Rockwood 1997 Annual Report
FUND FEATURES
Investment Objective
The Fund seeks long term capital appreciation.
Fund Management
Rockwood Advisers, Inc. acts as general manager of the Fund. Aspen Securities
and Advisory, Inc. is the subadviser. Ross H. Farmer, the Fund's portfolio
manager, is President of the subadviser and has served as
portfolio manager of the Fund since it commenced operations on April 30, 1986.
Investment Strategy
The Fund seeks to achieve its objective by investing primarily in common stocks,
which are purchased at prices considered to be less than their intrinsic value
as determined by the portfolio manager. They are selected on the basis of their
potential for long term capital appreciation, and generally will include small
capitalization companies which are expected to achieve above-average growth.
Portfolio Benefits
o Long term growth potential through appreciation in the value of the Fund's
carefully selected investments.
o Diversification for stock and bond portfolios seeking a growth investment
that can capitalize on favorable trends in the economy and securities
markets through professional stock selection.
Minimum Investments
o Regular Accounts, $500
o IRAs, $100
o Automatic Investment Program, $50
o Subsequent Investments, $50
Retirement Plans
Tax-advantaged Rockwood retirement plans include No-Fee IRAs, qualified profit
sharing and money purchase plans, and 403(b) plans.
Account Access
For Fund prospectuses and other investment information, call toll-free
1-888-503-FUND(3863)
For shareholder services by Direct Access, call toll-free
1-888-503-VOICE(8642)
Or, access the Fund on the Web at
www.rockwoodfund.com
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ROCKWOOD EASY ACCESS
For Shareholder Service and Information
Use our new, free service giving you instant 24-hour access to your Fund
investment. Call 1-888-503-VOICE (8642).
Rockwood Service and Information OnLine
Check out our Web page for up-to-date account information,service, and more at
http://www.rockwoodfund.com.
Prospectus and Applications
For a copy of the Rockwood prospectus and applications for regular and IRA
accounts, plus an IRA transfer form and disclosure statement, by fax, or by
regular or e-mail, dial 1-888-ROCKWOOD(and press 1) or visit
www.rockwoodfund.com.
Market Information/Share Price
For closing market information and the Fund's current net asset value
per share, dial 1-888-ROCKWOOD(and press 2).
Investment Strategy and Market Update
To hear Portfolio Manager Ross Farmer's report on Rockwood's current investment
strategy and views on market conditions, dial 1-888-ROCKWOOD (and press 3).
Discount Brokers
Rockwood shares (ticker symbol ROCKX) are available through leading
discount brokers, including Charles Schwab & Co., Fidelity Brokerage, Jack White
& Co., and Bull & Bear Securities, Inc.
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A Word From the Rockwood Portfolio Manager
Fellow Shareholders:
We are very pleased to submit this Annual Report for our
fiscal year ended October 31, 1997. For the six months since our Semi-Annual
Report, the Fund's total return was +32.41%, and making up a small decline in
the first half, was up +27.55% for the fiscal year - a strong back-to-back
result following the prior year's total return gain of +29.42%. In addition, the
Fund's results compare favorably with Morningstar's Small Company Growth Fund
category, which had a total return for the year of +20.48%.
Review and Outlook
Our 1997 fiscal year benefited from a "Goldilocks" economy - not too
hot and not too cold - with moderate inflation, rising corporate
earnings, a relatively steady string of new highs in almost all stock market
indices, and a period of low and stable interest rates, despite the 0.25% hike
in rates by the Federal Reserve in March, ending one of the longest periods of
unchanged rates in recent history. These market factors, and our investment
strategy of seeking value and growth oriented companies using our proprietary
evaluation techniques, were the greatest contributors to the Fund's attractive
+27.55% total return for the year ended October 31, 1997.
Looking ahead, we believe that in 1998 inflation will remain in check,
the economy will experience generally moderate levels of growth, and
securities markets will continue to exhibit above-average volatility. With the
combination of this favorable economic background and our strategy of
consistently seeking long term capital appreciation from a portfolio of
carefully selected equity securities, we expect the Fund will continue to return
above average results for its shareholders.
