(Jefferson Growth & Income Fund Logo)
SEMI-ANNUAL REPORT
April 30, 1998
(Jefferson Growth & Income Fund Logo)
June 1998
Dear Fellow Shareholders:
We are pleased to provide your semi-annual report for the six month period ended
April 30, 1998. We extend a warm welcome to our new shareholders and thank our
existing shareholders for their continued support. Since our last annual
report, fund assets have grown from approximately $8.1 million to $9.4 million,
an increase of over 16%.
The market environment continues to be very difficult for the small and medium
sized companies which comprise a significant portion of the fund's current
portfolio. We continue to make positive investment progress in a difficult
market environment, but some sectors in which we are invested have not
contributed in a meaningful way to our performance over the last six months.
This is particularly true of the real estate investment trusts (REITs) which
currently comprise 15% of the portfolio. We feel that the REIT sector offers
some exceptional values and expect them to contribute to portfolio performance
during the second half of the year.
Since our last report to shareholders on October 31, 1997, through the six month
period ended April 30, 1998, the net asset value of Class A shares has increased
from $12.26 to $12.52 and the net asset value of Class B shares has increased
from $12.20 to $12.47. The fund also paid two regular quarterly dividends of
$0.094 and $0.079 on Class A shares and $0.072 and $0.061 on Class B shares
during the period.
The breadth of companies participating in market gains expanded during the first
quarter of 1998, with many small and medium sized companies participating in the
gains. This expanded participation reversed in April, when the stock price of
many of these small and medium sized companies retreated to early 1998 levels.
The current gains in the stock market remain very narrow in breadth. The 50
largest capitalization stocks included in the S&P 500 Index continue to provide
most of the total return for the S&P 500. Broader market indices, such as the
Value Line Composite and the Russell 2000 continue to show far lower returns for
the same period. We still expect this performance gap to narrow as the
valuation difference between larger and smaller companies comes more into line
with historic norms.
The slower domestic economy and pressure on corporate profits which we discussed
as our key concerns in the last report to shareholders have now become the focus
of attention in the current market environment. This continues to be a primary
concern when reviewing potential investment candidates as the number of negative
earnings surprises among public companies continues to rise and operating
earnings for companies comprising the S&P 500 are only expected to grow at a 4%
rate this year, down from an expected 14% last November.
Big company valuations are very high by historic standards and market volatility
continues to be heightened by uncertainty over earnings and the economy. These
factors lead us to conclude that a defensive portfolio of stable demand
companies continues to be appropriate.
Sincerely,
/s/ Richard P. Imperiale
Richard P. Imperiale
Chairman
STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 1998 (UNAUDITED)
ASSETS:
Investments, at current value (cost $9,449,901) $9,799,922
Cash 24,252
Dividends receivable 9,347
Interest receivable 18,006
Receivable for capital shares sold 194,938
Receivable from Adviser 43,587
Organization costs, net of accumulated amortization 53,066
Other assets 11,118
----------
Total Assets 10,154,236
----------
LIABILITIES:
Payable for capital shares purchased 21,609
Payable for securities purchased 662,946
Accrued expenses 25,818
----------
Total Liabilities 710,373
----------
NET ASSETS $9,443,863
----------
----------
NET ASSETS CONSIST OF:
Capital stock $8,238,554
Undistributed net investment income 14,372
Undistributed accumulated net realized gains on investments 840,916
Unrealized net appreciation on investments 350,021
----------
Total Net Assets $9,443,863
----------
----------
CLASS A:
Net assets $7,815,554
Shares outstanding (unlimited number authorized) 624,048
Net asset value and redemption price per share $12.52
----------
----------
Maximum offering price per share $13.25
----------
----------
CLASS B:
Net assets $1,628,309
Shares outstanding (unlimited number authorized) 130,615
Net asset value and offering price per share $12.47
----------
----------
Redemption price per share, assuming
maximum contingent deferred sales charge $11.85
----------
----------
See notes to the financial statements.
