-------------
RWB/WPG
U.S. LARGE
STOCK FUND
-------------
ANNUAL REPORT
DECEMBER 31, 1998
<PAGE>
RWB/WPG U.S. LARGE STOCK FUND
SCHEDULE OF INVESTMENTS AT DECEMBER 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------- -------- -------
COMMON STOCKS (100.3%)
BASIC MATERIALS (3.1%)
<C> <S> <C>
130,000 +Bethlehem Steel Corp. ......................... $1,089
25,700 du Pont E I de Nemours & Co. .................. 1,447
11,600 Fort James Corp. .............................. 464
41,400 Kimberly-Clark Corp. .......................... 2,256
13,700 Oneok Inc. .................................... 495
---------
5,751
---------
CONSUMER CYCLICALS (8.2%)
16,500 Armstrong World Industries Inc. ............... 995
20,077 +DaimlerChrysler AG ........................... 1,929
32,000 Dayton Hudson Corp. ........................... 1,736
46,000 Ford Motor Co. ................................ 2,700
22,000 Gannet Inc. ................................... 1,419
7,100 Goodyear Tire & Rubber Co. .................... 358
8,100 Knight Ridder Inc. ............................ 414
8,500 Lowes Corp. ................................... 835
39,450 Mattel Inc. ................................... 900
36,000 May Department Stores Co. ..................... 2,174
12,400 Maytag Corp. .................................. 772
24,600 Penny (J.C.) Co. .............................. 1,153
---------
15,385
---------
CONSUMER NON-CYCLICALS (10.2%)
46,000 Avon Products Inc. ............................ 2,035
44,800 Campbell Soup Co. ............................. 2,464
50,300 Coca Cola Co. ................................. 3,364
11,800 General Mills Inc. ............................ 917
42,600 Great Atlantic & Pacific Tea .................. 1,262
32,350 Heinz H J Co. ................................. 1,832
91,500 Philip Morris Companies Inc. .................. 4,895
38,800 Sara Lee Corp. ................................ 1,094
50,100 Wendy's International ......................... 1,093
---------
18,956
---------
CONSUMER SERVICES (3.8%)
50,200 +General Nutrition Companies Inc. .............. 816
38,600 Intimate Brands Inc. .......................... 1,153
75,200 King World Productions Inc. ................... 2,214
25,600 +MediaOne Group Inc. ........................... 1,203
17,800 New York Times Corp. - Cl A ................... 617
33,300 +Promus Hotel Corp. ............................ 1,078
---------
7,081
---------
ENERGY (7.0%)
28,000 Coastal Corp. ................................. 978
81,700 Exxon Corp. ................................... 5,974
105,900 Royal Dutch Petroleum Co. ADR ................. 5,070
20,900 Schlumberger Ltd .............................. 964
---------
12,986
---------
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------- -------- -------
FINANCIAL (14.5%)
56,200 Allstate Corp. ................................ $2,171
49,500 Bankboston Corp. .............................. 1,927
53,460 Bank One Corp. ................................ 2,730
40,300 Bear Stearns Companies Inc. ................... 1,506
51,800 Chase Manhattan Corp. ......................... 3,526
20,200 Countrywide Credit Industries ................. 1,014
20,700 Federal National Mortgage
Association ................................. 1,532
49,000 First Union Corp. ............................. 2,980
16,900 Golden West Financial ......................... 1,550
40,300 PNC Bank ...................................... 2,181
13,000 SAFECO Corp. .................................. 558
33,950 SLM Holding Corp. ............................. 1,630
12,200 St Paul Companies Inc. ........................ 424
24,500 The PMI Group Inc. ............................ 1,210
5,300 Transamerica Corp. ............................ 612
44,619 U.S. Bancorp .................................. 1,584
---------
27,135
---------
HEALTH CARE (13.3%)
88,600 Abbott Laboratories ........................... 4,341
73,200 Bristol-Myers Squibb Co. ...................... 9,795
105,600 Schering-Plough Corp. ......................... 5,834
28,300 Tenet Healthcare Corp. ........................ 743
56,100 Warner Lambert Co. ............................ 4,218
---------
24,931
---------
INDUSTRIALS (8.2%)
29,300 Aeroquip Vickers Inc. ......................... 877
25,300 Browning Ferris Industries Inc. ............... 719
8,600 Caterpillar Inc. .............................. 396
13,400 Cooper Industries Inc. ........................ 639
52,500 +Cytec Industries Inc. ......................... 1,116
