WEISS, PECK & GREER
MUTUAL FUNDS
Annual Report
December 31, 1999
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
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 ...................................................... 8
Schedules of Investments:
WPG Tudor Fund ........................................................ 10
WPG Growth and Income Fund ............................................ 12
WPG Quantitative Equity Fund .......................................... 13
Weiss, Peck & Greer International Fund ................................ 14
WPG Core Bond Fund .................................................... 17
WPG Intermediate Municipal Bond Fund .................................. 20
WPG Government Money Market Fund ...................................... 23
WPG Tax Free Money Market Fund ........................................ 24
Statements of Assets and Liabilities ...................................... 30
Statements of Operations .................................................. 32
Statements of Changes in Net Assets ....................................... 34
Notes to Financial Statements ............................................. 36
Financial Highlights ...................................................... 42
Independent Auditors' Report .............................................. 45
INTERNATIONAL
OBJECTIVE: Long-term growth of capital.
TUDOR
OBJECTIVE: Capital appreciation.
GROWTH AND INCOME
OBJECTIVE: Long-term growth of capital and current income.
QUANTITATIVE EQUITY
Objective: Seeks to provide investment results that exceed the S & P 500.
INTERMEDIATE MUNICIPAL BOND
OBJECTIVE: High current income consistent with relative stability of principal.
Exempt from Federal Income Tax.
CORE BOND
OBJECTIVE: High current income consistent with capital preservation.
*TAX FREE MONEY MARKET
OBJECTIVE: Maximize current income with preservation of capital and liquidity.
Exempt from Federal Income Tax.
*GOVERNMENT MONEY MARKET
OBJECTIVE: Maximize current income with preservation of capital and liquidity.
* Although these Funds are money market funds and attempt to maintain a stable
$1.00 net asset value per share, investments in these Funds are neither insured
nor guaranteed by the FDIC or any other Government agency. Although the Funds
seek to preserve the value of your investment at $1.00 per share, it is possible
to lose money by investing in the Funds.
<PAGE>
DEAR SHAREHOLDERS:
DOMESTIC MARKETS
- ----------------
Every major stock market index recorded new highs by the close of 1999. The
S&P 500, up 21.0%, has now risen over 20% per annum for five consecutive years.
Until last year, this level of performance had never occurred for more than
three years in a row. The real star though was the NASDAQ, which was up 85.6%,
after having been up nearly 40% in 1998. This return was the largest one-year
return for any United States stock index in history.
The very narrow leadership (advance/decline) of the stock market during the
past two years narrowed even further in 1999. Three major S&P 500 sectors
outperformed: technology, capital goods, and basic materials. Technology stocks
within the S&P 500 were up by 76% during the year, far surpassing the closest
major sector, capital goods, which was up 27%. In contrast to the S&P 500 total
return of 21.0%, the average S&P 500 security, excluding technology, gained only
2% for the year. The technology sector ended the year with a price/earnings
ratio of about 60 times earnings, while the market as a whole was only priced at
30 times earnings.
Small stocks performed quite well during 1999, particularly towards the end
of the year, with the Russell 2000 gaining 18.4% and 21.3% respectively, for the
three and twelve months ended December 31, 1999. The surge in small stocks was
largely attributable to the dramatic outperformance of small technology
companies benefiting from the technological shift from PC-centric computing to
net and wireless-centric computing.
During the fourth quarter of 1999, fixed income investors continued to
struggle with rising interest rates. The U.S. economy entered the quarter with
significant momentum, and it appeared that economic activity in the fourth
quarter could be as strong as that of the third quarter. In response to this
strong economic growth, the Federal Reserve raised interest rates and thereby
eliminated the entire 75 basis points of easing from the fall of 1998. For the
quarter, interest rates rose significantly as market participants continued to
be surprised by the strength of the U.S. economy and began to anticipate further
tightening by the Fed.
After two consecutive quarters of relative underperformance, non-Treasury
securities turned in a strong performance in the fourth quarter. A rising equity
market, a lessening of Y2K fears and a desire by market participants to increase
their exposure to higher yielding asset classes, increased the demand for all
non-Treasury securities during the quarter.
Our outlook for the United States economy in 2000 is quite similar to 1999.
We expect real GDP to rise between 3% and 4% while inflation should be subdued
around 2%. We also believe that corporate profit growth should continue with an
increase of 8% to 10%. Any increase in wage growth is expected to be muted by
continuing productivity achievements. As in 1999, the largest risk to both the
economy and the financial markets will be Fed monetary policy and its impact on
both domestic output and interest rates. Money supply grew very quickly during
the latter stages of 1999 when the Fed attempted to mute Y2K problems. During
the beginning months of 2000, the Fed most likely will drain the system of
liquidity, which may cause problems for the stock market.
Page 1
<PAGE>
INTERNATIONAL MARKETS
- ---------------------
For global investors, 1999 was one of the best years on record. Absolute
returns in all regions well exceeded long-term averages, and this was
accomplished in a year of rising bond yields and uncertainty about the recovery
of the global economy and the outcome of the Y2K transition. The uncertainties
that dogged equity markets in the third quarter were pushed aside in the fourth
quarter. The first signs of this appeared as early as October. After a strong
start followed by a correction, prices rallied into the month's close, and
continued this trend till the end of the quarter. In the fourth quarter alone,
the MSCI EAFE Index was up 17.1%, while Europe, Japan, and the Emerging Markets
were up 17.4%, 15.5% and 25.0%, respectively.
Looking forward, some sobering up may be at hand. The order of the day will
not be the high future growth rates of e-commerce, but rather the next
tightening by the Fed or the European Central Bank. Much of what will actually
happen this year could hinge on the U.S. consumer's behavior. Spending growth
still outpaces income growth, and never in the past have growth rates of 5% and
more, such as we have seen during 1998 and 1999, lasted very long. The U.S. is
in a mature stage of its business cycle, and we believe that the economy is
likely to slow down. Such a slowdown will undoubtedly affect the export-driven
economies of Europe, Japan, and Southeast Asia.
As these events unfold, we will continue to direct our efforts to
identifying the investments that will enable Weiss, Peck & Greer shareholders to
achieve their long-term investment goals.
Sincerely,
/s/ Roger J. Weiss
Roger J. Weiss
Chairman of the Board
January 20, 2000
Page 2
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
MAJOR PORTFOLIO CHANGES - EQUITY FUNDS -
QUARTER ENDING DECEMBER 31, 1999 - UNAUDITED
TUDOR FUND
- --------------------------------------------------------------------------------
ADDITIONS
- ---------
Advanced Fibre Communications
Advanced Radio Telecommunications Corp.
Citadel Communications
Compucredit Corp.
Diamond Technology Partners Inc.
Lattice Semiconductors
Manugistics Group Inc.
Tibco Software Inc.
Titan Corp.
Voicestream Wireless
DELETIONS
- ---------
ADVO Inc.
BE Aerospace Inc.
CalMat Co.
Hadco Corp.
Hollinger International Corp. Cl A
Orion Capital Corp.
Pillowtex Corp.
Skytel Communications
Structural Dynamics Research
Unova Inc.
GROWTH AND INCOME FUND
- --------------------------------------------------------------------------------
ADDITIONS
- ---------
AT&T Corp. Liberty Media Cl A
CBS Corp.
Colgate-Palmolive Co.
Emerson Electric Co.
General Electric Co.
Lucent Technologies
MCI Worldcom Inc.
Microsoft Corp.
Oracle Systems
Providian Financial
DELETIONS
- ---------
Compaq Computer Corp.
Computer Sciences Corp.
Harcourt General
Home Depot
Merck & Co.
Philip Morris Companies Inc.
Schering-Plough Corp.
Unilever N.V. ADR
Warner Lambert Co.
Xerox Corp.
QUANTITATIVE EQUITY FUND
- --------------------------------------------------------------------------------
ADDITIONS
- ---------
American International Group
Apple Computer Inc.
Bell Atlantic Corp.
Cisco Systems
Citigroup Inc.
Home Depot
MCI Worldwide Inc.
Pfizer Inc.
Royal Dutch Petroleum Co. ADR
Tellabs Inc.
DELETIONS
- ---------
Ameritech Corp.
Amgen Inc.
Baltimore Gas & Electric Co.
Dell Computer Corp.
FPL Group Inc.
Heinz H J Co.
Kimberly Clark Corp.
New York Times Co. - Cl A
Phillips Petroleum Co.
Providian Financial Corp.
INTERNATIONAL FUND
- --------------------------------------------------------------------------------
ADDITIONS
- ---------
Advantest Corp.
British Telecom
Deutsche Telekom AG
HSBC Holdings
ING Groep NV
Softbank Corp.
Sony Corp.
STMicroelectronics NV
Total Fina SA-B
Vodafone Airtouch
DELETIONS
- ---------
AXA-UAP
Bank of Scotland
Commerzbank AG
Corp. Bancaria De Espana
Elf Aquitaine
Fortis AG
Imperial Chemical Industries
Lafarge
Preussag AG
Telecom Italia SPA
Page 3
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
AVERAGE ANNUAL TOTAL RETURN
TUDOR FUND
The Tudor Fund delivered its best return in over 20 years in 1999 with a 63.26%
return. This exceeded the return of our benchmark, the Russell 2000 Growth
Index, which generated a 43.09% return. In the middle of the year we switched
benchmarks to the Russell 2000 Growth Index from the Russell 2500 Growth Index
to better reflect the small cap focus of the Tudor Fund. As a matter of
reference we also bested the Russell 2500 Growth Index in 1999. The strong
outperformance we generated in 1999 was attributable to very strong stock
selection in the technology sector. We were also aided by the strength of our
retail and health care names. Going forward we remain optimistic about the
quality of our portfolio's holdings and the relative value of the small cap
universe versus large cap concerns. While we would not be surprised to see a
meaningful correction in the broader market early in 2000, we believe the growth
our portfolio holding exhibits should help them weather this correction.
[GRAPH DEPICTED HERE]
Graph depicted here shows the comparison of the growth of a $10,000 investment
from 1/1/90 through 12/31/99 between WPG Tudor Fund, Lipper Small Cap Growth
Index, Russell 2500 Growth Index and Russell 2000 Growth Index.
<TABLE>
<CAPTION>
TUDOR INDEX GROWTH GROWTH
----- ----- ------ ------
<S> <C> <C> <C> <C>
12/31/89 10,000 10,000 10,000 10,000
12/31/90 9,483 9,292 8,780 8,259
12/31/91 13,828 13,993 13,611 12,487
12/31/92 14,536 15,098 14,399 13,457
12/31/93 16,481 17,795 16,147 15,255
12/31/94 14,864 17,494 15,940 14,884
12/31/95 20,985 23,879 21,286 19,504
12/31/96 24,935 27,951 24,494 21,700
12/31/97 27,705 31,090 28,110 24,511
12/31/98 21,607 31,388 28,981 24,812
12/31/99 35,276 50,588 45,060 35,504
</TABLE>
AVERAGE ANNUAL TOTAL RETURN
(for the periods ended December 31, 1999)
1 YEAR 5 YEARS 10 YEARS
------ ------- --------
TUDOR ............................... 63.26% 18.85% 13.43%
Lipper Small Cap Growth Index ....... 61.17% 23.66% 17.60%
Russell 2500 Growth Index ........... 55.48% 23.10% 16.25%
Russell 2000 Growth Index ........... 43.09% 18.99% 13.51%
================================================================================
GROWTH & INCOME FUND
The fourth quarter 1999 performance of the WPG Growth & Income Fund portfolio
(18.8%) compared favorably when measured against the S&P 500 (14.9%) and the
Lipper Large Cap Core Index (16.9%). For the entire year, the Fund
underperformed each of the above mentioned indices. Large Cap stock performance
during 1999 was extremely narrow and technology issues dramatically
outperformed. The WPG Growth & Income portfolio nicely outperformed during the
second half of 1999 mostly because the technology sector was altered to more
closely reflect the "new IT economy".
[GRAPH DEPICTED HERE]
Graph depicted here shows the comparison of the growth of a $10,000 investment
from 1/1/90 through 12/31/99 between WPG Growth & Income Fund, S&P 500 Index and
Lipper Large Cap Core Index.
LIPPER
GROWTH S & P LARGE CAP
& INCOME 500 CORE
----------- ------------ ------------
12/31/89 10,000 10,000 10,000
12/31/90 8,964 9,681 9,704
12/31/91 12,614 12,639 12,741
12/31/92 14,355 13,609 13,722
12/31/93 15,724 14,970 15,288
12/31/94 14,866 15,169 15,123
12/31/95 19,731 20,858 19,926
12/31/96 24,550 25,707 23,879
12/31/97 33,454 34,288 30,857
12/31/98 42,657 44,149 39,167
12/31/99 48,066 53,483 46,746
AVERAGE ANNUAL TOTAL RETURN
(for the periods ended December 31, 1999)
1 YEAR 5 YEARS 10 YEARS
------ ------- --------
GROWTH AND INCOME ............ 12.68% 26.44% 16.99%
S&P 500 Stock Index .......... 21.14% 28.66% 18.25%
Lipper Large Cap Core
Funds Index ............... 19.35% 25.32% 16.68%
Page 4
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
AVERAGE ANNUAL TOTAL RETURN
QUANTITATIVE EQUITY FUND
In 1999 we have observed a return of two trends in the market that hampered the
model that drives stock selection in the Fund, particularly during the first and
fourth quarter: (1) negative return to value and (2) narrow markets. The first,
negative or perverse return to value, deals with a contradiction to widely held
beliefs that low Price to Earnings ratios predict positive relative returns. In
1999 the opposite held true with very high Price to Earnings ratios,
traditionally associated with unfavorable stock valuations, predicting positive
relative performance. The second trend, narrow markets, has also hampered
Quantitative Equity model performance. During the quarter most of the index
returns have been concentrated in a very few of the larger and mostly Technology
stocks in the index. Missing just a few of these names in stock selection means
certain underperformance. This market narrowness can be observed to some extent
in the fact that the top 10 names in terms of contribution to S&P 500 returns
for the year accounted for almost half of the total return to that index.
It is our expectation that these trends are temporary and the historical
relationships that our model is based upon will return. We believe earnings and
the price paid for those earnings will again be important to investors causing
the markets to broaden and valuation to again be predictive.
[GRAPH DEPICTED HERE]
Graph depicted here shows the comparison of the growth of a $10,000 investment
from 1/1/93 through 12/31/99 between WPG Quantitative Equity Fund and the S&P
500 Index.
WPG S & P 500
QUANT EQUITY INDEX
--------------- -----------
01/01/93 10,000 10,000
12/31/93 11,390 11,008
12/31/94 11,429 11,153
12/31/95 15,242 15,345
12/31/96 18,064 18,868
12/31/97 22,665 25,162
12/31/98 28,719 32,399
12/31/99 32,710 39,248
AVERAGE ANNUAL TOTAL RETURN
(for the periods ended December 31, 1999)
INCEPTION
1 YEAR 5 YEARS 1/1/93
------ ------- ------
QUANTITATIVE EQUITY 13.90% 23.39% 18.45%
S&P 500 Stock Index 21.14% 28.66% 21.57%
Page 5
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
AVERAGE ANNUAL TOTAL RETURN
INTERNATIONAL FUND
1999 was an exceptionally strong year for world equity markets. Investor
euphoria about the "new world" industries such as investment technology and
telecommunications, pushed markets to new record levels. Asian markets and
currencies, including Japan, staged a remarkable recovery. In Japan, the
benefits of numerous stimulus packages are now filtering through the economy.
Corporate Japan is awakening to the threat of increased international
competition forcing more drastic restructuring. International asset allocation
clearly favors Japan as demonstrated by the record inflow of foreign capital.
Europe also has held its ground, although less so than Asia. Telecommunication
was one of the strong sectors. The Fund's excess performance over 1999 was due
mainly to strong exposure in the investment technology and telecommunication
sectors and favorable stock selection within those sectors. Furthermore,
Japanese and Asian markets were favored over European markets causing a positive
currency translation effect given the weakness of the Euro and the strength of
the Yen.
