WEISS, PECK & GREER
MUTUAL FUNDS
SEMI-ANNUAL REPORT
JUNE 30, 1999
(UNAUDITED)
WPG TUDOR FUND
WPG GROWTH AND INCOME FUND
WPG QUANTITATIVE EQUITY FUND
WEISS, PECK & GREER INTERNATIONAL FUND
WPG CORE BOND FUND
WPG INTERMEDIATE MUNICIPAL BOND FUND
WPG GOVERNMENT MONEY MARKET FUND
WPG TAX FREE MONEY MARKET FUND
ONE NEW YORK PLAZA
NEW YORK, NEW YORK 10004
800 223-3332
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
TABLE OF CONTENTS
Chairman's Letter ........................................................ 1
Major Portfolio Changes - Equity Funds ................................... 3
Average Annual Total Returns ............................................. 4
Ten Largest Holdings ..................................................... 6
Schedules of Investments:
WPG Tudor Fund ....................................................... 8
WPG Growth and Income Fund ...........................................10
WPG Quantitative Equity Fund .........................................11
Weiss, Peck & Greer International Fund ...............................13
WPG Core Bond Fund ...................................................15
WPG Intermediate Municipal Bond Fund .................................17
WPG Government Money Market Fund .....................................21
WPG Tax Free Money Market Fund .......................................22
Statements of Assets and Liabilities .....................................28
Statements of Operations .................................................30
Statements of Changes in Net Assets ......................................32
Notes to Financial Statements ............................................34
Financial Highlights .....................................................40
AGGRESSIVE
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.
CORE BOND
Objective: Current income.
CONSERVATIVE
+ INTERMEDIATE MUNICIPAL BOND
Objective: High current income consistent with relative stability of
principal
Exempt from Federal Income Tax.
+* TAX FREE MONEY MARKET
Objective: Maximize current income with preservation of capital and
liquidity.
Exempt from Federal Income Tax.
* GOVERNMENT MONEY MARKET
Objective: Maximize current income with preservation of capital and
liquidity.
* Although these Funds are money market funds and attempt to maintain a
stable $1.00 net asset value per share, investments in these Funds are
neither insured or guaranteed by the FDIC or U.S. Government. Although the
Funds seek to preserve the value of your investment at $1.00 per share, it
is possible to lose money by investing in these Funds.
+ A portion of income may be subject to some state and/or local taxes and,
for certain investors, it may be subject to the federal alternative minimum
tax.
<PAGE>
DEAR SHAREHOLDER:
DOMESTIC MARKETS
- ----------------
The United States economy continued to grow vigorously during the first half of
1999, although some slowing became apparent towards early summer. Corporate
profits are very healthy; operating earnings for the S&P 500 are expected to
grow 10% in 1999 after flat results in 1998. The negative side of strong
economic results during the period was rising interest rates. The Federal
Reserve Board, always concerned regarding future inflation, raised short-term
rates in June 1999.
Inflation continues to be a powerful positive force for the financial markets.
Inflation, as measured by the CPI, increased by approximately 2% year over year.
While up slightly relative to 1998 year-end results, the CPI has been negatively
affected by rebounding energy prices. The Internet revolution is highly
disinflationary, offsetting energy inflationary pressures. A dramatic resurgence
in inflation is quite unlikely, in our opinion.
The stock market was propelled by technology and momentum issues during the
first quarter of 1999. Leadership was very narrow, much more so than in 1998.
Five issues accounted for more than 50% of the total S&P 500 return during this
first quarter. Stock market breadth rebounded during the second quarter when
value stocks and small cap issues dramatically outperformed the prior leaders -
large cap growth. The S&P 500 and NASDAQ indices were up 7.1% and 9.1%
respectively, while the Russell 2000 Index of small capitalization stocks gained
15.6%, outperforming large capitalization issues for the first time since the
third quarter of 1998.
As last year's global financial crisis recedes, industrial commodity prices
continue their recovery. The increases, however, have not had much of an effect
on inflation levels. It would seem that in this technology-driven growth,
commodities have been contributing a declining share of economic output. Prices
are no longer a good measure of aggregate supply and demand. As the strength of
capital spending has increased, capacity has also expanded rapidly, reaching the
highest levels seen since the beginning of the current recovery that began in
1992. This overhang of capacity has removed any pricing power.
As the year began, fixed income investors remained cautious about the financial
turmoil that began in August, 1998 and continued through the beginning of the
fourth quarter of 1998. As the year unfolded, economic statistics indicated that
U.S. economic growth continued at a rapid pace, and a rebound in commodity
prices caused market participants to fear that inflation could begin to
reaccelerate. Yields rose sharply during the first quarter with the yields on
intermediate maturities experiencing the most severe increases and long and
short maturities rising more moderately. A strong consumer price index figure
for April focused investors on a possible Fed move. Rates again rose across the
yield curve as investors priced in aggressive tightening by the Fed after the
Fed's announcement of a bias to tighten on May 18th. On June 30th, the Fed
raised the Federal Funds rate by 25 basis points, and despite their announcing a
neutral bias, markets continue to price in anticipation of further Fed
tightening.
Corporate bonds achieved impressive returns during the first quarter, but
increasing new issue supply, fears of illiquidity, and concerns regarding the
impact of Fed rate hikes caused corporates, and virtually all non-Treasury
sectors to underperform during the second quarter.
Page 1
<PAGE>
INTERNATIONAL MARKETS
- ---------------------
Concern about global deflation continued to abate in the first half of 1999 and
although bond markets did not perform well, equity investors became more
confident. Equity markets began the year on a sluggish note, then rallied before
entering a more volatile pattern late in the period. The talking point was the
Dow Jones index exceeding 10,000 and then very quickly exceeding 11,000 before
consolidating, and this helped to set the tone for the rest of the world.
Concerns over profits growth that had existed in late 1998 largely vanished and
merger and acquisition activity and corporate restructuring continued to be
prominent. In addition, there was no apparent shortage of liquidity from
households and institutions to support markets, which moved ahead strongly as
hopes of better economic conditions and corporate restructuring dominated.
We believe that the global business cycle is likely to extend through 1999 and
into 2000, with inflation remaining very subdued. Inflation control should be
assisted by spare capacity on a worldwide basis, together with continuing
benefits from the information technology revolution, from continuing
globalization of businesses and from the increasing openness of economies.
This combination of solid economic growth and low inflation, together with
corporate change and amalgamation and strong liquidity, is supportive of
financial asset prices and we believe the medium term outlook for equities
remains sound. However, the summer and autumn months promise to provide some
volatile conditions for financial markets - although a repeat of the very sharp
equity market declines seen last summer seems unlikely - and investors will need
to look through occasional market turbulence to the opportunities beyond.
Our investment approach remains directed at selecting securities and
constructing portfolios that should assist our shareholders in achieving their
investment goals.
Sincerely,
/s/ ROGER J. WEISS
------------------
Roger J. Weiss
Chairman of the Board
July 21, 1999
Page 2
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Major Portfolio Changes - Equity Funds - Six Months Ending June 30, 1999 -
(Unaudited)
TUDOR FUND GROWTH AND INCOME FUND
ADDITIONS ADDITIONS
- --------- ---------
Biomet Albertsons
Compucredit Corp. AT&T Corp. Liberty Media Cl A
Dollar Tree Stores CBS Corp.
GST Telecommunications Colgate - Palmolive Co.
Harrah's Entertainment Gillette Co.
Intermedia Communications Heinz (H.J.) Co.
Lattice SemiConductors MCI Worldcom Inc.
Lincare Holdings Inc. Microsoft Corp.
Tuesday Morning Corp. Providian Financial
Vantive Corp. Tyco International
DELETIONS DELETIONS
- --------- ---------
ADVO Inc. Cadence Design Systems Inc.
Amerin Corp. Compaq Computer Corp.
CalMat Co. Computer Associates International
Coastal Bancorp Inc. Healthsouth Corp.
KOMAG Inc. Hewlett - Packard Co.
Paging Network Inc. Home Depot
Pillowtex Corp. Schering - Plough Corp.
Primark Corp. Schlumberger Ltd.
Skytel Communications Storage Technology Corp.
Unova Inc. Warner Lambert Co.
QUANTITATIVE EQUITY FUND INTERNATIONAL FUND
ADDITIONS ADDITIONS
- --------- ---------
American International Group Air Liquide
BankBoston Corp. Allied Zurich PLC
Boise Cascade Corp. Argentaria, Caja Postal Y Banco
Cisco Systems Banque Nationale De Paris
Citigroup Inc Electricidade De Portugal SA
Johnson & Johnson Co. Fanuc Ltd.
Lexmark Holdings Groupe Danone
MCI Worldcom Inc. HSBC Holdings
PP&L Resources Inc. Total Fina SA
Royal Dutch Petroleum Co. ADR Vodafone Group
DELETIONS DELETIONS
- --------- ---------
Baltimore Gas & Electric Co. AXA
Dell Computer Corp. Bancaria De Espana
EMC Corp. BBA Group
Kimberly Clark Corp. Elf Aquitaine
New York Times Corp. - Cl A Fuji Photo Film Ltd.
Phillips Petroleum Co. Pennon Group PLC
Providian Financial Corp. Prudential Corp. PLC
Sun Microsystems Sage Group PLC
Tyco International Ltd. SMC Corp.
Warner Lambert Co. Zeneca Group
Page 3
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Average Annual Total Returns for the Periods Ended June 30, 1999 - (Unaudited)
TUDOR
SIX ONE FIVE TEN
MONTHS YEAR YEARS YEARS
------ ---- ----- -----
TUDOR 13.66% -11.01% 12.01% 10.26%
Russell 2000 Growth Index 12.22% 8.30% 15.33% 11.39%
Lipper Capital Appreciation Index 14.97% 20.28% 21.46% 15.47%
The first six months of 1999 saw a strong improvement in the performance of
small cap stocks, which is Tudor's area of emphasis. This strength was
particularly pronounced in the second quarter with the small cap universe, as
measured by the Russell 2000 Growth Index, outperforming the larger S&P 500
Index.
The Tudor Fund outpaced the Russell 2000 Growth Index for the first six months
of 1999, with very strong second quarter performance. The technology, retail and
biotechnology sectors contributed greatly to our outperformance. The Fund also
benefited from a more balanced sector weighting relative to the small cap
universe. This allowed the Fund to generate its return through superior stock
selection.
Several of the Fund's holdings appreciated by over 100% during the first six
months of the year. The Fund also managed to keep disappointments to a minimum.
Going forward we are encouraged by the relative performance of the small cap
universe and believe that the substantial valuation gaps between small and large
companies will narrow.
GROWTH AND INCOME
SIX ONE FIVE TEN
MONTHS YEAR YEARS YEARS
------ ---- ----- -----
GROWTH AND INCOME - 0.76% 6.59% 23.25% 16.39%
S & P 500 Index 12.22% 29.16% 27.93% 18.78%
Lipper Growth & Income Funds 11.62% 21.41% 21.10% 15.23%
The six-month return for the WPG Growth and Income Fund was -0.8%, a
disappointing result. The Fund portfolio is structured utilizing a long-term,
low risk, high quality growth stock philosophy. During the first quarter of 1999
this low risk style did not perform well during a period of narrow leadership
and highly volatile technology (Internet) outperformance. Second quarter
performance was dominated by the resurgence of value/cyclical stocks as the U.S.
economy gained momentum. During the six-month period, positions were initiated
in issues such as CitiGroup, Colgate, GTE, Gillette, Heinz, MCI Worldcom,
Microsoft, Oracle, Providian and Tyco at prices deemed to be reasonable relative
to perceived elevated stock market valuations. We are quite optimistic regarding
the long-term appeal of the U.S. financial markets yet concerned regarding
short-term valuation.
QUANTITATIVE EQUITY
SIX ONE FIVE FROM
MONTHS YEAR YEARS 1/1/93+
------ ---- ----- -------
QUANTITATIVE EQUITY 11.23% 21.94% 24.02% 19.57%
S & P 500 Index 12.22% 22.71% 27.93% 22.01%
The first half of 1999 has been a tale of two quarters for the Quantitative
Equity Fund. During the first quarter our valuation factors continued the trend
prevalent through most of 1998. During this period traditional measures of
favorable stock valuation such as low Price to Earnings ratios had been
correlated with negative relative returns. Another trend prevalent through much
of 1998 and which continued into the first quarter of 1999 was a narrow market
where most of the index returns were concentrated in very few of the largest
stocks in the index. Both of these trends continued to impact the Quantitative
Equity Fund's performance in the first quarter of 1999. The payoff to the
Quantitative Equity discipline came in the second quarter. The traditional
relationships that our model is based upon returned to the market. Valuation
factors were again correlated with positive relative performance and the
Quantitative Equity Fund substantially out-performed the market during the
quarter. We are confident that our disciplined approach to the market will
continue to add value through the balance of the year.
INTERNATIONAL
SIX ONE FIVE FROM
MONTHS YEAR YEARS 6/1/89+
------ ---- ----- -------
INTERNATIONAL (a) 6.16% 6.01% 7.26% 5.52%
EAFE (Europe, Australia, Far East) Index 3.24% 7.92% 8.52% 6.92%
The International Fund took advantage of the prevailing investment conditions
and was able to outperform the EAFE index over the first half of 1999. Asset
allocation at the beginning of the year was fairly neutral but the Fund
benefited from good stock selection. Later in the period, asset allocation began
to change. By the end of June the Fund was overweighted in continental Europe,
based on cyclical grounds and the potential for corporate restructuring, and
Japan. The UK was underweighted and so too was the Asian region, although the
latter was based mainly on valuation grounds.
Page 4
<PAGE>
CORE BOND
SIX ONE FIVE TEN
MONTHS YEAR YEARS YEARS
------ ---- ----- -----
CORE BOND (b) - 1.12% 3.35% 6.21% 6.66%
Lehman Aggregate Index - 1.37% 3.15% 7.83% 8.15%
Morningstar Intermediate-Term Bond - 1.75% 1.76% 6.96% 7.48%
For the six months ended June 30, 1999, WPG's Core Bond Fund's total return
exceeded that of the Lehman Aggregate Index by 25 basis points. The Fund
achieved outperformance due primarily to positioning in the corporate sector.
The Fund began the year with a modest overweight to the corporate sector, which
was increased in January following the cheapening which occurred as fears
regarding Brazil began to materialize. Spreads to Treasuries of the corporate
market tightened through May, after which the sector cheapened in the face of
substantial new issue volumes of corporate debt securities. Much of the benefit
of the corporate exposure came from top performing sub-sectors of the corporate
market, including energy, brokerage, finance and REITs. The Fund also began the
period with an overweight in mortgage securities. This was reduced in late
January, and by early February was moved to a modest underweight. The
outperformance of mortgage securities in February therefore negatively impacted
performance. Modest overweights in the asset-backed, commercial mortgage, and
agency sectors and yield curve positioning had no impact on performance.
INTERMEDIATE MUNICIPAL BOND
SIX ONE FIVE FROM
MONTHS YEAR YEARS 7/1/93+
------ ---- ----- -------
INTERMEDIATE MUNICIPAL BOND (c) - 0.86% 2.54% 5.77% 4.93%
Lehman Brothers 3-10 Year
Municipal Bond Index - 0.55% 3.02% 6.11% 5.32%
Lipper Intermediate Muni Funds - 1.13% 2.19% 5.53% 4.55%
After a modest positive return in the first quarter, total returns turned
negative for all but the shortest sectors of the municipal market. During this
period of rising rates, the Fund was in a defensive posture, while maintaining
the general strategy of adding value at the security level. The Fund has
outperformed the Lipper average for all trailing periods.
+ 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 6/30/99
and from inception through 6/30/99 would have been lower.
(b) The Adviser waived a portion of its fee since January 1, 1998. Had the
Adviser not done so, the total return for the six months ended 6/30/99, one
year ended 6/30/99, five years ended 6/30/99 and ten years ended 6/30/99
would have been lower.
(c) The Adviser waived its fee from inception of the Fund through October 19,
1994 and has waived a portion of its fee from March 1, 1997 though June 30,
1999 and has also reimbursed certain other expenses from inception date
through February 28, 1997. Had the Adviser not done so, the total return of
the Fund for the six months ended 6/30/99, for the year ended 6/30/99 and
from inception through 6/30/99 would have been lower.
Performance represents historical data. 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 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 noted below) assume the
reinvestment of all capital gain distributions and income dividends. 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 measures 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. Lipper Analytical Services ("Lipper") and Morningstar compare
mutual funds according to overall performance, investment objectives,
investment policies, assets, expense levels, periods of existence and other
factors. The Lehman Brothers Aggregate Index is a market weighted blend of
all investment grade corporate issues, all mortgage securities and all
government issues. The Lehman Brothers 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 and it is not possible to invest directly in an index.
