----------------------
RWB/WPG
U.S. LARGE
STOCK FUND
----------------------
SEMI-ANNUAL REPORT
JUNE 30, 1999
(UNAUDITED)
<PAGE>
RWB/WPG U.S. LARGE STOCK FUND
SCHEDULE OF INVESTMENTS AT JUNE 30, 1999 - (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------- -------- -------
COMMON STOCK (96.5%)
BASIC MATERIALS (2.9%)
<C> <S> <C>
17,900 du Pont E I De Nemours & Co. ............ $ 1,223
11,600 Fort James Corp. ........................ 439
28,800 Kimberly-Clark Corp. .................... 1,642
13,700 Oneok Inc. .............................. 435
64,600 Worthington Industries .................. 1,062
-------
4,801
-------
CONSUMER CYCLICALS (6.5%)
16,500 Armstrong World Industries, Inc. ........ 954
28,500 Eastman Kodak Co. ....................... 1,931
46,000 Ford Motor Co. .......................... 2,596
22,000 Gannet Inc. ............................. 1,570
8,500 Loews Corp. ............................. 673
54,000 May Department Stores Co. ............... 2,207
12,400 Maytag Corp. ............................ 864
-------
10,795
-------
CONSUMER NON CYCLICALS (9.0%)
37,500 Avon Products Inc. ...................... 2,081
44,800 Campbell Soup Co. ....................... 2,078
55,900 Fortune Brands Inc. ..................... 2,313
11,800 General Mills Inc. ...................... 948
42,600 Great Atlantic & Pacific Tea ............ 1,440
32,350 Heinz H J Co. ........................... 1,621
34,700 Interstate Bakeries Corp. ............... 779
54,500 Philip Morris Companies Inc. ............ 2,190
38,800 Sara Lee Corp. .......................... 880
27,100 Wendy's International ................... 767
-------
15,097
-------
CONSUMER SERVICES (5.8%)
50,200 + General Nutrition Companies Inc. ........ 1,170
40,530 Intimate Brands Inc...................... 1,920
57,700 + King World Productions Inc. ............. 2,009
17,700 + MediaOne Group Inc. ..................... 1,316
190,400 + OfficeMax Inc. .......................... 2,285
16,900 + Sprint Corp. (PCS Group)................. 965
-------
9,665
-------
ENERGY (6.5%)
28,000 Coastal Corp. ........................... 1,120
37,100 Constellation Energy .................... 1,099
76,100 # Exxon Corp. ............................. 5,869
30,800 Royal Dutch Petroleum Co. ADR ........... 1,856
36,100 Transocean Offshore ..................... 948
-------
10,892
-------
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------- -------- -------
FINANCE (14.7%)
56,200 Allstate Corp. ......................... $ 2,016
11,700 + BankAmerica Corp......................... 858
49,500 BankBoston Corp. ........................ 2,531
53,460 Bank One Corp. .......................... 3,184
42,315 Bear Stearns Companies Inc. ............ 1,979
20,400 Chase Manhattan Corp. ................... 1,767
20,200 Countrywide Credit Industries............ 864
20,700 Federal National Mortgage Association ... 1,415
16,900 Golden West Financial.................... 1,656
40,300 PNC Bank................................. 2,322
13,000 SAFECO Corp.............................. 574
33,950 SLM Holding Corp. ....................... 1,555
24,500 The PMI Group Inc. ...................... 1,539
10,600 Transamerica Corp. ...................... 795
44,619 U.S. Bancorp ........................... 1,517
-------
24,572
-------
HEALTH CARE (11.0%)
48,700 Abbott Laboratories...................... 2,216
15,000 + Beckman Coulter Inc. .................... 729
90,600 Bristol-Myers Squibb Co. ................ 6,382
105,600 Schering-Plough Corp. ................... 5,597
28,300 Tenet Healthcare Corp. .................. 525
43,600 Warner Lambert Co. ..................... 3,025
-------
18,474
-------
INDUSTRIAL (8.2%)
25,300 Browning Ferris Industries Inc. ........ 1,088
13,400 Cooper Industries Inc. ................. 697
52,500 + Cytec Industries Inc. ................... 1,673
48,900 General Electric ........................ 5,526
7,200 Interpublic Group of Companies Inc. ..... 624
71,300 + Milacron Inc. ........................... 1,319
14,625 Parker Hannifin Corp. .................. 669
30,800 Raytheon Corp. - Cl B ................... 2,168
-------
13,764
-------
TECHNOLOGY (24.0%)
33,600 Cadence Design Systems Inc. ............. 428
104,900 + Dell Computer Corp. ..................... 3,881
37,700 First Data Corp. ........................ 1,845
43,300 GTE Corp. ............................... 3,280
26,700 Honeywell, Inc. ......................... 3,094
72,600 Intel Corp. ............................ 4,320
46,400 International Business
Machines Corp. ....................... 5,997
12,000 Lucent Technologies ..................... 809
82,800 + Microsoft Corp. ......................... 7,468
60,000 + Oracle Systems........................... 2,228
15,457 + United Technologies Corp. ............... 1,108
Page 1
See notes to financial statements
<PAGE>
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------- -------- -------
33,299 US West Inc. ............................ $ 1,956
17,100 + Xilinx Inc. ............................. 979
45,400 Xerox Corp. ............................. 2,681
--------
40,074
--------
TRANSPORTATION (1.0%)
10,400 + AMR Corp. .............................. 710
30,600 Burlington Northern Santa Fe............. 948
--------
1,658
--------
UTILITIES (6.9%)
40,700 Bell Atlantic Corp....................... 2,661
61,200 Entergy Corp. ........................... 1,913
121,000 SBC Communications ...................... 7,018
--------
11,592
--------
TOTAL COMMON STOCKS (96.5%)
(Cost $96,605)......................... 161,384
--------
PRINCIPAL
AMOUNT
(000's)
- -------
EURODOLLAR DEPOSIT (3.3%)
(Cost $5,596)
$ 5,596 Societe Generale Bank 5.000% Due 7/1/99.. 5,596
--------
TOTAL INVESTMENTS (99.8%)
(Cost $102,201)...................... 166,980
OTHER ASSETS IN EXCESS
OF LIABILITIES (0.2%).................. 316
--------
Total Net Assets (100.0%)................ $167,296
========
NUMBER UNREALIZED
OF CONTRACTS APPRECIATION
- ------------ ------------
Futures Purchased
(Aggregate Futures Amount $6,218)
18 September S & P 500...................... 382
--------
<FN>
+ Non-income producing security.
