SEMI-ANNUAL REPORT
MARCH 31, 1999
THE ROCKLAND GROWTH FUND
RETAIL CLASS
INSTITUTIONAL CLASS
ROCKLAND GROWTH FUND
STATEMENT OF ASSETS AND LIABILITIES -- MARCH 31, 1999 (UNAUDITED)
ASSETS:
Investments, at value (cost $17,316,591) $19,747,762
Receivable for investments sold 1,432,456
Dividends and interest receivable 5,535
Organizational expenses, net of accumulated amortization 18,061
Other assets 19,913
-----------
Total Assets 21,223,727
-----------
LIABILITIES:
Payable for investments purchased 3,377,462
Payable to Adviser 1,678
Accrued expenses and other liabilities 61,435
-----------
Total Liabilities 3,440,575
-----------
NET ASSETS $17,783,152
-----------
-----------
NET ASSETS CONSIST OF:
Capital stock $12,455,404
Accumulated undistributed net realized gain on investments sold 2,896,577
Net unrealized appreciation on investments 2,431,171
-----------
Total Net Assets $17,783,152
-----------
-----------
RETAIL CLASS:
Net assets $ 1,834,225
Shares of beneficial interest outstanding
(unlimited shares of $.001 par value authorized) 115,724
Net asset value and redemption price per share $ 15.85
-----------
-----------
Maximum offering price per share $ 16.34
-----------
-----------
INSTITUTIONAL CLASS:
Net assets $15,948,927
Shares of beneficial interest outstanding
(unlimited shares of $.001 par value authorized) 1,001,502
Net asset value, redemption price and offering price per share $ 15.92
-----------
-----------
See notes to the financial statements.
ROCKLAND GROWTH FUND
STATEMENT OF OPERATIONS -- SIX MONTHS ENDED MARCH 31, 1999 (UNAUDITED)
INVESTMENT INCOME:
Dividend income $ 3,021
Interest income 28,754
----------
Total investment income 31,775
----------
EXPENSES:
Investment advisory fee 72,912
Administration fee 25,934
Shareholder servicing and accounting costs 38,080
Custody fees 15,472
Federal and state registration 6,274
Professional fees 16,521
Reports to shareholders 3,986
Trustees' fees and expenses 1,456
Amortization of organizational expenses 3,458
Distribution expenses -- Retail Class 1,865
Other 6,060
----------
Total operating expenses before reimbursement 192,018
Less: Reimbursement from Adviser (62,557)
----------
Total expenses 129,461
----------
NET INVESTMENT LOSS (97,686)
----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Realized gain (loss) on:
Long transactions 3,733,471
Short transactions (82,802)
Change in unrealized appreciation/depreciation on:
Investments 1,570,424
Short positions 1,403
----------
Net realized and unrealized gain on investments 5,222,496
----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $5,124,810
----------
----------
See notes to the financial statements.
ROCKLAND GROWTH FUND
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
SIX MONTHS
ENDED YEAR ENDED
MARCH 31, 1999 SEPTEMBER 30, 1998
-------------- ------------------
(UNAUDITED)
<S> <C> <C>
OPERATIONS:
Net investment loss $ (97,686) $ (184,078)
Net realized gain (loss) on:
Long transactions 3,733,471 (395,128)
Short transactions (82,802) 79,004
Change in unrealized appreciation/depreciation on:
Investments 1,570,424 (2,270,961)
Short positions 1,403 (1,403)
----------- -----------
Net increase (decrease) in net assets resulting from operations 5,124,810 (2,772,566)
----------- -----------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold 1,267,795 3,339,381
Shares issued to holders in reinvestment of dividends -- 270,117
Cost of shares redeemed (428,175) (517,134)
----------- -----------
Net increase in net assets resulting from capital share transactions 839,620 3,092,364
----------- -----------
DISTRIBUTIONS TO RETAIL CLASS SHAREHOLDERS:
In excess of net realized gains -- (14,424)
Return of capital -- (11,862)
----------- -----------
-- (26,286)
DISTRIBUTIONS TO INSTITUTIONAL CLASS SHAREHOLDERS:
In excess of net realized gains -- (140,328)
Return of capital -- (115,410)
----------- -----------
-- (255,738)
NET INCREASE IN NET ASSETS 5,964,430 37,774
NET ASSETS:
Beginning of period 11,818,722 11,780,948
----------- -----------
End of period $17,783,152 $11,818,722
----------- -----------
----------- -----------
</TABLE>
See notes to the financial statements.
