<PAGE>
POLYNOUS GROWTH FUND
ANNUAL REPORT
July 31, 2000
Polynous Capital Management, Inc., Investment Adviser
415-956-3384
<PAGE>
Dear Shareholder,
The Fund's fiscal year ending July 31, 2000 was a contrast between two very
different investing environments.
As previously reported to you in the Fund's most recent semi-annual report for
the period ending January 31, 2000, the first half of the fiscal year was
marked by an extremely speculative market environment. In such an environment,
the Fund's focus on fundamentals and attractive valuations resulted in the
Fund investing in companies that were not popular in comparison with the
internet-oriented stocks that were seducing many other investors.
The second half of the fiscal year, however, has been more productive as the
speculative internet bubble has now burst. Although returns for the second
half of the year were not substantial, the Fund's second half return of 4.4
percent did exceed the Russell 2000 small stock index return of 1.3 percent
during that period. In any case, given that many internet related stocks have
now declined over 75 percent from their peak prices earlier this year, a
positive return during the most recent six months is a worthy accomplishment
during such a challenging market environment.
The previously reported negative performance during the first half of the year
did, however, result in the Fund having negative overall performance during
the full fiscal year. Full year performance was negative 14.7 percent which
compares unfavorably to the Russell 2000 index return of 13.8 percent during
the period. Although this has been a very challenging period for the Fund, I
do believe that a market environment that is now more grounded in reality will
enable the Fund's fundamentally-oriented investing process to be more
consistently productive.
One helpful aspect of the current environment is that good quality technology
stocks are now available in the market at much more reasonable valuations. One
of the advisor's traditional strengths has been technology investing but our
conservative valuation disciplines have not allowed us to blindly throw money
at technology companies priced at valuations anywhere from five-to-ten times
historical norms. At the end of the Fund's fiscal year, however, the Fund's
technology allocation had expanded to over 24 percent of the Fund. Additional
opportunistic purchases during August have also further increased the
technology portion of the Fund.
The highest sector allocation at the end of the fiscal year was in the
Consumer Services sector. Identifying attractive new retailing and other
consumer services concepts has long been a strength of the advisor. Some of
the stocks owned at the end of the period also provide useful examples of the
effectiveness of our fundamentally driven and opportunistic investment
approach. This sector's largest holding, Children's Place, is a rapidly
growing retailer of children's apparel for the ages of newborn through 12
years old. The company's very high return on investment produces very strong
cash flows that allow the company to grow around 30 percent annually without
needing any external financing. Earlier this year, however, post holiday
concerns about overall retail sales allowed the Fund to purchase this company
at less than 8-times the current year's projected earnings. As of the end of
July, the stock has now doubled since our purchase. The Fund's second largest
Consumer Services holding, Guitar Center, is currently growing over 20 percent
annually but our opportunistic investment approach enabled the Fund to
purchase this company at less than 10-times earnings. Guitar Center is growing
faster than any of its competitors and is now more than twice as large as the
second and third largest companies in its market segment. One fundamental
investment metric, sales per square foot, is more than 50 percent higher for
the company when compared to its major competitors and close to 100 percent
higher than overall industry averages. This has also been a productive holding
as, at the end of the fiscal year, the stock is up over 50 percent from its
cost.
<PAGE>
The two examples above are not, of course, a representative sample of the
Fund's entire portfolio but they do show the possible productivity of a
fundamentally oriented investing approach. The current market environment is
also one where I believe such an approach can thrive. The unwinding of the
internet bubble has left most market participants grasping for straws as to
what will be the next dominant market trend. The complexity and highly
competitive nature of our economy, however, is such that rarely are there
enduring market trends that the masses can exploit by blindly throwing money
at them. The reality of normal economic activity is that there is a continual
ebb and flow of improving and deteriorating fundamentals as economic
equilibrium is continually shifting between a company's competitors,
customers, and suppliers. Our fundamentally oriented research process analyzes
such continually changing trends and our opportunistic buy discipline is
oriented to exploiting such changes when we find good quality, well-positioned
companies selling at attractive valuations.