70,000 General Electric .............................. 7,144
15,900 Interpublic Group of
Companies Inc. ............................. 1,268
14,625 Parker Hannifin Corp. ......................... 479
19,500 Raytheon Corp. - Cl B ......................... 1,038
9,600 Stanley Works ................................. 266
27,700 Sundstrand Corp. .............................. 1,437
---------
15,379
---------
See notes to financial statements
Page 2
<PAGE>
RWB/WPG U.S. LARGE STOCK FUND
SCHEDULE OF INVESTMENTS AT DECEMBER 31, 1998
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------- -------- -------
TECHNOLOGY (23.2%)
33,600 Cadence Design Systems Inc. ................... $1,000
33,750 +Cisco Systems ................................. 3,132
111,000 +Dell Computer Corp. ........................... 8,124
37,700 First Data Corp. .............................. 1,195
9,800 General Dynamics Corp. ........................ 575
43,300 GTE Corp. ..................................... 2,814
36,300 Intel Corp. ................................... 4,304
23,200 International Business
Machines Corp. ................................ 4,286
46,400 Lucent Technologies ........................... 5,104
44,600 Microsoft Corp. ............................... 6,185
40,000 +Oracle Systems ................................ 1,725
33,299 US West Inc. .................................. 2,152
22,700 Xerox Corp. ................................... 2,679
---------
43,275
---------
TRANSPORTATION (1.0%)
14,800 +AMR Corp. ..................................... 879
30,600 Burlington Northern Santa Fe .................. 1,033
---------
1,912
---------
UTILITIES (7.8%)
37,100 Baltimore Gas & Electric Co. .................. 1,141
40,700 Bell Atlantic Corp. ........................... 2,157
61,200 Entergy Corp. ................................. 1,905
31,600 GPU Inc. ...................................... 1,396
149,975 SBC Communications ............................ 8,042
---------
14,641
---------
TOTAL INVESTMENTS (100.3%)
(Cost $114,113) .............................. 187,432
LIABILITIES IN EXCESS
OF OTHER ASSETS (-0.3%) ..................... (536)
---------
TOTAL NET ASSETS (100.0%) ..................... $186,896
==========
<FN>
+ Non-income producing securities.
</FN>
</TABLE>
See notes to financial statements
Page 3
<PAGE>
RWB/WPG U.S. LARGE STOCK FUND
STATEMENT OF ASSETS AND LIABILITIES AT DECEMBER 31, 1998
<TABLE>
<CAPTION>
ASSETS:
<S> <C>
Investments at value (Cost $114,112,923) ...................... $ 187,432,370
Dividends and interest receivable ............................. 221,027
Receivable for Fund shares sold ............................... 97,297
Other assets .................................................. 9,208
-------------
187,759,902
-------------
Liabilities:
Payable to custodian bank ..................................... 465,932
Payable for management fee (Note 2) ........................... 22,223
Payable for shareholder servicing fee (Note 2) ................ 15,575
Distributions payable ......................................... 8,850
Payable for Fund shares redeemed .............................. 310,838
Accrued expenses .............................................. 40,216
-------------
863,634
-------------
NET ASSETS .................................................... $ 186,896,268
=============
NET ASSETS REPRESENTED BY:
Shares of beneficial interest, at par ......................... $ 24,493
Paid-in surplus ............................................... 112,406,975
Undistributed net investment income ........................... 463,050
Undistributed net realized gains on investments and futures ... 682,303
Net unrealized appreciation on investments .................... 73,319,447
-------------
Net Assets applied to 24,493,459 shares of beneficial interest
with $0.001 par value (authorized shares unlimited) ......... $ 186,896,268
=============
UNREALIZED APPRECIATION\(DEPRECIATION)*
Gross appreciation ......................................... $ 74,547,194
Gross depreciation ......................................... (1,227,747)
-------------
Net unrealized appreciation ................................... $ 73,319,447
=============
Net asset value, offering and redemption price per share
as of the close of business on December 31, 1998 ......... $ 7.63
=============
<FN>
* Based on cost of securities for book purposes which does not differ
significantly from Federal income tax cost.