Page 5
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
TEN LARGEST HOLDINGS AT JUNE 30, 1999* - (UNAUDITED)
<TABLE>
<CAPTION>
MARKET
VALUE PERCENT
TUDOR FUND (000'S) OF FUND
- --------------------------------------------------------------------------------
<S> <C> <C>
Remedy Corp. ...................................... $ 2,451 3.0%
Aurora Foods Inc. ................................. 1,596 2.0%
Technology Solutions .............................. 1,557 1.9%
Harrah's Entertainment ............................ 1,326 1.6%
Dollar Tree Stores ................................ 1,324 1.6%
Compucredit Corp. ................................. 1,319 1.6%
Burlington Coat Factory ........................... 1,305 1.6%
Intermediate Communications........................ 1,230 1.5%
Vantive Corp. ..................................... 1,222 1.5%
OM Group Inc. ..................................... 1,211 1.5%
------- -----
$14,541 17.8%
======= =====
MARKET
VALUE PERCENT
GROWTH AND INCOME FUND (000'S) OF FUND
- --------------------------------------------------------------------------------
American International Group Inc. ................. $ 5,268 3.6%
Carnival Corp. .................................... 4,850 3.3%
Bristol-Myers Squibb Co. .......................... 4,649 3.2%
Harcourt General .................................. 4,640 3.2%
American Express Co. .............................. 4,554 3.1%
Tyco International ................................ 4,463 3.0%
Johnson & Johnson ................................. 4,410 3.0%
Pfizer Inc. ....................................... 4,390 3.0%
McDonald's Corp. .................................. 4,358 3.0%
Federal Home Loan
Mortgage Corp. ............................... 4,350 3.0%
------- -----
$45,932 31.4%
======= =====
MARKET
VALUE PERCENT
QUANTITATIVE EQUITY FUND (000'S) OF FUND
- --------------------------------------------------------------------------------
International Business
Machines Corp................................. $ 3,516 4.4%
General Electric Co. .............................. 3,085 3.9%
Microsoft Corp. ................................... 3,003 3.8%
AT&T Corp. ........................................ 1,993 2.5%
Bristol-Myers Squibb Co. .......................... 1,958 2.5%
Intel Corp. ....................................... 1,958 2.5%
Royal Dutch Petroleum Co. ADR ..................... 1,699 2.1%
Chase Manhattan Corp. ............................. 1,637 2.1%
Exxon Corp. ....................................... 1,608 2.0%
Schering-Plough Corp. ............................. 1,526 1.9%
------- -----
$21,983 27.7%
======= =====
MARKET
VALUE PERCENT
INTERNATIONAL FUND (000'S) OF FUND
- --------------------------------------------------------------------------------
Telecom Italia SPA ................................ $ 179 3.2%
Canon Inc. ........................................ 173 3.0%
Total Fina SA ..................................... 159 2.8%
Vivendi ........................................... 127 2.2%
Barclays .......................................... 124 2.2%
Novartis AG ....................................... 121 2.1%
Philips Electronics ............................... 121 2.1%
Bank of Scotland .................................. 119 2.1%
Preussag AG ....................................... 117 2.1%
Banque Nationale de Paris ......................... 117 2.1%
------- -----
$ 1,357 23.9%
======= =====
Page 6
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
TEN LARGEST HOLDINGS AT JUNE 30, 1999* - (UNAUDITED) - CONTINUED
MARKET
VALUE PERCENT
CORE BOND FUND (000'S) OF FUND
- --------------------------------------------------------------------------------
Federal National Mortgage Association
Discount Note Due 7/20/99 .................... $14,832 10.7%
United States Treasury Note 5.500%
Due 5/15/09 .................................. 12,988 9.4%
Federal National Mortgage Association 6.500%
Due 7/1/14 ................................... 12,336 8.9%
Federal National Mortgage Association 6.500%
Due 7/1/29 .................................. 12,143 8.8%
Federal National Mortgage Association 7.000%
Due 7/1/29 ................................... 11,630 8.4%
Federal National Mortgage Association Note 6.500%
Due 4/29/09 .................................. 9,530 6.9%
Federal National Mortgage Association Discount Note
Due 7/16/99 .................................. 5,908 4.3%
United States Treasury Note 5.250% Due 8/15/03 .... 5,819 4.2%
Federal National Mortgage Association Note 5.625%
Due 5/14/04 .................................. 5,519 4.0%
Wachovia Credit Card Master Trust Series
1995-I Class A 5.158% Due 3/15/03 ............ 5,154 3.7%
------- -----
$95,859 69.3%
======= =====
INTERMEDIATE MUNICIPAL BOND FUND
- --------------------------------------------------------------------------------
Denison Texas Independent School District
School Building Zero Coupon Due 8/1/00 ....... $ 1,202 4.8%
Milwaukee Wisconsin Public Improvements-Series 0
General Obligation 5.000% Due 6/15/08 ........ 1,016 4.1%
Chicago Illinois Emergency Telephone System
(FGIC Insured) 5.250% Due 1/1/12 ............. 1,007 4.1%
Port of Houston Texas General Obligation
Bond 5.100% Due 10/1/11 ..................... 994 4.0%
Arlington County Virginia Public Improvement
General Obligation Bond 5.125% Due 6/1/11 .... 923 3.7%
Municipal Assistance Corp.for New York City
New York Series E 6.000% Due 7/1/06 .......... 915 3.7%
San Antonio Texas Electric & Gas Series A
Revenue Bonds 5.250% Due 2/1/11 .............. 707 2.9%
Oklahoma County Oklahoma Home Finance
Authority Single Family Refunding
Prerefunded Zero Coupon Due 7/1/12 ........ 672 2.7%
Oregon State Housing and Community Services
Single Family Mortgage Series B
6.875% Due 7/1/28 ......................... 580 2.3%
Cypress-Fairbanks Texas General Obligation
Independent School District 7.300% Due 2/15/07 .... 573 2.3%
------- ------
$ 8,589 34.6%
======= ======
<FN>
* The composition of the largest securities in each portfolio is subject to
change.
</FN>
</TABLE>
Page 7
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 1999 - (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------- -------- -------
TUDOR
<C> <S> <C>
COMMON STOCKS (93.2%)
CAPITAL GOODS
BIOTECHNOLOGY (1.0%)
48,700 +#SangStat Medical ............................... $ 840
------
COMMUNICATIONS (3.5%)
12,100 +#Adolph Communications .......................... 770
41,000 +#Intermediate Communications .................... 1,230
100 Network Plus ................................... 2
27,600 + Powerwave Technologies Inc. .................... 890
------
2,892
------
COMPUTER SYSTEMS (0.8%)
6,800 + Brocade Communications ......................... 656
------
ELECTRONICS (1.9%)
23,500 + Hadco Corp. .................................... 934
1,800 + Maker Communications ........................... 56
106,500 + Maxtor Corp. ................................... 536
------
1,526
------
INFORMATION SERVICES (5.8%)
39,800 Comdisco ....................................... 1,020
17,700 + Electronic Arts Inc. ........................... 960
22,250 + Fiserv Inc. .................................... 697
14,100 Sungard Data System ............................ 486
144,000 + Technology Solutions ........................... 1,557
------
4,720
------
INTERNET (1.9%)
18,900 + Concentric Network .............................. 751
10,200 + E-Loan Inc. ..................................... 394
1,600 + nFront Inc. ..................................... 24
6,600 + Safeguard Scientific ............................ 409
------
1,578
------
MACHINERY (1.0%)
28,500 + Applied Power Inc. ............................. 778
------
MULTI MEDIA (0.5%)
15,600 Penton Media Inc. .............................. 378
------
OTHER CAPITAL GOODS (2.7%)
49,700 + BE Aerospace Inc. .............................. 929
10,900 + Gulfstream Aerospace Corp. ..................... 736
42,651 + Stoneridge ..................................... 576
------
2,241
------
PHARMACEUTICALS (3.9%)
24,000 + Accredo Health Inc. ............................ 786
29,600 Alpharma Inc. Cl A ............................. 1,053
18,000 + Alza Corp. ..................................... 916
33,900 + Guilford Pharmaceuticals ....................... 432
------
3,187
------
SEMICONDUCTORS (4.3%)
69,800 + ADE Corp. ...................................... 837
28,700 + ETEC Systems Inc. .............................. 954
13,300 + Globespan Inc. ................................. 529
19,100 + Lattice Semiconductors ......................... 1,189
------
3,509
------
SOFTWARE & SERVICES (5.2%)
125 Exigent International .......................... 1
23,200 Rational Software .............................. 764
91,200 + Remedy Corp. ................................... 2,451
55,158 + Structural Dynamics Research ................... 1,024
------
4,240
------
26,545
------
CONSUMER
APPLICATIONS SOFTWARE (1.5%)
106,800 + Vantive Corp. .................................. 1,222
COMPUTER SOFTWARE (5.5%)
69,400 + Compucredit Corp. .............................. 1,319
12,100 + Infoseek Corp. ................................. 580
10,400 + Lycos Inc. ..................................... 955
53,300 + Manugistics Group, Inc. ........................ 773
13,900 + Northpoint Communications ...................... 507
6,700 + Rhythms NetConnection .......................... 391
------
4,525
------
ENTERTAINMENT (2.9%)
60,300 + Harrah's Entertainment ......................... 1,326
15,700 + SFX Entertainment .............................. 1,005
------
2,331
------
FOOD (4.2%)
30,700 + American Italian Pasta Co. - CI A .............. 933
91,200 + Aurora Foods Inc. .............................. 1,596
30,500 + Wild Oats Market Inc. .......................... 925
------
3,454
------
HEALTH CARE SERVICES (0.7%)
21,800 Mylan Labs ..................................... 578
------
MEDIA (0.9%)
61,300 Hollinger International Corp. Cl A. ............ 728
------
MEDIA - COMMUNICATION (5.6%)
8,220 At Home Corp. .................................. 443
26,100 + Citadel Communications ......................... 945
7,000 + Copper Mountain Networks ....................... 541
90,100 + GST Telecommunications ......................... 1,188
25,700 + Voicestream Wireless ........................... 731
26,900 + Western Wireless Corp. Cl A .................... 726
------
4,574
------
Page 8
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 1999 - (UNAUDITED)
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------- -------- -------
TUDOR (CONTINUED)
MEDICAL EQUIPMENT (1.3%)
39,400 Invacare Corp. ................................. $ 1,054
-------
MEDICAL HOSPITAL MANAGEMENT & SERVICES (2.0%)
44,200 + Lincare Holdings Inc. .......................... 1,105
16,000 #+Sunrise Assisted Living ........................ 558
-------
1,663
-------
MEDICAL SUPPLIES (1.4%)
28,300 + Biomet ......................................... 1,125
-------
RETAIL (12.4%)
26,900 + Bed Bath & Beyond Inc. ......................... 1,036
67,600 + Burlington Coat Factory ........................ 1,305
16,900 + Claires Stores Inc. ............................ 433
30,100 + Dollar Tree Stores ............................. 1,324
70,100 + Guitar Center Inc. ............................. 732
17,400 + Jones Inter Cable .............................. 853
64,200 + Micro Warehouse Inc. ........................... 1,148
30,100 + Rubio's Restaurants ............................ 465
45,000 + Tuesday Morning Corp. .......................... 1,147
22,400 + Wet Seal Inc. Cl A ............................. 641
26,500 + Zale Corp. New ................................. 1,060
-------
10,144
-------
31,398
-------
ENERGY OIL & GAS EXPLORATION (3.5%)
37,000 #+BJ Services .................................... 1,089
52,900 + Core Laboratories .............................. 737
248,200 + Gulf Canada Resources Ltd ...................... 1,040
-------
2,866
-------
INTERMEDIATE GOODS & SERVICES
BASIC INDUSTRIES (3.4%)
39,040 + Airgas Inc. .................................... 478
50,700 Lyondell Petrochemical Co. ..................... 1,046
35,100 OM Group Inc. .................................. 1,211
-------
2,735
-------
BUSINESS SERVICES (1.6%)
13,300 + DLJ Direct ..................................... 393
47,000 Norrel Corp. ................................... 884
-------
1,277
-------
FURNITURE (1.2%)
26,050 Ethan Allen Interiors Inc. ..................... 983
-------
TRANSPORTATION (2.0%)
41,600 + America West Holdings Corp. Cl B ............... 785
34,800 Skywest Inc. ................................... 868
-------
1,653
-------
6,648
-------
INTEREST SENSITIVE BANKS (2.2%)
35,200 + People's Heritage Financial .................... 662
49,615 Washington Federal Inc. ........................ 1,113
-------
1,775
-------
HOMEBUILDING (1.4%)
47,900 Del Webb Corp. ................................. 1,144
-------
INSURANCE (1.5%)
43,300 Frontier Insurance Group Inc. .................. 666
14,935 Orion Capital Corp. ............................ 536
-------
1,202
-------
OTHER (4.4%)
26,100 + Affiliated Managers Group ...................... 788
29,880 BRE Properties ................................. 775
23,100 + TheStreet.Com Inc. ............................. 832
42,322 Waddell & Reed Financial ....................... 1,161
-------
3,556
-------
SCHOOLS (1.1%)
26,100 + Career Education Corp. ......................... 882
-------
8,559
-------
TOTAL COMMON STOCK
(Cost $62,173) ............................. 76,016
-------
PRINCIPAL
AMOUNT
(000's)
- -------
EURO TIME DEPOSIT (7.1%)
(Cost $5,768)
$ 5,768 Societe Generale Bank 5.000% Due 7/1/99 ........ 5,768
-------
TOTAL INVESTMENTS (100.3%)
(Cost $67,941) ............................. 81,784
LIABILITIES IN EXCESS OF OTHER ASSETS (-0.3%) .. (268)
-------
TOTAL NET ASSETS (100.0%) ...................... $81,516
=======
+ Non-income producing security.
# Securities out on loan.
Page 9
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 1999 - (UNAUDITED)
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------- -------- -------
GROWTH AND INCOME
COMMON STOCKS ( 98.5%)
CAPITAL GOODS
BROADCASTING / ADVERTISING (10.0%)
100,000 + AT&T Corp. Liberty Media Cl A .................. $ 3,675
100,000 + CBS Corp. ...................................... 4,344
19,500 + GTE Corp. ...................................... 1,477
39,500 + MCI Worldcom Inc. .............................. 3,399
23,500 + Time Warner Inc. ............................... 1,727
-------
14,622
-------
COMPUTER SOFTWARE & SERVICES (11.2%)
800 Ariba Inc. ..................................... 78
75,000 + BMC Software Inc. .............................. 4,050
60,000 + Cisco Systems Inc. ............................. 3,870
60,001 + Computer Sciences Corp. ........................ 4,151
30,000 + Microsoft Corp. ................................ 2,706
44,100 + Oracle Systems ................................. 1,637
-------
16,492
-------
INTERNET (0.1%)
1,700 nFront Inc. .................................... 26
-------
OTHER CAPITAL GOODS (10.7%)
60,000 Emerson Electric Co. ........................... 3,772
34,500 General Electric Co. ........................... 3,899
47,100 Tyco International ............................. 4,463
60,000 Xerox Corp. .................................... 3,544
-------
15,678
-------
TECHNOLOGY (0.2%)
900 + Globespan Inc. ................................. 36
7,200 IXL Enterprises Inc. ........................... 193
-------
229
-------
47,047
-------
CONSUMER
HEALTH CARE (10.9%)
54,000 Baxter International ........................... 3,274
66,000 Bristol-Myers Squibb Co. ....................... 4,649
50,000 Merck & Co. .................................... 3,700
40,000 Pfizer Inc. .................................... 4,390
-------
16,013
-------
RESTAURANTS (3.0%)
105,500 McDonald's Corp. ............................... 4,358
-------
OTHER (18.1%)
83,300 + Albertson's .................................... 4,295
80,000 + AutoZone Inc. .................................. 2,410
100,000 Carnival Corp. ................................. 4,850
33,000 Colgate - Palmolive Co. ........................ 3,259
90,000 Harcourt General ............................... 4,640
100,000 PepsiCo Inc. ................................... 3,869
80,000 Philip Morris Companies Inc. ................... 3,215
-------
26,538
-------
46,909
-------
OTHER CONSUMER
NON-DURABLES (10.3%)
68,900 + Gillette Co. ................................... 2,825
50,000 Heinz H J Co. .................................. 2,506
45,000 Johnson & Johnson .............................. 4,410
100,000 Sara Lee Corp. ................................. 2,269
44,643 Unilever NV ADR ................................ 3,114
-------
15,124
-------
NATURAL RESOURCES
ENERGY & RELATED (2.1%)
70,000 Halliburton .................................... 3,168
-------
REAL ESTATE INVESTMENT TRUSTS
COMMERCIAL & INDUSTRIAL (2.5%)
80,000 Crescent Real Estate Equities Inc. ............. 1,900
80,000 Duke Realty Investors Inc. ..................... 1,805
-------
3,705
-------
HEALTH CARE (0.2%)
25,400 LTC Properties Inc. ............................ 330
-------
4,035
-------
INTEREST SENSITIVE
BANKS (2.5%)
100,000 Bank of New York Inc. .......................... 3,669
-------
INSURANCE (5.6%)
51,500 AMBAC Inc. ..................................... 2,942
45,000 American International Group Inc. .............. 5,268
-------
8,210
-------
OTHER (11.1%)
35,000 American Express Co. ........................... 4,554
75,000 Federal Home Loan Mortgage Corp. ............... 4,350
55,900 Federal National Mortgage Association .......... 3,822
1,000 + Goldman Sachs Group ............................ 72
100 Network Plus Corp. ............................. 2
36,800 Providian Financial ............................ 3,441
-------
16,241
-------
28,120
-------
TOTAL COMMON STOCKS
Cost $103,246) ............................. 144,403
-------
See notes to financial statements
Page 10
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 1999 - (UNAUDITED)
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------- -------- -------
GROWTH AND INCOME (CONTINUED)
EURODOLLAR DEPOSIT (1.8%)
(Cost $2,603)
$2,603 Societe Generale Bank 5.000% Due 7/1/99 ........ $ 2,603
--------
TOTAL INVESTMENTS (100.3%)
(Cost $105,849) ............................ 147,006
--------
LIABILITIES IN EXCESS OF OTHER ASSETS (-0.3%) .. (372)
--------
TOTAL NET ASSETS (100.0%) ...................... $146,634
========
+ Non-income producing security.