# Security segregated for futures purchased.
</FN>
</TABLE>
See notes to financial statements
Page 2
<PAGE>
RWB/WPG U.S. LARGE STOCK FUND
STATEMENT OF ASSETS AND LIABILITIES AT JUNE 30, 1999 - (UNAUDITED)
<TABLE>
ASSETS:
<S> <C>
Investments at value (Cost $102,200,884) ...................... $ 166,980,038
Dividends and interest receivable ............................. 186,556
Receivable for variation margin ............................... 169,650
Receivable for Fund shares sold ............................... 14,800
Cash .......................................................... 3,607
-------------
167,354,651
-------------
LIABILITIES:
Payable for management fee (Note 2) ........................... 22,420
Payable for shareholder servicing fee (Note 2) ................ 13,274
Accrued expenses .............................................. 21,506
Other liabilities ............................................. 1,382
-------------
58,582
-------------
NET ASSETS .................................................... $ 167,296,069
=============
NET ASSETS REPRESENTED BY:
Shares of beneficial interest, at par ......................... $ 19,625
Paid-in surplus ............................................... 74,228,533
Undistributed net investment income ........................... 1,518,648
Undistributed realized gains on investments and futures ....... 26,368,478
Net unrealized appreciation on investments and futures ........ 65,160,785
-------------
Net Assets applied to 19,624,879 shares of beneficial interest
with $0.001 par value (authorized shares unlimited) ... $ 167,296,069
=============
UNREALIZED APPRECIATION\(DEPRECIATION)*
Gross appreciation .................................... 65,916,620
Gross depreciation .................................... (755,835)
-------------
Net unrealized appreciation ................................... 65,160,785
=============
Net asset value, offering and redemption price per share
as of the close of business on June 30, 1999 .......... $ 8.52
=============
<FN>
* Based on cost of securities for Federal Income tax purposes which does not
differ from book cost.
</FN>
</TABLE>
Page 3
See notes to financial statements
<PAGE>
RWB/WPG U.S. LARGE STOCK FUND
STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 1999 - (UNAUDITED)
<TABLE>
INVESTMENT INCOME:
<S> <C> <C>
Dividends .........................................$ 1,354,202
Interest .......................................... 53,707
Other ............................................. 9,883
------------
$ 1,417,792
EXPENSES:
Investment advisory fee (Note 2) .................. 224,306
Shareholder service fee (Note 2) .................. 86,271
Fund Accounting expense ........................... 37,684
Professional fees ................................. 36,153
Custodian fees and expenses ....................... 18,855
Transfer agent fee and expenses ................... 16,819
Registration fees ................................. 11,026
Shareholder reports ............................... 6,840
Trustees' fees and expenses ....................... 5,581
Other expenses .................................... 7,120
------------
450,655
Less waiver of fees by adviser (Note 2) ........... (87,153)
Less expenses paid indirectly (Note 5) ............ (1,308)
------------
362,194
------------
NET INVESTMENT INCOME ....................................... 1,055,598
NET REALIZED GAIN ON INVESTMENTS AND FUTURES ................ 25,686,175
NET CHANGE IN UNREALIZED APPRECIATION ON
INVESTMENTS AND FUTURES .................................. (8,158,662)
------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ........ $ 18,583,111
============
</TABLE>
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS YEAR
ENDED ENDED
6/30/99* 12/31/98
-------- --------
OPERATIONS:
<S> <C> <C>
Net investment income .................................. $ 1,055,598 $ 2,335,250
Net realized gains on investments and futures .......... 25,686,175 30,219,004
Net change in unrealized gain on investments and futures (8,158,662) 10,365,148
------------- -------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ... 18,583,111 42,919,402
------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income ............................. 0 (2,645,642)
From capital gains ..................................... 0 (29,712,590)
------------- -------------
DECREASE IN NET ASSETS FROM DISTRIBUTIONS .............. 0 (32,358,232)
------------- -------------
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST - (NOTE 4)
Shares sold ............................................ 5,072,696 12,904,570
Dividends and Distributions reinvested ................. 0 31,751,512
