WEISS, PECK & GREER
MUTUAL FUNDS
Annual Report
December 31, 1996
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......................................1
Major Portfolio Changes................................3
Average Annual Total Return............................4
Ten Largest Holdings...................................9
Schedules of Investments
WPG Tudor Fund .................................11
WPG Growth and Income Fund .....................14
WPG Growth Fund ................................16
WPG Quantitative Equity Fund....................19
Weiss, Peck & Greer International Fund .........23
WPG Government Securities Fund .................26
WPG Intermediate Municipal Bond Fund ...........26
WPG Government Money Market Fund ...............29
WPG Tax Free Money Market Fund .................30
Statements of Assets and Liabilities..................36
Statements of Operations..............................38
Statements of Changes in Net Assets...................40
Notes to Financial Statements.........................42
Financial Highlights..................................50
Independent Auditors' Report..........................53
Growth
Objective: Maximum capital appreciation (intended primarily
for institutional investors).
International
Objective: Long-term growth of capital.
Tudor
Objective: Capital appreciation.
Growth and Income
Objective: Long-term growth of capital and current income.
Quantitative Equity
Objective: Seeks to provide investment results that exceed the
S & P 500.
Intermediate Municipal Bond
Objective: High current income consistent with relative
stability of principal.
Exempt from Federal Income Tax.
Government Securities Fund
Objective: Current income.
* Tax Free Money Market
Objective: Maximize current income with preservation of
capital and liquidity.
Exempt from Federal Income Tax.
* Government Money Market Fund
Objective: Maximize current income with preservation of
capital and liquidity.
* Although these Funds are money market funds and attempt to maintain a
stable $1.00 net asset | value per share, investments in these Funds are
neither insured nor guaranteed by the U.S.
Government. There can be no assurance that either Fund will be able to
maintain a stable net asset value of $1.00 per share.
<PAGE>
DEAR SHAREHOLDER:
1996 was a year of mixed returns for the markets around the world.
DOMESTIC MARKETS
The United States stock markets enjoyed another banner year in 1996. An
environment characterized by slow growth, modest inflation, good profit reports,
and a vibrant inflow of liquidity to domestic equity mutual funds all
contributed to powerful stock market performance.
The stock market was fraught with volatility throughout the year. Early in the
year, investors worried that the U.S. economy was too weak, and then became
concerned that growth might get too strong over the remainder of the year.
Fortunately, neither of these concerns turned out to be valid. Instead, economic
growth remained moderate, keeping inflation subdued and the Federal Reserve
Board from raising key short-term interest rates.
The flow of money into mutual funds continued at a record pace. Equity
oriented mutual funds received most of the new money, over $225 billion,
topping the prior yearly record of $146.8 billion. Although these inflows may
not continue to be as strong in 1997, it is noteworthy that money fund assets
grew by over $300 billion between 1995-96 to total $900 billion.
Many of the same worries that affected stock market investors early in the
year plagued the bond markets, extending through the first nine months of the
year. In the beginning of the fourth quarter, a round of economic numbers
indicated solid but moderate growth and tame wage and salary inflation. This
positive news led investors to drive down interest rates. When the Federal
Reserve decided to leave interest rates unchanged, euphoria persisted until
December, when there was a reversal in sentiment as consumer confidence rose
and Fed Chairman Greenspan warned of asset overvaluation. The bond markets did
an about face to close the year on a sour note.
On the whole, 1996 was volatile and bearish for interest rates. To
illustrate, the yield for the ten year T-Note began the year at 5.50%, rose to
over 7% in July, and then fell back down to 6% in December. While the
overnight bank borrowing rate, the fed funds rate, was steady at 5.25% for
the last ten months of the year, all other yields across the U.S. Treasury
interest rate curve rose. Yields for the two and five year T-Notes rose by 0.72%
and 0.83% to close the year at 5.87% and 6.21%, respectively. At the same time,
yields for the ten year T-Note and thirty year T-Bond rose by 0.85% and 0.69%,
respectively, to 6.42% and 6.64%.
As we enter 1997, there does not appear to be much change in the economic
environment. Inflation continues to be benign, hence no major changes in
monetary policy seem to be imminent. We expect moderate real economic growth of
approximately 2 1/2% and interest rates between 6% and 7%, as measured by the
thirty year U.S. Treasury Bond. Operating profits are expected to rise 6-7%.
With little change in the external environment, the financial
markets should continue to provide positive returns. However, history suggests
that after two years of spectacular stock market gains, 1997 most likely will
bring lower stock market returns combined with more volatility. We believe that
stock selection will be increasingly important in this environment.
The S&P 500 is trading at 17x our estimate of 1997 earnings of $43.50 per share.
An unweighted index such as the NYSE Index trades closer to 15x. This implies
that there are many investment opportunities available away from the large cap
blue chip issues that have dominated performance during the last two years.
Indeed, we expect that small and medium capitalization stocks may outperform in
the coming year, as has been the case in previous mature bull markets.
Page 1
<PAGE>
The P/E multiple relative to growth rate for small stocks is very compelling at
this point. This, coupled with the fact that the strong U.S. dollar will dampen
the earnings momentum of large multinational companies, supports our belief that
small stocks may reassert market leadership.
The bond market is still being affected by general investor wariness about
economic growth and increases in inflation overall and wages particularly.
INTERNATIONAL MARKETS
With the notable exception of Japan and a few S.E. Asian markets, the fourth
quarter of 1996 provided good equity market returns around the world.
In continental Europe, better bond prices and cuts in interest rates helped
to push equity prices higher. Efforts to achieve European Monetary Union
("EMU") allowed narrower bond yield differentials relative to Germany and
currency strength against the Deutsche mark. Most countries with the largest
task of meeting European Monetary Union membership criteria tended to
outperform.
Economic news in the United Kingdom confirmed that the economy was
experiencing a robust consumer led recovery, which prompted an interest rate
rise in October. The equity market shrugged off this first step in monetary
tightening and, with international interest supported by a strong currency, the
equity market rose to a succession of new highs. In Japan growing concern about
the pace of the economy and inconclusive election results depressed investor
confidence. The yen also remained weak.
In S.E. Asia there were some marked contrasts in performance. Hong Kong
attracted interest as there were signs that economic policy in China was being
eased. However, there were also some big market falls in Thailand and Korea,
where economic difficulties worried investors.
Looking forward, we are optimistic about the European stock markets. The
Japanese market seems vulnerable and we expect further volatility in the coming
months.
We are grateful for your confidence in Weiss, Peck & Greer over the past year.
Our goal continues to do our best to help our shareholders achieve their
investment goals. We wish you and your family good health and continued
prosperity in the new year.
Sincerely,
/s/ Roger J. Weiss
Roger J. Weiss
Chairman of the Board
January 15, 1997
Page 2
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Major Portfolio Changes - Equity Funds - Quarter Ending December 31,1996
- Unaudited
Tudor Growth and Income
------------------------------------ ------------------------------
Additions Additions
--------- ---------
Advanced Fibre Communication Inc. Baan Co. Convertible Bonds
Amerin Corp. 4.500% Due 12/23/01
Chesapeake Energy Corp. Bank of New York Inc.
Gulf Canada Resources Ltd. Bristol-Myers Squibb Co.
Industri-Matematik International Corp. Dresser Industries Inc.
International Network Services First Data Corp.
Komag Inc. Home Depot
Petroleum Geo Services ADR Price Costco Inc.
Pizza Express 3Com Corp.
Twinlab Corp.
Deletions
Deletions ---------
---------
AutoZone Inc. Bay Networks Inc.
CWM Mortgage Holdings Inc. Electronic Data Systems Corp.
Envoy Corp. Engelhard Corp.
Gymboree Corp. Guess? Inc.
Olsten Corp. Hasbro Inc.
RFS Hotel Investors Inc. Pharmacia & Upjohn Inc.
Seagate Technology Inc. Rockshox Inc.
Transnational Re Corp.
United Waste Systems Inc.
Vencor Inc.
Growth International
---------------------------------- ------------------------------
Additions Additions
--------- ---------
Amerin Corp. Broken Hill Proprietary Co.
Analog Devices Inc. Commerzbank AG
Corrections Corp of America Hong Kong & China Gas
Delia*s Inc. Hysan Development
Fractal Design Corp. Japan Associated Finance
Gulf Canada Resources Mayne Nickless Ltd.
Petroleum Geo Services ADR Nissan Motor Co.
Procom Technology Novartis AG
Templeton Dragon Fund Shangri-La Asia
Twinlab Corp. Winterthur
Deletions Deletions
--------- ---------
AutoZone Inc. China Light & Power
HCIA Inc. CRA Ltd.
LCC International Inc. Cl A Great Eagle Holdings
Olsten Corp. Mitsubishi Convertible Bonds
OM Group Inc. 3.500% Due 3/31/04
Orckit Communications Ltd. Northern Telecom Ltd.
Peoples Choice TV Corp Pioneer International
RFS Hotel Investors Inc. RWE AG
United Waste Systems Inc. Suzuki Motor Co.
Vencor Inc. Telefonica de Espana
Telefonos de Mexico ADR
<PAGE>
WEISS PECK & GREER MUTUAL FUNDS
Average Annual Total Return
TUDOR FUND
Through year end 1996, the Tudor Fund has outperformed its relevant benchmarks
for the one and five year periods. Positive contributions to the market's
performance this year included the energy and technology areas. The Fund's
holdings in these sectors outperformed the benchmark through positive stock
selection. In the health care area, too, the Fund performed well. Looking
forward, we are maintaining a significant overweight in technology believing
that a period of strong growth lies ahead for these stocks as product demand
continues to be strong. Within the health care area we will continue to
emphasize biotechnology while introducing more service-oriented companies to the
holdings. The investment environment for small cap stocks should remain
favorable for the foreseeable future, and our outlook is for a period of
outperformance against the large caps.
Beginning January 1, 1997 the Russell 2500 Growth Index will replace the
Nasdaq Composite Index as one of the Fund's benchmarks. We believe the
$1.4 billion weighted average capitalization of the Russell Index provides a
more relevant comparison for the Fund than the Nasdaq Composite, which has a
weighted average market capitalization of $18 billion.
[Graph shown here]
Average Annual Total Return
(for the periods ended December 31, 1996)
<TABLE>
<S> <C> <C> <C>
1 year 5 years 10 years
----- ------- --------
TUDOR ............................. 18.82% 12.51% 13.75%
NASDAQ............................. 22.71% 17.10% 13.98%
Lipper Cap. Appreciation Index..... 14.95% 12.92% 13.14%
Russell 2500 Growth Index.......... 15.07% 12.47% 13.01%
</TABLE>
GROWTH AND INCOME FUND
1996 was another very good year for the Fund which returned 24.4%. The
financial and technology sectors were among the best performing groups during
the year and the Fund was overweighted in each. Outperforming financial issues
included: American Express, BankAmerica, Chase Manhattan and Citicorp. The
leading technology issues were: Boeing, Cadence Design, Cisco, Intel and
Oracle. Other top performing stocks included Coca-Cola, Duracell, General
Electric, Monsanto, Philip Morris and Pfizer. Although 1997 may not be as
exuberant in performance terms as 1995 and 1996, we still expect positive
results for the year.
[Graph shown here]
Average Annual Total Return
(for the periods ended December 31, 1996)
<TABLE>
<S> <C> <C> <C>
1 year 5 years 10 years
----- ------- --------
GROWTH AND INCOME.................. 24.42% 14.23% 13.84%
S&P 500 Stock Index................ 22.96% 15.22% 15.27%
Lipper Growth & Income Funds....... 20.78% 13.97% 13.23%
</TABLE>
Page 4
<PAGE>
WEISS PECK & GREER MUTUAL FUNDS
Average Annual Total Return
GROWTH FUND
The WPG Growth Fund enjoyed strong performance against its benchmarks through
year end 1996. The excellent return was driven by good stock selection in the
areas of health care, energy and technology, where the Fund has also maintained
a significant overweight. The positive contribution of the biotechnology stocks
we owned buoyed our health care returns, while the market posted negative
results for the sector. In the coming year, we will continue to emphasize
technology since we believe these stocks will resume their market leadership.
The moderate growth, low inflation environment we anticipate for the next year
should favor small capitalization stocks whose valuations, at this juncture, are
quite compelling.
[Graph shown here]
Average Annual Total Return
(for the periods ended December 31, 1996)
<TABLE>
<S> <C> <C> <C>
1 year 5 years 10 years
----- ------- --------
GROWTH............................. 17.99% 11.57% 12.30%
Lipper Small Co. Growth Index...... 14.51% 14.36% 13.18%
Wilshire Small Co. Growth Index.... 13.88% 15.63% 13.02%
Russell 2500 Growth Index.......... 11.26% 11.69% 10.88%
</TABLE>
QUANTITATIVE EQUITY FUND
This year's extended and unusually powerful run in the market, coming at the end
of a long economic cycle, was an extremely inhospitable environment for the
Fund. The Fund's risk averse nature has caused it to lag the S&P 500 during this
extended run. As we move into 1997, the focus of the strategy will remain risk
control, and the Fund will maintain its positioning for a short, or extended
correction in the market.
[Graph shown here]
Average Annual Total Return
(for the periods ended December 31, 1996)
<TABLE>
<S> <C> <C>
since
1 year inception +
----- -----------
QUANTITATIVE EQUITY................ 18.51% 15.93%
S&P 500 Stock Index................ 22.96% 17.23%
<FN>
+ Commencement of operations 1/1/93
</FN>
</TABLE>
Page 5
<PAGE>
WEISS, PECK & GREER
Average Annual Total Return
INTERNATIONAL FUND
Global equity markets enjoyed varying fortunes in 1996. The economic background
was one of non-inflationary growth, with GDP expectations being revised up in
the UK, down in Europe and S.E. Asia and up and then down in Japan. As a
consequence, there was no particular reason to worry about interest rates being
raised except in the UK. Indeed, rates came down in Europe, came down in the UK
before being raised in October and were kept steady in Japan.
In the UK and Europe equity prices moved erratically in the first half of the
year and then, undoubtedly assisted by a buoyant Wall Street, moved up sharply
in the second half. Across Europe the theme of European Monetary Union
dominated bond and currency markets and influenced equity market preference.
Unfortunately this market environment did not translate too well to the Far
East. Japan started the year well, encouraged by good GDP numbers but as
economic growth seemed to fade again, as the problems of the banks resurfaced
and as the yen weakened sharply, confidence in equities evaporated. The market
fell steeply in the second half of the year. In S.E. Asia, Hong Kong and
Taiwan produced good performances but these were some big falls in the Korea
and Thailand markets.
The Fund suffered from too heavy a weighting in Japan although this was reduced
during the year as the lack of any sustained improvement in the economy became
apparent and as the prospects for the yen continued to deteriorate. Within the
S.E. Asia portfolio an overweighting of Hong Kong throughout the year provided
a positive contribution to performance although the benefit was offset in part
by small exposures to Korea and Thailand. The UK weighting in the portfolio
provided two benefits to performance, the first being the market gains,
particularly later in the year, and the second being the strength of sterling.
In Europe, there was rapid rotation of interest between markets as EMU,
economic and political expectations ebbed and flowed, this making for a very
difficult investment environment.
[Graph shown here]
Average Annual Total Return
(for the periods ended December 31, 1996)
<TABLE>
<S> <C> <C> <C>
since
1 year 5 years inception +
----- ------- ---------
INTERNATIONAL (A).................. 4.62% 7.10% 3.94%
EAFE (Europe, Australia,
Far East) Index................. 6.36% 8.48% 5.51%
<FN>
+ Commencement of operations 6/1/89
(A) The Adviser waived its fee from inception of the Fund through 2/28/90 and
has waived a portion of its fee fromthat date through October 19, 1994. Had
the Adviser not done so, the total return for the five years ended 12/31/96
and from inception through 12/31/96 would have been lower.
</FN>
</TABLE>
Page 6
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Average Annual Total Return
WPG GOVERNMENT SECURITIES FUND
For the year ended December 31, 1996, Weiss, Peck & Greer's Government
Securities Fund returned 3.85% versus 2.47% for the Morningstar General
Government Bond universe average and 4.62% for the Fund's benchmark, the Lehman
Brothers Intermediate Government/Mortgage Index.
Early in the year, the Government Securities Fund was underweight securities
with intermediate range maturities relative to the Index as this area of the
yield curve offered greater value than securities with short and long dated
maturities. Initially, intermediates performed well causing Fund performance to
lag. For most of the first half of the year, however, this underweight boosted
the total return as intermediates underperformed.
During the second half the year, the Fund's yield curve positioning was brought
back to neutral relative to the benchmark and, late in the year, its overall
risk profile was structured defensively. The timing of the repositioning and a
rally in the market during the fourth quarter adversely impacted performance
compared to the benchmark.
In spread sectors, the Fund was overweight mortgage pass-throughs for most of
the year. During the first three quarters, this sector was concentrated in
current coupon pass-throughs and in the fourth quarter the focus was in premium
coupons and adjustable rate mortgages. This overweight added to return
throughout the year, particularly in the second quarter and in the fourth
quarter.
As the new year begins, Fund management will continue to seek undervalued areas
of spread sectors and yield curve structures using its quantitative models in
order to enhance total return.
[Graph shown here]
Average Annual Total Return
(for the periods ended December 31, 1996)
<TABLE>
<S> <C> <C> <C>
1 year 5 years 10 years
----- ------- --------
GOVERNMENT SECURITIES.............. 3.85% 4.77% 7.03%
Lehman Intermed. Gov./MBS.......... 4.92% 6.44% 8.14%
Morningstar Gen'l Gov. Bond Index.. 2.47% 5.50% 6.91%
</TABLE>
Page 7
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Average Annual Total Return
INTERMEDIATE MUNICIPAL
BOND FUND
The municipal market experienced the same volatility found in the treasury
market, but unlike treasuries, municipal yields were able to come full circle to
end the year essentially unchanged. During the year, the Fund maintained a
relatively stable exposure to interest rate fluctuations, or a duration of
approximately 5.25 years. Value was added through uncovering securities that
provided good relative value in terms of their potential return versus the risk
taken.
This strategy served shareholders well. For the year, the Fund
outperformed the Lipper Intermediate Term Average and was barely eclipsed by the
Lehman Brothers Index.
[Graph shown here]
Average Annual Total Return
(for the periods ended December 31, 1996)
<TABLE>
<S> <C> <C>
since
1 year inception +
----- ---------
INTERMEDIATE MUNICIPAL BOND (B)........ 4.20% 4.85%
Lehman Bros. 3-10 yr. Muni Bond Index.. 4.38% 5.44%
Lipper Intermediate Muni Funds......... 3.70% 4.74%
<FN>
+ Commencement of operations 7/1/93
(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 12/31/96 and from inception
through 12/31/96 would have been lower.
</FN>
</TABLE>
Performance represents historical data. The investment return and
principal value of an investment will fluctuate so that an investor's
shares, when redeemed, may be worth more or less than their original cost. Each
Fund's results and the indices (except as noted below) assume the reinvestment
of all capital gain distributions and income dividends. Each Fund's past
performance is not indicative of future performance and should be considered in
light of each Fund's investment policy and objectives, the characteristics and
quality of its portfolio securities, and the periods selected. The S&P 500 Stock
Index is a broad based measurement of changes in stock market conditions based
on the average performance of 500 widely held common stocks. The Russell 2000
Growth Index and Russell 2500 Growth Index are measurements of changes in stock
market conditions based on the average performance of U.S. growth oriented
securities with a median market capitalization of approximately $220 million and
$1.4 billion, 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. The NASDAQ Composite Index
("NASDAQ") is a broad based index of over-the-counter stocks prepared by the
National Association of Securities Dealers, Inc. NASDAQ does not include
dividend reinvestment. Indices are unmanaged groups of securities.