To take advantage of this, we recommend building your account on a regular
basis, which can be done safely, automatically and conveniently
through the Rockwood Bank Transfer Plan, Rockwood Salary Investing Plan, and/or
the Rockwood Government Direct Deposit Plan. For information on any of these
free services, simply give us a call and we will be pleased to help you get
started.
We appreciate the continued confidence and support of our
shareholders, and will diligently continue our efforts to provide you with very
attractive investment results in the months and years ahead.
Sincerely,
Ross H. Farmer
December 15, 1997
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CHART: Rockwood Fund
Results of an initial investment of $10,000 with subsequent investments of $100
a month from 11/1/87 through 10/31/97
with all distributions reinvested. Investments for the period total $21,900.
PLOT POINTS:
11/1/87 10,000
10/31/88 14528.87
1989 18551.39
1990 13686.07
1991 15743.07
1992 21559.71
1993 25863.31
1994 27473.65
1995 37913.88
1996 46191.30
10/31/97 57505.19
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ROCKWOOD FUND, INC.
Schedule of Portfolio Investments
October 31, 1997
COMMON STOCKS (100.0%)
Biological Products (6.2%)
3,500 DepoTech Corp.*$ 48,562
3,000 Lifecore Biomedical, Inc.* 62,250
110,812
Cable &Other Pay Television Services (2.9%)
4,000 On Command Corp.* 51,000
Communication Services (4.1%)
8,000 Metro One Telecommunications* 73,000
Crude Petroleum & Natural Gas (5.4%)
16,000 Tipperary Corp.* 96,000
Cut Stone and Stone Products(2.1%)
2,000 Rock of Ages Corp.* 38,000
Educational (3.9%)
11,000 Lab-Volt Systems Inc.* 68,750
Electromedical & Electrotherapeutic Apparatus (2.2%)
5,000 InControl, Inc. * 38,750
Electronic Connectors (2.6%)
1,600 Oak Industries Inc.* 45,900
Fire, Marine &Casualty Insurance (3.2%)
4,000 Superior National Insurance Group, Inc.* 57,000
Measuring and Controlling Devices (2.3%)
3,000 FARO Technologies, Inc.* 40,875
Metalworking Machinery & Equipment (6.7%)
27,500 Devlieg-Bullard, Inc.* 118,594
Miscellaneous Electrical Machinery,
Equipment & Supplies (2.5%)
1,500 Evans & Sutherland Computer Corp.* 45,000
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Orthopedic, Prosthetic & Surgical Products (6.2%)
23,500 LifeQuest Medical, Inc.* $ 110,891
Paper Mills (4.7%)
2,400 Boise Cascade Corp. 83,100
Retail - Eating Places (7.2%)
9,000 Host Marriott Services Corp.* 128,250
Services - Allied to Motion Picture Production (4.9%)
8,200 Todd-AO Corp. Class A 87,125
Services - Computer Integrated Systems Design (1.9%)
3,000 Mentor Graphics Corp. * 32,812
Services - Help Supply Services (2.1%)
3,000 Barrett Business Services, Inc.* 37,875
Services - Miscellaneous Amusement &Recreation (6.0%)
9,500 Blue Ridge Real Estate Company* 106,875
Services - Prepackaged Software (2.2%)
14,000 Cimetrix Inc.* 39,375
Surgical & Medical Instruments & Apparatus (14.0%)
8,000 Aksys, Ltd.* 74,000
26,500 Innerdyne, Inc.* 92,750
10,000 Quest Medical, Inc.* 82,500
249,250
Wholesale - Drugs, Proprietaries &Druggists' Sundries (3.1%)
3,600 Priority Healthcare Corp. Class B* 55,800
Wholesale - Motor Vehicle Parts & Accessories (3.6%)
1,500 Federal-Mogul Corp. 63,469
TOTAL INVESTMENTS(cost: $1,406,644)(100.0%) $1,778,503
* Indicates non-income producing security.
See accompanying notes to financial statements.
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ROCKWOOD FUND, INC.
