DEAR SHAREHOLDER:
The U.S. Large Stock Fund's return for the second quarter
was 6.80% verses the S&P 500's return of 9.45% over the same
period. Year to date, the Fund has returned 18.01% as compared
to the S&P 500's 20.15% return. The Fund continues to generate
returns less volatile than the market. During the second quarter
of 1995, the monthly standard deviation for the Fund (based on
daily observations) was 20% lower than the S&P 500. Currently,
the Fund is overweighted in energy and utility stocks and
underweighted in consumer nondurables and financial stocks. As
technology stocks continued to lead the market in an upward
direction during the second quarter, the Fund's underweighting in
semiconductor and computer software companies hurt performance as
did the underperformance in the energy sector.
The Fund's quantitative process analyzes historical price
relationships among the companies in the S&P 500 to build a less
volatile, higher return market portfolio. A market environment,
like the present one, where there is low volatility and straight
upward movement, is not the most rewarding for this investment
approach. However, during flatter markets and downward markets,
the quantitative approach of the U.S. Large Stock Fund is more
likely to demonstrate its ability to outperform the market while
continuing to create less volatile returns. We are confident
that this investment approach will return solid performance to
our shareholders over time.
Sincerely,
/s/ Roger J. Weiss
Roger J. Weiss
Chairman of the Board
August 10, 1995
<PAGE>
<TABLE>
<CAPTION>
U.S. LARGE STOCK FUND
Schedule of Investments at June 30, 1995 - Unaudited
<C> <C><S> <C>
Number Value
of Shares Security (000's)
COMMON STOCK (98.3%)
Capital Goods (18.2%)
60,700 International Business Machines
Corp........................... $5,827
26,300 Boeing Co.......................... 1,647
8,100 Xerox Corp......................... 950
14,424 Lockheed Martin Corp............... 911
10,900 United Technologies Corp........... 852
6,900 ITT Corp........................... 811
17,700 Rockwell International Corp........ 810
9,800 Raytheon Co........................ 761
50,600 Westinghouse Electric Corp......... 740
8,900 McDonnell Douglas Corp............. 683
11,700 #DSC Communications Corp............ 544
11,300 #Compaq Computer Corp............... 513
9,900 Loral Corp......................... 512
11,800 #Digital Equipment Corp............. 481
9,900 Honeywell Inc...................... 427
11,500 Advanced Micro Devices Inc......... 418
10,100 Sherwin Williams Co................ 360
6,500 Northrop Corp...................... 339
5,900 Tyco Labs Inc...................... 319
3,900 Alco Standard Corp................. 312
19,000 #Tandem Computers Inc............... 306
4,800 Grainger W W Inc................... 282
7,650 Parker Hannifin Corp............... 277
5,300 Harris Corp........................ 274
24,900 #Unisys Corp........................ 271
3,600 Dover Corp......................... 262
11,800 Scientific Atlanta Inc............. 260
11,300 Pall Corp.......................... 251
6,300 Raychem Corp....................... 242
5,300 General Dynamics Corp.............. 235
5,300 Autodesk Inc....................... 228
4,000 #Computer Sciences Corp............. 227
4,000 Micron Technology Inc.............. 219
6,100 Perkin Elmer Corp.................. 216
5,800 #Owens Corning Fiberglas Corp....... 214
3,600 #Andrew Corp........................ 208
4,100 Tektronix Inc...................... 202
3,500 Johnson Controls Inc............... 198
8,700 Moore Ltd.......................... 192
3,900 Timken Co.......................... 180
4,800 #Ceridian Corp...................... 177
4,400 Avery Dennison Corp................ 176
11,140 #Navistar International Corp........ 168
2,500 #FMC Corp........................... 168
4,200 Trinova Corp....................... 147
3,400 General Signal Corp................ 135
5,000 Cincinnati Milacron Inc............ 135
5,000 Teledyne Inc....................... 122
3,200 Crane Co........................... 116
6,400 EG & G Inc......................... 107
5,200 Giddings & Lewis Inc............... 93
2,400 Briggs & Stratton Corp............. 83
2,300 Harnischfeger Industries Inc....... 80