Page 8
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
<TABLE>
<CAPTION>
Ten Largest Holdings at December 31, 1996 *
<S> <C> <C>
Market
Value Percent
Tudor Fund (000's) of Fund
- ----------------------------------------------------------------
Informix Corp...............................$4,401 2.4%
QUALCOMM Inc.................................4,346 2.4%
Starbucks Corp...............................4,294 2.4%
Williams Sonoma Inc..........................3,372 1.9%
Just for Feet Inc............................3,360 1.9%
Heilig-Meyers Co.............................2,844 1.6%
Netscape Communications Corp.................2,673 1.5%
Wackenhut Corrections Corp...................2,536 1.4%
U.S. Robotics Corp...........................2,520 1.4%
Templeton Dragon Fund........................2,419 1.3%
----------- ---------
$32,765 18.2%
=========== =========
Percent
Growth and Income Fund
- ------------------------------------------------------------------
Intel Corp..................................$3,273 3.9%
General Electric Co..........................2,966 3.6%
American Express Co..........................2,825 3.4%
Merck & Co...................................2,774 3.3%
American International
Group Inc..................................2,706 3.3%
Boeing Co....................................2,659 3.2%
Lilly Eli & Co...............................2,555 3.1%
Exxon Corp...................................2,450 3.0%
Colgate-Palmolive Co.........................2,306. 2.8%
Chase Manhattan Corp.........................2,231 2.7%
------------- -----------
$26,745 32.3%
============= ===========
Growth Fund
- ----------------------------------------------------------------
Starbucks Corp..............................$1,431 2.3%
QUALCOMM Inc.................................1,396 2.2%
Informix Corp................................1,335 2.1%
Williams Sonoma Inc..........................1,146 1.8%
Heilig-Meyers Co...............................975 1.6%
Just for Feet Inc..............................919 1.5%
Mills Corp ....................................836 1.3%
Templeton Dragon Fund..........................806 1.3%
Adaptec Inc ...................................800 1.3%
America West Airlines Cl B.....................794 1.3%
----------- ---------
$10,438 16.7%
=========== =========
Quantitative Equity Fund
- -----------------------------------------------------------------
Exxon Corp..................................$4,341 4.2%
Royal Dutch Petroleum Co ADR ................3,347 3.3%
Pfizer Inc...................................2,080 2.0%
Mobil Corp...................................1,846 1.8%
Bristol-Myers Squibb Co......................1,762 1.7%
Columbia Healthcare Corp.....................1,750 1.7%.
Amoco Corp...................................1,542 1.5%
Pharmacia & Upjohn Inc.......................1,502 1.5%
Schlumberger Ltd.............................1,418 1.4%
Lilly Eli & Co...............................1,394 1.4%
------------- -----------
$20,982 20.5%
============= ===========
International Fund
- -----------------------------------------------------------------
Total 'B' Shares..............................$298 2.3%
Christian Dior.................................244 1.9%
Viag...........................................233 1.8%
Argentaria CMN.................................224 1.7%
Preussag AG....................................213 1.6%
Fiat Spa Ord...................................209 1.6%
Daimler Benz AG................................201 1.5%
K.L.M..........................................200 1.5%
Ericsson Tele B................................197 1.5%
Nestle.........................................196 1.5%
----------- ---------
$2,215 16.9%
=========== =========
</TABLE>
Page 9
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
<TABLE>
<CAPTION>
Ten Largest Holdings at December 31,1996* - continued
<S> <C> <C>
Market
Value Percent
Government Securities Fund (000's) of Fund
- --------------------------------------------------------------------------------------------
Government National Mortgage Association 8.500% Due 1/1/27...............$19,948 16.5%
Federal Farm Credit Bank Discount Note Due 1/17/97.......................19,203 15.9%
Federal National Mortgage Association 7.000% Due 1/1/11-1/1/26............17,002 14.1%
United States Treasury Note 6.375% Due 3/31/01............................11,240 9.3%
United States Treasury Note 7.000% Due 7/15/06............................11,158 9.2%
Government National Mortgage Association 7.500% Due 9/15/07-6/15/23.......10,741 8.9%
Government National Mortgage Association 7.000% Due 1/1/12................10,020 8.3%
Federal Home Loan Banks Discount Note Due 1/23/97......................... 9,937 8.2%
Federal Home Loan Banks Discount Note Due 1/7/97.......................... 9,916 8.2%
Federal National Mortgage Association Variable Rate Due 1/1/27............ 9,914 8.2%
---------- ---------
$129,079 106.8%
========== =========
Intermediate Municipal Bond Fund
- --------------------------------------------------------------------------------------------
Dallas Fort Worth Airport - FGIC Insured 7.750% Due 11/1/01............... $ 613 4.0%
Harris County Texas Flood District General Obligation Zero Coupon
Due 10/1/06.............................................................. 597 3.9%
Surry County North Carolina Pollution Control Financing
Authority. 9.250% Due 12/1/02........................................... 586 3.9%
Cypress-Fairbanks Texas Independent School District 7.300% Due 2/15/07.... 586 3.9%
Oklahoma County Single Family Refunded Zero Coupon Due 7/1/12............. 581 3.8%
Deer Park Texas Independent School District School Building 6.375%
Due 2/15/07............................................................. 557 3.7%
Brunswick County Virginia Industrial Development Authority Correctional
Facilities Lease MBIA Insured 5.650% Due 7/1/09......................... 513 3.4%
Hempfield Pennsylvania School District Refunding 6.700% Due 10/15/99...... 503 3.3%
Virginia State University Virginia Commonwealth University Revenue
Series B 4.900% Due 5/1/03............................................. 503 3.3%
St. John's County Florida Water & Sewer Revenue MBIA Insured 5.250%
Due 6/1/10 ............................................................ 500 3.3%
---------- ----------
$5,539 36.5%
========== ==========
<FN>
* The composition of the largest securities in each portfolio is subject to change.
</FN>
</TABLE>
WEISS, PECK & GREER MUTUAL FUNDS
<TABLE>
<CAPTION>
Schedules of Investments at December 31, 1996
<C> <S> <C>
Number Value
of Shares Security (000's)
- --------- -------- --------
TUDOR
COMMON STOCKS (97.5%)
Capital Goods
Communications (11.5%)
20,000 *+ADC Telecommunications Inc ............. $622
13,000 +Advanced Fibre Communication
Inc ................................ 723
15,000 +Ascend Communications Inc .............. 932
40,000 +AXENT Technologies Inc................. 600
35,000 #+Cascade Communications Corp ............ 1,929
37,500 +CellNet DataSystems Inc. ............... 548
55,000 +FORE Systems Inc ....................... 1,808
12,000 +Geotel Communications Corp ............. 156
50,000 +Gilat Satellite Network Ltd ............ 1,231
55,000 +Itron Inc .............................. 976
75,000 +Loral Space
Communications....................... 1,378
20,000 +Network Computing Devices .............. 203
10,000 +Pacific Gateway Exchange Inc ........... 365
19,000 +Paging Network Inc ..................... 290
52,500 *+P-COM Inc .............................. 1,555
109,000 +QUALCOMM Inc ........................... 4,346
40,000 +Tekelec ................................ 630
35,000 +U.S. Robotics Corp ..................... 2,520
------
20,812
------
Computer Peripherals (2.0%)
55,000 +Adaptec Inc. ........................... 2,200
30,000 +Komag Inc .............................. 814
10,800 +Kopin Corp ............................. 128
35,000 +Xionics Document Technology
Inc ................................ 438
-----
3,580
-----
Computer Software &
Services (15.8%)
5,000 +Aspen Technology Inc ................... 401
19,600 +Aurum Software Inc ..................... 453
43,500 #+Business Objects ADR.................... 587
40,000 +Check Point Software
Technology ........................... 870
10,000 +Checkfree Corp ......................... 171
19,100 +C/Net Inc .............................. 554
65,000 +Dataworks Corp ......................... 1,641
25,000 +Desktop Data Inc ....................... 481
50,000 +Fractal Design Corp .................... 525
105,000 +Hyperion Software Corp ................. 2,231
50,000 +Industri-Matematik
International Corp .................... 656
216,000 +Informix Corp .......................... 4,401
35,000 #+INSO Corp............................... 1,391
30,800 +Natural Microsystems Corp............... 970
Number Value
of Shares Security (000's)
- --------- ------- ------
TUDOR (continued)
47,000 +Netscape Communications
Corp................................... $2,673
35,000 +Parametric Technology Corp.............. 1,798
12,500 +PeopleSoft Inc ......................... 599
50,000 +Planning Sciences ADR .................. 600
79,500 +PLATINUM Technology Inc ................ 1,083
100,000 +Programmers Paradise Inc ............... 725
64,000 +Raster Graphics Inc .................... 760
40,000 +Security Dynamics Technology
Inc ................................ 1,260
17,500 +Segue Software Inc ..................... 319
15,000 +Summit Design Inc ...................... 154
50,000 +Sybase Inc ............................. 834
50,000 +Tecnomatix Technologies Ltd ............ 1,325
18,500 +Triteal Corp ........................... 393
25,000 +Versatility Inc ........................ 375
12,000 +VideoServer Inc ........................ 510
-----
28,740
------
Other Capital Goods (2.0%)
30,000 AGCO Corp .............................. 859
33,700 +American Superconductor Corp ........... 358
56,700 +Amphenol Corp Cl A...................... 1,262
35,000 +ThermoQuest Corp ....................... 451
50,000 +Trident International Inc .............. 813
------
3,743
------
Semi-Conductors & Related (1.7%)
8,000 +Altera Corp ............................ 581
11,000 +Analog Devices Inc. .................... 373
48,500 +Integrated Packaging Assembly
Corp.................................. 392
20,000 +Uniphase Corp .......................... 1,050
35,000 +Zoran Corp ............................. 630
-----
3,026
-----
59,901
------
Consumer
Biotechnology (9.6%)
41,200 +AutoImmune Inc ......................... 633
35,000 +BioChem Pharmaceutical Inc ............. 1,759
249,750 +Biocircuits Corp ....................... 726
70,000 +Cambridge Neuroscience
Inc (A) .............................. 790
35,000 +Centocor Inc ........................... 1,251
16,500 +Chirex Inc ............................. 198
50,000 +Cocensys Inc ........................... 287
65,000 +Epitope Inc ............................ 747
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedules of Investments at December 31, 1996
Number Value
of Shares Security (000's)
- --------- -------- -----
TUDOR (continued)
60,000 +ESC Medical Systems Ltd. ............... $1,530
2,250 +Gensia Inc.............................. 10
45,800 +Genzyme Corp ........................... 326
57,500 +Hemasure Inc ........................... 359
82,500 +IBAH Inc ............................... 557
75,000 +ImmuLogic Pharmaceutical Corp .......... 478
15,000 +INCYTE Pharmaceuticals Inc ............. 772
58,000 +Metra Biosystems Inc ................... 276
60,000 +Neopath Inc. ........................... 1,095
57,500 #+North American Vaccine Inc ............. 1,394
2,800 +Parexel International Corp ............. 145
45,000 +Pathogenesis Corp ...................... 979
90,700 +Ribi Immunochem Research Inc. .......... 351
38,000 +SangStat Medical Corp .................. 1,007
90,000 +SEQUUS Pharmaceuticals Inc.............. 1,440
30,000 +Synaptic Pharmaceutical Corp ........... 360
-------
17,470
-------
Health Care - Cost
Containment (1.7%)
52,000 +Access Health Inc ...................... 2,327
25,000 Omnicare Inc ........................... 803
-------
3,130
-------
Health Care - Other (1.9%)
65,500 #+Arterial Vascular Engineering
Inc ................................. 819
25,000 +Collaborative Clinical Research
Inc................................... 269
30,000 #+Complete Management Inc................. 386
21,000 +Phycor Inc ............................. 596
60,000 +Resound Corp............................ 428
15,000 +Summit Medical Systems Inc ............. 114
40,000 +United Payors & United
Providers Inc ....................... 550
26,500 +Urocor Inc ............................. 253
-------
3,415
-------
Health Care -
Pharmaceuticals (1.4%)
120,000 +Cadus Pharmaceutical Corp .............. 1,050
20,000 +Dura Pharmaceuticals Inc. .............. 955
22,750 +Guilford Pharmaceuticals Inc ........... 529
-------
2,534
-------
Media- Cellular (1.3%)
12,500 +Globalstar Telecommunications
Ltd. ................................. 788
15,000 +Omnipoint Corp ......................... 289
50,000 +PT Pasifik Satelit Nusantara
ADR.................................. 600
Number Value
of Shares Security (000's)
- --------- -------- ------
TUDOR (continued)
57,500 +Western Wireless Corp Cl A ............. $798
-------
2,475
-------
Media - Other (1.1%)
63,000 Hollinger International Inc Cl A....... 725
51,400 +Intermedia Communications Inc .......... 1,324
-------
2,049
-------
Media - Wireless Cable
Television (1.0%)
89,500 +American Telecasting Inc. .............. 515
52,700 +Heartland Wireless
Communications Inc. ................. 692
39,500 #+Powerwave Technologies Inc. ............ 578
-------
1,785
-------
Restaurants (4.4%)
35,000 *+Landry's Seafood Restaurants
Inc.................................. 748
20,000 +Papa John's International Inc .......... 675
70,000 Pizza Express (B) ...................... 632
52,500 #+Planet Hollywood International
Inc.................................. 1,037
150,000 +Starbucks Corp ......................... 4,294
31,000 Wetherspoon J.D ....................... 621
-------
8,007
-------
Retail (9.1%)
107,500 +Friedman's Inc Cl A ................... 1,586
46,500 +Garden Botanika Inc .................... 558
175,000 Heilig-Meyers Co. ...................... 2,844
128,000 #+Just for Feet Inc ...................... 3,360
130,500 +Penn Traffic Co ........................ 473
85,000 +PETsMART Inc ........................... 1,859
198,000 +Sunglass Hut International Inc ......... 1,436
43,000 +Whole Foods Market Inc ................. 968
92,700 +Williams Sonoma Inc .................... 3,372
-------
16,456
-------
Other Consumer (3.9%)
25,000 +Cinar Films Inc Class B ............... 650
58,000 +Designer Holdings Ltd .................. 935
18,600 +Family Golf Centers Inc ................ 560
40,000 +Gemstar International Group Ltd ........ 700
32,500 +Lithia Motors Inc-Cl A ................. 362
52,500 Royal Caribbean Cruises Ltd ............ 1,227
10,500 #+Sun International Hotels Ltd ........... 383
50,000 #+Turbochef Inc .......................... 1,106
90,500 +Twinlab Corp ........................... 1,097
-------
7,020
-------
64,341
-------
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedules of Investments at December 31, 1996
Number Value
of Shares Security (000's)
- --------- -------- -------
TUDOR (continued)
Energy
Oil Services (5.4%)
35,000 +BJ Services Co ......................... $1,785
35,000 +Energy Ventures Inc .................... 1,781
17,000 +Falcon Drilling Inc .................... 667
65,000 +Noble Drilling Corp .................... 1,292
37,000 +Petroleum Geo Services ADR ............. 1,443
55,000 +Rowan Cos .............................. 1,244
50,100 +Weatherford Enterra Inc ................ 1,503
-------
9,715
-------
Oil & Gas Exploration (3.4%)
20,000 +Chesapeake Energy Corp ................. 1,112
250,000 +Gulf Canada Resources Ltd .............. 1,844
32,500 +Nuevo Energy Co ........................ 1,690
45,000 Vintage Petroleum Inc .................. 1,553
-------
6,199
-------
15,914
-------
Intermediate Goods & Services
Basic Industries (2.2%)
29,500 CalMat Co .............................. 553
60,300 Huntco Inc Cl A ........................ 889
24,000 Intertape Polymer Group Inc ............ 552
19,500 OM Group Inc ........................... 527
296,000 +Waxman Industries Inc .................. 1,443
-------
3,964
-------
Business Services (7.8%)
30,000 +Cambridge Technology
Partners Inc .......................... 1,007
72,000 +Checkpoint Systems Inc ................. 1,782
27,500 +Corrections Corp of America ............ 842
59,322 +Del Global Technologies Corp ........... 504
65,000 +Digital Generation Systems Inc. ........ 544
35,000 +Emcor Group Inc ........................ 455
50,000 +Flextronics International Ltd........... 1,388
20,000 +Hadco Corp ............................. 980
35,500 +International Network Services ......... 1,072
15,000 +MoneyGram Payment Systems .............. 199
20,000 +QuickResponse Services Inc ............. 570
27,500 +Solectron Corp ......................... 1,468
126,800 +Wackenhut Corrections Corp ............. 2,536
48,750 #+Youth Services International Inc ....... 743
-------
14,090
-------
Environmental Services (0.2%)
9,000 +Culligan Water Technologies
Inc.................................. 365
-------
WEISS, PECK & GREER MUTUAL FUNDS
Schedules of Investments at December 31, 1996
Number Value
of Shares Security (000's)
- --------- -------- -------
TUDOR (continued)
Infrastructure (1.4%)
170,000 + AES China Generating Co Cl A ...........$2,168
550,000 Hopewell Holdings Ltd .....................356
----------
2,524
----------
Transportation (2.3%)
115,000 + America West Airlines Cl B ..............1,826
85,000 + Continental Airlines Cl B...............2,401
----------
4,227
----------
25,170
----------
Interest Sensitive
Banks (1.3%)
50,000 + Dime Bancorp Inc ..........................737
25,000 First Hawaiian Inc ........................875
55,000 + RedFed Bancorp Inc ........................743
----------
2,355
----------
Insurance (3.0%)
35,000 + Amerin Corp ...............................901
21,500 CapMAC Holdings ...........................712
69,800 PXRE Corp ...............................1,728
78,500 20th Century Industries .................1,325
40,000 Western National Corp .....................770
----------
5,436
----------
Other (0.9%)
100,000 + Cadiz Land Inc ............................519
20,000 Everen Capital Corp .......................447
390,000 Peregrine Investment Holdings
Ltd ....................................668
----------
1,634
-----------
9,425
-----------
Real Estate Investment Trust
Residential (1.2%)
88,200 Mills Corp ..............................2,106
----------
Total Common Stocks
(Cost $129,512).......................176,857
----------
CLOSED END FUND (1.3%)
(Cost $2,072)
150,000 Templeton Dragon Fund ...................2,419
----------
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedules of Investments at December 31, 1996
Principal Value
Amount Security (000's)
(000's) -------- ------
- ------
TUDOR (continued)
CONVERTIBLE PREFERRED
STOCKS (0.8%)
Consumer
Media-Cellular (0.8%)
25,500 Globalstar Telecommunications
Ltd. (B).............................. $1,441
------
Capital Goods
Other Capital Goods (0.0%)
5,138 Advanced Promotion
Technologies Inc (A)................. 1
Total Convertible
Preferred Stocks
Stocks (Cost $1,718)................... 1,442
------
Principal
Amount
(000's)
- -------- CONVERTIBLE BOND (0.4%)
Intermediate Goods & Services
Business Services (0.4%)
(Cost $625)
$625 Youth Services International
7.000% Due 2/1/06 ................... 778
------
Number of
Warrants
- --------- WARRANTS (0.2%)
Energy
Oil Services (0.2%)
10,000 B.J. Services Co Exp 4/13/00 ........... 269
------
Interest Sensitive
Other (0.0%)
75,000 Peregrine Investment Holdings
Ltd. Exp 5/15/98 ..................... 24
------
Total Warrants
(Cost $57)............................. 293
------
Principal
Amount
(000's)
- -------- EURODOLLAR DEPOSIT (1.3%)
(Cost $2,402)
$2,402 Sumitomo Bank Ltd.