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------- -------- -------
QUANTITATIVE EQUITY
COMMON STOCK (99.5%)
Basic Materials (0.5%)
15,950 + AK Steel Holding Corp. ......................... $ 359
-------
COMMERCIAL SERVICES (0.7%)
17,700 Viad Corp. ..................................... 548
-------
CONSUMER CYCLICALS (6.6%)
17,200 Brunswick Corp. ................................ 479
6,200 Coca Cola Co. .................................. 388
5,300 Corning Inc. ................................... 372
14,150 + Federated Department Stores .................... 749
19,800 Ford Motor Co. ................................. 1,117
16,875 Gap Inc. ....................................... 850
25,600 Wal-Mart Stores, Inc. .......................... 1,235
-------
5,190
-------
CONSUMER NON-CYCLICALS (7.4%)
9,250 Anheuser- Busch Cos. Inc. ...................... 656
18,400 Dial Corp. ..................................... 684
15,400 Donnelley RR & Sons ............................ 571
10,600 General Mills Inc. ............................. 852
15,550 Heinz H J Co. .................................. 779
18,600 Philip Morris Companies Inc. ................... 747
12,950 Premark International .......................... 486
8,000 Proctor & Gamble Co. ........................... 714
15,900 Sara Lee Corp. ................................. 361
-------
5,850
-------
CONSUMER SERVICES (7.0%)
34,800 Darden Restaurants Inc. ........................ 759
6,050 Dayton Hudson Corp. ............................ 393
14,200 + Foodmaker Inc. ................................. 403
13,500 Home Depot ..................................... 870
5,000 Marriott International Inc. .................... 187
13,800 + MediaOne Group Inc. ............................ 1,026
31,900 Supervalu Inc. ................................. 820
6,800 Time Warner Inc. ............................... 500
26,150 + Toys R Us ...................................... 541
-------
5,499
-------
ENERGY (7.5%)
17,200 Coastal Corp. .................................. 688
20,850 Exxon Corp. .................................... 1,608
28,200 Royal Dutch Petroleum Co. ADR .................. 1,699
33,400 PP&L Resources Inc. ............................ 1,027
23,900 + Union Pacific Resources Group .................. 390
15,200 + USX-Marathon Group ............................. 495
-------
5,907
-------
See notes to financial statements
Page 11
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 1999 - (UNAUDITED)
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------- -------- -------
QUANTITATIVE EQUITY (CONTINUED)
FINANCE (15.2%)
6,800 AMBAC Inc. ..................................... $ 388
8,500 American General Corp. ......................... 641
8,800 American International Group ................... 1,030
13,200 AmSouth Bancorp ................................ 306
17,400 BankBoston Corp. ............................... 890
18,900 Chase Manhattan Corp. .......................... 1,637
32,050 Citigroup Inc. ................................. 1,522
12,000 Comerica Inc. .................................. 713
14,100 Federal National Mortgage Association .......... 964
10,600 Fleet Financial Group Inc. ..................... 470
6,500 Hartford Financial ............................. 379
16,350 Household International Inc. ................... 775
9,000 Morgan Stanley Dean Witter ..................... 923
17,600 PNC Bank ....................................... 1,014
9,800 + Travelers Property Casualty Cl A ............... 384
-------
12,036
-------
FOREST PRODUCTS & PAPER (1.3%)
23,500 Boise Cascade Corp. ............................ 1,008
-------
HEALTH CARE (12.0%)
21,100 Abbott Laboratories ............................ 960
5,100 + Amgen Inc. ..................................... 311
6,000 Baxter International ........................... 364
27,800 Bristol-Myers Squibb Co. ....................... 1,958
9,900 du Pont E I De Nemours & Co. ................... 676
11,200 Guidant Corp. .................................. 576
8,950 Johnson & Johnson Co. .......................... 877
7,700 Lilly (Eli) & Co. .............................. 552
16,400 Merck & Co. Inc. ............................... 1,214
28,800 Schering-Plough Corp. .......................... 1,526
5,800 + Wellpoint Health Networks ...................... 492
-------
9,506
-------
INDUSTRIAL (7.0%)
21,500 + Cytec Industries Inc. .......................... 685
27,300 General Electric Co. ........................... 3,085
17,800 IMC Global Inc. ................................ 314
9,600 Ingersoll Rand Co. ............................. 620
11,800 Johnson Controls ............................... 818
-------
5,522
-------
MACHINE AND MACHINE TOOLS (3.0%)
6,850 + Cummins Engine Inc. ............................ 391
19,600 + Lexmark Holdings ............................... 1,295
16,500 Milacron Inc. .................................. 305
8,900 York International ............................. 381
-------
2,372
-------
TECHNOLOGY (22.2%)
9,200 Adobe Systems Inc. ............................. 756
16,500 + Apple Computer Inc. ............................ 764
14,500 + Cisco Systems .................................. 935
8,500 Computer Associate International ............... 467
18,800 + Compuware Corp. ................................ 598
12,550 + Galileo International, Inc. .................... 671
7,700 Honeywell Inc. ................................. 892
32,900 Intel Corp. .................................... 1,958
27,200 International Business Machines Corp. .......... 3,516
5,800 + Litton Industries Inc. ......................... 416
7,300 + LSI Logic Corp. ................................ 337
18,500 Lucent Technologies ............................ 1,248
33,300 + Microsoft Corp. ................................ 3,003
13,600 United Technologies Corp. ...................... 975
16,600 US West Inc. ................................... 975
-------
17,511
-------
TELECOMMUNICATIONS (7.3%)
11,400 Ameritech Corp. 838
35,700 AT&T Corp. 1,992
27,100 BellSouth Corp. 1,270
12,700 + MCI Worldcom Inc. 1,093
3,100 Vodafone Airtouch ADR 611
-------
5,804
-------
TRANSPORTATION (0.8%)
11,600 Delta Airlines Inc. 668
-------
Utilities (1.0%)
28,350 Constellation Energy Group ..................... 840
-------
TOTAL INVESTMENTS (99.5%)
(Cost $60,465) ............................. 78,620
OTHER ASSETS IN EXCESS OF LIABILITIES (0.5%) ... 433
-------
TOTAL NET ASSETS (100.0%) ...................... $79,053
=======
+ Non-income producing security.
See notes to financial statements
Page 12
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 1999 - (UNAUDITED)
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------- -------- -------
INTERNATIONAL
COMMON STOCKS ( 96.7%)
AUSTRALIA (1.5%)
15,000 Email Limited .................................. $ 29
1,800 National Australia Bank, Ltd. .................. 30
3,600 + Smith (Howard) Ltd. ............................ 27
-------
86
-------
BELGIUM (1.6%)
2,790 Fortis AG ...................................... 88
210 Fortis AG-CVG .................................. 1
-------
89
-------
FRANCE (14.6%)
460 Air Liquide .................................... 72
380 Alcatel Alsthom ................................ 53
1,400 Banque Nationale De Paris ...................... 117
432 Carrefour SA ................................... 63
452 Christian Dior ................................. 73
220 Groupe Danone .................................. 57
1,145 Lafarge ........................................ 109
1,230 Total Fina SA .................................. 159
1,564 + Vivendi ........................................ 127
-------
830
-------
GERMANY (10.1%)
2,000 Commerzbank AG ................................. 61
1,164 DaimlerChrysler AG ............................. 101
1,450 Hoechst AG ..................................... 66
960 Metro AG ....................................... 60
2,186 Preussag AG .................................... 117
1,000 RWE AG ......................................... 46
850 Siemens AG ..................................... 65
2,650 Thyssen AG ..................................... 58
-------
574
-------
HONG KONG (2.5%)
26,000 + China Telecom .................................. 72
8,000 Hutchison Whampoa .............................. 72
-------
144
-------
ITALY (3.2%)
17,235 Telecom Italia SPA ............................. 179
-------
JAPAN (23.4%)
1,000 Bridgestone Corp. .............................. 30
6,000 Canon Inc. ..................................... 173
440 Canon Sales Co. ................................ 7
88 Circle K Japan Co. ............................. 4
1,900 + Fanuc Ltd. ..................................... 102
5,000 Fujitsu ........................................ 101
5,000 Hitachi ........................................ 47
2 + Japan Tobacco Inc. ............................. 22
3,200 Kansai Electric Power Co. ...................... 61
3,000 Minebea Co. Ltd. ............................... 33
12,000 Mitsubishi Materials Corp. ..................... 27
10,000 + Mitsui Chemicals Inc. .......................... 64
1,000 Nabuchi Motor Co. Ltd. ......................... 93
9 Nippon Telegraph & Telephone Corp. ............. 105
5 NTT Mobile Communications ...................... 67
14,000 OJI Paper Company .............................. 81
8,000 Okumura Corp. .................................. 30
2,000 Pioneer Electronics Corp. ...................... 39
1,000 Secom Co. Ltd. ................................. 104
1,000 Takeda Chemical ................................ 46
3,000 Toyota Motor Co. ............................... 95
-------
1,331
-------
NETHERLANDS (8.3%)
4,001 ABN-AMRO Holding NV ............................ 87
840 Akzo Nobel ..................................... 35
3,910 Elsevier NV .................................... 45
1,625 ING Groep NV ................................... 88
1,226 + Philips Electronics ............................ 121
1,600 Royal Dutch Petroleum .......................... 94
-------
470
-------
PORTUGAL (1.3%)
4,000 Electricidade De Portugal SA ................... 72
-------
SPAIN (3.4%)
4,100 Argentaria, Caja Postal Y Banco ................ 93
2,000 Endesa SA ...................................... 43
1,144 + Telefonica S.A. ................................ 55
-------
191
-------
SWEDEN (3.4%)
2,426 Ericsson LM - B ................................ 78
899 Pharmacia & Upjohn ............................. 50
5,600 Skandinaviska Enskilda BAN ..................... 65
-------
193
-------
SWITZERLAND (5.6%)
100 Adecco SA ...................................... 54
33 Nestle SA ...................................... 59
83 Novartis AG .................................... 121
90 Swisscom AG .................................... 34
170 UBS AG Registered .............................. 51
-------
319
-------
See notes to financial statements
Page 13
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 1999 - (UNAUDITED)
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------- -------- -------
INTERNATIONAL (CONTINUED)
UNITED KINGDOM (17.8%)
6,000 Allied Zurich PLC .............................. $ 75
1,000 Astrazeneca PLC ................................ 39
9,000 Bank of Scotland ............................... 119
4,260 Barclays ....................................... 124
5,000 British Energy ................................. 43
5,114 British Petroleum Co. .......................... 92
6,156 Diageo ......................................... 64
3,100 Glaxo Wellcome ................................. 86
2,352 Granada Group .................................. 44
2,600 HSBC Holdings .................................. 92
6,000 Imperial Chemical Inds ......................... 59
5,113 Smithkline Beecham ............................. 66
3,000 Vodafone Group ................................. 59
3,200 Whitbread ...................................... 50
-------
1,012
-------
TOTAL COMMON STOCKS
(Cost $4,615) .............................. 5,490
-------
PRINCIPAL
AMOUNT
(000's)
- -------
CONVERTIBLE BONDS
JAPAN (1.3%)
(Cost $51)
$58 Sumitomo Bank International Finance
0.750% Due 5/31/01 ......................... 71
-------
TOTAL INVESTMENTS (98.0%)
(Cost $4,666) .............................. 5,561
OTHER ASSETS IN EXCESS OF LIABILITIES (2.0%) ... 115
-------
TOTAL NET ASSETS (100.0%) ...................... $ 5,676
=======
+ Non-income producing security.
