As filed with the Securities and Exchange Commission on August 16, 1996
File Nos. 33-62103 and 811-7347
================================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT UNDER
THE SECURITIES ACT OF 1933
POST-EFFECTIVE AMENDMENT NO. 4
AND
REGISTRATION STATEMENT UNDER
THE INVESTMENT COMPANY ACT OF 1940
AMENDMENT NO. 7
BT ADVISOR FUNDS
(FORMERLY, BT GLOBAL INVESTORS)
(Exact Name of Registrant as Specified in Charter)
6 ST. JAMES AVENUE, BOSTON, MASSACHUSETTS 02116
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, including Area Code: 617-423-0800
Thomas M. Lenz Copies to: Burton M. Leibert, Esq.
Signature Broker-Dealer Services, Inc. Willkie Farr & Gallagher
6 St. James Avenue One Citicorp Center
Boston, Massachusetts 02116 153 East 53rd Street
New York, New York 10022
(Name and Address of Agent for Service)
It is proposed that this filing will become effective
(check appropriate box)
[x] immediately upon filing pursuant to paragraph (b)
[ ] on (date) pursuant to paragraph (b)
[ ] 60 days after filing pursuant to paragraph (a)(i)
[ ] on (date) pursuant to paragraph (a)(i)
[ ] 75 days after filing pursuant to paragraph (a)(ii)
[ ] on (date) pursuant to paragraph (a)(ii) of rule 485.
If appropriate, check the following box:
[ ] this post-effective amendment designates a new effective date for a
previously filed post-effective amendment.
Small Cap Portfolio, Capital Appreciation Portfolio and International Equity
Portfolio have also executed this Registration Statement. Registrant has
registered an indefinite number of its shares of beneficial interest pursuant to
Rule 24f-2 under the Investment Company Act of 1940. Registrant will file the
Notice required by Rule 24f-2 on or about November 30, 1996 for Registrant's
fiscal year ended September 30, 1996 and on or about February 28, 1997 for
Registrant's fiscal year ended December 31, 1996.
<PAGE>
EXPLANATORY NOTE
This post-effective amendment no. 4 (the "Amendment") to the Registrant's
registration statement on Form N-1A is being filed with respect to Capital
Appreciation Fund, International Equity Portfolio and Small Cap Portfolio, each
a series of shares of the Registrant (the "Fund"), pursuant to the Registrant's
undertaking to file a post-effective amendment to the registration statement,
using financials which need not be certified, within four to six months
following the date of the first public investor in the Fund. The Amendment is
being filed to include (i) supplements to the Fund's prospectus containing
updated unaudited financial information, and (ii) a supplement to the
Registrant's Statement of Additional Information containing unaudited financial
statements. As a result, the Amendment does not affect any of the Registrant's
currently effective prospectuses or statement of additional information, each of
which is hereby incorporated herein by reference as filed pursuant to Rule 497
under the Securities Act of 1933, as amended.
<PAGE>
CAPITAL APPRECIATION FUND
INTERNATIONAL EQUITY FUND
SMALL CAP FUND
PROSPECTUS SUPPLEMENT DATED AUGUST 16, 1996
TO THE PROSPECTUS DATED JANUARY 16, 1996
The following will be inserted immediately before the FUNDS IN DETAIL section on
page 6 of the Prospectus:
FUND FINANCIAL HIGHLIGHTS(UNAUDITED)
- --------------------------------------------------------------------------------
Contained below are selected data for a share outstanding, total investment
return, ratios to average net assets and other supplemental data for the period
presented for each of the Funds.
<TABLE>
<CAPTION>
CAPITAL INTERNATIONAL
APPRECIATION EQUITY SMALL CAP
------------- ------------- ---------------
FOR THE PERIOD FOR THE PERIOD FOR THE
FEBRUARY 16, 1996 FEBRUARY 16, 1996 FEBRUARY 16, 1996
(COMMENCEMENT OF (COMMENCEMENT OF (COMMENCEMENT OF
OPERATIONS) TO OPERATIONS) TO OPERATIONS) TO
JUNE 30, 1996 JUNE 30, 1996 JUNE 30, 1996
---------------- ---------------- ----------------
<S> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:
NET ASSETS VALUE, BEGINNING OF PERIOD........................................$ 10.00 $ 10.00 $ 10.00
-------- -------- -------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Income(loss).............................................. (0.04) 0.03 (0.02)
Net Realized and Unrealized Gain on Investments and Foreign Currency
Transactions............................................................ 0.92 0.80 1.47
-------- --------- -------
Total from Investment Operations............................................. 0.88 0.83 1.45
-------- --------- -------
NET ASSETS VALUE, END OF PERIOD..............................................$ 10.88 $ 10.83 $ 11.45
-------- --------- -------
-------- --------- -------
TOTAL INVESTMENT RETURN...................................................... 8.80% 8.30% 14.50%
SUPPLEMENTAL DATA AND RATIOS:
Net Assets, End of Period (000's omitted)................................$ 717 $ 2,317 $ 1,818
Ratio to Average Net Assets
Net Investment Income.................................................. (1.01)%* 1.45%* (0.91)%*
Expenses, including Expenses of the Portfolio+.......................... 1.50%* 1.70%* 1.50%*
Decrease Reflected in Above Expense Ratio Due to Absorption of Expenses
by Bankers Trust...................................................... 5.39%* 3.87%* 4.71%*
</TABLE>
- ------------------
* Annualized
+ Capital Appreciation Portfolio, International Equity Portfolio and Small Cap
Portfolio, respectively.
<PAGE>
BT ADVISOR FUNDS
SUPPLEMENT DATED AUGUST 16, 1996
TO THE STATEMENT OF ADDITIONAL INFORMATION JANUARY 16, 1996
BT ADVISOR FUNDS
------------
CAPITAL APPRECIATION FUND
INTERNATIONAL EQUITY FUND
SMALL CAP FUND
FINANCIAL STATEMENTS (UNAUDITED)
June 30, 1996
<PAGE>
- --------------------------------------------------------------------------------
BT ADVISOR FUNDS
STATEMENTS OF ASSETS AND LIABILITIES JUNE 30, 1996 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CAPITAL INTERNATIONAL
APPRECIATION EQUITY SMALL CAP
----------- ----------- -----------
<S> <C> <C> <C>
ASSETS
Investment in Portfolio, at Value+..................................... $ 711,598 $ 2,298,973 $ 1,630,976
Receivable for Shares of Beneficial Interest Sold...................... 3,872 18,872 185,746
Deferred Organizational Expenses....................................... 8,339 8,339 8,339
Prepaid Expenses and Other............................................. 955 955 955
Due from Bankers Trust................................................. 11,044 12,262 13,165
----------- ----------- -----------
Total Assets............................................................... 735,808 2,339,401 1,839,181
----------- ----------- -----------
LIABILITIES
Accrued Expenses and Other............................................. 18,559 22,210 21,530
----------- ----------- -----------
Total Liabilities.......................................................... 18,559 22,210 21,530
----------- ----------- -----------
NET ASSETS ($0.001 Par value per share, unlimited number of shares of
beneficial interest authorized).......................................... $ 717,249 $ 2,317,191 $ 1,817,651
----------- ----------- -----------
----------- ----------- -----------
SHARES OUTSTANDING......................................................... 65,949 213,945 158,688
----------- ----------- -----------
----------- ----------- -----------
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE (NET ASSETS/SHARES
OUTSTANDING)............................................................. $ 10.88 $ 10.83 $ 11.45
----------- ----------- -----------
----------- ----------- -----------
COMPOSITION OF NET ASSETS
Paid-in Capital........................................................ $ 659,006 $ 2,246,655 $ 1,786,754
Accumulated Net Investment Income (Loss)............................... (2,430) 6,305 (3,064)
Undistributed Net Realized Gain from Investments and Foreign Currency
Transactions......................................................... 25,073 29,490 18,481
Net Unrealized Appreciation on Investments, Foreign Currencies and
Forward Currency Contracts........................................... 35,600 34,741 15,480
----------- ----------- -----------
NET ASSETS, JUNE 30, 1996.................................................. $ 717,249 $ 2,317,191 $ 1,817,651
----------- ----------- -----------
----------- ----------- -----------
</TABLE>
- ----------------
+ Allocated from Capital Appreciation Portfolio, International Equity Portfolio
and Small Cap Portfolio, respectively.
SEE NOTES TO FINANCIAL STATEMENTS ON PAGE 5
1
<PAGE>
- --------------------------------------------------------------------------------
BT ADVISOR FUNDS
FOR THE PERIOD FEBRUARY 16, 1996 (COMMENCEMENT
STATEMENTS OF OPERATIONS OF OPERATIONS) TO JUNE 30, 1996 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CAPITAL INTERNATIONAL
APPRECIATION EQUITY SMALL CAP
----------- ----------- ---------
<S> <C> <C> <C>
INVESTMENT INCOME (LOSS)
Income (Loss), Net+...................................................... $ (256) $ 10,865 $ (36)
----------- ----------- ---------
EXPENSES
Administration and Services.............................................. 1,570 3,692 2,187
Shareholders Report...................................................... 3,795 4,000 3,795
Registration............................................................. 706 672 706
Professional............................................................. 4,936 6,710 7,251
Trustees................................................................. 1,812 1,992 1,992
12b-1 Distribution Fees.................................................. 1,208 2,172 1,682
Miscellaneous............................................................ 761 1,276 778
----------- ----------- ---------
Total Expenses........................................................... 14,788 20,514 18,391
Less: Expenses Absorbed by Bankers Trust................................. (12,614) (15,954) (15,363)
----------- ----------- ---------
Net Expenses........................................................ 2,174 4,560 3,028
----------- ----------- ---------
NET INVESTMENT INCOME (LOSS)................................................. (2,430) 6,305 (3,064)
----------- ----------- ---------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net Realized Gain from:
Investment Transactions................................................ 25,073 22,323 18,481
Foreign Currency Transactions.......................................... -- 7,167 --
Net Change in Unrealized Appreciation of Investments, Foreign Currencies
and Forward Currency Contracts 35,600 34,741 15,480
----------- ----------- ---------
NET GAIN ON INVESTMENTS, FOREIGN CURRENCIES AND FORWARD CURRENCY
TRANSACTIONS............................................................... 60,673 64,231 33,961
----------- ----------- ---------
NET INCREASE IN NET ASSETS FROM OPERATIONS................................... $ 58,243 $ 70,536 $ 30,897
----------- ----------- ---------
----------- ----------- ---------
</TABLE>
- ----------------
+ Income allocated from Capital Appreciation Portfolio, International Equity
Portfolio and Small Cap Portfolio, respectively.
SEE NOTES TO FINANCIAL STATEMENTS ON PAGE 5
2
<PAGE>
- --------------------------------------------------------------------------------
BT ADVISOR FUNDS
FOR THE PERIOD FEBRUARY 16, 1996
(COMMENCEMENT OF OPERATIONS)
STATEMENTS OF CHANGES IN NET ASSETS TO JUNE 30, 1996 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CAPITAL INTERNATIONAL
APPRECIATION EQUITY SMALL CAP
----------- ----------- -----------
<S> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM:
OPERATIONS
Net Investment Income (Loss)........................................... $ (2,430) $ 6,305 $ (3,064)
Net Realized Gain from Investments and Foreign Currency Transactions... 25,073 29,490 18,481
Net Unrealized Appreciation on Investments, Foreign Currencies and
Forward Currency Contracts........................................... 35,600 34,741 15,480
----------- ----------- -----------
Net Increase in Net Assets from Operations................................. 58,243 70,536 30,897
----------- ----------- -----------
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net Increase from Transactions in Shares of Beneficial Interest............ 659,006 2,246,655 1,786,754
----------- ----------- -----------
TOTAL INCREASE IN NET ASSETS............................................... 717,249 2,317,191 1,817,651
NET ASSETS
Beginning of Period........................................................ -- -- --
----------- ----------- -----------
End of Period.............................................................. $ 717,249 $ 2,317,191 $ 1,817,651
----------- ----------- -----------
----------- ----------- -----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS ON PAGE 5
3
<PAGE>
- --------------------------------------------------------------------------------
BT ADVISOR FUNDS
FINANCIAL HIGHLIGHTS (UNAUDITED)
- --------------------------------------------------------------------------------
Contained below are selected data for a share outstanding, total investment
return, ratios to average net assets and other supplemental data for the period
presented for each of the Funds.
<TABLE>
<CAPTION>
CAPITAL INTERNATIONAL
APPRECIATION EQUITY SMALL CAP
--------------- --------------- ---------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
FEBRUARY 16, FEBRUARY 16, FEBRUARY 16,
1996 1996 1996
(COMMENCEMENT (COMMENCEMENT (COMMENCEMENT
OF OPERATIONS) OF OPERATIONS) OF OPERATIONS)
TO JUNE 30, TO JUNE 30, TO JUNE 30,
1996 1996 1996
--------------- --------------- ---------------
<S> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:
NET ASSETS VALUE, BEGINNING OF PERIOD........................ $ 10.00 $ 10.00 $ 10.00
--------------- --------------- ---------------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Income (loss)............................. (0.04) 0.03 (0.02)
Net Realized and Unrealized Gain on Investments and
Foreign Currency Transactions.......................... 0.92 0.80 1.47
--------------- --------------- ---------------
Total from Investment Operations............................. 0.88 0.83 1.45
--------------- --------------- ---------------
NET ASSETS VALUE, END OF PERIOD.............................. $ 10.88 $ 10.83 $ 11.45
--------------- --------------- ---------------
--------------- --------------- ---------------
TOTAL INVESTMENT RETURN...................................... 8.80% 8.30% 14.50%
SUPPLEMENTAL DATA AND RATIOS:
Net Assets, End of Period (000's omitted)................ $ 717 $ 2,317 $ 1,818
Ratios to Average Net Assets
Net Investment Income (Loss)........................... (1.01)%* 1.45%* (0.91)%*
Expenses, including Expenses of the Portfolio+......... 1.50%* 1.70%* 1.50%*
Decrease Reflected in Above Expense Ratio Due to
Absorption of Expenses by Bankers Trust.............. 5.39%* 3.87%* 4.71%*
</TABLE>
- ------------------
* Annualized
+ Capital Appreciation Portfolio, International Equity Portfolio and Small Cap
Portfolio, respectively.
