WEISS, PECK & GREER
MUTUAL FUNDS
Semi-Annual Report
June 30, 1996
(Unaudited)
WPG TUDOR FUND
WPG GROWTH AND INCOME FUND
WPG GROWTH 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...................................................... 2
Major Portfolio Changes................................................ 4
Average Annual Total Return............................................ 5
Ten Largest Holdings................................................... 7
Schedules of Investments
WPG Tudor Fund ................................................... 9
WPG Growth and Income Fund ....................................... 12
WPG Growth Fund .................................................. 14
WPG Quantitative Equity Fund...................................... 17
Weiss, Peck & Greer International Fund ........................... 21
WPG Government Securities Fund ................................... 24
WPG Intermediate Municipal Bond Fund ............................. 25
WPG Government Money Market Fund ................................. 27
WPG Tax Free Money Market Fund ................................... 28
Statements of Assets and Liabilities................................... 34
Statements of Operations............................................... 36
Statements of Changes in Net Assets.................................... 38
Notes to Financial Statements.......................................... 40
Financial Highlights................................................... 46
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.
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DEAR SHAREHOLDER:
We are pleased to provide you with the June 30,1996, Semi-Annual Report for the
Weiss, Peck & Greer Mutual Funds and this summary of our observations about
worldwide financial markets.
DOMESTIC EQUITY MARKETS
The current U.S. economic expansion will enter it sixth year during the second
half of 1996, becoming the third longest expansion since World War II. Second
quarter growth in real GNP should be approximately 4.0%, well above first
quarter growth of 2.3%. The snapback from the weather-related slowdown of last
winter is being led by increased automobile production and stronger housing
activity.
This acceleration in economic growth was faster than what was generally
expected, and has led to an increase in interest rates. Yields on long Treasury
bonds are up nearly 100 basis points in the first half of 1996 to 6.9%. Fears of
higher labor costs and higher inflation have appeared. Actual inflation reports
show that the year-over-year rate is 2.7%, only slightly above cycle lows of
2.6%. While we expect slower economic growth of 2.5% and inflation of less than
3% in the second half of the year, this forecast is increasingly at risk with
the strong employment data being reported. Current long bond yields discount an
inflation rate of 3% to 3.5%, and appear to anticipate a Federal Reserve Bank
short rate hike. Most of the rise in interest rates is over if the economy slows
as we expect.
The stock market continues to benefit from a tremendous liquidity inflow. Equity
mutual fund purchases for the first six months of 1996 have outpaced the record
$128 billion for all of 1995. At the same time, liquid assets (savings deposits,
money market deposits, money market mutual funds and time deposits) are soaring.
These assets now total over $3.3 trillion, an all-time record. So even as money
flows into the stock market, sideline cash is building to record levels.
Cash is also building within corporate treasuries. Much of this liquidity is
being used to pay down debt, repurchase stock and/or make acquisitions. This has
a favorable impact on stock valuations.
During the second quarter the consumer non-durable and technology sectors led
the equity markets, while the basic industry, consumer cyclical and financial
services sectors underperformed. Large capitalization blue chip stocks began to
outperform smaller issues during the latter part of the second quarter, after
dramatic positive outperformance early in the quarter by small cap stocks. While
small capitalization issues may continue to correct into the third quarter, our
expectation is that this type of security will continue to perform well in 1997.
Our investment strategy continues to reflect our belief that growth stocks will
perform well in a moderate growth environment accompanied by subdued inflation.
We will concentrate on identifying those companies with strong management,
defensible business franchises and identifiable catalysts for above market
growth rates.
FIXED INCOME MARKETS
During the second quarter, market participants continued to agitate over the
Federal Reserve's next move with respect to the direction of short term interest
rates. For the first ten weeks of the period, economic numbers pointed to
continued modest, if not vigorous, growth. In addition a consolidation of
already high commodity prices, ominous commentary by Fed officials, and large
amounts of U.S. Treasury supply, prompted investors to believe that a hike in
the fed funds rate would occur at the July Federal Open Market Committee
meeting. On the whole, interest rates across the maturity spectrum rose through
the middle of June.
The U.S. Senate's mid-June confirmation of Alan Greenspan as Chairman of the
Federal Reserve Board for another four year term allowed investors to breathe a
sign of relief. At the same time commodity prices dropped from the historical
peaks that they reached earlier in the quarter and statistics released by the
Commerce Department showed benign pressure on domestic inflation. Late in the
month, bond market participants began to believe that the Fed would not raise
rates following their July meeting but rather wait until August. During the last
several days of June, the bond market rallied sharply as interest rates fell
across the board.
For the month of June interest rates of all maturities of Treasuries were lower
than where they began the month but were still higher than where they began the
quarter. During the quarter, the intermediate area of
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the yield curve had the greatest rise in yields while short and long dated
securities experienced modest yield increases. While the yield for the five
and ten year T-Notes each rose 0.38% in the quarter. to finish the period at
6.46% and 6.71%, respectively, the six month T-Bill and 30-year T-Bond rose
0.18% and 0.23% to close the period at 5.15% and 6.89%, respectively.
In the period ahead, we expect market participants will continue to watch
economic statistics and we anticipate a modest hike in the fed funds rate
sometime in the coming months if the economy remains on its present course xof
modest to strong growth.
INTERNATIONAL MARKETS
Evidence of better economic growth emerged around the world but more
particularly in the USA and the UK. In the UK, evidence of better consumer
spending conflicted with a still weak manufacturing sector, but the latter was
considered to be a temporary feature reflecting the stock cycle and poor export
demand from Europe.
Across Europe evidence of renewed growth was less obvious, merely a few straws
in the wind. Downturns in GDP for the first quarter were reported by several
economies, most notably Germany. However, this was in part due to companies
cutting back on production in order to run down inventory levels and the impact
of cold winter conditions on construction activity. In Japan, after several
years of relative economic stagnation, the announcement of annualized first
quarter GDP growth of 12.7%, while clearly unsustainable, provided evidence that
the business cycle was finally improving.
Even though the evidence of higher growth being experienced, or to come, was
somewhat variable at times, bond markets focused on the prospect of economic
re-acceleration and began to consider when the process of monetary easing might
reverse. The US bond yield moved above 7% and there was active debate about the
likelihood of a Federal funds rate increase. In Europe, where renewed growth
evidence was less obvious, there were several interest rate reductions even
though the Bundesbank kept its repo rate unchanged. Elsewhere, there was a
surprise base rate cut in the UK, with opinion divided about its prudence in the
city of London, and there was increased expectation in some quarters that
Japanese interest rates would be increased this year.
Equity markets were driven by liquidity and had higher returns then cash or
bonds. Generally speaking equities provided higher returns than cash or bonds.
In the UK the equity market rallied in April and then drifted lower, in Japan
the market rallied early in the period but then moved erratically sideways; and,
in South East Asia market returns were generally poor as the region was
overshadowed by political events and by worries about US interest rates. Europe
provided the best and the steadiest local currency returns, with the lead coming
from some of the "fringe" economies (e.g. Spain, Italy).
In the currency markets, several themes were apparent: the rise in the US dollar
and British pounds and the weakness of the Japanese yen and the Deutsche mark.
The weakness of the Deutsche mark was perhaps the most interesting, providing
the opportunity for better bond returns and interest rate reductions from some
of the smallest EU economies.
We anticipate a continuingly challenging markets environment both domestically
and internationally. We remain alert to economic data and currency issues that
impact market performance. Our priority continues to be making the best
investment decisions for our shareholders.
Sincerely,
/s/ Roger J. Weiss
Roger J. Weiss
Chairman of the Board
July 18, 1996
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WEISS, PECK & GREER MUTUAL FUNDS
Major Portfolio Changes - Equity Funds - Quarter Ending June 30,1996
Tudor Growth and Income
Additions Additions
Arterial Vascular Engineering Inc. Checkpoint Systems Inc.
CWM Mortgage Holdings Inc. Communications Satellite Corp
Designer Holdings Ltd. Dassault Systems SA ADR
Dime Bancorp Inc. Donna Karan International Inc.
FORE Systems Inc. Duracell International Inc.
Intermedia Communications Inc. Hasbro Inc.
Nuevo Energy Co. Intel Corp.
Omnicare Inc. Teleport Communications Group Cl A
PT Pasifik Satelit Nusantara ADR
Vencor Inc.
Deletions Deletions
Bay Networks Inc. BMC Software Inc.
CompUSA Inc. Federal Home Loan Mortgage Corp.
Fidelity National Financial Inc. Hubbell Inc - Cl A
Home Financial Corp. Schering-Plough Corp.
Sitel Corp. Travelers Group Inc.
Solectron Corp
Zero Coupon Due 5/5/12
Valujet Inc.
Vivra Inc.
Vivus Inc.
Washington Federal Inc.
Growth International
Additions Additions
ADC Telecommunications Inc. CRA Ltd.
Arterial Vascular Engineering Inc. Guandong Investment
Dataworks Corp. Hang Seng Bank
Dime Bancorp Inc. Mitsui Fudosan
FORE Systems Inc. National Australia Bank
HCIA Inc. Southcorp Holdings
Matrix Pharmaceutical Inc. TDK Corp.
Mills Corp. Tokyo Department Stores
Nuevo Energy Co. Total 'B' Shares
Storage Technology Corp. Viag
Deletions Deletions
BancFirst Corp. Australia & New Zealand Bank
Cognex Corp. CDL Hotels International
Fidelity National Financial Inc. Cheung Kong
Gensia Pharmaceutical Corp. HSBC Holdings
Home Financial Corp. LG Chemical LTD GDR
Houghton Mifflin Co. New World Infrastructure
NABI Inc. Nippon Electric Glass
RCSB Financial Inc Road Builders Holding
Showboat Inc. Straits Steamship Land LTD
Vivus Inc. Sun Hung Kai Properties
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<TABLE>
<CAPTION>
WEISS, PECK & GREER MUTUAL FUNDS
Average Annual Total Returns for the Periods Ended June 30, 1996 - Unaudited
TUDOR
<S> <C> <C> <C> <C>
Six One Five Ten
Months* Year Years Years
TUDOR 17.72% 42.09% 17.21% 12.63%
Russell 2500 Growth Index 12.46% 27.14% 16.86% 11.40%
Lipper Capital Appreciation Ind 10.27% 24.04% 15.73% 11.71%
</TABLE>
The Tudor Fund had strong performance against its benchmarks for both the
second quarter and year to date. Early in the quarter small and mid-cap stocks
led the market as it soared to new highs. Then, in June investor wariness
about mixed economic data took its toll and the market entered a corrective
phase. During this period, the Fund's holdings in the consumer areas and
business services contributed heavily to the good performance. The
overweighting in technology performed about in-line with the benchmark despite
significant market weakness in these stocks. We are taking advantage of the
correction to buy many stocks that have now come into our valuation parameters,
particularly in the areas of technology, retail and business services.
<TABLE>
<CAPTION>
GROWTH AND INCOME
<S> <C> <C> <C> <C>
Six One Five Ten
Months* Year Years Years
GROWTH AND INCOME 10.68% 26.17% 15.14% 11.59%
S & P 500 Stock Index 10.24% 26.12% 15.75% 13.76%
Lipper Growth & Income Funds 9.24% 22.13% 14.36% 11.82%
</TABLE>
Second quarter portfolio performance was quite good relative to other growth
and income funds. Results for the quarter place the fund two percentage points
over the Lipper Growth and Income Average. Strong sectors of the portfolio
included consumer non-durables, technology and capital spending. Outperforming
individual issues included American Home Products, BMC Software, Chase
Manhattan, Citicorp, Coca Cola, General Electric, Monsanto, Oracle, PepsiCo and
Schlumberger - all up over 20% year-to-date. We continue to believe that the
longer term outlook for high quality domestic growth issues is quite positive.
Any short term corrective process should enhance this outlook.
<TABLE>
<CAPTION>
GROWTH
<S> <C> <C> <C> <C>
Six One Five Ten
Months* Year Years Years
GROWTH 15.88% 38.29% 16.77% 11.19%
Russell 2000 Growth Index 11.92% 26.49% 15.97% 9.12%
Wilshire Small Co. Growth Index 11.74% 25.50% 18.43% 12.56%
Lipper Small Company Growth Inde 14.21% 30.27% 18.83% 11.96%
</TABLE>
The second quarter was another period of strong performance for the Growth
Fund's small capitalization holdings. The consumer areas, business services
and technology all returned above-benchmark performance. The market entered a
corrective phase in June which will likely continue throughout the third
quarter, before sustained market strength is restored. Our stock selection
continues to be driven by an emphasis on identifying companies whose growth
prospects are grounded in solid fundamentals. We believe this methodology will
continue to produce the stocks that will be the long-term winners for the
Fund's shareholders.
<TABLE>
<CAPTION>
QUANTITATIVE EQUITY
<S> <C> <C> <C>
Six One From
Months* Year 1/1/93
QUANTITATIVE EQUITY 9.30% 23.72% 15.72%
S & P 500 Stock Index 10.24% 26.12% 16.16%
</TABLE>
After five years of steadily decreasing volatility, the market has experienced
a significant increase in volatility during the first half of 1996. This
increases the probability of a strong rotation in market leadership and/or a
correction during the last half of the year. The Fund's current beta is a
conservative 0.90. The Fund, which is overweighted in energy and electrical
utilities and underweighted in financials, remains positioned for a short or
extended correction in the market.
<TABLE>
<CAPTION>
INTERNATIONAL
<S> <C> <C> <C> <C>
Six One Five From
Months* Year Years (a) 6/1/89(a)
INTERNATIONAL 6.05% 13.09% 8.19% 4.42%
EAFE (Europe, Australia, Far East) 4.67% 13.62% 10.33% 5.67%
</TABLE>
The Fund has remained overweight in Asia-Pacific and Continental Europe markets
relative to the MSCI EAFE index with Japan and UK underweight. This position
resulted in a marginal outperformance over the quarter. In local terms Japan
was the strongest performer over the quarter rising 3.4% but when adjusted for
the currency weakness this was turned into a rise of only 0.5%. Europe
received consistent investor support and rose 2.1% (US$) contributing strongly
to the outperformance. The weakest region was Asia-Pacific where the Fund
is well represented but the Fund was helped by good stock selection.
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WEISS, PECK & GREER MUTUAL FUNDS
Average Annual Total Returns for the Periods Ended June 30, 1996 - Unaudited
<TABLE>
<CAPTION>
GOVERNMENT SECURITIES
<S> <C> <C> <C> <C>
Six One Five Ten
Months* Year Years Years
GOVERNMENT SECURITIES 0.03% 4.64% 5.96% 7.20%
Lehman Intermed. Gov./MBS 0.14% 5.32% 7.70% 8.37%
Morningstar General Gov. Bond In -1.48% 3.76% 6.74% 7.11%
</TABLE>
Weiss, Peck & Greer's three pronged investment approach for the WPG Government
Securities Fund netted solid performance results for the second quarter. The
approach, which consists of decisions related to the Fund's yield curve,
sector, and security exposures, produced a return of 0.75% for the Fund versus
0.24% for the Morningstar General Government Bond Fund Average and 0.73% for
the Lehman Brothers Government/Mortgage Index during the second quarter.
During most of the first half of the year, the Fund was underweight in
the five-year area of the U.S. Treasury yield curve as our proprietary
analytics showed this sector to be historically expensive. This strategy
continued to have a positive impact performance during the second quarter as
the intermediate area of the curve dramatically underperformed. Following
this, the Fund was moved to a neutral curve positioning relative to the Index
and, subsequently, to a modest overweight in the five-year area at the end
of the quarter as it became increasingly cheap.
With respect to sector and security exposure, the Fund was significantly
overweight in mortgage backed securities through the beginning of the second
quarter. Within this sector, the Fund was concentrated in seasoned (versus
new production) current coupon (7% and 8%) securities. In the beginning of
the period, current coupons had dramatic outperformance and, therefore,
significantly boosted the Fund's return results. Following this strong
performance, the mortgage allocation was reduced to a modest overweight.
The Fund currently has a modest overweight in the intermediate area of
the curve and is maintaining its modest overweight in 7% - 8% mortgage backed
securities. We expect this sector allocation to continue to add value in the
period ahead.
<TABLE>
<CAPTION>
INTERMEDIATE MUNICIPAL BOND
<S> <C> <C> <C>
Six One From
Months* Year 7/1/93
INTERMEDIATE MUNICIPAL BOND (b) 0.24% 5.50% 4.33%
Lehman Brothers 3-10 Year Municipal
Bond Index 0.24% 5.68% 4.95%
Lipper Intermediate Muni Funds -0.26% 4.86% 4.21%
</TABLE>
During the second quarter, yields on fixed income assets generally rose,
causing prices to fall. Most sectors of the municipal market were able to
post positive total returns, however, due to their income component. The Fund
maintained a neutral posture relative its benchmark index in terms of its
duration, or interest rate sensitivity. By maintaining a focus on securities
that provide above market yields, the Fund was able to outperform the index as
well as the average Intermediate Term Fund as tracked by Lipper Analytical
Services.
* Not annualized.
@ Inception of Fund
(a) The Adviser waived its fee from inception of the Fund through 2/28/90 and
has waived a portion of its fee from the date through October 19, 1994. Had
the Adviser not done so, the total return for the five years ended 6/30/96 and
from inception through 6/30/96 would have been lower.
(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 year ended 6/30/96 and from inception through
6/30/96 would have been lower.
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 an 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
and Russell 2500 Growth Index are measurements 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 $500 mill
respectively. 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.