5.875% Due 1/2/97 ................... 2,402
------
Total Investments (101.5%)
(Cost $136,386)....................... 184,191
Value
(000's)
-------
TUDOR (continued)
Liabilities in Excess of
Other Assets (-1.5%)..................($2,821)
-------------
Total Net Assets (100.0%)........ $181,370
=============
Number of
Contracts
CALL OPTIONS WRITTEN
(Premiums Received $39)
50 ADC Telecommunications Inc.
2/97 @ 32.5 ................................10
50 Landry's Seafood Restaurants, Inc.
1/97 @ 22.50 .................................3
50 P-COM Inc. 1/97 @ 30 .........................8
------------
21
------------
<FN>
+ Non-income producing security.
# Securities out on loan.
* Securities pledged in whole or in 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> <S> <C>
Number Value
of Shares Security (000's)
GROWTH AND INCOME
COMMON STOCKS (97.3%)
Capital Goods
Aerospace (4.9%)
25,000 Boeing Co.................................$2,659
15,000 Lockheed Martin Corp.......................1,372
------------
4,031
------------
Computer Software &
Services (9.2%)
40,000 + Cadence Design Systems Inc ................1,590
20,000 + Cisco Systems Inc .........................1,272
25,000 Intel Corp ................................3,273
20,000 + 3Com Corp..................................1,468
------------
7,603
------------
See notes to financial statements
<PAGE>
Number Value
of Shares Security (000's)
- --------- -------- ------
GROWTH AND INCOME (continued)
Other Capital Goods (7.3%)
30,000 General Electric Co .................... $2,966
60,000 +Checkpoint Systems Inc ................. 1,485
30,000 Xerox Corp ............................. 1,579
------
6,030
------
17,664
------
Consumer
Beverages (1.9%)
30,000 Coca-Cola Co............................ 1,578
------
Health Care (12.5%)
35,000 American Home Products Corp. ........... 2,052
12,000 Bristol-Myers Squibb Co. 1,305
35,000 Lilly Eli & Co ......................... 2,555
35,000 Merck & Co.............................. 2,774
20,000 Pfizer Inc ............................. 1,658
------
10,344
------
Restaurants ( 1.9%)
35,000 McDonald's Corp. ....................... 1,584
------
Other Consumer (9.2%)
60,000 Carnival Corp .......................... 1,980
20,000 Duracell International Inc ............. 1,398
20,000 Home Depot ............................. 1,003
18,000 Philip Morris Cos Inc. ................. 2,043
50,000 +Price Costco Inc........................ 1,256
------
7,680
------
21,186
------
Other Consumer
Consumer Cyclicals (4.6%)
25,000 Colgate-Palmolive Co ................... 2,306
30,000 Johnson & Johnson ...................... 1,493
------
3,799
Intermediate Goods & Services
Basic Industries (8.2%)
30,000 Fluor Corp ............................. 1,883
40,000 Hercules Inc. .......................... 1,730
50,000 Monsanto Co ............................ 1,944
27,000 Praxair Inc. ........................... 1,245
------
6,802
------
Business Services (1.3%)
30,000 First Data Corp......................... 1,095
------
7,897
------
WEISS, PECK & GREER MUTUAL FUNDS
Schedules of Investments at December 31, 1996
Principal
Amount Value
(000's) Security (000's)
- ----- -------- ------
Natural Resources
Energy & Related (8.2%)
30,000 Amerada Hess Corp. .......................$1,736
35,000 Dresser Industries Inc.....................1,085
25,000 Exxon Corp ................................2,450
15,000 Schlumberger Ltd ..........................1,498
------------
6,769
------------
Real Estate Investment Trusts
Commercial & Industrial (4.4%)
40,000 Crescent Real Estate Equities
Inc.....................................2,110
40,000 Duke Realty Investors Inc. ................1,540
------------
3,650
------------
Health Care (1.1%)
50,000 LTC Properties Inc ..........................925
-------------
Residential (3.0%)
50,000 Gables Residential Trust ..................1,450
45,000 Mills Corp ................................1,074
------------
2,524
------------
Shopping Centers (2.4%)
20,000 JDN Realty Corp .............................553
50,000 Urban Shopping Centers Inc. ...............1,450
------------
2,003
------------
9,102
------------
Interest Sensitive
Banks (8.3%)
20,000 BankAmerica Corp ..........................1,995
17,900 Bank of New York Inc. .......................604
25,000 Chase Manhattan Corp.......................2,231
20,000 Citicorp ..................................2,060
-------------
6,890
-------------
Insurance (3.3%)
25,000 American International Group
Inc.....................................2,706
-------------
Other (5.6%)
50,000 American Express Co. ......................2,825
50,000 Federal National Mortgage
Association..............................1,863
------------
4,688
------------
14,284
------------
Total Common Stocks
(Cost $57,563)..........................80,701
-------------
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedules of Investments at December 31, 1996
Principal
Amount Value
(000's) Security (000's)
- ------ -------- -------
GROWTH AND INCOME (continued)
CONVERTIBLE BOND (0.9%)
(Cost $750)
Computer Software &
Services (0.9%)
$750 Baan Co.
4.500% Due 12/23/01 (B)............... $752
------
EURODOLLAR DEPOSIT (1.7%)
(Cost $1,425)
1,425 Societe Genrale Bank
5.350% Due 1/2/97..................... 1,425
------
Total Investments (99.9%)
(Cost $59,738)........................ 82,878
Other Assets in Excess
of Liabilities (0.1%)............. 59
------
Total Net Assets (100.0%)............... $82,937
=======
<FN>
+ Non-incoming 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>
Number Value
of Shares Security (000's)
- -------- ------- ------
GROWTH
COMMON STOCKS (97.9%)
Capital Goods
Communications (10.4%)
6,500 ADC Telecommunications Inc ............. $202
4,500 Advanced Fibre Communication
Inc. ................................. 250
5,000 Ascend Communications Inc .............. 311
10,500 Cascade Communications Corp ............ 579
9,300 CellNet DataSystems .................... 136
20,000 FORE Systems Inc ....................... 658
7,500 Geotel Communications Corp ............. 98
20,000 Gilat Satellite Network Ltd ............ 492
17,000 Itron Inc .............................. 302
30,000 Loral Space
Communications ....................... 551
10,000 Paging Network Inc ..................... 152
WEISS, PECK & GREER MUTUAL FUNDS
Schedules of Investments at December 31, 1996
Number Value
of Shares Security (000's)
- --------- --------- -------
GROWTH (continued)
12,500 + P-COM Inc ................................$370
35,000 # + QUALCOMM Inc ............................1,396
24,400 + Tekelec ...................................384
9,000 + U.S. Robotics Corp ........................648
----------
6,529
----------
Computer Peripherals (2.9%)
20,000 + Adaptec Inc. ..............................800
8,500 + Komag Inc .................................231
20,200 + Kopin Corp ................................240
7,000 + Seagate Technology Inc ....................276
25,000 + Xionics Document Technology
Inc.....................................312
----------
1,859
----------
Computer Software & Services (15.5%)
6,500 + Aurum Software Inc ........................150
12,500 + Business Objects ADR ......................169
15,000 + Check Point Software
Technology ...............................326
4,000 + Checkfree Corp .............................69
7,000 + C/Net Inc .................................203
11,500 + Desktop Data Inc ..........................221
4,500 + Envoy Corp ................................169
40,000 # + Fractal Design Corp .......................420
32,500 + Hyperion Software Corp.....................691
15,000 + Industri-Matematik
International Corp .......................197
65,500 # + Informix Corp ...........................1,335
12,500 # + INSO Corp .................................497
7,000 + Natural Microsystems Corp..................221
13,500 + Netscape Communications
Corp.....................................768
9,000 + Parametric Technology Corp ................462
20,000 + Planning Sciences ADR ....................240
25,000 + PLATINUM Technology Inc ...................341
30,000 # + Procom Technology .........................285
25,000 + Programmers Paradise Inc ..................181
12,500 + Raster Graphics Inc .......................148
13,500 + Security Dynamics Technology
Inc ....................................425
12,500 + Segue Software Inc ........................228
5,000 + Summit Design Inc ..........................51
22,500 + Sybase Inc ................................375
17,000 + Tecnomatix Technologies Ltd ...............451
6,500 + Triteal Corp ..............................138
7,500 + Versatility Inc ...........................112
27,000 + Viasat Inc ................................243
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedules of Investments at December 31, 1996
Number Value
of Shares Security (000's)
- --------- --------- -------
GROWTH (continued)
6,000 +VideoServer Inc ........................ $255
9,750
------
+Semi-Conductors & Related (2.3%)
3,000 +Altera Corp ............................ 218
7,500 +Analog Devices Inc. .................... 254
15,000 +Integrated Packaging Assembly
Corp................................... 121
11,500 +Uniphase Corp .......................... 604
15,000 #+Zoran Corp ............................. 270
------
1,467
------
Other Capital Goods (2.5%)
13,500 AGCO Corp .............................. 386
26,500 +American Superconductor Corp ........... 282
30,000 +Emcor Group Inc ........................ 390
300,000 #+Noise Cancellation
Technologies ......................... 122
12,500 +ThermoQuest Corp ....................... 161
15,000 +Trident International Inc .............. 244
------
1,585
------
21,190
------
Consumer
Biotechnology (8.9%)
20,500 +AutoImmune Inc ......................... 315
11,000 +BioChem Pharmaceutical Inc ............ 553
15,000 +Biocircuits Corp ....................... 44
19,000 +Cambridge Neuroscience Inc ............. 226
18,000 +Chirex Inc ............................. 216
20,000 +ESC Medical Systems Ltd................. 510
22,500 +Genzyme Corp ........................... 160
24,375 +Gensia Inc ............................. 113
20,000 +Hemasure Inc ........................... 125
27,500 +IBAH Inc ............................... 186
20,000 +ImmuLogic Pharmaceutical Corp .......... 127
6,000 +INCYTE Pharmaceuticals Inc ............. 309
10,000 +Metra Biosystems Inc ................... 47
17,000 +Neopath Inc. ........................... 310
24,500 #+North American Vaccine Inc ............. 594
1,000 +Parexel International Corp ............. 52
16,000 +Pathogenesis Corp ...................... 348
72,800 +Ribi Immunochem Research Inc. .......... 282
60,606 +Ribi Immunochem Research
Inc (A) .............................. 223
10,000 +SangStat Medical Corp .................. 265
24,600 +SEQUUS Pharmaceuticals Inc.............. 394
15,000 +Synaptic Pharmaceutical Corp ........... 180
-------
5,579
------
Number Value
of Shares Security (000's)
- -------- -------- -------
GROWTH (continued)
Health Care - Cost
Containment (1.8%)
17,500 +Access Health Inc ...................... $783
10,000 Omnicare Inc ........................... 321
-------
1,104
-------
Health Care - Other (2.2%)
15,000 +Arterial Vascular Engineering
Inc ................................. 188
10,000 #+Cardiothoraic Systems Inc .............. 185
6,500 +Phycor Inc ............................. 184
57,500 +Summit Medical Systems Inc ............. 438
19,500 +United Payors & United
Providers Inc.......................... 268
15,000 +Urocor Inc ............................. 143
-------
1,406
-------
Health Care - Pharmaceuticals (0.7%)
7,500 +Dura Pharmaceuticals Inc. .............. 358
4,500 +Guilford Pharmaceuticals Inc ........... 105
-------
463
-------
Media - Cellular (2.1%)
5,000 +Globalstar Telecommunications
Ltd. ................................. 315
45,000 +Lightbridge Inc ........................ 385
7,500 +Omnipoint Corp ......................... 144
20,000 +PT Pasifik Satelit Nusantara ADR ....... 240
15,000 +Western Wireless Corp CL A ............. 208
-------
1,292
-------
Media - Other (1.9%)
5,000 #+Brooks Fiber Properties ................ 128
10,500 # Hollinger International Cl A............ 121
14,500 +Intermedia Communications Inc .......... 373
15,000 +Univision Communications Inc ........... 555
-------
1,177
-------
Media - Wireless Cable
Television (1.0%)
25,000 #+American Telecasting Inc. .............. 144
25,000 #+Heartland Wireless
Communications Inc.................... 328
12,500 #+Powerwave Technologies Inc. ............ 183
-------
655
-------
Restaurants (3.7%)
9,000 *+Landry's Seafood Restaurants
Inc.................................. 192
6,000 #+Papa John's International Inc .......... 203
14,550 #+Planet Hollywood International
Inc.................................... 287
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedules of Investments at December 31, 1996
Number Value
of Shares Security (000's)
- --------- -------- -----
GROWTH (continued)
50,000 *+Starbucks Corp ......................... $1,431
10,200 Wetherspoon J.D (B)..................... 204
-------
2,317
-------
Retail (10.5%)
10,000 +Barnett Inc ............................ 273
19,500 +Delia*s Inc ............................ 388
45,000 +Friedman's Inc Cl A .................... 664
25,000 #+Garden Botanika Inc .................... 300
60,000 Heilig-Meyers Co. ...................... 975
35,000 #+ust for Feet Inc ...................... 919
35,000 #+Party City Corp ........................ 595
21,800 +Penn Traffic Co ........................ 79
25,000 #+PETsMART Inc ........................... 547
70,000 +Sunglass Hut International ............. 508
8,500 +Whole Foods Market Inc ................. 191
31,500 #+Williams Sonoma Inc..................... 1,146
-------
6,585
-------
Other Consumer (3.6%)
20,000 +Barry R.G. Corp ........................ 220
19,000 +Designer Holdings Ltd .................. 306
8,000 #+Family Golf Centers Inc ................ 241
15,000 +Gemstar International Group Ltd ........ 263
17,500 +Lithia Motors Inc-Cl A ................. 195
11,500 Royal Caribbean Cruises Ltd ............ 269
4,500 +Sun International Hotels Ltd ........... 164
15,000 #+Trump Hotels & Casino Resorts .......... 180
25,000 +Twinlab Corp ........................... 303
12,231 +Veterinary Centers of America .......... 135
-------
2,276
-------
22,854
-------
Energy
Oil Services (3.9%)
5,000 +BJ Services Co ......................... 255
10,000 +Energy Ventures Inc .................... 509
12,000 +Falcon Drilling Co Inc ................. 471
24,000 +Noble Drilling Corp .................... 477
7,500 +Petroleum Geo Services ADR ............. 293
15,000 +Weatherford Enterra Inc ................ 450
-------
2,455
-------
Oil & Gas Exploration (3.0%)
4,500 #+Chesapeake Energy Corp ................. 250
100,000 +Gulf Canada Resources .................. 738
11,000 +Nuevo Energy Co ........................ 572
9,000 Vintage Petroleum Inc .................. 311
-------
1,871
-------
4,326
-------
Number Value
of Shares Security (000's)
- ---------- -------- ------
GROWTH (continued)
Intermediate Goods & Services
Basic Industries (2.2%)
15,000 Calmat Co .............................. $281
17,500 Huntco Inc Cl A ........................ 258
12,000 Intertape Polymer Group Inc ............ 276
15,000 +Polymer Group Inc. ..................... 208
69,800 #+Waxman Industries Inc .................. 340
-------
1,363
-------
Business Services (7.9%)
422,500 #+Advanced Promotion
Technology Inc ........................ 3
10,500 +Cambridge Technology Partners
Inc ................................ 352
25,000 #+Checkpoint Systems Inc ................. 619
15,000 +Corrections Corp of America ............ 459
15,450 +Del Global Technologies Corp ........... 131
20,000 #+Digital Generation Systems Inc. ........ 168
20,000 +Flextronics International Ltd........... 555
7,500 +Hadco Corp ............................. 368
12,300 +International Network Services ......... 332
10,000 +MoneyGram Payment Systems .............. 132
12,500 +QuickResponse Services Inc ............. 356
10,000 +Solectron Corp ......................... 534
35,000 +Wackenhut Corrections Corp ............. 700
15,000 #+Youth Services International Inc ....... 229
-------
4,938
-------
Environmental Services (0.3%)
5,000 +Culligan Water Technologies ............ 202
-------
Infrastructure (1.2%)
60,000 +AES China Generating Co Cl A ........... 765
-------
Transportation (2.4%)
50,000 +America West Airlines Cl B ............. 794
25,000 #+Continental Airlines Cl B.............. 706
-------
1,500
-------
8,768
-------
Interest Sensitive
Banks (1.4%)
17,000 +Dime Bancorp Inc ....................... 251
10,000 First Hawaiian Inc ..................... 350
20,000 +Redfed Bancorp Inc ..................... 270
-------
871
-------
Insurance (3.3%)
10,000 +Amerin Corp ............................ 258
7,000 CapMAC Holdings ........................ 232
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedules of Investments at December 31, 1996
Number Value
of Shares Security (000's)
- --------- ------- ------
GROWTH (continued)
25,000 PXRE Corp .............................. $619
35,500 # 20th Century Industries ................ 599
17,500 Western National Corp .................. 337
-------
2,045
-------
Other (1.0%)
8,000 CWM Mortgage Holdings Inc .............. 172
10,000 Everen Capital Corp .................... 224
10,000 #+Penn Treaty American Corp .............. 260
-------
656
-------
3,572
-------
Real Estate Investment Trusts
Residential (1.3%)
35,000 Mills Corp ............................. 836
-------
Total Common Stocks
(Cost $53,598)...................... 61,546
-------
CLOSED END FUND (1.3%)
(Cost $697)
50,000 Templeton Dragon Fund .................. 806
-------
CONVERTIBLE PREFERRED
STOCK (0.8%)
(Cost $425)
Consumer
Media - Cellular (0.8%)
8,500 Globalstar Telecommunications
Ltd. (B).............................. 480
-------
Principal
Amount
(000's)
CONVERTIBLE BOND (1.0%)
Intermediate Goods & Services
Business Services (1.0%)
(Cost $500)
$500 Youth Services International
7.000% Due 2/1/06 .................. 622
-------
Total Investments (101.0%)
(Cost $55,220)...................... 63,454
Liabilities in Excess of
Other Assets (-1.0%)................ (615)
-------
Total Net Assets (100.0%)............... $62,839
=======
Number of Value
Contracts Security (000's)
- -------- -------- -------
GROWTH (continued)
CALL OPTIONS WRITTEN
(Premiums Received $21)
15 Landry's Seafood, Inc.
1/97 @ 22.50......................... $1
75 Starbucks Corp 1/97 @ 35................ 1
-------
$2
-------
<FN>
+ Non-income producing security.
