___________________________________
RWB/WPG
U.S. LARGE
STOCK FUND
(formerly U.S. Large Stock Fund)
___________________________________
SEMI-ANNUAL REPORT
JUNE 30, 1996
(Unaudited)
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<CAPTION>
RWB/WPG US LARGE STOCK FUND
Schedule of Investments at June 30, 1996 - Unaudited
<C> <C><S> <C>
Number Value
of Shares (000)
COMMON STOCKS (98.9%)
Capital Goods (12.0%)
32,900 International Business
Machines Corp....................... $3,257
34,200 Boeing Co .............................. 2,980
30,400 Rockwell International Corp............. 1,740
18,300 Emerson Electric Co. ................... 1,654
31,500 McDonnell Douglas Corp ................. 1,528
55,900 Westinghouse Electric Corp ............. 1,048
18,800 Honeywell Inc. ......................... 1,025
19,000 Raytheon Co ............................ 981
65,900 Novell Inc ............................. 914
31,400 Apple Computer Inc ..................... 659
14,200 Tyco International Ltd ................. 579
7,300 Northrop Corp .......................... 497
19,300 Pall Corp .............................. 466
10,850 Parker Hannifin Corp ................... 460
9,550 Owens Corning Corp ..................... 411
5,400 Raychem Corp ........................... 388
8,100 Dover Corp ............................. 374
10,300 Circuit City Store Inc ................. 372
5,800 General Dynamics Corp .................. 359
4,600 Grainger WW Inc ........................ 357
7,200 ALCO Standard Corp ..................... 326
5,800# Ceridian Corp .......................... 293
4,200 Harris Corp............................. 256
7,000 Teledyne Inc ........................... 253
18,300 # Advanced Micro Devices Inc ............. 249
3,600 # FMC Corp ............................... 235
7,700 Autodesk Inc ........................... 230
6,900 Harnischfeger Industries Inc. .......... 229
4,700 Perkin Elmer Corp....................... 227
4,100 Avery Dennison Corp .................... 225
10,800 Moore Corp Ltd ......................... 204
4,900 General Signal Corp .................... 186
14,900 # Amdahl Corp ............................ 160
21,200 # Unisys Corp ............................ 151
4,300 Trinova Corp ........................... 143
6,400 EG&G Inc ............................... 137
13,440 # Navistar International Corp ............ 133
3,400 Thomas & Betts Corp .................... 128
3,100 Briggs & Stratton Corp ................. 127
5,300 Cincinnati Milacron Inc ................ 127
3,800 Great Atlantic & Pacific Tea Inc ....... 125
9,800 # Intergraph Corp ........................ 119
2,700 Timken Co. ............................. 105
5,200 Giddings & Lewis Inc. .................. 84
2,800 Harland John H. Co. .................... 69
4,900 # Data General Corp ...................... 64
2,200 Zurn Industries Inc. ................... 46
704 # Cray Research Inc ...................... 17
24,697
Number Value
of Shares (000)
Consumer Durables (3.5%)
36,450 Mattel Inc. ............................ $1,043
24,600 Masco Corp ............................. 744
11,600 Eaton Corp ............................. 680
15,300 Cooper Industries Inc. ................. 635
13,200 Black & Decker Corp .................... 510
10,600 Genuine Parts Co ....................... 485
4,800 TRW Inc. ............................... 431
10,600 Echlin Inc. ............................ 402
17,400 Maytag Corp ............................ 363
6,200 Armstrong World Industries Inc ......... 357
7,850 Bausch & Lomb Inc ...................... 334
14,000 Cooper Tire & Rubber Co ................ 312
8,800 Stanley Works .......................... 262
5,700 Cummins Engine Inc ..................... 230
5,200 BF Goodrich Co ......................... 194
3,300 Snap-On Inc ............................ 156
3,200 Outboard Marine Inc. ................... 58
7,196
Consumer Miscellaneous (0.3%)
