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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
SCHEDULE 13G
(Amendment No. 1)
Under the Securities and Exchange Act of 1934
CONNECT, INC.
(Name of Issuer)
Common Stock, $.001 par value
(Title of Class of Securities )
207528100
(CUSIP NUMBER)
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CUSIP NO. 207528100 13G PAGE 2 OF 11 PAGES
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NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Volpe, Welty & Company L.L.C.
943015811
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
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SEC USE ONLY
3
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4
California
- ------------------------------------------------------------------------------
SOLE VOTING POWER
5
NUMBER OF 0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
2,483,968
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7
REPORTING 0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8
2,483,968
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
2,483,968
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11
13.34%, based on 18,622,858 total shares outstanding as of January 23,
1997
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TYPE OF REPORTING PERSON*
12
OO (Limited Liability Company)
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*SEE INSTRUCTION BEFORE FILLING OUT!
Page 2 of 11 pages
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CUSIP NO. 207528100 13G PAGE 3 OF 11 PAGES
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NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Volpe, Welty & Company Hybrid Fund I
A California Limited Partnership
943089657
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
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SEC USE ONLY
3
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CITIZENSHIP OR PLACE OF ORGANIZATION
4
California
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SOLE VOTING POWER
5
NUMBER OF 0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
1,888,707
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7
REPORTING 0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8
1,888,707
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
1,888,707
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11
10.14%, based on 18,622,858 total shares outstanding as of January 23,
1997
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TYPE OF REPORTING PERSON*
12
PN
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*SEE INSTRUCTION BEFORE FILLING OUT!
Page 3 of 11 pages
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CUSIP NO. 207528100 13G PAGE 4 OF 11 PAGES
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NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Volpe, Welty & Company Hybrid Fund II
943088073
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
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SEC USE ONLY
3
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CITIZENSHIP OR PLACE OF ORGANIZATION
4
California
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SOLE VOTING POWER
5
NUMBER OF 0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
197,946
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7
REPORTING 0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8
197,946
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
197,946
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11
1.06%, based on 18,622,858 total shares outstanding as of January 23,
1997
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TYPE OF REPORTING PERSON*
12
PN
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*SEE INSTRUCTION BEFORE FILLING OUT!
Page 4 of 11 pages
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CUSIP NO. 207528100 13G PAGE 5 OF 11 PAGES
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NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Volpe, Welty & Company Hybrid Fund I SLP,
943091526
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
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SEC USE ONLY
3
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CITIZENSHIP OR PLACE OF ORGANIZATION
4
California
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SOLE VOTING POWER
5
NUMBER OF 0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
365,497
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7
REPORTING 0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8
365,497
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
365,497
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11
1.96%, based on 18,622,858 total shares outstanding as of January 23,
1997
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TYPE OF REPORTING PERSON*
12
PN
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*SEE INSTRUCTION BEFORE FILLING OUT!
Page 5 of 11 pages
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Item 1(a) Name of Issuer.
CONNECT,Inc.
Item 1(b) Address of Issuer's Principal Executive Offices.
515 Ellis Street
Mountain View, CA 94043
Item 2(a) Name of Person Filing.
Volpe, Welty & Company L.L.C.
Volpe, Welty & Company Hybrid Fund I,
A California Limited Partnership
Volpe, Welty & Company Hybrid Fund II,
A California Limited Partnership
Volpe, Welty & Company Hybrid Fund I SLP,
A California Limited Partnership(See Exhibit B)
Item 2(b) Address of Principal Business Office.
One Maritime Plaza, 11/th/ Floor
San Francisco, CA 94111
Item 2(c) Citizenship.
California
Item 2(d) Title of Class of Securities.
Common Stock, $.001 par value
Item 2(e) CUSIP Number.
207528100
Item 3 If this statement is filed pursuant to Rule 13d-1(b), or 13d-2(b),
check whether the person filing is a:
(a) [_] Broker Dealer registered under Section 15 of the Act
(b) [_] Bank as defined in Section 3(a)(6) of the Act
(c) [_] Insurance Company as defined in Section 3(a)(19) of the Act
(d) [_] Investment Company registered under Section 8 of the
Investment Company Act
(e) [_] Investment Adviser registered under Section 203 of the
Investment Advisers Act of 1940
(f) [_] Employee Benefit Plan, Pension Fund which is subject to the
provisions of the Employee Retirement Income Security Act of
1974 or Endowment Fund; see (S)240.13d-1(b)(1)(ii)(F)
(g) [_] Parent Holding Company, in accordance with (S)240.13d-
1(b)(ii)(G) (Note: See Item 7)
(h) [_] Group, in accordance with (S)240.13d-1(b)(1)(ii)(H)
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Item 4. Ownership
(a) Amount Beneficially Owned
Volpe, Welty & Company L.L.C.* 2,483,968
Volpe, Welty & Company Hybrid Fund I
A California Limited Partnership 1,888,707
Volpe, Welty & Company Hybrid Fund II
A California Limited Partnership 197,946
Volpe, Welty & Company Hybrid Fund I SLP
A California Limited Partnership 365,497
*Volpe, Welty & Company L.L.C 31,818
Volpe, Welty & Company Hybrid Fund I
A California Limited Partnership 1,888,707
Volpe, Welty & Company Hybrid Fund II
A California Limited Partnership 197,946
Volpe, Welty & Company Hybrid Fund I SLP
A California Limited Partnership 365,497
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Total Volpe, Welty & Company L.L.C. 2,483,968
(b) Percent of Class
Volpe, Welty & Company L.L.C 13.34%
Volpe, Welty & Company Hybrid Fund I
A California Limited Partnership 10.14%
Volpe, Welty & Company Hybrid Fund II
A California Limited Partnership 1.06%
Volpe, Welty & Company Hybrid Fund I SLP
A California Limited Partnership 1.96%
(*based on 18,622,858 total shares outstanding as of
January 23, 1997)
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote
(ii) shared power to vote or to direct vote
Volpe, Welty & Company L.L.C. 2,483,968
Volpe, Welty & Company Hybrid Fund I
A California Limited Partnership 1,888,707
Volpe, Welty & Company Hybrid Fund II
A California Limited Partnership 197,946
Volpe, Welty & Company Hybrid Fund I SLP
A California Limited Partnership 365,497
(iii) sole power to dispose or to direct disposition of
(iv) shared power to dispose or to direct disposition of
Volpe, Welty & Company L.L.C. 2,483,968
Volpe, Welty & Company Hybrid Fund I
A California Limited Partnership 1,888,707
Volpe, Welty & Company Hybrid Fund II
A California Limited Partnership 197,946
Volpe, Welty & Company Hybrid Fund I SLP
A California Limited Partnership 365,497
Item 5. Ownership of Five Percent or Less of a Class.