Statement of Assets and Liabilities
October 31, 1997
ASSETS:
Investments at market value (cost: $1,406,644)(note 1) $1,778,503
Cash 62,787
Receivables:
Fund shares sold 500
Other assets 301
Total assets 1,842,091
LIABILITIES:
Payables:
Investment securities purchased 27,372
Fund shares redeemed 8,722
Accrued expenses 35,062
Total liabilities 71,156
NET ASSETS:
(applicable to 71,061 outstanding shares: 1,000,000,000 shares of
$.01 par value authorized) $1,770,935
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
($1,770,935 / 71,061) $24.92
At October 31, 1997 net assets consisted of:
Paid-in capital $1,283,046
Accumulated net realized gain on investments 116,030
Net unrealized appreciation on investments 371,859
$1,770,935
See accompanying notes to financial statements.
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ROCKWOOD FUND, INC.
Statement of Operations
Year Ended October 31, 1997
INVESTMENT INCOME:
Dividends $2,187
EXPENSES:
Transfer agent 53,590
Registration (note 3) 21,218
Investment management (note 3) 13,876
Professional (note 3) 13,714
Shareholder administration (note 3) 13,641
Printing 12,130
Custodian 5,156
Distribution (note 3) 3,466
Directors 283
Other 8,305
Total expenses 145,379
Expenses reimbursed (note 3) (106,359)
Net expenses 39,020
Net investment loss (36,833)
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain from security transactions 153,338
Unrealized appreciation of investments
during the period 225,439
Net realized and unrealized gain on investments 378,777
Net increase in net assets resulting from operations $341,944
See accompanying notes to financial statements.
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ROCKWOOD FUND, INC.
Statements of Changes in Net Assets
For the years ended October 31,
1997 1996
OPERATIONS:
Net investment loss $ (36,833) $ (24,796)
Net realized gain from security transactions 153,338 253,710
Unrealized appreciation (depreciation) of
investments during the period 225,439 (36,721)
Net increase in net assets resulting from
operations 341,944 192,193
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from capital gains($4.90 per share) (246,186) --
CAPITAL SHARE TRANSACTIONS:
Increase in net assets resulting from
capital share transactions (a) 475,587 233,526
Total change in net assets 571,345 425,719
NET ASSETS:
Beginning of year 1,199,590 773,871
End of year $1,770,935 $1,199,590
(a) Transactions in capital shares were as follows:
Shares Value Shares Value
Shares sold 24,462 $567,430 15,308 $412,362
Shares issued in reinvestment
of distributions 12,073 245,800 -- --
Shares redeemed (14,965) (337,643) (7,125) (178,836)
Net increase 21,570 $475,587 8,183 $233,526
See accompanying notes to financial statements.
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Notes to Financial Statements
(1) The Fund is a Maryland corporation registered under the Investment Company
Act of 1940, as amended ("1940 Act"), as a non-diversified, open-end management
investment company. The investment objective of the Fund is capital
appreciation. The Fund seeks capital appreciation by investing in equity
securities, securities convertible into common stocks and preferred stocks. The
following is a summary of significant accounting policies consistently followed
by the Fund in the preparation of its financial statements. With respect to
security valuation, securities traded on a national securities exchange and
securities traded on the Nasdaq National Market System ("NMS") are valued at the
last reported sales price on the day the valuations are made. Such securities
that are not traded on a particular day and securities traded in the
over-the-counter market that are not on NMS are valued at the mean between the
current bid and asked prices. Securities for which quotations are not readily
available and other assets are valued at fair value as determined in good faith
by or under the direction of the Board of Directors. Securities denominated in
foreign currencies are translated into U.S. dollars at prevailing exchange
rates. Investment transactions are accounted for on the trade date (date the
order to buy or sell is executed). Dividend income and distributions to
shareholders are recorded on the ex-dividend date and interest income is
recorded on the accrual basis. 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.
(2) The Fund intends to comply with the requirements of the Internal Revenue
Code applicable to regulated investment companies and to distribute
substantially all its taxable investment income and net capital gains, if any,
after utilization of any capital loss carryforward, to its shareholders and
therefore no Federal income tax provision is required. Based on Federal income
tax cost of $1,406,644, gross unrealized appreciation and gross unrealized
depreciation were $419,085 and $47,226, respectively at October 31, 1997.