11,700 Service Corp International ............. 673
Consumer Non-Durables (34.6%)
66,600 Lilly Eli & Co ......................... 4,329
44,200 Bristol-Myers Squibb Co. ............... 3,978
46,700 Eastman Kodak Co ....................... 3,631
55,200 Schering-Plough Corp. .................. 3,464
71,965 Pharmacia & Upjohn Inc ................. 3,193
46,800 American Home Products Corp. ........... 2,814
15,200 Unilever NV ADR ........................ 2,206
55,389 # Viacom Inc. Cl B ....................... 2,153
36,700 Amgen Inc. ............................. 1,982
26,500 Kellogg Co ............................. 1,941
20,800 Anheuser- Busch Cos Inc. ............... 1,560
49,950 Heinz H J Co ........................... 1,517
33,500 May Department Stores Co ............... 1,466
76,219 Archer Daniels Midland Co .............. 1,458
24,600 Warner Lambert Co ...................... 1,353
21,000 US Healthcare Inc ...................... 1,155
17,900 Ralston Purina Co ...................... 1,148
25,100 Conagra Inc............................. 1,139
23,600 # Boston Scientific Corp ................. 1,062
30,750 UST Inc. ............................... 1,053
16,579 Walt Disney Co ......................... 1,042
11,900 Colgate- Palmolive Co .................. 1,009
14,000 CPC International Inc. ................. 1,008
28,650 Gap Inc. ............................... 920
8,200 Dayton Hudson Corp ..................... 846
11,700 Gannet Inc ............................. 828
15,000 General Mills Inc ...................... 818
9,400 # Federal Express Corp. .................. 771
11,700 Great Lakes Chemical Corp. ............. 728
See notes to financial statements
<PAGE>
RWB/WPG US LARGE STOCK FUND
Schedule of Investments at June 30, 1996 - Unaudited (continued)
Number Value
of Shares (000)
13,700 Pioneer Hi Bred International .......... $724
17,800 # Kroger Co .............................. 703
20,200 Quaker Oats Co ........................ 689
28,200 Tenet Healthcare Corp .................. 603
46,400 K Mart Stores Corp...................... 574
30,600 # Humana Inc ............................. 547
11,100 International Flavors &
Fragrances Inc ..................... 529
14,500 Winn Dixie Stores Inc .................. 513
11,900 American Stores Co .................... 491
22,802 The Limited Inc ........................ 490
9,700 Harcourt General Inc. .................. 485
13,200 Dillard Department Stores Inc........... 482
10,200 Avon Products Inc ...................... 460
14,000 New York Times Co Cl A ................. 457
9,200 Tandy Corp ............................. 436
5,400 Becton Dickinson & Co. ................. 433
5,900 Hershey Foods Corp ..................... 433
14,300 Rite Aid Corp. ......................... 425
12,400 # St. Jude Medical Inc. .................. 415
11,675 Sysco Corp ............................. 400
14,000 USX US Steel Group ..................... 397
9,800 Melville Corp .......................... 397
5,400 Tribune Co. ............................ 392
4,400 Clorox Co. ............................. 390
6,300 VF Corp ................................ 376
8,200 McGraw-Hill Cos Inc .................... 375
24,700 # Biomet Inc. ............................ 355
9,800 Giant Food Inc Cl A .................... 352
8,300 Tupperware Corp ........................ 351
18,700 Wendy's International Inc .............. 348
7,500 Polaroid Corp .......................... 342
8,700 Allergan Inc. .......................... 341
10,100 Reebok International Ltd ............... 340
9,800 Clairborne (Liz) Inc. .................. 339
8,200 Mallinckrodt Group Inc. ................ 319
8,700 Hasbro Inc ............................. 311
13,800 # Woolworth Corp ......................... 311
11,100 American Greetings Corp Cl A ........... 304
4,100 Knight- Ridder Inc ..................... 297
10,200 # ALZA Corp ............................. 279
4,400 Mercantile Stores Inc................... 258