[GRAPH DEPICTED HERE]
Graph depicted here shows the comparison of the growth of a $10,000 investment
from 1/1/90 through 12/31/99 between WPG International Fund and EAFE Index.
WPG
International rtn EAFE rtn
----------------- ---------- ------------- -------------
12/31/89 10,000 10.54% 10,000 15.67%
12/31/90 8,517 -14.83% 7,680 -23.20%
12/31/91 8,603 1.01% 8,640 12.50%
12/31/92 8,127 -5.53% 7,616 -11.85%
12/31/93 11,154 37.24% 10,125 32.94%
12/31/94 10,449 -6.32% 10,941 8.06%
12/31/95 11,590 10.92% 12,205 11.55%
12/31/96 12,128 4.64% 12,981 6.36%
12/31/97 12,478 2.89% 13,248 2.06%
12/31/98 14,510 16.28% 15,942 20.33%
12/31/99 18,838 29.83% 20,294 27.30%
AVERAGE ANNUAL TOTAL RETURN
(for the periods ended December 31, 1999)
1 YEAR 5 YEARS 10 YEARS
------ ------- --------
INTERNATIONAL 29.83% 12.51% 6.53%
EAFE Index 27.30% 13.15% 7.33%
- --------------------------------------------------------------------------------
CORE BOND FUND
1999 was characterized by an extremely strong economy, which led to a very weak
bond market. Yields rose by approximately 150 basis points for all maturity
lengths, leading to negative absolute total returns on many indices.
Non-treasury products had strong first and last quarters but a very difficult
middle of the year. Opportunistic under and overweightings in these sectors
during the year, especially corporate bonds, was a major contributor to the
Fund's strong performance. In addition, yield curve positioning was also a
significant contributor to performance.
[GRAPH DEPICTED HERE]
Graph depicted here shows the comparison of the growth of a $10,000 investment
from 1/1/90 through 12/31/99 between WPG Core Bond Fund and Lehman Aggregate
Index, Morningstar Intermediate Term Bond Index.
MORNINGSTAR
LEHMAN INTERMEDIATE
GOV'T AGGREGATE TERM BOND
SECURITIES rtn INDEX rtn INDEX rtn
------------------------------------------------------------- --------
12/31/89 10,000 13.89% 10,000 14.53% 10,000 11.34%
12/31/90 10,894 8.94% 10,896 8.96% 10,659 6.59%
12/31/91 12,415 13.96% 12,639 16.00% 12,429 16.61%
12/31/92 13,394 7.89% 13,575 7.40% 13,328 7.23%
12/31/93 14,594 8.96% 14,898 9.75% 14,713 10.39%
12/31/94 13,325 -8.70% 14,463 -2.92% 14,157 -3.78%
12/31/95 15,090 13.25% 17,135 18.47% 16,620 17.40%
12/31/96 15,671 3.85% 17,757 3.63% 17,149 3.18%
12/31/97 16,826 7.37% 19,470 9.65% 18,649 8.75%
12/31/98 18,384 9.26% 21,162 8.69% 20,023 7.37%
12/31/99 18,362 -0.12% 20,988 -0.82% 20,023
AVERAGE ANNUAL TOTAL RETURN
(for the periods ended December 31, 1999)
1 YEAR 5 YEARS 10 YEARS
------ ------- --------
CORE BOND -0.12% 6.62% 6.27%
Lehman Aggregate Index -0.82% 7.73% 7.70%
Morningstar Intermediate
Term Bond -1.38% 6.88% 7.04%
Page 6
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
AVERAGE ANNUAL TOTAL RETURN
INTERMEDIATE MUNICIPAL BOND FUND
1999 was a difficult year for fixed income investors. Municipal yields rose by
roughly 1 percentage point, finishing the year at levels last seen in 1995.
During the year, the Fund posted a -0.54% return while its peer Lipper group
returned -1.37% on average. The Fund generated its excess return through its
security specific focus, while maintaining a relatively stable duration.
[GRAPH DEPICTED HERE]
Graph depicted here shows the comparison of the growth of a $10,000 investment
from 7/1/93 through 12/31/99 between WPG Intermediate Municipal Bond, Lehman
Brothers 3-10 Yr. Municipal Bond Index and Lipper Intermediate Muni Funds.
LEHMAN
BROTHERS LIPPER
3 - 10 YEAR INTMD
INTMD MUNICIPAL MUNI
MUNI BOND rtn BOND INDEX rtn FUNDS rtn
----------------------------------------------------------------
07/01/93 10,000 10,000 10,000
12/31/93 10,348 3.48% 10,414 4.14% 10,344 3.44%
12/31/94 10,111 -2.29% 10,138 -2.65% 9,970 -3.62%
12/31/95 11,329 12.05% 11,536 13.79% 11,284 13.18%
12/31/96 11,805 4.20% 12,041 4.38% 11,700 3.69%
12/31/97 12,732 7.85% 12,937 7.44% 12,538 7.16%
12/31/98 13,460 5.72% 13,717 6.03% 13,207 5.34%
12/31/99 13,388 -0.54% 13,758 0.30% 12,989 -1.65%
AVERAGE ANNUAL TOTAL RETURN
(for the periods ended December 31, 1999)
FROM
1 YEAR 5 YEARS 7/1/93
------ ------- ------
INTERMEDIATE MUNI BOND -0.54% 5.77% 4.59%
Lehman Brothers 3-10 Year
Municipal Bond Index 0.30% 6.30% 5.03%
Lipper Intermediate Muni Funds -1.37% 5.60% 4.24%
Performance represents historical data. The investment return and principal
value of an investment will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than their original cost. Each Fund's
results and the indices (except as noted below) assume the reinvestment of all
capital gain distributions and income dividends. Each Fund's past performance is
not indicative of future performance and should be considered in light of each
Fund's investment policy and objectives, the characteristics and quality of its
portfolio securities, and the periods selected. The S&P 500 Stock Index is a
broad based measurement of changes in stock market conditions based on the
average performance of 500 widely held common stocks. The Russell 2000 Growth
Index and Russell 2500 Growth Index are measurements of changes in stock market
conditions based on the average performance of small U.S. growth oriented
securities with median market weighted capitalizations of approximately $1.1
billion and $2.15 billion, respectively. Lipper Analytical Services ("Lipper")
and Morningstar compare mutual funds according to overall performance,
investment objectives, investment policies, assets, expense levels, periods of
existence and other factors. 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 group of securities.
Page 7
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
TEN LARGEST HOLDINGS AT DECEMBER 31, 1999 *
PERCENT
VALUE OF NET
TUDOR FUND (000'S) ASSETS
- -------------------------------------------------------------------
Titan Corp. .......................... $ 3,511 3.2%
Advanced Fibre Communication ......... 3,405 3.1%
Remedy Corp. ......................... 3,217 3.0%
Diamond Technology Partners Inc. ..... 2,739 2.5%
Manugistics Group .................... 2,643 2.4%
Compucredit Corp. .................... 2,556 2.3%
Tibco Software Inc. .................. 2,173 2.0%
Voicestream Wireless ................. 1,850 1.7%
Lattice Semiconductors ............... 1,814 1.7%
Western Wireless Corp. Cl A .......... 1,809 1.7%
------- -----
$25,717 23.6%
======= =====
QUANTITATIVE EQUITY FUND
- -------------------------------------------------------------------
Microsoft Corp. ...................... $ 4,857 6.4%
General Electric Co. ................. 3,327 4.3%
Cisco Systems ........................ 2,919 3.8%
Wal Mart Stores Inc. ................. 2,240 2.9%
Intel Corp. .......................... 2,033 2.7%
Citigroup Inc. ....................... 1,714 2.2%
Bristol-Myers Squibb Co. ............. 1,685 2.2%
AT&T Corp. ........................... 1,517 2.0%
International Business Machines
Corp. ............................ 1,512 2.0%
BellSouth Corp. ...................... 1,421 1.9%
------- -----
$23,225 30.4%
======= =====
PERCENT
VALUE OF NET
GROWTH AND INCOME FUND (000'S) ASSETS
- -------------------------------------------------------------------
Oracle Systems ....................... $ 7,844 5.4%
Cisco Systems Inc. ................... 6,428 4.4%
CBS Corp. ............................ 6,394 4.4%
American International Group Inc. .... 6,082 4.2%
BMC Software Inc. .................... 5,995 4.1%
AT&T Corp. Liberty Media Cl A ........ 5,675 3.9%
General Electric Co. ................. 5,339 3.6%
Carnival Corp. ....................... 4,781 3.3%
Colgate-Palmolive Co. ................ 4,290 2.9%
MCI Worldcom Inc. .................... 4,218 2.9%
------- -----
$57,046 39.1%
======= =====
INTERNATIONAL FUND
- -------------------------------------------------------------------
Nippon Telegraph & Telephone
Corp. $ 206 2.8%
Nokia 195 2.7%
British Telecom 173 2.4%
BP Amoco 150 2.1%
Deutsche Telekom AG 135 1.9%
Sony Corp. 119 1.6%
Vodafone Airtouch 116 1.6%
Total Fina SA - B 106 1.4%
HSBC Holdings 106 1.4%
Mannesmann AG 105 1.4%
------- -----
$ 1,411 19.3%
======= =====
Page 8
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
TEN LARGEST HOLDINGS AT DECEMBER 31, 1999 * - CONTINUED
<TABLE>
<CAPTION>
PERCENT
VALUE OF NET
CORE BOND FUND (000'S) ASSETS
- -------------- --------------
<S> <C> <C>
Federal National Mortgage Association Note 6.625% Due 9/15/09 ..........$13,151 9.6%
Federal National Mortgage Association Note 7.500% Due 1/1/30 ........... 11,280 8.2%
Federal National Mortgage Association Note 8.000% Due 1/1/30 ........... 10,963 8.0%
Federal National Mortgage Association Note 7.000% Due 1/1/30 ........... 10,360 7.5%
United States Treasury Note 6.125% Due 12/31/01 ........................ 7,538 5.5%
Galaxy Funding Inc. Commercial Paper Zero Coupon Due 1/19/00 ........... 4,531 3.3%
Government National Mortgage Association 6.500% Due 2/15/24-10/15/24 ... 4,404 3.2%
Banque Generale Luxemburg Commercial Paper Zero Coupon Due 1/19/00 ..... 3,858 2.8%
Compass Securitization LLC Commercial Paper Zero Coupon Due 1/19/00 .... 3,819 2.8%
Government National Mortgage Association 8.500% Due 1/15/17-10/15/24 ... 3,764 2.7%
------- -----
$73,668 53.6%
======= =====
INTERMEDIATE MUNICIPAL BOND FUND
Chicago Illinois O'Hare International Airport Ref-2nd
Lien-Series C 5.750% Due 1/1/09 ...................................$ 1,030 5.1%
Rhode Island Housing & Mortgage Finance Corp. Revenue Bonds
5.700% Due 7/1/07 ................................................. 1,026 5.1%
New York State General Obligation Unlimited 5.250% Due 7/15/12 ......... 983 4.9%
Port of Houston Texas General Obligation Bond 5.100% Due 10/1/11 ....... 971 4.8%
New Orleans Louisiana General Obligation Unlimited Non-Callable
7.200% Due 11/1/08 ................................................ 718 3.6%
Oklahoma County Oklahoma Home Finance Authority Single Family Refunding
Prerefunded Zero Coupon Due 7/1/12 ............................. 672 3.3%
Oregon State Housing & Community Services Single Family Mortgage
Series B 6.875% Due 7/1/28 ..................................... 567 2.8%
Mercedes Texas Independent School District 4.900% Due 8/15/10 .......... 556 2.7%
Edgewood Texas Independent School District Lease Revenue 4.700%
Due 8/15/05 ....................................................... 549 2.7%
Deer Park Texas Independent School District School Building
6.375% Due 2/15/07 ................................................ 539 2.7%
------- -----
$ 7,611 37.7%
======= =====
<FN>
* The composition of the largest securities in each portfolio is
subject to change.
</FN>
</TABLE>
Page 9
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT DECEMBER 31, 1999
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------- -------- -------
TUDOR
COMMON STOCKS (90.8%)
CAPITAL GOODS
BIOTECHNOLOGY (1.3%)
<C> <S> <C>
49,000 #+ Sangstat Medical Co. ............................... $ 1,458
--------
COMMUNICATIONS (3.2%)
12,200 + Adelphia Communications ............................ 801
30,500 + Intermedia Communications .......................... 1,184
105,200 + P-Com Inc. ......................................... 930
9,300 + Powerwave Technologies Inc. ........................ 543
--------
3,458
--------
COMPUTER SYSTEMS (1.0%)
6,000 #+ Brocade Communications ............................. 1,062
--------
ELECTRONICS (3.5%)
28,800 Applied Power Inc. ................................. 1,058
11,400 + C Cor Net Corporation .............................. 874
23,700 + Hadco Corp. ........................................ 1,209
29,600 + Hutchinson Technology .............................. 629
--------
3,770
--------
INFORMATION SERVICES (4.0%)
32,500 + Diamond Technology Partners Inc. ................... 2,793
48,000 + Technology Solutions ............................... 1,572
--------
4,365
--------
INTERNET (3.7%)
200 + C-Bridge Internet Solutions ........................ 10
30,800 + Concentric Network ................................. 949
200 + Egreetings Network Inc. ............................ 2
11,500 + Go2net Inc. ........................................ 1,000
800 + Infonet Services ................................... 21
33,500 + National Info Consortium Inc. ...................... 1,072
33,800 #+ Netzero Inc. ....................................... 910
200 + Xpedior Inc. ....................................... 6
--------
3,970
--------
MULTI MEDIA (1.1%)
63,700 + Launch Media Inc. .................................. 1,206
--------
OTHER CAPITAL GOODS (0.6%)
42,951 + Stoneridge ......................................... 663
--------
PHARMACEUTICALS (5.0%)
12,100 + Accredo Health Inc. ................................ 372
29,800 Alpharma Inc. Cl A ................................. 916
34,100 + Guilford Pharmaceuticals ........................... 580
11,100 + Millenium Pharmaceuticals .......................... 1,354
15,300 + Pharmacyclics Inc. ................................. 631
14,900 + QLT Phototherapeutic ............................... 875
49,900 + Triad Hospitals Inc. ............................... 755
--------
5,483
--------
SEMICONDUCTORS (4.7%)
77,500 + ADE Corp. .......................................... 1,279
15,400 + Anadigics Inc. ..................................... 727
29,000 + ETEC Systems Inc. .................................. 1,301
38,500 + Lattice Semiconductors. ............................ 1,814
--------
5,121
--------
SOFTWARE & SERVICES (8.1%)
4,800 + Microstrategy Inc. ................................. 1,008
2,800 + Ondisplay Inc. ..................................... 254
48,015 + People Soft Inc. ................................... 1,023
11,800 + Primus Knowledge Solutions ......................... 535
11,600 + Project Software & Development ..................... 644
67,900 + Remedy Corp. ....................................... 3,217
14,200 + Tibco Software Inc. ................................ 2,173
--------
8,854
--------
39,410
--------
CONSUMER
COMPUTER SOFTWARE (7.6%)
66,400 + Compucredit Corp. .................................. 2,556
37,100 #+ Daleen Technologies Inc. ........................... 812
6,000 + E Piphany Inc. ..................................... 1,339
4,700 + Kana Communications ................................ 964
81,800 + Manugistics Group Inc. ............................. 2,643
--------
8,314
--------
ENTERTAINMENt (1.5%)
60,700 + Harrah's Entertainment ............................. 1,605
--------
FOOD (1.7%)
30,900 + American Italian Pasta ............................. 950
16,900 + Aurora Foods Inc. .................................. 157
33,350 + Wild Oats Market Inc. .............................. 740
--------
1,847
--------
HEALTH CARE SERVICES (0.3%)
6,600 + Gilead Sciences Inc. ............................... 357
--------
MEDIA - COMMUNICATION (10.9%)
76,200 + Advanced Fibre Communication 3,405
72,700 + Advanced Radio Telecommunications Corp. 1,745
26,300 + Citadel Communications 1,706
20,800 + Digital Lightwave Inc. 1,331
13,000 #+ Voicestream Wireless 1,850
27,100 + Western Wireless Corp. Cl A 1,809
--------
11,846
--------
MEDICAL EQUIPMENT (0.5%)
27,600 Invacare Corp. ..................................... 554
--------
See notes to financial statements
Page 10
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT DECEMBER 31, 1999
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------- -------- -------
TUDOR (continued)
MEDICAL HOSPITAL MANAGEMENT & SERVICES (2.1%)
44,600 + Lincare Holdings Inc. .............................. $ 1,547
54,800 #+ Sunrise Assisted Living ............................ 754
--------
2,301
--------
MEDICAL SUPPLIES (0.7%)
19,500 Biomet ............................................. 780
--------
RETAIL (6.2%)
30,300 + Dollar Tree Stores ................................. 1,468
17,500 + Jones Intercable ................................... 1,213
64,600 + Micro Warehouse Inc. ............................... 1,195
40,000 #+ Rubio's Restaurants ................................ 320
66,900 + Tuesday Morning Corp. .............................. 1,233
26,700 + Zale Corp. New ..................................... 1,292
--------
6,721
--------
SOFTWARE (1.5%)
9,700 + Broadvision Inc. ................................... 1,650
--------
TOBACCO (1.0%)
53,300 + Core Laboratories .................................. 1,069
--------
37,044
--------
ENERGY OIL & GAS EXPLORATION (2.6%)
37,200 + BJ Services ........................................ 1,555
250,300 + Gulf Canada Resources Ltd. ......................... 845
33,000 + Veritas DGC Inc. ................................... 462
--------
2,862
--------
INTERMEDIATE GOODS & SERVICES BASIC INDUSTRIES (1.7%)
51,100 Lyondell Petrochemical Co. ......................... 652
35,400 OM Group Inc. ...................................... 1,219
--------
1,871
--------
BUSINESS SERVICES (1.8%)
7,700 + Catalina Marketing ................................. 891
42,600 + Interim Services ................................... 1,054
--------
1,945
--------
FURNITURE (0.8%)
26,250 Ethan Allen Interiors Inc. ......................... 842
--------
TRANSPORTATION (1.7%)
41,900 + America West Holdings Corp. Cl B ................... 869
35,100 Skywest Inc. ....................................... 983
--------
1,852
--------
6,510
--------
INTEREST SENSITIVE BANKS (3.2%)
20,700 + Commerce Bancorp ................................... 837
5,500 + Commerce One Inc. .................................. 1,081
35,500 + People's Heritage Financial ........................ 535
50,015 Washington Federal Inc. ............................ 988
--------
3,441
--------
HOMEBUILDING (1.8%)
48,300 + Del Webb Corp. ..................................... 1,204
17,500 + Dycom Industries Inc. .............................. 771
--------
1,975
--------
OTHER (5.9%)
26,300 + Affiliated Managers Group .......................... 1,064
30,080 BRE Properties ..................................... 682
74,500 + Titan Corp. ........................................ 3,511
42,622 Waddell & Reed Financial ........................... 1,156
--------
6,413
--------
SCHOOLS (1.1%)
29,700 + Career Education Corp. ............................. 1,140
--------
12,969
--------
TOTAL COMMON STOCK
(Cost $60,373) ............................... 98,795
--------
PRINCIPAL
AMOUNT
(000's)
- -------
EURODOLLAR DEPOSIT (9.5%)
(Cost $10,316)
$10,316 Societe Generale Bank 3.250% Due 1/3/00 ............ 10,316
--------
TOTAL INVESTMENTS (100.3%)
(Cost $70,689) .............................. 109,111
LIABILITIES IN EXCESS OF OTHER ASSETS (-0.3%) ...... (331)
--------
TOTAL NET ASSETS (100.0%) .......................... $108,780
========
+Non-income producing security.
