[GRAPHIC OMITTED]
RISA
REINVEST SOUTH AFRICA
THE RISA FUND
ANNUAL REPORT
SEPTEMBER 30, 2000
<PAGE>
THE RISA FUND
ANNUAL REPORT
SEPTEMBER 30, 2000
TABLE OF CONTENTS
Chairman's Letter 1
RISA Fund Profile 2
Average Annual Total Returns 2
Schedule of Investments 3
Industry Diversification 4
Statement of Assets and Liabilities 5
Statement of Operations 6
Statement of Changes in Net Assets 7
Financial Highlights 8
Notes to Financial Statements 9
Report of Independent Accountants 13
Directors and Officers 14
<PAGE>
CHAIRMAN'S LETTER
October 2000
Dear Shareholders,
The RISA Fund outperformed its benchmark (and the competition) during its first
year. Posting a one-year return of 4.30%, the Fund outperformed the South
African market, which returned only 0.03% in the same period (adjusted to US $).
This four percent advantage over the local market gives support to RISA's
investment thesis that active management of "New South Africa Companies" will
produce returns that are superior to investing in the 16 largest companies on
the Johannesburg Stock Exchange ("JSE"), a strategy followed by many
international investors.
Fund investments were somewhat more defensive during the six months ended
September 30 that in the Fund's initial six months. This was precipitated by a
declining market and severe under-performance by small and mid-cap stocks during
the period. The result of this posture was the addition of large cap and
resource shares and a gradual move away from an over weighting in technology.
The defensive move helped the Fund post modest positive returns and avoid the
significant negative returns associated with small cap shares in the South
African market during 2000.
The South African market returned 51 percent (in $) in 1999 and has experienced
a correction during much of 2000, losing 17.59% of its value (in $ through
September 30). Resisting some of this correction, the RISA Fund has given back
12.29% of its value in the year-to-date through September 30. RISA has cushioned
the correction by 5.30%. The correction has left the South African market with
very attractive valuations. Currency weakness is helping to accelerate earnings
growth particularly in commodity related sectors. This combination should power
good returns in the South African market over the next twelve months.
Looking forward the South African economy is growing slowly but is projected to
gain strength in 2001. Economic forecasts continue to project faster economic
growth in the 2001 to 2003 period. Bolstered by increased competitiveness, South
Africa is exporting more to Europe, the US and Asia. As the European recovery
gathers momentum export growth should accelerate.
Likewise the Mbeki government is implementing economic reform in taxes and
tariffs while investing in economic opportunity for South Africa's majority
population. Job creation will soon replace job loss as the economy overcomes the
impact of corporate restructuring. These changes will continue to help South
Africa attract needed foreign direct investment.
Economic growth and the continuing emergence of a black middle class provide the
foundation for a positive outlook for South African equity prices. The RISA Fund
will continue to invest in growth companies offering good value, thereby
participating in the renaissance of the "New" South Africa.
Sincerely,
Oliver St. Clair Franklin
Chairman of the Board
1
<PAGE>
RISA FUND PROFILE
The RISA Fund, an open-ended mutual fund, provides the opportunity to Reinvest
in South Africa (RISA) by participating in dynamic small and mid-cap companies
listed on the Johannesburg Stock Exchange (JSE). RISA selects its investments
from the universe of "New South Africa Companies"; companies that compare well
to standards reflecting commitment to economic empowerment of majority South
Africans. The criteria include encompassing diverse stakeholders, transparent
governance, worker training programs, environmental responsibility, quality
workplace conditions and the creation of jobs in all business operations. Annual
growth rates of RISA portfolio companies will most often be 20 percent or more.
The RISA portfolio represents the most dynamic business sectors in South Africa,
which is considered to be among the most attractive of today's emerging markets.
The Fund has been established in conjunction with African Harvest Asset Managers
(AHAM), a financial services company with offices in the Newlands surburb of
Cape Town. AHAM serves as sub-adviser to the Fund. RISA believes that having a
partner on the ground gives the Fund a distinct competitive advantage. Denzil
Newman, chief investment officer and fund manager for African Harvest, is
portfolio manager.