Our current economic outlook also supports our view that a focused and
opportunistic investment approach will be productive. The U.S. economy is
still exhibiting stable growth even though this is now the longest economic
expansion in U.S. history. Growth rates appear to be slowing a bit, however,
which will accelerate shifts in the balance of relative fundamentals between
companies. At the same time, our relatively low inflation and extremely
competitive economy will reward the better quality companies on which we focus
and which are typically the low-cost providers and competitive leaders in
their industries. As stated earlier, we are heartened that good quality
technology companies are now available at attractive prices because such
companies are a principal driver of the economic advantages currently enjoyed
by the U.S. economy. Overall economic productivity measures continue to be
very high and are enabled by the continuous virtuous circle of innovation and
competition that is fundamental in the Technology sector. Although growth
rates outside the U.S. appear to be slowing more than in the U.S., I still
feel confident that the overall strength of U.S. economic productivity will
sustain positive growth in our economy. In such an environment, although
overall economic fundamentals are still positive, more rapidly changing trends
should provide a very positive environment for our opportunistic investment
approach.
In closing, I would like to thank you for your continued support of our Fund.
Although the first half of the most recent year was quite challenging, the
positive trends of the second half make me believe that the investing
environment will now be much more productive for our investment process. Also,
if you would ever like a more personal update, please feel free to call our
offices as I am usually always happy to give a current view of our investment
activities.
Yours truly,
/s/ Kevin L. Wenck
Kevin L. Wenck
President
Past performance is not indicative of future results. Share price and returns
will fluctuate and when redeemed, shares may be worth more or less than their
original investment. The one year returns for the Class A shares as of 6/30/00
was (16.54%) and since inception average annual return of (2.19%). Class A
shares returns reflect a maximum sales load of 4.5%. Inception date of the
Fund is 08/12/96. There are special risks associated with investing in small-
cap stocks which may be subject to a higher degree of market risk than large-
cap stocks due to market illiquidity. All individual stockholdings are as of
7/31/00. The Polynous Growth Fund is distributed by Polynous Securities, LLC.
This report is not authorized for distribution to prospective investors in the
Fund unless preceded by or accompanied by a prospectus.
- DFU 9/00
<PAGE>
Polynous Growth Fund
Schedule of Investments July 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Shares Value
------- -----------
<C> <S> <C>
COMMON STOCKS - 66.41%
BUSINESS SERVICES - 3.75%
12,300 Charles River Associates, Inc.*......................... $ 152,211
11,000 RemedyTemp, Inc., Class A*.............................. 132,688
-----------
284,899
-----------
CAPITAL GOODS - 7.34%
6,300 Jacobs Engineering Group Inc.*.......................... 224,831
9,700 NCI Building Systems, Inc.*............................. 183,088
13,900 Wabash National Corp. .................................. 149,425
-----------
557,344
-----------
CONSUMER DURABLES - 2.55%
10,700 Meade Instruments Corp.*................................ 193,269
-----------
CONSUMER NON-DURABLES - 2.32%
23,500 Lifetime Hoan Corp. .................................... 176,250
-----------
CONSUMER SERVICES - 24.95%
6,300 AnnTaylor Stores Corp.*................................. 177,975
6,900 Applebee's International, Inc........................... 153,094
10,200 The Buckle, Inc.*....................................... 138,975
9,600 The Children's Place Retail Stores, Inc.*............... 247,200
24,300 The Finish Line, Inc., Class A*......................... 195,919
27,500 Friedman's Inc., Class A................................ 158,125
15,800 Guitar Center, Inc.*.................................... 233,050
10,000 Pacific Sunwear of California, Inc.*.................... 151,250
21,200 Stein Mart, Inc.*....................................... 233,200
23,200 Whitehall Jewellers, Inc.*.............................. 205,900
-----------
1,894,688
-----------
HEALTH CARE - 0.96%
7,500 Omnicare, Inc. ......................................... 72,656
-----------
TECHNOLOGY - 24.54%
4,800 Advanced Energy Industries, Inc.*....................... 216,000
9,500 Electroglas, Inc.*...................................... 190,000
11,500 Integrated Measurement Systems, Inc.*................... 195,500
7,300 Lam Research Corp.*..................................... 213,525
3,200 Lattice Semiconductor Corp.*............................ 175,600
11,300 MarchFirst, Inc.*....................................... 233,769
7,300 Marimba, Inc.*.......................................... 130,944
11,300 Power Integrations, Inc.*............................... 218,231
</TABLE>
See accompanying notes to financial statements.