</TABLE>
<TABLE>
<CAPTION>
International Fund
Industry Concentrations
-----------------------
% OF NET VALUE
ASSETS (000'S)
- ------ -------
<C> <S> <C>
12.4% Telecommunications $702
10.9% Banking 622
10.3% Health Care 587
7.2% Energy Sources 409
7.2% Electrical & Electronics 406
6.6% Multi-Industry 375
5.3% Financial Services 299
4.4% Leisure & Tourism 247
4.1% Chemicals 232
3.4% Automobiles 196
3.4% Building Materials & Components 195
3.2% Business & Public Services 180
3.0% Business Services 173
2.9% Insurance 164
2.2% Manufacturing 124
2.2% Food & Household Products 123
1.8% Computer Systems 101
1.5% Beverages & Tobacco 86
1.4% Forest Products & Paper 81
1.3% Consumer Non-Durables 74
1.3% Utilities - Electric & Gas 72
0.8% Broadcasting & Publishing 45
0.5% Consumer Non-Durables 30
0.5% Metals 27
0.1% Merchandising 7
0.1% Retail 4
- ------- -------
98.0% Total Investments 5,561
2.0% Other Assets in Excess of Liabilities 115
- ------- ------
100.0% Total Net Assets $5,676
======= ======
</TABLE>
See notes to financial statements
Page 14
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 1999 - (UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------- -------- -------
CORE BOND
<C> <S> <C>
LONG-TERM SECURITIES
ASSET BACKED SECURITIES (3.8%)
(Cost $5,442)
CREDIT CARDS (3.8%)
$2,120 American Express Master Trust
Series 1998-1 Class A 5.900% Due 4/15/04 ... $ 2,096
3,255 Chase Credit Card Master Trust
Series 1998-3 Class A 6.000% Due 8/15/05 ... 3,217
-------
5,313
-------
CORPORATE DEBENTURES (30.4%)
BANKS (6.0%)
2,000 BankBoston Corp. 6.125% Due 3/15/02 ............ 1,981
550 Chase Manhattan Corp. 9.750% Due 11/1/01 ....... 591
1,500 CitiGroup 7.250% Due 9/1/08 .................... 1,516
1,425 Imperial Bank 8.500% Due 4/1/09 ................ 1,369
370 NationsBank Corp. 6.090% Due 12/14/01 .......... 365
1,875 Providian National Bank 6.750% Due 3/15/02 ..... 1,867
550 Wells Fargo 9.900% Due 11/15/01 ................ 593
-------
8,282
-------
Finance (13.7%)
3,000 American General Finance Corp. 5.750%
Due 11/1/03 ................................ 2,907
2,380 AON Capital Trust CIass A 8.205% Due 1/1/27 .... 2,498
55 Aristar Inc. 6.000% Due 8/1/01 ................. 54
200 Associates Corp. NA 6.500% Due 10/15/02 ........ 201
350 Beneficial Corp. 6.270% Due 1/9/02 ............. 348
1,735 Beneficial Corp. 6.250% Due 2/18/03 ........... 1,710
960 CIT Group Inc. 5.910% Due 11/23/05 ............. 914
620 Commercial Credit Corp.8.250% Due 11/1/01 ...... 646
50 Commercial Credit Corp. 6.875% Due 5/1/02 ...... 51
2,000 Conseco Inc. 7.875% Due 12/15/00 ............... 2,010
1,905 Ford Motor Credit Co. 8.200% Due 2/15/02 ....... 1,987
1,500 GMAC 6.650% Due 11/15/05 ....................... 1,471
300 Merrill Lynch & Co. 6.375% Due 10/1/01 ......... 301
2,525 Merrill Lynch & Co. 6.875% Due 11/15/18 ........ 2,365
1,415 Newcourt Credit Group 7.125% Due 12/17/03 (B) .. 1,404
50 Salomon Smith Barney Holdings 5.875% Due 2/1/01 50
-------
18,917
-------
INDUSTRIAL (5.1%)
1,480 Cendant Corp. 7.500% Due 12/1/00 ............... 1,494
1,550 Enersis SA 7.400% Due 12/1/06 .................. 1,323
1,500 Laidlaw Inc. 7.650% Due 5/15/06 ................ 1,461
1,475 Murphy Oil Corp. 7.050% Due 5/1/29 ............. 1,390
1,430 Service Corp. International 6.750% Due 6/1/01 .. 1,425
-------
7,093
-------
REAL ESTATE INVESTMENT TRUST (3.6%)
3,590 CarrAmerica Realty Corp.6.250% Due 10/1/00 ..... 3,564
1,600 Simon DeBartolo Group LP 7.375% Due 6/15/18 .... 1,463
-------
5,027
-------
TRANSPORTATION (1.0%)
1,400 Northwest Airlines Equipment Trust
Series 1999-2 Class A 7.575% Due 3/1/19 .... 1,401
-------
UTILITY (1.0%)
1,470 AT&T Corp. 6.500% Due 3/15/29 .................. 1,327
-------
TOTAL CORPORATE DEBENTURES
(Cost $43,035) ............................. 42,047
-------
U.S. Government Obligations (14.9%)
U.S. Treasury Bond (1.3%)
2,040 5.250% Due 11/15/28 ............................ 1,808
-------
See notes to financial statements
Page 15
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 1999 - (UNAUDITED)
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------- -------- -------
CORE BOND (CONTINUED)
U.S. TREASURY NOTES (13.6%)
$ 5,920 5.250% Due 8/15/03 (D) ......................... $ 5,819
13,295 5.500% Due 5/15/09 (D) ......................... 12,988
--------
18,807
--------
U.S. TREASURY STRIPS (0.0%)
285 Zero Coupon Due 5/15/17 ........................ 92
--------
TOTAL U.S. GOVERNMENT OBLIGATIONS
(Cost $20,573) ............................. 20,707
--------
MORTGAGE PASS THROUGH SECURITIES (37.8%)
FEDERAL NATIONAL MORTGAGE
ASSOCIATION (FNMA) (29.2%)
927 9.000% Due 11/1/10 ............................. 975
12,500 6.500% Due 7/1/14 (C) .......................... 12,336
12,555 6.500% Due 7/1/29 (C) .......................... 12,143
11,740 7.000% Due 7/1/29 (C) .......................... 11,630
3,385 7.500% Due 8/1/29 (C) .......................... 3,418
--------
40,502
--------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION
(GNMA) (7.1%)
1,890 7.500% Due 9/15/07 ............................. 1,930
4,103 8.500% Due 1/15/17-12/15/17 .................... 4,309
1,927 8.000% Due 9/15/17-11/15/17 (E) ................ 2,004
1,608 6.500% Due 2/15/24 ............................. 1,555
--------
9,798
--------
OTHER (1.5%)
2,100 GMAC Commercial Mortgage Securities
Series 1998-C2 Class A2 6.420%
Due 8/15/08 (A) ............................ 2,029
--------
TOTAL MORTGAGE PASS THROUGH SECURITIES
(Cost $52,705) ............................. 52,329
--------
NON-PASS THROUGH MORTGAGE NOTES (13.1%)
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)
(Cost $18,589)
9,855 6.500% Due 4/29/09 ............................. 9,530
5,695 5.625% Due 5/14/04 ............................. 5,519
1,085 5.250% Due 1/15/09 ............................. 991
2,185 6.375% Due 6/15/09 (D) ......................... 2,167
--------
18,207
SHORT-TERM SECURITIES
ASSET BACKED SECURITIES (20.0%)
CREDIT CARDS (14.9%)
1,290 Capital One Master Trust Series 1995-1 Class A
5.178% Due 10/15/03 (A) .................... 1,289
1,790 Discover Card Master Trust Series 1999-3 Class A
5.098% Due 9/15/04 (A) ..................... 1,791
1,220 Discover Card Master Trust Series 1997-1 Class A
5.078% Due 2/16/05 (A) ..................... 1,216
610 First Deposit Master Trust Series 1995-1 Class A
5.178% Due 8/15/04 (A) ..................... 610
1,540 First USA Bank Master Trust Series 1995-5
Class A 5.170% Due 4/15/03 (A) ............. 1,541
2,170 First USA Bank Master Trust Series 1997-10
Class A 5.090% Due 9/17/03 (A) ............. 2,169
2,545 MBNA Credit Card Trust Series 1995-I Class A
5.158% Due 3/15/03 (A) ..................... 2,547
1,760 MBNA Credit Card Trust Series 1996-D Class A
5.138% Due 9/15/03 (A) ..................... 1,761
1,070 MBNA Credit Card Trust Series 1998-I Class A
5.248% Due 10/15/03 (A) .................... 1,073
1,550 People's Master Credit Card Trust Series 1997-2
Class A 5.118% Due 4/15/05 (A) ............. 1,546
5,145 Wachovia Credit Card Master Trust Series 1995-I
Class A 5.158% Due 3/15/03 (A) ............. 5,154
-------
20,697
-------
FINANCIAL (3.2%)
1,560 Ford Motor Credit Corp. 5.324% Due 3/19/02 (A) . 1,559
2,825 GMAC 5.250% Due 4/5/04 (A) ..................... 2,825
--------
4,384
--------
REAL ESTATE INVESTMENT TRUST (1.9%)
2,600 Mall Asset Realty Trust Series 1999-I Class A
5.325% Due 12/13/01(A)(B) .................. 2,600
--------
Total Asset Backed Securities
(Cost $27,686) ............................. 27,681
--------
See notes to financial statements
Page 16
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 1999 - (UNAUDITED)
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------- -------- -------
CORE BOND (CONTINUED)
U.S. GOVERNMENT AGENCY DISCOUNT NOTES
FEDERAL NATIONAL MORTGAGE
ASSOCIATION (FNMA) (15.0%)
(Cost $20,740)
$ 5,920 Discount Note Due 7/16/99 ...................... $ 5,908
14,870 Discount Note Due 7/20/99 ...................... 14,832
--------
20,740
--------
TOTAL INVESTMENTS (135.0%)
(Cost $188,770) ........................ 187,024
LIABILITIES IN EXCESS OF OTHER ASSETS (-35.0%) . (48,520)
--------
TOTAL NET ASSETS (100.0%) ...................... $138,504
========
<FN>
(A) Adjustable rate security.
(B) SEC Rule 144A Security. Such security has limited markets and is
traded among "qualified institutional buyers".
(C) When issued security.
(D) Security on loan.
(E) Securities pledged for delivery on TBA sale. See Note 1.
</FN>
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------- -------- -------
INTERMEDIATE MUNICIPAL BOND
ALASKA (1.3%)
$320 Alaska State Housing Finance Corporation
Veterans Mortgage Program 5.000% Due 6/1/03 $324
CALIFORNIA (6.6%)
565 California Educational Facilities Authority
Revenue Refunding College of Chiropractic
4.700% Due 11/1/01 ......................... 569
400 California Health Facilities Finance Authority
Revenue Northern Presbyterian Hospital
4.500% Due 7/1/04 .......................... 395
200 Corona California Public Finance Authority,
Public Improvement Revenue Refunding
5.950% Due 7/1/07 .......................... 206
480 Simi Valley USA California University School
District Certificates of Participation
Refunding & Capital Improvement Projects
(AMBAC Insured) 4.800% Due 8/1/10 .......... 473
COLORADO (2.4%)
100 Adams County Colorado School District No. 12
Series D General Obligation (MBIA Insured )
5.450% Due 12/15/06 ........................ 105
45 Brighton Colorado General Obligation (FSA
Insured ) Zero Coupon Due 12/1/00 .......... 43
300 Superior Metropolitan District Number 2 Boulder
County Colorado 4.625% Coupon Due 12/1/13 .. 298
150 Westminster Colorado Multifamily Revenue
Refunding Housing Oasis Wexford Apartments
Project 5.350% Due 12/1/25 ................. 155
See notes to financial statements
Page 17
<PAGE>
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------- -------- -------
INTERMEDIATE MUNICIPAL BOND (CONTINUED)
CONNECTICUT (1.4%)
$85 Connecticut State Health & Education Facilities
Authority Revenue Sacred Heart University
Series D 4.800% Due 7/1/99 (a) ............. $85
95 Connecticut State Health & Education Facilities
Authority Revenue Sacred Heart University
Series D 5.200% Due 7/1/01 ................. 97
100 Connecticut State Health & Education Facilities
Authority Revenue Sacred Heart University
Series D 5.300% Due 7/1/02 ................. 103
50 Stratford Connecticut General Obligation Bond
(FGIC Insured) 7.000% Due 6/15/04 .......... 56
DISTRICT OF COLUMBIA (1.2%)
15 District of Columbia General Obligation Bond
Prerefunded Revenue 5.000% Due 6/1/01 ...... 15
285 District of Columbia General Obligation Bond
Series A-3 5.000% Due 6/1/01 ............... 288
FLORIDA (5.0%)
250 Jacksonville Florida Electric Authority Revenue
6.000% Due 7/1/01 .......................... 254
455 Pace Property Finance Authority Florida Utility
System Revenue Refunding & Improvement
(AMBAC Insured) 5.100% Due 9/1/09 .......... 462
500 St. John's County Florida Water & Sewer Revenue
(MBIA Insured) 5.250% Due 6/1/10 ........... 509
10 St. Lucie County School Board Certificates of
Participation Series A (AMBAC Insured)
Prerefunded 7.250% Due 7/1/04 (a) .......... 11
GEORGIA (1.9%)
400 Georgia State Series D General Obligation
6.700% Due 8/1/10 .......................... 458
HAWAII (1.8%)
450 Hawaii State Housing & Developing Corporation
Single Family Mortgaging Revenue
4.750% Due 7/1/06 .......................... 453
ILLINOIS (5.9%)
1,000 Chicago Illinois Emergency Telephone System
(FGIC Insured) 5.250% Due 1/1/12 ........... 1,007
100 Cook County Illinois College District No. 508
(FGIC Insured) 8.400% Due 1/1/01 ........... 106
100 Cook & DuPage Counties, Illinois Combined School
District - Series B (FGIC Insured)
Zero Coupon Due 12/1/05 .................... 74
265 Illinois Health Facilities Authority Revenue
Series A (MBIA Insured) 7.900% Due 8/15/03 . 267
INDIANA (2.3%)
310 La Porte Indiana Economic Development Revenue
Boise Cascade Corp. Project Escrowed to
Maturity 7.375% Due 6/1/01 ................. 321
250 Marion County Indiana Hospital Authority
Hospital Facility Revenue Methodist Hospital
of Indiana Escrowed to Maturity
6.500% Due 9/1/08 .......................... 256
See notes to financial statements
Page 18
<PAGE>
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------- -------- -------
INTERMEDIATE MUNICIPAL BOND (CONTINUED)
IOWA (0.4%)
$100 Iowa Student Loan Liquidity Corporation
Student Loan Revenue 6.450% Due 3/1/02 ..... $104
KENTUCKY (2.0%)
145 Dayton Kentucky Elderly Housing Speers Court
(FHA Insured) 5.350% Due 9/1/05 ............ 149
345 Kentucky State Turnpike Authority Toll Road
Revenue Series A 8.500% Due 7/1/04 ......... 346
MASSACHUSETTS (2.1%)
500 New England Education Loan Marketing Corp.
Series A 6.500% Due 9/1/02 ................. 529
MICHIGAN (1.5%)
95 Ferris St. College Special Obligation
7.500% Due 8/15/03 ......................... 100
240 Michigan State Building Authority Chippewa
Correctional Facilities Escrowed to Maturity
7.250% Due 10/1/04 ......................... 271
MINNESOTA (0.4%)
100 St. Paul Minnesota Port Authority Commercial
Development General Revenue Fort Road
Med/Irvine (Asset Guaranty Insured)
7.500% Due 9/1/02 .......................... 102
NEBRASKA (1.0%)
245 Nebraska Investment Finance Authority Multi
Family Revenue Refunding Housing
Wycliffe West 5.500% Due 12/1/25 ........... 254
NEVADA (3.0%)
400 Clark County Nevada School District General
Obligation (FSA Insured) 5.500% Due 6/15/11 415
160 Nevada Housing Division Single Family Program
5.550% Due 10/1/02 ......................... 158
155 Nevada State Muni Bond Bank Project 38-39A
Escrowed to Maturity Refunded
6.400% Due 7/1/05 .......................... 160
NEW JERSEY (2.4%)
335 Arlington Arms Financing Corp. New Jersey
Mortgage Revenue Arlington Arms Apartments
(FHA Insured) 10.250% Due 3/1/25 ........... 341
240 Gateway New Jersey Housing Development
Corporation Revenue Bond Section 8
(FHA Insured) 10.500% Due 8/1/25 ........... 245
NEW YORK (7.3%)
100 Hempstead Town New York General Obligation,
Series B (AMBAC Insured) 6.500% Due 1/1/12 . 113
850 Municipal Assistance Corp. for New York City
New York Series E 6.000% Due 7/1/06 ........ 915
505 New York State Environmental Facility Corp.,
Pollution Control Revenue Series B
5.300% Due 12/15/10 ........................ 517
250 Onondaga County New York General Obligation Bond
5.875% Due 2/15/09 ......................... 268
NORTH CAROLINA (1.8%)
400 Surry County North Carolina Pollution Control
Finance Authority (AMBAC Insured)
9.250% Due 12/1/02 ......................... 434
See notes to financial statements
Page 19
<PAGE>
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------- -------- -------
INTERMEDIATE MUNICIPAL BOND (CONTINUED)
OHIO (0.5%)
$100 Loveland Ohio School District General Obligation
6.650% Due 12/1/15 ......................... $109
50 Ohio Housing Financing Agency Single Family
Mortgage Series 1985A (FGIC Insured)
Zero Coupon Due 1/15/15 .................... 11
OKLAHOMA (3.4%)
1,625 Oklahoma County Oklahoma Home Finance
Authority Single Family Refunding
Prerefunded Zero Coupon Due 7/1/12 ......... 672
160 Tulsa Oklahoma Metropolitan Utility Authority
Revenue 7.000% Due 2/1/03 .................. 171
OREGON (2.3%)
550 Oregon State Housing & Community Services Single
Family Mortgage Series B 6.875% Due 7/1/28 . 580
PENNSYLVANIA (2.0%)
500 Hempfield Pennsylvania School District Refunding
6.700% Due 10/15/99 (a) .................... 501
SOUTH CAROLINA (1.3%)
70 Piedmont Municipal Power Agency South Carolina
Electric Revenue Series A Escrowed to
Maturity (FGIC Insured) 6.125% Due 1/1/07 .. 76
230 Piedmont Municipal Power Agency South Carolina
Electric Refunding Escrowed to Maturity
(MBIA Insured) 6.250% Due 1/1/09 ........... 252
TEXAS (26.2%)
500 Cypress-Fairbanks Texas General Obligation
Independent School District
7.300% Due 2/15/07 ......................... 573
500 Deer Park Texas Independent School District
School Building 6.375% Due 2/15/07 ......... 548
1,250 Denison Texas Independent School District
School Building Zero Coupon Due 8/1/00 ..... 1,202
570 Edgewood Texas Independent School District
Lease Revenue 4.700% Due 8/15/05 ........... 557
805 Harris County Texas Flood District General
Obligation Zero Coupon Due 10/1/06 ......... 504
265 Lower Colorado River Authority Revenue
Prerefunded 6.250% Due 5/1/07 .............. 289
550 Mercedes Texas Independent School District
4.800% Due 8/15/09 ......................... 542
580 Mercedes Texas Independent School District
4.900% Due 8/15/10 ......................... 571
1,000 Port of Houston Texas General Obligation Bond
5.100% Due 10/1/11 ......................... 994
700 San Antonio Texas Electric & Gas Series A
Revenue Bonds 5.250% Due 2/1/11 ............ 707
UTAH (1.2%)
275 Salt Lake City Utah Water Conservancy District
Revenue Refunding Series A Escrowed to
Maturity (MBIA Insured) 10.875% Due 10/1/02 305
VIRGINIA (3.8%)
915 Arlington County Virginia Public Improvement
General Obligation Bond 5.125% Due 6/1/11 .. 923
See notes to financial statements
Page 20
<PAGE>
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------- -------- -------
INTERMEDIATE MUNICIPAL BOND (CONTINUED)
$30 Virginia State Housing Development Authority
Multi Family Series A Zero Coupon
Due 11/1/17 ................................ $6
WASHINGTON (2.4%)
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 ............... 326
WISCONSIN (4.1%)
1,000 Milwaukee Wisconsin Public Improvements -
Series 0 General Obligation
5.000% Due 6/15/08 ......................... 1,016
5 Wisconsin State Clean Water Revenue
5.000% Due 6/1/08 5
---------
TOTAL INVESTMENTS (98.9%)
(Cost $24,490) ............................. 24,521
OTHER ASSETS IN EXCEES OF LIABILITIES (1.1%) ... 270
---------
TOTAL NET ASSETS (100.0%) ...................... $24,791
=========
<FN>
(a) Interest rate subject to change approximately every 1 to 397 days.
Principal payable on demand at periodic intervals at the fund's option.