SEE NOTES TO FINANCIAL STATEMENTS ON PAGE 5
4
<PAGE>
- --------------------------------------------------------------------------------
BT ADVISOR FUNDS
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
NOTE 1 -- ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
A. ORGANIZATION
BT Advisor Funds ("the Trust") is registered under the Investment Company Act of
1940 ("the Act"), as amended, as an open-end management investment company. The
Trust was organized on July 24, 1995, as a business trust under the laws of the
Commonwealth of Massachusetts. The BT Advisor Capital Appreciation Fund,
International Equity Fund and Small Cap Fund (each a "Fund", and collectively,
the "Funds") are offered to investors by the Trust. The following Funds
commenced operations and began offering shares of beneficial interest as of:
<TABLE>
<CAPTION>
COMMENCEMENT OF
OPERATIONS &
BENEFICIAL SHARE
FUND OFFERING
- ------------------------------ ------------------
<S> <C>
Capital Appreciation Fund..... February 16, 1996
International Equity Fund..... February 16, 1996
Small Cap Fund................ February 16, 1996
</TABLE>
Subsequent to the commencement of operations, the Funds began investing
substantially all of their investable assets in the following Portfolios:
Capital Appreciation Fund in the Capital Appreciation Portfolio, International
Equity Fund in the International Equity Portfolio, and Small Cap Fund in the
Small Cap Portfolio (each a "Portfolio" and collectively, the "Portfolios").
Each Portfolio is an open-end management investment company registered under the
Act. The Funds seek to achieve their investment objectives by investing all of
their investable assets in the respective Portfolio. The value of such
investment in the Portfolios reflects each Fund's proportionate interest in the
net assets of the respective Portfolio. At June 30, 1996, Capital Appreciation
Fund's investment was approximately 0.34% of the Capital Appreciation Portfolio,
International Equity Fund's investment was approximately 1.60% of the
International Equity Portfolio, and Small Cap Fund investments was approximately
0.66% of the Small Cap Portfolio.
The financial statements of each of the Portfolios, including the Schedules of
Portfolio Investments, are contained elsewhere in this report.
B. INVESTMENT INCOME
Each of the Funds earns income, net of expenses, daily on its investment in the
respective Portfolio. All of the net investment income and realized and
unrealized gains and losses from the security transactions of each Portfolio are
allocated pro rata among the investors in the Portfolio at the time of such
determination.
C. ORGANIZATIONAL EXPENSES
Costs incurred by each Fund in connection with its organization and initial
registration are being amortized evenly over a five year period.
D. DIVIDENDS
It is the Capital Appreciation Fund's and Small Cap Fund's policy to declare and
distribute dividends quarterly to shareholders from net investment income,
International Equity Fund distributes annually. Dividends payable to
shareholders are recorded by each Fund on the ex-dividend date. Distributions of
net realized short-term and long-term capital gains, if any, earned by each Fund
will be made annually.
F. FEDERAL INCOME TAXES
It is each Fund's policy to comply with the requirements of the Internal Revenue
Code. Therefore, no federal income tax provision is required.
<PAGE>
G. OTHER
The Trust accounts separately for the assets, liabilities, and operations of
each of the Funds. Expenses directly attributable to each Fund are charged to
that Fund, while expenses which are attributable to all of the Trust's funds are
allocated among them.
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts in the financial statements.
NOTE 2 -- FEES AND TRANSACTIONS WITH AFFILIATES
Each Fund has entered into an Administration and Services Agreement
("Agreement") with Bankers Trust Company ("Bankers Trust"). Under such
Agreement, Bankers Trust provides administrative, custody, transfer agency and
shareholder services to each of the Funds in return for a fee computed daily and
paid monthly at an annual rate of each Fund's average daily net assets. The
following provides a table of annual rates and aggregated fees for each of the
funds for the period February 16, 1996 (Commencement of Operations) to June 30,
1996:
<TABLE>
<CAPTION>
AGGREGATED
FUND ANNUAL RATE FEES
- --------------------------------------- ----------- -----------
<S> <C> <C>
Capital Appreciation Fund.............. 0.65 of 1% $ 1,570
International Equity Fund.............. 0.85 of 1% 3,692
Small Cap Fund......................... 0.65 of 1% 2,187
</TABLE>
The Trust has entered into a Distribution Agreement with Signature Broker-Dealer
Services, Inc. ("Signature"). Under the Distribution Agreement with the Trust,
pursuant to Rule 12b-1 of the 1940 Act, Signature may seek reimbursement, at an
annual rate not exceeding 0.50 of 1% of each Fund's average daily net assets,
for expenses incurred in connection with any activities primarily intended to
result in the sale of each Fund's shares. For the period February 16, 1996
(Commencement of Operations) to June 30, 1996, reimbursable expenses incurred by
Capital Appreciation Fund, International Equity Fund and Small Cap Fund under
this agreement were $1,208, $2,172 and $1,682, respectively.
Bankers Trust has voluntarily undertaken to waive and reimbursement expenses of
each Fund, to the extent necessary, to limit all expenses as follows. Capital
Appreciation Fund to 0.90 of 1% of the average daily net assets of the Fund,
excluding expenses of the Portfolio and 1.50 of 1% of the average daily net
assets of the Fund, including expenses of the Portfolio. International Equity
Fund to 1.05 of 1% of the average daily net assets of the Fund, excluding
expenses of the Portfolio and 1.70 of 1% of the average daily net assets of the
Fund, including expenses of the Portfolio. Small Cap Fund to 0.90 of 1% of the
average daily net assets of the Fund, excluding expenses of the Portfolio and
1.50 of 1% of the average daily net assets of the Fund, including expenses of
the Portfolio. For the period February 16, 1996 (Commencement of Operations) to
June 30, 1996, expenses have been reduced as follows: Capital Appreciation Fund,
$12,614, International Equity Fund, $15,954, and Small Cap Fund, $15,363.
Each of the Funds is subject to such limitations as may from time to time be
imposed by the Blue Sky laws of states in which each of the Funds sells its
shares. Currently, the most restrictive jurisdiction imposed expense limitation
of 2.5% of the first $30,000,000 of the average daily net assets, 2.0% of the
next $70,000,000, and 1.5% of any excess over $100,000,000.
<PAGE>
Certain trustees and officers of the Funds are also directors, officers and/ or
employees of Signature. None of the trustees so affiliated received compensation
for services as trustees of the Funds. Similarly, none of the Funds' officers
received compensation from the Funds.
NOTE 3 -- SHARES OF BENEFICIAL INTEREST
At June 30, 1996, there were an unlimited number of shares of beneficial
interest authorized. Transactions in shares of beneficial interest were as
follows:
<TABLE>
<CAPTION>
FOR THE PERIOD FEBRUARY 16, 1996 (COMMENCEMENT OF
OPERATIONS) TO JUNE 30, 1996 (UNAUDITED)
----------------------------------------------------------
CAPITAL INTERNATIONAL
APPRECIATION EQUITY SMALL CAP
---------------- ------------------- -------------------
SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT
------ -------- ------- ---------- ------- ----------
<S> <C> <C> <C> <C> <C> <C>
Sold................ 70,860 $709,006 218,809 $2,296,655 163,450 $1,836,754
Reinvested.......... -- -- -- -- -- --
Redeemed............ (4,911) (50,000) (4,864) (50,000) (4,762) (50,000)
------ -------- ------- ---------- ------- ----------
Increase............ 65,949 $659,006 213,945 $2,246,655 158,688 $1,786,754
------ -------- ------- ---------- ------- ----------
------ -------- ------- ---------- ------- ----------
</TABLE>
5
<PAGE>
- --------------------------------------------------------------------------------
CAPITAL APPRECIATION PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS JUNE 30, 1996 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES SECURITY VALUE
- ---------- ----------------------------- -----------
<C> <S> <C>
COMMON STOCKS - 91.72%
AMERICA'S CHANGING
LEISURE TIME - 8.06%
67,300 Applebees International
(a)......................... $ 2,162,013
53,700 Circus Circus Enterprises
(a)......................... 2,201,700
54,200 CUC International (a)........ 1,924,100
46,600 Harley-Davidson.............. 1,916,425
35,700 HFS Inc. (a)................. 2,499,000
127,100 International Game
Technology.................. 2,144,813
38,500 Mirage Resorts (a)........... 2,079,000
76,600 Starbucks (a)................ 2,163,950
-----------
17,091,001
-----------
AMERICA'S INDUSTRIAL
RENAISSANCE - 5.92%
41,300 Agco......................... 1,146,075
35,200 Harman International
Industries.................. 1,733,600
31,900 Input/Output (a)............. 1,032,762
34,000 Raychem Corp................. 2,443,750
50,400 UCAR International (a)....... 2,097,900
69,400 Waters Corporation (a)....... 2,290,200
31,200 Western Atlas (a)............ 1,817,400
-----------
12,561,687
-----------
CLIENT-SERVER COMPUTING -
3.56%
40,800 Adaptec (a).................. 1,932,900
62,300 Cadence Design System (a).... 2,102,625
99,500 Cognos, Inc. (a)............. 2,288,500
17,200 PeopleSoft Inc. (a).......... 1,225,500
-----------
7,549,525
-----------
<PAGE>
INTERACTIVE MEDIA - 2.55%
34,200 Clear Channel Communications
(a)......................... 2,817,225
57,750 Infinity Broadcasting - Cl. A
(a)......................... 1,732,500
56,000 The Providence Journal (a)... 861,000
-----------
5,410,725
-----------
LIFE ON THE NET - 5.61%
59,300 Cable Design Technologies
(a)......................... 1,942,075
31,200 FORE Systems (a)............. 1,127,100
37,500 Shiva (a).................... 3,000,000
25,200 U.S. Robotics................ 2,154,600
39,000 Verifone (a)................. 1,647,750
43,600 Xylan (a).................... 2,027,400
-----------
11,898,925
-----------
LIFE SCIENCES REVOLUTION -
5.32%
73,400 Biochem Pharma (a)........... 2,752,500
59,200 Centocor (a)................. 1,768,600
27,100 Elan (a)..................... 1,548,087
34,200 Genetics Institute (a)....... 2,171,700
18,700 Gilead Sciences Inc. (a)..... 472,175
82,900 U.S. Surgical................ 2,569,900
-----------
11,282,962
-----------
<CAPTION>
SHARES SECURITY VALUE
- ---------- ----------------------------- -----------
<C> <S> <C>
MANAGING THE INFORMATION
AGE - 7.80%
34,900 Ascend Communications (a).... $ 1,963,125
53,500 Cascade Communications (a)... 3,638,000
63,000 Cheyenne Software (a)........ 1,212,750
32,000 Electronics for Imaging
(a)......................... 2,220,000
83,100 First USA Paymentech (a)..... 3,324,000
56,100 Glenayre Technologies (a).... 2,805,000
37,300 Sterling Commerce (a)........ 1,384,762
-----------
16,547,637
-----------
MOVE TO OUTSOURCING - 11.40%
52,400 Accustaff (a)................ 1,427,900
64,500 APAC Teleservices (a)........ 2,322,000
73,800 Atlantic Southeast
Airlines.................... 2,084,850
87,350 Comair Holdings.............. 2,358,450
44,900 Corestaff (a)................ 2,009,275
71,000 Corporate Express (a)........ 2,840,000
58,100 Global DirectMail Corp.
(a)......................... 2,294,950
57,550 Olsten....................... 1,690,531
59,650 Paychex...................... 2,870,656
75,100 USA Waste Services (a)....... 2,224,837
65,100 Viking Office Products (a)... 2,042,513
-----------
24,165,962
-----------
<PAGE>
NEW CONSUMER - 7.77%
33,900 Blyth Industries (a)......... 1,538,213
16,600 Fila Holdings................ 1,431,750
39,800 Gucci Group (a).............. 2,567,100
78,200 Gymboree (a)................. 2,385,100
41,600 Jones Apparel Group (a)...... 2,043,600
31,600 Liz Claiborne................ 1,094,150
39,100 Saks Holdings Inc. (a)....... 1,334,287
37,400 Tommy Hilfiger (a)........... 2,005,575
88,400 Williams-Sonoma (a).......... 2,088,450
-----------
16,488,225
-----------
NEW HEALTH CARE PARADIGM -
3.69%
31,300 Cardinal Health.............. 2,257,513
35,000 HBO & Co..................... 2,371,250
31,800 Healthsouth Rehabilitation
(a)......................... 1,144,800
77,400 Omnicare..................... 2,051,100
-----------
7,824,663
-----------
PRODUCTIVITY ENHANCEMENT -
4.92%
26,400 Catalina Marketing (a)....... 2,415,600
70,600 Checkpoint Systems (a)....... 2,426,875
31,800 Compuware (a)................ 1,256,100
77,000 Parametric Technology (a).... 3,339,875
12,900 Sterling Software (a)........ 993,300
-----------
10,431,750
-----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS ON PAGES 17-18
6
<PAGE>
- --------------------------------------------------------------------------------
CAPITAL APPRECIATION PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS JUNE 30, 1996 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES SECURITY VALUE
- ---------- ----------------------------- -----------
<C> <S> <C>
REDISTRIBUTION OF DEBT -
0.78%
74,700 The Money Store.............. $ 1,652,738
-----------
RE-ENERGIZING AMERICA - 3.24%
68,200 BJ Services (a).............. 2,395,525
22,500 Cooper Cameron Corp. (a)..... 984,375
84,900 Global Marine (a)............ 1,177,987
52,700 Tidewater Inc................ 2,312,213
-----------
6,870,100
-----------
STORES OF VALUE - 6.78%
79,300 Bed Bath & Beyond, Inc.