#All or a portion of these securities are out on loan.
See notes to financial statements
Page 11
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT DECEMBER 31, 1999
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------- -------- -------
GROWTH & INCOME
COMMON STOCKS (98.1%)
CAPITAL GOODS
BROADCASTING / ADVERTISING (17.3%)
100,000 + AT&T Corp. Liberty Media Cl A ...................... $ 5,675
35,000 BCE, Inc. .......................................... 3,157
100,000 CBS Corp. .......................................... 6,394
35,000 GTE Corp. .......................................... 2,470
38,000 + Infonet Services Corp. ............................. 997
79,500 + MCI Worldcom Inc. .................................. 4,218
31,200 + Time Warner Inc. ................................... 2,260
--------
25,171
--------
COMPUTER SOFTWARE & SERVICES (25.3%)
75,000 + BMC Software Inc. .................................. 5,995
60,000 + Cisco Systems Inc. ................................. 6,428
30,000 + EMC Corp. .......................................... 3,278
30,000 + Microsoft Corp. .................................... 3,503
57,500 + Optio Software Inc. ................................ 1,351
70,000 + Oracle Systems ..................................... 7,844
30,000 + Sun Microsystems Inc. .............................. 2,323
50,000 + Tellabs Inc. ....................................... 3,209
30,400 Texas Instruments, Inc. ............................ 2,945
--------
36,876
--------
ELECTRONICS (1.3%)
15,000 + Applied Micro Circuits Corp. ....................... 1,909
--------
OTHER CAPITAL GOODS (6.0%)
60,000 Emerson Electric Co. ............................... 3,442
34,500 General Electric Co. ............................... 5,339
--------
8,781
--------
TECHNOLOGY (2.5%)
50,000 Lucent Technologies ................................ 3,741
--------
76,478
--------
CONSUMER HEALTH CARE (9.4%)
50,000 Baxter International ............................... 3,141
60,000 Bristol-Myers Squibb Co. ........................... 3,851
58,900 Guidant Corp. ...................................... 2,768
120,000 Pfizer Inc. ........................................ 3,893
--------
13,653
--------
RESTAURANTS (2.5%)
90,000 McDonald's Corp. ................................... 3,628
--------
OTHER (12.6%)
80,000 + Autozone Inc. ...................................... 2,585
100,000 Carnival Corp. ..................................... 4,781
66,000 Colgate - Palmolive Co. ............................ 4,290
25,000 Corning Inc. ....................................... 3,223
100,000 PepsiCo Inc. ....................................... 3,525
--------
18,404
--------
35,685
--------
OTHER CONSUMER NON-DURABLES (4.4%)
45,000 Johnson & Johnson .................................. 4,191
100,000 Sara Lee Corp. ..................................... 2,206
--------
6,397
--------
NATURAL RESOURCES ENERGY & RELATEd (1.4%)
50,000 Halliburton ........................................ 2,012
--------
REAL ESTATE INVESTMENT TRUSTS COMMERCIAL
& INDUSTRIAL (1.1%)
80,000 Duke Weeks Realty Investors Inc. ................... 1,560
--------
INTEREST SENSITIVE BANKS (2.7%)
100,000 Bank of New York Inc. .............................. 4,000
--------
INSURANCE (4.2%)
56,250 American International Group Inc. .................. 6,082
--------
OTHER (7.4%)
22,000 American Express Co. ............................... 3,658
20,000 Federal Home Loan Mortgage Corp. ................... 941
40,900 Federal National Mortgage Association .............. 2,554
40,200 Providian Financial ................................ 3,661
--------
10,814
--------
20,896
--------
TOTAL COMMON STOCKS
(Cost $88,391) ................................... 143,028
--------
PRINCIPAL
AMOUNT
(000'S)
- -------
EURODOLLAR DEPOSIT (2.0%)
(Cost $2,836)
$2,836 Societe Generale Bank 3.000% Due 1/3/00 ............ 2,836
--------
Total Investments (100.1%)
(Cost $91,227) .............................. 145,864
Liabilities in Excess of Other Assets (-0.1%) ...... (130)
--------
Total Net Assets (100.0%) .......................... $145,734
========
+ Non-income producing security.
See notes to financial statements
Page 12
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT DECEMBER 31, 1999
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------- -------- -------
QUANTITATIVE EQUITY
COMMON STOCK (99.3%)
BASIC MATERIALS (0.9%)
13,900 AK Steel Holding Corp. ............................. $ 262
13,650 Fortune Brands ..................................... 451
--------
713
--------
COMMERCIAL SERVICES (0.6%)
16,350 Viad Corp. ......................................... 456
--------
CONSUMER CYCLICALS (6.8%)
17,200 Brunswick Corp. .................................... 383
8,200 + Federated Department Store ......................... 415
20,350 Ford Motor Co. ..................................... 1,087
14,200 + Jack in the Box Inc. ............................... 294
32,400 Wal Mart Stores Inc. ............................... 2,240
17,000 + Xilinix Inc. ....................................... 773
--------
5,192
--------
CONSUMER NON-CYCLICALS (5.5%)
9,250 Anheuser-Busch Cos. Inc. ........................... 656
8,100 Best Foods ......................................... 426
21,150 Conagra Inc. ....................................... 477
14,200 Donnelley RR & Sons ................................ 352
11,000 General Mills Inc. ................................. 393
18,600 Philip Morris Companies Inc. ....................... 431
8,000 Proctor & Gamble Co. ............................... 877
26,450 Sara Lee Corp. ..................................... 584
--------
4,196
CONSUMER SERVICES (8.0%)
34,800 Darden Restaurants Inc. ............................ 631
6,500 Dayton Hudson Corp. ................................ 477
6,550 Eastman Kodak Co. .................................. 434
18,250 + Harrah's Entertainment Inc. ........................ 482
19,425 Home Depot ......................................... 1,332
31,900 Supervalu Inc. ..................................... 638
12,650 Time Warner Inc. ................................... 916
26,150 + Toys R Us .......................................... 374
11,250 Young & Rubicam Inc. ............................... 796
--------
6,080
--------
ENERGY (6.4%)
15,400 Coastal Corp. ...................................... 546
13,800 Exxon Mobil Corp. .................................. 1,112
30,300 Occidental Petroleum Corp. ......................... 655
29,500 PP&L Resources Inc. ................................ 675
19,550 Royal Dutch Petroleum Co. ADR ...................... 1,182
30,150 USX-Marathon Group ................................. 744
--------
4,914
--------
FINANCE (13.3%)
6,800 AMBAC Financial Group Inc. ......................... 355
11,000 American International Group ....................... 1,189
8,300 Chase Manhattan Corp. .............................. 645
30,850 Citigroup Inc. ..................................... 1,714
12,000 Comerica Inc. ...................................... 560
14,100 Federal National Mortgage Association .............. 880
11,900 First Union Corp. .................................. 390
24,150 Fleet Boston Financial Group Inc. .................. 841
16,350 Household International Inc. ....................... 609
8,900 Lincoln National Corp. Ltd. ........................ 356
5,250 Morgan Stanley Dean Witter and Co. ................. 749
7,000 The PMI Group ...................................... 342
15,200 PNC Bank ........................................... 676
10,000 Paine Webber Group Inc. ............................ 388
12,000 Southtrust Corp. ................................... 454
--------
10,148
--------
FOREST PRODUCTS & PAPER (1.9%)
23,500 Boise Cascade Corp. ................................ 952
9,700 Georgia Pacific Co. ................................ 492
--------
1,444
--------
HEALTH CARE (9.4%)
26,250 Bristol-Myers Squibb Co. ........................... 1,685
9,500 Johnson & Johnson Co. .............................. 885
18,800 Merck & Co. Inc. ................................... 1,261
31,200 Pfizer Inc. ........................................ 1,012
14,050 Schering-Plough Corp. .............................. 593
17,000 Warner Lambert Co. ................................. 1,393
5,800 + Wellpoint Health Networks .......................... 382
--------
7,211
--------
INDUSTRIAL (8.5%)
21,500 + Cytec Industries Inc. .............................. 497
21,500 General Electric Co. ............................... 3,327
10,450 Johnson Controls ................................... 594
5,250 Minnesota Mining & Manufacturing ................... 514
20,100 Sherwin - Williams Co. ............................. 422
30,350 Tyco International ................................. 1,180
--------
6,534
--------
MACHINE AND MACHINE TOOLS (0.9%)
7,500 + Lexmark Holdings ................................... 679
--------
TECHNOLOGY (26.9%)
9,800 + ADC Telecommunications Inc. ........................ 711
4,600 + Adaptec Inc. ....................................... 229
7,200 Adobe Systems Inc. ................................. 484
10,950 + Apple Computer Inc. ................................ 1,126
27,250 + Cisco Systems ...................................... 2,919
8,500 Computer Associates International .................. 594
See notes to financial statements
Page 13
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT DECEMBER 31, 1999
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------- -------- -------
QUANTITATIVE EQUITY (continued)
18,800 + Compuware Corp. .................................... $ 700
7,250 + EMC Corp. .......................................... 792
24,700 Intel Corp. ........................................ 2,033
14,000 International Business Machines Corp. .............. 1,512
7,300 + LSI Logic Corp. .................................... 493
18,500 Lucent Technologies ................................ 1,384
41,600 + Microsoft Corp. .................................... 4,857
10,500 + Sun Microsystems ................................... 813
15,950 + Tellabs Inc. ....................................... 1,024
13,200 United Technologies Corp. .......................... 858
--------
20,529
--------
TELECOMMUNICATIONS (6.3%)
29,900 A T & T Corp. ...................................... 1,517
7,800 Alltel Corp. ....................................... 645
30,350 BellSouth Corp. .................................... 1,421
24,000 + MCI Worldcom Inc. .................................. 1,274
--------
4,857
--------
TRANSPORTATION (0.7%)
7,800 + AMR Corp. .......................................... 523
--------
UTILITIES (3.2%)
22,200 Bell Atlantic Corp. ................................ 1,367
22,650 Constellation Energy Group ......................... 657
11,950 + Transocean Sedco Forex Inc. ........................ 403
--------
2,427
--------
TOTAL COMMON STOCKS
(Cost $61,175) .............................. 75,903
--------
PRINCIPAL
AMOUNT
(000'S)
- -------
EURODOLLAR DEPOSIT (0.7%)
(Cost $548)
$548 Societe Generale Bank 3.000% Due 1/3/00 ............ 548
--------
TOTAL INVESTMENTS (100.0%)
(Cost $61,723) .............................. 76,451
OTHER ASSETS IN EXCESS OF LIABILITIES (0.0%) ....... 1
--------
TOTAL NET ASSETS (100.0%) .......................... $ 76,452
========
+ Non-income producing security.