ROCKLAND GROWTH FUND
FINANCIAL HIGHLIGHTS
<TABLE>
SIX MONTHS DECEMBER 2, 1996(1)<F1>
ENDED YEAR ENDED THROUGH
MARCH 31, 1999 SEPTEMBER 30, 1998 SEPTEMBER 30, 1997
------------------------ ------------------------ ------------------------
(UNAUDITED)
RETAIL INSTITUTIONAL RETAIL INSTITUTIONAL RETAIL INSTITUTIONAL
CLASS CLASS CLASS CLASS CLASS CLASS
------ ------------- ------ ------------- ------ -------------
<S> <C> <C> <C> <C> <C> <C>
Per Share Data:
Net asset value, beginning of period $ 11.17 $ 11.21 $ 14.42 $ 14.43 $ 10.00 $ 10.00
------- ------- ------- ------- ------- -------
Income from investment operations:
Net investment loss (0.11)(8) (0.08)(8) (0.20)(7) (0.17)(7) (0.15)(8) (0.11)(8)
<F8> <F8> <F7> <F7> <F8> <F8>
Net realized and unrealized gains
(losses) on investments 4.79 4.79 (2.73) (2.73) 4.57 4.56
------- ------- ------- ------- ------- -------
Total from investment
operations 4.68 4.71 (2.93) (2.90) 4.42 4.45
------- ------- ------- ------- ------- -------
Less distributions:
Dividends in excess of
net investment income -- -- -- -- -- (0.02)
Distributions in excess of
net realized gains -- -- (0.18) (0.18) -- --
Return of capital -- -- (0.14) (0.14) -- --
------- ------- ------- ------- ------- -------
Total distributions -- -- (0.32) (0.32) -- (0.02)
------- ------- ------- ------- ------- -------
Net asset value, end of period $ 15.85 $ 15.92 $ 11.17 $ 11.21 $ 14.42 $ 14.43
------- ------- ------- ------- ------- -------
------- ------- ------- ------- ------- -------
Total return (2)<F2>(3)<F3> 41.90% 42.02% (20.44%) (20.21%) 44.20% 44.53%
Supplemental data and ratios:
Net assets, end of period $1,834,225 $15,948,927 $1,137,385 $10,681,337 $921,991 $10,858,957
Ratio of operating expenses to
average net assets (4)<F4>(5)<F5> 2.00% 1.75% 2.00% 1.75% 2.00% 1.75%
Ratio of net investment loss to
average net assets (4)<F4>(5)<F5> (1.56%) (1.31%) (1.72%) (1.47%) (1.36%) (1.11%)
Portfolio turnover rate (6)<F6> 378.27% 378.27% 353.27% 353.27% 204.05% 204.05%
(1)<F1> Commencement of operations.
(2)<F2> Not annualized for the six months ended March 31, 1999 or the period December 2, 1996 through September 30, 1997.
(3)<F3> The total return does not reflect the 3% front-end sales charge for the Retail Class.
(4)<F4> Annualized for the six months ended March 31, 1999 and the period December 2, 1996 through September 30, 1997.
(5)<F5> Without expense reimbursements of $62,557, $107,092 and $120,419 for the six months ended March 31, 1999, the year ended
September 30, 1998 and the period December 2, 1996 through September 30, 1997, respectively, the ratio of operating
expenses to average net assets would have been 2.86%, 2.85% and 4.23% for the Retail class and 2.61%, 2.60% and 3.98% for
the Institutional class, respectively. The ratio of net investment loss to average net assets would have been (2.42%),
(2.57%) and (3.60%) for the Retail class and (2.17%), (2.32%) and (3.35%) for the Institutional class, respectively.
(6)<F6> Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares
issued.
(7)<F7> Net investment loss per share is calculated using ending balances prior to consideration of adjustments for permanent book
and tax differences.
(8)<F8> Net investment loss per share represents net investment loss divided by the monthly average shares of beneficial interest
outstanding throughout the period.
</TABLE>
See notes to the financial statements.