# Security out on loan.
* Security pledged in whole or in 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> <S> <C>
Number Value
of Shares Security (000's)
QUANTITATIVE EQUITY
COMMON STOCKS (99.8%)
Capital Goods (8.3%)
6,800 Boeing Co .............................. $723
10,700 McDonnell Douglas Corp ................. 685
11,700 Alco Standard Corp ..................... 604
29,400 Westinghouse Electric Corp ............. 584
10,900 Raytheon Co ............................ 525
7,000 Honeywell Inc. ......................... 460
6,000 Fluor Corp ............................. 376
36,500 +Novell Inc ............................. 346
6,100 Tyco International Ltd ................. 323
5,600 Dover Corp ............................. 281
5,000 Pitney Bowes Inc. ...................... 273
3,100 Raychem Corp ........................... 248
5,600 Parker Hannifin Corp ................... 217
9,800 +Apple Computer Inc ..................... 205
7,100 +Advanced Micro Devices Inc ............. 183
3,900 Owens Corning .......................... 166
2,000 Northrop Grumman Corp .................. 165
2,300 General Dynamics ....................... 162
3,600 General Signal Corp .................... 154
1,900 Grainger WW Inc ........................ 152
3,734 +Lucas Varity PLC ADR ................... 142
2,000 Harris Corp. ........................... 137
3,800 Avery Dennison Corp .................... 134
2,700 Harnischfeger Industries Inc. .......... 130
3,700 Micron Technology Inc .................. 108
14,700 +Unisys Corp ............................ 99
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedules of Investments at December 31, 1996
Number Value
of Shares Security (000's)
- --------- -------- -------
QUANTITATIVE EQUITY (continued)
1,400 +FMC Corp ............................... $98
3,000 Great Atlantic & Pacific Tea ........... 96
4,300 E&G Inc ................................ 87
3,600 Cincinnati Milacron Inc ................ 79
3,800 Moore Corp Ltd ......................... 77
2,100 Trinova Corp ........................... 76
1,500 Thomas & Betts Corp .................... 67
2,000 Harland Co. ............................ 66
1,300 Briggs & Stratton Corp ................. 57
6,230 +Navistar International Corp ............ 57
1,200 Timken Co. ............................. 55
1,200 Potlatch Corp........................... 52
4,800 +Intergraph Corp ........................ 49
3,600 Giddings & Lewis Inc. .................. 46
-------
8,544
-------
Consumer Durables (3.8%)
17,850 Mattel Inc. ............................ 495
5,300 +3COM Corp .............................. 389
10,600 Masco Corp ............................. 382
4,900 Eaton Corp ............................. 342
6,500 Whirlpool Corp ......................... 303
5,200 TRW Inc. ............................... 257
5,400 Genuine Parts Co ....................... 241
7,000 Black & Decker Corp .................... 211
5,200 Bausch & Lomb Inc ...................... 185
9,000 Maytag Corp ............................ 178
2,400 Armstrong World Industries Inc.......... 167
4,900 Echlin Inc. ............................ 155
7,200 Cooper Tire & Rubber Co................. 142
2,900 Cummins Engine Inc ..................... 133
4,800 Stanley Works .......................... 130
2,400 Snap-On Inc ............................ 85
2,000 BF Goodrich Co ......................... 81
2,000 Outboard Marine Inc. ................... 33
-------
3,909
-------
Consumer Miscellaneous (0.5%)
17,300 Service Corp International ............. 484
3,700 +ACNielsen Corp ......................... 56
-------
540
-------
Consumer Non - Durables (35.7%)
25,100 Pfizer Inc ............................. 2,080
16,200 Bristol-Myers Squibb Co. ............... 1,762
42,950 Columbia Healthcare Corp ............... 1,750
37,895 Pharmacia & Upjohn Inc.................. 1,502
19,100 Lilly Eli & Co ......................... 1,394
23,400 American Home Products Corp. ........... 1,372
Number Value
of Shares Security (000's)
- --------- -------- ------
QUANTITATIVE EQUITY (continued)
16,300 Eastman Kodak Co ....................... $1,308
5,200 Unilever NV ADR......................... 911
25,400 +Viacom Inc. Cl B ....................... 886
13,300 Schering-Plough Corp. .................. 861
18,100 May Department Stores Co ............... 846
12,600 Kellogg Co ............................. 827
10,700 Warner Lambert Co ...................... 803
16,400 Penney (J.C.) Co. ...................... 799
33,980 Archer Daniels Midland Co............... 748
20,900 Albertsons Inc ......................... 745
18,100 Anheuser-Busch Cos Inc. ................ 724
22,200 Gap Inc. ............................... 669
10,900 Nike Inc. Cl B ......................... 651
13,600 Dayton Hudson Corp ..................... 534
14,300 Heinz H J Co ........................... 515
5,300 Colgate-Palmolive Co ................... 489
14,900 UST Inc. ............................... 482
6,400 Ralston Purina Co....................... 470
7,400 +Boston Scientific Corp ................. 444
8,600 Conagra Inc ........................... 428
5,500 CPC International Inc. ................. 426
5,600 Gannet Inc ............................. 419
10,100 American Stores Co ..................... 413
22,410 The Limited Inc ........................ 412
37,400 +K mart Stores .......................... 388
5,900 General Mills Inc ...................... 374
8,000 +Kroger Co .............................. 372
11,100 Cognizant Corp ......................... 366
9,400 Quaker Oats Co ......................... 358
15,500 +Tenet Healthcare Corp .................. 339
4,800 Pioneer Hi Bred International .......... 336
10,500 Dillard Department Stores Inc.
Cl A ................................ 324
4,800 Avon Products Inc ...................... 274
7,600 +Federated Department Stores
Inc ................................. 259
5,700 Tandy Corp.............................. 251
6,500 New York Times Co Cl A ................. 247
5,200 Harcourt General Inc ................... 240
5,300 International Flavors &
Fragrances Inc ...................... 238
5,400 Becton Dickinson & Co. ................. 234
5,900 Hasbro Inc ............................. 229
6,800 Winn Dixie Stores ...................... 215
4,800 Mallinckrodt Group Inc. ................ 212
4,400 Great Lakes Chemical Corp. ............. 206
4,800 +St. Jude Medical Inc. .................. 205
4,300 TJX Cos Inc ............................ 204
4,400 McGraw-Hill Cos ........................ 203
4,900 +CVS Corp ............................... 202
4,900 Rite Aid Corp. ......................... 195
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedules of Investments at December 31, 1996
Number Value
of Shares Security (000's)
- --------- -------- ------
QUANTITATIVE EQUITY (continued)
5,400 Allergan Inc. .......................... $192
4,900 Liz Claiborne Inc. ..................... 189
8,600 +Woolworth Corp ......................... 188
2,300 Tribune Co. ............................ 181
1,800 Clorox Co. ............................. 181
3,600 Mercantile Stores ...................... 178
6,600 +ALZA Corp............................... 171
3,900 Hershey Foods Corp ..................... 171
1,500 Philip Morris Cos. ..................... 170
2,500 VF Corp ................................ 169
3,800 Polaroid Corp .......................... 165
3,800 Reebok International Ltd ............... 160
4,400 Giant Food Inc Cl A .................... 152
4,000 +Fruit of the Loom Inc .................. 151
3,900 Knight-Ridder Inc ...................... 149
5,300 Bard (CR) Inc .......................... 148
3,700 United States Surgical Corp ............ 146
4,900 American Greetings-Corp Cl A ........... 139
3,200 +King World Productions Inc ............. 118
7,500 Biomet Inc.............................. 113
7,100 +Beverly Enterprises Inc................. 91
1,600 Pennzoil Co. ........................... 90
2,400 National Services Industries Inc ....... 90
5,200 McDermott International Inc ............ 86
3,000 Supervalu Inc. ......................... 85
3,100 Hilton Hotels Corp ..................... 81
1,600 Springs Industries Inc ................. 69
3,248 Jostens Inc ............................ 69
13,000 +Charming Shoppes Inc.................... 66
2,000 Russell Corp ........................... 60
2,800 Coors (Adolph) Co Cl B ................. 53
1,000 Alberto Culver Co....................... 48
2,700 Fleming Cos Inc ........................ 47
800 Longs Drug Stores Corp.................. 39
1,388 +Footstar Inc ........................... 35
5,000 +Ryan's Family Steak Houses Inc ......... 34
3,400 +Transitional Hospitals Corp ............ 33
3,000 Stride Rite Corp ....................... 30
4,200 +Shoney's Inc ........................... 29
800 Eastern Enterprises .................... 28
1,400 Luby's Cafeterias Inc. ................. 28
1,400 Brown Group Inc ........................ 26
-------
36,589
-------
Energy (18.5%)
44,300 Exxon Corp ............................. 4,341
19,600 Royal Dutch Petroleum Co ADR ........... 3,347
15,100 Mobil Corp. ............................ 1,846
Number Value
of Shares Security (000's)
- -------- -------- -------
QUANTITATIVE EQUITY (continued)
19,100 Amoco Corp ............................. $1,542
14,200 Schlumberger Ltd ....................... 1,418
9,600 Texaco Inc ............................. 942
18,300 Phillips Petroleum Co. ................. 810
6,000 Atlantic Richfield ..................... 796
25,700 Occidental Petroleum Corp .............. 601
7,700 Halliburton Co ......................... 464
18,600 USX-Marathon Group ..................... 444
12,200 Dresser Industries Inc ................. 378
6,800 Burlington Resources Inc ............... 343
9,000 Baker Hughes Inc ....................... 311
6,046 CINergy Corp. .......................... 202
7,300 Sun Co ................................. 178
2,000 Kerr McGee Corp ........................ 144
3,750 Williams Cos Inc ....................... 141
5,400 +Oryx Energy Co ......................... 134
2,300 Louisiana Land & Exploration Co ........ 123
2,700 Ashland Inc ............................ 118
4,100 +Rowan Cos .............................. 93
5,500 +Santa Fe Energy Resources .............. 76
1,300 Helmerich & Payne ...................... 68
700 NACCO Industries Cl A ................. 37
-------
18,897
-------
Financial (5.4%)
23,500 First Data Corp ........................ 858
3,200 General Re Corp ........................ 505
9,500 U.S. Bancorp ........................... 427
4,200 Loews Corp ............................. 396
6,200 Chubb Corp ............................. 333
4,500 UNUM Corp .............................. 325
7,200 National City Corp ..................... 323
4,300 Boatmen's Bancshares Inc ............... 277
2,600 Marsh & McLennan Cos ................... 270
3,700 Aon Corp ............................... 230
3,500 Fifth Third Bancorp .................... 220
3,400 St Paul Cos. Inc........................ 199
2,052 Aetna Inc .............................. 164
2,900 Sherwin-Williams Co. ................... 162
2,750 Jefferson-Pilot Corp ................... 156
1,900 Transamerica Corp ...................... 150
1,800 Republic NY Corp ....................... 147
6,800 USF&G Corp ............................. 142
2,200 Torchmark Corp ......................... 111
3,150 Crane Co ............................... 91
1,500 USLife Corp ............................ 50
-------
5,536
-------
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedules of Investments at December 31, 1996
Number Value
of Shares Security (000's)
- --------- -------- ------
QUANTITATIVE EQUITY (continued)
Intermediate Goods
& Services (15.1%)
36,500 WMX Technologies, Inc. ................. $1,191
14,200 Minnesota Mining &
Manufacturing Co .................... 1,177
9,900 Kimberly-Clark Corp .................... 943
10,900 Dow Chemical Co ........................ 854
13,200 Aluminum Company of America ............ 841
28,600 Barrick Gold Corp ...................... 819
15,000 Corning Inc ............................ 694
18,500 Browning Ferris Industries Inc. ........ 486
20,500 Placer Dome Inc ADR .................... 446
7,900 Crown Cork & Seal Inc .................. 430
8,892 Newmont Mining Corp .................... 398
7,000 PPG Industries Inc. .................... 393
7,000 W.R. Grace & Co......................... 362
5,100 Phelps Dodge Corp ...................... 344
6,700 Nucor Corp ............................. 342
7,600 Champion International Corp. ........... 329
7,163 International Paper Co. ................ 289
8,700 Inco Ltd ............................... 277
5,700 Interpublic Group of Cos Inc ........... 271
11,100 Dun & Bradstreet Corp .................. 264
13,300 Engelhard Corp ......................... 254
3,100 Rohm & Haas Co ......................... 253
4,400 Reynolds Metals Co ..................... 248
3,500 Sigma Aldrich Corp ..................... 219
6,600 USX-U.S. Steel Group ................... 207
14,500 Homestake Mining Co .................... 207
6,000 Dow Jones & Co Inc ..................... 203
6,200 Westvaco Corp........................... 178
14,900 Laidlaw Inc Cl B ....................... 171
7,335 Allegheny Teledyne Inc ................. 169
5,000 James River Corp of Virginia ........... 166
5,000 Deluxe Corp ............................ 164
5,774 +Fresenius Medical Care AG
ADR.................................... 162
6,900 Cyprus Amax Minerals Co. ............... 161
3,200 Union Camp Corp ........................ 153
2,600 Mead Corp .............................. 151
6,800 Worthington Industries Inc. ............ 123
17,700 Echo Bay Mines Ltd ..................... 117
4,100 Ryder Systems Inc ...................... 115
7,700 Stone Container Corp ................... 115
2,300 Shared Medical Systems Corp ............ 113
3,100 Nalco Chemical Co ...................... 112
12,200 +Bethlehem Steel Corp. .................. 110
2,900 Ecolab Inc ............................. 109
4,300 Inland Steel Industries Inc ............ 86
4,700 Safety Kleen Corp ...................... 77
Number Value
of Shares Security (000's)
- ---------- -------- -------
QUANTITATIVE EQUITY (continued)
3,700 Ogden Corp ............................. $69
2,600 Ball Corp .............................. 68
10,300 +Armco Inc .............................. 42
-------
15,472
-------
Miscellaneous Industrials (0.7%)
3,400 Textron Inc ............................ 320
3,400 Millipore Corp ......................... 141
6,800 Viad Corp .............................. 112
7,200 Dial Corp .............................. 106
-------
679
-------
Public Utilities (9.7%)
34,200 Sprint Corp ............................ 1,364
17,000 Enron Corp ............................. 733
28,600 Southern Co ............................ 647
19,500 US West Inc ............................ 629
9,200 Duke Power Co .......................... 428
9,700 Texas Utilities Co ..................... 395
19,200 Edison International ................... 382
17,700 Pacific Gas & Electric Co. ............. 372
7,400 FPL Group Inc. ......................... 340
7,700 American Electric Power Co ............. 317
6,400 Coastal Corp ........................... 313
7,300 Dominion Resources Inc ................. 281
5,300 Sonat Inc. ............................. 273
9,300 Entergy Corp ........................... 258
9,400 Unicom Corp ............................ 255
11,000 Houston Industries Inc.................. 249
11,900 Pacificorp ............................. 244
9,200 Central & South West Corp .............. 236
3,300 Columbia Gas System Inc ................ 210
3,500 Consolidated National Gas Co ........... 193
5,800 DTE Energy Co .......................... 188
5,300 GPU Inc ................................ 178
4,500 Union Electric Co....................... 173
5,700 Pacific Enterprises .................... 173
6,700 PP & L Resources Inc ................... 154
6,600 Ohio Edison Co ......................... 150
3,800 Bemis Inc .............................. 140
2,900 Northern States Power Co................ 133
4,800 ENSERCH Corp ........................... 110
6,500 Noram Energy Corp. ..................... 100
10,000 +Niagara Mohawk Power Corp............... 99
2,100 Oneok Inc. ............................. 63
1,700 Nicor Inc. ............................. 61
2,200 PECO Energy Co ......................... 56
-------
9,897
-------
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedules of Investments at December 31, 1996
Number Value
of Shares Security (000's)
- --------- -------- ------
QUANTITATIVE EQUITY (continued)
Transportation (2.1%)
7,500 Burlington Northern Santa Fe
Corp ................................ $648
6,900 Union Pacific Corp ..................... 415
4,000 Conrail Inc. ........................... 398
7,102 Union Pacific Resources Group .......... 208
8,700 Whitman Corp ........................... 199
5,600 Caliber Systems Inc .................... 108
4,000 +USAir Group Inc ........................ 94
3,100 Consolidated Freightways Inc ........... 69
1,800 +Yellow Corp ............................ 26
1,550 +Consolidated Freightways Corp .......... 14
-------
2,179
-------
Total Common Stocks
(Cost $85,886)........................ 102,242
CONVERTIBLE PREFERRED
STOCK (0.1%) (Cost $53)
Financial (0.1%)
818 Aetna Inc 6.250% ....................... 65
-------
Total Investments (99.9%)
(Cost $85,939)........................ 102,307
Other Assets in Excess
Of Liabilities (0.1%)................. 143
-------
Total Net Assets (100.0%)............... $102,450
========
<FN>
+ Non-income producing security.
