MERIDIAN FUND
July 24, 1998
To Our Shareholders:
The Meridian Fund's net asset value per share at June 30, 1998 was $33.26. This
represents a total return of 16.92% for the fiscal year ended June 30, 1998 and
8.23% for the calendar year to date. The Fund's total return and average
compound rate of return since inception, August 1, 1984, were 631.47% and
15.38%, respectively. The Fund's ten year total return and ten year average
compound rate of return were 350.52% and 16.24%, respectively. The Fund's net
assets at the close of the quarter were invested 18.5% in cash and other assets
less liabilities and 81.5% in stocks. Total net assets were $296,802,596 and
there were 9,773 shareholders.
Investors in "large cap" stocks experienced a solid second quarter. The S&P 500
gained 2.9 percent and is ahead an impressive 16.8 percent through June 30.
Investors in "small and medium cap" stocks had a more difficult time. The
Russell 2000 declined 4.9 percent during the second quarter and is up a modest
4.7 percent year to date. Telecommunications, Internet and apparel retailers
were the strongest sectors during the second quarter. Energy related issues
continued to suffer from weakness in the price of oil. Interest rates declined
during the quarter. The yield on the five-year government bond dropped to 5.49
percent from 5.64 percent. The Dow Jones Bond Index, as a result, increased to
105.13 from 105.09 on March 31, a gain of less than one percent.
We believe the economy posted modest growth during the second quarter. Weakness
in Asia impacted specific companies but hasn't done major damage to the US
economy in general. All vital signs remain positive. Industrial production,
housing starts, retail sales and consumer confidence are strong. Interest rates
are at attractive levels, inflation remains in check and the US dollar is
strong. Corporate profit growth has moderated this year but we expect good
results for the economy through the balance of 1998. Money supply growth has
accelerated during the past year. Historically, this has been followed by higher
inflation and interest rates, down the road. This is something we will watch as
we move forward.
We continue to search for small and medium-sized growth stocks with strong
prospects and reasonable valuations. This process is not easy in an eight-year
old bull market with stocks selling at record valuations. This is especially
true for specific hot areas, such as the Internet. For example, the price of
companies such as Yahoo, Amazon.com and
PAGE
America Online, in our opinion, more than reflect their projected explosive
growth rates. We don't believe these stocks will be good investments over the
next few years from current price levels. Small and medium-sized companies, in
general, represent the most attractive sector of the market. They have
underperformed their larger counterparts for sometime, leaving relative
valuations attractive, especially when compared to prospective growth rates.
We purchased shares in ANTEC Corporation, Annuity and Life Re (Holdings), Ltd.,
Catalina Marketing Corporation, Coventry Corporation, Information Resources,
Inc., Regis Corporation and West Marine, Inc., during the quarter. We sold
positions in Comverse Technology, Inc., Equity Residential Properties Trust,
Lomak Petroleum, Inc. and Security Dynamics Technologies, Inc.
Equity Corporation International is a recent purchase. The company is the fourth
largest funeral home and cemetery operator in the United States, with 259
funeral homes and 76 cemeteries in 33 states and Canada. The US death care
industry is worth $16 billion and is estimated to grow over eight percent
annually for the next 15 years. The top five publicly traded companies control
approximately twenty-three percent of the revenues and thirteen percent of the
cemeteries and funeral homes. It is estimated that this limited group will
account for sixty percent of industry revenues fifteen years from now. Equity
focuses on non-metropolitan markets where there is less competition for
acquisitions. Internal growth and consolidation should lead to future growth in
the area of twenty percent. The business has recurring revenues, is recession
resistant with good financial returns and has a reasonable valuation. These are
characteristics we believe are important for successful long-term investments.
We welcome those new shareholders who joined the Meridian Fund during the
quarter and appreciate the continued confidence of our existing shareholders.
Sincerely,
/s/ Richard F. Aster, Jr.
--------------------------------------
Richard F. Aster, Jr.