ROCKLAND GROWTH FUND
SCHEDULE OF INVESTMENTS -- MARCH 31, 1999 (UNAUDITED)
SHARES VALUE
------ -----
COMMON STOCKS -- 97.2%
BUILDING & CONSTRUCTION -- 1.5%
15,000 Insituform Technologies, Inc. -- Class A *<F9> $ 262,500
-----------
BUSINESS SERVICES -- 9.3%
8,000 Abacus Direct Corporation *<F9> 656,000
4,000 AnswerThink Consulting Group, Inc. *<F9> 112,000
10,000 CheckFree Holdings Corporation *<F9> 425,625
10,000 GP Strategies Corporation *<F9> 177,500
3,000 NCO Group, Inc. *<F9> 111,000
4,000 ProBusiness Services, Inc. *<F9> 168,000
-----------
1,650,125
-----------
COMPUTERS -- 0.9%
2,000 VERITAS Software Corporation *<F9> 161,500
-----------
CONSUMER PRODUCTS -- 0.5%
3,000 Action Performance Companies, Inc. *<F9> 90,375
-----------
EDUCATION -- 0.3%
2,000 Education Management Corporation *<F9> 61,500
-----------
ELECTRONICS -- 2.5%
11,000 Jabil Circuit, Inc. *<F9> 445,500
-----------
ENTERTAINMENT & LEISURE -- 1.3%
8,000 Championship Auto Racing Teams, Inc. *<F9> 233,000
-----------
FINANCIAL SERVICES -- 0.7%
2,000 Net.B@nk, Inc. *<F9> 136,000
-----------
HEALTH CARE SERVICES -- 1.7%
8,000 Pharmaceutical Product Development, Inc. *<F9> 268,500
3,000 Veterinary Centers of America, Inc. *<F9> 42,375
-----------
310,875
-----------
INTERNET -- 14.8%
4,000 Broadcast.com Inc. *<F9> 472,750
2,000 Exodus Communications, Inc. *<F9> 269,000
8,000 Fatbrain.com Inc. *<F9> 183,000
15,000 Frontline Communications Corporation *<F9> 232,500
6,000 Infoseek Corporation *<F9> 444,000
2,000 Modem Media . Poppe Tyson, Inc. *<F9> 85,750
5,000 PSINet Inc. *<F9> 212,812
10,000 Pilot Network Services, Inc. *<F9> 149,375
5,000 ProtoSource Corporation *<F9> 40,000
3,000 Security First Technologies Corporation *<F9> 220,500
2,000 VeriSign, Inc. *<F9> 308,000
-----------
2,617,687
-----------
MEDICAL PRODUCTS -- 4.1%
8,000 Andrx Corporation *<F9> 729,000
-----------
RESTAURANTS -- 1.1%
8,000 Foodmaker, Inc. *<F9> 204,000
-----------
RETAIL -- 14.2%
3,000 Ames Department Stores, Inc. *<F9> 111,375
10,000 AnnTaylor Stores Corporation *<F9> 441,875
4,000 CSK Auto Corporation *<F9> 119,750
6,000 Cost Plus, Inc. *<F9> 176,250
14,000 Family Dollar Stores, Inc. 322,000
12,000 Linens'n Things, Inc. *<F9> 544,500
10,000 Midas, Inc. 333,750
3,000 Rent-Way, Inc. *<F9> 72,000
12,000 Staples, Inc. *<F9> 394,500
-----------
2,516,000
-----------
SEMICONDUCTORS -- 11.9%
4,000 ASM Lithography Holding N.V. *<F9> 180,000
8,000 Applied Micro Circuits Corporation *<F9> 342,000
5,000 Maxim Integrated Products, Inc. *<F9> 270,625
1,000 RF Micro Devices, Inc. *<F9> 95,688
10,000 Taiwan Semiconductor Manufacturing Company Ltd. -- ADR *<F9> 236,250
14,000 TranSwitch Corporation *<F9> 633,500
7,000 Vitesse Semiconductor Corporation *<F9> 354,375
-----------
2,112,438
-----------
SOFTWARE -- 12.8%
8,000 Adobe Systems Incorporated 454,000
3,000 BindView Development Corporation *<F9> 93,375
13,000 Concord Communications, Inc. *<F9> 741,000
8,000 Mercury Interactive Corporation *<F9> 285,000
1,000 New Era of Networks, Inc. *<F9> 67,750
13,000 Peregrine Systems, Inc. *<F9> 437,125
5,000 Point of Sale Ltd. *<F9> 50,313
3,000 TSI International Software Ltd. *<F9> 146,437
-----------
2,275,000
-----------
TELECOMMUNICATIONS -- 13.9%
4,000 Carrier Access Corporation *<F9> 309,250
6,000 Citadel Communications Corporation *<F9> 199,500
15,000 Com21, Inc. *<F9> 393,750
7,000 EchoStar Communications Corporation -- Class A *<F9> 571,375
10,000 RCN Corporation *<F9> 335,625
