-------------------
RWB/WPG
U.S. LARGE
STOCK FUND
-------------------
SEMI ANNUAL REPORT
JUNE 30, 1998
(UNAUDITED)
<PAGE>
RWB/WPG U.S. LARGE STOCK FUND
SCHEDULE OF INVESTMENTS AT JUNE 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000's)
- --------- -------
COMMON STOCKS (100.0%)
BASIC MATERIALS (3.7%)
<S> <C>
42,700 Du Pont E I De Nemours & Co.................. $ 3,186
11,600 Fort James Corp.............................. 516
14,200 Hercules Inc. ............................... 584
41,400 Kimberly-Clark Corp. ........................ 1,899
21,600 Praxair Inc. ................................ 1,011
-------
7,196
-------
CONSUMER CYCLICALS (13.4%)
6,100 Armstrong World Industries Inc............... 411
42,200 +Arrow Electronics Inc. ...................... 918
32,200 Chrysler Corp. .............................. 1,815
25,100 Clairborne (Liz) Inc. ....................... 1,311
32,000 Dayton Hudson Corp........................... 1,552
33,500 Deluxe Corp.................................. 1,200
46,000 Ford Motor Co. .............................. 2,714
22,000 Gannet Inc. ................................ 1,563
7,100 Goodyear Tire & Rubber Co.................... 458
75,200 +King World Productions Inc. ................. 1,918
8,100 Knight Ridder Inc. .......................... 446
40,700 Marriott International Inc - Cl A............ 1,318
39,450 Mattel Inc. ................................. 1,669
36,000 May Department Stores Co. ................... 2,358
12,400 Maytag Corp.................................. 612
8,900 New York Times Co. - Cl A ................... 705
56,800 +Office Max Inc............................... 937
24,600 Penney (J.C.) Co. ........................... 1,779
46,500 Toys R Us Inc. .............................. 1,096
36,300 Tupperware Corp ............................. 1,021
10,200 VF Corp ..................................... 525
-------
26,326
-------
CONSUMER NON CYCLICALS (10.6%)
40,200 American Stores Co. ......................... 972
24,600 Anheuser- Busch Companies Inc ............... 1,161
23,000 Avon Products Inc. .......................... 1,782
44,800 Campbell Soup Co. ........................... 2,380
67,900 Coca Cola Co. ............................... 5,805
16,500 Colgate- Palmolive Co. ...................... 1,452
11,800 General Mills Inc. .......................... 807
32,350 Heinz H J Co. ............................... 1,816
91,500 Philip Morris Companies Inc. ................ 3,603
50,100 Wendy's International ....................... 1,177
-------
20,955
-------
ENERGY (7.9%)
14,000 Coastal Corp. ............................... 977
8,550 Columbia Energy Group ....................... 476
81,700 Exxon Corp. ................................. 5,826
126,200 Royal Dutch Petroleum Co. ADR ............... 6,917
20,900 Schlumberger Ltd ............................ 1,428
-------
15,624
-------
FINANCE (17.4%)
33,700 Allstate Corp. .............................. $3,086
12,055 Associates First Capital Corp. .............. 927
11,500 Bankers Trust N.Y. Corp. .................... 1,335
40,300 Bear Stearns Companies Inc. ................. 2,292
51,800 Chase Manhattan Corp ........................ 3,911
19,700 Citicorp .................................... 2,940
20,700 Fannie Mae .................................. 1,258
33,000 First Chicago NBD ........................... 2,925
49,000 First Union Corp. ........................... 2,854
16,900 Golden West Financial ....................... 1,797
8,500 Loews Corp. ................................. 741