(3) The Fund retains Rockwood Advisers, Inc. (the "Investment Manager") as its
Investment Manager. Under the Investment Management Agreement, dated February
27, 1997, the Investment Manager receives a management fee, payable monthly,
based on the average daily net assets of the Fund at the annual rate of 1% on
the first $200 million, .95% from $200 million to $400 million, .90% from $400
million to $600 million, .85% from $600 million to $800 million, .80% from $800
million to $1 billion and .75% over $1 billion. The Investment Manager has
agreed to waive all or part of its fee or reimburse the Fund monthly if and to
the extent the aggregate operating expenses of the Fund exceed the most
restrictive limit imposed by any state in which shares of the Fund are qualified
for sale, although currently the Fund is not subject to any such limits.
Voluntary reimbursement for the year ended October 31, 1997 was $106,359,
although there can be no assurance such voluntary reimbursement will continue in
subsequent years. Pursuant to the Investment Management Agreement, the
Investment Manager retains Aspen Securities and Advisory, Inc. (the
"Subadviser") regarding portfolio investments. Pursuant to the Subadvisory
agreement, the Subadviser advises and consults with the Investment Manager
regarding the selection, clearing and safekeeping of the Fund's portfolio
investments and assists in pricing and generally monitoring such investments.
The Subadviser also provides the Investment Manager with advice as to allocating
the Fund's portfolio assets among equities and other types of investments,
including recommendations of specific investments. The Investment Manager, not
the Fund, pays the Subadviser monthly a percentage of the Investment Manager's
net fees based upon the Fund's performance and net assets. Certain officers and
directors of
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the Fund are officers and directors of the Investment Manager and Investor
Service Center, Inc., the Fund's Distributor. For the year ended October 31,
1997, the Fund paid $859 to Bull & Bear Securities, Inc., an affiliate of the
Investment Manager as commissions for brokerage services. The Fund reimbursed
the Investment Manager $583 for providing certain administrative and accounting
services at cost for the year ended October 31, 1997. The Fund has adopted a
plan of distribution pursuant to Rule 12b-1 under the 1940 Act (the "Plan").
Pursuant to the Plan, the Fund pays the Distributor a distribution fee in an
amount of one-quarter of one percent per annum of the Fund's average daily net
assets as compensation for distribution and service activities. The fee is
intended to cover personal services provided to shareholders in the Fund and the
maintenance of shareholder accounts and all other activities and expenses
primarily intended to result in the sale of the Fund's shares. Investor Service
Center also received $13,641 for shareholder administration services which it
provided to the Fund at cost for the year ended October 31, 1997. Prior to
August 19, 1996, the Fund retained Aspen Securities and Advisory, Inc. ("Aspen")
as its investment adviser. On that date at a special meeting of the Fund's
shareholders, a majority of the shareholders approved all proposed matters
including the Investment Management Agreement with the Investment Manager, the
subadvisory agreement with Aspen described above, the new plan of distribution
with the Distributor, and elected a new board of directors.
(4) Purchases and proceeds of sales of securities other than short term notes
aggregated $883,706 and $598,438, respectively.
(5) The Fund has a committed bank line of credit. At October 31, 1997, there was
no balance outstanding and the interest rate was equal to the Federal Reserve
Funds Rate plus 1.00 percentage points. For the year ended October 31, 1997, the
weighted average interest rate was 6.44% based on the balance outstanding and
the weighted average amount outstanding was $1,204.
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Financial Highlights
<TABLE>
<CAPTION>
Years Ended October 31,
<S> <C> <C> <C> <C> <C>
PER SHARE DATA* 1997 1996 1995 1994 1993
Net asset value at beginning of period $24.24 $18.73 $16.61 $16.32 $12.42
Income from investment operations:
Net investment loss (.59) (.56) (.31) (.22) (.26)
Net realized and unrealized gain
on investments 6.17 6.07 2.43 .51 4.16
Total from investment operations 5.58 5.51 2.12 .29 3.90
Less distributions:
Distributions from net realized gain
on investments (4.90) - - - -
Total distributions (4.90) - - - -
Net asset value at end of period $24.92 $24.24 $18.73 $16.61 $16.32
TOTAL RETURN 27.55% 29.42% 12.76% 1.78% 31.40%
RATIOS/SUPPLEMENTAL DATA
Net assets at end of period (000's) $1,771 $1,200 $774 $714 $738
Ratio of expenses to average net assets(a) 2.81% 2.55% 2.30% 2.00% 2.81%
Ratio of net investment loss to average
net assets (b) (2.65%) (2.23%) (1.77%) (1.38%) (1.67%)
Portfolio turnover rate 44.00% 42.48% 30.04% 18.26% 19.28%
Average commission per share $.0454 $.0562
</TABLE>
* Per share net investment loss and net realized and unrealized gain on
investments have been computed using the average number of shares outstanding.