11,000 Rogers Communications, Inc. -- Class B *<F9> 199,375
8,000 SK Telecom Co. Ltd. -- ADR 97,500
10,000 Western Wireless Corporation -- Class A *<F9> 362,500
-----------
2,468,875
-----------
TEXTILES & APPAREL -- 1.5%
3,000 Tommy Hilfiger Corporation *<F9> 206,625
2,000 WestPoint Stevens Inc. *<F9> 55,375
-----------
262,000
-----------
TRANSPORTATION -- 4.2%
7,000 Expeditors International of Washington, Inc. 378,000
9,000 Ryanair Holdings PLC -- ADR *<F9> 366,750
-----------
744,750
-----------
TOTAL COMMON STOCKS (Cost $14,849,954) 17,281,125
-----------
PRINCIPAL
AMOUNT
- ---------
SHORT-TERM INVESTMENTS -- 13.9%
VARIABLE RATE DEMAND NOTES #<F10> -- 13.9%
$587,168 American Family Financial Services Inc., 4.5696% 587,168
860,958 Firstar Bank, 4.6887% 860,958
12,958 General Mills, Inc., 4.5438% 12,958
425,553 Warner-Lambert Co., 4.5700% 425,553
580,000 Wisconsin Electric Power Company, 4.5696% 580,000
-----------
TOTAL SHORT-TERM INVESTMENTS (Cost $2,466,637) 2,466,637
-----------
TOTAL INVESTMENTS -- (COST OF $17,316,591) 19,747,762
-----------
Liabilities, less Other Assets -- (11.1%) (1,964,610)
-----------
TOTAL NET ASSETS -- 100.0% $17,783,152
-----------
-----------
*<F9> Non-income producing security.
#<F10> Variable rate demand notes are considered short-term obligations and
are payable on demand. Interest rates change periodically on specified
dates. The rates listed are as of March 31, 1999.
See notes to the financial statements.
ROCKLAND GROWTH FUND
NOTES TO THE FINANCIAL STATEMENTS -- MARCH 31, 1999 (UNAUDITED)
1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
The Rockland Funds Trust (the "Trust") was organized on July 31, 1996, as a
Delaware business trust and is registered as an open-end management
investment company under the Investment Company Act of 1940 ("1940 Act").
The Trust currently consists of one series, The Rockland Growth Fund (the
"Fund"). The investment objective of the Fund is to seek capital
appreciation. In seeking its investment objective of capital appreciation,
the Fund will, under normal market conditions, invest primarily in equity
securities of domestic companies. The Fund is structured for flexibility and
risk reduction, but centered around investment in high quality growth stocks
with an emphasis on those companies whose growth potential, in the opinion
of the Fund's investment adviser, GREENVILLE CAPITAL MANAGEMENT, INC., has
been overlooked by Wall Street analysts. The Fund issued and sold 10,000
Institutional shares of its capital stock at $10 per share on October 21,
1996. The Fund commenced operations on December 2, 1996.
The costs incurred in connection with the organization, initial registration
and public offering of shares, aggregating $34,078, have been paid by the
Adviser. The Fund has reimbursed the Adviser. These costs are being
amortized over the period of benefit, but not to exceed sixty months from
the Fund's commencement of operations.
The Fund has issued two classes of shares: Retail and Institutional. The
Retail shares are subject to a 0.25% 12b-1 fee and an initial sales charge
imposed at the time of purchase, in accordance with the Fund's prospectus.
The maximum sales charge is 3% of the offering price or 3.09% of the net
asset value. Each class of shares has identical rights and privileges except
with respect to 12b-1 fees paid by Retail shares and voting rights on
matters affecting a single class of shares.