(a)......................... 2,121,275
65,800 Borders Group (a)............ 2,122,050
73,800 Consolidated Stores (a)...... 2,712,150
24,600 Nine West Group (a).......... 1,257,675
51,800 Pep-Boys-Manny Moe & Jack.... 1,761,200
47,100 PetSmart (a)................. 2,249,025
99,200 Price/Costco Inc. (a)........ 2,145,200
-----------
14,368,575
-----------
TELECOMMUNICATIONS - 11.52%
49,700 ADC Telecommunications (a)... 2,236,500
42,500 Adtran (a)................... 3,012,188
41,100 Andrew Corp. (a)............. 2,209,125
38,200 Aspect Telecommunication
(a)......................... 1,890,900
56,800 Excel Communications, Inc.
(a)......................... 1,533,600
91,300 McLeod Inc - Cl. A (a)....... 2,191,200
29,800 MFS Communications Company
Inc. (a).................... 1,121,225
47,500 Newbridge Networks Corp.
(a)......................... 3,111,250
103,900 Paging Network Inc. (a)...... 2,493,600
<CAPTION>
SHARES SECURITY VALUE
- ---------- ----------------------------- -----------
<C> <S> <C>
67,100 Premiere Technologies (a).... $ 2,113,650
33,900 Qualcomm (a)................. 1,800,937
37,800 Teleport Communications
GR-A (a).................... 722,925
-----------
24,437,100
-----------
<PAGE>
THE GREYING OF AMERICA -
2.80%
36,900 Guidant...................... 1,817,325
15,300 Loewen Group Inc. (a)........ 462,825
41,700 Nellcor (a).................. 2,022,450
58,600 Sofamor Danek (a)............ 1,626,150
-----------
5,928,750
-----------
TOTAL COMMON STOCKS (Cost
$163,080,522)............................ 194,510,325
-----------
<CAPTION>
PRINCIPAL
AMOUNT
- ----------
<C> <S> <C>
U.S. TREASURY BILLS - 9.46%
$5,450,000 4.79%*, 8/08/96.............. 5,421,064
14,785,000 5.00%*, 9/12/96.............. 14,634,799
-----------
TOTAL U.S. TREASURY BILLS (COST
$20,053,686)............................. 20,055,863
-----------
TOTAL INVESTMENTS (Cost $183,134,208)
101.18%.................................. 214,566,188
Liabilities in Excess of Other Assets
(1.18%).................................. (2,506,184)
-----------
NET ASSETS - 100.00%..................... $212,060,004
-----------
-----------
</TABLE>
- ------------------
(a) -- Non-Income Producing Security
* Discount Rate
SEE NOTES TO FINANCIAL STATEMENTS ON PAGES 17-18
7
<PAGE>
- --------------------------------------------------------------------------------
INTERNATIONAL EQUITY PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS JUNE 30, 1996 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES SECURITY VALUE
- ---------- ----------------------------- -----------
<C> <S> <C>
COMMON STOCKS - 90.01%
AUSTRALIA - 2.71%
100,000 Aristocrat Leisure Limited
(Entertainment) (a)......... $ 228,259
307,300 Capral Aluminum Limited...... 890,103
206,960 News Corporation
(Services).................. 1,174,496
140,000 TABCORP Holdings Limited
(Capital Equipment)......... 633,616
134,000 WMC Limited (Mining)......... 959,789
-----------
3,886,263
-----------
AUSTRIA - 0.70%
10,000 OMV AG (Oil/Gas Domestic).... 1,008,149
-----------
1,008,149
-----------
FINLAND - 3.85%
67,400 KCI Konecranes International
Corp. (Capital Equipment)
(a)......................... 1,639,267
36,800 Nokia AB ADR - A (Consumer
Goods) (b).................. 1,361,600
121,800 UPM-Kymmene Corporation
(Forest Products)........... 2,519,313
-----------
5,520,180
-----------
FRANCE - 11.13%
14,500 Accor SA (Lodging)........... 2,027,854
64,100 Assurances Generales de
France (Finance)............ 1,735,629
7,000 Chargeurs International SA
(Service) (a)............... 312,861
10,650 Christian Dior (Consumer
Goods)...................... 1,385,991
10,987 Club Mediterranee (Services)
(a)......................... 983,821
6,000 Compagnie Generale des Eaux
(Diversified) (a)........... 670,124
100 Comptoirs Modernes (Consumer
Goods)...................... 45,102
66,700 Dassault Systemes SA (a)
(Computer Software)......... 2,067,700
22,500 Genset - ADR
(Pharmaceuticals) (a)....... 419,063
20,500 Lyonnaise des Eaux-Dumez
(Diversified)............... 1,957,501
7,000 Pathe SA (Services) (a)...... 1,642,484
29,800 SGS-Thomson Microelectronics
N.V. (Consumer Goods) (a)... 1,069,075
2,176 Taittinger (Consumer Goods)
(a)......................... 693,168
12,960 Total SA (Diversified)....... 961,119
-----------
15,971,492
-----------
<PAGE>
GERMANY - 4.68%
31,000 Adidas AG (Consumer Goods)
(a)(b)...................... 2,604,717
6,500 Berliner Kraft & Licht
(Utilities)................. 1,842,563
6,100 Volkswagen (Consumer
Goods)...................... 2,266,161
-----------
6,713,441
-----------
HONG KONG - 6.70%
797,000 CDL Hotels International
(Services) (a).............. 437,583
<CAPTION>
SHARES SECURITY VALUE
- ---------- ----------------------------- -----------
<C> <S> <C>
127,000 Cheung Kong Holdings, Ltd.
(Finance)................... $ 914,666
500,000 First Pacific Co.
(Diversified) (b)........... 768,654
708,000 Founder Hong Kong (Services)
(a)......................... 294,970
806,000 Gaungnan Holdings, Ltd.
(Services).................. 481,572
662,000 Giordano International
Limited (Consumer Goods).... 641,407
770,000 Goldlion Holdings, LTD
(Consumer Goods)............ 661,495
17,200 Guangshen Railway Company
Limited - ADR
(Transportation) (a)........ 328,950
138,000 Guoco Group (Finance)........ 657,839
166,000 Hutchison Whampoa
(Diversified)............... 1,044,362
133,000 Jardine Matheson Holdings
(Diversified)............... 977,550
1,396,000 Pico Far East Holdings
(Diversified)............... 324,618
626,000 Shanghai Industrial Holdings
Limited (Diversified) (a)... 768,267
1,856,000 Theme International Holdings
Ltd. (Consumer Goods) (a)... 611,410
2,524,000 Tingyi Holdings (Consumer
Goods) (a).................. 692,887
-----------
9,606,230
-----------
INDIA - 0.44%
42,000 Steel Authority of India
(Materials) (a)............. 631,050
-----------
631,050
-----------
<PAGE>
INDONESIA - 1.04%
217,500 Bukaka Teknik Utama (Capital
Equipment) PT (a)........... 287,476
166,000 Ciputra Development (Real
Estate) PT.................. 337,137
357,000 Citra Marga Nusaphala Persada
(Capital Equipment) PT
(a)......................... 544,745
234,000 Steady Safe (Transportation)
PT.......................... 321,857
-----------
1,491,215
-----------
IRELAND - 2.27%
192,600 Bank of Ireland (Finance).... 1,310,710
197,300 CRH PLC (Materials).......... 1,947,855
-----------
3,258,565
-----------
ITALY - 5.72%
75,000 Bulgari SPA (Consumer Goods)
(a)......................... 1,198,630
1,400,000 Credito Italiano (Finance)... 1,640,183
246,700 Ente Nazionale Idrocarburi
SPA (ENI) (Energy).......... 1,230,281
850,000 Parmalat Finanziaria SPA
(Finance) (a)............... 1,142,205
54,000 Safilo SPA (Consumer
Goods)...................... 1,349,119
486,700 Societa Finanziaria
Telefonica (Services)....... 1,644,557
-----------
8,204,975
-----------
JAPAN - 18.14%
92,600 AJL Peps Trust (Consumer
Goods)...................... 1,956,175
68,000 Canon Inc. (Capital
Equipment).................. 1,413,502
51,000 Daimaru Inc. (Services)...... 356,630
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS ON PAGES 17-18
8
<PAGE>
- --------------------------------------------------------------------------------
INTERNATIONAL EQUITY PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS JUNE 30, 1996 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES SECURITY VALUE
- ---------- ----------------------------- -----------
<C> <S> <C>
280 East Japan Railway Co.
(Transportation)............ $ 1,467,840
163,000 Hitachi (Capital
Equipment).................. 1,515,795
58,000 JUSCO Co (Services).......... 1,898,345
900 Kurita Water Industries
(Capital Equipment)......... 21,908
204,000 Mitsubishi Electric Corp.
(Capital Equipment)......... 1,420,942
64,000 Mitsubishi Estate Co
(Finance) (a)............... 881,069
237,000 Mitsubishi Heavy Industry Ltd
(Capital Equipment)......... 2,059,179
145,000 Mitsui & Co (Consumer
Goods)...................... 1,312,714
200,000 Obayashi Corp (Capital
Equipment).................. 1,806,993
75,000 Sankyo Co (Health &
Personal)................... 1,941,925
30,000 Sony Corporation (Consumer
Goods)...................... 1,972,011
440,000 Sumitomo Metal Industries
(Steel)..................... 1,347,860
114,000 Sumitomo Realty & Development
(Real Estate)............... 901,108
108,000 Takashimaya Co (Retail)...... 1,673,884
83,000 Toyota Motor Corp (Consumer
Goods)...................... 2,073,392
-----------
26,021,272
-----------
MALAYSIA - 2.03%
76,000 Edaran Otomobil Nasional
(Consumer Goods)............ 727,929
97,000 Jaya Tiasa Holdings
(Materials)................. 567,547
21,700 Konsortuim Perkapalan Berhad
(Diversified) (a)........... 130,445
94,000 Leader Universal Holdings
(Diversified)............... 265,579
455,000 MBF Capital Berhad (Finance)
(a)......................... 627,259
127,000 Sungei Way Holding
(Diversified)............... 595,480
-----------
2,914,239
-----------
<PAGE>
NETHERLANDS - 5.32%
97,250 Internationale Nederlanden
Groep NV (Finance).......... 2,899,839
57,200 KLM Royal Dutch Airlines
(Transportation) (a)........ 1,829,596
60,300 Philips Electronics NV
(Consumer Goods)............ 1,960,545
18,750 Toolex Alpha NV - ADR
(Diversified) (a)........... 450,000
20,500 Toolex Alpha NV (Diversified)
(a)......................... 493,585
-----------
7,633,565
-----------
NORWAY - 1.35%
39,600 Norsk Hydro AS (Energy)...... 1,938,368
-----------
1,938,368
-----------
<CAPTION>
SHARES SECURITY VALUE
- ---------- ----------------------------- -----------
<C> <S> <C>
PHILIPPINES - 1.72%
2,576,000 Belle Corp. (Real Estate)
(a)......................... $ 619,656
736,000 Fortune Cement (Materials)
(a)......................... 386,407
1,270,100 Mondragon International
Philippines (Consumer Goods)
(a)......................... 703,187
1,412,000 Universal Robina (Consumer
Goods)...................... 754,792
-----------
2,464,042
-----------
PORTUGAL - 0.78%
42,500 Portugal Telecom SA - ADR
(Telecommunications)........ 1,115,625
-----------
1,115,625
-----------
SINGAPORE - 0.68%
86,000 Far East Levingston
Shipbuilding Ltd. (Capital
Equipment).................. 475,239
73,000 Singapore Land (Finance)..... 493,907
-----------
969,146
-----------
SOUTH AFRICA - 0.63%
53,960 Fedsure Holdings Limited
(Finance) (b)............... 383,159
6,940 Liberty Life Association of
Africa Ltd. (Insurance)
(a)......................... 222,359
19,600 Metro Cash and Carry Limited
(Services) (b).............. 301,350
-----------
906,868
-----------
SOUTH KOREA - 0.77%
65,000 Korea Mobile
Telecommunications
(Telecommunications) (a).... 1,113,125
-----------
1,113,125
-----------
<PAGE>
SPAIN - 4.37%
88,990 Autopistas Concesionaria
Espanola SA (Diversified)... 1,034,162
9,635 Banco Popular Espanol
(Finance)................... 1,716,363
20,200 Fomento de Construcciones y
Contratas (Capital
Equipment).................. 1,670,007
180,100 Iberdrola SA (Utilities)..... 1,847,143
-----------
6,267,675
-----------
SWEDEN - 2.88%
27,050 Astra AB-A Shares (Health &
Personal)................... 1,194,396
79,000 Nordbanken AB (Finance)...... 1,523,878
74,800 Svedala Industri (Capital
Equipment).................. 1,414,681
-----------
4,132,955
-----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS ON PAGES 17-18
- --------------------------------------------------------------------------------
INTERNATIONAL EQUITY PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS JUNE 30, 1996 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES SECURITY VALUE
- ---------- ----------------------------- -----------
<C> <S> <C>
SWITZERLAND - 2.21%
1,791 ABB AG - Bearer
(Machinery)................. $ 2,214,962
794 Ciba-Geigy AG - B Shares
(Consumer Goods)............ 962,924
-----------
3,177,886
-----------
TAIWAN - 0.36%
21,700 Taiwan Fund, Inc.