7,700 Supervalu Inc. ......................... 243
6,700 TJX Cos Inc ............................ 226
6,500 United States Surgical Corp ............ 201
7,800 # Fruit of the Loom Inc Cl A.............. 199
5,200 # King World Productions Inc ............. 189
5,680 Payless ShoeSource Inc ................. 180
9,300 Premark International Inc............... 172
11,400 Fleming Cos Inc ........................ 164
3,900 Brown-Forman Corp Class B .............. 156
5,400 Russell Corp ........................... 149
2,800 Springs Industries Inc ................. 141
3,400 National Services Industries Inc ....... 133
Number Value
of Shares (000)
6,672 Jostens Inc ............................ $132
4,500 # Bally Entertainment Corp ............... 124
2,600 Alberto Culver Co Cl B ................. 121
6,300 Coors Adolph Co Cl B ................... 113
2,600 Meredith Corp .......................... 109
8,000 # Shoney's Inc ........................... 87
9,100 # Community Psychiatric Centers .......... 86
3,300 Luby's Cafeterias Inc. ................. 78
1,600 Longs Drug Stores Corp.................. 71
6,600 Stride Rite Corp ....................... 54
4,800 # Ryan Family Steak Houses Inc ........... 44
5,600 # Charming Shoppes Inc ................... 40
4,700 Handleman Co ........................... 32
1,700 Brown Group Inc ........................ 30
71,309
Energy (19.3%)
105,300 Exxon Corp ............................. 9,148
41,000 Royal Dutch Petroleum Co ADR ........... 6,304
34,800 Mobil Corp. ............................ 3,902
43,300 Amoco Corp ............................. 3,134
51,500 Chevron Corp ........................... 3,039
22,500 Schlumberger Ltd ....................... 1,896
21,600 Texaco Inc ............................. 1,812
14,000 Atlantic Richfield Co................... 1,659
34,100 Phillips Petroleum Co. ................. 1,428
44,400 Occidental Petroleum Corp .............. 1,099
20,700 Burlington Resources Inc ............... 890
15,125 Halliburton Co ......................... 839
23,800 Dresser Industries Inc ................. 702
13,884 Williams Cos Inc ....................... 687
9,500 Amerada Hess Corp. ..................... 509
14,800 Baker Hughes Inc ....................... 487
10,400 Sun Inc ................................ 316
4,700 Kerr McGee Corp ........................ 286
15,100 Oryx Energy Co ......................... 245
4,100 Louisana Land & Exploration Co ......... 236
4,200 Pennzoil Co. ........................... 194
4,900 Ashland Inc ............................ 194
6,800 McDermott International Inc ............ 142
11,800 Santa-Fe Energy Resources .............. 140
3,500 Helmerich & Payne Inc .................. 128
7,100 Rowan Cos .............................. 105
1,500 NACCO Industries Inc Cl A .............. 83
1,700 Eastern Enterprises
Holding Cos ........................ 56
39,660
Financial (5.6%)
29,800 First Data Corp ........................ 2,373
13,600 Fluor Corp ............................. 889
10,300 Loews Corp ............................. 812
16,700 Lincoln National Corp Ltd. ............. 772
10,700 UNUM Corp .............................. 666
See notes to financial statements
<PAGE>
RWB/WPG US LARGE STOCK FUND
Schedule of Investments at June 30, 1996 - Unaudited (continued)
Number Value
of Shares (000)
10,700 First Bank System Inc .................. $621
6,300 Marsh & McLennan Cos Inc................ 608
14,800 U.S. Bancorp ........................... 535
6,100 Transamerica Corp ...................... 499
14,985 Cinergy Corp. .......................... 480
11,500 Boatmen's Bancshares Inc ............... 461
12,900 National City Corp ..................... 453
8,200 St Paul Cos. Inc. ...................... 439
12,300 Safeco Corp ............................ 435
5,300 Republic NY Corp ....................... 330
19,700 USF&G Corp ............................. 323
6,500 Sherwin-Williams Co. ................... 302