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<TABLE>
<CAPTION>
WEISS, PECK & GREER MUTUAL FUNDS
Ten Largest Holdings at June 30, 1996 *(Unaudited)
<S> <C> <C>
Market
Value Percent
Tudor Fund (000's) of Fund
Informix Corp................. $5,467 2.9%
Starbucks Corp................ 5,368 2.8%
QUALCOMM Inc.................. 4,516 2.4%
Heilig-Meyers Co.............. 3,312 1.7%
Just for Feet Inc............. 2,908 1.5%
U.S. Robotics Corp............ 2,565 1.3%
Williams Sonoma Inc........... 2,540 1.3%
Wackenhut
Corrections Corp.......... 2,503 1.3%
AutoZone Inc.................. 2,502 1.3%
Parametric Technology Corp.... 2,494 1.3%
$34,175 17.8%
Growth and Income Fund
Philip Morris Cos. Inc........ $2,600 3.5%
General Electric Co........... 2,595 3.5%
Chase Manhattan Corp.......... 2,472 3.4%
American International Group I 2,465 3.4%
American Home Products Corp... 2,405 3.3%
Lilly (Eli) & Co.............. 2,275 3.1%
Merck & Co Inc................ 2,262 3.1%
Exxon Corp.................... 2,172 3.0%
Electric Data Systems Corp.... 1,881 2.6%
Federal National Mortgage
Association............... 1,876 2.6%
$23,003 31.5%
Growth Fund
Informix Corp................. $1,800 2.8%
Starbucks Corp................ 1,554 2.4%
QUALCOMM Inc.................. 1,328 2.1%
Heilig-Meyers Co.............. 1,140 1.8%
Just for Feet Inc............. 925 1.4%
Williams Sonoma Inc........... 851 1.3%
Wackenhut Corrections Corp.... 801 1.2%
Seagate Technology Inc........ 788 1.2%
America West Airlines Inc. Cl 770 1.2%
PXRE Corp..................... 728 1.1%
$10,685 16.5%
Quantitative Equity Fund
Exxon Corp.................... $6,681 4.3%
Royal Dutch Petroleum Co ADR . 4,997 3.2%
Lilly (Eli) & Co.............. 3,588 2.3%
Bristol-Myers Squibb Co....... 3,087 2.0%
GTE Corp...................... 2,824 1.8%
Mobil Corp.................... 2,769 1.8%
Eastman Kodak Co.............. 2,675 1.7%
Schering-Plough Corp.......... 2,610 1.7%
Pharmacia & Upjohn Inc........ 2,565 1.6%
International Business Machines
Corp...................... 2,297 1.4%
$34,093 21.8%
International Fund
Total 'B' Shares.............. $272 2.0%
Northern Telecom Ltd.......... 272 2.0%
Fiat Spa Ord.................. 232 1.7%
Telefonica de Espana.......... 231 1.7%
K.L.M......................... 227 1.7%
Nestle........................ 209 1.5%
Christian Dior................ 197 1.4%
Viag.......................... 189 1.4%
Havas ........................ 180 1.3%
Ericsson Tele B............... 171 1.3%
$2,180 16.0%
</TABLE>
Page 7
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<TABLE>
<CAPTION>
WEISS, PECK & GREER MUTUAL FUNDS
Ten Largest Holdings at June 30, 1996 *(Unaudited) - continued
<S> <C> <C>
Market
Value Percent
Government Securities Fund (000's) of Fund
United States Treasury Note 6.375% Due 3/31/01.................................... $29,077 20.4%
Government National Mortgage Association 7.500% Due 9/15/07-3/15/24............... 24,593 17.3%
United States Treasury Note 6.000% Due 8/31/97.................................... 14,011 9.9%
Federal Home Loan Mortgage Corporation 8.000% Due 7/15/26......................... 12,811 9.0%
Federal Home Loan Banks Discount Note Due 7/5/96.................................. 12,792 9.0%
Federal Home Loan Banks Discount Note Due 7/1/96.................................. 12,000 8.4%
United States Treasury Note 9.125% Due 5/15/99.................................... 11,327 8.0%
Federal National Mortgage Association 7.000% Due 9/1/25 - 1/1/26.................. 9,519 6.7%
United States Treasury Note 5.000% Due 2/15/99.................................... 7,325 5.2%
Federal National Mortgage Association 6.500% Due 5/1/11........................... 6,296 4.4%
$139,751 98.3%
Intermediate Municipal Bond Fund
Dallas Fort Worth Airport - FGIC Insured 7.750% Due 11/1/01....................... $612 4.5%
Surry County North Carolina Industrial Facilities 9.250% Due 12/1/02.............. 583 4.3%
Harris County Texas Flood District General Obligation Zero Coupon Due 10/1/06..... 573 4.2%
Cypress Fairbanks Texas Independent School District 7.30% Due 2/15/07............. 573 4.2%
Oklahoma County Single Family Refunded Zero Coupon Due 7/1/12..................... 553 4.1%
Deer Park Texas Independent School District School Building 6.375% Due 2/15/07.... 547 4.0%
Lower Colorado River Authority Prerefunded Revenue 6.250% Due 5/1/07.............. 544 4.0%
Piedmont Municipal Power Agency FGIC Insured 6.125% Due 1/1/07.................... 533 3.9%
Salt Lake City Utah Water Conservancy District Revenue Refunding Series A
Escrowed to Maturity 10.875% Due 10/1/02...................................... 504 3.7%
Hempfield Pennsylvania School District Refunding 6.700% Due 10/15/99.............. 503 3.7%
$5,525 40.6%
<FN>
* The composition of the largest securities in each portfolio is
subject to change.
</FN>
</TABLE>
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<TABLE>
<CAPTION>
WEISS, PECK & GREER MUTUAL FUNDS
Schedules of Investments June 30, 1996 (Unaudited)
<C> <C><C><S> <C>
Number Value
of Shares (000's)
TUDOR
COMMON STOCKS (96.2%)
Capital Goods
Aerospace (0.1%)
17,500 # BE Aerospace Inc .................. $227
Communications (10.3% )
35,000 # ADC Telecommunications Inc ........ 1,575
500 # Brooks Fiber Properties Inc........ 16
13,000 # Cascade Communications Corp ....... 884
40,200 # Gilat Satellite Network Ltd ....... 884
15,000 # Globalstar Telecommunications
Inc............................ 664
29,300 # Intermedia Communications Inc ..... 945
57,500 # Itron Inc ......................... 1,632
52,500 # Loral Space Communications ........ 715
25,000 & # MFS Communication Co Inc .......... 941
70,000 # P-Com Inc ......................... 2,205
40,000 # PT Pasifik Satelit Nusantara
ADR ........................... 800
85,000 # QUALCOMM Inc ...................... 4,516
33,000 # Tekelec ........................... 433
25,000 # Teleport Communications A ......... 478
30,000 # U.S. Robotics Corp ................ 2,565
25,000 # Western Wireless Corp Cl A ........ 534
19,787
Computer Software &
Services (13.7%)
17,500 * # Aspen Technology Inc .............. 962
40,000 # AXENT Technologies Inc............. 660
12,500 # Baan Company NV ................... 425
21,000 # Business Objects ADR ............. 845
12,500 & # CyberCash Inc ..................... 684
75,000 # Dataworks Corp .................... 1,331
12,500 # DecisionOne Holdings Corp ......... 297
30,000 # Dendrite International Inc......... 1,035
44,800 # Excite Inc ........................ 375
123,000 # Hyperion Software Corp............. 1,522
243,000 # Informix Corp ..................... 5,467
25,000 # INSO Corp.......................... 1,309
12,500 & # Netscape Communications
Corp. ......................... 778
57,500 # Parametric Technology Corp......... 2,494
2,500 # PeopleSoft Inc .................... 178
17,500 # Planning Sciences ADR ............ 394
20,000 # QuickResponse Services Inc ........ 575
13,000 & # Raptor Systems Inc ................ 344
20,000 # Scientific Games Holdings Corp .... 580
15,000 # Security Dynamics Technology
Inc. .......................... 1,234
96,000 # Sybase Inc ........................ 2,268
Number Value
of Shares (000's)
TUDOR (continued)
37,500 # Sync Research Inc ................. $534
15,000 # Systemsoft Corp ................... 705
67,500 # Technomatix Technologies Ltd....... 1,282
26,278
Peripherals (4.0%)
50,000 * # Adaptec Inc. ...................... 2,369
37,500 # Microcom Inc ...................... 473
40,000 # Read-Rite Corp .................... 565
26,250 # SDL Inc ........................... 728
50,000 # Seagate Technology Inc ............ 2,250
35,000 # Storage Technology Corp ........... 1,339
7,724
Semi-Conductors & Related (2.4%)
56,000 # CP Clare Corp ..................... 1,442
42,500 # Integrated Packaging
Assembly Corp.................. 398
25,800 # Kopin Corp ........................ 226
36,000 # Microchip Technology Inc. ......... 891
40,000 # Uniphase Corp ..................... 1,420
16,000 # Zoran Corp ........................ 308
4,685
Other Capital Goods (2.9%)
33,700 # American Superconductor Corp ...... 480
36,700 # Amphenol Corp Cl A ................ 844
36,500 # Del Global Technologies Corp ...... 356
35,000 & # Elsag Bailey Process Auto NV ..... 936
35,000 # FORE Systems Inc .................. 1,264
18,500 # Natural Microsystems Corp.......... 647
35,000 # ThermoQuest Corp .................. 486
25,000 # Trident International Inc ......... 544
5,557
64,258
Consumer
Biotechnology (8.9%)
38,000 # Advanced Tissue Sciences Inc ...... 613
21,500 # Arterial Vascular Engineering
Inc. .......................... 779
50,000 # AutoImmune Inc .................... 469
47,500 * # Biochem Pharmaceutical Inc ........ 1,781
32,750 # Biocircuits Corp .................. 188
70,000 # Cambridge Neuroscience
Inc.(A)........................ 549
45,000 # Centocor Inc ...................... 1,344
50,000 # Cocensys Inc ...................... 475
45,000 & # Epitope Inc ....................... 703
40,000 # Genzyme Corp ...................... 470
See notes to financial statements
Page 9
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedules of Investments June 30, 1996 (Unaudited)
Number Value
of Shares (000's)
TUDOR (continued)
65,000 # Hemasure Inc ...................... $910
50,000 # IBAH Inc .......................... 400
60,000 # Immulogic Pharmaceutical Corp ..... 547
21,000 # INCYTE Pharmaceuticals Inc ........ 810
75,000 # Matrix Pharmaceutical Inc (A) ..... 1,283
8,500 # Neozyme II Corp-Unit .............. 374
65,000 & # North American Vaccine Inc ........ 1,186
45,000 # Pathogenesis Corp ................. 697
60,606 # Ribi Immunochem Research
Inc.(A)........................ 270
60,000 # Ribi Immunochem Research Inc ...... 281
60,000 # SangStat Medical Corp ............. 1,020
55,000 # SEQUUS Pharmaceuticals Inc ....... 1,094
24,000 # Sepracor Inc ...................... 360
30,000 # Synaptic Pharmaceutical Corp ...... 409
17,012
Health Care - Cost
Containment (2.2%)
38,500 # Access Health Inc ................. 1,819
11,500 # HCIA Inc .......................... 725
55,000 # Vencor Inc ........................ 1,678
4,222
Other Health Care (2.5%)
41,500 * # Chirex Inc ........................ 477
25,000 # Collaborative Clinical
Research Inc................... 291
50,000 & # Complete Management Inc............ 644
7,500 # Dura Pharmaceuticals Inc. ......... 420
25,000 # Neopath Inc. ...................... 631
35,000 # Oncogene Science Inc............... 350
21,000 # Phycor Inc ........................ 798
60,000 # Resound Corp ..................... 765
20,000 # Ultrafem Inc ...................... 395
4,771
Lodging & Catering (7.8%)
15,000 # Bayport Restaurant Group Inc....... 60
20,000 # Doubletree Corp ................... 710
40,000 # Host Marriott Corp ................ 525
10,000 # Interstate Hotels Co .............. 223
81,300 # Landry's Seafood
Restaurants Inc................ 2,012
20,000 # Papa John's International Inc ..... 975
20,000 # Planet Hollywood
International Inc.............. 540
190,000 # Starbucks Corp .................... 5,368
20,000 # Sun International Hotels Ltd ...... 970
Number Value
of Shares (000's)
TUDOR (continued)
70,000 # Trump Hotels & Casino
Resorts Inc.................... $1,995
100,000 Wetherspoon J.D .................. 1,562
14,940
Media - Wireless Cable
Television (1.3%)
55,000 * # American Telecasting Inc. ......... 729
55,000 * # CAI Wireless Systems Inc .......... 509
35,165 # Heartland Wireless
Communications Inc. ........... 835
23,322 # People's Choice TV Corp ........... 426
2,499
Retail (9.2%)
72,000 * # AutoZone Inc ...................... 2,502
30,000 & # Cinar Films Inc. Cl B ............. 653
30,000 # Friedman's Inc. Cl A .............. 765
138,000 Heilig-Meyers Co. ................. 3,312
55,000 # Just for Feet Inc ................. 2,908
30,800 # Penn Traffic Co ................... 262
50,000 # PETsMART Inc ...................... 2,388
82,200 # Whole Foods Market Inc ............ 2,178
107,500 # Williams Sonoma Inc................ 2,540
17,508
Other Consumer (4.5%)
12,500 AGCO Corp ......................... 347
15,200 # Deflecta-Shield Corp .............. 97
37,500 # Designer Holdings Ltd ............. 998
15,000 # Family Golf Centers Inc ........... 377
10,000 Fila Holding ADR ................. 863
36,000 # Gemstar International Group Ltd ... 1,080
75,000 # Pet Practice inc................... 647
80,000 Royal Caribbean Cruises Ltd ....... 2,280
11,500 # Scholastic Corp ................... 713
75,000 & # Turbochef Inc ..................... 1,106
8,508
69,460
Energy
Oil & Gas Exploration (1.8%)
7,500 # Chesapeake Energy Corp ............ 674
40,000 # Nuevo Energy Co ................... 1,290
57,000 Vintage Petroleum Inc ............. 1,454
3,418
Oil Services (3.3%)
40,000 * # BJ Services ....................... 1,405
40,000 # Energy Ventures Inc ............... 1,300
See notes to financial statements
Page 10
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedules of Investments June 30, 1996 (Unaudited)
Number Value
of Shares (000's)
TUDOR (continued)
17,000 # Falcon Drilling Co. Inc .......... $461
65,000 # Noble Drilling Corp ............... 902
67,500 # Rowan Cos ......................... 996
40,000 # Weatherford Enterra Inc ........... 1,200
6,264
9,682
Intermediate Goods & Services
Basic Industries (2.7%)
34,000 # CN Polymer Group Inc. ............. 595
35,000 Columbus McKinnon Corp ............ 547
60,300 Huntco Inc Cl A ................... 1,116
40,000 Intertape Polymer Group Inc ....... 810
18,000 OM Group Inc ...................... 707
296,000 # Waxman Industries Inc ............. 1,332
5,107
Business Services (7.0%)
30,000 * # Cambridge Technology
Partners Inc................... 915
55,000 & # Checkpoint Systems Inc ............ 1,891
13,500 # Corrections Corp of America ....... 945
65,000 # Digital Generation Systems Inc. ... 622
35,000 # Emcor Group Inc ................... 529
20,000 # Equity Corp International.......... 540
40,000 # Flextronics International Ltd...... 1,050
1,500 # Learning Tree International ....... 46
25,000 # Metromail Corp .................... 559
19,500 Olsten Corp ....................... 573
37,000 Omnicare Inc ...................... 980
123,000 # Programmers Paradise Inc .......... 753
30,594 # Solectron Corp .................... 1,159
75,000 # Wackenhut Corrections Corp ........ 2,503
18,750 & # Youth Services International Inc .. 333
13,398
Environmental Services (0.9%)
53,000 # United Waste Systems Inc .......... 1,709
Infrastructure (1.8%)
170,000 # AES China Generating Co Cl A ...... 1,796
12,000 * CalMat Co ......................... 217
1,450,000 Hopewell Holdings ................ 787
74,300 # Stimsonite Corp ................... 622
3,422
Transportation (2.2%)
100,000 * # America West Airlines Inc Cl B .... 2,200
32,500 & # Continental Airlines Cl B.......... 2,007
4,207
27,843
Number Value
of Shares (000's)
TUDOR (continued)
Interest Sensitive
Banks & Thrifts (1.3%)
10,700 Deposit Guaranty Corp ............. $471
85,000 # Dime Bancorp Inc .................. 1,105
35,000 First Hawaiian Inc ................ 997
2,573
Insurance (2.9%)
30,000 Allied Life Financial Corp ........ 600
34,000 * CapMAC Holdings ................... 969
35,000 PXRE Corp ......................... 849
40,000 Transnational Re Corp ............. 985
78,500 # 20Th Century Industries ........... 1,305
45,000 Western National Corp ............. 827
5,535
Other (1.6%)
100,000 * # Cadiz Land Co Inc ................. 587
85,000 Mills Corp ........................ 1,487
750,000 Peregrine Investment Holdings...... 1,080
3,154
11,262
Real Estate Investment
Trusts
Lodging & Catering (0.5%)
60,000 RFS Hotel Investors Inc ........... 930
Residential (0.4%)
48,500 CWM Mortgage Holdings Inc ......... 825
1,755
Total Common Stocks
(Cost $128,907)................. 184,260
CLOSED END FUND (1.1%)
(Cost $2,072)
150,000 Templeton Dragon Fund ............. 1,988
CONVERTIBLE PREFERRED
STOCK (0.4%)
Capital Goods
Communications (0.4%)
18,000 Globalstar Telecommunications
(B)............................ 797
Other Capital Goods (0.0%)
5,138 Advanced Promotion
Technologies Inc (A)............ 29
Total Convertible Preferred Stock
(Cost $ 1,414 )................. 826
See notes to financial statements
Page 11
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedules of Investments June 30, 1996 (Unaudited)
Principal
Amount Value
(000's) (000's)
TUDOR (continued)
CONVERTIBLE BOND (0.5%)
(Cost $ 625)
Intermediate Goods & Services
Business Services (0.5%)
$625 Youth Services 7.000%
Due 2/1/06 (B).................. $894
EURODOLLAR DEPOSIT (1.6%)
(Cost $ 3,043 )
3,043 Sumitomo Bank Ltd
5.530% Due 7/1/96 ............. 3,043
Number of
Warrants
WARRANTS (0.3%)
Consumer
Biotechnology (0.0%)
34,166 Biomira Inc Exp 12/15/96 .......... 93
Energy
Oil Services (0.1%)
10,000 B.J. Services Co Exp 4/13/00 ...... 133
Interest Sensitive
Banks & Thrifts (0.2%)
9,000 Bank of New York
Exp 11/29/98 ................. 372
Other (0.0%)
75,000 Peregrine Investment Holdings
Exp 5/15/98 .................. 9
Total Warrants
(Cost $132 ).................... 607
Number of
Contracts
PURCHASED PUT OPTIONS (0.1%)
327 S&P 500 Index 7/96 @ 665 ......... 164
30 S&P 500 Index 7/96@ 670 .......... 21
58 S&P 500 Index 7/96 @ 675 ......... 56
Total Purchased Put Options
(Cost $ 547).................... 241
Total Investments (100.2%)
(Cost $136,740)................. 191,859
Liabilities in Excess of Other
Assets (-0.2%)................. (331)
Total Net Assets (100.0%).......... $191,528
Number Value
of Contracts (000's)
TUDOR (continued)
CALL OPTIONS WRITTEN
(Premiums Received $430 )
86 Adaptec Inc. 7/96 @50 ............. $15
312 S&P 500 Index 7/96@ 665 ........... 371
30 S&P 500 Index 7/96 @ 670.......... 27
58 S&P 500 Index 7/96 @ 675........... 36
$449
<FN>
# Non-income producing security.
& Securities out on loan.