</FN>
</TABLE>
<TABLE>
<C> <S> <C>
Number Value
of Shares Security (000's)
- --------- -------- ------
INTERNATIONAL
COMMON STOCKS (98.0%)
Australia (4.3%)
8,800 Broken Hill Proprietary Co.............. $125
11,700 Mayne Nickless Ltd...................... 80
10,200 National Australia Bank................. 120
14,500 The News Corp .......................... 76
22,000 Southcorp Holdings...................... 70
15,000 WMC Ltd ................................ 95
-------
566
-------
Austria (1.0%)
1,190 OMV..................................... 134
-------
Denmark (1.0%)
2,400 Tele Danmark 'B' ....................... 132
-------
Number Value
of Shares Security (000's)
- --------- ------- ------
INTERNATIONAL (continued)
France (9.1%)
1,221 Alcatel Alsthom......................... $98
1,510 Christian Dior.......................... 244
1,134 Eaux (CIE Generales Des)................ 141
2,584 Havas................................... 181
1,320 Rhone-Poulenc "A"....................... 45
1,206 Societe Generale........................ 130
3,669 Total "B" Shares........................ 298
2,400 Union Des Assurances De Paris........... 60
-------
1,197
-------
Germany (7.1%)
3,761 Commerzbank AG.......................... 96
2,920 Daimler Benz AG......................... 201
3,860 Deutsche Bank........................... 180
270 Henkel Pref............................. 13
941 Preussag................................ 213
594 Viag.................................... 233
-------
936
-------
Hong Kong (7.6%)
20,000 Citic Pacific........................... 116
78,000 Giordano Holdings....................... 67
140,000 Guandong Investment Ltd................. 135
10,000 Hang Seng Bank.......................... 121
65,000 Hong Kong & China Gas................... 126
25,000 Hysan Development....................... 99
70,000 Shangri-La Asia ........................ 104
14,000 Smartone Mobile
Communications...................... 27
9,000 Sun Hung Kai Properties................. 110
10,000 Swire Pacific A......................... 95
-------
1,000
-------
Indonesia (0.1%)
10,000 Jababeka Pt ............................ 12
115 Pt Telekomunikasi Indonesia ............ 4
2,000 Pt Telekomunikasi (Local) .............. 3
-------
19
-------
Italy (3.0%)
69,149 Fiat Spa Ord............................ 209
66,000 Istituto Nazionale Delle ............... 86
21,250 Stet.................................... 97
-------
392
-------
Japan (25.6%)
7,000 Asahi Bank Ltd.......................... 62
6,000 Asahi Chemical.......................... 34
2,200 Asatsu Corp............................. 70
2,000 The Bank of Tokyo-Mitsubishi ........... 37
7,000 Banyu Pharmaceutical.................... 98
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedules of Investments at December 31, 1996
Number Value
of Shares Security (000's)
- --------- -------- ------
INTERNATIONAL (continued)
440 Canon Sales............................. $10
1,400 Circle K Japan Co. ..................... 60
3,000 Eisai Co................................ 59
10,000 Hankyu Corp............................. 50
10,000 Hitachi ................................ 93
22,000 Hitachi Zosen........................... 85
15,000 Itochu Corp............................. 81
1,000 +Japan Associated Finance ............... 79
8,000 JGC Corp................................ 60
6,000 Matsushita Electric..................... 98
15,000 Mitsubishi Heavy Industries............. 119
13,000 Mitsubishi Motor Corp................... 95
7,000 Mitsui Fudosan.......................... 70
5,000 Mycal Corp.............................. 73
3,000 NEC Systems............................. 60
16,000 Nippon Express.......................... 110
25,000 Nippon Steel............................ 74
12 Nippon Tel &Tel Corp.................... 91
390 Nippon Television Network............... 118
14,000 Nissan Motor Co......................... 81
8,000 Nomura Securities....................... 120
10,000 NTN Corp................................ 54
9,000 Obayashi................................ 61
5,000 Omron Corp.............................. 94
18,000 Osaka Gas............................... 49
6,000 Ricoh................................... 69
1,000 Rohm.................................... 66
8,000 Seiyo Food Systems...................... 71
5,000 Shin-Etsu Chemicals Co.................. 91
5,000 Showa Shell Sekiyo...................... 42
700 Sony Corp............................... 46
6,000 Sumitomo Bank........................... 87
10,000 Sumitomo Marine & Fire
Insurance........................... 62
17,000 Sumitomo Osaka Cement................ .. 56
10,000 Sumitomo Trust & Bank................... 100
15,000 Tokyo Department Stores................. 68
5,000 Tokyo Style............................. 70
10,000 Toray Industries........................ 62
2,000 Tostem Corp............................. 55
10,000 Victor Co of Japan...................... 99
10,000 Yokogawa Electric Corp.................. 86
-------
3,375
-------
Malaysia (3.6%)
34,000 Diversified Resource.................... 126
20,000 Leader Universal Holding................ 42
4,000 Ligkaran Trans Kota Holdings ........... 8
8,000 Malayan Banking......................... 89
19,000 Malaysian Airline Systems.............. 49
16,000 Resorts World........................... 73
10,000 Telekom Malaysia........................ 89
-------
476
-------
Number Value
of Shares Security (000's)
- --------- ---------- ------
INTERNATIONAL (continued)
Netherlands (5.4%)
7,085 Elsevier................................ $120
7,104 K.L.M................................... 200
4,615 Philips Electronics..................... 187
815 Royal Dutch Petroleum................... 143
300 Unilever NV............................. 53
-------
703
-------
Singapore (1.7%)
14,000 Keppel Corp Ord......................... 109
5,500 Overseas-Chinese
Banking Corp........................ 69
5,000 Singapore International Airlines ....... 45
-------
223
-------
South Korea (0.1%)
74 Samsung Electronics GDS
(voting) (B)........................ 3
721 Samsung Electronics GDS
(non-voting) (B).................... 11
-------
14
-------
Spain (2.4%)
5,002 Argentaria CMN.......................... 224
2,500 Repsol.................................. 96
-------
320
-------
Sweden (2.1%)
6,368 Ericsson Tele B ........................ 197
1,769 Pharmacia............................... 73
-------
270
-------
Switzerland (4.7%)
50 ABB AG.................................. 62
183 Nestle.................................. 196
160 +Novartis AG............................. 183
300 Winterthur.............................. 174
-------
615
-------
United Kingdom (19.2%)
33,000 ASDA Group.............................. 70
8,013 Barclays ............................... 137
4,850 Bass Ord................................ 68
8,630 BBA Group............................... 52
3,762 British Aerospace....................... 83
6,653 British Airways......................... 69
12,085 British Petroleum....................... 145
10,800 British Telecomm........................ 73
6,779 Compass Group........................... 72
6,758 Dixons Group............................ 63
5,600 Emap.................................... 71
5,400 General Accident........................ 71
14,275 General Electric........................ 93
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedules of Investments at December 31, 1996
Number Value
of Shares Security (000's)
- --------- -------- ------
INTERNATIONAL (continued)
3,972 GKN..................................... $68
5,500 Glaxo Welcome........................... 89
4,750 Granada Group........................... 70
7,300 Hays.................................... 70
6,303 HSBC Holdings........................... 141
5,743 Kingfisher.............................. 62
6,334 Next.................................... 62
8,500 Prudential Corp......................... 72
5,550 Reuters................................. 71
8,179 Scottish & Newcastle Breweries... ...... 96
7,845 Shell Transport & Trading............... 136
5,400 Smith Industries........................ 74
5,500 Smithkline Beecham...................... 76
5,670 Standard Chartered Bank................. 70
17,577 Tomkins................................. 81
12,000 Williams Holding........................ 71
9,150 Wolseley................................ 72
2,906 Zeneca Group............................ 82
-------
2,530
-------
Total Common Stocks
(Cost $12,261)........................ 12,902
-------
Number of
Warrants
- -------- WARRANTS (0.1%)
Japan (0.1%)
(Cost $51)
30 +Yodogawa Steel Works................ ... 12
-------
Principal
Amount
(000's)
- ------- CONVERTIBLE BONDS (1.0%)
Japan (1.0%)
(Cost $131)
$3,000 Fuji International Finance
0.250% Due 2/1/02................... 26
100 Mitsubishi Bank
3.000% Due 11/30/02................. 106
-------
132
-------
U.S. TREASURY SECURITY (1.5%)
(Cost $200)
200 U.S. Treasury Bill
4.954% Due 1/9/97.................. 200
-------
Total Investments (100.6%)
(Cost $12,643)........................ 13,246
Liabilities in Excess of
Other Assets (-0.6%)................ (85)
-------
Total Net Assets (100.0%)............... $13,161
=======
INTERNATIONAL (continued)
<FN>
+ Non-incoming producing security.
(B) SEC Rule 144A Security. Such security has limited markets and is traded
among "qualfied institutional buyers".
</FN>
</TABLE>
<TABLE>
<C> <S> <C>
International Fund
Industry Concentrations
% of Net
Assets
13.4% Banks................................... $1,769
7.4% Electronics............................. 981
5.8% Automotive.............................. 764
5.5% Energy.................................. 722
5.4% Telecommunications...................... 713
5.0% Drugs................................... 660
4.8% Natural Resources....................... 630
4.6% Transportation.......................... 608
4.0% Insurance............................... 524
3.8% Food & Beverage......................... 503
3.7% Conglomerates........................... 490
3.5% Retail.................................. 462
3.1% Business Services....................... 405
2.9% Media................................... 376
2.5% Financial Services...................... 326
2.3% Metal & Metal Products.................. 299
2.2% Real Estate............................. 292
2.2% Utilities............................... 286
2.1% Engineering............................. 280
1.9% Construction............................ 252
1.9% Consumer Non-Durables................... 244
1.5% Publishing.............................. 191
1.5% Manufacturing........................... 191
1.4% Holding Companies....................... 186
1.4% Chemicals............................... 183
1.3% Leisure................................. 177
1.3% Machinery............................... 173
1.2% Aerospace/Defense....................... 156
0.5% Consumer Durables....................... 71
0.5% Consumer Services....................... 70
0.5% Basic Industries........................ 62
----- -------
99.1% Total Stocks, Bonds & Warrants.......... 13,046
1.5% Short Term Investments.................. 200
------ -------
100.6% Total Investments....................... 13,246
Liabilities in Excess of Other
-0.6% Assets.............................. (85)
----- -------
100.0% Total Net Assets........................ $13,161
===== =======
</TABLE>
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
<TABLE>
<CAPTION>
Schedules of Investments at December 31, 1996
<C> <S> <C>
Principal
Amount Value
(000's) Security (000's)
GOVERNMENT SECURITIES
U.S TREASURY & GOVERNMENT
AGENCY SECURITIES (147.7%)
U.S. Treasury Securities (32.5%)
U.S. Treasury Notes
$8,390 5.125% Due 2/28/98...................... $8,336
610 5.875% Due 4/30/98...................... 611
1,870 6.125% Due 5/15/98...................... 1,879
6,045 5.875% Due 10/31/98..................... 6,044
11,165 6.375% Due 3/31/01...................... 11,240
10,740 7.000% Due 7/15/06...................... 11,158
-------
Total U.S. Government Securities
(Cost $39,260)....................... 39,268
-------
U.S. Government Agencies (115.2%)
Mortgage Related (62.9%)
Federal Home Loan Mortgage
Corporation (FREDDIE MAC) (1.3%)
1,537 * 7.000% Due 5/1/09....................... 1,543
-------
Federal National Mortgage
Association (FANNIE MAE) (24.1%)
1,926 * 9.000% Due 11/1/10...................... 2,040
17,254 * 7.000% Due 1/1/11-1/1/26................ 17,002
195 * 6.500% Due 5/1/11-3/1/26 ............... 186
9,970 Variable Rate
Due 1/1/27(C) (++)................... 9,914
-------
29,142
-------
Government National Mortgage
Association (GINNIE MAE) (37.5%)
10,579 * 7.500% Due 9/15/07-6/15/23.............. 10,741
9,980 7.000% Due 1/1/12 (C)................... 10,020
2,852 * 8.000% Due 2/15/17-9/15/17.............. 2,952
1,568 * 9.000% Due 6/15/21...................... 1,672
19,250 8.500% Due 1/1/27 (C)................... 19,948
-------
45,333
-------
Total Mortgage Related
Securities........................... 76,018
-------
Non-Mortgage Related (52.3%)
Federal Farm Credit Bank (22.5%)
6,000 Discount Note Due 1/7/97................ 5,995
2,000 Discount Note Due 1/8/97................ 1,998
19,250 Discount Note Due 1/17/97............... 19,203
-------
27,196
-------
Federal Home Loan Banks (22.4%)
7,250 Discount Note Due 1/6/97................ 7,245
9,925 Discount Note Due 1/7/97................ 9,916
9,970 Discount Note Due 1/23/97............... 9,937
-------
27,098
-------
Principal
Amount Value
(000's) Security (000's)
GOVERNMENT SECURITIES (continued)
Tennessee Valley Authority (7.4%)
$8,800 5.980% Due 4/1/36....................... $8,915
-------
Total Non Mortgage Related
Securities............................ 63,209
-------
Total U.S. Government Agencies
(Cost $139,047)...................... 139,227
-------
Total Investments (147.7%)
(Cost $178,307)...................... 178,495
-------
Liabilities in Excess of
Other Assets (-47.7%)................ (57,691)
-------
Total Net Assets (100.0%)............... $120,804
========
<FN>
* Securities pledged in whole or in part as collateral
for when issued securities.
(C) Securities purchased on a when issued basis.
(++) Coupon indexed to Cost of Funds Index ("COFI").
(COFI is the Cost of Funds Index for the 11th District Federal Home Loan
Bank. It measures the average cost of funds for savings institutions in
Arizona, California and Nevada).
</FN>
</TABLE>
<TABLE>
<C> <S> <C>
Principal
Amount Value
(000's) Security (000's)
- ------ ------- ------
INTERMEDIATE MUNICIPAL BOND
Alaska (0.7%)
$100 Alaska State Housing
Financial Corporation
Mortgage Program 1st Series
6.800% Due 12/1/99.................. $104
Arizona (0.7%)
100 Pinal County Arizona
Industrial Development Authority
Pollution Control Revenue
5.000% Due 12/1/09 (D).............. 100
Colorado (1.9%)
100 Adams County Colorado
School District No. 12 Series D
General Obligation
MBIA Insured
5.450% Due 12/15/06................. 105
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedules of Investments at December 31, 1996
Principal
Amount Value
(000's) Security (000's)
- ------- -------- ------
INTERMEDIATE MUNICIPAL BOND (continued)
$45 Brighton Colorado
General Obligation
FGIC Insured
Zero Coupon Due 12/1/00............. $38
150 Westminster Colorado Multifamily
Wexford Apartments Project
5.350% Due 12/1/25.................. 153
Connecticut (0.4%)
50 Stratford Connecticut General
Obligation FGIC Insured
7.000% Due 6/15/04.................. 57
District of Columbia (1.9%)
300 District of Columbia
General Obligation
5.000% Due 6/1/01................... 294
Florida (3.3%)
500 St. John's County Florida
Water & Sewer Revenue
MBIA Insured
5.250% Due 6/1/10................... 500
Georgia (3.0%)
400 Georgia State Series D
6.700% Due 8/1/10................... 461
Illinois (9.8%)
175 Berkeley Illinois Industrial
Development Revenue
Walgreen Company
Project Series A
6.250% Due 12/1/98.................. 177
500 Chicago Illinois
General Obligation
MBIA Insured
5.000% Due 1/1/08................... 494
240 Chicago Illinois
Water Revenue Refunding
AMBAC Insured
5.600% Due 11/1/04.................. 251
100 Cook & DuPage Counties, Illinois
Combined School District - B
FGIC Insured
Zero Coupon Due 12/1/05............. 63
Principal
Amount Value
(000's) Security (000's)
- ------- -------- ------
INTERMEDIATE MUNICIPAL BOND (continued)
$398 Illinois Health Facilities Authority
Revenue Series A MBIA Insured
7.900% Due 8/15/03.................. $408
100 Illinois State General Obligation
5.700% Due 6/1/98................... 101
Indiana (3.1%)
445 La Porte Indiana Economic
Development Revenue
Boise Cascade Corp. Project
Escrowed to Maturity
7.375% Due 6/1/01 .................. 476
Iowa (0.7%)
100 Iowa Student Loan Liquidity
6.450% Due 3/1/02................... 107
Kentucky (1.2%)
190 Dayton Kentucky Elderly
Housing Speers Court
5.350% Due 9/1/05................... 191
Massachusetts (4.9%)
250 Massachusetts Bay
Transportation Authority
General Transportation System
5.300% Due 3/1/05................... 258
500 Massachusetts State
Consolidated Loan Series D
General Obligation
5.250% Due 11/01/12................. 488
Michigan (1.8%)
240 Michigan State Building Authority
Chippewa Correctional Facilities
Escrowed to Maturity
7.250% Due 10/1/04.................. 278
Minnesota (2.6%)
380 Minnesota State Housing
Authority - Single Family
Mortgage Revenue
8.375% Due 2/1/15................... 392
Nebraska (0.5%)
70 Nebraska Investment Finance
Authority Single Family
Mortgage Series C
6.500% Due 9/15/14.................. 72
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedules of Investments at December 31, 1996
Principal
Amount Value
(000's) Security (000's)
- -------- ------- ------
INTERMEDIATE MUNICIPAL BOND (continued)
Nevada (1.1%)
$150 Nevada State Muni Bond
Bank Project 38-39A
Escrowed to Maturity Refunded
6.400% Due 7/1/05................... $164
New Jersey (4.0%)
345 Arlington Arms Financing Corp.
New Jersey Mortgage Revenue
Arlington Arms Apartments
10.250% Due 3/1/25.................. 353
245 Gateway New Jersey Housing
Development Corporation
Revenue Bond Section 8
10.500% Due 8/1/25.................. 253
New York (3.4%)
175 Franklin County New York
Solid Waste Management
Authority 6.125% Due 6/1/09......... 191
100 Hempstead Town New York
General Obligation, Series B
AMBAC Insured
6.500% Due 1/1/12.................. 111
210 New York State Medical Care
Facilities Finance Agency Revenue
7.875% Due 2/15/07.................. 219
North Carolina (3.9%)
500 Surry County North Carolina
Industrial Facilities
9.250% Due 12/1/02.................. 586
Ohio (0.2%)
225 Ohio Housing Financing Agency
Single Family Mortgage
Series 1985A (FGIC Insured)
Zero Coupon Due 1/15/15............. 37
Oklahoma (5.7%)
55 Enid Oklahoma Hospital
Authority (St. Mary's Hospital)
Escrowed to Maturity
8.000% Due 7/1/98................... 56
Principal
Amount Value
(000's) Security (000's)
- -------- -------- -------
INTERMEDIATE MUNICIPAL BOND (continued)
$1,625 Oklahoma County
Oklahoma Home Finance Authority
Single Family Refunding
Prerefunded
Zero Coupon Due 7/1/12.............. $581
200 Tulsa Oklahoma Metropolitan
Utility Authority Revenue
7.000% Due 2/1/03................... 223
Pennsylvania (5.2%)
25 Delaware County Pennsylvania
General Obligation
7.000% Due 12/1/97.................. 25
500 Hempfield Pennsylvania
School District Refunding
6.700% Due 10/15/99................. 503
250 Pennsylvania State Industrial
Development Authority
AMBAC Insured
5.800% Due 7/1/09................... 264
South Carolina (5.2%)
500 Piedmont Municipal Power Agency
FGIC Insured
6.125% Due 1/1/07................... 537
230 Piedmont Municipal Power Agency
South Carolina Electric Refunding
Escrowed to Maturity MBIA Insured
6.250% Due 1/1/09................... 252
Texas (20.7%)
500 Cypress-Fairbanks Texas
Independent School District
7.300% Due 2/15/07.................. 586
540 Dallas Fort Worth Airport FGIC Insured
7.750% Due 11/1/01.................. 613
500 Deer Park Texas Independent
School District School Building
6.375% Due 2/15/07.................. 557
1,100 Harris County Texas Flood District
General Obligation
Zero Coupon Due 10/1/06............. 597
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedules of Investments at December 31, 1996
Principal
Amount Value
(000's) Security (000's)
- -------- -------- ------
INTERMEDIATE MUNICIPAL BOND (continued)
$100 Garland Texas Independent
School District Series A
General Obligation
Zero Coupon Due 2/15/99............. $91
265 Lower Colorado River Authority
Prerefunded Revenue
6.250% Due 5/1/07................... 291
400 Texas Municipal Power
Agency - MBIA Insured
5.500% Due 9/1/10.................. 407
Utah (2.9%)
380 Salt Lake City Utah Water Conservancy
District Revenue Refunding Series A
Escrowed to Maturity
10.875% Due 10/1/02........... 445
Virginia (6.8%)
500 Brunswick County Virginia
Industrial Development Authority
Correctional Facilities Lease
MBIA Insured
5.650% Due 7/1/09................... 513
100 Virginia State Housing
Development Authority
Multi Family Series A
Zero Coupon Due 11/1/17............. 17
500 Virginia State University
Virginia Commonwealth
University Revenue
Series B 4.900% Due 5/1/03......... 503
Washington (2.1%)
300 Washington State Motor Vehicle
Tax General Obligation
6.200% Due 3/1/08................... 327
-------
Total Investments (97.7%)
(Cost $14,691)...................... 14,870
Other Assets in Excess of
Liabilities (2.3%).................. 344
-------
Total Net Assets (100.0%)............... $15,214
=======
<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) Security (000's)
GOVERNMENT MONEY MARKET
U.S Government Agency
Obligations (82.8%)
Federal Farm Credit Bank (50.8%)
$5,000 Discount Note 1/6/97.................... $4,996
10,000 Discount Note 1/7/97.................... 9,991
5,000 Discount Note 1/8/97.................... 4,995
3,000 Discount Note 1/10/97................... 2,996
3,000 Discount Note 1/13/97................... 2,995
5,000 Discount Note 1/21/97................... 4,986
5,000 Discount Note 1/22/97................... 4,985
5,000 Discount Note 1/23/97................... 4,984
5,000 Discount Note 1/31/97................... 4,978
5,000 Discount Note 2/3/97.................... 4,976
5,000 Discount Note 2/4/97.................... 4,974
5,000 Discount Note 2/5/97.................... 4,974
3,000 Discount Note 2/10/97................... 2,982
3,000 Discount Note 2/14/97................... 2,980
3,000 Discount Note 2/18/97................... 2,979
3,000 Discount Note 2/20/97................... 2,978
5,000 Discount Note 2/24/97................... 4,960
-------
(Cost $77,709)....................... 77,709
-------
Federal Home Loan Banks (32.0%)
5,000 Discount Note 1/9/97.................... 4,994
5,000 Discount Note 1/10/97................... 4,993
4,000 Discount Note 1/14/97................... 3,992
5,000 Discount Note 1/15/97................... 4,990
5,000 Discount Note 1/16/97................... 4,989
5,000 Discount Note 1/17/97................... 4,989
5,000 Discount Note 1/24/97................... 4,983
5,000 Discount Note 1/27/97................... 4,981
5,000 Discount Note 2/6/97.................... 4,973
5,000 Discount Note 2/7/97.................... 4,973
-------
(Cost $48,857)....................... 48,857
-------
Total U.S. Government Agencies
(Cost $126,566)...................... 126,566
-------
Repurchase Agreement (13.3%)
20,252 Citicorp 6.250% Due 1/2/97
(Collateralized by $14,221
U.S. Treasury Notes
7.000% Due 4/15/99 and
$6,376 U.S. Treasury Notes
6.375% Due 9/30/01)
(Cost $20,252)....................... 20,252
-------
Total Investments (96.1%)
(Cost $146,818)...................... 146,818
Other Assets in Excess
of Liabilities (3.9%)............... 5,968
Total Net Assets (100.0%)............... $152,786
=========
See notes to financial statements
<PAGE>
Schedules of Investments at December 31, 1996
Principal
Amount Value
(000's) Security (000's)
- -------- -------- -------
TAX FREE MONEY MARKET
Arkansas (0.9%)
$1,110 Little Rock, Arkansas
Health Facilities Board Revenue
(Southwest Hospital)
4.050% Due 10/1/18 (D) (E)........... $1,110
Arizona (0.3%)
350 Tucson Industrial Development Authority
(Tucson City Center Parking Garage)
4.125% Due 6/1/15 (D) (E)............. 350
Colorado (0.1%)
100 Colorado Housing Finance
Multi-Family Housing Revenue
(Grant Street Plaza)
4.125% Due 11/1/09 (D) (E)........... 100
Connecticut (0.9%)
1,000 Waterbury Connecticut
Tax Anticipation Notes
4.000% Due 2/5/97..................... 1,000
Delaware (3.5%)
4,100 Delaware Economic
Development Authority
Multifamily Housing Revenue
(School House Trust 1985)
4.600% Due 12/17/15 (D) (E).......... 4,100
District of Columbia (0.9%)
1,100 District of Columbia Series B
General Fund Recovery Bonds
5.100% Due 6/1/03 (D) (E)........... 1,100
Florida (3.0%)
1,500 Atlantic Beach Florida
Revenue Refunding & Improvement
Fleet Landing Series B
5.100% Due 10/1/24 (D) (E)............ 1,500
2,040 Orange County Florida
Industrial Development
Revenue Refunding
(Orlando-Hawaiian Motel)
3.900% Due 10/1/15 (D) (E)........... 2,040
Georgia (0.2%)
225 Georgia Municipal Electric Authority
Power Revenue Ser L Prerefunded
7.750% Due 1/1/04.................... 233
Principal
Amount Value
(000's) Security (000's)
- ------- -------- ------
TAX FREE MONEY MARKET (continued)
Illinois (8.0%)
$125 Chicago Illinois Multi-Family Housing
Waveland Association Project F
4.200% Due 11/1/10 (D) (E)........... $125
800 Illinois Development Finance
Authority Industrial Development
Refunding Bond (Dart Container)
3.900% Due 8/1/25 (D) (E)............ 800
500 Illinois Development Finance
Agency Authority
(Presbyterian Home Lake Associates)
4.200% Due 9/1/31 (D) (E)............ 500
950 Illinois Development Finance
Authority Multifamily Revenue
(Cobbler Square Project)
4.650% Due 10/1/05 (D) (E)........... 950
1,150 Illinois Health Facilities Revenue
Bensenville Home Security
Series A
4.100% Due 2/15/19 (D) (E).......... 1,150
3,550 St. Clair County Illinois Industrial
Development Board (Winchester
Apartments Project Ser 94)
4.500% Due 10/1/15 (D) (E)............ 3,550
2,300 Troy Grove Illinois Refunding
(Unimin Corp.)