17,700 Marsh & McLennan Companies .................. 1,070
43,000 Pacific Century Financial Corp. ............. 1,032
28,600 PNC Bank .................................... 1,539
13,000 SAFECO Corp. ................................ 591
33,950 SLM Holding Corp ............................ 1,664
12,200 St Paul Companies Inc. ...................... 513
5,300 Transamerica Corp. .......................... 609
22,600 Travelers Group Inc. ........................ 1,370
44,619 U.S. Bancorp ................................ 1,919
-------
34,373
-------
HEALTH CARE (12.7%)
88,600 Abbott Laboratories ......................... 3,622
40,700 American Home Products Corp. ................ 2,106
73,200 Bristol-Myers Squibb Co. .................... 8,413
52,800 Schering-Plough Corp. ....................... 4,838
28,300 +Tenet Healthcare Corp. ..................... 884
74,400 Warner Lambert Co. .......................... 5,162
-------
25,025
-------
INDUSTRIAL (3.5%)
25,300 Browning Ferris Industries Inc. ............. 879
14,600 Case Corp ................................... 704
13,400 Cooper Industries Inc. ...................... 736
15,900 Interpublic Group of Companies Inc .......... 965
14,625 Parker Hannifin Corp. ....................... 558
12,600 Raychem Corp. ............................... 372
9,600 Stanley Works ............................... 399
12,600 Textron Inc. ................................ 903
44,400 USX US Steel Group .......................... 1,465
-------
6,981
-------
TECHNOLOGY (23.7%)
33,600 +Cadence Design Systems Inc. ................ 1,050
22,500 +Cisco Systems .............................. 2,071
38,700 Computer Associates
International Inc ........................... 2,150
60,300 +Dell Computer Corp. ........................ 5,597
10,200 Eaton Corp. ................................. 793
9,800 General Dynamics Corp. ...................... 456
84,400 General Electric Co ......................... 7,680
</TABLE>
See notes to financial statements
Page 1
<PAGE>
RWB/WPG U.S. LARGE STOCK FUND
SCHEDULE OF INVESTMENTS AT JUNE 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000's)
- --------- -------
<S> <C>
43,300 GTE Corp .................................... $ 2,409
36,300 Intel Corp. ................................. 2,691
23,200 International Business
Machines Corp. .......................... 2,664
13,900 Lockheed Martin Corp. ....................... 1,472
46,400 Lucent Technologies ......................... 3,860
25,600 MediaOne Group Inc .......................... 1,125
44,600 +Microsoft Corp. ............................. 4,833
19,500 Raytheon Co. - Cl B ......................... 1,153
27,300 Sprint Corp. ................................ 1,925
33,299 US West Inc ................................. 1,565
31,400 Xerox Corp. ................................. 3,191
-------
46,685
-------
TRANSPORTATION (1.1%)
10,200 Burlington Northern Santa Fe ................ 1,002
13,800 +UAL Corp. ................................... 1,076
-------
2,078
-------
UTILITIES (6.0%)
40,700 Edison International ........................ 1,203
61,200 Entergy Corp. ............................... 1,759
31,600 GPU Inc. .................................... 1,195
131,852 SBC Communications .......................... 5,274
36,500 Southern New England
Telecommunications ...................... 2,391
-------
11,822
-------
TOTAL INVESTMENTS (100.0%)
(Cost $129,152) 197,065
OTHER ASSETS IN EXCESS
OF LIABILITIES (0.0%) 62
--------
TOTAL NET ASSETS (100.0%) $197,127
========
<FN>
+ Non-income producing securities.