* Securities pledged in whole or part for written options.
(A) SEC Rule 144 security. Requires registration under
the SEC Act of 1933 before it can be offered for
public sale.
(B) SEC Rule 144A Security. Such security has limited
markets and is traded among "qualified institutional
buyers."
</FN>
</TABLE>
<TABLE>
<C> <C><C><S> <C>
Number Value
of Shares (000's)
GROWTH AND INCOME
COMMON STOCKS (92.9%)
Capital Goods
Aerospace (3.5%)
15,000 Boeing Co.......................... $1,307
15,000 Lockheed Martin Corp .............. 1,260
2,567
Communications (2.4%)
50,000 # Bay Networks Inc .................. 1,288
25,000 # Teleport Communications
Group Cl A..................... 478
1,766
Computer Software
& Services (5.3%)
40,000 Communications Satellite Corp ..... 1,040
5,000 # Dassault Systems SA - ADR ......... 155
15,000 Intel Corp ........................ 1,102
40,000 # Oracle Corp ....................... 1,578
3,875
Other Capital Goods (7.8%)
30,000 General Electric Co ............... 2,595
15,000 Hewlett Packard Co................. 1,494
30,000 Xerox Corp ........................ 1,605
5,694
13,902
See notes to financial statements
Page 12
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedules of Investments June 30, 1996 (Unaudited)
Number of Value
Shares (000's)
GROWTH AND INCOME (continued)
Consumer
Beverages (4.4%)
30,000 Coca Cola Co....................... $1,466
50,000 PepsiCo Inc. ...................... 1,769
3,235
Health Care (12.9%)
40,000 American Home Products Corp. ...... 2,405
35,000 Lilly (Eli) & Co .................. 2,275
35,000 Merck & Co Inc .................... 2,262
25,000 Pfizer Inc ........................ 1,784
15,000 Pharmacia & Upjohn Inc ............ 666
9,392
Restaurants (2.2%)
35,000 McDonald's Corp. .................. 1,636
Other Consumer (8.6%)
25,000 Carnival Corp ..................... 722
30,000 # Checkpoint Systems Inc ............ 1,031
5,000 # Donna Karan International Inc ..... 140
20,000 Duracell International Inc ........ 865
25,000 Hasbro Inc ........................ 894
25,000 Philip Morris Cos Inc. ............ 2,600
6,252
20,515
Other Consumer
Consumer Cyclicals (3.8%)
15,000 Colgate- Palmolive Co ............. 1,271
30,000 Johnson & Johnson ................. 1,485
2,756
Intermediate Goods & Services
Basic Industries (9.5%)
50,000 Engelhard Corp .................... 1,150
25,000 Fluor Corp ........................ 1,634
30,000 Hercules Inc. ..................... 1,658
50,000 Monsanto Co ....................... 1,625
20,000 Praxair Inc. ...................... 845
6,912
Business Services (2.6%)
35,000 Electronic Data Systems Corp ...... 1,881
8,793
Natural Resources
Energy & Related (4.7%)
25,000 Exxon Corp ........................ 2,172
15,000 Schlumberger Ltd .................. 1,264
3,436
Number of Value
Shares (000's)
GROWTH AND INCOME (continued)
Real Estate Investment Trust
Commercial & Industrial (1.7%)
40,000 Duke Realty Investors Inc. ........ $1,210
Health Care (1.1%)
50,000 LTC Properties Inc ................ 825
Residential (2.8%)
50,000 Gables Residential Trust .......... 1,175
50,000 Mills Corp ........................ 875
2,050
Restaurants (0.9%)
45,000 Commercial Net Lease Realty
Inc............................ 624
Shopping Centers (2.5%)
30,000 JDN Reality Corp .................. 671
50,000 Urban Shopping Centers Inc. ....... 1,188
1,859
6,568
Interest Sensitive
Banks (7.7%)
20,000 BankAmerica Corp .................. 1,514
35,000 Chase Manhattan Corp .............. 2,472
20,000 Citicorp .......................... 1,653
5,639
Insurance (5.9%)
25,900 Aetna Life & Casualty Co .......... 1,852
25,000 American International Group
Inc............................ 2,465
4,317
Other (2.6%)
56,000 Federal National Mortgage
Association.................... 1,876
11,832
Total Common Stock
(Cost $51,998)................. 67,802
CONVERTIBLE COMMON
STOCK (1.3%)
15,000 (Cost $551)
Interest Sensitive (1.3%)
American Express Co
6.250% Due 10/15/96............ 984
See notes to financial statements
Page 13
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedules of Investments June 30, 1996 (Unaudited)
Principal
Amount Value
(000's) (000's)
GROWTH AND INCOME (continued)
CORPORATE BONDS (3.0%)
Capital Goods
Communications (1.3%)
$1,000 Tele-Communications Inc.
8.750% Due 2/15/23............. $950
Consumer
Health Care (0.7%)
500 Lilly (Eli) & Co
7.125% Due 6/1/25.............. 480
Miscellaneous Consumer (1.0%)
750 Philip Morris Inc
7.500% Due 1/15/02............. 763
1,243
Total Corporate Bonds
(Cost $2,228).................. 2,193
U.S. TREASURY
SECURITY (1.7%)
Cost ($1,194)
U.S. Treasury Bond (1.7%)
1,000 U.S. Treasury Bond
10.000% Due 5/15/10............ 1,210
EURODOLLAR DEPOSIT (2.1%)
(Cost $1,529)
1,529 Societe Generale Bank
5.375% Due 7/1/96.............. 1,529
Total Investments (101.0%)
(Cost $57,500)................. 73,718
Liabilities in Excess of
Other Assets (-1.0%)........... (723)
Total Net Assets (100.0%)....... $72,995
<FN>
# Non-income producing security.
</FN>
</TABLE>
<TABLE>
<C> <C><C><S> <C>
Number of Value
Shares (000's)
GROWTH
COMMON STOCKS (93.6%)
Capital Goods
Aerospace (0.3%)
15,000 # BE Aerospace Inc .................. $195
Communications (9.4%)
11,500 # ADC Telecommunications Inc ........ 518
10,000 # Brooks Fiber Properties ........... 330
5,000 # Cascade Communications Corp........ 340
12,000 # Gilat Satellite Network Ltd ....... 264
2,500 # Globalstar Telecommunication ...... 111
10,500 # Intermedia Communications Inc ..... 339
20,000 # Itron Inc ......................... 568
20,000 # Loral Space Communications ........ 273
20,000 # P-Com Inc ......................... 630
15,000 # PT Pacific Satelite Nusan ADR ..... 300
25,000 # QUALCOMM Inc ...................... 1,328
24,400 # Tekelec ........................... 320
7,500 # Teleport Communications
Group A ........................ 143
5,000 # U.S. Robotics Corp ................ 428
7,500 # Western Wireless Corp Cl A ........ 160
6,052
Computer Software & Services (12.6%)
15,000 # AXENT Technologies ................ 248
5,500 # Baan Co NV ........................ 187
3,000 # Business Objects ADR ............. 121
3,500 & # CyberCash Inc ..................... 192
25,000 # Dataworks Corp .................... 444
10,000 # DecisionOne Holdings Corp ......... 238
10,000 # Dendrite International............ 345
10,000 # Excite Inc ........................ 84
35,000 # Hyperion Software Corp............. 433
80,000 # Informix Corp ..................... 1,800
7,500 & # INSO Corp ......................... 393
4,000 & # Netscape Communications
Corp ........................... 249
9,600 # Parametric Technology Corp ........ 416
10,000 # Planning Sciences ADR ............ 225
12,500 # QuickResponse Services Inc ........ 359
4,500 & # Raptor Systems Inc ................ 119
10,000 # Scientific Games Holdings Corp .... 290
5,000 # Security Dynamics Technology
Inc............................. 411
30,000 # Sybase Inc ........................ 709
12,500 # Sync Research Inc ................. 178
5,000 # Systemsoft Corp ................... 235
13,000 # Technomatix Technologies Ltd....... 247
7,500 # Transition Systems ................ 214
8,137
See notes to financial statements
Page 14
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedules of Investments June 30, 1996 (Unaudited)
Number of Value
Shares (000's)
GROWTH (continued)
Peripherals (3.4%)
15,000 * # Adaptec Inc. ...................... $711
10,500 # SDL Inc ........................... 291
17,500 # Seagate Technology Inc ............ 788
10,000 # Storage Technology Corp ........... 382
2,172
Semi-Conductors & Related (2.7%)
19,000 # CP Clare Corp ..................... 489
15,000 # Integrated Packaging
Assembly Corp .................. 141
20,200 # Kopin Corp ........................ 177
12,000 # Microchip Technology Inc. ......... 297
13,000 # Uniphase Corp ..................... 461
8,500 # Zoran Corp ........................ 164
1,729
Other Capital Goods (3.0%)
26,500 * # American Superconductor Corp ...... 378
10,000 # Elsag Bailey Process Auto NV....... 267
10,000 # FORE Systems Inc .................. 361
6,500 # Natural Microsystems .............. 228
300,000 # Noise Cancellation
Technologies ................... 216
12,500 # ThermoQuest Corp .................. 173
15,000 # Trident International Inc ......... 326
1,949
20,234
Consumer
Biotechnology (9.1%)
13,500 # Advanced Tissue Sciences Inc ...... 218
12,500 # Arterial Vascular Engineering
Inc ............................ 453
25,000 # AutoImmune Inc .................... 234
18,000 * # BioChem Pharmaceutical Inc ........ 675
15,000 # Biocircuits Corp .................. 86
21,500 # Cambridge Neuroscience Inc ........ 177
10,000 # CardioThoracic Systems Inc ........ 133
17,100 & # Genzyme Corp ...................... 201
20,000 # Hemasure Inc ...................... 280
27,500 # IBAH Inc .......................... 220
20,000 # Immulogic Pharmaceutical Corp ..... 183
7,500 # INCYTE Pharmaceuticals Inc ........ 289
30,000 # Matrix Pharmaceutical Inc ......... 540
10,000 # Microcom Inc ...................... 126
26,500 # North American Vaccine Inc ........ 484
16,000 # Pathogenesis Corp ................. 248
60,606 # Ribi Immunochem Research
Inc (A)......................... 270
Number of Value
Shares (000's)
GROWTH (continued)
24,800 # Ribi Immunochem Research Inc ...... $116
17,500 # SangStat Medical Corp ............. 298
24,600 # SEQUUS Pharmaceuticals Inc ........ 489
15,000 # Synaptic Pharmaceutical Corp ...... 204
5,924
Health Care - Cost
Containment (2.0%)
14,000 * # Access Health Inc ................. 662
6,000 # HCIA Inc .......................... 378
9,000 # Vencor Inc ........................ 274
1,314
Other Health Care (3.9%)
30,000 # Chirex Inc ........................ 345
5,000 # Dura Pharmaceuticals Inc. ......... 280
17,000 # Neopath Inc. ...................... 429
25,000 # Oncogene Science .................. 250
6,500 # Phycor Inc ........................ 247
6,000 # Total Renal Care Group Inc......... 254
7,500 # Ultrafem Inc ...................... 148
15,000 # Urocor Inc ........................ 184
12,000 # Vivra Inc ......................... 394
2,531
Lodging & Catering (6.4%)
34,000 # Bayport Restaurant Group Inc ...... 136
24,000 # Host Marriott Corp ................ 315
7,500 # Interstate Hotels Co .............. 167
20,000 # Landry's Seafood
Restaurants Inc ................ 495
8,000 # Papa John's International Inc ..... 390
5,325 # Planet Hollywood
International Inc .............. 143
55,000 # Starbucks Corp .................... 1,554
6,000 # Sun International Hotels Ltd ...... 291
10,000 # Trump Hotels & Casino Resorts ..... 285
26,000 Wetherspoon J.D (B)................ 406
4,182
Media - Cable
Television (1.8%)
25,000 * # American Telecasting Inc. ......... 331
15,000 # Heartland Wireless
Communications Inc ............. 356
25,500 # People's Choice TV Corp ........... 465
1,152
Retail (8.9%)
15,000 # AutoZone Inc ...................... 521
10,000 & # Barnett Inc ....................... 288
See notes to financial statements
Page 15
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedules of Investments June 30, 1996 (Unaudited)
Number of Value
Shares (000's)
GROWTH (continued)
7,000 # Friedman's Inc Cl A ............... $179
47,500 Heilig-Meyers Co. ................. 1,140
17,500 # Just for Feet Inc ................. 925
35,000 # Party City Corp ................... 621
21,800 # Penn Traffic Co ................... 185
12,500 # PETsMART Inc ...................... 597
17,500 & # Whole Foods Market Inc ............ 464
36,000 # Williams Sonoma Inc................ 851
5,771
Other Consumer (4.1%)
5,000 AGCO Corp ......................... 139
31,250 # Barry R.G. Corp ................... 444
13,500 * # Designer Holdings Ltd ............. 359
5,000 # Family Golf Centers Inc ........... 126
2,000 Fila Holding ADR ................. 173
12,500 # Gemstar International Group Ltd ... 375
40,000 # Pet Practice ...................... 345
13,000 Royal Caribbean Cruises Ltd ....... 371
5,000 # Scholastic Corp ................... 310
2,642
23,516
Energy
Oil & Gas (2.0%)
3,000 & # Chesapeake Energy Corp ............ 270
15,000 # Nuevo Energy Co ................... 484
20,200 Vintage Petroleum Inc ............. 514
1,268
Oil Services (2.5%)
13,500 # Energy Ventures Inc ............... 438
12,000 # Falcon Drilling Co. Inc ........... 326
24,000 # Noble Drilling Corp ............... 333
17,000 # Weatherford Enterra Inc ........... 510
1,607
2,875
Intermediate Goods & Services
Basic Industries (2.7%)
10,000 # CN Polymer Group Inc. ............. 174
12,000 # Columbus McKinnon Corp ............ 188
17,500 Huntco Inc Cl A ................... 324
20,400 Intertape Polymer Group Inc ....... 413
8,100 OM Group Inc ...................... 318
69,800 # Waxman Industries Inc ............. 314
1,731
Number of Value
Shares (000's)
GROWTH (continued)
Business Services (7.0%)
127,500 & # Advanced Promotion
Technology Inc ................. $36
10,500 # Cambridge Technology
Partners Inc ................... 320
20,000 # Checkpoint Systems Inc ............ 687
20,000 # Digital Generation Systems Inc .... 191
40,000 # Emcor Group Inc ................... 605
7,500 # Equity Corp International ......... 203
20,000 # Flextronics International Ltd...... 525
5,000 # Learning Tree International ....... 154
10,000 # Metromail Corp .................... 224
12,000 Omnicare Inc ...................... 318
12,500 # Solectron Corp .................... 473
24,000 # Wackenhut Corrections Corp ........ 801
4,537
Environmental Services (0.7%)
13,800 # United Waste Systems Inc .......... 445
Infrastructure (1.8%)
60,000 # AES China Generating Co Cl A ...... 634
15,000 CalMat Co ......................... 272
31,600 # Stimsonite Corp ................... 264
1,170
Transportation (2.2%)
35,000 # America West Airlines Inc Cl B .... 770
11,000 & # Continental Airlines Cl B.......... 679
1,449
9,332
Interest Sensitive
Banks & Thrifts (1.6%)
5,000 Deposit Guaranty Corp ............. 220
30,000 # Dime Bancorp Inc .................. 390
15,500 First Hawaiian Inc ................ 442
1,052
Insurance (4.0%)
22,500 * Allied Life Financial Corp ........ 450
10,000 CapMAC Holdings ................... 285
30,000 PXRE Corp ......................... 728
35,500 # 20Th Century Industries ........... 590
30,000 Western National Corp ............. 551
2,604
Other (0.7%)
27,500 # Mills Corp ........................ 481
4,137
See notes to financial statements
Page 16
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedules of Investments June 30, 1996 (Unaudited)
Number of Value
Shares (000's)
GROWTH (continued)
Real Estate Investment Trust
Lodging & Catering (0.4%)
18,000 & RFS Investors Inc ................. $279
Residential (0.4%)
15,000 CWM Mortgage Holdings Inc ......... 255
534
Total Common Stock
(Cost $50,512).................. 60,628
CONVERTIBLE PREFERED
STOCK (0.7%)
(Cost $500)
Capital Goods
Communications (0.7%)
10,000 Globalstar
Telecommunication (B) .......... 442
Number of
Contracts
PURCHASED PUT OPTIONS (0.1%)
110 S & P 500 Index 7/96 @ 665 ...... 55
20 S & P 500 Index 7/96 @ 670 ...... 14
20 S & P 500 Index 7/96 @ 675 ...... 19
Total Purchased Put Options
(Cost $199)..................... 88
Principal
Amount
(000's)
CONVERTIBLE BOND
(Cost $500)
Intermediate Goods & Services
$500 Business Services (1.1%)
Youth Services
7.000% Due 2/1/06 (B) .......... 715
EURODOLLAR DEPOSIT (4.0%)
(Cost $2,608)
2,608 Sumitomo Bank Ltd
5.531% Due 7/1/96 .............. 2,608
Total Investments (99.5%)
(Cost $54,319).................. 64,481
Other Assets in Excess of
of Liabilities (0.5%)........... 345
Total Net Assets (100.0%).......... $64,826
Number of Value
Contracts (000's)
GROWTH (continued)
CALL OPTIONS WRITTEN
(Premiums Received $155)
15 Adaptec 7/96 @ 50 ............... $3
110 S & P 500 Index 7/96 @ 665 ...... 130
20 S & P 500 Index 7/96 @ 670 ...... 18
20 S & P 500 Index 7/96 @ 675 ...... 13
$164
<FN>
# Non-income producing security.
& Securities out on loan.
