SUPPLEMENT TO THE PROSPECTUS OF
WEISS, PECK & GREER, L.L.C.
MUTUAL FUNDS
WPG Government Money Market Fund
WPG Tax Free Money Market Fund
WPG Intermediate Municipal Bond Fund
WPG Government Securities Fund
WPG Growth and Income Fund
WPG Tudor Fund
Weiss, Peck & Greer International Fund
WPG Growth Fund
WPG Quantitative Equity Fund
Dated April 28, 1995
WPG Government Securities Fund
In addition to the investment practices described under the
caption "Investment Program" on page 13 of the attached
Prospectus, WPG Government Securities Fund may enter into
mortgage dollar rolls.
In a mortgage dollar roll, the Government Fund sells securities
for delivery in the current month and simultaneously contracts
with the same counterparty to repurchase similar (same type,
coupon and maturity), but not identical securities on a specified
future date. During the roll period, the Government Fund will not
receive principal and interest paid on the securities sold.
However, the Government Fund would benefit to the extent of any
difference between the price received for the securities sold and
the lower forward price for the future purchase (often referred
to as the "drop") or fee income plus the interest on the cash
proceeds of the securities sold until the settlement date of the
forward purchase. Unless such benefits exceed the income, capital
appreciation and gain or loss due to mortgage prepayments that
would have been realized on the securities sold as part of the
mortgage dollar roll, the use of this technique will diminish the
investment performance of the Government Fund compared with what
such performance would have been without the use of mortgage
dollar rolls. The Government Fund will hold and maintain in a
segregated account until the settlement date cash or liquid, high
grade debt securities in an amount equal to the forward purchase
price. Any benefits derived from the use of mortgage dollar rolls
may depend upon mortgage prepayments assumptions, which will be
affected by changes in interest rates. There is no assurance that
mortgage dollar rolls can be successfully employed.
The following disclosure supplements the first full paragraph on
page 14 of the attached Prospectus:
From time to time the Fund may purchase securities on a
when-issued basis, as more fully described on page 41. These
securities will generally have maturities of one year or more.
To provide sufficient cash for the Fund to pay for the
when-issued securities on the settlement date, it may maintain in
its portfolio a significant percentage of its assets in
securities, principally U.S. Government securities, with
maturities of less than one year. Consequently, from time to time
the Fund may have less than 65% of its portfolio invested in
securities with maturities of one year or more.
Dated: September 18, 1995