(Diversified)............... 520,800
-----------
520,800
-----------
THAILAND - 1.12%
44,300 Central Pattana Public
Company (Materials) (a)..... 205,803
59,000 PTT Exploration & Production
(Energy) (a)................ 864,094
135,500 Thai Military Bank
(Finance)................... 533,465
-----------
1,603,362
-----------
<PAGE>
UNITED KINGDOM - 6.85%
170,000 Barclays PLC (Finance)....... 2,041,849
13,200 British Aerospace PLC
(Aerospace)................. 200,384
692,500 Iceland Group (Services)..... 1,646,290
560,700 Lonrho (Diversified)......... 1,611,749
210,000 Millennium & Copthorne Hotels
PLC (Consumer Services)
(a)......................... 1,076,783
61,000 National Power (Partially
Paid) (Uitlities)........... 365,858
145,200 Orange PLC (Services) (a).... 508,755
65,000 Railtrack Group PLC
(Transportation) (a)........ 221,183
427,100 Storehouse (Services)........ 2,150,155
-----------
9,823,006
-----------
VENEZUELA - 0.90%
822,688 Electricidad de Caracas
(Utilities)................. 683,376
155,902 Mavesa SA ADR (Consumer
Goods) (b).................. 604,120
-----------
1,287,496
-----------
OTHER - 0.66%
63,500 Latin American Equity Fund
(Diversified) (a)........... 952,500
-----------
952,500
-----------
TOTAL COMMON STOCKS (Cost
$109,824,785)............................ 129,133,490
-----------
<CAPTION>
SHARES SECURITY VALUE
- ---------- ----------------------------- -----------
<C> <S> <C>
PREFERRED STOCK CONVERTIBLE - 0.32%
SOUTH AFRICA - 0.32%
16,000 South African Breweries
(Diversified)............... $ 461,840
-----------
TOTAL PREFERRED STOCK CONVERTIBLE (Cost
$594,485)................................ 461,840
-----------
<PAGE>
<CAPTION>
PRINCIPAL
AMOUNT
- ----------
<C> <S> <C>
GOVERNMENTS - 0.46%
ITALY - 0.46%
$ 665,000 Republic of Italy, 5.00%,
6/28/01 (Finance)........... 665,000
-----------
TOTAL GOVERNMENTS (Cost $665,000)........ 665,000
-----------
CORPORATE DEBT NON-CONVERTIBLE - 1.44%
SOUTH AFRICA - 1.44%
1,500,000 Liberty Life International,
6.50%, 9/30/04 (Finance).... 2,066,250
-----------
TOTAL CORPORATE DEBT NON-CONVERTIBLE
(Cost $1,775,911)....................... 2,066,250
-----------
CORPORATE DEBT CONVERTIBLE - 0.20%
UNITED STATES - 0.20%
280,000 Investec O/S Finance BVI,
6.375% 11/30/02 (Finance)... 283,850
-----------
TOTAL CORPORATE DEBT CONVERTIBLE (Cost
$321,946)................................ 283,850
-----------
SHORT TERM INSTRUMENTS - 7.43%
UNITED STATES - 7.43%
10,775,000 U.S. Treasury Bills, 5.00%,
9/12/96..................... 10,665,537
-----------
TOTAL SHORT TERM INSTRUMENTS (Cost
$10,664,038)............................. 10,665,537
-----------
TOTAL INVESTMENTS (Cost $123,846,165)
99.86%................................... 143,275,967
Assets in Excess of Other Liabilities
0.14%.................................... 199,399
-----------
NET ASSETS - 100.00%..................... $143,475,366
-----------
-----------
</TABLE>
- ------------------
(a) Non-Income Producing Security.
(b) Security exempt from registration under Rule 144A of the Security
Act of 1933. This security may be resold in transactions exempt from
registration, normally to qualified institutional buyers. As of June 30,
1996, the value of these securities amounted to $6,023,600 or 4.20% of net
assets.
SEE NOTES TO FINANCIAL STATEMENTS ON PAGES 17-18
10
<PAGE>
- --------------------------------------------------------------------------------
SMALL CAP PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS JUNE 30, 1996
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES SECURITY VALUE
- ---------- ----------------------------- -----------
<C> <S> <C>
COMMON STOCKS - 93.94%
AMERICA'S CHANGING LEISURE &
TIME - 3.76%
10,600 EchoStar Communications
(a)......................... $ 299,450
32,800 Interstate Hotels Company
(a)......................... 729,800
82,650 Papa John's International
(a)......................... 4,029,187
50,150 Regal Cinemas (a)............ 2,294,363
63,800 Sodak Gaming (a)............. 1,945,900
-----------
9,298,700
-----------
AMERICA'S INDUSTRIAL
RENAISSANCE - 0.83%
32,700 Greenwich Air Services....... 801,150
38,100 Waters Corporation (a)....... 1,257,300
-----------
2,058,450
-----------
CLIENT SERVER COMPUTING -
11.47%
31,200 AXENT Technologies (a)....... 514,800
69,400 Business Objects S.A. (a).... 2,793,350
65,400 CBT Group PLC (a)............ 3,024,750
24,500 Citrix Systems (a)........... 931,000
54,600 Dialogic (a)................. 3,255,525
24,400 Edify (a).................... 646,600
78,600 Indus Group (a).............. 1,591,650
63,600 OpenVision Technologies
(a)......................... 779,100
53,200 Prism Solutions (a).......... 1,250,200
78,100 Rational Software (a)........ 4,197,875
68,100 SS&C Technologies (a)........ 1,038,525
41,100 Sapient (a).................. 1,736,475
45,000 Segue Software (a)........... 1,338,750
49,400 Systemsoft (a)............... 2,321,800
106,500 Unify Corporation (a)........ 1,331,250
63,000 Workgroup Technology
Corporation (a)............. 1,582,875
-----------
28,334,525
-----------
<PAGE>
FLOURSHING IN THE MANAGE CARE
ENVIROMENT - 6.11%
36,800 CRA Managed Care (a)......... 1,646,800
50,300 Henry Schein (a)............. 1,923,975
116,400 Multicare Companies (a)...... 2,211,600
40,400 NCS HealthCare (a)........... 1,222,100
65,200 OccuSystems (a).............. 2,436,850
62,700 Pediatrix Medical Group
(a)......................... 3,040,950
37,600 Perclose (a)................. 846,000
61,400 Renal Treatment Centers
(a)......................... 1,765,250
-----------
15,093,525
-----------
INTERACTIVE MEDIA - 2.76%
69,700 Inso (a)..................... 3,650,538
63,600 The Providence Journal (a)... 977,850
56,400 VideoServer, Inc. (a)........ 2,199,600
-----------
6,827,988
-----------
LIFE ON THE NET - 3.24%
66,900 Infonautics (a).............. 535,200
39,900 Legato Systems (a)........... 2,194,500
22,000 Security Dynamics Tech (a)... 1,809,500
<CAPTION>
SHARES SECURITY VALUE
- ---------- ----------------------------- -----------
<C> <S> <C>
20,400 Shiva (a).................... $ 1,632,000
43,400 Verifone (a)................. 1,833,650
-----------
8,004,850
-----------
LIFE SCIENCES REVOLUTION -
4.36%
67,500 Agouron Pharmaceuticals
(a)......................... 2,632,500
50,000 Endovascular Technologies
(a)......................... 550,000
41,000 Ergo Sciences Corp. (a)...... 763,625
33,400 Human Genome Sciences (a).... 1,227,450
55,700 Isis Pharmaceuticals (a)..... 1,044,375
63,700 Martek Biosciences (a)....... 1,863,225
70,000 Protein Design Labs (a)...... 1,575,000
55,800 Sequus Pharmaceuticals (a)... 1,109,897
-----------
10,766,072
-----------
MANAGING THE INFORMATION
AGE - 8.19%
40,700 Atria Software (a)........... 2,035,000
126,100 Cheyenne Software (a)........ 2,427,425
27,800 Desktop Data (a)............. 924,350
65,600 DSP Communications (a)....... 3,370,200
68,500 ICT Group Inc. (a)........... 1,318,625
68,200 IDX Systems (a).............. 2,659,800
20,300 IntelliQuest Information
Group (a)................... 664,825
57,600 Metromail Corp. (a).......... 1,288,800
78,800 Sitel (a).................... 3,309,600
61,800 Visio (a).................... 2,224,800
-----------
20,223,425
-----------
<PAGE>
MISCELLANEOUS - 0.84%
10,000 ABR Information Services
(a)......................... 502,500
6,800 Boston Beer Company (a)...... 163,200
50,200 Caridiac Pathways (a)........ 727,900
3,600 Cinar Films, Inc. (a)........ 78,300
700 Symbol Technologies (a)...... 31,150
29,500 Theratx, Inc. (a)............ 560,500
-----------
2,063,550
-----------
MOVE TO OUTSOURCING - 9.69%
123,000 Accustaff (a)................ 3,351,750
27,500 Affiliated Computer Services
(a)......................... 1,292,500
81,200 Atlantic Southeast
Airlines.................... 2,293,900
75,400 Career Horizons (a).......... 2,639,000
63,000 Corestaff (a)................ 2,819,250
49,100 Data Processing Resources
(a)......................... 1,356,388
101,200 HPR (a)...................... 2,150,500
44,000 MSC Industrial Direct (a).... 1,419,000
30,900 Norrell Corporation.......... 1,517,962
32,100 Pharmaceutical Product
Development (a)............. 1,075,350
28,600 Quintiles Transnational
(a)......................... 1,880,450
46,000 Superior Services (a)........ 782,000
40,300 The Registry Inc. (a)........ 1,178,775
6,500 The Vincam Group, Inc. (a)... 169,000
-----------
23,925,825
-----------
NEW CONSUMER - 6.23%
57,600 Blyth Industries (a)......... 2,613,600
45,900 Designer Holdings Limited
(a)......................... 1,222,088
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS ON PAGES 17-18
11
<PAGE>
- --------------------------------------------------------------------------------
SMALL CAP PORTFOLIO
SCHEDULE OF PORTFOLIO INVESTMENTS JUNE 30, 1996
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES SECURITY VALUE
- ---------- ----------------------------- -----------
<C> <S> <C>
60,000 Mossimo (a).................. $ 2,392,500
127,900 Nautica Enterprises (a)...... 3,677,125
60,800 USA Detergents, Inc. (a)..... 2,424,400
56,300 Urban Outfitters (a)......... 1,421,575
23,000 West Marine (a).............. 1,644,500
-----------
15,395,788
-----------
NEW HEALTH CARE
PARADIGM - 9.69%
26,400 American Homepatient (a)..... 1,168,200
22,300 Amerisource Health (a)....... 741,475
55,100 Arterial Vascular Engineering
(a)......................... 1,997,375
34,700 Eclipse Surgical Technologies
(a)......................... 477,125
43,600 Express Scripts (a).......... 2,005,600
58,400 Gulf South Medical Supply
(a)......................... 2,277,600
34,600 Heartport (a)................ 1,046,650
79,600 Innovasive Devices Inc.
(a)......................... 796,000
103,900 Mariner Health Group (a)..... 1,909,162
63,800 Neurex (a)................... 1,395,625
61,200 Physician Sales & Service
(a)......................... 1,484,100
45,600 Rotech Medical (a)........... 889,200
56,900 Total Renal Care Holdings
(a)......................... 2,404,025
44,100 Transaction Systems
Architects (a).............. 2,954,700
83,700 Transition Systems (a)....... 2,385,450
-----------
23,932,287
-----------
PRODUCTIVITY ENHANCEMENT -
5.98%
29,000 Catalina Marketing (a)....... 2,653,500
76,400 Mechanical Dynamics (a)...... 1,155,550
89,000 Oacis Healthcare Holding
(a)......................... 1,023,500
157,500 OrCad (a).................... 2,205,000
17,200 Quick Response Services
(a)......................... 494,500
103,500 Saville Systems (a).......... 2,859,188
71,800 Sawtek (a)................... 2,477,100
40,200 Whittman-Hart Inc. (a)....... 1,447,200
23,800 Wonderware Corporation (a)... 449,225
-----------
14,764,763
-----------
<PAGE>
SPECIAL SITUATIONS - 0.40%
82,200 Mesa Airlines (a)............ 976,125
-----------
STORES OF VALUE - 5.51%
73,000 Cost Plus (a)................ 2,025,750
111,600 Dollar Tree Stores (a)....... 3,543,300
52,700 Just For Feet (a)............ 2,786,512
83,100 Petco Animal Supplies (a).... 2,389,125
68,000 US Office Products (a)....... 2,856,000
-----------
13,600,687
-----------
<CAPTION>
SHARES SECURITY VALUE
- ---------- ----------------------------- -----------
<C> <S> <C>
TELECOMMUNICATIONS - 11.19%
50,900 Aspect Development (a)....... $ 1,297,950
40,400 Aspect Telecommunication
(a)......................... 1,999,800
68,100 Cidco Inc. (a)............... 2,400,525
56,500 CSG Systems International
(a)......................... 1,469,000
120,300 InteleCom Group (a).......... 3,007,500
90,900 National Data Corp........... 3,113,325
74,900 P-COM (a).................... 2,359,350
78,600 Premiere Technologies (a).... 2,475,900
59,400 Premisys (a)................. 3,623,400
106,450 TCSI (a)..................... 2,568,106
4,800 TresCom International (a).... 48,000
72,800 Verilink Corporation (a)..... 1,856,400
36,000 Westell Technologies, Inc.