AVERAGE ANNUAL TOTAL RETURNS 1 PERIODS ENDING 9/30/00
Inception 10/1/99 to 9/30/00
Shares at NAV 2 4.30%
Shares with Redemption Fee 3 2.20
Johannesburg All-Share Index 5 0.03
1 Total returns are historical and include changes in share price and the
reinvestment of both dividends and capital gains distributions.
2 "NAV (Net Asset Value) total returns do not include the effect of any sales
charge.
3 A redemption Fee of 2% is applied to shares redeemed within 2 years of
purchase.
4 This chart illustrates returns calculated with the Redemption Fee for the
shares since inception.
5 The Johannesburg ("JSE") All-Share Index is a capitalization-weighted index
of all domestic stocks traded on the Johannesburg Stock Exchange. The index's
performance does not reflect sales charges.
All returns represent past performance which may not be indicative of future
performance. The investment return and principal value of an investment will
fluctuate so that an investor's shares, when redeemed, may be worth more or
less than their original cost.
GROWTH OF $10,000 YEAR ENDED 9/30/00
THE RISA FUND 4 $10,220
JSE A11-SHARE INDEX RETURN 5 $10,003
This Growth of $10,000 chart assumes an initial investment of $10,000 made on
10/1/99 (inception of the Fund). Performance assumes dividends and capital
gains are reinvested.
2
<PAGE>
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THE RISA FUND
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2000
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Shares Value
------ -----
FOREIGN COMMON STOCKS --82.6%
SOUTH AFRICA - 82.6%
Adcorp Holdings Ltd. 8,000 $ 20,717
African Life Assurance Company Ltd. 5,129 13,993
Alexander Forbes Ltd. 28,580 65,701
Capital Alliance Holdings Ltd. 31,327 47,287
DataTec Ltd.** 2,500 19,042
De Beers Centenary Linked Units 1,200 33,336
Dimension Data Holdings PLC** 6,000 55,671
Gray Security Services Ltd. 95,000 30,259
Greenwich Group Ltd.** 31,400 3,479
Hosken Consolidated Investments Ltd.** 60,000 56,917
Impala Platinum Holdings Ltd. 1,500 65,017
LA Group Ltd.** 23,449 4,222
Metropolitan Life Ltd. 30,000 35,189
MoneyWeb Holdings Ltd.** 200,000 13,018
Net 1 Applied Technology Holdings Ltd.** 125,000 53,662
Old Mutual PLC 22,000 52,707
Pepkor Ltd. 12,500 48,123
Primedia Ltd.** 35,000 27,434
Real Africa Holdings Ltd.** 37,500 20,773
Sappi Ltd. 4,000 29,636
Tempora Investments Ltd. 10,000 42,930
Woolworths Holdings Ltd. 100,000 46,392
-----------
TOTAL FOREIGN STOCKS (COST $869,616) 785,505
-----------
SHORT TERM INVESTMENTS --- 10.2%
RBB Sanson Street Money Market Fund 50,434 50,434
Provident Temp Cash Dollar Fund 46,079 46,079
-----------
TOTAL SHORT TERM INVESTMENTS (COST $96,513) 96,513
-----------
TOTAL INVESTMENTS - 92.8% (COST $966,129*) $ 882,018
Other Assets in excess of Liabilities - 7.2% 69,005
-----------
NET ASSETS -100% $ 951,023
===========
* Federal Income Tax Information: Net unrealized depreciation of investment
securities is comprised of gross appreciation of $24,557 and gross
depreciation of $108,871 for federal income tax purposes. At September 30,
2000, the aggregate cost of securities for federal income tax purposes was
$966,332.