STATEMENT OF OPERATIONS
SIX MONTHS ENDED APRIL 30, 1998 (UNAUDITED)
INVESTMENT INCOME:
Dividend income (net of withholding tax of $1,075) $ 82,791
Interest income 81,307
---------
Total investment income 164,098
---------
EXPENSES:
Investment advisory fees 25,741
Administration fees 9,807
Shareholder servicing and accounting costs 26,707
Distribution fees -- Class A 6,624
Distribution fees -- Class B 5,371
Custody fees 3,025
Federal and state registration fees 4,520
Professional fees 8,160
Reports to shareholders 2,832
Amortization of organization costs 5,418
Trustees' fees and expenses 1,598
Other 8,668
---------
Total expenses before waiver and reimbursement 108,471
Less: Waiver of expenses and reimbursement from Distributor (55,323)
---------
Net expenses 53,148
---------
NET INVESTMENT INCOME 110,950
---------
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain on investments 830,286
Change in unrealized appreciation (depreciation) on investments (70,969)
---------
Net gain on investments 759,317
---------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $870,267
---------
---------
See notes to the financial statements.
STATEMENT OF CHANGES IN NET ASSETS
(UNAUDITED)
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 1998 OCTOBER 31, 1997
------------------ -----------------
OPERATIONS:
Net investment income $ 110,950 $ 177,655
Net realized gain on investments 830,286 499,294
Net realized gain on option
contracts closed or expired -- 16,322
Change in unrealized appreciation
(depreciation) on investments (70,969) 197,932
---------- ----------
Net increase in net assets
resulting from operations 870,267 891,203
---------- ----------
CAPITAL SHARE TRANSACTIONS:
Shares sold 1,126,466 3,545,172
Shares issued to holders in
reinvestment of dividends 626,770 177,534
Shares redeemed (681,349) (1,388,874)
---------- -----------
Net increase in net assets resulting
from capital share transactions 1,071,887 2,333,832
---------- ----------
DISTRIBUTIONS TO CLASS A SHAREHOLDERS:
From net investment income (119,808) (139,528)
From net realized gains (419,414) (23,710)
---------- ----------
Total distributions to
Class A shareholders (539,222) (163,238)
---------- ----------
DISTRIBUTIONS TO CLASS B SHAREHOLDERS:
From net investment income (18,766) (13,897)
From net realized gains (85,548) (2,292)
---------- ----------
Total distributions to Class B
shareholders (104,314) (16,189)
---------- ----------
TOTAL INCREASE IN NET ASSETS 1,298,618 3,045,608
NET ASSETS:
Beginning of period 8,145,245 5,099,637
---------- ----------
End of period (including
undistributed net investment
income of $14,372 and $17,447,
respectively) $9,443,863 $8,145,245
---------- ----------
---------- ----------
See notes to the financial statements.
FINANCIAL HIGHLIGHTS
<TABLE>
(UNAUDITED) SEPTEMBER 1, 1995 1<F1>
SIX MONTHS ENDED YEAR ENDED YEAR ENDED THROUGH
APRIL 30, 1998 OCTOBER 31, 1997 OCTOBER 31, 1996 OCTOBER 31, 1995
----------------- ------------------ ----------------- ------------------
CLASS A CLASS B CLASS A CLASS B CLASS A CLASS B CLASS A CLASS B
------- ------- ------- ------ --------------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PER SHARE DATA:
Net asset value, beginning of period $12.26 $12.20 $10.91 $10.87 $10.04 $10.03 $10.00 $10.00
Income from investment operations:
Net investment income 0.16 0.13 0.29 0.20 0.27 0.21 0.04 0.03
Net realized and unrealized
gains on securities 1.04 1.04 1.40 1.39 0.87 0.83 -- --
------ ------ ------ ------ ------ ------ ------ ------