</FN>
</TABLE>
See notes to financial statements
Page 4
<PAGE>
RWB/WPG U.S. LARGE STOCK FUND
STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 1998
<TABLE>
<CAPTION>
INVESTMENT INCOME:
<S> <C> <C>
Dividends ........................................... $ 3,116,396
Interest ............................................ 28,577
------------
$ 3,144,973
EXPENSES:
Investment advisory fee (Note 2) .................... 500,974
Shareholder service fee (Note 2) .................... 192,682
Fund Accounting expense ............................. 78,561
Professional fees ................................... 68,372
Custodian fees and expenses (Note 5) ................ 64,626
Transfer agent fee and expenses ..................... 34,060
Registration fees ................................... 26,597
Shareholder reports ................................. 15,651
Organization costs .................................. 5,465
Trustees' fees and expenses ......................... 12,142
Other expenses ...................................... 17,098
------------
1,016,228
Less waiver of fees by Adviser (Note 2) ............. (202,107)
Less expenses paid indirectly (Note 5) .............. (4,398)
------------
809,723
------------
NET INVESTMENT INCOME ............................... 2,335,250
NET REALIZED GAINS ON INVESTMENTS AND FUTURES ....... 30,219,004
NET CHANGE IN UNREALIZED APPRECIATION ON
INVESTMENTS AND FUTURES ......................... 10,365,148
------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS. $ 42,919,402
============
</TABLE>
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997
<TABLE>
<CAPTION>
1998 1997
---- ----
OPERATIONS:
<S> <C> <C>
Net investment income .......................................... $ 2,335,250 $ 3,033,100
Net realized gains on investments and futures .................. 30,219,004 25,418,479
Net change in unrealized appreciation on investments and futures 10,365,148 26,788,609
------------- -------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ........... 42,919,402 55,240,188
------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income ..................................... (2,645,642) (2,702,229)
From realized gains ............................................ (29,712,590) (28,496,233)
------------- -------------
DECREASE IN NET ASSETS FROM DISTRIBUTIONS ...................... (32,358,232) (31,198,462)
------------- -------------
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST - (NOTE 4)
Shares sold .................................................... 12,904,570 19,457,474
Dividends and Distributions reinvested ......................... 31,751,512 30,787,326
Shares redeemed ................................................ (81,272,035) (61,560,976)
------------- -------------
NET DECREASE FROM FUND SHARE TRANSACTIONS ...................... (36,615,953) (11,316,176)
------------- -------------
TOTAL INCREASE/(DECREASE) IN NET ASSETS ........................ (26,054,783) 12,725,550
NET ASSETS BEGINNING OF YEAR ................................... 212,951,051 200,225,501
------------- -------------
NET ASSETS END OF YEAR (INCLUDING UNDISTRIBUTED NET INVESTMENT
income of $463,050 and $773,442) ........................... $ 186,896,268 $ 212,951,051
============= =============
</TABLE>
See notes to financial statements
Page 5
<PAGE>
RWB/WPG U.S. LARGE STOCK FUND
NOTES TO FINANCIAL STATEMENTS
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 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 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 specific 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 net realized gains are declared and paid by
December 31 of the year in which they are earned. 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.
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.
NOTE 2 - INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES: The
investment advisory fee is earned by Weiss, Peck & Greer, L.L.C. ("WPG").
<PAGE>
RWB/WPG U.S. LARGE STOCK FUND
NOTES TO FINANCIAL STATEMENTS - CONTINUED
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). In September of 1998, WPG was acquired by Robeco Group N.V., a Dutch
investment management firm. As required by the Investment Company Act of 1940,
the Fund's advisory agreement was renewed through a proxy statement.
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 receives 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. In August 1998 RWB was acquired by Assante Capital Management Inc. 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 year ended December 31, 1998, sales
proceeds and cost of securities purchased (other than short-term investments and
options written), amounted to $111,745,789 and $46,552,960, respectively.
Brokerage commissions on the above transactions amounted to $147,489. Of this
amount, $52,214 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):
YEAR ENDED
DECEMBER 31,
1998 1997
---- ----
Shares sold ....................... 1,580 2,574
Dividends and
distributions reinvested ........ 4,239 4,144
Shares redeemed ................... (9,990) (8,145)
------ ------
Net decrease ...................... (4,171) (1,427)
====== ======
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 year ended December 31,
1998, the Fund's custodian fees amounted to $64,626 of which $4,398 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 - FEDERAL INCOME TAX STATUS OF DIVIDENDS - (Unaudited)
The following tax information represents the designation of various tax benefits
relating to the fiscal year ended December 31, 1998:
The percentage of investment company taxable income eligible for the dividends
received deduction available for certain corporate shareholders with respect to
the fiscal year ended December 31, 1998 is 100%.
Long-term capital gains distributions paid to shareholders by the Fund during
the fiscal year ended December 31, 1998 whether taken in shares or in cash were
$29,712,590.
The above figures may differ from those cited elsewhere in the report due to
differences in the calculations of income and capital gains for Securities and
Exchange Commission (financial reporting) purposes and Internal Revenue Service
(tax) purposes.
