTHER
-------------- ----------- --------------- -----------
<S> <C> <C> <C> <C>
Core Fixed Income ...... $ 8,981,399 $16,225,587 $11,536,971 $13,502,207
Core Equity ............ -- 7,200,554 -- 46,709,905
Blended Total Return ... 19,487,185 4,637,266 24,370,058 10,907,433
The aggregate gross unrealized appreciation and depreciation, net unrealized
appreciation (depreciation) and cost for all securities as computed on a federal
income tax basis, at November 30, 1999 for each Fund is as follows:
</TABLE>
<TABLE>
<CAPTION>
Net
Gross Gross Appreciation
Appreciation (Depreciation) (Depreciation) Cost
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Money Market ........ $ -- $ -- $ -- $ 20,603,704
Core Fixed Income ... 66,669 (1,192,146) (1,125,477) 37,000,805
Core Equity ......... 66,907,151 (1,802,174) 65,104,977 66,478,054
Blended Total Return 16,743,027 (1,576,824) 15,166,203 44,162,972
<FN>
NOTE 6 -- CAPITIAL SHARE TRANSACTIONS. The Trust is authorized to issue an unlimited number of shares of beneficial
interest with a par value of $0.001 each. Transactions in shares of the Funds are as follows:
</FN>
</TABLE>
<TABLE>
<CAPTION>
Money Market
------------------------------------------------------------
Year Ended Year Ended
November 30, 1999 November 30, 1998
----------------- -----------------
Shares Amount Shares Amount
------------ ------------ ------------ ------------
PREMIUM CLASS
<S> <C> <C> <C> <C>
Issued ..................................... -- $ -- -- $ --
Reinvested ................................. 621 621 737 737
Redeemed ................................... -- -- -- --
------------ ------------ ------------ ------------
Net increase ............................... 621 $ 621 737 $ 737
============ ============ ============ ============
SERVICE CLASS
Issued ..................................... 41,324,463 $ 41,324,463 36,424,340 $ 36,424,340
Reinvested ................................. 899,474 899,442 1,244,464 1,244,464
Redeemed ................................... (40,307,779) (40,307,779) (44,868,289) (44,868,289)
------------ ------------ ------------ ------------
Net increase (decrease) .................... 1,916,158 $ 1,916,126 (7,199,485) $ (7,199,485)
============ ============ ============ ============
</TABLE>
31
<PAGE>
<TABLE>
<CAPTION>
IBJ FUNDS Trust
Notes to Financial Statements
For the Year Ended November 30, 1999 (continued)
Core Fixed Income
---------------------------------------------
Year Ended Year Ended
November 30, 1999 November 30, 1998
----------------- -----------------
Shares Amount Shares Amount
----------- ----------- ----------- -----------
PREMIUM CLASS
<S> <C> <C> <C> <C>
Issued ......................................... -- $ -- -- $ --
Reinvested ..................................... 90 910 91 984
Redeemed ....................................... -- -- -- --
----------- ----------- ----------- -----------
Net increase ................................... 90 $ 910 91 $ 984
=========== =========== =========== ===========
SERVICE CLASS
Issued ......................................... 488,803 $ 4,953,315 865,700 $ 9,118,310
Reinvested ..................................... 231,913 2,356,121 234,260 2,441,837
Redeemed ....................................... (725,186) (7,327,447) (498,022) (5,306,620)
----------- ----------- ----------- -----------
Net increase (decrease) ........................ (4,470) $ (18,011) 601,938 $ 6,253,527
=========== =========== =========== ===========
Core Equity
--------------------------------------------------
Year Ended Year Ended
November 30, 1999 November 30, 1998
----------------- -----------------
Shares Amount Shares Amount
------------ ------------ ------------ ------------
PREMIUM CLASS
Issued ..................................... -- $ -- -- $ --
Reinvested ................................. 144 2,055 182 2,884
Redeemed ................................... -- -- -- --
------------ ------------ ------------ ------------
Net increase ............................... 144 $ 2,055 182 $ 2,884
