------------------------------
RWB/WPG
U.S. LARGE
STOCK FUND
(formerly U.S. Large Stock Fund)
-------------------------------
SEMI ANNUAL REPORT
JUNE 30, 1997
(Unaudited)
<PAGE>
RWB/WPG U.S. LARGE STOCK FUND
Schedule of Investments at June 30, 1997 - Unaudited
<TABLE>
<CAPTION>
Number Value
of Shares Security (000's)
- --------- -------- -------
<C> <S> <C>
COMMON STOCKS (99.0%)
BASIC MATERIALS (8.6%)
24,775 Allegheny Teledyne Inc ......................... $ 669
21,600 Aluminum Co.of America ......................... 1,628
53,000 Barrick Gold Corp .............................. 1,166
12,800 Champion International Corp. ................... 707
15,700 Crown Cork & Seal Inc .......................... 839
19,275 Dow Chemical Co ................................ 1,679
12,000 Georgia Pacific Co ............................. 1,025
8,900 Great Lakes Chemical Corp. ..................... 466
14,200 Hercules Inc. .................................. 680
23,200 Inco Ltd ....................................... 698
29,081 International Paper Co. ........................ 1,412
11,600 James River Corp. .............................. 429
41,400 Kimberly-Clark Corp ............................ 2,060
12,200 Nucor Corp ..................................... 689
8,500 Phelps Dodge Corp .............................. 724
32,000 Placer Dome Inc ADR ............................ 524
21,600 Praxair Inc. ................................... 1,210
7,700 Reynolds Metals Co ............................. 549
6,500 Rohm & Haas Co ................................. 585
------
17,739
------
CONSUMER CYCLICALS (11.7%)
6,100 Armstrong World Industries Inc ................... 448
13,600 Black & Decker Corp .............................. 506
9,600 Clairborne (Liz) Inc. ............................ 448
14,400 CVS Corp ......................................... 738
20,300 Dayton Hudson Corp ............................... 1,080
8,900 Echlin Inc. ...................................... 320
11,200 Fluor Corp ....................................... 618
11,000 Gannet Inc ....................................... 1,086
14,100 Genuine Parts Co ................................. 478
7,100 Goodyear Tire & Rubber Co ........................ 450
10,800 Harcourt General Inc ............................. 514
18,300 Hasbro Inc ....................................... 519
6,700 +HFS Inc .......................................... 389
55,700 +K Mart Corp ...................................... 682
8,100 Knight-Ridder Inc ................................ 397
22,600 Masco Corp ....................................... 943
39,450 Mattel Inc ....................................... 1,336
36,000 May Department Stores Co ......................... 1,701
12,400 Maytag Corp ...................................... 324
6,900 McGraw-Hill Companies Inc ........................ 406
8,900 New York Times Co Cl A ........................... 440
21,800 Nike Inc. Cl B ................................... 1,273
12,000 Nordstrom Inc .................................... 589
11,800 Paccar Inc ....................................... 548
33,700 Penney (J.C.) Co. ................................ 1,759
11,400 Rite Aid Corp. ................................... 569
36,102 The Limited Inc .................................. 731
25,600 +US West Media Group .............................. 518
5,100 VF Corp .......................................... 432
95,189 +Viacom Inc. Cl B ................................. 2,856
9,800 Whirlpool Corp ................................... 535
20,500 +Woolworth Corp ................................... 492
------
24,125
------
CONSUMER NON-CYCLICALS (14.0%)
30,600 Albertsons Inc ................................. $ 1,117
20,100 American Stores Co ............................. 993
37,400 Anheuser-Busch Companies Inc. .................. 1,568
75,629 Archer Daniels Midland Co ...................... 1,777
10,200 Avon Products Inc .............................. 720
44,800 Campbell Soup Co ............................... 2,240
21,600 Colgate-Palmolive Co ........................... 1,409
18,700 Conagra Inc .................................... 1,199
11,000 CPC International Inc. ......................... 1,015
11,800 General Mills Inc .............................. 769
32,350 Heinz H J Co ................................... 1,492
33,800 +Kroger Co ...................................... 980
20,500 Newell Co ...................................... 812
158,100 Philip Morris Companies Inc. ................... 7,016
11,000 Pioneer Hi Bred International .................. 880
16,900 Quaker Oats Co ................................. 758
10,000 Ralston Purina Co .............................. 822