* Securities pledged in whole or part for
written options.
(A) SEC Rule 144 security. Requires registration under
the SEC Act of 1933 before it can be offered for
public sale
(B) SEC Rule 144A Security. Such security has limited
markets and is traded among "qualified institutional
buyers."
</FN>
</TABLE>
<TABLE>
<C> <C><C><S> <C>
Number of Value
Shares (000's)
QUANTITATIVE EQUITY
COMMON STOCKS (96.4%)
Capital Goods (11.9%)
23,200 International Business
Machines Corp.................. $2,297
26,200 Boeing Co ......................... 2,283
14,800 Emerson Electric Co. .............. 1,338
21,700 Rockwell International Corp........ 1,242
24,600 McDonnell Douglas Corp ............ 1,193
40,300 Westinghouse Electric Corp ........ 756
14,600 Raytheon Co ....................... 754
53,500 # Novell Inc ........................ 742
13,300 Honeywell Inc. .................... 725
22,900 Apple Computer Inc ................ 481
10,600 Tyco International Ltd ............ 432
5,800 Northrop Corp ..................... 395
8,200 Parker Hannifin Corp .............. 347
12,600 Pall Corp ......................... 304
6,400 # Owens Corning ..................... 275
3,800 Raychem Corp ..................... 273
7,400 Circuit City Store Inc ............ 267
5,700 Dover Corp ........................ 263
5,700 Alco Standard Corp ................ 258
5,100 # Ceridian Corp ..................... 258
See notes to financial statements
Page 17
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedules of Investments June 30, 1996 (Unaudited)
Number of Value
Shares (000's)
QUANTITATIVE EQUITY (continued)
10,666 360 Communications Co ............. $256
3,100 Grainger WW Inc ................... 240
3,800 General Dynamics Corp.............. 236
4,200 Perkin Elmer Corp ................. 203
5,200 Teledyne Inc ...................... 188
13,000 # Advanced Micro Devices Inc ........ 177
3,100 Avery Dennison Corp ............... 170
2,600 Harris Corp ....................... 159
2,400 # FMC Corp .......................... 157
4,700 Harnischfeger Industries Inc. ..... 156
5,100 Autodesk Inc ...................... 152
6,900 Moore Ltd ........................ 130
3,800 Great Atlantic & Pacific Tea Inc... 125
17,400 # Unisys Corp ....................... 124
10,800 # Amdahl Corp ....................... 116
3,400 Trinova Corp ...................... 113
2,900 General Signal Corp ............... 110
4,600 EG&G Inc .......................... 98
3,800 Cincinnati Milacron Inc ........... 91
2,400 Thomas & Betts Corp ............... 90
7,300 # Intergraph Corp ................... 89
2,000 Briggs & Stratton Corp ............ 82
2,100 Timken Co. ........................ 81
7,730 # Navistar International Corp ....... 76
3,300 Giddings & Lewis Inc. ............. 54
2,700 # Data General Corp ................. 35
1,400 Harland Co. ....................... 35
800 Zurn Industries Inc. .............. 16
594 # Cray Research Inc ................. 14
18,456
Consumer Durables (3.4%)
29,550 Mattel Inc......................... 846
20,200 Masco Corp ........................ 611
8,200 Eaton Corp ........................ 481
11,200 Cooper Industries Inc. ............ 465
9,300 Black & Decker Corp................ 359
7,500 Genuine Parts Co .................. 343
3,800 TRW Inc. .......................... 342
7,700 Echlin Inc. ....................... 292
12,700 Maytag Corp ....................... 265
4,100 Armstrong World Industries Inc..... 236
5,300 Bausch & Lomb Inc ................. 225
9,600 Cooper Tire & Rubber Co............ 214
6,200 Stanley Works ..................... 184
4,300 Cummins Engine Inc ................ 174
3,400 Goodrich BF Co..................... 127
2,600 Snap-On Inc ....................... 123
2,000 Outboard Marine Inc. .............. 36
5,323
Number of Value
Shares (000's)
QUANTITATIVE EQUITY (continued)
Consumer Miscellaneous (0.3%)
9,500 Service Corp International ........ $546
Consumer Non-Durables (34.0%)
55,200 Lilly Eli & Co .................... 3,588
34,300 Bristol-Myers Squibb Co. .......... 3,087
34,400 Eastman Kodak Co .................. 2,675
41,600 Schering-Plough Corp. ............. 2,610
57,795 Pharmacia & Upjohn Inc............. 2,565
37,200 American Home Products Corp. ...... 2,237
11,100 Unilever NV ADR ................... 1,611
28,400 Amgen, Inc. ....................... 1,534
38,000 # Viacom Inc. Cl B .................. 1,477
20,000 Kellogg Co ........................ 1,465
16,500 Anheuser- Busch Cos. Inc. ......... 1,238
25,700 May Dept Stores Co ................ 1,124
36,200 Heinz H J Co ...................... 1,100
55,986 Archer Daniels Midland Co.......... 1,071
17,200 Warner Lambert Co ................. 946
20,700 Conagra Inc ....................... 939
14,100 Ralston Purina Group .............. 904
16,200 US Healthcare Inc ................. 891
25,600 Gap Inc. .......................... 822
9,400 Colgate- Palmolive Co ............. 797
23,100 UST Inc. .......................... 791
17,500 # Boston Scientific Corp ............ 788
12,067 Walt Disney Co .................... 759
9,800 CPC International Inc. ............ 706
6,500 Dayton Hudson Corp ................ 670
8,700 Gannet Inc ........................ 616
7,000 # Federal Express Corp. ............. 574
15,400 Quaker Oats Co..................... 526
41,400 K Mart Corp ....................... 512
9,400 Pioneer Hi Bred International Inc.. 497
7,900 Great Lakes Chemical Corp. ........ 492
12,200 # Kroger Co ......................... 482
8,500 Harcourt General Inc............... 425
19,600 # Tenet Healthcare Corp ............. 419
9,800 American Stores Co ................ 404
8,100 International Flavors &
Fragrances Inc ................ 386
10,300 Dillard Dept Stores Inc. Cl A...... 376
17,410 The Limited Inc ................... 374
20,200 # Humana Inc ........................ 361
8,000 Avon Prods Inc .................... 361
9,800 Winn Dixie Stores ................. 347
10,300 New York Times Co Cl A ............ 336
4,500 Hershey Foods Corp ................ 330
6,700 Tandy Corp......................... 317
3,800 Becton Dickinson & Co. ............ 305
See notes to financial statements
Page 18
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedules of Investments June 30, 1996 (Unaudited)
Number of Value
Shares (000's)
QUANTITATIVE EQUITY (continued)
10,200 Rite Aid Corp. .................... $303
3,400 Clorox Co. ........................ 301
4,100 Tribune Co. ....................... 298
7,100 Melville Corp ..................... 288
4,800 VF Corp ........................... 286
8,000 Clairborne (Liz) Inc. ............. 277
8,200 # St. Jude Medical Inc. ............. 275
6,000 McGraw-Hill Cos Inc ............... 275
6,400 Tupperware Corp ................... 270
5,800 Polaroid Corp ..................... 265
7,700 Sysco Corp ........................ 264
11,600 # Woolworth Corp .................... 261
14,000 Wendy's International Inc.......... 261
6,400 Allergan Inc. ..................... 251
6,900 Giant Food Inc Cl A ............... 248
16,900 # Biomet Inc......................... 243
7,200 Reebok International Ltd .......... 242
8,500 USX US Steel Group ................ 241
6,700 Hasbro Inc ........................ 239
5,800 Mallinckrodt Group Inc. ........... 225
3,000 Knight- Ridder Inc ................ 218
7,600 # ALZA Corp ......................... 208
3,400 Mercantile Stores Inc.............. 199
7,100 American Greetings Corp. Cl A ..... 194
5,600 Supervalu Inc. .................... 176
4,800 TJX Cos Inc ....................... 162
6,200 # Fruit Of The Loom Inc ............. 158
4,600 United States Surgical Corp ....... 142
3,900 # King World Productions Inc ........ 142
3,000 Brown-Forman Corp Cl B ............ 120
6,400 Premark International Inc.......... 118
8,100 Fleming Cos Inc ................... 116
4,000 # Bally Entertainment Corp .......... 110
3,900 Russell Corp ...................... 108
2,100 Springs Industries Inc ............ 106
2,400 National Services Industries Inc .. 94
1,700 Alberto Culver Co.................. 79
3,948 Jostens Inc ....................... 78
10,900 # Charming Shoppes Inc............... 77
4,000 Adolph Coors Co.................... 72
7,400 # Community Psychiatric
Centers Inc.................... 70
2,700 Luby's Cafeterias Inc. ............ 63
1,500 Meredith Corp ..................... 62
4,200 # Shoney's Inc ...................... 46
5,100 Stride Rite Corp .................. 42
800 Longs Drug Stores Corp............. 36
3,600 # Ryan Family Steak Houses Inc ...... 33
3,600 Handleman Co ...................... 25
1,400 Brown Group Inc ................... 24
53,226
Number of Value
Shares (000's)
QUANTITATIVE EQUITY (continued)
Energy (18.6%)
76,900 Exxon Corp ........................ $6,681
32,500 Royal Dutch Petroleum Co ADR ...... 4,997
24,700 Mobil Corp. ....................... 2,769
31,300 Amoco Corp ........................ 2,265
37,800 Chevron Corp ...................... 2,230
15,500 Texaco Inc ........................ 1,300
15,300 Schlumberger Ltd .................. 1,289
10,400 Atlantic Richfield Co.............. 1,232
25,000 Phillips Petroleum Co. ............ 1,047
31,900 Occidental Petroleum Corp ......... 789
14,700 Burlington Resources Inc .......... 632
10,300 Halliburton Co..................... 572
10,300 Williams Cos Inc .................. 510
16,900 Dresser Industries Inc ............ 499
7,200 Amerada Hess Corp. ................ 386
11,000 Baker Hughes Inc .................. 362
8,100 Sun Inc .......................... 246
3,400 Louisana Land & Exploration Co .... 196
11,100 # Oryx Energy Co .................... 180
2,900 Kerr McGee Corp ................... 177
3,800 Ashland Inc ....................... 151
2,600 Pennzoil Co. ...................... 120
7,600 # Rowan Cos ......................... 112
9,100 # Santa-Fe Energy Resources ......... 108
4,900 McDermott International Inc ....... 102
2,400 Helmerich & Payne Inc.............. 88
700 NACCO Indsustries Inc. Cl A ....... 39
700 Eastern Enterprises ............... 23
29,102
Financial (5.5%)
22,900 First Data Corp ................... 1,823
9,900 Fluor Corp ........................ 647
8,000 Loews Corp ........................ 631
11,800 Lincoln National Corp Ltd. ........ 546
7,600 UNUM Corp ......................... 473
7,900 First Bank System Inc ............. 458
12,400 U.S. Bancorp ...................... 448
4,200 Marsh & McLennan Cos .............. 405
8,700 Boatmen's Bancshares Inc .......... 349
4,200 Transamerica Corp ................. 343
9,700 National City Corp ................ 341
10,346 Cinergy Corp. ..................... 331
9,100 Safeco Corp ....................... 322
5,500 St Paul Cos. Inc................... 294
14,700 USF&G Corp ........................ 241
4,900 Sherwin-Williams Co. .............. 228
3,500 Republic NY Corp .................. 218
3,750 Jefferson- Pilot Corp ............. 194
3,100 Crane Co .......................... 127
See notes to financial statements
Page 19
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedules of Investments June 30, 1996 (Unaudited)
Number of Value
Shares (000's)
QUANTITATIVE EQUITY (continued)
1,700 Potlach Corp ...................... $67
1,500 USLife Corp ....................... 49
8,535
Intermediate Goods & Services (10.5%)
27,600 Minnesota Mining &
Manufacturing Co .............. 1,904
17,800 Dow Chemical Co ................... 1,353
37,800 Barrick Gold Corp ................. 1,025
31,000 Monsanto Co ....................... 1,008
24,400 Corning Inc ....................... 936
11,200 Dun & Bradstreet Corp ............. 700
9,200 WR Grace & Co ..................... 652
12,800 PPG Industries Inc. ............... 624
25,900 Placer Dome Inc ADR ............... 618
14,500 Inco Ltd .......................... 468
7,300 Phelps Dodge Corp ................. 455
9,600 Crown Cork & Seal Inc ............. 432
8,292 Newmont Mining Corp ............... 409
8,500 Dow Jones & Co Inc ................ 355
6,800 Reynolds Metals Co ................ 355
15,400 Engelhard Corp .................... 354
7,300 Interpublic Group Of Cos Inc ...... 342
5,100 Rohm & Haas Co .................... 320
11,700 James River Corp .................. 309
6,000 Temple Inland Inc ................. 281
5,200 Sigma Aldrich Corp ................ 278
5,400 Nucor Corp ........................ 273
7,063 International Paper Co. ........... 261
14,700 Homestake Mining Co ............... 252
10,300 Cyprus Amax Minerals Co. .......... 233
22,500 Laidlaw Inc. Cl B.................. 228
6,000 Deluxe Corp ....................... 213
4,200 Union Camp Corp ................... 205
9,200 Worthington Industries Inc......... 192
5,800 Westvaco Corp ..................... 173
4,700 Boise Cascade Corp ................ 172
3,900 Nalco Chemical Co ................. 123
3,700 Ecolab Inc ........................ 122
1,900 Shared Medical Systems Corp ....... 122
10,000 Echo Bay Mines Ltd ................ 108
7,800 Stone Container Corp .............. 107
6,000 Safety Kleen Corp ................. 105
3,700 Ball Corp ......................... 102
4,900 Inland Steel Industries Inc ....... 96
5,300 Ogden Corp ........................ 96
9,000 # Armco Inc ......................... 45
16,406
Number of Value
Shares (000's)
QUANTITATIVE EQUITY (continued)
Miscellaneous Industrials (0.6%)
5,400 Textron Inc ....................... $431
10,600 Dial Corp ......................... 304
4,400 Millipore Corp .................... 184
919
Public Utilities (11.2%)
63,100 GTE Corp .......................... 2,824
47,800 Southern Co ....................... 1,177
27,600 Enron Corp ........................ 1,128
30,600 US West Inc ....................... 975
17,000 Sprint Corp ....................... 714
13,600 Duke Power Co ..................... 697
27,600 Pacific Gas & Electric Co. ........ 642
14,600 Texas Utilities Co ................ 624
10,900 General Mills Inc ................. 594
12,500 FPL Group Inc. .................... 575
29,200 Edison International .............. 515
11,700 American Electric Power Co ........ 499
11,700 Dominion Resources Inc ............ 468
10,800 Coastal Corp ...................... 451
18,200 Houston Industries Inc............. 448
14,100 Alltel Corp ....................... 433
14,500 Entergy Corp ...................... 411
12,300 Central & South West Corp ......... 357
7,700 Sonat Inc. ........................ 347
6,600 Consolidated National Gas Co ...... 345
10,500 Pacific Enterprises ............... 311
5,600 Columbia Gas System Inc ........... 292
7,200 Union Electric Co.................. 290
8,000 General Public Utilities Corp...... 282
11,800 PP & L Resources Inc .............. 279
11,200 Ohio Edison Co .................... 245
8,800 Public Service Enterprise Group.... 241
4,600 Northern States Power Co........... 227
25,100 Niagara Mohawk Power Corp.......... 194
5,300 Bemis Inc ......................... 186
7,900 Enserch Corp ...................... 172
13,700 # Bethlehem Steel Corp. ............. 163
4,112 Payless Shoesource Inc ............ 130
11,300 Noram Energy Corp. ................ 123
3,000 Nicor Inc. ........................ 85
2,600 Oneok Inc. ........................ 65
17,509
Transportation (0.4%)
11,600 Whitman Corp ...................... 280
5,500 Caliber Systems Inc ............... 187
4,700 Consolidated Freightways Inc ...... 99
See notes to financial statements
Page 20
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedules of Investments June 30, 1996 (Unaudited)
Number of Value
Shares (000's)
QUANTITATIVE EQUITY (continued)
4,000 # USAir Group Inc ................... $72
3,400 Yellow Corp ....................... 45
683
Total Common Stock
(Cost $123,440)................ 150,705
Principal
Amount
(000's)
U.S. GOVERNMENT
OBLIGATION (3.5%)
$5,600 * US Treasury Bill Due 10/17/1996
(Cost $5,515).................. 5,515
Total Investments (99.9%)
(Cost $128,955)................ 156,220
Other Assets in Excess
of Liabilities (0.1%).......... 215
Total Net Assets (100.0%).......... $156,435
Number U
of Contracts _ A
FUTURES PURCHASED
(Aggregate futures amount $5,414)
16 September S&P 500 Futures ........ 47
<FN>
# Non-incoming producing security.
* Security pledged for futures purchased.