</FN>
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------- -------- -------
GOVERNMENT MONEY MARKET
U.S. GOVERNMENT AGENCY
OBLIGATIONS (75.2%)
FEDERAL FARM CREDIT BANK (26.5%)
$10,000 Discount Note Due 7/1/99 ....................... $10,000
6,651 Discount Note Due 7/14/99 ...................... 6,640
12,190 Discount Note Due 7/29/99 ...................... 12,145
10,000 Discount Note Due 8/3/99 ....................... 9,953
10,000 Discount Note Due 8/9/99 ....................... 9,946
15,000 Discount Note Due 8/12/99 ...................... 14,914
17,500 Discount Note Due 8/16/99 ...................... 17,390
6,529 Discount Note Due 8/25/99 ...................... 6,479
--------
87,467
--------
FEDERAL HOME LOAN BANK (48.7%)
20,000 Discount Note Due 7/7/99 ....................... 19,984
10,000 Discount Note Due 7/9/99 ....................... 9,990
10,000 Discount Note Due 7/12/99 ...................... 9,986
15,000 Discount Note Due 7/14/99 ...................... 14,974
12,000 Discount Note Due 7/16/99 ...................... 11,977
5,000 Discount Note Due 7/21/99 ...................... 4,987
12,000 Discount Note Due 7/23/99 ...................... 11,966
7,000 Discount Note Due 7/28/99 ...................... 6,975
15,000 Discount Note Due 7/30/99 ...................... 14,943
10,000 Discount Note Due 8/4/99 ....................... 9,955
10,000 Discount Note Due 8/13/99 ...................... 9,943
15,000 Discount Note Due 8/18/99 ...................... 14,905
15,000 Discount Note Due 8/20/99 ...................... 14,901
5,000 Discount Note Due 8/27/99 ...................... 4,960
--------
160,446
--------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $ 247,913) ........................... 247,913
--------
REPURCHASE AGREEMENT (25.0%)
(Cost $ 82,222)
82,222 Union Bank of Switzerland Securities 4.85%
Due 7/1/99 with a maturity value of $82,233
(collateralized by $83,927 United States
Treasury Note 6.250% due 8/31/02) .......... 82,222
--------
TOTAL INVESTMENTS (100.2%)
(Cost $330,135) ............................ 330,135
LIABILITIES IN EXCESS OF OTHER ASSETS (-0.2%) .. (700)
--------
TOTAL NET ASSETS (100.0%) ...................... $329,435
========
See notes to financial statements
Page 21
<PAGE>
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------- -------- -------
TAX FREE MONEY MARKET
ARIZONA (0.2%)
$100 Pinal County Arizona Industrial Development
Pollution Control Revenue Magma Copper
Company Project 3.550% Due 12/1/09 (a) ..... $100
100 Tucson Industrial Development Tucson City Center
Parking Garage Authority 3.825%
Due 6/1/15 (a) ............................. 100
ARKANSAS (0.1%)
48 Greystone Tax Exempt Certificate Trust 1 Series
Certificates of Beneficial Ownership
3.780% Due 5/1/28 (a)(d) ................... 48
COLORADO (4.2%)
1,025 Colorado Health Facility Authority Revenue AMC
Cancer Series B 3.400% Due 1/15/28 (a) ..... 1,025
1,000 Dove Valley Metropolitan District Colorado
Arapahoe County 3.375% Due 11/1/25 (a) ..... 1,000
2,550 Summit County Colorado Recreational Facilities
Revenue Refunding (Copper Mountain)
3.450% Due 4/1/17 (a) ...................... 2,550
CONNECTICUT (0.1%)
105 Connecticut State Resource Recovery Authority
Greater Bridgeport System - Series A
6.750% Due 11/15/99 (c) .................... 105
FLORIDA (0.8%)
300 Broward County Florida Housing Finance Authority
Multi-Family Housing Revenue (Sanctuary
Apartments Project) 3.750% Due 2/1/09 (a) .. 300
500 Florida State Board of Education Capital Outlay
Series A 4.000% Due 1/1/00 ................. 502
73 Greystone Tax Exempt Certificate Trust 1 Series
Certificates of Beneficial Ownership
3.780% Due 5/1/28 (a)(d) ................... 73
GEORGIA (1.7%)
200 Coweta County Georgia Development Authority
Pollution Control Revenue Georgia Power
Company Yates Project 3.650% Due 9/1/26 (a) 200
243 Greystone Tax Exempt Certificate Trust 1 Series
Certificates of Beneficial Ownership
3.780% Due 5/1/28 (a)(d) ................... 243
100 Gwinnett County Georgia Development Authority
Revenue (Wesleyan School Project)
3.750% Due 3/1/17 (a) ...................... 100
1,000 Marietta Georgia Housing Authority Multifamily
Revenue (Falls at Bells Ferry)
3.200% Due 1/15/09 (a) ..................... 1,000
350 Savannah Georgia Housing Authority Multifamily
Housing Revenue Somerset Wharf Project B
3.350% Due 6/15/26 (a) ..................... 350
HAWAII (0.3%)
300 Hawaii State Department Budget & Finance Special
Purpose Revenue Queens Health System -
Series A 3.450% Due 7/1/26 (a) ............. 300
ILLINOIS (9.3%)
200 Darien Industrial Development Authority Kinder
Care Centers Series C 3.650% Due 2/1/01 (a) 200
800 Illinois Development Finance Authority
Industrial Development Refunding Bond
(Dart Container) 3.500% Due 8/1/25 (a) ..... 800
1,300 Illinois Development Finance Limited (Dart
Container Corp) 3.875% Due 12/1/09 (a)(b) .. 1,300
3,550 St. Clair County Illinois Industrial
Development Board (Winchester Apartments
Project Series 94) 3.850% Due 10/1/15 (a) .. 3,550
See notes to financial statements
Page 22
<PAGE>
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------- -------- -------
TAX FREE MONEY MARKET(CONTINUED)
$2,300 Village of Troy Grove Illinois (Unimin Corp.)
4.572% Due 5/1/10 (a)(b) ................... $2,300
2,000 Winnebago & Boone Counties Rockford School
District #205 Tax Anticipation Warrants
5.400% Due 10/29/99 ........................ 2,006
INDIANA (4.8%)
1,780 Crawfordsville Indiana Community School Tax
Anticipation Warrants 4.000% Due 12/31/99 .. 1,783
720 GAF Tax-Exempt Bond Grantor Trust Series A
3.900% Due 4/1/08 (a) ...................... 720
1,000 Indianapolis Indiana Economic Development
(Joint & Clutch Series 1984)
3.642% Due 12/1/14 (a)(b) .................. 1,000
500 LaGrange Economic Development Revenue Sealed
Power Corp. 3.300% Due 10/1/15 (a) ......... 500
1,200 Mishawaka Indiana Waterworks Revenue Bond
Anticipation Notes Series A
4.200% Due 8/12/99 ......................... 1,200
IOWA (0.1%)
100 Chillicothe Iowa Pollution Control Revenue Iowa
Southern Utilities Co - Series A
3.750% Due 3/1/10 (a) ...................... 100
KANSAS (2.8%)
1,000 Derby Kansas Waterworks Utilities System
Revenue - Series 1991-1 4.500% Due 1/15/00 . 1,002
36 Greystone Tax Exempt Certificate Trust 1 Series
Certificates of Beneficial Ownership
3.780% Due 5/1/28 (a)(d) ................... 36
2,000 Salina Kansas Central Mall (Salina Central Mall
Dillard) 3.950% Due 12/1/14 (a) ............ 2,000
KENTUCKY (4.0%)
775 Boone County Kentucky Industrial Development
Bond Revenue (Jamike/Hemmer Project)
3.350% Due 2/1/06 (a) ...................... 775
430 Elva-New Harmony Oak Level Fire Protection
District 3.850% Due 12/1/31 (a) ............ 430
135 Florence Kentucky Industrial Building Revenue
(Florence Commercial Project) 3.400%
Due 6/1/07 (a) ............................. 135
2,030 Fort Thomas Kentucky Industrial Buildings
Revenue (Carmel Manor Project)
3.200% Due 10/1/14 (a) ..................... 2,030
490 Harvey Brewers Fire Protection District Kentucky
Lease Revenue Program 3.850% Due 12/1/31 (a) 490
490 Muhlenberg County Airport District Development
Area Financial Trust 3.850% Due 12/1/31 (a) 490
MARYLAND (2.4%)
2,600 Howard County Maryland Revenue Owen Brown Joint
Venture Facility 3.550% Due 5/1/11 (a) ..... 2,600
MICHIGAN (11.4%)
945 Birmingham Michigan Economic Development
Corporation Radnor Corp. (Brown Street
Project 83) 4.075% Due 12/1/18 (a) ......... 945
1,055 Cedar Springs Michigan Public Schools State
Anticipation Notes 4.500% Due 8/23/99 ...... 1,056
2,025 Lansing Michigan Economic Development Corp
(Atrium Office Building) 3.250%
Due 5/1/15 (a) ............................. 2,025
See notes to financial statements
Page 23
<PAGE>
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------- -------- -------
TAX FREE MONEY MARKET(CONTINUED)
$760 Leelanau County Michigan Economic Development
Corp. Revenue (American Community
Mutual Insurance Co. Project)
3.400% Due 6/15/06 (a) ..................... $760
900 Livonia Michigan Economic Development
Corporation (American Community
Mutual Insurance) 3.500% Due 11/15/04 (a) .. 900
130 McDonald Tax-Exempt Mortgage Trust # 1
3.450% Due 1/15/09 (a) ..................... 131
200 Michigan State Job Development Authority Revenue
(Kentwood Residence) 3.500% Due 11/1/14 (a) 200
255 Michigan State Strategic Fund (Tawas Bay
Association Project) 3.400% Due 12/1/01 (a) 255
555 Michigan State Strategic Fund Limited Obligation
Revenue Refunding (Woodbridge
Commercial Properties) 3.300%
Due 10/15/05 (a) ........................... 555
2,145 Oakland County Michigan Economic Development
Corporation (Corners Shopping Center)
3.400% Due 8/1/15 (a) ...................... 2,145
3,500 Plainwell Michigan Economic Development
Corporation (Plainwell Paper Co. Inc.
Project) 4.200% Due 11/1/07 (a) ............ 3,500
MINNESOTA (7.7%)
1,270 Hutchinson Minnesota Economic Development
Authority Revenue Refunding (Developers
Diversified) 3.200% Due 8/15/06 (a) ........ 1,270
969 International Falls Minnesota Economic
Development Revenue (Developers Diversified
Limited Project) 3.570% Due 7/1/06 (a) ..... 969
5,040 Minnesota Capital Realty Tax Exempt Limited
Series 96-1 3.760% Due 12/1/04 (a)(d) ...... 5,040
1,140 St. Paul Minnesota Port Authority Industrial
Development Revenue - Minnesota Diversified
Industrial Project - Series 1
3.800% Due 6/1/19 (a) ...................... 1,140
MISSISSIPPI (0.5%)
575 Desoto County Mississippi Industrial Development
Revenue (American Soap Company Project)
4.572% Due 12/1/08 (a)(b) .................. 575
MISSOURI (4.1%)
500 Clayton Industrial Development Authority
Industrial Development Revenue Refunding
Bailey Court Project 3.900% Due 1/1/09 (a) . 500
200 Jackson County Industrial Development Authority
YMCA of Greater Kansas City Project A
3.750% Due 11/1/16 (a) ..................... 200
2,900 KANSAS CITY
Industrial Development Authority Multifamily
Housing Revenue Cloverset Apartments Project
3.850% Due 10/1/15 (a) ..................... 2,900
900 St. Charles County Industrial Development
Authority Revenue Sun River Village
3.720% Due 12/1/27 (a) ..................... 900
NEW HAMPSHIRE (0.9%)
950 New Hampshire State Housing Financial Authority
Multifamily Housing Revenue - Series 1
6.450% Due 7/1/99 .......................... 950
See notes to financial statements
Page 24
<PAGE>
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------- -------- -------
TAX FREE MONEY MARKET (CONTINUED)
NEW JERSEY (3.2%)
$1,700 Atlantic City New Jersey Special Emergency Notes
Bank Anticipation Notes 3.625% Due 12/9/99 $1,703
1,220 New Brunswick City Guaranteed Parking Revenue
Series B 7.200% Due 9/1/15 (c) ............. 1,245
600 North Hudson Sewer Authority 4.250% Due 3/31/00 600
NEW YORK (2.3%)
300 Municipal Assistance Corporation for the City of
New York Series 68 7.200% Due 7/1/02 (c) ... 306
650 New York City Cultural Resources Revenue Trust
(Modern Museum) Series One
5.000% Due 1/1/00 (a) ...................... 655
1,595 New York City Housing Authority MultiFamily
Revenue Refunding - Series A
4.500% Due 7/1/99 .......................... 1,595
NORTH CAROLINA (0.1%)
100 Beaufort County Industrial Facilities and
Pollution Control (Texasgulf Inc)
3.800% Due 12/1/00 (a) ..................... 100
OHIO (11.6%)
125 Brooklyn Ohio Industrial Development Revenue
Refunding (Clinton Road Project A)
3.400% Due 12/1/00 (a) ..................... 125
525 Buckeye Ohio Tax Exempt Mortgage Bond Trust
3.400% Due 2/1/05 (a) ...................... 525
910 Cincinnati & Hamilton County Ohio Port Authority
Revenue Refunding (Tri State Building)
3.100% Due 9/1/99 (a) ...................... 910
475 Clermont County Ohio Economic Development
Revenue (John Q. Hammons Project)
3.100% Due 5/1/12 (a) ...................... 475
600 East Muskingum Ohio Water Authority Water
Revenue Bond Anticipation Notes
4.320% Due 6/22/00 ......................... 602
215 Franklin County Ohio Industrial Development
Revenue (GSW Building Association Ltd.)
3.300% Due 11/1/15 (a) ..................... 215
2,030 Lakewood Ohio Hospital Revenue (Hospital
Improvement Series 1983)
3.470% Due 11/1/10 (a) ..................... 2,030
609 McDonald Tax Exempt Mortgage Trust # 1
3.450% Due 1/15/09 (a) ..................... 610
1,475 Riverside Ohio Economic Development Revenue
(Riverside Association Project)
3.200% Due 9/1/12 (a) ...................... 1,475
935 Riverside Ohio Economic Development Revenue
(Wright Point Association)
3.200% Due 9/1/10 (a) ...................... 935
540 Stark County Ohio Health Care Facilities
(Canton Christian Home)
3.050% Due 9/15/16 (a) ..................... 540
1,935 Stark County Ohio Health Car Facilities
(Canton Christian Home PJ ) Series 90
2.900% Due 9/1/15 (a) ...................... 1,935
425 Stark County Ohio Industrial Development Revenue
(Belpar Professional Building)
3.300% Due 10/1/04 (a) ..................... 425
1,940 Stark County Ohio Industrial Development Revenue
(Newmarket Parking Ltd.)
3.400% Due 11/1/14 (a) ..................... 1,940
OKLAHOMA (1.8%)
700 Comanche County Oklahoma Hospital Authority
Certificates of Participation
9.000% Due 7/1/21 (c) ...................... 734
See notes to financial statements
Page 25
<PAGE>
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------- -------- -------
TAX FREE MONEY MARKET (CONTINUED)
$1,250 Tulsa County Oklahoma Industrial Development
Authority Healthcare Revenue Laureate
Psychiatric Center 3.350% Due 12/15/08 (a) $1,250
PENNSYLVANIA (0.1%)
130 McDonald Tax Exempt Mortgage Trust # 1
3.450% Due 1/15/09 (a) ..................... 131
RHODE ISLAND (0.9%)
1,000 Rhode Island Housing and Mortgage Finance
Multifamily Housing Series A
4.900% Due 7/1/99 .......................... 1,000
TENNESSEE (4.8%)
2,600 Franklin County Tennessee Health & Educational
Facilities Revenue (University of the South
Sewanee) 3.200% Due 9/1/10 (a) ............. 2,600
1,280 GAF Tax Exempt Bond Grantor Trust Series A
3.900% Due 4/1/08 (a) ...................... 1,280
272 Greystone Tax Exempt 1998-1 Certificates of
Beneficial Ownership
3.780% Due 5/1/28 (a)(d) ................... 272
1,150 Knoxville Tennessee Industrial Development Bond
Toys R Us Project
3.950% Due 5/1/14 (a) ...................... 1,150
TEXAS (7.3%)
350 Harris County Texas Health Facilities Hospital
Revenue TIRR Project - Series 87
3.650% Due 10/1/17 (a) ..................... 350
2,415 Harris County Texas Multifamily Housing Revenue
(Greenhouse Development)
4.075% Due 4/1/07 (a) ...................... 2,415
2,100 Harris County Texas Multifamily Housing Revenue
(Country Scape Development)
4.075% Due 4/1/07 (a) ...................... 2,100
500 Texas Health Facilities Development Corporate
Hospital Revenue Aces North Texas Pooled
Health Series 1985B 3.650% Due 5/31/25 (a) 500
2,650 Waxahachie Texas Industrial Development
Authority (Dart Container Project
Series 1985) 3.875% Due 4/1/06 (a)(b) ...... 2,650
UTAH (1.5%)
1,100 Intermountain Power Agency Utah Power Supply
Revenue Refunding Series B
7.200% Due 7/1/99 .......................... 1,100
500 Utah State Board Of Regents Refunding Bonds
Hospital University of Utah
4.750% Due 8/1/99 .......................... 500
VERMONT (0.5%)
535 Vermont Industrial Development Authority
Hydroelectric Revenue Bond Central Vermont
Public Service Corp.
3.350% Due 12/1/13 (a) ..................... 535
VIRGINIA (1.9%)
128 Greystone Tax Exempt Certificate Trust 1 Series
Certificates of Beneficial Ownership
3.780% Due 5/1/28 (a)(d) ................... 128
2,000 Rockingham County Virginia Industrial
Development Authority (Merck & Company Inc.