Shares redeemed ........................................ (43,256,006) (81,272,035)
------------- -------------
NET DECREASE FROM FUND SHARE TRANSACTIONS .............. (38,183,310) (36,615,953)
------------- -------------
TOTAL DECREASE IN NET ASSETS ........................... (19,600,199) (26,054,783)
NET ASSETS BEGINNING OF PERIOD ......................... 186,896,268 212,951,051
------------- -------------
NET ASSETS END OF PERIOD (including undistributed net
investment income of $1,518,648 and $463,050) .. $ 167,296,069 $ 186,896,268
============= =============
<FN>
* Unaudited
</FN>
</TABLE>
See notes to financial statements
Page 4
<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 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"). Under
the Fund's Investment Advisory agreement, the advisory fee is calculated at the
following rates: 0.26% of the Fund's average daily net assets not exceeding $500
million, 0.24% in excess of $500 million up to $1 billion, 0.22% of assets in
Page 5
<PAGE>
RWB/WPG U.S. LARGE STOCK FUND
NOTES TO FINANCIAL STATEMENTS - (UNAUDITED)
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 (excluding extraordinary expenses) to 0.42% (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 six months ended June 30, 1998,
sales proceeds and cost of securities purchased (other than short-term
investments and options written), amounted to $61,592,103 and $18,193,193,
respectively. Brokerage commissions on the above transactions amounted to
$59,775. Of this amount, $59,255 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
Year Ended Ended June 30, December 31, 1999 1998
Shares sold ............................ 653 1,580
Dividends and distributions
reinvested ..................... 0 4,239
Shares redeemed ........................ (5,522) (9,990)
------- ------
Net decrease ........................... (4,869) (4,171)
======= ======
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, 1999, the Fund's custodian fees amounted to $18,855 of which $1,308 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.
Page 6
<PAGE>
RWB/WPG U.S. LARGE STOCK FUND
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
Six Months Year Year Year Year Year
Ended Ended Ended Ended Ended Ended
6/30/99 12/31/98 12/31/97 12/31/96 12/31/95 12/31/94
------- -------- -------- -------- -------- --------
Per Share Data:
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value at Beginning of Year .......... $ 7.63 $ 7.43 $ 6.65 $ 6.39 $ 5.05 $ 5.16
Net Investment Income ................. 0.06 0.14 0.12 0.13 0.13 0.14
Net Realized and Unrealized Gain/(Loss)
on Investments ................ 0.83 1.65 1.93 1.12 1.58 (0.14)
Total Income from Operations .................. 0.89 1.79 2.05 1.25 1.71 0.00
Dividends from Net Investment Income .. 0.00 (0.13) (0.11) (0.12) (0.13) (0.11)
Distributions from Capital Gains ...... 0.00 (1.46) (1.16) (0.87) (0.24) 0.00
Total Distributions ........................... 0.00 (1.59) (1.27) (0.99) (0.37) (0.11)
Net Asset Value End of Period ................. $ 8.52 $ 7.63 $ 7.43 $ 6.65 $ 6.39 $ 5.05
Total return ................................... 11.66% 24.51% 30.83% 19.33% 33.81% 0.06%
Net assets at end of period (000's) ............ $167,296 $186,896 $212,951 $200,226 $174,161 $106,850
Ratios:
Ratio of Expenses to Average
Net Assets (a) ........................ 0.42%* 0.42% 0.51% 0.59% 0.69% 0.75%
Ratio of Net Income to Average
Net Assets (a) ........................ 1.22%* 1.21% 1.46% 1.86% 2.26% 2.65%
Portfolio Turnover Rate ....................... 21.3%* 24.2% 54.2% 59.6% 27.1% 36.2%
<FN>
* Annualized
(a) The Advisor agreed not to impose its full fee from inception through June
30, 1999. 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, 0.53% and 1.10% for the year ended 12/31/98, and 0.52% and 1.12%
for the six months ended 6/30/99, respectively. The custody fee 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, 1999 - (UNAUDITED)
Average Annual Return
---------------------
Six
Months Year Five Since
Ended Ended Years Inception*
----- ----- ----- ----------
RWB/WPG U.S. LARGE STOCK FUND 11.66% 17.91% 24.85% 20.22%
S & P 500 INDEX 12.22% 22.71% 27.93% 22.99%
* Inception of the Fund was June 8, 1993.
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.
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* Robert A. Straniere*
Graham E. Jones* Alan B. Werba
Paul Meek*
*Member of Audit Committee
OFFICERS
Roger J. Weiss, President, Chairman and Trustee
Ronald M. Hoffner, Executive Vice President and Treasurer
Daniel Cardell, Vice President
Joseph J. Reardon, Vice President and Secretary
Steven M. Pires, 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
