SUPPLEMENT TO THE PROSPECTUS OF
WEISS, PECK & GREER, L.L.C.
MUTUAL FUNDS
WPG Government Money Market Fund
WPG Tax Free Money Market Fund
WPG Intermediate Municipal Bond Fund
WPG Government Securities Fund
WPG Growth and Income Fund
WPG Tudor Fund
Weiss, Peck & Greer International Fund
WPG Growth Fund
WPG Quantitative Equity Fund
Dated April 28, 1995
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WPG Government Securities Fund
In addition to the investment practices described under the caption
"Investment Program" on page 13 of the attached Prospectus, WPG Government
Securities Fund may enter into mortgage dollar rolls.
In a mortgage dollar roll, the Government Fund sells securities for
delivery in the current month and simultaneously contracts with the same
counterparty to repurchase similar (same type, coupon and maturity), but not
identical securities on a specified future date. During the roll period, the
Government Fund will not receive principal and interest paid on the securities
sold. However, the Government Fund would benefit to the extent of any
difference between the price received for the securities sold and the lower
forward price for the future purchase (often referred to as the "drop") or fee
income plus the interest on the cash proceeds of the securities sold until the
settlement date of the forward purchase. Unless such benefits exceed the
income, capital appreciation and gain or loss due to mortgage prepayments that
would have been realized on the securities sold as part of the mortgage dollar
roll, the use of this technique will diminish the investment performance of the
Government Fund compared with what such performance would have been without the
use of mortgage dollar rolls. The Government Fund will hold and maintain in
a segregated account until the settlement date cash or liquid, high grade debt
securities in an amount equal to the forward purchase price. Any benefits
derived from the use of mortgage dollar rolls may depend upon mortgage
prepayment assumptions, which will be affected by changes in interest rates.
There is no assurance that mortgage dollar rolls can be successfully employed.
The following disclosure supplements the first full paragraph on page 14
of the attached Prospectus:
From time to time the Fund may purchase securities on a when-issued basis,
as more fully described on page 41. These securities will generally have
maturities of one year or more. To provide sufficient cash for the Fund to pay
for the when-issued securities on the settlement date, it may maintain a
significant percentage of its assets in securities, principally U.S. Government
securities, with maturities of less than one year. Consequently, from time to
time the Fund may have less than 65% of its portfolio invested in securities
with maturities of one year or more.
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WPG Government Money Market Fund
The following disclosure replaces the paragraph captioned "WPG Government
Money Market Fund" on page 28 of the attached Prospectus:
WPG Government Money Market Fund. Daniel S. Vandivort has been the
portfolio manager of the Fund since December, 1995. Mr. Vandivort has been a
principal of WPG since November, 1994. From 1989 to 1994, Mr. Vandivort served
in various capacities with CS First Boston Investment Management, including
Managing Director and Head of U.S. Fixed Income and Senior Portfolio Manager
and Director, Global Product Development and Marketing.
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WPG Growth Fund
The following disclosure replaces the paragraph captioned "WPG Growth
Fund" on page 29 of the attached Prospectus:
WPG Growth Fund. Melville Straus has been the portfolio manager of the
Fund since March, 1996. Mr. Straus is a principal of WPG.
Dated: March 5, 1996