Project) 4.200% Due 10/1/22 (a) ............ 2,000
WASHINGTON (1.0%)
900 Snohomish County Washington Series A Resource
Recovery Improvements
7.100% Due 12/1/07 (c) ..................... 912
See notes to financial statements
Page 26
<PAGE>
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------- -------- -------
TAX FREE MONEY MARKET (CONTINUED)
$200 Washington State Housing Finance Commission
Nonprofit Housing Revenue - YMCA Snohomish
County Project 4.500% Due 8/1/19 (a) ....... $200
WISCONSIN (6.2%)
2,500 DC Everest Area School District Tax and Revenue
Anticipation Notes 3.930% Due 8/26/99 ...... 2,500
1,000 Lake Geneva Genoa City Electric Wisconsin High
School District 3.450% Due 9/30/99 ......... 1,000
1,500 Northern Ozaukee School District Wisconsin Bond
Anticipation Notes 3.400% Due 2/1/00 ....... 1,500
1,100 Rosendale Brandon School District Tax and
Revenue Promissory Notes
3.810% Due 9/27/99 ......................... 1,100
700 Weyauwega-Freemont School District Tax and
Revenue Anticipation Notes
4.040% Due 8/25/99 ......................... 700
WYOMING (1.0%)
1,130 Cheyenne County Wyoming Economic Development
Revenue Bonds (Holiday Inn)
3.250% Due 10/1/10 (a) ..................... 1,130
---------
TOTAL INVESTMENTS (99.6%)
(Cost $109,042) ............................ 109,042
OTHER ASSETS IN EXCESS OF LIABILITIES (0.4%) ... 414
---------
TOTAL NET ASSETS (100.0%) ...................... $ 109,456
=========
<FN>
(a) Interest rate subject to change approximately every 1 to 397 days.
Principal payable on demand at periodic intervals at the fund's option.
(b) Coupon fluctuates with the Prime Rate (Prime is the rate on corporate loans
posted by at least 75% of the nation's 30 largest banks).
(c) Prerefunded.
(d) SEC Rule 144A Security. Such security has limited markets and is traded
among qualified institutional buyers.
</FN>
</TABLE>
See notes to financial statements
Page 27
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
STATEMENTS OF ASSETS AND LIABILITIES AT JUNE 30, 1999 - (UNAUDITED)
<TABLE>
<CAPTION>
GROWTH AND QUANTITATIVE
$ IN THOUSANDS TUDOR INCOME EQUITY
- -------------- ----- ------ ------
ASSETS
<S> <C> <C> <C>
Investments at value # ................................... $ 81,784 $ 147,006 $ 78,620
Investments in Repurchase Agreements,at value # .......... 0 0 0
Cash ..................................................... 4 5 363
Proceeds from TBA sale - (Note 1) ........................ 0 0 0
Receivable for securities sold ........................... 210 18 0
Receivable for Fund shares sold .......................... 0 0 667
Dividends and interest receivable ........................ 18 130 91
Other assets ............................................. 4 4 9
--------- --------- ---------
82,020 147,163 79,750
--------- --------- ---------
LIABILITIES
Distributions payable .................................... 6 373 0
Payable to custodian bank ................................ 0 0 0
Payable for investment securities purchased .............. 278 28 611
Payable for Fund shares redeemed ......................... 88 1 0
Market value of TBA sale - (Note 1) ...................... 0 0 0
Accrued investment advisory fee payable - (Note 4) ....... 58 88 47
Accrued administration fee payable - (Note 4) ............ 5 5 4
Accrued expenses ......................................... 69 34 35
--------- --------- ---------
504 529 697
--------- --------- ---------
NET ASSETS ............................... $ 81,516 $ 146,634 $ 79,053
========= ========= =========
NET ASSETS REPRESENTED BY:
Shares of beneficial interest, at par .................... 1,519 3,647 12
Paid-in surplus .......................................... 62,259 86,042 49,379
Accumulated undistributed net investment income/
(distributions in excess of net investment income) (166) 159 275
Undistributed realized gains on investments,
futures, options and currencies/(Distributions
in excess of realized gains on investments,
futures, options and currencies) ................. 4,061 15,629 11,232
Net unrealized appreciation/(depreciation) on
investments, futures, options and currencies ..... 13,843 41,157 18,155
--------- --------- ---------
NET ASSETS APPLIED TO OUTSTANDING SHARES ................. $ 81,516 $ 146,634 $ 79,053
========= ========= =========
CAPITAL SHARES (AUTHORIZED SHARES UNLIMITED)
Outstanding (000's) ...................................... 4,556 3,647 12,276
========= ========= =========
Par Value ................................................ $.33 1/3 $ 1.00 $ 0.001
========= ========= =========
Net asset value per share ................................ $ 17.89 $ 40.21 $ 6.44
========= ========= =========
# Investments at cost .................................... 67,941 105,849 60,465
--------- --------- ---------
UNREALIZED APPRECIATION/(DEPRECIATION): *
Gross appreciation ............................... 15,936 42,950 18,761
Gross depreciation ............................... (2,093) (1,793) (606)
--------- --------- ---------
NET UNREALIZED APPRECIATION/(DEPRECIATION) ............... 13,843 41,157 18,155
========= ========= =========
</TABLE>
Page 28
<PAGE>
<TABLE>
<CAPTION>
INTERMEDIATE
MUNICIPAL GOVERNMENT TAX FREE
INTERNATIONAL CORE BOND BOND MONEY MARKET MONEY MARKET
------------- --------- ---- ------------ ------------
ASSETS
<S> <C> <C> <C> <C> <C>
Investments at value # ................................... $ 5,561 $ 187,024 $ 24,521 $ 247,913 $ 109,042
Investments in Repurchase Agreements,at value # .......... 0 0 0 82,222 0
Cash ..................................................... 96 3,469 0 4 91
Proceeds from TBA sale - (Note 1) ........................ 0 2,060 0 0 0
Receivable for securities sold ........................... 0 9,955 263 0 0
Receivable for Fund shares sold .......................... 3 263 0 0 0
Dividends and interest receivable ........................ 35 1,216 371 11 1,148
Other assets ............................................. 7 4 1 7 12
--------- --------- --------- --------- ---------
5,702 203,991 25,156 330,157 110,293
--------- --------- --------- --------- ---------
LIABILITIES
Distributions payable .................................... 0 644 86 539 152
Payable to custodian bank ................................ 0 0 259 0 0
Payable for investment securities purchased .............. 12 62,735 0 0 600
Payable for Fund shares redeemed ......................... 0 0 0 0 0
Market value of TBA sale - (Note 1) ...................... 0 2,045 0 0 0
Accrued investment advisory fee payable - (Note 4) ....... 7 36 7 135 53
Accrued administration fee payable - (Note 4) ............ 0 0 0 3 4
Accrued expenses ......................................... 7 27 13 45 28
--------- --------- --------- --------- ---------
26 65,487 365 722 837
--------- --------- --------- --------- ---------
NET ASSETS ............................... $ 5,676 $ 138,504 $ 24,791 $ 329,435 $ 109,456
========= ========= ========= ========= =========
NET ASSETS REPRESENTED BY:
Shares of beneficial interest, at par .................... 6 15 2 330 109
Paid-in surplus .......................................... 4,441 179,515 24,537 31,119 109,367
Accumulated undistributed net investment income/
(distributions in excess of net investment income) (55) 0 (30) 0 0
Undistributed realized gains on investments,
futures, options and currencies/(Distributions
in excess of realized gains on investments,
futures, options and currencies) ................. 380 (39,295) 251 (2,014) (20)
Net unrealized appreciation/(depreciation) on
investments, futures, options and currencies ..... 904 (1,731) 31 0 0
--------- --------- --------- --------- ---------
NET ASSETS APPLIED TO OUTSTANDING SHARES ................. $ 5,676 $ 138,504 $ 24,791 $ 329,435 $ 109,456
========= ========= ========= ========= =========
CAPITAL SHARES (AUTHORIZED SHARES UNLIMITED)
Outstanding (000's) ...................................... 578 14,959 2,420 329,708 109,478
========= ========= ========= ========= =========
Par Value ................................................ $ 0.001 $ 0.001 $ 0.001 $ 0.001 $ 0.001
========= ========= ========= ========= =========
Net asset value per share ................................ $ 9.82 $ 9.26 $ 10.24 $ 1.00 $ 1.00
========= ========= ========= ========= =========
# Investments at cost .................................... 4,666 188,770 24,490 330,135 109,042
--------- --------- --------- --------- ---------
UNREALIZED APPRECIATION/(DEPRECIATION): *
Gross appreciation ............................... 1,085 242 216 0 0
Gross depreciation ............................... (181) (1,973) (185) 0 0
--------- --------- --------- --------- ---------
NET UNREALIZED APPRECIATION/(DEPRECIATION) ............... 904 (1,731) 31 0 0
========= ========= ========= ========= =========
<FN>
* Based on cost of securities for Federal Income tax purposes which does not
differ from book cost.
</FN>
</TABLE>
See notes to financial statements
Page 29
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 1999 - (UNAUDITED)
<TABLE>
<CAPTION>
GROWTH AND QUANTITATIVE
$ IN THOUSANDS TUDOR INCOME EQUITY
- -------------- ----- ------ ------
INVESTMENT INCOME:
<S> <C> <C> <C>
Dividends ..................................................... $ 154 $ 1,191 $ 481
Interest ...................................................... 126 86 4
Income from securities loaned - (Note 3) ...................... 2 0 0
Class action litigation settlement ............................ 99 0 0
Other ......................................................... 0 3 18
-------- -------- --------
381 1,280 503
-------- -------- --------
EXPENSES:
Investment advisory fee - (Note 4) ............................ 348 562 275
Transfer agent fees and expenses .............................. 74 49 22
Administration fees - (Note 4) ................................ 23 40 23
Custodian fees and expenses ................................... 17 13 20
Fund accounting fees and expenses ............................. 18 32 16
Professional fees ............................................. 33 30 27
Trustees' fees and expenses ................................... 11 12 10
Registration fees ............................................. 10 12 7
Shareholders' reports ......................................... 7 5 3
Other expenses ................................................ 8 16 4
-------- -------- --------
549 771 407
-------- -------- --------
Less fees waived by adviser ................................... 0 0 0
Less expenses paid indirectly - (Note 6) ...................... (2) (1) (2)
-------- -------- --------
547 770 405
-------- -------- --------
NET INVESTMENT INCOME/(LOSS) .................................. (166) 510 98
-------- -------- --------
REALIZED AND UNREALIZED GAIN/(LOSS) ON
INVESTMENTS, FUTURES, OPTIONS AND CURRENCIES:
Net realized gain/(loss) on investments, futures
and options ................................... 3,114 14,191 10,125
Net realized gain/(loss) on currencies ................ 0 0 0
Net change in unrealized appreciation/(depreciation) on
investments, futures and options .............. 6,505 (16,088) (2,296)
Net change in unrealized appreciation on currencies ... 0 0 0
-------- -------- --------
NET GAIN/(LOSS) ON INVESTMENTS, FUTURES, OPTIONS
AND CURRENCIES ........................................ 9,619 (1,897) 7,829
-------- -------- --------
NET INCREASE/(DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ............................. 9,453 (1,387) 7,927
======== ======== ========
</TABLE>
Page 30
<PAGE>
<TABLE>
<CAPTION>
INTERMEDIATE GOVERNMENT TAX FREE
MUNICIPAL MONEY MONEY
INTERNATIONAL CORE BOND BOND MARKET MARKET
------------- --------- ---- ------ ------
INVESTMENT INCOME:
<S> <C> <C> <C> <C> <C>
Dividends ..................................................... $ 70 $ 0 $ 0 $ 0 $ 0
Interest ...................................................... 1 4,264 588 9,037 2,402
Income from securities loaned - (Note 3) ...................... 0 5 0 0 0
Class action litigation settlement ............................ 0 0 0 0 0
Other ......................................................... 1 0 3 0 0
-------- -------- -------- -------- --------
72 4,269 591 9,037 2,402
-------- -------- -------- -------- --------
EXPENSES:
Investment advisory fee - (Note 4) ............................ 14 403 58 934 352
Transfer agent fees and expenses .............................. 18 21 17 107 38
Administration fees - (Note 4) ................................ 0 22 0 58 33
Custodian fees and expenses ................................... 16 16 3 22 11
Fund accounting fees and expenses ............................. 6 30 9 75 32
Professional fees ............................................. 21 30 15 37 28
Trustees' fees and expenses ................................... 10 10 10 11 10
Registration fees ............................................. 8 7 7 10 14
Shareholders' reports ......................................... 3 4 3 6 3
Other expenses ................................................ 2 8 3 10 7
-------- -------- -------- -------- --------
98 551 125 1,270 528
-------- -------- -------- -------- --------
Less fees waived by adviser ................................... 0 (213) (26) 0 0
Less expenses paid indirectly - (Note 6) ...................... (1) (2) (1) (1) (2)
-------- -------- -------- -------- --------
97 336 98 1,269 526
-------- -------- -------- -------- --------
NET INVESTMENT INCOME/(LOSS) .................................. (25) 3,933 493 7,768 1,876
-------- -------- -------- -------- --------
REALIZED AND UNREALIZED GAIN/(LOSS) ON
INVESTMENTS, FUTURES, OPTIONS AND CURRENCIES:
Net realized gain/(loss) on investments, futures
and options ................................... 279 (3,725) 255 0 0
Net realized gain/(loss) on currencies ................ (13) 0 0 0 0
Net change in unrealized appreciation/(depreciation) on
investments, futures and options .............. 92 (1,814) (937) 0 0
Net change in unrealized appreciation on currencies ... 9 0 0 0 0
-------- -------- -------- -------- --------
NET GAIN/(LOSS) ON INVESTMENTS, FUTURES, OPTIONS
AND CURRENCIES ........................................ 367 (5,539) (682) 0 0
-------- -------- -------- -------- --------
NET INCREASE/(DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ............................. 342 (1,606) (189) 7,768 1,876
======== ======== ======== ======== ========
</TABLE>
See notes to financial statements
Page 31
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
TUDOR GROWTH AND INCOME QUANTITATIVE EQUITY
----- ----------------- -------------------
SIX SIX SIX
MONTHS YEAR MONTHS YEAR MONTHS YEAR
$ IN THOUSANDS ENDED ENDED ENDED ENDED ENDED ENDED
6/30/99* 12/31/98 6/30/99* 12/31/98 6/30/99* 12/31/98
-------- -------- -------- -------- -------- --------
OPERATIONS:
<S> <C> <C> <C> <C> <C> <C>
Net investment income/(loss) ....................($ 166) ($ 287) $ 510 $ 1,004 $ 98 $ 397
Net realized gain/(loss) on investments,
options, and currencies ................. 3,114 4,542 14,191 15,119 10,125 19,699
Change in unrealized appreciation/(depreciation)
on investments, futures, options and
currencies .............................. 6,505 (33,554) (16,088) 17,402 (2,296) (522)
--------- ---------- --------- ----------- ----------- -----------
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS ......................... 9,453 (29,299) (1,387) 33,525 7,927 19,574
--------- ---------- --------- ----------- ----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income .............. 0 0 (441) (942) 0 (601)
From distributions in excess of net
investment income ................... 0 0 0 0 0 0
From realized gains ..................... 0 (6,581) 0 (14,032) 0 (15,035)
--------- ---------- --------- ----------- ----------- -----------
NET DECREASE DUE TO DISTRIBUTIONS ............... 0 (6,581) (441) (14,974) 0 (15,636)
--------- ---------- --------- ----------- ----------- -----------
Transactions in Shares of Beneficial Interest:
Received on issuance:
Shares sold ............................. 19,883 122,415 15,308 41,323 4,006 5,515
Distributions reinvested ................ 0 6,026 100 13,922 0 15,301
Shares redeemed ......................... (34,637) (172,203) (27,644) (30,244) (6,764) (46,925)
--------- ---------- --------- ----------- ----------- -----------
NET INCREASE/(DECREASE) FROM
CAPITAL SHARE TRANSACTIONS .............. (14,754) (43,762) (12,236) 25,001 (2,758) (26,109)
--------- ---------- --------- ----------- ----------- -----------
TOTAL INCREASE/(DECREASE) IN NET ASSETS ......... (5,301) (79,642) (14,064) 43,552 5,169 (22,171)
NET ASSETS:
Beginning of period ............................. 86,817 166,459 160,698 117,146 73,884 96,055
--------- ---------- --------- ----------- ----------- -----------
End of period ...................................$ 81,516 $ 86,817 $ 146,634 $ 160,698 $ 79,053 $ 73,884
========= ========== ========= =========== =========== ===========
Includes undistributed net investment income/
(distributions in excess of net
investment income) ...................... (166) 0 159 90 275 177
========= =========== ========= =========== =========== ===========
Transactions in shares of the funds
(in thousands):
Sold .................................... 1,212 5,745 384 1,048 660 864
Reinvestment of distributions ........... 0 403 2 343 0 2,727
Redeemed ................................ (2,171) (8,234) (693) (733) (1,143) (7,282)
--------- ----------- --------- ----------- ----------- -----------
Net increase/(decrease) ......................... (959) (2,086) (307) 658 (483) (3,691)
========= =========== ========= =========== =========== ===========
See notes to financial statements
Page 32
<PAGE>
INTERMEDIATE
CORE MUNICIPAL
INTERNATIONAL BOND BOND
------------- ---- ----
SIX SIX SIX
MONTHS YEAR MONTHS YEAR MONTHS YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
6/30/99* 12/31/98 6/30/99* 12/31/98 6/30/99* 12/31/98
-------- -------- -------- -------- -------- --------
OPERATIONS:
Net investment income/(loss) ....................($ 25) $ 5 $ 3,933 $ 6,980 $ 493 $ 1,067
Net realized gain/(loss) on investments,
options, and currencies ................. 266 1,507 (3,725) 4,280 255 171
Change in unrealized appreciation/(depreciation)
on investments, futures, options and
currencies .............................. 101 (473) (1,814) (937) 136 0
--------- -------- ----------- ----------- ----------- -----------
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS ......................... 342 1,039 (1,606) 10,849 (189) 1,374
--------- -------- ----------- ----------- ----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income .............. 0 0 (3,933) (6,936) (491) (1,099)