(a)......................... 1,413,000
-----------
27,632,256
-----------
THE GREYING OF AMERICA -
2.61%
45,000 ESC Medical Systems Limited
(a)......................... 1,271,250
68,550 Genesis Health Ventures
(a)......................... 2,150,756
59,200 Sofamor Danek (a)............ 1,642,800
58,000 Sunrise Assisted Living
(a)......................... 1,392,000
-----------
6,456,806
-----------
THE UBIQUITOUS
SEMICONDUCTOR - 1.08%
45,200 ANADIGICS (a)................ 1,316,450
70,100 USCS International (a)....... 1,349,425
-----------
2,665,875
-----------
TOTAL COMMON STOCKS (Cost
$172,848,973)............................ 232,021,497
-----------
<PAGE>
<CAPTION>
PRINCIPAL
AMOUNT
- ----------
<C> <S> <C>
U.S. TREASURY BILLS - 8.14%
$11,360,000 4.79%*, 8/08/96.............. 11,300,110
8,905,000 5.00%*, 9/12/96.............. 8,814,534
-----------
TOTAL U.S. TREASURY BILLS (Cost
$20,113,031)............................. 20,114,644
-----------
TOTAL INVESTMENTS (Cost $192,962,004)
102.08%.................................. 252,136,141
Liabilities in Excess of Other Assets
(2.08%).................................. (5,130,211)
-----------
NET ASSETS - 100.00%..................... $247,005,930
-----------
-----------
</TABLE>
- ------------------
(a) -- Non-Income Producing Security
* Discount Rate
SEE NOTES TO FINANCIAL STATEMENTS ON PAGES 17-18
12
<PAGE>
- --------------------------------------------------------------------------------
BT PORTFOLIOS
STATEMENTS OF ASSETS AND LIABILITIES JUNE 30, 1996 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CAPITAL INTERNATIONAL SMALL
APPRECIATION EQUITY CAP
------------- ------------- -------------
<S> <C> <C> <C>
ASSETS
Investment in Portfolio, at Value+........................... $ 214,566,188 $ 143,275,967 $ 252,136,141
Cash++....................................................... 2,986 376,239 1,275,341
Receivable for Securities Sold............................... 3,401,391 440,562 756,246
Dividend and Interest Receivable............................. 11,456 2,151,228 784
Receivable for Foreign Taxes Withheld........................ -- 193,331 --
Prepaid Expenses and Other................................... 739 432 748
------------- ------------- -------------
Total Assets..................................................... 217,982,760 146,437,759 254,169,260
------------- ------------- -------------
LIABILITIES
Due to Bankers Trust......................................... 110,466 61,367 156,737
Payable for Securities Purchased............................. 5,790,838 2,788,463 6,987,988
Net Unrealized Depeciation on Forward Currency Contracts..... -- 94,514 --
Accrued Expenses and Other................................... 21,452 18,049 18,605
------------- ------------- -------------
Total Liabilities................................................ 5,922,756 2,962,393 7,163,330
------------- ------------- -------------
NET ASSETS....................................................... $ 212,060,004 $ 143,475,366 $ 247,005,930
------------- ------------- -------------
------------- ------------- -------------
COMPOSITION OF NET ASSETS
Paid in Capital.............................................. $ 180,628,024 $ 124,174,624 $ 187,831,793
Net Unrealized Appreciation on Investments, Foreign
Currencies and Forward Currency Contracts.................. 31,431,980 19,300,742 59,174,137
------------- ------------- -------------
NET ASSETS, JUNE 30, 1996........................................ $ 212,060,004 $ 143,475,366 $ 247,005,930
------------- ------------- -------------
------------- ------------- -------------
</TABLE>
- ----------------
+ The cost of Capital Appreciation Portfolio for the period ended June 30, 1996
was $183,134,208, International Equity Portfolio $123,846,165 and Small Cap
Portfolio $192,962,004.
++ Includes foreign cash of $401,834 with a market value of $367,288 for the
International Equity Portfolio.
SEE NOTES TO FINANCIAL STATEMENTS ON PAGES 17-18
13
<PAGE>
- --------------------------------------------------------------------------------
BT PORTFOLIOS
STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 1996 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CAPITAL INTERNATIONAL SMALL
APPRECIATION EQUITY CAP
------------ ------------ ------------
<S> <C> <C> <C>
INVESTMENT INCOME
Dividends+................................................... $ 153,068 $ 1,648,936 $ 37,689
Interest..................................................... 657,325 244,970 806,082
------------ ------------ ------------
Net Investment Income............................................ 810,393 1,893,906 843,771
------------ ------------ ------------
EXPENSES.........................................................
Advisory..................................................... 885,456 516,276 916,934
Administration and Services.................................. 136,224 119,141 141,067
Professional................................................. 24,762 17,946 20,072
Trustees..................................................... 2,228 2,206 2,193
Transfer Tax................................................. -- 12,220 --
Miscellaneous................................................ 2,446 1,057 1,977
------------ ------------ ------------
Total Expenses............................................... 1,051,116 668,846 1,082,243
Less: Expenses Absorbed by Bankers Trust..................... (233,772) (152,570) (235,843)
------------ ------------ ------------
Net Expenses..................................................... 817,344 516,276 846,400
------------ ------------ ------------
NET INVESTMENT INCOME (LOSS)..................................... (6,951) 1,377,630 (2,629)
------------ ------------ ------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN
CURRENCY TRANSACTIONS
Net Realized Gain from:
Investment Transactions.................................... 16,503,946 3,771,048 7,866,591
Foreign Currency Transactions.............................. -- 1,349,017 --
Net Change in Unrealized Appreciation (Deprecition) of:
Investments................................................ (1,314,006) 7,564,937 36,871,190
Foreign Currencies and Forward Currency Contracts.......... -- (31,503) --
------------ ------------ ------------
NET GAIN ON INVESTMENTS, FOREIGN CURRENCIES AND FORWARD CURRENCY
CONTRACTS...................................................... 15,189,940 12,653,499 44,737,781
------------ ------------ ------------
NET INCREASE IN NET ASSETS FROM OPERATIONS....................... $ 15,182,989 $ 14,031,129 $ 44,735,152
------------ ------------ ------------
------------ ------------ ------------
</TABLE>
- ----------------
+ Net of foreign withholding tax of $1,142 for the Capital Appreciation
Portfolio and $182,143 for the International Equity Portfolio.
SEE NOTES TO FINANCIAL STATEMENTS ON PAGES 17-18
14
<PAGE>
- --------------------------------------------------------------------------------
BT PORTFOLIOS
STATEMENTS OF CHANGES IN NET ASSETS
- ----------------------------------------------------------------------
<TABLE>
<CAPTION>
CAPITAL APPRECIATION
------------------------------- INTERNATIONAL EQUITY SMALL CAP
FOR THE PERIOD ------------------------------- -----------------------------
FOR THE NINE JANUARY 1, 1995 FOR THE NINE FOR THE PERIOD FOR THE NINE FOR THE
MONTHS ENDED TO MONTHS ENDED JANUARY 1, 1995 MONTHS ENDED YEAR ENDED
JUNE 30, 1996 SEPTEMBER 30, JUNE 30, 1996 TO SEPTEMBER 30, JUNE 30, 1996 SEPTEMBER 30,
(UNAUDITED) 1995 (UNAUDITED) 1995 (UNAUDITED) 1995
------------- ---------------- ------------- ---------------- -------------- -------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET
ASSETS FROM OPERATIONS:
Net Investment Income
(Loss).............. $ (6,951) $ 10,500 $ 1,377,630 $ 1,188,602 $ (2,629) $ 114,355
Net Realized Gain from
Investments and
Foreign Currency
Transactions........ 16,503,946 11,774,764 5,120,065 1,956,124 7,866,591 11,205,496
Net Unrealized
Appreciation
(Depreciation) on
Investments, Foreign
Currencies and
Forward Currency
Contracts........... (1,314,006) 23,909,639 7,533,434 6,955,471 36,871,190 19,127,783
------------- ---------------- ------------- ---------------- -------------- -------------
Net Increase in Net Assets
from Operations........ 15,182,989 35,694,903 14,031,129 10,100,197 44,735,152 30,447,634
------------- ---------------- ------------- ---------------- -------------- -------------
CAPITAL TRANSACTIONS
Proceeds from Capital
Invested............ 92,329,424 63,887,608 76,307,944 35,819,720 215,652,287 89,963,488
Value of Capital
Withdrawn........... (45,340,298) (23,328,952) (30,177,138) (18,648,629) (137,209,461) (17,910,681)
------------- ---------------- ------------- ---------------- -------------- -------------
Net Increase in Net Assets
from Capital
Transactions........... 46,989,126 40,558,656 46,130,806 17,171,091 78,442,826 72,052,807
------------- ---------------- ------------- ---------------- -------------- -------------
TOTAL INCREASE IN NET
ASSETS................. 62,172,115 76,253,559 60,161,935 27,271,288 123,177,978 102,500,441
NET ASSETS
Beginning of Period....... 149,887,889 73,634,330 83,313,431 56,042,143 123,827,952 21,327,511
------------- ---------------- ------------- ---------------- -------------- -------------
End of Period............. $ 212,060,004 $ 149,887,889 $ 143,475,366 $ 83,313,431 $ 247,005,930 $ 123,827,952
------------- ---------------- ------------- ---------------- -------------- -------------
------------- ---------------- ------------- ---------------- -------------- -------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS ON PAGES 17-18
15
<PAGE>
- --------------------------------------------------------------------------------
BT PORTFOLIOS
FINANCIAL HIGHLIGHTS
- ----------------------------------------------------------------------
Contained below are selected ratios and supplemental data for each of the
periods indicated for each of the Portfolios.
<TABLE>
<CAPTION>
CAPITAL APPRECIATION
--------------------------------------------------------------------
FOR THE NINE FOR THE PERIOD
MONTHS ENDED FOR THE PERIOD MARCH 9, 1993
JUNE 30, JANUARY 1, 1995 FOR THE YEAR (COMMENCEMENT OF
1996 TO SEPTEMBER 30, ENDED DECEMBER OPERATIONS) TO
(UNAUDITED) 1995+ 31, 1994 DECEMBER 31, 1993
------------ ---------------- ----------------- -----------------
<S> <C> <C> <C> <C>
SUPPLEMENTAL DATA & RATIOS:
Net Assets, End of Period (000's
omitted)................................. $ 212,060 $ 149,888 $ 73,634 $ 37,076
Ratios to Average Net Assets
Net Investment Income (Loss)........... (0.01)%* 0.01%* 0.08% 0.38%*
Expenses, including Expenses of the
Portfolio............................ 0.60%* 0.60%* 0.60% 0.60%*
Decrease Reflected in Above Expense
Ratio Due to Absorption of Expenses
by Bankers Trust..................... 0.17%* 0.18%* 0.23% 0.41%*
Portfolio Turnover Rate.................... 219% 125% 157% 137%
Average Commission Rate (in cents per
share)................................... $ 0.06# -- -- --
</TABLE>
<TABLE>
<CAPTION>
INTERNATIONAL EQUITY
------------------------------------------------------------------------
FOR THE NINE FOR THE PERIOD
MONTHS ENDED FOR THE PERIOD FOR THE YEAR ENDED AUGUST 4, 1992
JUNE 30, JANUARY 1, 1996 DECEMBER 31, (COMMENCEMENT OF
1996 TO SEPTEMBER 30, -------------------- OPERATIONS) TO
(UNAUDITED) 1995+ 1994 1993 DECEMBER 31, 1992
------------ ----------------- --------- --------- -----------------
<S> <C> <C> <C> <C> <C>
SUPPLEMENTAL DATA & RATIOS:
Net Assets, End of Period (000's
omitted)................................ $ 143,475 $ 83,313 $ 56,042 $ 33,907 $ 8,225
Ratios to Average Net Assets
Net Investment Income................. 1.73%* 2.39% 1.69% 1.64% 1.87%*
Expenses, including Expenses of the
Portfolio........................... 0.65%* 0.65% 0.65% 0.65% 0.60%*
Decrease Reflected in Above Expense
Ratio Due to Absorption of Expenses
by Bankers Trust.................... 0.19%* 0.22% 0.24% 0.39% 0.93%*
Portfolio Turnover Rate................... 54% 21% 15% 17% 7%
Average Commission Rate (in cents per
share).................................. $ 0.01# -- -- -- --
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SMALL CAP
---------------------------------------------
FOR THE PERIOD
FOR THE NINE FOR THE OCTOBER 21, 1993
MONTHS ENDED YEAR ENDED (COMMENCEMENT OF
JUNE 30, SEPTEMBER OPERATIONS) TO
1996 30, SEPTEMBER 30,
(UNAUDITED) 1995 1994
------------ ------------ -----------------
<S> <C> <C> <C>
SUPPLEMENTAL DATA & RATIOS:
Net Assets, End of Period (000's omitted)........................ $ 247,006 $ 123,828 $ 21,328
Ratios to Average Net Assets
Net Investment Income (Loss)................................. (0.00)%* 0.19% 0.07%*
Expenses, including Expenses of the Portfolio................ 0.60%* 0.60% 0.60%*
Decrease Reflected in Above Expense Ratio Due to Absorption
of Expenses by Bankers Trust............................... 0.17%* 0.19% 0.38%*
Portfolio Turnover Rate.......................................... 131% 161% 154%
Average Commission Rate (in cents per share)..................... $ 0.05# -- --
</TABLE>
- ----------------
* Annualized
+ During the year 1996, Capital Appreciation Portfolio and International Equity
Portfolio changed its year-end to September 30th.
# For the year beginning on or after September 1, 1995, the Fund is required to
disclose its average commission rate per share for purchases or sales of
equity securities.
SEE NOTES TO FINANCIAL STATEMENTS ON PAGES 17-18
16
<PAGE>
- --------------------------------------------------------------------------------
BT PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
NOTE 1 -- ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
A. ORGANIZATION
Capital Appreciation Portfolio, International Equity Portfolio and Small Cap
Portfolio (each a "Portfolio", and collectively, the "Portfolios") are
registered under the Investment Company Act of 1940 ("the Act"), as amended, as
an open-end management investment company. The Portfolios were organized as an
unincorporated trust under the laws of New York and commenced operations as
follows:
<TABLE>
<CAPTION>
ORGANIZATION COMMENCEMENT OF
PORTFOLIO DATE OPERATION
- ----------------------- ------------------ -----------------
<S> <C> <C>
Capital Appreciation
Portfolio............. October 28, 1992 March 9, 1993
International Equity
Portfolio............. December 11, 1991 August 4, 1992
Small Cap Portfolio.... August 6, 1993 October 21, 1993
</TABLE>
The Declaration of Trust permits the Board of Trustees (the "Trustees") to issue
beneficial interests in the Portfolios.