Number Value
of Shares Security (000's)
3,200 #Cray Research Inc.................. $78
1,100 Thomas & Betts Corp................ 75
8,800 #Zenith Electronics Corp............ 65
2,800 Harland John H Co.................. 64
7,200 Morrison Knudsen Corp.............. 49
4,900 #Data General Corp.................. 47
3,600 #Intergraph Corp.................... 40
1,800 Skyline Corp....................... 33
1,900 #M A Communications Inc............. 22
1,100 Zurn Industries Inc................ 22
25,162
Consumer Durables (2.5%)
5,100 TRW Inc............................ 407
13,700 Dana Corp.......................... 392
6,500 Eaton Corp......................... 378
9,000 Genuine Parts Co................... 341
11,300 Cooper Tire & Rubber Co............ 275
8,600 Black & Decker Corp................ 265
7,100 Echlin Inc......................... 247
4,900 Armstrong World Industries Inc..... 246
5,230 Paccar Inc......................... 244
4,600 Cummins Engine Inc................. 201
2,900 Goodrich B F Co.................... 156
3,900 Stanley Works...................... 148
3,200 Snap On Inc........................ 124
3,200 Outboard Marine Corp............... 63
2,000 Bassett Furniture Industries Inc... 56
700 SPX Corp........................... 8
3,551
Consumer Miscellaneous (0.3%)
11,000 Service Corp International......... 348
2,400 #National Ed Corp................... 13
361
Consumer Non-Durables (23.5%)
43,500 Eastman Kodak Co................... 2,637
33,100 Lilly Eli & Co..................... 2,598
54,800 Columbia/HCA Healthcare Corp....... 2,370
49,200 Schering Plough Corp............... 2,171
21,700 Philip Morris Cos Inc.............. 1,614
11,700 Unilever N V ADR................... 1,522
68,228 Archer Daniels Midland Co.......... 1,271
10,700 Capital Cities ABC Inc............. 1,156
27,800 ConAgra Inc........................ 970
24,700 Upjohn Co.......................... 936
31,100 Lowes Cos Inc...................... 929
17,300 Heinz H J Co....................... 768
10,000 CPC International Inc.............. 618
13,289 #Viacom Inc Cl B.................... 616
8,690 CBS Inc............................ 582
18,600 American Stores Co................. 523
15,800 Quaker Oats Co..................... 519
9,000 V F Corp........................... 484
10,700 Pioneer Hi Bred International...... 449
See notes to financial statements
<PAGE>
U.S. LARGE STOCK FUND
Schedule of Investments at June 30, 1995 - Unaudited
Number Value
of Shares Security (000's)
8,400 Ralston Purina Co.................. $428
8,200 Premark International Inc.......... 425
9,900 Harcourt General Inc............... 418
7,100 Winn Dixie Stores Inc.............. 410
15,000 #Kroger Co.......................... 403
8,000 International Flavors &
Fragrances Inc................. 398
24,600 #Tenet Healthcare Corp.............. 354
14,800 New York Times Co. Cl A............ 348
5,100 Avon Products Inc.................. 342
4,100 McGraw Hill Inc.................... 311
20,100 Woolworth Corp..................... 304
9,800 American Greetings Corp Cl A....... 288
5,200 Hershey Foods Corp................. 287
13,300 Liz Claiborne Inc.................. 283
10,800 Rite Aid Corp...................... 277
5,900 Mercantile Stores Inc.............. 274
8,000 Melville Corp...................... 274
6,700 Polaroid Corp...................... 273
4,600 Becton Dickinson & Co.............. 268
15,400 Brunswick Corp..................... 262
14,500 #Biomet Inc......................... 225
3,400 Clorox Co.......................... 222
3,700 Knight Ridder Inc.................. 210
9,700 United States Surgical Corp........ 203
6,600 Giant Food Inc Cl A................ 187
4,600 #King World Productions Inc......... 186
6,200 Supervalu Inc...................... 181
5,000 U S Healthcare Inc................. 153
5,100 Russell Corp....................... 147
5,500 Great Atlantic & Pacific Tea Inc... 145
10,200 Brunos Inc......................... 119
5,500 Jostens Inc........................ 117
3,400 National Service Industries Inc.... 98
2,900 Brown Forman Corp Cl B............. 97
8,400 Stride Rite Corp................... 87
3,100 Fleming Cos Inc.................... 82
4,900 Coors Adolph Co Cl B............... 80