From distributions in excess of net
investment income ................... 0 0 0 (48) 0 0
From realized gains ..................... 0 (1,380) 0 0 0 (67)
--------- -------- ----------- ----------- ----------- -----------
NET DECREASE DUE TO DISTRIBUTIONS ............... 0 (1,380) (3,933) (6,984) (491) (1,166)
--------- -------- ----------- ----------- ----------- -----------
Transactions in Shares of Beneficial Interest:
Received on issuance:
Shares sold ............................. 260 575 18,533 49,376 7,950 8,028
Distributions reinvested ................ 0 1,372 2,698 5,426 197 702
Shares redeemed ......................... (1,301) (3,786) (16,651) (27,647) (8,017) (7,105)
--------- -------- ----------- ----------- ----------- -----------
NET INCREASE/(DECREASE) FROM
CAPITAL SHARE TRANSACTIONS .............. (1,041) (1,839) 4,580 27,155 130 1,625
--------- -------- ----------- ----------- ----------- -----------
TOTAL INCREASE/(DECREASE) IN NET ASSETS ......... (699) (2,180) (959) 31,020 (550) 1,833
NET ASSETS:
Beginning of period ............................. 6,375 8,555 139,463 108,443 25,341 23,508
--------- -------- ----------- ----------- ----------- -----------
End of period ...................................$ 5,676 $ 6,375 $ 138,504 $ 139,463 $ 24,791 $ 25,341
========= ======== =========== =========== =========== ===========
Includes undistributed net investment income/
(distributions in excess of net
investment income) ...................... (55) (29) 0 0 (30) (31)
========= ======== =========== =========== =========== ===========
Transactions in shares of the funds
(in thousands):
Sold .................................... 27 52 1,954 5,189 759 763
Reinvestment of distributions ........... 0 148 284 570 19 67
Redeemed ................................ (138) (353) (1,745) (2,905) (761) (676)
--------- -------- ----------- ----------- ----------- -----------
Net increase/(decrease) ......................... (111) (153) 493 2,854 17 154
========= ======== =========== =========== =========== ===========
GOVERNMENT TAX FREE
MONEY MARKET MONEY MARKET
------------ ------------
SIX SIX
MONTHS YEAR MONTHS YEAR
ENDED ENDED ENDED ENDED
6/30/99* 12/31/98 6/30/99* 12/31/98
-------- -------- -------- --------
OPERATIONS:
Net investment income/(loss) ....................$ 7,768 $ 11,814 $ 1,876 $ 3,617
Net realized gain/(loss) on investments,
options, and currencies ................. 0 0 0 0
Change in unrealized appreciation/(depreciation)
on investments, futures, options and
currencies .............................. 0 0 0
----------- ----------- ----------- -----------
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS ......................... 7,768 11,814 1,876 3,617
----------- ----------- ----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income .............. (7,768) (11,814) (1,876) (3,617)
From distributions in excess of net
investment income ................... 0 0 0 0
From realized gains ..................... 0 0 0 0
----------- ----------- ----------- -----------
NET DECREASE DUE TO DISTRIBUTIONS ............... (7,768) (11,814) (1,876) (3,617)
----------- ----------- ----------- -----------
Transactions in Shares of Beneficial Interest:
Received on issuance:
Shares sold ............................. 1,233,325 1,782,122 590,568 1,109,476
Distributions reinvested ................ 6,837 11,518 1,624 3,457
Shares redeemed ......................... (1,339,170) (1,573,014) (614,004) (1,111,748)
----------- ----------- ----------- -----------
NET INCREASE/(DECREASE) FROM
CAPITAL SHARE TRANSACTIONS .............. (99,008) 220,626 (21,812) 1,185
----------- ----------- ----------- -----------
TOTAL INCREASE/(DECREASE) IN NET ASSETS ......... (99,008) 220,626 (21,812) 1,185
NET ASSETS:
Beginning of period ............................. 428,443 207,817 131,268 130,083
----------- ----------- ----------- -----------
End of period ...................................$ 329,435 $ 428,443 $ 109,456 $ 131,268
=========== =========== =========== ===========
Includes undistributed net investment income/
(distributions in excess of net
investment income) ...................... 0 0 0 0
=========== =========== =========== ===========
Transactions in shares of the funds
(in thousands):
Sold .................................... 1,233,325 1,782,123 590,568 1,109,476
Reinvestment of distributions ........... 6,837 11,517 1,624 3,457
Redeemed ................................ (1,339,170) (1,573,014) (614,004) (1,111,748)
----------- ----------- ----------- -----------
Net increase/(decrease) ......................... (99,008) 220,626 (21,812) 1,185
=========== =========== =========== ===========
<FN>
* Unaudited
</FN>
</TABLE>
See notes to financial statements
Page 33
<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 & Income")
Weiss, Peck & Greer Funds Trust ("WPG Funds Trust"):
WPG Quantitative Equity Fund ("Quantitative Equity")
WPG Core Bond Fund ("Core Bond")
WPG Intermediate Municipal Bond Fund ("Municipal Bond")
WPG Government Money Market Fund ("Government Money Market")
WPG Tax Free Money Market Fund ("Tax Free Money Market")
Weiss, Peck & Greer International Fund ("International")
Each fund is diversified.
Government Money Market and Tax Free Money Market are money market funds
that seek to maintain continuous net asset values of $1.00. The following
is a summary of the significant accounting policies followed by the funds
in the preparation of the financial statements. These policies are in
conformity with generally accepted accounting principles.
PORTFOLIO VALUATION
- -------------------
COMMON STOCK - Securities listed or admitted to trading on a national
securities exchange, including options, are valued at the last sale price,
on such exchange, as of the close of regular trading on the New York Stock
Exchange ("NYSE") on the day the net asset value calculation is made.
Unlisted securities and listed securities for which there are no sales
reported on the valuation date are valued at the mean between the most
recent bid and asked prices.
BONDS - Bonds and other fixed income securities (other than short-term
obligations but including listed issues) are valued by a pricing service
which utilizes both dealer-supplied valuations and electronic data
processing techniques which take into account appropriate factors such as
institutional-size trading in similar groups of securities, yield, quality,
coupon rate, maturity, type of issue, trading characteristics and other
market data, without exclusive reliance upon quoted prices, exchanges, or
over-the-counter prices, when such valuations are believed to reflect the
market value of such securities.
MONEY MARKET SECURITIES - Securities are valued at amortized cost, which
has been determined by the Funds' Board of Trustees to represent the fair
value of the Fund's 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 34
<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, 1998, the following
funds had capital loss carryforwards:
(in thousands)
Year of Expiration
------------------
Fund 2001 2002 2003 2004 2005 2006
---- ---- ---- ---- ---- ---- ----
Core Bond 14,662 20,113 753 -- --
Government Money Market -- -- 2,014 -- -- --
Tax Free Money Market 11 -- 1 3 4 1
DISTRIBUTION TO SHAREHOLDERS
- ----------------------------
Dividends from Net Investment Income - Distributions are recorded on the
ex-dividend date. Dividends from net investment income are declared and
paid annually when available for the Tudor, Quantitative Equity and
International Funds and quarterly for the Growth & Income Fund. Dividends
from net investment income are declared daily and paid monthly for the Core
Bond, Municipal Bond, Government Money Market and Tax Free Money Market
Funds.
DISTRIBUTIONS FROM NET REALIZED GAINS - Distributions from net realized
gains are declared and paid by December 31 of the year in which they are
earned. To the extent that net realized capital gains can be offset by
capital loss carryovers, if any, it is the policy of the Funds not to
distribute such gains.
The character of income and gains to be distributed are determined in
accordance with income tax regulations which may differ from generally
accepted accounting principles. These differences are due to differing
treatments for items such as mortgage backed securities, net operating
losses, deferral of wash sale losses, options and futures, and post October
losses.
REPURCHASE AGREEMENTS (TUDOR, CORE BOND, GOVERNMENT MONEY MARKET)
- -----------------------------------------------------------------
It is each Funds' policy to take possession of securities or other assets
purchased under agreements to resell. The securities purchased under
agreements to resell are marked to market every business day to ensure that
the value of the "collateral" is at least equal to the value of the loan,
including the accrued interest earned thereon, plus sufficient additional
market value as is considered necessary to provide a margin of safety.
FUTURES (TUDOR, QUANTITATIVE EQUITY, INTERNATIONAL, CORE BOND)
- --------------------------------------------------------------
A futures contract is an agreement between two parties to buy and sell a
security at a set price on a future date. Upon entering into such a
contract, a Fund is required to pledge to the broker an amount of cash
and/or securities equal to the minimum "initial margin" requirements of the
exchange. Pursuant to the contract, the Fund agrees to receive from, or pay
to the broker, an amount of cash equal to the daily fluctuation in value of
the contract. Such a receipt or payment is known as a "variation margin"
and is recorded by each Fund as an unrealized gain or loss. When the
contract is closed, the Fund records a realized gain or loss equal to the
difference between the value of the contract at the time it was opened and
the value at the time it was closed. The Fund is also required to fully
collateralize futures contracts purchased. The Fund only enters into
futures contracts which are traded on exchanges.
OPTIONS WRITING (TUDOR, GROWTH & INCOME, QUANTITATIVE EQUITY, INTERNATIONAL,
CORE BOND)
- ----------------------------------------------------------------------------
A Fund may write covered options to protect against adverse movements in
the price of securities in the investment portfolio. When a Fund writes an
option, an amount equal to the premium received by the Fund is recorded as
a liability and is subsequently adjusted to the current market value of the
option written. Premiums received from writing options which expire
unexercised are recorded by the Fund on the expiration date as realized
gains from options transactions. The difference between the premium and the
amount paid on effecting a closing purchase transaction, including
brokerage commissions, is also treated as a realized gain, or if the
premium is less than the amount
Page 35
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS - (UNAUDITED) - CONTINUED
paid for the closing purchase transaction, as a realized loss. If a call is
exercised, the premium is added to the proceeds from the sale of the
underlying securities or currencies in determining whether the Fund has
realized a gain or loss. If a put is exercised, the premium reduces the
cost basis of the securities or currencies purchased by the Fund. In
writing an option, the Fund bears the market risk of an unfavorable change
in the price of the security underlying the written option. Exercise of an
option written by the Fund could result in the selling or buying of a
security or currency at a price different from the current market value.
The Fund only enters into options which are traded on exchanges except for
Tudor which can enter into non-exchange options with counterparties as
authorized by the Board of Trustees
FOREIGN SECURITIES (TUDOR, GROWTH & INCOME, INTERNATIONAL)
- ----------------------------------------------------------
Certain risks result from investing in foreign securities in addition to
the usual risks inherent in domestic investments. Such risks include future
political, economic and currency exchange developments including investment
restrictions and changes in foreign laws.
FORWARD CURRENCY CONTRACTS (TUDOR, GROWTH & INCOME, INTERNATIONAL)
- ------------------------------------------------------------------
A Fund may enter into forward contracts. Such contracts may be utilized in
connection with planned purchases or sales of securities or to hedge the
U.S. dollar value of portfolios denominated in foreign currencies.
Fluctuations in the value of the forward contracts are recorded for book
purposes as unrealized gains or losses by the Fund. Risks may arise upon
entering into these contracts from the potential inability of
counterparties to meet the terms of their contracts and from unanticipated
movements in the value of the foreign currency relative to the U.S. dollar.
Upon entering into such a contract, the Fund is required to segregate
assets with its custodian at least equal to the value of the Fund's assets
committed to fulfilling the forward currency contract.
FOREIGN CURRENCY TRANSACTIONS (TUDOR, GROWTH AND INCOME, INTERNATIONAL)
- -----------------------------------------------------------------------
The books and records of each Fund are maintained in U.S. dollars. Foreign
currencies, investments and other assets or liabilities, denominated in
foreign currencies, are translated into U.S. dollars at the exchange rates
prevailing at 12 noon Eastern time. 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.
TO BE ANNOUNCED TRANSACTIONS (CORE BOND)
- ----------------------------------------
The Core Bond Fund may enter into To Be Announced transactions ("TBA's").
These transactions are used to facilitate the sale of mortgage pass through
securities. TBA's entail transactions in securities that have not yet been
issued. The Fund's counterparty in a TBA sale agrees to accept mortgage
pools that the Fund holds in completing the transaction. TBA's are used to
approximate the effect of mortgage prepayments that may occur between the
trade date and settlement date of transactions in mortgage pass through
securities. As of June 30, 1999 the Fund had an outstanding TBA sale of
Government National Mortgage Association ("GNMA") 8.000% Due 7/1/29 par
value $1,990,000. The Fund's counterparty in this transaction had agreed to
accept for delivery GNMA 8.000% Due 9/15/17 to 11/15/17 with a par value of
$1,927,000. As of June 30, 1999 the Fund had an unrealized gain on this
transaction of $15,236.
Page 36
<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.
RESTRICTED SECURITIES (CORE BOND, TAX FREE MONEY MARKET)
- --------------------------------------------------------
UNIT
VALUE VALUE TOTAL PERCENT-
COST AT PER MARKET AGE OF
PER ACQUISITION UNIT AT VALUE NET
FUND SECURITY UNIT DATE 6/30/99 6/30/99 ASSETS AT
(000'S) 6/30/99
- --------------------------------------------------------------------------------
Core Bond Newcourt Credit
Group $99.74 $99.88 $99.20 $1,404 1.00%
Core Bond Mall Asset
Realty Trust $100.00 $100.00 $100.00 $2,600 1.90%
Tax Free Greystone Tax
Money Market Exempt Certificate
Trust $100.00 $100.00 $100.00 $484 0.40%
Tax Free Minnesota
Money Market Capital Realty $100.00 $100.00 $100.00 $5,040 4.60%
2 - SECURITIES TRANSACTIONS
For the six months ended June 30, 1999, sales proceeds, cost of securities
purchased, (other than short term investments and options written), total
commissions and commissions received by Weiss, Peck & Greer ("WPG"), the
Fund's investment adviser or Hill Samuel Investment Management Limited, the
International Fund's sub-adviser, on such transactions were as follows:
PROCEEDS COST OF COMMISSIONS
OF SECURITIES SECURITIES TOTAL RECEIVED BY
SOLD PURCHASED COMMISSIONS WPG OR HSIM
(000's) (000's) (000's) (000's)
------- ------- ------- -------
Tudor $ 88,761 $ 68,710 $ 180 $ 114
Growth and Income 62,563 52,858 128 108
Quantitative Equity 43,245 40,373 49 8
International 2,645 1,673 9 0
Core Bond 404,819 398,075 0 0
Municipal Bond 9,893 10,119 0 0
Page 37
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS - (UNAUDITED) - CONTINUED
3 - SECURITIES LENDING (TUDOR, CORE BOND)
- -----------------------------------------
At June 30, 1999, the Tudor Fund loaned securities valued at $3,542,288.
For collateral the Tudor Fund received a letter of credit in an amount
equal to $3,500,000. At June 30, 1999 the Core Bond Fund loaned securities
valued at $7,666,870. For collateral, the Core Bond Fund received U.S.
Government securities with fair value of $7,922,882. For the six months
ended June 30, 1999 the Tudor Fund and Core Bond Fund earned $1,533 and
$4,349 in securities lending fees, net of custodian expenses, respectively.
4 - INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
- ------------------------------------------------------------------
WPG serves as the Funds' investment adviser. In September of 1998, WPG was
acquired by Robeco Group N.V., a Dutch investment management firm. As
required by the Investment Company Act of 1940, each advisory agreement,
sub-advisory agreement and 12b-1 distribution plan was renewed through a
proxy statement. The advisory fees of each Fund are as follows, and are
paid monthly except for the International Fund which is paid quarterly:
Tudor .90% of net assets up to $300 million
.80% of net assets $300 million to $500 million
.75% of net assets in excess of $500 million
Growth and Income .75% of net assets
Quantitative Equity .75% of net assets
International .50% while net assets under $15 million
.85% while net assets $15 to $20 million
1.00% while net assets in excess of $20 million
Core Bond .60% of net assets up to $300 million
.55% of net assets $300 million to $500 million
.50% of net assets in excess of $500 million
Municipal Bond .00% while net assets under $17 million
.50% while net assets in excess of $17 million
Government Money Market .50% of net assets up to $500 million
& .45% of net assets $500 million to $1 billion
Tax Free Money Market .40% of net assets $1 billion to $1.5 billion
.35% of net assets in excess of $1.5 billion
Pursuant to authority granted under its Investment Advisory Agreement with
the International Fund, WPG selected Hill Samuel Investment Management
Limited ("HSIM"), formerly Lloyds Investment Management Limited, as
sub-adviser to the International Fund. Pursuant to a sub-advisory
agreement, HSIM has overall responsibility for the management of the
International Fund's assets invested in non-US securities. Lloyds
Investment Management Limited, the parent of HSIM, is a non-managing member
of WPG.
