WEISS, PECK & GREER
MUTUAL FUNDS
Semi-Annual Report
June 30, 1995
(Unaudited)
WPG TUDOR FUND
WPG GROWTH AND INCOME FUND
WPG QUANTITATIVE EQUITY FUND
WEISS, PECK & GREER INTERNATIONAL FUND
WPG GOVERNMENT SECURITIES FUND
WPG INTERMEDIATE MUNICIPAL BOND FUND
WPG GOVERNMENT MONEY MARKET FUND
WPG TAX FREE MONEY MARKET FUND
ONE NEW YORK PLAZA
NEW YORK, NEW YORK 10004
800 223-3332
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Table of Contents
Chairman's Letter.............................................. 1
Major Portfolio Changes........................................ 3
Average Annual Total Returns................................... 4
Ten Largest Holdings........................................... 6
(Schedule of Investments)
WPG Tudor Fund ("Tudor")................................... 8
WPG Growth and Income Fund ("Growth and Income")...........11
WPG Growth Fund ("Growth").................................13
WPG Quantitative Equity Fund ("Quantitative Equity").......16
Weiss, Peck & Greer International Fund ("International")...19
WPG Government Securities Fund ("Government Securities")...22
WPG Intermediate Municipal Bond Fund
("Intermediate Municipal Bond")........................23
WPG Government Money Market Fund
("Government Money Market")............................25
WPG Tax Free Money Market Fund ("Tax Free Money Market")...26
Statement of Assets and Liabilities............................32
Statement of Operations........................................34
Statement of Changes in Net Assets.............................36
Notes to Financial Statements..................................38
Financial Highlights...........................................44
Growth
Objective: Maximum capital appreciation (intended primarily for
institutional investors).
International
Objective: Long-term growth of capital.
Tudor
Objective:Capital appreciation.
Growth and Income
Objective: Long-term growth of capital and current income.
Quantitative Equity
Objective: Seeks to provide investment results that exceed the
S & P 500.
Intermediate Municipal Bond
Objective: High current income consistent with relative stability
of principal.
Exempt from Federal Income Tax.
Government Securities Fund
Objective: Current income.
* Tax Free Money Market
Objective: Maximize current income with preservation of capital
and liquidity.
Exempt from Federal Income Tax.
* Government Money Market Fund
Objective: Maximize current income with preservation of capital
and liquidity.
* Although these Funds are money market funds and attempt to
maintain a stable $1.00 net asset value per share, investments in
these Funds are neither insured nor guaranteed by the U.S.
Government. There can be no assurance that either Fund will be
able to maintain a stable net asset value of $1.00 per share.
<PAGE>
DEAR SHAREHOLDER:
We are pleased to provide you with the June 30, 1995
Quarterly Report for the Weiss, Peck & Greer Mutual Funds. The
current market environment has been a challenging one for
investors worldwide. The consistency of our investment approach
and our experience through many market cycles have served our
shareholders well during this period. We continue to be
optimistic about prospects for both the domestic and
international markets.
U.S. EQUITY MARKETS
The U.S. economy has grown steadily since the last recession
ended during early 1991 - real growth has averaged just over 3%
for sixteen quarters. It is now quite apparent that growth is
slowing; thus, the recent small reduction of the Federal Funds
rate by the Federal Reserve Board. Should economic weakness
continue, the Fed will likely respond and a better expectation
for future economic growth should result.
After seven tightening moves by the Federal Reserve Board
during 1994 and early 1995, inflation appears to have peaked at
approximately 3 1/2% for this cycle. Inflation peaked at 12% in
1980 and at 6% in 1988. If inflation remains subdued, as we
expect, the consequence is profound for the U.S. financial
markets. Bond yields would remain relatively low and equity
price/earnings ratios may remain high.
The stock market, helped by double digit bond returns,
turned in a spectacular first half in 1995, its best in eight
years. The major averages were up close to 20%, while secondary
indices were up approximately 12%. Technology and financial
issues outperformed while energy and consumer cyclical stocks
lagged.
As the second quarter came to a close, more and more issues
were participating in the stock market rally. During the first
part of the rally which began late in November 1994, the
advance was quite narrow - large capitalization technology and
blue chip stocks primarily benefitted. Looking ahead, our
expectation is that mid and small capitalization issues will
begin to outperform.
U.S. FIXED INCOME MARKETS
Interest rates fell dramatically during the first half of
1995 amid the belief that the Federal Reserve had successfully
guided the economy to a modest pace of growth and preempted
inflation. Market participants aggressively bought U.S. Treasury
securities as they anticipated that the next move by the Central
Bank would be to ease monetary policy by lowering interest
rates. The decline in rates occurred in fits and starts,
however, as conflicting evidence of an economic slowdown caused
buyers to hesitate several times during the period. Most
recently, statistics released during the month of June for
existing home sales and housing starts were firm, indicating that
the drop in interest rates since the beginning of the year may
have begun to have a stimulating influence on the economy.
In spite of this, the Federal Reserve cut the overnight bank
borrowing rate by 0.25% at their meeting on July 5th, citing a
reduction in inflationary pressures. Yields of the three-month
<PAGE>
T-Bill fell 0.2% during June, while those of intermediate and
longer dated securities fell only slightly. For the quarter,
however, interest rates across the yield curve fell significantly
with the largest decline occurring in the 5 Year sector.
Specifically, the yields of 2 Year and 30 Year Treasuries fell 1%
and 0.8%, respectively, to 5.8% and 6.6%; the yield of the 5 Year
T-Note fell 1.1% to 6%.
Many market participants anticipate the Federal Reserve will
continue to ease monetary policy by lowering interest rates again
following the next Federal Open Market Committee meeting in
August. The risk is that economic statistics will reveal
continued economic vitality, which will preempt the Central Bank
from additional action.
INTERNATIONAL MARKETS
The weaker U.S. dollar helped enhance returns during the
first half of the year. Most major markets posted positive
gains. The only exception was Japan where the strengthening Yen,
the Kobe earthquake, and the Barings crisis served to undermine
stock market performance.
Southeast Asian markets were mixed with Hong Kong, Malaysia
and Thailand posting positive returns. First quarter performance
was weak following the negative view of "Emerging Markets" in the
wake of the Mexican currency devaluation. As the second quarter
progressed and a change in U.S. monetary policy seemed likely,
these markets recovered somewhat.
Within Europe the strength of the Deutsche Mark has been the
major driving factor. Despite posting a negative return in local
terms, Germany rose more than 10% when measured in U.S. dollars.
France rose over 8%, as did the United Kingdom.
We remain generally optimistic regarding the outlook for the
economy and financial markets. A low inflation environment, with
little upward pressure upon business costs, bodes well for growth
in the stock and bond markets.
Sincerely,
/s/ Roger J. Weiss
Roger J. Weiss
Chairman of the Board
August 1, 1995
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Major Portfolio Changes - Equity Funds - Quarter Ending June 30, 1995
Tudor Growth and Income
Additions Additions
ALC Communications Corp Beneficial Corp.
America West Airlines Inc Cl B Citicorp
American Oncology Resources Columbia/HCA Healthcare Corp.
Autodesk Inc Johnson & Johnson
Highwaymaster Communications Lockheed Martin Corp.
Read-Rite Corp Merck & Co Inc.
Rowan Cos Inc Microsoft Corp.
Seagate Technology National Semiconductor Corp.
Western Digital Corp Nokia Corp ADR
Wetherspoon(J.D.) Ord Republic N Y Corp.
Deletions Deletions
Ann Taylor Stores Corp Caterpillar Inc.
Healthsource Inc Chrysler Corp.
Hospitality Franchise Systems Inc. DSC Communications Corp.
Intersolv Inc. Great Lakes Chemical Corp.
Lone Star Steakhouse & Saloon Harcourt General Inc.
Mercury Interactive Corp Minnesota Mining & Manufacturing Co.
Orbital Sciences Corp Multicare Cos 7.000% due 03/15/03
Tsingtao Brewery Co. Ser 'H' Nucor Corp.
UAL Corp Convertible Bond Warner Lambert Co.
Vencor Wolverine World Wide Inc.
Growth International
Additions Additions
ALC Communications Corp Ashok Leyland GDR
Autodesk Inc Banyu Pharmaceutical
Checkpoint Systems Inc. Cheung Kong Holdings
Cirrus Logic CMIC Finance & Securities Co
Continental Airlines Inc Cl B Enterprise Oil
Highwaymaster Communications Fletcher Challenge Ord
Read-Rite Corp Overseas-Chinese Banking Corp
Royal Caribbean Cruises Paul Y-ITL Corp
Sun Healthcare Group Inc. Smith (Howard) Ord
Western Digital Corp Western Mining Corp Holdings
Deletions Deletions
Ann Taylor Stores Corp. Bangkok Bank
Carnival Corp Carter Holt Harvey
Citic Pacific Development Bank of Singapore
Granite Broadcasting Esai Co
Health Care & Retirement Corp. Jurong Shipyard
Hollywood Entertainment Siam Commercial Bank
Lone Star Steakhouse & Saloon Tai Cheung Holdings
Ply Gem Industries Inc. The News Corp
Sybase Inc. Tosoh Corp
Wabash National Corp. Zurich Versicherung
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Average Annual Total Returns for the Periods Ended June 30, 1995-Unaudited
<TABLE>
TUDOR
<S> <C> <C> <C> <C>
Six One Five Ten
Months* Year Years Years
TUDOR 16.97% 24.88% 9.68% 12.28%
Russell 2000 Growth Index 15.95% 25.82% 10.77% 9.82%
Lipper Capital Appreciation Index 17.02% 23.62% 11.87% 13.03%
</TABLE>
The Fund's strong second quarter performance was largely
attributable to our overweightings in three key areas:
technology, retail and airlines. Technology stocks, both large
and small capitalization, have been the driving force in the
strength of the equity market this year. Our emphasis on
category dominant retailers has been rewarded with above market
returns. The consolidation in the airline industry has begun to
show the desired profitability, which bolstered our investments
in this area. In light of the exceptional market strength we've
experienced, a near-term correction is a possibility.
Recognizing this fact, we are concentrating, as we always do, on
companies whose financial fundamentals and long-term prospects
make them good candidates to stay the course.
<TABLE>
GROWTH AND INCOME
<S> <C> <C> <C> <C>
Six One Five Ten
Months* Year Years Years
GROWTH AND INCOME 16.43% 16.37% 10.41% 12.26%
S & P 500 Stock Index 20.19% 26.11% 12.09% 14.57%
Lipper Growth & Income Funds 16.75% 19.74% 11.20% 12.60%
</TABLE>
The portfolio's performance during the second quarter of 1995 was
the best since 1991 and also placed the Fund near the top 5% of
all Growth and Income funds. The 20% technology holding
contributed much of the return. Intel, the second largest
portfolio holding, paced the technology sector. We continue to
maintain approximately a 15% portfolio committment in REITs/Bonds
for income and stability.
<TABLE>
GROWTH
<S> <C> <C> <C> <C>
Six One Five From
Months* Year Years 5/2/86@
GROWTH 17.07% 19.65% 9.23% 9.26%
Russell 2000 Growth Index 15.95% 25.82% 10.77% 7.51%
Wilshire Small Co. Growth Index 20.38% 35.93% 14.67% 10.12%
Lipper Small Company Growth Index 15.39% 25.99% 13.09% 9.11%
</TABLE>
The rally in equities continued in the second quarter, fueled
largely by advances in technology stocks. Our investments in
that area aided performance for both the quarter and the first
half of this year. As investors focus on technology, we have
identified broad sources of growth that we are exploiting in the
WPG Growth Fund. They include niche areas in transportation,
environmental services, and health care. As we noted in the
first quarter report, a modestly growing economy in a low
inflation environment, should allow small growth stocks to
outperform the market.
<TABLE>
QUANTITATIVE EQUITY
<S> <C> <C> <C>
Six One From
Months* Year 1/1/93@
QUANTITATIVE EQUITY 17.82% 23.76% 12.65%
S & P 500 Stock Index 20.19% 26.11% 12.39%
</TABLE>
The Fund's quantitative process analyzes historical price
relationships between the companies in the S&P 500 to build a
less volatile, higher return market portfolio. The Fund is
currently overweighted in energy and utility stocks and
underweighted in consumer nondurables and financial stocks. The
current underweighting in semi conductor and computer software
companies and the poor performance in the energy sector were the
primary causes of underperformance relative to the S&P 500 in the
2nd quarter. The Fund will maintain its current weightings in
order to stay well positioned for a market correction, and or an
increase in the volatility of the market.
<TABLE>
INTERNATIONAL
<S> <C> <C> <C> <C>
Six One Five From
Months* Year(a) Years(a) 6/1/89(a)@
INTERNATIONAL 4.02% 0.19% 1.70% 3.07%
EAFE (Europe,Australia,Far East) Index 2.76% 1.95% 5.02% 4.42%
</TABLE>
Following a volatile first quarter, currency markets stabilized
towards the end of the period. However, few markets were able to
outperform the U.S. market in US $ terms, with the exception of
some of the peripheral European markets i.e., Finland, Norway,
Spain and Switzerland, and some of the Pacific markets, i.e.
Thailand and Philippines. We remain with the belief that Japan
will improve as the year progresses and favor the longer term of
prospects of the pacific rim as well. Given that we expect the
dollar to strengthen relative to the yen in the next several
months, it is likely that we will hedge half of the Japanese
exposure accordingly.
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Average Annual Total Returns for the Periods Ended June 30, 1995-Unaudited
<TABLE>
GOVERNMENT SECURITIES
<S> <C> <C> <C> <C>
Six One Five From
Months* Year Years 2/20/86@
GOVERNMENT SECURITIES 8.25% 7.24% 7.02% 7.78%
Lehman Intermed. Gov./MBS 9.73% 10.75% 9.55% 8.71%
Morningstar General Gov. Bond Index 9.06% 9.36% 9.00% 7.40%
</TABLE>
The Fund returned 4.3% during the second quarter, underperforming
the 4.8% Morningstar General Government Fund average slightly.
The performance of the Fund was due in large part to its maturity
structure which was overweighted in short and long dated
securities and underweighted in intermediate range securities,
which outperformed. WPG quantitative analytics show intermediate
securities to be at historically expensive levels and we maintain
the long term view that they should be underweighted. In
addition, the Fund implemented a strategy change during the
quarter with respect to its allocation to the U.S. agency
mortgage pass-through market. At the beginning of the quarter
the Fund had a 28% weighting in this sector and increased it
during late May and June to 56% at quarter-end. This reflects
the good relative value in this sector following underperformance
during the first five months of the year. Early in July, this
sector began to show improving performance. We remain committed
to careful analytical evaluation of risk and reward in our
decision making process.
<TABLE>
INTERMEDIATE MUNICIPAL BOND
<S> <C> <C> <C>
Six One From
Months* Year 7/1/93@
INTERMEDIATE MUNICIPAL BOND (b) 6.45% 6.78% 3.73%
Lehman Brothers 3-10 Year Municipal
Bond Index 7.93% 7.89% 4.59%
Lipper Intermediate Muni Funds 7.33% 6.80% 3.87%
</TABLE>
The second quarter was a difficult one for the Fund in terms of
relative performance. The Fund was outpaced by the Lehman Index
as well as the Lipper average. The Fund lagged both due to an
overweighting in securities which are less sensitive to interest
rate changes. During 1994 this strategy served us well,
protecting client capital in a poor market; however, the Fund has
not participated fully in the extremely strong market experienced
thus far in 1995.
* Not annualized.
(@) Inception of Fund
(a) The Adviser waived its fee from inception of the Fund through
2/28/90 and waived a portion of its fee from the date through
October 19, 1994. Had the Adviser not done so, the total return
for the one year and five years ended 6/30/95 and from inception
through 6/30/95 would have been -0.07%, 1.13% and 2.47%,
respectively.
(b) The Adviser waived its fee from inception of the Fund through
October 19, 1994 and reimbursed certain other expenses. Had the
Adviser not done so, the total return of the Fund for the six
months and year ended 6/30/95 and from inception through 6/30/95
would have been 6.35%, 6.35% and 3.15%, respectively.
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. Each Fund's results and the indices (except
as noted below) assume the reinvestment of all capital gain
distributions and income dividends. Each Fund's past performance
is not indicative of future performance and should be considered
in light of each Fund's investment policy and objectives, the
characteristics and quality of its portfolio securities, and the
periods selected. The S&P 500 Stock Index is a broad based
measurement of changes in stock market conditions based on the
average performance of 500 widely held common stocks. The
Russell 2000 Growth Index is a measurement of changes in stock
market conditions based on the average performance of small U.S.
growth oriented securities with a median market capitalization of
approximately $220 million. Lipper Analytical Services
("Lipper") and Morningstar compare mutual funds according to
overall performance, investment objectives, investment policies,
assets, expense levels, periods of existence and other factors.
Wilshire Asset Management indices are derived from the largest
2500 of the Wilshire 5000 Stock Index and is a broad based index.
The Lehman Brothers Intermediate Government/Mortgage Backed
Securities Index is a market weighted blend of all intermediate
government issues (3-10 year maturities) and all mortgage
securities. The Lehman Brothers 3-10 year Muni Bond Index is a
broad based index which contains all securities in the Lehman
Municipal Bond Index with maturities from 3-10 years. The
Morgan Stanley Capital International Europe, Australia, Far East
("EAFE") is an index of more than 800 companies in Europe,
Australia and the Far East. Indices are unmanaged groups of
securities.