6,600 #Shoneys Inc........................ 78
1,900 Springs Industries Inc............. 71
3,300 Lubys Cafeterias Inc............... 66
5,900 Community Psychiatric Centers...... 66
1,800 Alberto Culver Co Cl B............. 54
3,900 #Bally Entertainment Corp........... 48
4,700 Handleman Co....................... 45
1,100 Longs Drug Stores Corp............. 41
1,700 Brown Group Inc.................... 39
4,800 #Ryans Family Steak Houses Inc...... 38
1,200 Meredith Corp...................... 30
600 Oshkosh B'Gosh Inc Cl A............ 10
1,600 #Hartmarx Corp...................... 8
32,493
Number Value
of Shares Security (000's)
Energy (20.3%)
84,300 Exxon Corp......................... $5,954
37,800 Royal Dutch Petroleum Co ADR....... 4,607
26,800 Mobil Corp......................... 2,573
35,600 Amoco Corp......................... 2,372
46,900 Chevron Corp....................... 2,187
29,400 Schlumberger Ltd................... 1,826
11,600 Atlantic Richfield Co.............. 1,273
19,300 Texaco Inc......................... 1,267
33,400 Phillips Petroleum Co.............. 1,115
41,500 Occidental Petroleum Corp.......... 949
16,900 Burlington Resources Inc........... 623
14,384 Williams Cos Inc................... 502
13,300 Halliburton Co..................... 475
14,600 Sun Inc............................ 400
16,400 Baker Hughes Inc................... 336
4,400 Kerr McGee Corp.................... 236
16,000 #Oryx Energy Co..................... 220
5,000 Louisiana Land & Exploration....... 199
5,500 Ashland Inc........................ 193
3,900 Amerada Hess Corp.................. 191
6,800 McDermott International Inc........ 164
3,400 Pennzoil Co........................ 160
3,100 Helmerich & Payne Inc.............. 91
11,200 #Rowan Cos Inc...................... 91
1,000 Nacco Industries Inc Cl A.......... 60
900 Eastern Enterprises................ 27
28,091
Financial (5.0%)
5,500 General Re Corp.................... 736
21,000 Keycorp............................ 659
17,300 American General Corp.............. 584
6,000 Marsh & McLennan Cos Inc........... 487
12,100 Wachovia Corp...................... 433
8,800 Unum Corp.......................... 412
15,800 U.S. Bancorp....................... 380
11,600 NBD Bancorp Inc.................... 371
11,700 National City Corp................. 344
7,800 Lincoln National Corp.............. 341
8,100 Torchmark Corp..................... 306
5,800 St Paul Cos Inc.................... 286
7,900 Boatmens Bancshares Inc............ 278
4,700 Transamerica Corp.................. 274
6,050 Mellon Bank Corp................... 252
4,200 Safeco Corp........................ 241
4,400 Jefferson Pilot Corp............... 241
4,000 Beneficial Corp.................... 176
5,000 Alexander & Alexander
Services Inc................... 119
See notes to financial statements
<PAGE>
U.S. LARGE STOCK FUND
Schedule of Investments at June 30, 1995 - Unaudited
Number Value
of Shares Security (000's)
1,100 USLIFE Corp........................ $44
6,965
Intermediate Goods & Services (8.3%)
33,200 Minnesota Mining &
Manufacturing Co............... 1,901
43,900 Barrick Gold Corp.................. 1,108
33,800 Placer Dome Inc.................... 883
9,600 Monsanto Co........................ 865
15,200 Dun & Bradstreet Corp.............. 798
13,300 Kimberly Clark Corp................ 796
8,400 Dow Chemical Co.................... 604
13,490 Newmont Mining Corp................ 565
25,300 Homestake Mining Co................ 417
7,800 #Crown Cork & Seal Inc.............. 391
6,600 Rohm & Haas Co..................... 362
7,200 Hercules Inc....................... 351
8,900 Interpublic Group Cos Inc.......... 334
6,500 Sigma Aldrich Corp................. 319
13,800 Worthington Industries Inc......... 282
10,000 James River Corp................... 276
24,300 Echo Bay Mines Ltd................. 219
5,000 Boise Cascade Corp................. 203
8,100 Ecolab Inc......................... 199
5,800 Deluxe Corp........................ 192
6,700 Safety Kleen Corp.................. 108
3,000 Ball Corp.......................... 105
2,600 Shared Medical Systems Corp........ 104
11,200 #Armco Inc.......................... 76
11,100 #Rollins Environmental Services
Inc............................ 53