The following is a summary of significant accounting policies consistently
followed by the Fund.
a) Investment Valuation - Common stocks, other equity-type securities, and
securities sold short that are listed on a security exchange or quoted
on NASDAQ are valued at the last quoted sales price on which such
securities are primarily traded. Common stocks, other equity-type
securities, and securities sold short which are listed on an exchange or
the NASDAQ Stock Market but which are not traded on the valuation date
are valued at the mean between the current bid and asked price. Options
purchased or written by the Fund are valued at the average of the
current bid and asked prices. Mutual fund investments are valued at the
net asset value on the day the valuation is made. Other assets and
securities for which no quotations are readily available are valued at
fair value as determined in good faith by management in accordance with
procedures approved by the Board of Trustees. Debt securities (those
with remaining maturities of 60 days or less) are valued at amortized
cost, which approximates market value.
b) Federal Income Taxes - It is the Fund's policy to comply with the
requirements of the Internal Revenue Code applicable to regulated
investment companies and to distribute all of its taxable net income as
well as any net realized gains to its shareholders. Therefore, no
federal income tax provision is required.
c) Distributions to Shareholders - Dividends from net investment income are
declared and paid annually in December. Distributions of net realized
capital gains, if any, will be declared at least annually and
distributed in December. Distributions from net realized gains for book
purposes may include short-term capital gains which are included as
ordinary income to shareholders for tax purposes.
Generally accepted accounting principles require that permanent
differences between financial reporting and tax reporting be
reclassified between various components of net assets. As of September
30, 1998, on the statement of assets and liabilities, as a result of
permanent book-to-tax differences, $137,126 has been reclassified from
capital with $184,078 posted to accumulated undistributed net investment
income and $46,952 posted from accumulated net realized loss. These
differences relate to the use of the net operating loss as an offset
against short-term gains for tax purposes and the amortization of
organization costs for tax purposes.
Net investment income and realized gains and losses for federal income
tax purposes may differ from that reported on the financial statements
because of temporary book and tax basis differences. Temporary
differences are primarily the result of losses from wash sales. As of
September 30, 1998, temporary differences also result from post-October
31 losses of $535,559, which are not recognized for tax purposes until
the first day of the following fiscal year.
On December 31, 1996, a dividend of $3,001 was paid to Institutional
shareholders of record on December 30, 1996. There were no Retail
shareholders as of the record date.
d) Use of Estimates - The preparation of financial statements in conformity
with generally accepted accounting principles requires management to
make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported
amounts of revenues and expenses during the reporting period. Actual
results could differ from those estimates.
e) Foreign Securities - Investing in securities of foreign companies and
foreign governments involves special risks and considerations not
typically associated with investing in U.S. companies and the U.S.
government. These risks include revaluation of currencies and future
adverse political and economic developments. Moreover, securities of
many foreign companies and foreign governments and their markets may be
less liquid and their prices more volatile than those of securities of
comparable U.S. companies and the U.S. government.
f) Other - Investment and shareholder transactions are recorded on trade
date. The Fund determines the gain or loss realized from investment
transactions by comparing the original cost of the security lot sold
with the net sales proceeds. Dividend income is recognized on the ex-
dividend date or as soon as information is available to the Fund, and
interest income is recognized on an accrual basis.
2. SHARES OF BENEFICIAL INTEREST
Transactions in shares of beneficial interest were as follows:
<TABLE>
SIX MONTHS ENDED YEAR ENDED
MARCH 31, 1999 SEPTEMBER 30, 1998
---------------------- -----------------------
$ SHARES $ SHARES
--- ------ --- ------
<S> <C> <C> <C> <C>
RETAIL SHARES:
Shares sold $ 203,459 15,701 $ 622,498 47,437
Shares issued to holders in reinvestment of dividends -- -- 24,156 2,074
Shares redeemed (24,886) (1,824) (149,376) (11,613)
---------- --------- ---------- -------
Net increase $ 178,573 13,877 $ 497,278 37,898
---------- --------- ---------- -------
---------- --------- ---------- -------
SHARES OUTSTANDING:
Beginning of period 101,847 63,949
--------- -------
End of period 115,724 101,847
--------- -------
--------- -------
INSTITUTIONAL SHARES:
Shares sold $1,064,336 75,771 $2,716,883 210,145
Shares issued to holders in reinvestment of dividends -- -- 245,961 21,094
Shares redeemed (403,289) (27,433) (367,758) (30,773)
---------- --------- ---------- -------
Net increase $ 661,047 48,338 $2,595,086 200,466
---------- ----------
---------- ----------
SHARES OUTSTANDING:
Beginning of period 953,164 752,698
--------- -------
End of period 1,001,502 953,164
--------- -------
--------- -------
TOTAL INCREASE $ 839,620 $3,092,364
---------- ----------
---------- ----------
</TABLE>
3. INVESTMENT TRANSACTIONS
The aggregate purchases and sales of investments, excluding short-term
investments and short positions, by the Fund for the six months ended March
31, 1999, were $54,244,719 and $52,432,177, respectively.
