WEISS, PECK & GREER
MUTUAL FUNDS
Semi-Annual Report
June 30, 1997
(Unaudited)
WPG TUDOR FUND
WPG GROWTH AND INCOME FUND
WPG GROWTH FUND
WPG QUANTITATIVE EQUITY FUND
WEISS, PECK & GREER INTERNATIONAL FUND
WPG GOVERNMENT SECURITIES FUND
WPG INTERMEDIATE MUNICIPAL BOND FUND
WPG GOVERNMENT MONEY MARKET FUND
WPG TAX FREE MONEY MARKET FUND
ONE NEW YORK PLAZA
NEW YORK, NEW YORK 10004
800 223-3332
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
TABLE OF CONTENTS
Chairman's Letter ......................................................... 1
Major Portfolio Changes ................................................... 3
Average Annual Total Returns .............................................. 4
Ten Largest Holdings ...................................................... 6
(Schedules of Investments)
WPG Tudor Fund ........................................................ 8
WPG Growth and Income Fund ............................................ 11
WPG Growth Fund ....................................................... 13
WPG Quantitative Equity Fund .......................................... 16
Weiss, Peck & Greer International Fund ................................ 18
WPG Government Securities Fund ........................................ 21
WPG Intermediate Municipal Bond Fund .................................. 21
WPG Government Money Market Fund ...................................... 25
WPG Tax Free Money Market Fund ........................................ 26
Statements of Assets and Liabilities ...................................... 32
Statements of Operations .................................................. 34
Statements of Changes in Net Assets ....................................... 36
Notes to Financial Statements ............................................. 38
Financial Highlights ...................................................... 45
GROWTH
OBJECTIVE: Maximum capital appreciation (intended primarily for institutional
investors).
INTERNATIONAL
OBJECTIVE: Long-term growth of capital.
TUDOR
OBJECTIVE: Capital appreciation.
GROWTH AND INCOME
OBJECTIVE: Long-term growth of capital and current income.
QUANTITATIVE EQUITY
OBJECTIVE: Seeks to provide investment results that exceed the S & P 500.
INTERMEDIATE MUNICIPAL BOND
OBJECTIVE: High current income consistent with relative stability of principal
Exempt from Federal Income Tax.
GOVERNMENT SECURITIES
OBJECTIVE: Current income.
* 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 U.S. Government. There can be no assurance that
either Fund will be able to maintain a stable net asset value of $1.00 per
share.
<PAGE>
DEAR SHAREHOLDER:
Amazing is a proper description of the performance of the stock market
during the second quarter of 1997. The equities market was experiencing a sharp
decline from late March into early April when a very robust rally began. The
quarter ended with the S&P 500 Index up 17.5%, its best performance since the
first quarter of 1987 and the fourth highest return since 1950. The U.S. bond
market stabilized during this period and rallied toward quarter's end.
The financial markets have responded to an apparent slowing of the U.S.
economy during recent months. Real GDP increased just 2.2% for the spring
quarter and can be compared to the relative strong growth of 5.9% experienced in
the prior quarter. The investment environment is idyllic: positive earnings
reports continue, inflation is relatively nonexistent; interest rates are stable
and powerful mutual fund money flows continue.
The stock market's fifteen year annualized return of almost 19% per year
through midyear 1997 is the best of any fifteen year period in over a century.
There has been a great deal of debate about why we are experiencing such a
prolonged period of prosperity in the financial markets. One explanation is that
the U.S. economic environment seems to be changing. Global factors have taken on
added significance. Capitalism is emerging worldwide, the barriers to free trade
have broken down, and global suppliers are benefiting. The U.S. is the dominant
technology supplier throughout the world and the leader in health care
technology. Productivity is benefiting from the development of technology and
global access to resources. U.S. fiscal policy has become increasingly
responsible. Monetary policy, led by Alan Greenspan, has promoted price
stability and steady economic growth. Corporate earnings have flourished in this
environment.
Clearly, the U.S. economy has changed considerably since 1970 when exports
were at 11% of GDP as compared to 24% in 1996. Two out of every three jobs are
being created by small businesses. Capital spending as a percent of GNP has
expanded dramatically as has technology as a component of capital spending. The
information and communications industries are today larger than the auto, steel,
mining, petrochemical and natural gas sectors combined. Computer software is our
third largest manufacturing industry - growing 12% per year since 1990. PC's
outsell TV's. The dollar value of computer chips exceeds the dollar value of
steel used in each automobile produced today.
After lagging their large capitalization counterparts during the first
quarter, small stocks bounced back nicely during the second quarter. Although
the year-to-date performance of mid-cap and small stock issues still trail that
of larger companies, one would expect outperformance over the next several
years. Any rise in the inflation rate and/or a cut in the capital gains rate
should also be more beneficial to faster growing small companies.
Obviously, much of the good news is already reflected in our financial
markets. Although at current market levels we have concerns about valuation, we
are still able to find stock issues in which to invest.
Economists and investors continued to scrutinize economic reports during the
second quarter in an effort to anticipate the Federal Reserve's next interest
rate move. The predominant factors influencing rates during the period were the
continuation of mild inflation numbers and narrower than expected federal
deficit figures. Consumer price statistics released during June showed stable
inflation figures. Meanwhile, the producer prices index showed the sixth
consecutive decline for the first time since the late 1940's.
The strong economy has boosted tax receipts which has helped to trim the
federal deficit. The lower deficit, when combined with new issuance of inflation
indexed bonds, has allowed the Treasury to issue less fixed rate debt. The
reduced supply of Treasury securities in the marketplace, coupled with low
inflation and a sharp drop in consumer spending, proved to be the catalyst for
falling interest rates in the recent three month period.
While the positives outweighed the negatives during the second quarter there
were, nevertheless, signs of strength in the economy that haunted interest rate
forecasters. They included steady additions to non-farm payrolls, booming
consumer confidence statistics, and a strong manufacturing sector, all of which
left certain investors uncomfortable. By quarter end, most market participants
were satisfied with the notion that the Federal Reserve's decision making
committee would leave short term interest rates unchanged at their pre-July 4th
meeting. However, they remained uncertain over the direction of rates for the
remainder of the year.
Page 1
<PAGE>
Yields of all maturities of U.S. Treasury securities ended the second
quarter lower than where they began the period and erased much, but not all, of
the rise in rates experienced in the first quarter of the year. By the end of
June, yields for securities with intermediate range maturities fell the most for
the three month period. While yields for the five and ten year Treasury Notes
fell by 0.38% and 0.41%, respectively, to finish the quarter at 6.37% and 6.49%,
those for the two year T-Note and the thirty year T-Bond fell by 0.35% and
0.31%, respectively, to close at 6.06% and 6.78%.
During the third quarter, investors will listen closely to Fed Chairman Alan
Greenspan's midsummer testimony before the Joint Economic Committee of Congress
about the state of the economy. Following this, they will await the August
Federal Open Market Committee Meeting to see if the Fed believes it necessary to
tighten rates to stem economic growth and to inflationary pressures.
The MSCI EAFE Index rose by 12.6% in US dollar terms in the second quarter,
but that included a significant contribution from Japan where a strong market
rally and a rebound in the yen provided a 23.5% capital return. Elsewhere, the
United Kingdom and the European markets moved higher, in many cases recovering
strongly from a weak March.
In much of the world, there was an underlying optimism about the gathering
pace of economic activity. This resulted in rumors of imminent interest rate
rises but, in reality, it was only the United Kingdom where the risk was
significant. The United Kingdom economy was strongly consumer led, with a rising
currency casting a shadow over exports. However, two rate rises in the quarter
did little to dampen the U.K. equity market. In continental Europe, European
Monetary Union was an underlying theme, with budget policies being tightened and
interest rates being low or moving lower. Japan's market rose sharply as it
became clear that economic growth was improving on a fairly broad front, and,
together with the yen's sharp rally, this began to encourage investors to look
seriously at Tokyo again, after many years of disappointment. In Asia, however,
attention focused on problems rather than potential, with Thailand's
difficulties drawing parallels in other countries, including Malaysia. Hong Kong
benefited from turmoil in the region, with China related stocks doing
particularly well.
After the strong momentum seen in markets thus far this year, a period of
consolidation or profit-taking would not be surprising. However, the improving
profits environment, particularly in Europe and Japan, and the low inflation
growth background suggest that equity markets have not finished their underlying
upward trend yet. Future policy is likely to see some profits taken from the
United Kingdom and the weighting in Europe increased. However, the fragility of
the banking sector in Japan calls for a degree of caution in Tokyo and a
rebuilding of the South East Asian weighting would be imprudent until there is
greater certainty that economic difficulties have been resolved.
As always, our goal here at Weiss, Peck & Greer remains to do our best to
help our shareholders achieve their long-term investment goals.
Sincerely,
/s/ Roger J. Weiss
Roger J. Weiss
Chairman of the Board
July 23, 1997
Page 2
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
MAJOR PORTFOLIO CHANGES - EQUITY FUNDS - QUARTER ENDING JUNE 30, 1007
- - UNAUDITED
TUDOR
ADDITIONS
- ---------
BE Aerospace Inc.
Integrated Health Services Inc.
Kaynar Technologies Inc.
Keane Inc.
KLA-Tencor Corp.
Party City Corp.
Quality Semiconductor
Ryanair Holdings ADR
Synopsys Inc.
Vantive Corp.
DELETIONS
- ---------
Chase
AGCO Corp.
Chesapeake Energy Corp.
Closure Medical Corp.
Dime Bancorp
Informix Corp.
Petroleum Geo Services ADR
Premier Research
Sybase Inc.
Tecnomatix Tecnologies inc.
Triteal Corp.
GROWTH
ADDITIONS
- ---------
BE Aerospace Inc.
Homeside Inc.
Integrated Health Services Inc.
Keane Inc.
Quality Semiconductor
Rowan Companies
Ryanair Holdings ADR
Security Dynamics Technology Inc.
Synopsys Inc.
Vantive Corp.
DELETIONS
- ---------
Arterial Vascular Engineering Inc.
Chesapeake Energy Corp.
Dataworks Corp.
Dime Bancorp Inc.
Informix Corp.
Petroleum Geo Services ADR
Sybase Inc.
Tecnomatix
Triteal Corp.
Western National Corp.
GROWTH AND INCOME
ADDITIONS
- ---------
Crescent Operating Inc.
Eastman Kodak Co.
Equity Residential Properties
Gap Inc.
Motorola Inc.
Storage Technology Corp.
Titanium Metals Corp.
Warner Lambert Co.
DELETIONS
- ---------
Manhattan Corp.
Checkpoint Systems Inc.
Costco Companies Inc.
Fluor Corp.
Gillette Co.
Philip Morris Companies Inc.
Texaco Capital 6.875% Due 8/15/23
3 Com Corp.
Urban Shopping Centers
INTERNATIONAL
ADDITIONS
- ---------
Australia & New Zealand Bank Group
Cheung Kong Holdings
CSR
Dao Heng Bank Group
First Pacific Co.
Japan Airport Terminal Co.
Mitsubishi Trust & Banking
Powergen
Sanwa Shutter Corp.
Schweizerische Bankgesellschaft
DELETIONS
- ---------
Diversified Resource
Hang Seng Bank
Malayan Banking
Mitsubishi Motor Corp.
National Australia Bank
Shangri-La Asia
Sun Hung Kai Properties
Total "B" Shares Tecnologies inc.
Victor Co. Japan
Winterthur
Page 3
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED JUNE 30, 1997 - UNAUDITED
<TABLE>
<CAPTION>
TUDOR
Six One Five Ten
Months* Year Years Years
------- ---- ----- -----
<S> <C> <C> <C> <C>
TUDOR 0.99% 1.94% 14.61% 10.94%
Russell 2500 Growth Index 6.95% 9.43% 16.65% 11.22%
Lipper Capital Appreciation Index 10.16% 14.95% 16.16% 11.73%
</TABLE>
The Fund had a disappointing second quarter, finishing behind its benchmarks,
and continuing to trail year-to-date. The rebound of small cap stocks in May and
June as well as our strong stock selection in the consumer, financial and
telecommunications areas benefitted the Fund in the quarter. Looking ahead we
believe the fundamentals of small companies remain strong and their valuations
are particularly attractive. Investor sentiment is likely to swing in their
direction and buoy the group's performance as these factors are recognized. We
are continuing to overweight the technology group as we believe this sector's
stocks are particularly undervalued and a major secular improvement in
fundamentals has begun.
<TABLE>
<CAPTION>
GROWTH AND INCOME
Six One Five Ten
Months* Year Years Years
------- ---- ----- -----
<S> <C> <C> <C> <C>
GROWTH AND INCOME 21.33% 36.39% 18.92% 13.37%
S & P 500 Stock Index 20.53% 34.75% 19.80% 14.61%
Lipper Growth & Income Funds 15.52% 28.07% 17.34% 12.76%
</TABLE>
The WPG Growth and Income Fund dramatically outperformed the Lipper Growth and
Income Fund's average and also ended the quarter ahead of the S&P 500 Index. The
portfolio is heavily weighted with large cap growth companies which have led the
market during the last several years. Health care, financials and consumer
issues continued to pace the Fund portfolio. The best performing health care
issues included Warner Lambert, Bristol-Myers Squibb, Eli Lilly and Schering
Plough. Leading financial stocks included Travelers, BankAmerica and American
Express. Consumer outperformers included Colgate Palmolive, Home Depot and
General Electric. Other issues which rose 30% or more included BMC Software,
First Data and Xerox. Bonds were eliminated when interest rates fell and the
proceeds were reinvested into equities early in the quarter.
<TABLE>
<CAPTION>
GROWTH
Six One Five Ten
Months* Year Years Years
------- ---- ----- -----
<S> <C> <C> <C> <C>
GROWTH 1.29% 3.13% 14.94% 9.70%
Russell 2000 Growth Index 5.23% 4.60% 15.13% 8.95%
Wilshire Small Co. Growth 10.21% 12.32% 20.27% 11.80%
Lipper Small Cap Index 6.04% 6.35% 17.39% 11.91%
</TABLE>
Results for the second quarter were down somewhat versus the Fund's benchmarks,
and the Fund's performance remains behind the benchmarks for the first six
months of the year. April was a very difficult month for small cap stocks and,
despite good performance during the rest of the quarter, our stocks had trouble
regaining the ground they had lost. The strongest performance contribution came
from our holdings in financial stocks, consumer miscellaneous and intermediate
goods, where both our weightings and stock selection were positive. Our
conviction remains strong that small cap stocks are poised for a period of
outperformance versus the larger stocks. We are using the current period of
weakness as an opportunity to buy promising young companies at very low
valuations. For the patient long-term investor, the group holds significant
upside potential.
<TABLE>
<CAPTION>
QUANTITATIVE EQUITY
Six One From
Months* Year 1/1/93++
------- ---- ------
<S> <C> <C> <C>
QUANTITATIVE EQUITY 16.13% 25.91% 17.91%
S & P 500 Stock Index 20.53% 34.75% 20.01%
</TABLE>
The bull market roared ahead in the second quarter on the strength of rising
corporate profits and favorable economic news. Signs of inflation were
nonexistent and the Federal Reserve Board kept interest rates stable following
the slight tightening in February. The combination of extremely favorable
conditions meant a further increase in equity valuations. The recent trend
favoring growth over value factors for the high cap stocks continued during the
first half of the year. Sector returns were highest in banks and drugs. The Fund
was rebalanced during the quarter to bring sector weights more in line with the
benchmark while staying consistent with our goal of reducing risk and providing
excess returns.
<TABLE>
<CAPTION>
INTERNATIONAL
Six One Five From
Months* Year Years 6/1/89(a)++
------- ---- ----- ------
<S> <C> <C> <C> <C>
INTERNATIONAL 10.01% 8.54% 8.81% 4.92%
EAFE (Europe,Australia,Far East) Inde 11.36% 13.16% 13.17% 6.57%
</TABLE>
Equity markets moved higher with few exceptions but the dominant feature was a
sharp rise in both the Japanese equity market and the yen. The portfolio was in
line with the index and neither gained nor lost relatively as a consequence. The
overweighting of the UK was based on the assumption that sterling assets would
do well, which they did, but the neutral/slightly underweighted continental
European region did even better. The underweighting of Pacific ex Japan was
justified given the relative performance of the region, although the portfolio
would have benefited from the high exposure to Hong Kong.
Page 4 See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED JUNE 30, 1997 - UNAUDITED
<TABLE>
<CAPTION>
GOVERNMENT SECURITIES
Six One Five Ten
Months* Year Years Years
------- ---- ----- -----
<S> <C> <C> <C> <C>
GOVERNMENT SECURITIES 2.60% 6.52% 4.68% 7.31%
Lehman Intermed. Gov./MBS 3.27% 7.88% 6.50% 8.43%
Morningstar General Gov. Bond Index 2.47% 6.64% 5.47% 7.32%
</TABLE>
Early in the first half of the year the Government Securities Fund was
overweighted in mortgage-backed securities, specifically premium coupon and 15
year mortgage pass throughs. This allocation boosted performance during the
first quarter as mortgages outperformed similar duration Treasuries. As the
mortgage backed sector outperformed it also reached historically rich levels.
Late in the first quarter the Fund's allocation to the mortgage sector was moved
to an underweight relative to its benchmark. The sector continued to outperform
and became increasingly rich. While this caused the performance of the Fund to
lag because of its underwieght, our analytical models continued to show that
mortgages were at historically narrow yield spreads compared to Treasuries. We
therefore moved our weighting in mortgage-backed securities to an even smaller
portion of the portfolio. At the end of June, the Fund had a modest allocation
to mortgage pass-through securities backed by seasoned mortgage pools which are
less sensitive to prepayments. The Fund was primarily invested in US Treasuries
with three to five year durations. Our models show this part of the yield curve
to offer the best relative value on a historical basis. The Fund currently
remains invested with an underweight in mortgages which have begun to weaken as
our models anticipated.
<TABLE>
<CAPTION>
INTERMEDIATE MUNICIPAL BOND
Six One From
Months* Year 7/1/93++
------- ---- -----
<S> <C> <C> <C>
INTERMEDIATE MUNICIPAL BOND (B) 2.92% 6.99% 4.99%
Lehman Brothers 3-10 Year Municipal
Bond Index 2.73% 6.98% 5.46%
Lipper Intermediate Muni 2.50% 6.55% 4.78%The Fund reported strong results for
the first six months of 1997, besting both of its comparative indices. These
results were achieved by maintaining a steady duration, or interest rate risk
exposure, of 5.25 years. Incremental value was added through security selection.
<FN>
* Not annualized.
++ Inception of Fund
(a) The Adviser waived its fee from inception of the Fund through 2/28/90 and
has waived a portion of its fee from the date through October 19, 1994. Had
the Adviser not done so, the total return for the five years ended 6/30/97
and from inception through 6/30/97 would have been lower.
(b) The Adviser waived its fee from inception of the Fund through October 19,
1994 and reimbursed certain other expenses. Had the Adviser not done so, the
total return of the Fund six months ended 6/30/97 for the year ended 6/30/97
and from inception through 6/30/97 would have been lower.
</FN>
</TABLE>
Performance represents historical data. The investment return and principal
value of an investment will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than their original cost. Each Fund's
results and the indices (except as noted below) assume the reinvestment of all
capital gain distributions and income dividends. Each Fund's past performance is
not indicative of future performance and should be considered in light of each
Fund's investment policy and objectives, the characteristics and quality of its
portfolio securities, and the periods selected. The S&P 500 Stock Index is a
broad based measurement of changes in stock market conditions based on the
average performance of 500 widely held common stocks. The Russell 2000 Growth
Index and Russell 2500 Growth Index are measurements of changes in stock market
conditions based on the average performance of small U.S. growth oriented
securities with a median market capitalization of approximately $220 million and
$1.4 billion, respectively. Lipper Analytical Services ("Lipper") and
Morningstar compare mutual funds according to overall performance, investment
objectives, investment policies, assets, expense levels, periods of existence
and other factors. Wilshire Asset Management indices are derived from the
largest 2500 of the Wilshire 5000 Stock Index and is a broad based index. The
Lehman Brothers Intermediate Government/Mortgage Backed Securities Index is a
market weighted blend of all intermediate government issues (3-10 year
maturities) and all mortgage securities. The Lehman Brothers 3-10 year Muni Bond
Index is a broad based index which contains all securities in the Lehman
Municipal Bond Index with maturities from 3-10 years. The Morgan Stanley Capital
International Europe, Australia, Far East ("EAFE") is an index of more than 800
companies in Europe, Australia and the Far East. Indices are unmanaged groups of
securities.
