WEISS, PECK & GREER
MUTUAL FUNDS
ANNUAL REPORT
DECEMBER 31, 1998
WPG TUDOR FUND
WPG GROWTH AND INCOME FUND
WPG QUANTITATIVE EQUITY FUND
WEISS, PECK & GREER INTERNATIONAL FUND
WPG CORE BOND 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 - Equity Funds .................................... 3
Average Annual Total Returns .............................................. 4
Ten Largest Holdings ...................................................... 9
Schedules of Investments:
WPG Tudor Fund ....................................................... 11
WPG Growth and Income Fund ........................................... 12
WPG Quantitative Equity Fund ......................................... 13
Weiss, Peck & Greer International Fund ............................... 14
WPG Core Bond Fund ................................................... 17
WPG Intermediate Municipal Bond Fund ................................. 19
WPG Government Money Market Fund ..................................... 23
WPG Tax Free Money Market Fund ....................................... 23
Statements of Assets and Liabilities ...................................... 30
Statements of Operations .................................................. 32
Statements of Changes in Net Assets ....................................... 34
Notes to Financial Statements ............................................. 36
Financial Highlights ...................................................... 42
Independent Auditors Report ............................................... 45
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.
Core Bond
Objective: High current income consistent with capital preservation.
* Tax Free Money Market
Objective: Maximize current income with preservation of capital and
liquidity.
Exempt from Federal Income Tax.
* Government Money Market
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 or guaranteed by the FDIC or any other Government agency. Although the
Funds seek to preserve the value of your investment at $1.00 per share, it is
possible to lose money by investing in the Funds.
<PAGE>
DEAR SHAREHOLDER:
DOMESTIC MARKETS
- ----------------
The greatest bull market of our lifetime! This statement is certainly true
if measured by the large capitalization weighted major stock indices. The S&P
500 Index, up 28.8% for 1998, has now delivered greater than 20% gains for four
years in a row. The Dow Jones Industrial Average was up 18.2% this year, its
fourth double-digit return in a row. NASDAQ, the popular over-the-counter stock
index, rose 39.6% in 1998 and has, over the last four years, returned an
incredible annualized return of 30.7%.
However, not every segment of the stock market delivered performance as
well as the major indices. Value issues and small stocks dramatically
underperformed. Growth stocks performed better than economically sensitive
securities. The S&P Small Cap Index was down 2.6%. Approximately 60% of all New
York Stock Exchange issues were down in 1998. The S&P 500 Index's remarkable
returns throughout the year were dominated by a handful of the largest stocks in
the Index. In fact, if every stock in the Index had been equally weighted,
rather than capitalization weighted, the S&P 500 would have risen only 5%.
After an approximate 20% decline from mid-July 1998 to early October 1998
for the major indices, a very powerful rally ensued through year-end. The
decline was set off by a Russian currency devaluation, which created a dramatic
sell-off in foreign bonds and lower quality credit. This eventually led to a
world banking system that backed away from less than high quality loans, and a
credit squeeze concern started. Several hedge funds (notably Long-Term Capital
Management), leveraged with derivative securities, teetered on the edge of
bankruptcy. The Federal Reserve Board quickly came to the rescue by lowering key
interest rates two times during the fall, and the dramatic rally began.
Low inflation continues to provide the dominant pleasant economic
statistic. The Consumer Price Index increased 1.6% in 1998, slightly lower than
1.7% reported in 1997 and the lowest report since 1986.
1998 will be remembered by bond market participants as a difficult year, as
global financial turmoil resulted in dramatic changes in the valuations of
various types of fixed income securities. Yields rose during the fourth quarter
in spite of the two rate cuts by the Federal Reserve. The flattening of the
yield curve (i.e., yields on short maturities rising more than yields on long
maturities) was the result of financial turmoil subsiding, recession fears
easing, and the aggressive expectations for further Federal Reserve rate cuts
reversing.
Corporate bonds began the fourth quarter in the same fashion as the third
quarter - under pressure and with relatively low liquidity. Investor sentiment
turned more optimistic in November, however, largely in response to Federal
Reserve rate cuts, which calmed the financial markets and allowed liquidity to
return to much of the corporate market. The mortgage and asset-backed securities
sectors also began the quarter under pressure due to overall financial market
turmoil. In addition, mortgage securities were influenced by fears of a large
refinancing wave, which pushed spreads wider in early October. As with the
corporate market, asset-backed and particularly mortgage securities dramatically
outperformed Treasuries in November as market turmoil subsided, yields rose and
prepayment fears eased.
The outlook for the near-term direction of the U.S. economy and interest
rates remains unclear. The U.S economy has performed extremely well in the face
of ongoing financial turmoil in other parts of the world. If this solid economic
performance continues and the U.S. equity market continues its meteoric rise,
the Federal Reserve will have no reason to lower interest rates further and may
even have to consider a modest rate increase. On the other hand, if the U.S.
economy were to slow, the Federal Reserve would be in a position to lower rates,
particularly with inflation remaining well contained.
Page 1
<PAGE>
INTERNATIONAL MARKETS
- ---------------------
Over the summer months foreign equity markets suffered steep declines as
concern increased that the world economy would not only slow sharply but would
perhaps decline in 1999. This fear abated in the fall as interest rates began to
decline around the world. With over sixty rate cuts globally in the last quarter
of the year, investors began to regain their poise. Equity prices rallied
strongly in the fourth quarter of 1998. The EAFE index rose by 20.8%, compared
with a third quarter fall of 14.2%.
In Europe, the run-up to the introduction of the Euro on the 1st of January
1999 was accomplished without problems and the last convergence of interest
rates was coordinated in December (except for Italy). Equity markets were
supported by corporate restructuring driving mergers and acquisitions as
companies prepared for the new Europe. The greatest area of economic concern
remained in the Far East, where the Japanese economy suffered a deepening
recession and economic weakness continued to pervade most of the Asian rim.
Looking forward, the pace of economic growth in Europe is expected to
decelerate in 1999, and the prospect of recession is considered to be very small
as domestic demand remains firm. In Asia, while most remain cautious, there are
hopes of more stable economic conditions, and some signs of investors returning
to the region.
We are grateful for your confidence in Weiss, Peck & Greer over the past
year. We look forward to serving our shareholders' investment needs throughout
the end of the 1999 and long into the next millennium.
Sincerely,
/S/ ROGER J. WEISS
---------------------
Roger J. Weiss
Chairman of the Board
January 19, 1999
Page 2
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
MAJOR PORTFOLIO CHANGES - EQUITY FUNDS - QUARTER ENDING DECEMBER 31,1998 -
UNAUDITED
TUDOR FUND GROWTH AND INCOME FUND
- ---------- ----------------------
ADDITIONS ADDITIONS
- --------- ---------
Airgas Inc. AMBAC Inc
Burlington Coat Factory Federal Home Loan Mortgage Corp.
Hexcel Corp. Halliburton
Invacare Corp. HEALTHSOUTH Corp.
KOMAG Inc. Infinity Broadcasting
Pillowtex Corp. PepsiCo, Inc.
Primark Corp. Unilever NV ADR
Structural Dynamics Research
Technology Solutions
Waddell & Reed Financial
DELETIONS DELETIONS
- --------- ---------
Aspect Telecommunications BankAmerica Corp.
GTECH Holding Corp. Columbia/HCA Healthcare Co.
Pathogenesis Corp. Cornerstone Properties Inc.
Segue Software Inc. Energen Corp.
SFX Entertainment Cl A Gap Inc.
Trident International Inc. Linear Technology Corp.
Vesta Insurance Group Inc. Mills Corp.
PeopleSoft Inc.
ProLogis Trust
Travelers Group Inc.
QUANTITATIVE EQUITY FUND INTERNATIONAL FUND
- ------------------------ ------------------
ADDITIONS ADDITIONS
- --------- ---------
Aluminum Company of America Alliance & Leicester
Apache Corp. DaimlerChrysler AG
International Business Machines Corp. Elf Aquitaine
National City Corp. Fujitsu Ltd.
Philips Petroleum Co. Hoechst AG
Proctor & Gamble Co. Imperial Chemical Industries
Sara Lee Corp. Kansai Electric Power Co. Inc.
US West Inc. RWE AG
Viad Corp. Telefonica S.A.
Wal Mart Stores Inc. Zeneca Group
DELETIONS DELETIONS
- --------- ---------
Chrysler Corp. Compass Group PLC
Cisco Systems Fiat Spa
Dayton Hudson Corp. Groupe Danone
Dean Foods Mitsui Fudosan Co.
Household International Inc. Nintendo Co. Ltd.
Lockheed Martin Corp. Pennon Group PLC
Mobil Corp. Roche Holding AG
NationsBank Corp. Schweiz Rueckvers-Gesell
Newell Co. Total SA - B
Royal Dutch Petroleum Co. ADR
Page 3
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
AVERAGE ANNUAL TOTAL RETURN
TUDOR FUND
Last year was a very difficult year for small cap stocks, which is Tudor's area
of emphasis. While the Dow Jones and S&P 500 indices rose sharply during the
year, the majority of listed and over the counter shares declined in price, with
those of smaller companies generally declining the most.
Tudor Fund underperformed its benchmarks for the fourth quarter and the full
year. A new research and portfolio management team assumed responsibility for
Tudor at the end of 1997 and the Fund underwent a major restructuring. The
number of holdings was greatly reduced, more intensive research efforts were
initiated, and foreign stocks were eliminated from the portfolio. This turnover
and repositioning impacted performance in 1998, but we believe that we have
improved the quality of our holdings.
Contributing to the underperformance was an overweight position and unfavorable
stock selection in the industrial sector, especially aerospace suppliers. Health
care was another area of underperformance, due to both an underweight position
and unfavorable stock selection. An underweight position in retail stocks also
hurt relative performance, especially during the fourth quarter.
Areas of positive performance in 1998 included technology and transportation,
especially regional airlines. Overweight positions and favorable stock selection
in the financial and telecommunications sectors also contributed positively to
fourth quarter results. Fourth quarter appreciation was limited by a large cash
position which resulted from transactions undertaken to minimize shareholder's
tax liabilities which resulted from the portfolio restructuring in the first
half of 1998.
[GRAPH OMITTED]
WPG TUDOR FUND COMPARISON WITH RUSSELL 2000 GROWTH
RUSSELL 2500 GROWTH
LIPPER CAPITAL APPRECIATION INDEX
<TABLE>
<CAPTION>
DATE TUDOR R2000 LIPPER R2500
- ---- ----- ----- ------ -----
<S> <C> <C> <C> <C>
1988 10,000 10,000 10,000 10,000
1989 12,504 11,624 12,830 12,451
1990 11,858 9,356 11,832 10,932
1991 17,291 13,665 16,276 16,947
1992 18,176 16,180 17,506 17,928
1993 20,608 19,240 20,264 20,104
1994 18,586 18,890 19,765 19,847
1995 26,240 24,262 26,009 26,504
1996 31,178 28,275 28,897 30,498
1997 34,642 34,600 35,835 34,999
1998 27,018 33,711 42,995 36,084
</TABLE>
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURN
(FOR THE PERIODS ENDED DECEMBER 31, 1998)
1 YEAR 5 YEARS 10 YEARS
------ ------- --------
<S> <C> <C> <C>
TUDOR ...................................... -22.01% 5.57% 10.45%
Lipper Cap. Appreciation Index ............. 19.98% 16.26% 15.71%
Russell 2500 Growth Index .................. 3.10% 12.41% 13.69%
</TABLE>
Page 4
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
AVERAGE ANNUAL TOTAL RETURN
GROWTH & INCOME FUND
The 1998 total return for the WPG Growth & Income Fund of 27.51% exceeded that
of the Lipper Growth & Income Fund average by over 10%. Consumer cyclical,
health care and technology sectors contributed heavily to positive performance
during the year. Carnival Corp., Gap Inc. and Home Depot provided the greatest
returns among the consumer cyclical issues in the Fund's portfolio.
Bristol-Myers Squibb, Pfizer, Schering-Plough and Warner-Lambert outperformed
within the health care group, while BMC Software, Compaq Computer, Computer
Associates and Xerox led our technology holdings. During the latter half of 1998
McDonald's and Philip Morris were key performers when the investment environment
became more volatile. Subdued economic growth and restrained inflation should
characterize the 1999 backdrop. This expected economic environment should be
beneficial for the stocks held by the Fund.
[GRAPH OMITTED]
WPG GROWTH & INCOME FUND COMPARISON WITH S & P 500 INDEX
LIPPER CAPITAL APPRECIATION INDEX
<TABLE>
<CAPTION>
DATE GROWTH & INCOME S&P 500 LIPPER
- ---- --------------- ------- ------
<S> <C> <C> <C>
1988 10,000 10,000 10,000
1989 12,764 13,143 12,390
1990 11,442 12,724 11,860
1991 16,101 16,611 15,339
1992 18,323 17,887 16,758
1993 20,071 19,675 18,803
1994 18,975 19,937 18,664
1995 25,185 27,413 24,511
1996 31,335 33,787 29,675
1997 42,701 45,065 37,685
1998 54,448 58,025 43,567
</TABLE>
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURN
(FOR THE PERIODS ENDED DECEMBER 31, 1998)
1 YEAR 5 YEARS 10 YEARS
------ ------- --------
<S> <C> <C> <C>
GROWTH AND INCOME .................... 27.51% 22.09% 18.47%
S&P 500 Stock Index .................. 28.76% 24.15% 19.22%
Lipper Growth & Income
Funds Average ....................... 15.61% 18.53% 15.76%
</TABLE>
QUANTITATIVE EQUITY FUND
Two overriding trends of the 1998 market presented a significant challenge to
the WPG Quantitative Equity Fund model. Specifically, the largest cap stocks in
the S&P 500 dominated the index's return, with the top 50 stocks in terms of
capitalization delivering the most significant portion of the total return.
Further, growth stocks significantly outperformed value stocks throughout the
entire year. In fact, traditional measures of favorable stock valuation such as
low price earnings ratios have actually been correlated with negative relative
returns during the year. This combination of the very narrow market and the
disregard for valuation or the growth at any price perspective that existed
during 1998 has made it very difficult for the Quantitative Equity Fund model to
outperform the market. However, sound risk control and strategic portfolio
turnover has allowed the Quantitative Equity Fund to deliver a 26.71% return and
to be more favorably positioned for 1999.
[GRAPH OMITTED]
WPG QUANTITATIVE EQUITY COMPARISON WITH S&P 500
<TABLE>
<CAPTION>
DATE QUANTITATIVE EQUITY S & P
- ---- ------------------- -----
<S> <C> <C>
1/1993 10,000 10,000
1993 11,390 11,008
1994 11,429 11,153
1995 15,242 15,345
1996 18,064 18,868
1997 22,665 25,162
1998 28,719 32,399
</TABLE>
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURN
(FOR THE PERIODS ENDED DECEMBER 31, 1998)
FROM
1 YEAR 5 YEARS 1/1/93 +
------ ------- --------
<S> <C> <C> <C>
QUANTITATIVE EQUITY ............... 26.71% 20.31% 19.22%
S&P 500 Stock Index ............... 28.76% 24.15% 21.67%
</TABLE>
Page 5
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
AVERAGE ANNUAL TOTAL RETURN
INTERNATIONAL FUND
1998 was a turbulent year for the world's equity markets. Investor euphoria
pushed most markets sharply higher initially - the exceptions were Japan and
Asia - only for share prices to fall dramatically over the summer and then stage
a remarkable recovery in the fourth quarter. Asset allocation has focused on
western markets rather than eastern markets, a policy that benefited performance
in the first half of the year but was a drag on performance in the second half.
Despite economic conditions clearly favoring Europe throughout the year, returns
from Japan were boosted in the fourth quarter by an unexpected and large rebound
in the yen, while Asian markets began to see evidence that international
investors were returning to the region. Stock selection was positive in
continental Europe but disappointing in the UK and the Far East.
[GRAPH OMITTED]
WPG INTERNATIONAL FUND COMPARISON WITH EAFE
<TABLE>
<CAPTION>
DATE WPG INTERN'TL EAFE
- ---- ------------- ----
<S> <C> <C>
6/1989 10,000 10,000
1989 11,054 11,567
1990 9,415 8,883
1991 9,510 9,994
1992 8,984 8,810
1993 12,329 11,711
1994 11,550 12,655
1995 12,812 14,117
1996 13,406 15,015
1997 13,793 15,324
1998 16,039 18,440
</TABLE>
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURN
(FOR THE PERIODS ENDED DECEMBER 31, 1998)
FROM
1 YEAR 5 YEARS 6/1/89 +
------ ------- --------
<S> <C> <C> <C>
INTERNATIONAL (a) ................... 16.28% 5.41% 5.06%
EAFE Index .......................... 20.33% 9.50% 6.59%
<FN>
+ Inception of Fund
(a) The Adviser waived its fee from inception of the Fund through 2/28/90 and
has waived a portion of its fee from the date through October 19, 1994. Had
the Adviser not done so, the total return for the five years ended 12/31/98
and from inception through 12/31/98 would have been lower.