Total from investment operations 1.20 1.17 1.69 1.59 1.14 1.04 0.04 0.03
Less distributions:
Dividends from net investment income (0.17) (0.13) (0.29) (0.21) (0.27) (0.20) -- --
Distributions from net realized gains (0.77) (0.77) (0.05) (0.05) -- -- -- --
------ ------ ------ ------ ------ ------ ------ ------
Total distributions (0.94) (0.90) (0.34) (0.26) (0.27) (0.20) -- --
------ ------ ------ ------ ------ ------ ------ ------
Net asset value, end of period $12.52 $12.47 $12.26 $12.20 $10.91 $10.87 $10.04 $10.03
------ ------ ------ ------ ------ ------ ------ ------
------ ------ ------ ------ ------ ------ ------ ------
TOTAL RETURN2<F2> 10.42%3<F3>10.20%3<F3> 15.56% 14.68% 11.50% 10.49% 0.40%3<F3>0.30%3<F3>
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period $7,816 $1,628 $6,815 $1,330 $4,688 $412 $1,279 $133
Ratio of net expenses to average net assets:
Before expense reimbursement 2.44%4<F4>2.98%4<F4> 2.96% 3.71% 5.95% 6.70% 17.35%4<F4>18.10%4<F4>
After expense reimbursement 1.15%4<F4>1.69%4<F4> 1.15% 1.90% 1.15% 1.90% 1.15%4<F4>1.90%4<F4>
Ratio of net investment income
to average net assets:
Before expense reimbursement 1.38%4<F4>0.84%4<F4> 1.01% 0.26% (1.77%) (2.52%) (14.95%)4<F4>(15.70%)4
After expense reimbursement 2.67%4<F4>2.13%4<F4> 2.82% 2.07% 3.03% 2.28% 1.25%4<F4> 0.50%4<F4>
Portfolio turnover rate 5<F5>, 6<F6> 72.54% 72.54% 98.37% 98.37% 131.98% 131.98% -- --
Average commission rate paid6<F6>, 7<F7> $0.0719 $0.0719 $0.0765 $0.0765 $0.0884 $0.0884 -- --
1<F1>Commencement of operations.
2<F2>The total return calculation does not reflect the 5.5% front end sales charge for Class A or the 5% CDSC on Class B.
3<F3>Not annualized.
4<F4>Annualized.
5<F5>During the period ended October 31, 1995, there were no sales of securities.
6<F6>Portfolio turnover and average commission rate paid is calculated on the basis of the Fund as a whole without distinguishing
between classes of shares issued.
7<F7>Average commission rate disclosure not required for the period ended October 31, 1995.
</TABLE>
See notes to the financial statements.
SCHEDULE OF INVESTMENTS
APRIL 30, 1998 (UNAUDITED)
NUMBER
OF SHARES VALUE
- --------- -----
COMMON STOCKS -- 66.9%
Apparel -- 1.6%
45,000 Tultex Corporation *<F8> $ 151,875
----------
Business Services -- 4.4%
10,000 Alternative Resources
Corporation*<F8> 198,750
7,500 The Loewen Group Inc. 212,813
----------
411,563
----------
Chemicals -- 5.7%
5,000 IMC Global Inc. 180,000
17,000 NOVA Corporation 193,374
3,900 Quimica Minera Chile SA ADR 169,406
----------
542,780
----------
Energy -- 4.2%
6,000 Occidental Petroleum
Corporation 176,625
1,000 Texaco Inc. 61,500
5,000 Ultramar Diamond Shamrock
Corporation 161,563
----------
399,688
----------
Entertainment & Leisure -- 2.0%
1,000 Anchor Gaming *<F8> 84,250
6,000 Signature Resorts, Inc.*<F8>107,250
----------
191,500
----------
Financial Services -- 0.4%
1,000 Downey Financial Corp. 34,688
----------
Food & Beverage -- 6.3%
4,000 Dole Food Company, Inc. 179,750
13,000 Fresh Del Monte
Produce, Inc. *<F8> 222,625
5,550 McCormick and
Company, Inc. 190,088
----------
592,463
----------
Health Care Services-- 1.8%
23,000 Utah Medical
Products, Inc. *<F8> 173,938
----------
Insurance -- 0.5%
6,000 Philadelphia Consolidated
Holding Corp. *<F8> 51,006
----------
Manufacturing -- 3.9%
15,000 Ennis Business Forms, Inc. 180,000
21,300 Hurco Companies, Inc. *<F8> 189,038
----------
369,038
----------
Metals and Mining -- 2.6%
1,000 Aluminum Company
of America 77,500
30,000 Free State Consolidated
Gold Mines Limited -- ADR 170,625