** Non-income producing security.
See Notes to Financial Statements
3
<PAGE>
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The RISA FUND
INDUSTRY DIVERSIFICATION
AS A PERCENTAGE OF TOTAL LONG-TERM INVESTMENTS
SEPTEMBER 30, 2000
(UNAUDITED)
--------------------------------------------------------------------------------
Education and Staffing 2.6% Mining Resources - Platinum 8.3%
Financial Services 11.4% Media 5.2%
Information Technology 16.3% Paper 3.8%
Investment Trusts 5.5% Private Equity Funds 7.2%
Life Assurance 19.0% Retail 12.6%
Mining Resources - Diamonds 4.2% Services 3.9%
-------
TOTAL 100.0%
=======
4
<PAGE>
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THE RISA FUND
STATEMENT OF ASSETS AND LIABILITIES
SEPTEMBER 30, 2000
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
ASSETS
Investments, at market value (Cost $966,129) $ 882,018
Receivables:
Receivable from advisor 116,963
Dividends and interest 6,029
Prepaid expense 13
----------
Total Assets 1,005,023
----------
LIABILITIES
Payables
Audit fee 22,147
Accounting fee 14,251
Printing fee 5,027
Transfer agent fee 3,589
Registration fee 2,726
Legal fee 2,530
Custodian fee 836
Distribution fee 596
Accrued expenses 2,298
----------
Total Liabilities 54,000
----------
NET ASSETS $ 951,023
==========
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial interest $1,015,882
Undistributed net investment income 33,416
Accumulated net realized loss (14,032)
Net unrealized depreciation (84,243)
----------
NET ASSETS $ 951,023
==========
Shares of beneficial interest outstanding, $0.001 par value, unlimited
authorization 91,217
Net asset value and offering price per share $10.43
</TABLE>
See Notes to Financial Statements
5
<PAGE>
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THE RISA FUND
STATEMENT OF OPERATIONS
FOR THE PERIOD FROM THE COMMENCEMENT OF OPERATIONS
OCTOBER 1, 1999 THROUGH SEPTEMBER 30, 2000
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
INVESTMENT INCOME
Dividends $ 15,142
Interest 13,177
---------
Total investment income 28,319
---------
EXPENSES
Investment advisory fee 10,141
Distribution fee 2,028
Accounting 114,000
Amortization of deferred offering expenses 39,970
Transfer agent 31,191
Audit 22,147
Insurance 19,312
Legal 10,887
Trustees 10,000
Registration 6,018
Custodian 5,403
Printing 5,027
Distributor 4,000
Miscellaneous 5,313
---------
Total expenses 285,437
Less expenses reimbursed by the advisor (161,970)
Fee waivers (107,241)
---------
Net expenses 16,226
---------
NET INVESTMENT INCOME 12,093
---------
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS
Net realized loss on securities (14,032)
Net realized loss on foreign currency transactions (18,647)
Net change in unrealized appreciation(depreciation) on investments (84,111)
Net change in unrealized appreciation(depreciation) on foreign currency transactions (132)
---------
NET LOSS ON INVESTMENTS (116,922)
---------
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS $(104,829)
=========
</TABLE>
See Notes to Financial Statements
6
<PAGE>
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THE RISA FUND
STATEMENT OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
From Inception
FROM OPERATIONS 10/1/99 to 9/30/00
------------------
<S> <C>
Net investment income $ 12,093
Net realized gain (loss) (32,679)
Net change in unrealized appreciation (depreciation) (84,243)
----------
DECREASE IN NET ASSETS RESULTING FROM OPERATIONS (104,829)
----------
FROM SHARE TRANSACTIONS
Proceeds from sales of shares 1,152,500
Reinvestment of distributions -
Cost of shares repurchased * (196,648)
----------
INCREASE IN NET ASSETS FROM SHARE TRANSACTIONS 955,852
----------
INCREASE IN NET ASSETS 851,023
----------
NET ASSETS
Beginning of period 100,000
----------
End of period (including undistributed investment income of $33,416) $ 951,023
==========
CAPITAL SHARE TRANSACTIONS ARE AS FOLLOWS:
Shares purchased 100,346
Shares reinvested -
Shares redeemed (19,129)
---------
NET INCREASE 81,217
=========
<FN>
* Redemption fee of $4,013 included.