<PAGE>
<TABLE>
<CAPTION>
WEISS, PECK & GREER MUTUAL FUNDS
Ten Largest Holdings at June 30, 1995*
<S> <C> <C>
Market
Value Percent
Tudor Fund (000's) of Fund
Informix Corp...................... $3,806 2.6%
PETsMART Inc....................... 2,731 1.8%
Adaptec Inc........................ 2,682 1.8%
Just for Feet Inc.................. 2,393 1.6%
Quantum Health Resources Inc....... 2,351 1.6%
Starbucks Corp..................... 2,341 1.6%
Microchip Technology............... 2,092 1.4%
Sun Healthcare Group Inc........... 1,811 1.2%
Continental Airlines Inc Cl B...... 1,784 1.2%
UAL Corp........................... 1,753 1.2%
$23,744 16.0%
Growth and Income Fund
Xerox Corp......................... $2,580 3.8%
Intel Corp......................... 2,532 3.8%
American International Group Inc... 2,280 3.4%
Philip Morris Cos.................. 2,231 3.3%
Engelhard Corp..................... 2,144 3.2%
Lockheed Martin Corp............... 1,894 2.8%
Federal National Mortgage
Association.................... 1,887 2.8%
McDonalds Corp..................... 1,800 2.7%
Exxon Corp......................... 1,766 2.6%
Hercules Inc....................... 1,706 2.5%
$20,820 30.9%
Growth Fund
Cognex Corp........................ $1,590 2.4%
Solectron Corp..................... 1,536 2.3%
Sun Healthcare Group Inc........... 1,496 2.3%
Adaptec Inc........................ 1,277 1.9%
Informix Corp...................... 1,269 1.9%
Starbucks Corp..................... 1,211 1.8%
Royal Caribbean Cruises Ltd........ 1,155 1.7%
Microchip Technology............... 1,055 1.6%
Mitel Corp......................... 976 1.5%
Itron Inc.......................... 969 1.5%
$12,534 18.9%
Quantitative Equity Fund
Exxon Corp......................... $4,569 4.4%
International Business Machines
Corp........................... 4,320 4.1%
Royal Dutch Petroleum Co. ADR ..... 3,376 3.2%
Lilly Eli & Co..................... 2,041 2.0%
Mobil Corp......................... 1,968 1.9%
GTE Corp........................... 1,891 1.8%
Amoco Corp......................... 1,859 1.8%
Eastman Kodak Co................... 1,716 1.6%
Chevron Corp....................... 1,679 1.6%
Schering Plough Corp............... 1,668 1.6%
$25,087 24.0%
International Fund
Rohm Co............................ $310 2.2%
HSBC Holdings ADR.................. 256 1.8%
Sun Hung Kai Properties............ 222 1.6%
Sumitomo Bank 3.125%
Due 3/31/04.................... 204 1.5%
Unilever........................... 202 1.4%
Fletcher Challenge Ord............. 202 1.4%
Hanjaya Mandala Sampoerna.......... 197 1.4%
China Light & Power................ 180 1.3%
Telefonos de Mexico................ 178 1.3%
Straits Steamship Land LTD......... 173 1.2%
$2,124 15.1%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WEISS, PECK & GREER MUTUAL FUNDS
Ten Largest Holdings at June 30, 1995* - (Continued)
<S> <C> <C>
Value Percent
Government Securities Fund (000's) of Fund
Federal Home Loan Bank Discount Note Due 9/6/95.................................. $36,603 19.4%
Federal Home Loan Bank Discount Note Due 7/12/95................................. 34,552 18.3%
Government National Mortgage Association 8.500% Due 7/15/25...................... 33,448 17.8%
Federal National Mortgage Association 8.000% Due 5/1/25-6/1/25................... 21,633 11.5%
United States Treasury Bonds 12.000% Due 8/15/13................................. 19,913 10.6%
Government National Mortgage Association 7.500% Due 2/15/23-3/15/24.............. 16,316 8.7%
Federal Home Loan Mortgage Corporation 8.000% Due 10/1/24........................ 15,204 8.1%
United States Treasury Notes 5.750% Due 8/15/03.................................. 11,392 6.0%
Federal Home Loan Bank Discount Note Due 7/13/95................................. 7,951 4.2%
Government National Mortgage Association 9.000% Due 7/15/25...................... 7,438 3.9%
$204,450 108.5%
Intermediate Municipal Bond Fund
Kane and Dekalb Counties Illinois Community School District No.301
General Obligation 6.250% Due 12/1/01....................................... $660 4.9%
Salt Lake City Utah Water Conservancy District
Revenue Refunding Series A 10.875% Due 10/1/02.............................. 564 4.2%
Deer Park Texas Independent School District 6.375% Due /15/07.................... 553 4.1%
Lower Colorado River Authority Prerefunded Revenue 6.250% Due /1/07.............. 553 4.1%
Piedmont Municipal Power Agency South Carolina - FGIC Insured 6.125% Due 1/1/07.. 528 3.9%
Pennsylvania State General Obligation Second Series 6.000% Due 7/1/07............ 523 3.9%
Petersburg Indiana Pollution Control Revenue 9.625% Due 9/1/12................... 513 3.8%
Hempfield Pennsylvania School District Refunding 6.700% Due 10/15/99............. 502 3.7%
La Porte Indiana Economic Development Revenue 7.375% Due 6/1/01.................. 477 3.5%
Chicago Illinois General Obligation - MBIA Insured 5.000% Due 1/1/08............. 471 3.5%
$5,344 39.6%
<FN>
* The composition of the largest securities in each portfolio is subject to change.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WEISS, PECK & GREER MUTUAL FUNDS
Schedule of Investments at June 30, 1995 - Unaudited
<C> <C> <S> <C>
Number Value
of Shares Security (000's)
TUDOR
COMMON STOCKS (98.3%)
Capital Goods
Communications (5.0%)
23,500 #ALC Communications Corp............. $1,060
20,000 #Chipcom Corp........................ 475
60,500 #Highwaymaster
Communications.................. 923
40,000 #Itron Inc........................... 1,250
25,000 #MFS Communication Co. Inc........... 806
36,000 #Network Express Inc................. 500
20,000 #P-Com Inc........................... 385
16,500 #QUALCOMM Inc........................ 570
18,000 #Tekelec............................. 437
35,000 #Xylogics Inc........................ 971
7,377
Computer Software &
Services (10.5%)
20,000 #Aspen Technology Inc................ 510
27,500 * Autodesk Inc........................ 1,182
12,500 *#BMC Software Inc.................... 966
35,000 #Cognex Corp......................... 1,409
46,400 #Compuware Corp...................... 1,427
50,000 #FTP Software Inc ................... 1,500
22,500 #Hyperion Software Corp.............. 1,018
150,000 *#Informix Corp....................... 3,806
30,000 #Parametric Technology Corp.......... 1,492
10,000 #Parcplace Systems Inc............... 80
20,000 #QuickResponse Services Inc.......... 470
22,500 &#Sybase Inc.......................... 661
155,000 #Tecnomatix Technologies Ltd......... 1,143
15,664
Peripherals (6.7%)
72,500 *#Adaptec Inc......................... 2,682
9,000 #Cirrus Logic Inc.................... 564
30,000 #EMC Corp ........................... 727
12,500 #Komag Inc........................... 650
18,000 #Number Nine Visual Technology
Corp.............................. 373
12,000 #Oak Technologies Inc................ 441
39,000 #Read-Rite Corp...................... 1,043
37,500 #Seagate Technology.................. 1,472
30,000 #Storage Technology Corp ............ 739
69,000 #Western Digital Corp................ 1,199
9,890
Semi-Conductors & Related (3.0%)
30,000 #Chips & Technologies Inc............ 394
25,800 #Kopin Corp.......................... 258
57,500 #Microchip Technology Inc............ 2,092
Number Value
of Shares Security (000's)
TUDOR (continued)
35,000 #Uniphase Corp....................... $748
18,300 #Zilog Inc........................... 913
4,405
Other Capital Goods (3.9%)
10,000 #American Superconductor Corp........ 143
46,700 *#Amphenol Corp Cl A.................. 1,360
65,000 #Flextronics International Ltd....... 1,422
25,000 Juno Lighting Inc................... 400
59,000 #Kenetech Corp ...................... 693
100,000 #Noise Cancellation
Technologies Inc.................. 59
45,000 #Solectron Corp...................... 1,536
21,000 #Webco Industries Inc................ 131
5,744
43,080
Consumer
Biotechnology (8.2%)
6,000 #Aramed Inc ......................... 65
60,000 #Athena Neurosciences Inc............ 547
45,000 #Biochem Pharmaceutical Inc.......... 984
136,666 #Biomira Inc......................... 325
70,000 #Cambridge Neuroscience Inc.
(A)............................. 382
50,000 #Centocor Inc........................ 716
155,000 #Cytel Corp. (A)..................... 884
15,000 #Dura Pharmaceuticals Inc............ 282
60,000 &#Epitope Inc......................... 1,005
105,000 #Gensia Inc.......................... 394
90,000 #Hemasure Inc........................ 742
50,000 #Immulogic Pharmaceutical Corp....... 394
34,000 #Incyte Pharmaceuticals Inc.......... 557
8,500 #Neozyme II Corp Units............... 329
79,300 &#North American Vaccine Inc.......... 788
10,000 #Resmed Inc.......................... 120
60,000 #Ribi Immunochem Research Inc........ 240
60,606 #Ribi Immunochem Research
Inc (A)........................... 230
75,000 #SangStat Medical Corp............... 384
67,500 #Sepracor Inc........................ 911
55,000 #Seragen Inc......................... 344
25,000 #Seragen Inc. (A).................... 594
57,000 #Univax Biologics Inc................ 271
45,500 &#Vivus Inc........................... 683
12,171
Health Care-Cost
Containment (2.1%)
25,000 &#Access Health Marketing Inc......... 509
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedule of Investments at June 30, 1995 - Unaudited
Number Value
of Shares Security (000's)
TUDOR (continued)
17,500 #Datascope Corp...................... $302
142,500 *#Quantum Health Resources Inc........ 2,351
3,162
Other Health Care (7.5%)
38,400 #American Oncology Resources......... 1,066
93,750 #Cantab Pharmaceuticals (A).......... 156
50,000 #Cantab Pharmaceuticals ADR.......... 88
100,000 #Careline Inc ....................... 825
77,500 &#Circon Corp......................... 1,511
50,000 IVAX Corp........................... 1,231
42,500 #MediSense Inc....................... 823
35,000 #Neopath Inc......................... 578
17,000 #Pediatric Services of America....... 280
17,500 #Phycor Inc.......................... 615
70,000 #Resound Corp ....................... 569
19,000 #RoTech Medical Corp ................ 527
115,000 #Sun Healthcare Group Inc............ 1,811
40,000 #Vivra Inc........................... 1,085
11,165
Lodging & Catering (5.3%)
20,000 #Doubletree Corp..................... 431
40,000 #Host Marriott Corp ................. 425
32,000 &#Landry's Seafood Restaurants........ 640
50,000 &#Papa Johns International Inc ....... 1,750
65,700 #Starbucks Corp...................... 2,341
60,000 #Trump Hotels & Casino Resorts....... 802
175,000 Wetherspoon (J.D.) Ord ............. 1,502
7,891
Media-Wireless Cable
Television (1.7%)
45,000 #ACS Enterprises Inc ................ 821
60,000 #American Telecasting Inc............ 750
50,000 #Cablemaxx Inc....................... 356
12,000 #Peoples Choice TV Corp.............. 301
20,000 #Preferred Entertainment Inc......... 328
2,556
Other Media (0.3%)
24,000 #New World Communications
Group Inc. Cl A................... 501
Number Value
of Shares Security (000's)
TUDOR (continued)
Retail (10.2%)
7,000 #Baby Superstore Inc................. $330
60,000 * &#Bed Bath & Beyond Inc............... 1,455
42,000 #General Nutrition Cos Inc........... 1,475
30,000 #Gymboree Corp....................... 872
42,000 Heilig Meyers Co.................... 1,071
850 Hornbach Holdings................... 1,143
60,000 #Just For Feet Inc................... 2,393
45,000 #Office Depot Inc.................... 1,266
18,000 #Penn Traffic Co .................... 637
95,000 *#PETsMART Inc........................ 2,731
61,000 #Whole Foods Market Inc.............. 930
40,000 #Williams Sonoma Inc................. 880
15,183
Other Consumer (4.9%)
19,000 Carnival Cruise Lines Inc Cl A...... 444
30,000 * Chrysler Corp....................... 1,436
40,000 #Cinar Films Inc Cl B................ 393
45,000 #Cinergi Pictures Entertainment
Inc............................... 304
72,500 #Deflecta-Shield Corp................ 634
17,500 Fila Holdings ADR................... 435
15,000 #Moviefone Inc Cl A.................. 66
75,000 Royal Caribbean Cruises Ltd......... 1,650
13,000 #Scholastic Corp..................... 705
95,000 Semi Tech .......................... 153
65,000 &#Turbochef Inc....................... 1,073
7,293
59,922
Energy
Oil & Gas (1.3%)
25,000 #Addington Resources Inc............. 369
17,500 Anadarko Petroleum Corp............. 755
70,000 #Tatham Offshore Inc................. 245
28,500 Vintage Petroleum Inc............... 534
1,903
Oil Services (2.9%)
40,000 #BJ Services Co...................... 910
50,000 #Energy Ventures Inc................. 900
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedule of Investments at June 30, 1995 - Unaudited
Number Value
of Shares Security (000's)
TUDOR (continued)
95,000 #Noble Drilling Corp................. $701
100,000 #Reading & Bates Corp ............... 925
100,000 #Rowan Cos Inc....................... 812
4,248
6,151
Intermediate Goods & Services
Basic Industries (4.3%)
20,000 #Easco Inc........................... 245
46,300 Huntco Inc Cl A..................... 752
28,000 Intertape Polymer Group Inc......... 658
7,700 O M Group Inc ...................... 219
25,000 RPM Inc ............................ 497
15,800 #Sealed Air Corp..................... 695
55,000 #Seda Specialty Packaging............ 433
16,500 Sigma Aldrich Corp.................. 811
100,000 #Stimsonite Corp..................... 1,213
32,500 #US Can Corp ........................ 508
296,000 #Waxman Industries Inc............... 370
6,401
Business Services (3.8%)
35,000 #Checkpoint Systems Inc.............. 779
35,000 #Corrections Corp ................... 1,203
42,500 Olsten Corp ........................ 1,392
52,500 #PMT Services Inc.................... 827
100,000 #Staff Builders Inc ................. 413
43,000 #Wackenhut Corrections Corp.......... 978
5,592
Environmental Services (1.2%)
25,000 #Sanifill Inc........................ 784
30,000 #United Waste Systems................ 1,080
1,864
Infrastructure (2.7%)
138,500 #AES China Generating Co Cl A........ 1,420
16,400 Greiner Engineering Inc............. 189
2,048,438 Hopewell Holdings................... 1,734
12,500 Vulcan Materials Co................. 681
4,024
Transportation (4.5%)
70,000 #America West Airlines Inc Cl B...... 849
71,000 *#Continental Airlines Inc Cl B....... 1,784
12,000 #Fritz Cos Inc....................... 704
12,500 #UAL Corp ........................... 1,753
50,000 #Valujet Airlines Inc................ 1,644
6,734
24,615
Number Value
of Shares Security (000's)
TUDOR (continued)
Interest Sensitive
Banks (3.0%)
49,500 Bancfirst Corp...................... $755
46,200 City National Corp.................. 526
10,700 Deposit Guaranty Corp............... 417
50,000 Fidelity National Financial Corp.... 750
97,500 Home Financial Corp................. 1,389
30,000 Washington Federal Inc.............. 660
4,497
Insurance (2.7%)
19,000 Allied Life Financial Corp.......... 328
40,000 PXRE Corp........................... 940
66,500 #Transnational Re Corp Cl A.......... 1,334
67,000 #20th Century Industries ............ 837
45,000 Western National Corp............... 557
3,996
Other Interest Sensitive (1.5%)
115,000 #Cadiz Land Inc...................... 503
16 First Data Corp..................... 1
45,000 Mills Corp.......................... 894
600,000 Peregrine Investment Holdings....... 853
2,251
10,744
Real Estate Investment Trust
Lodging & Catering (1.1%)
75,000 RFS Hotel Investors Inc ............ 1,144
45,000 Winston Hotels Inc.................. 450
1,594
Total Common Stocks
(Cost $119,055)................... 146,106
CONVERTIBLE PREFERRED
STOCKS (0.1%)
(Cost $500)
Intermediate Goods & Services
Business Services (0.1%)
5 Advanced Promotion
Technologies (A).................. 191
Principal
Amount
(000's)
CONVERTIBLE
BONDS (0.5%)
(Cost $493)
Capital Goods
Other Capital Goods (0.5%)
$1,000 Solectron Corp Zero Coupon
Due 5/5/12........................ 725
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedule of Investments at June 30, 1995 - Unaudited
Number Value
of Warrants Security (000's)
TUDOR (continued)
WARRANTS (0.4%)
Consumer
Biotechnology (0.0%)
34,166 Biomira Inc Exp 12/5/96............. $13
Energy
Oil Services (0.0%)
10,000 BJ Services Co Exp 4/13/00 ......... 42
Interest Sensitive
Banks (0.4%)
25,000 Bank of New York Inc Exp
11/29/98........................ 556
Total Warrants
(Cost $281)....................... 611
Number of
Contracts
PURCHASED PUT OPTIONS (0.0%)
70 NASDAQ Index 8/95 @ 500............. 17
50 NASDAQ Index 9/95 @ 500............. 23
25 S & P 500 Index 9/95 @ 530.......... 12
Total Purchased Put Options
(Cost $213)....................... 52
Total Investments (99.3%)
(Cost $120,542)................... 147,685
Assets in Excess of Other
Liabilities (0.7%)................ 987
Total Net Assets (100.0%)........... 148,672
CALL OPTIONS WRITTEN
(Premiums Received $150)
40 Informix Corp 8/95 @ 17.5.......... 36
35 NASDAQ Index 8/95 @ 510............. 140
35 NASDAQ Index 8/95 @ 520............. 109
50 NASDAQ Index 9/95 @ 520............. 167
25 S & P 500 Index 9/95 @ 540......... 42
494
<FN>
# Non-income producing security.
& Securities out on loan.
* Securities pledged in whole or in part as margin for
options written.
(A) SEC Rule 144 Security. Requires registration under
the SEC Act of 1933 before it can be offered for public
sale.