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT DECEMBER 31, 1999
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------- -------- -------
INTERNATIONAL
COMMON STOCKS (91.2%)
AUSTRALIA (2.5%)
7,727 BRL Hardy Ltd. ..................................... $ 37
4,165 Broken Hill Proprietary Co. ........................ 55
6,000 Foster's Brewing Group Ltd. ........................ 17
1,500 Lend Lease Corp. Ltd. .............................. 21
1,800 National Australia Bank, Ltd. ...................... 28
3,005 News Corporation Ltd. .............................. 29
--------
187
--------
FINLAND (3.4%)
3,000 Enso R Shares ...................................... 52
1,074 Nokia .............................................. 195
--------
247
--------
FRANCE (9.5%)
400 AXA ................................................ 56
563 + Aventis ............................................ 33
464 Banque Nationale De Paris .......................... 43
50 Cap Gemini SA ...................................... 13
400 Carrefour Supermarche .............................. 74
252 Christian Dior ..................................... 62
250 Compagnie De Saint Gobain .......................... 47
125 Credit Commer France ............................... 16
500 Dassault Systems SA ................................ 33
330 + Equant NV .......................................... 37
75 L' Oreal ........................................... 60
877 Rhodia SA .......................................... 20
613 Sonera OYJ ......................................... 42
796 Total Fina SA - B .................................. 106
636 Vivendi ............................................ 57
--------
699
--------
GERMANY (8.7%)
1,000 Bayer AG ........................................... 47
764 DaimlerChrysler AG ................................. 59
626 + Deutsche Bank AG ................................... 53
446 Deutsche Pfandbrief & Hypothekenbank ............... 33
1,891 + Deutsche Telekom AG ................................ 135
70 Fresenius AG Pfd. .................................. 13
430 Mannesmann AG ...................................... 105
120 SAP AG - Vorzug .................................... 72
448 Siemens AG ......................................... 57
675 Veba AG ............................................ 33
500 Volkswagen AG ...................................... 28
--------
635
--------
HONG KONG (2.7%)
3,000 Cheung Kong (Holdings) Ltd. 38
6,000 + China Telecom (Hong Kong) 38
18,000 Dairy Farm International Holdings 16
See notes to financial statements
Page 14
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT DECEMBER 31, 1999
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------- -------- -------
INTERNATIONAL (continued)
3,000 Dao Heng Bank Group Ltd. ........................... $ 15
26,000 Esprit Holdings Limited ............................ 28
13,000 Hong Kong & China Gas Co, Ltd. ..................... 18
4,500 Swire Pacific Ltd `A' .............................. 27
3,000 Television Broadcasts Ltd. ......................... 20
--------
200
--------
IRELAND (0.6%)
2,000 CRH PLC ............................................ 43
--------
ITALY (0.8%)
10,000 Benetton Grp SPA ................................... 23
6,600 Unicredito Italiano SPA ............................ 32
--------
55
--------
JAPAN (25.6%)
200 Acom Co. Ltd. ...................................... 20
300 Advantest Corp. .................................... 79
5,000 Asahi Bank Ltd. .................................... 31
6,000 Asahi Chemical Industry Co. ........................ 31
4,000 Bank of Tokyo - Mitsubishi Ltd. .................... 56
100 Benesse Corporation ................................ 24
1,000 Bridgestone Corporation ............................ 22
1,000 Canon Inc. ......................................... 40
440 Canon Sales Co. Inc. ............................... 7
88 Circle K Japan Co. ................................. 4
2,000 Dai Nippon Printing Co. Ltd. ....................... 32
2,000 Daiwa House Industry Co. Ltd. ...................... 15
5 East Japan Railway Co. ............................. 27
2,000 Fujitsu Limited .................................... 91
4,000 Hitachi Ltd. ....................................... 64
1,000 Honda Motor Co. Ltd. ............................... 37
3,000 Industrial Bank of Japan ........................... 29
1,000 Matsushita Electric Industrial Co. ................. 28
6,000 Mitsubishi Heavy Industries Ltd. ................... 20
3,000 Mitsui & Co. Ltd. .................................. 21
3,000 NSK Limited ........................................ 20
18,000 Nippon Steel Corp. ................................. 42
12 Nippon Telegraph & Telephone Corp. ................. 206
4,000 Nippon Yusen Kabushiki Kaish ....................... 16
2,000 Nomura Securities Co. .............................. 36
2,000 Olympus Optical Co. Ltd. ........................... 28
100 Rohm Company Limited ............................... 41
100 Ryohin Keikaku ..................................... 20
2,000 Sankyo Company Limited ............................. 41
2,000 Sekisui House Ltd. ................................. 18
1,000 Shin - Etsu Chemical Co. ........................... 43
100 Softbank Corp. ..................................... 96
400 Sony Corp. ......................................... 119
3,000 Sumitomo Bank Ltd. ................................. 41
16,000 Taisei Corp. ....................................... 30
1,000 Taisho Pharmaceutical Co. .......................... 29
2,000 Takashimaya Co. Ltd. ............................... 14
1,000 Takeda Chemical Industries ......................... 49
200 Takefuji Corporation ............................... 25
4,000 Tokai Bank Ltd. .................................... 25
2,000 Tokio Marine & Fire Insurance ...................... 23
1,000 Tokyo Electric Power Co. ........................... 27
5,000 Toshiba Corporation ................................ 38
2,000 Toyota Motor Co. ................................... 97
1,000 Yamanouchi Pharmaceutical Co. ...................... 35
1,000 Yamato Transport Co. Ltd. .......................... 39
--------
1,876
--------
NETHERLANDS (5.4%)
2,496 ABN-AMRO Holding NV ................................ 62
602 Aegon NV ........................................... 58
954 Hagemeyer NV ....................................... 22
1,325 ING Groep NV ....................................... 80
400 Philips Electronics ................................ 55
590 STMicroelectronics NV .............................. 91
500 Vnu - Ver Ned Uitgev Ver Bezit ..................... 26
--------
394
--------
NORWAY (0.2%)
800 Tomra Systems ASA .................................. 14
--------
PORTUGAL (0.3%)
2,000 Portugal Telecom SA ................................ 22
--------
SINGAPORE (1.5%)
3,000 City Developments Ltd. ............................. 17
3,000 Fraser & Neave Ltd. ................................ 11
2,100 Oversea - Chinese Banking Corp. .................... 19
1,000 Singapore Press Holdings, Ltd. ..................... 22
14,000 Singapore Tech Engineering ......................... 22
2,112 United Overseas Bank, Ltd. ......................... 19
--------
110
--------
SPAIN (2.7%)
2,000 + Amadeus Global Travel Dist A ....................... 32
3,000 Banco Bilbao Vizcaya ............................... 43
1,400 Endesa-Empresa NAC Electric ........................ 28
3,785 + Telefonica S.A ..................................... 94
--------
197
--------
SWEDEN (1.9%)
1,531 Ericsson LM - B .................................... 99
1,200 Hennes & Mauritz AB B - Shs ........................ 40
--------
139
--------
See notes to financial statements
Page 15
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT DECEMBER 31, 1999
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------- -------- -------
INTERNATIONAL (continued)
SWITZERLAND (4.7%)
37 Adecco SA .......................................... $ 29
5 Julius Baer Holding AG Class B ..................... 15
49 Nestle SA .......................................... 90
51 Novartis AG ........................................ 75
5 Roche Holding AG - Genuss .......................... 59
130 Zurich Allied AG ................................... 74
--------
342
--------
UNITED KINGDOM (20.7%)
748 Astrazeneca ........................................ 31
14,948 BP Amoco ........................................... 150
1,918 Barclays ........................................... 55
339 British Aerospace PFD .............................. 1
7,088 British Telecom .................................... 173
1,500 Colt Telecom Group ................................. 77
4,000 Compass Group ...................................... 55
700 Dixons Group ....................................... 17
1,500 GKN ................................................ 24
3,500 Glaxo Wellcome ..................................... 99
7,602 HSBC Holdings ...................................... 106
3,000 Hays ............................................... 48
3,000 Invensys ........................................... 16
2,034 Johnson Matthey .................................... 21
4,000 Lloyd's TSB Group .................................. 50
2,500 Marconi ............................................ 44
2,000 Misys .............................................. 31
3,700 National Grid Group ................................ 28
2,000 Norwich Union ...................................... 15
1,600 Rio Tinto .......................................... 39
4,000 Sage Group ......................................... 49
9,154 Shell Transport & Trading .......................... 76
4,750 Smithkline Beecham ................................. 61
18,000 Tesco .............................................. 55
5,500 Unilever ........................................... 40
23,500 Vodafone Airtouch .................................. 116
2,630 WPP Group .......................................... 42
--------
1,519
--------
TOTAL COMMON STOCKS
(Cost $5,124) ............................... 6,679
--------
PRINCIPAL
AMOUNT
(000'S)
- -------
CONVERTIBLE BONDS
JAPAN (1.1%)
(Cost $51)
$70 Sumitomo Bank International Finance 0.750%
Due 5/31/01 ................................. $ 79
--------
EURODOLLAR DEPOSIT (6.9%)
(Cost $504)
504 Societe Generale Bank 3.000% Due 1/3/00 ............ 504
--------
TOTAL INVESTMENTS (99.2%)
(Cost $5,679) ............................... 7,262
--------
OTHER ASSETS IN EXCESS OF LIABILITIES (0.8%) ....... 61
--------
TOTAL NET ASSETS (100.0%) $ 7,323
========
Unrealized
Number Appreciation
of Contracts (000's)
- ------------ -------
FUTURES PURCHASED
(Aggregate Futures Amount $350)
7 DJ Euro Stoxx 50 March 2000 ........................ 9
(Aggregate Futures Amount $184)
2 Nikkei 225 SGX March 2000 .......................... 2
--------
Total Unrealized Appreciation ...................... 11
========
+ Non-income producing security.
See notes to financial statements
Page 16
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT DECEMBER 31, 1999
INTERNATIONAL (continued)
INTERNATIONAL FUND
INDUSTRY CONCENTRATIONS
% OF NET VALUE
ASSETS (000'S)
------ -------
14.3% Telecommunication Services ......................... 1,045
11.6% Banks .............................................. 850
10.8% Technology, Hardware & Equipment ................... 789
7.0% Pharmaceuticals & Biotechnology .................... 512
5.4% Materials .......................................... 393
4.5% Energy ............................................. 332
4.5% Software & Services ................................ 326
4.4% Consumer Durables & Apparel ........................ 320
3.6% Automobiles & Components ........................... 267
3.4% Capital Goods ...................................... 248
3.1% Insurance .......................................... 226
2.8% Diversified Financials ............................. 209
2.7% Food, Beverage & Tobacco ........................... 195
2.6% Utilities .......................................... 191
2.0% Food & Drug Retailing .............................. 145
2.0% Retailing .......................................... 145
1.9% Media .............................................. 139
1.8% Commercial Services & Supplies ..................... 133
1.1% Transportation ..................................... 82
0.8% Household & Personal Products ...................... 60
0.7% Hotel, Restaurants & Leisure ....................... 55
0.7% Real Estate ........................................ 55
0.6% Health Care Equipment & Services ................... 41
- -------- --------
92.3% Total Stocks and Bonds ............................. 6,758
6.9% Short-term Investments ............................. 504
- -------- --------
99.2% Total Investments .................................. 7,262
0.8% Other Assets in Excess of Liabilities .............. 61
- -------- --------
100.0% Total Net Assets ................................... $7,323
======== ========
PRINCIPAL
AMOUNT VALUE
(000's) SECURITY (000'S)
- --------- -------- -------
CORE BOND
LONG-TERM SECURITIES
ASSET BACKED SECURITIES (1.5%)
(Cost $2,141)
CREDIT CARDS (1.5%)
$2,120 American Express Master Trust
Series 1998-1 Class A 5.900% Due 4/15/04 .... $ 2,052
--------
CORPORATE DEBENTURES (38.1%)
BANKS (4.8%)
2,000 BankBoston Corp. 6.125% Due 3/15/02 ................ 1,959
1,400 Bear Stearns Co. Inc. 7.625% Due 12/7/09 ........... 1,375
1,350 Chase Manhattan Corp. 7.625% Due 1/15/03 ........... 1,369
960 Nordbanken 8.950% Due 11/29/49 (B)(D) .............. 946
1,000 Royal and Sun Alliance Insurance
8.950% Due 10/15/29 (B) ..................... 1,021
--------
6,670
--------
CONSUMER CYCLICALS (1.8%)
1,350 Saks Inc. 8.250% Due 11/15/08 ...................... 1,313
1,250 Saks Inc. 7.500% Due 12/1/10 ....................... 1,126
--------
2,439
--------
FINANCE (17.7%)
3,350 American General Finance Corp. 5.750% Due 11/1/03 .. 3,168
55 Aristar Inc. 6.000% Due 8/1/01 ..................... 54
200 Associates Corp. NA 6.500% Due 10/15/02 ............ 197
350 Beneficial Corp. 6.270% Due 1/9/02 ................. 345
1,735 Beneficial Corp. 6.250% Due 2/18/03 (D) ............ 1,679
1,500 CIT Group Inc. 7.125% 10/15/04 ..................... 1,487
50 Commercial Credit Corp. 6.875% Due 5/1/02 .......... 50
2,530 Conseco Inc. 8.500% Due 10/15/02 ................... 2,565
3,000 Conseco Inc. 9.000% Due 10/15/06 ................... 3,092
1,245 Dresdner Funding Trust 8.151% Due 6/30/31 (B)(D) ... 1,166
1,905 Ford Motor Credit Co. 8.200% Due 2/15/02 ........... 1,948
1,375 Ford Motor Credit Corp. 7.375% Due 10/28/09 ........ 1,358
See notes to financial statements
Page 17
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT DECEMBER 31, 1999
PRINCIPAL
AMOUNT VALUE
(000's) SECURITY (000'S)
- --------- -------- -------
CORE BOND (continued)
$ 1,500 GMAC 6.650% Due 11/15/05 ........................... $ 1,444
1,620 Heller Financial Inc. 7.375% Due 11/1/09 (B) ....... 1,574
2,700 Morgan Stanley Dean Witter 7.125% Due 1/15/03 ...... 2,698
1,415 Newcourt Credit Group Inc. 7.125% Due 12/17/03 (B) . 1,411
50 Salomon Smith Barney Holdings 5.875% Due 2/1/01 .... 49
--------
24,285
--------
INDUSTRIAL (6.6%)
1,200 Abitibi Consolidated 7.500 Due 4/1/28 .............. 1,033
1,250 Cooper Tire & Rubber Co. 8.000% Due 12/15/19 ....... 1,201
390 DaimlerChrysler NA Holding 6.630% Due 9/21/01 ...... 388
1,500 Fortune Brands Inc. 7.125% Due 11/1/04 (B) ......... 1,478
2,600 Owens Corning 7.500% Due 5/1/05 .................... 2,465
1,200 Owens Corning 7.700% Due 5/1/08 .................... 1,117
1,000 Service Corp. International 6.750% Due 6/1/01 ...... 937
750 Service Corp. International 6.000% Due 12/15/05 .... 563
--------
9,182
--------
REAL ESTATE INVESTMENT TRUST (2.6%)
3,590 CarrAmerica Realty Corp. 6.625% Due 10/1/00 ........ 3,556
--------
TELECOMMUNICATIONS (1.6%)
1,480 Sprint Capital Corp. 6.900% Due 5/1/19 ............. 1,346
850 US West Communications 7.200% Due 11/1/04 (B) ...... 847
--------
2,193
--------
TRANSPORTATION (2.1%)
3,020 Laidlaw Inc. 7.875% Due 4/15/05 .................... 2,855
--------
UTILITY (0.9%)
1,250 Israel Electric Corp. Ltd. 8.250% Due 10/15/09 (B) . 1,246
--------
TOTAL CORPORATE DEBENTURES
(Cost $53,148) .............................. 52,426
--------
U.S. GOVERNMENT OBLIGATIONS (10.3%)
U.S. TREASURY BONDS (1.0%)
$1,700 5.250% Due 2/15/29 ................................. 1,406
U.S. TREASURY NOTES (5.7%)
7,555 * 6.125% Due 12/31/01 7,538
280 6.000% Due 8/15/09 271
--------
7,809
--------
U.S. TREASURY STRIPS (3.6%)
5,030 Zero Coupon Due 2/15/15 ............................ 1,799
9,755 Zero Coupon Due 11/15/22 ........................... 2,138
6,200 Zero Coupon Due 11/15/27 ........................... 1,040
--------
4,977
--------
TOTAL U.S. GOVERNMENT OBLIGATIONS
(Cost $14,432) .............................. 14,192
--------
MORTGAGE PASS THROUGH SECURITIES (37.7%)
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) (24.3%)
766 9.000% Due 11/1/10 ................................. 792
10,715 7.000% Due 1/1/29 (C) .............................. 10,360
11,405 7.500% Due 1/1/30 (C) .............................. 11,280
10,875 8.000% Due 1/1/30 (C) .............................. 10,963
--------
33,395
--------
Government National Mortgage Association (GNMA) (8.4%)
3,631 8.500% Due 1/15/17-12/15/17 ........................ 3,764
1,723 8.000% Due 9/15/17-11/15/17 ........................ 1,760
1,661 7.500% Due 9/15/07 ................................. 1,672
4,641 6.500% Due 2/15/24-10/15/24 ........................ 4,404
--------
11,600
--------
OTHER (5.0%)
1,400 Chase Commercial Mortgage Securities Co.