<PAGE>
Polynous Growth Fund
Schedule of Investments - continued July 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Shares Value
------ ----------
<C> <S> <C>
COMMON STOCKS - continued
TECHNOLOGY - continued
10,700 Sagent Technology, Inc.*................................. $ 109,675
4,700 TriQuint Semiconductor, Inc.*............................ 180,069
----------
1,863,313
----------
Total Common Stocks (Cost $5,098,555).................... 5,042,419
----------
Total Investments (Cost $5,098,555**) - 66.41%........... 5,042,419
Other Assets, Less Other Liabilities - 33.59%............ 2,550,366
----------
NET ASSETS - 100.00%..................................... $7,592,785
==========
* Non-income producing security
** Cost for Federal income tax purposes is $5,098,555, and net unrealized
depreciation consists of:
Gross unrealized appreciation............................ $ 482,942
Gross unrealized depreciation............................ (539,078)
----------
Net unrealized depreciation.............................. $ (56,136)
==========
</TABLE>
See accompanying notes to financial statements.
<PAGE>
Polynous Growth Fund
Statement of Assets and Liabilities July 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
ASSETS:
Investments at market value (Cost $5,098,555) (Note 1)........... $ 5,042,419
Cash............................................................. 2,969,616
Receivables:
Investment securities sold....................................... 220,922
Dividends and interest........................................... 13,302
Due from Adviser................................................. 32,638
Deferred organization costs (Note 1)............................. 15,504
-----------
TOTAL ASSETS................................................... 8,294,401
-----------
LIABILITIES:
Payables:
Investment securities purchased.................................. 572,339
Capital stock redeemed........................................... 249
Accrued expenses................................................. 127,341
Accrued distribution expense..................................... 1,687
-----------
TOTAL LIABILITIES.............................................. 701,616
-----------
NET ASSETS:
Applicable to 825,185 shares; unlimited number of shares of
beneficial interest authorized with no par value................ $ 7,592,785
===========
Net asset value and redemption price ($7,592,785 / 825,185
shares)......................................................... $ 9.20
===========
Offering price per share ($9.20/0.9550).......................... $ 9.63
===========
NET ASSETS CONSIST OF:
Paid-in capital.................................................. $14,393,430
Accumulated net realized loss on investments..................... (6,744,509)
Net unrealized depreciation on investments....................... (56,136)
-----------
NET ASSETS..................................................... $ 7,592,785
===========
</TABLE>
See accompanying notes to financial statements.
<PAGE>
Polynous Growth Fund
Statement of Operations
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
For the Year
Ended
July 31, 2000
INVESTMENT INCOME: -------------
<S> <C>
Dividends....................................................... $ 14,666
Interest........................................................ 82,011
-----------
TOTAL INCOME.................................................. 96,677
-----------
EXPENSES:
Investment advisory fees (Note 3)............................... 101,869
Professional fees............................................... 84,590
Administration fees............................................. 37,052
Transfer agent fees............................................. 72,640
Distribution expense (Note 3)................................... 25,467
Accounting fees................................................. 24,000
Custodian fees.................................................. 17,298
Registration fees............................................... 19,292
Amortization of organization costs (Note 1)..................... 15,028
Insurance expense............................................... 8,783
Trustees' fees.................................................. 5,003
Printing expense................................................ 4,000
Miscellaneous fees.............................................. 917
-----------
TOTAL EXPENSES................................................ 415,939
Expenses waived by Adviser (Note 3)........................... (222,408)
-----------
NET EXPENSES.................................................. 193,531
-----------
NET INVESTMENT LOSS.............................................. (96,854)
-----------
REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS:
Net realized loss on investments................................ (4,279,953)
Net change in unrealized depreciation on investments............ 1,679,421
-----------
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS............... (2,600,532)
-----------
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS............. $(2,697,386)
===========
</TABLE>
See accompanying notes to financial statements.