See notes to financial statements Page 5
<PAGE>
<TABLE>
<CAPTION>
WEISS, PECK & GREER MUTUAL FUNDS
TEN LARGEST HOLDINGS AT JUNE 30, 1997 * (UNAUDITED)
MARKET
VALUE PERCENT
TUDOR FUND (000'S) OF FUND
- ---------- ------- -------
<S> <C> <C>
Williams Sonoma Inc .............................. $4,985 2.8%
QUALCOMM Inc ..................................... 3,561 2.1%
Wackenhut Corrections Corp ....................... 3,093 1.8%
PETsMART Inc ..................................... 3,048 1.8%
Just for Feet Inc ................................ 2,703 1.6%
Starbucks Corp ................................... 2,395 1.4%
Access Health Inc ................................ 2,328 1.3%
Hyperion Software Corp ........................... 2,293 1.3%
Mills Corp ....................................... 2,262 1.3%
Gulf Canada Resources Ltd ........................ 2,186 1.3%
------- ----
$28,854 16.7%
======= ====
GROWTH FUND
- -----------
Williams Sonoma Inc ............................ $2,031 3.0%
QUALCOMM Inc ................................... 1,272 1.9%
Wackenhut Corrections Corp ..................... 1,180 1.7%
PETsMART Inc ................................... 1,121 1.6%
Just for Feet Inc .............................. 1,046 1.5%
Starbucks Corp ................................. 954 1.4%
Access Health Inc .............................. 870 1.3%
Mills Corp ..................................... 831 .2%
Templeton Dragon Fund .......................... 812 1.2%
Platinum Technology Inc ........................ 810 1.2%
------- ----
$10,927 16.0%
======= ====
INTERNATIONAL FUND
- ------------------
Preussag AG ...................................... $ 276 2.1%
Viag AG .......................................... 270 2.0%
Philips Electronics .............................. 265 2.0%
Commerzbank AG ................................... 264 2.0%
Novartis AG ...................................... 254 1.9%
Nestle ........................................... 241 1.8%
Mitsubishi Trust & Banking ....................... 237 1.8%
Argentaria CMN ................................... 233 1.7%
Fiat Spa Ord ..................................... 223 1.7%
Nippon Telegraph & Telephone Corp ................ 221 1.7%
------ ----
$2,484 18.7%
====== ====
MARKET
VALUE PERCENT
GROWTH AND INCOME FUND (000'S) OF FUND
- ---------------------- ------- -------
General Electric Co ................................ $3,922 3.8%
Lilly (Eli) & Co ................................... 3,826 3.7%
American International Group Inc ................... 3,734 3.7%
Warner Lambert Co .................................. 3,728 3.7%
American Express Co ................................ 3,725 3.6%
Exxon Corp ......................................... 3,444 3.4%
Colgate-Palmolive Co ............................... 3,263 3.2%
Merck & Co ......................................... 3,105 3.0%
Carnival Corp ...................................... 3,094 3.0%
Intel Corp ......................................... 2,836 2.8%
----- ---
$34,677 33.9%
======= ====
QUANTITATIVE EQUITY FUND
- ------------------------
Exxon Corp ..................................... $3,813 3.5%
Royal Dutch Petroleum Co ADR ................... 3,589 3.3%
General Electric Co ............................ 3,301 3.1%
Microsoft Corp ................................. 2,161 2.0%
Lilly (Eli) & Co ............................... 2,088 1.9%
Philip Morris Companies Inc .................... 1,984 1.9%
Ameritech Corp ................................. 1,841 1.7%
Intel Corp ..................................... 1,829 1.7%
Dayton Hudson Corp ............................. 1,819 1.7%
American Home Products Corp .................... 1,790 1.7%
----- ---
$24,215 22.5%
======= ====
</TABLE>
Page 6
<PAGE>
<TABLE>
<CAPTION>
WEISS, PECK & GREER MUTUAL FUNDS
TEN LARGEST HOLDINGS AT JUNE 30,1997* (UNAUDITED) - CONTINUED
MARKET
VALUE PERCENT
GOVERNMENT SECURITIES FUND (000'S) OF FUND
- -------------------------- ------- -------
<S> <C> <C>
United States Treasury Note 6.500% Due 5/31/01 ......... $ 30,888 26.2%
United States Treasury Note 5.875% Due 2/15/00 ......... 15,297 13.0%
Government National Mortgage Association 7.500%
Due 9/15/07-8/15/23 ............................... 13,488 11.4%
United States Treasury Note 6.500% Due 10/15/06 ........ 12,173 10.3%
United States Treasury Note 6.375% Due 4/30/99 ......... 8,078 6.8%
United States Treasury Note 6.375% Due 5/15/00 ......... 6,553 5.6%
United States Treasury Note 6.000% Due 5/31/98 ......... 5,626 4.8%
United States Treasury Note 5.625% Due 11/30/98 ........ 4,071 3.4%
United States Treasury Note 6.625% Due 4/30/02 ......... 3,997 3.4%
United States Treasury Bond 6.125% Due 12/31/01 . 3,703 3.1%
------- ----
$103,874 88.0%
======== ====
INTERMEDIATE MUNICIPAL BOND FUND
- --------------------------------
Cook County Illinois School District No. 99
(FGIC Insured) 8.500% Due 12/1/01 ................. $ 1,010 4.9%
San Antonio Texas Electric & Gas 5.250% Due 2/1/10 ..... 1,003 4.8%
Harris County Texas Flood District General Obligation
Zero Coupon Due 10/1/06 ........................... 613 2.9%
Dallas Fort Worth Regional Airport Revenue
(FGIC Insured) 7.750% Due 11/1/01 ................. 607 2.9%
Oklahoma County Oklahoma Home Finance Authority
Single Family Refunding Prerefunded
Zero Coupon Due 7/1/12 ............................ 603 2.9%
Cypress-Fairbanks Texas General Obligation
Independent School District 7.300%
Due 2/15/07 ....................................... 591 2.8%
Surry County North Carolina Pollution Control
Finance Authority 9.250% Due 12/1/02 .............. 583 2.8%
Deer Park Texas Independent School District
School Building 6.375% Due 2/15/07 ................ 558 2.7%
West Virginia School Building Authority
(MBIA Insured) 7.000% Due 7/1/09 .................. 545 2.6%
Brunswick County Virginia Industrial Development
Authority Correctional Facilities Lease
(MBIA Insured) 5.650% Due 7/1/09 .................. 521 2.5%
----- - - -- ----- ----
$ 6,634 31.8%
======== ====
<FN>
* The composition of the largest securities in each portfolio is subject to
change.
</FN>
</TABLE>
Page 7
<PAGE>
<TABLE>
<CAPTION>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30,1997 - UNAUDITED
NUMBER VALUE
OF SHARES SECURITY (000'S)
--------- -------- -------
TUDOR
<C> <S> <C>
COMMON STOCKS (95.6%)
CAPITAL GOODS
COMMUNICATIONS (9.2%)
15,000 #+Advanced Fibre Communication Inc ............. $ 906
50,000 #+Ascend Communications Inc .................... 1,969
95,000 +Aspect Telecommunications .................... 2,114
20,000 *+Cascade Communications Corp .................. 552
37,500 +Cellnet Datasystems .......................... 466
65,000 +Digital Generation Systems Inc. .............. 292
44,700 +FORE Systems Inc ............................. 609
35,000 +Gilat Satellite Network Ltd .................. 1,164
30,000 +Itron Inc .................................... 776
105,000 +Novatel Inc .................................. 801
37,500 +P-COM Inc .................................... 1,238
70,000 +QUALCOMM Inc ................................. 3,561
27,200 +Saville Systems ADR .......................... 1,414
------
15,862
------
COMPUTER PERIPHERALS (1.8%)
25,000 *+Adaptec Inc. ................................. 869
20,000 +Komag Inc .................................... 327
60,000 +Network Computing Devices .................... 698
42,500 *+Read-Rite Corp ............................... 887
37,000 +Smartflex Systems Inc ........................ 361
-----
3,142
-----
COMPUTER SOFTWARE &
SERVICES (10.6%)
20,000 +Arbor Software Corp .......................... 705
19,600 +Aurum Software Inc ........................... 470
30,000 +Checkfree Corp ............................... 529
25,000 +Data Processing .............................. 584
102,500 +Hyperion Software Corp ....................... 2,293
40,000 +Industri-Matematik International Corp ........ 650
70,000 #+INSO Corp .................................... 1,439
37,500 +Legato Systems Inc ........................... 694
40,000 #+Netscape Communications Corp ................. 1,283
42,500 +Parametric Technology Corp ................... 1,809
10,000 +PeopleSoft Inc ............................... 527
50,000 +Planning Sciences ADR ........................ 288
151,900 +PLATINUM Technology Inc ...................... 2,013
17,500 +QuickResponse Services Inc ................... 634
64,000 +Raster Graphics Inc .......................... 464
55,000 +Security Dynamics Technology Inc ............. 2,028
80,000 +Segue Software Inc ........................... 1,090
30,000 +Vantive Corp ................................. 848
------
18,348
NUMBER VALUE
OF SHARES SECURITY (000'S)
--------- -------- -------
TUDOR (continued)
OTHER CAPITAL GOODS (4.3%)
22,500 *+AES Corp ..................................... $ 1,592
33,700 +American Superconductor Corp ................. 413
37,500 +BE Aerospace Inc ............................. 1,186
36,000 Commonwealth Industries Inc .................. 733
35,000 +Emcor Group Inc .............................. 556
17,500 +Hexcel Corp .................................. 302
40,000 +Kaynar Technologies Inc ...................... 725
17,000 #+ThermoQuest Corp ............................. 259
50,000 +ThermoQuest Corp (A) ......................... 724
50,000 +Trident International Inc .................... 900
-----
7,390
-----
SEMI - CONDUCTORS & RELATED (3.8%)
10,000 +Altera Corp .................................. 505
98,500 +Integrated Packaging Assembly Corp ........... 345
25,000 +Harmonic Lightwaves Inc ...................... 428
16,000 +KLA-Tencor Corp .............................. 780
10,800 +Kopin Corp ................................... 169
15,000 +Maxim Integrated Products Inc ................ 853
7,647 +Quality Semiconductor Inc. (A) ............... 704
23,000 +Summit Design Inc ............................ 187
26,500 +Synopsys Inc ................................. 974
27,000 +Uniphase Corp ................................ 1,573
------
6,518
------
51,260
------
CONSUMER
BIOTECHNOLOGY (8.0%)
85,000 +BioChem Pharmaceutical Inc ................... 1,891
144,500 +Biocircuits Corp ............................. 117
155,000 +Cambridge Neuroscience Inc ................... 639
50,000 +Chirex Inc ................................... 594
50,000 +Cor Therapeutics ............................. 531
19,000 +Dura Pharmaceuticals Inc. .................... 758
75,000 #+Epitope Inc .................................. 591
35,800 +Genzyme Corp ................................. 362
20,000 +Guilford Pharmaceuticals Inc ................. 485
30,000 +ImmuLogic Pharmaceutical Corp ................ 94
15,000 +INCYTE Pharmaceuticals Inc ................... 1,005
68,000 +Metra Biosystems Inc ......................... 327
57,500 #+North American Vaccine Inc ................... 1,110
19,400 +Parexel International Corp ................... 616
40,000 +Pathogenesis Corp ............................ 1,165
25,000 +Protein Design Laboratories Inc. ............. 713
90,700 +Ribi Immunochem Research Inc. ................ 419
15,000 +SangStat Medical Corp ........................ 347
See notes to financial statements
Page 8
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30,1997 - UNAUDITED
(continued)
NUMBER VALUE
OF SHARES SECURITY (000'S)
--------- -------- -------
TUDOR (continued)
171,800 +SEQUUS Pharmaceuticals Inc ................... $ 1,095
30,000 +Synaptic Pharmaceutical Corp ................. 394
61,000 +Urocor Inc ................................... 572
------
13,825
------
HEALTH CARE - COST
CONTAINMENT (2.7%)
95,000 *+Access Health Inc ............................ 2,328
27,000 #Integrated Health Services Inc. .............. 1,039
40,000 Omnicare Inc ................................. 1,255
-----
4,622
-----
HEALTH CARE - OTHER (3.1%)
30,000 #+Complete Management Inc ...................... 427
18,546 +Del Global Technologies Corp ................. 158
77,000 +ESC Medical Systems Ltd ...................... 1,964
31,500 +Heartport Inc ................................ 555
20,000 +Neopath, Inc. ................................ 380
34,000 +Phycor Inc ................................... 1,171
60,000 +Resound Corp ................................. 338
34,500 +United Payors & United Providers Inc ......... 457
-----
5,450
-----
MEDIA - CELLULAR (2.8%)
27,826 +Globalstar Telecommunications Ltd ............ 852
30,000 +Iridium World Communications Inc ............. 544
107,500 +Loral Space & Communications ................. 1,613
47,000 +PT Pasifik Satelit Nusantara ADR ............. 729
67,500 +Western Wireless Corp Cl A ................... 1,072
-----
4,810
-----
MEDIA - OTHER (1.3%)
40,000 +Intermedia Communications Inc ................ 1,295
15,000 +Pacific Gateway Exchange Inc ................. 424
55,000 +Paging Network Inc ........................... 483
-----
2,202
-----
MEDIA - WIRELESS CABLE
TELEVISION (0.1%)
74,000 #+Heartland Wireless Communications Inc. ....... 176
-----
OTHER CONSUMER (4.2%)
12,500 +Cinar Films Inc Cl B ......................... 406
58,000 +Designer Holdings Ltd ........................ 591
10,000 +Double Tree Corp ............................. 411
35,000 #+Family Golf Centers Inc ...................... 805
NUMBER VALUE
OF SHARES SECURITY (000'S)
--------- -------- -------
TUDOR (continued)
32,500 +Gemstar International Group Ltd .............. $ 597
70,000 Hollingher International Inc Cl A ............ 783
61,500 # Royal Caribbean Cruises Ltd .................. 2,149
42,500 #+Turbochef Inc ................................ 574
45,000 Wetherspoon J.D .............................. 1,021
-----
7,337
-----
RESTAURANTS (5.0%)
40,000 +Landry's Seafood Restaurants Inc ............. 920
45,000 +Papa John's International Inc ................ 1,654
60,000 Pizza Express (B) ............................ 628
50,500 #+Planet Hollywood International Inc ........... 1,162
77,500 #+Rainforest Cafe Inc .......................... 1,967
61,500 #+Starbucks Corp ............................... 2,395
------
8,726
------
RETAIL (10.9%)
25,000 #+Amazon.Com Inc .............................. 462
17,500 +Barnett Inc .................................. 429
75,000 +Friedman's Inc Cl A .......................... 1,716
46,500 +Garden Botanika Inc .......................... 279
65,000 Heilig-Meyers Co. ............................ 1,276
155,000 #+Just for Feet Inc ............................ 2,703
50,000 +Party City Corp .............................. 837
265,000 +PETsMART Inc ................................. 3,048
117,000 *+Sunglass Hut International Inc ............... 739
50,000 +Twin Lab Corp ................................ 1,200
40,000 +Whole Foods Market Inc ....................... 1,325
114,500 +Williams Sonoma Inc .......................... 4,895
------
18,909
------
66,057
------
ENERGY
OIL & GAS EXPLORATION (2.4%)
263,000 +Gulf Canada Resources Ltd. ................... 2,186
25,000 +Nuevo Energy Co .............................. 1,025
32,500 Vintage Petroleum Inc ........................ 999
------
4,210
------
OIL SERVICES (4.4%)
15,000 +BJ Services Co ............................... 804
25,000 +EVI Inc ...................................... 1,050
17,000 +Falcon Drilling Co Inc ....................... 980
78,000 +Noble Drilling Corp .......................... 1,760
55,000 +Rowan Companies .............................. 1,550
40,000 +Weatherford Enterra Inc ...................... 1,540
------
7,684
------
11,894
------
See notes to financial statements Page 9
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30,1997 - UNAUDITED
(continued)
NUMBER VALUE
OF SHARES SECURITY (000'S)
--------- -------- -------
TUDOR (continued)
INTERMEDIATE GOODS & SERVICES
` BASIC INDUSTRIES (2.2%)
29,500 CalMat Co .................................... $ 634
40,000 +Huntco Inc Cl A .............................. 570
40,000 #Lyondell Petrochemical Co .................... 872
22,000 OM Group Inc ................................. 729
200,000 +Waxman Industries Inc ........................ 950
------
3,755
------
BUSINESS SERVICES (8.5%)
22,500 +Cambridge Technology Partners Inc ............ 720
62,500 Checkpoint Systems Inc ....................... 1,004
20,000 +Ciber Inc .................................... 684
10,000 +Compuware Corp ............................... 477
17,500 #+Corrections Corp of America .................. 696
11,500 +Flextronics International Ltd ................ 311
15,000 +Hadco Corp ................................... 982
45,000 #+International Network Services ............... 1,170
20,000 +Keane Inc .................................... 1,040
20,000 +Maximus Inc .................................. 357
100,000 +Programmer's Paradise Inc .................... 950
21,500 +Solectron Corp ............................... 1,505
28,000 +Technology Solutions ......................... 1,106
106,200 +Wackenhut Corrections Corp ................... 3,093
48,750 #+Youth Services International Inc ............. 591
------
14,686
------
INFRASTRUCTURE (0.2%)
550,000 Hopewell Holdings ............................ 348
TRANSPORTATION (2.7%)
119,000 +America West Holdings Corp Cl B ............... 1,725
55,000 #+Continental Airlines Cl B ..................... 1,922
35,000 +Ryanair Holdings ADR .......................... 949
------
4,596
------
23,385
------
INTEREST SENSITIVE
BANKS (1.4%)
32,500 +BankUnited Financial Corp Cl A ............... 321
18,000 Coastal Bancorp Inc .......................... 535
20,000 +First Hawaiian Inc ........................... 682
50,000 +RedFed Bancorp Inc ........................... 819
------
2,357
------
NUMBER VALUE
OF SHARES SECURITY (000'S)
--------- -------- -------
TUDOR (continued)
INSURANCE (1.5%)
85,000 20Th Century Industries ...................... $ 1,785
25,000 PXRE Corp .................................... 769
------
2,554
------
OTHER (3.2%)
72,000 +Amerin Corp .................................. 1,746
100,000 +Cadiz Land Company Inc ....................... 525
20,000 Everen Capital Corp .......................... 624
20,000 +Healthcare Financial Partners ................ 407
50,000 +Homeside Inc ................................. 1,094
75,000 +Money Gram Payment Systems ................... 1,181
------
5,577
------
10,488
------
REAL ESTATE INVESTMENT TRUST (1.3%)
RESIDENTIAL (1.3%)
81,700 Mills Corp ................................... 2,262
------
TOTAL COMMON STOCKS
(Cost $123,947) ............................. 165,346
------
CLOSED END FUND (1.3%)
(Cost $1,858)
135,000 Templeton Dragon Fund ........................ 2,194
------
CONVERTIBLE PREFERRED
STOCKS (0.7%)
CAPITAL GOODS (0.0%)
OTHER CAPITAL GOODS
5,138 +Advanced Promotion Technologies Inc. (A) .... 1
------
CONSUMER
MEDIA - CELLULAR (0.7%)
20,000 Globalstar Telecommunications Ltd. (B) ....... 1,160
------
TOTAL CONVERTIBLE
PREFERRED STOCKS
(COST $1,443) .............................. 1,161
------
Principal
Amount
(000's)
- -------
CONVERTIBLE BONDS (0.8%)
INTERMEDIATE GOODS & SERVICES
BUSINESS SERVICES (0.3%)
$ 525 Youth Services International
7.000% Due 2/1/06 .......................... 593
------
Page 10 See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30,1997 - UNAUDITED
(continued)
PRINCIPAL
AMOUNT VALUE
(000's) SECURITY (000'S)
- --------- -------- -------
TUDOR (continued)
CAPITAL GOODS
COMMUNICATIONS (0.4%)
$ 500 Itron Inc. (B) 6.750% Due 3/13/04 ............ $ 635
-------
CONSUMER
HEALTH CARE - OTHER (0.1%)
250 Heartport Inc. (B) 7.250% Due 5/1/04 ......... 234
-------
TOTAL CONVERTIBLE BONDS
(Cost $1,275) ............................... 1,462
-------
EURODOLLAR DEPOSIT (2.5%)
Cost ($4,311)
4,311 Sumitomo Bank Ltd 6.250% Due 7/1/97 .......... 4,311
-------
Number
of Warrants
- -----------
WARRANTS (0.2%)
CONSUMER
BIOTECHNOLOGY (0.0%)
375 Perseptive Biosystems Inc Exp 9/11/03 ........ 1
-------
ENERGY
OIL SERVICES (0.2%)
10,000 B.J. Services Co Exp 4/13/00 ................. 292
-------
TOTAL WARRANTS
(Cost $48) .................................. 293
-------
Number
of Contracts
- ------------
PURCHASED PUT OPTIONS (0.1%)
57 Morgan Stanley Index 7/97 @ 420 .............. 59
25 Nasdaq 100 Index 7/97 @ 950 .................. 56
40 S&P 500 Index 7/97 @ 890 ..................... 70
-------
TOTAL PURCHASED PUT OPTIONS
(Cost $273) ................................. 185
-------
TOTAL INVESTMENTS (101.2%)
(Cost $133,155) ............................ 174,952
LIABILITIES IN EXCESS OF
OTHER ASSETS (-1.2%) ......................... (2,130)
-------
TOTAL NET ASSETS (100.0%) .................... $172,822
========
NUMBER VALUE
OF CONTRACTS SECURITY (000'S)
- ------------ -------- -------
WRITTEN CALL OPTIONS
(Premiums Received $494)
100 Cascade Communications Corp 7/97 @ 30 ........ $ 6
57 Morgan Stanley Index 7/97 @ 410 .............. 130
25 Nasdaq 100 Index 7/97 @ 940 .................. 94
425 Read-Rite Corp 7/97 @ 20 ..................... 80
105 Sunglass Hut 7/97 @ 5 ........................ 16
40 S&P 500 Index 7/97 @ 880 ..................... 96
------
$ 422
------
<FN>
+ Non-income producing security.
# Securities out on loan.
* Securities pledged in whole or part for written options.
(A) SEC Rule 144 security. Requires registration under
the SEC Act of 1933 before it can be offered for
public sale.