1,500 First Mississippi Corp............. 51
11,562
Miscellaneous Industrials (1.4%)
22,900 Tenneco Inc........................ 1,053
6,000 Textron Inc........................ 349
11,400 Dial Corp.......................... 282
3,700 Millipore Corp..................... 250
1,934
Public Utilities (18.4%)
74,300 GTE Corp........................... 2,536
38,700 Bellsouth Corp..................... 2,457
36,000 Bell Atlantic Corp................. 2,016
42,800 Ameritech Corp..................... 1,883
36,800 U S West Inc....................... 1,532
32,300 NYNEX Corp......................... 1,300
30,400 Enron Corp......................... 1,068
44,100 Southern Co........................ 987
28,500 Pacific Gas & Electric Co.......... 827
Number Value
of Shares Security (000's)
15,300 Duke Power Co...................... $635
17,200 Texas Utilities Co................. 591
15,700 Sprint Corp........................ 528
13,200 Dominion Resources Inc............. 482
13,700 American Electric Power Inc........ 481
17,300 Public Service Enterprise Group.... 480
12,400 FPL Group Inc...................... 479
27,900 SCEcorp............................ 478
16,000 Consolidated Edison Co............. 472
18,800 Entergy Corp New................... 454
16,000 PECO Energy........................ 442
14,100 Coastal Corp....................... 428
16,100 Panhandle Eastern Corp............. 392
14,500 Unicom Corp........................ 386
12,200 Sonat Inc.......................... 372
8,800 Houston Industries Inc............. 371
19,400 Pacificorp......................... 364
11,800 Carolina Power & Light Co.......... 357
12,800 Central & South West Corp.......... 336
10,200 Detroit Edison Co.................. 298
7,700 Union Electric Co.................. 287
10,800 Baltimore Gas & Electric Co........ 270
9,800 Pacific Enterprises................ 240
10,400 Ohio Edison Co..................... 235
4,600 Northern States Power Co........... 212
6,300 #Columbia Gas Systems Inc........... 200
9,800 Niagara Mohawk Power Corp.......... 145
19,000 Noram Energy Corp.................. 124
3,700 Nicor Inc.......................... 99
3,785 Cinergy Corp....................... 99
2,800 Peoples Energy Corp................ 72
2,500 Oneok Inc.......................... 53
25,468
Transportation (0.4%)
13,100 Whitman Corp....................... 254
5,000 Consolidated Freightways Inc....... 111
6,800 #USAir Group Inc.................... 79
3,600 Yellow Corp........................ 65
509
Total Common Stock
(Cost $118,741)................ 136,096
Principal
Amount
(000's)
U.S. GOVERNMENT
SECURITIES (0.8%)
(Cost $1,180)
$1,180 *U.S. Treasury Bills
5.590% Due 10/19/95............ 1,180
See notes to financial statements
<PAGE>
U.S. LARGE STOCK FUND
Schedule of Investments at June 30, 1995 - Unaudited
Principal
Amount Value
(000's) Security (000's)
EURODOLLAR
DEPOSITS (0.5%)
(Cost $668)
$668 Societe Generale
6.100% Due 7/3/95.............. $668
Total Investments (99.6%)
(Cost $120,589)................ 137,944
Other Assets in Excess of
Liabilities (0.4%)............. 523
Total Net Assets (100.0%).......... $138,467
Number of Unrealized
Contracts Depreciation
FUTURES PURCHASED
(Aggregate futures amount $1,094)
4 S & P 500 Futures 6/95............. 3
<FN>
# Non-income producing security
* Security pledged for futures purchased.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
U.S. LARGE STOCK FUND
Statement of Assets and Liabilities at June 30, 1995 - Unaudited
<S> <C>
Assets:
Investments at value (Cost $120,588,802).............$137,943,576
Cash................................................. 956
Receivable for shares of beneficial interest sold.... 251,394
Dividends and interest receivable.................... 314,357
Deferred organizational expense
(Net of accumulated amortization of $31,407)...... 43,465
Prepaid expenses..................................... 8,234
138,561,982
Liabilities:
Payable for management fee........................... 32,000
Payable for shareholder servicing and administration
Note 2.......................................... 22,536
Accrued expenses..................................... 37,780
Payable for variation margin......................... 2,600
94,916
