Port Terminal Railroad Association, Houston, overhauled its $12 billion defined benefit plan, switching to mutual funds from a wrap program. The mutual funds selected were: PIMCO intermediate bond; Vanguard S&P 500 index; Vanguard S&P/BARRA value index; Franklin small-cap growth; and Putnam international equity. Tom W. Parker, controller/treasurer, said the fund had been managed by Salomon Smith Barney in a wrap program; the underlying assets were managed by 1838 Investment Advisors, Lazard and Ashfield. Frost National Bank was named custodian. Ion Consulting assisted.