5,850 Jefferson- Pilot Corp .................. 302
4,000 Crane Co ............................... 164
2,650 US Life Corp ........................... 87
2,200 Potlach Corp ........................... 86
11,637
Intermediate Goods & Services (11.1%)
36,600 Minnesota Mining &
Manufacturing Co ................... 2,525
26,175 Dow Chemical Co ........................ 1,989
52,900 Barrick Gold Corp ...................... 1,435
41,500 Monsanto Co ............................ 1,349
29,950 Corning Inc ............................ 1,149
15,100 Dun & Bradstreet Corp .................. 944
12,700 WR Grace & Co .......................... 900
36,100 Placer Dome Inc ADR .................... 862
17,100 PPG Industries Inc. .................... 834
11,300 Phelps Dodge Corp ...................... 705
20,100 Inco Ltd ............................... 648
13,200 Crown Cork & Seal Inc .................. 594
11,290 Newmont Mining Corp .................... 557
21,900 Engelhard Corp ......................... 504
9,400 Reynolds Metals Co ..................... 490
11,700 Dow Jones & Co Inc ..................... 488
7,400 Rohm & Haas Co ......................... 464
9,800 Interpublic Group of Cos Inc ........... 459
8,200 Nucor Corp ............................. 415
15,600 James River Corp ...................... 411
8,650 Temple Inland Inc ...................... 404
17,200 Cyprus Amax Minerals Co. ............... 389
7,200 Sigma Aldrich Corp ..................... 385
9,981 International Paper Co. ................ 368
32,500 Laidlaw Inc Cl B ...................... 329
18,900 Homestake Mining Co .................... 324
15,000 Worthington Industries Inc ............. 313
5,700 Union Camp Corp ........................ 278
6,800 Boise Cascade Corp ..................... 249
7,000 Deluxe Corp ............................ 249
7,650 Westvaco Corp .......................... 229
6,100 Nalco Chemical Co ...................... 192
9,600 Inland Steel Industries Inc ............ 188
Number Value
of Shares (000)
2,600 Shared Medical Systems Corp ............ $167
4,900 Ecolab Inc ............................. 162
8,700 Ogden Corp ............................. 158
14,500 Echo Bay Mines Ltd ..................... 156
11,300 Stone Container Corp ................... 155
7,400 Safety Kleen Corp ...................... 130
4,400 Ball Corp .............................. 122
15,900 # Armco Inc .............................. 80
22,749
Miscellaneous Industrials (0.6%)
7,100 Textron Inc ............................ 567
14,400 Dial Corp .............................. 412
6,400 Millipore Corp ......................... 268
1,247
Public Utilities (11.4%)
86,800 GTE Corp................................ 3,884
38,800 Enron Corp ............................. 1,586
62,700 Southern Co ............................ 1,544
42,200 US West Inc ............................ 1,345
31,300 Sprint Corp ............................ 1,315
18,700 Duke Power Co .......................... 958
38,000 Pacific Gas & Electric Co. ............. 884
20,100 Texas Utilities Co ..................... 859
17,700 FPL Group Inc. ......................... 814
40,500 Edison International ................... 714
16,200 American Electric Power Co ............. 690
17,000 Dominion Resources Inc ................. 680
14,900 Coastal Corp ........................... 622
21,500 Entergy Corp ........................... 610
19,600 ALLTEL Corp ............................ 603
24,300 Houston Industries Inc ................. 598
18,600 Central & South West Corp .............. 539
11,200 Sonat Inc. ............................. 504
8,800 Consolidated National Gas Co ........... 460
15,000 Pacific Enterprises .................... 444
10,000 Union Electric Co ...................... 403
7,500 Columbia Gas System Inc ................ 391
11,000 General Public Utilities Corp .......... 388
16,300 PP & L Resources Inc ................... 385