Each Fund has entered into an Administration Agreement with WPG. For the
period January 1, 1999 through April 30, 1999 WPG was entitled to receive
the following fees based upon a percentage of average daily net assets:
Tudor 0.05%, Growth and Income 0.06%, Quantitative Equity 0.05%,
International 0.06% while assets exceed $25 million, Core Bond 0.00%,
Intermediate Municipal Bond 0.12% while assets exceed $50 million,
Government Money Market 0.04%, and Tax Free Money Market 0.05%. As of May
1, 1999, WPG is entitled to receive the following fees based upon a
percentage of average daily net assets: Tudor 0.08%, Growth and Income
0.04%, Quantitative Equity 0.07%, Government Money Market 0.01%, Tax Free
Money Market 0.04%. The fee for all of the other Funds remained the same.
Page 38
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS - (UNAUDITED) - CONTINUED
5 - DISTRIBUTION PLAN (CORE BOND)
- ---------------------------------
The Trust has adopted a plan of Distribution (the "Plan") under Section 12
(b) of the 1940 Act and Rule 12b-1 thereunder. The Fund may pay up to 0.25%
of its average daily net assets under any one agreement but is limited to
an aggregate of 0.05% of its average annual net assets for activities
primarily intended to result in the sale of its shares.
For the six months ended June 30, 1999, expenses incurred under the Plan
were $158. Under the terms, the Plan shall remain in effect from year to
year, provided such continuance is approved annually by a vote of a
majority of those Trustees who are not "interested persons" of the Trust
and who have no direct or indirect financial interest in the operation of
the Plan or in any agreement related to the Plan.
6 - CUSTODIAN FEES
- ------------------
Each Fund has entered into an expense offset agreement with its custodian
wherein it receives credit toward the reduction of custodian fees whenever
there are uninvested cash balances. For the six months ended June 30, 1999
the Funds' custodian fees and related offset were as follows:
CUSTODIAN OFFSET
FEE CREDIT
--- ------
Tudor $17,110 $ 2,097
Growth and Income 13,678 1,338
Quantitative Equity 19,638 1,850
International 15,636 756
Core Bond 16,573 2,623
Municipal Bond 3,228 764
Government Money Market 22,742 1,296
Tax Free Money Market 10,771 1,992
The Funds could have invested their cash balances elsewhere if they had not
agreed to a reduction in fees under the expense offset agreement with their
custodian.
7 - RECLASSIFICATION OF CAPITAL ACCOUNTS
- ----------------------------------------
In accordance with the adoption of Statement of Position 93-2
"Determination, Disclosure and Financial Statement Presentation of Income,
Capital Gain and Return of Capital Distributions by Investment Companies",
reclassifications were made to the Funds' capital accounts to reflect
permanent book/tax differences and income and gains available for
distributions under income tax regulations. Net investment income, net
realized gains and net assets were not affected by this change. At December
31, 1998, the amounts reclassified were as follows:
UNDISTRIBUTED UNDISTRIBUTED ADDITIONAL
NET INVESTMENT NET REALIZED PAID-IN
INCOME GAINS SURPLUS
(000's) (000's) (000's)
------- ------- -------
Tudor $ 189 $ 369 ($ 558)
Growth and Income (215) 215 --
Quantitative Equity -- (5,519) 5,519
International (11) 154 (143)
Core Bond 1 48 (49)
Municipal Bond 19 (19) --
8 - SUBSEQUENT EVENT
- --------------------
At a meeting of the shareholders of the International Fund held June 24,
1999, Robeco Institutional Asset Management US Inc ("RIAM") was chosen to
replace HSIM as sub-advisor to the Fund. RIAM assumed sub-advisory
responsibility on August 2, 1999.
Page 39
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
(FOR THE YEARS ENDED DECEMBER 31 EXCEPT FOR 1999 WHICH IS FOR THE SIX MONTHS
ENDED JUNE 30, 1999 AND AS INDICATED IN THE FOOTNOTES)
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
$ PER SHARE RATIOS
- -------------------------------------------------------------------------------------------------------------------------------
NET NET NET TOTAL DIVI- DISTRI- TOTAL CONTRI- NET TOTAL NET RATIO RATIO PORT-
ASSET INVEST- REAL- INCOME DENDS BUTIONS DISTRI- BUTIONS ASSET RETURN ASSETS OF EX- OF NET FOLIO
VALUE MENT IZED FROM FROM FROM BUTIONS TO VALUE AT END PENSES INCOME TURNOVER
AT BE- INCOME GAINS INVEST- NET CAPITAL CAPITAL AT END OF TO TO RATE
GINNING (LOSS) OR MENT INVEST- GAINS OF PERIOD AVERAGE AVERAGE
OF (LOSSES) OPERA- MENT PERIOD ($000'S) NET NET
PERIOD OR TIONS INCOME ASSETS ASSETS
SECUR-
ITIES
- -------------------------------------------------------------------------------------------------------------------------------
TUDOR
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1999* $15.74 ($0.04) $2.19 $2.15 $0.00 $0.00 $0.00 $0.00 $17.89 13.66% $81,516 1.41%A (0.43%)A 185.3%A
1998 21.90 (0.02) (4.86) (4.88) 0.00 (1.28) (1.28) 0.00 15.74 (22.01) 86,817 1.28 (0.22) 143.6
1997 23.28 0.06 2.46 2.52 0.00 (3.90) (3.90) 0.00 21.90 11.11 166,459 1.24 (0.44) 106.3
1996 22.95 (0.14) 4.41 4.27 0.00 (3.94) (3.94) 0.00 23.28 18.82 181,370 1.25 (0.57) 105.4
1995 19.34 (0.10) 8.03 7.93 0.00 (4.32) (4.32) 0.00 22.95 41.18 165,534 1.30 (0.47) 123.1
1994 23.40 (0.13) (2.14) (2.27) 0.00 (1.79) (1.79) 0.00 19.34 (9.81) 144,207 1.28 (0.62) 109.1
GROWTH AND INCOME FUND
1999* 40.64 0.14 (0.45) (0.31) (0.12) 0.00 (0.12) 0.00 40.21 (0.76) 146,634 1.03 A 0.68 A 72.5 A
1998 35.11 0.26 9.38 9.64 (0.26) (3.85) (4.11) 0.00 40.64 27.51 160,698 1.04 0.71 64.6
1997 29.32 0.24 10.30 10.54 (0.24) (4.51) (4.75) 0.00 35.11 36.27 117,146 1.06 0.88 69.6
1996 26.02 0.24 6.11 6.35 (0.39) (2.66) (3.05) 0.00 29.32 24.42 82,937 1.15 1.50 75.8
1995 21.36 0.51 6.44 6.95 (0.53) (1.76) (2.29) 0.00 26.02 32.73 67,357 1.22 2.10 79.4
1994 23.34 0.56 (1.83) (1.27) (0.62) (0.09) (0.71) 0.00 21.36 (5.47) 61,045 1.23 2.49 71.9
QUANTITATIVE EQUITY FUND
1999* 5.79 0.01 0.64 0.65 0.00 0.00 0.00 0.00 6.44 11.23 79,053 1.11 A 0.27 A 110.1 A
1998 5.84 0.05 1.46 1.51 (0.06) (1.50) (1.56) 0.00 5.79 26.71 73,884 1.06 0.49 89.4
1997 5.89 0.08 1.42 1.50 (0.08) (1.47) (1.55) 0.00 5.84 25.47 96,055 1.03 1.03 77.7
1996 6.85 0.16 1.13 1.29 (0.15) (2.10) (2.25) 0.00 5.89 18.51 102,450 0.95 1.52 60.8
1995 5.44 0.13 1.70 1.83 (0.12) (0.30) (0.42) 0.00 6.85 33.37 133,201 1.00 2.00 26.1
1994 5.58 0.13 (0.11) 0.02 (0.11) (0.05) (0.16) 0.00 5.44 0.34 73,484 1.14 2.36 46.8
INTERNATIONAL
1999* 9.25 (0.05) 0.62 0.57 0.00 0.00 0.00 0.00 9.82 6.16 5,676 2.48 A 0.87 A 59.5 A
1998 10.15 0.00 1.65 1.65 0.00 (2.55) (2.55) 0.00 9.25 16.28 6,375 2.35 0.06 98.8
1997 10.29 0.01 0.29 0.30 (0.01) (0.43) (0.44) 0.00 10.15 2.89 8,555 1.89 0.02 55.1
1996 11.01 (0.07) 0.57 0.50 (0.04) (1.18) (1.22) 0.00 10.29 4.64 13,161 1.71 0.31 85.2
1995 10.93 0.04 1.15 1.19 (0.15) (0.96) (1.11) 0.00 11.01 10.92 14,194 1.74 0.39 55.9
1994 11.72 0.01 (0.75) (0.74) 0.00 (0.05) (0.05) 0.00 10.93 (6.32) 17,102 1.95 0.12 69.8
</TABLE>
See notes to financial statements
Page 40
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
(FOR THE YEARS ENDED DECEMBER 31 EXCEPT FOR 1999 WHICH IS FOR THE SIX MONTHS
ENDED JUNE 30, 1999 AND AS INDICATED IN THE FOOTNOTES)
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
$ PER SHARE RATIOS
- -------------------------------------------------------------------------------------------------------------------------------
NET NET NET TOTAL DIVI- DISTRI- TOTAL CONTRI- NET TOTAL NET RATIO RATIO PORT-
ASSET INVEST- REAL- INCOME DENDS BUTIONS DISTRI- BUTIONS ASSET RETURN ASSETS OF EX- OF NET FOLIO
VALUE MENT IZED FROM FROM FROM BUTIONS TO VALUE AT END PENSES INCOME TURNOVER
AT BE- INCOME GAINS INVEST- NET CAPITAL CAPITAL AT END OF TO TO RATE
GINNING (LOSS) OR MENT INVEST- GAINS OF PERIOD AVERAGE AVERAGE
OF (LOSSES) OPERA- MENT PERIOD ($000'S) NET NET
PERIOD OR TIONS INCOME ASSETS ASSETS
SECUR-
ITIES
- -------------------------------------------------------------------------------------------------------------------------------
CORE BOND
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1999* $9.64 $0.27 ($0.38) ($0.11) ($0.27) $0.00 ($0.27) $0.00 $9.26 (1.12%) $138,504 0.50%A 5.86%A 531.3A
1998 9.34 0.54 0.30 0.84 (0.54) 0.00 (0.54) 0.00 9.64 9.26 139,463 0.50 5.71 684.9
1997 9.19 0.51 0.15 0.66 (0.51) 0.00 (0.51) 0.00 9.34 7.37 108,443 0.86 5.56 330.3
1996 9.38 0.64 (0.29) 0.35 (0.54) 0.00 (0.54) 0.00 9.19 3.85 120,804 0.81 5.87 333.1
1995 8.83 0.60 0.54 1.14 (0.59) 0.00 (0.59) 0.00 9.38 13.25 171,578 0.82 6.52 375.0
1994 10.37 0.68 (1.56) (0.88) (0.64) (0.02) (0.66) 0.00 8.83 (8.70) 216,364 0.80 7.18 115.9
INTERMEDIATE MUNICIPAL BOND
1999* 10.55 0.22 (0.31) (0.09) (0.22) 0.00 (0.22) 0.00 10.24 (0.86) 24,791 0.85A 4.52A 90.9A
1998 10.45 0.45 0.14 0.59 (0.47) (0.02) (0.49) 0.00 10.55 5.72 25,341 0.85 4.23 45.7
1997 10.14 0.47 0.31 0.78 (0.47) 0.00 (0.47) 0.00 10.45 7.85 23,508 0.85 4.55 39.8
1996 10.20 0.48 (0.06) 0.42 (0.48) 0.00 (0.48) 0.00 10.14 4.20 15,214 0.85 4.72 44.4
1995 9.51 0.44 0.69 1.13 (0.44) 0.00 (0.44) 0.00 10.20 12.05 12,730 0.85 4.38 51.2
1994 10.15 0.41 (0.64) (0.23) (0.41) 0.00 (0.41) 0.00 9.51 (2.29) 14,005 0.85 4.20 30.9
GOVERNMENT MONEY MARKET
1999* 1.00 0.02 0.00 0.02 (0.02) 0.00 (0.02) 0.00 1.00 2.08 329,435 0.68A 4.16A N/A
1998 1.00 0.05 0.00 0.05 (0.05) 0.00 (0.05) 0.00 1.00 4.80 428,443 0.73 4.62 N/A
1997 1.00 0.05 0.00 0.05 (0.05) 0.00 (0.05) 0.00 1.00 4.76 207,817 0.81 4.68 N/A
1996 1.00 0.04 0.00 0.04 (0.04) 0.00 (0.04) 0.00 1.00 4.56 152,786 0.83 4.48 N/A
1995 1.00 0.05 0.00 0.05 (0.05) 0.00 (0.05) 0.00 1.00 5.16 131,210 0.82 5.06 N/A
1994 1.00 0.04 (0.01) 0.03 (0.04) 0.00 (0.04) 0.01 1.00 3.58 188,197 0.80 3.54 N/A
TAX FREE MONEY MARKET
1999* 1.00 0.01 0.00 0.01 (0.01) 0.00 (0.01) 0.00 1.00 1.33 109,456 0.75A 2.67A N/A
1998 1.00 0.03 0.00 0.03 (0.03) 0.00 (0.03) 0.00 1.00 3.05 131,268 0.75 3.01 N/A
1997 1.00 0.03 0.00 0.03 (0.03) 0.00 (0.03) 0.00 1.00 3.23 130,083 0.74 3.17 N/A
1996 1.00 0.03 0.00 0.03 (0.03) 0.00 (0.03) 0.00 1.00 3.14 117,423 0.72 3.10 N/A
1995 1.00 0.04 0.00 0.04 (0.04) 0.00 (0.04) 0.00 1.00 3.63 121,754 0.76 3.56 N/A
1994 1.00 0.03 0.00 0.03 (0.03) 0.00 (0.03) 0.00 1.00 2.61 152,501 0.73 2.59 N/A
<FN>
* Unaudited
A Annualized
</FN>
</TABLE>
See notes to financial statements
Page 41
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
FINANCIAL HIGHLIGHTS
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 ratio of expenses to average net assets and
ratio of net income to average net assets would have been:
RATIO OF
RATIO OR NET
EXPENSES INCOME
TO AVERAGE TO AVERAGE
NET ASSETS NET ASSETS
---------- ----------
QUANTITATIVE EQUITY
1998 1.07% 0.48%
INTERNATIONAL
1999 2.50% 0.85%
1998 2.38% 0.03%
1997 1.92% (0.01%)
1996 1.76% 0.26%
1995 1.76% 0.39%
1994 2.35% (0.28%)
CORE BOND
1999 0.82% 5.54%
1998 0.89% 5.32%
INTERMEDIATE MUNICIPAL BOND
1999 1.07% 4.30%
1998 1.06% 4.02%
1997 1.15% 4.25%
1996 1.01% 4.56%
1995 0.97% 4.25%
1994 1.45% 3.60%
TAX FREE MONEY MARKET
1998 0.76% 3.00%
For the Tudor, Growth and Income, Government Money Market Funds custody fee
earnings credit had an effect of less than 0.01% per share on the above
ratios. The custody fee earnings credit had an effect of less than 0.01% on
the above ratios in 1994, 1995, 1996 and 1997 for the Quantitatvie Equity,
Core Bond, Intermediate Municipal and Tax Free Money Market Funds.
See notes to financial statements
Page 42
<PAGE>
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<PAGE>
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<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
ONE NEW YORK PLAZA, NEW YORK, NY 10004
800-223-3332
INDEPENDENT TRUSTEES AND MEMBERS
OF AUDIT COMMITTEE
Raymond R. Herrmann, Jr. Paul Meek
Lawrence J. Israel William B. Ross
Graham E. Jones Robert A. Straniere
OFFICERS
ROGER J. WEISS
Chairman of the Board and Trustee - all funds
President - Weiss, Peck & Greer International Fund
LAURENCE ZURIFF
President - WPG Tudor Fund
RONALD M. HOFFNER
Executive Vice President and Treasurer - all funds
JOSEPH J. REARDON
Vice President and Secretary- all funds
STEVEN M. PIRES
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
R. SCOTT RICHTER
Vice President - WPG Intermediate Municipal Bond Fund
JANET A. FIORENZA
Vice President - WPG Tax Free Money Market Fund
S. BLAKE MILLER
Vice President - WPG Intermediate Municipal Bond Fund
THERESE HOGAN
Assistant Secretary - all funds
INVESTMENT ADVISER
Weiss, Peck & Greer, LLC
One New York Plaza
New York, NY 10004
CUSTODIAN
Boston Safe Deposit and Trust Company
One Exchange Place
Boston, MA 02109
DIVIDEND DISBURSING AND
TRANSFER AGENT
First Data Investor Services Group
P.O. Box 60448
King of Prussia, PA 19406-0448
LEGAL COUNSEL
Hale and Dorr
60 State Street
Boston, MA 02109
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.