(B) SEC Rule 144A Security. Such security has limited
markets and is traded among "qualified institutional
buyers."
</FN>
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES SECURITY (000'S)
--------- -------- -------
GROWTH AND INCOME
<C> <S> <C>
COMMON STOCKS (98.4%)
CAPITAL GOODS
AEROSPACE (2.6%)
50,000 Boeing Co .................................... $ 2,653
-------
COMPUTER SOFTWARE &
SERVICES (7.6%)
25,000 BMC Software Inc ............................. 1,384
40,000 Cadence Design Systems Inc ................... 1,340
20,000 Intel Corp ................................... 2,836
50,000 Storage Technology Corp ...................... 2,225
-------
7,785
-------
OTHER CAPITAL GOODS (8.7%)
60,000 General Electric Co .......................... 3,922
35,000 Motorola Inc ................................. 2,660
30,000 Xerox Corp ................................... 2,366
8,948
-------
19,386
-------
See notes to financial statements Page 11
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30,1997 - UNAUDITED
(continued)
NUMBER VALUE
OF SHARES SECURITY (000'S)
--------- -------- -------
GROWTH AND INCOME (continued)
CONSUMER
BEVERAGES (2.0%)
30,000 Coca Cola Co ................................. $ 2,092
-------
HEALTH CARE (17.3%)
35,000 American Home Products Corp. ................. 2,677
24,000 Bristol-Myers Squibb Co ...................... 1,944
35,000 Lilly (Eli) & Co ............................. 3,826
30,000 Merck & Co ................................... 3,105
20,000 Pfizer Inc ................................... 2,390
30,000 Warner Lambert Co ............................ 3,728
-------
17,670
-------
RESTAURANTS (2.1%)
45,000 McDonald's Corp. ............................. 2,174
-------
OTHER CONSUMER (8.6%)
75,000 Carnival Corp ................................ 3,094
30,000 Eastman Kodak Co ............................. 2,303
25,000 Gap Inc ...................................... 972
35,000 Home Depot ................................... 2,413
-------
8,782
-------
30,718
-------
OTHER CONSUMER
CONSUMER NON-DURABLES (5.1%)
50,000 Colgate- Palmolive Co ........................ 3,263
30,000 Johnson & Johnson ............................ 1,931
-------
5,194
-------
INTERMEDIATE GOODS & SERVICES
BASIC INDUSTRIES (7.9%)
40,000 Hercules Inc. ................................ 1,915
50,000 Monsanto Co .................................. 2,153
27,000 Praxair Inc. ................................. 1,512
80,000 Titanium Metals Corp ......................... 2,530
-------
8,110
-------
BUSINESS SERVICES (1.3%)
30,000 First Data Corp .............................. 1,318
-------
9,428
-------
NATURAL RESOURCES
ENEREGY & RELATED (8.1%)
30,000 Amerada Hess Corp. ........................... 1,667
35,000 Dresser Industries Inc ....................... 1,304
56,000 Exxon Corp ................................... 3,444
15,000 Schlumberger Ltd ............................. 1,875
-------
8,290
-------
NUMBER VALUE
OF SHARES SECURITY (000'S)
--------- -------- -------
GROWTH AND INCOME (continued)
REAL ESTATE INVESTMENT TRUSTS
COMMERCIAL & INDUSTRIAL (4.2%)
8,000 Crescent Operating Inc ....................... $ 96
80,000 Crescent Real Estate Equities Inc ............ 2,540
40,000 Duke Realty Investors Inc. ................... 1,620
-------
4,256
-------
HEALTH CARE (1.3%)
75,000 LTC Properties Inc ........................... 1,359
-------
RESIDENTIAL (4.6%)
31,000 Equity Residential Properties ................ 1,473
50,000 Gables Residential Trust ..................... 1,263
70,000 Mills Corp ................................... 1,938
-------
4,674
-------
10,289
-------
INTEREST SENSITIVE
BANKS (5.1%)
40,000 BankAmerica Corp ............................. 2,583
60,000 Bank of New York Inc. ........................ 2,610
-------
5,193
-------
INSURANCE (6.1%)
25,000 American International Group Inc ............. 3,734
40,000 Travelers Group Inc .......................... 2,523
-------
6,257
-------
OTHER (5.8%)
50,000 American Express Co. ......................... 3,725
50,000 Federal National Mortgage Association ........ 2,181
-------
5,906
-------
17,356
-------
TOTAL COMMON STOCKS
(Cost $64,608) ............................. 100,661
Principal
Amount
(000's)
- -------
EURODOLLAR DEPOSIT (1.8%)
(Cost $1,811)
$ 1,811 Societe Genrale Bank 5.750% Due 7/1/97 ....... 1,811
-------
TOTAL INVESTMENTS (100.2%)
(Cost $66,419) .............................. 102,472
LIABILITIES IN EXCESS
OF OTHER ASSETS (-0.2%) .................... (179)
-------
TOTAL NET ASSETS (100.0%) .................... $102,293
========
<FN>
+ Non-income producing security.
</FN>
</TABLE>
Page 12 See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30,1997 - UNAUDITED
(continued)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES SECURITY (000'S)
--------- -------- -------
GROWTH FUND
<C> <S> <C>
COMMON STOCKS (90.7%)
CAPITAL GOODS
COMMUNICATIONS (8.3%)
4,000 #+Advanced Fibre Communication Inc ............. $ 241
15,500 #+Ascend Communications Inc .................... 610
35,000 +Aspect Telecommunications .................... 779
9,800 *+Cascade Communications Corp .................. 271
25,000 +FORE Systems Inc ............................. 341
13,500 +Gilat Satellite Network Ltd .................. 449
17,500 #+Itron Inc .................................... 453
17,500 +Novatel Inc .................................. 133
15,000 +P-COM Inc .................................... 495
25,000 #+QUALCOMM Inc ................................. 1,272
7,500 +Saville Systems ADR .......................... 390
13,000 +Viasat Inc ................................... 188
5,000 +VideoServer Inc .............................. 66
-------
5,688
-------
COMPUTER PERIPHERALS (2.0%)
7,000 +Adaptec Inc. ................................. 243
7,000 +Komag Inc .................................... 115
20,200 +Kopin Corp ................................... 316
23,500 +Network Computing Devices .................... 273
15,000 *+Read-Rite Corp ............................... 313
12,000 +Smartflex Systems Inc ........................ 117
-------
1,377
-------
COMPUTER SOFTWARE &
SERVICES (9.7%)
9,000 +Arbor Software Corp .......................... 317
6,500 +Aurum Software Inc ........................... 156
10,000 +Checkfree Corp ............................... 176
7,500 +Data Processing Resources Corp ............... 175
35,000 +Hyperion Software Corp ....................... 783
15,000 +Industri-Matematik International Corp ........ 244
25,000 #+INSO Corp .................................... 514
10,000 +Legato Systems Inc ........................... 185
19,000 +Netscape Communication Corp .................. 609
14,000 +Parametric Technology Corp ................... 596
36,000 +Planning Sciences ADR ........................ 207
61,100 +PLATINUM Technology Inc ...................... 810
8,500 +QuickResponse Services Inc ................... 308
25,000 +Raster Graphics Inc .......................... 181
20,000 +Security Dynamics Technology Inc ............. 738
25,000 +Segue Software Inc ........................... 341
11,000 +Vantive Corp ................................. 311
-------
6,651
-------
NUMBER VALUE
OF SHARES SECURITY (000'S)
--------- -------- -------
GROWTH FUND (continued)
SEMI-CONDUCTORS & RELATED (3.6%)
6,000 +Altera Corp ................................. $ 303
10,000 #+Harmonic Lightwaves Inc .................... 171
30,000 +Integrated Packaging Assembly Corp .......... 105
6,000 +Kla-Tencor Corp ............................. 292
4,000 +Maxim Integrated Products Inc ............... 227
4,153 +Quality Semiconductor (A) ................... 383
5,000 +Summit Design Inc ........................... 41
8,000 +Synopsys Inc ................................ 294
11,000 +Uniphase Corp ............................... 641
-------
2,457
-------
OTHER CAPITAL GOODS (3.7%)
8,500 +AES Corp .................................... 601
26,500 +American Superconductor Corp ................ 325
12,000 +BE Aerospace Inc ............................ 380
13,000 +Commonwealth Industries Inc ................. 265
7,000 +Hexcel Corp ................................. 121
300,000 #+Noise Cancellation Technologies ............ 84
25,000 +ThermoQuest Corp (A) ........................ 362
20,000 +Trident International Inc ................... 360
-------
2,498
-------
18,671
-------
CONSUMER
BIOTECHNOLOGY (7.2%)
32,500 +BioChem Pharmaceutical Inc .................. 723
34,000 +Cambridge Neuroscience Inc .................. 140
18,000 +Chirex Inc .................................. 214
15,000 +Cor Therapeutics ............................ 159
22,500 +Genzyme Corp ................................ 228
6,600 +Guilford Pharmaceuticals Inc ................ 160
20,000 +ImmuLogic Pharmaceutical Corp ............... 63
6,000 +INCYTE Pharmaceuticals Inc .................. 402
20,000 +Metra Biosystems Inc ........................ 96
24,500 +North American Vaccine Inc .................. 473
6,500 +Parexel International Corp .................. 206
16,000 +Pathogenesis Corp ........................... 466
7,500 +Protein Design Laboratories Inc. ............ 214
110,606 +Ribi Immunochem Research Inc. ............... 512
8,000 +SangStat Medical Corp ....................... 185
42,000 +SEQUUS Pharmaceuticals Inc .................. 268
13,500 +Synaptic Pharmaceutical Corp ................ 177
22,500 +Urocor Inc .................................. 211
-------
4,897
-------
See notes to financial statements Page 13
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30,1997 - UNAUDITED
(continued)
NUMBER VALUE
OF SHARES SECURITY (000'S)
--------- -------- -------
GROWTH FUND (continued)
HEALTH CARE - COST CONTAINMENT (2.3%)
35,500 +Access Health Inc ............................ $ 870
10,000 +Integrated Health Services Inc. .............. 385
10,000 +Omnicare Inc ................................. 314
-------
1,569
-------
HEALTH CARE - OTHER (2.8%)
30,000 +ESC Medical Systems Ltd ...................... 765
7,500 +Impath Inc ................................... 204
10,000 +Neopath, Inc. ................................ 190
15,000 +Phycor Inc ................................... 517
17,500 +United Payors & United Providers ............. 232
-------
1,908
-------
HEALTH CARE - PHARMACEUTICALS (0.4%)
6,500 +Dura Pharmaceuticals Inc. .................... 259
-------
MEDIA - CELLULAR (2.4%)
6,904 +Globalstar Telecommunication ................. 211
40,000 +Lightbridge Inc .............................. 305
36,500 +Loral Space & Communications ................. 548
20,000 +PT Pasifik Satelit Nusantara ADR ............. 310
16,500 +Western Wireless Corp Cl A ................... 262
-------
1,636
-------
MEDIA - OTHER (2.1%)
18,500 +Intermedia Communications Inc ................ 599
3,500 +Pacific Gateway Exchange Inc ................. 99
20,000 +Paging Network Inc ........................... 175
15,000 +Univision Communications Inc ................. 587
-------
1,460
-------
MEDIA - WIRELESS CABLE
TELEVISION (0.2%)
45,000 #+Heartland Wireless Communications Inc ........ 107
RESTAURANTS (4.3%)
13,000 +Landry's Seafood Restaurants Inc ............. 299
17,500 #+Papa John's International Inc ................ 643
15,000 #+Planet Hollywood International Inc ........... 345
27,500 #+Rainforest Cafe Inc .......................... 698
24,500 #+Starbucks Corp ............................... 954
-------
2,939
-------
NUMBER VALUE
OF SHARES SECURITY (000'S)
--------- -------- -------
GROWTH FUND (continued)
RETAIL (11.1%)
8,000 #+Amazon.Com Inc ............................... $ 148
8,000 +Barnett Inc .................................. 196
30,000 +Friedman's Inc A ............................. 686
25,000 +Garden Botanika Inc .......................... 150
25,000 Heilig-Meyers Co. ............................ 491
60,000 #+Just for Feet Inc ............................ 1,046
35,000 +Party City Corp .............................. 586
97,500 +PETsMART Inc ................................. 1,121
45,000 *+Sunglass Hut International ................... 284
17,500 +Twinlab Corp ................................. 420
12,500 #+Whole Foods Market Inc ....................... 414
47,500 #+Williams Sonoma Inc .......................... 2,031
-------
7,573
-------
OTHER CONSUMER (3.4%)
19,000 +Designer Holdings Ltd ........................ 194
13,500 #+Family Golf Centers Inc ...................... 310
15,000 +Gemstar International Group Ltd .............. 276
25,000 Hollinger International Cl A ................. 280
17,500 +Lithia Motors Inc Cl A ....................... 192
20,800 +Royal Caribbean Cruises Ltd .................. 727
15,100 +Wetherspoon J.D (B) .......................... 343
-------
2,322
-------
24,670
-------
ENERGY
OIL SERVICES (4.1%)
5,000 +BJ Services Co .............................. 268
10,000 +EVI Inc ..................................... 420
9,000 +Falcon Drilling Co Inc ...................... 519
31,500 +Noble Drilling Corp ......................... 711
12,500 +Rowan Companies ............................. 352
13,500 +Weatherford Enterra Inc ..................... 520
-------
2,790
-------
OIL & GAS EXPLORATION (2.3%)
92,000 +Gulf Canada Resources Ltd .................... 765
10,000 +Nuevo Energy Co .............................. 410
12,500 Vintage Petroleum Inc ........................ 384
-------
1,559
-------
4,349
-------
INTERMEDIATE GOODS & SERVICES
BASIC INDUSTRIES (2.2%)
15,000 Calmat Co .................................... 323
17,500 Huntco Inc Cl A .............................. 249
12,500 # Lyondell Petrochemical Co .................... 273
10,000 OM Group Inc ................................. 331
62,200 #+Waxman Industries Inc ........................ 295
-------
1,471
-------
Page 14 See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30,1997 - UNAUDITED
(continued)
NUMBER VALUE
OF SHARES SECURITY (000'S)
--------- -------- -------
GROWTH FUND (continued)
BUSINESS SERVICES (9.1%)
422,500 #+Advanced Promotion Technology Inc ............ $ 1
10,000 +Cambridge Technology Partners Inc ............ 320
30,000 #+Checkpoint Systems Inc ....................... 482
8,000 +Ciber Inc .................................... 274
4,000 +Compuware Corp ............................... 191
6,500 +Corrections Corp of America .................. 258
20,000 #+Digital Generation Systems Inc. .............. 90
30,000 +Emcor Group Inc .............................. 476
12,500 +Flextronics International Ltd ................ 338
5,000 +Hadco Corp ................................... 327
17,500 #+International Network Services ............... 455
6,000 +Keane Inc .................................... 312
35,000 +Programmers Paradise Inc ..................... 333
7,500 +Solectron Corp ............................... 525
10,000 +Technology Solutions ......................... 395
40,500 +Wackenhut Corrections Corp ................... 1,180
20,000 #+Youth Services International Inc ............. 242
-------
6,199
-------
TRANSPORTATION (2.5%)
50,000 +America West Holdings Corp B ................. 725
16,000 #+Continental Air Cl B ......................... 559
15,000 +Ryanair Holdings ADR ......................... 407
-------
1,691
-------
9,361
-------
INTEREST SENSITIVE
BANKS (1.5%)
18,500 +BankUnited Financial Corp Cl A ............... 183
6,000 Coastal Bancorp Inc .......................... 178
10,000 First Hawaiian Inc ........................... 341
20,000 +Redfed Bancorp Inc ........................... 328
-------
1,030
-------
INSURANCE (2.5%)
29,500 +Amerin Corp .................................. 715
9,000 PXRE Corp .................................... 277
35,500 20Th Century Industries ...................... 746
-------
1,738
-------
OTHER (1.8%)
7,500 Everen Capital Corp .......................... 234
7,500 +Healthcare Financial Partners ................ 153
17,500 +Homeside Inc ................................. 383
29,000 +MoneyGram Payment Systems .................... 456
-------
1,226
-------
3,994
-------
NUMBER VALUE
OF SHARES SECURITY (000'S)
--------- -------- -------
GROWTH FUND (continued)
REAL ESTATE INVESTMENT TRUST
RESIDENTIAL (1.2%)
30,000 Mills Corp ................................... $ 831
-------
TOTAL COMMON STOCK
(Cost $51,593) ............................. 61,876
-------
CLOSED END FUND (1.2%)
(Cost $697)
50,000 Templeton Dragon Fund ........................ 812
-------
CONVERTIBLE PREFERRED
STOCK (0.7%)
(Cost $425)
8,500 Globalstar Telecommunication Ltd (B) ......... 493
-------
PRINCIPAL
AMOUNT
(000's)
- -------
CONVERTIBLE BONDS (0.7%)
CONSUMER
HEALTH CARE - OTHER (0.2%)
$ 150 Intermediate Goods & Services ............... 140
-------
BUSINESS SERVICES (0.5%)
300 Youth Services International 7.000%
Due 2/1/06 ............................... 339
-------
TOTAL CONVERTIBLE BONDS
(Cost $450) ............................... 479
-------
Number of
Warrants
- --------
WARRANTS (0.0%)
(Cost $0)
CONSUMER
BIOTECHNOLOGY (0.0%)
948 Perseptive Biosystems Inc. Exp 9/11/03 ....... 1
-------
Number of
Contracts
- ---------
PURCHASED PUT OPTIONS (0.1%)
21 Morgan Stanley Index 7/97 @ 420 .............. 22
-------
10 Nasdaq 100 Index 7/97 @ 950 .................. 22
-------
TOTAL PURCHASED PUT OPTIONS
(Cost $75) ................................. 44
-------
See notes to financial statements Page 15
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30,1997 - UNAUDITED
(continued)
PRINCIPAL VALUE
AMOUNT SECURITY (000'S)
(000's)
------- --------- -------
GROWTH FUND (continued)
REPURCHASE AGREEMENT (7.4%)
$5,041 Citicorp 5.950% Due 7/1/97
with a maturity value of $5,342
(Collateralized by $5,147
U.S. Treasury Notes
5.750% Due 12/31/98)
(Cost $5,041) ........................... $5,041
-------
TOTAL INVESTMENTS (100.8%)
(Cost $58,281) .......................... 68,746
-------
LIABILITIES IN EXCESS OF
OTHER ASSETS (-0.8%) .................... (535)
-------
TOTAL NET ASSETS (100.0%) ................. $68,211
====== =======
Number of
Contracts
- ---------
CALL OPTIONS WRITTEN
(Premiums Received $157)
35 Cascade Communications 7/97 @ 30 ............. 2
21 Morgan Stanley Index 7/97 @ 410 .............. 48
10 Nasdaq 100 Index 7/97 @ 940 .................. 38
150 ReadRite 7/97 @ 20 ........................... 28
50 Sunglass Hut International 7/97 @ 5 .......... 7
-------
123
-------
<FN>
+ Non-income producing security.
# Securities out on loan.
* Securities pledged in whole or part for written options.
(A) SEC Rule 144 security. Requires registration under
the SEC Act of 1933 before it can be offered for
public sale.
(B) SEC Rule 144A Security. Such security has limited
markets and is traded among "qualified institutional
buyers."