</FN>
</TABLE>
<TABLE>
<C> <C><C><S> <C>
Number of Value
Shares (000's)
INTERNATIONAL
COMMON STOCKS (94.3%)
Australia (3.6%)
6,100 CRA Ltd............................ $94
10,200 National Australia Bank............ 94
30,600 Pioneer International.............. 89
41,000 Southcorp Holdings................. 102
15,000 Western Mining Corp................ 107
486
Austria (0.2%)
296 Flughafen Wein AG.................. 20
Canada (2.0%)
5,000 Northern Telecom Ltd............... 272
Number of Value
Shares (000's)
INTERNATIONAL (continued)
Denmark (0.9%)
2,400 Tele Danmark 'B' .................. $121
France (8.7%)
157 Air Liquide (L')................... 28
555 Alcatel Alsthom.................... 48
1,140 Banque Nationale De Paris.......... 40
201 Chargeurs.......................... 9
1,510 Christian Dior..................... 197
1,134 Eaux (CIE Generales Des)........... 127
2,201 Havas.............................. 180
201 # Pathe.............................. 47
795 Pechiney........................... 32
1,450 Renault ........................... 38
1,320 Rhone-Poulenc "A".................. 35
794 Societe Generale................... 87
44 Societe National Elf Aquitaine..... 3
3,669 Total "B" Shares................... 272
2,400 Union Des Assurances De Paris .... 49
1,192
Germany (6.4%)
292 Daimler Benz AG ................... 156
47 Degussa............................ 16
2,635 Deutsche Bank...................... 125
5,150 Dresdner Bank...................... 130
270 Henkel Pref........................ 117
3,700 RWE Aktiengesellschaft............. 144
474 Viag............................... 189
877
Hong Kong (5.5%)
25,000 China Light & Power................ 113
200,000 Grand Hotels A..................... 79
170,000 Guandong Investment................ 108
10,000 Hang Seng Bank..................... 101
260,000 Hon Kwok Land Investment........... 91
13,000 Hutchinson Whampoa................. 82
20,000 Swire Pacific A.................... 171
745
Indonesia (0.8%)
30,000 Jababeka........................... 44
2,200 PT Telekomunikasi Indonesia
ADR........................... 65
109
Italy (4.1%)
700 Assicurazioni Generali............. 16
65,400 # Cir-Compagnie Industriale.......... 41
See notes to financial statements
Page 21
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedules of Investments June 30, 1996 (Unaudited)
Number of Value
Shares (000's)
INTERNATIONAL (continued)
16,000 # Ente Nazionale Idrocarburi......... $80
69,149 Fiat Spa Ord....................... 232
26,000 Istituto Nazionale delle
Assicurazioni................... 39
15,000 Italgas............................ 56
94,850 # Olivetti & C Spa .................. 51
11,500 Stet............................... 39
554
Japan (29.0%)
1,500 Asatsu Corp........................ 65
7,000 Banyu Pharmaceutical............... 99
4,400 Canon Sales........................ 123
2,400 Circle K Japan Co. ................ 125
1,100 FCC Co............................. 41
10,000 Hankyu Corp........................ 59
10,000 Hitachi............................ 93
15,000 Itochu Corp........................ 105
5,000 JGC Corp........................... 66
500 Keyence Corp....................... 68
15,000 Mitsubishi Heavy Industries........ 131
15,000 Mitsubishi Materials Corp.......... 82
10,000 Mitsubishi Motor Corp.............. 88
7,000 Mitsui Fudosan..................... 95
20,000 # Mitsui Osk Lines................... 69
3,000 NEC Systems........................ 76
3,000 # Nichii Co.......................... 50
8,000 Nippon Express..................... 78
6,000 Nippon Sanso....................... 30
25,000 Nippon Steel....................... 86
5 Nippon Tel &Tel Corp............... 37
500 Nippon Television Network.......... 155
15,000 # NKK Corp........................... 45
8,000 Nomura Securities.................. 156
10,000 NTN Corp........................... 71
9,000 # Obayashi........................... 82
5,000 Omron Corp......................... 106
6,000 Ricoh.............................. 64
2,000 Rohm............................... 132
1,000 SMC Corp........................... 77
5,000 Seiyo Food Systems................. 54
2,000 Secom.............................. 132
5,250 Shin-Etsu Chemicals Co............. 101
10,000 Sumitomo Marine & Fire
Insurance.................... 87
17,000 Sumitomo Osaka Cement............. 83
10,000 Sumitomo Trust & Bank.............. 137
10,000 Suzuki Motor Co.................... 132
2,000 TDK Corp........................... 120
15,000 Tokyo Department Stores............ 103
5,000 Tokyo Style........................ 87
10,000 Toray Industries................... 69
Number of Value
Shares (000's)
INTERNATIONAL (continued)
10,000 Toyo Ink Manufacturing............. $57
5,000 Ushio Co........................... 61
10,000 Victor Co of Japan................. 143
4,000 Yokogawa Electric Corp............. 40
3,960
Malaysia (3.9%)
25,000 Berjaya Sports Toto................ 83
24,000 Development and
Commercial Bank................ 82
20,000 Leader Universal Holding........... 57
19,000 Malaysian Airline Systems.......... 60
22,000 Sime Darby......................... 61
10,000 Telekom Malaysia................... 89
28,333 UMW Holdings....................... 101
533
Mexico (0.7%)
3,000 Telefonos de Mexico ADR............ 100
Netherlands (4.0%)
250 Akzo Nobel......................... 30
5,600 Elsevier........................... 85
7,104 K.L.M.............................. 227
676 Koninklijke PTT.................... 26
415 Philips Electronics................ 14
815 Royal Dutch Petroleum.............. 126
300 Unilever NV CVA.................... 43
551
Norway (0.2%)
780 Kvaerner 'A'....................... 33
Singapore (2.1%)
18,000 D.B.S. Land........................ 62
14,000 Keppel Corp Ord.................... 117
5,000 Overseas-Chinese
Banking Corp................. 58
5,000 Singapore International Airlines .. 53
290
South Korea (0.2%)
721 Samsung Electronics GDS
(non-voting) (B)............... 17
322 Samsung Electronics GDS
(voting) (B)................... 17
34
Spain (2.7%)
1,022 Argentaria CMN..................... 45
2,500 Repsol............................. 87
12,550 Telefonica de Espana............... 231
363
See notes to financial statements
Page 22
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedules of Investments June 30, 1996 (Unaudited)
Number of Value
Shares (000's)
INTERNATIONAL (continued)
Sweden (1.8%)
700 Electrolux AB...................... $35
7,903 Ericsson Tele B ................... 171
206 # Netcom Systems AB.................. 2
1,580 # Swedish Match...................... 5
1,580 Volvo AB........................... 36
249
Switzerland (2.8%)
50 ABB AG............................. 62
21 Ciba Geigy......................... 26
183 Nestle............................. 209
6 Roche Holdings..................... 46
30 Sandoz AG.......................... 34
377
Taiwan (0.4%)
2,883 # Asia Cement........................ 58
Thailand (1.4%)
5,000 Loxley Public Co-Foreign........... 74
9,000 Quality Houses-Foreign............. 19
2,000 Siam Cement Foreign................ 98
191
United Kingdom (12.9%)
5,500 Anglian Water...................... 51
33,000 ASDA Group......................... 60
8,630 BBA Group.......................... 41
4,950 Bass Ord........................... 62
6,600 BAT Industries..................... 51
4,400 Barclays .......................... 53
8,800 Blue Circle Industries............. 49
3,350 BOC Group.......................... 48
4,125 British Aerospace.................. 63
3,500 British Airways.................... 30
10,250 British Petroleum.................. 90
8,800 British Telecomm................... 47
1,500 Burmah Castrol..................... 24
8,800 DFS Furniture...................... 76
2,090 GKN................................ 32
4,400 General Accident................... 45
11,000 General Electric................... 59
5,500 Glaxo Welcome...................... 74
3,850 Granada Group...................... 52
7,700 Grand Metropolitan................. 51
5,000 Hays............................... 35
18,700 MFI Furniture Group................ 51
4,950 National Westminster Bank.......... 47
13,200 Persimmon.......................... 47
4,500 Provident Financial................ 32
Number of Value
Shares (000's)
INTERNATIONAL (continued)
7,700 Prudential Corp.................... $48
3,850 Reuters............................ 47
5,500 Shell Transport & Trading.......... 81
4,000 Smith Industries................... 44
4,000 Smithkline Beecham................. 43
9,000 Smurfit............................ 24
4,950 Standard Chartered Bank............ 49
8,000 Tomkins............................ 30
19,800 WPP Group.......................... 66
2,750 Zeneca Group....................... 61
1,763
Total Common Stocks
(Cost $11,526)................. 12,878
Number of
Warrants
WARRANTS (0.4%)
Japan (0.3%)
30 # Yodogawa Steel Works
Exp 12/10/97................... 45
Thailand (0.1%)
4,500 Quality Houses..................... 7
Total Warrants
(Cost $51)..................... 52
Number of
Rights
RIGHTS (0.0%)
Singapore (0.0%)
(Cost $4)
500 # OCBC FGN........................... 4
Principal
Amount
(000's)
CONVERTIBLE BONDS (1.9%)
Japan (1.9%)
$100 Mitsubishi Bank
3.000% Due 11/30/02............ 117
140 Mitsubishi Bank
3.500% Due 3/31/04............. 148
Total Convertible Bonds
Cost ($236).................... 265
U.S. TREASURY SECURITY (2.2%)
(Cost $295)
300 U.S. Treasury Bill
4.970% Due 10/17/96............. 295
Total Investments (98.8%)
(Cost $12,112)................. 13,494
See notes to financial statements
Page 23
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedules of Investments June 30, 1996 (Unaudited)
Value
(000's)
INTERNATIONAL (continued)
Other Assets in Excess of
Liabilities (1.2%)............. $168
Total Net Assets (100.0%)......... $13,662
<FN>
# Non-income producing security.
(B) SEC Rule 144A Security. Such security has limited
markets and is traded among "qualified institutional buyers."
</FN>
</TABLE>
<TABLE>
<C> <S> <C>
International Fund
Industry Concentrations
% of Net Value
Assets (000's)
9.6% Banks.............................. $1,317
9.3% Telecommunications................. 1,275
6.8% Electronics........................ 928
6.5% Automotive......................... 897
5.6% Energy............................. 763
4.4% Transportation..................... 597
4.0% Retail............................. 550
4.0% Chemicals.......................... 540
3.6% Utilities.......................... 491
3.4% Food & Beverage.................... 471
3.3% Media.............................. 449
3.1% Holding Companies.................. 423
3.1% Commerce........................... 417
2.6% Construction....................... 359
2.6% Drugs.............................. 357
2.5% Machinery.......................... 341
2.4% Metal & Metal Products............. 332
2.3% Real Estate........................ 316
2.2% Business Services.................. 296
2.1% Conglomerates...................... 288
2.1% Insurance.......................... 284
1.9% Natural Resources.................. 267
1.8% Consumer Non-Durables.............. 246
1.7% Capital Goods...................... 229
1.3% Computer Service & Software........ 174
1.2% Leisure............................ 162
0.8% Aerospace/Defense.................. 106
0.6% Publishing......................... 85
0.6% Engineering........................ 82
0.4% Packaging & Container.............. 56
0.4% Consumer Services.................. 52
0.4% Basic Industries................... 49
96.6% Total Stocks, Bonds & Warrants..... 13,199
2.2% Short Term Investments............. 295
98.8% Total Investments.................. 13,494
Other Assets in Excess of
1.2% Liabilities.................... 168
100.0% Total Net Assets................... $13,662
</TABLE>
<TABLE>
<C> <C><C><S> <C>
Principal
Amount Value
(000's) (000's)
GOVERNMENT SECURITIES
U.S GOVERNMENT SECURITIES
AND AGENCIES (116.4%)
U.S. Government Securities (49.0%)
U.S. Treasury Notes
$14,000 6.000% Due 8/31/97................. $14,011
1,450 5.875% Due 4/30/98................. 1,444
7,550 & 5.000% Due 2/15/99................. 7,325
10,560 9.125% Due 5/15/99................. 11,327
29,205 6.375% Due 3/31/01................. 29,077
1,570 6.500% Due 8/15/05................. 1,547
4,855 5.375% Due 5/15/06................. 4,909
Total U.S. Government Securities
(Cost $69,617).................. 69,640
U.S. Government Agencies (67.4%)
Mortgage Related (50.0%)
Federal Home Loan Mortgage
Corporation (FREDDIE MAC)(14.4%)
1,618 7.000% Due 5/1/09.................. 1,601
6,125 7.500% Due 7/1/26 (C).............. 6,049
12,700 8.000% Due 7/1/26 (C).............. 12,811
20,461
Federal National Mortgage
Association (FNMA) (12.3%)
1,439 9.000% Due 11/1/10................. 1,514
6,510 6.500% Due 5/1/11.................. 6,296
9,896 * 7.000% Due 9/1/25-1/1/26........... 9,519
197 6.500% Due 3/1/26 ................. 185
17,514
Government National Mortgage
Association (GNMA) (23.3%)
24,746 * 7.500% Due 9/15/07-3/15/24......... 24,593
3,023 8.000% Due 2/15/17-9/15/17......... 3,085
5,442 8.000% Due 7/15/26 (C)............. 5,491
33,169
Total Mortgage Related
Securities...................... 71,144
Non-Mortgage Related (17.4%)
Federal Home Loan Banks
12,000 Discount Note Due 7/1/96........... 12,000
12,800 Discount Note Due 7/5/96........... 12,792
24,792
Total U.S. Government Agencies
(Cost $96,077).................. 95,936
See notes to financial statements
Page 24
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedules of Investments June 30, 1996 (Unaudited)
Principal
Amount Value
(000's) (000's)
GOVERNMENT SECURITIES (continued)
REPURCHASE AGREEMENT (0.3%)
$408 Citicorp 5.350% Due 7/1/96
(Collateralized by
$425 US Treasury Note
5.625% Due 11/30/00)
(Cost $408)..................... $408
Total Investments (116.7%)
(Cost $166,102)................. 165,984
Liabilities in Excess of
Other Assets (-16.7%)........... (23,798)
Total Net Assets (100.0%).......... $142,186
SECURITY SOLD SHORT
Federal National Mortgage
Association (FNMA)
(Proceeds $4,941)
5,215 7.000% Due 7/1/26 (C).............. 5,017
<FN>
* Collateral pledged in whole or in part for when
issued securities.
& Securities out on loan.
(C) Securities purchased or sold on a when issued basis.
</FN>
</TABLE>
<TABLE>
<C> <S> <C>
Principal
Amount Value
(000's) (000's)
INTERMEDIATE MUNICIPAL BOND
Alaska (0.8%)
$100 Alaska State Housing
Financial Corporation
6.800% Due 12/1/99............. $104
Arizona (3.7%)
500 Pinal County Arizona
Industrial Development Authority
Pollution Control Revenue
2.850% Due 12/1/09 (D)......... 500
California (2.0%)
250 Southern California Public Power
Authority Revenue Refunding
Power Project
6.500% Due 10/1/04............. 268
Principal
Amount Value
(000's) (000's)
INTERMEDIATE MUNICIPAL BOND (continued)
Colorado (1.1%)
$150 Westminster Colorado Multifamily
Wexford Apartments Project
5.350% Due 12/1/25............ $151
Connecticut (1.1%)
100 Connecticut State Housing
Finance Authority Series A
7.000% Due 11/15/97........... 102
50 Stratford Connecticut
General Obligation
FGIC Insured
7.000% Due 6/15/04............ 57
District of Columbia (2.1%)
300 District of Columbia
General Obligation
5.000% Due 6/1/01............. 284
Florida (3.6%)
500 St. John's County Florida
Water & Sewer Revenue
MBIA Insured
5.250% Due 6/1/10............. 486
Georgia (3.3%)
400 Georgia State Series D
6.700% Due 8/1/10............. 449
Illinois (12.0%)
250 Berkeley Illinois
Industrial Development
Revenue Walgreen
Company Project Series A
6.250% Due 12/1/98............ 252
500 Chicago Illinois
General Obligation
MBIA Insured
5.000% Due 1/1/08............. 479
100 Chicago Illinois
O' Hare International Airport
2.750% Due 12/1/17 (D)........ 100
240 Chicago Illinois
Water Revenue Refunding
AMBAC Insured
5.600% Due 11/1/04............ 247
See notes to financial statements
Page 25
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedules of Investments June 30, 1996 (Unaudited)
Principal
Amount Value
(000's) (000's)
INTERMEDIATE MUNICIPAL BOND (continued)
$100 Cook & DuPage Counties, Illinois
Combined School District - B
FGIC Insured
Zero Coupon Due 12/1/05....... $59
400 Illinois Health Facilities Authorit
Revenue Series A MBIA Insured
7.900% Due 8/15/03............ 409
100 Illinois State General Obligation
5.700% Due 6/1/98............. 101
Indiana (3.5%)
445 La Porte Indiana Economic
Development Revenue
Boise Cascade Corp. Project
Escrowed to Maturity
7.375% Due 6/1/01 ............ 481
Iowa (0.8%)
100 Iowa Student Loan Liquidity
6.450% Due 3/1/02............. 105
Kentucky (1.4%)
190 Dayton Kentucky Elderly
Housing Speers Court
5.350% Due 9/1/05............. 189
Louisiana (2.3%)
300 Louisiana State Series A General
Obligation MBIA Insured
6.200% Due 5/1/03............. 319
Massachusetts (1.8%)
250 Massachusetts Bay
Transportation Authority
General Transportation System
5.300% Due 3/1/05............. 253
Minnesota (2.9%)
390 Minnesota State Housing
Authority - Single Family
Mortgage Revenue
8.375% Due 2/1/15............. 403
Nebraska (0.8%)
100 Nebraska Investment Finance
Authority Single Family
Mortgage Series C
6.500% Due 9/15/14............ 103
Principal
Amount Value
(000's) (000's)
INTERMEDIATE MUNICIPAL BOND (continued)
Nevada (1.2%)
$150 Nevada State Muni Bond
Bank Project 38-39A
General Obligation
Refunded
6.400% Due 7/1/05............. $162
New Jersey (2.6%)