</FN>
</TABLE>
<TABLE>
<C> <C> <S> <C>
Number Value
of Shares Security (000's)
GROWTH AND INCOME
COMMON STOCK (90.4%)
Capital Goods
Aerospace and Defense (2.8%)
30,000 Lockheed Martin Corp................ $1,894
Computer Software &
Services (1.0%)
7,500 #Microsoft Corp...................... 678
Semi-Conductors & Related
(7.3%)
40,000 Intel Corp.......................... 2,532
25,000 Motorola Inc........................ 1,678
25,000 #National Semiconductor Corp......... 694
4,904
Other Capital Goods (13.4%)
25,000 Eastman Kodak Co.................... 1,516
30,000 General Electric Co................. 1,691
20,400 Hewlett Packard Co.................. 1,520
20,000 Hubbell Inc. Cl A................... 1,082
10,000 Nokia Corp ADR...................... 596
22,000 Xerox Corp.......................... 2,580
8,985
16,461
Consumer
Beverage (3.5%)
15,000 Coca Cola Co........................ 956
30,000 PepsiCo Inc......................... 1,369
2,325
Health Care (7.6%)
20,000 American Home Products Corp......... 1,547
30,000 Columbia/HCA Healthcare Corp........ 1,297
15,000 Pfizer Inc.......................... 1,386
20,000 Schering Plough Corp................ 883
5,113
Media (1.6%)
10,000 Capital Cities/ABC Inc.............. 1,080
Restaurants (2.7%)
46,000 McDonalds Corp...................... 1,800
Retail (3.4%)
34,995 Home Depot Inc...................... 1,422
30,000 #Toys "R" Us Inc..................... 877
2,299
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedule of Investments at June 30, 1995 - Unaudited
Number Value
of Shares Security (000's)
GROWTH AND INCOME (continued)
Other Consumer (3.3%)
30,000 Philip Morris Cos Inc............... $2,231
14,848
Other Consumer
Consumer Cyclicals (4.9%)
15,000 Johnson & Johnson................... 1,014
25,000 Merck & Co Inc...................... 1,225
15,000 Procter & Gamble Co................. 1,078
3,317
Intermediate Goods & Services
Basic Industries (5.7%)
50,000 Engelhard Corp...................... 2,144
35,000 Hercules Inc........................ 1,706
3,850
Telephone (2.3%)
50,000 Ericsson L M Tel Co ADR............. 1,520
Transportation (1.3%)
20,000 General Motors Corp Cl E............ 870
6,240
Natural Resources
Energy & Related (5.1%)
40,000 Birmingham Steel Corp............... 740
25,000 Exxon Corp.......................... 1,766
15,000 Schlumberger Ltd.................... 932
3,438
Real Estate Investment Trusts
Commercial & Industrial (0.8%)
20,000 Duke Realty Investors Inc........... 565
Health Care (1.0%)
50,000 LTC Properties Inc.................. 656
Residential (4.4%)
76,000 Gables Residential Trust............ 1,025
50,000 Mills Corp.......................... 994
50,000 Paragon Group Inc................... 931
2,950
Restaurants (0.9%)
45,000 Commercial Net Lease Realty
Inc............................. 591
Number Value
of Shares Security (000's)
GROWTH AND INCOME (continued)
Shopping Centers (3.5%)
30,000 JDN Realty Corp..................... $611
50,000 Sizeler Property Investors, Inc..... 475
60,000 Urban Shopping Centers Inc.......... 1,245
2,331
7,093
Interest Sensitive
Banks (4.0%)
15,000 Citicorp............................ 868
25,000 People's Bank....................... 413
25,000 Republic N Y Corp................... 1,400
2,681
Insurance (7.1%)
20,000 American International Group
Inc............................. 2,280
30,000 Beneficial Corp..................... 1,320
15,000 Chubb Corp.......................... 1,202
4,802
Other (2.8%)
20,000 Federal National Mortgage
Association..................... 1,887
9,370
Total Common Stock
(Cost $50,816).................. 60,767
CONVERTIBLE COMMON
STOCKS (1.1%)
(Cost $551)
Interest Sensitive (1.1%)
15,000 American Express Co-
First Data Corp
6.250% Due 10/15/96............. 728
CONVERTIBLE PREFERRED
STOCKS (1.1%)
(Cost $625)
Capital Goods
Computers (1.1%)
12,500 Storage Technology Corp............. 712
Principal
Amount
(000's)
CONVERTIBLE DEBENTURES (0.1%)
(Cost $87)
Capital Goods
Peripherals (0.1%)
$100 Storage Technology
8.000% Due 5/31/15.............. 98
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedule of Investments at June 30, 1995 - Unaudited
Principal
Amount Value
(000's) Security (000's)
GROWTH AND INCOME (continued)
CORPORATE DEBENTURES (4.1%)
Capital Goods
Communications (1.4%)
1,000 Tele Communications Inc.
8.750% Due 2/15/23.............. $966
Consumer
Miscellaneous Consumer (1.2%)
750 Philip Morris Cos
7.500% Due 1/15/02.............. 779
Interest Sensitive
Other (1.5%)
1,000 Citicorp 7.125% Due 3/15/04......... 1,018
Total Corporate Debentures
(Cost $2,694)................... 2,763
U.S. GOVERNMENT
SECURITIES & AGENCIES (1.9%)
(Cost $1,194)
U.S. Treasury Bonds
1,000 U.S. Treasury Bonds
10.000% Due 5/15/10............. 1,261
EURODOLLAR DEPOSITS (3.0%)
(Cost $2,025)
2,025 Societe Generale
6.100% Due 7/3/95............... 2,025
Total Investments (101.7%)
(Cost $57,992).................. 68,354
Liabilities in Excess of Other
Assets (-1.7%).................. (1,123)
Total Net Assets (100.0%)........... 67,231
<FN>
# Non-income producing security.
</FN>
</TABLE>
<TABLE>
<C> <C> <S> <C>
Number Value
of Shares Security (000's)
GROWTH
COMMON STOCKS (99.7%)
Capital Goods
Communications(6.5%)
10,600 #ALC Communications Corp............. $478
30,000 &#Highwaymaster
Communications................... 458
31,000 #Itron Inc........................... 969
186,000 &#Mitel Corp.......................... 976
16,500 #Network Express Inc................. 229
12,500 &#P-Com Inc........................... 241
10,000 #QUALCOMM Inc........................ 346
9,000 #Tekelec............................. 218
14,900 #Xylogics Inc........................ 413
4,328
Computer Software & Services (10.8%)
16,500 Autodesk Inc........................ 710
12,300 #BMC Software Inc.................... 950
39,500 #Cognex Corp......................... 1,590
9,500 #Compuware Corp...................... 292
18,200 #Fiserv Inc.......................... 512
10,000 #Hyperion Software Corp.............. 452
50,000 #Informix Corp....................... 1,269
14,000 #Parametric Technology Corp.......... 697
15,000 &#Parcplace Systems Inc............... 120
12,500 #QuickResponse Services Inc.......... 294
35,000 #Tecnomatix Technologies Ltd......... 258
7,144
Peripherals (6.2%)
34,500 #Adaptec Inc......................... 1,277
6,500 #Cirrus Logic Inc.................... 407
14,000 #EMC Corp............................ 340
10,000 #Komag Inc........................... 520
9,800 #Oak Technologies Inc................ 360
18,000 #Read-Rite Corp...................... 481
41,000 #Western Digital Corp................ 712
4,097
Semi-Conductors & Related (3.6%)
27,500 #Chips & Technologies Inc............ 361
45,200 &#Kopin Corp.......................... 452
29,000 #Microchip Technology Inc............ 1,055
10,500 #Zilog Inc........................... 524
2,392
Other Capital Goods (5.5%)
20,500 #American Superconductor Corp........ 292
28,700 #Amphenol Corp Cl A.................. 836
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedule of Investments at June 30, 1995 - Unaudited
Number Value
of Shares Security (000's)
GROWTH (continued)
13,000 #Elsag Bailey Process Auto NV........ $358
10,000 #Flextronics International Ltd....... 219
12,500 Juno Lighting Inc................... 200
367,800 #Noise Cancellation
Technologies Inc................. 218
45,000 &#Solectron Corp...................... 1,536
3,659
21,620
Consumer
Biotechnology (7.2%)
65,000 #Aramed Inc.......................... 707
47,000 #Athena Neurosciences Inc............ 429
28,500 #Biochem Pharmaceutical Inc.......... 624
30,000 #Centocor Inc........................ 429
20,000 #Dura Pharmaceuticals Inc............ 376
91,000 #Gensia Inc.......................... 341
33,000 #Interpore International............. 169
12,500 #Neozyme II Corp Units............... 485
26,500 &#North American Vaccine Inc.......... 263
5,000 &#Resmed Inc.......................... 60
14,800 #Ribi Immunochem Research Inc........ 59
60,606 #Ribi Immunochem Research Inc
(A).............................. 230
20,000 #Somatogen Inc....................... 270
25,500 #Univax Biologics Inc................ 121
15,000 &#Vivus Inc........................... 225
4,788
Health Care-Cost Containment (1.6%)
6,000 #Access Health Marketing Inc......... 122
7,500 #Datascope Corp...................... 129
49,500 #Quantum Health Resources Inc........ 817
1,068
Other Health Care (12.0%)
8,500 #American Oncology Resources......... 236
42,500 #Careline Inc........................ 351
36,000 #Circon Corp......................... 702
9,000 HBO & Co............................ 491
25,800 IVAX Corp........................... 635
21,000 &#MediSense Inc....................... 407
17,500 #Neopath Inc......................... 289
20,000 & Omnicare Inc........................ 542
7,500 #Phycor Inc.......................... 263
12,500 #RoTech Medical Corp................. 347
52,500 Royal Caribbean Cruises Ltd......... 1,155
95,000 #Sun Healthcare Group Inc............ 1,496
18,500 Surgical Care Affiliates Inc........ 354
24,000 #Vivra Inc........................... 651
7,919
Number Value
of Shares Security (000's)
GROWTH (continued)
Lodging & Catering (3.2%)
11,000 &#Landry's Seafood Restaurants........ $220
20,000 &#Papa Johns International Inc........ 700
34,000 &#Starbucks Corp...................... 1,211
2,131
Media - Cable Television (3.0%)
48,700 &#American Telecasting Inc............ 609
105,500 #Cablemaxx Inc....................... 751
25,500 &#Peoples Choice TV Corp.............. 641
2,001
Media - Cellular (0.3%)
22,500 #Proxim Inc.......................... 177
Other Media (0.6%)
17,500 #New World Communications
Group Inc Cl A................... 365
Retail (8.7%)
25,000 #Bed Bath & Beyond Inc............... 606
12,500 Cintas Corp......................... 444
20,000 #General Nutrition Cos Inc........... 702
6,800 #Gymboree Corp....................... 198
20,000 Heilig Meyers Co.................... 510
22,500 &#Just for Feet Inc................... 897
16,000 #Penn Traffic Co..................... 566
22,500 &#PETsMART Inc........................ 647
28,900 #Staples Inc......................... 834
23,000 #Whole Foods Market Inc.............. 351
5,755
Other Consumer (2.7%)
44,333 #Barry RG Corp....................... 792
6,500 Fila Holdings ADR................... 162
15,900 #Scholastic Corp..................... 863
1,817
26,021
Energy
Oil and Gas (2.5%)
34,000 #Addington Resources Inc............. 502
7,500 Anadarko Petroleum Corp............. 323
14,000 Enron Global Power & Pipeline....... 332
65,000 #Tatham Offshore Inc................. 228
20,200 Vintage Petroleum Inc............... 379
1,764
Oil Services (2.5%)
19,000 #BJ Services Co...................... 432
6,800 #Energy Ventures Inc................. 122
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedule of Investments at June 30, 1995 - Unaudited
Number Value
of Shares Security (000's)
GROWTH (continued)
44,000 #Noble Drilling Corp................. $325
45,000 #Reading & Bates Corp ............... 416
37,500 #Rowan Cos Inc....................... 305
5,000 #Weatherford International Inc....... 63
1,663
3,427
Intermediate Goods & Services
Basic Industries (4.0%)
8,300 #Easco Inc........................... 102
19,200 Huntco Inc Cl A..................... 312
15,500 Intertape Polymer Group Inc......... 364
8,100 O M Group Inc....................... 231
20,000 RPM Inc............................. 397
27,000 #Seda Specialty Packaging............ 213
6,000 Sigma Aldrich Corp.................. 295
44,500 #Stimsonite Corp..................... 539
13,700 #US Can Corp......................... 214
2,667
Business Services (4.1%)
80,500 &#Advanced Promotion
Technologies..................... 153
30,500 #Checkpoint Systems Inc.............. 679
18,300 #Corrections Corp.................... 629
10,000 Olsten Corp......................... 328
142,837 #Staff Builders Inc.................. 589
15,000 #Wackenhut Corrections Corp.......... 341
2,719
Environmental Services (1.3%)
11,500 #Sanifill Inc........................ 361
14,000 #United Waste Systems................ 504
865
Infrastructure (2.7%)
50,000 #AES China Generating Co Cl A........ 513
800,000 #Hopewell Holdings Inc............... 677
10,900 #Vulcan Materials Co................. 594
1,784
Transportation (2.9%)
27,500 #America West Airlines
Inc Cl B......................... 333
30,000 #Continental Airlines Inc Cl B....... 754
4,000 #Fritz Cos Inc....................... 235
18,600 &#Valujet Airlines Inc................ 611
1,933
9,968
Number Value
of Shares Security (000's)
GROWTH (continued)
Real Estate Investment Trusts
Lodging & Catering (0.5%)
20,000 RFS Hotel Investors Inc............. $305
Interest Sensitive
Banks (3.7%)
29,500 Bancfirst Corp...................... 450
32,500 City National Corp.................. 370
11,500 Deposit Guaranty Corp............... 448
60,000 Home Financial Corp................. 855
14,200 Washington Federal Inc.............. 312
2,435
Insurance (3.6%)
30,000 Allied Life Financial Corp.......... 518
30,000 PXRE Corp........................... 705
17,500 #Transnational Re Corp Cl A.......... 351
34,000 #20th Century Industries............. 425
30,000 Western National Corp............... 371
2,370
4,805
Total Common Stock
(Cost $59,144)................... 66,146
Number of
Warrants
WARRANTS (0.0%)
(Cost $31)
Energy
Oil Services (0.0%)
6,500 #BJ Services Co. Exp 4/13/00......... 28
Principal
Amount
(000's)
EURODOLLAR DEPOSITS (1.9%)
(Cost $1,179)
$1,179 Societe Generale
6.100% Due 7/3/95................ 1,179
Total Investments (101.6%)
(Cost $60,354)................... 67,353
Liabilities in Excess of
Other Assets (-1.6%)............. (1,059)
Total Net Assets (100.0%)........... 66,294
<FN>
# Non-income producing security.
& Security out on loan.
(A) SEC Rule 144 Security. Requires registration under
the SEC Act of 1933 before it can be offered for public
sale.