21,600 Rubbermaid Inc ................................. 643
12,600 Unilever NV ADR ................................ 2,697
------
28,907
------
ENERGY (16.6%)
36,000 Amoco Corp ..................................... 3,130
25,800 Atlantic Richfield Co .......................... 1,819
14,000 Coastal Corp ................................... 745
104,600 Exxon Corp ..................................... 6,433
14,425 Halliburton Co ................................. 1,143
57,800 Mobil Corp. .................................... 4,039
40,100 Occidental Petroleum Corp ...................... 1,005
34,800 Phillips Petroleum Co. ......................... 1,522
160,400 Royal Dutch Petroleum Co ADR ................... 8,722
22,200 Schlumberger Ltd ............................... 2,775
9,800 Texaco Inc ..................................... 1,066
35,600 USX-Marathon Group ............................. 1,028
20,126 Williams Companies Inc ......................... 880
------
34,307
------
FINANCIAL (5.4%)
40,500 Allstate Corp ................................. 2,957
11,550 Aon Corp ...................................... 598
13,400 Chubb Corp .................................... 896
7,900 Fifth Third Bancorp ........................... 648
4,300 ITT Hardford Group Inc ........................ 356
8,500 Loews Corp .................................... 851
11,800 Marsh & McLennan Cos .......................... 842
13,000 Safeco Corp ................................... 607
6,100 St Paul Companies Inc ......................... 465
5,500 Torchmark Corp ................................ 392
5,300 Transamerica Corp ............................. 496
19,200 UNUM Corp ..................................... 806
19,700 U.S. Bancorp .................................. 1,263
------
11,177
------
See notes to financial statements Page 1
<PAGE>
RWB/WPG U.S. LARGE STOCK FUND
Schedule of Investments at June 30, 1997 - Unaudited
Number Value
of Shares Security (000's)
- --------- -------- -------
HEALTH (18.2%)
50,800 American Home Products Corp. ................... $3,886
73,200 Bristol-Myers Squibb Co. ....................... 5,929
98,250 Columbia Healthcare Corp ....................... 3,863
37,450 Corning Inc .................................... 2,083
30,500 Medtronic Inc .................................. 2,471
81,300 Pfizer Inc ..................................... 9,715
60,865 Pharmacia & Upjohn Inc ......................... 2,115
52,800 Schering-Plough Corp. .......................... 2,528
31,100 Service Corp International ..................... 1,022
28,300 Tenet Healthcare Corp .......................... 837
24,800 Warner Lambert Co .............................. 3,081
------
37,530
------
INDUSTRIALS (5.5%)
25,300 Browning Ferris Industries Inc. .................. 841
13,400 Cooper Industries Inc. ........................... 667
16,300 Dover Corp ....................................... 1,002
22,800 Dresser Industries Inc ........................... 849
12,000 Dun & Bradstreet Corp ............................ 315
6,500 Harnischfeger Industries Inc. .................... 270
10,600 Interpublic Group of
Companies Inc .................................... 650
31,900 Laidlaw Inc Cl B ................................. 441
9,750 Parker Hannifin Corp ............................. 592
6,300 Raychem Corp ..................................... 468
9,600 Stanley Works .................................... 384
12,600 Textron Inc ...................................... 836
9,600 TRW Inc. ......................................... 545
72,400 Waste Management Inc ............................. 2,326
46,600 Westinghouse Electric Corp ....................... 1,078
------
11,264
------
TECHNOLOGY (12.2%)
14,000 +Advanced Micro Devices Inc ..................... 504
25,000 +Apple Computer Inc ............................. 356
27,500 Bay Networks Inc ............................... 730
22,200 +Dell Computer Corp ............................. 2,607
10,200 Eaton Corp ..................................... 891
4,900 General Dynamics Corp .......................... 367
8,100 Lockheed Martin Corp ........................... 839
23,200 Lucent Technologies Inc ........................ 1,672
22,000 McDonnell Douglas Corp ......................... 1,507
86,000 MCI Communications Corp ........................ 3,292
5,900 Northrop Corp .................................. 518
45,400 +Novell Inc ..................................... 315
15,700 Pitney Bowes Inc. .............................. 1,091
19,500 Raytheon Co .................................... 995
41,326 SBC Communications ............................. 2,557
22,400 Silicon Graphics Inc ........................... 336