Series 1999-2 Class A2 7.198% Due 11/15/09 (B) 1,366
2,100 GMAC Commercial Mortgage Securities
Series 1998-C2 Class A2 6.420% Due 8/15/08 1,959
1,372 Lehman Brothers Commercial Conduit Mortgage Trust
Series 1999-C1 Class A1 6.410% Due 8/15/07 1,323
2,224 TIAA Retail Holdings Commercial Mortgage Trust
Series 1999-1 Class A 7.170% Due 4/15/08 2,189
--------
6,837
--------
See notes to financial statements
Page 18
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT DECEMBER 31, 1999
PRINCIPAL
AMOUNT VALUE
(000's) SECURITY (000'S)
- --------- -------- -------
CORE BOND (continued)
TOTAL MORTGAGE PASS THROUGH SECURITIES
(Cost $52,854) $ 51,832
NON-MORTGAGE PASS THROUGH NOTES (9.6%)
(Cost $13,220)
$13,540 Federal National Mortgage Association (FNMA)
6.625% Due 9/15/09 13,151
SHORT-TERM SECURITIES
ASSET BACKED SECURITIES (11.3%)
CREDIT CARDS (5.5%)
1,290 Capital One Master Trust Series 1995-1 Class A
6.653% Due 10/15/03 (A) ..................... 1,290
1,790 Discover Card Master Trust I Series 1999-3 Class A
6.573% Due 9/15/04 (A) ...................... 1,792
1,220 Discover Card Master Trust I Series 1997-1 Class A
6.553% Due 2/16/05 (A) ...................... 1,217
610 First Deposit Series 1995-1 Class A
6.653% Due 8/15/04 (A) ...................... 610
1,000 First USA Bank Series 1995-5 Class A
6.670% Due 4/15/03 (A) ...................... 1,001
1,550 People's Master Credit Card Trust Series 1997-2 Class A
6.593% Due 4/15/05 (A) ...................... 1,547
145 Wachovia Credit Card Trust Series 1995-1 Class A
6.633% Due 3/15/03 (A) ...................... 145
--------
7,602
--------
FINANCE (2.5%)
1,560 Ford Motor Credit Corp. 6.290% Due 3/19/02 (A) ..... 1,563
1,825 GMAC 6.335% Due 4/7/04 (A) ......................... 1,830
--------
3,393
--------
REAL ESTATE INVESTMENT TRUST (3.3%)
2,000 General Motors Pension Trust Commercial Mortgage Backed
Series 1999-1 Class A
6.855% Due 8/15/04 (A)(B) ................... 1,995
2,600 Mall Asset Realty Trust Series 1999-1 Class A
6.831% Due 12/13/01 (A)(B) .................. 2,596
--------
4,591
--------
TOTAL ASSET BACKED SECURITIES
(Cost $15,587) .............................. 15,586
--------
COMMERCIAL PAPER (18.0%)
3,870 * Banque Generale Luxembourg Zero Coupon Due 1/19/00 . 3,858
3,000 * Charta Group Zero Coupon Due 1/19/00 ............... 2,991
3,830 * Compass Securitization Zero Coupon Due 1/19/00 ..... 3,819
3,660 * Fidex PLC Zero Coupon Due 1/19/00 .................. 3,649
4,545 * Galaxy Funding Inc. Zero Coupon Due 1/19/00 ........ 4,531
2,500 * International Securitization Corp. Zero Coupon
Due 1/19/00 ................................. 2,493
3,385 * Market Street Funding Inc. Zero Coupon Due 1/19/00 . 3,375
--------
TOTAL COMMERCIAL PAPER
(Cost $24,716) .............................. 24,716
--------
REPURCHASE AGREEMENT (0.8%)
(Cost $1,062)
1,062 SBC Warburg Inc. 3.250% Due 1/3/00
with maturity value of $1,062
collateralized by $1,083
United States Treasury
Bond 7.625% Due 2/15/25) .................... 1,062
--------
TOTAL INVESTMENTS (127.3%)
(Cost $177,160) ............................. 175,017
LIABILITIES IN EXCESS OF OTHER ASSETS (-27.3%) ..... (37,530)
--------
TOTAL NET ASSETS (100.0%) $137,487
========
(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) Callable security.
* Securities segregated as collateral for TBA securities.
See notes to financial statements
Page 19
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT DECEMBER 31, 1999
PRINCIPAL
AMOUNT VALUE
(000's) SECURITY (000'S)
- --------- -------- -------
INTERMEDIATE MUNICIPAL BOND
CALIFORNIA (5.5%)
$65 California Educational Facilities
Authority Revenue Refunding
College of Chiropractic 4.700% Due 11/1/01 ....... $ 65
400 California Health Facilities
Finance Authority Revenue
Northern Presbyterian Hospital 4.500% Due 7/1/04 . 387
200 Corona California Public Finance
Authority, Public Improvement
Revenue Refunding 5.950% Due 7/1/07 .............. 203
480 Simi Valley USA California
University School District Certificates of
Participation Refunding & Capital
Improvement Projects (AMBAC Insured)
4.800% Due 8/1/10 ................................ 463
COLORADO (2.9%)
100 Adams County Colorado
School District No. 12 Series D
General Obligation
(MBIA Insured) 5.450% Due 12/15/06 ............... 102
45 Brighton Colorado
General Obligation (FGIC Insured)
Zero Coupon Due 12/1/00 .......................... 43
295 Superior Metropolitan District
Number 2 Boulder County
Colorado Zero Coupon Due 12/1/13 ................. 288
150 Westminster Colorado Multifamily
Revenue Refunding Housing
Oasis Wexford Apts Project
5.350% Due 12/1/25 ............................... 152
CONNECTICUT (1.2%)
95 Connecticut State Health & Education
Facilities Authority Revenue
Sacred Heart University Series D
5.200% Due 7/1/01 ................................ 96
100 Connecticut State Health & Education
Facilities Authority Revenue
Sacred Heart University Series D
5.300% Due 7/1/02 ................................ 101
50 Stratford Connecticut
General Obligation Bond
(FGIC Insured)
7.000% Due 6/15/04 ............................... 55
DISTRICT OF COLUMBIA (1.5%)
145 District of Columbia
General Obligation Bond
Prerefunded Revenue
5.000% Due 6/1/01 ................................ 146
155 District of Columbia
General Obligation Bond
5.000% Due 6/1/01 ................................ 155
FLORIDA (5.6%)
175 Jacksonville Florida Electric
Authority Revenue 6.000% Due 7/1/01 .............. 176
455 Pace Property Finance Authority
Florida Utility System Revenue
Refunding & Improvement
(AMBAC Insured) 5.100% Due 9/1/09 ................ 453
500 St. John's County Florida
Water & Sewer Revenue
(MBIA Insured) 5.250% Due 6/1/10 ................. 501
10 St. Lucie County School Board
Certificates of Participation
Series A (AMBAC Insured)
7.250% Due 7/1/04 ................................ 10
GEORGIA (4.7%)
400 Georgia State Series D
General Obligation
6.700% Due 8/1/10 ................................ 449
500 Savannah Georgia Economic
Development Authority Revenue
College of Art & Design Inc. PJ
Revenue Bonds
5.800% Due 10/1/05 ............................... 498
See notes to financial statements
Page 20
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT DECEMBER 31, 1999
PRINCIPAL
AMOUNT VALUE
(000's) SECURITY (000'S)
- --------- -------- -------
INTERMEDIATE MUNICIPAL BOND (continued)
HAWAII (2.2%)
$450 Hawaii State Housing & Developing
Corporation Single Family
Mortgaging Revenue 4.750% Due 7/1/06 ............. $ 442
ILLINOIS (7.3%)
1,000 Chicago Illinois O'Hare International
Airport Refunding - 2nd Lien -
Series C 5.750% Due 1/1/09 ....................... 1,030
100 Cook County Illinois School District
School District No. 99 (FGIC Insured)
8.400% Due 1/1/01 ................................ 104
100 Cook & DuPage Counties, Illinois
Combined School District - 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 ............................... 266
INDIANA (2.8%)
310 La Porte Indiana Economic
Development Revenue
Boise Cascade Corp. Project
Escrowed to Maturity 7.375% Due 6/1/01 ........... 316
250 Marion County Indiana Hospital
Authority Hospital Facility Revenue
Methodist Hospital of Indiana
Escrowed to Maturity 6.501% Due 9/1/08 ........... 256
IOWA (0.5%)
100 Iowa Student Loan
Liquidity Corporation
Student Loan Revenue 6.450% Due 3/1/02 ........... 103
KENTUCKY (0.9%)
145 Dayton Kentucky Elderly
Housing Speers Court
(FHA Insured) 5.350% Due 9/1/05 .................. 146
40 Kentucky State Turnpike Authority
Toll Road Revenue Series A 8.500% Due 7/1/04 ..... 40
LOUISIANA (3.6%)
630 New Orleans Louisiana
General Obligation Unlimited
Non-Callable 7.200% Due 11/1/08 .................. 718
MARYLAND (0.5%)
100 Maryland State Community
Development Administration
Single Family Program - 6th Series
6.200% Due 4/1/04 ................................ 104
MICHIGAN (4.3%)
75 Ferris St. College
Special Obligation 7.500% Due 8/15/03 ............ 78
240 Michigan State Building Authority
Chippewa Correctional Facilities
Escrowed to Maturity 7.250% Due 10/1/04 .......... 265
510 Michigan State Housing
Development Authority
Rental Housing Revenue Series A
6.600% Due 4/1/12 ................................ 534
MINNESOTA (0.5%)
100 St. Paul Minnesota Port Authority
Commercial Development General
Revenue Fort Rd Med/Irvine
(Asset Guaranty Insured) 7.500% Due 9/1/02 ....... 101
NEBRASKA (1.2%)
240 Nebraska Investment Finance
Authority Multi Family Revenue
Refunding Housing Wycliffe West
5.500% Due 12/1/25 ............................... 244
NEVADA (0.7%)
130 Nevada Housing Division
Single Family Program 5.550% Due 10/1/02 ......... 132
NEW JERSEY (2.9%)
335 Arlington Arms Financing Corp.
New Jersey Mortgage Revenue
Arlington Arms Apartments
(FHA Insured) 10.250% Due 3/1/25 ................. 339
See notes to financial statements
Page 21
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT DECEMBER 31, 1999
PRINCIPAL
AMOUNT VALUE
(000's) SECURITY (000'S)
- --------- -------- -------
INTERMEDIATE MUNICIPAL BOND (continued)
$235 Gateway New Jersey Housing
Development Corporation
Revenue Bond Section 8
(FHA Insured) 10.500% Due 8/1/25 ................. $ 239
NEW YORK (5.4%)
100 Hempstead Town New York
General Obligation, Series B
(AMBAC Insured) 6.500% Due 1/1/12 ................ 110
1,000 New York State General
Obligation Unlimited
5.250% Due 7/15/12 ............................... 983
NORTH CAROLINA (1.6%)
300 Surry County North Carolina
Pollution Control Finance Authority
9.250% Due 12/1/02 ............................... 318
OHIO (0.6%)
100 Loveland Ohio School District
General Obligation
6.650% Due 12/1/15 ............................... 107
25 Ohio Housing Financing Agency
Single Family Mortgage
Series 1985A (FGIC Insured)
Zero Coupon Due 1/15/15 .......................... 6
OKLAHOMA (4.1%)
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 ................................ 165
OREGON (2.8%)
550 Oregon State Housing & Community
Services Single Family Mortgage
Series B 6.875% Due 7/1/28 ....................... 567
RHODE ISLAND (5.1%)
1,000 Rhode Island Housing & Mortgage
Finance Corp. Revenue Bonds
5.700% Due 7/1/07 ................................ 1,026
SOUTH CAROLINA (0.4%)
70 Piedmont Municipal Power Agency
South Carolina Electric Revenue
Series A Escrowed to Maturity
(FGIC Insured) 6.125% Due 1/1/07 ................. 74
TEXAS (20.4%)
500 Deer Park Texas Independent
School District School Building
6.375% Due 2/15/07 ............................... 539
570 Edgewood Texas Independent
School District Lease Revenue
4.700% Due 8/15/05 ............................... 549
580 Harris County Texas Flood District
General Obligation
Zero Coupon Due 10/1/06 .......................... 369
265 Lower Colorado River
Authority Revenue 6.250% Due 5/1/07 .............. 283
580 Mercedes Texas Independent
School District 4.900% Due 8/15/10 ............... 556
1,000 Port of Houston Texas
General Obligation Bond
5.100% Due 10/1/11 ............................... 971
400 San Antonio Texas
General Obligation Limited
5.650% Due 2/1/13 ................................ 403
455 San Antonio Texas
General Obligation Limited
5.875% Due 2/1/15 ................................ 458
UTAH (1.2%)
215 Salt Lake City Utah Water
Conservancy District Revenue
Refunding Series A Escrowed to Maturity
(MBIA Insured) 10.875% Due 10/1/02 ............... 233
VIRGINIA (0.0%)
30 Virginia State Housing
Development Authority
Multi Family Series A
Zero Coupon, Due 11/1/17 ......................... 6
See notes to financial statements
Page 22
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT DECEMBER 31, 1999
PRINCIPAL
AMOUNT VALUE
(000's) SECURITY (000'S)
- --------- -------- -------
INTERMEDIATE MUNICIPAL BOND (continued)
WASHINGTON (2.9%)
$250 Lynnwood Washington Water &
Sewer Revenue Refunding
(FGIC Insured) 6.000% Due 12/1/07 ................ $ 264
300 WASHINGTON STATE
Motor Vehicle Fuel Tax
General Obligation
6.200% Due 3/1/08 ................................ 321
WISCONSIN (5.1%)
1,000 Wisconsin State
General Obligation Unlimited
5.750% Due 5/1/11 ................................ 1,026
--------
TOTAL INVESTMENTS (98.4%)
(Cost $19,978) ................................... 19,880
OTHER ASSETS IN EXCESS OF LIABILITIES (1.6%) ....... 330
--------
TOTAL NET ASSETS (100.0%) .......................... $ 20,210
========
INTERMEDIATE MUNICIPAL FUND
INDUSTRY CONCENTRATIONS
% OF NET VALUE
ASSETS (000'S)
------ -------
51.0% General Obligation ................................. $ 10,302
22.5% Housing Developments ............................... 4,553
7.2% Water Supply ....................................... 1,452
5.7% Medical - Hospital Management & Services ........... 1,156
5.3% Transportation ..................................... 1,070
3.3% Financial .......................................... 665
2.2% Educational Services ............................... 443
1.2% Electric Utilities ................................. 239
- -------- --------
98.4% Total Investments .................................. 19,880
1.6% Other Assets in Excess of Liabilities .............. 330
- -------- --------
100.0% Total Net Assets ................................... $ 20,210
======== ========
PRINCIPAL
AMOUNT VALUE
(000's) SECURITY (000'S)
- --------- -------- -------
GOVERNMENT MONEY MARKET
U.S. GOVERNMENT AGENCY
OBLIGATIONS (71.9%)
FEDERAL FARM CREDIT BANK (16.0%)
$15,000 Discount Note Due 1/24/00 .......................... $ 14,948
10,000 Discount Note Due 1/27/00 .......................... 9,960
20,000 Discount Note Due 2/10/00 .......................... 19,872
15,000 Discount Note Due 3/31/00 .......................... 14,784
--------
59,564
--------
FEDERAL HOME LOAN BANK (30.8%)
25,000 Discount Note Due 1/19/00 .......................... 24,931
15,000 Discount Note Due 1/21/00 .......................... 14,954
10,000 Discount Note Due 2/2/00 ........................... 9,951
15,000 Discount Note Due 2/7/00 ........................... 14,916
10,000 Discount Note Due 2/8/00 ........................... 9,942
15,000 Discount Note Due 2/15/00 .......................... 14,896
15,000 Discount Note Due 2/22/00 .......................... 14,881
10,000 Discount Note Due 2/28/00 .......................... 9,911
--------
114,382
--------
FEDERAL HOME LOAN MORTGAGE CORPORATION (7.7%)
9,004 Discount Note Due 1/20/00 .......................... 8,978
20,000 Discount Note Due 2/23/00 .......................... 19,835
--------
28,813
--------
FEDERAL NATIONAL MORTGAGE ASSOCIATION (17.4%)
10,000 Discount Note Due 1/26/00 .......................... 9,962
15,000 Discount Note Due 1/31/00 .......................... 14,931
20,200 Discount Note Due 2/4/00 ........................... 20,094
20,000 Discount Note Due 2/9/00 ........................... 19,875
--------
64,862
--------
TOTAL U.S. GOVERNMENT AGENCY NOTES
(Cost $267,621) ............................. 267,621
--------
REPURCHASE AGREEMENT (24.6%)
(Cost $91,658)
91,658 SBC Warburg Inc. 3.250% Due 1/3/00
with a maturity value of $91,683
(collateralized by $93,500
United States Treasury Bond
7.500% Due 11/24/24) ............................. 91,658
--------
TOTAL INVESTMENTS (96.5%)
(Cost $359,279) ............................. 359,279
OTHER ASSETS IN EXCESS OF LIABILITIES (3.5%) ....... 13,169
--------
TOTAL NET ASSETS (100.0%) .......................... $372,448
See notes to financial statements
Page 23
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT DECEMBER 31, 1999
PRINCIPAL
AMOUNT VALUE
(000's) SECURITY (000'S)
- --------- -------- -------
TAX FREE MONEY MARKET
ARIZONA (0.1%)
$100 Tucson Industrial Development
Tucson City Center Parking
Garage Authority 5.125% Due 6/1/15 (a) ........... $ 100
ARKANSAS (0.0%)
48 Greystone Tax Exempt Certificate
Trust 1 Series
Certificates of Beneficial Ownership
5.630% Due 5/1/28 (a)(d) ......................... 48
COLORADO (5.0%)
175 Colorado Health Facility Authority
Revenue AMC Cancer Series B
3.400% Due 1/15/00 (a) ........................... 175
850 Colorado Health Facility Authority
Revenue AMC Cancer Series B
3.400% Due 1/15/28 (a) ........................... 850
100 Colorado Health Facility Authority
The Visiting Nurse Corp.