B. SECURITY VALUATION
The Portfolios' investments listed or traded on the National Stock Exchanges or
other domestic or foreign exchanges are valued based on the closing price of a
security traded on that exchange prior to the time when assets are valued. In
cases where securities are traded on more than one exchange, the securities will
be valued on the exchange designated as the primary market. All other
Portfolios' securities for which over-the-counter market quotations are not
readily available including circumstances under which it is determined by the
Investment Manager that sale or bid prices are not reflective of a security's
market value, Portfolios' securities are valued at their fair value as
determined in good faith under procedures established by and under the general
supervision of the Trustees. Short-term obligations with remaining maturities of
60 days or less are valued at amortized cost. Other short-term debt securities
are valued on a mark-to-market basis until such time as they reach a remaining
maturity of 60 days, whereupon they will be valued at amortized cost using their
value on the 61st day. All other securities and other assets are valued at their
fair value as determined in good faith under procedures established by and under
the general supervision of the Trustees.
C. SECURITY TRANSACTIONS AND INVESTMENT INCOME
Security transactions are accounted for on a trade date basis. Dividend income,
less foreign taxes withheld (if any), are recorded on the ex-dividend date or
upon receipt of ex-dividend notification in the case of certain foreign
securities. Interest income is recorded on the accrual basis and includes
amortization of premium and discount on investments. Realized gains and losses
from securities transactions are recorded on the identified cost basis.
All of the net investment income and realized and unrealized gains and losses
from the security transactions of the Portfolios are allocated pro rata among
the investors in the Portfolios at the time of such determination.
<PAGE>
D. REPURCHASE AGREEMENTS
Each portfolio may enter into repurchase agreements with financial institutions
deemed to be creditworthy by the Portfolio's Investment Adviser, subject to the
seller's agreement to repurchase such securities at a mutually agreed upon
price. Securities purchased subject to repurchase agreements are deposited with
the Portfolio's custodian, and pursuant to the terms of the repurchase agreement
must have an aggregate market value greater than or equal to the repurchase
price plus accrued interest at all times. If the value of the underlying
securities falls below the value of the repurchase price plus accrued interest,
the Portfolio will require the seller to deposit additional collateral by the
next business day. If the request for additional collateral is not met, or the
seller defaults on its repurchase obligation, the Portfolio maintain the right
to sell the underlying securities at market value and may claim any resulting
loss against the seller.
E. FOREIGN CURRENCY TRANSACTIONS
The books and records of the International Equity Portfolio are maintained in
U.S. dollars. All assets and liabilities initially expressed in foreign
currencies are converted into U.S. dollars at prevailing exchange rates.
Purchases and sales of investment securities, dividends and interest income, and
certain expenses are translated at the rates of exchange prevailing on the
respective dates of such transactions. The Portfolio does not isolate the
portion of the results of operations resulting from changes in foreign exchange
rates on investments from the fluctuations arising from changes in market prices
of securities held. Such fluctuations are included with the net realized and
unrealized gain and loss from securities.
<PAGE>
F. FORWARD FOREIGN CURRENCY CONTRACTS
Each Portfolio may enter into forward foreign currency contracts for the purpose
of settling specific purchases or sales of securities denominated in a foreign
currency or with respect to the Portfolio's investment generally. The net U.S.
dollar value of foreign currency underlying all contractual commitments held by
the Portfolio and the resulting unrealized appreciation or depreciation are
determined using prevailing exchange rates. With respect to forward foreign
currency contracts, losses in excess of amounts recognized in the Statement of
Assets and Liabilities may arise due to changes in the value of the foreign
currency or if the counterparty does not perform under the contract.
G. FUTURES CONTRACTS
Each Portfolio may enter into financial futures contracts which are contracts to
buy a standard quantity of securities at a specified price on a future date. The
Portfolio is required to deposit either in cash or securities an amount equal to
a certain percentage of the contract amount. Subsequent payments are made or
received by the Portfolio each day, dependent on the daily fluctuations in the
value of the underlying security, and are recorded for financial statement
purposes as unrealized gains or losses by the Portfolio. The Portfolio's
investment in the financial futures contracts is designed to hedge against
anticipated future changes in general market prices which otherwise might either
adversely affect the value of securities held by the Portfolio, the prices of
securities which are intended to be purchased at a later date for the Portfolio
or to closely replicate the benchmark index used by the Portfolio. Should the
Portfolio's prices move unexpectedly, the Portfolio may not achieve the
anticipated benefits of the financial futures contracts and may realize a loss.
Futures contracts are valued at the settlement price established each day by the
board of trade or exchange on which they are traded.
H. OPTION CONTRACTS
Each Portfolio may enter into Option Contracts. Upon the purchase of a put
option or a call option by the Portfolio, the premium paid is recorded as an
investment, the value of which is marked-to-market daily to reflect the current
market value. When a purchased option expires, the Portfolio will realize a loss
in the amount of the cost of the option. When the Portfolio enters into a
closing sale transaction, the Portfolio will realize a gain or loss depending on
whether the sale proceeds from the closing sale transaction are greater or less
than the cost of the option. When the Portfolio exercises a put option, it
realizes a gain or loss from the sale of
17
<PAGE>
- --------------------------------------------------------------------------------
BT PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
the underlying security and the proceeds from such sale will be decreased by the
premium originally paid. When the Portfolio exercises a call option, the cost of
the security which the Portfolio purchases upon exercise will be increased by
the premium originally paid.
I. ORGANIZATIONAL EXPENSES
Costs incurred by the Portfolios in connections with their organization and
initial registration are being amortized evenly over a five year period.
J. FEDERAL INCOME TAXES
It is the Portfolios' policy to comply with the requirements of the Internal
Revenue Code. Therefore, no federal income tax provision is required.
K. OTHER
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts in the financial statements.
NOTE 2 -- FEES AND TRANSACTIONS WITH AFFILIATES
Each Portfolio has entered into an Administration and Services Agreement
("Agreement") with Bankers Trust Company ("Bankers Trust"). Under such
Agreement, Bankers Trust provides administrative, custody, transfer agency and
shareholder services to the Portfolios in return for a fee computed daily and
paid monthly at an annual rate of the Portfolio's average daily net assets. The
following provides a table of annual rates and aggregated fees for each of the
Portfolios for the nine months ended June 30, 1996:
<TABLE>
<CAPTION>
ADMIN. & SERVICES ADMIN. & SERVICES
PORTFOLIO ANNUAL RATE AGGREGATED FEES
- ------------------------- ----------------- -----------------
<S> <C> <C>
Capital Appreciation
Portfolio............... 0.10 of 1% $ 136,224
International Equity
Portfolio............... 0.15 of 1% 119,141
Small Cap Portfolio...... 0.10 of 1% 141,067
</TABLE>
Each Portfolio has entered into an Advisory Agreement with Bankers Trust. Under
this Advisory Agreement, the Portfolios pays Bankers Trust an advisory fee
computed daily and paid monthly at an annual rate of the Portfolio's average
daily net assets. The following provides a table of annual rates and aggregated
fees for each of the Portfolios for the nine months ended June 30, 1996:
<PAGE>
<TABLE>
<CAPTION>
ADVISORY ADVISORY
PORTFOLIO ANNUAL RATE AGGREGATED FEES
- -------------------------------- ----------- ---------------
<S> <C> <C>
Capital Appreciation
Portfolio...................... 0.65 of 1% $ 885,456
International Equity
Portfolio...................... 0.65 of 1% 516,276
Small Cap Portfolio............. 0.65 of 1% 916,934
</TABLE>
Bankers Trust has voluntarily undertaken to waive and reimburse expenses of each
Portfolio, to the extent necessary, to limit all expenses based upon the average
daily net assets of the Portfolio for the nine months ended June 30, 1996:
<TABLE>
<CAPTION>
WAIVER AND WAIVER AND
REIMBURSEMENT REIMBURSEMENT
PORTFOLIO ANNUAL RATE AMOUNT
- ------------------------------ -------------- --------------
<S> <C> <C>
Capital Appreciation
Portfolio.................... 0.60 of 1% $ 233,772
International Equity
Portfolio.................... 0.65 of 1% 152,570
Small Cap Portfolio........... 0.60 of 1% 235,843
</TABLE>
Certain trustees and officers of the Portfolios are also directors, officers
and/or employees of Signature Broker-Dealer Services, Inc., the distributor of
the BT Advisor Funds. None of the trustees so affiliated received compensation
for services as trustees of the Portfolios. Similarly, none of the Portfolios'
officers received compensation from the Portfolios.
NOTE 3 -- PURCHASE AND SALE OF INVESTMENT SECURITIES
The aggregate cost of purchases and proceeds from sales of investments, other
than short-term obligations, for the nine months ended June 30, 1996 were as
follows:
<TABLE>
<CAPTION>
PROCEEDS FROM
COST OF SALE OF
PORTFOLIO PURCHASES SECURITIES
- ----------------------------- ------------- ----------------
<S> <C> <C>
Capital Appreciation
Portfolio................... $ 415,480,818 $ 366,089,763
International Equity
Portfolio................... 95,438,086 55,202,419
Small Cap Portfolio.......... 300,020,232 244,936,292
</TABLE>
Cost of investments for Federal income tax purposes for the Capital Appreciation
Portfolio, International Equity Portfolio and Small Cap Portfolio at June 30,
1996 was approximately the cost of investments used for financial statement
purposes. The aggregate gross unrealized appreciation and depreciation for all
investments as of June 30, 1996 were as follows:
<TABLE>
<CAPTION>
GROSS GROSS
UNREALIZED UNREALIZED
PORTFOLIO APPRECIATION DEPRECIATION
- ---------------------------- --------------- ---------------
<S> <C> <C>
Capital Appreciation
Portfolio.................. $ 33,679,053 $ 2,247,073
International Equity
Portfolio.................. 21,803,086 2,373,284
Small Cap Portfolio......... 63,817,642 4,643,505
</TABLE>
NOTE 4 -- OPEN FORWARD FOREIGN CURRENCY CONTRACTS
As of June 30, 1996, the International Equity Portfolio had entered into the
following open forward foreign currency contracts:
<PAGE>
<TABLE>
<CAPTION>
NET
UNREALIZED
APPRECIATION
CONTRACTS TO IN EXCHANGES SETTLEMENT VALUE (DEPRECIATION)
DELIVER FOR DATE (US$) (US$)
<S> <C> <C> <C> <C>
- ---------------------------------------------------------------------------
SALES
- ---------------------------------------------------------------------------
DEM 10,502,420 USD $ 6,850,000 07/01/96 $ 6,869,715 $ (19,715)
DEM 16,145,450 USD 10,511,325 07/10/96 10,596,213 (84,888)
DEM 21,036,350 USD 13,713,665 07/15/96 13,810,629 (96,964)
- ---------------------------------------------------------------------------
Total Sales (201,567)
-------------
PURCHASES
- ---------------------------------------------------------------------------
USD $ 6,883,222 DEM 10,502,420 07/01/96 $ 6,869,715 $ (13,507)
USD 10,511,325 GBP 10,631,885 07/10/96 10,631,885 120,560
- ---------------------------------------------------------------------------
Total Purchases 107,053
-------------
Total Depreciation $ (94,514)
-------------
-------------
</TABLE>
18
<PAGE>
PART C
ITEM 24. FINANCIAL STATEMENTS AND EXHIBITS.
(a) Financial Statements:
The following financial statements are included in Part A:
Financial Highlights: BT Advisor Funds: Capital Appreciation Fund
International Equity Fund
Small Cap Fund
The following financial statements are included in Part B
CAPITAL APPRECIATION FUND - (UNAUDITED)
Statements of Assets and Liabilities, June 30, 1996
Statements of Operations for the period indicated
Statements of Changes in Net Assets for each of the periods presented
Financial Highlights: Selected ratios and supplemental data for each
of the periods presented
Notes to Financial Statements
CAPITAL APPRECIATION PORTFOLIO (UNAUDITED)
Statements of Assets and Liabilities, June 30, 1996
Statements of Operations for the period indicated
Statements of Changes in Net Assets for each of the periods presented
Financial Highlights: Selected ratios and supplemental data for each
of the periods presented
Schedule of Portfolio Investments, June 30, 1996
Notes to Financial Statements
INTERNATIONAL EQUITY FUND - (UNAUDITED)
Statements of Assets and Liabilities, June 30, 1996
Statements of Operations for the period indicated
Statements of Changes in Net Assets for each of the periods presented
Financial Highlights: Selected ratios and supplemental data for each
of the periods presented
Notes to Financial Statements
INTERNATIONAL EQUITY PORTFOLIO (UNAUDITED)
Statements of Assets and Liabilities, June 30, 1996
Statements of Operations for the period indicated
Statements of Changes in Net Assets for each of the periods presented
Financial Highlights: Selected ratios and supplemental data for each
of the periods presented
Schedule of Portfolio Investments, June 30, 1996
Notes to Financial Statements
SMALL CAP FUND - (UNAUDITED)
Statements of Assets and Liabilities, June 30, 1996
Statements of Operations for the period indicated
Statements of Changes in Net Assets for each of the periods presented
Financial Highlights: Selected ratios and supplemental data for each
of the periods presented
Notes to Financial Statements
SMALL CAP PORTFOLIO (UNAUDITED)
Statements of Assets and Liabilities, June 30, 1996
Statements of Operations for the period indicated
Statements of Changes in Net Assets for each of the periods presented
Financial Highlights: Selected ratios and supplemental data for each
of the periods presented
Schedule of Portfolio Investments, June 30, 1996
Notes to Financial Statements
<PAGE>
(b) Exhibits
(1A) Declaration of Trust of the Trust.1
(1B) Amendment to the Declaration of Trust.2
(1C) Designation of Series relating to addition of Growth and
Growth and Income Fund.5
(1D) First Amended and Restated Establishment and Designation of
Series and Classes of Shares.7
(2) By-Laws of the Trust.1
(3) Inapplicable.
(4) Inapplicable.
(5) Investment Advisory Contract.6
(6) Distribution Agreement.2
(7) Inapplicable.
(8) Custodian Agreement.4
(9) (a) Administration & Services Agreement.2
(b) Transfer Agency Agreement.4
(10) Opinion of counsel.5
(11) Consent of independent accountants.4
(12) Inapplicable.