</FN>
</TABLE>
See notes to financial statements
<PAGE>
<TABLE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedule of Investments at June 30, 1995 - Unaudited
<C> <C> <S> <C>
Number Value
of Shares Security (000's)
QUANTITATIVE EQUITY
COMMON STOCK(94.1%)
Capital Goods (15.8%)
45,000 International Business Machines
Corp............................ $4,320
21,800 Boeing Co........................... 1,365
8,300 McDonnell Douglas Corp.............. 637
5,300 Xerox Corp.......................... 621
9,279 Lockheed Martin Corp................ 586
12,800 Rockwell International Corp......... 586
6,400 Raytheon Co......................... 497
10,300 #DSC Communications Corp............. 479
32,400 Westinghouse Electric Corp.......... 474
11,200 #Digital Equipment Corp.............. 456
7,300 Loral Corp.......................... 378
6,300 Tyco Labs Inc....................... 340
5,800 Micron Technology Inc............... 318
6,000 Honeywell Inc....................... 259
6,900 Parker Hannifin Corp................ 250
6,800 Advanced Micro Devices Inc.......... 247
10,500 Pall Corp........................... 234
4,300 Northrop Corp....................... 224
3,700 Grainger W W Inc.................... 217
2,700 Alco Standard Corp.................. 216
5,000 Autodesk Inc........................ 215
3,600 #Computer Sciences Corp.............. 205
2,700 Dover Corp.......................... 196
5,400 Sherwin Williams Co................. 192
4,500 Raychem Corp........................ 173
3,800 General Dynamics Corp............... 169
15,100 #Unisys Corp......................... 164
3,000 Harris Corp......................... 155
2,475 #Andrew Corp......................... 143
2,900 Tektronix Inc....................... 143
6,300 Moore Ltd........................... 139
3,500 #Owens Corning Fiberglas Corp........ 129
3,400 #Ceridian Corp....................... 125
2,200 Johnson Controls Inc................ 124
3,400 Harnischfeger Industries Inc........ 118
3,300 Perkin Elmer Corp................... 117
1,700 #FMC Corp ........................... 114
2,600 Avery Dennison Corp................. 104
2,100 Timken Co........................... 97
6,230 #Navistar International Corp......... 94
2,400 Crane Co............................ 87
3,500 Teledyne Inc........................ 86
2,100 General Signal Corp................. 83
4,600 EG & G Inc.......................... 77
2,200 Trinova Corp........................ 77
2,300 Cincinnati Milacron Inc............. 62
900 Thomas & Betts Corp................. 62
1,500 Briggs & Stratton Corp.............. 52
Number Value
of Shares Security (000's)
QUANTITATIVE EQUITY (continued)
4,100 #Amdahl Corp......................... $46
6,500 Morrison Knudsen Corp............... 44
2,400 Giddings & Lewis Inc ............... 43
5,300 #Zenith Electronics Corp............. 39
1,600 #Cray Research Inc................... 39
1,400 Harland John H Co................... 32
2,400 #Intergraph Corp..................... 27
2,700 #Data General Corp................... 26
800 Zurn Industries Inc................. 16
1,200 #M A Communications Inc.............. 14
500 Skyline Corp........................ 9
16,541
Consumer Durables (2.0%)
4,500 Eaton Corp.......................... 262
6,900 Genuine Parts Co.................... 261
3,000 TRW Inc............................. 240
8,400 Cooper Tire & Rubber Co............. 205
6,400 Black & Decker Corp................. 198
3,800 Paccar Inc.......................... 178
4,000 Cummins Engine Inc.................. 174
3,000 Armstrong World Industries Inc...... 150
2,300 Goodrich BF Co...................... 123
3,100 Stanley Works....................... 117
1,800 Snap On Tools Corp.................. 70
950 Bassett Furniture Industries Inc.... 27
1,200 Outboard Marine Corp................ 23
700 SPX Corp............................ 8
2,036
Consumer Miscellaneous (0.3%)
9,300 Service Corp International.......... 294
1,600 #National Ed Corp.................... 9
303
Consumer Non-Durables (22.9%)
26,000 Lilly Eli & Co...................... 2,041
28,300 Eastman Kodak Co.................... 1,716
37,800 Schering Plough Corp................ 1,668
33,300 Columbia/HCA Healthcare Corp........ 1,440
25,100 #Viacom Inc Cl B..................... 1,164
8,700 Unilever NV ADR..................... 1,132
59,492 Archer Daniels Midland Co........... 1,108
11,800 Philip Morris Cos Inc............... 878
7,900 Capital Cities/ABC Inc.............. 829
13,600 Anheuser Busch Cos Inc.............. 773
23,200 U S Healthcare Inc.................. 710
15,600 Upjohn Co........................... 591
17,500 UST Inc............................. 521
11,500 Heinz H J Co........................ 510
8,200 CPC International Inc............... 506
15,100 American Stores Co ................. 425
12,700 Quaker Oats Co...................... 418
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedule of Investments at June 30, 1995 - Unaudited
Number Value
of Shares Security (000's)
QUANTITATIVE EQUITY (continued)
7,000 Ralston Purina Co................... $357
8,100 Pioneer Hi Bred International....... 340
5,040 CBS Inc............................. 338
6,500 International Flavors &
Fragrances Inc.................. 323
6,100 Premark International Inc........... 316
11,300 #Kroger Co........................... 304
4,200 Dayton Hudson Corp.................. 301
6,600 Harcourt General Inc................ 279
4,000 Avon Products Inc................... 268
10,200 New York Times Co Cl A.............. 240
4,400 V F Corp............................ 237
4,100 Hershey Foods Corp.................. 227
3,200 Clorox Co........................... 209
14,400 #Tenet Healthcare Corp............... 207
13,100 Woolworth Corp...................... 198
7,700 Rite Aid Corp....................... 197
2,600 McGraw Hill Inc..................... 197
8,800 Liz Claiborne Inc................... 187
6,200 American Greetings Corp Cl A........ 182
4,200 Polaroid Corp....................... 171
3,000 Knight Ridder Inc................... 171
3,400 Mercantile Stores Inc............... 158
9,300 Brunswick Corp...................... 158
4,400 Melville Corp....................... 151
4,600 Supervalu Inc....................... 134
4,500 Giant Food Inc Cl A................. 128
3,100 #King World Productions Inc.......... 126
8,500 TJX Cos Inc ........................ 113
3,900 Russell Corp........................ 112
4,900 United States Surgical Corp......... 102
2,800 Mallinckrodt Group Inc.............. 99
4,100 Jostens Inc......................... 87
2,700 Great Atlantic & Pacific Tea Inc.... 71
2,400 National Service Industries Inc..... 69
900 Colgate Palmolive Co................ 66
1,600 Springs Industries Inc.............. 60
5,100 Brunos Inc.......................... 59
10,900 Charming Shoppes Inc................ 57
1,700 Brown Forman Corp Cl B.............. 57
2,100 Fleming Cos Inc..................... 56
2,700 Lubys Cafeterias Inc................ 54
4,200 #Shoneys Inc......................... 49
3,000 Coors Adolph Co Cl B................ 49
1,200 Alberto Culver Co Cl B ............. 36
3,200 Community Psychiatric Centers....... 36
3,400 Stride Rite Corp.................... 35
3,600 Handleman Co ....................... 35
2,600 #Bally Entertainment Corp............ 32
1,400 Brown Group Inc..................... 32
800 Longs Drug Stores Corp.............. 30
3,600 #Ryans Family Steak Houses Inc....... 28
Number Value
of Shares Security (000's)
QUANTITATIVE EQUITY (continued)
800 Meredith Corp....................... $20
1,400 #Hartmarx Corp....................... 7
300 Oshkosh B'Gosh Inc Cl A............. 5
23,990
Energy (19.4%)
64,700 Exxon Corp.......................... 4,569
27,700 Royal Dutch Petroleum Co ADR........ 3,376
20,500 Mobil Corp.......................... 1,968
27,900 Amoco Corp.......................... 1,859
36,000 Chevron Corp........................ 1,679
20,200 Schlumberger Ltd.................... 1,255
8,800 Atlantic Richfield Co............... 966
14,100 Texaco Inc.......................... 925
25,400 Phillips Petroleum Co............... 848
28,100 Occidental Petroleum Corp........... 643
11,600 Burlington Resources Inc............ 428
10,100 Sun Inc............................. 276
7,100 Williams Cos Inc.................... 248
12,000 Baker Hughes Inc.................... 246
3,200 Kerr McGee Corp..................... 172
4,000 Ashland Inc......................... 140
3,400 Louisiana Land & Exploration........ 136
5,100 McDermott International Inc......... 123
2,400 Pennzoil Co......................... 113
7,800 #Oryx Energy Co...................... 107
7,200 #Santa Fe Energy Resources........... 68
1,800 Helmerich & Payne Inc............... 53
5,200 #Rowan Cos Inc....................... 42
700 Nacco Industries Inc Cl A........... 42
700 Eastern Enterprises................. 21
20,303
Financial (5.7%)
4,600 General Re Corp..................... 616
18,100 American General Corp............... 611
15,700 Keycorp............................. 493
10,700 Mellon Bank Corp.................... 445
7,900 Household International Inc......... 391
4,400 Marsh & McLennan Cos Inc............ 357
7,200 Unum Corp........................... 338
9,400 Wachovia Corp ...................... 336
8,600 NBD Bancorp Inc..................... 275
5,400 Lincoln National Corp............... 236
9,800 U S Bancorp......................... 236
4,500 St Paul Cos Inc..................... 222
7,500 National City Corp.................. 220
3,400 Safeco Corp......................... 195
3,300 Transamerica Corp................... 192
5,300 Boatmens Bancshares Inc............. 187
4,900 Torchmark Corp...................... 185
3,000 Jefferson Pilot Corp................ 164
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedule of Investments at June 30, 1995 - Unaudited
Number Value
of Shares Security (000's)
QUANTITATIVE EQUITY (continued)
2,600 Beneficial Corp..................... $115
3,100 Alexander & Alexander Services
Inc............................. 74
1,000 USLIFE Corp......................... 40
5,928
Intermediate Goods & Services (9.4%)
22,400 Minnesota Mining &
Manufacturing Co................ 1,282
31,200 Barrick Gold Corp................... 788
22,000 Corning Inc......................... 721
6,300 Monsanto Co......................... 568
10,200 Dun & Bradstreet Corp............... 535
19,600 Placer Dome Inc..................... 512
8,500 Kimberly Clark Corp................. 509
7,900 Phelps Dodge Corp................... 466
13,400 Inco Ltd............................ 379
8,900 Dow Jones & Co Inc.................. 328
7,392 Newmont Mining Corp................. 310
4,900 Grace W R & Co...................... 301
5,600 #Crown Cork & Seal Inc............... 281
5,100 Rohm & Haas Co...................... 280
7,100 Interpublic Group Cos Inc........... 266
14,700 Homestake Mining Co................. 243
4,800 Hercules Inc........................ 234
5,200 Engelhard Corp...................... 223
8,900 Worthington Industries Inc.......... 182
3,600 Sigma Aldrich Corp.................. 177
6,200 James River Corp ................... 171
4,700 Nalco Chemical Co................... 171
5,200 Ecolab Inc.......................... 127
3,800 Deluxe Corp......................... 126
13,100 Echo Bay Mines Ltd.................. 118
2,900 Boise Cascade Corp.................. 117
2,900 Ball Corp........................... 101
1,900 Shared Medical Systems Corp......... 76
4,400 Safety Kleen Corp................... 71
1,300 First Mississippi Corp.............. 44
4,100 #Rollins Environmental Services
Inc............................. 19
9,726
Miscellaneous Industrials (0.6%)
4,500 Textron Inc......................... 262
8,900 Dial Corp .......................... 220
2,200 Millipore Corp...................... 148
630
Public Utilities (17.7%)
55,400 GTE Corp............................ 1,891
Number Value
of Shares Security (000's)
QUANTITATIVE EQUITY (continued)
32,500 Ameritech Corp ..................... $1,430
25,500 Bell Atlantic Corp.................. 1,428
31,500 Sprint Corp......................... 1,059
25,300 U S West Inc........................ 1,053
24,100 NYNEX Corp.......................... 970
37,200 Southern Co......................... 832
21,300 Enron Corp.......................... 748
22,000 Pacific Gas & Electric Co........... 638
11,800 Duke Power Co....................... 490
12,800 Texas Utilities Co.................. 440
10,300 FPL Group Inc....................... 398
22,200 SCEcorp............................. 380
10,400 Dominion Resources Inc ............. 380
12,800 Consolidated Edison Co ............. 378
13,400 Public Service Enterprise Group..... 372
10,500 American Electric Power Inc......... 369
5,700 Bellsouth Corp...................... 362
11,800 PECO Energy Co ..................... 326
13,200 Panhandle Eastern Corp.............. 322
16,800 Pacificorp.......................... 315
12,500 Entergy Corp ....................... 302
11,300 Unicom Corp......................... 301
10,500 Central & South West Corp........... 276
6,500 Houston Industries Inc.............. 274
9,000 Coastal Corp........................ 273
8,000 Carolina Power & Light Co........... 242
7,400 Sonat Inc........................... 226
6,000 Union Electric Co................... 223
7,500 Detroit Edison Co................... 219
8,046 Cinergy Corp........................ 211
7,400 Baltimore Gas & Electric Co......... 185
7,900 Ohio Edison Co...................... 179
3,800 Northern States Power Co............ 175
4,600 Consolidated Natural Gas Co......... 174
6,500 Pacific Enterprises................. 159
4,200 #Columbia Gas Systems Inc............ 133
7,800 Niagara Mohawk Power Corp........... 115
11,300 Noram Energy Corp................... 73
3,700 Enserch Corp........................ 63
2,200 Nicor Inc........................... 59
1,500 Peoples Energy Corp................. 39
1,700 Oneok Inc........................... 36
18,518
Transportation (0.3%)
10,000 Whitman Corp........................ 194
3,400 Yellow Corp ........................ 62
2,500 Consolidated Freightways Inc........ 55
3,500 #USAir Group Inc..................... 41
352
Total Common Stock
(Cost $85,308).................. 98,327
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedule of Investments at June 30, 1995 - Unaudited
Principal
Amount Value
(000's) Security (000's)
QUANTITATIVE EQUITY (continued)
U.S. GOVERNMENT
SECURITIES (5.8%)
Cost ($5,998)
$6,100 *U.S. Treasury Bills
5.671% Due 10/19/95............. $5,998
Total Investments (99.9%)
(Cost $91,306).................. 104,325
Other Assets in Excess of
Liabilities (0.1%).............. 136
Total Net Assets (100.0%)........... 104,461
Number of Unrealized
Contracts Appreciation
FUTURES PURCHASED
(Aggregate futures amount $6,019)
22 S & P 500 Futures 9/95.............. 17
<FN>
# Non-income producing security.
* Security pledged for futures purchased.
</FN>
</TABLE>
<TABLE>
<C> <C> <S> <C>
Number Value
of Shares Security (000's)
INTERNATIONAL
COMMON STOCKS (90.6%)
Australia (2.7%)
5,500 Broken Hill Properietary Co......... $68
20,000 National Australia Bank LTD......... 158
15,000 Smith (Howard) Ord.................. 68
15,000 Western Mining Corp Holdings........ 83
377
Austria (0.4%)
350 Flughafen Wein AG................... 19
600 Oesterreichische.................... 44
63
Belgium (0.1%)
75 Electrabel NPV...................... 16
Denmark (0.9%)
2,400 Tele Danmark Ser B.................. 133
Number Value
of Shares Security (000's)
INTERNATIONAL (continued)
France (6.8%)
155 Air Liquide (L').................... $25
800 Alcatel Alsthom..................... 72
900 #Cap Gemini Sogeti .................. 28
250 Chargeurs........................... 49
500 #Club Mediterranean.................. 51
975 Eaux (CIE Generales Des)............ 108
645 Group Danone (Ex BSN)............... 108
485 LVMH Moet Hennessey................. 87
1,439 Pechiney............................ 36
1,450 Renault ............................ 45
525 Roussel & Uclaf..................... 82
794 Societe Generale.................... 93
1,466 Societe National Elf Aquitaine...... 108
2,400 Union Des Assurances De Paris ..... 63
955
Germany (5.0%)
69 Daimler Benz AG .................... 32
2,020 Deutsche Bank....................... 98
2,300 Dresdner Bank....................... 66
270 Henkel Pref......................... 104
35 Munchener Ruckversicherungs......... 77
350 RWE Aktiengesellschaft.............. 122
300 Siemens............................. 149
130 Viag................................ 51
699
Hong Kong (9.0%)
23,000 Cheung Kong Holdings................ 114
35,000 China Light & Power................. 180
200,000 Grand Hotels A...................... 66
30,000 Hong Kong Electric.................. 102
2,000 HSBC Holdings ADR................... 256
250,000 Paul Y-ITL Corp..................... 56
100,000 Playmates Toys...................... 28
30,000 Sun Hung Kai Properties ............ 222
20,000 Swire Pacific A..................... 153
24,000 Wharf Holdings...................... 78
1,255
India (0.3%)
3,000 #Ashok Leyland GDR................... 41
Indonesia (2.0%)
25,000 Hanjaya Mandala Sampoerna........... 197
2,000 Indonesian Satellite Inc ADR........ 77
274
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedule of Investments at June 30, 1995 - Unaudited
Number Value
of Shares Security (000's)
INTERNATIONAL (continued)
Italy (1.9%)
700 Assicurazioni Generali.............. $17
5,200 Benetton Ord........................ 52
25,000 #Fiat Spa Ord........................ 88
26,000 #Istituto Nazionale delle
Assicurazioni............... 35
15,000 Italgas............................. 39
11,500 Stet................................ 32
263
Japan (25.3%)
7,000 Banyu Pharmaceutical................ 82
4,400 Canon Sales......................... 122
10 DDI................................. 80
15,000 Honshu Paper Co..................... 88
15,000 Itochu Corp......................... 88
1,000 Ito-Yokado Co....................... 53
2,000 Kanamoto............................ 31
2,000 Kato Denki Co....................... 48
2,000 Kyocera............................. 165
20,000 Mitsubishi Heavy Industries......... 136
15,000 Mitsubishi Motor Corp............... 124
8,800 Nippon Electric Glass............... 141
10,000 Nippon Express...................... 92
25,000 Nippon Steel........................ 81
15 Nippon Tel &Tel Corp................ 126
500 Nippon Television Network........... 113
7,000 Nomura Securities................... 122
20,000 NTN Corp............................ 118
10,000 Okumura Corp........................ 95
5,000 Omron Corp.......................... 96
8,800 Osaka Steel......................... 147
6,000 Rohm................................ 310
2,000 Secom............................... 126
5,000 Shin-Etsu Chemicals Co.............. 88
2,000 SMC Corp............................ 115
10,000 Sumitomo Marine & Fire
Insurance....................... 79
10,000 Sumitomo Trust & Bank............... 121
10,000 Suzuki Motor Co..................... 111
3,000 Tostem Corp......................... 92
15,000 Toyo Ink Manufacturing.............. 83
10,000 #Victor Co of Japan.................. 107
15,000 #Yamazen Corp........................ 50
15,000 Yodogawa Steel Works................ 115
3,545
Malaysia (3.9%)
35,000 Aokam Perdana....................... 87
54,166 #Berjaya Sports Toto................. 96
Number Value
of Shares Security (000's)
INTERNATIONAL (continued)
50,000 Development and
Commercial Bank................. $147
40,000 Road Builders Holding .............. 133
28,333 UMW Holdings........................ 82
545
Mexico (1.3%)
6,000 Telefonos de Mexico................. 178
Netherlands (2.8%)
900 Ahold............................... 32
250 Akzo Nobel.......................... 30
8,000 Elsevier............................ 94
700 European Vinyls Corp................ 33
1,050 Polygram............................ 62
525 Royal Dutch Petroleum .............. 64
535 Unilever NV CVA..................... 70
385
New Zealand (1.4%)
72,000 Fletcher Challenge Ord.............. 202
Norway (0.1%)
7,000 Den Norske Bank..................... 19
Philippines (0.7%)
250,000 Picop Resources Inc................. 100
Singapore (4.8%)
50,000 Avimo Singapore..................... 47
200,000 CDL Hotels International LTD........ 98
14,000 Keppel Corp Ord..................... 114
5,000 Overseas-Chinese Banking
Corp............................ 56
10,000 Sembawang Corporation LTD........... 61
20,000 Sembawang Maritime.................. 83
5,000 Singapore International Airlines ... 46
50,000 Straits Steamship Land LTD.......... 173
678
South Korea (1.0%)
2,395 #Samsung Electronics GDR............. 129
146 #Samsung Electronics GDR (B)......... 11
140
Spain (1.3%)
1,100 Argentaria CNM...................... 41
650 Empresa Nacional de Electric........ 32
2,500 Repsol.............................. 79
2,700 Telefonica de Espana................ 35
187
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedule of Investments at June 30, 1995 - Unaudited
Number Value
of Shares Security (000's)
INTERNATIONAL (continued)
Switzerland (2.5%)
50 Brown Boveri & Cie 'A'.............. $52
75 Ciba Geigy.......................... 55
125 Nestle.............................. 130
12 Roche Holdings...................... 77
250 SMH Neuenburg....................... 33
347
Taiwan (0.7%)
5,000 China Steel GDS..................... 102
Thailand (4.7%)
36,000 CMIC Finance & Securities Co........ 138
42,000 Krung Thai Bank Public
Company Ltd..................... 170
5,000 Loxley Public Co.................... 107
9,000 #Quality Houses-Foreign.............. 38
2,000 Siam Cement LTD..................... 128
50,000 Siam City Bank...................... 69
650
United Kingdom (11.0%)
14,341 APV................................. 17
3,000 BOC Group........................... 38
6,644 BTP................................. 27
25,000 Chloride Group...................... 8
10,000 Compass Group....................... 59
14,000 Enterprise Oil ..................... 88
10,000 Glaxo Holdings...................... 123
11,131 Grand Metropolitan.................. 68
34,000 Hanson.............................. 119
9,000 Hays................................ 45
8,000 Kingfisher ADR...................... 108
15,500 MAI................................. 64
11,282 MB Caradon.......................... 42
7,000 Reed................................ 98
7,000 Shell Transport & Trading........... 84
21,250 Stakis ............................. 28
20,000 Storehouse.......................... 86
24,000 Tesco............................... 111
15,516 Tomkins............................. 55
10,000 Unilever............................ 202
9,000 Vickers............................. 30
8,122 Wolseley............................ 45
1,545
Total Common Stock
(Cost $11,158).................... 12,699
Number Value
of Warrants Security (000's)
GROWTH (continued)
WARRANTS (0.6%)
Japan (0.5%)
2,500 Kyocera Corp Exp 1/23/98............ $54
30 Yodogawa Steel Works
Exp 12/10/97................ 21
75
Malaysia (0.1%)
12,500 Development & Commercial Bank
Exp 1/6/00...................... 14
3,333 UMW Holdings Exp 3/13/00............ 3
17
Total Warrants
(Cost $92)........................ 92
Principal
Amount
(000's)
CONVERTIBLE BONDS (2.8%)
Japan (2.0%)
$59 Bank of Tokyo
6.200% Due 3/31/98.............. 78
250 Sumitomo Bank
3.125% due 3/31/04............... 204
282
Taiwan (0.8%)
100 Yang Ming Marine Line
2.000% due 10/6/01.............. 104
Total Convertible Bonds
(Cost $367)....................... 386
EURODOLLAR DEPOSIT (2.3%)
(Cost $319)
319 Societe Generale
6.100% Due 7/3/95................ 319
Total Investments (96.3%)
(Cost $11,936).................... 13,496
Other Assets in Excess of
Liabilities (3.7%)................ 521
Total Net Assets (100.0%)........... 14,017
<FN>
# Non-income producing security.
(B) SEC Rule 144A security. Such security has limited
markets and is traded among "qualified institutional
buyers."