4.850% Due 7/1/22 (a) ............................ 100
100 Denver Colorado City & County
Multi-Family Housing Revenue -
Ogden Residence Project
Series 1985 4.950% Due 12/1/09 (a) ............... 100
1,000 Dove Valley Metropolitan District
Colorado Arapahoe County Series B
3.950% Due 11/1/25 (a) ........................... 1,000
1,100 Eagle Ranch Metropolitan District
Golf Course Revenue Series B
5.550% Due 10/15/18 (a) .......................... 1,100
775 Summit County Colorado Recreational
Facilities Revenue Refunding
(Copper Mountain) 3.950% Due 4/1/17 (a) .......... 775
1,775 Summit County Colorado Recreational
Facilities Revenue Refunding
(Copper Mountain) 3.950% Due 4/1/17 (a) .......... 1,775
FLORIDA (0.6%)
500 Florida State Board of Education
Capital Outlay Series A
4.000% Due 1/1/00 ................................ 500
73 Greystone Tax Exempt Certificate
Trust 1 Series
Certificates of Beneficial Ownership
5.630% Due 5/1/28 (a)(d) ......................... 73
100 Orange County Florida Health Facility
Post Fountains Project
5.500% Due 6/1/25 (a) ............................ 100
GEORGIA (3.1%)
243 Greystone Tax Exempt
Certificate Trust 1 Series
Certificates of Beneficial Ownership
5.630% Due 5/1/28 (a)(d) ......................... 243
100 Gwinnet County Georgia
Development Authority Revenue
(Wesleyan School Project)
5.550% Due 3/1/17 (a) ............................ 100
200 Macon Bibb County Georgia
Hospital Authority
Revenue Anticipation
CTFS-Medical Center
5.550% Due 12/1/18 (a) ........................... 200
1,000 Marietta Georgia Housing
Authority Multifamily Revenue
(Falls at Bells Ferry)
3.200% Due 1/15/09 (a) ........................... 1,000
2,085 Savannah Georgia Economic
Development Authority
Savannah Electric & Power
Company Suntrust Project
3.950% Due 1/1/16 (a) ............................ 2,085
ILLINOIS (12.6%)
1,500 Cook County Community Unit School
District No. 401 Elmwood Park
Educational Purpose Tax
Anticipation Warrants
4.980% Due 10/25/00 .............................. 1,506
550 Darien Industrial Development
Authority Kinder Care Centers
Series C 5.500% Due 2/1/01 (a) ................... 550
4,000 Illinois Development Finance
Authority Commonwealth
Edison Company Project B
5.300% Due 10/15/14 (a) .......................... 4,000
See notes to financial statements
Page 24
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT DECEMBER 31, 1999
PRINCIPAL
AMOUNT VALUE
(000's) SECURITY (000'S)
- --------- -------- -------
TAX FREE MONEY MARKET (continued)
$3,400 Illinois Development Finance
Authority Center for Enriched
Living Series 1999
5.550% Due 1/1/29 (a) ............................ $ 3,400
800 Illinois Development Finance
Authority Industrial Development
Refunding Bond (Dart Container)
3.950% Due 8/1/25 (a) ............................ 800
1,300 Illinois Development Finance
Limited ( Dart Container Corp)
5.610% Due 12/1/09 (a) ........................... 1,300
1,000 Illinois Health Facility Authority
Revenue Advocate Health Care
Network Series B 5.350% Due 8/15/22 (a) .......... 1,000
2,300 Village of Troy Grove Illinois
(Unimin Corp.) 5.015% Due 5/1/10 (a)(b) .......... 2,300
INDIANA (5.0%)
1,000 Frankfort Industrial Economic
Development Revenue
Frito Lay Inc. Project
4.350% Due 11/1/14 (a) ........................... 1,002
720 GAF Tax Exempt Bond Grantor
Trust Series A 4.100% Due 4/1/08 (a) ............. 720
1,500 Indiana State Educational
Facilities Authority
Revenue Franklin College
5.500% Due 10/1/19 (a) ........................... 1,500
1,000 Indianapolis Indiana
Economic Development Revenue
(Joint & Clutch Series 1984)
3.995% Due 12/1/14 (a)(b) ........................ 1,000
500 LaGrange Economic Development
Revenue Sealed Power Corp.
3.800% Due 10/1/15 (a) ........................... 500
1,145 Mishawaka Indiana Waterworks
Bond Anticipation Notes
4.250% Due 8/11/00 ............................... 1,145
IOWA (0.1%)
100 Chillicothe Iowa
Pollution Control Revenue
Iowa Southern Utilities Co - Series A
5.450% Due 3/1/10 (a) ............................ 100
KANSAS (1.7%)
36 Greystone Tax Exempt Certificate
Trust 1 Series
Certificates of Beneficial Ownership
5.630% Due 5/1/28 (a)(d) ......................... 36
2,000 Salina Kansas Central Mall
(Salina Central Mall Dillard)
5.250% Due 12/1/14 (a) ........................... 2,000
KENTUCKY (3.0%)
430 Elva-New Harmony Oak Level
Fire Protection District
5.750% Due 12/1/31 (a) ........................... 430
120 Florence Kentucky Industrial
Building Revenue
(Florence Commercial Project)
4.100% Due 6/1/07 (a) ............................ 120
1,950 Fort Thomas Kentucky
Industrial Buildings Revenue
(Carmel Manor Project)
3.750% Due 10/1/14 (a) ........................... 1,950
490 Harvey Brewers Fire Protection
District Kentucky Lease Revenue Program
5.750% Due 12/1/31 (a) ........................... 490
490 Muhlenberg County Airport District
Development Area Financial Trust
5.750% Due 12/1/31 (a) ........................... 490
MARYLAND (2.9%)
2,700 Howard County Maryland Revenue
Owen Brown Joint Venture Facility
3.850% Due 5/1/11(a) ............................. 2,700
740 Maryland Industrial Development Authority
Financing Authority Revenue
Baltimore International Culinary
5.650% Due 5/1/24 (a) ............................ 740
MICHIGAN (9.4%)
925 Birmingham Michigan Economic
Development Corporation
Radnor Corp
(Brown Street Project 83)
5.375% Due 12/1/18 (a) ........................... 925
See notes to financial statements
Page 25
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT DECEMBER 31, 1999
PRINCIPAL
AMOUNT VALUE
(000's) SECURITY (000'S)
- --------- -------- -------
TAX FREE MONEY MARKET (continued)
$1,990 Lansing Michigan Economic
Development Corp
(Atrium Office Building)
3.850% Due 5/1/15 (a) ............................ $ 1,990
760 Leelanau County Michigan
Economic Development Corp.
Revenue (American Community
Mutual Insurance Co. Project)
4.100% Due 6/15/06 (a) ........................... 760
775 Livonia Michigan Economic
Development Corporation
(American Community
Mutual Insurance)
4.100% Due 11/15/04 (a) .......................... 775
130 McDonald Tax-Exempt
Mortgage Trust #1
3.450% Due 11/15/09 (a) .......................... 131
200 Michigan State Job Development
Authority Revenue
(Kentwood Residence)
4.600% Due 11/1/14 (a) ........................... 200
180 Michigan State Strategic Fund
(Tawas Bay Association Project)
4.050% Due 12/1/01 (a) ........................... 180
490 Michigan State Strategic Fund
Limited Obligation Revenue
Refunding (Woodbridge
Commercial Properties)
3.750% Due 10/15/05 (a) .......................... 490
2,080 Oakland County Michigan Economic
Development Corporation
(Corners Shopping Center)
3.800% Due 8/1/15 (a) ............................ 2,080
3,500 Plainwell Michigan Economic
Development Corporation
(Plainwell Paper Co. Inc. Project)
5.500% Due 11/1/07 (a) ........................... 3,500
MINNESOTA (7.2%)
1,205 Hutchinson Minnesota
Economic Development Authority
Revenue Refunding
(Developers Diversified)
3.400% Due 8/15/06 (a) ........................... 1,205
1,146 International Falls Minnesota
Economic Development
Revenue (Developers
Diversified Limited Project)
4.010% Due 7/1/06 (a) ............................ 1,146
5,040 Minnesota Capital Realty
Tax Exempt Limited
Series 96-1
5.750% Due 12/1/04 (a)(d) ........................ 5,040
1,140 St. Paul Minnesota Port Authority
Industrial Development Revenue -
Minnesota Diversified
Industrial Project Series 1
5.610% Due 6/1/19 (a) ............................ 1,140
MISSISSIPPI (0.5%)
575 Desoto County Mississippi
Industrial Development Revenue
(American Soap Company Project)
5.015% Due 12/1/08 (a)(b) ........................ 575
MISSOURI (6.0%)
500 Clayton Industrial Development Authority Industrial
Development Revenue Refunding Bailey Court Project
5.200% Due 1/1/09 (a) ............................ 500
2,800 Kansas City
Industrial Development Authority
Multifamily Housing Revenue
Cloverset Apartments Project
5.450% Due 10/1/15 (a) ........................... 2,800
1,000 Missouri Health & Educational
Facilities Authority School
District Advance Funding
Francis Howell R-III Series E
4.250% Due 9/19/00 ............................... 1,003
1,000 Missouri Health & Educational
Facilities Authority
Kansas City Art Institute
4.850% Due 11/1/29 (a) ........................... 1,000
880 Missouri Health & Educational
Facilities Authority Drury College
4.850% Due 12/1/24 (a) ........................... 880
See notes to financial statements
Page 26
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT DECEMBER 31, 1999
PRINCIPAL
AMOUNT VALUE
(000's) SECURITY (000'S)
- --------- -------- -------
TAX FREE MONEY MARKET (continued)
$900 St. Charles County
Industrial Development Authority
Revenue Sun River Village
5.560% Due 12/1/27 (a) ........................... $ 900
NEW JERSEY (1.1%)
680 Jersey City Redevelopment Authority
Multifamily Revenue Housing
Dixon Mill Apartments Project
6.100% Due 5/1/12 (a) ............................ 684
600 North Hudson Sewer Authority
4.250% Due 3/31/00 ............................... 600
NEW YORK (1.8%)
1,425 Jamestown NY Community College
Regional Board of Trustees
Revenue Anticipation Notes
4.375% Due 9/8/00 ................................ 1,429
650 New York City Cultural Resources
Revenue Trust (Modern Museum)
Series One 5.000% Due 1/1/00 ..................... 650
NORTH CAROLINA (0.2%)
100 Beaufort County
Industrial Facilities and
Pollution Control
(Texasgulf Inc)
5.100% Due 12/1/00 (a) ........................... 100
200 North Carolina Medical Care
Community Healthcare Facility
Lutheran Services for Aging
5.400% Due 3/1/28 (a) ............................ 200
OHIO (10.0%)
60 Brooklyn Ohio Industrial
Development Revenue Refunding
(Clinton Road Project A)
4.250% Due 12/1/00 (a) ........................... 60
475 Buckeye Ohio Tax Exempt
Mortgage Bond Trust
3.900% Due 2/1/05 (a) ............................ 475
465 Clermont County Ohio Economic
Development Revenue
(John Q. Hammons Project)
4.000% Due 5/1/12 (a) ............................ 465
600 East Muskingum Ohio Water
Authority Water Revenue Bond
Anticipation Notes
4.320% Due 6/22/00 ............................... 601
205 Franklin County Ohio Industrial
Development Revenue
(GSW Building Association Ltd.)
3.850% Due 11/1/15 (a) ........................... 205
2,050 Lakewood Ohio Hospital
Revenue (Hospital
Improvement Series 1983)
4.125% Due 11/1/10 (a) ........................... 2,050
609 McDonalds Tax-Exempt
Mortgage Trust #1 3.450% Due 1/15/09 (a) ......... 611
1,615 Riverside Ohio Economic
Development Revenue
(Riverside Association Project)
3.650% Due 9/1/12 (a) ............................ 1,615
885 Riverside Ohio Economic
Development Revenue
(Wright Point Association)
3.650% Due 9/1/10 (a) ............................ 885
525 Stark County Ohio Health Care
Facilities (Canton Christian Home)
3.800% Due 9/15/16 (a) ........................... 525
1,870 Stark County Ohio Health Care
Facilities (Canton Christian
Home PJ) Series 90
3.600% Due 9/1/15 (a) ............................ 1,870
440 Stark County Ohio Industrial
Development Revenue
(Belpar Professional Building)
3.750% Due 10/1/04 (a) ........................... 440
1,925 Stark County Ohio Industrial
Development Revenue
(Newmarket Parking Ltd.)