</FN>
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------- -------- -------
QUANTITATIVE EQUITY
<C> <S> <C>
COMMON STOCKS (97.5%)
BASIC MATERIALS (6.4%)
6,835 Allegheny Teledyne Inc ....................... $ 185
11,600 Aluminum Co. of America ...................... 874
3,800 Avery Dennison Corp .......................... 153
7,900 Crown Cork & Seal Inc ........................ 422
10,900 Dow Chemical Co .............................. 950
NUMBER VALUE
OF SHARES SECURITY (000'S)
--------- -------- -------
QUANTITATIVE EQUITY (continued)
13,300 Engelhard Corp ............................... $ 278
4,600 James River Corp of Virginia ................. 170
19,400 Kimberly-Clark Corp .......................... 965
4,600 Phelps Dodge Corp ............................ 392
12,300 Rohm & Haas Co ............................... 1,108
7,000 Sigma Aldrich Corp ........................... 245
14,200 Thomas & Betts Corp .......................... 746
7,000 W.R. Grace & Co .............................. 386
------
6,874
------
CONSUMER CYCLICAL (11.0%)
2,400 Armstrong World Industries Inc ............... 176
4,900 CVS Corp ..................................... 251
34,200 Dayton Hudson Corp ........................... 1,819
10,500 Dillards Inc - Cl A .......................... 364
13,000 Eastman Kodak Co ............................. 998
7,600 +Federated Department Stores Inc .............. 264
37,900 Ford Motor Co ................................ 1,431
5,600 Gannet Inc ................................... 553
10,500 Goodyear Tire & Rubber Co .................... 665
7,100 +HFS Inc ...................................... 412
6,400 King World Productions Inc ................... 224
10,400 Masco Corp ................................... 434
8,100 Maytag Corp .................................. 212
4,400 McGraw-Hill Companies Inc .................... 259
3,600 Mercantile Stores ............................ 227
16,500 New York Times Co Cl A ....................... 817
9,400 Nike Inc., Cl B .............................. 549
4,500 Rite Aid Corp. ............................... 224
25,600 TJX Companies Inc ............................ 675
2,500 VF Corp ...................................... 212
12,800 Walt Disney Co ............................... 1,027
------
11,793
------
CONSUMER NON - CYCLICAL (12.9%)
10,100 American Stores Co ........................... 499
18,100 Anheuser- Busch Companies Inc. ............... 759
27,180 Archer Daniels Midland Co .................... 639
4,500 Avon Products Inc ............................ 318
1,800 Clorox Co. ................................... 238
24,400 Coca Cola Co ................................. 1,702
10,600 Colgate- Palmolive Co ........................ 692
8,600 Conagra Inc .................................. 551
8,700 Gillette Co. ................................. 824
14,300 Heinz H J Co ................................. 660
3,100 Hershey Foods Corp ........................... 171
12,600 Kellogg Co ................................... 1,079
14,800 +Kroger Co .................................... 429
44,700 Philip Morris Companies Inc. ................. 1,984
Page 16 See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30,1997 - UNAUDITED
(continued)
NUMBER VALUE
OF SHARES SECURITY (000'S)
--------- -------- -------
QUANTITATIVE EQUITY (continued)
4,800 Pioneer Hi Bred International ................ $ 384
6,300 Procter & Gamble Co .......................... 890
9,400 Quaker Oats Co ............................... 422
6,400 Ralston Purina Co ............................ 526
5,200 Unilever NV ADR .............................. 1,113
------
13,880
------
ENERGY (9.5%)
6,400 Coastal Corp ................................. 341
12,200 Dresser Industries Inc ....................... 454
62,000 Exxon Corp ................................... 3,813
7,400 Halliburton Co., ............................. 586
66,000 Royal Dutch Petroleum Co ADR ................. 3,589
3,300 Schlumberger Ltd ............................. 413
9,000 Texaco Inc ................................... 979
------
10,175
------
FINANCIAL (13.6%)
7,100 Aetna Inc .................................... 727
17,600 BankAmerica Corp ............................. 1,136
11,100 Chase Manhattan Corp ......................... 1,077
8,100 Cigna Corp ................................... 1,438
12,900 Comerica Inc ................................. 877
18,400 Fannie Mae ................................... 803
3,500 Fifth Third Bancorp .......................... 287
14,400 First Chicago NBD ............................ 871
3,200 General Re Corp .............................. 582
17,400 Lowes Corp ................................... 646
10,400 Marsh & McLennan Cos ......................... 742
22,935 Morgan Stanley Dean Witter Discover .......... 988
7,200 National City Corp ........................... 378
2,300 NationsBank Corp ............................. 148
5,900 Republic NY Corp ............................. 634
20,900 Southtrust Corp .............................. 865
3,400 St Paul Companies Inc ........................ 259
19,400 Travelers Group Inc .......................... 1,223
9,000 UNUM Corp .................................... 378
9,500 U.S. Bancorp ................................. 609
------
14,668
------
HEALTH (12.0%)
23,400 American Home Products Corp. ................. 1,790
5,200 Bausch & Lomb Inc ............................ 245
5,400 Becton Dickinson & Co. ....................... 273
7,400 +Boston Scientific Corp ....................... 455
3,737 Bristol-Myers Squibb Co. ..................... 303
42,200 Columbia Healthcare Corp ..................... 1,659
15,000 Corning Inc .................................. 834
19,100 Lilly (Eli) & Co ............................. 2,088
12,500 Pfizer Inc ................................... 1,494
NUMBER VALUE
OF SHARES SECURITY (000'S)
--------- -------- -------
QUANTITATIVE EQUITY (continued)
26,600 Schering-Plough Corp. ........................ $ 1,273
15,500 +Tenet Healthcare Corp ........................ 458
10,700 Warner Lambert Co ............................ 1,329
16,000 +Wellpoint Health Networks .................... 734
------
12,935
------
INDUSTRIALS (7.6%)
16,900 Browning Ferris Industries Inc. .............. 562
2,500 Cummins Engine Inc ........................... 176
10,100 Deere & Co ................................... 554
5,000 Deluxe Corp .................................. 171
50,500 General Electric Co .......................... 3,301
5,300 Interpublic Group of Companies Inc ........... 325
12,200 Minnesota Mining & Manufacturing Co .......... 1,244
16,700 Parker Hannifin Corp ......................... 1,013
6,800 Textron Inc .................................. 451
6,100 Tyco International Ltd ....................... 424
------
8,221
------
TECHNOLOGY (20.2%)
5,400 +Advanced Micro Devices Inc ................... 195
27,100 Ameritech Corp ............................... 1,841
37,600 Bellsouth Corp. .............................. 1,744
19,600 Boeing Co .................................... 1,040
5,900 +Compaq Computer Corp ........................ 586
4,900 Eaton Corp ................................... 428
6,500 General Dynamics ............................. 488
6,900 Harris Corp. ................................. 580
14,800 Hewlett Packard Co ........................... 829
6,000 Honeywell Inc. ............................... 455
12,900 Intel Corp ................................... 1,829
18,300 International Business Machines Corp ......... 1,650
10,600 McDonnell Douglas Corp ....................... 726
17,100 +Microsoft Corp ............................... 2,161
15,200 Motorola Inc ................................. 1,155
15,900 +Oracle Corp .................................. 801
5,000 Pitney Bowes Inc. ............................ 348
10,900 Raytheon Co .................................. 556
27,400 Sprint Corp .................................. 1,442
19,000 +Sun Microsystems Inc. ........................ 707
33,600 US West Inc .................................. 1,266
11,600 Xerox Corp ................................... 915
------
21,742
------
TRANSPORTATION (1.2%)
6,000 Burlington Northern Santa Fe ................. 539
3,900 Delta Air Lines, Inc. ........................ 320
6,500 Union Pacific Corp ........................... 458
------
1,317
------
See notes to financial statements Page 17
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30,1997 - UNAUDITED
(continued)
NUMBER VALUE
OF SHARES SECURITY (000'S)
--------- -------- -------
QUANTITATIVE EQUITY (continued)
UTILITIES (3.1%)
7,700 American Electric Power Co ................... $ 323
3,300 Columbia Gas System Inc ...................... 215
3,500 Consolidated National Gas Co ................. 188
19,200 Edison International ......................... 478
30,200 Entergy Corp ................................. 827
7,400 FPL Group Inc. ............................... 341
5,300 GPU Inc ...................................... 190
11,000 Houston Industries Inc ....................... 236
6,100 Ohio Edison Co ............................... 133
5,200 Pacific Enterprises .......................... 175
5,300 Sonat, Inc. .................................. 272
------
3,378
------
TOTAL COMMON STOCKS
(Cost $81,321) ............................... 104,983
-------
Principal
Amount
(000's)
- -------
U.S. GOVERNMENT
OBLIGATION (0.5%)
(Cost $495)
$ 500 *US Treasury Bills Due 9/18/97 ................ 495
-------
EURODOLLAR DEPOSIT (2.8%)
(Cost $3,040)
3,040 Sumitomo 6.250% Due 7/1/97 ................... 3,040
-------
TOTAL INVESTMENTS (100.8%)
(Cost $84,856) .............................. 108,518
LIABILITIES IN EXCESS OF
OTHER ASSETS (-0.8%) (911)
-------
TOTAL NET ASSETS (100.0%) $107,607
========
Number of Unrealized
Contracts Depreciation
- --------- ------------
FUTURES PURCHASED
(Aggregated futures amount $445)
1 SEPT S&P 500 Futures ......................... 7
-------
<FN>
+ Non-income producing security.
* Securities pledged in whole or part for written options.
</FN>
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES SECURITY (000'S)
--------- -------- -------
<C> <S> <C>
INTERNATIONAL
COMMON STOCKS (95.3%)
AUSTRALIA (2.1%)
12,000 Australia & New Zealand Bank Group ........... $ 90
4,000 Broken Hill Property ......................... 59
21,000 CSR .......................................... 81
8,500 WMC Ltd ...................................... 54
-------
284
-------
AUSTRIA (1.1%)
1,190 OMV .......................................... 152
BELGIUM (0.5%)
175 Generale De Banque ........................... 67
DENMARK (1.3%)
3,295 Tele Danmark `B' ............................. 171
FRANCE (9.3%)
1,711 Alcatel Alsthom Cie Generale D'Electric ...... 214
2,067 Axa Uap ...................................... 129
1,260 Banque Nationale De Paris .................... 52
1,140 Christian Dior S.A ........................... 188
1,509 +Eaux (Cie Generale Des) ...................... 194
2,584 Havas ........................................ 186
1,190 Lafarge ...................................... 74
1,343 Rhone-Poulenc `A' ............................ 55
1,206 Societe Generale ............................. 135
-------
1,227
-------
GERMANY (7.7%)
9,311 Commerzbank AG ............................... 264
2,655 Daimler Benz ................................. 215
941 Preussag AG .................................. 276
594 Viag AG ...................................... 270
-------
1,025
-------
HONG KONG (2.7%)
7,000 Cheung Kong .................................. 69
16,000 Dao Heng Bank Group .......................... 88
60,000 First Pacific Co ............................. 77
34,400 Hong Kong & China Gas ........................ 69
6,500 Swire Pacific A .............................. 58
-------
361
-------
ITALY (4.0%)
62,149 Fiat Spa Ord ................................. 223
117,000 Istituto Nazionale Delle ..................... 178
21,250 +Seat Spa ..................................... 7
21,250 Stet ......................................... 124
-------
532
-------
Page 18 See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30,1997 - UNAUDITED
(continued)
NUMBER VALUE
OF SHARES SECURITY (000'S)
--------- -------- -------
INTERNATIONAL (continued)
JAPAN (30.0%)
2,200 Asatsu Corp .................................. $ 81
500 Autobacs Seven ............................... 40
440 Canon Sales Co ............................... 10
280 Circle K Japan Co. Ltd ....................... 16
11,000 Dai Ichi Kangyo Bank ......................... 150
6,000 Eisai Co ..................................... 113
3,000 Hankyu Corp .................................. 16
10,000 Hitachi Ltd .................................. 112
22,000 Hitachi Zosen Corp ........................... 88
15,000 Itochu Corp .................................. 81
6,000 Japan Airport Terminal Co .................... 73
1,000 Japan Assoc Finance .......................... 79
4,000 Kinden Corp .................................. 57
4,000 Matsushita Electric Industrial ............... 81
2,700 Meitec ....................................... 80
15,000 Mitsubishi Heavy Industries .................. 115
15,000 Mitsubishi Trust & Banking ................... 237
7,000 Mitsui Fudosan Co ............................ 96
5,000 Mycal Corp ................................... 72
4,000 NEC Corp ..................................... 56
16,000 Nippon Express Co ............................ 128
25,000 Nippon Steel ................................. 80
23 Nippon Telegraph & Telephone Corp ............ 221
290 Nippon Television Network .................... 116
14,000 Nissan Motor Co .............................. 109
9,000 Ohbayashi-Gumi ............................... 60
2,000 Omron Corp ................................... 42
9,000 Ricoh ........................................ 118
1,000 Rohm Co ...................................... 103
9,000 Sanwa Shutter Corp ........................... 82
8,000 Seiyo Food Systems ........................... 61
5,000 Shin-Etsu Chemicals Co ....................... 133
5,000 Showa Shell Sekiyo ........................... 47
700 Smc Corp ..................................... 59
700 Sony Corp .................................... 61
9,000 Sumitomo Bank ................................ 148
10,000 Sumitomo Trust & Bank ........................ 107
2,000 Taisho Pharmaceutical ........................ 54
7,000 The Bank of Tokyo-Mitsubishi ................. 140
5,000 Tokyo Style .................................. 69
10,000 Toray Industries Inc ......................... 71
2,000 Tostem Corporation ........................... 55
6,000 Toyota Motor Co Y50 .......................... 177
10,000 Yokogawa Electric Corp ....................... 87
-------
3,981
-------
MALAYSIA (1.5%)
12,000 Hume Industries .............................. 55
24,000 Sime Darby ................................... 80
9,000 United Engineers ............................. 65
-------
200
-------
NUMBER VALUE
OF SHARES SECURITY (000'S)
--------- -------- -------
INTERNATIONAL (continued)
NETHERLANDS (4.4%)
8,895 Elsevier ..................................... $ 149
5,394 K.L.M ........................................ 166
3,695 Philips Electronics .......................... 265
-------
580
-------
SINGAPORE (0.7%)
13,000 D.B.S. Land .................................. 41
3,500 +Keppel Corp Ltd-A ........................... 15
9,000 +Keppel Corp ................................. 40
-------
96
-------
SPAIN (2.9%)
4,172 Argentaria CMN ............................... 233
3,450 Repsol ....................................... 146
-------
379
-------
SWEDEN (2.7%)
4,993 Ericsson Tele B .............................. 196
3,069 Pharmacia & Upjohn ........................... 104
3,625 Stora Kopparberg ............................. 59
-------
359
-------
SWITZERLAND (5.0%)
183 Nestle ....................................... 241
159 Novartis AG .................................. 254
145 Schweizerische Bankgesellschaft .............. 166
-------
661
-------
UNITED KINGDOM (19.4%)
4,310 Abbey National ............................... 59
32,325 Asda Group ................................... 67
4,560 Barclays ..................................... 91
4,752 Bass ......................................... 58
8,442 BBA Group .................................... 50
3,498 British Aerospace ............................ 78
5,536 British Airways .............................. 63
6,940 British Land Co .............................. 65
12,821 British Petroleum Co ......................... 159
10,578 British Telecomm ............................. 79
9,400 Cable & Wireless ............................. 86
62,148 +Centrica ..................................... 76
6,294 Compass Group ................................ 71
5,491 Emap ......................................... 68
5,058 General Accident ............................. 74
13,989 General Electric ............................. 84
5,387 Glaxo Wellcome ............................... 111
4,652 Granada Group ................................ 61
5,875 Grand Metropolitan ........................... 57
See notes to financial statements Page 19
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30,1997 - UNAUDITED
(continued)
NUMBER VALUE
OF SHARES SECURITY (000'S)
--------- -------- -------
INTERNATIONAL (continued)
3,571 HSBC Holdings ................................ $ 110
15,375 Imperial Tobacco ............................. 99
5,629 Kingfisher ................................... 64
6,207 Next ......................................... 70
5,620 Powergen ..................................... 67
7,004 Prudential Corp .............................. 68
5,444 Reuters ...................................... 57
25,272 Shell Transport & Trading .................... 172
5,393 Smithkline Beacham ........................... 99
5,561 Standard Chartered Bank ...................... 85
15,227 Tomkins ...................................... 66
8,115 Wolseley I ................................... 63
2,849 Zeneca Group ................................. 94
2,571
-------
TOTAL COMMON STOCK
(Cost $10,758) ............................. 12,646
-------
Principal
Amount
(000's)
- -------
U.S. TREASURY OBLIGATION (3.4%)
(Cost $445)
$ 450 US T-Bill Due 9/18/97 ........................ 445
TOTAL INVESTMENTS (98.7%)
(Cost $11,203) 13,091
OTHER ASSETS IN EXCESS
OF LIABILITIES (1.3%) ..................... 177
TOTAL NET ASSETS (100.0%) .................... $13,268
<FN>
+ Non-income producing security.
</FN>
</TABLE>
INTERNATIONAL (continued)
<TABLE>
<CAPTION>
International Fund
Industry Concentrations
% of Net Values
Assets (000's)
------ -------
<C> <S> <C>
16.7% Banks ........................................ $ 2,222
6.6% Telecommunications ........................... 877
6.3% Electronics .................................. 835
6.2% Drugs ........................................ 829
6.1% Automotive ................................... 814
5.0% Natural Resources ............................ 668
4.1% Retail ....................................... 546
3.7% Food & Beverage .............................. 488
3.5% Transportation ............................... 461
3.4% Insurance .................................... 449
3.1% Utilities .................................... 407
2.8% Business Services ............................ 369
2.7% Metal & Metal Products ....................... 356
2.5% Energy ....................................... 331
2.5% Engineering .................................. 327
2.3% Construction ................................. 311
2.3% Conglomerates ................................ 303
2.3% Media ........................................ 302
2.2% Manufacturing ................................ 287
2.1% Real Estate .................................. 275
1.7% Publishing ................................... 224
1.4% Chemicals .................................... 188
0.9% Machinery .................................... 115
0.7% Tobacco ...................................... 99
0.6% Agricultural ................................. 80
0.6% Computer Software ............................ 80
0.6% Aerospace & Defense .......................... 78
0.6% Holding Companies ............................ 77
0.5% Basic Industries ............................. 71
0.5% Consumer Services ............................ 61
0.4% Paper Products ............................... 59
0.4% Financial Services ........................... 57
----- -------
95.3% Total Stocks ................................. 12,646
3.4% Short-term Investments ....................... 445
----- -------
98.7% Total Investments ............................ 13,091
Other Assets in Excess of
1.3% Liabilities ................................ 177
----- -------
100.0% Total Net Assets ............................. $13,268
----- -------
</TABLE>
Page 20 See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30,1997 - UNAUDITED
(continued)
Principal
Amount Value
(000's) Security (000's)
------- -------- -------
GOVERNMENT SECURITIES
<C> <S> <C>
U.S GOVERNMENT SECURITIES
AND AGENCIES (99.3%)
U.S. GOVERNMENT SECURITIES (81.3%)
U.S. TREASURY BOND (3.1%)
$ 3,740 6.125% Due 12/31/01 .......................... $ 3,703
-------
U.S. TREASURY NOTES (78.2%)
5,615 #6.000% Due 5/31/98 .......................... 5,626
4,090 5.625% Due 11/30/98 .......................... 4,071
8,035 6.375% Due 4/30/99 ........................... 8,078
15,420 #5.875% Due 2/15/00 .......................... 15,297
6,530 #6.375% Due 5/15/00 .......................... 6,553
2,985 6.375% Due 3/31/01 ........................... 2,989
30,720 6.500% Due 5/31/01 ........................... 30,888
2,650 6.250% Due 1/31/02 ........................... 2,636
3,960 6.625% Due 4/30/02 ........................... 3,997
12,225 #6.500% Due 10/15/06 ......................... 12,173
-------
92,308
-------
TOTAL U.S. GOVERNMENT SECURITIES
(Cost $95,660) ............................. 96,011
-------
U.S. GOVERNMENT AGENCIES (18.0%)
FEDERAL HOME LOAN MORTGAGE
CORPORATION (FREDDIE MAC) (1.2%)
1,429 7.000% Due 5/1/09 ............................ 1,433
-------
FEDERAL NATIONAL MORTGAGE
ASSOCIATION (FNMA) (1.5%)
1,678 9.000% Due 11/1/10 ........................... 1,770
-------
GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION (GNMA) (15.3%)
13,279 7.500% Due 9/15/07-8/15/23 ................... 13,488
2,970 8.000% Due 2/15/17-9/15/17 ................... 3,079
1,372 9.000% Due 6/15/21 ........................... 1,466
-------
18,033
-------
TOTAL U.S. GOVERNMENT AGENCIES
(Cost $21,027) ............................ 21,236
-------
Number of
Contracts
- ---------
PURCHASED CALL OPTIONS ON
U.S. TREASURY NOTES (0.0%)
(Cost $23)
4 6.250% Due 5/31/99 Exp 7/97 .................. 2
4 6.625% Due 5/15/07 Exp 7/97 .................. 6
-------
8
-------
Number of Value
Contracts Security (000's)
- --------- -------- -------
GOVERNMENT SECURITIES (continued)
TOTAL INVESTMENTS (99.3%)
(Cost $116,710) ............................. $117,255
--------
OTHER ASSETS IN EXCESS OF
LIABILITIES (0.7%) .......................... 837
--------
TOTAL NET ASSETS (100.0%) .................... $118,092
========
CALL OPTIONS WRITTEN
(Premium received $23)
8 GNMA 7.500% 7/15/27 Exp 7/97 ................. 9
<FN>
# Securities out on loan.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
(000's) Security (000's)
- --------- -------- -------
INTERMEDIATE MUNICIPAL BOND
<C> <S> <C>
ALASKA (0.5%)
$100 Alaska State Housing
Financial Corporation
Mortgage Program 1st Series
6.800% Due 12/1/99 ........................ $100
COLORADO (1.4%)
100 Adams County Colorado
School District No. 12 Series
General Obligation
(MBIA Insured )
5.450% Due 12/15/06 ...................... 104
45 Brighten Colorado
General Obligation
(FGIC Insured )
Zero Coupon Due 12/1/00 .................. 38
150 Westminster Colorado Multifamily
Revenue Refunding Housing
Oasis Wexford Apts Project
5.350% Due 12/1/25 ...................... 152
CONNECTICUT (1.7%)
95 Connecticut State Health & Education
Facilities Authority Revenue
Sacred Heart University Series D
5.200% Due 7/1/01 ....................... 95
See notes to financial statements Page 21
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30,1997 - UNAUDITED
(continued)
Principal
Amount Value
(000's) Security (000's)
- --------- -------- -------
INTERMEDIATE MUNICIPAL BOND (continued)
$85 Connecticut State Health & Education
Facilities Authority Revenue
Sacred Heart University Series D
4.800% Due 7/1/99 ....................... $85
100 Connecticut State Health & Education
Facilities Authority Revenue
Sacred Heart University Series D
5.300% Due 7/1/99 ....................... 100
50 Stratford Connecticut
General Obligation
(FGIC Insured)
7.000% Due 6/15/04 ...................... 57
DISTRICT OF COLUMBIA (1.9%)
300 District of Columbia
General Obligation
5.000% Due 6/1/01 ....................... 297
100 District of Columbia
General Fund Recovery
Series B-3
4.100.% Due 6/1/03 (a) .................. 100
FLORIDA (6.1%)
20 Florida St. Pollution Control
Revenue Series F
5.500% Due 7/1/98 ....................... 20
425 Jacksonville Florida Electric
Authority Revenue
6.000% Due 7/1/01 ....................... 439
100 Pinellas County Florida
Health Facilties Authority
Pooled Hospital Loan Program
Series 1985
4.000% Due 12/1/15 (a) .................. 100
500 St. John's County Florida
Water & Sewer Revenue
(MBIA Insured)
5.250% Due 6/1/10 ....................... 507
200 University Athletic Association Inc
Capital Improvement Revenue
4.000% Due 2/1/20 (a) ................... 200
Principal
Amount Value
(000's) Security (000's)
- --------- -------- -------
INTERMEDIATE MUNICIPAL BOND (continued)
GEORGIA (2.2%)
$400 Georgia State Series D
General Obligation
6.700% Due 8/1/10 ....................... $463
ILLINOIS (9.5%)
175 Berkeley Illinois
Industrial Development
Revenue Walgreen
Company Project Series A
6.250% Due 12/1/98 ...................... 177
240 Chicago Illinois
Water Revenue Refunding
(AMBAC Insured)
5.600% Due 11/1/04 ...................... 251
875 Cook County Illinois School District
School District No. 99
(FGIC Insured)
8.500% Due 12/1/01 ...................... 1,010
100 Cook & DuPage Counties, Illinois
Combined School District - B
(FGIC Insured)
Zero Coupon Due 12/1/05 ................. 66
371 Illinois Health Facilities
Authority Revenue Series A
(MBIA Insured)
7.900% Due 8/15/03 ...................... 376
100 Illinois State
General Obligation
5.700% Due 6/1/98 ....................... 101
INDIANA (2.1%)
410 La Porte Indiana Economic
Development Revenue
Boise Cascade Corp. Project
Escrowed to Maturity
7.375% Due 6/1/01 ....................... 437
IOWA (0.5%)
100 Iowa Student Loan
Liquidity Corporation
Student Loan Revenue
6.450% Due 3/1/02 ....................... 106
Page 22 See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30,1997 - UNAUDITED
(continued)
Principal
Amount Value
(000's) Security (000's)
- --------- -------- -------
INTERMEDIATE MUNICIPAL BOND (continued)
KENTUCKY (0.9%)
$190 Dayton Kentucky Elderly
Housing Speers Court
(FHA Insured)
5.350% Due 9/1/05 ....................... $193
MASSACHUSETTS (4.5%)
250 Massachusetts Bay
Transportation Authority
General Transportation System
5.300% Due 3/1/05 ....................... 258
500 Massachusetts State
Consolidated Loan Series D
General Obligation
5.250% Due 11/1/12 ...................... 495
175 New England Education Loan
Marketing Corp. Series E
5.000% Due 7/1/99 ....................... 177
MICHIGAN (2.2%)
185 Ferris St. College
7.500% Due 8/15/03 ...................... 197
240 Michigan State Building Authority
Chippewa Correctional Facilities
Escrowed to Maturity
7.250% Due 10/1/04 ...................... 277
MINNESOTA (2.4%)
380 Minnesota State Housing
Authority - Single Family
Mortgage Revenue
8.375% Due 2/1/15 ....................... 389
100 St. Paul Minnesota Port Authority
Comercial Development General
Revenue Fort Rd Med/Irvine
(Assets Guaranty Insured)
7.500% Due 9/1/02 ....................... 105
NEBRASKA (1.4%)
245 Nebraska Investment Finance
Authority Multi Family Revenue
Refunding Housing Wycliffe West
5.500% Due 12/1/25 ...................... 248
45 Nebraska Investment Finance
Authority Single Family
Mortgage Series C
6.500% Due 9/15/14 ...................... 47
Principal
Amount Value
(000's) Security (000's)
- --------- -------- -------
INTERMEDIATE MUNICIPAL BOND (continued)
NEVADA (0.8%)
$150 Nevada State Muni Bond
Bank Project 38-39A
Escrowed to Maturity
Refunded
6.400% Due 7/1/05 ....................... $163
NEW JERSEY (5.3%)