</FN>
</TABLE>
INTERMEDIATE MUNICIPAL BOND FUND
Intermediate municipal yields declined somewhat during 1998. As was the case in
the taxable fixed income market, the best performance of the year was found in
high-quality, liquid securities.
The Fund benefited from this market environment by emphasizing high-quality,
general obligation bonds. For the year, the total return of the Fund exceeded
the Lipper average by 38 basis points. The fund trailed the unmanaged index
return by 31 basis points.
[GRAPH OMITTED]
WPG INTERMEDIATE MUNI BOND COMPARISON WITH LEHMAN 3-10 YR. MUNI BOND INDEX
LIPPER INTERMEDIATE MUNI FUND
<TABLE>
<CAPTION>
DATE INTERMDT. MUNI BOND LEHMAN LIPPER
- ---- ------------------- ------ ------
<S> <C> <C> <C>
1993 10,000 10,000 10,000
1993 10,348 10,414 10,344
1994 10,111 10,138 9,970
1995 11,329 11,536 11,284
1996 11,805 12,041 11,700
1997 12,732 12,937 12,538
1998 13,460 13,717 13,207
</TABLE>
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURN
(FOR THE PERIODS ENDED DECEMBER 31, 1998)
FROM
1 YEAR 5 YEARS 7/1/93 +
------ ------- --------
<S> <C> <C> <C>
INTERMEDIATE MUNI BOND (b) ................. 5.72% 5.40% 5.55%
Lehman Brothers 3-10 Year
Municipal Bond Index ..................... 6.03% 5.66% 5.92%
Lipper Intermediate Muni Funds ............. 5.34% 5.18% 5.19%
<FN>
+ Inception of Fund
(b) The Adviser waived its fee from inception of the Fund through October 19,
1994 and has waived a portion of its fee from March 1, 1997 though December
31, 1998 and has also reimbursed certain other expenses from inception date
through February 28, 1997. Had the Adviser not done so, the total return of
the Fund for the one year ended 12/31/98, five years ended 12/31/98, and
from inception through 12/31/98 would have been lower.
</FN>
</TABLE>
Page 6
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Average Annual Total Return
WPG CORE BOND Fund
For the year ended December 31, 1998, WPG's Core Bond Fund total return exceeded
that of the Lehman Aggregate Index by 57 basis points. This is the first year
that the Fund has operated with the broader investment strategy described in
last year's letter. Under the new strategy pursued throughout 1998, the Fund now
can purchase Treasury, Agency, corporate, Agency mortgage-backed, and
asset-backed securities. Under the former strategy, the Fund (formerly called
the WPG Government Securities Fund) purchased only Government, Agency, and
Agency mortgage-backed securities. The Fund is also being managed with a
slightly longer duration (41/4 to 43/4 years versus 3 to 31/2 years). These
changes coincide with the structure of the new benchmark.
1998 was characterized by extreme volatility in the fixed income markets, as
events overseas triggered a "flight to quality," primarily during the third
quarter. By the end of the quarter, corporate bonds, mortgage-backed securities
and asset-backed securities became very attractive relative to Treasuries, and
the allocation to these sectors was increased significantly. During the fourth
quarter, these sectors outperformed, and by the end of the year, the Fund's
allocations to these sectors were reduced to a modest overweight. The allocation
to these sectors during the year was a major contributor to the Fund's strong
performance for the year. In addition, yield curve positioning was also a
significant contributor to performance, being slightly "barbelled" during much
of the second and third quarter, and then moving to a neutral position during
much of the fourth quarter.
[GRAPH OMITTED]
WPG GOVERNMENT SECURITIES FUND COMPARISON WITH LEHMAN AGGREGATE INDEX
MORNINGSTAR INTERMEDIATE TERM
BOND INDEX
LEHMAN INTMD GOV'T/MBS
MORNINGSTAR GENERAL GOV'T BOND
INDEX
<TABLE>
<CAPTION>
DATE GOV'T SEC. LEHMAN A MORN. INTER. LEHMAN I MORN. G
- ---- ---------- -------- ------------ -------- -------
<S> <C> <C> <C> <C> <C>
12/1998 10,000 10,000 10,000 10,000 10,000
1989 11,389 11,453 11,134 11,374 11,173
1990 12,407 12,479 11,868 12,518 12,124
1991 14,139 14,476 13,839 14,368 13,818
1992 15,255 15,547 14,840 15,367 14,663
1993 16,622 17,063 16,381 16,535 15,822
1994 15,176 16,565 15,762 16,257 15,266
1995 17,186 19,624 18,505 18,761 17,558
1996 17,848 20,337 19,093 19,627 18,007
1997 19,163 22,299 20,764 21,213 19,423
1998 20,938 24,237 22,294 22,857 20,848
</TABLE>
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURN
(FOR THE PERIODS ENDED DECEMBER 31, 1998)
1 YEAR 5 YEARS 10 YEARS
------ ------- --------
<S> <C> <C> <C>
CORE BOND (c) ................................. 9.26% 4.72% 7.67%
Lehman Aggregate Index ........................ 8.69% 7.27% 9.26%
Lehman Intermed. Gov/MBS ...................... 7.75% 6.68% 8.62%
Morningstar Intermediate-
Term Bond ................................... 7.37% 6.36% 8.35%
Morningstar Gen'l Gov. Bond Index ............. 7.34% 5.68% 7.62%
<FN>
(c) The Adviser waived a portion of its fee since January 1, 1998. Had the
Adviser not done so, the total return for the one year ended 12/31/98, five
years ended 12/31/98 and ten years ended 12/31/98 would have been lower.
</FN>
</TABLE>
Page 7
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
AVERAGE ANNUAL TOTAL RETURN
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 2500 Growth
Index is a measurement of changes in stock market conditions based on the
average performance of small U.S. growth oriented securities with a median
market weighted capitalization of approximately $1.5 billion. 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. The Lehman Brothers Aggregate Index is a
market weighted blend of all investment grade corporate issues, all mortgage
securities and all government issues. The Lehman Brothers Intermediate
Government/Mortgage Backed Securities Index is a market weighted blend of all
intermediate government issues (3-10 year maturities) and all mortgage
securities. The Lehman Brothers 3-10 year Muni Bond Index is a broad based index
which contains all securities in the Lehman Municipal Bond Index with maturities
from 3-10 years. The Morgan Stanley Capital International Europe, Australia, Far
East ("EAFE") is an index of more than 800 companies in Europe, Australia and
the Far East. Indices are unmanaged group of securities.
Page 8
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
TEN LARGEST HOLDINGS AT DECEMBER 31, 1998 *
<TABLE>
<CAPTION>
PERCENT
VALUE OF NET
TUDOR FUND (000'S) ASSETS
- ---------- ------- ------
<S> <C> <C>
Aurora Foods Inc. ............................... $ 3,990 4.6%
Skytel Communications ........................... 3,496 4.0%
Western Wireless Corp. Cl A ..................... 3,300 3.8%
ADVO Inc. ....................................... 2,938 3.4%
Hollinger International Corp. Cl A .............. 2,926 3.4%
American Italian Pasta Co Cl A .................. 2,598 3.0%
Orion Capital Corp. ............................. 2,506 2.9%
CalMat Co. ...................................... 2,482 2.8%
Del Webb Corp. .................................. 2,414 2.8%
Washington Federal Inc. ......................... 2,376 2.7%
------- -----
$29,026 33.4%
======= =====
PERCENT
VALUE OF NET
GROWTH AND INCOME FUND (000'S) ASSETS
- ---------------------- ------- ------
McDonald's Corp. ................................ $ 6,896 4.3%
Bank of New York Inc. ........................... 6,842 4.3%
Bristol-Myers Squibb Co. ........................ 6,691 4.2%
Philip Morris Companies Inc. .................... 6,687 4.2%
Carnival Corp. .................................. 6,480 4.0%
Pfizer Inc. ..................................... 5,645 3.5%
Schering-Plough Corp. ........................... 5,525 3.4%
Federal National Mortgage
Association ................................. 5,550 3.4%
Compaq Computer Corp. ........................... 5,452 3.4%
Baxter International ............................ 5,145 3.2%
------- -----
$60,913 37.9%
======= =====
PERCENT
VALUE OF NET
QUANTITATIVE EQUITY FUND (000'S) ASSETS
- ------------------------ ------- ------
General Electric Co. ............................ $ 3,378 4.6%
Microsoft Corp. ................................. 2,926 4.0%
Exxon Corp. ..................................... 2,771 3.8%
BellSouth Corp. ................................. 2,594 3.5%
Intel Corp ...................................... 2,116 2.9%
Schering-Plough Corp. ........................... 1,953 2.6%
Wal Mart Stores Inc. ............................ 1,792 2.4%
Bristol-Myers Squibb Co. ........................ 1,786 2.4%
Sun Microsystems Inc. ........................... 1,558 2.1%
International Business
Machines Corp. ............................. 1,404 1.9%
------- -----
$22,278 30.2%
======= =====
PERCENT
VALUE OF NET
INTERNATIONAL FUND (000'S) ASSETS
- ------------------ ------- ------
AXA UAP ......................................... $ 227 3.6%
Novartis AG ..................................... 199 3.1%
Telecom Italia SPA .............................. 147 2.3%
Vivendi ......................................... 144 2.3%
Elf Aquitaine ................................... 142 2.2%
Nippon Telegraph & Telephone
Corp ....................................... 139 2.2%
Preussag AG ..................................... 116 1.8%
DaimlerChrysler AG .............................. 115 1.8%
Fortis AG ....................................... 112 1.8%
Commerzbank AG .................................. 111 1.7%
------- -----
$ 1,452 22.8%
======= =====
</TABLE>
Page 9
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
TEN LARGEST HOLDINGS AT DECEMBER 31, 1998 * - CONTINUED
<TABLE>
<CAPTION>
PERCENT
VALUE OF NET
CORE BOND FUND (000'S) ASSETS
- -------------- ------- ------
<S> <C> <C>
Federal National Mortgage Association 7.000% Due 1/1/29 ........................ $14,698 10.5%
Federal National Mortgage Association 6.500% Due 12/1/12 ....................... 12,388 8.9%
United States Treasury Note 6.125% Due 12/31/01 ................................ 12,029 8.6%
United States Treasury Note 6.125% Due 8/15/07 ................................. 8,082 5.8%
Federal National Mortgage Association 6.500% Due 1/1/29 ........................ 6,595 4.7%
United States Treasury Note 5.875% Due 7/31/99 ................................. 6,332 4.6%
Federal National Mortgage Association Discount Note Due 1/14/99 ................ 5,485 3.9%
United States Treasury Bond 5.500% Due 8/15/28 ................................. 5,166 3.7%
Federal Home Loan Mortgage Corp. 7.500% Due 6/1/12 - 9/1/12 .................... 5,141 3.7%
United States Treasury Bond 6.125% Due 11/15/27 ................................ 4,382 3.2%
------- -----
$80,298 57.6%
======= =====
INTERMEDIATE MUNICIPAL BOND FUND
- --------------------------------
Seattle Washington General Obligation 5.500% Due 3/1/09 ........................ $ 1,109 4.4%
Ephrata Area School District General Obligation 4.750% Due 10/15/12 ............ 1,090 4.3%
San Francisco California City & County Refunding Series 1 (FGIC Insured)
5.000% Due 6/15/10 .................................................... 1,055 4.2%
Port of Houston Texas General Obligation Bond 5.100% Due 10/1/11 ............... 1,049 4.1%
San Marino Unified School District Series B 4.700% Due 7/1/11 .................. 1,033 4.1%
De Kalb County Georgia Housing Authority Multi-Family Housing Revenue
4.700% Due 12/1/28 .................................................... 1,005 4.0%
Lancaster County Pennsylvania General Obligation Bond Series B (AMBAC Insured)
4.100% Due 11/1/03 .................................................... 716 2.8%
Oklahoma County Oklahoma Home Finance Authority Single Family
Refunding Prerefunded Zero Coupon Due 7/1/12 .......................... 687 2.7%
Mercedes Texas Independent School District 4.900% Due 8/15/10 .................. 599 2.4%
Cypress-Fairbanks Texas General Obligation Independent School District
7.300% Due 2/15/07..................................................... 598 2.3%
------- -----
$ 8,941 35.3%
======= =====
<FN>
* The composition of the largest securities in each portfolio is subject to change.
</FN>
</TABLE>
Page 10
<PAGE>
WEISS, PECK & GREER MUTUALL FUNDS
SCHEDULES OF INVESTMENTS AT DECEMBER 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------- -------- -------
TUDOR
<C> <S> <C>
COMMON STOCKS (99.6%)
CAPITAL GOODS
COMMUNICATION (2.1%)
100,000 o+ Powerwave Technologies Inc. $ 1,863
-------
COMPUTER SOFTWARE &
SERVICES (7.8%)
124,000 + Maxtor Corp. 1,736
73,500 + Rational Software Corp. 1,948
55,500 + Remedy Corp. 774
118,458 + Structural Dynamics Research 2,354
-------
6,812
-------
OTHER CAPITAL GOODS (8.3%)
110,800 + BE Aerospace Inc. 2,327
89,400 + Gardner Denver Machinery 1,319
69,451 + Stoneridge Inc. ADR. 1,580
110,797 + Unova Inc. 2,008
-------
7,234
-------
SEMICONDUCTORS (6.1%)
104,300 + ADE Corp. . 1,356
64,000 + Hadco Corp. 2,240
164,600 + KOMAG Inc. 1,708
-------
5,304
-------
21,213
-------
CONSUMER
Biotechnology (0.7%)
56,794 + Myriad Genetics Inc. 568
-------
FOOD (7.6%)
98,500 + American Italian Pasta Co. - Cl A 2,598
201,400 + Aurora Foods Inc. 3,990
-------
6,588
-------
MEDIA (3.4%)
209,955 Hollinger International Corp. Cl A 2,926
-------
MEDIA - COMMUNICATION (9.7%)
344,200 + Paging Network Inc. 1,613
158,000 + Skytel Communications 3,496
150,000 + Western Wireless Corp. Cl A 3,300
-------
8,409
-------
MEDICAL EQUIPMENT (2.5%)
64,740 + Acuson Corp. 963
50,000 Invacare Corp. 1,200
-------
2,163
-------
NONDURABLE GOODS (2.3%)
75,000 Pillowtex Corp. 2,006
-------
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------- -------- -------
TUDOR (CONTINUED)
RETAIL (3.5%)
93,600 + Burlington Coat Factory $1,527
45,000 + Micro Warehouse Inc. 1,521
-------
3,048
-------
25,708
-------
ENERGY
Oil & Gas Exploration (3.2%)
93,700 Cross Timbers Oil Co. 709
463,500 + Gulf Canada Resources Ltd. 1,361
58,500 + Nuevo Energy Co. 673
-------
2,743
-------
INTERMEDIATE GOODS & SERVICES
BASIC INDUSTRIES (10.7%)
67,440 + Airgas Inc. 603
80,397 CalMat Co. 2,482
157,100 + Hexcel Corp. 1,316
70,000 Lyondell Petrochemical Co. 1,260
60,800 OM Group Inc. 2,219
79,000 + UCAR International Inc. 1,407
-------
9,287
-------
BUSINESS SERVICES (7.6%)
111,387 + ADVO Inc. 2,938
77,394 o+ Emcor Group Inc. 1,248
53,800 + Primark Corp. 1,459
85,000 + Technology Solutions 911
-------
6,556
-------
TRANSPORTATION (3.2%)
64,400 + America West Holdings Corp. Cl B 1,095
52,349 Skywest Inc. 1,711
-------
2,806
-------
18,649
-------
INTEREST SENSITIVE
BANKS (7.3%)
167,700 + BankUnited Financial Corp. Cl A 1,342
89,050 Coastal Bancorp Inc. 1,558
36,033 Seacoast Banking 1,022
89,014 Washington Federal Inc. 2,376
-------
6,298
-------
HOMEBUILDING (2.8%)
87,600 Del Webb Corp. 2,414
-------
Insurance (6.8%)
74,500 + Amerin Corp. 1,760
129,650 o Frontier Insurance Group Inc. 1,669
62,935 Orion Capital Corp. 2,506
-------
5,935
-------
</TABLE>
See notes to financial statements
Page 11
<PAGE>
WEISS, PECK & GREER MUTUALL FUNDS
SCHEDULES OF INVESTMENTS AT DECEMBER 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------- -------- -------
TUDOR
<C> <S> <C>
OTHER (4.0%)
76,000 + Affiliated Managers Group $2,271
51,322 Waddell & Reed Financial 1,216
--------
3,487
--------
18,134
--------
TOTAL COMMON STOCKS
(Cost $79,109) 86,447
--------
Principal
Amount
(000's)
- ---------
EURODOLLAR DEPOSIT (1.7%)
(Cost $1,462)
$1,462 SBC Warburg, Inc.