4.868% Due 5/1/10 (D) (E)............ 2,300
Indiana (6.5%)
240 Fort Wayne Indiana Economic
Development Authority Revenue
Refunding (Georgetown Pleace
Venture Project)
4.050% Due 12/1/15 (D) (E)........... 240
720 GAF Tax-Exempt Bond Grantor
Trust Series A
4.100% Due 4/1/08 (D) (E)............ 720
1,000 Indianapolis Indiana
Economic Development
(Joint & Clutch Series 1984)
3.878% Due 12/1/14 (D) (F)........... 1,000
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedules of Investments at December 31, 1996
Principal
Amount Value
(000's) Security (000's)
- -------- -------- ------
TAX FREE MONEY MARKET (continued)
$1,900 Princeton Indiana
Pollution Control Revenue
PSI Energy Inc Project
5.100% Due 3/1/19 (D) (E)............. $1,900
2,000 Residential Apartments Portfolio
Certified Trust 1996 Series A
4.500% Due 12/1/02 (B)(D)(E).......... 2,000
1,800 Rockport Indiana
Pollution Control Revenue Refunding
AEP Generating Co Project B
5.100% Due 7/1/25 (D) (E)............. 1,800
Iowa (0.2%)
230 Iowa Higher Education
Loan Authority Revenue
(Drake University Series A)
6.440% Due 12/1/97.................... 235
Kansas (1.7%)
2,000 Salinas Kansas Central Mall
(Salinas Central Mall Dillard)
4.250% Due 12/1/04 (D) (E)........... 2,000
Kentucky (4.2%)
1,910 Boone County Kentucky
Economic Development Revenue
(Florence Park Care Center)
3.900% Due 6/1/15 (D) (E)............ 1,910
870 Boone County Kentucky Industrial
Development Bond Revenue
(Jamike/Hemmer Project)
3.850% Due 2/1/06 (D) (E)............ 870
300 Florence Kentucky Industrial
Building Revenue
(Florence Commercial Project)
3.900% Due 6/1/07 (D) (E)............ 300
1,895 Fort Thomas Kentucky
Industrial Buildings Revenue
(Carmel Manor Project)
3.900% Due 10/1/14 (D) (E)........... 1,895
Michigan (11.5%)
975 Birmingham Michigan Economic
Development Corporation
(Brown Street Project 83)
4.375% Due 12/1/18 (D) (E)............ 975
Principal
Amount Value
(000's) Security (000's)
- ------- -------- -------
TAX FREE MONEY MARKET (continued)
$425 Brighton Michigan
Area School District Revenue
5.900% Due 5/1/97..................... $428
2,100 Lansing Michigan Economic
Development Corp
(Atrium Office)
3.700% Due 5/1/15 (D) (E)............ 2,100
995 Leelanau County Michigan
Economic Development Corp
Revenue (American Community
Mutual Insurance Co Project)
3.800% Due 6/15/06 (D) (E)........... 995
1,065 Livonia Michigan Economic
Development Corporation
(American Community
Mutual Insurance)
3.800% Due 11/15/04 (D) (E).......... 1,065
77 McDonald Tax-Exempt
Mortgage Trust #1
4.250% Due 1/15/09 (D) (E)........... 77
200 Michigan State Job Development
Authority Revenue
(Kentwood Residence)
3.600% Due 11/1/14 (D) (E)........... 200
390 Michigan State Strategic Fund
Revenue (Tawas Bay
Association Project)
3.800% Due 12/1/01 (D) (E)........... 390
610 Michigan State Strategic Fund
Limited Obligation Revenue
Refunding (Woodbridge
Commercial Properties)
3.800% Due 10/15/05 (D) (E).......... 610
1,000 Michigan State Hospital
Financial Authority
Hospital Equipment Loan Project
Insured Series A
4.150% Due 12/1/23 (D) (E)............ 1,000
2,260 Oakland County Michigan Economic
Development Corporation
(Corners Shopping Center)
3.900% Due 8/1/15 (D) (E)............ 2,260
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedules of Investments at December 31, 1996
Principal
Amount Value
(000's) Security (000's)
- --------- -------- -------
TAX FREE MONEY MARKET (continued)
$3,500 Plainwell Michigan Economic
Development Corp
(Phillip Morris Inc.)
4.500% Due 11/1/07 (D) (E)........... $3,500
Minnesota (2.5%)
500 Golden Valley Minnesota
Industrial Development Revenue
(Graco Inc Project)
4.250% Due 12/1/02 (D) (E)........... 500
1,200 Hutchinson Minnesota
Economic Development Authority
Revenue Refunding
4.000% Due 8/15/06 (D) (E)........... 1,200
1,189 International Falls Minnesota
Economic Development Revenue
(Developers Diversified Limited Project)
4.330% Due 7/1/06 (D) (E)............ 1,189
Mississippi (0.5%)
575 Desoto County Mississippi
Industrial Development
Revenue (American Soap
Company Project)
4.868% Due 12/1/08 (D) (F)........... 575
Nebraska (1.3%)
1,500 Douglas County Nebraska
School District No. 17
Tax & Revenue Anticipation Notes
4.000% Due 1/15/97................... 1,500
Nevada (1.1%)
1,290 Henderson Nevada
Public Improvement Trust
Multifamily Housing Revenue Refunding
Pueblo Verde I & II Apartment Project
4.100% Due 8/1/26 (D) (E)............. 1,290
New Jersey (0.8%)
1,000 New Jersey Economic
Development Authority
(Genlyte-Union County Project)
4.600% 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) Security (000's)
- ------ -------- -------
TAX FREE MONEY MARKET (continued)
New York (4.5%)
$900 Campbell Savona New York
Central School District
Steuben County
Bond Anticipation Notes
4.375% Due 6/27/97................... $901
650 Chemung County New York
Industrial Development Authority
Civic Facility Revenue Bonds
4.100% Due 3/1/19 (D) (E)............. 650
330 Metropolitan Transportation Authority
New York Excess Loss Fund
Special Obligation
6.500% Due 1/1/97.................... 330
800 Monroe County New York
Industrial Development Revenue Bond
Rochester District Heating Cooperative
3.650% Due 12/1/00 (D) (E).......... 800
360 New York City New York Series A
(Escrowed To Maturity)
6.750% Due 3/15/97................... 362
945 New York State Job Development
Authority 1984
Ser C-1 to C-30
3.600% Due 3/1/99 (D) (E)............ 945
485 New York State Job Development
Authority 1984
Ser E-1 to E-55
3.600% Due 3/1/99 (D) (E)............ 485
320 New York State Job Development
Authority 1984
Ser F-1 to F-17
3.600% Due 3/1/99 (D) (E)............ 320
500 North Hempstead New York
Bond Anticipation Notes Series B
3.850% Due 2/27/97................... 500
Ohio (20.1%)
255 Brooklyn Ohio Industrial
Development Revenue Refunding
(Clinton Road Project A)
3.650% Due 12/1/00 (D) (E)........... 255
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedules of Investments at December 31, 1996
Principal
Amount Value
(000's) Security (000's)
- --------- -------- -------
TAX FREE MONEY MARKET (continued)
$765 Buckeye Ohio Tax Exempt
Mortgage Bond Trust Series C
4.500% Due 2/1/05 (D) (E)............ $765
970 Cincinnati & Hamilton County
Ohio Port Authority Revenue
Refunding (Tri State Building)
3.600% Due 9/1/99 (D) (E)............ 970
650 Citizens Federal Tax-Exempt
Mortgage Bond Trust
3.800% Due 9/1/08 (D) (E)........... 650
510 Clermont County Ohio Economic
Development Revenue
(John Q. Hammons Project)
3.800% Due 5/1/12 (D) (E)............ 510
230 Franklin County Ohio Industrial
Development Revenue
(GSW Building Association Ltd.)
3.700% Due 11/1/15 (D) (E)........... 230
1,665 Lakewood Ohio Hospital
Revenue (Hospital
Improvement Series 1983)
4.040% Due 11/1/10 (D) (E).......... 1,665
4,800 Lorain County Ohio Hospital
Elyria United Methodist
Village Project
4.200% Due 6/1/12................... 4,800
357 McDonald Tax Exempt
Mortgage Trust #1
4.250% Due 1/15/09 (D) (E)........... 357
720 Montgomery County Ohio
Economic Development Authority
Revenue Refunding (ND Motels)
3.800% Due 12/15/04 (D) (E).......... 720
1,060 Montgomery County Ohio
Economic Development Revenue
(Wayne Town Association)
3.850% Due 10/1/99 (D) (E)........... 1,060
1,975 Ohio Company Tax Exempt
Mortgage Trust Series 2
3.600% Due 6/15/03 (D) (E)........... 1,975
Principal
Amount Value
(000's) Security (000's)
- -------- -------- -------
TAX FREE MONEY MARKET (continued)
$1,000 Riverside Ohio Economic
Development Revenue
(Riverside Association Project)
3.800% Due 9/1/12 (D) (E)............ $1,000
710 Riverside Ohio Economic
Development Revenue
(Wright Point Association)
3.800% Due 9/1/10 (D) (E)............ 710
1,850 Stark County Ohio Industrial
Development Revenue
(Newmarket Parking Ltd.)
3.850% Due 11/1/14 (D) (E)........... 1,850
2,060 Stark County Ohio Health Care
Facilities (Canton Christian
Home PJ) Series 90
3.750% Due 9/1/15 (D) (E)............ 2,060
570 Stark County Ohio Health Care
Facility (Canton Christian Home)
3.750% Due 9/15/16 (D) (E)........... 570
235 Stark County Ohio Industrial
Development Revenue
(Belpar Professional Building)
3.850% Due 10/1/04 (D) (E)........... 235
620 Trumbull County Ohio Industrial
Development Revenue Refunding
(Howland Association Project)
4.300% Due 10/1/01 (D) (E)........... 620
1,360 Willoughby Hills Ohio Industrial
Development Revenue
(Renaissance Properties Project)
3.800% Due 12/15/14 (D) (E).......... 1,360
1,200 Village of Canal Winchester Ohio
Bond Anticipation Notes
4.500% Due 8/13/97.................. 1,202
Oklahoma (1.2%)
920 Creek County Oklahoma Industrial
Development Authority
(Indiana Glass Project)
3.650% Due 12/1/05 (D) (E)........... 920
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedules of Investments at December 31, 1996
Principal
Amount Value
(000's) Security (000's)
- -------- -------- -------
TAX FREE MONEY MARKET (continued)
$500 Oklahoma County Industrial
Development Authority Revenue
(Baptist General Convention)
3.750% Due 3/1/09 (D) (E)............ $500
Oregon (0.4%)
415 Port of Portland Oregon Public Grain
Elevator Revenue
(Columbia Series A)
4.250% Due 12/1/14 (D) (E)........... 415
Pennsylvania (2.7%)
150 Allegheny County Pennsylvania
General Obligation
Refunding Series C-33
7.300% Due 2/15/97.................... 151
180 Bucks County Pennsylvania
Industrial Development Authority
(Edgcomb Metals Co Project
Series 84)
4.000% Due10/1/09 (D) (E)............ 180
1,040 Commonwealth Tax-Exempt
Mortgage Bond Trust Series A
3.950% Due 11/1/05 (D) (E)........... 1,040
800 Delaware Valley Pennsylvania
Finance Authority Local Government
Revenue Series C
4.150% Due 12/1/20 (D) (E)............ 800
77 McDonald Tax-Exempt
Mortgage Trust #1
4.250% Due 1/15/09 (D) (E).......... 77
400 Philadelphia Hospital and Higher
Education Facilities Authority
(Children's Hospital of Philadelphia)
5.000% Due 3/1/27 (D) (E)............ 400
500 Schuylkill County Pennsylvania
Industrial Development Authority
Northeast Power
5.100% Due 12/1/11 (D) (E)........... 500
Tennessee (5.8%)
2,725 Franklin County Tennessee Health
& Educational Facilities Revenue
(University of the South Sewanee)
3.700% Due 9/1/10 (D) (E)............. 2,725
Principal
Amount Value
(000's) Security (000's)
- ------- -------- -------
TAX FREE MONEY MARKET (continued)
$1,280 GAF Tax-Exempt Bond Grantor
Trust Series A
4.100% Due 4/1/08 (D) (E)............ $1,280
1,000 Metropolitan Government Nashville &
Davidson Counties
7.000% Due 6/15/97................... 1,020
1,750 Rutherford County Tennessee
Industrial Development Revenue
Leggett & Platt Income Project 1984
4.300% Due 6/1/03 (D) (E)............. 1,750
Texas (7.3%)
1,500 Austin Texas Utility Systems
Revenue and Refunding
Combination Series 1984
4.300% Due 5/15/97.................... 1,503
1,800 Harris County Texas
Multifamily Housing Revenue
(Country Scape Development)
4.375% Due 4/1/07 (D) (E)............ 1,800
1,000 Harris County Texas
Health Facilities Development Corp
(Buckner Retirement Services)
4.125% Due 8/15/26 (D) (E)........... 1,000
800 NCNB Pooled Tax Exempt Trust
Certificate of Participation
Series 1990-B
4.125% Due 11/15/20 (B)(D)(F)......... 800
800 Texas State Water Development
Board Series A
5.100% Due 3/1/15 (D) (E)............ 800
2,650 Waxahachie Texas Industrial
Development Authority
(Dart Container Project
Series 1985)
3.713% Due 4/1/06 (D) (F)........... 2,650
Utah (0.5%)
550 Salt Lake City Utah Industrial
Development Revenue
(Parkview Plaza)
4.250% Due 12/1/14 (D) (E)............ 550
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedules of Investments at December 31, 1996
Principal
Amount Value
(000's) Security (000's)
- ------- -------- ------
TAX FREE MONEY MARKET (continued)
Virginia (1.3%)
$255 Bristol Virginia Development
Authority Industrial Development
Revenue
(Bristol Health Care Center Inc)
3.950% Due 6/1/10 (D) (E)............. $255
1,000 Rockingham County Virginia
Industrial Development Authority
(Merck & Company Inc. Project)
4.500% Due 10/1/22 (D) (E)............ 1,000
325 Virginia State Housing Development
Authority Revenue
AHC Service Corp Ser A
4.150% Due 9/1/17 (D) (E)............. 325
Washington (2.5%)
1,720 Seattle Washington Municipal
Metropolitan Seattle Sewer
Revenue Refunding Series Q
6.500% Due 1/1/97................... 1,720
195 Student Loan Financial Assistance
Program 2nd Series
4.250% Due 1/1/01 (D) (E)............ 195
900 Washington State Housing Finance
Commission Non-Profit Housing
Revenue YMCA Greater Seattle
5.250% Due 7/1/11 (D) (E)............ 900
100 Washington State Housing Finance
Commission Non-Profit Housing
Revenue YMCA Snohomish
4.750% Due 8/1/19 (D) (E)............ 100
Wisconsin (4.9%)
1,000 Arcadia Wisconsin
Area School District
4.500% Due 6/1/97..................... 1,002
750 Kettle Moraine Wisconsin
Area School District
Tax & Revenue Anticipation Notes
4.010% Due 8/22/97................... 750
1,000 Maple Dale Indian Hills Wisconsin
Area School District
Tax & Revenue Anticipation Notes
4.190% Due 8/20/97................... 1,000
Principal
Amount Value
(000's) Security (000's)
- -------- -------- -------
TAX FREE MONEY MARKET (continued)
$1,250 Marinette Wisconsin
Area School District
4.000% Due 5/13/97.................... $1,251
255 Muskego Norway Wisconsin
Area School District
5.900% Due 4/1/97..................... 256
1,000 Ripon City Wisconsin Industrial
Development Revenue
(Speed Queen Project) Series B
4.950% Due 10/1/12 (D) (F)........... 1,000
500 Tomah Wisconsin
Area School District
Tax & Revenue Anticipation Notes
4.190% Due 9/17/97................... 500
Wyoming (0.9%)
1,070 Cheyenne County Wyoming
Economic Development
Revenue Bonds (Holiday Inn)
3.900% Due 10/1/10 (D) (E)........... 1,070
Total Investments (100.6%)
(Cost $118,174)..................... 118,174
Liabilities in Excess of
Other Assets (-0.6%)................ (751)
-------
Total Net Assets (100.0%)........ $117,423
========
<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 the Prime Rate (Prime is the rate on corporate loans
posted by at least 75% of the nation's 30 largest banks).