340 Arlington Arms Financing Corp.
New Jersey Mortgage Revenue
Arlington Arms Apartments
(FHA Insured)
10.250% Due 3/1/25 ...................... 350
245 Gateway New Jersey Housing
Development Corporation
Revenue Bond Section 8
(FHA Insured)
10.500% Due 8/1/25 ...................... 253
500 New Jersey State Educational
Facilities Authority Revenue
Monmouth University Series C
5.000% Due 7/1/02 ....................... 496
NEW YORK (6.2%)
100 Hempstead Town New York
General Obligation, Series B
(AMBAC Insured)
6.500% Due 1/1/12 ....................... 113
490 New York City Industrial
Development Authority
Civil Facility Revenue
Greater New York Project
5.000% Due 8/1/02 ....................... 486
505 New York State Environmental
Facility Corp., Pollution
Control Revenue Series B
5.300% Due 12/15/10 ..................... 507
210 New York State Medical
Care Facilities Finance Agency
Revenue (FHA Insured)
7.875% Due 2/15/07 ...................... 215
NORTH CAROLINA (2.8%)
500 Surry County North Carolina
Pollution Control Finance Authority
9.250% Due 12/1/02 ...................... 583
See notes to financial statements Page 23
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30,1997 - UNAUDITED
(continued)
Principal
Amount Value
(000's) Security (000's)
- --------- -------- -------
INTERMEDIATE MUNICIPAL BOND (continued)
OHIO (0.2%)
$200 Ohio Housing Financing Agency
Single Family Mortgage
Series 1985A (FGIC Insured)
Zero Coupon Due 1/15/15 ................. $33
OKLAHOMA (4.3%)
55 Enid Oklahoma Hospital
Authority (St. Mary's Hospital)
Escrowed to Maturity
8.000% Due 7/1/98 ....................... 56
1,625 Oklahoma County
Oklahoma Home Finance
Authority Single Family Refunding
Refunding Prerefunded
Zero Coupon Due 7/1/12 .................. 603
200 Tulsa Oklahoma Metropolitan
Utility Authority Revenue
7.000% Due 2/1/03 ....................... 222
PENNSYLVANIA (3.8%)
25 Delaware County Pennsylvania
General Obligation
7.000% Due 12/1/19 ...................... 25
500 Hempfield Pennsylvania
School District Refunding
6.700% Due 10/15/99 ..................... 504
250 Pennsylvania State Industrial
Development Authority
(AMBAC Insured)
5.800% Due 7/1/09 ....................... 266
SOUTH CAROLINA (3.8%)
70 Piedmont Municipal Power Agency
South Carolina Electric Revenue
Series A Escrowed to Maturity
(FGIC Insured)
6.125% Due 1/1/07 ....................... 77
430 Piedmont Municipal Power Agency
South Carolina Electric Revenue
Series A (FGIC Insured)
6.125% Due 1/1/07 ....................... 467
Principal
Amount Value
(000's) Security (000's)
- --------- -------- -------
INTERMEDIATE MUNICIPAL BOND (continued)
$230 Piedmont Municipal Power Agency
South Carolina Electric Refunding
Escrowed to Maturity
(MBIA Insured)
6.250% Due 1/1/09 ....................... $254
TEXAS (19.9%)
500 Cypress-Fairbanks Texas
General Obligation
Independent School District
7.300% Due 2/15/07 ...................... 591
540 Dallas Fort Worth Regional
Airport Revenue
(FGIC Insured)
7.750% Due 11/1/01 ...................... 607
500 Deer Park Texas Independent
School District School Building
6.375% Due 2/15/07 ...................... 558
350 El Paso Texas General Obligation
(FGIC Insured)
7.000% Due 8/15/06 ...................... 403
1,100 Harris County Texas Flood District
General Obligation
Zero Coupon Due 10/1/06 ................. 613
100 Garland Texas Independent
School District Series A
General Obligation
Zero Coupon Due 2/15/99 ................. 93
265 Lower Colorado River Authority
Prerefunded Revenue
6.250% Due 5/1/07 ....................... 292
1,000 San Antonio Texas Electric & Gas
5.250% Due 2/1/10 ....................... 1,003
UTAH (2.1%)
380 Salt Lake City Utah Water
Conservancy District Revenue
Refunding Series A
Escrowed to Maturity
(MBIA Insured)
10.875% Due 10/1/02 ..................... 442
Page 24 See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30,1997 - UNAUDITED
(continued)
Principal
Amount Value
(000's) Security (000's)
- --------- -------- -------
INTERMEDIATE MUNICIPAL BOND (continued)
VIRGINIA (5.0%)
$500 Brunswick County Virginia
Industrial Development Authority
Correctional Facilities Lease
(MBIA Insured)
5.650% Due 7/1/09 ....................... $521
100 Virginia State Housing
Development Authority
Multi Family Series A
Zero Coupon, Due 11/1/17 ................ 18
500 Virginia State University
Virginia Commonwealth
University Revenue Series B
4.900% Due 5/1/03 ....................... 504
WASHINGTON (2.9%)
250 Lynnwood Washington Water &
Sewer Revenue Refunding
(FGIC Insured)
6.000% Due 12/1/07 ...................... 270
300 Washington State Motor Vehicle
Tax General Obligation
6.200% Due 3/1/08 ....................... 331
West Virginia (2.6%)
500 West Virginia School Building
Authority (MBIA Insured)
7.000% Due 7/1/09 ....................... 545
WISCONSIN (1.9%)
385 Menomonee Falls Sewer System
Series A (AMBAC Insured)
5.800% Due 5/1/03 ....................... 406
------
TOTAL INVESTMENTS (98.9%)
(Cost $20,322) .......................... 20,637
OTHER ASSETS IN EXCESS
OF LIABILITIES (1.1%) ................... 233
------
TOTAL NET ASSETS (100.0%) .................. $20,870
=======
<FN>
(a) Interest rate subject to change approximately every
1 to 180 days. Principal payable on demand at
periodic intervals at the Fund's option.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
(000's) Security (000's)
- --------- -------- -------
GOVERNMENT MONEY MARKET
<C> <S> <C>
U.S. GOVERNMENT AGENCY
OBLIGATIONS (84.8%)
FEDERAL FARM CREDIT BANK (16.6%)
$ 6,000 Discount Note Due 7/11/97 .................... $ 5,991
5,000 Discount Note Due 8/14/97 .................... 4,967
5,000 Discount Note Due 8/28/97 .................... 4,957
5,000 Discount Note Due 9/15/97 .................... 4,943
3,000 Discount Note Due 9/18/97 .................... 2,964
------
23,822
------
FEDERAL HOME LOAN BANK (68.2%)
3,500 Discount Note Due 7/2/97 ..................... 3,499
5,000 Discount Note Due 7/8/97 ..................... 4,995
2,200 Discount Note Due 7/9/97 ..................... 2,197
5,000 Discount Note Due 7/10/97 .................... 4,993
10,000 Discount Note Due 7/17/97 .................... 9,976
3,500 Discount Note Due 7/21/97 .................... 3,489
5,000 Discount Note Due 7/24/97 .................... 4,983
10,000 Discount Note Due 7/28/97 .................... 9,960
5,000 Discount Note Due 7/30/97 .................... 4,978
5,000 Discount Note Due 7/31/97 .................... 4,978
5,000 Discount Note Due 8/7/97 ..................... 4,972
5,000 Discount Note Due 8/8/97 ..................... 4,971
5,000 Discount Note Due 8/13/97 .................... 4,968
3,165 Discount Note Due 8/15/97 .................... 3,144
5,000 Discount Note Due 8/20/97 .................... 4,963
5,000 Discount Note Due 8/22/97 .................... 4,961
5,000 Discount Note Due 8/28/97 .................... 4,956
9,000 Discount Note Due 9/19/97 .................... 8,892
2,000 Discount Note Due 9/24/97 .................... 1,974
------
97,849
------
TOTAL U.S. GOVERNMENT AGENCIES
(Cost $121,671) ............................. 121,671
-------
REPURCHASE AGREEMENT (15.4%)
22,209 Citicorp 5.950% Due 7/1/97
with a maturity value of $22,213
(Collateralized by $22,641
US Treasury Note 6.375%
Due 5/15/00)
(Cost $22,209) ....................... 22,209
-------
TOTAL INVESTMENTS (100.2%)
(Cost $143,880) ........................... 143,880
LIABILITIES IN EXCESS OF
OTHER ASSETS (-0.2%) ...................... (354)
-------
TOTAL NET ASSETS (100.0%) .................... $143,526
========
See notes to financial statements Page 25
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 1997 - UNAUDITED
(continued)
Principal
Amount Value
(000's) Security (000's)
- --------- -------- -------
TAX FREE MONEY MARKET
ALASKA (0.7%)
$600 Alaska State Housing Finance Corp
6.625% Due 12/1/07 (b) .................. $606
175 Alaska State Housing Finance Corp
6.125% Due 12/1/07 (b) .................. 175
ARIZONA (0.5%)
565 Maricopa County, Arizona
Industrial Development Authority
Hospital Facility Revenue
Samaritan Health
12.000% Due 1/1/08 (b) .................. 568
CALIFORNIA (0.7%)
800 Simi Valley California
Multifamily Housing Revenue
Lincoln Wood Ranch
4.150% Due 6/1/10 (a) (e) ............... 800
COLORADO (0.8%)
100 Colorado Housing Finance
Multi-Family Housing Revenue
(Grant Street Plaza)
4.250% Due 11/1/09 (a) (e) .............. 100
750 Denver Colorado City and County
Revenue, Helen Bonfills Theater
4.330% Due 1/1/17 (a) (e) ............... 750
CONNECTICUT (0.1%)
100 Connecticut State
General Obligation Refunding
7.000% Due 7/1/97 ....................... 100
DELAWARE (4.0%)
4,100 Delaware Economic
Development Authority
Multifamily Housing Revenue
(School House Trust 1985)
4.300% Due 12/1/15 (a) (e) .............. 4,100
200 Delaware State Series B
4.500% Due 7/1/97 ....................... 200
DISTRICT OF COLUMBIA (0.7%)
800 District of Columbia Series B
General Fund Recovery Bonds
4.100% Due 6/1/03 (a) (e) ............... 800
Principal
Amount Value
(000's) Security (000's)
- --------- -------- -------
TAX FREE MONEY MARKET (continued)
FLORIDA (5.1%)
$700 Broward County Florida
4.375% Due 12/1/10 (a) (e) .............. $700
1,200 Jacksonville Florida Hospital University
Medical Center
4.325% Due 2/1/19 (a) (e) ............... 1,200
2,040 Orange County Florida Industrial
Development Revenue Refunding
(Orlando-Hawaiian Motel)
3.800% Due 10/1/15 (a) (e) .............. 2,040
1,460 Orange County Florida
Multifamily Housing Oakwood Project
4.150% Due 10/1/07 (a) (e) .............. 1,461
GEORGIA (0.8%)
875 Dekalb Georgia Multi-Family
Housing Revenue Refunding
Wood Terrace Apartment Project
Series 1985
4.200% Due 12/15/15 (a) (e) ............. 875
HAWAII (0.5%)
500 Hawaii State Series BZ
5.500% Due 10/1/97 ...................... 502
IDAHO (0.6%)
675 Nez Perce County Idaho
Pollution Control Revenue
(Series 1984)
4.150% Due 12/1/14 (a) (e) .............. 675
ILLINOIS (8.7%)
1,695 Chicago Illinois Multi-Family Housing
Waveland Association Project F
4.200% Due 11/1/10 (a) (e) .............. 1,695
800 Illinois Development Finance
Authority Industrial Development
Refunding Bond (Dart Container)
3.950% Due 8/1/25 (a) (e) ............... 800
950 Illinois Development Finance
Authority Multifamily Revenue
(Cobbler Square Project)
4.600% Due 10/1/05 (a) (e) .............. 950
Page 26 See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 1997 - UNAUDITED
(continued)
Principal
Amount Value
(000's) Security (000's)
- --------- -------- -------
TAX FREE MONEY MARKET (continued)
$3,550 St. Clair County Illinois Industrial
Development Board
(Winchester Apartments Project
Series 94)
4.625% Due 10/1/15 (a) (e) .............. $3,550
2,300 Troy Grove Illinois Refunding
(Unimin Corp.)
5.015% Due 5/1/10 (a) (f) ............... 2,300
INDIANA (4.0%)
1,000 Crawfordsville Indiana Community
School CorpTax Anticipation Warrants
4.250% Due 12/31/97 ..................... 1,001
720 GAF Tax-Exempt Bond Grantor
Trust Series A
4.150% Due 4/1/08 (a) (e) ............... 720
1,000 Indianapolis Indiana
Economic Development
(Joint & Clutch Series 1984)
3.995% Due 12/1/14 (a) (f) .............. 1,000
1,500 Middlebury Indiana Community Schools
Tax Anticipation Warrants
4.090% Due 12/31/97 ..................... 1,501
IOWA (0.2%)
230 Iowa Higher Education
Loan Authority Revenue
(Drake University Series A)
6.440% Due 12/1/97 ...................... 233
KANSAS (1.9%)
2,000 Salina Kansas Central Mall
(Salina Central Mall Dillard)
4.375% Due 12/1/04 (a) (e) .............. 2,000
KENTUCKY (4.6%)
1,880 Boone County Kentucky
Economic Development Revenue
(Florence Park Care Center)
4.100% Due 6/1/15 (a) (e) ............... 1,880
850 Boone County Kentucky Industrial
Development Bond Revenue
(Jamike/Hemmer Project)
3.850% Due 2/1/06 (a) (e) ............... 850
Principal
Amount Value
(000's) Security (000's)
- --------- -------- -------
TAX FREE MONEY MARKET (continued)
$245 Florence Kentucky Industrial
Building Revenue
(Florence Commercial Project)
4.100% Due 6/1/07 (a) (e) ............... $245
1,910 Fort Thomas Kentucky
Industrial Buildings Revenue
(Carmel Manor Project)
3.800% Due 10/1/14 (a) (e) .............. 1,910
MICHIGAN (11.8%)
975 Birmingham Michigan Economic
Development Corporation
(Brown Street Project 83)
4.500% Due 12/1/18 (a) (e) .............. 975
2,100 Lansing Michigan Economic
Development Corp
(Atrium Office Building)
3.850% Due 5/1/15 (a) (e) ............... 2,100
905 Leelanau County Michigan
Economic Development Corp
Revenue (American Community
Mutual Insurance Co Project)
3.700% Due 6/15/06 (a) .................. 905
1,065 Livonia Michigan Economic
Development Corporation
(American Community
Mutual Insurance)
3.950% Due 11/15/04 (a) (e) ............. 1,065
68 McDonald Tax-Exempt
Mortgage Trust #1
4.500% Due 1/15/09 (a) (e) .............. 196
200 Michigan State Job Development
Authority Revenue
(Kentwood Residence)
3.750% Due 11/1/14 (a) (e) .............. 200
390 Michigan State Strategic Fund
Revenue (Tawas Bay
Association Project)
3.950% Due 12/1/01 (a) (e) .............. 390
610 Michigan State Strategic Fund
Limited Obligation Revenue
Refunding (Woodbridge
Commercial Properties)
3.900% Due 10/15/05 (a) (e) ............. 610
See notes to financial statements Page 27
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 1997 - UNAUDITED
(continued)
Principal
Amount Value
(000's) Security (000's)
- --------- -------- -------
TAX FREE MONEY MARKET (continued)
$350 Northville Township Michigan
Thrifty Northville Inc.
Economic Development Revenue
4.250% Due 5/1/14 (a) (e) ............... $350
2,260 Oakland County Michigan Economic
Development Corporation
(Corners Shopping Center)
3.650% Due 8/1/15 (a) (e) ............... 2,260
3,500 Plainwell Michigan Economic
Development Corp
(Phillip Morris Inc.)
4.625% Due 11/1/07 (a) (e) .............. 3,500
MINNESOTA (2.6%)
500 Golden Valley Minnesota
Industrial Development Revenue
(Graco Inc Project)
4.375% Due 12/1/02 (a) (e) .............. 500
1,160 Hutchinson Minnesota
Economic Development Authority
Revenue Refunding
3.800% Due 8/15/06 (a) (e) .............. 1,160
1,149 International Falls Minnesota
Economic Development Revenue
(Developers Diversified
Limited Project)
4.330% Due 7/1/06 (a) (e) ............... 1,149
MISSISSIPPI (0.5%)
575 Desoto County Mississippi
Industrial Development
Revenue (American Soap
Company Project)
5.015% Due 12/1/08 (a) (f) .............. 575
NEVADA (0.5%)
565 Henderson Nevada Public
ImprovementTrust Multifamily
Housing Revenue Refunding
Pueblo Verde I & II Apartment Project
4.250% Due 8/1/26 (a) (e) ............... 565
NEW JERSEY (2.2%)
1,000 New Jersey Economic
Development Authority
(Genlyte-Union County Proj.)