These computations had no effect on net asset value per share.
(a)Ratio prior to reimbursement by the manager was 10.47%, 4.44%, 3.00%, 2.82%,
and 2.90% for the years ended October 31, 1997, 1996, 1995, 1994, and 1993,
respectively.
(b)Ratio prior to reimbursement by the manager was (10.31%), (4.12%), (2.47%),
(2.20%), and (1.76%) for the years ended October 31, 1997, 1996, 1995, 1994,
and 1993, respectively.
<PAGE>
Report of Independent Certified Public Accountants
The Board of Directors and Shareholders of
Rockwood Fund, Inc.:
We have audited the accompanying statement of assets and liabilities
of Rockwood Fund, Inc. (formerly "The Rockwood Growth Fund, Inc.") including the
schedule of portfolio investments as of October 31, 1997, and the related
statement of operations for the year then ended and, the statement of changes in
net assets and the financial highlights for each of the two years then ended.
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. The financial
statements of Rockwood Fund, Inc. as of and for the year ended October 31, 1995,
were audited by other auditors whose report dated December 13, 1995, expressed
an unqualified opinion on those statements.
We conducted our audits in accordance with generally accepted
auditing standards. 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 October 31, 1997, by correspondence with the custodian and brokers.
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 Rockwood Fund, Inc. as of October 31, 1997, the results of its
operations for the year then ended, the changes in its net assets, and the
financial highlights for each of the two years in the period then ended, in
conformity with generally accepted accounting principles.
TAIT, WELLER & BAKER
Philadelphia, Pennsylvania
November 20, 1997
<PAGE>
Growth of $10,000 Investments
November 1, 1987 through October 31, 1997
Fund/Index Final Value Total Return Annualized Return
Rockwood $33,327 233.27% 12.79%
Russell 2000 $43,704 337.04% 15.89%
CHART: PLOT POINTS
Year Rockwood Fund Russell 2000 Index
11/1/87 10,000 10,000
1988 13,389 12,711
1989 15,513 14,691
1990 10,246 10,681
1991 12,202 16,941
1992 13,388 18,547
1993 17,602 24,557
1994 17,904 24,481
1995 20,189 28,968
1996 26,129 33,790
10/31/9797 33,327 43,704
The Russell 2000 is a small company index that is unmanaged and fully invested
in common stocks. The Fund invests in common stocks and may also own fixed
income securities and options. The $10,000 Performance Graphs are from November
1, 1987 through October 31, 1997 and results in each case reflect reinvestment
of dividends and distributions. Past performance does not guarantee future
results. Investment return will fluctuate, so shares when redeemed may be worth
more or less than their cost. Dollar cost averaging does not assure a profit or
protect against loss in a declining market and investors should consider their
ability to make purchases when prices are low.
Average annual total return for the periods ended 10/31/97 for one year was
+27.55%, for the past three years was +23.01%, for the past five years was
+20.01%, and for the past ten years was +12.79%.
This report and the financial statements contained herein are submitted for the
general information of the shareholders of the Fund. The report is not
authorized for distribution to prospective investors in the Fund unless preceded
or accompanied by an effective Prospectus. Investor Service Center, Inc.,
Distributor.
<PAGE>
ROCKWOOD
Account Application
Use this Account Application to open a regular Rockwood account. For a Rockwood
IRA Application, call 1-888-ROCKWOOD. Return this completed Account Application
in the enclosed envelope or mail to:
Investor Service Center, Box 419789, Kansas City, MO 64141-6789.