345 Arlington Arms Financing Corp.
New Jersey Mortgage Revenue
Arlington Arms Apartments
10.250% Due 3/1/25............ 353
New York (5.0%)
425 Franklin County New York
Solid Waste Management
Authority 6.125% Due 6/1/09... 460
210 New York State Medical Care
Facilities Finance Agency Revenue
7.875% Due 2/15/07............ 222
North Carolina (4.3%)
500 Surry County North Carolina
Industrial Facilities
9.250% Due 12/1/02............ 583
Oklahoma (4.6%)
80 Enid Oklahoma Hospital
Authority (St. Mary's Hospital)
Escrowed to Maturity
8.000% Due 7/1/98............. 82
1,625 Oklahoma County
Single Family Refunded
Zero Coupon Due 7/1/12........ 553
Pennsylvania (5.5%)
500 Hempfield Pennsylvania
School District Refunding
6.700% Due 10/15/99........... 503
250 Pennsylvania State General
Obligation
5.800% Due 7/1/09............. 255
South Carolina (3.9%)
500 Piedmont Municipal Power Agency
FGIC Insured
6.125% Due 1/1/07............. 533
See notes to financial statements
Page 26
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedules of Investments June 30, 1996 (Unaudited)
Principal
Amount Value
(000's) (000's)
INTERMEDIATE MUNICIPAL BOND (continued)
Texas (24.4%)
$500 Cypress-Fairbanks Texas
Independent School District
7.300% Due 2/15/07............ $573
540 Dallas Fort Worth Airport FGIC Insured
7.750% Due 11/1/01............ 612
500 Deer Park Texas Independent
School District School Building
6.375% Due 2/15/07............ 547
1,100 Harris County Texas Flood District
General Obligation
Zero Coupon Due 10/1/06....... 573
100 Garland Texas Independent
School District Ser. A
General Obligation
Zero Coupon Due 2/15/99....... 88
505 Lower Colorado River Authority
Prerefunded Revenue
6.250% Due 5/1/07............. 544
400 Texas Municipal Power
Agency - MBIA Insured
5.500% Due 9/1/10............. 399
Utah (3.7%)
425 Salt Lake City Utah Water Conservancy
District Revenue Refunding Series A
Escrowed to Maturity
10.875% Due 10/1/02.......... 504
Washington (2.3%)
300 Washington State Motor Vehicle
Tax General Obligation
6.200% Due 3/1/08............. 319
Total Investments (100.7%)
(Cost $13,811)................. 13,766
Other Liabilities in Excess
Of Assets(-0.7%)............... (96)
Total Net Assets (100.0%).......... $13,670
<FN>
(D) Interest rate subject to change approximately every 1 to
180 days. Principal payable on demand at periodic intervals
at the Fund's option.
</FN>
</TABLE>
<TABLE>
<C> <S> <C>
Principal
Amount Value
(000's) (000's)
GOVERNMENT MONEY MARKET
U.S. GOVERNMENT AGENCY
OBLIGATIONS (96.5%)
Federal Farm Credit Bank (63.6%)
$5,000 Discount Note Due 7/2/96........... $4,999
5,000 Discount Note Due 7/3/96........... 4,999
5,000 Discount Note Due 7/10/96.......... 4,993
8,000 Discount Note Due 7/15/96.......... 7,984
10,000 Discount Note Due 7/16/96.......... 9,978
4,000 Discount Note Due 7/18/96.......... 3,990
3,500 Discount Note Due 7/24/96.......... 3,488
10,000 Discount Note Due 7/25/96.......... 9,965
5,000 Discount Note Due 7/26/96.......... 4,982
3,000 Discount Note Due 7/29/96.......... 2,988
3,000 Discount Note Due 7/30/96.......... 2,988
3,000 Discount Note Due 8/5/96........... 2,986
3,000 Discount Note Due 8/13/96.......... 2,983
3,000 Discount Note Due 9/9/96........... 2,972
6,000 Discount Note Due 10/16/96......... 5,916
(Cost $76,211).................. 76,211
Federal Home Loan Bank (32.9%)
15,000 Discount Note Due 7/8/96........... 14,985
3,000 Discount Note Due 7/10/96.......... 2,996
8,500 Discount Note Due 7/15/96.......... 8,483
5,000 Discount Note Due 7/18/96.......... 4,988
5,000 Discount Note Due 7/19/96.......... 4,987
3,000 Discount Note Due 7/30/96.......... 2,988
(Cost $37,427).................. 39,427
REPURCHASE AGREEMENT (3.7%)
4,405 Citicorp 5.350% Due 7/1/96
(Collateralized by
$4,520 US Treasury Note
5.625% Due 11/30/00)
(Cost $4,405)................... 4,405
Total Investments (100.2%)
(Cost $120,043)................. 120,043
Liabilities in Excess of
Other Assets (-0.2%)............ (229)
Total Net Assets (100.0%)......... $119,814
</TABLE>
See notes to financial statements
Page 27
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedules of Investments June 30, 1996 (Unaudited)
<TABLE>
<C> <S> <C>
Principal
Amount Value
(000's) (000's)
TAX FREE MONEY MARKET
California (0.6%)
$775 Western Placer California
Unified School District Tax &
Revenue Anticipation Notes
4.700% Due 9/5/96............... $776
Colorado (1.9%)
650 Broomfield Colorado Revenue
(Up with People Project 1992)
4.000% Due 7/15/98 (D) (E)...... 650
500 Colorado Housing Finance
Multi-Family Housing
(Hampton Estes Project)
3.450% Due 12/1/05 (D) (E)...... 500
1,175 Denver Colorado City and County
Multi-Family Housing Revenue
(Ogden Residence Project)
3.750% Due 12/1/09 (D) (E)...... 1,175
Delaware (3.9%)
4,850 Delaware Economic
Development Authority
Multifamily Housing Revenue
(School House Trust 1985)
3.850% Due 12/1/15 (D) (E)...... 4,850
2,500 District of Columbia (2.0%)
District of Columbia Series B
3.750% Due 6/1/03 (D) (E)...... 2,500
Florida (1.8%)
100 Broward County Florida Housing
Finance Authority Multifamily
Housing Revenue
(Parkview Partnership)
3.550% Due 12/1/10 (D) (E)....... 100
2,045 Orange County Florida
Industrial Development
Revenue Refunding
(Orlando-Hawaiian Motel)
3.700% Due 10/1/15 (D) (E)...... 2,045
100 Sarasota Housing Finance Agency
Multifamily Housing
(Beneva Place Association Series C)
3.425% Due 8/1/06 (D) (E)........ 100
Principal
Amount Value
(000's) (000's)
TAX FREE MONEY MARKET (continued)
Georgia (1.5%)
$1,900 Dekalb Georgia Multi-Family
Housing Revenue Refunding
(Wood Terrace Apartment Project)
3.350% Due 12/15/15 (D) (E)..... $1,900
Illinois (10.4%)
200 Chicago Illinois O'Hare International
Airport (American Air Series D)
3.700% Due 12/1/17 (D) (E)...... 200
590 Du Page County Illinois High
School District No 88 Villa Park
4.000% Due 12/1/96.............. 592
800 Illinois Development Finance
Authority Industrial Development
Refunding Bond (Dart Container)
3.800% Due 8/1/25 (D) (E)....... 800
4,700 Illinois Development Finance
Authority Pollution Control Revenue
Refunding (Con Ed. Co. Proj.)
3.500% Due 12/1/06 (D) (E)...... 4,700
950 Illinois Development Finance
Authority Multifamily Revenue
(Cobbler Square Project)
3.850% Due 10/1/05 (D) (E)...... 950
3,550 St. Clair County Illinois Industrial
Development Board (Winchester
Apartments Project Ser 94)
3.800% Due 10/1/15 (D) (E)....... 3,550
2,300 Troy Grove Illinois Refunding
(Unimin Corp.)
4.868% Due 5/1/10 (D) (F)....... 2,300
Indiana (3.2%)
1,750 Calumet Township Lake County Indiana
G.O. Fund Notes Series 1995-A
5.000% Due 7/15/96.............. 1,750
720 GAF Tax-Exempt Bond Grantor
Trust Series A
4.050% Due 4/1/08 (B) (D) (F)... 720
See notes to financial statements
Page 28
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedules of Investments June 30, 1996 (Unaudited)
Principal
Amount Value
(000's) (000's)
TAX FREE MONEY MARKET (continued)
$1,000 Indianapolis Indiana
Economic Development
(Joint & Clutch Series 1984)
3.878% Due 12/1/14 (D) (F)...... $1,000
500 Lake County Indiana
Judgement Funding G.O.
4.000% Due 7/15/96.............. 500
Kansas (1.6%)
2,000 Salina Kansas Central Mall
(Salina Central Mall Dillard)
3.675% Due 12/1/04 (D) (E)...... 2,000
Kentucky (3.8%)
1,855 Boone County Kentucky
Economic Development Revenue
(Florence Park Care Center)
4.000% Due 6/1/15 (D) (E)....... 1,855
805 Boone County Kentucky Industrial
Development Bond Revenue
(Jamike/Hemmer Project)
3.850% Due 2/1/06 (D) (E)....... 805
250 Florence Kentucky Industrial
Building Revenue
(Florence Commercial Project)
4.000% Due 6/1/07 (D) (E)....... 250
1,905 Fort Thomas Kentucky
Industrial Buildings Revenue
(Carmel Manor Project)
3.700% Due 10/1/14 (D) (E)...... 1,905
Michigan (10.4%)
990 Birmingham Michigan Economic
Development Corporation
(Brown Street Project 83)
3.675% Due 12/1/18 (D) (E)....... 990
77 McDonald Tax Exempt
Mortgage Trust #1
4.250% Due 1/15/09 (D) (E)...... 77
2,100 Lansing Michigan Economic
Development Corporation
(Atrium Office)
3.700% Due 5/1/15 (D) (E)....... 2,100
Principal
Amount Value
(000's) (000's)
TAX FREE MONEY MARKET (continued)
$995 Leelanau County Michigan
Economic Development Corp
Revenue (American Community
Mutual Insurance Co Project)
3.850% Due 6/15/06 (D) (E)...... $995
1,130 Livonia Michigan Economic
Development Corporation
(American Community
Mutual Insurance)
3.800% Due 11/15/04 (D) (E)..... 1,130
200 Michigan State Job Development
Authority Revenue
(Kentwood Residence)
3.750% Due 11/1/14 (D) (E)...... 200
625 Michigan State Strategic Fund
Revenue Refunding
(Arcadia Creek Development)
3.650% Due 10/15/96 (D) (E)..... 625
450 Michigan State Strategic Fund
Revenue (Tawas Bay
Association Project)
3.800% Due 12/1/01 (D) (E)...... 450
660 Michigan State Strategic Fund
Limited Obligation Revenue
Refunding (Woodbridge
Commercial Properties)
3.650% Due 10/15/05 (D) (E)..... 660
2,315 Oakland County Michigan Economic
Development Corporation
(Corners Shopping Center)
3.650% Due 8/1/15 (D) (E)....... 2,315
3,500 Plainwell Michigan Economic
Development Corporation
(Phillip Morris Inc.)
3.800% Due 11/1/07 (D) (E)...... 3,500
Minnesota (3.3%)
1,200 Bloomington Minnesota
Commercial Development Revenue
(Park Association Project)
3.620% Due 12/1/14 (D) (E)...... 1,200
See notes to financial statements
Page 29
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedules of Investments June 30, 1996 (Unaudited)
Principal
Amount Value
(000's) (000's)
TAX FREE MONEY MARKET (continued)
$500 Golden Valley Minnesota
Industrial Development Revenue
(Graco Inc Project)
3.550% Due 12/1/02 (D) (E)...... $500
1,240 Hutchinson Minnesota
Economic Development Authority
Revenue Refunding
3.700% Due 8/15/06 (D) (E)...... 1,240
1,195 International Falls Minnesota
Economic Development Revenue
(Developers Diversified Limited Project)
4.020% Due 7/1/06 (D) (E)....... 1,195
Mississippi (1.2%)
1,475 Desoto County Mississippi
Industrial Development
Revenue (American Soap
Company Project)
4.867% Due 12/1/08 (D) (E)...... 1,475
Nebraska (1.5%)
390 Adams County Nebraska
Industrial Development Revenue
(Marshalltown Instruments)
3.800% Due 12/1/96 (D) (E)...... 390
1,500 Douglas County Nebraska
School District No. 17
Tax & Revenue Anticipation Notes
4.000% Due 1/15/97.............. 1,500
New Jersey (1.0%)
275 Manchester Township Series B
3.600% Due 10/1/96.............. 275
1,000 New Jersey Economic
Development Authority
(Genlyte-Union County Proj.)
3.800% Due 10/15/09 (D) (E)..... 1,000
New Mexico (0.4%)
500 New Mexico Finance Authority
Revenue (Court Automation Fee)
3.800% Due 6/1/97............... 500
Principal
Amount Value
(000's) (000's)
TAX FREE MONEY MARKET (continued)
New York (4.9%)
$900 Campbell Savona New York
Central School District
Steuben County
Bond Anticipation Notes
4.375% Due 6/27/97.............. $902
330 Metropolitan Transportation Authority
New York Excess Loss Fund
Special Obligation
6.500% Due 1/1/97............... 335
360 New York City New York Series A
(Escrowed To Maturity)
6.750% Due 3/15/97.............. 369
1,000 New York City New York Series B
3.600% Due 8/15/04 (D) (E)...... 1,000
1,000 New York Dormitory Authority Revenue
Columbia University Series A
Prerefunded
7.500% Due 7/1/08 (D) (E)....... 1,021
300 New York Dormitory Authority Revenue
Nursing Homes-Issue A
3.850% Due 7/1/96 .............. 300
945 New York State Job Development
Authority 1984 Ser C-1 to C-30
3.670% Due 3/1/99 (D) (E)....... 945
485 New York State Job Development
Authority 1984 Ser E-1 to E-55
3.670% Due 3/1/99 (D) (E)....... 485
320 New York State Job Development
Authority 1984 Ser F-1 to F-17
3.670% Due 3/1/99 (D) (E)....... 320
500 North Hempstead New York
Bond Anticipation Notes Series B
3.850% Due 2/27/97.............. 501
Ohio (15.0%)
320 Brooklyn Ohio Industrial
Development Revenue Refunding
(Clinton Road Project A)
3.900% Due 12/1/00 (D) (E)...... 320
See notes to financial statements
Page 30
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedules of Investments June 30, 1996 (Unaudited)
Principal
Amount Value
(000's) (000's)
TAX FREE MONEY MARKET (continued)
$975 Buckeye Ohio Tax Exempt
Mortgage Bond Trust Series C
3.800% Due 2/1/05 (D) (E)....... $975
1,000 Cincinnati & Hamilton County
Ohio Port Authority Revenue
Refunding (Tri State Building)
3.600% Due 9/1/99 (D) (E)....... 1,000
675 Citizens Federal Tax-Exempt
Mortgage Bond Trust
3.450% Due 9/1/08 (D) (E)...... 675
440 Clark County Ohio Hospital
Improvement Revenue Refunding
(Community Hospital Series B)
3.650% Due 4/1/11 (D) (E)...... 440
515 Clermont County Ohio Economic
Development Revenue
(John Q. Hammons Project)
3.900% Due 5/1/12 (D) (E)....... 515
245 Franklin County Ohio Industrial
Development Revenue
(GSW Building Association Ltd.)
3.650% Due 11/1/15 (D) (E)...... 245
1,665 Lakewood Ohio Hospital
Revenue (Hospital
Improvement Series 1983)
3.950% Due 11/1/10 (D) (E)..... 1,665
357 McDonald Tax Exempt
Mortgage Trust #1
4.250% Due 1/15/09 (D) (E)...... 357
805 Montgomery County Ohio
Economic Development Authority
Revenue Refunding (ND Motels)
3.800% Due 12/15/04 (D) (E)..... 805
1,080 Montgomery County Ohio
Economic Development Revenue
(Wayne Town Association)
3.550% Due 10/1/99 (D) (E)...... 1,080
2,125 Ohio Company Tax Exempt
Mortgage Trust Series 2
3.970% Due 6/15/03 (D) (E)...... 2,125
Principal
Amount Value
(000's) (000's)
TAX FREE MONEY MARKET (continued)
$1,030 Riverside Ohio Economic
Development Revenue
(Riverside Association Project)
3.550% Due 9/1/12 (D) (E)....... $1,030
710 Riverside Ohio Economic
Development Revenue
(Wright Point Association)
3.550% Due 9/1/10 (D) (E)....... 710
1,870 Stark County Ohio Industrial
Development Revenue
(Newmarket Parking Ltd.)