</FN>
</TABLE>
See Notes to Financial Statements
7
<PAGE>
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THE RISA FUND
FINANCIAL HIGHLIGHTS
FOR THE PERIOD FROM THE COMMENCEMENT OF OPERATIONS
OCTOBER 1, 1999 THROUGH SEPTEMBER 30, 2000
--------------------------------------------------------------------------------
The Table below sets forth financial data for a share of capital stock
outstanding throughout each period presented.
<TABLE>
<S> <C>
Net Asset value, beginning of period $ 10.00
------------
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) 0.17 (2)
Net realized and unrealized gain (loss) 0.26
------------
TOTAL FROM INVESTMENT OPERATIONS 0.43
------------
Net Asset value, end of period $ 10.43
============
Total Return (1) 4.30%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $ 951
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses (3) 2.00%
Net investment income 1.49%
Portfolio turnover 202.89%
<FN>
(1) Exclusive of redemption fees.
(2) Computed using average shares outstanding.
(3) If the investment adviser and PFPC Inc. had not waived fees and
reimbursed expenses, the ratio of operating expenses to average net
assets would have been 35.18% for the period.
</FN>
</TABLE>
See Notes to Financial Statements
8
<PAGE>
THE RISA FUND
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2000
NOTE 1 - ORGANIZATION
The Harvest Funds, organized as a Delaware business trust on December 30, 1998,
is registered under the Investment Company Act of 1940 (the "Act") as a
diversified, open-end management investment company. The Harvest Funds currently
consists of one investment portfolio: The RISA Fund (the "Fund") which offers
one class of shares. The shares are sold with a redemption fee of 2% if redeemed
within two years of purchase. The Fund's investment objective is to seek maximum
total return by investing in securities of issuers located in the Republic of
South Africa. On July 8, 1999, the Fund sold 10,000 shares of beneficial
interest (valued at $100,000) to RISA Investment Advisers, LLC, the Fund's
investment adviser (the "Adviser"). The Fund commenced operations on October 1,
1999.
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements.
USE OF ESTIMATES - The preparation of financial statements in accordance with
generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets, liabilities, income
and expenses. Actual results could differ from those estimates.
SECURITY VALUATION - Securities for which representative market quotations are
available are valued at the closing prices reported on the security's principal
exchange. If no sales are reported, the security will be valued at the mean
between the last reported bid and asked prices. Securities for which market
quotations are not readily available (of which there were none at September 30,
2000) are valued at fair value as determined in good faith by, or under
procedures established by, the Board of Trustees. Short-term investments having
a remaining maturity of 60 days or less when purchased are valued at amortized
cost (which approximates market value).
INVESTMENT TRANSACTIONS AND RELATED INVESTMENT INCOME - Investment transactions
are accounted for on the trade date. Realized gains and losses on sales
of investments are determined on the identified cost basis for both financial
reporting and income tax purposes. Dividend income is recorded on the
ex-dividend date and interest income is recorded on the accrual basis.
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS - Dividends and distributions to
shareholders are recorded on the ex-dividend date. Substantially all of the
Fund's net investment income and net realized capital gains, if any, will be
distributed on an annual basis.
FEDERAL INCOME TAXES - It is the intention of the Fund to comply with the
requirements of the Internal Revenue Code applicable to regulated investment
companies and to distribute all of its net taxable income, including any net
realized gain on investments, to its shareholders; therefore, no provision for
federal income or excise tax is required.
9
<PAGE>
THE RISA FUND
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2000 (CONTINUED)
ORGANIZATION AND OFFERING EXPENSES - Organization costs of $34,651 incurred by
the Fund were assumed by the Adviser with no requirement for the Fund to
reimburse the Adviser. Offering costs of $39,970 were incurred by the Fund in
connection with the registration and initial public offering of shares of the
Fund. The offering costs were completely amortized by the Fund over the 12 month
period of benefit.