45,400 Sprint Corp .................................... 2,389
32,600 US West Inc .................................... 1,229
38,400 Xerox Corp ..................................... 3,029
------
25,224
------
TRANSPORTATION (0.9%)
23,000 Southwest Airlines Co .......................... $ 595
17,900 Union Pacific Corp ............................. 1,262
------
1,857
------
UTILITIES (5.9%)
14,000 American Electric Power Co ..................... 588
11,800 Carolina Power & Light Co ...................... 423
17,500 Central & South West Corp ...................... 372
11,785 CINergy Corp. .................................. 410
5,700 Columbia Gas System Inc ........................ 372
13,600 Dominion Resources Inc ......................... 498
15,000 Duke Energy Corp ............................... 719
40,700 Edison International ........................... 1,012
35,400 Enron Corp ..................................... 1,445
18,100 Entergy Corp ................................... 496
14,200 FPL Group Inc. ................................. 654
9,200 GPU Inc ........................................ 330
18,300 Houston Industries Inc ......................... 392
18,500 Noram Energy Corp. ............................. 282
23,200 Pacificorp ..................................... 510
36,600 PG & E Corp .................................... 888
11,000 Sonat Inc. ..................................... 564
44,500 Southern Co .................................... 974
17,100 Texas Utilities Co ............................. 589
16,900 Unicom Corp .................................... 376
7,900 Union Electric Co .............................. 298
------
12,192
------
TOTAL COMMON STOCKS
(Cost $151,921) .............................. 204,322
--------
Pricipal
Amount
(000's)
- -------
U.S. GOVERNMENT
OBLIGATION (0.9%)
(Cost $1,929)
$1,950 * U.S. Treasury Bill Due 9/18/97 ................. 1,929
--------
TOTAL INVESTMENTS (99.9%)
(Cost $153,850) .............................. 206,251
OTHER ASSETS IN EXCESS
OF LIABILITIES (0.1%) ......................... 201
--------
TOTAL NET ASSETS (100.0%) ...................... $206,452
========
Number of Unrealized
Contracts Depreciation
- --------- ------------
FUTURES PURCHASED
(Aggregate Futures Amount $1,781)
4 September 1997 S & P 500 ...................... (6)
<FN>
+ Non-income producing security.
* Security pledged for futures purchased.
</FN>
</TABLE>
Page 2 See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
RWB/WPG U.S. LARGE STOCK FUND
STATEMENT OF ASSETS AND LIABILITIES AT JUNE 30, 1997 - UNAUDITED
<S> <C>
ASSETS:
Investments at value (Cost $153,850,312) .................... $206,250,618
Cash ........................................................ 19,551
Receivable for Fund shares sold ............................. 89,299
Dividends and interest receivable ........................... 248,456
Deferred organizational expense
(Net of accumulated amortization of $53,407) .............. 13,465
Prepaid expenses ............................................ 12,933
-----------
206,634,322
-----------
LIABILITIES:
Payable for management fee - Note 2 ......................... 43,613
Payable for shareholder servicing fee - Note 2 .............. 23,484
Payable for Fund shares redeemed ............................ 17,687
Payable for variation margin ................................ 13,300
Accrued expenses ............................................ 84,644
-----------
182,728
-----------
NET ASSETS .................................................. $206,451,594
============
NET ASSETS REPRESENTED BY:
Shares of beneficial interest, at par ....................... $ 26,443
Paid-in surplus ............................................. 134,356,920
Undistributed net investment income ......................... 2,203,131
Undistributed net realized gains on investments
and futures .............................................. 17,470,374
Net unrealized appreciation on investments and futures ...... 52,394,726
-----------
Net Assets applied to 26,442,526 shares of beneficial
interest issued and outstanding with $0.001 par
value (authorized shares unlimited) ...................... $206,451,594
============
UNREALIZED APPRECIATION\(DEPRECIATION)*
Gross unrealized appreciation ............................ 55,261,248
Gross unrealized depreciation ............................ (2,866,522)
-----------
Net unrealized appreciation ................................. 52,394,726
===========
Net asset value, offering and redemption price per share
as of the close of business on June 30, 1997 ................ $ 7.81
============
<FN>
* Based on cost of securities for Federal Income tax purposes which does not
differ from book cost.