</FN>
</TABLE>
Page 2 See Notes to financial statements
<PAGE>
RWB/WPG U.S. LARGE STOCK FUND
STATEMENT OF ASSETS AND LIABILITIES AT JUNE 30, 1998 (UNAUDITED)
<TABLE>
ASSETS:
<S> <C>
Investments at value (Cost $129,151,900) ...................... $ 197,064,972
Dividends and interest receivable ............................. 258,701
Prepaid expenses .............................................. 8,873
-------------
197,332,546
-------------
LIABILITIES:
Payable for management fee Note 2 ............................. 24,719
Payable for shareholder servicing fee Note 2 .................. 16,045
Due to custodian .............................................. 148,445
Accrued expenses .............................................. 16,080
-------------
205,289
-------------
NET ASSETS .................................................... $ 197,127,257
=============
NET ASSETS REPRESENTED BY:
Shares of beneficial interest, at par ......................... $ 22,511
Paid-in surplus ............................................... 99,699,109
Undistributed net investment income ........................... 2,011,243
Undistributed realized gains on investments and futures ....... 27,481,322
Net unrealized appreciation on investments and futures ........ 67,913,072
-------------
Net Assets applied to 22,511,448 shares of beneficial interest
issued and outstanding with $0.001 par value
(authorized shares unlimited) ............................ $ 197,127,257
=============
UNREALIZED APPRECIATION\(DEPRECIATION)*
Gross appreciation .................................... 69,167,475
Gross depreciation .................................... (1,254,403)
-------------
Net unrealized appreciation ................................... 67,913,072
=============
Net asset value, offering and redemption price per share
as of the close of business on June 30, 1998 .......... $ 8.76
=============
<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>
RWB/WPG U.S. LARGE STOCK FUND
STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 1998 (UNAUDITED)
<TABLE>
INVESTMENT INCOME:
<S> <C>
Dividends ...................................................... $ 1,633,366
Interest ....................................................... 27,087
----------- <C>
$ 1,660,453
-----------
EXPENSES:
Investment advisory fee (Note 2) ............................... 261,642
Shareholder service fee (Note 2) ............................... 100,632
Fund Accounting expense ........................................ 43,391
Professional fees .............................................. 30,551
Custodian fees and expenses .................................... 28,892
Transfer agent fee and expenses ................................ 16,062
Registration fees .............................................. 11,405
Shareholder reports ............................................ 7,761
Organization costs ............................................. 5,465
Trustees' fees and expenses .................................... 4,811
Other expenses ................................................. 6,796
-----------
517,408
Less waiver of fees by adviser (Note 2) ........................ (90,981)
Less expenses paid directly (Note 5) ........................... (3,774)
-----------
422,653
-------------
NET INVESTMENT INCOME .......................................... 1,237,800
NET REALIZED GAIN ON INVESTMENTS AND FUTURES ................... 27,305,433
NET CHANGE IN UNREALIZED APPRECIATION ON
INVESTMENTS AND FUTURES ................................ 4,958,773
-------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ........... $ 33,502,006
=============
STATEMENT OF CHANGES IN NET ASSETS
<CAPTION>
SIX MONTHS YEAR
ENDED ENDED
6/30/98* 12/31/97
-------- --------
OPERATIONS:
<S> <C> <C>
Net investment income .......................................... $ 1,237,800 $ 3,033,100
Net realized gains on investments and futures .................. 27,305,433 25,418,479
Net change in unrealized gain on investments and futures ....... 4,958,773 26,788,609
------------ ------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ........... 33,502,006 55,240,188
------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income ..................................... -- (2,702,229)
From capital gains ............................................. -- (28,496,233)
------------ ------------
NET DECREASE DUE TO DISTRIBUTIONS .............................. -- (31,198,462)
------------ ------------
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST - NOTE 4
Shares sold .................................................... 8,274,329 19,457,474
Dividends and Distributions reinvested ......................... -- 30,787,326
Shares redeemed ................................................ (57,600,129) (61,560,976)
------------ ------------
NET DECREASE FROM FUND SHARE TRANSACTIONS ...................... (49,325,800) (11,316,176)
------------ ------------
Total Increase/(decrease) in Net Assets ........................ (15,823,794) 12,725,550
NET ASSETS BEGINNING OF PERIOD ................................. 212,951,051 200,225,501
------------ ------------
NET ASSETS END OF PERIOD (including undistributed net investment
income of $2,011,243 and $773,442) ..................... $197,127,257 $212,951,051
============ ============
<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 - 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 0.42% or less (determined by average net assets). On May
6, 1998 the Managing Directors of WPG entered into an agreement with Robeco
Groep N.V. ("Robeco") pursuant to which WPG will become a wholly owned
subsidiary of Robeco. The transaction is expected to close in September 1998,
subject to the satisfaction or waiver of certain conditions. WPG will remain as
the Funds' investment adviser on substantially identical terms as described
above.
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 0.10%
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. On April 16, 1998 RWB entered into an agreement with Assante
Capital Management Inc. ("Assante") pursuant to which RWB will be merged into
Assante. The transaction is expected to close in August 1998, subject to the
satisfaction or waiver of certain conditions. RWB will continue to carry out
shareholder servicing functions.