</FN>
</TABLE>
See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
WEISS, PECK & GREER MUTUAL FUNDS
Statements of Assets and Liabilities at December 31, 1996
<S> <C> <C> <C> <C>
Growth and Quantitative
$ in Thousands Tudor Income Growth Equity
- ---------------------------------------------------------------------------------------------------------------------
Assets
Investments at value (+)................................. $184,191 $82,878 $63,454 $102,307
Collateral on securities loaned - Note 4................. 10,000 0 11,227 0
Cash and cash equivalents................................ 0 46 0 0
Receivable for securities sold........................... 721 0 915 1,616
Receivable for Fund shares sold.......................... 65 15 0 75
Dividends and interest receivable........................ 155 160 63 149
Receivable from Adviser.................................. 0 0 0 0
Unrealized appreciation on forward currency contracts 0 0 0 0
Other assets 8 5 3 29
--------- ---------- ---------- -------
195,140 83,104 75,662 104,176
--------- ---------- ---------- -------
Liabilities
Covered options written at market (a).................... 21 0 2 0
Distributions payable.................................... 0 0 0 0
Payable to custodian bank................................ 243 0 960 1,604
Payable upon return of securities loaned - Note 4........ 10,000 0 11,227 0
Payable for investment securities purchased.............. 2,256 0 391 0
Payable for Fund shares redeemed......................... 1,006 41 151 10
Accrued investment advisory fee payable - Note 5......... 143 53 41 67
Accrued administration fee payable - Note 5.............. 11 4 1 2
Accrued expenses......................................... 90 69 50 43
---------- ---------- ---------- -------
13,770 167 12,823 1,726
----------- ---------- ---------- -------
Net Assets................................. 181,370 82,937 62,839 102,450
=========== ========== =========== =======
Net Assets Represented by:
Shares of beneficial interest, at par.................... 2,594 2,829 1 17
Paid-in surplus.......................................... 129,090 56,122 53,638 82,861
Accumulated undistributed net investment income/
(distributions in excess of net investment income)... (358) 207 (205) 336
Undistributed realized gains on investments,
futures, options and currencies/(Distributions
in excess of realized gains on investments,
futures, options and currencies)..................... 2,220 639 1,151 2,868
Net unrealized appreciation on investments,
futures, options and currencies...................... 47,824 23,140 8,254 16,368
----------- ----------- ----------- -------
Net Net Assets applied to outstanding shares............. 181,370 82,937 62,839 102,450
=========== =========== =========== =======
Capital shares (Authorized shares unlimited)
Outstanding.............................................. 7,791 2,829 530 17,406
=========== =========== =========== ========
Par Value................................................ $0.33 1/3 $1.00 $0.001 $0.001
=========== =========== =========== ========
Net asset value per share................................ $23.28 $29.32 $118.47 $5.89
=========== =========== =========== ========
(+) Investments at cost.................................. 136,386 59,738 55,220 85,939
Unrealized Appreciation/(Depreciation): *
Gross appreciation................................... 54,902 23,498 14,746 18,067
Gross depreciation................................... (7,078) (358) (6,492) (1,699)
----------- ------------ ----------- -------
Net unrealized appreciation.............................. 47,824 23,140 8,254 16,368
=========== ============ =========== =======
</TABLE>
<TABLE>
<CAPTION>
WEISS, PECK & GREER MUTUAL FUNDS
Statements of Assets and Liabilities at December 31, 1996
<S> <C> <C> <C> <C> <C>
Government Municipal Government Tax Free
International Securities Bond Money Market Money Market
- ----------------------------------------------------------------------------------------------------------------------------------
Assets
Investments at value (+).............................. $13,246 $178,495 $14,870 $146,818 $118,174
Collateral on securities loaned - Note 4.............. 0 0 0 0 0
Cash and cash equivalents............................. 0 0 95 187 297
Receivable for securities sold........................ 45 22,240 0 0 0
Receivable for Fund shares sold....................... 2 0 18 7,992 3,197
Dividends and interest receivable..................... 24 1,046 255 3 841
Receivable from Adviser............................... 0 0 6 0 0
Unrealized appreciation on forward currency contracts. 1 0 0 0 0
Other assets.......................................... 1 6 22 10 5
---------- ---------- -------- ---------- ----------
13,319 201,787 15,266 155,010 122,514
---------- ---------- -------- ---------- ----------
Liabilities
Covered options written at market (a)................. 0 0 0 0 0
Distributions payable................................. 0 223 21 0 7
Payable to custodian bank............................. 103 233 0 0 0
Payable upon return of securities loaned - Note 4..... 0 0 0 0 0
Payable for investment securities purchased........... 3 73,308 0 0 2,004
Payable for Fund shares redeemed...................... 2 7,090 4 2,105 2,978
Accrued investment advisory fee payable - Note 5...... 17 65 0 57 50
Accrued administration fee payable - Note 5........... 0 3 0 7 3
Accrued expenses...................................... 33 61 27 55 49
---------- ---------- --------- ---------- ----------
158 80,983 52 2,224 5,091
---------- ---------- ---------- ----------- -----------
Net Assets.............................. 13,161 120,804 15,214 152,786 117,423
========== ========== ========== =========== ===========
Net Assets Represented by:
Shares of beneficial interest, at par................. 13 13 1 153 118
Paid-in surplus....................................... 12,299 162,116 15,175 154,648 117,320
Accumulated undistributed net investment income/
(distributions in excess of net investment income).. (41) 8 1 0 0
Undistributed realized gains on investments,
futures, options and currencies/(Distributions
in excess of realized gains on investments,
futures, options and currencies)................... 286 (41,520) (142) (2,015) (15)
Net unrealized appreciation on investments,
futures, options and currencies.................... 604 187 179 0 0
-------- ---------- --------- ---------- ----------
Net Assets applied to outstanding shares............... 13,161 120,804 15,214 152,786 117,423
========= ========== ========= ========== ==========
Capital shares (Authorized shares unlimited)
Outstanding............................................ 1,279 13,149 1,500 153,064 117,438
========== ========= ======= ========= =========
Par Value.............................................. $0.01 $0.001 $0.001 $0.001 $0.001
========== ========= ======== ========= =========
Net asset value per share............................... $10.29 $9.19 $10.14 $1.00 $1.00
========== ========= ======== ========= =========
(+) Investments at cost................................. 12,643 178,307 14,691 146,818 118,174
Unrealized Appreciation/(Depreciation): *
Gross appreciation.................................. 1,430 450 210 0 0
Gross depreciation.................................. (826) (263) (31) 0 0
--------- ----------- --------- ---------- ----------
Net unrealized appreciation............................. 604 187 179 0 0
========= =========== ========= ========== ==========
<FN>
* Based on cost of securities for Federal Income tax purposes which does not differ from book cost.
(a) Premiums received: Tudor $39, Growth $21.
</FN>
</TABLE>
See Notes to Financial Statements
<PAGE>
<TABLE>
<CAPTION>
WEISS, PECK & GREER MUTUAL FUNDS
Statements of Operations for the Year Ended December 31, 1996
<S> <C> <C> <C> <C>
Growth and Quantitative
Tudor Income Growth Equity
- ------------------------------------------------------------------------------------------------------------------------------------
$ in Thousands
Investment Income:
Dividends....................................................... $702 $1,667 $229 $3,449
Interest........................................................ 219 258 203 162
Income from securities loaned - Note 4.......................... 26 0 21 0
Class action litigation settlements............................. 279 29 182 1
Other........................................................... 0 0 0 1
------- ------- --------- ------------
1,226 1,954 635 3,613
------- ------- --------- -------------
Expenses:
Investment advisory fee - Note 5................................ 1,635 552 472 1,097
Transfer agent fees and expenses................................ 203 73 30 40
Administration fees - Note 5.................................... 127 66 13 29
Fund accounting fees and expenses............................... 84 34 32 75
Professional fees............................................... 62 31 39 58
Custodian fees and expenses..................................... 60 28 36 29
Shareholders' reports........................................... 30 14 7 5
Trustees' fees and expenses..................................... 26 20 22 23
Registration fees............................................... 23 24 19 4
Distribution fees - Note 6...................................... 0 0 0 0
Other expenses.................................................. 20 8 10 38
------- ------ ---------- ------------
2,270 850 680 1,398
Less reimbursement by adviser.................................... 0 0 0 0
Less expenses paid indirectly - Note 7........................... (2) (3) (2) (4)
-------- -------- ---------- ------------
2,268 847 678 1,394
-------- -------- ---------- ------------
Net Investment Income/(Loss).....................................(1,042) 1,107 (43) 2,219
-------- -------- ---------- ------------
Realized and Unrealized Gain/(Loss) on Investments,
Futures, Options and Currencies:
Net realized gain/(loss) on investments, futures
and options................................................. 30,179 7,405 13,595 29,051
Net realized gain/(loss) on currencies........................ (20) 0 (1) 0
Change in unrealized appreciation/(depreciation)
on investments, futures and options......................... 1,363 7,840 (2,903) (5,583)
Change in unrealized appreciation/(depreciation) on
currencies.................................................. 53 0 0 0
-------- ------- ------------ ------------
Net Gain/(Loss) on Investments, Futures, Options and
Currencies................................................... 31,575 15,245 10,691 23,468
-------- -------- ------------ ------------
Net Increase in Net Assets
Resulting from Operations.................................... 30,533 16,352 10,648 25,687
========= ======== ============ =============
</TABLE>
- -------------------------------------------------------------------------------
WEISS, PECK & GREER MUTUAL FUNDS
<TABLE>
<CAPTION>
Statements of Operations for the Year Ended December 31, 1996
<S> <C> <C> <C> <C> <C>
Intermediate Government Tax Free
Government Municipal Money Money
International Securities Bond Market Market
- ------------------------------------------------------------------------------------------------------------------------------------
$ in Thousands
Investment Income:
Dividends....................................................... $230 $0 $0 $0 $0
Interest....................................................... 38 9,615 775 7,261 4,861
Income from securities loaned - Note 4......................... 0 5 0 0 0
Class action litigation settlements............................ 0 0 0 0 0
Other.......................................................... 0 0 0 0 0
------ ------ ----------- ---------------- -------------
268 9,620 775 7,261 4,861
------ ------ ----------- ---------------- -------------
Expenses:
Investment advisory fee - Note 5................................ 66 864 0 685 637
Transfer agent fees and expenses................................ 36 50 32 164 75
Administration fees - Note 5.................................... 0 43 0 82 38
Fund accounting fees and expenses............................... 17 71 23 57 47
Professional fees............................................... 35 57 24 49 51
Custodian fees and expenses..................................... 25 22 7 19 24
Shareholders' reports........................................... 10 11 7 13 6
Trustees' fees and expenses..................................... 21 24 21 24 23
Registration fees............................................... 20 9 9 26 17
Distribution fees - Note 6...................................... 0 2 0 0 0
Other expenses.................................................. 3 17 18 13 12
-------- -------- --------- ------------ -------------
233 1,170 141 1,132 930
Less reimbursement by adviser................................... 0 0 (21) 0 0
Less expenses paid indirectly - Note 7.......................... (6) (4) (2) (1) (9)
-------- --------- ------------- ---------------- -------------
227 1,166 118 1,131 921
--------- --------- ------------- ---------------- -------------
Net Investment Income/(Loss)..................................... 41 8,454 657 6,130 3,940
-------- --------- ------------- ---------------- -------------
Realized and Unrealized Gain/(Loss) on Investments,
Futures, Options and Currencies:
Net realized gain/(loss) on investments, futures
and options...............................................1,449 (1,080) 5 7 (3)
Net realized gain/(loss) on currencies....................... 20 0 0 0 0
Change in unrealized appreciation/(depreciation)
on investments, futures and options....................... (801) (2,578) (46) 0 0
Change in unrealized appreciation/(depreciation)
on currencies............................................. (86) 0 0 0 0
--------- -------- ---------------- --------- ----------------
Net Gain/(Loss) on Investments, Futures, Options and
Currencies.................................................. 582 (3,658) (41) 7 (3)
--------- --------- ---------------- ---------- ---------
Net Increase in Net Assets
Resulting from Operations................................... 623 4,796 616 6,137 3,937
========= ======== ================ ================ =========
</TABLE>
See Notes to Financial Statements
<PAGE>
<TABLE>
<CAPTION>
WEISS, PECK & GREER MUTUAL FUNDS
Statements of Changes in Net Assets
Years Ended December 31, 1996 and 1995
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Growth and Quantitative
Tudor Income Growth Equity
$ in Thousands 1996 1995 1996 1995 1996 1995 1996 1995
---- ---- ---- ---- ---- ---- ---- ----
Operations:
Net investment income/(loss).............................($1,042) ($705) $1,107 $1,376 ($43) ($135) $2,219 $2,043
Net realized gain/(loss) on
investments, futures,
options, and currencies................................ 30,159 23,450 7,405 4,324 13,594 7,635 29,051 5,546
Change in unrealized
appreciation/(depreciation)
on investments, futures,
options and currencies................................. 1,416 29,647 7,840 12,858 (2,903) 13,926 (5,583) 20,960
Net Increase in Net Assets
Resulting from Operations.............. 30,533 52,392 16,352 18,558 10,648 21,426 25,687 28,549
Distributions to Shareholders:
From net investment income............................. 0 0 (1,001) (1,383) 0 0 (1,873) (2,128)
From capital gains.....................................(27,250) (27,660) (6,957) (4,290) (13,157)(3,175) (26,218) (5,506)
Decrease in Net Assets from
Distributions..................................... (27,250) (27,660) (7,958) (5,673) (13,157 (3,175) (28,091) (7,634)
Transactions in Shares of
Beneficial Interest:
Received on issuance:
Shares sold............................................157,573 66,514 10,378 5,973 120,071 43,426 40,334 52,783
Distributions reinvested............................... 24,493 24,708 7,047 4,870 12,286 3,104 25,939 7,211
Shares redeemed.......................................(169,513) (94,627)(10,239) (17,416) (127,462)(92,270)(94,620)(21,192)
Net Increase/(Decrease) from
Capital Share Transactions.......................... 12,553 (3,405) 7,186 (6,573) 4,895 (45,740) (28,347 38,802
Total Increase/(Decrease)
in Net Assets......................................... 15,836 21,327 15,580 6,312 2,386 (27,489) (30,751)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 year ............................................ 181,370 165,534 82,937 67,357 62,839 60,453 102,450 133,201
+Includes undistributed net invest-
ment income/(distributions in
excess of net investment income)....... (358) 597 (207) 204 (205) 183 336 82
Transactions in shares of the funds (in thousands):
Sold............................................ 6,124 2,981 366 246 861 382 5,658 8,282
Reinvestment of distributions........................ 1,057 1,050 238 188 104 25 4,345 1,011
Redeemed............................................ (6,604) (4,274) (364) (703) (918) (855) (12,053)(3,354)
Net increase/(decrease).................................. 577 (243) 240 (269) 47 (448) (2,050) 5,939
</TABLE>
<TABLE>
<CAPTION>
WEISS, PECK & GREER MUTUAL FUNDS
Statements of Changes in Net Assets
Years Ended December 31, 1996 and 1995
Intermediate
Government Municipal Government Tax Free
International Securities Bond Money Market Money Market
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$ in Thousands 1996 1995 1996 1995 1996 1995 1996 1995 1996 1995
--- ---- ---- ---- ---- ---- ---- ---- ---- ---
Operations:
Net investment income/(loss).............$41 $56 $8,454 $12,142 $657 $606 $6,130 $7,619 $3,940 $4,427
Net realized gain/(loss) on
investments, futures,
options, and currencies..............1,469 1,332 (1,080) (4,897) 5 (3) 7 26 (3) (1)
Change in unrealized
appreciation/(depreciation)
on investments, futures,
options and currencies............... (887) (32) (2,578) 16,119 (46) 977 0 0 0 0
Net Increase in Net Assets
Resulting from Operations............ 623 1,356 4,796 23,364 616 1,580 6,137 7,645 3,937 4,426
Distributions to Shareholders:
From net investment income........... (44) (179) (8,400) (11,999) (657) (606) (6,132) (7,619) (3,940) (4,427)
From capital gains..................(1,393) (1,150) 0 0 0 0 0 0 0 0
Decrease in Net Assets from
Distributions.......................(1,437) (1,329) (8,400) (11,999) (657) (606) (6,132) (7,619) (3,940) (4,427)
Transactions in Shares of
Beneficial Interest:
Received on issuance:
Shares sold......................... 2,535 1,002 8,570 11,551 6,115 4,206 1,206,518 759,357 1,110,592 856,653
Distributions reinvested............ 1,284 1,191 5,278 8,145 473 505 6,163 7,031 3,991 4,057
Shares redeemed.....................(4,038) (5,128) (61,018) (75,847)(4,063)(6,960)(1,191,110) (823,401) (1,118,911 (891,456)
Net Increase/(Decrease) from
Capital Share Transactions........ (219) (2,935) (47,170) (56,151) 2,525 (2,249) 21,571 (57,013) (4,328) (30,746)
Total Increase/(Decrease)
in Net Assets.......................(1,033) (2,908) (50,774) (44,786) 2,484 (1,275) 21,576 (56,987) (4,331) (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 year ..........................13,161 14,194 120,804 171,578 15,214 12,730 152,786 131,210 117,423 121,754
Includes undistributed net invest-
ment income/(distributions in
excess of net investment income)... (41) 16 8 4 1 28 0 0 0 0
Transactions in shares of the funds
(in thousands):
Sold................................224 87 929 1,387 607 430 1,206,516 759,357 1,110,592 856,653
Reinvestment of distributions.......124 107 575 763 47 47 6,163 7,031 3,991 4,057
Redeemed...........................(358) (470) (6,638) (8,359) (402) (702) (1,191,110) (823,401) (1,118,911) (891,456)
Net increase/(decrease)................ (10) (276) (5,134) (6,209) 252 (225) 21,569 (57,013) (4,328) (30,746)
</TABLE>
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Notes to Financial Statements
1 - Organization and Summary of Significant Accounting Policies
Organization
The following are open-end management investment companies registered under the
Investment Company Act of 1940 (the "Act"):
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 the 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 ask
prices.
Bonds - Bonds and other fixed income securities (other than short-term
obligations but including listed issues) 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 Funds' 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 ask prices.
Other Securities - Other securities and assets for which market quotations are
not readily available are valued at their fair value as determined, in good
faith, by the Funds' Valuation Committee as authorized by the Funds' Board of
Trustees.
Page 42
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Notes to Financial Statements - (continued)
Securities Transactions and Investment Income
Securities transactions are recorded on a trade date basis. Realized gains
and losses from securities transactions are recorded utilizing the specific
identification method. Dividend income is recognized on the ex-dividend date
and interest income is recognized on 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.
Federal Income Taxes
The Funds intend to comply with the requirements of the Internal Revenue Code
that pertain to regulated investment companies and to distribute all of their
taxable income to their shareholders. No federal income tax or excise tax
provision is required. As of December 31, 1996, the following funds had
capital loss carryforwards:
<TABLE>
<S> <C> <C> <C> <C>
(in thousands)
Year of Expiration
Fund 2001 2002 2003 2004
---- ---- ---- ---- ----
Government Securities - 20,373 20,113 1,028
Municipal Bond - 134 8 -
Government Money Market - 2,015 - -
Tax Free Money Market 11 - 1 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 the Tudor, Growth, Quantitative Equity and
International Funds 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 carryforwards, if any, it is the policy
of the Fund not to distribute such gains.
The character of income and gains to be distributed 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.
Organization Expenses
Organization and initial offering expenses of approximately $97,000 and
$77,000 for the Quantitative Equity Fund and the Intermediate Municipal Bond
Fund were deferred and are being 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
Page 43
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Notes to Financial Statements - (continued)
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 (Tudor, Growth, 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.
Options Writing (Tudor, Growth & Income, Growth, Quantitative Equity,
International, Government Securities)
A Fund may write covered options to protect against adverse movements in the
price of securities in the investment portfolio. 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
affecting 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.
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. dollar. 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.
Page 44
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Notes to Financial Statements - (continued)
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 s
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.