</FN>
</TABLE>
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedule of Investments at June 30, 1995 - Unaudited
INTERNATIONAL (continued)
<TABLE>
<CAPTION>
International Fund
Industry Concentrations
<C> <S> <C>
% of Net Value
Assets (000's)
11.4% Banks............................... $1,591
7.6% Electronics......................... 1,068
6.2% Food & Beverage..................... 863
5.5% Capital Goods....................... 775
5.5% Telecommunication................... 767
4.6% Utilities........................... 643
4.5% Real Estate......................... 626
3.8% Automotive.......................... 527
3.5% Retail.............................. 489
3.4% Chemicals........................... 482
3.2% Conglomerates....................... 441
3.1% Machinery........................... 436
3.0% Energy.............................. 423
2.8% Drugs............................... 398
2.3% Financial Services.................. 324
2.3% Shipping............................ 316
2.2% Construction........................ 314
2.1% Natural Resources................... 288
2.0% Electrical Engineering.............. 273
2.0% Media............................... 273
1.9% Leisure............................. 270
1.9% Insurance........................... 270
1.5% Commerce............................ 210
1.4% Forest Products & Paper............. 202
1.4% Business Services................... 199
1.3% Paper............................... 188
1.0% Transportation...................... 157
0.7% Gaming.............................. 96
0.7% Publishing.......................... 94
0.4% Catering............................ 59
0.3% Holding Companies................... 49
0.3% Metal & Metal Products.............. 36
0.2% Engineering......................... 30
94.0% Total Stocks, Bonds & Warrants...... 13,177
2.3% Short Term Investments.............. 319
96.3% Total Investments................... 13,496
Other Assets in Excess of
3.7% Liabilities ...................... 521
100.0% Total Net Assets.................... 14,017
</TABLE>
<TABLE>
<C> <C> <S> <C>
Principal
Amount Value
(000's) Security (000's)
GOVERNMENT SECURITIES
U.S TREASURY SECURITIES AND
GOVERNMENT AGENCIES (122.7%)
U.S. Treasury Securities (23.9%)
U.S. Treasury Bonds (10.6%)
$13,500 *12.000% Due 8/15/13................. $19,913
U.S. Treasury Notes (10.9%)
1,355 5.500% Due 4/30/96.................. 1,352
2,040 4.375% Due 11/15/96................. 2,002
1,590 5.750% Due 10/31/97................. 1,586
4,110 6.875% Due 7/31/99.................. 4,238
11,750 *5.750% Due 8/15/03.................. 11,392
20,570
U.S. Treasury Strips (2.4%)
27,600 Zero Coupon Due 8/15/21............. 4,587
Total U.S. Treasury Securities
(Cost $44,763).................. 45,070
U.S. Government Agencies (98.8%)
Mortgage Related (56.3%)
Federal Home Loan Mortgage
Corporation (FREDDIE MAC) (8.1%)
14,924 8.000% Due 10/1/24.................. 15,204
Federal National Mortgage
Association (FNMA) (11.5%)
21,242 8.000% Due 5/1/25-6/1/25............ 21,633
Government National Mortgage
Association (GNMA) (36.7%)
16,235 7.500% Due 2/15/23-3/15/24.......... 16,316
3,218 8.000% Due 3/15/17-9/15/17.......... 3,317
4,907 8.500% Due 8/15/24-4/15/25.......... 5,094
3,500 7.500% Due 7/15/25 (C)............. 3,519
32,210 8.500% Due 7/15/25 (C)............. 33,448
7,080 9.000% Due 7/15/25 (C)............. 7,438
69,132
Total Mortgage Related
Securities...................... 105,969
Non-Mortgage Related (42.5%)
Federal Home Loan Banks
34,620 Discount Note Due 7/12/95........... 34,552
7,970 Discount Note Due 7/13/95........... 7,951
37,000 *Discount Note Due 9/6/95............ 36,603
1,050 7.780% Due 1/30/97.................. 1,059
80,165
Total U.S. Government Agencies
(Cost $184,725)................. 186,134
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedule of Investments at June 30, 1995 - Unaudited
Principal
Amount Value
(000's) Security (000's)
GOVERNMENT SECURITIES (continued)
REPURCHASE AGREEMENT (0.8%)
$1,444 Nomura Securities 6.080%
Due 7/3/95 (Collateralized by
$1,476 U.S. Treasury Bills
Due 6/27/96)
(Cost $1,444)................... $1,444
Total Investments and Repurchase
Agreements (123.5%)
(Cost $230,932)................. 232,648
Liabilities in Excess of
Other Assets (-23.5%)........... (44,230)
Total Net Assets (100.0%)........... 188,418
Number of Unrealized
Contracts Appreciation
FUTURES WRITTEN
(Aggregate futures contract
amount $21,469)
200 September Five Year U.S.
Treasury Note Future............. 72
<FN>
* Securities pledged in whole or in part for futures
written or when issued securities.
(C) Security purchased on a when issued basis.
</FN>
</TABLE>
<TABLE>
<C> <C> <S> <C>
Principal
Amount Value
(000's) Security (000's)
INTERMEDIATE MUNICIPAL BOND
California (4.9%)
$375 California Pollution Control
Financing Authority
9.125% Due 11/1/04.............. $388
250 Southern California Public Power
Authority Revenue Refunding
Power Project
6.500% Due 10/1/04.............. 271
District of Columbia (2.1%)
300 District of Columbia
General Obligation
5.000% Due 6/1/01................. 281
Principal
Amount Value
(000's) Security (000's)
INTERMEDIATE MUNICIPAL BOND (continued)
Georgia (3.3%)
$400 Georgia State Series D
6.700% Due 8/1/10............... $448
Illinois (15.6%)
500 Chicago Illinois
General Obligation
MBIA Insured
5.000% Due 1/1/08............... 471
100 Chicago Illinois
Gas
10.250% Due 3/1/15............... 103
240 Chicago Illinois
Water Revenue Refunding
AMBAC Insured
5.600% Due 11/1/04.............. 246
350 Cook County Illinois
General Obligation 1993
Series A - MBIA Insured
5.000% Due 11/15/04............. 343
620 Kane and DeKalb Counties
Illinois Community School
District No. 301
General Obligation
6.250% Due 12/1/01............... 660
275 Springfield Illinois Electric
Revenue Refunding Junior Lien
7.750% Due 3/1/06............... 286
Indiana (9.7%)
300 Indiana State Transportation
Finance Authority Highway
Revenue 1990 Series A
6.900% Due 6/1/00................ 321
435 La Porte Indiana Economic
Development Revenue
Boise Cascade Corp. Project
Escrowed to Maturity
7.375% Due 6/1/01 ................ 477
500 Petersburg Indiana Pollution
Control Revenue
9.625% Due 9/1/12.................. 513
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedule of Investments at June 30, 1995 - Unaudited
Principal
Amount Value
(000's) Security (000's)
INTERMEDIATE MUNICIPAL BOND (continued)
Kentucky (1.5%)
$210 Dayton Kentucky Elderly
Housing Speers Court
5.350% Due 9/1/05................. $204
Louisiana (2.4%)
300 Louisiana State Series A
General Obligation
MBIA Insured
6.200% Due 5/1/03................. 322
Massachusetts (3.4%)
250 Massachusetts Bay
Transportation Authority
General Transportation System
5.300% Due 3/1/05................. 249
200 Massachusetts State
General Obligation Series D
6.500% Due 7/1/01................. 216
Michigan (2.1%)
275 Michigan State Housing
Development Authority Series A
6.200% Due 7/1/97................. 278
Minnesota (1.3%)
160 Minnesota State Housing
Authority - Single Family
Mortgage Revenue
8.375% Due 2/1/15................ 170
Missouri (2.5%)
300 Saint Louis County Missouri
Regional Convention Series B
Prerefunded
6.800% Due 8/15/04............... 340
Nebraska (1.3%)
175 Nebraska Investment Finance
Authority Single Family
Mortgage 1991 Series C
6.500% Due 9/15/14................ 178
Nevada (5.2%)
400 Las Vegas Clark County Nevada
Library District Refunding
General Obligation
FGIC Insured
6.800% Due 8/1/05................. 432
Principal
Amount Value
(000's) Security (000's)
INTERMEDIATE MUNICIPAL BOND (continued)
$250 Nevada State General Obligation
(Sewer Improvement)
6.750% Due 7/1/03................. $267
New Hampshire (1.1%)
150 New Hampshire State
Housing Finance Authority
Single Family Mortgage
5.400% Due 7/1/04................. 150
New Jersey (2.6%)
345 Arlington Arms Financing Corp.
New Jersey Mortgage Revenue
Arlington Arms Apartments
10.250% Due 3/1/25................ 351
New York (2.5%)
300 Westchester County New York
General Obligation
6.600% Due 5/1/07................. 336
Ohio (3.4%)
250 Ohio State Air Quality
Development Authority Revenue
(Dayton Power & Light Project)
9.500% Due 12/1/15................ 261
195 Ohio State Water Development
Authority Revenue
Refunding - Prerefunded
8.000% Due 12/1/18................ 208
Oklahoma (0.8%)
100 Enid Oklahoma Hospital
Authority (St. Mary's Hospital)
Escrowed to Maturity
8.000% Due 7/1/98................. 105
Pennsylvania (7.6%)
500 Hempfield Pennsylvania
School District Refunding
6.700% Due 10/15/99................ 502
500 Pennsylvania State General
Obligation Second Series
6.000% Due 7/1/07................ 523
South Carolina (3.9%)
500 Piedmont Municipal Power Agency
FGIC Insured
6.125% Due 1/1/07................. 528
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedule of Investments at June 30, 1995 - Unaudited
Principal
Amount Value
(000's) Security (000's)
INTERMEDIATE MUNICIPAL BOND (continued)
Texas (13.6%)
$500 Deer Park Texas Independent
School District School Building
6.375% Due 2/15/07.................. $553
300 Houston Texas Hotel & Parking
Facilities Revenue FGIC Insured
7.000% Due 7/1/09................. 337
505 Lower Colorado River Authority
Prerefunded Revenue
6.250% Due 5/1/07................. 553
400 Texas Municipal Power
Agency - MBIA Insured
5.500% Due 9/1/10................. 391
Utah (4.2%)
465 Salt Lake City Utah Water
Conservancy District Revenue
Refunding Series A
Escrowed to Maturity
10.875% Due 10/1/02.............. 564
Washington (2.4%)
300 Washington State Motor Vehicle
Tax General Obligation
6.200% Due 3/1/08................. 319
Wisconsin (0.8%)
100 Wisconsin Municipal Insurance
Commission Revenue
Series 1987
8.700% Due 4/1/07................. 108
Total Investments (98.2%)
(Cost $13,382)................... 13,253
Other Assets in Excess of
Liabilities (1.8%)............... 249
Total Net Assets (100.0%)........... 13,502
</TABLE>
<TABLE>
<C> <C> <S> <C>
Principal
Amount Value
(000's) Security (000's)
GOVERNMENT MONEY MARKET
Government Agency
Obligations (89.7%)
Federal Farm Credit Bank (50.1%)
$10,000 Discount Note Due 7/6/95............ $9,992
3,000 Discount Note Due 7/7/95............ 2,997
3,000 Discount Note Due 7/11/95........... 2,995
3,000 Discount Note Due 7/12/95........... 2,995
6,000 Discount Note Due 7/18/95........... 5,984
3,000 Discount Note Due 7/19/95........... 2,991
3,000 Discount Note Due 7/20/95........... 2,991
3,000 Discount Note Due 7/21/95........... 2,990
3,000 Discount Note Due 8/2/95............ 2,984
3,000 Discount Note Due 8/4/95............ 2,984
6,000 Discount Note Due 8/7/95............ 5,964
3,000 Discount Note Due 8/8/95............ 2,982
3,000 Discount Note Due 8/14/95........... 2,979
3,000 Discount Note Due 9/1/95............ 2,971
6,000 Discount Note Due 9/5/95............ 5,937
3,000 Discount Note Due 9/19/95........... 2,962
3,000 5.800% Note Due 10/2/95............. 3,000
3,000 Discount Note Due 10/16/95.......... 2,948
3,000 Discount Note Due 11/6/95........... 2,938
3,000 Discount Note Due 12/8/95........... 2,924
(Cost $75,508).................. 75,508
Federal Home Loan Bank (35.6%)
10,000 Discount Note Due 7/3/95............ 9,997
3,000 Discount Note Due 7/25/95........... 2,988
3,000 Discount Note Due 7/26/95........... 2,988
3,000 Discount Note Due 8/2/95............ 2,984
3,000 Discount Note Due 8/9/95............ 2,981
3,000 Discount Note Due 8/18/95........... 2,977
3,000 Discount Note Due 8/21/95........... 2,975
3,000 Discount Note Due 8/23/95........... 2,974
5,000 Discount Note Due 8/24/95........... 4,955
3,000 Discount Note Due 8/28/95........... 2,972
3,000 Discount Note Due 9/6/95............ 2,968
3,000 Discount Note Due 9/22/95........... 2,961
3,000 Discount Note Due 9/26/95........... 2,958
3,000 Discount Note Due 9/28/95........... 2,958
3,000 Discount Note Due 10/25/95.......... 2,945
(Cost $53,581).................. 53,581
Federal National Mortgage
Association (2.0%)
(Cost $2,958)
3,000 Discount Note Due 9/25/95........... 2,958
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedule of Investments at June 30, 1995 - Unaudited
Principal
Amount Value
(000's) Security (000's)
GOVERNMENT MONEY MARKET (continued)
Student Loan Marketing
Association (2.0%)
(Cost $3,000)
$3,000 @5.660% Due 11/9/95 (D).............. $3,000
U.S. TREASURY
SECURITIES (1.3%)
U.S. Treasury Bills
(Cost $1,949)
1,949 Discount Note Due 12/14/95.......... 1,949
Total Investments
(Cost $136,996)................. 136,996
REPURCHASE AGREEMENT
(11.3%)
16,962 Nomura Securities 6.080%
Due 7/3/95
(Collateralized by $17,327 U.S.
Treasury Bills Due 5/30/96)
(Cost $16,962).................. 16,962
Total Investments and
Repurchase Agreements (102.3%)
(Cost $153,958)................. 153,958
Liabilities in Excess of
Other Assets (-2.3%)............ (3,411)
Total Net Assets (100.0%)........... $150,547
<FN>
@ Adjustable rate security.
(D) Coupon indexed to the three month U.S. T-Bill.
</FN>
</TABLE>
<TABLE>
<C> <C> <S> <C>
Principal
Amount Value
(000's) Security (000's)
TAX FREE MONEY MARKET
Alabama (1.6%)
$1,675 City of Russellville Alabama
Industrial Development Revenue
(Clark Pulley Industrial
Project Series S 1994)
4.200% Due 2/1/09 (E)(F)......... $1,675
Arizona (2.4%)
2,500 Arizona Health Facility Authority
Revenue Pooled Loan Program
4.100% Due 10/1/15 (E)(F)......... 2,500
Arkansas (1.0%)
1,000 Blytheville Arkansas Industrial
Development Revenue
Refunding Series 1989
(Babcock Industries)
4.600% Due 9/1/04 (E)(F)......... 1,000
California (1.9%)
1,650 Contra Costa County California
Multifamily Housing Revenue
Refunding Series A
(Delta Square Project)
4.000% Due 8/1/07 (E)(F).......... 1,650
390 San Diego County California
Housing Authority Refunding
Revenue Series 1988 A
5.850% Due 12/1/07 (E)(G)........ 390
Colorado (1.4%)
1,500 Denver Colorado City & County
Multifamily Housing Revenue
(Ogden Residence Project 1985)
4.250% Due 12/1/09 (E)(F)........ 1,500
Delaware (4.7%)
4,950 Delaware Economic Development
Authority Multifamily
Housing Revenue
(School House Trust 1985)
4.500% Due 12/1/15 (E)(F)........ 4,950
Florida (3.0%)
25 Broward County Florida Housing
Finance Authority Multifamily
Housing Revenue
(Parkview Partnership)
4.250% Due 12/1/10 (E)(F)......... 25
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedule of Investments at June 30, 1995 - Unaudited
Principal
Amount Value
(000's) Security (000's)
TAX FREE MONEY MARKET (continued)
$1,075 Lee County Florida Industrial
Development Authority Revenue
(Christian Mission Village
Series 1985)
4.375% Due 4/1/10 (E)(F)......... $1,075
2,070 Orange County Florida
Industrial Development
Revenue Refunding
(Orlando-Hawaiian Motel)
4.800% Due 10/1/15 (E)(F)........ 2,070
Georgia (6.8%)
1,400 Atlanta Georgia Urban Residential
Finance Authority Multifamily
Housing (Buckhead Rental)
4.500% Due 12/1/08 (E)(F)........ 1,400
3,000 Cobb County Georgia Multifamily
Housing Authority (Tibarron
Associates Project
Series 1985-D)
4.300 Due 10/1/06 (E)(F).......... 3,000
145 Dekalb County Georgia
Multifamily Housing Revenue
Refunding
(Wood Terrace Project)
4.125% Due 12/1/07 (E)(F)......... 145
1,600 Marietta Georgia Housing
Authority Multifamily Revenue
(Franklin Walk Apartments Project)
4.375% Due 1/1/08 (E)(F).......... 1,600
1,000 Private Colleges and Universities
Authority Georgia Revenue
(Emory University Series 1985)
3.300% Due 9/14/95................ 1,000
Illinois (6.5%)
750 Chicago O'Hare International
Airport Revenue Bond
5.000% Due 1/1/15 (E)(F).......... 750
800 Illinois Development Finance
Authority Industrial
Development Refunding Bond
(Dart Container)
4.500% Due 8/1/25 (E)(G)......... 800
Principal
Amount Value
(000's) Security (000's)
TAX FREE MONEY MARKET (continued)
$2,000 St. Clair County Illinois Industrial
Development Bond
(Winchester Apartments
Project Series 94)
4.500% Due 10/1/15 (E)(F)......... $2,000
1,000 Streamwood Illinois Industrial
Development Revenue
(Poplar Creek Plaza)
4.450% Due 10/1/09 (E)(F)......... 1,001
2,300 Troy Grove Illinois Refunding
(Unimin Corp.)