12,700 Public Service Enterprises ............. 348
15,500 Ohio Edison Co ......................... 339
6,400 Northern States Power .................. 316
33,300 Niagara Mohawk Power Corp............... 258
6,700 Bemis Inc .............................. 235
19,300 # Bethlehem Steel Corp. .................. 229
8,400 Enserch Corp ........................... 183
15,400 Noram Energy Corp. ..................... 167
3,700 Nicor Inc. ............................. 105
4,000 Oneok Inc. ............................. 100
23,500
See notes to financial statements
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RWB/WPG US LARGE STOCK FUND
Schedule of Investments at June 30, 1996 - Unaudited (continued)
Number Value
of Shares (000)
Transportation (0.5%)
15,200 Whitman Corp ........................... $367
8,500 Caliber Systems Inc .................... 289
7,400 Consolidated Freightways Inc ........... 156
6,800 # US Air Group Inc ....................... 122
5,500 # Yellow Corp ............................ 73
1,007
Total Common Stock
(Cost $167,643)..................... 203,675
Principal
Amount
(000's)
U.S. GOVERNMENT
OBLIGATION (0.9%)
(Cost $1,802)
$1,830 * US Treasury Bill Due 10/17/96........... 1,802
Total Investments (99.8%)
(Cost $169,445)..................... 205,477
Other Assets in Excess
of Liabilities (0.2%)............... 331
Total Nets Assets(100.0%)......... $205,808
Number of Unrealized
Contracts Appreciation
FUTURES PURCHASED
(Aggregate futures amount $1,692)
5 September S&P 500 Futures 22
<FN>
# Non-income producing security.
* Security pledged for futures purchased.
</FN>
</TABLE>
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<TABLE>
<CAPTION>
RWB/WPG U.S. LARGE STOCK FUND
Statement of Assets and Liabilities at June 30, 1996 (Unaudited)
<S> <C>
Assets:
Investments at value (Cost $169,444,732).............................. $ 205,476,884
Cash.................................................................. 27,915
Receivable for Fund shares sold....................................... 175,298
Dividends and interest receivable..................................... 259,312
Receivable for variation margin....................................... 9,375
Deferred organizational expense (Net of accumulated amortization
of $38,407)...................................................... 28,465
Prepaid expenses...................................................... 4,957
205,982,206
Liabilities:
Payable for management fee............................................ 44,146
Payable for shareholder servicing fee Note 2.......................... 22,732
Accrued expenses...................................................... 104,536
Payable for Fund shares redeemed...................................... 2,801
174,215
Net Assets............................................................ $ 205,807,991
Net Assets Represented by:
Shares of beneficial interest, at par................................. $ 29,311
Paid-in surplus....................................................... 157,044,777
Undistributed net investment income................................... 2,059,300
Undistributed realized gains on investments and futures............... 10,619,969
Net unrealized appreciation on investments and futures................ 36,054,634
Net Assets applied to 29,310,781 shares of beneficial interest
issued and outstanding with $0.001 par value
(authorized shares unlimited).................................... $ 205,807,991
Unrealized Appreciation\(Depreciation)*
Gross appreciation................................................ 39,084,050
Gross depreciation................................................ (3,029,416)
Net unrealized appreciation........................................... 36,054,634
Net asset value, offering and redemption price per share
as of the close of business on June 30, 1996...................... $ 7.02
<FN>
* Based on cost of securities for Federal Income tax purposes.