4.250% Due 1/4/99 1,462
--------
TOTAL INVESTMENTS (101.3%)
(Cost $80,571) 87,909
LIABILITIES IN EXCESS OF
OTHER ASSETS (-1.3%) (1,092)
--------
TOTAL NET ASSETS (100.0%) $86,817
========
+ Non-income producing security.
o Security out on loan.
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------- -------- -------
GROWTH & INCOME
COMMON STOCKS (97.1%)
CAPITAL GOODS
BROADCASTING / ADVERTISING (0.4%)
25,000 + Infinity Broadcasting $684
--------
COMPUTER SOFTWARE & SERVICES (11.5%)
65,000 + BMC Software Inc. 2,897
100,000 Cadence Design Systems Inc. 2,975
45,000 + Cisco Systems Inc. 4,177
75,000 + Computer Sciences Corp. 4,833
100,000 + Storage Technology Corp. 3,556
--------
18,438
--------
FOOD (2.6%)
50,000 Unilever N.V. ADR 4,147
--------
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------- -------- -------
GROWTH & INCOME (CONTINUED)
OTHER CAPITAL GOODS (7.0%)
60,000 Emerson Electric Co. $3,630
34,500 General Electric Co. 3,521
35,000 Xerox Corp. 4,130
--------
11,281
--------
TECHNOLOGY (7.5%)
130,000 Compaq Computer Corp. 5,452
75,000 Computer Associates
International 3,197
50,500 Hewlett-Packard Co. 3,450
--------
12,099
--------
46,649
--------
CONSUMER
HEALTH CARE (20.6%)
80,000 Baxter International 5,145
50,000 Bristol-Myers Squibb Co. 6,691
100,000 + HEALTHSOUTH Corp. 1,544
25,000 Merck & Co. 3,692
45,000 Pfizer Inc. 5,645
100,000 Schering - Plough Corp. 5,525
65,000 Warner Lambert Co. 4,887
--------
33,129
--------
RESTAURANTS (4.3%)
90,000 McDonald's Corp. 6,896
OTHER CONSUMER (17.8%)
80,000 + Autozone Inc. 2,635
135,000 Carnival Corp. 6,480
93,800 Harcourt General 4,995
60,000 Home Depot 3,671
100,000 PepsiCo Inc. 4,094
125,000 Philip Morris Companies Inc. 6,687
--------
28,562
--------
68,587
--------
OTHER CONSUMER
CONSUMER NON-DURABLES (1.6%)
30,000 Johnson & Johnson 2,516
--------
INTERMEDIATE GOODS & SERVICES
NATURAL RESOURCES
Energy & Related (3.2%)
100,000 Halliburton 2,962
50,000 Schlumberger Ltd. 2,306
--------
5,268
--------
See notes to financial statements
Page 12
</TABLE>
<PAGE>
WEISS, PECK & GREER MUTUALL FUNDS
SCHEDULES OF INVESTMENTS AT DECEMBER 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------- -------- -------
GROWTH & INCOME (CONTINUED)
<C> <S> <C>
REAL ESTATE INVESTMENT TRUSTS
COMMERCIAL & INDUSTRIAL (2.7%)
36,200 Bedford Property Investors,200 $ 611
80,000 Crescent Real Estate
Equities Inc. 1,840
80,000 Duke Realty Investments Inc.00 1,860
-------
4,311
-------
HEALTH CARE (0.3%)
25,400 LTC Properties Inc. 25,400 422
-------
4,733
-------
INTEREST SENSITIVE
BANKS (4.3%)
170,000 Bank of New York Inc. 170,000 6,842
-------
INSURANCE (4.6%)
51,500 + AMBAC Inc. 3,100
45,000 American International Group Inc. 4,348
-------
7,448
-------
OTHER (8.7%)
35,000 American Express Co. 3,579
75,000 Federal Home Loan Mortgage Corp. 4,833
75,000 Federal National Mortgage Association 5,550
-------
13,962
-------
28,252
-------
TOTAL COMMON STOCKS
(Cost $98,760) 156,005
-------
PRINCIPAL
AMOUNT
(000's)
- ---------
EURODOLLAR DEPOSIT (2.8%)
(Cost $4,469)
$4,469 SBC Warburg Inc. 4.250% Due 1/4/99 4,469
-------
TOTAL INVESTMENTS (99.9%)
(Cost $103,229) 160,474
OTHER ASSETS IN EXCESS OF LIABILITIES (0.1%) 224
--------
TOTAL NET ASSETS (100.0%) $160,698
========
+ Non-income producing security.
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------- -------- -------
QUANTITATIVE EQUITY
COMMON STOCKS (99.7%)
BASIC MATERIALS (2.8%)
4,950 Aluminum Company of America $369
17,350 Kimberly Clark Corp. 946
11,000 Praxair Inc. 388
17,600 Solutia Inc. 394
--------
2,097
--------
COMMERCIAL SERVICES (0.5%)
13,150 + Viad Corp. 399
--------
CONSUMER CYCLICALS (7.4%)
18,200 Ford Motor Co. 1,068
11,250 Gap Inc. 633
49,750 + K Mart Stores 762
11,800 Lowe's Companies Inc. 604
21,200 TJX Companies Inc. 615
22,000 Wal Mart Stores inc. 1,792
--------
5,474
--------
CONSUMER NON-CYCLICALS (10.1%)
14,200 Anheuser- Busch Companies Inc. 932
13,150 Conagra Inc. 414
18,400 Dial Corp. 530
10,600 General Mills Inc. 824
16,200 Heinz H J Co. 917
18,600 Philip Morris Companies Inc. 995
14,800 Premark International. 512
5,950 Proctor & Gamble Co. 543
13,500 + Safeway Inc. 823
12,600 Sara Lee Corp. 355
22,900 Universal Foods Corp. 628
--------
7,473
--------
CONSUMER SERVICES (4.8%)
34,800 Darden Restaurants Inc. 626
7,100 Eastman Kodak Co. 511
14,700 + King World Productions Inc. 433
15,500 Marriott International Inc. - Cl A 450
13,800 + MediaOne Group Inc. 649
25,200 New York Times Co. - Cl A 874
--------
3,543
--------
ENERGY (4.8%)
17,200 Coastal Corp. 601
37,900 Exxon Corp. 2,771
5,700 Halliburton 169
--------
3,541
--------
</TABLE>
See notes to financial statements
Page 13
<PAGE>
WEISS, PECK & GREER MUTUALL FUNDS
SCHEDULES OF INVESTMENTS AT DECEMBER 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------- -------- -------
QUANTITATIVE EQUITY (CONTINUED)
<C> <S> <C>
FINANCE (15.9%)
20,800 Allstate Corp. $803
6,800 AMBAC Inc. 409
8,500 American General Corp. 663
13,200 AmSouth Bancorp 602
19,050 Bank of New York Inc. 767
17,000 Chase Manhattan Corp. 1,157
12,000 Comerica Inc. 818
14,100 Federal National Mortgage Association 1,043
14,000 First Union Corp. 851
22,600 Fleet Financial Group 1,010
9,000 Morgan Stanley Dean Witter Discover 639
7,500 + National City Corp. 540
15,400 Old Republic International 347
5,650 PMI Group. 279
14,700 PNC Bank 796
13,425 Providian Financial Corp. 1,007
--------
11,731
--------
HEALTH CARE (13.2%)
15,950 Abbott Laboratories 782
8,900 + Amgen Inc. 931
13,350 Bristol-Myers Squibb Co. 1,786
9,300 du Pont E I de Nemours & Co. 524
5,600 Guidant Corp. 617
8,800 Lilly (Eli) & Co. 782
3,400 Merck & Co. 502
35,350 Schering-Plough Corp. 1,953
17,750 Warner Lambert Co. 1,335
5,800 + Wellpoint Health Networks 505
--------
9,717
--------
INDUSTRIAL (6.4%)
33,100 General Electric Co. 3,378
8,900 Ingersoll Rand Co. 418
11,900 Tyco International Ltd 898
--------
4,694
--------
INDUSTRIAL SERVICES (0.7%)
8,300 Omnicom Group Inc. 481
--------
TECHNOLOGY (20.4%)
7,000 + Compuware Corp. 547
17,200 + Dell Computer Corp. 1,259
15,700 + EMC Corp. 1,335
7,700 Honeywell Inc. 580
17,850 Intel Corp. 2,116
7,600 International Business Machines Corp. 1,404
5,800 + Litton Industries Inc. 379
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------- -------- -------
QUANTITATIVE EQUITY (CONTINUED)
12,500 Lucent Technologies $1,375
21,100 + Microsoft Corp. 2,926
18,200 + Sun Microsystems Inc. 1,558
7,900 United Technologies Corp. 859
12,050 + US West Inc. 779
--------
15,117
--------
TELECOMMUNICATIONS (7.6%)
6,200 + Airtouch Communications, Inc. 447
20,800 Ameritech Corp. 1,318
16,700 A T & T Corp. 1,257
52,000 BellSouth Corp. 2,594
--------
5,616
--------
TRANSPORTATION (0.9%)
5,250 + AMR Corp. 312
11,200 Burlington Northern Santa Fe 378
--------
690
--------
UTILITIES (4.2%)
15,500 Apache Corp. 392
31,100 Baltimore Gas & Electric Co. 956
14,000 FPL Group Inc. 863
20,600 + Phillips Petroleum Co. 878
--------
3,089
--------
TOTAL INVESTMENTS (99.7%)
(Cost $53,211) 73,662
OTHER ASSETS IN EXCESS OF LIABILITIES (0.3%) 222
--------
TOTAL NET ASSETS (100.0%) $73,884
========
+ Non-income producing security.
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------- -------- -------
INTERNATIONAL
COMMON STOCKS (94.7%)
AUSTRALIA (2.7%)
1,800 Brambles Industries, Ltd $44
4,000 Broken Hill Proprietary Co. 29
6,600 National Australia Bank, Ltd. 99
--------
172
--------
AUSTRIA (0.8%)
515 OMV AG 49
--------
</TABLE>
See notes to financial statements
Page 14
<PAGE>
WEISS, PECK & GREER MUTUALL FUNDS
SCHEDULES OF INVESTMENTS AT DECEMBER 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------- -------- -------
INTERNATIONAL (CONTINUED)
<C> <S> <C>
BELGIUM (1.8%)
310 + Fortis AG $112
210 + Fortis AG-CVG 1
--------
113
--------
FINLAND (0.9%)
490 Nokia 60
--------
FRANCE (13.7%)
380 + Alcatel Alsthom 46
1,569 + AXA-UAP 227
72 + Carrefour SA 54
452 + Christian Dior 50
1,230 Elf Aquitaine 142
1,145 + Lafarge 109
621 + Societe Generale 101
554 + Vivendi 144
--------
873
--------
GERMANY (11.9%)
3,500 + Commerzbank AG 111
1,164 + DaimlerChrysler AG 115
545 + Deutshe Bank AG 32
1,450 + Hoechst AG 60
355 + Mannesmann AG 41
960 + Metro AG 77
256 Preussag AG 116
1,000 + RWE AG 55
850 + Siemems AG 55
265 + Thyssen AG 49
80 Viag AG 47
--------
758
--------
HONG KONG (2.8%)
26,000 + China Telecom 45
96,000 Cosco Pacific LTD 40
13,000 Hutchison Whampoa 92
--------
177
--------
ITALY (2.3%)
17,235 + Telecom Italia SPA 147
--------
JAPAN (19.6%)
4,000 + Bank of Tokyo-Mitsubishi 41
4,000 Canon Inc. 85
440 Canon Sales Co. 6
88 Circle K Japan Co. 4
2,000 Fuji Photo Film Ltd. 74
6,000 Fujitsu Ltd. 80
5,000 + Hitachi Ltd. 31
3,000 + Jusco Ltd. 61
4,200 + Kansai Electric Power Co. Inc. 92
1,000 Meitec 25
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------- -------- -------
INTERNATIONAL (CONTINUED)
5,000 + Minebea Co. LTD $57
1,000 Nabuchi Motor Co. Ltd. 77
18 Nippon Telegraph & Telephone Corp. 139
190 + Nippon Television Network 56
4,000 Nomura Securities Co. 35
14,000 OJI Paper Co. 73
1,000 Secom Co. Ltd. 83
900 SMC Corp. 72
2,000 Takeda Chemical Industries 77
3,000 Toyota Motor Corp. 81
--------
1,249
--------
NETHERLANDS (5.7%)
2,001 + ABN-AMRO Holding NV 42
840 + Akzo Nobel 38
3,910 Elsevier 55
975 + ING Groep NV 59
1,332 Philips Electronics 89
1,600 + Royal Dutch Petroleum 80
--------
363
--------
SPAIN (3.8%)
4,100 + Corp. Bancaria De Espana 106
3,340 Endesa SA 88
1,100 + Telefonica SA 49
--------
243
--------
SWEDEN (2.8%)
2,426 Ericsson Tele B 58
899 Pharmacia & Upjohn 50
2,820 + Stora Kopparberg Cl A 31
1,830 + Volvo AB Cl B 42
--------
181
--------
SWITZERLAND (5.0%)
33 Nestle 72
101 Novartis AG 199
170 + UBS AG Registered 52
--------
323
--------
UNITED KINGDOM (20.9%)
3,500 Alliance & Leicester 51
9,000 Bank of Scotland 107
2,560 Barclays 55
11,942 BBA Group 74
30,000 Billington Inc. 59
8,000 British Energy 91
7,017 British Petroleum Co. 105
6,156 Diageo 70
3,100 Glaxo Wellcome 107
4,352 Granada Group 77
11,000 + Imperial Chemical Industries 95
</TABLE>
See notes to financial statements
Page 15
<PAGE>
WEISS, PECK & GREER MUTUALL FUNDS
SCHEDULES OF INVESTMENTS AT DECEMBER 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------- -------- -------
INTERNATIONAL (CONTINUED)
<C> <S> <C>
3,500 Pennon Group $68
4,604 Prudential Corp. 69
2,400 + Sage Group 63
5,100 Smithkline Beecham 71
3,500 Standard Chartered 40
3,200 Whitbread 41
2,000 Zeneca Group 87
--------
1,330
--------
TOTAL COMMON STOCKS
(Cost $5,247) 6,038
--------
NUMBER
OF RIGHTS
- ---------
RIGHTS (0.0%)
(Cost $0)
SPAIN (0.0%)
1,100 + Telefonica SA 1
--------
NUMBER OF
WARRANTS
- ----------
WARRANTS (0.0%)
(Cost $1)
FRANCE (0.0%)
1,134 Eaux (CIE Generale Des) Expires 5/2/01 3
--------
PRINCIPAL
AMOUNT
(000'S)
- ---------
CONVERTIBLE BONDS (1.0%)
(Cost $51)
JAPAN (1.0%)
$62 Sumitomo Bank International Finance 0 .75% Due 5/31/01 61
--------
TOTAL INVESTMENTS (95.7%)
(Cost $5,299) 6,103
OTHER ASSETS IN EXCESS OF LIABILITIES (4.3%) 272
--------
TOTAL NET ASSETS (100.0%) $6,375
========
</TABLE>
+ Non-income producing security
See notes to financial statements
Page 16
<PAGE>
INTERNATIONAL (CONTINUED)
INTERNATIONAL FUND
INDUSTRY CONCENTRATIONS
% OF NET VALUE
ASSETS (000'S)
------ -------
14.1% Banking ........................................ $ 899
9.3% Health & Personal Care ......................... 591
7.5% Telecommunications ............................. 478
6.4% Business & Public Services ..................... 410
6.4% Insurance ...................................... 409
5.9% Utilities - Electric & Gas ..................... 374
5.1% Energy Sources ................................. 324
4.5% Multi-Industry ................................. 284
4.2% Electrical & Electronics ....................... 268
3.7% Automobiles .................................... 238
3.0% Chemicals ...................................... 194
3.0% Merchandising .................................. 192
2.6% Data Processing &
Reproduction ................................... 165
2.1% Broadcasting & Publishing ...................... 136
2.1% Industrial Components .......................... 132
1.9% Recreation - Other Consumer .................... 124
1.8% Machinery & Engineering ........................ 113
1.7% Building Materials & Components ................ 109
1.7% Metals - Steel ................................. 109
1.6% Forest Products & Paper ........................ 104
1.5% Financial Services ............................. 94
1.4% Appliances & Household
Durables ....................................... 89
1.3% Energy Equipment & Services .................... 80
1.1% Food & Household Products ...................... 72
1.1% Beverages & Tobacco ............................ 70
0.6% Leisure & Tourism .............................. 41
0.1% Retail ......................................... 4
------ ------
95.7% Total Investments .............................. 6,103
Other Assets in Excess of Liabilities .......... 272
------ ------
100.0% Total Net Assets ............................... $6,375
======= ======
See notes to financial statements
Page 16
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT DECEMBER 31, 1998
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- ------- -------- -------
CORE BOND
<C> <S> <C>
LONG-TERM SECURITIES
ASSET BACKED SECURITIES (2.4%)
(Cost $3,300)
CREDIT CARDS (2.4%)
$3,255 Chase Manhattan Corp.