3.950% Due 11/1/14 (a) ........................... 1,925
OKLAHOMA (1.7%)
690 Comanche County Oklahoma
Hospital Authority Certificate
of Participation
9.000% Due 7/1/21 (c) ............................ 704
See notes to financial statements
Page 27
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT DECEMBER 31, 1999
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
4.100% Due 12/15/08 (a) .......................... $ 1,250
OREGON (2.3%)
2,000 Clackamas County Hospital
Facility Authority Senior
Living Facility - Mary's Woods
5.600% Due 5/15/29 (a) ........................... 2,000
700 Medford Oregon Hospital
Facilities Authority
Rogue Valley Manor
Continued Care Retirement
5.600% Due 5/15/27 (a) ........................... 700
PENNSYLVANIA (2.7%)
130 McDonalds Tax-Exempt
Mortgage Trust #1
3.450% Due 1/15/09 (a) ........................... 130
1,800 Philadelphia Authority for
Industrial Development
Revenues Paper Corp. of
America Project
5.550% Due 6/1/00 (a) ............................ 1,800
1,225 South Fork Municipal
Authority Hospital
Lee Hospital Project Series B
5.550% Due 7/1/23 (a) ............................ 1,225
TENNESSEE (4.4%)
2,500 Franklin County Tennessee Health
& Educational Facilities Revenue
(University of the South Sewanee)
4.200% Due 9/1/10 (a) ............................ 2,500
1,280 GAF Tax Exempt Bond Grantor
Trust Series A
4.100% Due 4/1/08 (a) ............................ 1,280
272 Greystone Tax Exempt
Certificate Trust 1 Series
Certificates of Beneficial Ownership
5.630% Due 5/1/28 (a)(d) ......................... 272
1,150 Knoxville Tennessee Industrial
Development Bond
Toys R Us Project
5.250% Due 5/1/14 (a) ............................ 1,150
TEXAS (7.7%)
2,415 Harris County Texas
Multifamily Housing Revenue
(Greenhouse Development)
5.375% Due 4/1/07 (a) ............................ 2,415
2,100 Harris County Texas
Multifamily Housing Revenue
(Country Scape Development)
5.375% Due 4/1/07 (a) ............................ 2,100
1,500 Texas Association of School Boards
Tax Anticipation Notes - Series A
4.500% Due 8/31/00 ............................... 1,500
400 Texas Health Facilities Development
Corporate Hospital Revenue
Aces North Texas Pooled
Health Series 85B
5.700% Due 8/1/25 (a) ............................ 400
2,650 Waxahachie Texas Industrial
Development Authority (Dart
Container Project Series 1985)
5.610% Due 4/1/06 (a)(b) ......................... 2,650
UTAH (2.6%)
3,000 West Valley City Utah Industrial
Development Revenue
Johnson Matthey Project
4.850% Due 12/1/11 (a) ........................... 3,000
VERMONT (0.5%)
535 Vermont Industrial
Development Authority
Hydroelectric Revenue Bond
Central Vermont Public Service Corp.
3.900% Due 12/1/13 (a) ........................... 535
VIRGINIA (1.8%)
128 Greystone Tax Exempt Certificate
Trust 1 Series Certificates of
Beneficial Ownership
5.630% Due 5/1/28 (a)(d) ......................... 128
1,000 Rockingham County Virginia
Industrial Development Authority
(Merck & Company Inc. Project)
5.500% Due 10/1/22 (a) ........................... 1,000
1,000 Rockingham County Virginia
Industrial Development Authority
(Merck & Company Inc. Project)
5.500% Due 10/1/22 (a) ........................... 1,000
See notes to financial statements
Page 28
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT DECEMBER 31, 1999
PRINCIPAL
AMOUNT VALUE
(000's) SECURITY (000'S)
- --------- -------- -------
TAX FREE MONEY MARKET (continued)
WASHINGTON (0.3%)
$400 Washington State Housing
Finance Community
Emerald Heights Project
4.850% Due 1/1/21 (a) ............................ $ 400
WISCONSIN (3.5%)
1,500 Northern Ozaukee School
District Wisconsin
Bond Anticipation Notes
3.400% Due 2/1/00 ................................ 1,500
1,500 Oconto Wisconsin Unified
School District Tax & Revenue
Anticipation Notes
4.060% Due 9/11/00 ............................... 1,500
1,100 Sheboygan Falls School District
Tax and Revenue Anticipation Notes
4.050% Due 9/29/00 ............................... 1,100
WYOMING (0.9%)
1,065 Cheyenne County Wyoming
Economic Development
Revenue Bonds (Holiday Inn)
3.750% Due 10/1/10 (a) ........................... 1,065
--------
TOTAL INVESTMENTS (98.7%)
(Cost $116,017) ............................ 116,017
OTHER ASSETS IN EXCESS OF LIABILITIES (1.3%) ....... 1,503
--------
TOTAL NET ASSETS (100.0%) .......................... $117,520
========
<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>
WPG Tax Free Money Market Fund
Industry Concentrations
% of Net Value
Assets (000's)
20.1% Commercial - Retail. $ 23,573
12.7% Industrial Non-Durable 14,927
12.3% Multi - Family Housing.. 14,443
9.3% Commercial - Office. 10,890
7.5% Hospital Management.. 8,825
7.1% Educational Services. 8,395
6.8% Cash and Cash Equivalents.. 8,039
5.8% Industrial Durable. 6,800
5.7% Investor Owned Utility 6,720
4.1% Nursing Home.. 4,845
3.3% Bond Anticipation Notes 3,846
2.6% General Obligation .. 3,030
0.6% Prerefunded. 704
0.4% Annual Appropriation. 490
0.4% Transportation. 490
------ --------
98.7% Total Investments 116,017
1.3% Other Assets in Excess of Liabilities 1,503
------ --------
100.0% Total Net Assets. $117,520
====== ========
See notes to financial statements
Page 29
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
STATEMENTS OF ASSETS AND LIABILITIES AT DECEMBER 31, 1999
<TABLE>
<CAPTION>
GROWTH AND QUANTITATIVE
$ IN THOUSANDS TUDOR INCOME EQUITY
- -------------------------------------------------------------------------------------------------------------
ASSETS
<S> <C> <C> <C>
Investments at value # ....................................... $ 109,111 $ 145,864 $ 76,451
Investments in Repurchase Agreements,at value # .............. 0 0 0
Cash ......................................................... 0 0 0
Receivable for investment securities sold .................... 892 0 0
Receivable for Fund shares sold .............................. 730 20 0
Receivable for variation margin .............................. 0 0 0
Dividends and interest receivable ............................ 2 74 97
Other assets 3 5 3
--------- --------- ---------
110,738 145,963 76,551
--------- --------- ---------
LIABILITIES:
Distributions payable ........................................ 0 0 0
Payable to custodian bank .................................... 891 0 0
Payable for investment securities purchased .................. 0 0 0
Payable for Fund shares redeemed ............................. 910 67 4
Accrued investment advisory fee payable - Note 4 ............. 77 90 48
Accrued administration fee payable - Note 4 .................. 7 5 5
Accrued expenses ............................................. 73 67 42
--------- --------- ---------
1,958 229 99
--------- --------- ---------
NET ASSETS ................................... 108,780 145,734 76,452
========= ========= =========
NET ASSETS REPRESENTED BY:
Shares of beneficial interest, at par ........................ 1,583 3,654 15
Paid-in surplus .............................................. 67,422 86,490 60,871
Accumulated undistributed net investment income/
(distributions in excess of net investment income) ... 0 14 (6)
Undistributed realized gains on investments,
futures and currencies/(Distributions
in excess of realized gains on investments,
futures and currencies) .............................. 1,353 939 843
Net unrealized appreciation/(depreciation) on
investments, futures and currencies .................. 38,422 54,637 14,729
--------- --------- ---------
NET ASSETS APPLIED TO OUTSTANDING SHARES ..................... 108,780 145,734 76,452
========= ========= =========
CAPITAL SHARES (AUTHORIZED SHARES UNLIMITED)
Outstanding (000's) .......................................... 4,749 3,654 14,621
========= ========= =========
Par Value .................................................... $ .33 1/3 $ 1.00 $ 0.001
========= ========= =========
Net asset value per share .................................... $ 22.91 $ 39.88 $ 5.23
========= ========= =========
# INVESTMENTS AT COST ........................................ 70,689 91,227 61,723
========= ========= =========
UNREALIZED APPRECIATION/(DEPRECIATION): *
Gross appreciation ................................... 40,059 55,255 16,480
Gross depreciation ................................... (1,637) (618) (1,751)
--------- --------- ---------
NET UNREALIZED APPRECIATION/(DEPRECIATION) ................... 38,422 54,637 14,729
========= ========= =========
<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 30
<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 # ....................................... $ 7,262 $ 173,955 $ 19,880 $ 267,621 $ 116,017
Investments in Repurchase Agreements,at value # .............. 0 1,062 0 91,658 0
Cash ......................................................... 72 0 51 0 17
Receivable for investment securities sold .................... 0 7,460 0 0 0
Receivable for Fund shares sold .............................. 15 0 0 16,760 9,209
Receivable for variation margin .............................. 11 0 0 0 0
Dividends and interest receivable ............................ 21 1,340 346 8 861
Other assets ................................................. 0 5 12 15 7
--------- --------- --------- --------- ---------
7,381 183,822 20,289 376,062 126,111
--------- --------- --------- --------- ---------
LIABILITIES:
Distributions payable ........................................ 0 137 35 0 0
Payable to custodian bank .................................... 0 0 0 9 0
Payable for investment securities purchased .................. 0 46,108 0 0 7,401
Payable for Fund shares redeemed ............................. 0 7 6 3,323 1,039
Accrued investment advisory fee payable - Note 4 ............. 8 32 4 150 52
Accrued administration fee payable - Note 4 .................. 0 0 0 3 4
Accrued expenses ............................................. 50 51 34 129 95
--------- --------- --------- --------- ---------
58 46,335 79 3,614 8,591
--------- --------- --------- --------- ---------
NET ASSETS ............................................... 7,323 137,487 20,210 372,448 117,520
========= ========= ========= ========= =========
NET ASSETS REPRESENTED BY:
Shares of beneficial interest, at par .................... 7 15 2 373 117
Paid-in surplus .......................................... 5,707 181,351 20,390 374,089 117,427
Accumulated undistributed net investment income/
(distributions in excess of net investment income) (26) 0 (30) 0 0
Undistributed realized gains on investments,
futures and currencies/(Distributions
in excess of realized gains on investments,
futures and currencies) .......................... 43 (41,736) (54) (2,014) (24)
Net unrealized appreciation/(depreciation) on
investments, futures and currencies .............. 1,592 (2,143) (98) 0 0
--------- --------- --------- --------- ---------
NET ASSETS APPLIED TO OUTSTANDING SHARES ................. 7,323 137,487 20,210 372,448 117,520
========= ========= ========= ========= =========
CAPITAL SHARES (AUTHORIZED SHARES UNLIMITED)
Outstanding (000's) .......................................... 695 15,162 2,010 372,721 117,548
========= ========= ========= ========= =========
Par Value .................................................... $ 0.01 $ 0.001 $ 0.001 $ 0.001 $ 0.001
========= ========= ========= ========= =========
Net asset value per share .................................... $ 10.54 $ 9.07 $ 10.05 $ 1.00 $ 1.00
========= ========= ========= ========= =========
# INVESTMENTS AT COST ........................................ 5,679 177,160 19,978 359,279 116,017
========= ========= ========= ========= =========
UNREALIZED APPRECIATION/(DEPRECIATION): *
Gross appreciation ................................... 1,660 197 19 0 0
Gross depreciation ................................... (68) (2,340) (117) 0 0
--------- --------- --------- --------- ---------
NET UNREALIZED APPRECIATION/(DEPRECIATION) ................... 1,592 (2,143) (98) 0 0
========= ========= ========= ========= =========
</TABLE>
See notes to financial statements
Page 31
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
STATEMENTS OF OPERATIONS FOR YEAR ENDED DECEMBER 31, 1999
<TABLE>
<CAPTION>
GROWTH AND QUANTITATIVE
$ IN THOUSANDS TUDOR INCOME EQUITY
- --------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
<S> <C> <C> <C>
Dividends (net of withholding taxes) .................................. $ 273 $ 1,894 $ 965
Interest .............................................................. 328 158 7
Income from securities loaned - Note 3 ................................ 10 0 0
Class action litigation settlement proceeds ........................... 210 0 19
Other ................................................................. 0 7 2
-------- -------- --------
821 2,059 993
-------- -------- --------
EXPENSES:
Investment advisory fee - Note 4 ...................................... 737 1,086 565
Transfer agent fees and expenses ...................................... 136 102 42
Administration fees - Note 4 .......................................... 58 68 50
Custodian fees and expenses ........................................... 33 27 25
Fund accounting fees and expenses ..................................... 35 62 39
Professional fees ..................................................... 60 61 52
Trustees' fees and expenses ........................................... 18 19 17
Registration fees ..................................................... 16 25 14
Shareholders' reports ................................................. 13 10 4
Other expenses ........................................................ 21 29 9
-------- -------- --------
1,127 1,489 817
Less fees waived by adviser ........................................... 0 0 0
Less expenses paid indirectly - Note 6 ................................ (3) (3) (4)
-------- -------- --------
1,124 1,486 813
-------- -------- --------
NET INVESTMENT INCOME/(LOSS) .......................................... (303) 573 180
-------- -------- --------
REALIZED AND UNREALIZED GAIN/(LOSS) ON
INVESTMENTS, FUTURES AND CURRENCIES:
Net realized gain/(loss) on investments, futures and currencies 12,484 18,319 15,216
Net realized gain/(loss) on currencies ........................ 0 0 0
Net change in unrealized appreciation/(depreciation) on
investments and futures ............................... 31,084 (2,608) (5,721)
Net change in unrealized appreciation on currencies ........... 0 0 0
-------- -------- --------
NET GAIN/(LOSS) ON INVESTMENTS, FUTURES
AND CURRENCIES ................................................ 43,568 15,711 9,495
-------- -------- --------
NET INCREASE/(DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ..................................... 43,265 16,284 9,675
======== ======== ========
</TABLE>
See notes to financial statements
Page 32
<PAGE>
<TABLE>
<CAPTION>
INTERMEDIATE GOVERNMENT TAX FREE
MUNICIPAL MONEY MONEY
INTERNATIONAL CORE BOND BOND MARKET MARKET
- ------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
<S> <C> <C> <C> <C> <C>
Dividends (net of withholding taxes) .............................. $ 103 $ 0 $ 0 $ 0 $ 0
Interest .......................................................... 3 8,750 1,221 18,595 4,608
Income from securities loaned - Note 3 ............................ 0 23 0 0 0
Class action litigation settlement proceeds ....................... 0 0 0 0 0
Other ............................................................. 0 1 0 0 0
-------- -------- -------- -------- --------
106 8,774 1,221 18,595 4,608
-------- -------- -------- -------- --------
EXPENSES:
Investment advisory fee - Note 4 .................................. 29 812 118 1,839 655
Transfer agent fees and expenses .................................. 36 44 35 279 81
Administration fees - Note 4 ...................................... 0 22 0 76 57
Custodian fees and expenses ....................................... 28 46 7 51 25
Fund accounting fees and expenses ................................. 11 65 23 157 67
Professional fees ................................................. 63 61 30 83 56
Trustees' fees and expenses ....................................... 16 17 16 22 17
Registration fees ................................................. 16 15 13 25 26
Shareholders' reports ............................................. 7 4 6 12 6
Other expenses .................................................... 5 15 7 22 14
-------- -------- -------- -------- --------
211 1,101 255 2,566 1,004
0 (419) (52) 0 0
Less fees waived by adviser ....................................... (3) (5) (2) (2) (7)
-------- -------- -------- -------- --------
Less expenses paid indirectly - Note 6 ............................ 208 677 201 2,564 997
-------- -------- -------- -------- --------
(102) 8,097 1,020 16,031 3,611
-------- -------- -------- -------- --------
NET INVESTMENT INCOME/(LOSS) ...................................... 1,040 (6,133) (50) 1 (5)
REALIZED AND UNREALIZED GAIN/(LOSS) ON
INVESTMENTS, FUTURES AND CURRENCIES:
Net realized gain/(loss) on investments, futures and currencies
Net realized gain/(loss) on currencies .................... (120) 0 0 0 0
Net change in unrealized appreciation/(depreciation) on
investments and futures ........................... 790 (2,226) (1,065) 0 0
Net change in unrealized appreciation on currencies ....... (1) 0 0 0 0
-------- -------- -------- -------- --------
NET GAIN/(LOSS) ON INVESTMENTS, FUTURES
AND CURRENCIES ............................................ 1,709 (8,359) (1,115) 1 (5)