</FN>
</TABLE>
See notes to financial statements
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<CAPTION>
RWB/WPG U.S. LARGE STOCK FUND
Statement of Operations for the Six Months Ended June 30, 1996 (Unaudited)
<S> <C> <C>
Investment Income:
Dividends.............................................................. $ 2,360,180
Interest............................................................... 148,673
$ 2,508,853
Expenses:
Investment advisory fee - Note 2....................................... 279,532
Shareholder service fee................................................ 165,008
Adminstration fee...................................................... 42,225
Custodian fees and expenses............................................ 39,409
Professional fees...................................................... 35,286
Fund accounting fees and expenses...................................... 33,000
Registration fees...................................................... 27,000
Transfer agent fee and expenses........................................ 25,000
Shareholder reports.................................................... 18,500
Trustees' fees and expenses............................................ 12,000
Amortization of organization costs..................................... 7,000
Miscellaneous.......................................................... 10,300
694,260
Less waiver of fees by adviser......................................... (1,634)
Less waiver of fees by administrator................................... (42,225)
Less expenses paid directly (Note 5)................................... (2,886)
647,515
bNet Investment Income................................................ 1,861,338
Net Realized Gain on Investments and Futures........................... 10,513,646
Net Change in Unrealized Gain on Investments and Futures............... 5,928,341
Net Increase in Net Assets Resulting from Operations................... $ 18,303,325
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets
<S> <C> <C>
Six Months Year
Ended Ended
6/30/96* 12/31/95
Operations:
Net investment income.................................................. $ 1,861,338 $ 3,171,095
Net realized gain on investments and futures........................... 10,513,646 6,718,203
Net change in unrealized gain on investments and futures............... 5,928,341 30,324,234
Net increase in net assets resulting from operations................... 18,303,325 40,213,532
Distributions to Shareholders:
From net investment income............................................. 0 (3,253,286)
From capital gains..................................................... 0 (6,190,497)
Net decrease due to distributions...................................... 0 (9,443,783)
Transactions in Shares of Beneficial Interest - Note 4
Shares sold............................................................ 40,948,808 53,560,522
Distributions reinvested............................................... 0 9,021,345
Shares redeemed........................................................ (27,605,401) (26,039,996)
Net increase from fund share transactions.............................. 13,343,407 36,541,871
Total Increase in Net Assets........................................... 31,646,732 67,311,620
Net assets beginning of period......................................... 174,161,259 106,849,639
Net assets end of period (including undistributed net investment
income of $2,059,300 and $197,962)................................. $ 205,807,991 $ 174,161,259
<FN>
* Unaudited
</FN>
</TABLE>
See notes to financial statements.
<PAGE>
RWB/WPG U.S. LARGE STOCK FUND
Notes to Financial Statements - Unaudited
NOTE 1 - Organization and Accounting Policies: RWB/WPG 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"). The
terms of the investment advisory agreement was changed on April 1, 1996. For the
period January 1, 1996 through March 31, 1996 the advisory fee schedule was as
follows: 0.31% of the Funds 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 $1 billion, 0.22% of assets in excess of $1 billion up to $2
billion and
<PAGE>
RWB/WPG U.S. LARGE STOCK FUND
Notes to Financial Statements - Unaudited - continued
0.20% in excess of $2 billion. On April 1, 1996 the advisory fee rate for the
first $500 million changed to 0.26% of average net assets. All other rates
remained the same. Such fees are paid monthly. WPG has voluntarily agreed to
limit the Fund's total operating expenses to 0.63% or less as of April 1,
1996 (determined by average net assets).
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. For the period January 1,
1996 through March 31, 1996 RWB was entitled to receive a fee from the Fund for
shareholder servicing functions provided, equal to 0.15% of the net assets while
assets are less than $75 million and 0.20% of net assets thereafter. As of April
1, 1996 RWB is entitled to a fee equal to 0.14% of net assets. 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, 1996,
sales proceeds and cost of securities purchased (other than short-term
investments and options written), amounted to $50,592,002 and $69,587,477,
respectively. Brokerage commissions on the above transactions amounted to
$79,785, 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
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):
Six Months ended
June 30, 1996
(Unaudited)
Shares sold...................... 6,054
Distributions reinvested......... -0-
Shares redeemed.................. (3,979)
Net increase..................... 2,075
Year Ended
December 31, 1995
Shares sold...................... 9,027
Distributions reinvested......... 1,414
Shares redeemed.................. (4,351)
Net increase..................... 6,090
Note 5 - The Fund has entered into an expense offset arrangement with its
custodian wherein it receives credit toward the reduction of custodian fees
whenever there are uninvested cash balances. During the six months ended June
30, 1996, the Funds' custodian fees amounted to $39,409 of which $2,886 was
offset by such credits. The Fund could have invested its cash balances elsewhere
if it had not agreed to a reduction in fees under the expense offset arrangement
with the custodian.