FOREIGN CURRENCY TRANSLATION - Foreign investments, other assets and liabilities
are translated into U.S. dollar values based on the foreign currency exchange
rate on each day the Fund is valued. The cost of investments is translated into
U.S. dollar values based on the foreign currency exchange rate on the trade
date. The gain or loss resulting from a change in foreign currency exchange
rates between the trade and settlement dates of investment transactions is
treated as gain or loss on foreign currency. Likewise, the gain or loss
resulting from a change in foreign currency exchange rates between the date
income is accrued and received is treated as a gain or loss on foreign currency.
Net unrealized foreign exchange gains and losses result from changes in the U.S.
dollar value of assets (other than investments) and liabilities which are
denominated in foreign currency as a result of changes in exchange rates. The
Fund does not separate that portion of the results of operations arising from
changes in foreign currency exchange rates and that portion arising from changes
in market prices of investments held.
NOTE 3 - INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Pursuant to the investment advisory agreement between the Fund and the Adviser,
the Adviser will manage the Fund's business and investment affairs. As
compensation for its services, the Adviser will receive from the Fund an
advisory fee, computed daily and paid monthly, equal to an annualized rate of
1.25% of the Fund's average daily net assets. The Adviser has voluntarily agreed
to waive its fees and, if necessary, reimburse expenses of the Fund for the
period October 1, 1999 to September 30, 2001, to the extent that total expenses
(excluding taxes, interest, brokerage commissions and extraordinary expenses)
exceed 2.00% of the average daily net assets of the Fund. The Adviser will
supervise the activities of the Fund's Sub-Adviser, African Harvest Asset
Managers Ltd., an affiliate of the Adviser. The Sub-Adviser will manage the
Fund's investments, for which it will receive from the Adviser a monthly fee
equal to an annualized rate of 0.55% of the Fund's average daily net assets.
During the period October 1, 1999 (commencement of operations) to September 30,
2000, gross advisory fees amounted to $10,141 which fees were waived in their
entirety. In addition, expenses in excess of the 2.00% expense limitation to be
reimbursed by the Adviser amounted to $161,970.
BOE Securities, Inc. ("BOE"), a registered broker-dealer, serves as the
Distributor of the Fund's shares. Pursuant to a Distribution Agreement between
BOE, the Fund and the Adviser, BOE agrees to assist in securing purchasers for
shares of the Fund. In return for such services BOE receives the 12b-1 fees paid
by the Fund (which is accrued daily and paid quarterly at an annual rate of .25%
of the Fund's average daily net assets). In addition, for the period October 1,
1999 to May 31, 2000, BOE received a monthly fee of $1,000 plus reimbursement of
out-of-pocket expenses from the Adviser. Beginning June 1, 2000,
10
<PAGE>
THE RISA FUND
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2000 (CONTINUED)
BOE receives a monthly fee of $1,000 plus reimbursement of out-of-pocket
expenses from the Fund.
PFPC Inc., a wholly-owned subsidiary of the PNC Financial Services Group, serves
as the Fund's administrative and accounting agent. As compensation for these
services, PFPC Inc. receives a fee computed daily and paid monthly, at an annual
rate of .135% of the Fund's average daily net assets, or a minimum fee of
$114,000, whichever is greater. For the first two years PFPC Inc. has agreed to
waive a portion of its minimum fee. For the period October 1, 1999 (commencement
of operations) through September 30, 2000, $74,100 of these fees have been
waived.
PFPC Trust Company acts as the Fund's Custodian. As compensation for its
services, PFPC Trust Company receives a fee based on the Fund's average daily
gross assets.
PFPC Inc. also acts as the Fund's transfer agent and dividend disbursing agent.
PFPC Inc. receives a minimum monthly fee, transaction charges and out of pocket
expenses. For the period October 1, 1999 (commencement of operations) through
September 30, 2000, $23,000 of these fees have been waived.
Certain officers of the Adviser are officers and trustees of the Fund. Such
officers/trustees receive no compensation from the Fund. Trustees who are not
affiliated with the Adviser receive a quarterly fee of $1,000.