5.310% Due 5/1/10 (E)(F)......... 2,300
Indiana (4.7%)
1,500 East Chicago Indiana City School
District Tax Anticipation Warrants
5.750% Due 12/29/95 ............. 1,502
750 Eastern Hancock Indiana Middle
School Building Corporation
Bond Anticipation Notes
4.750% Due 12/1/95................ 751
720 GAF Tax-Exempt Bond Grantor
Trust Series A
4.250% Due 4/1/08 (B)(E)(F)...... 720
1,000 Indianapolis Indiana
Economic Development
(Joint & Clutch Series 1984)
4.230% Due 12/1/14 (E)(F)........ 1,000
995 Munster Indiana School Building
Corporation Bond
Anticipation Notes
5.500% Due 5/2/96................ 995
Kansas (1.9%)
2,000 Salina Kansas Central Mall
(Salina Central Mall Dillard)
4.375% Due 12/1/04 (E)(F)........ 2,000
Kentucky (6.3%)
1,785 Boone County Kentucky
Economic Development Revenue
(Florence Park Care Center)
4.600% Due 6/1/15 (E)(F)......... 1,785
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedule of Investments at June 30, 1995 - Unaudited
Principal
Amount Value
(000's) Security (000's)
TAX FREE MONEY MARKET (continued)
$840 Boone County Kentucky Industrial
Development Bond Revenue
(Jamike/Hemmer Project)
5.250% Due 2/1/06 (E)(F)......... $840
285 Florence Kentucky Industrial
Building Revenue
(Florence Commercial Project)
4.600% Due 6/1/07 (E)(F)......... 285
1,945 Fort Thomas Kentucky
Industrial Buildings Revenue
(Carmel Manor Project)
4.800% Due 10/1/14 (E)(F)........ 1,945
790 Kentucky State Turnpike Authority
Toll Road Advanced Refunding
Series A (Prerefunded)
13.375% Due 7/1/10 (E)............ 807
1,000 Ohio County Kentucky Pollution
Control Revenue Bond
(Big Rivers Electric)
4.350% Due 10/1/15 (E)(F)........ 1,000
Michigan (11.3%)
800 Birmingham Michigan Economic
Development Corporation
(Brown Street Project 83)
4.375% Due 12/1/18 (E)(F)......... 800
480 Lansing Michigan Economic
Development Corporation
(Atrium Office)
4.350% Due 5/1/15 (E)(F)......... 480
1,055 Leelanau County Michigan
Economic Development Corp
Revenue (American Community
Mutual Insurance Co Project)
4.300% Due 6/15/06 (E)(F)........ 1,055
905 Livonia Michigan Economic
Development Corporation
(American Community
Mutual Insurance)
4.600% Due 11/15/04 (E)(F)....... 905
Principal
Amount Value
(000's) Security (000's)
TAX FREE MONEY MARKET (continued)
$465 Michigan State Strategic Fund
Limited Obligation Revenue
Refunding (Woodbridge
Commercial Properties)
4.700% Due 10/15/05 (E)(F)....... $465
420 Michigan State Strategic Fund
Revenue (Tawas Bay
Association Project)
4.450% Due 12/1/01 (E)(F)........ 420
660 Michigan State Strategic Fund
Revenue Refunding
(Arcadia Creek Development)
4.700% Due 10/15/96 (E)(F)....... 660
1,740 Oakland County Michigan
Economic Development
Corporation
(Corners Shopping Center)
4.800% Due 8/1/15 (E)(F)......... 1,740
3,500 Plainwell Michigan Economic
Development Corporation
(Phillip Morris Inc.)
4.500% Due 11/1/07 (E)(F)........ 3,500
1,825 Rochester Hills Michigan
Economic Development
Corporation (Peachwood
Center Association)
4.450% Due 6/15/16 (E)(F)........ 1,825
Minnesota (1.4%)
750 Bloomington Minnesota
Commercial Development
Revenue (Park Association
Project)
4.270% Due 12/1/14 (E)(F)......... 750
690 International Falls Minnesota
Economic Development Revenue
(Developers Diversified
Limited Project)
5.500% Due 7/1/06 (E)(F)......... 690
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedule of Investments at June 30, 1995 - Unaudited
Principal
Amount Value
(000's) Security (000's)
TAX FREE MONEY MARKET (continued)
Mississippi (1.4%)
$1,475 Desoto County Mississippi
Industrial Development
Revenue (American Soap
Company Project)
5.310% Due 12/1/08 (E)(G)........ $1,475
Missouri (1.0%)
1,000 Missouri State Health and
Educational Facilities Authority
(Sisters of Sorrowful Mercy
Healthcare Series C)
4.250% Due 6/1/14 (E)(F).......... 1,000
Nebraska (0.4%)
390 Adams County Nebraska
Industrial Development Revenue
(Marshalltown Instruments)
4.450% Due 12/1/96 (E)(F)........ 390
New York (0.4%)
200 Municipal Assistance Corporation
New York Series 54 (Prerefunded)
8.900% Due 7/1/98 (E)............ 204
200 New York Dormitory Authority
Revenue (Sienna College
Series 1985)(Prerefunded)
8.700% Due 7/1/03 (E)............ 204
Ohio (17.8%)
1,000 Breckville-Broadview Heights
Ohio City School District
Bond Anticipaton Notes
5.710% Due 1/18/96................ 1,001
1,010 Buckeye Ohio Tax Exempt
Mortgage Bond Trust Series C
5.200% Due 2/1/05 (E)(F)......... 1,010
1,000 Cincinnati & Hamilton County
Ohio Port Authority Revenue
Refunding (Tri State Building)
4.350% Due 9/1/99 (E)(F)......... 1,000
420 Citizens Federal Tax-Exempt
Mortgage Bond Trust
5.050% Due 9/1/08 (E)(F)........ 420
Principal
Amount Value
(000's) Security (000's)
TAX FREE MONEY MARKET (continued)
$440 Clark County Ohio Hospital
Improvement Revenue Refunding
(Community Hospital Series B)
4.800% Due 4/1/11 (E)(F)........ $440
425 Clermont County Ohio Economic
Development Revenue
(John Q. Hammons Project)
4.800% Due 5/1/12 (E)(F)......... 425
255 Franklin County Ohio Industrial
Development Revenue
(GSW Building Association Ltd.)
4.300% Due 11/1/15 (E)(F)........ 255
1,665 Lakewood Ohio Hospital
Revenue (Hospital
Improvement Series 1983)
4.760% Due 11/1/10 (E)(F)....... 1,665
415 Montgomery County Ohio
Economic Development Authority
Revenue Refunding (ND Motels)
4.200% Due 12/15/04 (E)(F) 415
1,100 Montgomery County Ohio
Economic Development Revenue
(Wayne Town Association)
4.500% Due 10/1/99 (E)(F)........ 1,100
2,095 Ohio Company Tax Exempt
Mortgage Trust Series 2
4.430% Due 6/15/03 (E)(F)........ 2,095
1,015 Riverside Ohio Economic
Development Revenue
(Riverside Association Project)
5.100% Due 9/1/12 (E)(F)......... 1,015
685 Riverside Ohio Economic
Development Revenue
(Wright Point Association)
5.100% Due 9/1/10 (E)(F)......... 685
2,165 Stark County Ohio Health Care
Facilities (Canton Christian
Home PJ Series 90)
4.500% Due 9/1/15 (E)(F)......... 2,165
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedule of Investments at June 30, 1995 - Unaudited
Principal
Amount Value
(000's) Security (000's)
TAX FREE MONEY MARKET (continued)
$600 Stark County Ohio Health Care
Facility (Canton Christian Home)
4.450% Due 9/15/16 (E)(F)........ $600
1,610 Stark County Ohio Industrial
Development Revenue
(Newmarket Parking Ltd.)
4.700% Due 11/1/14 (E)(F)........ 1,610
850 Trumbull County Ohio Correctional
Facilities Bond Anticipation Notes
4.830% Due 4/11/96............... 851
750 Trumbull County Ohio Industrial
Development Revenue Refunding
(Howland Association Project)
4.200% Due 10/1/01 (E)(F)........ 750
1,230 Willoughby Hills Ohio Industrial
Development Revenue
(Renaissance Properties Project)
4.400% Due 12/15/14 (E)(F)....... 1,230
Oregon (3.3%)
3,500 Port of Portland Oregon Public
Grain Elevator Revenue
(Columbia Series A)
4.250% Due 12/1/14 (E)(F)........ 3,500
Pennsylvania (5.1%)
1,290 Commonwealth Tax-Exempt
Mortgage Bond Trust Series A
4.500% Due 11/1/05 (E)(F)........ 1,290
1,685 Cumberland County Pennsylvania
Municipal Authority Revenue
(United Methodist Homes
for the Aging)
4.250% Due 6/1/19 (E)(F)......... 1,685
1,500 Philadelphia Pennsylvania
Redevelopment Authority
Multifamily Housing Revenue
(Rivers Edge Project)
4.600% Due 12/1/09 (E)(F)........ 1,500
900 Schuylkill County Pennsylvania
Industrial Development
Authority (Westwood Energy
Property Project)
4.450% Due 11/1/09 (E)(F)......... 900
Principal
Amount Value
(000's) Security (000's)
TAX FREE MONEY MARKET (continued)
Rhode Island (1.8%)
$1,850 Narragansett Rhode Island Bay
Water Quality Management
District Revenue
5.000% Due 1/19/96............... $1,858
Tennessee (4.0%)
2,925 Franklin County Tennesse Health
& Educational Facilities Revenue
(University of the South Sewanee)
4.500% Due 9/1/10 (F)............. 2,925
1,280 GAF Tax-Exempt Bond Grantor
Trust Series A
4.250% Due 4/1/08 (B)(E)(F)...... 1,280
Texas (2.7%)
1,450 NCNB Pooled Tax Exempt Trust
Certificate of Participation
Series 1990-B
4.500%
Due 11/15/20 (B)(E)(G)........... 1,450
1,400 Waxahachie Texas Industrial
Development Authority
(Dart Container Project Series 1985)
4.500% Due 4/1/06 (E)(F)........ 1,400
Virginia (2.4%)
160 Bristol Virginia Development
Authority Industrial
Development Revenue
(Bristol Health Care Center Inc)
4.050% Due 6/1/10 (E)(F).......... 160
1,350 Hampton Virginia Redevelopment
& Housing Authority (Chase
Hampton Village)
4.125% Due 12/1/06 (E)(F)........ 1,350
1,000 Rockingham County Virginia
Industrial Development Authority
(Merck & Company Inc. Project)
4.500% Due 10/1/22 (E)(F)......... 1,000
Wisconsin (4.7%)
750 Chippewa Falls Wisconsin Area
Unified School District Tax and
Revenue Anticipation Notes
4.560% Due 9/29/95................ 750
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedule of Investments at June 30, 1995 - Unaudited
Principal
Amount Value
(000's) Security (000's)
TAX FREE MONEY MARKET (continued)
$1,250 Kenosha Wisconsin Unified School
District Tax and Revenue
Anticipation Noted
5.000% Due 8/25/95.............. $1,250
650 Kettle Moraine School District
Wisconsin Tax & Revenue
Anticipation Notes
4.440% Due 8/22/95................ 650
1,250 Oshkosh Wisconsin Area School
District Tax and Revenue
Anticipation Notes Series A
4.500% Due 9/14/95................ 1,250
1,000 Ripon City Wisconsin Industrial
Development Revenue
(Speed Queen Project) Series B
5.400% Due 10/1/12 (E)(G)........ 1,000
Wyoming (1.0%)
1,130 Cheyenne County Wyoming
Economic Development
Revenue Bonds (Holiday Inn)
4.800% Due 10/1/10 (E)(F)........ 1,130
Total Investments (100.9%)
(Cost $106,084)................. 106,084
Liabilities in Excess of
Other Assets (-0.9%)............ (960)
Total Net Assets (100.0%)........... 105,124
<FN>
(B) SEC Rule 144A Security. Such security has limited
markets and is traded among "qualified institutional
buyers".
(E) Interest rate subject to change varying from 1 to 180
days. Principal payable on demand at periodic
intervals at the Fund's option).
(F) Coupon indexed to remarket rate.
(G) Coupon indexed to Prime Rate (Prime is the rate on
corporate loans posted by at least 75% of the
nation's 30 largest banks).
</FN>
</TABLE>
See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
WEISS, PECK & GREER MUTUAL FUNDS
Statement of Assets and Liabilities at June 30, 1995 - Unaudited
<S> <C> <C> <C> <C>
Growth and Quantitative
$ in Thousands Tudor Income Growth Equity
Assets
Investments at value (#)............................ $147,685 $68,354 $67,353 $104,325
Repurchase agreements............................... 0 0 0 0
Collateral on securities loaned - Note 4............ 7,100 0 7,767 0
Cash and cash equivalents........................... 0 1 14 0
Receivable for securities sold...................... 4,329 102 1,088 0
Receivable for shares of beneficial interest........ 0 0 0 0
Dividends and interest receivable................... 74 317 11 227
Prepaid expenses.................................... 6 4 4 5
Deferred organizational expense (@)................. 0 0 0 51
Other assets........................................ 2 0 2 0
159,196 68,778 76,239 104,608
Liabilities
Covered options written at market (a)............... 494 0 0 0
Distributions payable............................... 0 383 0 0
Payable to custodian bank........................... 745 0 0 20
Payable upon return of securities loaned - Note 4... 7,100 0 7,767 0
Payable for investment securities purchased......... 1,606 1,046 969 0
Payable for shares of beneficial interest redeemed.. 352 5 1,104 0
Accrued investment advisory fee payable - Note 5.... 108 41 41 62
Accrued reimbursement payable for shareholder
servicing and administration - Note 5.......... 9 5 2 2
Accrued expenses.................................... 110 67 62 49
Payable for variation margin........................ 0 0 0 14
10,524 1,547 9,945 147 107
Net Assets..................................... 148,672 67,231 66,294 104,461
Net Assets Represented by:
Shares of beneficial interest....................... 2,191 2,731 1 16
Paid-in surplus..................................... 104,771 52,885 62,328 89,499
Undistributed net investment income/(Distributions
in excess of net investment income)............ (406) 237 (145) 1,062
Undistributed realized gains on investments,
futures, options and currencies/(Distributions
in excess of realized gains on investments,
futures, options and currencies)............... 15,318 1,016 (2,889) 848
Net unrealized appreciation/(depreciation) on
investments, futures, options and currencies... 26,798 10,362 6,999 13,036
Net Assets applied to outstanding shares............ 148,672 67,231 66,294 104,461
Capital shares (Authorized shares unlimited)
Outstanding......................................... 6,572 2,731 600 16,294
Par Value........................................... $.33 1/3 $1.00 $0.001 $0.001
Net asset value per share........................... $22.62 $24.62 $110.58 $6.41
(#) Investments at cost............................. 120,542 57,992 60,354 91,306
Unrealized Appreciation/(Depreciation): *
Gross appreciation............................. 34,609 11,857 13,101 13,843
Gross depreciation............................. (7,811) (1,495) (6,102) (807)
Net unrealized appreciation/(depreciation).......... 26,798 10,362 6,999 13,036
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C>
Intermediate
Government Municipal Government Tax Free
$ in Thousands International Securities Bond Money Market Money Market
Assets
Investments at value (#)............................ $13,496 $231,204 13,253 $136,996 $106,084
Repurchase agreements............................... 0 1,444 0 16,962 0
Collateral on securities loaned - Note 4............ 0 0 0 0 0
Cash and cash equivalents........................... 376 1 12 0 1
Receivable for securities sold...................... 173 0 0 0 11
Receivable for shares of beneficial interest........ 0 1 0 0 0
Dividends and interest receivable................... 78 1,495 261 28 1,149
Prepaid expenses.................................... 1 8 1 7 7
Deferred organizational expense (@)................. 0 0 44 0 0
Other assets........................................ 0 0 3 0
14,124 234,153 13,574 153,993 107,252
Liabilities
Covered options written at market (a)............... 0 0 0 0 0
Distributions payable............................... 0 999 48 309 158
Payable to custodian bank........................... 0 0 0 0 0
Payable upon return of securities loaned - Note 4... 0 0 0 0 0
Payable for investment securities purchased......... 44 44,454 0 3,000 1,858
Payable for shares of beneficial interest redeemed.. 0 0 0 0 0
Accrued investment advisory fee payable - Note 5.... 18 101 0 63 43
Accrued reimbursement payable for shareholder
servicing and administration - Note 5.......... 0 3 0 8 2
Accrued expenses.................................... 45 109 24 66 67
Payable for variation margin........................ 0 69 0 0 0
107 45,735 72 3,446 2,128
Net Assets..................................... 14,017 188,418 13,502 150,547 105,124
Net Assets Represented by:
Shares of beneficial interest....................... 12 20 1 151 105
Paid-in surplus..................................... 11,992 228,761 13,816 150,682 105,031
Undistributed net investment income/(Distributions
in excess of net investment income)............ 13 69 (6) 0 0
Undistributed realized gains on investments,
futures, options and currencies/(Distributions
in excess of realized gains on investments,
futures, options and currencies)............... 437 (42,220) (180) (286) (12)
Net unrealized appreciation/(depreciation) on
investments, futures, options and currencies... 1,563 1,788 (129) 0 0
Net Assets applied to outstanding shares............ 14,017 188,418 13,502 150,547 105,124
Capital shares (Authorized shares unlimited)
Outstanding......................................... 1,233 20,391 1,363 150,833 105,135
Par Value........................................... $0.01 $0.001 $0.001 $0.001 $0.001
Net asset value per share........................... $11.37 $9.24 $9.91 $1.00 $1.00
(#) Investments at cost............................. 11,936 230,932 13,382 153,958 106,084
Unrealized Appreciation/(Depreciation): *
Gross appreciation............................. 2,044 1,890 53 0 0
Gross depreciation............................. (481) (102) (182) 0 0
Net unrealized appreciation/(depreciation)........ 1,563 1,788 (129) 0 0
<FN>
* Based on cost of securities for Federal Income tax purposes.
(@) Accumulated amortization of organizational expense: Quantitative Equity $47, Intermediate Municipal Bond
$32.
(a) Premiums received: Tudor $150.