Note 6 - Reclassification of Capital Accounts:
In accordance with the adoption of Statement of Position 93-2 "Determination,
Disclosure and Financial Statement Presentation of Income, Capital Gain and
Return of Capital Distributions by Investment Companies", the Fund reclassified
$74,068 from undistributed net investment income and undistributed net realized
gains to additional paid-in surplus during the year ended 1995.
<PAGE>
<TABLE>
<CAPTION>
RWB/WPG U.S. LARGE STOCK FUND
Financial Highlights
<S> <C> <C> <C> <C>
Six
Months Year Year Period
Ended Ended Ended Ended
6/30/96@ 12/31/95 12/31/94 12/31/93*
Per Share Data:
Net Asset Value at Beginning............... $6.39 $5.05 $5.16 $5.00
Net Investment Income................... $0.06 $0.13 $0.14 $0.06
Net Realized and Unrealized
Gain/(Loss) on Investments............ 0.57 1.58 (0.14) 0.20
Total Income from Operations............ 0.63 1.71 0.00 0.26
Dividends from Net Investment Income.... 0.00 (0.13) (0.11) (0.06)
Distributions from Capital Gains........ 0.00 (0.24) 0.00 (0.04)
Total Distributions..................... 0.00 (0.37) (0.11) (0.10)
Net Asset Value End of Period.............. $7.02 $6.39 $5.05 $5.16
Total return............................... 9.86% 33.81% 0.06% 5.09%
Net assets at end of period (000's)........ $205,808 $174,161 $106,850 $66,845
Ratios:
Ratio of Expenses to Average
Net Assets.......................... 0.66%#(A) 0.69%# 0.75%# 0.77%#(A)
Ratio of Net Income to Average
Net Assets.......................... 1.89%#(A) 2.26%# 2.65%# 2.54%#(A)
Portfolio Turnover Rate................ 26.4% (B) 27.1% 36.2% 27.1% (A)
<FN>
@ Unaudited
* From inception of Fund 6/8/93.
(A) Annualized
(B) Not annualized
# The Advisor and Administrator agreed not to impose its full fee from
inception through March 31, 1996. Had the Advisor and Administrator 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, 0.79%
and 2.61% for the year ended 12/31/94, 0.74% and 2.21% for the year ended
12/31/95 and 0.71% and 1.84% for the six months ended June 30, 1996,
respectively. The custody fee earnings credit has an effect of less than
0.01% per share on the above ratios.
</FN>
</TABLE>
See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
RWB/WPG U.S. LARGE STOCK FUND
Total Returns for the Periods Ended June 30, 1996
<S> <C> <C> <C> <C>
Six Average Annual
Quarter Months Year Return since
Ended Ended Ended Inception*
RWB/WPG U.S. Large Stock Fund 3.39% 9.86% 24.56% 15.46%
S&P 500 4.52% 10.22% 26.22% 17.01%
<FN>
* Inception of the Fund was June 8, 1993.
</FN>
</TABLE>
Performance represents historical data. The investment return and principal
value of an investment will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than their original cost. The results of
the Fund and the S&P 500 Stock Index (the "S&P 500") assume the reinvestment
of all capital gain distributions and income dividends. The Fund's past
performance is not indicative of future performance and should be considered
in light of its investment policy and objectives, the characteristics and
quality of its portfolio securities, and the periods selected. The S&P 500 is
a broad based measurement of changes in stock market conditions based on the
average performance of 500 widely held common stocks. The S&P 500 represents
an unmanaged group of securities.
See notes to financial statements
<PAGE>
RWB/WPG
U.S. LARGE STOCK FUND
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
Joseph J. Reardon, Vice President
Joseph Parascondola, Assistant 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
First Data Investor Services Group
P.O. Box 9037
Boston, MA 02205
LEGAL COUNSEL
Hale and Dorr
60 State Street
Boston, MA 02109