<PAGE>
Polynous Growth Fund
Statement of Changes in Net Assets
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
For the Year For the Year
Ended Ended
July 31, 2000 July 31, 1999
OPERATIONS: ------------- -------------
<S> <C> <C>
Net investment loss............................... $ (96,854) $ (275,134)
Net realized loss on investments.................. (4,279,953) (2,454,384)
Net change in unrealized depreciation on
investments...................................... 1,679,421 63,426
---------- -----------
Net decrease in net assets resulting from
operations....................................... (2,697,386) (2,666,092)
---------- -----------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net capital gains................................. -- (1,405,281)
---------- -----------
Total distributions............................... -- (1,405,281)
---------- -----------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold......................... 110,947 1,681,967
Reinvestment of dividends......................... -- 1,259,373
Cost of shares redeemed........................... (6,522,787) (9,291,839)
---------- -----------
Decrease in net assets derived from capital share
transactions (a)................................. (6,411,840) (6,350,499)
---------- -----------
TOTAL DECREASE IN NET ASSETS.................... (9,109,226) (10,421,872)
---------- -----------
NET ASSETS:
Beginning of year................................. 16,702,011 27,123,883
---------- -----------
End of year....................................... $7,592,785 $16,702,011
========== ===========
(a) Transactions in capital stock were:
Shares sold...................................... 11,151 155,836
Shares issued through reinvestment of dividends.. -- 132,010
Shares redeemed.................................. (733,600) (850,444)
---------- -----------
Decrease in shares outstanding.................... (722,449) (562,598)
========== ===========
</TABLE>
See accompanying notes to financial statements.
<PAGE>
Polynous Growth Fund
Financial Highlights
--------------------------------------------------------------------------------
The table below sets forth financial data for one share of capital stock
outstanding throughout each period presented.
<TABLE>
<CAPTION>
For the Period
For the Year For the Year For the Year August 12, 1996*
Ended Ended Ended through
July 31, 2000 July 31, 1999 July 31, 1998 July 31, 1997
------------- ------------- ------------- ----------------
<S> <C> <C> <C> <C>
Net asset value,
beginning of period.... $ 10.79 $ 12.85 $ 14.35 $ 12.00
------- ------- ------- -------
Income (loss) from
investment operations:
Net investment income
(loss)................ (0.12) (0.18) (0.21) 0.96
Net realized and
unrealized gain (loss)
on investments........ (1.47) (1.01) 0.07 1.41
------- ------- ------- -------
Total from investment
operations........... (1.59) (1.19) (0.14) 2.37
------- ------- ------- -------
Less distributions
from:
Net investment income.. 0.00 0.00 (0.88) 0.00
Net capital gains...... 0.00 (0.87) (0.48) (0.02)
------- ------- ------- -------
Total distributions... 0.00 (0.87) (1.36) (0.02)
------- ------- ------- -------
Net asset value, end of
period................. $ 9.20 $ 10.79 $ 12.85 $ 14.35
======= ======= ======= =======
Total return+........... (14.74%) (8.34%) (1.33%) 20.53% /1/
Ratios/Supplemental Data
Net assets, end of
period (in 000s)...... $ 7,593 $16,702 $27,124 $22,509
Ratio of expenses to
average net assets:
Before expense
reimbursement......... 4.09% 2.41% 2.19% 2.73% /1/
After expense
reimbursement......... 1.90% 1.90% 1.99% /2/ 2.00% /1/
Ratio of net investment
income (loss) to
average net assets:
Before expense
reimbursement......... (3.14%) (1.93%) (1.22%) 9.44% /1/
After expense
reimbursement......... (0.95%) (1.42%) (1.02%) 10.17% /1/
Portfolio turnover
rate.................. 261.88% 102.53% 140.15% 925.07%
</TABLE>
* Commencement of investment operations.
+ Total return calculation does not reflect sales load.
/1/ Annualized.
/2/ Reflects the reduction of the Operating Expense Ratio to 1.90% from 2.00%
on June 22, 1998.
See accompanying notes to financial statements.