At March 31, 1999, gross unrealized appreciation and depreciation of
investments for tax purposes were as follows:
Appreciation $2,609,222
(Depreciation) (365,714)
----------
Net appreciation on investments $2,243,508
----------
----------
At March 31, 1999, the cost of investments for federal income tax purposes
was $17,504,254.
4. INVESTMENT ADVISORY AND OTHER AGREEMENTS
The Trust, on behalf of the Fund, has entered into an Investment Advisory
Agreement with Greenville Capital Management, Inc. Pursuant to its advisory
agreement with the Trust, the Investment Adviser is entitled to receive a
fee, calculated daily and payable monthly, at the annual rate of 1.00% as
applied to the Fund's daily net assets.
The Investment Adviser has voluntarily agreed to waive its management fee
and/or reimburse the operating expenses to the extent necessary to insure
that the total operating expenses do not exceed 2.00% and 1.75% of the
Fund's average daily net assets for the Retail class and Institutional
class, respectively.
Firstar Mutual Fund Services, LLC serves as transfer agent, administrator
and accounting services agent for the Fund. Firstar Bank Milwaukee, N.A.
serves as custodian for the Fund.
5. SHORT POSITIONS
As a portfolio management strategy, the Fund may engage in short sales of
securities, which result in obligations of the Fund to make a future
delivery of a specific security. These obligations are subject to the risk
that the security's market price at the delivery date will exceed the
amount of proceeds initially received, and that the Fund may be required to
purchase the security at prevailing market prices (or deliver the security
if owned by the Fund) and thus realize a loss on the transaction.
Obligations under short sales are reported as liabilities and are adjusted
to the current market value of the security to be delivered. The Fund
generally maintains deposits with brokers approximating the market value of
securities sold short. At March 31, 1999, the Fund did not hold any short
positions.
6. DISTRIBUTION PLAN
The Fund has adopted a plan pursuant to Rule 12b-1 under the 1940 Act (the
"Plan"), which requires the Retail class to pay the Distributor a
distribution fee of up to 0.25% of its average daily net assets computed on
an annual basis. Under the terms of the Plan, the Distributor is authorized
to, in turn, pay all or a portion of this fee to any securities dealer,
financial institution or any other person who renders assistance in
distributing or promoting the sale of Retail class shares pursuant to a
written agreement. To the extent such fee is not paid to such persons, the
Distributor may use the fee for its own distribution expenses incurred in
connection with the sale of the shares, although it is the Distributor's
current intention to pay out all or most of the fee. The Fund has incurred
$1,865 pursuant to the Plan for the six months ended March 31, 1999.
TRUSTEES
Mr. Charles Cruice
Mr. Richard Gould
Mr. Robert Harrison
Dr. Peter Utsinger
Mr. Richard Vague
OFFICERS
Mr. Charles Cruice, President
Mr. Richard Gould, Treasurer
Mr. Jeffrey Rugen, Secretary
INVESTMENT ADVISER
Greenville Capital Management, Inc.
100 South Rockland Falls Road
Rockland, DE 19732
CUSTODIAN
Firstar Bank Milwaukee, N.A.
P.O. Box 701
777 E. Wisconsin Avenue
Milwaukee, WI 53202
ADMINISTRATOR, TRANSFER AGENT
AND DIVIDEND-DISBURSING AGENT
Firstar Mutual Fund Services, LLC
P.O. Box 701
Third Floor
615 East Michigan Street
Milwaukee, WI 53202
INDEPENDENT ACCOUNTANTS
KPMG LLP
777 E. Wisconsin Avenue
Milwaukee, WI 53202
LEGAL COUNSEL
Godfrey & Kahn, S.C.
780 N. Water Street
Milwaukee, WI 53202