</FN>
</TABLE>
See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
WEISS, PECK & GREER MUTUAL FUNDS
Statement of Operations for the Year Ended June 30, 1995 - Unaudited
<S> <C> <C> <C>
Growth and
Tudor Income Growth
$ in Thousands
Investment Income:
Dividends......................................................... $332 $890 $133
Interest.......................................................... 63 229 81
Income from securities loaned - Note 4............................ 7 0 15
Income from class action litigation settlement.................... 243 34 21
645 1,153 250
Expenses:
Investment advisory fee - Note 5.................................. 642 235 258
Custodian and transfer agent fees................................. 172 69 43
Professional fees................................................. 47 25 26
Shareholder servicing and administration.......................... 50 28 7
Shareholders' reports............................................. 15 6 3
Registration fees................................................. 14 14 11
Trustees' fees and expenses....................................... 12 13 11
Amortization of organization costs................................ 0 0 0
Amortization of prepaid expenses.................................. 11 3 8
Distribution fees - Note 6........................................ 0 0 0
Miscellaneous..................................................... 0 0 0
963 393 367
Less reimbursement by adviser..................................... 0 0 0
963 393 367
Net Investment Income/(Loss)...................................... (318) 760 (117)
Realized and Unrealized Gain/(Loss) on Investments,
Futures, Options and Currencies:
Net realized gain/(loss) on investments, futures and options...... 12,618 999 834
Net realized gain/(loss) on currencies............................ 105 0 (5)
Change in unrealized appreciation/(depreciation) on investments,
futures and options.......................................... 109 7,920 9,765
Change in unrealized appreciation/(depreciation) on currencies.... 9,928 0 2
Net Gain/(Loss) on Investments, Futures, Options and
Currencies................................................... 22,760 8,919 10,596
Net Increase in Net Assets Resulting
from Operations............................................. 22,442 9,679 10,479
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Intermediate Government Tax Free
Quantitative Government Municipal Money Money
Equity Intl Securities Bond Market Market
$ in Thousands
Investment Income:
Dividends......................................................... $1,359 $151 $0 $0 $0 $0
Interest.......................................................... 82 25 7,442 353 4,866 2,695
Income from securities loaned - Note 4............................ 0 0 0 0 0
Income from class action litigation settlement.................... 0 0 0 0 0
1,441 176 7,442 353 4,866 2,695
Expenses:
Investment advisory fee - Note 5.................................. 322 38 482
Custodian and transfer agent fees................................. 43 53 95 28 122 72
Professional fees................................................. 24 19 54 8 30 31
Shareholder servicing and administration.......................... 9 0 29 0 49 18
Shareholders' reports............................................. 1 2 7 3 7 4
Registration fees................................................. 0 10 19 8 15 9
Trustees' fees and expenses....................................... 12 10 15 10 14 13
Amortization of organization costs................................ 8 0 0 8 0 0
Amortization of prepaid expenses.................................. 3 1 15 2 8 8
Distribution fees - Note 6........................................ 0 0 3 0 0 0
Miscellaneous..................................................... 0 0 2 1 0 1
422 133 821 68 652 464
Less reimbursement by adviser..................................... 0 0 0 (8) 0 0
422 133 821 60 652 464
Net Investment Income/(Loss)...................................... 1,019 43 6,621 293 4,214 2,231
Realized and Unrealized Gain/(Loss) on Investments,
Futures, Options and Currencies:
Net realized gain/(loss) on investments, futures and options...... 820 400 (6,460) (39) 25 (1)
Net realized gain/(loss) on currencies............................ 0 (31) 0 0 0 0
Change in unrealized appreciation/(depreciation) on investments,
futures and options.......................................... 12,043 24 15,141 623 0 0
Change in unrealized appreciation/(depreciation) on currencies.... 0 14 0 0 0 0
Net Gain/(Loss) on Investments, Futures, Options and
Currencies................................................... 12,863 407 8,681 584 25 (1)
Net Increase in Net Assets Resulting
from Operations............................................. 13,882 450 15,302 877 4,239 2,230
</TABLE>
See Notes to Financial Statements
<PAGE>
<TABLE>
<CAPTION>
WEISS, PECK & GREER MUTUAL FUNDS
Statement of Changes in Net Assets
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Growth and Quantitative
Tudor Income Growth Equity
Six Six Six Six
Months Year Months Year Months Year Months Year
$ in Thousands Ended Ended Ended Ended Ended Ended Ended Ended
6/30/95* 12/31/94 6/30/95* 12/31/94 6/30/95* 12/31/94 6/30/95* 12/31/94
Operations:
Net investment income/(loss)............. ($318) ($1,140) $760 $1,546 ($117) ($457) $1,019 $1,417
Net realized gain/(loss) on
investments, futures,
options, and currencies................ 12,723 14,918 999 469 829 1,131 820 621
Change in unrealized
appreciation/(depreciation)
on investments, futures,
options and currencies................. 10,037 (36,484) 7,920 (5,487) 9,767 (27,850) 12,043 (1,416)
Net Increase/(Decrease)
in Net Assets Resulting
from Operations........................ 22,442 (22,706) 9,679 (3,472) 10,479 (27,176) 13,882 622
Distributions to Shareholders:
From net investment income............. 0 0 (662) (1,721) 0 0 0 (1,395)
From capital gains..................... 0 (12,983) 0 (257) 0 (6,504) 0 (677)
Net Decrease Due to
Distributions.......................... 0 (12,983) (662) (1,978) 0 (6,504) 0 (2,072)
Transactions in Shares of
Beneficial Interest:
Received on issuance:
Shares sold............................ 30,386 42,814 3,475 15,955 14,474 65,178 25,941 31,939
Distributions reinvested............... 0 12,084 233 1,702
0 6,504 0 1,909
Shares redeemed........................ (48,363) (117,069) (6,539) (13,876) (46,601) (119,362) (8,846) (5,835)
Net Increase/(Decrease) from
Capital Share Transactions........... (17,977) (62,171) (2,831) 3,781 (32,127) (47,680) 17,095 28,013
Affiliated Capital Contribution.......... 0 0 0 0 0 0 0 0
Total Increase/(Decrease)
in Net Assets.......................... 4,465 (97,860) 6,186 (1,669) (21,648) (81,360) 30,977 26,563
Net Assets:
Beginning of year........................ 144,207 242,067 61,045 62,714 87,942 169,302 73,484 46,921
End of period ........................... 148,672 144,207 67,231 61,045 66,294 87,942 104,461 73,484
Includes undistributed net invest-
ment income/(distributions in
excess of net investment
income).............................. (406) (88) 237 139 (145) (27) 1,062 43
Transactions in shares of the funds (in thousands):
Sold................................. 1,496 1,903 163 705 144 595 4,291 5,799
Reinvestment of distributions........ 0 618 10 78 0 66 0 350
Redeemed............................. (2,380) (5,410) (290) (612) (476) (1,182) (1,514) (1,043)
Net increase/(decrease).................. (884) (2,889) (117) 171 (332) (521) 2,777 5,106
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Intermediate
Government Municipal Government Tax Free
International Securities Bond Money Market Money Market
Six Six Six Six Six
Months Year Months Year Months Period Months Year Months Year
$ in Thousands Ended Ended Ended Ended Ended Ended Ended Ended Ended Ended
6/30/95* 12/31/94 6/30/95* 12/31/94 6/30/95* 12/31/94 6/30/95* 12/31/94 6/30/95* 12/31/94
Operations:
Net investment income/(loss)...... $43 $21 $6,621 $21,607 $293 $624 $4,214 $6,352 $2,231 $4,027
Net realized gain/(loss) on
investments, futures,
options, and currencies......... 369 873 (6,460) (36,946) (39) (143) 25 (2,048) (1) 0
Change in unrealized
appreciation/(depreciation)
on investments, futures,
options and currencies.......... 38 (2,012) 15,141 (14,527) 623 (883) 0 0 0 0
Net Increase/(Decrease)
in Net Assets Resulting
from Operations................. 450 (1,118) 15,302 (29,866) 877 (402) 4,239 4,304 2,230 4,027
Distributions to Shareholders:
From net investment income...... 0 0 (6,607) (20,407) (299) (624) (4,214) (6,352) (2,231) (4,027)
From capital gains.............. 0 (78) 0 (480) 0 0 0 0 0 0
Net Decrease Due to
Distributions................... 0 (78) (6,607) (20,887) (299) (624) (4,214) (6,352) (2,231) (4,027)
Transactions in Shares of
Beneficial Interest:
Received on issuance:
Shares sold..................... 485 5,439 5,806 61,520 2,305 10,679 360,557 886,793 364,813 683,127
Distributions reinvested........ 0 71 4,164 17,840 213 557 3,750 6,095 1,965 3,778
Shares redeemed................. (4,020) (3,208) (46,611) (147,147) (3,599) (8,539) (401,982) (845,306) (414,154) (671,293)
Net Increase/(Decrease) from
Capital Share Transactions.... (3,535) 2,302 (36,641) (67,787) (1,081) 2,697 (37,675) 47,582 (47,376) 15,612
Affiliated Capital Contribution... 0 0 0 0 0 0 0 1,737 0 0
Total Increase/(Decrease)
in Net Assets................... (3,085) 1,106 (27,946) (118,540) (503) 1,671 (37,650) 47,271 (47,377) 15,612
Net Assets:
Beginning of year................. 17,102 15,996 216,364 334,904 14,005 12,334 188,197 140,926 152,501 136,889
End of period .................... 14,017 17,102 188,418 216,364 13,502 14,005 150,547 188,197 105,124 152,501
Includes undistributed net invest-
ment income/(distributions in
excess of net investment
income)....................... 13 (29) 69 56 (6) 0 0 0 0 0
Transactions in shares of the funds (in thousands):
Sold.......................... 44 472 650 6,262 240 1,080 360,557 886,793 364,813 683,127
Reinvestment of distributions. 0 6 462 1,890 18 57 3,750 6,095 1,965 3,777
Redeemed...................... (376) (279) (5,213) (15,980) (368) (880) (401,982) (845,306) (414,154)(671,293)
Net increase/(decrease)........... (332) 199 (4,101) (7,828) (110) 257 (37,675) 47,582 (47,376) 15,611
<FN>
*Unaudited
</FN>
</TABLE>
See Notes to Financial Statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Notes to Financial Statements
1-Organization and Summary of Significant Accounting Policies
Organization
The following are open-end management companies registered under the
Investment Company Act of 1940 (the "Act") as follows:
WPG Tudor Fund ("Tudor")
WPG Growth and Income Fund ("Growth and Income")
WPG Growth Fund ("Growth")
Weiss, Peck & Greer Funds Trust ("WPG Funds Trust")
WPG Quantitative Equity Fund ("Quantitative Equity")
WPG Government Securities Fund ("Government Securities")
WPG Intermediate Municipal Bond Fund ("Intermediate Municipal Bond")
WPG Government Money Market Fund ("Government Money Market")
WPG Tax Free Money Market Fund ("Tax Free Money Market")
Weiss, Peck & Greer International Fund ("International")
Each fund is diversified except for Tudor, Growth and Quantitative Equity which
are all non-diversified funds.
Government Money Market and Tax Free Money Market are money market funds that
seek to maintain continuous net asset values of $1.00. The following is a
summary of significant accounting policies and other information.
Portfolio Valuation
Common Stock - Securities listed or admitted to trading on a national
securities exchange, including options, are valued at the last sale price, on
such exchange, as of the close of regular trading on the New York Stock
Exchange ("NYSE") on the day the net asset value calculation is made. Unlisted
securities and listed securities for which there are no sales reported on then
valuation date are valued at the mean between the most recent bid and asked
prices.
Bonds - Bonds and other fixed income securities (other than short-term
obligations but including listed issues) in the Funds' portfolios are valued by
a pricing service which utilizes both dealer-supplied valuations and electronic
data processing techniques which take into account appropriate factors such as
institutional-size trading in similar groups of securities, yield, quality,
coupon rate, maturity, type of issue, trading characteristics and other market
data, without exclusive reliance upon quoted prices, exchange or
over-the-counter prices, when such valuations are believed to reflect the
market value of such securities.
Money Market Securities - Investments are valued at amortized cost, which has
been determined by the Fund's Board of Trustees to represent the fair value of
the Funds' investments.
Foreign Securities - Securities listed or admitted to trading on an
international securities exchange, including options, are valued at the last
sale price, at the close of the primary international exchange on the day the
net asset value calculation 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.
Other Securities - Other securities and assets for which market quotations are
not readily available are valued at their fair values as determined, in good
faith, by the Funds' Valuation Committee as authorized by the Funds' 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 on the identified
cost basis. Dividend income is recognized on the ex-dividend date and interest
income is recognized on an accrual basis. Discounts on fixed income
securities are accreted to interest income over the life of the security or
until an applicable call date if sooner, with a corresponding increase in
cost basis; premiums are amortized on municipal securities only, with a
corresponding decrease in cost basis.
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Notes to Financial Statements (continued)
Federal Income Taxes
Each 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. As of December 31, 1994, the
following funds had capital loss carryforwards:
<TABLE>
<S> <C> <C>
(in $ thousands)
Year of Expiration
Fund 2000 2001
Municipal Bond - 139
Government Securities - 20,373
Government Money Market - 310
Tax Free Money Market 11 0
</TABLE>
Distribution to Shareholders
Dividends from Net Investment Income - Distributions are recorded on the
ex-dividend date. Dividends from net investment income are declared and paid
quarterly when available for Tudor, Growth and Income, Growth, Quantitative
Equity and International. Dividends from net investment income are declared
daily and paid monthly for Government Securities, Municipal Bond, Government
Money Market and Tax Free Money Market.
Distributions from Capital Gains - 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.
Income distributions and capital gain distributions are determined in
accordance with income tax regulations which may differ from generally accepted
accounting principles. These differences are due to differing treatments for
items such as mortgage backed securities, net operating losses, deferral of
wash sales losses, options and futures, and post October losses.
Deferred Cost
Organizational and initial offering expenses paid by each Fund are amortized on
a straight-line basis over a sixty-month period.
Repurchase Agreements (Government Securities, Government Money Market)
It is each Fund's policy to take possession of securities or other assets
purchased under agreements to resell. The securities purchased under
agreements to resell are marked to market every business day to ensure that the
value of the "collateral" is at least equal to the value of the loan, including
the accrued interest earned thereon, plus sufficient additional market value as
is considered necessary to provide a margin of safety.
Futures (Quantitative Equity, International, Government Securities)
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 each
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.
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Notes to Financial Statements - (continued)
Options Writing (Tudor, Growth, International, Government Securities)
When a Fund writes an option, an amount equal to the premium received by
the Fund is recorded as a liability and is subsequently adjusted to the current
market value of the option written. Premiums received from writing options
which expire unexercised are recorded by the Fund on the expiration date as
realized gains from options transactions. The difference between the premium
and the amount paid on effecting a closing purchase transaction, including
brokerage commissions, is also treated as a realized gain, or if the premium is
less than the amount paid for the closing purchase transaction, as a realized
loss. If a call is exercised, the premium is added to the proceeds from the
sale of the underlying securities or currencies in determining whether the Fund
has realized a gain or loss. If a put is exercised, the premium reduces the
cost basis of the securities or currencies purchased by the Fund. In writing
an option, the Fund bears the market risk of an unfavorable change in the price
of the security underlying the written option. Exercise of an option written by
the Fund could result in the selling or buying of a security or currency at a
price different from the current market value. The Fund only enters into
options which are traded on exchanges except for Tudor and Growth which can
enter into non-exchange options with counterparties as authorized by the Board
of Trustees.
Financial Risks
Futures and Options (Tudor, Growth, Quantitative Equity, International,
Government Securities)
A Fund may write covered options or futures contracts to protect against
adverse movements in the price of securities in the investment portfolio.
Certain risks are associated with the use of written options and futures. The
predominant risk is that the movement in price of the instrument underlying the
option or future may not correlate perfectly with the movement of the price of
the asset being hedged.
Foreign Securities (Tudor, Growth and Income, Growth, International)
Certain risks result from investing in foreign securities in addition to
the usual risks inherent in domestic investments. Such risks include future
political, economic and currency exchange developments including investment
restrictions and changes in foreign laws.
Forward Currency Contracts (Tudor, Growth and Income, Growth, International)
A Fund may enter into forward contracts. Such contracts may be utilized
in connection with planned purchases or sales of securities or to hedge the
U.S. dollar value of portfolios denominated in foreign currencies.
Fluctuations in the value of the forward contracts are recorded for book
purposes as unrealized gains or losses by the Fund. Risks may arise upon
entering into these contracts from the potential inability of counterparties to
meet the terms of their contracts and from unanticipated movements in the value
of the foreign currency relative to the U.S. dollars. Upon entering into such a
contract, the Fund is required to segregate assets with its custodian at least
equal to the value of the Fund's assets committed to fulfilling the forward
currency contract.
Foreign Currency Transactions (Tudor, Growth and Income, Growth, International)
The books and records of each Fund are maintained in United States (U.S.)
dollars. Foreign currencies, investments and other assets or liabilities,
denominated in foreign currencies, are translated into U.S. dollars at the
exchange rates prevailing on the close of trading on the primary foreign
market. The Fund does not isolate that portion of the results of operations
resulting from changes in foreign exchange rates on investments from the
fluctuations arising from changes in market prices of securities held. Such
fluctuations are included with the net realized and unrealized gain or loss
from investments.
Reported net realized foreign exchange gains or losses arise from sales and
maturities of short term securities, sales of foreign currencies, currency
gains or losses realized between the trade and settlement dates on securities
transactions, the difference between the amounts of dividends, interest, and
foreign withholding taxes recorded on the Fund's books, and the U.S. dollar
equivalent of the amounts actually received or paid. Net unrealized foreign
exchange gains and losses arise from changes in the value of assets and
liabilities other than investments in securities at the end of the period,
resulting from changes in the exchange rate.
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Notes to Financial Statements - (continued)
2-Securities Transactions
During the six months ended June 30, 1995, sales proceeds, cost of securities
sold and purchases, (other than short term investments and options written),
total commissions and commissions received by Weiss, Peck & Greer ("WPG") or
Lloyds Investment Management International Limited ("Lloyds") on such
transactions were as follows:
<TABLE>
<S> <C> <C> <C> <C> <C>
Proceeds Cost of Cost of Commissions
of Securities Securities Securities Total Received by
Sold Sold Purchased Commissions WPG or Lloyds
(000's) (000's) (000's) (000's) (000's)
Tudor $119,089 $105,412 $99,721 $244 $108
Growth and Income 25,468 24,469 22,599 64 47
Growth 65,567 64,758 47,077 126 88
Quantitative Equity 3,996 3,400 17,910 17 17
International 5,723 5,310 3,742 43 0
Government Securities 432,973 437,562 313,231 9 0
Intermediate Municipal
Bond 2,552 2,591 2,056 0 0
</TABLE>
Options Writing Activity
<TABLE>
<S> <C> <C>
Tudor
($ in thousands) Number
of Premiums
Contracts Received
Covered Call
Options Written
Contracts Outstanding
At December 31, 1994 275 $63
Contracts Written 600 252
875 315
Contracts Terminated
Expired 75 26
Exercised 200 37
Closed 415 102
Total Contracts terminated 690 165
Contracts Outstanding at
June 30, 1995 185 $150
Cost of Total Contracts Terminated $75
Realized Gain/(Loss) on Contracts 53
Aggregate value of collateral $17,969
</TABLE>
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Notes to Financial Statements - (continued)
3-Investments in Restricted Securities
Certain of the Funds may from time to time purchase restricted securities. The
following are restricted securities and would require registration under the
Securities Act of 1933 before they could be offered for public sale in the U.S.
Each security is valued under a method approved by the Board of Trustees as
reflecting fair value.