3.750% Due 11/1/14 (D) (E)...... 1,870
2,110 Stark County Ohio Health Care
Facilities (Canton Christian
Home PJ) Series 90
3.150% Due 9/1/15 (D) (E)....... 2,110
585 Stark County Ohio Health Care
Facility (Canton Christian Home)
3.350% Due 9/15/16 (D) (E)...... 585
260 Stark County Ohio Industrial
Development Revenue
(Belpar Professional Building)
3.650% Due 10/1/04 (D) (E)...... 260
665 Trumbull County Ohio Industrial
Development Revenue Refunding
(Howland Association Project)
3.500% Due 10/1/01 (D) (E)...... 665
1,360 Willoughby Hills Ohio Industrial
Development Revenue
(Renaissance Properties Project)
3.850% Due 12/15/14 (D) (E)..... 1,360
Oklahoma (1.2%)
1,000 Creek County Oklahoma Industrial
Development Authority
(Indiana Glass Project)
3.800% Due 12/1/05 (D) (E)...... 1,000
500 Oklahoma County Industrial
Development Authority Revenue
(Baptist General Convention)
3.850% Due 3/1/09 (D) (E)....... 500
See notes to financial statements
Page 31
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedules of Investments June 30, 1996 (Unaudited)
Principal
Amount Value
(000's) (000's)
TAX FREE MONEY MARKET (continued)
Oregon (0.3%)
$415 Port of Portland Oregon Public Grain
Elevator Revenue
(Columbia Series A)
3.550% Due 12/1/14 (D) (E)...... $415
Pennsylvania (8.9%)
3,800 Bucks County Pennsyvania
Industrial Development Authority
(Edgecomb Metals)
3.450% Due10/1/09 (D) (E)....... 3,800
1,115 Commonwealth Tax-Exempt
Mortgage Bond Trust Series A
3.450% Due 11/1/05 (D) (E)...... 1,115
76 McDonald Tax Exempt
Mortgage Trust #1
4.250% Due 1/15/09 (D) (E)...... 76
2,000 Philadelphia Pennsylvania Authority
Industrial Development Hospital
Revenue Refunding
(Charter Hospital Project)
3.450% Due 1/1/01 (D) (E)....... 2,000
4,200 Schuykill County Pennsylvania
Industrial Development Authority
(Westwood Energy Property Project)
3.850% Due 11/1/09 (D) (E)...... 4,200
Rhode Island (1.6%)
2,000 Cranston Rhode Island
General Obligation Sewer
Revenue Anticipation Notes
4.750% Due 7/5/96................ 2,000
Tennessee (4.9%)
2,825 Franklin County Tennesse Health
& Educational Facilities Revenue
(University of the South Sewanee)
3.750% Due 9/1/10 (D) (E)........ 2,825
1,280 GAF Tax-Exempt Bond Grantor
Trust Series A (B)
4.050% Due 4/1/08 (D) (E)....... 1,280
1,000 Jefferson County Tennessee
Industrial Development Board
(Ball Corp Project)
3.700% Due 4/1/98 (D) (E)....... 1,000
Principal
Amount Value
(000's) (000's)
TAX FREE MONEY MARKET (continued)
$1,000 Metropolitan Government Nashville &
Davidson Counties
7.000% Due 6/15/97.............. $1,020
Texas (5.9%)
1,800 Harris County Texas
Multifamily Housing Revenue
(Country Scape Development)
3.675% Due 4/1/07 (D) (E)....... 1,800
2,000 Harris County Texas Toll Road Series E
3.400% Due 8/1/15 (D) (E)....... 2,000
900 NCNB Pooled Tax Exempt Trust
Certificate of Participation
Series 1990-B
4.125% Due 11/15/20(B)(D)(F).... 900
2,650 Waxahachie Texas Industrial
Development Authority
(Dart Container Project Series 1985)
3.713% Due 4/1/06 (D) (F)...... 2,650
Utah (2.0%)
1,000 Intermountain Power Agency
Utah Power Supply Revenue
Series F Prerefunded
7.000% Due 7/1/05 (D) (E)....... 1,020
550 Salt Lake City Utah Industrial
Development Revenue
(Parkview Plaza)
3.550% Due 12/1/14 (D) (E)....... 550
1,000 West Valley County Utah
Industrial Development Revenue
(Johnson Mathey Project)
3.800% Due 12/1/11(D) (E)....... 1,000
Virginia (0.9%)
160 Bristol Virginia Development
Authority Industrial Development
Revenue
(Bristol Health Care Center Inc)
3.850% Due 6/1/10 (D) (E)........ 160
1,000 Rockingham County Virginia
Industrial Development Authority
(Merck & Company Inc. Project)
3.800% Due 10/1/22 (D) (E)....... 1,000
See notes to financial statements
Page 32
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedules of Investments June 30, 1996 (Unaudited)
Principal
Amount Value
(000's) (000's)
TAX FREE MONEY MARKET (continued)
Washington (0.6%)
$195 Student Loan Financial Assistance
Program 2nd Series
3.700% Due 1/1/01 (D) (E)....... $195
600 Washington State Housing Finance
Commission Non-Profit Housing
(Emerald Heights)
4.100% Due Due 1/1/21 (D) (E)... 600
West Virginia (0.8%)
950 Keyser West Virginia Industrial
Development Revenue (Keyser
Associates Project)
3.550% Due 7/1/14 (D) (E)....... 950
Wisconsin (2.9%)
1,500 Mount Horeb Wisconsin
Area School District
Bond Anticipation Notes Series A
3.500% Due 11/1/96.............. 1,500
Principal
Amount Value
(000's) (000's)
TAX FREE MONEY MARKET (continued)
$1,000 Ripon City Wisconsin Industrial
Development Revenue
(Speed Queen Project) Series B
4.950% Due 10/1/12 (D) (F)...... $1,000
1,200 West Bend City Wisconsin
School District
Tax & Revenue Anticipation Notes
4.070% Due 8/26/96.............. 1,200
Wyoming (0.9%)
1,085 Cheyenne County Wyoming
Economic Development
Revenue Bonds (Holiday Inn)
3.700% Due 10/1/10 (D) (E)...... 1,085
Total Investments (99.3%)
(Cost $124,601)................ 124,601
Other Assets in Excess of
Liabilities (0.7%)............. 934
Total Net Assets (100.0%).......... $125,535
<FN>
(B) SEC Rule 144A Security. Such security has limited
markets and is traded among "qualified institutional buyers."
(D) Interest rate subject to change approximately every 1 to
180 days. Principal payable on demand at periodic intervals
at the Fund's option.
(E) Coupon rate fluctuates with remarket rate.
(F) Coupon fluctuates with 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 33
<PAGE>
<TABLE>
<CAPTION>
WEISS, PECK & GREER MUTUAL FUNDS
Statements of Assets and Liabilities at June 30, 1996 - (Unaudited)
<S> <C> <C> <C> <C>
Growth and Quantitative
$ in Thousands Tudor Income Growth Equity
Assets
Investments at value(#)............................................... $191,859 $73,718 $64,481 $156,220
Collateral on securities loaned - Note 4............................... 9,989 0 4,325 0
Cash and cash equivalents.............................................. 1 0 0 135
Receivable for securities sold......................................... 1,263 0 1,048 0
Receivable for Fund shares sold........................................ 433 38 602 0
Dividends and interest receivable...................................... 113 226 37 186
Prepaid expenses....................................................... 7 6 4 0
Deferred organizational expense(@).................................... 0 0 0 31
Unrealized appreciation on forward currency contracts.................. 0 0 0 5
Receivable for variation margin........................................ 0 0 0 30
Other assets........................................................... 2 0 1 0
203,667 73,988 70,498 156,607
Liabilities
Covered options written at market(a).................................. 448 0 164 0
Distributions payable.................................................. 0 230 0 0
Payable to custodian bank.............................................. 0 0 0 0
Payable upon return of securities loaned - Note 4...................... 9,989 0 4,325 0
Payable for investment securities purchased............................ 768 635 422 0
Payable for Fund shares redeemed....................................... 671 0 669 0
Payable for securities sold short(b).................................. 0 0 0 0
Accrued investment advisory fee payable - Note 5....................... 143 44 41 95
Accrued adminstration fee payable - Note 5............................. 11 5 1 3
Accrued expenses....................................................... 109 79 50 74
12,139 993 5,672 172
Net Assets.......................... 191,528 72,995 64,826 156,435
Net Assets Represented by:
Shares of beneficial interest, at par.................................. 2,364 2,551 1 21
Paid-in surplus........................................................ 114,072 48,199 43,837 121,556
Accumulated undistributed net investment income........................ 80 301 236 1,236
Undistributed realized gains on investments,
futures, options and currencies/(Distributions
in excess of realized gains on investments,
futures, options and currencies)................................... 19,900 5,726 10,598 6,310
Net unrealized appreciation/(depreciation) on
investments, futures, options and currencies....................... 55,112 16,218 10,154 27,312
Net Assets applied to outstanding shares............................... 191,528 72,995 64,826 156,435
Capital shares (Authorized shares unlimited)
Outstanding............................................................ 7,091 2,551 447 20,927
Par Value.............................................................. $ .33 1/3 $1.00 $0.001 $0.001
Net asset value per share.............................................. $27.01 $28.61 $145.05 $7.48
(#) Investments at cost............................................... 136,740 57,500 54,319 128,955
Unrealized Appreciation/(Depreciation): *
Gross appreciation................................................. 61,970 17,392 20,343 29,853
Gross depreciation................................................. (6,858) (1,174) (10,189) (2,541)
Net unrealized appreciation............................................ 55,112 16,218 10,154 27,312
<FN>
* Based on cost of securities for Federal Income tax purposes.
(@) Accumulated amortization of organizational expenses: Quantitative
Equity $66, Intermediate Municipal Bond $48.
(a) Premiums received: Tudor $430, Growth $155.
(b) Proceeds from short sell: Government Securities $4,941.
</FN>
</TABLE>
Page 34
See Notes to Financial Statements
<PAGE>
<TABLE>
<CAPTION>
WEISS, PECK & GREER MUTUAL FUNDS
Statements of Assets and Liabilities at June 30, 1996 (Unaudited)
<S> <C> <C> <C> <C> <C>
Tax
Intermediate Government Free
Government Municipal Money Money
$ in Thousands International Securities Bond Market Market
Assets
Investments at value (#).............................................. $13,494 $165,984 $13,766 $120,043 $124,601
Collateral on securities loaned - Note 4............................... 0 12,553 0 0 0
Cash and cash equivalents.............................................. 224 1 0 81 8
Receivable for securities sold......................................... 82 16,571 150 0 0
Receivable for Fund shares sold........................................ 20 0 0 0 0
Dividends and interest receivable...................................... 57 1,349 201 2 1,149
Prepaid expenses....................................................... 2 7 1 5 7
Deferred organizational expense(@).................................... 0 0 29 0 0
Unrealized appreciation on forward currency contracts.................. 14 0 0 0 0
Receivable for variation margin........................................ 0 0 0 0 0
Other assets........................................................... 0 0 0 0 0
13,893 196,465 14,147 120,131 125,765
Liabilities
Covered options written at market(a).................................. 0 0 0 0 0
Distributions payable.................................................. 0 685 49 189 127
Payable to custodian bank.............................................. 0 0 404 0 0
Payable upon return of securities loaned - Note 4...................... 0 12,553 0 0 0
Payable for investment securities purchased............................ 172 35,890 0 0 0
Payable for Fund shares redeemed....................................... 0 0 0 0 0
Payable for securities sold short(b).................................. 0 5,017 0 0 0
Accrued investment advisory fee payable - Note 5....................... 17 70 0 50 46
Accrued adminstration fee payable - Note 5............................. 0 3 0 6 3
Accrued expenses....................................................... 42 61 24 72 54
231 54,279 477 317 230
Net Assets.......................... 13,662 142,186 13,670 119,814 125,535
Net Assets Represented by:
Shares of beneficial interest, at par.................................. 12 16 1 120 126
Paid-in surplus........................................................ 11,182 184,567 13,821 119,970 125,423
Accumulated undistributed net investment income........................ 63 58 28 0 0
Undistributed realized gains on investments,
futures, options and currencies/(Distributions
in excess of realized gains on investments,
futures, options and currencies)................................... 1,011 (42,261) (135) (276) (14)
Net unrealized appreciation/(depreciation) on
investments, futures, options and currencies....................... 1,394 (194) (45) 0 0
Net Assets applied to outstanding shares............................... 13,662 142,186 13,670 119,814 125,535
Capital shares (Authorized shares unlimited)
Outstanding............................................................ 1,170 15,611 1,368 120,090 125,549
Par Value.............................................................. $0.01 $0.001 $0.001 $0.001 $0.001
Net asset value per share.............................................. $11.68 $9.11 $9.99 $1.00 $1.00
(#) Investments at cost............................................... 12,112 166,102 13,811 120,043 124,601
Unrealized Appreciation/(Depreciation): *
Gross appreciation................................................. 1,668 853 75 0 0
Gross depreciation................................................. (274) (1,047) (120) 0 0
Net unrealized appreciation............................................ 1,394 (194) (45) 0 0
<FN>
* Based on cost of securities for Federal Income tax purposes.
(@) Accumulated amortization of organizational expenses: Quantitative
Equity $66, Intermediate Municipal Bond $48.
(a) Premiums received: Tudor $430, Growth $155.
(b) Proceeds from short sell: Government Securities $4,941.
</FN>
</TABLE>
Page 35
See Notes to Financial Statements
<PAGE>
<TABLE>
<CAPTION>
WEISS, PECK & GREER MUTUAL FUNDS
Statements of Operations for the Year Ended June 30, 1996 (Unaudited)
<S> <C> <C> <C> <C>
Growth and Quantitative
Tudor Income Growth Equity
$ in Thousands
Investment Income:
Dividends....................................................... $345 $788 $112 $1,742
Interest........................................................ 116 169 103 116
Income from securities loaned - Note 4.......................... 13 0 8 0
Class action litigation settlement.............................. 119 28 144 0
Other........................................................... 0 0 0 0
593 985 367 1,858
Expenses:
Investment advisory fee - Note 5................................ 796 263 232 551
Transfer agent fees and expenses................................ 107 37 11 22
Fund accounting fees and expenses............................... 45 11 8 41
Custodian fees and expenses..................................... 29 13 18 9
Professional fees............................................... 27 14 14 32
Administration fees - Note 5.................................... 62 31 6 15
Shareholders' reports........................................... 14 10 4 3
Trustees' fees and expenses..................................... 10 18 10 10
Registration fees............................................... 9 5 8 2
Amortization of organization costs.............................. 0 0 0 10
Amortization of prepaid expenses................................ 8 3 3 8
Distribution fees - Note 6...................................... 0 0 0 0
Miscellaneous................................................... 4 0 1 3
Total Expenses.................................................. 1,111 405 315 706
Less expenses paid indirectly - Note 7.......................... (1) (1) (1) (2)
Net Expenses.................................................... 1,110 404 314 704
Net Investment Income/(Loss).................................... (517) 581 53 1,154
Realized and Unrealized Gain/(Loss) on Investments,
Futures, Options and Currencies:
Net realized gain/(loss) on investments, futures and options. 20,587 5,676 10,276 6,328
Net realized gain/(loss) on currencies....................... (20) 0 0 0
Change in unrealized appreciation/(depreciation) on
investments, futures and options................... 8,639 918 (1,003) 5,361
Change in unrealized appreciation/(depreciation) on
currencies......................................... 65 0 0 0
Net Gain/(Loss) on Investments, Futures, Options and
Currencies.................................................. 29,271 6,594 9,273 11,689
Net Increase/(decrease) in Net Assets
Resulting from Operations................................... 28,754 7,175 9,326 12,843
</TABLE>
See Notes to Financial Statements
Page 36
<TABLE>
<CAPTION>
WEISS, PECK & GREER MUTUAL FUNDS
Statements of Operations for the Year Ended June 30, 1996 (Unaudited)
<S> <C> <C> <C> <C> <C>
Intermediate Government Tax Free
Government Municipal Money Money
International Securities Bond Market Market
$ in Thousands
Investment Income:
Dividends....................................................... $125 $0 $0 $0 $0
Interest........................................................ 26 5,079 354 3,602 2,595
Income from securities loaned - Note 4.......................... 0 1 0 0 0
Class action litigation settlement.............................. 0 0 0 0 0
Other........................................................... 0 114 0 0 0
151 5,194 354 3,602 2,595
Expenses:
Investment advisory fee - Note 5................................ 34 461 0 341 340
Transfer agent fees and expenses................................ 16 23 13 79 36
Fund accounting fees and expenses............................... 5 17 7 17 19
Custodian fees and expenses..................................... 13 23 2 19 13
Professional fees............................................... 16 25 11 28 23
Administration fees - Note 5.................................... 0 23 0 41 21
Shareholders' reports........................................... 5 6 3 10 3
Trustees' fees and expenses..................................... 11 11 9 12 11
Registration fees............................................... 7 0 2 10 1
Amortization of organization costs.............................. 0 0 8 0 0
Amortization of prepaid expenses................................ 0 7 0 6 2
Distribution fees - Note 6...................................... 0 1 0 0 0
Miscellaneous................................................... 1 0 0 2 1
Total Expenses.................................................. 108 597 55 565 470
Less expenses paid indirectly - Note 7.......................... (4) (4) (1) (1) (3)
Net Expenses.................................................... 104 593 54 564 467
Net Investment Income/(Loss).................................... 47 4,601 300 3,038 2,128
Realized and Unrealized Gain/(Loss) on Investments,
Futures, Options and Currencies:
Net realized gain/(loss) on investments, futures and options. 745 (1,777) 11 8 (2)
Net realized gain/(loss) on currencies....................... 111 0 0 0 0
Change in unrealized appreciation/(depreciation) on
investments, futures and options........................ (22) (2,960) (269) 0 0
Change in unrealized appreciation/(depreciation) on
currencies.............................................. (75) 0 0 0 0
Net Gain/(Loss) on Investments, Futures, Options and
Currencies.................................................. 759 (4,737) (258) 8 (2)
Net Increase/(decrease) in Net Assets
Resulting from Operations................................... 806 (136) 42 3,046 2,126
</TABLE>
See Notes to Financial Statements
Page 37
<PAGE>
<TABLE>
<CAPTION>
WEISS, PECK & GREER MUTUAL FUNDS
Statements 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
6/30/96* 12/31/95 6/30/96* 12/31/95 6/30/96* 12/31/95 6/30/96* 12/31/95
Operations:
Net investment income/(loss)...................... ($517) ($705) $581 $1,376 $53 ($135) $1,154 $2,043
Net realized gain/(loss) on
investments, futures,
options, and currencies......................... 20,567 23,450 5,676 4,324 10,276 7,635 6,328 5,546
Change in unrealized
appreciation/(depreciation)
on investments, futures,
options and currencies.......................... 8,704 29,647 918 12,858 (1,003) 13,926 5,361 20,960
Net Increase/(Decrease)
in Net Assets Resulting
from Operations................................. 28,754 52,392 7,175 18,558 9,326 21,426 12,843 28,549
Distributions to Shareholders:
From net investment income...................... 0 0 (484) (1,383) 0 0 0 (2,128)
From capital gains.............................. 0 (27,660) 0 (4,290) 0 (3,175) 0 (5,506)
Net Decrease Due to
Distributions................................... 0 (27,660) (484) (5,673) 0 (3,175) 0 (7,634)
Transactions in Shares of
Beneficial Interest:
Received on issuance:
Shares sold..................................... 60,606 66,514 4,691 5,973 43,157 43,426 19,583 52,783
Distributions reinvested........................ 0 24,708 214 4,870 0 3,104 0 7,211
Shares redeemed................................. (63,366) (94,627) (5,958) (17,416) (48,110) (92,270) (9,192) (21,192)
Net Increase/(Decrease) from
Capital Share Transactions.................... (2,760) (3,405) (1,053) (6,573) (4,953) (45,740) 10,391 38,802
Total Increase/(Decrease)
in Net Assets................................... 25,994 21,327 5,638 6,312 4,373 (27,489) 23,234 59,717
Net Assets:
Beginning of year................................. 165,534 144,207 67,357 61,045 60,453 87,942 133,201 73,484
End of period .................................... 191,528 165,534 72,995 67,357 64,826 60,453 156,435 133,201
Includes undistributed net invest-
ment income................................... 80 597 301 204 236 183 1,236 82
Transactions in shares of the funds (in thousands):
Sold.......................................... 2,383 2,981 174 407 316 382 2,753 8,282
Reinvestment of distributions................. 0 1,050 8 27 0 25 0 1,011
Redeemed...................................... (2,506) (4,274) (220) (703) (352) (855) (1,282) (3,354)
Net increase/(decrease)........................... (123) (243) (38) (269) (36) (448) 1,471 5,939
<FN>
* Unaudited
</FN>
</TABLE>
See Notes to Financial Statements
Page 38
<PAGE>
<TABLE>
<CAPTION>
WEISS, PECK & GREER MUTUAL FUNDS
Statements of Changes in Net Assets
<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 Year Months Year Months Year
$ in Thousands Ended Ended Ended Ended Ended Ended Ended Ended Ended Ended
6/30/96* 12/31/95 6/30/96* 12/31/95 6/30/96* 12/31/95 6/30/96* 12/31/95 6/30/96* 12/31/95
Operations:
Net investment income/(loss)...... $47 $56 $4,601 $12,142 $300 $606 $3,038 $7,619 $2,128 $4,427
Net realized gain/(loss) on
investments, futures,
options, and currencies......... 856 1,332 (1,777) (4,897) 11 (3) 8 26 (2) (1)
Change in unrealized
appreciation/(depreciation)
on investments, futures,
options and currencies............ (97) (32) (2,960) 16,119 (269) 977 0 0 0 0
Net Increase/(Decrease)
in Net Assets Resulting
from Operations.................. 806 1,356 (136) 23,364 42 1,580 3,046 7,645 2,126 4,426
Distributions to Shareholders:
From net investment income...... 0 (179) (4,547) (11,999) (300) (606) (3,038) (7,619) (2,128) (4,427)
From capital gains.............. 0 (1,150) 0 0 0 0 0 0 0 0
Net Decrease Due to
Distributions.................... 0 (1,329) (4,547) (11,999) (300) (606) (3,038) (7,619) (2,128) (4,427)
Transactions in Shares of
Beneficial Interest:
Received on issuance:
Shares sold................... 1,903 1,002 5,205 11,551 2,751 4,206 520,942 759,357 593,484 856,653
Distributions reinvested...... 0 1,191 2,409 8,145 199 505 2,969 7,031 2,095 4,057
Shares redeemed................ (3,241) (5,128) (32,323) (75,847) (1,752) (6,960) (535,315)(823,401) (591,796)(891,456)
Net Increase/(Decrease) from
Capital Share Transactions.. (1,338) (2,935) (24,709) (56,151) 1,198 (2,249) (11,404) (57,013) 3,783 (30,746)
Total Increase/(Decrease)
in Net Assets.................. (532) (2,908) (29,392) (44,786) 940 (1,275) (11,396) (56,987) 3,781 (30,747)
Net Assets:
Beginning of year............... 14,194 17,102 171,578 216,364 12,730 14,005 131,210 188,197 121,754 152,501
End of period .................. 13,662 14,194 142,186 171,578 13,670 12,730 119,814 131,210 125,535 121,754
Includes undistributed net invest-
ment income................... 63 16 58 4 28 28 0 0 0 0
Transactions in shares of the funds
(in thousands):
Sold......................... 169 87 561 1,387 274 430 520,942 759,357 593,484 856,653
Reinvestment of
distributions............. 0 107 262 763 20 47 2,969 7,031 2,095 4,057
Redeemed..................... (288) (470) (3,495) (8,359) (174) (702) (535,315)(823,401) (591,796)(891,456)
Net increase/(decrease).......... (119) (276) (2,672) (6,209) 120 (225) (11,404) (57,013) 3,783 (30,746)
<FN>
* Unaudited
</FN>
</TABLE>
See Notes to Financial Statements
Page 39
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Notes to Financial Statements - (Unaudited)
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 ("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.