----------
248,125
----------
Real Estate Investment Trusts -- 15.0%
3,000 Alexandria Real Estate
Equities, Inc. 98,813
11,000 Berkshire Realty
Company, Inc. 134,062
5,550 BRE Properties, Inc. --
Class A 145,687
13,700 Burnham Pacific
Properties, Inc. 193,513
4,000 CCA Prison Realty Trust 141,750
17,135 Grove Property Trust 184,201
5,200 Hospitality Properties
Trust 167,050
8,000 Merry Land & Investment
Company, Inc. 168,500
6,000 Public Storage, Inc. 184,500
----------
1,418,076
----------
Retail - General -- 2.7%
7,000 American Stores Company 168,000
4,000 Claire's Stores, Inc. 87,250
----------
255,250
----------
Technology -- 4.2%
1,000 Hewlett-Packard Company 75,313
9,000 Sequent Computer
Systems, Inc. *<F8> 176,624
1,000 Stratus Computer, Inc.*<F8> 43,563
8,000 UniComp, Inc. *<F8> 52,500
2,000 UNOVA, Inc. *<F8> 46,500
----------
394,500
----------
Telecommunication Equipment -- 2.0%
30,000 TII Industries, Inc. *<F8> 187,500
----------
Transportation -- 8.3%
4,200 FDX Corporation *<F8> 285,600
10,000 Frozen Food Express
Industries, Inc. 101,874
2,000 GATX Corporation 165,750
6,500 Ryder System, Inc. 226,281
----------
779,505
----------
Utilities -- 1.3%
4,000 SCANA Corporation 119,500
----------
TOTAL COMMON STOCKS
(COST $5,975,952) 6,320,995
----------
PREFERRED STOCKS -- 1.4%
Bank & Bank Holding Companies -- 1.4%
5,000 First Source
Capital Trust II **<F9> $ 126,875
----------
TOTAL PREFERRED STOCK
(COST $125,000) 126,875
----------
PRINCIPAL
AMOUNT
- ---------
CORPORATE BONDS AND NOTES -- 2.0%
Finance Company -- 0.4%
BankAmerica Corporation
$20,000 8.125%, 02/01/02 21,253
Ford Capital B.V.
15,000 9.125%, 05/01/98 15,000
----------
36,253
----------
Industrial -- 1.6%
IVAX Corporation - Convertible **<F9>
175,000 6.50%, 11/15/01 152,031
----------
TOTAL CORPORATE BONDS
AND NOTES
(COST $186,099) 188,284
----------
U.S. GOVERNMENT AGENCY -- 0.3%
Federal National Mortgage
Association (FNMA)
Pass-Thru Certificates
30,433 Pool #050737, 6.00%,
05/01/00 30,352
----------
TOTAL U.S. GOVERNMENT AGENCY
(Cost $29,434) 30,352
----------
SHORT-TERM INVESTMENTS -- 33.2%
Variable Rate Demand Notes -- 33.2%
450,000 American Family
Financial Services 450,000
450,000 General Mills, Inc. 450,000
450,000 Johnson Controls, Inc. 450,000
450,000 Pitney Bowes, Inc. 450,000
450,000 Sara Lee Corporation 450,000
450,000 Warner -
Lambert Corporation 450,000
433,416 Wisconsin Electric
Power Company 433,416
----------
TOTAL SHORT-TERM INVESTMENTS
(COST $3,133,416) 3,133,416
----------
TOTAL INVESTMENTS -- 103.8%
(COST $9,449,901) 9,799,922
----------
Liabilities in
Excess of Other
Assets -- (3.8%) (356,059)
----------
TOTAL NET
ASSETS -- 100.0% $9,443,863
----------
----------
*<F8>Non-income producing security.
**<F9>Callable.
See notes to the financial statements.
NOTES TO THE FINANCIAL STATEMENTS
APRIL 30, 1998 (UNAUDITED)
1) ORGANIZATION
The Jefferson Growth & Income Fund (the "Fund") is a mutual fund created by The
Jefferson Fund Group Trust (the "Trust") which was organized as a business trust
under the laws of Delaware on January 20, 1995. The Fund is one of a series
issued by the Trust, which is an open-end management company registered under
the Investment Company Act of 1940, as amended.
Between the date of organization and the commencement of operations on September
1, 1995, the Fund had no operations other than incurring organizational
expenses. These costs aggregated $65,659, and are being amortized over the
period of benefit, but not to exceed sixty months from the date the Fund
commenced operations.