If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of more than
five percent of the class of securities, check the following [X].
Instruction: Dissolution of a group requires a response to this item.
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Item 6. Ownership of More than Five Percent on Behalf of Another Person.
not applicable
Item 7. Identification and Classification of the Subsidiary Which Acquired
the Security Being Reported On By the Parent Holding Company.
not applicable
Item 8. Identification and Classification of Members of the Group.
not applicable
Item 9. Notice of Dissolution of the Group.
not applicable
Item 10. Certification.
Not applicable
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Signatures
After reasonable inquiry and to the best of my knowledge and believe, I
certify that the information set forth in this statement is true, complete and
correct.
February 6, 1998
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Date
Volpe, Welty & Company L.L.C.
/s/ Thomas S. Volpe
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Thomas S. Volpe,
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General Partner
VOLPE, WELTY & COMPANY HYBRID FUND I
A CALIFORNIA LIMITED PARTNERSHIP
/s/ William B. Welty
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William B. Welty,
General Partner
VOLPE, WELTY & COMPANY HYBRID FUND II,
A CALIFORNIA LIMITED PARTNERSHIP
/s/ William B. Welty
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William B. Welty,
General Partner
VOLPE, WELTY & COMPANY HYBRID FUND I SLP,
A CALIFORNIA LIMITED PARTNERSHIP
/s/ William B. Welty
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William B. Welty,
General Partner
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Exhibit A
The undersigned hereby agree that they are filing jointly pursuant to Rule
13d-1 of the Act the statement dated February 13, 1997, containing the
information required by Schedule 13G, for the 2,483,968 Shares of the Common
Stock of Connect, Inc. held by Volpe, Welty & Company L.L.C., Volpe, Welty &
Company Hybrid Fund I, A California Limited Partnership, Volpe, Welty & Company
Hybrid Fund II, A California Limited Partnership, and Volpe, Welty & Company
Hybrid Fund I SLP, A California Limited Partnership.
February 6, 1998
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Date
Volpe, Welty & Company L.L.C.
/s/ Thomas S. Volpe
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Thomas S. Volpe,
General Partner
VOLPE, WELTY & COMPANY HYBRID FUND I
A CALIFORNIA LIMITED PARTNERSHIP
/s/ William B. Welty
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William B. Welty,
General Partner
VOLPE, WELTY & COMPANY HYBRID FUND II,
A CALIFORNIA LIMITED PARTNERSHIP
/s/ William B. Welty
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William B. Welty,
General Partner
VOLPE, WELTY & COMPANY HYBRID FUND I SLP,
A CALIFORNIA LIMITED PARTNERSHIP
/s/ William B. Welty
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William B. Welty,
General Partner
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Exhibit B
Managing Members and General Partners of:
1) Volpe, Welty & Company L.L.C.
2) Volpe, Welty & Company Hybrid Fund I, A California Limited Partnership
3) Volpe, Welty & Company Hybrid Fund II, A California Limited Partnership
4) Volpe, Welty & Company Hybrid Fund I SLP, A California Limited Partnership
Set forth below, with respect to each managing or general partner of the above
mentioned is the following: (a) name; (b) business address; and (c)
citizenship.
1) (a) Thomas S. Volpe
(b) c/o Volpe, Welty & Company
One Maritime Plaza, 11/th/ Floor
San Francisco, CA 94111
(c) United States Citizen
2) (a) William B. Welty
(b) c/o Volpe, Welty & Company
One Maritime Plaza, 11/th/ Floor
San Francisco, CA 94111
(c) United States Citizen
3) (a) William B. Welty
(b) c/o Volpe, Welty & Company
One Maritime Plaza, 11/th/ Floor
San Francisco, CA 94111
(c) United States Citizen
4) (a) William B. Welty
(b) c/o Volpe, Welty & Company
One Maritime Plaza, 11/th/ Floor
San Francisco, CA 94111
(c) United States Citizen