Net Assets...........................................$138,467,066
Net Assets Represented by:
Shares of beneficial intere..........................$ 23,228
Paid-in surplus...................................... 118,649,996
Undistributed net investment income.................. 1,718,375
Undistributed realized gains on investments
and futures..................................... 724,023
Net unrealized depreciation on investments and
futures......................................... 17,351,444
Net Assets applied to 23,228,094 shares of beneficial
interest issued and outstanding with $0.001 per
value (authorized shares unlimited).............$138,467,066
Unrealized Appreciation\(Depreciation)*
Gross appreciation.............................. 18,880,208
Gross depreciation............................. (1,528,764)
Net unrealized appreciation.......................... 17,351,444
Net asset value, offering and redemption price per share
as of the close of business on June 30, 1995.... $5.96
<FN>
* Based on cost of securities for Federal Income tax purposes.
</FN>
</TABLE>
See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
U.S. LARGE STOCK FUND
Statement of Operations for the Six Months Ended June 30, 1995-Unaudited
<S> <C> <C>
Investment Income:
Dividends............................................. $1,953,751
Interest.............................................. 57,090
$2,010,841
Expenses:
Investment advisory fee - Note 2...................... 193,000
Shareholder service and administration................ 123,151
Custodian and transfer agent fees..................... 56,965
Professional fees..................................... 31,050
Registration fees..................................... 23,000
Organization costs.................................... 7,000
Shareholder reports................................... 4,000
Trustees' fees and expenses........................... 3,000
441,166
Net Investment Income..................................... 1,569,675
Net Realized Gain on Investments and Futures............... 1,088,021
Net Change in Unrealized Gain on Investments and Futures... 17,549,384
Net Increase in Net Assets Resulting from Operations...... $20,207,080
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets
<S> <C> <C>
Six Months Year
Ended Ended
6/30/95* 12/31/94
Operations:
Net investment income.............................................. $1,569,675 $2,321,731
Net realized gain/(loss) on investments and futures................ 1,088,021 (276,677)
Net change in unrealized gain on investments and futures........... 17,549,384 (1,653,187)
Net increase in net assets resulting from operations............... 20,207,080 391,867
Distributions to Shareholders:
From net investment income......................................... 0 (2,208,421)
From capital gains................................................. 0 (124,250)
Net Decrease due to Distributions.................................. 0 (2,332,671)
Transactions in Shares of Beneficial Interest - Note 4
Shares sold........................................................ 24,726,457 47,319,085
Distributions reinvested........................................... 0 2,302,950
Shares redeemed.................................................... (13,316,110) (7,676,129)
Transactions in shares of beneficial interest - Note 4............. 11,410,347 41,945,906
Total Increase in Net Assets....................................... 31,617,427 40,005,102
Net assets beginning of period..................................... 106,849,639 66,844,537
Net assets end of period (including undistributed net investment
income of $1,718,375 and $148,699)............................. $138,467,066 $106,849,639
<FN>
* Unaudited
</FN>
</TABLE>
See notes to financial statements
<PAGE>
U.S. LARGE STOCK FUND
Notes to Financial Statements
NOTE 1 -- Organization and Accounting Policies: U.S. Large Stock
Fund (the "Fund") is registered under the Investment Company Act
of 1940 (the "Act"), as amended, as a diversified, open-end
management company. The following is a summary of significant
accounting policies followed by the Fund in the preparation of
its financial statements. These policies are in conformity with
generally accepted accounting principles.