2
PAGE
SCHEDULE OF INVESTMENTS
JUNE 30, 1998
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
------- ------------
<S> <C> <C>
COMMON STOCK - 81.5%
BANKING AND FINANCE - 1.9%
Pacific Century Financial Corp.*..................... 240,000 $5,760,000
CELLULAR COMMUNICATIONS - 3.0%
Vanguard Cellular Systems, Inc. - Class A............ 470,000 8,871,250
CONSUMER PRODUCTS - 1.9%
Meadowcraft, Inc. ................................... 114,000 1,254,000
Nu Skin Asia Pacific, Inc. .......................... 230,000 4,485,000
CONSUMER SERVICES - 6.9%
Equity Corporation International..................... 245,000 5,880,000
Regis Corporation*................................... 98,500 2,911,906
Sotheby's Holdings, Inc. - Class A*.................. 260,000 5,817,500
Stewart Enterprises, Inc. - Class A*................. 215,000 5,724,375
ENERGY - 1.5%
Marine Drilling Companies, Inc. ..................... 275,000 4,400,000
HEALTH SERVICES - 16.5%
American HomePatient, Inc. .......................... 152,400 2,914,650
Assisted Living Concepts, Inc. ...................... 176,800 3,049,800
Beverly Enterprises, Inc. ........................... 400,000 5,525,000
Coventry Corporation................................. 370,000 5,503,750
Health Management Associates, Inc. - Class A......... 180,000 6,018,750
Mylan Laboratories, Inc.*............................ 415,000 12,475,938
PharMerica,Inc. ..................................... 455,000 5,488,438
Quorum Health Group, Inc. ........................... 300,000 7,950,000
HOTELS and LODGING - 0.7%
Suburban Lodges of America, Inc. .................... 145,000 2,193,125
INDUSTRIAL PRODUCTS - 0.7%
TETRA Technologies, Inc. ............................ 125,000 2,093,750
INDUSTRIAL SERVICES - 7.2%
Catalina Marketing Corporation....................... 67,000 3,479,812
Expeditors International of Washington, Inc.*........ 75,000 3,300,000
Information Resources, Inc. ......................... 160,000 2,960,000
Paychex, Inc.*....................................... 150,000 6,103,125
Superior Services, Inc. ............................. 185,000 5,561,562
INSURANCE - 1.0%
Annuity and Life Re(Holdings), Ltd. ................. 130,000 2,876,250
</TABLE>
The accompanying notes are an integral part of the financial statements
3
PAGE
SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 1998
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
------- ------------
COMMON STOCK (continued)
<S> <C> <C>
REAL ESTATE INVESTMENT TRUSTS - 9.3%
Arden Realty Group, Inc.*............................ 215,000 $5,563,125
Equity Residential Properties Trust*................. 100,000 4,743,750
Kilroy Realty Corporation*........................... 225,000 5,625,000
Spieker Properties, Inc.*............................ 150,000 5,812,500
The Town and Country Trust*.......................... 359,000 5,945,937
RESTAURANTS - 4.6%
CEC Entertainment, Inc. ............................. 197,000 7,941,563
Cracker Barrel Old Country Store, Inc.*.............. 175,000 5,556,250
RETAIL - 10.9%
Bed, Bath and Beyond, Inc. .......................... 105,000 5,440,313
Family Dollar Stores, Inc.*.......................... 320,000 5,920,000
Heilig-Meyers Company*............................... 345,600 4,366,013
Kohl's Corporation................................... 163,600 8,486,750
Mazel Stores, Inc. .................................. 150,000 2,400,000
West Marine, Inc. ................................... 150,000 2,700,000
Williams-Sonoma, Inc. ............................... 100,000 3,181,250
TECHNOLOGY - 12.7%
American Business Information, Inc. - Class A........ 438,000 6,679,500
American Business Information, Inc. - Class B........ 72,200 1,155,200
American Management Systems, Inc. ................... 330,000 9,879,375
Black Box Corporation................................ 155,000 5,144,062
Molex Inc. - Class A*................................ 219,437 5,129,340
National Data Corp.*................................. 220,000 9,625,000
TELECOMMUNICATIONS/CABLE EQUIPMENT - 2.7%
ANTEC Corporation.................................... 300,000 6,956,250
Startec Global Communications Corp. ................. 95,700 1,100,550
------------
TOTAL COMMON STOCK
(Identified cost $187,473,833)................................... 241,949,709
U.S. GOVERNMENT OBLIGATIONS (Identified cost $49,947,066) - 16.8%
U.S. Treasury Bills @ 5.030% due 7/9/98 (par value
$50,000,000)..................................................... 49,947,066
------------
TOTAL INVESTMENTS
(Identified Cost $237,420,899) - 98.3%........................... 291,896,775
CASH AND OTHER ASSETS LESS LIABILITIES - 1.7%...................... 4,905,821
------------
NET ASSETS - 100%.................................................. $296,802,596
============
</TABLE>
*income producing
The accompanying notes are an integral part of the financial statements
4
PAGE
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1998
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
ASSETS
Investments (Cost $237,420,899)........................... $291,896,775
Cash and cash equivalents................................. 5,056,337
Receivables for:
Dividends.............................................. 383,417
Interest............................................... 84,454
Sales of capital stock................................. 20,799
Prepaid expenses.......................................... 3,829
------------
TOTAL ASSETS........................................... 297,445,611
------------
LIABILITIES
Payables for:
Capital stock repurchased.............................. 364,881