The Trust is authorized to issue an unlimited number of shares without par
value. The Trust has issued two classes of shares in the Fund: Class A and
Class B. The Class A shares are subject to a service organization fee of 0.25%
pursuant to Rule 12b-1 and a front-end sales charge imposed at the time of
purchase in accordance with the Fund's prospectus. The maximum front-end sales
charge is 5.50% of the offering price or 5.82% of the net asset value. The
Class B shares are subject to a service organization fee of 0.25% and
distribution fees of 0.75% pursuant to Rule 12b-1. Certain of the Class B
shares are subject to a contingent deferred sales charge (CDSC) upon redemption
from the Fund within seven years from the time of the original purchase. Each
class of shares of the Fund has identical rights and privileges.
2) SIGNIFICANT ACCOUNTING POLICIES
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.
a) Investment Valuation -- Securities which are traded on a national or
recognized stock exchange are valued at the last sale price on the securities
exchange on which such securities are primarily traded. Exchange-traded
securities for which there were no transactions that day are valued at the most
recent bid prices. Securities traded on only over-the-counter markets are
valued on the basis of closing over-the-counter bid prices. Instruments with a
remaining maturity of 60 days or less are valued on an amortized cost basis.
Securities for which market quotations are not readily available, and securities
which are restricted as to resale are valued at fair value as determined by the
investment adviser under the supervision of the Board of Trustees. Portfolio
securities which are primarily traded on foreign securities exchanges are
generally valued at the preceding closing values of such securities on their
respective exchanges, except when an occurrence subsequent to the time a value
was so established is likely to have changed such value.
b) Federal Income Taxes -- Provision for federal income taxes or excise taxes
has not been made since the Fund has elected to be taxed as a "regulated
investment company" and intends to distribute substantially all taxable income
to its shareholders and otherwise comply with the provisions of the Internal
Revenue Code applicable to regulated investment companies.
Generally accepted accounting principles require that permanent differences
between financial reporting and tax reporting be reclassified between various
components of net assets.
c) Income and Expenses -- The Fund is charged for those expenses that are
directly attributable to the portfolio, such as advisory, administration and
certain shareholder service fees. Net investment income other than class
specific expenses, and realized and unrealized gains and losses are allocated
daily to each class of shares based upon the relative net asset value of
outstanding shares at the beginning of the day (after adjusting for the current
capital share activity of the respective class).
d) Distributions to Shareholders -- Dividends from net investment income are
declared and paid on a calendar quarter basis. Distributions of net realized
capital gains, if any, will be declared at least annually.
e) Written Option Accounting -- When the Fund sells an option, an amount equal
to the premium received by the Fund is included in the Statement of Assets and
Liabilities as an asset and an equivalent liability. The amount of the
liability is subsequently marked-to-market to reflect the current value of the
option written. When an option expires on its stipulated expiration date or the
Fund enters into a closing purchase transaction, the Fund realizes a gain or
loss if the cost of the closing purchase transaction differs from the premium
received when the option was sold without regard to any unrealized gain or loss
on the underlying security, and the liability related to such option is
eliminated. When an option is exercised, the Fund realizes a gain or loss from
the sale of the underlying security, and the proceeds from such sale are
increased by the premium originally received.
f) Use of Estimates -- The preparation of financial statements in conformity
with generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those estimates.
g) Other -- Investment and shareholder transactions are recorded on trade date.
The Fund determines the gain or loss realized from the investment transactions
by comparing the original cost of the security lot sold with the net sale
proceeds. Dividend income is recognized on the ex-dividend date and interest
income is recognized on an accrual basis.