============ ============ ============ ============
SERVICE CLASS
Issued ..................................... 951,004 $ 16,667,882 1,473,105 $ 22,769,953
Reinvested ................................. 1,035,579 14,694,872 1,293,470 18,597,850
Redeemed ................................... (3,254,310) (56,293,818) (1,548,197) (24,571,996)
------------ ------------ ------------ ------------
Net increase (decrease) .................... (1,267,727) $(24,931,064) 1,218,378 $ 16,795,807
============ ============ ============ ============
</TABLE>
32
<PAGE>
<TABLE>
<CAPTION>
IBJ FUNDS TRUST
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED NOVEMBER 30, 1999 (continued)
Blended Total Return
------------------------------------------------------------
Year Ended Year Ended
November 30, 1999 November 30, 1998
----------------- -----------------
Shares Amount Shares Amount
------------ ------------ ------------ ------------
PREMIUM CLASS
<S> <C> <C> <C> <C>
Issued ......................................... -- $ -- -- $ --
Reinvested ..................................... 145 1,706 228 2,656
Redeemed ....................................... -- -- -- --
------------ ------------ ------------ ------------
Net increase ................................... 145 $ 1,706 228 $ 2,656
============ ============ ============ ============
SERVICE CLASS
Issued ......................................... 395,393 $ 4,923,466 539,674 $ 6,727,596
Reinvested ..................................... 567,864 6,705,849 1,001,007 11,662,505
Redeemed ....................................... (1,632,376) (20,291,830) (982,001) (12,122,879)
------------ ------------ ------------ ------------
Net increase (decrease) ........................ (669,119) $ (8,662,515) 558,680 $ 6,267,222
============ ============ ============ ============
<FN>
NOTE 7 -- CAPITIAL LOSS AND CARRYOVER. At November 30, 1999, Money Market and Core
Fixed Income had the following capital loss carryovers:
</FN>
</TABLE>
Capital Loss Carryover Expiration Date
---------------------- ---------------
Money Market $ 2,781 2003
4,513 2004
1,260 2005
247 2006
532 2007
--------
$ 9,333
========
Core Fixed Income $ 61,083 2007
========
Note 8 - Federal Income Tax Information (unaudited) During the year ended
November 30, 1999, the following Funds declared long-term capital distributions
in the following amounts:
Core Fixed Income .. $ 66,211
Core Equity ........ 14,697,042
Blended Total Return 4,481,646
For corporate shareholders, 1.06% and 17.25% of the total ordinary income
distributions paid during the fiscal year ended November 30, 1999 for the Core
Fixed Income and Blended Total Return Funds, respectively, qualifies for the
corporate dividends received deduction.
Note 9 - Subsequent Event - Change in Control of Administrator and Change in
Distributor (unaudited) On December 1, 1999, PFPC Trust Company, a wholly-owned
subsidiary of PFPC Worldwide, Inc. and an indirect wholly-owned subsidiary of
PNC Bank Corp., acquired all of the outstanding stock of Investor Services Group
(the "Transaction"). On that same date and as part of the Transaction, PFPC
Inc., an indirect wholly-owned subsidiary of PNC Bank Corp., was merged into
Investor Services Group, which then changed its name to PFPC Inc. In connection
with the Transaction, on December 1, 1999, Provident Distributors, Inc. became
the distributor of the Trust's shares.
Note 10 - Subsequent Event - Shareholder Meeting (unaudited) At
a Special Meeting of Shareholders to be held on January 28, 2000, Shareholders
of the Funds are being asked to vote on the following two proposals affecting
the Core Fixed Income, Core Equity and Blended Total Return Funds only: (i) to
approve a change in the investment advisory agreement, increasing the advisory
fees for the Funds; and (ii) to approve the implementation of a Rule 12b-1
Distribution Plan for the Funds.
Note 11 - Subsequent Event - Name Change
(unaudited) The Board of Trustees have approved the name change of the Trust to
Whitehall Funds Trust on December 2, 1999.