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 the
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 40
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Notes to Financial Statements - Unaudited -(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 June 30, 1996, the following funds had a
capital loss carryforwards:
<TABLE>
<S> <C> <C> <C>
(in thousands)
Year of Expiration
Fund 2001 2002 2003
Government Securities - 20,373 20,105
Municipal Bond - 139 7
Government Money Market - 2,022 0
Tax Free Money Market 10 0 1
</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
annually when available for Tudor, Growth, Quantitative Equity and
International and quarterly for Growth & Income. 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(Tudor, Growth, 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 41
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Notes to Financial Statements - Unaudited - (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 year end, resulting from
changes in the exchange rate.
Page 42
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Notes to Financial Statements - Unaudited -(continued)
Use of Estimates
Estimates and assumptions are required to be made regarding assets,
liabilities and changes in net assets resulting from operations when financial
statements are prepared. Changes in the economic environment, financial
markets and any other parameters used in determining these estimates could
cause actual results to differ from these amounts.
2-Securities Transactions
During the six months ended June 30, 1996, sales proceeds, cost of securities
purchased, (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>
Proceeds Cost of Commissions
of Securities Securities Total Received by
Sold Purchased Commissions WPG or Lloyds
(000's) (000's) (000's) (000's)
Tudor $95,631 $88,999 $143 $56
Growth and Income 31,760 29,753 58 42
Growth 47,909 42,621 66 39
Quantitative Equity 25,508 42,633 47 47
International 6,105 5,715 43 0
Government Securities
Securities 234,955 212,208 0 0
Municipal Bond 3,248 4,401 0 0
</TABLE>
<TABLE>
<CAPTION>
Options Writing Activity
<S> <C> <C> <C> <C>
Tudor Growth
($ in thousands) Number Number
of Premiums of Premiums
Contracts Received Contracts Received
Covered Call
Options Written
Contracts Outstanding
December 31, 1995 461 $227 0 $0
Contracts Written 3,065 2,228 586 508
3,526 2,455 586 508
Contracts Terminated
Expired 452 224 40 17
Exercised - - 0 0
Closed 2,588 1,801 381 336
Total Contracts terminated 3,040 2,025 421 353
Contracts Outstanding at
June 30, 1996 486 $430 165 $155
Cost of Total Contracts Terminated $2,056 $357
Realized Gain/(Loss) on Contracts (32) (4)
Aggregate value of collateral $15,623 $6,050
</TABLE>
Page 43
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Notes to Financial Statements - Unaudited (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>
Cost Value Per Unit Total Market Percentage of
Per at Acquisition Value Per Unit Value 6/30/96 Net Assets at
Fund Security Unit Date at 6/30/96 (000's) 6/30/96
Tudor Advanced Promotion
Technologies $100.00 $73.76 $5.62 $29 0.02%
Tudor Cambridge
Neuroscience 6.75 6.75 7.84 549 0.29%
Tudor Matrix
Pharmaceuticals 12.00 10.52 17.10 1,283 0.67%
Tudor Ribi ImmunoChem
Research Inc. 8.25 7.54 4.45 270 0.14%
Growth Ribi ImmunoChem
Research Inc. 8.25 7.54 4.45 270 0.42%
</TABLE>
4-Securities Lending(Tudor, Growth)
At June 30, 1996, securities valued at $9,793,125 were on loan to brokers by
Tudor Fund, $4,244,272 by Growth Fund and $12,263,617 by Government Securities
Fund. For collateral the Tudor Fund received a letter of credit equal to
$10,000,000 of the loan, the Growth Fund received U.S. Government Securities
in the amount of $4,324,562 as collateral and the Government Securities Fund
received U.S. Government securities in the amount of $12,553,342. The Funds
have chosen to report custodian expenses associated with securities lending
activities as an offset to income from securities loaned. The amounts of these
expenses were $1,560 for the Tudor Fund, $3,600 for the Growth Fund and $64 for
the Government Securities Fund.
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 5.60% 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 44
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Notes to Financial Statements - (continued)
continued from previous page
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, 1996, expenses incurred under the Plan were
$1,210.
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.
7 - Custodian fees
Each Fund has entered into an expense offset agreemnet with its custodian
wherein it receives credit toward the reduction of custodian fees whenever
there are uninvested cash balances. For the six months ended June 30, 1996 the
Funds' custody fee and related offset were as follows:
<TABLE>
<S> <C> <C>
Custody Offset
Fee Credit
Tudor $29,172 $872
Growth and Income 12,720 952
Growth 18,303 1,384
Quantitative Equity 9,020 2,056
International 13,458 4,372
Government Securities 22,704 3,593
Intermediate Municipal Bond 2,253 1,023
Government Money Market 19,147 699
Tax-Free Money Market 13,364 2,689
</TABLE>
Page 45
<PAGE>
<TABLE>
<CAPTION>
WEISS, PECK & GREER MUTUAL FUNDS
Financial Highlights
(for the years ended December 31 except for 1996 which is
the six months ended June 30, except as indicated in the footnotes.)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$ per share
Net Total
Realized Income
Net Net and From Dividends Distri- Net Net
Asset Invest- Unrealized invest- From butions Tax Contri- Asset Assets at
Value at ment Gains or ment Net From Return Total butions Value at End of
Beginning Income (Losses) on Opera- Investment Capital of Distri- to End of Total Period
of Period (Loss) Securities tions Income Gains Capital butions Capital Period Return ($000's)
Tudor
1996 22.95 (0.07) 4.13 4.06 0.00 0.00 0.00 0.00 0.00 27.01 17.72% 191,528
1995 19.34 (0.10) 8.03 7.93 0.00 (4.32) 0.00 (4.32) 0.00 22.95 41.18% 165,534
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
Growth and Income Fund
1996 26.02 0.23 2.55 2.78 (0.19) 0.00 0.00 (0.19) 0.00 28.61 10.68% 72,995
1995 21.36 0.51 6.44 6.95 (0.53) (1.76) 0.00 (2.29) 0.00 26.02 32.73% 67,357
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
Growth
1996 125.17 0.15 19.73 19.88 0.00 0.00 0.00 0.00 0.00 145.05 15.88% 64,826
1995 94.45 (0.22) 37.70 37.48 0.00 (6.76) 0.00 (6.76) 0.00 125.17 39.72% 60,453
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
Quantitative Equity Fund
1996 6.85 0.05 0.58 0.63 0.00 0.00 0.00 0.00 0.00 7.48 9.30% 156,435
1995 5.44 0.13 1.70 1.83 (0.12) (0.30) 0.00 (0.42) 0.00 6.85 33.37% 133,201
1994 5.58 0.13 (0.11) 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
1996 11.01 0.04 0.63 0.67 0.00 0.00 0.00 0.00 0.00 11.68 6.05% 13,662
1995 10.93 0.04 1.15 1.19 (0.15) (0.96) 0.00 (1.11) 0.00 11.01 10.92% 14,194
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
</TABLE>
<TABLE>
<CAPTION>
WEISS, PECK & GREER MUTUAL FUNDS
Financial Highlights
(for the years ended December 31 except for 1996 which is
the six months ended June 30, except as indicated in the footnotes.)
<S> <C> <C> <C>
ratios
Ratio of Ratio of
Expenses Net Income Portfolio
To Average To Average Turnover
Net Assets Net Assets Rate
Tudor
1996 1.25% (0.58%) 49.7%
1995 1.30% (0.47%) 123.1%
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%
Growth and Income Fund
1996 1.15% 1.66% 42.7%
1995 1.22% 2.10% 79.4%
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%
Growth
1996 1.01% 0.17% 70.2%
1995 1.07% (0.21%) 119.0%
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%
Quantitative Equity Fund
1996 0.96% 1.5% 18.0%
1995 1.00% 2.0% 26.1%
1994 1.14% 2.3% 46.8%
1993 1.32% 2.0% 20.6%
International
1996 1.55% 0.7% 45.9%
1995 1.74% 0.3% 55.9%
1994 1.95% 0.1% 69.8%
1993 2.12% (0.1%) 75.9%
1992 2.28% 0.7% 96.8%
1991 2.38% 0.5% 76.5%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WEISS, PECK & GREER MUTUAL FUNDS
Financial Highlights
(for the years ended December 31 except for 1996 which is
the six months ended June 30, except as indicated in the footnotes.)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$ per share
Net Total
Realized Income
Net Net and From Dividends Distri- Net Net
Asset Invest- Unrealized invest- From butions Tax Contri- Asset Assets at
Value at ment Gains or ment Net From Return Total butions Value at End of
Beginning Income (Losses) on Opera- Investment Capital of Distri- to End of Total Period
of Period (Loss) Securities tions Income Gains Capital butions Capital Period Return ($000's)
Government Securities
1996 9.38 0.27 (0.27) 0.00 (0.27) 0.00 0.00 (0.27) 0.00 9.11 0.03% 142,186
1995 8.83 0.60 0.54 1.14 (0.59) 0.00 0.00 (0.59) 0.00 9.38 13.25% 171,578
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
Intermediate Municipal Bond
1996 10.20 0.23 (0.21) 0.02 (0.23) 0.00 0.00 (0.23) 0.00 9.99 0.24% 13,670
1995 9.51 0.44 0.69 1.13 (0.44) 0.00 0.00 (0.44) 0.00 10.20 12.05% 12,730
1994 10.15 0.41 (0.64) (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
1996 1.00 0.02 0.00 0.02 (0.02) 0.00 0.00 (0.02) 0.00 1.00 2.24% 119,814
1995 1.00 0.05 0.00 0.05 (0.05) 0.00 0.00 (0.05) 0.00 1.00 5.16% 131,210
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
Tax Free Money Market
1996 1.00 0.02 0.00 0.02 (0.02) 0.00 0.00 (0.02) 0.00 1.00 1.57% 125,535
1995 1.00 0.04 0.00 0.04 (0.04) 0.00 0.00 (0.04) 0.00 1.00 3.63% 121,754
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
</TABLE>
<TABLE>
<CAPTION>
WEISS, PECK & GREER MUTUAL FUNDS
Financial Highlights
(for the years ended December 31 except for 1996 which is
the six months ended June 30, except as indicated in the footnotes.)
<S> <C> <C> <C>
ratios
Ratio of Ratio of
Expenses Net Income Portfolio
To Average To Average Turnover
Net Assets Net Assets Rate
Government Securities
1996 0.77% 5.99 166.1%
1995 0.82% 6.52 375.0%
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%
Intermediate Municipal Bond
1996 0.85% 4.66 26.0%
1995 0.85% 4.38 51.2%
1994 0.85% 4.20 30.9%
1993 0.84%A 3.86 17.0%A
Government Money Market
1996 0.83% 4.47 N/A
1995 0.82% 5.06 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
Tax Free Money Market
1996 0.69% 3.13 N/A
1995 0.76% 3.56 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
</TABLE>
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Financial Highlights - (Unaudited)
The Advisor agreed to reimburse other operating expenses and not to
impose its full fee for certain periods. Had the Adviser not so
agreed, and had the Funds not received a custody fee earnings credit,
the net investment income/(loss) per share, total return, ratio of
expenses to average net assets and of net income to average net assets
would have been:
<TABLE>
<S> <C> <C> <C> <C> <C>
Ratio of
per share Ratio of Net
Net Expenses Income
Income Total to Average to Average
(Loss) Return Net Assets Net Assets
Growth
1995 (0 .22) 39.72% 1.08% (0.21%)
Quantitative Equity
1993 0.07 13.90% 1.41% 1.92%
International
1996** (0.03) 6.05% 1.61% 0.64%
1995 0.04 10.92% 1.76% 0.39%
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%)
Intermediate Municipal Bond
1996** 0.21 0.24% 0.86% 4.65%
1995 0.43 11.93% 0.97% 4.25%
1994 0.41 (2.90%) 1.45% 3.60%
1993* 0.14 3.07% 2.00%A 2.70%A
For the Tudor, Growth and Income, Quantitative Equity, Government Securities,
Intermediate Municipal Bond, Government Money Market and Tax Free Money Market
funds the custody fee earnings credit had an effect of less than 0.01% per
share on the above ratios.
<FN>
Notes:
# Two month period ended December 31, 1990
@ For the year ended October 31, 1990
* From July 1, 1993 (commencement of operations) to December 31, 1993
** For the period January 1, 1996 through June 30, 1996.
A Annualized
</FN>
</TABLE>
Page 48
<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,
WPG Growth Fund, Executive Vice President
and Trustee - WPG Growth and Income Fund
Jay C. Nadel
Executive Vice President and Secretary - all funds
Francis H. Powers
Executive Vice President and Treasurer - all funds
Joseph J. Reardon
Vice President - all funds
Arlen S. Oransky
Assistant Vice President - all funds
Joseph Parascondola
Assistant Vice President - all funds
A. Roy Knutsen
President - WPG Growth and Income Fund
Daniel S. Vandivort
President - WPG Funds Trust
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
First Data Investor 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.