3) CAPITAL SHARE TRANSACTIONS
Transactions in shares of the Fund were as follows:
Class A
------------------------------------------
Six months ended Year ended
April 30, 1998 October 31, 1997
----------------- ------------------
Amount Shares Amount Shares
------ ------- ------ -------
Shares sold $909,240 73,711 $2,692,390 231,580
Shares issued
to holders in
reinvestment
of dividends 529,002 45,228 161,536 13,899
Shares
redeemed (624,150) (50,876) (1,358,912) (118,993)
-------- ------- ---------- ---------
Net increase $814,092 68,063 $1,495,014 126,486
-------- ------- ---------- ---------
-------- ------- ---------- ---------
Class B
------------------------------------------
Six months ended Year ended
April 30, 1998 October 31, 1997
----------------- ------------------
Amount Shares Amount Shares
------ ------ ------ ------
Shares sold $217,226 17,836 $852,782 72,259
Shares issued
to holders in
reinvestment
of dividends 97,768 8,403 15,998 1,374
Shares
redeemed (57,199) (4,655) (29,962) (2,462)
-------- ------- -------- ------
Net increase $257,795 21,584 $838,818 71,171
-------- ------- -------- ------
-------- ------- -------- ------
4) INVESTMENT TRANSACTIONS
The aggregate purchases and sales of securities, excluding short-term
investments, by the Fund for the six months ended April 30, 1998, were as
follows:
Purchases Sales
----------- -------
U.S. Government -- $605,148
Other $4,755,006 $4,938,461
At April 30, 1998, gross unrealized appreciation and depreciation of investments
for federal income tax purposes was as follows:
Appreciation $570,174
(Depreciation) (220,153)
---------
Net unrealized appreciation
on investments $350,021
---------
---------
At April 30, 1998, the cost of investments for federal income tax purposes was
$9,449,901.
5) INVESTMENT ADVISORY AND OTHER AGREEMENTS
Pursuant to its Advisory Agreement with the Fund, the Adviser is entitled to
receive a fee, calculated daily and payable monthly, at the annual rate of 0.60%
as applied to the Fund's daily net assets.
The Trust has entered into a distribution and servicing agreement with Rodman &
Renshaw, Inc. (the "Distributor"). The Trust has adopted a Class A Servicing
Fee Plan whereby the Fund pays the Distributor servicing fees of up to 0.25%
annually, calculated as a percentage of the Fund's average daily net assets
attributable to Class A shares. Pursuant to the Class B distribution and
servicing agreement, the Fund is authorized to pay the Distributor a
distribution fee in an amount not to exceed on an annual basis 0.75% of the
average daily net assets of the Class B shares of the Fund and a service fee in
an amount not to exceed on an annual basis 0.25% of the average daily net asset
value of the Class B shares of the Fund. The Distributor may bear various
promotional and sales related expenses, including the cost of printing and
mailing prospectuses to persons other than shareholders.
If the aggregate annual operating expenses (excluding interest, taxes, brokerage
commissions and other costs incurred in connection with the purchase or sale of
portfolio securities, and extraordinary items) exceed 1.15% and 1.90% of average
net assets for Class A and Class B shares respectively, the Distributor may
reimburse the Fund for the amount of such excess. Accordingly, for the six
months ended April 30, 1998, the Distributor reimbursed the Fund $55,323.
The Distributor received front-end sales charges on Class A shares and
contingent deferred sales charges on Class B shares of $2,096 and $0,
respectively, for the six months ended April 30, 1998.
6) CHANGE IN DISTRIBUTOR
Effective May 7, 1998, Adviser Dealer Services, Inc. replaced Rodman & Renshaw,
Inc. ("Rodman") as the distributor of the Fund's shares. The Adviser has
assumed responsibility for any amount that Rodman owes the Fund. The Adviser
has also agreed to reimburse the Fund for any amount in excess of the aggregate
annual operating expenses (excluding interest, taxes, brokerage commissions and
other costs incurred in connection with the purchase or sale of portfolio
securities, and extraordinary items) of 1.15%and 1.90% of average net assets for
Class A and Class B shares, respectively.
(Jefferson Growth & Income Fund Logo)
INVESTMENT ADVISER
Uniplan, Inc.
839 North Jefferson Street
Suite 201
Milwaukee, WI 53202
(800) 216-9785
ADMINISTRATOR, TRANSFER AGENT,
DIVIDEND PAYING AGENT & CUSTODIAN
Firstar Trust Company
615 East Michigan Street
Milwaukee, WI 53202
DISTRIBUTOR
Adviser Dealer Services, Inc.
6000 Memorial Drive
Dublin, OH 43017
LEGAL COUNSEL
Foley & Lardner
330 North Wabash Avenue
Suite 3300
Chicago, IL 60611
INDEPENDENT ACCOUNTANTS
KPMG Peat Marwick LLP
777 East Wisconsin Avenue
Milwaukee, WI 53202