Accrued expenses.......................................... 278,134
------------
TOTAL LIABILITIES...................................... 643,015
------------
NET ASSETS.................................................. $296,802,596
============
Shares of capital stock outstanding, par value $.01
(25,000,000 shares authorized)............................ 8,923,406
============
Net asset value per share (offering and redemption price)... $33.26
============
Net assets consist of:
Paid in capital........................................... $186,574,055
Accumulated net realized gain............................. 54,564,375
Net unrealized appreciation on investments................ 54,475,876
Undistributed net investment income....................... 1,188,290
------------
$296,802,596
============
</TABLE>
The accompanying notes are an integral part of the financial statements
5
PAGE
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED JUNE 30, 1998
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
INVESTMENT INCOME
Dividends............................................ $3,145,172
Interest............................................. 2,661,221
-----------
Total investment income......................... $5,806,393
-----------
EXPENSES
Investment advisory fees............................. 2,679,074
Transfer agent fees.................................. 252,975
Pricing fees......................................... 67,670
Custodian fees....................................... 64,875
Reports to shareholders.............................. 59,350
Miscellaneous expenses............................... 37,205
Professional fees.................................... 36,060
Registration and filing fees......................... 26,244
Directors' fees and expenses......................... 5,024
-----------
Total expenses.................................. 3,228,477
-----------
Net investment income........................... 2,577,916
-----------
NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS
Net realized gain on investments..................... 67,313,691
Net decrease in unrealized appreciation on
investments....................................... (15,072,297)
-----------
Net realized and unrealized gains on investments..... 52,241,394
-----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $54,819,310
===========
</TABLE>
The accompanying notes are an integral part of the financial statements
6
PAGE
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Year Ended Year Ended
June 30, 1998 June 30, 1997
------------- -------------
<S> <C> <C>
OPERATIONS
Net investment income.................................. $2,577,916 $4,553,229
Net realized gain on investments....................... 67,313,691 45,875,644
Net increase (decrease) in unrealized appreciation of
investments.......................................... (15,072,297) (3,443,339)
------------ ------------
Net increase from operations......................... 54,819,310 46,985,534
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income................... (3,292,042) (4,397,755)
Distributions from net realized capital gain........... (49,775,120) (33,151,636)
------------ ------------
Total distributions.................................. (53,067,162) (37,549,391)
------------ ------------
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of stock............................ 25,470,981 52,295,893
Reinvestment of distributions.......................... 50,421,264 35,325,932
Less: redemptions...................................... (133,870,770) (128,116,015)
------------ ------------
Decrease resulting from capital share transactions... (57,978,525) (40,494,190)
------------ ------------
Total (decrease) increase in net assets................ (56,226,377) (31,058,047)
NET ASSETS
Beginning of year...................................... 353,028,973 384,087,020
------------ ------------
End of year (includes undistributed net investment
income
of $1,188,290 and $1,902,416, respectively).......... $296,802,596 $353,028,973
============ ============
</TABLE>
The accompanying notes are an integral part of the financial statements
7
PAGE
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR EACH SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
For the year June 30,
-----------------------------------------------------------------------------------------------------
1998 1997 1996 1995 1994 1993 1992 1991 1990 1989
-------- -------- -------- -------- -------- ------- ------- ------- ------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset
Value -- Beginning of
period................... $33.20 $32.21 $27.29 $24.27 $23.87 $18.97 $17.24 $17.71 $15.93 $13.65
-------- -------- -------- -------- -------- ------- ------- ------- ------- ------
Income from Investment
Operations
- --------------------------
Net Investment Income
(loss)................... .27 .40 .30 .27 .09 (.01) .07 .20 .06 .41
Net Gains (Losses) on
Securities (both realized
and unrealized).......... 4.92 3.71 5.47 3.63 .76 5.51 3.45 .49 2.84 1.87
-------- -------- -------- -------- -------- ------- ------- ------- ------- ------
Total From Investment
Operations............... 5.19 4.11 5.77 3.90 .85 5.50 3.52 .69 2.90 2.28
-------- -------- -------- -------- -------- ------- ------- ------- ------- ------
Less Dividends and
Distributions
- ------------------------
Dividends from net
investment income........ (.32) (.36) (.31) (.18) (.02) (.04) (.09) (.12) (.48) .00
Distributions from net
realized capital gains... (4.81) (2.76) (.54) (.70) (.43) (.56) (1.70) (1.04) (.64) .00