</FN>
</TABLE>
See notes to financial statements Page 3
<PAGE>
<TABLE>
<CAPTION>
RWB/WPG U.S. LARGE STOCK FUND
STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 1997 - UNAUDITED
<S> <C> <C>
INVESTMENT INCOME:
Dividends ............................................. $2,116,388
Interest .............................................. 41,786
--------
$2,158,174
EXPENSES:
Investment advisory fees - Note 2 ..................... 259,662
Shareholder service fees - Note 2 ..................... 139,818
Fund Accounting fees .................................. 47,500
Professional fees ..................................... 40,500
Custodian fees and expenses ........................... 31,806
Transfer agent fees and expenses ...................... 26,500
Registration fees ..................................... 20,000
Shareholder reports ................................... 11,000
Amortization of organizational expenses ............... 7,000
Trustees' fees and expenses ........................... 6,500
Miscellaneous expenses ................................ 10,704
--------
600,990
Less expenses paid directly (Note 5) .................. (1,306)
--------
599,684
-----------
NET INVESTMENT INCOME ................................. 1,558,490
NET REALIZED GAIN ON INVESTMENTS AND FUTURES .......... 14,418,801
NET CHANGE IN UNREALIZED APPRECIATION ON
INVESTMENTS AND FUTURES ............................... 16,229,036
-----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS .. $32,206,327
===========
</TABLE>
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS
SIX MONTHS YEAR
ENDED ENDED
6/30/97* 12/31/96
-------- --------
<S> <C> <C>
OPERATIONS:
Net investment income ................................ $ 1,558,490 $ 3,734,543
Net realized gains on investments and futures ........ 14,418,801 25,671,355
Net change in unrealized appreciation on investments
and futures .......................................... 16,229,036 6,039,397
---------- ---------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS . 32,206,327 35,445,295
---------- ----------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income ........................... -- (3,149,567)
From capital gains ................................... -- (22,834,359)
----------- ----------
DECREASE IN NET ASSETS FROM DISTRIBUTIONS ............ -- (25,983,926)
----------- ----------
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST - NOTE 4
Shares sold .......................................... 13,799,650 47,410,428
Distributions reinvested ............................. -- 25,668,369
Shares redeemed ...................................... (39,779,884) (56,475,924)
----------- -----------
NET INCREASE/(DECREASE) FROM FUND SHARE TRANSACTIONS . (25,980,234) 16,602,873
----------- ----------
TOTAL INCREASE IN NET ASSETS ......................... 6,226,093 26,064,242
NET ASSETS BEGINNING OF PERIOD ....................... 200,225,501 174,161,259
----------- -----------
NET ASSETS END OF PERIOD (including undistributed
net investment income of $2,203,131 and $644,641) .... $ 206,451,594 $ 200,225,501
============= =============
<FN>
* Unaudited
</FN>
</TABLE>
Page 4 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
(formerly the U.S. Large Stock Fund) (the "Fund") is registered under the
Investment Company Act of 1940 (the "Act"), as amend-ed, 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 Fund's 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 utilizing the identification method. 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. The federal income tax basis of
investments approximates cost.
ORGANIZATIONAL EXPENSES: Organizational and initial offering expenses paid by
the Fund are amortized on a straight-line method 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.
USE OF ESTIMATES: Estimates and assumptions are required to be made regarding
assets, liabilities and changes in net assets resulting from operations when
financial statements are prepared. Changes in the economic environment,
financial markets and any other parameters used in determining these estimates
could cause actual results to differ from these amounts.
Page 5
<PAGE>
RWB/WPG U.S. LARGE STOCK FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED) - UNAUDITED
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 Fund's Investment Advisory agreement, the advisory fee is calculated at the
following rates: 0.26% of the Funds average daily net assets not exceeding $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 0.20% in excess of $2 billion. Such
fees are paid monthly. WPG has voluntarily agreed to limit the Fund's total
operating expenses to 0.63% or less (determined by average net assets).
Effective July 18, 1997 the voluntary expense limit will be 0.42% of 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. RWB is entitled to receive a
fee from the Fund for shareholder servicing functions provided, equal to 0.14%
of daily average 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.