Series 1998-3 Class A 6.000% Due 8/15/05 $3,300
------
CORPORATE DEBENTURES (27.1%)
BANKS (3.9%)
550 Chase Manhattan Corp. 9.750% Due 11/1/01 610
2,025 CitiGroup 7.750% Due 6/15/06 2,251
1,500 CitiGroup 7.250% Due 9/1/08 1,653
550 First Interstate Bancorp 9.900% Due 11/15/01 615
370 NationsBank Corp. 6.090% Due 12/14/01 374
------
5,503
------
CONSUMER CYCLICALS (1.1%)
1,500 Saks Inc. 7.250% Due 12/1/04 1,501
------
Finance (11.2%)
3,000 American General Finance Corp. 5.750% Due 11/01/03 3,008
50 Aristar Inc. 6.000% Due 8/1/01 55
200 Associates Corp. NA 6.500% Due 10/15/02 207
105 Bear Stearns Co. Inc. 6.500% Due 7/5/00 106
350 Beneficial Corp. 6.270% Due 1/9/02 356
1,735 Beneficial Corp. 6.250% Due 2/18/03 1,765
440 CIT Group Inc. 5.750% Due 11/01/03 441
620 Commercial Credit Corp. 8.250% Due 11/1/01 665
50 Commercial Credit Corp. 6.875% Due 5/1/02 52
1,445 Commercial Credit Corp. 6.500% Due 8/1/04 1,504
2,000 Conseco Inc. 7.875% Due 12/15/00 2,016
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- ------- -------- -------
CORE BOND (CONTINUED)
$ 200 Merrill Lynch & Co. 6.375% Due 10/1/01 $204
2,800 Merrill Lynch & Co. 6.875% Due 11/15/18 2,903
2,240 Newcourt Credit Group 7.125% Due 12/17/03 (B) 2,226
50 Salomon Smith Barney Holdings 5.875% Due 2/1/01 50
-------
15,558
-------
INDUSTRIAL (5.8%)
1,480 Cendant Corp. 7.500% Due 12/01/00 1,486
1,905 Ford Motor Co. 6.625% Due 10/1/28 2,055
1,900 Occidental Petroleum Corp. 7.375% Due 11/15/08 1,939
2,500 Service Corp. International 7.375% Due 4/15/04 2,633
-------
8,113
-------
REAL ESTATE INVESTMENT TRUST (4.4%)
3,590 CarrAmerica Realty Corp. 6.250% Due 10/1/00 3,581
425 Colonial Realty LP 6.980% Due 9/26/05 409
2,255 Health Care Properties 6.875% Due 6/8/05 (D) 2,132
-------
6,122
-------
TELEPHONE (0.7%)
950 Sprint Capital Corp. 6.875% Due 11/15/28 987
-------
TOTAL CORPORATE DEBENTURES
(Cost $37,667) 37,784
-------
U.S GOVERNMENT OBLIGATIONS (29.0%)
U.S. TREASURY BOND (6.8%)
3,915 6.125% Due 11/15/27 4,382
4,935 o 5.500% Due 8/15/28 5,166
-------
9,548
-------
U.S. TREASURY NOTES (19.9%)
6,290 5.875% Due 7/31/99 6,332
200 5.750% Due 9/30/99 202
655 5.625% Due 11/30/99 661
11,560 6.125% Due 12/31/01 12,029
360 6.375% Due 8/15/02 380
7,400 6.125% Due 8/15/07 8,082
-------
27,686
-------
</TABLE>
See notes to financial statements
Page 17
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT DECEMBER 31, 1998
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- ------- -------- -------
CORE BOND (CONTINUED)
<C> <S> <C>
U.S. TREASURY STRIPS (2.3%)
$ 8,785 Zero Coupon Due 5/15/17 $3,192
-------
TOTAL U.S. GOVERNMENT OBLIGATIONS
(Cost $40,439) 40,426
-------
MORTGAGE PASS THROUGH SECURITIES (34.8%)
FEDERAL HOME LOAN MORTGAGE CORPORATION (FREDDIE MAC) (5.6%)
2,585 7.000% Due 1/15/08 - 3/15/08. 2,694
5,000 7.500% Due 6/1/12 - 9/1/12 5,141
-------
7,835
-------
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) (27.6%)
210 7.000% Due 5/25/07 217
1,095 9.000% Due 11/1/10 1,153
12,217 6.500% Due 12/1/12 12,388
6,550 6.500% Due 1/1/29 (C) 6,595
14,405 7.000% Due 1/1/29 (C) 14,698
3,385 7.500% Due 2/1/29 (C) 3,476
-------
38,527
-------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) (1.6%)
2,196 7.500% Due 9/15/07 2,277
-------
OTHER (0.0%)
3 Household International Finance Co. Series 1993-2 Class A3
4.650% Due 12/20/08 3
-------
TOTAL MORTGAGE PASS THROUGH SECURITIES
(Cost $48,534) 48,642
-------
NON-MORTGAGE PASS THROUGH NOTES (6.4%)
FEDERAL HOME LOAN MORTGAGE CORPORATION (FREDDIE MAC) (4.0%)
2,615 5.750% Due 7/15/03. 2,682
2,800 6.625% Due 3/12/08 (E) 2,842
-------
5,524
-------
Federal National Mortgage Association (FNMA) (2.4%)
705 6.480% Due 12/24/07 (E) 727
2,715 6.010% Due 9/24/08 (E) 2,703
-------
3,430
-------
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- ------- -------- -------
CORE BOND (CONTINUED)
Total Non-Mortgage Pass Through Notes
(Cost $8,981) $8,954
-------
NUMBER
OF SHARES
- ---------
PREFERRED STOCK (1.1%)
(Cost $1,575)
BANKS (1.1%)
28,500 CitiGroup Series G 1,511
-------
PRINCIPAL
AMOUNT
000'S
- ---------
SHORT-TERM SECURITIES
ASSET BACKED SECURITIES (11.1%)
AUTOMOBILE LEASES (1.7%)
$ 2,425 World Omni Auto Lease Series 1998 Class A1 5.614%
Due 12/15/04 (a) 2,425
CREDIT CARDS (9.4%)
1,290 Capital One Master Trust Series 1995-1 Class A
5.725% Due 10/15/03 (a) 1,288
610 First Deposit Master Trust Series 1995-1 Class A
5.725% Due 8/15/04 (a) 610
1,540 First USA Bank Master Trust Series 1995-5 Class A
5.733% Due 4/15/03 (a) 1,539
2,170 First USA Bank Master Trust Series 1997-10 Class A
5.634% Due 9/17/03 (a) 2,165
2,545 MBNA Credit Card Trust Series 1995-I Class A
5.705% Due 3/15/03 (a) 2,544
1,760 MBNA Credit Card Trust Series 1996-D Class A
5.685% Due 9/15/03 (a) 1,758
1,070 MBNA Credit Card Trust Series 1998-I Class A
5.795% Due 10/15/03 (a) 1,071
1,045 People's Master Credit Card Trust Series 1998-I Class A
5.675% Due 11/15/05 (a) 1,038
1,005 Signet Credit Card Master Trust Series 1994-3 Class A
5.735% Due 9/16/02 (a) 1,005
75 Standard Credit Card Master Trust 6.800% Due 4/7/99 75
-------
13,093
-------
</TABLE>
See notes to financial statements
Page 18
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT DECEMBER 31, 1998
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- ------- -------- -------
CORE BOND (CONTINUED)
<C> <S> <C>
TOTAL ASSET BACKED SECURITIES
(Cost $15,552) $15,518
-------
U.S. GOVERNMENT AGENCY
DISCOUNT NOTES (3.9%)
$ 5,495 FEDERAL NATIONAL
Mortgage Association (FNMA)
(Cost $5,485)
Discount Note Due 1/14/99 5,485
-------
REPURCHASE AGREEMENT (2.3%)
3,156 SBC Warburg Inc. 4.750% Due 1/4/99 with maturity value of $3,158
(Collateralized by $3,233 U.S. Treasury Bond
9.250% Due 2/15/16) 3,156
-------
TOTAL INVESTMENTS (118.2%)
(Cost $164,689) 164,776
LIABILITIES IN EXCESS OF
OTHER ASSETS (-18.2%) (25,313)
--------
TOTAL NET ASSETS (100.0%) $139,463
--------
SECURITIES SOLD SHORT
(Cost $4,853)
4,725 Federal National Mortgage Association (FNMA) (3.5%)
7.500% Due 2/15/14 (C) $4,857
--------
(a) Adjustable rate security.
(B) SEC Rule 144A Security. Such security has limited markets and is
traded among "qualified institutional buyers." (C) When issued
security.
(D) Puttable security.
(E) Callable security.
o Securities out on loan.
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- ------- -------- -------
INTERMEDIATE MUNICIPAL BOND
CALIFORNIA (14.9%)
$ 565 California Educational Facilities Authority Revenue Refunding
College of Chiropractic 4.700% Due 11/1/01 $576
400 California Health Facilities Finance Authority Revenue
Northern Presbyterian Hospital 4.500% Due 7/1/04 405
200 Corona California Public Finance Authority, Public Improvement
Revenue Refunding 5.950% Due 7/1/07 210
1,000 San Francisco California City & County Refunding
Series 1 (FGIC Insured) 5.000% Due 6/15/10 1,055
1,000 San Marino Unified School District Series B
4.700% Due 7/1/11 1,033
480 Simi Valley USA California University School District
Certificates of Participation Refunding & Capital
Improvement Projects (AMBAC Insured) 4.800% Due 8/1/10. 500
COLORADO (2.4%)
100 Adams County Colorado School District No. 12 Series D
General Obligation (MBIA Insured ) 5.450% Due 12/15/06. 109
45 Brighton Colorado General Obligation (FGIC Insured )
Zero Coupon Due 12/1/00. 42
300 Superior Metropolitan District Number 2 Boulder County Colorado
General Obligation Series 1998 Zero Coupon Due 12/1/13 303
</TABLE>
See notes to financial statements
Page 19
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT DECEMBER 31, 1998
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- ------- -------- -------
INTERMEDIATE MUNICIPAL BOND (CONTINUED)
<C> <S> <C>
$ 150 Westminster Colorado Multifamily Revenue Refunding Housing
Oasis Wexford Apartments Project 5.350% Due 12/1/25. $158
CONNECTICUT (1.4%)
85 Connecticut State Health & Education Facilities Authority Revenue
Sacred Heart University Series D 4.800% Due 7/1/99 86
95 Connecticut State Health & Education Facilities Authority Revenue
Sacred Heart University Series D 5.200% Due 7/1/01 98
100 Connecticut State Health & Education Facilities Authority Revenue
Sacred Heart University Series D 5.300% Due 7/1/02. 105
50 Stratford Connecticut General Obligation Bond (FGIC Insured)
7.000% Due 6/15/04 57
DISTRICT OF COLUMBIA (1.2%)
15 District of Columbia General Obligation Bond Prerefunded Revenue
5.000% Due 6/1/01 15
285 District of Columbia General Obligation Bond
5.000% Due 6/1/01. 290
FLORIDA (5.1%)
250 Jacksonville Florida Electric Authority Revenue
6.000% Due 7/1/01 257
455 Pace Property Finance Authority Florida Utility System Revenue
Refunding & Improvement (AMBAC Insured)
5.100% Due 9/1/09. 489
500 St. John's County Florida Water & Sewer Revenue
(MBIA Insured) 5.250% Due 6/1/10. 543
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- ------- -------- -------
INTERMEDIATE MUNICIPAL BOND (CONTINUED)
$ 10 St. Lucie County School Board Certificates of Participation
Series A (AMBAC Insured) 7.250% Due 7/1/04 $11
GEORGIA (5.9%)
1,000 De Kalb County Georgia Housing Authority Multi- Family
Housing Revenue 4.700% Due 12/1/28 1,005
400 Georgia State Series D General Obligation
6.700% Due 8/1/10 488
ILLINOIS (1.8%)
100 Cook County Illinois School District School District Number 99
(FGIC Insured) 8.400% Due 1/1/01. 109
100 Cook & DuPage Counties, Illinois Combined School District - B
(FGIC Insured) Zero Coupon Due 12/1/05. 75
265 Illinois Health Facilities Authority Revenue Series A
(MBIA Insured) 7.900% Due 8/15/03 269
INDIANA (2.7%)
395 La Porte Indiana Economic Development Revenue
Boise Cascade Corp. Project Escrowed to Maturity
7.375% Due 6/1/01. 416
250 Marion County Indiana Hospital Authority Hospital Facility Revenue
Methodist Hospital of Indiana Escrowed to Maturity
6.501% Due 9/1/08. 259
IOWA (0.4%)
100 Iowa Student Loan Liquidity Corporation Student Loan Revenue
6.450% Due 3/1/02. 106
</TABLE>
See notes to financial statements
Page 20
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT DECEMBER 31, 1998
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- ------- -------- -------
INTERMEDIATE MUNICIPAL BOND (CONTINUED)
<C> <S> <C>
KENTUCKY (2.2%)
$ 155 Dayton Kentucky Elderly Housing Speers Court
(FHA Insured) 5.350% Due 9/1/05 $163
385 Kentucky State Turnpike Authority
Toll Road Revenue Series A 8.500% Due 7/1/04 387
MASSACHUSETTS (5.2%)
250 Massachusetts Bay Transportation Authority General
Transportation System 5.300% Due 3/1/05 268
500 Massachusetts State Consolidated Loan Series D
General Obligation 5.250% Due 11/1/12 524
500 New England Education Loan Marketing Corp. Series A
6.500% Due 9/1/02 539
MICHIGAN (1.6%)
110 Ferris State College Special Obligation
7.500% Due 8/15/03. 118
240 Michigan State Building Authority Chippewa
Correctional Facilities Escrowed to Maturity
7.250% Due 10/1/04 281
MINNESOTA (0.4%)
100 St. Paul Minnesota Port Authority Commercial Development
General Revenue Fort Road Med/Irvine (Asset Guaranty Insured)
7.500% Due 9/1/02 103
NEBRASKA (1.0%)
245 Nebraska Investment Finance Authority Multi Family Revenue
Refunding Housing Wycliffe West 5.500% Due 12/1/25. 260
NEVADA (1.3%)
160 Nevada Housing Division Single Family Program
5.500% Due 10/1/02 166
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- ------- -------- -------
INTERMEDIATE MUNICIPAL BOND (CONTINUED)
$ 150 Nevada State Muni Bond Bank Project 38-39A
Escrowed to Maturity Refunded 6.400% Due 7/1/05 $164
NEW JERSEY (2.3%)
335 Arlington Arms Financing Corp. New Jersey Mortgage Revenue
Arlington Arms Apartments (FHA Insured)
10.250% Due 3/1/25 341
240 Gateway New Jersey Housing Development Corporation
Revenue Bond Section 8 (FHA Insured)
10.500% Due 8/1/25 246
NEW YORK (3.7%)
100 Hempstead Town New York General Obligation, Series B