(13) Investment letter of initial shareholder.4
(14) Inapplicable.
(15) Plan of Distribution pursuant to Rule 12b-l under the
Investment Company Act of 1940, as amended (the "1940 Act").2
(16) Method of computations of performance information.4
(17) Financial Data Schedules.7
(18) Rule 18f-3 Plan.5
(25) Power of Attorney2
1 Incorporated by reference to the Registrant's registration statement
on Form N-1A ("Registration Statement") as filed with the Commission
on August 24, 1995.
2 Incorporated by reference to Pre-Effective Amendment No. 2 to
Registrant's Registration Statement as filed with the Commission on
January 3, 1996.
3 Incorporated by reference to Pre-Effective
Amendment No. 3 to Registrant's Statement as filed with the
Commission on January 12, 1996.
4 Incorporated by reference to Post-Effective Amendment No. 1 to
Registrant's Registration Statement as filed with the Commission on
April 29, 1996.
5 Incorporated by reference to Post-Effective Amendment No. 3 to
Registrant's Registration Statement as filed with the Commission on
August 1, 1996.
6 To be filed by amendment.
7 Filed herein.
<PAGE>
Item 25. PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH THE TRUST.
Inapplicable.
ITEM 26. NUMBER OF HOLDERS OF SECURITIES.
Number of Record
TITLE OF CLASS HOLDERS (AS OF JUNE 28, 1996)
International Equity Fund 43
Latin American Equity Fund 6
Pacific Basin Equity Fund 9
Global High Yield Securities Fund 7
Capital Appreciation Fund 18
Small Cap Fund 71
Equity 500 Equal Weighted Index Fund 0
U.S. Bond Index Fund 0
EAFE(R)Equity Index Fund 16
Small Cap Index Fund 5
Growth Fund 0
Growth and Income Fund 0
ITEM 27. INDEMNIFICATION.
Under Article XI, Section 2 of the Trust's Declaration of Trust, any past or
present Trustee or officer of the Trust (including persons who serve at the
Trust's request as directors, officers or trustees of another organization in
which the Trust has any interest as a shareholder, creditor or otherwise
[hereinafter referred to as a "Covered Person"]) is indemnified to the
fullest extent permitted by law against liability and all expenses reasonably
incurred by him in connection with any action, suit or proceeding to which he
may be a party or otherwise involved by reason of his being or having been a
Covered Person. This provision does not authorize indemnification when it is
determined, in the manner specified in the Declaration of Trust, that such
Covered Person has not acted in good faith in the reasonable belief that his
actions were in or not opposed to the best interests of the Trust. Moreover,
this provision does not authorize indemnification when it is determined, in
the manner specified in the Declaration of Trust, that such Covered Person
would otherwise be liable to the Trust or its shareholders by reason of
willful misfeasance, bad faith, gross negligence or reckless disregard of his
duties. Expenses may be paid by the Trust in advance of the final disposition
of any action, suit or proceeding upon receipt of an undertaking by such
Covered Person to repay such expenses to the Trust in the event that it is
ultimately determined that indemnification of such expenses is not authorized
under the Declaration of Trust and either (i) the Covered Person provides
security for such undertaking, (ii) the Trust is insured against losses from
such advances or (iii) the disinterested Trustees or independent legal
counsel determines, in the manner specified in the Declaration of Trust, that
there is reason to believe the Covered Person will be found to be entitled to
indemnification.
Insofar as indemnification for liability arising under the Securities Act of
1933, as amended (the "1933 Act"), may be permitted to Trustees, officers and
controlling persons of the Trust pursuant to the foregoing provisions, or
otherwise, the Trust has been advised that in the opinion of the Commission
such indemnification is against public policy as expressed in the 1933 Act
and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the Trust
of expenses incurred or paid by a Trustee, officer or controlling person of
the Trust in the successful defense of any action, suit or proceeding) is
asserted by such Trustee, officer or controlling person in connection with
the securities being registered, the Trust will, unless in the opinion of its
counsel the matter has been settled by controlling precedent, submit to a
court of appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the 1933 Act and will be
governed by the final adjudication of such issue.
<PAGE>
ITEM 28. BUSINESS AND OTHER CONNECTIONS OF INVESTMENT ADVISER.
Bankers Trust serves as investment adviser to the Portfolio. Bankers
Trust, a New York banking corporation, is a wholly owned subsidiary of Bankers
Trust New York Corporation. Bankers Trust conducts a variety of commercial
banking and trust activities and is a major wholesale supplier of financial
services to the international institutional market.
To the knowledge of the Trust, none of the directors or officers of
Bankers Trust, except those set forth below, is or has been at any time during
the past two fiscal years engaged in any other business, profession, vocation or
employment of a substantial nature, except that certain directors and officers
also hold various positions with and engage in business for Bankers Trust New
York Corporation. Set forth below are the names and principal businesses of the
directors and officers of Bankers Trust who are or during the past two fiscal
years have been engaged in any other business, profession, vocation or
employment of a substantial nature. These persons may be contacted c/o Bankers
Trust Company, 280 Park Avenue, New York, New York 10015.
NAME AND PRINCIPAL BUSINESS ADDRESS, PRINCIPAL OCCUPATION AND OTHER INFORMATION
George B. Beitzel, International Business Machines Corporation, Old Orchard
Road, Armonk, NY 10504. Retired Senior Vice President and Director, Member
of Advisory Board of International Business Machines Corporation. Director of
Bankers Trust and Bankers Trust New York Corporation. Director of
FlightSafety International, Inc. Director of Phillips Petroleum Company.
Director of Roadway Services, Inc. Director of Rohm and Hass Company.
William R. Howell, J.C. Penney Company, Inc., P.O. Box 10001, Plano, TX
75301-0001. Chairman of the Board and Chief Executive Officer, J.C. Penney
Company, Inc. Director of Bankers Trust and Bankers Trust New York
Corporation. Also a Director of Exxon Corporation, Halliburton Company and
Warner-Lambert Corporation.
Jon M. Huntsman, Huntsman Chemical Corporation, 2000 Eagle Gate Tower, Salt
Lake City, UT 84111. Chairman and Chief Executive Officer, Huntsman Chemical
Corporation, Director of Bankers Trust and Bankers Trust New York
Corporation. Chairman of Constar Corporation, Huntsman Corporation, Huntsman
Holdings Corporation and Petrostar Corporation. President of Autostar
Corporation, Huntsman Polypropylene Corporation and Restar Corporation.
Director of Razzleberry Foods Corporation and Thiokol Corporation. General
Partner of Huntsman Group Ltd., McLeod Creek Partnership and Trustar Ltd.
Vernon E. Jordan, Jr., Akin, Gump, Strauss, Hauer & Feld, LLP, 1333 New
Hampshire Ave., N.W., Washington, DC 20036. Partner, Akin, Gump, Strauss,
Hauer & Feld, LLP. Director of Bankers Trust and Bankers Trust New York
Corporation. Also a Director of American Express Company, Corning
Incorporated, Dow Jones, Inc., J.C. Penney Company, Inc., RJR Nabisco Inc.,
<PAGE>
Revlon Group Incorporated, Ryder System, Inc., Sara Lee Corporation, Union
Carbide Corporation and Xerox Corporation.
Hamish Maxwell, Philip Morris Companies Inc., 120 Park Avenue, New York, NY
10017. Chairman of the Executive Committee, Philip Morris Companies Inc.
Director of Bankers Trust and Bankers Trust New York Corporation. Director of
The News Corporation Limited.
Donald F. McCullough, Collins & Aikman Corporation, 210 Madison Avenue, New
York, NY 10016. Chairman Emeritus, Collins & Aikman Corporation. Director
of Bankers Trust and Bankers Trust New York Corporation. Director of
Massachusetts Mutual Life Insurance Co. and Melville Corporation.
N.J. Nicholas Jr., 745 Fifth Avenue, New York, NY 10020. Former President,
Co-Chief Executive Officer and Director of Time Warner Inc. Director of
Bankers Trust and Bankers Trust New York Corporation. Also a Director of
Xerox Corporation.
Russell E. Palmer, The Palmer Group, 3600 Market Street, Suite 530,
Philadelphia, PA 19104. Chairman and Chief Executive Officer of The Palmer
Group. Director of Bankers Trust and Bankers Trust New York Corporation. Also
Director of Allied-Signal Inc., Contel Cellular, Inc., Federal Home Loan
Mortgage Corporation, GTE Corporation, Goodyear Tire & Rubber Company, Imasco
Limited, May Department Stores Company and Safeguard Scientifics, Inc.
Member, Radnor Venture Partners Advisory Board.
Didier Pineau-Valencienne, Schneider S.A., 4 Rue de Longchamp, 75116 Paris,
France. Chairman and Chief Executive Officer, Schneider S.A. Director and member
of the European Advisory Board of Bankers Trust and Director of Bankers Trust
New York Corporation. Director of AXA (France) and Equitable Life Assurance
Society of America, Arbed (Luxembourg), Banque Paribas (France), Ciments
Francais (France), Cofibel (Belgique), Compagnie Industrielle de Paris (France),
SIAPAP, Schneider USA, Sema Group PLC (Great Britain), Spie- Batignolles,
Tractebel (Belgique) and Whirlpool. Chairman and Chief Executive Officer of
Societe Parisienne d'Entreprises et de Participations.
Charles S. Sanford, Jr., Bankers Trust Company, 280 Park Avenue, New York, NY
10017. Chairman of the Board of Bankers Trust and Bankers Trust New York
Corporation. Also a Director of Mobil Corporation and J.C. Penney Company,
Inc.
Eugene B. Shanks, Jr., Bankers Trust Company, 280 Park Avenue, New York, NY
10017. President of Bankers Trust and Bankers Trust New York Corporation.
Patricia Carry Stewart, c/o Office of the Secretary, 280 Park Avenue, New
York, NY 10017. Former Vice President, The Edna McConnell Clark Foundation.
Director of Bankers Trust and Bankers Trust New York Corporation. Director,
Borden Inc., Continental Corp. and Melville Corporation.
George J. Vojta, Bankers Trust Company, 280 Park Avenue, New York, NY 10017.
Vice Chairman of the Board of Bankers Trust and Bankers Trust New York
Corporation. Director of Northwest Airlines and Private Export Funding Corp.
<PAGE>
ITEM 29. PRINCIPAL UNDERWRITERS.
(a) Signature Broker-Dealer Services, Inc. is the Distributor (the
"Signature") for the shares of BT Global Investors. Signature also
serves as the principal underwriter or placement agent for other
registered investment companies.
(b) Set forth below are the names, principal business addresses and
positions of each director and officer of Signature. Unless otherwise
noted, the principal business address of these individuals is
Signature Broker-Dealer Services, Inc., 6 St. James Avenue, Boston,
Massachusetts 02116. Unless otherwise specified, none of the officers
and directors of Signature serve as officers and Trustees of the
Trust.
PHILIP W. COOLIDGE: Chief Executive Officer, President and Director of Signature
and President and Trustee of the Registrant.
LINWOOD C. DOWNS: Treasurer of Signature.
JOHN R. ELDER: Assistant Treasurer of Signature and Treasurer of the Registrant.
JOAN GULINELLO: Secretary of Signature.
THOMAS M. LENZ: Assistant Secretary of Signature and Secretary of the
Registrant.
MOLLY S. MUGLER: Assistant Secretary of Signature and Assistant Secretary of the
Registrant.
LINDA T. GIBSON: Assistant Secretary of Signature and Assistant Secretary of the
Registrant.
ANDRES E. SALDANA: Assistant Secretary of Signature and Assistant Secretary of
the Registrant.
<PAGE>
SUSAN JAKUBOSKI: Assistant Treasurer of Signature.
BARBARA M. O'DETTE: Assistant Treasurer of Signature and Assistant Treasurer of
the Registrant.
BETH A. REMY: Assistant Treasurer of Signature.
JULIE J. WYETZNER: Product Management Officer of Signature.
ROBERT G. DAVIDOFF: Director of Signature; CMNY Capital, L.P, 135 East 57th
Street, New York, NY 10022.
DONALD S. CHADWICK: Director of Signature; Scarborough & Company, 110 East 42nd
Street, New York, NY 10017.
LEEDS HACKETT: Director of Signature; National Credit Management Corporation,
10155 York Road, Cockeysville, MD 21030.
LAURENCE E. LEVINE: Director of Signature; First International Capital, Ltd.,
130 Sunrise Avenue, Palm Beach, FL 33480.
(c) Inapplicable.
ITEM 30. LOCATION OF ACCOUNTS AND RECORDS.
BT ADVISOR FUNDS: 6 St. James Avenue, Boston, MA 02116.
BANKERS TRUST COMPANY: 280 Park Avenue, New York, NY 10017.
INVESTORS FIDUCIARY TRUST COMPANY: 127 West 10th Street, Kansas City, MO 64105.
SIGNATURE BROKER-DEALER SERVICES, INC.: 6 St. James Avenue, Boston, MA 02116.
ITEM 31. MANAGEMENT SERVICES.
Not applicable.
ITEM 32. UNDERTAKINGS.
(a) The Registrant undertakes to file a post-effective amendment,
including financials, which need not be certified, within four to six
months following the commencement of operations of each of its
series. The financial statements included in such amendment will be
as of and for the time period ended on a date reasonably close or as
soon as practicable to the date of the amendment.
(b) The Registrant undertakes to comply with Section 16(c) of the 1940
Act as though such provisions of the Act were applicable to the
Registrant except that the request referred to in the third full
paragraph thereof may only be made by shareholders who hold in the
aggregate at least 10% of the outstanding shares of the Registrant,
regardless of the net asset value or values of shares held by such
requesting shareholders.
(c) If the information called for by Item 5A of Form N-1A is contained in
the latest annual report to shareholders, the Registrant shall
furnish each person to whom a prospectus is delivered with a copy of
the Registrant's latest annual report to shareholders upon request
and without charge.