Effective July 18, 1997 the shareholder servicing fee will be 0.10% of daily
average net assets.
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, 1997,
sales proceeds and cost of securities purchased (other than short-term
investments and options written), amounted to $75,693,186 and $51,227,756,
respectively. Brokerage commissions on the above transactions amounted to
$99,257. Of this amount, $99,045 was received by WPG. These amounts do not
include profits earned in connection with the execution of principal
transactions, none of which were 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 YEAR ENDED
JUNE 30, 1997 DECEMBER 31,
(UNAUDITED) 1996
----------- ----
Shares sold ..... 1,889 6,976
Distributions ... 0 3,803
Shares redeeme .. (5,538) (7,923)
------ ------
Net decrease .... (3,649) 2,856
====== =====
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, 1997, the Fund's custodian fees amounted to $31,806 of which $1,306 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
$138,297 from undistributed net investment income to undistributed net realized
gains and additional paid-in surplus at December 31,1996.
Page 6
<PAGE>
RWB/WPG U.S. LARGE STOCK FUND
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
Six Months Year Year Year Period
Ended Ended Ended Ended Ended
6/30/97(u) 12/31/96 12/31/95 12/31/94 12/31/93*
------- -------- -------- -------- ---------
<S> <C> <C> <C> <C> <C>
Per Share Data:
Net Asset Value at Beginning of Period ........ $ 6.65 $ 6.39 $ 5.05 $ 5.16 $ 5.00
Net Investment Income ................. 0.06 0.13 0.13 0.14 0.06
Net Realized and Unrealized Gain/(Loss)
on Investments ................ 1.10 1.12 1.58 (0.14) 0.20
Total Income from Operations .................. 1.16 1.25 1.71 0.00 0.26
Dividends from Net Investment Income .. 0.00 (0.12) (0.13) (0.11) (0.06)
Distributions from Capital Gains ...... 0.00 (0.87) (0.24) 0.00) (0.04)
Total Distributions ........................... 0.00 (0.99) (0.37) (0.11)
Net Asset Value End of Period ................. $ 7.81 $ 6.65 $ 6.39 $ 5.05 $ 5.16
======== ====== ====== ======= ========
Total return .................................... 17.44% 19.33% 33.81% 0.06% 5.09%
Net assets at end of period (000's) ............. $206,452 $200,226 $174,161 $106,850 $ 66,845
Average commision per share ..................... $ 0.0350 $ 0.0330 N/A N/A N/A
Ratios:
Ratio of Expenses to Average Net Assets ..... 0.60%(A) 0.59%+ 0.69%+ 0.75%+ 0.77%+(A)
Ratio of Net Income to Average Net Assets.... 1.56%(A) 1.86%+ 2.26%+ 2.65%+ 2.54%+(A)
Portfolio Turnover Rate ..................... 25.6% 59.6% 27.1% 36.2% 27.1%(A)
<FN>
* From inception of Fund 6/8/93.
(u) Unaudited
(A) Annualized
+ The Advisor agreed not to impose its full fee from inception through
December 31, 1996. 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, 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 0.62% and 1.83%
for the year ended 12/31/96, respectively. The custody fee earnings credit
fee has an effect of less than 0.01% per share on the above ratios.
</FN>
</TABLE>
Page 7
<PAGE>
RWB/WPG U.S. LARGE STOCK FUND
TOTAL RETURNS FOR THE PERIODS ENDED JUNE 30,1997 (UNAUDITED)
<TABLE>
Six Average Annual
Months Year Return since
Ended Ended Inception*
----- ----- ----------
<S> <C> <C> <C>
RWB/WPG U.S. LARGE STOCK FUND ...... 17.44% 27.57% 18.19%
S & P 500 INDEX .................... 20.53% 34.75% 21.23%
<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 indicitive 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.
Page 8 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) 366-7266 Ext. 124
TRUSTEES
Raymond R. Herrmann, Jr.* William B. Ross*
Lawrence J. Israel* Harvey E. Sampson*
Graham E. Jones* Robert A. Straniere*
Paul Meek* Alan B. Werba
*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
Daniel Cardell, Vice President
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
4400 Computer Drive
Westboro, MA 01581-5120
LEGAL COUNSEL
Hale and Dorr
60 State Street
Boston, MA 02109