(AMBAC Insured) 6.500% Due 1/1/12. 121
505 New York State Environmental Facility Corp., Pollution
Control Revenue Series B 5.300% Due 12/15/10. 547
250 Onondaga County New York General Obligation Bond
5.875% Due 2/15/09. 283
NORTH CAROLINA (1.8%)
400 Surry County North Carolina Pollution Control Finance Authority
9.250% Due 12/1/02 445
OHIO (0.1%)
70 Ohio Housing Financing Agency Single Family Mortgage
Series 1985A (FGIC Insured) Zero Coupon Due 1/15/15 14
OKLAHOMA (3.6%)
1,625 Oklahoma County Oklahoma Home Finance Authority
Single Family Refunding Prerefunded
Zero Coupon Due 7/1/12 687
</TABLE>
See notes to financial statements
Page 21
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT DECEMBER 31, 1998
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- ------- -------- -------
INTERMEDIATE MUNICIPAL BOND (CONTINUED)
<C> <S> <C>
$ 200 Tulsa Oklahoma Metropolitan Utility Authority Revenue
7.000% Due 2/1/03 $219
PENNSYLVANIA (9.1%)
1,085 Ephrata Area School District General Obligation
4.750% Due 10/15/12 1,090
500 Hempfield Pennsylvania School District Refunding
6.700% Due 10/15/99. 501
710 Lancaster County Pennsylvania General Obligation Bond
Series B (AMBAC Insured) 4.100% Due 11/1/03 716
SOUTH CAROLINA (1.4%)
70 Piedmont Municipal Power Agency South Carolina Electric Revenue
Series A Escrowed to Maturity (FGIC Insured)
6.125% Due 1/1/07. 80
230 Piedmont Municipal Power Agency South Carolina Electric Refunding
Escrowed to Maturity (MBIA Insured) 6.250% Due 1/1/09 268
TEXAS (18.8%)
500 Cypress-Fairbanks Texas General Obligation
Independent School District 7.300% due 2/15/07 598
500 Deer Park Texas Independent School District School Building
6.375% Due 2/15/07 578
570 Edgewood Texas Independent School District Lease Revenue
4.700% Due 8/15/05. 574
805 Harris County Texas Flood District General Obligation
Zero Coupon Due 10/1/06 499
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- ------- -------- -------
INTERMEDIATE MUNICIPAL BOND (CONTINUED)
$ 265 Lower Colorado River Authority Prerefunded Revenue
6.250% Due 5/1/07 $302
550 Mercedes Texas Independent School District
4.800% Due 8/15/09 568
580 Mercedes Texas Independent School District
4.900% Due 8/15/10 599
1,000 Port of Houston Texas General Obligation Bond
5.100% Due 10/1/11 1,049
UTAH (1.2%)
275 Salt Lake City Utah Water Conservancy District Revenue
Refunding Series A Escrowed to Maturity
(MBIA Insured) 10.875% Due 10/1/02 314
VIRGINIA (2.2%)
500 Brunswick County Virginia Industrial Development Authority
Correctional Facilities Lease (MBIA Insured)
5.650% Due 7/1/09. 550
30 Virginia State Housing Development Authority
Multi Family Series A Zero Coupon Due 11/1/17 6
WASHINGTON (6.9%)
250 Lynnwood Washington Water & Sewer Revenue Refunding
(FGIC Insured) 6.000% Due 12/1/07 283
1,000 Seattle Washington General Obligation
5.500% Due 3/1/09 1,109
300 Washington State Motor Vehicle Tax General Obligation
6.200% Due 3/1/08. 346
</TABLE>
See notes to financial statements
Page 22
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT DECEMBER 31, 1998
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- ------- -------- -------
INTERMEDIATE MUNICIPAL BOND (CONTINUED)
<C> <S> <C>
WISCONSIN (0.0%)
$ 5 Wisconsin State Clean Water Revenue
5.000% Due 6/1/08 $5
-------
TOTAL INVESTMENTS (98.6%)
(Cost $24,013) 24,980
OTHER ASSETS IN EXCESS OF LIABILITIES (1.4%). 361
-------
TOTAL NET ASSETS (100.0%) $25,341
-------
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- ------- -------- -------
GOVERNMENT MONEY MARKET
U.S. GOVERNMENT AGENCY OBLIGATIONS (89.5%)
FEDERAL FARM CREDIT BANK (24.4%)
$ 5,000 Discount Note Due 1/4/99 $ 4,998
10,000 Discount Note Due 1/8/99 9,990
10,000 Discount Note Due 1/11/99 9,986
10,000 Discount Note Due 1/12/99 9,985
10,000 Discount Note Due 1/13/99 9,983
15,000 Discount Note Due 1/21/99 14,958
5,000 Discount Note Due 1/28/99 4,981
5,000 Discount Note Due 2/1/99 4,979
10,000 Discount Note Due 2/2/99 9,956
10,000 Discount Note Due 2/19/99 9,932
5,000 Discount Note Due 3/10/99 4,954
4,820 Discount Note Due 3/22/99 4,767
5,000 Discount Note Due 4/27/99 4,922
--------
104,391
--------
FEDERAL HOME LOAN BANK (65.1%)
30,000 Discount Note Due 1/4/99 29,989
5,000 Discount Note Due 1/5/99 4,997
15,000 Discount Note Due 1/6/99 14,990
10,000 Discount Note Due 1/7/99 9,991
15,000 Discount Note Due 1/8/99 14,986
5,000 Discount Note Due 1/14/99 4,991
15,000 Discount Note Due 1/15/99 14,972
10,000 Discount Note Due 1/19/99 9,976
25,000 Discount Note Due 1/20/99 24,935
15,000 Discount Note Due 1/22/99 14,956
5,000 Discount Note Due 1/26/99 4,983
15,000 Discount Note Due 1/27/99 14,947
15,000 Discount Note Due 1/29/99 14,942
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- ------- -------- -------
GOVERNMENT MONEY MARKET (CONTINUED)
$10,000 Discount Note Due 2/3/99 $9,955
15,000 Discount Note Due 2/5/99 14,927
20,000 Discount Note Due 2/10/99 19,888
10,000 Discount Note Due 2/12/99 9,942
10,000 Discount Note Due 2/17/99 9,935
5,000 Discount Note Due 2/19/99 4,967
5,000 Discount Note Due 2/24/99 4,963
10,000 Discount Note Due 3/3/99 9,915
5,000 Discount Note Due 3/5/99 4,957
5,000 Discount Note Due 3/17/99 4,949
5,000 Discount Note Due 3/26/99 4,942
--------
278,995
--------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $383,386). 383,386
--------
REPURCHASE AGREEMENT (10.0%)
(Cost $42,827)
42,827 SBC Warburg Inc. 4.750% Due 1/4/99 with maturity value
of $42,850 (Collateralized by $43,864
U.S. Treasury Bond 9.250% Due 2/15/16) 42,827
--------
TOTAL INVESTMENTS (99.5%)
(Cost $426,213) 426,213
OTHER ASSETS IN EXCESS OF LIABILITIES (0.5%) 2,230
--------
TOTAL NET ASSETS (100.0%). $428,443
=======
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- ------- -------- -------
TAX FREE MONEY MARKET
ARIZONA (0.1%)
$ 100 Tucson Industrial Development Tucson City Center Parking
Garage Authority 4.125% Due 6/1/15 (a) $100
COLORADO (3.3%)
100 Colorado Housing Finance Authority Multi-Family Housing Revenue
(Grant's Plaza) 4.125% Due 11/1/09 (a) 100
</TABLE>
See notes to financial statements
Page 23
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT DECEMBER 31, 1998
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- ------- -------- -------
TAX FREE MONEY MARKET (CONTINUED)
<C> <S> <C>
$ 4,000 Denver Colorado City & County Multi-Family Housing Revenue
(Ogden Residence Project) 5.250% Due 12/1/09 (a) $4,000
125 Summit County Colorado Recreational Facilities Revenue Refunding
(Copper Mountain) 3.450% Due 4/1/17 (a) 125
125 Summit County Colorado Recreational Facilities Revenue Refunding
(Copper Mountain) 3.450% Due 4/1/17 (a) 125
FLORIDA (0.6%)
300 Broward County Florida Housing Finance Authority
Multi-Family Housing Revenue (Sanctuary Apts Project)
4.200% Due 2/1/09(a) 300
500 Florida State Board of Education Capital Outlay Series A
4.000% Due 1/1/00 504
GEORGIA (7.5%)
1,000 Cobb County Georgia Housing Authority Multi Family Housing
(Post Bridge Project) 4.000% Due 6/1/25 (a) 1,000
5,170 Effingham County Georgia Development Authority Pollution
Control Revenue (Savannah Electric and
Power Co. Project) 5.100% Due 4/1/37 (a) 5,170
180 Floyd County Georgia Development Authority Pollution
Control Revenue Georgia Power Co.
(PLT Hammond Project) 5.100% Due 9/1/26 (a) 180
1,000 Fulton County Development Authority Revenue-Woodward
Academy Income Project 4.000% Due 12/1/12 (a) 1,000
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- ------- -------- -------
TAX FREE MONEY MARKET (CONTINUED)
$ 200 Gwinnet County Georgia Development Authority Revenue
(Wesleyan School Project) 4.000% Due 3/1/17 (a) $200
1,000 Marietta Georgia Housing Authority Multifamily Revenue
(Falls at Bells Ferry) 3.950% Due 1/15/09 (a) 1,000
350 Savannah Georgia Housing Authority Multifamily Housing Revenue
Somerset Wharf Project B 4.000% Due 6/15/26 (a) 350
1,000 Smyrna Georgia Housing Authority Multifamily Housing Revenue
F & M Villages Project 4.000% Due 6/1/25 (a) 1,000
ILLINOIS (14.0%)
200 Darien Industrial Development Authority Kinder Care Centers
Series C 4.150% Due 2/1/01 (a) 200
200 Illinois Development Finance Authority Industrial Development
Refunding Bond (Field Container Corp.)
4.050% Due 12/1/99 (a) 200
800 Illinois Development Finance Authority Industrial Development
Refunding Bond (Dart Container) 3.500% Due 8/1/25 (a) 800
1,300 Illinois Development Finance Limited (Dart Container Corp)
4.146% Due 12/1/09 (a) 1,300
4,000 Illinois Health Facilities Authority Revenue-Advocate
Healthcare Network Series B 4.000% Due 8/15/22 (a) 4,000
4,000 Illinois State Toll Highway Authority
Highway Priority Revenue Refunding Series B
3.850% Due 1/1/10 (a) 4,000
</TABLE>
See notes to financial statements
Page 24
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT DECEMBER 31, 1998
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- ------- -------- -------
TAX FREE MONEY MARKET (CONTINUED)
<C> <S> <C>
$ 3,550 St. Clair County Illinois Industrial Development Board
(Winchester Apartments Project Ser 94)
4.200% Due 10/1/15 (a) $3,550
2,300 Village of Troy Grove Illinois (Unimin Corp.)
4.573% Due 5/1/10 (a) 2,300
2,000 Winnebago & Boone Counties Rockford School District #205
Tax Anticipation Warrants 5.400% Due 10/29/99 (a) 2,014
INDIANA (4.9%)
1,200 Fall Creek Industrial Waste District Sewer Works Revenue
3.950% Due 1/30/99 1,200
720 GAF Tax-Exempt Bond Grantor Trust Series A
4.100% Due 4/1/08 (a) 720
1,000 Indianapolis Indiana Economic Development
(Joint & Clutch Series 1984) 3.643% Due 12/1/14 (a) 1,000
400 LaGrange Economic Development Revenue Sealed Power Corp.
3.350% Due 10/1/15 (a) 400
1,925 Marion County Metro School District of Wayne Township
Series 1998 Bond Anticipation Notes
4.250% Due 1/1/99 (a) 1,925
1,200 Mishawaka Indiana Waterworks Revenue Bond Anticipation Notes
Series A 4.200% Due 8/12/99 1,200
KANSAS (1.5%)
2,000 Salina Kansas Central Mall (Salina Central Mall Dillard)
4.250% Due 12/1/04 (a) 2,000
KENTUCKY (3.3%)
760 Boone County Kentucky Industrial Development Bond Revenue
(Jamike/Hemmer Project) 3.750% Due 2/1/06 (a) 760
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- ------- -------- -------
TAX FREE MONEY MARKET (CONTINUED)
$ 430 Elva-New Harmony Oak Level Fire Protection District
4.350% Due 12/1/31 (a) $430
170 Florence Kentucky Industrial Building Revenue
(Florence Commercial Project) 3.500% Due 6/1/07 (a) 170
2,030 Fort Thomas Kentucky Industrial Buildings Revenue
(Carmel Manor Project) 3.550% Due 10/1/14 (a) 2,030
490 Harvey Brewers Fire Protection District Kentucky Lease Revenue
Program 4.350% Due 12/1/31 (a) 490
490 Muhlenberg County Airport District
Development Area Financial Trust 4.350% Due 12/1/31 (a) 490
LOUISIANA (0.8%)
1,000 Calcasieu Parish Industrial Development Board
Pollution Control Revenue Citgo Petroleum Corp.
4.300% Due 8/1/04 (a) 1,000
MARYLAND (1.9%)
1,500 Howard County Maryland Revenue Owen Brown Joint Venture Facility
3.500% Due 5/1/11(a) 1,500
1,000 Maryland Health & Higher Education Facilities Authority Revenue
Pooled LN Program B 4.150% Due 4/1/35 (a) 1,000
MASSACHUSETTS (0.8%)
1,000 Brockton Massachusetts Bank Anticipation Notes
4.000% Due 5/18/99 1,001
MICHIGAN (11.8%)
945 Birmingham Michigan Economic Development Corporation Radnor
Corp. (Brown Street Project 83) 4.375% Due 12/1/18 (a) 945
</TABLE>
See notes to financial statements
Page 25
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT DECEMBER 31, 1998
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- ------- -------- -------
TAX FREE MONEY MARKET (CONTINUED)
<C> <S> <C>
$ 1,055 Cedar Springs Michigan Public
Schools State Anticipation Notes 4.500% Due 8/23/99 $1,058
2,100 Lansing Michigan Economic Development Corp.