<PAGE>
Polynous Growth Fund
Notes to Financial Statements July 31, 2000
-------------------------------------------------------------------------------
Note 1 - Significant Accounting Policies
Polynous Trust (the "Trust") is organized as a Delaware business trust
pursuant to a Trust Agreement dated April 10, 1996. The Trust is registered
under the Investment Company Act of 1940, as amended, as an open-end,
diversified management investment company. The Trust is organized to offer
separate series of shares and is currently offering a single series of shares
called Polynous Growth Fund (the "Fund"). The Fund is organized to offer
separate classes of shares and currently offers one class (Class A). The
following is a summary of significant accounting policies consistently
followed by the Fund in the preparation of its financial statements. The
policies are in conformity with generally accepted accounting principles for
investment companies.
A. Security Valuation. Investments in securities traded on a national
securities exchange are valued at the last reported sales price. Unlisted
securities, or listed securities in which there were no sales, are valued at
the mean of the closing bid and ask prices. When market quotations are not
readily available, securities and other assets are valued at fair value as
determined in good faith by the Board of Trustees. Short-term obligations
having a maturity of 60 days or less are valued at amortized cost, which the
Board of Trustees believes represents fair value.
B. Investment Income and Securities Transactions. Security transactions are
accounted for on the date the securities are purchased or sold (trade date).
Cost is determined and gains and losses are based on the identified cost basis
for both financial statement and federal income tax purposes. Dividend income
is reported on the ex-dividend date. Interest income and expenses are accrued
daily.
C. Organization Costs. Organization costs are being amortized on a straight
line basis over five years from commencement of operations.
D. Federal Income Taxes. It is the policy of the Fund to comply with all
requirements of the Internal Revenue Code applicable to regulated investment
companies and to distribute substantially all of its taxable income to its
shareholders, therefore, no federal income tax provision is required.
E. Distributions to Shareholders. The Fund will distribute substantially all
of its net investment income in December, and capital gains, if any, annually.
Distributions to shareholders are recorded on the ex-dividend date. Income and
capital gain distributions are determined in accordance with income tax
regulations which may differ from generally accepted accounting principles.
F. Use of Estimates. In preparing financial statements in conformity with
generally accepted accounting principles, management makes estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements, as well as the reported amounts of revenues
and expenses during the reporting period. Actual results could differ from
those estimates.
Note 2 - Purchases and Sales of Securities
Purchases and sales of securities, other than short-term investments, totaled
$21,550,299 and $29,657,242 respectively, for the year ended July 31, 2000.
Note 3 - Investment Management Fee and Other Transactions with Affiliates
Polynous Capital Management, Inc. (the "Adviser"), a registered investment
adviser, provides the Fund with investment management services. For providing
investment advisory services, the Fund pays the Adviser an annual fee of 1.00%
of average daily net assets. The Adviser has voluntarily agreed to waive its
fees to the extent total annualized fund operating expenses, inclusive of
distribution expenses, exceed
<PAGE>
Polynous Growth Fund
Notes to Financial Statements - continued July 31, 2000
-------------------------------------------------------------------------------
1.90% of the Fund's average daily net assets. This waiver is voluntary and can
be changed or dropped at any time with 60 days notice. For the year ended July
31, 2000, advisory fees of $101,869 were paid to the Adviser and the Adviser
reimbursed the Fund $222,408. The Fund has adopted a Distribution Plan (the
"Plan"), pursuant to Rule 12b-1 under the Investment Company Act of 1940, as
amended, which permits the Fund to pay certain expenses associated with the
distribution of its Class A shares. Effective July 1, 1999, the Plan provides
that the Fund will reimburse Polynous Securities, LLC (the "Distributor"), the
Fund's sole underwriter and distributor, for actual distribution and
shareholder servicing expenses incurred by the Distributor not exceeding, on
an annual basis, 0.25% of the Fund's average daily net assets attributable to
its Class A shares. For the year ended July 31, 2000 the Fund reimbursed the
Distributor $25,467 for distribution costs incurred. Certain officers and
trustees of the Fund are affiliated persons of the Adviser and the
Distributor. All officers serve without direct compensation from the Fund.
Note 4 - Federal Income Taxes
Permanent differences incurred by the Fund of $96,854 during the year ended
July 31, 2000, resulting from differences in book and tax accounting have been
reclassified at year end to paid in capital.