Portfolio Valuation: Portfolio securities listed or admitted to
trading on a national securities exchange are valued at the last
sale price, on such exchange, as of the close of regular trading
on the New York Stock Exchange on the day the valuation is made.
Unlisted securities and listed securities for which there are no
sales reported on the valuation date are valued at the mean
between the most recent bid and asked prices. Short-term debt
securities are valued at amortized cost, which has been
determined by the Funds Board of Trustees to represent fair
value. If other securities and assets for which market
quotations are not readily available are held by the Fund, they
are valued at their fair value as determined, in good faith, by
the Fund's Valuation Committee as authorized by the Fund's Board
of Trustees.
Securities Transactions and Investment Income: Securities
transactions are recorded on a trade date basis. Realized gains
and losses from securities transactions are recorded on the
identified cost basis. Dividend income is recognized on the
ex-dividend date and interest income is recognized on the accrual
basis.
Distributions to Shareholders: Distributions are recorded on the
ex-dividend date. Dividends from net investment income are
declared and paid at least annually. Distributions from capital
gains are declared by December 31 of the year in which they are
earned and are paid by January 31 of the following year. To the
extent that net realized capital gains can be offset by capital
loss carryovers, if any, it is the policy of the Fund not to
distribute such gains.
Federal Income Taxes: The Fund's policy is to comply with the
requirements of the Internal Revenue Code that are applicable to
regulated investment companies and to distribute all of its
taxable income to its shareholders. No federal income tax or
excise tax provision is required.
Deferred Cost: Organizational and initial offering expenses paid
by the Fund are amortized on a straight-line basis over a
sixty-month period.
Futures: A futures contract is an agreement between two parties
to buy and sell a security at a set price on a future date. Upon
entering into such a contract, a Fund is required to pledge to
the broker an amount of cash and/or securities equal to the
minimum "initial margin" requirements of the exchange. Pursuant
to the contract, the Fund agrees to receive from, or pay to the
broker, an amount of cash equal to the daily fluctuation in value
of the contract. Such a receipt or payment is known as a
"variation margin" and is recorded by the Fund as an unrealized
gain or loss. When the contract is closed, the Fund records a
realized gain or loss equal to the difference between the value
of the contract at the time it was opened and the value at the
time it was closed. The Fund is also required to fully
collateralize futures contracts purchased. The Fund only enters
into futures contracts which are traded on exchanges.
Financial Risks: The Fund may enter into futures contracts to
protect against adverse movements in the price of securities in
the investment portfolio. Certain risks are associated with the
use of futures. The predominant risk is that the movement in
price of the instrument underlying the future may not correlate
perfectly with the movement of the price of the asset being
hedged.
NOTE 2 -- Investment Advisory Fee and Other Transactions with
Affiliates: The investment advisory fee is earned by Weiss, Peck
& Greer, L.L.C. ("WPG"). Under the terms of the investment
advisory agreement, the advisory fee is calculated at the
following rates: 0.31% of the Fund's average daily net assets not
exceeding $200 million, 0.26% in excess of $200 million up to
$500 million, 0.24% in excess of $500 million up to $1billion,
0.22% of such assets in excess of $2 billion, and 0.20% in excess
of $2 billion. Such fees are paid monthly. WPG has agreed to
limit the Fund's total operating expenses to 0.77% or less
(determined by average net assets).
In addition, the Fund has entered into an Administration
Agreement with WPG whereby WPG receives a monthly fee equal to
0.09% on an annualized basis while average daily net assets
exceed $150 million, for administrative services provided.
<PAGE>
U.S. LARGE STOCK FUND
Notes to Financial Statements - continued
Reinhardt Werba Bowen Advisory Services ("RWB") receives an asset
allocation fee up to 2% annually of assets from shareholders (not
a Fund expense) participating in their Strategic Asset Money
Management program. RWB will receive a fee from the Fund for
shareholder servicing functions provided, equal to 0.15% of the
net assets while net assets are less than $75 million and 0.20%
thereafter. Certain transactions and service charges may also be
imposed by institutions serving as financial intermediaries in
the purchase and custody of Fund shares held. No part of these
fees is received by the Fund or the Adviser.