-------- -------- -------- -------- -------- ------- ------- ------- ------- ------
Total Dividends and
Distributions............ (5.13) (3.12) (.85) (.88) (.45) (.60) (1.79) (1.16) (1.12) .00
-------- -------- -------- -------- -------- ------- ------- ------- ------- ------
Net Asset Value -- End of
Period................... $33.26 $33.20 $32.21 $27.29 $24.27 $23.87 $18.97 $17.24 $17.71 $15.93
======== ======== ======== ======== ======== ======= ======= ======= ======= ======
Total Return.............. 16.92% 13.92% 21.40% 16.44% 3.48% 29.50% 21.00% 5.62% 19.71% 16.70%*
======== ======== ======== ======== ======== ======= ======= ======= ======= ======
Ratios/Supplemental Data
- -------------------
Net Assets, End of Period
(in thousands)........... $296,803 $353,029 $384,087 $328,153 $199,191 $78,581 $18,363 $12,350 $11,058 $9,598
Ratio of Expenses to
Average Net Assets....... 0.95% 0.96% 0.96% 1.06% 1.22% 1.47% 1.75% 1.68% 2.08% 2.01%+
Ratio of Net Investment
Income (Loss) to Average
Net Assets............... 0.76% 1.23% 0.99% 1.18% .38% (.01%) .24% .98% .14% 2.83%+
Portfolio Turnover Rate... 38% 37% 34% 29% 43% 61% 61% 85% 66% 62%
</TABLE>
<TABLE>
<S> <C>
* The total returns would have been lower had certain expenses
not been reduced during the periods shown.
+ Not representative of expenses incurred by the Fund as the
Adviser waived its fee and/or paid certain expenses of the
Fund. If the Fund had paid all of its expenses and there had
been no reimbursement by the Adviser, the ratio of expenses
to average net assets for the year ended June 30, 1989 would
have been 2.19%, and the ratio of net investment income to
average net assets would have been 2.63%.
</TABLE>
The accompanying notes are an integral part of the financial statements
8
PAGE
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 1998
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES: Meridian Fund (the "Fund") a series of
Meridian Fund, Inc. (the "Company"), began operations on August 1, 1984. The
Fund was registered on August 1, 1984, under the Investment Company Act of
1940, as amended, as a no-load, diversified, open-end management investment
company. The primary investment objective of the Fund is to seek long-term
growth of capital. In addition to the Meridian Fund, the Company also offers
the Meridian Value Fund. The following is a summary of significant
accounting policies:
a. INVESTMENT VALUATIONS: Marketable securities are valued at the last
sales price on the principal exchange or market on which they are
traded; or, if there were no sales that day, at the last reported bid
price. Short-term investments that will mature in 60 days or less are
stated 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 income to its
shareholders; therefore, no federal income tax provision is required.
The aggregate cost of investments for federal income tax purposes is
$237,420,899, the aggregate gross unrealized appreciation is
$68,633,303, and the aggregate gross unrealized depreciation is
$14,157,427, resulting in net unrealized appreciation of $54,475,876.
c. SECURITY TRANSACTIONS: Security transactions are accounted for on the
date the securities are purchased or sold (trade date). Realized gains
and losses on security transactions are determined on the basis of
specific identification for both financial statement and federal income
tax purposes. Dividend income is recorded on the ex-dividend date.
Interest income and accretion income are accrued daily.
d. CASH AND CASH EQUIVALENTS: All highly liquid investments with an
original maturity of three months or less are considered to be cash
equivalents. Funds are automatically swept into a Cash Reserve account
which preserves capital with a consistently competitive rate of return.
Earnings are indexed to the Federal Reserve "Fed Funds Rate". Interest
accrues daily and is credited by the third business day of the following
month.
e. EXPENSES: Expenses arising in connection with the Fund are charged
directly to the Fund. Expenses common to both series of Meridian Fund,
Inc. are allocated to each series in proportion to their relative net
assets.
f. USE OF ESTIMATES: The preparation of financial statements requires
management to make estimates and assumptions that affect the reported
amount of assets and liabilities at the date of the financial
statements. Actual amounts could differ from the estimates.
g. DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: The Fund records dividends
and distributions to its shareholders on the ex-date. The amount of
dividends and distributions from net investment income and net realized
capital gains are determined in accordance with federal income tax
regulations which may differ from generally accepted accounting
principles. These "book/tax" differences are either considered temporary
or permanent in nature. To the extent these differences are permanent in
nature, such amounts are reclassified within the capital accounts based
on their federal tax-basis treatment; temporary differences do not
require reclassification. Dividends and distributions which exceed net
investment income and net realized capital gains are reported as
dividends in excess of net investment income or distributions in excess
of net
9
PAGE
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 1998
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
g. (continued) realized capital gains for financial reporting purposes but
not for tax purposes. To the extent they exceed net investment income
and net realized capital gains for tax purposes, they are reported as
distributions of paid-in-capital.