4.600% Due 10/15/09 (a) (e) ............. 1,000
Principal
Amount Value
(000's) Security (000's)
- --------- -------- -------
TAX FREE MONEY MARKET (continued)
$495 New Jersey Health Care Facilities
Finance Authority Revenue - Atlantic
City Medical Center Series B
8.375% Due 8/1/20 (b) ................... $516
865 New Jersey Health Care Facilities
Finance Authority Revenue
(Bayonne Hospital Series B)
9.125% Due 7/1/12 (b) ................... 882
NEW YORK (6.0%)
800 Monroe County New York
Industrial Development Revenue Bond
Rochester District Heating Cooperative
3.700% Due 12/1/00 (a) (e) .............. 800
865 New York State Job Development
Authority 1984
Ser C-1 to C-30
4.000% Due 3/1/99 (a) (e) ............... 865
420 New York State Job Development
Authority 1984
Ser E-1 to E-55
4.000% Due 3/1/99 (a) (e) ............... 420
270 New York State Job Development
Authority 1984
Ser F-1 to F-17
4.000% Due 3/1/99 (a) (e) ............... 270
400 New York State Job Development
Authority Ser C-1 to C-34
3.800% Due 3/1/00 (a) (e) ............... 400
175 New York State Power Authority Revenue
and General Purpose Revenue
(Series W Refunding)
6.200% Due 1/1/98 ....................... 177
1,500 North Hempstead New York
Bond Anticipation Notes Series B
4.000% Due 1/29/98 ...................... 1,500
2,000 Waterloo New York Central School
District Revenue Anticipation Notes
4.250% Due 9/30/97 ...................... 2,002
Page 28 See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 1997 - UNAUDITED
(continued)
Principal
Amount Value
(000's) Security (000's)
- --------- -------- -------
TAX FREE MONEY MARKET (continued)
NORTH CAROLINA (0.3%)
$300 Beaufort North Carolina Industrial Facility
Pollution Control Revenue
Texas Gulf Inc 1985
4.225% Due 12/1/00 (a) (e) .............. $300
OHIO (19.1%)
255 Brooklyn Ohio Industrial
Development Revenue Refunding
(Clinton Road Project A)
4.050% Due 12/1/00 (a) (e) .............. 255
725 Buckeye Ohio Tax Exempt
Mortgage Bond Trust Series C
4.000% Due 2/1/05 (a) (e) ............... 725
970 Cincinnati & Hamilton County
Ohio Port Authority Revenue
Refunding (Tri State Building)
3.900% Due 9/1/99 (a) (e) ............... 970
530 Citizens Federal Tax-Exempt
Mortgage Bond Trust
3.900% Due 9/1/08 (a) (e) ............... 530
510 Clermont County Ohio Economic
Development Revenue
(John Q. Hammons Project)
4.000% Due 5/1/12 (a) (e) ............... 500
230 Franklin County Ohio Industrial
Development Revenue
(GSW Building Association Ltd.)
3.700% Due 11/1/15 (a) (e) .............. 230
1,665 Lakewood Ohio Hospital
Revenue (Hospital
Improvement Series 1983)
4.190% Due 11/1/10 (a) (e) .............. 1,665
915 McDonald Tax Exempt
Mortgage Trust #1
4.500% Due 1/15/09 (a) (e) .............. 915
1,060 Montgomery County Ohio
Economic Development Revenue
(Wayne Town Association)
3.700% Due 10/1/99 (a) (e) .............. 1,060
1,990 Ohio Company Tax Exempt
Mortgage Trust Series 2
4.070% Due 6/15/03 (a) .................. 1,990
Principal
Amount Value
(000's) Security (000's)
- --------- -------- -------
TAX FREE MONEY MARKET (continued)
$1,320 Riverside Ohio Economic
Development Revenue
(Riverside Association Project)
3.750% Due 9/1/12 (a) (e) ............... $1,320
970 Riverside Ohio Economic
Development Revenue
(Wright Point Association)
3.750% Due 9/1/10 (a) (e) ............... 970
1,945 Stark County Ohio Industrial
Development Revenue
(Newmarket Parking Ltd.)
4.050% Due 11/1/14 (a) (e) .............. 1,945
2,060 Stark County Ohio Health Care
Facilities (Canton Christian
Home PJ) Series 90
3.650% Due 9/1/15 (a) (e) ............... 2,060
570 Stark County Ohio Health Care
Facility (Canton Christian Home)
3.650% Due 9/15/16 (a) (e) .............. 570
305 Stark County Ohio Industrial
Development Revenue
(Belpar Professional Building)
3.800% Due 10/1/04 (a) (e) .............. 305
570 Trumbull County Ohio Industrial
Development Revenue Refunding
(Howland Association Project)
4.200% Due 10/1/01 (a) (e) .............. 570
1,200 Village of Canal Winchester Ohio
Bond Anticipation Notes
4.500% Due 8/13/97 ...................... 1,200
1,225 Warren Ohio
BD Antic Notes
4.500% Due 10/15/97 ..................... 1,226
1,360 Willoughby Hills Ohio Industrial
Development Revenue
(Renaissance Properties Project)
3.900% Due 12/15/14 (a)(e) .............. 1,360
OKLAHOMA (0.9%)
920 Creek County Oklahoma Industrial
Development Authority
(Indiana Glass Project)
4.050% Due 12/1/05 (a)(e) ............... 920
See notes to financial statements Page 29
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 1997 - UNAUDITED
(continued)
Principal
Amount Value
(000's) Security (000's)
- --------- -------- -------
TAX FREE MONEY MARKET (continued)
PENNSYLVANIA (3.3%)
$125 Bucks County Pennsylvania
Industrial Development Authority
(Edgecomb Metals Co Project
Series 84)
4.125% Due10/1/09 (a) (e) ............... $125
1,035 Commonwealth Tax-Exempt
Mortgage Bond Trust Series A
4.100% Due 11/1/05 (a) (e) .............. 1,015
150 Emmaus Pennsylvania
General Authority Revenue
4.450% Due 12/1/28 (a) (e) .............. 150
68 McDonald Tax-Exempt
Mortgage Trust #1
4.500% Due 1/15/09 (a) .................. 196
1,700 Pennsylvania State Higher Education
Facilities Authority Revenue
Carnegie Mellon University
Series B
4.150% Due 11/1/27 (a) (e) .............. 1,700
300 Sayre Pennsylvania Health Care
Facilities Authority Revenue
4.150% Due 12/1/20 (e) .................. 300
SOUTH CAROLINA (1.4%)
1,500 Lexington South Carolina
Water and Sewer Revenue BANS
4.750% Due 10/1/97 ...................... 1,501
TENNESSEE (3.8%)
2,790 Franklin County Tennessee Health
& Educational Facilities Revenue
(University of the South Sewanee)
4.100% Due 9/1/10 (a) (e) ............... 2,790
1,280 GAF Tax-Exempt Bond Grantor
Trust Series A
4.150% Due 4/1/08 (a) ................... 1,280
TEXAS (5.1%)
200 Corpus Christi Texas
Independent School District
6.800% Due 8/15/97 ...................... 201
1,800 Harris County Texas
Multifamily Housing Revenue
(Country Scape Development)
4.500% Due 4/1/07 (a) (e) ............... 1,800
Principal
Amount Value
(000's) Security (000's)
- --------- -------- -------
TAX FREE MONEY MARKET (continued)
$800 NCNB Pooled Tax Exempt Trust
Certificate of Participation
Series 1990-B
4.250% Due 11/15/20 (a) (f) ............. $800
2,650 Waxahachie Texas Industrial
Development Authority
(Dart Container Project
Series 1985)
3.825% Due 4/1/06 (a) (f) ............... 2,650
UTAH (1.4%)
1,500 Intermountain Power Agency
Utah Power Supply
Revenue Refunding Series F
6.600% Due 7/1/97 ....................... 1,500
VIRGINIA (1.7%)
255 Bristol Virginia
Development Authority
Industrial Development Revenue
(Bristol Health Care Center Inc)
3.850% Due 6/1/10 (a) (e) ............... 255
1,000 Rockingham County Virginia
Industrial Development Authority
(Merck & Company Inc. Project)
4.625% Due 10/1/22 (a) (e) .............. 1,000
550 Virginia State Housing Development
Authority Revenue
AHC Service Corp Ser A
4.300% Due 9/1/17 (a) (e) ............... 550
WASHINGTON (1.4%)
195 Student Loan Financial Assistance
Program 2nd Series
4.375% Due 1/1/01 (a) (e) ............... 195
1,300 Washington State Housing Finance
Community Non Profit Housing Revenue
Panorama City Project
5.600% Due 1/1/27 (a) (e) ............... 1,300
WISCONSIN (3.7%)
750 Kettle Morain Area School District
Tax & Revenue Anticipation Notes
4.010% Due 8/22/97 ...................... 750
Page 30 See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 1997 - UNAUDITED
(continued)
Principal
Amount Value
(000's) Security (000's)
- --------- -------- -------
TAX FREE MONEY MARKET (continued)
$1,000 Maple Dale Indian Hills Wisconsin
Area School District
Tax & Revenue Anticipation Notes
4.190% Due 8/20/97 ...................... $1,000
500 Tomah Wisconsin
Area School District
Tax & Revenue Anticipation Notes
4.190% Due 9/17/97 ...................... 500
1,000 Watertown Wisconsin Unified School
District Tax & Revenue
Anticipation Notes
4.090% Due 10/20/97 ..................... 1,001
Principal
Amount Value
(000's) Security (000's)
- --------- -------- -------
TAX FREE MONEY MARKET (continued)
$675 Westby Wisconsin Area School District
Tax & Revenue Anticipation Notes
3.960% Due 10/30/97 ..................... $675
WYOMING (1.1%)
1,150 Cheyenne County Wyoming
Economic Development
Revenue Bonds (Holiday Inn)
3.800% Due 10/1/10 (a) (e) .............. 1,150
-------
TOTAL INVESTMENTS (100.7%)
(Cost $107,589) ......................... 107,589
LIABILITIES IN EXCESS OF
OTHER ASSETS (-0.7%) ..................... (797)
-------
TOTAL NET ASSETS (100.0%) ................. $106,792
=======
<FN>
(a) Interest rate subject to change approximately every 1 to 180 days.
Principal payable on demand at periodic intervals at the Fund's option.
(b) Prerefunded
(e) Coupon fluctuates with remarket value.
(f) Coupon fluctuates with the Prime Rate (Prime is the rate on corporate
loans posted by at least 75% of the nation's 30 largest banks.)
</FN>
</TABLE>
See notes to financial statements Page 31
<PAGE>
<TABLE>
<CAPTION>
WEISS, PECK & GREER MUTUAL FUNDS
STATEMENT OF ASSETS AND LIABILITIES AT JUNE 30, 1997 - (UNAUDITED)
Quanti-
Growth and tative
$ in Thousands Tudor Income Growth Equity International
- -------------- ----- ------ ------ ------ -------------
<S> <C> <C> <C> <C> <C>
ASSETS
Investments at value (+) ........................ $174,952 $102,472 $ 63,705 $108,518 $ 13,091
Investments in Repurchase Agreements,at value (+) 0 0 5,041 0 0
Collateral on securities loaned - Note 4 ........ 22,000 0 10,736 0 0
Cash and cash equivalents ....................... 0 1 1 0 184
Receivable for securities sold .................. 592 256 139 5,474 173
Dividends and interest receivable ............... 96 119 34 127 52
Prepaid expenses ................................ 12 7 5 6 2
Other assets .................................... 0 0 0 11 0
------- ------- ------ ------- ------
197,652 102,855 79,661 114,136 13,502
------- ------- ------ ------- ------
LIABILITIES
Covered options written at market (a) ................ 422 0 123 0 0
Distributions payable ................................ 0 261 0 0 0
Payable to custodian bank ............................ 0 0 0 0 0
Payable upon return of securities loaned - Note 4 .... 22,000 0 10,736 0 0
Payable for investment securities purchased .......... 2,172 200 520 6,412 181
Payable for Fund shares redeemed ..................... 39 5 0 0 0
Unrealized depreciation on forward currency contracts 0 0 0 0 3
Accrued investment advisory fee payable - Note 5 ..... 126 61 40 66 16
Accrued administration fee payable - Note 5 .......... 7 5 4 4 0
Payable for variation margin ......................... 0 0 0 3 0
Accrued expenses ..................................... 64 30 27 44 34
------ --- ------ ----- ---
24,830 562 11,450 6,529 234
------ --- ------ ----- ---
NET ASSETS ................................... $172,822 $102,293 $ 68,211 $107,607 $ 13,268
======== ======== ======== ======== ========
NET ASSETS REPRESENTED BY:
Shares of beneficial interest, at par ................ 2,448 2,895 1 16 12
Paid-in surplus ...................................... 119,207 58,305 57,791 72,655 11,196
Accumulated undistributed net investment income/
(distributions in excess of net investment income (849) 83 (207) 904 (30)
Undistributed realized gains on investments,
futures, options and currencies/(Distributions
in excess of realized gains on investments,
futures, options and currencies) ............. 10,147 4,957 127 10,377 206
Net unrealized appreciation on investments,
futures, options and currencies .............. 41,869 36,053 10,499 23,655 1,884
------- ------ ------ ------ -----
NET ASSETS APPLIED TO OUTSTANDING SHARES ............. 172,822 102,293 68,211 107,607 13,268
------- ------- ------ ------- ------
CAPITAL SHARES (AUTHORIZED SHARES UNLIMITED)
Outstanding .......................................... 7,350 2,895 568 15,742 1,172
========= ======== ======== ======== ========
Par Value ............................................ $ .33 1/3 $ 1.00 $ 0.001 $ 0.001 $ 0.01
========= ======== ======== ======== ========
Net asset value per share ............................ $ 23.51 $ 35.34 $ 120.00 $ 6.84 $ 11.32
======== ======== ======== ======== ========
(+) Investments at cost .............................. 133,155 66,418 58,281 84,856 11,203
UNREALIZED APPRECIATION/(DEPRECIATION): *
Gross appreciation ........................... 50,596 36,211 16,541 24,158 2,184
Gross depreciation ........................... (8,727) (158) (6,042) (503) (300)
------ ------ ------ ------ -----
NET UNREALIZED APPRECIATION .......................... 41,869 36,053 10,499 23,655 1,884
====== ====== ====== ====== =====
</TABLE>
Page 32 See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
Inter-
mediate
Government Municipal Government Tax Free
Securities Bond Money Market Money Market
---------- ---- ------------ ------------
<S> <C> <C> <C> <C>
ASSETS
Investments at value (+) ........................ $117,255 $ 20,637 $121,671 $107,589
Investments in Repurchase Agreements,at value (+) 0 0 22,209 0
Collateral on securities loaned - Note 4 ........ 29,540 0 0 0
Cash and cash equivalents ....................... 305 0 1 0
Receivable for securities sold .................. 6,148 0 0 0
Receivable for Fund shares sold ................. 0 0 0 0
Dividends and interest receivable ............... 1,155 314 4 1,058
Prepaid expenses ................................ 11 1 8 8
Other assets .................................... 0 16 0 0
--------- ------- ------- --------
154,414 20,968 143,893 108,655
--------- ------- ------- --------
LIABILITIES
Covered options written at market (a) ................ 9 0 0 0
Distributions payable ................................ 537 75 254 142
Payable to custodian bank ............................ 0 0 0 91
Payable upon return of securities loaned - Note 4 .... 29,540 0 0 0
Payable for investment securities purchased .......... 6,115 0 0 1,527
Payable for Fund shares redeemed ..................... 0 0 0 0
Unrealized depreciation on forward currency contracts 0 0 0 0
Accrued investment advisory fee payable - Note 5 ..... 58 3 60 48
Accrued administration fee payable - Note 5 .......... 5 0 5 4
Payable for variation margin ......................... 0 0 0 0
Accrued expenses ..................................... 58 20 48 51
-------- ------- ------- --------
36,322 98 367 1,863
-------- ------- ------- --------
NET ASSETS ................................... $118,092 $ 20,870 $143,526 $106,792
======== ======= ======== =======
NET ASSETS REPRESENTED BY:
Shares of beneficial interest, at par ................ 13 2 144 107
Paid-in surplus ...................................... 159,573 20,704 145,396 106,723
Accumulated undistributed net investment income/
(distributions in excess of net investment inc 28 1 0 (20)
Undistributed realized gains on investments,
futures, options and currencies/(Distributions
in excess of realized gains on investments,
futures, options and currencies) ............. (42,081) (152) (2,014) (18)
Net unrealized appreciation on investments,
futures, options and currencies .............. 559 315 0 0
-------- ------- -------- -------
NET ASSETS APPLIED TO OUTSTANDING SHARES ............. 118,092 20,870 143,526 106,792
======== ======= ======== =======
CAPITAL SHARES (AUTHORIZED SHARES UNLIMITED)
Outstanding .......................................... 12,872 2,047 143,800 106,833
======== ======= ======== =======
Par Value ............................................ $ 0.001 $ 0.001 $ 0.001 $ 0.001
======== ======= ======== =======
Net asset value per share ............................ $ 9.17 $ 10.20 $ 1.00 $ 1.00
======== ======= ======== =======
(+) Investments at cost .............................. 116,710 20,322 143,880 107,589
UNREALIZED APPRECIATION/(DEPRECIATION): *
Gross appreciation ........................... 693 332 0 0
Gross depreciation ........................... (134) (17) 0 0
--------- ------- ------- -------
NET UNREALIZED APPRECIATION .......................... 559 315 0 0
======== ======= ======== =======
<FN>
* Based on cost of securities for Federal Income tax purposes which does not
differ from book cost.
(a) Premiums received: Tudor $494, Growth $157.