(Atrium Office Building) 3.350% Due 5/1/15 (a) 2,100
835 Leelanau County Michigan Economic Development Corp.
Revenue (American Community Mutual Insurance Co. Project)
3.250% Due 6/15/06 (a) 835
900 Livonia Michigan Economic Development Corporation
(American Community Mutual Insurance)
3.250% Due 11/15/04 (a) 900
185 McDonald Tax-Exempt Mortgage Trust #1
4.100% Due 1/15/09 (a) 186
200 Michigan State Job Development Authority Revenue
(Kentwood Residence) 3.050% Due 11/1/14 (a) 200
255 Michigan State Strategic Fund (Tawas Bay
Association Project) 3.250% Due 12/1/01 (a) 255
495 Michigan State Strategic Fund Limited Obligation Revenue
Refunding (Woodbridge Commercial Properties)
3.500% Due 10/15/05 (a) 495
2,145 Oakland County Michigan Economic Development Corporation
(Corners Shopping Center) 3.700% Due 8/1/15 (a) 2,145
3,500 Plainwell Michigan Economic Development Corporation
(Plainwell Paper Co. Inc. Project) 4.500% Due 11/1/07 (a) 3,500
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- ------- -------- -------
TAX FREE MONEY MARKET (CONTINUED)
$ 2,900 Royal Oak Hospital Finance Authority William Beaumont
Hospital Series L 5.000% Due 1/1/27 (a) $2,900
MINNESOTA (6.3%)
5,920 Minnesota Capital Realty Tax Exempt Limited, Series 96-1
4.280% Due 12/1/04 (b) 5,920
1,330 Hutchinson Minnesota Economic Development Authority
Revenue Refunding (Developers Diversified)
3.700% Due 8/15/06 (a) 1,330
1,019 International Falls Minnesota Economic Development Revenue
(Developers Diversified Limited Project)
3.570% Due 7/1/06 (a) 1,019
MISSISSIPPI (0.4%)
575 Desoto County Mississippi Industrial Development Revenue
(American Soap Company Project)
4.573% Due 12/1/08 (a) 575
MISSOURI (6.1%)
500 Clayton Industrial Development Authority Industrial Development
Revenue Refunding Bailey Court Project
4.280% Due 1/1/09 (a) 500
2,900 Kansas City Industrial Development
Authority Multifamily Housing Revenue Cloverset
Apartments Project 4.300% Due 10/1/15 (a) 2,900
3,700 Missouri Health & Educational
Facilities Authority-Francis Medical Center A
5.100% Due 6/1/26 (a) 3,700
900 St. Charles County Industrial Development Authority
Revenue Sun River Village 4.100% Due 12/1/27 (a) 900
</TABLE>
See notes to financial statements
Page 26
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT DECEMBER 31, 1998
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- ------- -------- -------
TAX FREE MONEY MARKET (CONTINUED)
<C> <S> <C>
NEBRASKA (1.3%)
$ 1,750 Nebraska Public Power District Revenue Mun Tr CERTS PG - MCT
No 2-A 3.600% Due 1/11/99 (a) $1,750
NEW JERSEY (2.3%)
1,700 Atlantic City NJ Special Emergency Notes
Bank Anticipation Notes 3.625% Due 12/9/99 1,705
1,220 New Brunswick City Guaranteed Parking Revenue
Series B 7.200% Due 9/1/15 (c) 1,266
NEVADA (1.0%)
500 Clark County Nevada Series A
5.600% Due 6/1/99 505
805 Washoe County Nevada Hospital Facilities Revenue Washoe
Medical Center Project Series A
7.600% Due 6/1/19 (c) 834
NEW YORK (5.3%)
300 Municipal Assistance Corporation for the City of NY Series 68
7.200% Due 7/1/02 (c) 312
360 New York City Cultural Resources Revenue Trust (Modern Museum)
Series A 4.500% Due 1/1/99 360
2,135 New York State Job Development Authority, Series C-1 to C-30
3.150% Due 3/1/99 (a) 2,135
900 New York State Dormitory Authority
Revenues FHA Mortgage Hospital United Health Service
4.100% Due 2/1/99 900
570 New York State Job Development Authority, Series F-1 to F-17
3.150% Due 3/1/99 (a) 570
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- ------- -------- -------
TAX FREE MONEY MARKET (CONTINUED)
$ 2,735 New York State Urban Development Corporation Floats PT 210
3.575% Due 1/14/99 (a) $2,735
NORTH CAROLINA (0.1%)
100 Beaufort County Industri 4.100% Due 12/1/00 (a) 100
OHIO (9.3%)
125 Brooklyn Ohio Industrial Development Revenue Refunding
(Clinton Road Project A) 3.800% Due 12/1/00 (a) 125
595 Buckeye Ohio Tax Exempt Mortgage Bond Trust Series C
4.050% Due 2/1/05 (a) 595
910 Cincinnati & Hamilton County Ohio Port Authority Revenue
Refunding (Tri State Building) 3.300% Due 9/1/99 (a) 910
480 Clermont County Ohio Economic Development Revenue
(John Q. Hammons Project) 3.400% Due 5/1/12 (a) 480
215 Franklin County Ohio Industrial Development Revenue
(GSW Building Association Ltd.) 3.250% Due 11/1/15 (a) 215
2,030 Lakewood Ohio Hospital Revenue (Hospital
Improvement Series 1983) 3.410% Due 11/1/10 (a) 2,030
865 McDonald Tax Exempt Mortgage Trust # 1
4.100% Due 1/15/09 (a) 866
1,390 Riverside Ohio Economic Development Revenue
(Riverside Association Project) 3.600% Due 9/1/12 (a) 1,390
</TABLE>
See notes to financial statements
Page 27
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT DECEMBER 31, 1998
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- ------- -------- -------
TAX FREE MONEY MARKET (CONTINUED)
<C> <S> <C>
$ 890 Riverside Ohio Economic Development Revenue
(Wright Point Association) 3.600% Due 9/1/10 (a) $890
540 Stark County Ohio Health Care Facilities
(Canton Christian Home) 3.650% Due 9/15/16 (a) 540
1,935 Stark County Ohio Health Care Facilities
(Canton Christian Home PJ ) Series 90
3.650% Due 9/1/15 (a) 1,935
245 Stark County Ohio Industrial Development Revenue
(Belpar Professional Building) 3.500% Due 10/1/04 (a) 245
1,960 Stark County Ohio Industrial Development Revenue
(Newmarket Parking Ltd.) 3.400% Due 11/1/14 (a) 1,960
OKLAHOMA (1.7%)
1,000 Oklahoma State Industrial Authority Revenue Baptist
Medical Center - B 3.350% Due 8/15/23 (a) 1,000
1,250 Tulsa County Oklahoma Industrial Development Authority
Healthcare Revenue Laureate Psychiatric Center
3.200% Due 12/15/08 (a) 1,250
PENNSYLVANIA (0.6%)
575 Commonwealth Tax-Exempt Mortgage Bond Trust Series A
3.250% Due 11/1/05 (a) 575
185 McDonald Tax Exempt Mortgage Trust # 1
4.100% Due 1/15/09 (a) 186
TENNESSEE (6.6%)
2,600 Franklin County Tennessee Health & Educational Facilities Revenue
(University of the South Sewanee) 3.650% Due 9/1/10 (a) 2,600
1,280 GAF Tax Exempt Bond Grantor Trust Series A
4.250% Due 4/1/08 (a) 1,280
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- ------- -------- -------
TAX FREE MONEY MARKET (CONTINUED)
$ 3,000 Greystone Tax Exempt 1998-1 Certificate
4.130% Due 5/1/28 (a) $3,000
600 Jacksonville Tennessee Industrial Development Revenue
Esselte Project Series B 5.100% Due 8/1/15 (a) 600
1,150 Knoxville Tennessee Industrial Development Board
Toys R Us Project 4.250% Due 5/1/14 (a) 1,150
TEXAS (6.1%)
2,415 Harris County Texas Multifamily Housing Revenue
(Greenhouse Development) 4.375% Due 4/1/07 (a) 2,415
2,100 Harris County Texas Multifamily Housing Revenue
(Country Scape Development) 4.375% Due 4/1/07 (a) 2,100
165 San Antonio Texas Electric and Gas Revenue
7.000% Due 2/1/00 (c) 168
700 Texas Health Facilities Development Corp.
Aces North Texas Pooled Health Series 1985B
4.350% Due 5/31/25 (a) 700
2,650 Waxahachie Texas Industrial Development Authority
(Dart Container Project Series 1985)
3.487% Due 4/1/06 (a) 2,650
UTAH (0.8%)
1,000 Intermountain Power Agency Utah Power Supply Revenue
Refunding Series B 7.200% Due 7/1/99 1,020
VERMONT (0.4%)
535 Vermont Industrial Development Authority
Hydroelectric Revenue Bond Central Vermont Public Service Corp.
3.500% Due 12/1/13 (a) 535
</TABLE>
See notes to financial statements
Page 28
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT DECEMBER 31, 1998
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- ------- -------- -------
TAX FREE MONEY MARKET (CONTINUED)
<C> <S> <C>
VIRGINIA (1.5%)
$ 1,000 Rockingham County Virginia Industrial Development Authority
(Merck & Company Inc. Project)
4.500% Due 10/1/22 (a) $1,000
1,000 Rockingham County Virginia Industrial Development Authority
4.500% Due 10/1/22 (a) 1,000
WASHINGTON (1.5%)
1,800 Washington State Housing Finance Community Non-Profit Housing
(Emerald Heights Project) 5.150% Due 1/1/21 (a) 1,800
100 Washington State Housing Finance Community Non-Profit
Housing Revenue (Panorama City Project)
4.800% Due 1/1/27 (a) 100
WISCONSIN (4.0%)
2,500 DC Everest Area School District
Tax and Revenue Anticipation Notes 3.930% Due 8/26/99 2,500
1,000 Lake Geneva Genoa City Electric
Wisconsin High School District 3.450% Due 9/30/99 1,001
1,100 Rosedale Brandon School District Tax and Revenue Promissory
Notes 3.810% Due 9/27/99 1,101
700 Weyauwega-Freemont School District Tax and Revenue
Anticipation Notes 4.040% Due 8/25/99 701
WYOMING (0.9%)
1,130 Cheyenne County Wyoming Economic Development
Revenue Bonds (Holiday Inn) 3.550% Due 10/1/10 (a) 1,130
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- ------- -------- -------
TAX FREE MONEY MARKET (CONTINUED)
TOTAL INVESTMENTS (106.7%)
(Cost $140,112) $140,112
LIABILITIES IN EXCESS OF OTHER ASSETS (-6.7%) (8,844)
--------
TOTAL NET ASSETS (100.0%) $131,268
========
<FN>
(a) Interest rate subject to change approximately every 1 to 397 days. Principal
payable on demand at periodic intervals at the Fund's option.
(b) Coupon fluctuates with the Prime Rate (Prime is the rate on corporate loans
posted by at least 75% of the nations 30 largest banks.)
(c) Coupon fluctuates with remarket values.
</FN>
</TABLE>
See notes to financial statements
Page 29
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
STATEMENTS OF ASSETS AND LIABILITIES AT DECEMBER 31, 1998
<TABLE>
<CAPTION>
GROWTH AND QUANTITATIVE
$ IN THOUSANDS TUDOR INCOME EQUITY
- ------------------------------------------------------------------------------------------------
ASSETS
<S> <C> <C> <C>
Investments at value # .................................... $87,909 $160,474 $73,662
Investments in Repurchase Agreements,at value # ........... 0 0 0
Cash ...................................................... 1 1 176
Proceeds from securities sold short ....................... 0 0 0
Receivable for securities sold ............................ 0 1,092 0
Receivable for Fund shares sold ........................... 110 360 23
Dividends and interest receivable ......................... 64 194 91
Other assets .............................................. 7 5 11
------- -------- -------
88,091 162,126 73,963
------- -------- -------
LIABILITIES
Distributions payable ..................................... 6 8 0
Payable to custodian bank ................................. 0 0 0
Payable for investment securities purchased ............... 0 0 0
Payable for Fund shares redeemed .......................... 1,134 1,273 1
Market value of securities sold short ..................... 0 0 0
Accrued investment advisory fee payable - Note 4 .......... 66 99 45
Accrued administration fee payable - Note 4 ............... 3 8 4
Accrued expenses .......................................... 65 40 29
------- -------- -------
1,274 1,428 79
------- -------- -------
NET ASSETS .............................. 86,817 160,698 73,884
======= ======== =======
NET ASSETS REPRESENTED BY:
Shares of beneficial interest, at par ..................... 1,838 3,954 13
Paid-in surplus ........................................... 76,694 97,971 52,137
Accumulated undistributed net investment income/
(distributions in excess of net investment income) 0 90 177
Undistributed realized gains on investments,
futures, options and currencies/(Distributions
in excess of realized gains on investments,
futures, options and currencies) ................. 947 1,438 1,107
Net unrealized appreciation on investments,
futures, options and currencies .................. 7,338 57,245 20,450
------- -------- -------
NET ASSETS APPLIED TO OUTSTANDING SHARES .................. 86,817 160,698 73,884
======= ======== =======
CAPITAL SHARES (AUTHORIZED SHARES UNLIMITED)
Outstanding (000's) ....................................... 5,515 3,954 12,761
======== ======== ========
Par Value ................................................. $ 0.33 $ 1.00 $ 0.001
======== ======== ========
Net asset value per share ................................. $ 15.74 $ 40.64 $ 5.79
======== ======== ========
# Investments at cost ..................................... 80,571 103,229 53,211
======== ======== ========
UNREALIZED APPRECIATION/(DEPRECIATION): *
Gross appreciation ............................... 13,677 57,793 21,406
Gross depreciation ............................... (6,339) (548) (956)
-------- ------- -------
NET UNREALIZED APPRECIATION ............................... 7,338 57,245 20,450
======== ======== ========
<FN>
* Based on cost of securities for book purposes which does not differ
significantly from Federal income tax cost.
</FN>
</TABLE>
See notes to financial statements
Page 30
<PAGE>
<TABLE>
<CAPTION>
INTERMEDIATE
MUNICIPAL GOVERNMENT TAX FREE
INTERNATIONAL CORE BOND BOND MONEY MONEY
MARKET MARKET
- -----------------------------------------------------------------------------------------------------------------------------------
ASSETS
<S> <C> <C> <C> <C> <C>
Investments at value # .................................... $ 6,103 $ 161,620 $24,980 $383,386 $ 140,112
Investments in Repurchase Agreements,at value # ........... 0 3,156 0 42,827 0
Cash ...................................................... 47 0 34 2 0
Proceeds from securities sold short ....................... 0 4,853 0 0 0
Receivable for securities sold ............................ 231 0 0 0 2,810
Receivable for Fund shares sold ........................... 5 8,913 0 9,223 0
Dividends and interest receivable ......................... 20 1,289 408 6 1,037
Other assets .............................................. 0 8 1 7 5
--------- --------- -------- -------- --------
6,406 179,839 25,423 435,451 143,964
--------- --------- -------- -------- --------
LIABILITIES
Distributions payable ..................................... 0 104 52 3 15
Payable to custodian bank ................................. 0 1 0 0 35
Payable for investment securities purchased ............... 0 35,332 0 0 11,284
Payable for Fund shares redeemed .......................... 0 8 0 6,675 1,270
Market value of securities sold short ..................... 0 4,857 0 0 0
Accrued investment advisory fee payable - Note 4 .......... 8 29 11 189 55
Accrued administration fee payable - Note 4 ............... 0 0 0 15 6
Accrued expenses .......................................... 23 45 19 126 31
--------- --------- -------- -------- --------
31 40,376 82 7,008 12,696
--------- --------- -------- -------- --------
NET ASSETS .............................. 6,375 139,463 25,341 428,443 131,268
========= ========= ======== ======== ========
NET ASSETS REPRESENTED BY:
Shares of beneficial interest, at par ..................... 7 14 2 429 131
Paid-in surplus ........................................... 5,481 174,936 24,407 430,029 131,157
Accumulated undistributed net investment income/
(distributions in excess of net investment income) (29) 0 (31) 0 0
Undistributed realized gains on investments,
futures, options and currencies/(Distributions
in excess of realized gains on investments,
futures, options and currencies) ................. 113 (35,570) (4) (2,015) (20)
Net unrealized appreciation on investments,
futures, options and currencies .................. 803 83 967 0 0
--------- --------- -------- -------- --------
NET ASSETS APPLIED TO OUTSTANDING SHARES .................. 6,375 139,463 25,341 428,443 131,268
========= ========= ======== ======== ========
CAPITAL SHARES (AUTHORIZED SHARES UNLIMITED)
Outstanding (000's) ....................................... 689 14,465 2,403 428,716 131,288
========= ========= ======== ======== ========
Par Value ................................................. $ 0.01 $ 0.001 $ 0.001 $ 0.001 $ 0.001
========= ========= ======== ======== ========
Net asset value per share ................................. $ 9.25 $ 9.64 $ 10.55 $ 1.00 $ 1.00
========= ========= ======== ======== ========
# Investments at cost ..................................... 5,299 164,689 24,013 426,213 140,112
========= ========= ======== ======== ========
UNREALIZED APPRECIATION/(DEPRECIATION): *
Gross appreciation ............................... 1,071 535 972 0 0
Gross depreciation ............................... (268) (452) (5) 0 0
--------- --------- ------- -------- --------
NET UNREALIZED APPRECIATION ............................... 803 83 967 0 0
========= ========= ======== ======== ========
</TABLE>
See notes to financial statements
Page 31
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
STATEMENTS OF OPERATIONS FOR YEAR ENDED DECEMBER 31, 1998
<TABLE>
<CAPTION>
GROWTH AND QUANTITATIVE
$ IN THOUSANDS TUDOR INCOME EQUITY
- --------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
<S> <C> <C> <C>
Dividends (net of withholding taxes) ......................... $ 574 $ 2,236 $ 1,216
Interest ..................................................... 582 227 48
Income from securities loaned - Note 3 ....................... 18 0 0
Other ........................................................ 184 7 0
-------- -------- --------
1,358 2,470 1,264
-------- -------- --------
EXPENSES:
Investment advisory fee - Note 4 ............................. 1,155 1,058 613
Transfer agent fees and expenses ............................. 196 96 47
Administration fees - Note 4 ................................. 64 85 46
Custodian fees and expenses .................................. 34 24 28
Fund accounting fees and expenses ............................ 55 59 35
Professional fees ............................................ 68 63 50
Trustees' fees and expenses .................................. 21 21 19
Registration fees ............................................ 20 18 12
Shareholders' reports ........................................ 14 14 10
Other expenses ............................................... 20 28 11
1,647 1,466 871
-------- -------- --------
Less fees waived by adviser .................................. 0 0 0
Less expenses paid indirectly - Note 6 ....................... (2) 0 (4)
-------- -------- --------
1,645 1,466 867
-------- -------- --------