NOTE 4 - PURCHASES AND SALES OF INVESTMENTS
For the period October 1, 1999 (commencement of operations) to September 30,
2000, the purchases and sales of investments, excluding repurchase agreements
amounted to $1,990,375 and $1,106,727, respectively. There were no purchases or
sales of long-term U.S. Government Securities.
NOTE 5 - INTERNATIONAL INVESTING
The Fund's investments in South African securities may entail risks due to the
potential for political and economic instability in South Africa. In addition,
foreign currency exchange rate fluctuations could affect the value of
investments held. These risks are generally intensified in emerging markets such
as South Africa whose economy is less diversified and mature, and whose
securities are less liquid and more volatile.
NOTE 6 - CAPITAL LOSS CARRYOVER
The Fund has a capital loss carryover of $13,829 expiring in 2008 which may be
used to offset future capital gains.
11
<PAGE>
THE RISA FUND
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2000 (CONTINUED)
NOTE 7 - RECLASSIFICATION OF CAPITAL ACCOUNTS
In accordance with the Fund's adoption of Statement of Position 93-2
"Determination, Disclosure and Financial Statement Presentation of Income,
Capital Gain and Return of Capital Distributions by Investment Companies." The
Fund has decreased capital paid in on shares of beneficial interest by $39,970,
increased undistributed net investment income by $21,323 and increased
accumulated net realized loss by $18,647.
NOTE 8 - OTHER
As of September 30, 2000, the Fund had one shareholder who individually owned
more than 10% of shares outstanding which represents 22.5% of total net assets.
NOTE 9 - SUBSEQUENT EVENT
Due to the relatively small size of the Fund and the related costs of operating
a small Fund, the Board of Directors is considering opportunities to merge the
Fund with another investment company. Fund management is negotiating acquisition
terms with a potential acquirer. If the Fund is unable to combine with another
investment company, the Board of Directors may consider liquidation of the
Fund's assets and liabilities.
12
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees and Shareholders
Of The RISA Fund
In our opinion, the accompanying statement of assets and liabilities, including
the schedule of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of The RISA Fund (the "Fund") at
September 30, 2000, the results of its operations, the changes in its net assets
and the financial highlights for the periods indicated, in conformity with
accounting principles generally accepted in the United States of America. These
financial statements and financial highlights (hereafter referred to as
"financial statements") are the responsibility of the Fund's management; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these financial statements in accordance
with auditing standards generally accepted in the United States of America,
which require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits, which included
confirmation of securities at September 30, 2000 by correspondence with the
custodian, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
November 22, 2000
13
<PAGE>
DIRECTORS & OFFICERS
--------------------
Oliver St. Clair Franklin
President
O. Sam Folin
Managing Director
Dr. Emma Chappell
Independent Trustee
Carolyn B. Lewis
Independent Trustee
James L. McDonald
Independent Trustee
INVESTMENT ADVISER
RISA INVESTMENT ADVISERS, LLC
225 South 15th Street, Suite 930
Philadelphia, PA 19102
SUB-INVESTMENT ADVISER
AFRICAN HARVEST ASSET MANAGERS (PROPRIETARY) LIMITED
African Harvest House, Second Floor
Boundary Terrace
#1 Mariendahl Lane
Newlands, 7700, South Africa
DISTRIBUTOR
BOE SECURITIES, INC.
225 South 15th Street, Suite 928
Philadelphia, PA 19102
SHAREHOLDER SERVICES
PFPC INC.
400 Bellevue Parkway
Wilmington, DE 19809
LEGAL COUNSEL
PEPPER HAMILTON LLP
3000 Two Logan Square
18th & Arch Streets
Philadelphia, PA 19103-2799
INDEPENDENT ACCOUNTANTS
PRICEWATERHOUSECOOPERS LLP
Two Commerce Square, Suite 1700
2001 Market Street
Philadelphia, PA 19103-7042
14