</FN>
</TABLE>
See notes to financial statements Page 33
<PAGE>
<TABLE>
<CAPTION>
WEISS, PECK & GREER MUTUAL FUNDS
STATEMENTS OF OPERATIONS FOR SIX MONTHS ENDED JUNE 30,1997 - (UNAUDITED)
Growth and Quantitative
$ in Thousands Tudor Income Growth Equity International
- -------------- ----- ------ ------ ------ -------------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividends ....................................................... $ 279 $ 859 $ 105 $ 1,065 $ 129
Interest ........................................................ 154 90 87 34 6
Income from securities loaned - Note 4 .......................... 21 0 10 0 0
Class action litigation settlement .............................. 110 0 129 0 0
Other ........................................................... 0 6 0 3 0
------- ------- ------ ------- -------
564 955 331 1,102 135
------- ------- ------ ------- -------
EXPENSES:
Investment advisory fee - Note 5 ................................ 756 335 230 382 32
Transfer agent fees and expenses ................................ 109 37 13 32 20
Administration fees - Note 5 .................................... 53 35 12 15 0
Custodian fees and expenses ..................................... 39 5 13 17 10
Fund accounting fees and expenses ............................... 36 19 14 24 15
Professional fees ............................................... 30 22 23 23 24
Trustees' fees and expenses ..................................... 11 11 12 12 11
Registration fees ............................................... 7 0 8 6 7
Shareholders' reports ........................................... 5 3 6 8 3
Amortization of organization costs .............................. 0 0 0 10 0
Other expenses .................................................. 10 6 3 7 3
------- ------- ------ ------- -------
1,056 473 334 536 125
Less fees waived by adviser ..................................... 0 0 0 0 0
Less reimbursement by adviser ................................... 0 0 0 0 0
Less expenses paid indirectly - Note 7 .......................... (1) (1) (1) (2) (1)
------- ------- ------ ------- -------
1,055 472 333 534 124
------- ------- ------ ------- -------
NET INVESTMENT INCOME/(LOSS) .................................... (491) 483 (2) 568 11
------- ------- ------ ------- -------
REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS,
FUTURES, OPTIONS AND CURRENCIES:
Net realized gain/(loss) on investmen futures and options 7,934 4,318 (1,022) 7,509 19
Net realized gain/(loss) on currencies .................. (7) 0) (2) 0) (99)
Change in unrealized appreciation/(depreciation) on
investments, futures and options ................ (5,955) 12,913 2,245 7,287 1,286
Change in unrealized appreciation/(depreciation) on
currencies ...................................... 0) 0 0 0 (6)
------- ------- ------ ------- -------
NET GAIN/(LOSS) ON INVESTMENTS, FUTURES, OPTIONS AND
CURRENCIES .............................................. 1,972 17,231 1,221 14,796 1,200
------- ------- ------ ------- -------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS ............................... $ 1,481 $ 17,714 $ 1,219 $ 15,364 $ 1,211
======== ======== ======== ======== ========
</TABLE>
Page 34 See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
Intermediate
Government Municipal Government Tax Free
$ in Thousands Securities Bond Money Market Money Market
---------- ---- ------------ ------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividends ....................................................... $ 0 $ 0 $ 0 $ 0
Interest ........................................................ 3,823 508 3,720 2,695
Income from securities loaned - Note 4 .......................... 0 0 0 0
Class action litigation settlement .............................. 0 0 0 0
Other ........................................................... 0 0 0 21
3,823 508 3,720 2,716
EXPENSES:
Investment advisory fee - Note 5 ................................ 352 38 343 352
Transfer agent fees and expenses ................................ 27 13 86 43
Administration fees - Note 5 .................................... 21 0 37 23
Custodian fees and expenses ..................................... 14 0 12 12
Fund accounting fees and expenses ............................... 23 9 26 33
Professional fees ............................................... 27 14 28 20
Trustees' fees and expenses ..................................... 13 11 11 14
Registration fees ............................................... 11 12 12 13
Shareholders' reports ........................................... 7 4 6 7
Amortization of organization costs .............................. 0 6 0 0
Other expenses .................................................. 7 2 6 6
502 109 567 523
Less fees waived by adviser ..................................... 0 (25) 0 0
Less reimbursement by adviser ................................... 0 (4) 0 0
Less expenses paid indirectly - Note 7 .......................... (1) (1) (4) (4)
501 79 563 519
NET INVESTMENT INCOME/(LOSS) .................................... 3,322 429 3,157 2,197
REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS,
FUTURES, OPTIONS AND CURRENCIES:
Net realized gain/(loss) on investmen futures and options (561) (10) 0) (3)
Net realized gain/(loss) on currencies .................. 0 0 0 0
Change in unrealized appreciation/(depreciation) on
investments, futures and options ................ 0 136 0 0
Change in unrealized appreciation/(depreciation) on
currencies ...................................... 372 0 0 0
NET GAIN/(LOSS) ON INVESTMENTS, FUTURES, OPTIONS AND
CURRENCIES .............................................. (189) 126 0 (3)
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS ............................... $ 3,133 $ 555 $ 3,157 $ 2,194
======== ======== ======== ========
</TABLE>
See notes to financial statements Page 35
<PAGE>
WEISS, PECK & GREER
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
GROWTH AND
TUDOR INCOME GROWTH
----- ------ ------
SIX SIX SIX
MONTHS YEAR MONTHS YEAR MONTHS YEAR
$ IN THOUSANDS ENDED ENDED ENDED ENDED ENDED ENDED
6/30/97* 12/31/96 6/30/97* 12/31/96 6/30/97* 12/31/96
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income/(loss) ...................... ($ 491) ($ 1,042) $ 483 $ 1,107 ($ 2) ($ 43)
Net realized gain/(loss) on
investments, futures,
options, and currencies ................... 7,927 30,159 4,318 7,405 (1,024) 13,594
Change in unrealize
appreciation/(depreciation)
on investments, futures,
options and currencies .................... (5,955) 1,416 12,913 7,840 2,245 (2,903)
-------------------- ----------------- ------------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS ................. 1,481 30,533 17,714 16,352 1,219 10,648
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income ................ 0 0 (607) (1,001) 0 0
From capital gains ........................ 0 (27,250) 0 (6,957) 0 (13,157)
-------------------- ------------------ ------------------
NET DECREASE DUE TO
DISTRIBUTIONS ............................. 0 (27,250) (607) (7,958) 0 (13,157)
-------------------- ------------------ ------------------
TRANSACTIONS IN SHARES
BENEFICIAL INTEREST:
Received on issuance
Shares sold ............................... 174,962 157,573 6,983 10,378 107,213 120,071
Distributions reinvested .................. 0 24,493 298 7,047 0 12,286
Shares redeemed ........................... (184,991) (169,513) (5,032) (10,239) (103,060) (127,462)
--------------------- -------------------- ---------------------
NET INCREASE/(DECREASE)
CAPITAL SHARE TRANSACTIONS ................ (10,029) 12,553 2,249 7,186 4,153 4,895
--------------------- -------------------- --------------------
TOTAL INCREASE/(DECREASE)
IN NET ASSETS ............................. (8,548) 15,836 19,356 15,580 5,372 2,386
NET ASSETS:
Beginning of year ................................. 181,370 165,534 82,937 67,357 62,839 60,453
-------------------- ----------------- -------------------
End of period + ................................... $ 172,822 $ 181,370 $ 102,293 $ 82,937 $ 68,211 $62,839
==================== ================= ==================
+ Includes undistributed net
investment income ................................. (849) (358) 83) 207) (207) (205)
==================== ================== ==================
Transactions in shares of the funds (in thousands):
Sold ...................................... 7,937 6,124 219 366 953 861
Reinvestment of distributions ............. 0 1,057 10 238 0 104
Redeemed .................................. (8,378) (6,604) (163) (364) (915) (918)
-------------------- ----------------- -------------------
Net increase/(decrease) ........................... (441) 577 66 240 38 47
==================== ================== ==================
<FN>
* Unaudited
</FN>
</TABLE>
Page 36 See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
QUANTITATIVE GOVERNMENT
EQUITY INTERNATIONAL SECURITIES
------ ------------- ----------
SIX SIX SIX
MONTHS YEAR MONTHS YEAR MONTHS YEAR
$ IN THOUSANDS ENDED ENDED ENDED ENDED ENDED ENDED
6/30/97* 12/31/96 6/30/97* 12/31/96 6/30/97* 12/31/96
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income/(loss) ...................... $ 568 $ 2,219 $ 11 $ 41 $ 3,322 $ 8,454
Net realized gain/(loss) on
investments, futures,
options, and currencies ................... 7,509 29,051 (80) 1,469 (561) (1,080)
Change in unrealize
appreciation/(depreciation)
on investments, futures,
options and currencies .................... 7,287 (5,583) 1,280 (887) 372 (2,578)
NET INCREASE IN NET ASSETS
-------------------- ------------------ -------------------
RESULTING FROM OPERATIONS ................. 15,364 25,687 1,211 623 3,133 4,796
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income ................ 0 (1,873) 0 (44) (3,302) (8,400)
From capital gains ........................ 0 (26,218) 0 (1,393) 0 0
-------------------- ------------------- --------------------
NET DECREASE DUE TO
DISTRIBUTIONS ............................. 0 (28,091) 0 (1,437) (3,302) (8,400)
-------------------- ------------------- --------------------
TRANSACTIONS IN SHARES
BENEFICIAL INTEREST:
Received on issuance
Shares sold ............................... 6,210 40,334 831 2,535 6,875 8,570
Distributions reinvested .................. 0 25,939 0 1,284 1,852 5,278
Shares redeemed ........................... (16,417) (94,620) (1,935) (4,038) (11,270) (61,018)
-------------------- ------------------- ---------------------
NET INCREASE/(DECREASE)
CAPITAL SHARE TRANSACTIONS ................ (10,207) (28,347) (1,104) (219) (2,543) (47,170)
-------------------- ------------------- ---------------------
TOTAL INCREASE/(DECREASE)
IN NET ASSETS ............................. 5,157 (30,751) 107 (1,033) (2,712) (50,774)
NET ASSETS:
Beginning of year ................................. 102,450 133,201 13,161 14,194 120,804 171,578
-------------------- ------------------- ---------------------
End of period + ................................... $ 107,607 $ 102,450 $ 13,268 $13,161 $118,092 $ 120,804
==================== =================== ====================
+ Includes undistributed net
investment income ................................. 904 336 (30) (41) 28 8
=================== ================= ==================
Transactions in shares of the funds (in thousands):
Sold ...................................... 1,015 5,658 81 224 754 929
Reinvestment of distributions ............. 0 4,345 0 124 203 575
Redeemed .................................. (2,679) (12,053) (188) (358) (1,234) (6,638)
------------------- ----------------- -------------------
Net increase/(decrease) ........................... (1,664) (2,050) (107) (10) (277) (5,134)
=================== ================= ==================
<FN>
* Unaudited
</FN>
</TABLE>
<TABLE>
<CAPTION>
INTERMEDIATE
MUNICIPAL GOVERNMENT TAX FREE
BOND MONEY MARKET MONEY MARKET
---- ------------ ------------
SIX SIX SIX
MONTHS YEAR MONTHS YEAR MONTHS YEAR
$ IN THOUSANDS ENDED ENDED ENDED ENDED ENDED ENDED
6/30/97* 12/31/96 6/30/97* 12/31/96 6/30/97* 12/31/96
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income/(loss) ...................... $ 429 $ 657 $ 3,157 $ 6,130 $ 2,197 $ 3,940
Net realized gain/(loss) on
investments, futures,
options, and currencies ................... (10) 5 0 7 (3) (3)
Change in unrealize
appreciation/(depreciation)
on investments, futures,
options and currencies .................... 136 (46) 0 0 0 0
--------------------- --------------------- --------------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS ................. 555 616 3,157 6,137 2,194 3,937
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income ................ (429) (657) (3,157) (6,132) (2,217) (3,940)
From capital gains ........................ 0 0 0 0 0 0
--------------------- --------------------- --------------------
NET DECREASE DUE TO
DISTRIBUTIONS ............................. (429) (657) (3,157) (6,132) (2,217) (3,940)
--------------------- --------------------- --------------------
TRANSACTIONS IN SHARES
BENEFICIAL INTEREST:
Received on issuance
Shares sold ............................... 8,312 6,115 715,811 1,206,518 511,547 1,110,592
Distributions reinvested .................. 225 473 2,795 6,163 2,007 3,991
Shares redeemed ........................... (3,007) (4,063) (727,866) (1,191,110) (524,162) (1,118,911)
---------------------- --------------------- --------------------
NET INCREASE/(DECREASE)
CAPITAL SHARE TRANSACTIONS ................ 5,530 2,525 (9,260) 21,571 (10,608) (4,328)
---------------------- --------------------- --------------------
TOTAL INCREASE/(DECREASE)
IN NET ASSETS ............................. 5,656 2,484 (9,260) 21,576 (10,631) (4,331)
NET ASSETS:
Beginning of year ................................. 15,214 12,730 152,786 131,210 117,423 121,754
---------------------- --------------------- --------------------
End of period + ................................... $ 20,870 $ 15,214 $ 143,526 $ 152,786 $ 106,792 $ 117,423
====================== ===================== ====================
+ Includes undistributed net
investment income ................................. 1 1 0 0 (20) 0
====================== ===================== ====================
Transactions in shares of the funds (in thousands):
Sold ...................................... 822 607 715,808 1,206,516 511,550 1,110,592
Reinvestment of distributions ............. 22 47 2,795 6,163 2,007 3,991
Redeemed .................................. (297) (402) (727,866) (1,191,110) (524,162) (1,118,911)
---------------------- --------------------- --------------------
Net increase/(decrease) ........................... 547 252 (9,263) 21,569 (10,605) (4,328)
====================== ===================== ====================
<FN>
* Unaudited
</FN>
</TABLE>
See notes to financial statements Page 37
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
ORGANIZATION
The following are open-end management investment companies registered under
the Investment Company Act of 1940 (the "Act"):
WPG Tudor Fund ("Tudor")
WPG Growth and Income Fund ("Growth and Income")
WPG Growth Fund ("Growth")
Weiss, Peck & Greer Funds Trust ("WPG Funds Trust")
WPG Quantitative Equity Fund ("Quantitative Equity")
WPG Government Securities Fund ("Government Securities")
WPG Intermediate Municipal Bond Fund ("Municipal Bond")
WPG Government Money Market Fund ("Government Money Market")
WPG Tax Free Money Market Fund ("Tax Free Money Market")
Weiss, Peck & Greer International Fund ("International")
Each fund is diversified.
Government Money Market and Tax Free Money Market are money market funds that
seek to maintain continuous net asset values of $1.00. The following is a
summary of the significant accounting policies and other information.
PORTFOLIO VALUATION
Common Stock - Securities listed or admitted to trading on a national
securities exchange, including options, are valued at the last sale price, on
such exchange, as of the close of regular trading on the New York Stock
Exchange ("NYSE") on the day the net asset value calculation is made.
Unlisted securities and listed securities for which there are no sales
reported on the valuation date are valued at the mean between the most recent
bid and ask prices.
Bonds - Bonds and other fixed income securities (other than short-term
obligations but including listed issues) are valued by a pricing service
which utilizes both dealer-supplied valuations and electronic data processing
techniques which take into account appropriate factors such as
institutional-size trading in similar groups of securities, yield, quality,
coupon rate, maturity, type of issue, trading characteristics and other
market data, without exclusive reliance upon quoted prices, exchange or
over-the-counter prices, when such valuations are believed to reflect the
market value of such securities.
Money Market Securities - Investments are valued at amortized cost, which has
been determined by the Funds' Board of Trustees to represent the fair value
of the Funds' investments.
Foreign Securities - Securities listed or admitted to trading on an
international securities exchange, including options, are valued at the last
sale price, at the close of the primary international exchange on the day the
net asset value calculation is made. Unlisted securities and listed
securities for which there are no sales reported on the valuation date are
valued at the mean between the most recent bid and ask prices.
Other Securities - Other securities and assets for which market quotations
are not readily available are valued at their fair value as determined, in
good faith, by the Funds' Valuation Committee as authorized by the Funds'
Board of Trustees.
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 38
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (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, 1996, the following funds had
capital loss carryforwards:
(in thousands)
Year of Expiration
------------------
Fund 2001 2002 2003 2004
- ---- ---- ---- ---- ----
Government Securities -- 20,373 20,113 1,028
Municipal Bond -- 134 8 --
Government Money Market -- 2,015 -- --
Tax Free Money Market 11 -- 1 1
DISTRIBUTION TO SHAREHOLDERS
Dividends from Net Investment Income - Distributions are recorded on the
ex-dividend date. Dividends from net investment income are declared and paid
annually when available for the Tudor, Growth, Quantitative Equity and
International Funds and quarterly for Growth & Income. Dividends from net
investment income are declared daily and paid monthly for Government
Securities, Municipal Bond, Government Money Market and Tax Free Money
Market.
Distributions from Capital Gains - Distributions from capital gains are
declared by December 31 of the year in which they are earned and are paid by
January 31 of the following year. To the extent that net realized capital
gains can be offset by capital loss carryforwards, if any, it is the policy
of the Fund not to distribute such gains.
The character of income and gains to be distributed are determined in
accordance with income tax regulations which may differ from generally
accepted accounting principles. These differences are due to differing
treatments for items such as mortgage backed securities, net operating
losses, deferral of wash sales losses, options and futures, and post October
losses.
ORGANIZATION EXPENSES
Organizational and initial offering expenses of approximately $97,000 and
$77,000 for the Quantitative Equity Fund and the Intermediate Municipal Bond
Fund, respectively, were deferred and are being amortized on a straight-line
basis over a sixty-month period.
REPURCHASE AGREEMENTS (TUDOR, GROWTH, GOVERNMENT SECURITIES,
GOVERNMENT MONEY MARKET)
It is each Fund's policy to take possession of securities or other assets
purchased under agreements to resell. The securities purchased under
agreements to resell are marked to market every business day to ensure that
the value of the "collateral" is at least equal to the value of the loan,
including the accrued interest earned thereon, plus sufficient additional
market value as is considered necessary to provide a margin of safety.
FUTURES (TUDOR, GROWTH, QUANTITATIVE EQUITY, INTERNATIONAL, GOVERNMENT
SECURITIES)
A futures contract is an agreement between two parties to buy and sell a
security at a set price on a future date. Upon entering into such a contract,
a Fund is required to pledge to the broker an amount of cash and/or
securities equal to the minimum "initial margin" requirements of the
exchange. Pursuant to the contract, the Fund agrees to receive from, or pay
to the broker, an amount of cash equal to the daily fluctuation in value of
the contract. Such a receipt or payment is known as a "variation margin" and
is recorded by each Fund as an unrealized gain or loss. When the contract is
closed, the Fund records a realized gain or loss equal to the difference
between the value of the contract at the time it was opened and the value at
the time it was closed. The Fund is also required to fully collateralize
futures contracts purchased. The Fund only enters into futures contracts
which are traded on exchanges.
Page 39
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (continued)
OPTIONS WRITING (TUDOR, GROWTH & INCOME, GROWTH, QUANTITATIVE EQUITY,
INTERNATIONAL, GOVERNMENT SECURITIES)
A Fund may write covered options to protect against adverse movements in the
price of securities in the investment portfolio. When a Fund writes an
option, an amount equal to the premium received by the Fund is recorded as a
liability and is subsequently adjusted to the current market value of the
option written. Premiums received from writing options which expire
unexercised are recorded by the Fund on the expiration date as realized gains
from options transactions. The difference between the premium and the amount
paid on effecting a closing purchase transaction, including brokerage
commissions, is also treated as a realized gain, or if the premium is less
than the amount paid for the closing purchase transaction, as a realized
loss. If a call is exercised, the premium is added to the proceeds from the
sale of the underlying securities or currencies in determining whether the
Fund has realized a gain or loss. If a put is exercised, the premium reduces
the cost basis of the securities or currencies purchased by the Fund. In
writing an option, the Fund bears the market risk of an unfavorable change in
the price of the security underlying the written option. Exercise of an
option written by the Fund could result in the selling or buying of a
security or currency at a price different from the current market value. The
Fund only enters into options which are traded on exchanges except for Tudor
and Growth which can enter into non-exchange options with counterparties as
authorized by the Board of Trustees.
FOREIGN SECURITIES (TUDOR, GROWTH AND INCOME, GROWTH, INTERNATIONAL)
Certain risks result from investing in foreign securities in addition to the
usual risks inherent in domestic investments. Such risks include future
political, economic and currency exchange developments including investment
restrictions and changes in foreign laws.
FORWARD CURRENCY CONTRACTS (TUDOR, GROWTH AND INCOME, GROWTH, INTERNATIONAL)
A Fund may enter into forward contracts. Such contracts may be utilized in
connection with planned purchases or sales of securities or to hedge the U.S.
dollar value of portfolios denominated in foreign currencies. Fluctuations in
the value of the forward contracts are recorded for book purposes as
unrealized gains or losses by the Fund. Risks may arise upon entering into
these contracts from the potential inability of counterparties to meet the
terms of their contracts and from unanticipated movements in the value of the
foreign currency relative to the U.S. dollar. Upon entering into such a
contract, the Fund is required to segregate assets with its custodian at
least equal to the value of the Fund's assets committed to fulfilling the
forward currency contract.
FOREIGN CURRENCY TRANSACTIONS (TUDOR, GROWTH AND INCOME, GROWTH, INTERNATIONAL)
The books and records of each Fund are maintained in United States (U.S.)
dollars. Foreign currencies, investments and other assets or liabilities,
denominated in foreign currencies, are translated into U.S. dollars at the
exchange rates prevailing on the close of trading on the primary foreign
market. The Fund does not isolate that portion of the results of operations
resulting from changes in foreign exchange rates on investments from the
fluctuations arising from changes in market prices of securities held. Such
fluctuations are included with the net realized and unrealized gain or loss
from investments.
Reported net realized foreign exchange gains or losses arise from sales and
maturities of short term securities, sales of foreign currencies, currency
gains or losses realized between the trade and settlement dates on securities
transactions, the difference between the amounts of dividends, interest, and
foreign withholding taxes recorded on the Fund's books, and the U.S. dollar
equivalent of the amounts actually received or paid. Net unrealized foreign
exchange gains and losses arise from changes in the value of assets and
liabilities other than investments in securities at year end, resulting from
changes in the exchange rate.
Page 40
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (continued)
USE OF ESTIMATES
Estimates and assumptions are required to be made regarding assets,
liabilities and changes in net assets resulting from operations when
financial statements are prepared. Changes in the economic environment,
financial markets and any other parameters used in determining these
estimates could cause actual results to differ from these amounts.
2 - SECURITIES TRANSACTIONS
For the six months ended June 30, 1997, sales proceeds, cost of securities
purchased, (other than short term investments and options written), total
commissions and commissions received by Weiss, Peck & Greer ("WPG"), the
Funds' investment adviser or Hill Samuel Investment Management Limited
("HSIM"), the International Fund's sub-adviser, on such transactions were as
follows:
<TABLE>
<CAPTION>
Proceeds Cost of Commissions
of Securities Securities Total Received by
Sold Purchased Commissions WPG or HSIM
(000's) (000's) (000's) (000's)
------- ------- ------- -------
<S> <C> <C> <C> <C>
Tudor $101,757 $ 87,092 $ 110 $ 45
Growth and Income 33,096 35,072 60 43
Growth 26,331 24,729 37 16
Quantitative Equity 57,398 45,282 110 109
International 5,592 3,889 30 0
Government Securities 154,703 199,193 0 0
Municipal Bond 2,103 7,454 0 0
</TABLE>
OPTIONS WRITING ACTIVITY
For the six months ended June 30, 1997, the number of covered call options
written, expired and closed and their related realized gain (loss) were as
follows:
<TABLE>
<CAPTION>
GOVERNMENT
TUDOR GROWTH SECURITIES
----- ------ ----------
($ in thousands) Number Number Number
of Premiums of Premiums of Premiums
Contracts Received Contracts Received Contracts Received
--------- -------- ------------------ --------- --------
<S> <C> <C> <C> <C> <C> <C>
Covered Call
Options Written
Contracts Outstanding
December 31, 1996 150 $ 39 90 $ 21 0 $ 0
Contracts Written 5,324 4,238 1,726 1,312 8,000 23
--------------- ---------------- -----------------
5,474 4,277 1,816 1,333 8 23
--------------- ---------------- -----------------
Contracts Terminated
Expired 967 1,183 620 422 0 0
Closed 3,755 2,600 930 754 0 0
--------------- ---------------- -----------------
Total Contracts terminated 4,722 3,783 1,550 1,176 0 0
--------------- ---------------- -----------------
Contracts Outstanding at
June 30, 1997 752 $ 494 266 $ 157 8,000 $ 23
============== ================ =================
Cost of Total Contracts
Terminated $4,472 $1,547 $ 0
------ ------ ------
Realized Gain/(Loss)
on Contracts (690) (371) 0
------ ------ ------
Aggregate value of collateral $6,018 $1,913 $13,488
------ ------ ------
</TABLE>
Page 41
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (continued)
3 - INVESTMENTS IN RESTRICTED SECURITIES
Certain of the Funds may from time to time purchase restricted securities. The
following are restricted securities and would require registration under the
Securities Act of 1933 before they could be offered for public sale in the U.S.
Each security is valued under a method approved by the Board of Trustees as
reflecting fair value.