2. RELATED PARTIES AND ADVISORY FEE AND EXPENSE LIMITATION: The Fund has
entered into a management agreement (the Investment Advisory Fee) with Aster
Capital Management, Inc. ("Aster Capital") for the 12 month period beginning
November 1, 1997 through October 31, 1998. Certain Officers and/or Directors
of the Fund are also Officers and/or Directors of Aster Capital.
The Investment Adviser receives from the Fund as compensation for its
services an annual fee of 1% of the first $50,000,000 of the Fund's net
assets and 0.75% of the Fund's net assets in excess of $50,000,000. The fee
is paid monthly and calculated based on that month's average net assets.
3. CAPITAL STOCK TRANSACTIONS: The Fund has authorized 25,000,000 shares of
common stock at a par value of $.01 per share. Transactions in capital stock
for the year ended June 30, 1998, and June 30, 1997, were as follows:
<TABLE>
<CAPTION>
1998 1997
---------- ----------
<S> <C> <C>
Shares sold 776,646 1,670,786
Shares issued on reinvestment of distributions 1,590,893 1,166,006
---------- ----------
2,367,539 2,836,792
Shares redeemed (4,078,171) (4,126,984)
---------- ----------
Net decrease (1,710,632) (1,290,192)
========== ==========
</TABLE>
4. COMPENSATION OF DIRECTORS AND OFFICERS: Directors and officers of the Fund
who are directors and/or officers of Aster Capital Management, Inc. receive
no compensation from the Fund. Directors of the Company who are not
interested persons as defined in the Investment Company Act of 1940 receive
compensation in the amount of $1,000 per annum and a $1,000 purchase of
Meridian Fund or Meridian Value Fund stock, plus expenses for each Board of
Directors meeting attended. The aggregate compensation due the unaffiliated
Directors of the Fund as of June 30, 1998, was $4,136.
5. COST OF INVESTMENTS: The cost of investments purchased and the proceeds from
sales of investments, excluding short-term obligations, for the year ended
June 30, 1998, were $108,503,507 and $195,261,332, respectively. The cost of
the U.S. Government securities purchased and the proceeds from sales of such
investments were $173,017,319, and $189,802,588, respectively for the year
ended June 30, 1998.
10
PAGE
REPORT OF INDEPENDENT ACCOUNTANTS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
To the Board of Directors and Shareholders
of Meridian 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 Meridian Fund (one of the
portfolios constituting Meridian Fund, Inc., hereafter referred to as the
"Fund") at June 30, 1998, the results of its operations for the year then ended,
the changes in its net assets for each of the two years in the period then ended
and the financial highlights for each of the ten years in the period then ended,
in conformity with generally accepted accounting principles. These financial
statements and financial highlights (hereafter referred to as the "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 generally
accepted auditing standards 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 June 30, 1998 by
correspondence with the custodian and brokers, provide a reasonable basis for
the opinion expressed above.
PricewaterhouseCoopers LLP
San Francisco, California
July 31, 1998
11
PAGE
MERIDIAN FUND
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
This report is submitted for
the information of shareholders of
Meridian Fund, Inc. It is not
authorized for distribution to
prospective investors unless
preceded or accompanied by an
effective prospectus.
-----------------------------------------------------------------
Officers and Directors
RICHARD F. ASTER, JR.
President and Director
MICHAEL S. ERICKSON
HERBERT C. KAY
JAMES B. GLAVIN
MICHAEL STOLPER
Directors
PAUL A. ROBINSON
Treasurer and Secretary
Custodian
BANK OF NEW YORK
New York, New York
Transfer Agent and Disbursing Agent
FIRST DATA
King of Prussia, Pennsylvania
(800) 446-6662
Counsel
MORRISON & FOERSTER LLP
Washington, D.C.
Auditors
PRICEWATERHOUSECOOPERS LLP
San Francisco, California
ANNUAL REPORT
LOGO
60 E. Sir Francis Drake Blvd.
Wood Island, Suite 306
Larkspur, CA 94939
(415) 461-6237
Telephone (800) 446-6662
JUNE 30, 1998
PAGE