NET INVESTMENT INCOME/(LOSS) ................................. (287) 1,004 397
-------- -------- --------
REALIZED AND UNREALIZED GAIN/(LOSS) ON
INVESTMENTS, FUTURES, OPTIONS AND CURRENCIES:
Net realized gain on investments, futures and options 4,537 15,119 19,699
Net realized gain/(loss) on currencies .............. 5 0 0
Change in unrealized appreciation/(depreciation) on
investments, futures and options ........... (33,554) 17,402 (522)
Net change in unrealized appreciation on currencies . 0 0 0
-------- -------- --------
NET GAIN/(LOSS) ON INVESTMENTS, FUTURES, OPTIONS
AND CURRENCIES ...................................... (29,012) 32,521 19,177
-------- -------- --------
NET INCREASE/(DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ........................... ($29,299) $ 33,525 $ 19,574
======== ======== ========
</TABLE>
See notes to financial statements
Page 32
<PAGE>
<TABLE>
<CAPTION>
INTERMEDIATE GOVERNMENT TAX FREE
MUNICIPAL MONEY MONEY
INTERNATIONAL CORE BOND BOND MARKET MARKET
- -----------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
<S> <C> <C> <C> <C> <C>
Dividends (net of withholding taxes) ......................... $ 197 $ 44 $ 0 $ 0 $ 0
Interest ..................................................... 1 7,483 1,279 13,685 4,502
Income from securities loaned - Note 3 ....................... 0 13 0 0 0
Other ........................................................ 2 52 2 0 14
-------- -------- -------- -------- --------
200 7,592 1,281 13,685 4,516
-------- -------- -------- -------- --------
EXPENSES:
Investment advisory fee - Note 4 ............................. 41 733 126 1,280 602
Transfer agent fees and expenses ............................. 36 53 35 180 75
Administration fees - Note 4 ................................. 0 61 0 102 56
Custodian fees and expenses .................................. 27 38 6 37 22
Fund accounting fees and expenses ............................ 13 57 24 100 48
Professional fees ............................................ 36 67 28 61 49
Trustees' fees and expenses .................................. 18 21 18 22 20
Registration fees ............................................ 16 21 13 74 16
Shareholders' reports ........................................ 8 19 7 10 7
Other expenses ............................................... 3 13 11 14 15
-------- -------- -------- -------- --------
198 1,083 268 1,880 910
Less fees waived by adviser .................................. 0 (457) (52) 0 0
Less expenses paid indirectly - Note 6 ....................... (3) (14) (2) (9) (11)
-------- -------- -------- -------- --------
195 612 214 1,871 899
-------- -------- -------- -------- --------
NET INVESTMENT INCOME/(LOSS) ................................. 5 6,980 1,067 11,814 3,617
-------- -------- -------- -------- --------
REALIZED AND UNREALIZED GAIN/(LOSS) ON
INVESTMENTS, FUTURES, OPTIONS AND CURRENCIES:
Net realized gain on investments, futures and options 1,666 4,280 171 0 0
Net realized gain/(loss) on currencies .............. (159) 0 0 0 0
Change in unrealized appreciation/(depreciation) on
investments, futures and options ........... (490) (411) 136 0 0
Net change in unrealized appreciation on currencies . 17 0 0 0 0
-------- -------- -------- -------- --------
NET GAIN/(LOSS) ON INVESTMENTS, FUTURES, OPTIONS
AND CURRENCIES ...................................... 1,034 3,869 307 0 0
-------- -------- -------- -------- --------
NET INCREASE/(DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ........................... $ 1,039 $ 10,849 $ 1,374 $11,814 $ 3,617
======== ======== ======== ======= ========
</TABLE>
See notes to financial statements
Page 33
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 1998 AND 1997 $ IN THOUSANDS
<TABLE>
<CAPTION>
QUANTITATIVE
TUDOR GROWTH & INCOME EQUITY
------------------------------------------------------------------------
1998 1997 1998 1997 1998 1997
Operations:
<S> <C> <C> <C> <C> <C> <C>
Net investment income/
(loss) ..................... ($ 287) ($ 778) $ 1,004 $ 867 $ 397 $ 1,078
Net realized gain/
(loss) on
investments,
futures, options,
and currencies ............. 4,542 27,732 15,119 12,903 19,699 18,088
Net change in unrealized
appreciation/ (depreciation)
on investments, futures,
options and currencies ..... (33,554) (6,932) 17,402 16,703 (522) 4,604
Net Increase/(Decrease) in Net
Assets Resulting
from Operations ............ (29,299) 20,022 33,525 30,473 19,574 23,770
Distributions to
Shareholders:
From net investment
income ..................... 0 0 (942) (735) (601) (1,032)
From distributions
in excess
of net investment
income ..................... 0 0 0 0 0 0
From realized gains ............. (6,581) (26,044) (14,032) (13,500) (15,035) (18,970)
Net Decrease Due to
Distributions .............. (6,581) (26,044) (14,974) (14,235) (15,636) (20,002)
Transactions in Shares of
Beneficial Interest:
Received on issuance:
Shares sold ................ 122,415 398,240 41,323 19,356 5,515 10,292
Distributions
reinvested ................. 6,026 24,010 13,922 12,892 15,301 19,631
Shares redeemed ............ (172,203) (431,139) (30,244) (14,277) (46,925) (40,086)
Net Increase/(Decrease) from
Capital Share
Transactions ............... (43,762) (8,889) 25,001 17,971 (26,109) (10,163)
Total Increase/(Decrease)
in Net Assets .............. (79,642) (14,911) 43,552 34,209 (22,171) (6,395)
Net Assets:
Beginning of year ............... 166,459 181,370 117,146 82,937 96,055 102,450
End of year * ................... $ 86,817 $ 166,459 $ 160,698 $ 117,146 $ 73,884 $ 96,055
* Includes undistributed
net investment
income/ (distributions
in excess of net
investment income) ......... $ 0 $ 98 $ 90 $ 243 $ 177 $ 382
Transactions in shares
of the funds
(in thousands):
Sold ....................... 5,745 16,664 1,048 549 864 1,618
Reinvestment of
distributions ............. 403 1,115 343 368 2,727 3,361
Redeemed ................... (8,234) (17,969) (733) (410) (7,282) (5,933)
Net increase/
(decrease) ................. (2,086) (190) 658 507 (3,691) (954)
</TABLE>
See notes to financial statements
Page 34
<PAGE>
<TABLE>
<CAPTION>
INTERMEDIATE
MUNICIPAL
INTERNATIONAL CORE BOND BOND
1998 1997 1998 1997 1998 1997
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Operations:
Net investment income/
(loss) ............................ $ 5 $ 1 $ 6,980 $ 6,502 $ 1,067 $ 950
Net realized gain/
(loss) on
investments,
futures, options,
and currencies .................... 1,507 (285) 4,280 1,562 171 34
Net change in unrealized
appreciation/ (depreciation)
on investments, futures,
options and currencies ............ (473) 672 (411) 307 136 652
NET INCREASE/(DECREASE) IN NET
ASSETS RESULTING
FROM OPERATIONS ................... 1,039 388 10,849 8,371 1,374 1,636
Distributions to
Shareholders:
From net investment
income ............................ 0 (7) (6,936) (6,446) (1,099) (950)
From distributions
in excess
of net investment
income ............................ 0 0 (48) 0 0 0
From realized gains .................... (1,380) (348) 0 0 (67) 0
NET DECREASE DUE TO
DISTRIBUTIONS ..................... (1,380) (355) (6,984) (6,446) (1,166) (950)
Transactions in Shares of
Beneficial Interest:
Received on issuance:
Shares sold ....................... 575 1,504 49,376 9,057 8,028 13,254
Distributions
reinvested ...................... 1,372 353 5,426 4,387 702 564
Shares redeemed ............(3,786) (6,496) (27,647) (7,105) (6,210) (1,573,014) (3,786)
NET INCREASE/(DECREASE) FROM
CAPITAL SHARE
TRANSACTIONS ...................... (1,839) (4,639) 27,155 (14,286) 1,625 7,608
Total Increase/(Decrease)
in Net Assets ..................... (2,180) (4,606) 31,020 (12,361) 1,833 8,294
Net Assets:
Beginning of year ...................... 8,555 13,161 108,443 120,804 23,508 15,214
End of year * .......................... $ 6,375 $ 8,555 $ 139,463 $ 108,443 $ 25,341 $ 23,508
* Includes undistributed
net investment
income/ (distributions
in excess of net
investment income) ................ ($ 29) ($ 23) $ 0 $ 3 $ (31) $ 1
Transactions in shares
of the funds
(in thousands):
Sold .............................. 52 142 5,189 989 763 1,301
Reinvestment of
distributions .................... 148 35 570 476 67 55
Redeemed .......................... (353) (613) (2,905) (3,003) (676) (607)
Net increase/
(decrease) ........................ (153) (436) 2,854 (1,538) 154 749
GOVERNMENT TAX FREE
MONEY MARKET MONEY MARKET
1997 1998 1997 1998
- --------------------------------------------------------------------------------------------------------
Operations:
Net investment income/
(loss) ............................ $ 11,814 $ 7,321 $ 3,617 $ 4,125
Net realized gain/
(loss) on
investments,
futures, options,
and currencies .................... 0 0 0 (4)
Net change in unrealized
appreciation/ (depreciation)
on investments, futures,
options and currencies ............ 0 0 0 0
NET INCREASE/(DECREASE) IN NET
ASSETS RESULTING
FROM OPERATIONS ................... 11,814 7,321 3,617 4,121
Distributions to
Shareholders:
From net investment
income ............................ (11,814) (7,321) (3,617) (4,125)
From distributions
in excess
of net investment
income ............................ 0 0 0 0
From realized gains .................... 0 0 0 0
NET DECREASE DUE TO
DISTRIBUTIONS ..................... (11,814) (7,321) (3,617) (4,125)
Transactions in Shares of
Beneficial Interest:
Received on issuance:
Shares sold ....................... 1,782,122 1,653,080 1,109,476 1,058,249
Distributions
reinvested ...................... 11,518 7,078 3,457 3,978
Shares redeemed ............ (1,605,127) (1,111,748) (1,049,563)
NET INCREASE/(DECREASE) FROM
CAPITAL SHARE
TRANSACTIONS ...................... 220,626 55,031 1,185 12,664
Total Increase/(Decrease)
in Net Assets ..................... 220,626 55,031 1,185 12,660
Net Assets:
Beginning of year ...................... 207,817 152,786 130,083 117,423
End of year * .......................... $ 428,443 $ 207,817 $ 131,268 $ 130,083
* Includes undistributed
net investment
income/ (distributions
in excess of net
investment income) ................ $ 0 $ 0 $ 0 $ 0
Transactions in shares
of the funds
(in thousands):
Sold .............................. 1,782,123 1,653,080 1,109,476 1,058,249
Reinvestment of
distributions .................... 11,517 7,078 3,457 3,978
Redeemed .......................... (1,573,014) (1,605,127) (1,111,748) (1,049,563)
Net increase/
(decrease) ........................ 220,626 55,031 1,185 12,664
</TABLE>
See notes to financial statements
Page 35
<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 (the "Funds")
registered under the Investment Company Act of 1940 (the "Act"):
WPG Tudor Fund ("Tudor")
WPG Growth and Income Fund ("Growth and Income") Weiss, Peck & Greer
Funds Trust ("WPG Funds Trust"):
WPG Quantitative Equity Fund ("Quantitative Equity") WPG Core
Bond Fund ("Core Bond") 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 followed by the funds
in the preparation of the financial statements. These policies are in
conformity with generally accepted accounting principles.
PORTFOLIO VALUATION
- -------------------
COMMON STOCK -- Securities listed or admitted to trading on a national
securities exchange, including options, are valued at the last sale price,
on such exchange, as of the close of regular trading on the New York Stock
Exchange ("NYSE") on the day the net asset value calculation is made.
Unlisted securities and listed securities for which there are no sales
reported on the valuation date are valued at the mean between the most
recent bid and asked prices.
BONDS -- Bonds and other fixed income securities (other than short-term
obligations but including listed issues) 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, exchanges or
over-the-counter prices, when such valuations are believed to reflect the
market value of such securities.
MONEY MARKET SECURITIES -- Securities 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.
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.
Page 36
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
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, 1998, the following
funds had capital loss carryforwards:
(in thousands)
Year of Expiration
------------------
Fund 2001 2002 2003 2004 2005 2006
---- ---- ---- ---- ---- ---- ----
Core Bond -- 14,662 20,113 753 -- --
Government Money Market -- -- 2,014 -- -- --
Tax Free Money Market 11 -- 1 3 4 1
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, Quantitative Equity and
International Funds and quarterly for the Growth & Income Fund. Dividends
from net investment income are declared daily and paid monthly for the Core
Bond, Municipal Bond, Government Money Market and Tax Free Money Market
Funds.
DISTRIBUTIONS FROM NET REALIZED GAINS -- Distributions from net realized
gains are declared and paid by December 31 of the year in which they are
earned. To the extent that net realized capital gains can be offset by
capital loss carryovers, if any, it is the policy of the Funds 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 sale losses, options and futures, and post October
losses.
REPURCHASE AGREEMENTS (TUDOR, CORE BOND, GOVERNMENT MONEY MARKET)
- -----------------------------------------------------------------
It is each Funds' policy to take possession of securities or other assets
purchased under agreements to resell. The securities purchased under
agreements to resell are marked to market every business day to ensure that
the value of the "collateral" is at least equal to the value of the loan,
including the accrued interest earned thereon, plus sufficient additional
market value as is considered necessary to provide a margin of safety.
FUTURES (TUDOR, QUANTITATIVE EQUITY, INTERNATIONAL, CORE BOND)
- --------------------------------------------------------------
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, QUANTITATIVE EQUITY,
INTERNATIONAL, CORE BOND)
- -------------------------------------------------------------
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 effecting a closing purchase transaction, including
Page 37
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
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 which can enter into
non-exchange options with counterparties as authorized by the Board of
Trustees.
FOREIGN SECURITIES (TUDOR, GROWTH AND INCOME, 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, 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.
FOREIGN CURRENCY TRANSACTIONS (TUDOR, GROWTH AND INCOME, INTERNATIONAL)
- -----------------------------------------------------------------------
The books and records of each Fund are maintained in U.S. dollars. Foreign
currencies, investments and other assets or liabilities, denominated in
foreign currencies, are translated into U.S. dollars at the exchange rates
prevailing on the close of trading on the primary foreign market. The Fund
does not isolate that portion of the results of operations resulting from
changes in foreign exchange rates on investments from the fluctuations
arising from changes in market prices of securities held. Such fluctuations
are included with the net realized and unrealized gain or loss from
investments.
Reported net realized foreign exchange gains or losses arise from sales and
maturities of short term securities, sales of foreign currencies, currency
gains or losses realized between the trade and settlement dates on
securities transactions, the difference between the amounts of dividends,
interest, and foreign withholding taxes recorded on the Fund's books, and
the U.S. dollar equivalent of the amounts actually received or paid. Net
unrealized foreign exchange gains and losses arise from changes in the
value of assets and liabilities other than investments in securities at
year end, resulting from changes in the exchange rate.
SHORT SALES (CORE BOND)
- -----------------------
The Fund may sell a security it does not own in anticipation of a decline
in the fair value of that security. When the Fund sells a security short,
it must borrow the security sold short and deliver it to the broker-dealer
through which it made the short sale as collateral for its obligation to
deliver the security upon conclusion of the sale. A gain, limited to the
price at which the Fund sold the security short, or a loss, unlimited in
size, will be recognized upon the termination of a short sale.
INVESTMENTS IN RESTRICTED SECURITIES
- ------------------------------------
Certain of the Funds may from time to time purchase restricted securities.
The only restricted security held in any of the Funds as of December 31,
1998 was Newcourt Credit Group 7.125% due 12/17/03 in the Core Bond Fund.
This security was purchased at a price of $99.74 and valued at $99.88 on
the date of purchase. The unit price of the security on December 31, 1998
was $99.375, with a total market value of $2,225,998 which represented 1.6%
of net assets on that date.
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.
Page 38
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
2 - SECURITIES TRANSACTIONS
For the year ended December 31, 1998, 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 Fund's
investment adviser or Hill Samuel Investment Management Limited, the
International Fund's sub-adviser, on such transactions were as follows:
PROCEEDS OF COST OF COMMISSIONS
SECURITIES SECURITIES TOTAL RECEIVED BY
SOLD PURCHASED COMMISSIONS WPG OR HSIM
(000'S) (000'S) (000'S) (000'S)
------- ------- ------- -------
Tudor $204,630 $ 173 $ 508 $ 154
Growth and Income 99,000 109,677 262 205
Quantitative Equity 85,808 71,245 160 96
International 12,572 7,993 43 0
Core Bond 681,185 733,994 0 0
Municipal Bond 13,328 13,568 0 0
OPTIONS WRITING ACTIVITY
- ------------------------
During 1998 Tudor Fund wrote 30 options contracts, receiving premiums of
$215,993. All of these contracts were exercised. There were no open contracts as
of December 31, 1998.