Page 7
<PAGE>
RWB/WPG U.S. LARGE STOCK FUND
FINANCIAL HIGHLIGHTS (FOR THE YEARS ENDED DECEMBER 31,)
<TABLE>
<CAPTION>
1998 1997 1996 1995 1994
---- ---- ---- ---- ----
Per Share Data:
<S> <C> <C> <C> <C> <C>
Net Asset Value at Beginning of Year ...... $ 7.43 $ 6.65 $ 6.39 $ 5.05 $ 5.16
-------------- -------------- -------------- -------------- --------------
Net Investment Income .................. 0.14 0.12 0.13 0.13 0.14
Net Realized and Unrealized Gain/(Loss)
on Investments ..................... 1.65 1.93 1.12 1.58 (0.14)
-------------- -------------- -------------- -------------- --------------
Total Income from Operations .............. 1.79 2.05 1.25 1.71 0.00
-------------- -------------- -------------- -------------- --------------
Dividends from Net Investment Income ... (0.13) (0.11) (0.12) (0.13) (0.11)
Distributions from Capital Gains ....... (1.46) (1.16) (0.87) (0.24) 0.00
-------------- -------------- -------------- -------------- --------------
Total Distributions ....................... (1.59) (1.27) (0.99) (0.37) (0.11)
-------------- -------------- -------------- -------------- --------------
Net Asset Value End of Year ............... $ 7.63 $ 7.43 $ 6.65 $ 6.39 $ 5.05
============== ============== ============== ============== ==============
Total Return ................................. 24.51% 30.83% 19.33% 33.81% 0.06%
Net Assets at End of Period (000's) .......... $ 186,896 $ 212,951 $ 200,226 $ 174,161 $ 106,850
Ratios:
Ratio of Expenses to Average Net Assets (a) 0.42% 0.51% 0.59% 0.69% 0.75%
Ratio of Net Investment Income to Average
Net Assets (a) ......................... 1.21% 1.46% 1.86% 2.26% 2.65%
Portfolio Turnover Rate ................... 24.2% 54.2% 59.6% 27.1% 36.2%
<FN>
(a) The Advisor agreed not to impose its full fee from inception through
December 31, 1998. Had the Advisor not so agreed, the ratio of expenses and
net investment income to average net assets would have been 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 12/31/97, and 0.53% and 1.10% for the year ended 12/31/98,
respectively. The custody fee earnings credit had an effect of less than
0.01% per share on the above ratios.
</FN>
</TABLE>
Page 8
<PAGE>
RWB/WPG U.S. LARGE STOCK FUND
AVERAGE ANNUAL TOTAL RETURN
Graph depicted here illustrates the comparison of a $10,000 investment between
the RWB/WPG U.S. Large Stock Fund and the S&P 500 Index for the period June 1993
through December 1998.
U.S.LARGE S&P 500
STOCK INDEX
----- -----
06/08/93 10,000 10,000
12/31/93 10,508 10,592
12/31/94 10,515 10,733
12/31/95 14,070 14,758
12/31/96 16,788 18,189
12/31/97 21,960 24,260
12/31/98 27,343 31,238
INSERT PLOT POINTS
AVERAGE ANNUAL TOTAL RETURN
(for the periods ended December 31, 1998)
ONE FIVE SINCE
YEAR YEAR INCEPTION*
---- ---- ----------
RWB/WPG U.S. Large
Stock Fund ............ 24.51% 21.08% 19.82%
S&P 500 Index ........... 28.76% 24.15% 22.65%
* Inception date 6/8/93.
1998 proved to be a very challenging year for Large Cap managers who focused on
stocks with attractive relative valuations. The uncertainty of the global market
coupled with dramatic cash flows into the equity mutual funds led to the
disproportionate advance of the "safest", most liquid, ultra-large
capitalization stocks. These very large stocks had extremely high valuations,
measured both on historic and relative levels. Given the challenges that value
managers had in 1998, the RWB/WPG US Large Stock Fund had a stellar year. Sound
risk control coupled with strategic rebalancings allowed the Fund to generate a
substantial 24.51% return for the year.
Page 9
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Shareholders and Board of Trustees of
RWB/WPG U.S. Large Stock Fund:
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of the RWB/WPG U.S. Large Stock Fund as of December
31, 1998, and the related statement of operations for the year then ended, the
statements of changes in net assets for each of the years in the two-year period
then ended, and the financial highlights for each of the years in the five-year
period then ended. These financial statements and financial highlights are the
responsibility of the Fund's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of
December 31, 1998, by correspondence with the custodian and the performance of
other appropriate audit procedures. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
RWB/WPG U.S. Large Stock Fund as of December 31, 1998, the results of its
operations for the year then ended, the changes in its net assets for each of
the years in the two-year period then ended, and the financial highlights for
each of the years in the five-year period then ended, in conformity with
generally accepted accounting principles.
New York, New York KPMG LLP
January 19, 1999
Page 10
<PAGE>
<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
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 60448
King of Prussia, PA 19406-0448
LEGAL COUNSEL
Hale and Dorr
60 State Street
Boston, MA 02109
INDEPENDENT AUDITORS KPMG LLP
345 Park Avenue
New York, NY 10154