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
For the year ended December 31, 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") the Funds'
investment adviser or Hill Samuel Investment Management Limited ("HSIM"), the
International Fund's sub-adviser, 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 HSIM
(000's) (000's) (000's) (000's)
------ ------ ------ ------
Tudor $206,110 $190,104 $308 $140
Growth and Income 56,563 55,167 110 83
Growth 80,317 74,715 116 68
Quantitative Equity 127,667 85,045 157 157
International 10,935 10,662 82 0
Government Securities 450,103 383,243 0 0
Municipal Bond 5,996 8,400 0 0
</TABLE>
Page 45
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Notes to Financial Statements - (continued)
Options Writing Activity
For the year ended December 31, 1996, the number of covered call options
written, expired and closed and their related realized gain (loss) were as
follows:
<TABLE>
Tudor Growth
----- ------
<S> <C> <C> <C> <C> <C> <C>
($ 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 5,908 3,916 1,069 907
----- ----- ----- ---
6,369 4,143 1,069 907
Contracts Terminated
Expired 918 396 65 25
Closed 5,301 3,708 914 861
----- ----- --- ---
Total Contracts terminated 6,219 4,104 979 886
----- ----- --- ---
Contracts Outstanding at
December 31, 1996 150 $39 90 $21
================ =================
Cost of Total Contracts Terminated $4,581 $1,030
------ ------
Realized Gain/(Loss) on Contracts (478) (144)
------ ------
Aggregate value of collateral $411 $247
------ ------
</TABLE>
3 - Investments in Restricted Securities
Certain of the Funds may from time to time purchase restricted securities. The
following are restricted securities and would require registration under the
Securities Act of 1933 before they could be offered for public sale in the U.S.
Each security is valued under a method approved by the Board of Trustees as
reflecting fair value.
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Cost Value Per Unit Total Market Percentage of
Per at Acquisition Value Per Unit Value 12/31/96 Net Assets at
Fund Security Unit Date at 12/31/96 (000's) 12/31/96
---- -------- ---- --------------- ------------- --------------
Tudor Advanced
Promotion
Technologies $100.00 $73.76 $0.19 $1 0.00%
Tudor Cambridge
Neuroscience 6.75 6.75 11.28 790 0.43%
Growth Ribi ImmunoChem
Research 8.25 7.54 3.68 223 0.35%
</TABLE>
4 - Securities Lending (Tudor, Growth, Government Securities)
At December 31, 1996, securities valued at $9,793,250 were on loan to brokers by
the Tudor Fund and $11,084,531 by the Growth Fund. For collateral the Tudor Fund
received a letter of credit in an amount equal
Page 46
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Notes to Financial Statements - (continued)
to $10,000,000 and the Growth Fund received U.S. Government Securities in the
amount of $11,227,478. During the year ended December 31, 1996, the Tudor Fund,
the Growth Fund and the Government Securities Fund earned approximately
$26,000, $21,000 and $5,000 net of custodian expenses, respectively.
5 - Investment Advisory Fee and Other Transactions with Affiliates
WPG serves as the Funds' investment adviser. The advisory fees of each Fund are
as follows, and are paid monthly except for the International Fund which is paid
quarterly:
Tudor .90% of net assets up to $300 million
.80% of net assets $300 million to $500 million
.75% of net assets in excess of $500 million
Growth and Income .75% of net assets
Growth .75% of net assets
Quantitative Equity .75% of net assets
International .50% while net assets under $15 million
.85% while net assets $15 to $20 million
1.00% while net assets in excess of $20 million
Government Securities .60% of net assets up to $300 million
.55% of net assets $300 million to $500 million
.50% of net assets in excess of $500 million
MunicipalBond .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
Pursuant to authority granted under its Investment Advisory Agreement with the
International Fund, WPG has selected Hill Samuel Investment Management Limited
("HSIM"), formerly Lloyds Investment Management Limited, as sub-adviser to the
Fund. Pursuant to a sub-advisory agreement, HSIM has overall responsibility for
the management of the International Fund's assets invested in non-US securities.
Lloyds Investment Management Limited, the parent of HSIM, is a limited partner
in the partnership of WPG.
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%,
Intermediate Municipal Bond .12% while assets exceed $50 million, Government
Money Market .06%, Tax Free Money Market .03%.
Page 47
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Notes to Financial Statements - (continued)
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 year ended December 31, 1996, expenses incurred under the Plan were
$1,769.
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 agreement with its custodian
wherein it receives credit toward the reduction of custodian fees whenever there
are uninvested cash balances. For the year ended December 31, 1996 the Funds'
custodian fee and related offset were as follows:
<TABLE>
<S> <C> <C>
Custodian Offset
Fee Credit
Tudor $60,006 $1,998
Growth and Income 28,199 3,431
Growth 36,400 2,041
Quantitative Equity 28,829 3,865
International 25,566 6,480
Government Securities 21,830 3,930
Intermediate Municipal Bond 6,921 1,692
Government Money Market 19,256 808
Tax Free Money Market 23,712 9,038
</TABLE>
The Funds could have invested its cash balances elsewhere if it had not agreed
to a reduction in fees under the expense offset agreement with its custodian.
8 - Reclassification of Capital Accounts
In accordance with the adoption of Statement of Position 93-2 "Determination,
Disclosure and Financial Statement Presentation of Income, Capital Gain and
Return of Capital Distributions by Investment Companies", reclassifications were
made to the Funds' capital accounts to reflect permanent book/tax differences
and income and gains available for distributions under income tax regulations.
Net investment income, net realized gains and net assets were not affected by
this change. At December 31, 1996 the amounts reclassified were as follows:
Page 48
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Notes to Financial Statements - (continued)
<TABLE>
<S> <C> <C> <C>
Undistributed Undistributed Additional
Net Investment Net Realized Paid-in
Income Gains Surplus
(000's) (000's) (000's)
Tudor 87 (21) (66)
Growth and Income (104) 140 (36)
Growth (366) 412 (46)
Quantitative Equity (92) 53 39
International (55) 55 0
Government Securities (51) 43 8
Intermediate Municipal Bond (27) 0 27
Government Money Market 2 (1,737) 1,735
</TABLE>
9 - Federal Income Tax Status of Dividends - (Unaudited)
WPG Tax-Free and WPG Intermediate Municipal Bond Fund have determined that all
dividends paid during the year ended December 31, 1996 were paid from investment
income and are exempt from Federal income tax. None of these dividends are
subject to the Alternative Minimum Tax.
The Funds have distributed long-term capital gains to shareholders during the
fiscal year ended December 31, 1996 in the following amounts:
<TABLE>
<S> <C>
Tudor Fund $18,646,084
Growth & Income Fund 5,517,457
Growth Fund 6,209,288
Quantitative Equity Fund 23,097,148
International Fund 978,879
</TABLE>
The percentage of investment company taxable income eligible for the dividends
received deduction available for certain corporate shareholders with respect to
the fiscal year ended December 31, 1996, is 100% for both the Growth and Income
Fund and the Quantitative Equity Fund.
The above figures may differ from those cited elsewhere in the report due to
differences in the calculations of income and capital gains for Securities and
Exchange Commission (financial reporting) purposes and Internal Revenue Service
(tax) purposes.
Page 49
<PAGE>
<TABLE>
<CAPTION>
WEISS, PECK & GREER MUTUAL FUNDS (for the years ended December 31 except as indicated in the footnotes)
FINANCIAL HIGHLIGHTS
$ per share
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net Total
Realized Income
Net Net and From Dividends Distri-
Asset Invest- Unrealized invest- From butions Tax
Value at ment Gains or ment Net From Return Total
Beginning Income (Losses) on Opera- Investment Capital of Distri-
of Period (Loss) Securities tions Income Gains Capital butions
Tudor
1996 22.95 0.00 4.27 4.27 (0.14) (3.80) 0.00 (3.94)
1995 19.34 (0.10) 8.03 7.93 0.00 (4.32) 0.00 (4.32)
1994 23.40 (0.13) (2.14) (2.27) 0.00 (1.79) 0.00 (1.79)
1993 24.85 (0.22) 3.51 3.29 0.00 (4.74) 0.00 (4.74)
1992 24.76 (0.16) 1.40 1.24 0.00 (1.15) 0.00 (1.15)
Growth and Income Fund
1996 26.02 0.24 6.11 6.35 (0.39) (2.66) 0.00 (3.05)
1995 21.36 0.51 6.44 6.95 (0.53) (1.76) 0.00 (2.29)
1994 23.34 0.56 (1.83) (1.27) (0.62) (0.09) 0.00 (0.71)
1993 23.89 0.56 1.71 2.27 (0.89) (1.93) 0.00 (2.82)
1992 24.07 0.45 2.82 3.27 (0.43) (3.02) 0.00 (3.45)
Growth
1996 125.17 (10.50) 32.64 22.14 (1.25) (27.59) 0.00 (28.84)
1995 94.45 (0.22) 37.70 37.48 0.00 (6.76) 0.00 (6.76)
1994 116.62 (0.29) (15.96) (16.25) 0.00 (5.92) 0.00 (5.92)
1993 126.68 (0.78) 19.42 18.64 0.00 (28.70) 0.00 (28.70)
1992 132.06 (0.47) 8.24 7.77 (0.02) (13.13) 0.00 (13.15)
Quantitative Equity Fund
1996 6.85 0.16 1.13 1.29 (0.15) (2.10) 0.00 (2.25)
1995 5.44 0.13 1.70 1.83 (0.12) (0.30) 0.00 (0.42)
1994 5.58 0.13 (0.11) 0.02 (0.11) (0.05) 0.00 (0.16)
1993 5.00 0.08 0.62 0.70 (0.08) (0.04) 0.00 (0.12)
International
1996 11.01 (0.07) 0.57 0.50 (0.04) (1.18) 0.00 (1.22)
1995 10.93 0.04 1.15 1.19 (0.15) (0.96) 0.00 (1.11)
1994 11.72 0.01 (0.75) (0.74) 0.00 (0.05) 0.00 (0.05)
1993 8.54 (0.02) 3.20 3.18 0.00 0.00 0.00 0.00
1992 9.04 0.07 (0.57) (0.50) 0.00 0.00 0.00 0.00
Government Securities
1996 9.38 0.64 (0.29) 0.35 (0.54) 0.00 0.00 (0.54)
1995 8.83 0.60 0.54 1.14 (0.59) 0.00 0.00 (0.59)
1994 10.37 0.68 (1.56) (0.88) (0.64) (0.02) 0.00 (0.66)
1993 10.38 0.79 0.14 0.93 (0.79) (0.15) 0.00 (0.94)
1992 10.54 0.70 0.01 0.71 (0.70) (0.17) 0.00 (0.87)
Intermediate Municipal Bond
1996 10.20 0.48 (0.06) 0.42 (0.48) 0.00 0.00 (0.48)
1995 9.51 0.44 0.69 1.13 (0.44) 0.00 0.00 (0.44)
1994 10.15 0.41 (0.64) (0.23) (0.41) 0.00 0.00 (0.41)
1993* 10.00 0.19 0.15 0.34 (0.19) 0.00 0.00 (0.19)
Government Money Market
1996 1.00 0.04 0.00 0.04 (0.04) 0.00 0.00 (0.04)
1995 1.00 0.05 0.00 0.05 (0.05) 0.00 0.00 (0.05)
1994 1.00 0.04 (0.01) 0.03 (0.04) 0.00 0.00 (0.04)
1993 1.00 0.03 0.00 0.03 (0.03) 0.00 0.00 (0.03)
1992 1.00 0.03 0.00 0.03 (0.03) 0.00 0.00 (0.03)
Tax Free Money Market
1996 1.00 0.03 0.00 0.03 (0.03) 0.00 0.00 (0.03)
1995 1.00 0.04 0.00 0.04 (0.04) 0.00 0.00 (0.04)
1994 1.00 0.03 0.00 0.03 (0.03) 0.00 0.00 (0.03)
1993 1.00 0.02 0.00 0.02 (0.02) 0.00 0.00 (0.02)
1992 1.00 0.03 0.00 0.03 (0.03) 0.00 0.00 (0.03)
<FN>
* From July 1, 1993 (commencement of operations) to December 31, 1993.
</FN>
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net Net Average
Asset Assets at Ratio of Ratio of Commiss-
Contri- Value at End of Expenses Net Income Portfolio ion
butions to End of Total Period To Average To Average Turnover per
Capital Period Return ($000's) Net Assets Net Assets Rate Share
Tudor
1996 0.00 23.28 18.82% 181,370 1.25% (0.57%) 105.4% $0.058
1995 0.00 22.95 41.18% 165,534 1.30% (0.47%) 123.1% N/A
1994 0.00 19.34 (9.81%) 144,207 1.28% (0.62%) 109.1% N/A
1993 0.00 23.40 13.38% 242,067 1.25% (0.76%) 118.8% N/A
1992 0.00 24.85 5.13% 273,394 1.21% (0.71%) 88.8% N/A
Growth and Income Fund
1996 0.00 29.32 24.42% 82,937 1.15% 1.50% 75.8% $0.062
1995 0.00 26.02 32.73% 67,357 1.22% 2.10% 79.4% N/A
1994 0.00 21.36 (5.47%) 61,045 1.23% 2.49% 71.9% N/A
1993 0.00 23.34 9.53% 62,714 1.26% 2.15% 86.4% N/A
1992 0.00 23.89 13.80% 49,304 1.34% 1.79% 75.5% N/A
Growth
1996 0.00 118.47 17.99% 62,839 1.08% (0.07%) 122.4% $0.064
1995 0.00 125.17 39.72% 60,453 1.07% (0.21%) 119.0% N/A
1994 0.00 94.45 (14.03%) 87,942 0.95% (0.27%) 99.3% N/A
1993 0.00 116.62 14.87% 169,302 0.98% (0.54%) 126.6% N/A
1992 0.00 126.68 6.27% 208,384 0.95% (0.57%) 84.3% N/A
Quantitative Equity Fund
1996 0.00 5.89 18.51% 102,450 0.95% 1.52% 60.8% $0.034
1995 0.00 6.85 33.37% 133,201 1.00% 2.00% 26.1% N/A
1994 0.00 5.44 0.34% 73,484 1.14% 2.36% 46.8% N/A
1993 0.00 5.58 13.90% 46,921 1.32% 2.01% 20.6% N/A
International
1996 0.00 10.29 4.64% 13,161 1.71% 0.31% 85.2% $0.019
1995 0.00 11.01 10.92% 14,194 1.74% 0.39% 55.9% N/A
1994 0.00 10.93 (6.32%) 17,102 1.95% 0.12% 69.8% N/A
1993 0.00 11.72 37.24% 15,996 2.12% (0.13%) 75.9% N/A
1992 0.00 8.54 (5.53%) 8,311 2.28% 0.71% 96.8% N/A
Government Securities
1996 0.00 9.19 3.85% 120,804 0.81% 5.87% 333.1% N/A
1995 0.00 9.38 13.25% 171,578 0.82% 6.52% 375.0% N/A
1994 0.00 8.83 (8.70%) 216,364 0.80% 7.18% 115.9% N/A
1993 0.00 10.37 8.96% 334,904 0.81% 7.43% 97.5% N/A
1992 0.00 10.38 7.90% 263,407 0.78% 7.36% 137.2% N/A
Intermediate Municipal Bond
1996 0.00 10.14 4.20% 15,214 0.85% 4.72% 44.4% N/A
1995 0.00 10.20 12.05% 12,730 0.85% 4.38% 51.2% N/A
1994 0.00 9.51 (2.29%) 14,005 0.85% 4.20% 30.9% N/A
1993* 0.00 10.15 3.48% 12,334 0.84%A 3.86%A 17.0%A N/A
Government Money Market
1996 0.00 1.00 4.56% 152,786 0.83% 4.48% N/A N/A
1995 0.00 1.00 5.16% 131,210 0.82% 5.06% N/A N/A
1994 0.01 1.00 3.58% 188,197 0.80% 3.54% N/A N/A
1993 0.00 1.00 2.80% 140,926 0.81% 2.75% N/A N/A
1992 0.00 1.00 2.95% 103,109 0.92% 2.92% N/A N/A
Tax Free Money Market
1996 0.00 1.00 3.14% 117,423 0.72% 3.10% N/A N/A
1995 0.00 1.00 3.63% 121,754 0.76% 3.56% N/A N/A
1994 0.00 1.00 2.61% 152,501 0.73% 2.59% N/A N/A
1993 0.00 1.00 2.32% 136,889 0.74% 2.29% N/A N/A
1992 0.00 1.00 2.95% 125,622 0.76% 2.92% N/A N/A
<FN>
* From July 1, 1993 (commencement of operations) to December 31, 1993.
</FN>
</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 total return would have been lower and the net
investment income/(loss) per share, ratio of expenses to average
net assets and ratio of net income to average net assets would
have been:
<TABLE>
<S> <C> <C>
Ratio of
Ratio of Net
Expenses Income
to Average to Average
Net Assets Net Assets
Growth
1995 1.08% (0.21%)
Quantitative Equity
1993 1.41% 1.92%
International
1996 1.76% 0.26%
1995 1.76% 0.39%
1994 2.35% (0.28%)
1993 2.89% (0.64%)
1992 3.23% (0.24%)
1991 3.02% (0.06%)
Intermediate Municipal Bond
1996 1.01% 4.56%
1995 0.97% 4.25%
1994 1.45% 3.60%
1993* 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:
* From July 1, 1993 (commencement of operations) to December 31, 1993
A Annualized
</FN>
</TABLE>
<PAGE>
Independent Auditors' Report
To the Shareholders and Board of Trustees of:
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
We have audited the accompanying statements of assets and liabilities, including
the schedules of investments of 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 and WPG Tax Free Money Market Fund as of December
31, 1996, and the related statements of operations for the year then ended,
statements of changes in net assets for each of the years in the two-year period
then ended, and financial highlights for each of the periods indicated on pages
50 through 52. These financial statements and financial highlights are the
responsibility of the Funds' management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of
December 31, 1996, by correspondence with the custodian and other appropriate
audit procedures. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of 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 and WPG
Tax Free Money Market Fund as of December 31, 1996, the results of their
operations for the year then ended, their changes in net assets for each of the
years in the two-year period then ended, and their financial highlights for each
of the periods indicated, in conformity with generally accepted accounting
principles.
KPMG Peat Marwick LLP
New York, New York
January 15, 1997
<PAGE>
ONE NEW YORK PLAZA, NEW YORK, NY 10004
INDEPENDENT TRUSTEES AND MEMBERS
OF AUDIT COMMITTEE
Raymond R. Herrmann, Jr. William B. Ross
Lawrence J. Israel Harvey E. Sampson
Graham E. Jones Robert A. Straniere
Paul Meek
OFFICERS
Roger J. Weiss
Chairman of the Board and Trustee - all funds
President - Weiss, Peck & Greer International Fund
Melville Straus
President and Trustee - WPG Tudor Fund,
Trustee - WPG Growth Fund,
Executive Vice President and Trustee -
WPG Growth and Income Fund
Jay C. Nadel
Executive Vice President and Secretary - all funds
Francis H. Powers
Executive Vice President and Treasurer - all funds
Arlen S. Oransky
Assistant Vice President - all funds
Joseph J. Reardon
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
Daniel Cardell
Vice President - WPG Quantitative Equity Fund
Arthur L. Schwarz
Vice President - WPG Intermediate Municipal Bond 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, LLC
One New York Plaza
New York, NY 10004
CUSTODIAN
Boston Safe Deposit and Trust Company
One Exchange Place
Boston, MA 02109
DIVIDEND DISBURSING AND
TRANSFER AGENT
First Data Investor Services Group
4400 Computer Drive
Westboro, MA 01581-5120
LEGAL COUNSEL
Hale and Dorr
60 State Street
Boston, MA 02109
INDEPENDENT AUDITORS
KPMG Peat Marwick LLP
345 Park Avenue
New York, NY 10154
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.