3 - SECURITIES LENDING (TUDOR, CORE BOND)
At December 31, 1998, the Tudor Fund loaned securities valued at $1,941,023. For
collateral, the Tudor Fund received a letter of credit in an amount equal to
$2,000,000. At December 31, 1998 the Core Bond Fund loaned securities valued at
$4,163,250. For collateral, the Core Bond Fund received U.S. Government
securities with a fair value of $4,333,963. During the year the Tudor Fund and
Core Bond Fund earned $15,369 and $12,404 in securities lending fees, net of
custodian expenses, respectively.
4 - INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
WPG serves as the Funds' investment adviser. In September of 1998, WPG was
acquired by Robeco Group N.V. ("Robeco"), a Dutch investment management firm. As
required by the Investment Company Act of 1940, each advisory agreement,
sub-advisory agreement and 12b-1 distribution plan was renewed through a proxy
statement. 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
Quantitative Equity .75% of net assets
International .50% while net assets under $15 million
.85% while net assets $15 million to $20 million
1.00% while net assets in excess of $20 million
Core Bond .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
Page 39
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
MunicipalBond .00% while net assets under $17 million
.50% while net assets in excess of $17 million
Government Money .50% of net assets up to $500 million &
Market .45% of net assets $500 million to $1 billion
Tax Free Money .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 HSIM as sub-adviser to the International
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, was a non-managing
member of WPG until the above referenced sale to Robeco in September 1998.
Each Fund has entered into an Administration Agreement with WPG. For the period
January 1, 1998 through April 30, 1998 WPG was entitled to receive the following
fees based upon a percentage of average daily net assets: Tudor .05%, Growth and
Income .06%, Quantitative Equity .05%, International .06% while assets exceed
$25 million, Core Bond .05%, Intermediate Municipal Bond .12% while assets
exceed $50 million, Government Money Market .04%, and Tax Free Money Market
.04%. Effective May 1, 1998, the following fees were in effect: Core Bond Fund
0.0%, Tax Free Money Market .05%. The fees for all of the other Funds remained
unchanged.
5 - DISTRIBUTION PLAN (CORE BOND)
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, 1998, expenses incurred under the Plan were
$310. 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.
6 - 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, 1998 the Funds'
custodian fees and related offset were as follows:
CUSTODIAN OFFSET
FEE CREDIT
--- ------
Tudor $34,838 $ 2,604
Growth and Income 24,775 484
Quantitative Equity 28,613 4,293
International 27,068 2,827
Core Bond 37,860 13,762
Intermediate Municipal Bond 5,750 1,636
Government Money Market 37,379 9,727
Tax Free Money Market 22,281 11,295
Page 40
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
The Funds could have invested their cash balances elsewhere if they had not
agreed to a reduction in fees under the expense offset agreement with their
custodian.
7 - 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, 1998, the amounts reclassified were as follows:
UNDISTRIBUTED UNDISTRIBUTED ADDITIONAL
NET INVESTMENT NET REALIZED PAID-IN
INCOME GAINS SURPLUS
(000's) (000's) (000's)
------- ------- -------
Tudor $ 189 $ 369 $ (558)
Growth and Income (215) 215 --
Quantitative Equity -- (5,519) 5,519
International (11) 154 (143)
Core Bond 1 48 (49)
Municipal Bond 19 (19) --
8 - FEDERAL INCOME TAX STATUS OF DIVIDENDS (UNAUDITED)
The Tax Free Money Market and Municipal Bond Funds have determined that all
dividends paid during the year ended December 31, 1998 were paid from investment
income and are exempt from Federal income. 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, 1998 in the following amounts:
LONG-TERM CAP GAINS
-------------------
Tudor $ 5,702,574
Growth & Income 13,667,501
Quantitative Equity 13,531,493
International 1,379,528
Municipal Bond 66,770
The percentage of investment company taxable income eligible for the dividends
received deduction and for certain corporate shareholders with respect to the
fiscal year ended December 31, 1998, is 100% for 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 calculation of income and capital gains for Securities and
Exchange Commission (financial reporting) purposes and Internal Revenue Service
(tax) purposes.
Page 41
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Financial Highlights
<TABLE>
<CAPTION>
(for the years ended December 31)
$ per share RATIOS
NET TOTAL RATIO OF
REALIZED INCOME/ DISTRI- NET
NET NET AND LOSS DIVIDENDS BUTIONS NET NET INVESTMENT
ASSET INVEST- UNREAL- FROM IN- FROM FROM ASSET ASSETS AT RATIO INCOME/
VALUE AT MENT IZED VESTMENT NET NET TOTAL CONTRI- VALUE AT END OF EXPENSES (LOSS) PORTFOLIO
BEGINNING INCOME GAINS OR OPERA- INVEST- REALIZED DISTRI- BUTIONS END OF TOTAL YEAR TO TO TURNOVER
OF YEAR (LOSS) (LOSSES) TIONS MENT GAINS TIONS CAPITAL YEAR RETURN (000'S) AVERAGE AVERAGE T RATE
ON INCOME NET NET
SECURITIES ASSETS ASSETS
- ----------------------------------------------------------------------------------------------------------------------------------
TUDOR
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1998 $21.90 ($0.02) ($4.86) ($4.88) $0.00 ($1.28) ($1.28) $0.00 $15.74 (22.01%) $86,817 1.28% (0.22%) 143.6%
1997 23.28 0.06 2.46 2.52 0.00 (3.90) (3.90) 0.00 21.90 11.11 166,459 1.24 (0.44) 106.3
1996 22.95 (0.14) 4.41 4.27 0.00 (3.94) (3.94) 0.00 23.28 18.82 181,370 1.25 (0.57) 105.4
1995 19.34 (0.10) 8.03 7.93 0.00 (4.32) (4.32) 0.00 22.95 41.18 165,534 1.30 (0.47) 123.1
1994 23.40 (0.13) (2.14) (2.27) 0.00 (1.79) (1.79) 0.00 19.34 (9.81) 144,207 1.28 (0.62) 109.1
GROWTH AND INCOME
1998 35.11 0.26 9.38 9.64 (0.26) (3.85) (4.11) 0.00 40.64 27.51 160,698 1.04 0.71 64.6
1997 29.32 0.24 10.30 10.54 (0.24) (4.51) (4.75) 0.00 35.11 36.27 117,146 1.06 0.88 69.6
1996 26.02 0.24 6.11 6.35 (0.39) (2.66) (3.05) 0.00 29.32 24.42 82,937 1.15 1.50 75.8
1995 21.36 0.51 6.44 6.95 (0.53) (1.76) (2.29) 0.00 26.02 32.73 67,357 1.22 2.10 79.4
1994 23.34 0.56 (1.83) (1.27) (0.62) (0.09) (0.71) 0.00 21.36 (5.47) 61,045 1.23 2.49 71.9
QUANTITATIVE EQUITY
1998 5.84 0.05 1.46 1.51 (0.06) (1.50) (1.56) 0.00 5.79 26.71 73,884 1.06 0.49 89.4
1997 5.89 0.08 1.42 1.50 (0.08) (1.47) (1.55) 0.00 5.84 25.47 96,055 1.03 1.03 77.7
1996 6.85 0.16 1.13 1.29 (0.15) (2.10) (2.25) 0.00 5.89 18.51 102,450 0.95 1.52 60.8
1995 5.44 0.13 1.70 1.83 (0.12) (0.30) (0.42) 0.00 6.85 33.37 133,201 1.00 2.00 26.1
1994 5.58 0.13 (0.11) 0.02 (0.11) (0.05) (0.16) 0.00 5.44 0.34 73,484 1.14 2.36 46.8
INTERNATIONAL
1998 10.15 0.00 1.65 1.65 0.00 (2.55) (2.55) 0.00 9.25 16.28 6,375 2.35 0.06 98.8
1997 10.29 0.01 0.29 0.30 (0.01) (0.43) (0.44) 0.00 10.15 2.89 8,555 1.89 0.02 55.1
1996 11.01 (0.07) 0.57 0.50 (0.04) (1.18) (1.22) 0.00 10.29 4.64 13,161 1.71 0.31 85.2
1995 10.93 0.04 1.15 1.19 (0.15) (0.96) (1.11) 0.00 11.01 10.92 14,194 1.74 0.39 55.9
1994 11.72 0.01 (0.75) (0.74) 0.00 (0.05) (0.05) 0.00 10.93 (6.32) 17,102 1.95 0.12 69.8
</TABLE>
Page 42
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
(for the years ended December 31)
$ per share RATIOS
NET TOTAL RATIO OF
REALIZED INCOME/ DISTRI- NET
NET NET AND LOSS DIVIDENDS BUTIONS NET NET INVESTMENT
ASSET INVEST- UNREAL- FROM IN- FROM FROM ASSET ASSETS AT RATIO INCOME/
VALUE AT MENT IZED VESTMENT NET NET TOTAL CONTRI- VALUE AT END OF EXPENSES (LOSS) PORTFOLIO
BEGINNING INCOME GAINS OR OPERA- INVEST- REALIZED DISTRI- BUTIONS END OF TOTAL YEAR TO TO TURNOVER
OF YEAR (LOSS) (LOSSES) TIONS MENT GAINS TIONS CAPITAL YEAR RETURN (000'S) AVERAGE AVERAGE T RATE
ON INCOME NET NET
SECURITIES ASSETS ASSETS
- ----------------------------------------------------------------------------------------------------------------------------------
CORE BOND
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1998 $9.34 $0.54 $0.30 $0.84 ($0.54) $0.00 ($0.54) $0.00 $9.64 9.26% $139,463 0.50% 5.71% 684.9%
1997 9.19 0.51 0.15 0.66 (0.51) 0.00 (0.51) 0.00 9.34 7.37 108,443 0.86 5.56 330.3
1996 9.38 0.64 (0.29) 0.35 (0.54) 0.00 (0.54) 0.00 9.19 3.85 120,804 0.81 5.87 333.1
1995 8.83 0.60 0.54 1.14 (0.59) 0.00 (0.59) 0.00 9.38 13.25 171,578 0.82 6.52 375.0
1994 10.37 0.68 (1.56) (0.88) (0.64) (0.02) (0.66) 0.00 8.83 (8.70) 216,364 0.80 7.18 115.9
INTERMEDIATE MUNICIPAL BOND
1998 10.45 0.45 0.14 0.59 (0.47) (0.02) (0.49) 0.00 10.55 5.72 25,341 0.85 4.23 45.7
1997 10.14 0.47 0.31 0.78 (0.47) 0.00 (0.47) 0.00 10.45 7.85 23,508 0.85 4.55 39.8
1996 10.20 0.48 (0.06) 0.42 (0.48) 0.00 (0.48) 0.00 10.14 4.20 15,214 0.85 4.72 44.4
1995 9.51 0.44 0.69 1.13 (0.44) 0.00 (0.44) 0.00 10.20 12.05 12,730 0.85 4.38 51.2
1994 10.15 0.41 (0.64) (0.23) (0.41) 0.00 (0.41) 0.00 9.51 (2.29) 14,005 0.85 4.20 30.9
GOVERNMENT MONEY MARKET
1998 1.00 0.05 0.00 0.05 (0.05) 0.00 (0.05) 0.00 1.00 4.80 428,443 0.73 4.62 N/A
1997 1.00 0.05 0.00 0.05 (0.05) 0.00 (0.05) 0.00 1.00 4.76 207,817 0.81 4.68 N/A
1996 1.00 0.04 0.00 0.04 (0.04) 0.00 (0.04) 0.00 1.00 4.56 152,786 0.83 4.48 N/A
1995 1.00 0.05 0.00 0.05 (0.05) 0.00 (0.05) 0.00 1.00 5.16 131,210 0.82 5.06 N/A
1994 1.00 0.04 (0.01) 0.03 (0.04) 0.00 (0.04) 0.01 1.00 3.58 188,197 0.80 3.54 N/A
TAX FREE MONEY MARKET
1998 1.00 0.03 0.00 0.03 (0.03) 0.00 (0.03) 0.00 1.00 3.05 131,268 0.75 3.01 N/A
1997 1.00 0.03 0.00 0.03 (0.03) 0.00 (0.03) 0.00 1.00 3.23 130,083 0.74 3.17 N/A
1996 1.00 0.03 0.00 0.03 (0.03) 0.00 (0.03) 0.00 1.00 3.14 117,423 0.72 3.10 N/A
1995 1.00 0.04 0.00 0.04 (0.04) 0.00 (0.04) 0.00 1.00 3.63 121,754 0.76 3.56 N/A
1994 1.00 0.03 0.00 0.03 (0.03) 0.00 (0.03) 0.00 1.00 2.61 152,501 0.73 2.59 N/A
</TABLE>
Page 43
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
FINANCIAL HIGHLIGHTS
The Advisor agreed to reimburse other operating expenses and not to impose
its full fee f5or 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 ratio of expenses to average net assets and
ratio of net investment income to average net assets would have been:
Ratio of
Net
Ratio of Investment
Expenses Income
to Average to Average
Net Assets Net Assets
QUANTITATIVE EQUITY
1998 1.07% 0.48%
INTERNATIONAL
1998 2.38% 0.03%
1997 1.92% (0.01%)
1996 1.76% 0.26%
1995 1.76% 0.39%
1994 2.35% (0.28%)
CORE BOND
1998 0.89% 5.32%
INTERMEDIATE MUNICIPAL BOND
1998 1.06% 4.02%
1997 1.15% 4.25%
1996 1.01% 4.56%
1995 0.97% 4.25%
1994 1.45% 3.60%
TAX FREE MONEY MARKET
1998 0.76% 3.00%
For the Tudor, Growth and Income, Government Money Market Funds custody fee
earnings credit had an effect of less than 0.01% per share on the above
ratios. The custody fee earnings credit had an effect of less than 0.01% on
the above ratios in 1994, 1995, 1996 and 1997 for the Quantitatvie Equity,
Core Bond, Intermediate Municipal Bond and Tax Free Money Market Funds.
See notes to financial statements
Page 44
<PAGE>
INDEPENDENT AUDITORS' REPORT
----------------------------
To the Shareholders and Board of Trustees of:
WPG Tudor Fund
WPG Growth and Income Fund
WPG Quantitative Equity Fund
Weiss, Peck & Greer International Fund
WPG Core Bond 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
Quantitative Equity Fund, Weiss, Peck & Greer International Fund, WPG Core Bond
Fund, WPG Intermediate Municipal Bond Fund, WPG Government Money Market Fund and
WPG Tax Free Money Market Fund (the "Funds") as of December 31, 1998, 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 years in the five-year period then ended.
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, 1998, by correspondence with the custodian and the performance of
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 positions of WPG
Tudor Fund, WPG Growth and Income Fund, WPG Quantitative Equity Fund, Weiss,
Peck & Greer International Fund, WPG Core Bond Fund, WPG Intermediate Municipal
Bond Fund, WPG Government Money Market Fund and WPG Tax Free Money Market Fund
as of December 31, 1998, the results of their operations for the year then
ended, the changes in their net assets for each of the years in the two-year
period then ended, and their financial highlights for each of the years in the
five-year period then ended, in conformity with generally accepted accounting
principles.
KPMG LLP
New York, New York
January 19, 1999
Page 45
<PAGE>
WEISS, PECK & GREER
ONE NEW YORK PLAZA, NEW YORK, NY 10004
INDEPENDENT TRUSTEES AND MEMBERS
OF AUDIT COMMITTEE
Raymond R. Herrmann, Jr. Paul Meek
Lawrence J. Israel William B. Ross
Graham E. Jones Robert A. Straniere
OFFICERS
ROGER J. WEISS
Chairman of the Board and Trustee - all funds
President - Weiss, Peck & Greer International Fund
ADAM STARR
President - WPG Tudor Fund
JAY C. NADEL
Executive Vice President and Secretary - all funds
FRANCIS H. POWERS
Executive Vice President and Treasurer - all funds
JOSEPH J. REARDON
Vice President - all funds
A. ROY KNUTSEN
President - WPG Growth and Income Fund
DANIEL S. VANDIVORT
President - WPG Funds Trust
DANIEL CARDELL
Vice President - WPG Quantitative Equity Fund
R. SCOTT RICHTER
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
P.O. Box 60448
King of Prussia, PA 19406-0448
LEGAL COUNSEL
Hale and Dorr
60 State Street
Boston, MA 02109
INDEPENDENT AUDITORS
KPMG 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.