Certain officers and Trustees of the Fund are "affiliated
persons", as defined in the Act, of WPG.
NOTE 3 -- Securities Transactions: During the six months ended
June 30, 1995, sales proceeds, cost of securities sold and
purchases of securities (other than short-term investments and
options written), aggregated $3,502,178, $2,499,865 and
$14,714,432. Brokerage commissions on the above transactions
amounted to $14,121, all of which was received by WPG. These
amounts do not include profits earned in connection with the
execution of principal transactions, none of which was received
by WPG.
NOTE 4 -- Transactions in Shares of Beneficial Interest:
Transactions in the Fund's Shares of Beneficial Interest were as
follows (000's omitted):
<TABLE>
<S> <C>
Six Months Ended
June 30, 1995
Shares sold........................ 4,466
Shares redeemed.................... (2,384)
Net increase....................... 2,082
</TABLE>
<PAGE>
U.S. LARGE STOCK FUND
<TABLE>
<CAPTION>
Financial Highlights
<S> <C> <C> <C> <C> <C> <C>
Six
Months Year Period
Ended Ended Ended
6/30/95 12/31/94 12/31/93*
Per Share Data:
Net Asset Value at Beginning of Period.............. $5.05 $5.16 $5.00
Net Investment Income............................ $0.07 $0.14 $0.06
Net Realized and Unrealized Gain/(Loss)
on Investments................................ 0.84 (0.14) 0.20
Total Income from Operations........................ 0.91 0.00 0.26
Dividends from Net Investment Income............. 0.00 (0.11) (0.06)
Distributions from Capital Gains................. 0.00 0.00 (0.04)
Total Distributions................................. 0.00 (0.11) (0.10)
Net Asset Value End of Period....................... $5.96 $5.05 $5.16
Total return.......................................... 18.02% 0.06% 5.09%
Net assets (000's).................................... $138,467 $106,850 $66,845
Ratios:
Ratio of Expenses to Average Net Assets........... 0.71%(A) 0.75%# 0.77%#(A)
Ratio of Net Income to Average Net Assets......... 2.52%(A) 2.65%# 2.54%#(A)
Portfolio Turnover Rate........................... 5.7%(A) 36.2% 72.8%
<FN>
* From inception of Fund 6/8/93.
(A) Annualized
# The Advisor agreed not to impose its full fee from inception
through December 31, 1994. Had the Advisor not so agreed, the
ratio of expenses and net investment income to average net assets
would have been 0.98% and 2.33% for the period ended 12/31/93 and
0.79% and 2.61% for the year ended 12/31/94, respectively.
</FN>
</TABLE>
<PAGE>
U.S. LARGE
STOCK FUND
SEMI-ANNUAL REPORT
JUNE 30, 1995
(Unaudited)
REINHARDT WERBA BOWEN
1190 Saratoga Avenue
Suite 200
San Jose, CA 95129
(800) FON-SAMM
TRUSTEES
Raymond R. Herrmann, Jr.* William B. Ross*
Thomas J. Hilliard, Jr.* Harvey E. Sampson*
Lawrence J. Israel* Robert A. Straniere*
Graham E. Jones* Alan B. Werba
Paul Meek*
*Member of Audit Committee
OFFICERS
Roger J. Weiss, President, Chairman and Trustee
Jay C. Nadel, Executive Vice President and Secretary
Francis H. Powers, Executive Vice President and Treasurer
Gerald Murphy, Vice President
Joseph N. Pappo, Vice President
Joseph J. Reardon, Vice President
Nelson Schaenen, Jr., Vice President
INVESTMENT ADVISER
Weiss, Peck & Greer, L.L.C.
One New York Plaza
New York, NY 10004
CUSTODIAN
Boston Safe Deposit and Trust Company
One Exchange Place
Boston, MA 02109
DIVIDEND DISBURSING AND
TRANSFER AGENT
The Shareholder Services Group, Inc.
P.O. Box 9037
Boston, MA 02205
LEGAL COUNSEL
Hale and Dorr
60 State Street
Boston, MA 02109