<PAGE>
INDEX TO EXHIBITS
1. Fifth Amended and Restated Establishment and Designation of Series and
Classes of Shares
17. Financial Data Schedule.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the Investment
Company Act of 1940, as amended, the Registrant certifies that it meets all the
requirements for effectiveness of this Registration statement pursuant to Rule
485(b) under the 1933 Act and that it has duly caused this Registration
Statement on Form N-1A (the "Registration Statement") to be signed on its behalf
by the undersigned, thereto duly authorized, in the City of Boston and the
Commonwealth of Massachusetts on the 14th day of August, 1996.
BT ADVISOR FUNDS
By: /S/PHILIP W. COOLIDGE
Philip W. Coolidge, President
Pursuant to the requirements of the Securities Act of 1933, this Registration
Statement has been signed below by the following persons in the capacities
indicated on August 14, 1996.
SIGNATURE TITLE
/S/PHILIP W. COOLIDGE Trustee
Philip W. Coolidge
/S/HARRY VAN BENSCHOTEN* Trustee
Harry Van Benschoten
/S/MARTIN J. GRUBER* Trustee
Martin J. Gruber
/S/BRUCE E. LANGTON* Trustee
Bruce E. Langton
/S/RICHARD J. HERRING* Trustee
Richard J. Herring
/S/JOHN R. ELDER Treasurer (Principal Financial and
John R. Elder Principal Accounting Officer)
*By: /S/THOMAS M. LENZ
Thomas M. Lenz as Attorney-in-Fact pursuant to a Power of Attorney
filed previously.
<PAGE>
SIGNATURES
Capital Appreciation Portfolio has duly caused this Registration Statement on
Form N-1A of BT Advisor Funds to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Boston and the Commonwealth of
Massachusetts on the 14th day of August, 1996.
CAPITAL APPRECIATION PORTFOLIO
By: /S/PHILIP W. COOLIDGE
Philip W. Coolidge
President
This Registration Statement on Form N-1A of BT Advisor Funds has been signed
below by the following persons in the capacities indicated on August 14, 1996.
SIGNATURE TITLE
/S/PHILIP W. COOLIDGE Trustee and President
Philip W. Coolidge
CHARLES P. BIGGAR* Trustee
Charles P. Biggar
S. LELAND DILL* Trustee
S. Leland Dill
PHILIP SAUNDERS, JR.* Trustee
Philip Saunders, Jr.
/S/JOHN R. ELDER Treasurer (Principal Financial and
John R. Elder Principal Accounting Officer)
*By: /S/PHILIP W. COOLIDGE
Philip W. Coolidge as Attorney-in-Fact pursuant to a Power of Attorney
previously filed.
<PAGE>
SIGNATURES
Small Cap Portfolio has duly caused this Registration Statement on
Form N-1A of BT Advisor Funds to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Boston and the Commonwealth of
Massachusetts on the 14th day of August, 1996.
SMALL CAP PORTFOLIO
By: /S/PHILIP W. COOLIDGE
Philip W. Coolidge
President
This Registration Statement on Form N-1A of BT Advisor Funds has been signed
below by the following persons in the capacities indicated on August 14, 1996.
SIGNATURE TITLE
/S/PHILIP W. COOLIDGE Trustee and President
Philip W. Coolidge
CHARLES P. BIGGAR* Trustee
Charles P. Biggar
S. LELAND DILL* Trustee
S. Leland Dill
PHILIP SAUNDERS, JR.* Trustee
Philip Saunders, Jr.
/S/JOHN R. ELDER Treasurer (Principal Financial and
John R. Elder Principal Accounting Officer)
*By: /S/PHILIP W. COOLIDGE
Philip W. Coolidge as Attorney-in-Fact pursuant to a Power of Attorney
previously filed.
<PAGE>
SIGNATURES
International Equity Portfolio has duly caused this Registration Statement on
Form N-1A of BT Advisor Funds to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Boston and the Commonwealth of
Massachusetts on the 14th day of August, 1996.
INTERNATIONAL EQUITY PORTFOLIO
By: /S/PHILIP W. COOLIDGE
Philip W. Coolidge
President
This Registration Statement on Form N-1A of BT Advisor Funds has been signed
below by the following persons in the capacities indicated on August 14, 1996.
SIGNATURE TITLE
/S/PHILIP W. COOLIDGE Trustee and President
Philip W. Coolidge
CHARLES P. BIGGAR* Trustee
Charles P. Biggar
S. LELAND DILL* Trustee
S. Leland Dill
PHILIP SAUNDERS, JR.* Trustee
Philip Saunders, Jr.
/S/JOHN R. ELDER Treasurer (Principal Financial and
John R. Elder Principal Accounting Officer)
*By: /S/PHILIP W. COOLIDGE
Philip W. Coolidge as Attorney-in-Fact pursuant to a Power of Attorney
previously filed.
BT0434D Appendix I
BT ADVISOR FUNDS
First Amended and Restated Establishment and
Designation of Series and Classes of Shares of
Beneficial Interest (par value $0.00001 per share)
Dated as of August 6, 1996
The undersigned, being the Trustees of BT Advisor Funds, a
Massachusetts business trust (the "Trust", acting pursuant to Article VI,
Section 6.9 and Article IX, section 9.3(a) of the Declaration of Trust dated
July 24, 1995, as amended from time to time (the "Declaration"), and pursuant to
the resolutions of the Trustee at meetings held on November 8, 1995 and August
6, 1996, do hereby amend and restate the Establishment and Designation of Series
and Classes appended to the Declaration as Appendix I in its entirety as
follows:
A. ESTABLISHMENT AND DESIGNATION OF SERIES
1. Pursuant to Section 6.9 of the Declaration, the Trust is divided
into ten series of Shares of beneficial interest each a "Fund" and collectively
the "Funds") designated as follows:
Capital Appreciation Fund
Small Cap Fund
Latin American Equity Fund
Pacific Basin Equity Fund
International Equity Fund
Global High Yield Securities Fund
Equity 500 Equal Weighted Index Fund
U.S. Bond Index Fund
EAFE Equity Index Fund
Small Cap Index Fund
Growth Fund
Growth and Income Fund
and each Fund shall have the following special and relative rights:
2. Each Fund shall be authorized to hold cash, invest in securities,
instruments and other properties and use investment techniques as from time to
time described in the Trust's then currently effective registration statement
under the Securities Act of 1933, as amended, to the extent pertaining to the
offering of Shares of such Fund. Each Share of a Fund shall be redeemable, shall
be entitled to one vote (or fraction thereof in respect of a fractional share)
<PAGE>
on matters on which Shares of the Fund shall be entitled to vote, shall
represent a PRO RATA share of the net assets of the Fund upon liquidation of the
Fund, all as provided in Section 6.9 of the Declaration. The proceeds of sales
of Shares of a Fund, together with any income and gain thereon, less any
diminution or expenses thereof, shall irrevocably belong to that Fund unless
otherwise required by law.
3. Shareholders of each Fund shall vote separately as a class on any
matter to the extent required by, and any matter shall be deemed to have been
effectively acted upon with respect to the Fund as provided in, Rule 18f-2, as
from time to time in effect, under the Investment Company Act of 1940, as
amended, or any successor rule, and by the Declaration.
4. The assets and liabilities of the Trust shall be allocated among the
Funds as set forth in Section 6.9 of the Declaration.
5. Subject to the provisions of Section 6.9 and Article IX of the
Declaration, the Trustees (including any successor Trustees) shall have the
right at any time and from time to time to reallocate assets and expenses, to
change the designation of any Fund or any other series hereafter created, or
otherwise to change the special and relative rights of any Fund or any other
such series.
A. ESTABLISHMENT AND DESIGNATION OF CLASSES
1. Each of the following Funds are hereby divided into two Classes of
Shares of beneficial interest to be designated as "Advisor Class Shares" and
"Institutional Class Shares":
Equity 500 Equal Weighted Index Fund
U.S. Bond Index Fund
EAFE Equity Index Fund
Small Cap Index Fund
2. Each of the following Funds are hereby divided into two Classes of
Shares of beneficial interest to be designated as "Intermediary Class Shares"
and "Institutional Class Shares":
Growth Fund
Growth and Income Fund
3. An unlimited number of Advisor Class Shares, Institutional Class
Shares and Intermediary Class Shares shall be authorized for issuance, shares of
such Class to be issued for such consideration as set forth from time to time in
the respective prospectus describing the Shares of each Class, as each such
prospectus may be amended or supplemented from time to time, and that such
<PAGE>
Shares, when issued for consideration described in the respective prospectus,
shall be validly issued, fully paid and non-assessable by the Trust;
4. The following liabilities, expenses, costs, charges and reserves
shall be specifically allocated and charged to the respective Class of a Fund
incurring such liabilities, expenses, costs, charges or reserve: administrative
service fees, state securities registration fees, expenses of shareholder
meetings relating to matters to be acted upon exclusively by one or more
specified classes, and other expenses if, as determined by the Treasurer or any
Assistant Treasurer, such expenses are actually incurred in a different amount
by that Class, or if the Class receives services of a different kind or to a
different degree than other Classes, provided, however, that no liabilities,
expenses, costs, charge or reserve shall be allocated and charged to any
particular Class of a Fund if such allocation and charge would cause the fund to
fail to qualify as a regulated investment company under the Internal Revenue
Code of 1986, as amended, or adversely affect its right to claim a dividend paid
deduction thereunder; and
IN WITNESS WHEREOF, the undersigned have signed this instrument as of
August 6, 1996. This instrument may be executed by the Trustees on separate
counterparts but shall be effectively only when signed by a majority of the
Trustees.
/s/PHILIP W. COOLIDGE
Philip W. Coolidge
As Trustee and not Individually
/s/ BRUCE E. LANGTON
Bruce E. Langton
As Trustee and not Individually
/s/ MARTIN J. GRUBER
Martin J. Gruber
As Trustee and not Individually
/s/ HARRY VAN BENSCHOTEN
Harry Van Benschoten
As Trustee and not Individually
/s/ RICHARD J. HERRING
Richard J. Herring
As Trustee and not Individually
BT0434D
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the BT
Advisor Funds Capital Appreciation Fund Intermim Report dated June 30, 1996,
and is qualified in its entirety by reference to such Interim Report.
</LEGEND>
<CIK> 0000948630
<NAME> BT ADVISOR FUNDS
<SERIES>
<NUMBER> 020
<NAME> CAPITAL APPRECIATION FUND
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> FEB-16-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 711,598
<INVESTMENTS-AT-VALUE> 711,598
<RECEIVABLES> 14,916
<ASSETS-OTHER> 9,294
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 735,808
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 18,559
<TOTAL-LIABILITIES> 18,559
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 659,006
<SHARES-COMMON-STOCK> 65,949
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (2,430)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 25,073
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 35,600
<NET-ASSETS> 717,249
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> (256)
<EXPENSES-NET> 2,174
<NET-INVESTMENT-INCOME> (2,430)
<REALIZED-GAINS-CURRENT> 25,073
<APPREC-INCREASE-CURRENT> 35,600
<NET-CHANGE-FROM-OPS> 58,243
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 70,880
<NUMBER-OF-SHARES-REDEEMED> (4,911)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 717,249
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 14,788
<AVERAGE-NET-ASSETS> 669,593
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (0.04)
<PER-SHARE-GAIN-APPREC> 0.92
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.88
<EXPENSE-RATIO> 1.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
The following schedule contains summary financial information extracted from the
BT Advisor Funds International Equity Fund Report dated June 30,
1996, and is qualified in its entirety by reference to such Report.
</LEGEND>
<CIK> 0000948630
<NAME> BT ADVISOR FUNDS
<SERIES>
<NUMBER> 030
<NAME> INTERNATIONAL EQUITY FUND
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> FEB-16-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 2,298,973
<INVESTMENTS-AT-VALUE> 2,298,973
<RECEIVABLES> 31,134
<ASSETS-OTHER> 9,294
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,339,401
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 22,210
<TOTAL-LIABILITIES> 22,210
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,246,655
<SHARES-COMMON-STOCK> 213,945
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 6,305
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 29,490
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 34,741
<NET-ASSETS> 2,317,191
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 10,865
<EXPENSES-NET> 4,560
<NET-INVESTMENT-INCOME> 6,305
<REALIZED-GAINS-CURRENT> 29,490
<APPREC-INCREASE-CURRENT> 34,741
<NET-CHANGE-FROM-OPS> 70,536
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 218,809
<NUMBER-OF-SHARES-REDEEMED> 4,854
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2,317,191
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 20,514
<AVERAGE-NET-ASSETS> 1,204,250
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 0.80
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.83
<EXPENSE-RATIO> 1.70
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
The following schedule contains summary financial data extracted from the BT
Advisor Funds Small Cap Fund Interim Report dated June 30, 1996, and is
qualified in its entirety by reference to such Interim Report.
</LEGEND>
<CIK> 0000948630
<NAME> BT ADVISOR FUNDS
<SERIES>
<NUMBER> 040
<NAME> SMALL CAP FUND
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> FEB-16-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 1,630,976
<INVESTMENTS-AT-VALUE> 1,630,976
<RECEIVABLES> 198,911
<ASSETS-OTHER> 9,294
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,839,651
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 21,530
<TOTAL-LIABILITIES> 21,530
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,786,754
<SHARES-COMMON-STOCK> 158,688
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (3,064)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 18,481
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 15,480
<NET-ASSETS> 1,817,651
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> (36)
<EXPENSES-NET> 3,028
<NET-INVESTMENT-INCOME> (3,064)
<REALIZED-GAINS-CURRENT> 18,481
<APPREC-INCREASE-CURRENT> 15,480
<NET-CHANGE-FROM-OPS> 30,897
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 163,450
<NUMBER-OF-SHARES-REDEEMED> 4,762
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,817,651
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 18,391
<AVERAGE-NET-ASSETS> 937,251
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (0.02)
<PER-SHARE-GAIN-APPREC> 1.47
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.45
<EXPENSE-RATIO> 1.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