1. Registration If you need assistance in completing this Account Application,
please call 1-888-503-3863
Individual:
First Name Middle Initial Last Name Social Security Number
Joint Owner (if any):
First Name Middle Initial Last Name Social Security Number
Note: Registration will be Joint Tenants with Right of Survivorship, unless
otherwise specified.
Gift/Transfer to a Minor:
as Custodian for
Name of Custodian (only one) Name of Minor (only one)
under the Uniform Gifts/Transfers to Minors Act.
Custodian's State of Residence Minor's Social Security Number
Minor's Date of Birth
Corporations, Partnerships, Trusts and others:
Name of Corporation, Partnership, Name of Individual(s) Authorized to Act
or other Organization for the Corporation, Partnership, or
other Organization
Tax I.D. Number Name of Trustee(s) Date of Trust Instrument
<PAGE>
2. Mailing Address, Telephone Number, and Citizenship
Street City State/Zip Daytime Telephone E-mail Address
Citizen of: ( ) U.S. ( ) Other: Citizen of: ( )U.S. ( )Other:
Owner Joint Owner
3. Amount Invested ($500 Minimum)
Note: The $500 minimum initial investment is waived if you elect to invest
through the Rockwood Bank Transfer Plan, the Rockwood Salary Investing Plan,
and/or the Rockwood Government Direct Deposit Plan (see Section 4).
Investment: $ ( ) By Check * ( )By Wire
Date + Assigned Account Number ++
* Please make your check(s) payable to Rockwood and enclose with this
Application.
+ Indicate date on which money was wired.
++ Please call 1-888-503-3863 to be assigned an account number before making
an initial investment by wire.
4. Rockwood Automatic Investment Program
( ) Rockwood Bank Transfer Plan Automatically purchase shares each month by
transferring the dollar amount you specify from your regular checking account,
NOW account, or bank money market account. Please attach a voided bank account
check.
Amount $ Day of month: ( ) 10th ( ) 15th ( ) 20th
$50 Minimum
( ) Rockwood Salary Investing Plan The enrollment form will be sent to the above
address or call 1-888-503-3863 to have the form sent to your place of
employment.
( ) Rockwood Government Direct Deposit Plan Your request will be
processed and you will receive the enrollment form.
<PAGE>
5. Distributions If no circle is checked, the Automatic Compounding Option
will be assigned to reinvest all dividends and distributions in your account to
increase the shares you own.
( ) Automatic Compounding Option o Dividends and distributions reinvested in
additional shares.
( ) Payment Option ( )t Dividends in cash, distributions reinvested.
( ) Dividends and distributions in cash.
6. Investments and Redemptions by Telephone
Shareholders automatically enjoy the privilege of calling 1-888-503-VOICE (8642)
to purchase additional shares of Rockwood or to expedite a redemption and have
the proceeds sent directly to their address or to their bank account, unless
declined by checking the following circle ( ). The Rockwood link with your bank
offers flexible access to your money. Transfers occur only when you initiate
them and may be made by either bank wire or bank clearinghouse transfer with
Rockwood's Electronic Funds Transfer service. To establish the Rockwood link to
your bank, please attach a voided check from your bank account. One common name
must appear on your Rowood account and bank account.
7. Signature and Certification to Avoid Backup Withholding
"I certify that I have received and read the prospectus for Rockwood, agree to
its terms, and have the legal capacity to purchase its shares. I understand
telephone conversations with Investor Service Center, Inc. ("ISC")
representatives are recorded and hereby consent to such recording. I agree that
neither the Fund nor ISC will be liable for acting on instructions believed
genuine and under reasonable procedures designed to prevent unauthorized
transactions. I certify (1) the Social Security or taxpayer identification
number provided above is correct, and (2) I am not subject to backup withholding
because (a) I am exempt from backup withholding, or (b) I have not been notified
by the IRS that I am subject to backup withholding, or (c) I have been notified
by the IRS that I am no longer subject to backup withholding." (Please cross out
item 2 if it does not apply to you.) The Internal Revenue Service does not
require your consent to any provision of this document other than the
certifications required to avoid backup withholding.
Signature of ( )Owner ( )Trustee ( )Custodian Date Signature
of Joint Owner (if any) Date
Rockwood
11 Hanover Square
New York, NY 10005