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Cost Value Per Unit Total Market Percentage of
Per at Acquisition Value Per Unit Value 6/30/95 Net Assets at
Fund Security Unit Date at 6/30/95 (000's) 6/30/95
Tudor Advanced Promotion
Technologies $100.00 $73.76 $38.12 $191 0.13%
Tudor Cambridge
Neuroscience 6.75 6.75 5.46 38 0.26%
Tudor Cantab 6.89 6.39 1.66 15 0.10%
Tudor Cytel 3.13 2.44 5.70 88 0.59%
Tudor Ribi ImmunoChem
Research Inc. 8.25 7.54 3.80 23 0.15%
Tudor Seragen 24.00 20.80 23.75 59 0.40%
Growth Ribi ImmunoChem
Research Inc. 8.25 7.54 3.80 23 0.35%
</TABLE>
4-Securities Lending (Tudor, Growth)
At June 30, 1995, securities valued at $6,124,545 were on loan to brokers by
Tudor Fund and $7,625,271 by Growth Fund. For collateral the Tudor Fund
received a letter of credit in an amount equal to $7,100,000 of the loan and
the Growth Fund received U.S. Government Securities in the amount of $7,766,835
as collateral.
5-Investment Advisory Fee and Other Transactions with Affiliates
The investment advisory fee is earned by WPG. The advisory fees of each Fund
are as follows, and are paid monthly except for the International Fund which is
paid quarterly:
Tudor .90% of net assets up to $300 million
.80% of net assets $300 million to $500 million
.75% of net assets in excess of $500 million
Growth and Income .75% of net assets
Growth .75% of net assets
Quantitative Equity .75% of net assets
International .50% while net assets under $15 million
.85% while net assets $15 to $20 million
1.00% while net assets in excess of $20 million
Government Securities .60% of net assets up to $300 million
.55% of net assets $300 million to $500 million
.50% of net assets in excess of $500 million
continued on next page
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Notes to Financial Statements - (continued)
continued from previous page
Intermediate Municipal Bond .00% while net assets under $17 million
.50% while net assets in excess of $17 million
Government Money Market .50% of net assets up to $500 million
& .45% of net assets $500 million to $1 billion
Tax Free Money Market .40% of net assets $1 billion to $1.5 billion
.35% of net assets in excess of $1.5 billion
WPG, pursuant to authority granted under its Investment Advisory Agreement with
the International Fund, has selected Lloyds as sub-adviser to the Fund.
Pursuant to a sub-advsory agreement with the fund and WPG, Lloyds has overall
responsibility for the management of the International Fund's assets invested
in non-US securities. Lloyds Investment Managers Limited, the parent of Lloyds,
is a limited partner in the partnership of WPG.
WPG has agreed to limit each Fund's total operating expenses, excluding taxes,
brokerage commissions, interest, dividends paid on securities sold short and
extraordinary legal fees and expenses to the limits set forth by state
administrators in those states in which the Fund's shares are sold. Currently,
the most restrictive limit is 2.50% of the first $30 million of average net
assets, 2.00% of the next $70 million and 1.50% of average net assets over $100
million. Each Fund will reduce its advisory fee (but not below $0) when the
total operating expenses exceed these limits.
Each Fund has entered into an Administration Agreement with WPG whereby WPG
earns the following fees based upon a percentage of average daily net assets:
Tudor .07%, Growth and Income .09%, Growth .02%, Quantitative Equity .02%,
International .06% while assets exceed $25 million, Government Securities .03%,
Municipal Bond .12% while assets exceed $50 million, Government Money Market
.06%, Tax Free Money Market .03%.
6 - Distribution Plan (Government Securities)
The Trust has adopted a plan of Distribution (the "Plan") under Section 12 (b)
of the 1940 Act and Rule 12b-1 thereunder. The Fund may pay up to 0.25% of its
average daily net assets under any one agreement but is limited to an aggregate
of 0.05% of its average annual net assets for activities primarily intended to
result in the sale of its shares.
For the six months ended June 30, 1995, expenses incurred under the Plan were
$3,778.
Under the terms, the Plan shall remain in effect from year to year, provided
such continuance is approved annually by a vote of a majority of those Trustees
who are not "interested persons" of the Trust and who have no direct or
indirect financial interest in the operation of the plan or in any agreement
related to the Plan.
<PAGE>
<TABLE>
<CAPTION>
WEISS, PECK & GREER MUTUAL FUNDS (for the years ended December 31 except for 1995 which is for
Financial Highlights the six months ended June 30, except as indicated in the footnotes.)
$ per share
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net Total
Realized Income
Net Net and From Dividends Distri- Net Net
Asset Invest- Unrealized invest- From butions Tax Asset Assets at
Value at ment Gains or ment Net From Return Total Contri- Value at End of
Beginning Income (Losses) Opera- Investment Capital of Distri- butions to End of Total Period
of Period (Loss) Securitie tions Income Gains Capital butions Capital Period Return ($000's)
Tudor
1995 19.34 (0.05) 3.33 3.28 0.00 0.00 0.00 0.00 0.00 22.62 16.96% 148,672
1994 23.40 (0.13) (2.14) (2.27) 0.00 (1.79) 0.00 (1.79) 0.00 19.34 (9.81%) 144,207
1993 24.85 (0.22) 3.51 3.29 0.00 (4.74) 0.00 (4.74) 0.00 23.40 13.38% 242,067
1992 24.76 (0.16) 1.40 1.24 0.00 (1.15) 0.00 (1.15) 0.00 24.85 5.13% 273,394
1991 17.85 (0.02) 8.14 8.12 (0.23) (0.98) 0.00 (1.21) 0.00 24.76 45.84% 263,703
1990 22.21 0.21 (1.32) (1.11) (0.21) (3.04) 0.00 (3.25) 0.00 17.85 (5.16%) 162,202
Growth and Income Fund
1995 21.36 0.28 3.22 3.50 (0.24) 0.00 0.00 (0.24) 0.00 24.62 16.44% 67,231
1994 23.34 0.56 (1.83) (1.27) (0.62) (0.09) 0.00 (0.71) 0.00 21.36 (5.47%) 61,045
1993 23.89 0.56 1.71 2.27 (0.89) (1.93) 0.00 (2.82) 0.00 23.34 9.53% 62,714
1992 24.07 0.45 2.82 3.27 (0.43) (3.02) 0.00 (3.45) 0.00 23.89 13.80% 49,304
1991 18.53 0.29 7.23 7.52 (0.31) (1.67) 0.00 (1.98) 0.00 24.07 40.72% 41,538
1990 22.05 0.26 (2.51) (2.25) (0.33) (0.94) 0.00 (1.27) 0.00 18.53 (10.38%) 29,948
Growth
1995 94.45 (0.21) 16.34 16.13 0.00 0.00 0.00 0.00 0.00 110.58 17.08% 66,294
1994 116.62 (0.29) (15.96) (16.25) 0.00 (5.92) 0.00 (5.92) 0.00 94.45 (14.03%) 87,942
1993 126.68 (0.78) 19.42 18.64 0.00 (28.70) 0.00 (28.70) 0.00 116.62 14.87% 169,302
1992 132.06 (0.47) 8.24 7.77 (0.02) (13.13) 0.00 (13.15) 0.00 126.68 6.27% 208,384
1991 95.28 0.00 54.03 54.03 0.00 (17.25) 0.00 (17.25) 0.00 132.06 56.80% 160,586
1990 111.13 0.61 (14.76) (14.15) (0.68) (1.02) 0.00 (1.70) 0.00 95.28 (12.80%) 117,847
Qantitative Equity Fund
1995 5.44 0.06 0.91 0.97 0.00 0.00 0.00 0.00 0.00 6.41 17.83% 104,461
1994 5.58 0.10 (0.08) 0.02 (0.11) (0.05) 0.00 (0.16) 0.00 5.44 0.34% 73,484
1993 5.00 0.08 0.62 0.70 (0.08) (0.04) 0.00 (0.12) 0.00 5.58 13.90% 46,921
International
1995 10.93 0.03 0.41 0.44 0.00 0.00 0.00 0.00 0.00 11.37 4.03% 14,017
1994 11.72 0.01 (0.75) (0.74) 0.00 (0.05) 0.00 (0.05) 0.00 10.93 (6.32%) 17,102
1993 8.54 (0.02) 3.20 3.18 0.00 0.00 0.00 0.00 0.00 11.72 37.24% 15,996
1992 9.04 0.07 (0.57) (0.50) 0.00 0.00 0.00 0.00 0.00 8.54 (5.53%) 8,311
1991 8.99 0.06 0.02 0.08 0.00 0.00 (0.03) (0.03) 0.00 9.04 0.90% 9,443
1990# 9.53 0.02 (0.40) (0.38) (0.06) (0.10) 0.00 (0.16) 0.00 8.99 (4.04%) 11,751
1990@ 10.40 0.05 (0.61) (0.56) (0.03) (0.28) 0.00 (0.31) 0.00 9.53 (5.48%) 14,064
</TABLE>
<TABLE>
<S> <C> <C> <C>
ratios
Ratio of Ratio of
Expenses Net Income Portfolio
To Average To Turnover
Net Assets Net Asset Rate
Tudor
1995 (1.34%)A (0.44%)A 139.5%A
1994 (1.28%) (0.62%) 109.1%
1993 (1.25%) (0.76%) 118.2%
1992 (1.21%) (0.71%) 88.8%
1991 (1.17%) (0.11%) 89.8%
1990 (1.11%) 0.84% 73.2%
Growth and Income Fund
1995 (1.24%) 2.40%A 73.0%A
1994 (1.23%) 2.49% 71.9%
1993 (1.26%) 2.15% 86.4%
1992 (1.34%) 1.79% 75.5%
1991 (1.48%) 1.28% 88.6%
1990 (1.56%) 1.21% 91.0%
Growth
1995 (1.06%) (0.34%)A 138.0%A
1994 (0.95%) (0.27%) 99.3%
1993 (0.98%) (0.54%) 126.6%
1992 (0.95%) (0.57%) 84.3%
1991 (0.96%) 0.00% 83.6%
1990 (1.05%) 0.55% 81.6%
Quantitative Equity Fund
1995 (0.97%) 2.35%A 9.45%A
1994 (1.14%) 2.36% 46.8%
1993 (1.32%) 2.01% 20.6%
International
1995 (1.82%) 0.62%A 53.4%A
1994 (1.95%) 0.12% 69.8%
1993 (2.12%) 0.13% 75.9%
1992 (2.28%) 0.71% 96.8%
1991 (2.38%) 0.58% 76.5%
1990# (2.56%) 0.99%A 47.1%A
1990@ (2.28%) 0.52% 74.7%
</TABLE>
<TABLE>
<CAPTION>
WEISS, PECK & GREER MUTUAL FUNDS (for the years ended December 31 except for 1995 which is for
Financial Highlights the six months ended June 30, except as indicated in the footnotes.)
$ per share
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net Total
Realized Income
Net Net and From Dividends Distri- Net Net
Asset Invest- Unrealized invest- From butions Tax Asset Assets at
Value at ment Gains or ment Net From Return Total Contri- Value at End of
Beginning Income (Losses) Opera- Investment Capital of Distri- butions to End of Total Period
of Period (Loss) Securitie tions Income Gains Capital butions Capital Period Return ($000's)
Government Securities
1995 8.83 0.31 0.41 0.72 (0.31) 0.00 0.00 (0.31) 0.00 9.24 8.25% 188,418
1994 10.37 0.68 (1.56) (0.88) (0.64) (0.02) 0.00 (0.66) 0.00 8.83 (8.70%) 216,364
1993 10.38 0.79 0.14 0.93 (0.79) (0.15) 0.00 (0.94) 0.00 10.37 8.96% 334,904
1992 10.54 0.70 0.01 0.71 (0.70) (0.17) 0.00 (0.87) 0.00 10.38 7.90% 263,407
1991 10.22 0.80 0.57 1.37 (0.80) (0.25) 0.00 (1.05) 0.00 10.54 13.96% 193,616
1990 10.18 0.82 0.04 0.86 (0.82) 0.00 0.00 (0.82) 0.00 10.22 8.95% 130,897
Intermediate Municipal Bond
1995 9.51 0.21 0.40 0.61 (0.21) 0.00 0.00 (0.21) 0.00 9.91 6.46% 13,502
1994 10.15 0.47 (0.70) (0.23) (0.41) 0.00 0.00 (0.41) 0.00 9.51 (2.29%) 14,005
1993 10.00 0.19 0.15 0.34 (0.19) 0.00 0.00 (0.19) 0.00 10.15 3.48% 12,334
Government Money Market
1995 1.00 0.03 0.00 0.03 (0.03) 0.00 0.00 (0.03) 0.00 1.00 2.63% 150,547
1994 1.00 0.04 (0.01) 0.03 (0.04) 0.00 0.00 (0.04) 0.01 1.00 3.58% 188,197
1993 1.00 0.03 0.00 0.03 (0.03) 0.00 0.00 (0.03) 0.00 1.00 2.80% 140,926
1992 1.00 0.03 0.00 0.03 (0.03) 0.00 0.00 (0.03) 0.00 1.00 2.95% 103,109
1991 1.00 0.05 0.00 0.05 (0.05) 0.00 0.00 (0.05) 0.00 1.00 5.33% 94,553
1990 1.00 0.07 0.00 0.07 (0.07) 0.00 0.00 (0.07) 0.00 1.00 7.74% 129,076
Tax Free Money Market
1995 1.00 0.02 0.00 0.02 (0.02) 0.00 0.00 (0.02) 0.00 1.00 1.84% 105,124
1994 1.00 0.03 0.00 0.03 (0.03) 0.00 0.00 (0.03) 0.00 1.00 2.61% 152,501
1993 1.00 0.02 0.00 0.02 (0.02) 0.00 0.00 (0.02) 0.00 1.00 2.32% 136,889
1992 1.00 0.03 0.00 0.03 (0.03) 0.00 0.00 (0.03) 0.00 1.00 2.95% 125,622
1991 1.00 0.05 0.00 0.05 (0.05) 0.00 0.00 (0.05) 0.00 1.00 4.63% 106,512
1990 1.00 0.06 0.00 0.06 (0.06) 0.00 0.00 (0.06) 0.00 1.00 5.70% 96,912
</TABLE>
<TABLE>
<S> <C> <C> <C>
ratios
Ratio of Ratio of
Expenses Net Income Portfolio
To Average To Turnover
Net Assets Net Asset Rate
Government Securities
1995 (0.85%) 6.84%A 312.4%A
1994 (0.80%) 7.18% 115.9%
1993 (0.81%) 7.43% 97.5%
1992 (0.78%) 7.36% 137.2%
1991 (0.81%) 7.64% 189.8%
1990 (0.75%) 8.13% 183.6%
Intermediate Municipal Bond
1995 (0.84%)A 4.15%A 30.4%A
1994 (0.85%) 4.20% 30.8%
1993 (0.84%)A 3.86%A 17.0%A
Government Money Market
1995 (0.79%)A 5.14%A N/A
1994 (0.80%) 3.54% N/A
1993 (0.81%) 2.75% N/A
1992 (0.92%) 2.92% N/A
1991 (0.88%) 5.35% N/A
1990 (0.75%) 7.47% N/A
Tax Free Money Market
1995 (0.75%)A 3.59%A N/A
1994 (0.73%) 2.59% N/A
1993 (0.74%) 2.29% N/A
1992 (0.76%) 2.92% N/A
1991 (0.78%) 4.52% N/A
1990 (0.75%) 5.56% N/A
</TABLE>
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Financial Highlights
The Advisor agreed not to impose its full fee for certain periods. Had the
Advisor not so agreed, the expenses and net investment income would have been:
<TABLE>
<S> <C> <C> <C> <C> <C>
Net Ratio of
Investment Ratio of Net
Income Expenses Income
(Loss) Total to Average to Average
Per Share Return Net Assets Net Assets
Tudor
1990 $0.20 (5.22%) (1.13%) 0.82%
Quantitative Equity
1993 0.07 13.90% (1.41%) 1.92%
International
1994 0.03 (6.66%) (2.35%) (0.28%)
1993 (0.10) 36.42% (2.89%) (0.64%)
1992 (0.02) (6.53%) (3.23%) (0.24%)
1991 (0.01) 0.12% (3.02%) (0.06%)
1990# 0.01 (4.09%) (3.22%)A 0.33%A
1990@ (0.02) (6.35%) (3.05%) (0.25%)
Intermediate Municipal Bond
1995& 0.21 6.35% (0.96%) 4.03%
1994 0.41 (2.90%) (1.45%) 3.60%
1993* 0.14 3.07% (2.00%)A 2.70%A
<FN>
Notes:
# Two month period ended December 31, 1990
@ For the year ended October 31, 1990
& For the six month period ended June 30, 1995
* From July 1, 1993 (commencement of operations) to December 31, 1993
A Annualized
</FN>
</TABLE>
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
ONE NEW YORK PLAZA, NEW YORK, NY 10004
(800) 223-3332
INDEPENDENT TRUSTEES AND MEMBERS
OF AUDIT COMMITTEE
Raymond R. Herrmann, Jr. Paul Meek
Thomas J. Hilliard, Jr. William B. Ross
Lawrence J. Israel Harvey E. Sampson
Graham E. Jones Robert A. Straniere
OFFICERS
Roger J. Weiss
Chairman of the Board and Trustee - all funds
President - Weiss, Peck & Greer International Fund
Melville Straus
President and Trustee - WPG Tudor Fund,
Trustee - WPG Growth Fund,
Executive Vice President and Trustee -
WPG Growth and Income Fund
John P. Callaghan
President - WPG Growth Fund
Jay C. Nadel
Executive Vice President and Secretary - all funds
Francis H. Powers
Executive Vice President and Treasurer - all funds
Gerald Murphy
Vice President - all funds
Arlen S. Oransky
Assistant Vice President - all funds
Joseph J. Reardon
Assistant Vice President - all funds
A. Roy Knutsen
President - WPG Growth and Income Fund
Daniel S. Vandivort
President - WPG Funds Trust
Joseph N. Pappo
Vice President - WPG Quantitative Equity Fund
Arthur L. Schwarz
Vice President- WPG Intermediate Municipal Bond Fund
and WPG Tax Free Money Market Fund
Janet A. Fiorenza
Vice President - WPG Tax Free Money Market Fund
S. Blake Miller
Vice President - WPG Intermediate Municipal Bond Fund
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
The Shareholder Services Group, Inc.
P.O. Box 9037
Boston, MA 02205
LEGAL COUNSEL
Hale and Dorr
60 State Street
Boston, MA 02109
This report is submitted for the general information of
shareholders and is not authorized for distribution to
prospective investors unless preceded or accompanied by an
effective prospectus. Nothing herein is to be considered an
offer of sale or solicitation of an offer to buy shares of the
Weiss, Peck & Greer Funds. Such offering is made only by
prospectus, which includes details as to offering and other
material information.