At July 31, 2000, the Fund had available for federal tax purposes an unused
capital loss carryforward of $5,090,459, of which $2,330,107 expires in 2007
and $2,760,352 expires in 2008. Capital loss carryforwards are available to
offset future realized capital gains. To the extent that these carryforwards
are used to offset future capital gains, it is probable that the amount which
is offset will not be distributed to shareholders.
<PAGE>
Polynous Growth Fund
Illustration of $10,000 Investment
--------------------------------------------------------------------------------
The graph below compares the increase in value of a $10,000 investment in the
Polynous Growth Fund with the performance of the Russell 2000 Index. The values
and returns for Polynous Growth Fund include reinvested dividends, and the
impact of the maximum sales charge placed on purchases.
[GRAPH]
--------------------------------
Average Annual Total Return
for the period ending 7/31/00:
Since Inception............1.16%
1 Year..................(12.46%)
--------------------------------
POLYNOUS GROWTH FUND RUSSELL 2000 INDEX
8/12/96 9,550 10,000
10/31/96 9,693 10,445
1/31/97 10,348 11,384
4/30/97 9,806 10,613
7/31/97 11,441 12,871
10/31/97 12,294 13,509
1/31/98 11,947 13,441
4/30/98 13,898 15,113
7/31/98 11,289 13,169
10/31/98 9,259 11,909
1/31/99 10,278 13,486
4/30/99 9,820 13,715
7/31/99 10,347 14,145
8/31/99 9,580 13,622
9/30/99 9,062 13,625
10/29/99 8,055 13,680
11/30/99 8,266 14,497
12/31/99 8,602 16,138
1/31/2000 8,448 15,878
2/29/2000 8,218 18,501
3/31/2000 8,880 17,281
4/28/2000 8,957 16,241
5/31/2000 8,314 15,294
6/30/2000 9,177 16,628
7/31/2000 8,822 16,093
Past performance is not indicative of future shares.
Net asset value, investment return, and principal value will fluctuate so
shares, when redeemed, may be worth more or less than their original cost. Fund
performance presented is for Class A shares.
<PAGE>
Polynous Growth Fund
Independent Auditors' Report
-------------------------------------------------------------------------------
The Board of Trustees and Shareholders,
Polynous Growth Fund
(a series of Polynous Trust):
We have audited the accompanying statement of assets and liabilities of
Polynous Growth Fund (the "Fund"), including the schedule of investments, as
of July 31, 2000, and the related statement of operations for the year then
ended, statements of changes in net assets and financial highlights for the
periods presented. These financial statements and financial highlights are the
responsibility of the Fund's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with auditing standards generally
accepted in the United States of America. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material
misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. Our
procedures included confirmation of securities owned as of July 31, 2000, by
correspondence with the custodian and brokers; where replies were not received
from brokers, we performed other auditing procedures. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Polynous Growth Fund as of July 31, 2000, the results of its operations for
the year then ended, the changes in its net assets and financial highlights
for the periods presented in conformity with accounting principles generally
accepted in the United States of America.
Deloitte & Touche LLP
San Francisco, California
September 8, 2000
<PAGE>
Board of Trustees Officers
Kevin L. Wenck Kevin L. Wenck
Richard H. Kimball
Ronald H. Kase
Investment Adviser Shareholder Services
Polynous Capital Management, Inc. PFPC, Inc.
345 California Street, Suite 1220 211 South Gulph Road
San Francisco, CA 94104 King of Prussia, PA 19406
(415) 956-3384 (800) 528-8069
(610) 239-4600
Underwriter
Legal Counsel
Polynous Securities, LLC
345 California Street, Suite 1220 Paul, Hastings, Janofsky & Walker LLP
San Francisco, CA 94104 345 California Street
San Francisco, CA 94104
Custodian
Independent Auditors
The Bank of New York
48 Wall Street Deloitte & Touche LLP
New York, NY 10286 50 Fremont Street
San Francisco, CA 94105
For Additional Information about Polynous Growth Fund call:
(415) 956-3384
or access our internet web site at www.polynous.com
This report is submitted for general information of the shareholders of the
Fund. It is not authorized for distribution to prospective investors in the
Fund unless preceded or accompanied by an effective Prospectus which includes
details regarding the Fund's objectives, policies, expenses and other
information.