<TABLE>
<CAPTION>
Cost Value Per Unit Total Market Percentage of
Per at Acquisition Value Per Unit Value 6/30/97 Net Assets at
Fund Security Unit Date at 6/30/97 (000's) 6/30/97
---- -------- ---- ---- ---------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
Tudor Advanced Promotion
Technologies $100.00 $73.76 $0.07 $1 0.00%
Tudor Quality
Semiconductor 85.00 79.26 92.12 704 0.41%
Tudor Thermoquest 15.00 14.84 14.49 724 0.42%
Growth Quality
Semiconductor 85.00 79.26 92.12 704 0.41%
Growth Thermoquest 15.00 14.84 14.49 724 0.42%
</TABLE>
4 - SECURITIES LENDING (TUDOR, GROWTH, GOVERNMENT SECURITIES)
At June 30, 1997, securities valued at $21,124,310, $10,307,454 and $29,107,270
were on loan to brokers by the Tudor Fund, Growth Fund and Government Fund,
respectively. For collateral the Tudor Fund received a letter of credit in an
amount equal to $22,000,000, the Growth Fund received U.S. Government Securities
in the amount of $10,735,514 and the Government Fund received U.S. Government
Securities in the amount of $29,540,450. During the six months ended June 30,
1997, the Tudor Fund, the Growth Fund and the Government Securities Fund earned
approximately $19,602, $7,285 and $11,999 net of custodian expenses,
respectively.
5 - INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
WPG serves as the Funds' investment adviser. The advisory fees of each Fund are
as follows, and are paid monthly except for the International Fund which is paid
quarterly:
Tudor .90% of net assets up to $300 million
.80% of net assets $300 million to $500 million
.75% of net assets in excess of $500 million
Growth and Income .75% of net assets
Growth .75% of net assets
Quantitative Equity .75% of net assets
International .50% while net assets under $15 million
.85% while net assets $15 to $20 million
1.00% while net assets in excess of $20 million
Government Securities .60% of net assets up to $300 million
.55% of net assets $300 million to $500 million
.50% of net assets in excess of $500 million
Municipal Bond .00% while net assets under $17 million
.50% while net assets in excess of $17 million
Page 42
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (continued)
Government Money Market .50% of net assets up to $500 million
& .45% of net assets $500 million to $1 billion
Tax Free Money Market .40% of net assets $1 billion to $1.5 billion
.35% of net assets in excess of $1.5 billion
Pursuant to authority granted under its Investment Advisory Agreement with the
International Fund, WPG has selected Hill Samuel Investment Management Limited
("HSIM"), formerly Lloyds Investment Management Limited, as sub-adviser to the
Fund. Pursuant to a sub-advisory agreement, HSIM has overall responsibility for
the management of the International Fund's assets invested in non-US securities.
Lloyds Investment Management Limited, the parent of HSIM, is a limited partner
in the partnership of WPG.
Each Fund has entered into an Administration Agreement with WPG whereby WPG
earns a fee based upon a percentage of average daily net assets. The terms of
the Administration Agreement were changed effective May 1, 1997. For the period
January 1, 1997 through April 30, 1997 the Administration fee schedule was as
follows: Tudor 0.07%, Growth and Income 0.09%, Growth 0.02%, Quantitative Equity
0.02%, International 0.06% while assets exceed $25 million, Government
Securities 0.03%, Intermediate Municipal Bond 0.12% while assets exceed $50
million, Government Money Market 0.06% and Tax Free 0.03%. On May 1, 1997 the
Administration fees changed to the following: Tudor 0.05%, Growth and Income
0.06%, Growth 0.08%, Quantitative Equity 0.05%, International 0.00% while assets
are below $25 million and 0.06% while assets exceed $25 million, Government
Securities 0.05%, Intermediate Municipal Bond 0.00% while net assets are $50
million and below, and 0.12% while assets exceed $50 million, Government Money
Market 0.04% and Tax Free 0.04%.
6 - DISTRIBUTION PLAN (GOVERNMENT SECURITIES)
The Trust has adopted a plan of Distribution (the "Plan") under Section 12 (b)
of the 1940 Act and Rule 12b-1 thereunder. The Fund may pay up to 0.25% of its
average daily net assets under any one agreement but is limited to an aggregate
of 0.05% of its average annual net assets for activities primarily intended to
result in the sale of its shares.
For the six months, expenses incurred under the Plan were $221.
Under the terms, the Plan shall remain in effect from year to year, provided
such continuance is approved annually by a vote of a majority of those Trustees
who are not "interested persons" of the Trust and who have no direct or indirect
financial interest in the operation of the plan or in any agreement related to
the Plan.
7 - CUSTODIAN FEES
Each Fund has entered into an expense offset agreement with its custodian
wherein it receives credit toward the reduction of custodian fees whenever there
are uninvested cash balances. For the six months ended June 30, 1997, the Funds'
custodian fee and related offset were as follows:
Custodian Offset
Fee Credit
--- ------
Tudor $36,947 $ 1,435
Growth and Income 9,605 660
Growth 19,019 895
Quantitative Equity 12,641 1,577
International 12,830 870
Government Securities 11,355 717
Intermediate Municipal Bond 2,002 602
Government Money Market 9,701 3,522
Tax Free Money Market 11,922 3,901
Page 43
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (continued)
The Funds could have invested its cash balances elsewhere if it had not agreed
to a reduction in fees under the expense offset agreement with its custodian.
8 - RECLASSIFICATION OF CAPITAL ACCOUNTS
In accordance with the adoption of Statement of Position 93-2 "Determination,
Disclosure and Financial Statement Presentation of Income, Capital Gain and
Return of Capital Distributions by Investment Companies", reclassifications were
made to the Funds' capital accounts to reflect permanent book/tax differences
and income and gains available for distributions under income tax regulations.
Net investment income, net realized gains and net assets were not affected by
this change. At December 31, 1996 the amounts reclassified were as follows:
Undistributed Undistributed Additional
Net Investment Net Realized Paid-in
Income Gains Surplus
(000's) (000's) (000's)
------- ------- -------
Tudor 87 (21) (66)
Growth and Income (104) 146 (36)
Growth (366) 412 (46)
Quantitative Equity (92) 53 39
International (55) 55 0
Government Securities (51) 43 8
Intermediate Municipal Bond (27) 0 27
Government Money Market 2 (1,737) 1,735
Page 44
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
(for the years ended December 31 except for 1997 which is for
FINANCIAL HIGHLIGHTS
the six months ended June 30, 1997 and as indicated in the footnotes)
<TABLE>
<CAPTION>
$ PER SHARE
Net Total
Realized Income
Net Net and From Dividends Distri-
Asset Invest- Unrealized Invest- From butions
Value at ment Gains or ment Net From Total Contri-
Beginning Income (Losses) on Opera- Investment Capital Distri- butions to
of Period (Loss) Securities tions Income Gains butions Capital
--------- ------ ---------------- ------ ----- ---------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
TUDOR
1997 23.28 (0.07) 0.30 0.23 0.00 0.00 0.00 0.00
1996 22.95 (0.14) 4.41 4.27 0.00 (3.94) (3.94) 0.00
1995 19.34 (0.10) 8.03 7.93 0.00 (4.32) (4.32) 0.00
1994 23.40 (0.13) (2.14) (2.27) 0.00 (1.79) (1.79) 0.00
1993 24.85 (0.22) 3.51 3.29 0.00 (4.74) (4.74) 0.00
1992 24.76 (0.16) 1.40 1.24 0.00 (1.15) (1.15) 0.00
GROWTH AND INCOME FUND
1997 29.32 0.14 6.07 6.21 (0.19) 0.00 (0.19) 0.00
1996 26.02 0.24 6.10 6.34 (0.39) (2.66) (3.05) 0.00
1995 21.36 0.51 6.44 6.95 (0.53) (1.76) (2.29) 0.00
1994 23.34 0.56 (1.83) (1.27) (0.62) (0.09) (0.71) 0.00
1993 23.89 0.56 1.71 2.27 (0.89) (1.93) (2.82) 0.00
1992 24.07 0.45 2.82 3.27 (0.43) (3.02) (3.45) 0.00
GROWTH
1997 118.47 0.02 1.51 1.53 0.00 0.00 0.00 0.00
1996 125.17 (0.76) 22.90 22.14 0.00 (28.84) (28.84) 0.00
1995 94.45 (0.22) 37.70 37.48 0.00 (6.76) (6.76) 0.00
1994 116.62 (0.29) (15.96) (5.92) (5.92) 0.00 (5.92) (5.92)
1993 126.68 (0.78) 19.42 18.64 0.00 (28.70) (28.70) 0.00
1992 132.06 (0.47) 8.24 7.77 (0.02) (13.13) (13.15) 0.00
QUANTITATIVE EQUITY FUND
1997 5.89 0.03 0.92 0.95 0.00 0.00 0.00 0.00
1996 6.85 0.16 1.13 1.29 (0.15) (2.10) (2.25) 0.00
1995 5.44 0.13 1.70 1.83 (0.12) (0.30) (0.42) 0.00
1994 5.58 0.13 (0.11) 0.02 (0.11) (0.05) (0.16) 0.00
1993 5.00 0.08 0.62 0.70 (0.08) (0.04) (0.12) 0.00
INTERNATIONAL
1997 10.29 0.01 1.02 1.03 0.00 0.00 0.00 0.00
1996 11.01 (0.07) 0.57 0.50 (0.04) (1.18) (1.22) 0.00
1995 10.93 0.04 1.15 1.19 (0.15) (0.96) (1.11) 0.00
1994 11.72 0.01 (0.75) (0.74) 0.00 (0.05) (0.05) 0.00
1993 8.54 (0.02) 3.20 3.18 0.00 0.00 0.00 0.00
1992 9.04 0.07 (0.57) (0.50) 0.00 0.00 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
RATIOS
Net Net Average
Asset Assets at Ratio of Ratio of Commiss-
Value at End of Expenses Net Income Portfolio ion
End of Total Period To Average To Average Turnover per
Period Return ($000's) Net Assets Net Assets Rate Share
------ ------ -------- ---------- ---------- ---- -----
<S> <C> <C> <C> <C> <C> <C> <C>
TUDOR
1997 23.51 0.99% 172,822 1.25%A (0.58%)A 51.7% $0.0580
1996 23.28 18.82% 181,369 1.25% (0.57%) 105.4% 0.0580
1995 22.95 41.18% 165,534 1.30% (0.47%) 123.1% N/A
1994 19.34 (9.81%) 144,207 1.28% (0.62%) 109.1% N/A
1993 23.40 13.38% 242,067 1.25% (0.76%) 118.2% N/A
1992 24.85 5.13% 273,394 1.21% (0.71%) 88.8% N/A
GROWTH AND INCOME FUND
1997 35.34 21.33% 102,293 1.06%A 1.08 37.6% $0.0650
1996 29.32 24.42% 82,937 1.15% 1.50% 75.8% 0.0620
1995 26.02 32.73% 67,357 1.22% 2.10% 79.4% N/A
1994 21.36 (5.47%) 61,045 1.23% 2.49% 71.9% N/A
1993 23.34 9.53% 62,714 1.26% 2.15% 86.4% N/A
1992 23.89 13.80% 49,304 1.34% 1.79% 75.5% N/A
GROWTH
1997 120.00 1.29% 68,211 1.09%A (0.01%)A 41.0% $0.0660
1996 118.47 17.99% 62,839 1.08% (0.07%) 122.4% 0.0640
1995 125.17 39.72% 60,453 1.07% (0.21%) 119.0% N/A
1994 94.45 (14.03%) 87,942 0.95% (0.27%) 99.3% N/A
1993 116.62 14.87% 169,302 0.98% (0.54%) 126.6% N/A
1992 126.68 6.27% 208,384 0.95% (0.57%) 84.3% N/A
QUANTITATIVE EQUITY FUND
1997 6.84 16.13% 107,607 1.05%A 1.12%A 44.5% $ 0.0490
1996 5.89 18.51% 102,450 0.95% 1.52% 60.8% 0.0340
1995 6.85 33.37% 133,201 1.00% 2.00% 26.1% N/A
1994 5.44 0.34% 73,484 1.14% 2.36% 46.8% N/A
1993 5.58 13.90% 46,921 1.32% 2.01% 20.6% N/A
INTERNATIONAL
1997 11.32 10.01% 13,268 1.95%A 0.18%A 31.1% $0.0000
1996 10.29 4.64% 13,161 1.71% 0.31% 85.2% 0.0190
1995 11.01 10.92% 14,194 1.74% 0.39% 55.9% N/A
1994 10.93 (6.32%) 17,102 1.95% 0.12% 69.8% N/A
1993 11.72 37.24% 15,996 2.12% (0.13%) 75.9% N/A
1992 8.54 (5.53%) 8,311 2.28% 0.71% 96.8% N/A
</TABLE>
See notes to financial statements
Page 45
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
(for the years ended December 31 except for 1997 which is for
FINANCIAL HIGHLIGHTS
the six months ended June 30, 1997 and as indicated in the footnotes)
<TABLE>
<CAPTION>
$ PER SHARE
Net Total
Realized Income
Net Net and From Dividends Distri-
Asset Invest- Unrealized Invest- From butions
Value at ment Gains or ment Net From Total Contri-
Beginning Income (Losses) on Opera- Investment Capital Distri- butions to
of Period (Loss) Securities tions Income Gains butions Capital
--------- ------ ---------------- ------ ----- ---------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
GOVERNMENT SECURITIES
1997 9.19 0.26 (0.02) 0.24 (0.26) 0.00 (0.26) 0.00
1996 9.38 0.64 (0.29) 0.35 (0.54) 0.00 (0.54) 0.00
1995 8.83 0.60 0.54 1.14 (0.59) 0.00 (0.59) 0.00
1994 10.37 0.68 (1.56) (0.88) (0.64) (0.02) (0.66) 0.00
1993 10.38 0.79 0.14 0.93 (0.79) (0.15) (0.94) 0.00
1992 10.54 0.70 0.01 0.71 (0.70) (0.17) (0.87) 0.00
INTERMEDIATE MUNICIPAL BOND
1997 10.14 0.23 0.06 0.29 (0.23) 0.00 (0.23) 0.00
1996 10.20 0.48 (0.06) 0.42 (0.48) 0.00 (0.48) 0.00
1995 9.51 0.44 0.69 1.13 (0.44) 0.00 (0.44) 0.00
1994 10.15 0.41 (0.64) (0.23) (0.41) 0.00 (0.41) 0.00
1993 10.00 0.19 0.15 0.34 (0.19) 0.00 (0.19) 0.00
GOVERNMENT MONEY MARKET
1997 1.00 0.02 0.00 0.02 (0.02) 0.00 (0.02) 0.00
1996 1.00 0.04 0.00 0.04 (0.04) 0.00 (0.04) 0.00
1995 1.00 0.05 0.00 0.05 (0.05) 0.00 (0.05) 0.00
1994 1.00 0.04 (0.01) 0.03 (0.04) 0.00 (0.04) 0.01
1993 1.00 0.03 0.00 0.03 (0.03) 0.00 (0.03) 0.00
1992 1.00 0.03 0.00 0.03 (0.03) 0.00 (0.03) 0.00
TAX FREE MONEY MARKET
1997 1.00 0.02 0.00 0.02 (0.02) 0.00 (0.02) 0.00
1996 1.00 0.03 0.00 0.03 (0.03) 0.00 (0.03) 0.00
1995 1.00 0.04 0.00 0.04 (0.04) 0.00 (0.04) 0.00
1994 1.00 0.03 0.00 0.03 (0.03) 0.00 (0.03) 0.00
1993 1.00 0.02 0.00 0.02 (0.02) 0.00 (0.02) 0.00
1992 1.00 0.03 0.00 0.03 (0.03) 0.00 (0.03) 0.00
</TABLE>
<TABLE>
<CAPTION>
RATIOS
Net Net Average
Asset Assets at Ratio of Ratio of Commiss-
Value at End of Expenses Net Income Portfolio ion
End of Total Period To Average To Average Turnover per
Period Return ($000's) Net Assets Net Assets Rate Share
------ ------ -------- ---------- ---------- ---- -----
<S> <C> <C> <C> <C> <C> <C> <C>
GOVERNMENT SECURITIES
1997 9.17 2.60% 118,092 0.86%A 5.66%A 155.0% N/A
1996 9.19 3.85% 120,804 0.81% 5.87% 329.9% N/A
1995 9.38 13.25% 171,578 0.82% 6.52% 375.0% N/A
1994 8.83 (8.70%) 216,364 0.80% 7.18% 115.9% N/A
1993 10.37 8.96% 334,904 0.81% 7.43% 97.5% N/A
1992 10.38 7.90% 263,407 0.78% 7.36% 137.2% N/A
INTERMEDIATE MUNICIPAL BOND
1997 10.20 2.92% 20,870 0.85%A 4.61%A 11.9% N/A
1996 10.14 4.20% 15,214 0.85% 4.72% 44.4% N/A
1995 10.20 12.05% 12,730 0.85% 4.38% 51.2% N/A
1994 9.51 (2.29%) 14,005 0.85% 4.20% 30.9% N/A
1993 10.15 3.48% 12,334 0.84%A 3.86%A 17.0%A N/A
GOVERNMENT MONEY MARKET
1997 1.00 2.30% 143,523 0.83%A 4.60%A N/A N/A
1996 1.00 4.56% 152,786 0.83% 4.48% N/A N/A
1995 1.00 5.16% 131,210 0.82% 5.06% N/A N/A
1994 1.00 3.58% 188,197 0.80% 3.54% N/A N/A
1993 1.00 2.80% 140,926 0.81% 2.75% N/A N/A
1992 1.00 2.95% 103,109 0.92% 2.92% N/A N/A
TAX FREE MONEY MARKET
1997 1.00 1.58% 106,795 0.74%A 3.11%A N/A N/A
1996 1.00 3.14% 117,423 0.72% 3.10% N/A N/A
1995 1.00 3.63% 121,754 0.76% 3.56% N/A N/A
1994 1.00 2.61% 152,501 0.73% 2.59% N/A N/A
1993 1.00 2.32% 136,889 0.74% 2.29% N/A N/A
1992 1.00 2.95% 125,622 0.76% 2.92% N/A N/A
</TABLE>
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
FINANCIAL HIGHLIGHTS - (UNAUDITED)
The Advisor agreed to reimburse other operating expenses and not to impose
its full fee for certain periods. Had the Adviser not so agreed, and had
the Funds not received a custody fee earnings credit, the total return
would have been lower and the net investment income/(loss) per share, ratio
of expenses to average net assets and ratio of net income to average net
assets would have been:
<TABLE>
<CAPTION>
Ratio of
Ratio of Net
Expenses Income
to Average to Average
Net Assets Net Assets
---------- ----------
<S> <C> <C>
GROWTH
1995 1.08% (0.21%)
QUANTITATIVE EQUITY
1993 1.41% 1.92%
INTERNATIONAL
1997** 1.97%A 0.16%A
1996 1.76% 0.26%
1995 1.76% 0.39%
1994 2.35% (0.28%)
1993 2.89% (0.64%)
1992 3.23% (0.24%)
INTERMEDIATE MUNICIPAL BOND
1997** 1.17%A 4.29%A
1996 1.01% 4.56%
1995 0.97% 4.25%
1994 1.45% 3.60%
1993* 2.00%A 2.70%A
For all periods shown above, the Tudor, Growth and Income, Quantitative
Equity, Government Securities, Intermediate Municipal Bond, Government
Money Market and Tax Free Money Market Funds custody fee earnings credit
had an effect of less than 0.01% per share on the above ratios. For the
Growth Fund the custody fee earnings credit had an effect of less than
0.01% on the above ratios for 1996 and 1997.
<FN>
Notes:
* From July 1, 1993 (commencement of operations) to December 31, 1993
** For the six months ended June 30, 1997
A Annualized
</FN>
</TABLE>
See notes to financial statements Page 47
<PAGE>
WEISS, PECK & GREER
MUTUAL FUNDS
ONE NEW YORK PLAZA, NEW YORK, NY 10004
INDEPENDENT TRUSTEES AND MEMBERS
OF AUDIT COMMITTEE
Raymond R. Herrmann, Jr. William B. Ross
Lawrence J. Israel Harvey E. Sampson
Graham E. Jones Robert A. Straniere
Paul Meek
OFFICERS
ROGER J. WEISS
Chairman of the Board and Trustee - all funds
President - Weiss, Peck & Greer International Fund
MELVILLE STRAUS
President and Trustee - WPG Tudor Fund,
Trustee - WPG Growth Fund,
Executive Vice President and Trustee -
WPG Growth and Income Fund
JAY C. NADEL
Executive Vice President and Secretary - all funds
FRANCIS H. POWERS
Executive Vice President and Treasurer - all funds
JOSEPH J. REARDON
Vice President - all funds
JOSEPH PARASCONDOLA
Assistant Vice President - all funds
A. ROY KNUTSEN
President - WPG Growth and Income Fund
DANIEL S. VANDIVORT
President - WPG Funds Trust
DANIEL CARDELL
Vice President - WPG Quantitative Equity Fund
ARTHUR L. SCHWARZ
Vice President - WPG Intermediate Municipal Bond Fund
JANET A. FIORENZA
Vice President - WPG Tax Free Money Market Fund
S. BLAKE MILLER
Vice President - WPG Intermediate Municipal Bond Fund
INVESTMENT ADVISER
Weiss, Peck & Greer, LLC
One New York Plaza
New York, NY 10004
CUSTODIAN
Boston Safe Deposit and Trust Company
One Exchange Place
Boston, MA 02109
DIVIDEND DISBURSING AND
TRANSFER AGENT
First Data Investor Services Group
4400 Computer Drive
Westboro, MA 01581-5120
LEGAL COUNSEL
Hale and Dorr
60 State Street
Boston, MA 02109
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.