33
<PAGE>
Report of Ernst & Young LLP, Independent Auditors
Shareholders and Trustees
IBJ Funds Trust
We have audited the accompanying statements of assets and liabilities, including
the portfolios of investments, of IBJ Funds Trust (comprising, respectively, the
IBJ Reserve Money Market Fund, IBJ Core Fixed Income Fund, IBJ Core Equity Fund,
and IBJ Blended Total Return Fund, collectively, the "Trust") as of November 30,
1999, and the related statements of operations for the year then ended, and the
statements of changes in net assets and the financial highlights for each of the
two years in the period then ended. These financial statements and financial
highlights are the responsibility of the Trust's management. Our responsibility
is to express an opinion on these financial statements and financial highlights
based on our audits. The financial highlights for the two years ended November
30, 1997 and 1996 and for the period February 1, 1995 (commencement of
operations) to November 30, 1995 were audited by other auditors whose report
dated January 19, 1998, expressed an unqualified opinion on those financial
highlights.
We conducted our audits in accordance with generally accepted auditing
standards.Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in financial
statements and financial highlights. Our procedures included verification by
examination of securities held by the custodian as of November 30, 1999 and
confirmation of securities not held by the custodian by correspondence with
brokers. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of each
of the respective funds comprising IBJ Funds Trust at November 30, 1999, the
results of their operations for the year then ended, and the changes in their
net assets and their financial highlights for each of the two years in the
period then ended, in conformity with generally accepted accounting principles.
/s/ signature omitted Ernst & Young LLP
New York, New York
January 6, 2000
34
<PAGE>
This page intentionally left blank.
35
<PAGE>
<PAGE>
- --------------------------------------------------------------------------------
WHITEHALL FUNDS TRUST
(FORMERLY IBJ FUNDS TRUST)
An investment in shares of the Trust is neither insured nor guaranteed by the
FDIC or the U.S. Government. Although the Reserve Money Market Fund seeks to
preserve the value of your investment at $1.00 per share, it is possible to lose
money by investing in the Fund. Shares of the Trust are not deposits or
obligations of, or guaranteed or endorsed by, IBJ Whitehall Bank & Trust
Company, and are not federally insured by the Federal Deposit Insurance
Corporation, the Federal Reserve Board, or any other government agency, and may
involve investment risk, including the possible loss of principal.
The views expressed in this report reflect those of the portfolio managers only
through the end of the period of the report as stated on the cover. The views
contained herein are subject to change at any time based on market and other
conditions.
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.
- --------------------------------------------------------------------------------
36
<PAGE>
WHITEHALL FUNDS TRUST
(FORMELY IBJ FUNDS TRUST)
BOARD OF TRUSTEES
George H. Stewart
Chairman
Stephen V.R. Goodhue
Trustee
Robert H. Dunker
Trustee
- ------------------------------
OFFICERS
Jylanne M. Dunne
President
William J. Greilich
Vice President
Brian R. Curran
Treasurer
Joseph J. Wencus
Assistant Treasurer
Marc Schuman
Secretary
Therese Hogan
Assistant Secretary
Michelle Whalen
Assistant Secretary
INVESTMENT ADVISOR
IBJ Whitehall Bank & Trust Company
One State Street
New York, New York 10004
ADMINISTRATOR
First Data Investor Services Group, Inc.
4400 Computer Drive
Westborough, MA 01581
DISTRIBUTOR
First Data Distributors, Inc.
4400 Computer Drive
Westborough, MA 01581
CUSTODIAN
IBJ Whitehall Bank & Trust Company
One State Street
New York, NY 10004
COUNSEL
Paul, Weiss, Rifkind, Wharton & Garrison
1285 Sixth Avenue
New York, New York 10019
INDEPENDENT ACCOUNTANTS
Ernst & Young LLP
787 Seventh Avenue
New York, New York 10019
This report is for the information of the shareholders of Whitehall Funds Trust.
Its use in connection with any offering of the Trust's shares is authorized only
in case of a concurrent or prior delivery of the Trust's current prospectus.
<PAGE>
IBJ WHITEHALL FINANCIAL GROUP
ONE STATE STREET NEW YORK NY 10004