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, 1998,
sales proceeds and cost of securities purchased (other than short-term
investments and options written), amounted to $70,507,031 and $23,266,750,
respectively. Brokerage commissions on the above transactions amounted to
$72,340. Of this amount, $38,437 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):
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED
JUNE 30, 1998 DECEMBER 31,
(UNAUDITED) 1997
------------- ------------
<S> <C> <C>
Shares sold ............................... 1,024 2,574
Distributions reinvested .................. -- 4,144
Shares redeemed ........................... (7,177) (8,145)
-------- -------
Net decrease .............................. (6,153) (1,427)
======== =======
</TABLE>
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, 1998, the Fund's custodian fees amounted to $28,892 of which $3,774 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 $202,070 from undistributed net
investment income to undistributed net realized gains at December 31,1997.
Page 6
<PAGE>
RWB/WPG U.S. LARGE STOCK FUND
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
SIX MONTHS YEAR YEAR YEAR YEAR PERIOD
ENDED ENDED ENDED ENDED ENDED ENDED
6/30/98# 12/31/97 12/31/96 12/31/95 12/31/94 12/31/93*
-------- -------- -------- -------- -------- ---------
PER SHARE DATA:
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value at Beginning of Period ............. $ 7.43 $ 6.65 $ 6.39 $ 5.05 $ 5.16 $ 5.00
-------- -------- -------- -------- -------- --------
Net Investment Income .............................. 0.06 0.12 0.13 0.13 0.14 0.06
Net Realized and Unrealized Gain/(Loss)
on Investments ............................. 1.27 1.93 1.12 1.58 (0.14) 0.20
-------- -------- -------- -------- -------- --------
Total Income from Operations ....................... 1.33 2.05 1.25 1.71 0.00 0.26
-------- -------- -------- -------- -------- --------
Dividends from Net Investment Income ............... 0.00 (0.11) (0.12) (0.13) (0.11) (0.06)
Distributions from Capital Gains ................... 0.00 (1.16) (0.87) (0.24) 0.00 (0.04)
-------- -------- -------- -------- -------- --------
Total Distributions ................................ 0.00 (1.27) (0.99) (0.37) (0.11) (0.10)
-------- -------- -------- -------- -------- --------
Net Asset Value End of Period ...................... $ 8.76 $ 7.43 $ 6.65 $ 6.39 $ 5.05 $ 5.16
======== ======== ======== ======== ======== ========
Total return .......................................... 17.90% 30.83% 19.33% 33.81% 0.06% 5.09%
Net assets at end of period (000's).................... $197,127 $212,951 $200,226 $174,161 $106,850 $66,845
Average commission per share (B)....................... $0.0390 $0.0350 $0.0330 N/A N/A N/A
Ratios:
Ratio of Expenses to Average Net Assets............. 0.42%(A)+ 0.51%+ 0.59%+ 0.69%+ 0.75%+ 0.77% (A)+
Ratio of Net Income to Average Net Assets........... 1.23%(A)+ 1.46%+ 1.86%+ 2.26%+ 2.65%+ 2.54% (A)+
Portfolio Turnover Rate............................. 11.4% 54.2% 59.6% 27.1% 36.2% 27.1% (A)
<FN>
* From inception of Fund 6/8/93.
# Unaudited.
(A) Annualized
(B) As of 9/95 the S.E.C. instituted new guidelines requiring the disclosure of
average commissions per share.
+ The Advisor agreed not to impose its full fee from inception through June 30,
1998. 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, 0.62% and 1.83% for the year ended 12/31/96,
0.53% and 1.44% for the year ended December 31, 1997, and 0.51% and 1.14% for
the six months ended June 30, 1998, respectively. The custody fee earnings
credit had an effect of less than 0.01% per share on the above ratios.
</FN>
</TABLE>
See notes to financial statements Page 7
<PAGE>
RWB/WPG U.S. LARGE STOCK FUND
TOTAL RETURNS FOR THE PERIODS ENDED JUNE 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
SIX AVERAGE ANNUAL RETURN
MONTHS YEAR FIVE SINCE
ENDED ENDED YEARS INCEPTION*
----- ----- ----- ----------
<S> <C> <C> <C> <C>
RWB/WPG U.S. LARGE STOCK FUND 17.90% 31.34% 20.85% 20.68%
S & P 500 INDEX 17.71% 30.16% 23.08% 22.98%
<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 LEFT BLANK
<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* 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
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