-------- -------- -------- -------- --------
NET INCREASE/(DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ................................. 1,607 (262) (95) 16,032 3,606
======== ======== ======== ======== ========
</TABLE>
See notes to financial statements
Page 33
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 1999 AND 1998
<TABLE>
<CAPTION>
Growth and Quantitative
Tudor Income Equity
- ------------------------------------------------------------------------------------------------------------------------------------
$ in Thousands 1999 1998 1999 1998 1999 1998
OPERATIONS:
<S> <C> <C> <C> <C> <C> <C>
Net investment income/(loss) ................. ($ 303) ($ 287) $ 573 $ 1,004 $ 180 $ 397
Net realized gain/(loss) on investments,
options, and currencies .............. 12,484 4,542 18,319 15,119 15,216 19,699
Net change in unrealized
appreciation/(depreciation)
on investments, futures,
options and currencies ............... 31,084 (33,554) (2,608) 17,402 (5,721) (522)
--------- --------- --------- --------- --------- ---------
NET INCREASE/(DECREASE)
IN NET ASSETS RESULTING
FROM OPERATIONS ...................... 43,265 (29,299) 16,284 33,525 9,675 19,574
--------- --------- --------- --------- --------- ---------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income ................... 0 0 (577) (942) (363) (601)
From distributions in excess of net
investment income .................... 0 0 0 0 0 0
From realized gains .......................... (11,667) (6,581) (18,839) (14,032) (15,480) (15,035)
--------- --------- --------- --------- --------- ---------
NET DECREASE DUE TO
DISTRIBUTIONS ........................ (11,667) (6,581) (19,416) (14,974) (15,843) (15,636)
--------- --------- --------- --------- --------- ---------
TRANSACTIONS IN SHARES OF
BENEFICIAL INTEREST:
Received on issuance:
Shares sold .......................... 40,309 122,415 22,140 41,323 7,597 5,515
Distributions reinvested ............. 10,521 6,026 17,158 13,922 15,470 15,301
Shares redeemed ...................... (60,465) (172,203) (51,130) (30,244) (14,331) (46,925)
--------- --------- --------- --------- --------- ---------
NET INCREASE/(DECREASE) FROM
CAPITAL SHARE TRANSACTIONS ........... (9,635) (43,762) (11,832) 25,001 8,736 (26,109)
--------- --------- --------- --------- --------- ---------
TOTAL INCREASE/(DECREASE)
IN NET ASSETS ........................ 21,963 (79,642) (14,964) 43,552 2,568 (22,171)
NET ASSETS:
Beginning of year ............................ 86,817 166,459 160,698 117,146 73,884 96,055
--------- --------- --------- --------- --------- ---------
End of year* ................................. $ 108,780 $ 86,817 $ 145,734 $ 160,698 $ 76,452 $ 73,884
========= ========= ========= ========= ========= =========
*Includes undistributed net investment
income/(distributions in excess
of net investment income) ............ $ 0 $ 0 $ 14 $ 90 $ (6) $ 177
========= ========= ========= ========= ========= =========
Transactions in shares of the funds
(in thousands):
Sold ................................. 2,271 5,745 546 1,048 1,256 864
Reinvestment of distributions ........ 471 403 436 343 3,079 2,727
Redeemed ............................. (3,508) (8,234) (1,281) (733) (2,474) (7,282)
--------- --------- --------- --------- --------- ---------
Net increase/(decrease) .............. (766) (2,086) (299) 658 1,860 (3,691)
========= ========= ========= ========= ========= =========
</TABLE>
See notes to financial statements
Page 34
<PAGE>
<TABLE>
<CAPTION>
INTERMEDIATE
CORE MUNICIPAL
INTERNATIONAL BOND BOND
-----------------------------------------------------------------------------------------
1999 1998 1999 1998 1999 1998
OPERATIONS:
<S> <C> <C> <C> <C> <C> <C>
Net investment income/(loss) ($ 102) $ 5 $ 8,097 $ 6,980 $ 1,020 $ 1,067
Net realized gain/(loss) on investments,
options, and currencies 920 1,507 (6,133) 4,280 (50) 171
Net change in unrealized
appreciation/(depreciation)
on investments, futures,
options and currencies 789 (473) (2,226) (411) (1,065) 136
----------- ----------- ----------- ----------- ----------- -----------
NET INCREASE/(DECREASE)
IN NET ASSETS RESULTING
FROM OPERATIONS 1,607 1,039 (262) 10,849 (95) 1,374
----------- ----------- ----------- ----------- ----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income 0 0 (8,097) (6,936) (1,019) (1,099)
From distributions in excess of net
investment income 0 0 0 (48) 0 0
From realized gains (880) (1,380) 0 0 0 (67)
----------- ----------- ----------- ----------- ----------- -----------
NET DECREASE DUE TO
DISTRIBUTIONS (880) (1,380) (8,097) (6,984) (1,019) (1,166)
----------- ----------- ----------- ----------- ----------- -----------
TRANSACTIONS IN SHARES OF
BENEFICIAL INTEREST:
Received on issuance:
Shares sold 1,664 575 26,646 49,376 9,661 8,028
Distributions reinvested 876 1,372 6,582 5,426 512 702
Shares redeemed (2,319) (3,786) (26,845) (27,647) (14,190) (7,105)
----------- ----------- ----------- ----------- ----------- -----------
NET INCREASE/(DECREASE) FROM
CAPITAL SHARE TRANSACTIONS 221 (1,839) 6,383 27,155 (4,017) 1,625
----------- ----------- ----------- ----------- ----------- -----------
TOTAL INCREASE/(DECREASE)
IN NET ASSETS 948 (2,180) (1,976) 31,020 (5,131) 1,833
NET ASSETS:
Beginning of year 6,375 8,555 139,463 108,443 25,341 23,508
----------- ----------- ----------- ----------- ----------- -----------
End of year* $ 7,323 $ 6,375 $ 137,487 $ 139,463 $ 20,210 $ 25,341
=========== =========== =========== =========== =========== ===========
*Includes undistributed net investment
income/(distributions in excess
of net investment income) $ (26) $ (29) $ 0 $ 0 $ (30) $ (31)
=========== =========== =========== =========== =========== ===========
Transactions in shares of the funds
(in thousands):
Sold 156 52 2,844 5,189 931 763
Reinvestment of distributions .. 86 148 708 570 45 67
Redeemed (236) (353) (2,855) (2,905) (1,369) (676)
----------- ----------- ----------- ----------- ----------- -----------
Net increase/(decrease) 6 (153) 697 2,854 (393) 154
=========== =========== =========== =========== =========== ===========
GOVERNMENT TAX FREE
MONEY MARKET MONEY MARKET
----------------------------------------------------------
1999 1998 1999 1998
OPERATIONS:
Net investment income/(loss) $ 16,031 $ 11,814 $ 3,611 $ 3,617
Net realized gain/(loss) on investments,
options, and currencies 1 0 (5) 0
Net change in unrealized
appreciation/(depreciation)
on investments, futures,
options and currencies 0 0 0 0
----------- ----------- ----------- -----------
NET INCREASE/(DECREASE)
IN NET ASSETS RESULTING
FROM OPERATIONS 16,032 11,814 3,606 3,617
----------- ----------- ----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (16,031) (11,814) (3,611) (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 (16,031) (11,814) (3,611) (3,617)
----------- ----------- ----------- -----------
TRANSACTIONS IN SHARES OF
BENEFICIAL INTEREST:
Received on issuance:
Shares sold 2,723,470 1,782,122 952,690 1,109,476
Distributions reinvested 15,385 11,518 3,440 3,457
Shares redeemed (2,794,851) (1,573,014) (969,873) (1,111,748)
----------- ----------- ----------- -----------
NET INCREASE/(DECREASE) FROM
CAPITAL SHARE TRANSACTIONS (55,996) 220,626 (13,743) 1,185
----------- ----------- ----------- -----------
TOTAL INCREASE/(DECREASE)
IN NET ASSETS (55,995) 220,626 (13,748) 1,185
NET ASSETS:
Beginning of year 428,443 207,817 131,268 130,083
----------- ----------- ----------- -----------
End of year* $ 372,448 $ 428,443 $ 117,520 $ 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 2,723,471 1,782,123 952,691 1,109,476
Reinvestment of distributions .. 15,385 11,517 3,441 3,457
Redeemed (2,794,851) (1,573,014) (969,872) (1,111,748)
----------- ----------- ----------- -----------
Net increase/(decrease) (55,995) 220,626 (13,740) 1,185
=========== =========== =========== ===========
</TABLE>
See notes to financial statements
Page 35
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS
1-ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Organization
The following are open-end management investment companies (the "Funds"),
registered under the Investment Company Act of 1940 (the "Act"):
WPG Tudor Fund ("Tudor")
WPG Growth and Income Fund ("Growth & 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 ("Intermediate 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 FUNDS -- Securities are valued at amortized cost, in accordance
with Rule 2a-7 of the Act, which has been determined by the Funds' Board of
Trustees to approximate the fair value of the Fund's investments.
SHORT-TERM SECURITIES (Other than the Money Market Funds) -- Securities
maturing within 60 days are valued at cost plus accreted discount or minus
amortized premium, which approximates value.
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. All
investments quoted in foreign currencies are valued in U.S. dollars on the
basis of the foreign currency exchange rates prevailing at 12 noon Eastern
Time.
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
Page 36
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
the life of the security or until an applicable call date if sooner, with a
corresponding increase in cost basis; premiums are amortized on municipal
securities only, with a corresponding decrease in cost basis.
FEDERAL INCOME TAXES
The Funds intend to comply with the requirements of the Internal Revenue Code
that pertain to regulated investment companies and to distribute all of their
taxable income to their shareholders. No federal income tax or excise tax
provision is required. As of December 31, 1999, the following funds had
capital loss carryforwards:
<TABLE>
<CAPTION>
(in thousands)
YEAR OF EXPIRATION
------------------
Fund 2001 2002 2003 2004 2005 2006 2007
- ---- ---- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C>
Core Bond -- 14,555 20,113 753 -- -- 6,213
Government Money Market -- -- 2,014 -- -- -- --
Tax Free Money Market 11 -- 1 3 4 1 5
Intermediate Municipal Bond -- -- -- -- -- -- 19
</TABLE>
DISTRIBUTION TO SHAREHOLDERS
DIVIDENDS FROM NET INVESTMENT INCOME -- Distributions are recorded on the
ex-dividend date. Dividends from net investment income are declared and paid
annually when available for the Tudor, 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,
Intermediate 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
Page 37
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
options which expire unexercised are recorded by the Fund on the expiration
date as realized gains from options transactions. The difference between the
premium and the amount paid on effecting a closing purchase transaction,
including brokerage commissions, is also treated as a realized gain, or if
the premium is less than the amount paid for the closing purchase
transaction, as a realized loss. If a call is exercised, the premium is added
to the proceeds from the sale of the underlying securities or currencies in
determining whether the Fund has realized a gain or loss. If a put is
exercised, the premium reduces the cost basis of the securities or currencies
purchased by the Fund. In writing an option, the Fund bears the market risk
of an unfavorable change in the price of the security underlying the written
option. Exercise of an option written by the Fund could result in the selling
or buying of a security or currency at a price different from the current
market value. The Fund only enters into options which are traded on exchanges
except for Tudor 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 on the close of trading on the primary foreign market.
Reported net realized foreign exchange gains or losses arise from sales and
maturities of short term securities, sales of foreign currencies, currency
gains or losses realized between the trade and settlement dates on securities
transactions, the difference between the amounts of dividends, interest, and
foreign withholding taxes recorded on the Fund's books, and the U.S. dollar
equivalent of the amounts actually received or paid. Net unrealized foreign
exchange gains and losses arise from changes in the value of assets and
liabilities other than investments in securities at year end, resulting from
changes in the exchange rate.
SHORT SALES (CORE BOND)
The Fund may sell a security it does not own in anticipation of a decline in
the fair value of that security. When the Fund sells a security short, it
must borrow the security sold short and deliver it to the broker-dealer
through which it made the short sale as collateral for its obligation to
deliver the security upon conclusion of the sale. A gain, limited to the
price at which the Fund sold the security short, or a loss, unlimited in
size, will be recognized upon the termination of a short sale.
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.
Page 38
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
2-SECURITIES TRANSACTIONS
For the year ended December 31, 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 through 8/1/99, (see Note 4), on such
transactions were as follows:
PROCEEDS COST OF COMMISSIONS
OF SECURITIES SECURITIES TOTAL RECEIVED BY
SOLD PURCHASED COMMISSION WPG OR HSIM
---- --------- ----------------------
(000's) (000's) (000's) (000's)
Tudor $138,323 $107,104 $ 227 $ 132
Growth and Income 125,122 96,434 218 147
Quantitative Equity 78,890 71,637 91 19
International 8,374 7,222 27 0
Core Bond 804,454 809,679 0 0
Intermediate Municipal Bond 20,829 18,333 0 0
3-SECURITIES LENDING (TUDOR, CORE BOND)
At December 31, 1999, the Tudor Fund loaned securities valued at $5,221,338.
For collateral the Tudor Fund received a letter of credit in an amount equal
to $5,200,000. The Core Bond Fund had no securities on loan. For the year
ended December 31, 1999 the Tudor Fund and Core Bond Fund earned
approximately $10,403 and $22,785 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. 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
Intermediate
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 .40% of net assets $1 billion to $1.5
Tax Free billion .35% of net assets in excess of $1.5 billion
Money Market
Page 39
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
On August 2, 1999, pursuant to authority granted under its Investment
Advisory Agreement with the International Fund, WPG has selected Robeco
Institutional Asset Management US Inc., as sub-adviser to the International
Fund. As required by the Investment Company Act of 1940, the sub-advisory
agreement was renewed through a proxy statement. Pursuant to the sub-advisory
agreement, RIAM has overall responsibility for the management of the
International Fund's assets invested in non-US securities. Both WPG and RIAM
are subsidiaries of Robeco Groep N.V., a Dutch public limited liability
company.
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.
5-DISTRIBUTION PLAN (CORE BOND)
The Trust has adopted a plan of Distribution (the "Plan") under Section 12
(b) of the 1940 Act and Rule 12b-1 thereunder. The Fund may pay up to 0.25%
of its average daily net assets under any one agreement but is limited to an
aggregate of 0.05% of its average annual net assets for activities primarily
intended to result in the sale of its shares.
For the year ended December 31, 1999, expenses incurred under the Plan were
$320.
Under the terms, the Plan shall remain in effect from year to year, provided
such continuance is approved annually by a vote of a majority of those
Trustees who are not "interested persons" of the Trust and who have no direct
or indirect financial interest in the operation of the Plan or in any
agreement related to the Plan.
6-CUSTODIAN FEES
Each Fund has entered into an expense offset agreement with its custodian
wherein it receives credit toward the reduction of custodian fees whenever
there are uninvested cash balances. For the year ended December 31, 1999 the
Funds' custodian fees and related offset were as follows:
CUSTODIAN OFFSET
FEE CREDIT
--- ------
Tudor $33,324 $3,150
Growth and Income 27,606 2,505
Quantitative Equity 25,028 4,163
International 27,220 2,658
Core Bond 45,955 4,573
Intermediate Municipal Bond 6,481 1,842
Government Money Market 51,101 1,639
Tax Free Money Market 24,838 7,210
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.
Page 40
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
7-FEDERAL INCOME TAX STATUS OF DIVIDENDS - UNAUDITED
The Tax Free Money Market and Intermediate Municipal Bond Funds have
determined that all dividends paid during the year ended December 31, 1999
were paid from investment income and are exempt from Federal income tax. None
of these dividends are subject to the Alternative Minimum Tax.
The Funds have distributed long-term capital gains to shareholders during the
fiscal year ended December 31, 1999 in the following amounts:
LONG-TERM CAP GAINS
-------------------
Tudor $ 2,610,973
Growth & Income 18,838,614
Quantitative Equity 15,480,086
International 879,848
The percentage of investment company taxable income eligible for the
dividends received deduction and for certain corporate shareholders with
respect to the fiscal year ended December 31, 1999, is 80% for the Growth &
Income Fund and is 27% for the Quantitative Equity Fund.
Page 41
<PAGE>
<TABLE>
<CAPTION>
WEISS, PECK & GREER MUTUAL FUNDS
Financial Highlights (for the years ended December 31)
$ per share ratios
NET TOTAL DISTRI-
REALIZED INCOME/ BUTIONS
NET NET AND (LOSS) DIVIDENDS FROM NET NET RATIO OF
ASSET INVEST- UNREALIZED FROM FROM NET ASSET ASSETS AT RATIO OF NET INVEST-
VALUE AT MENT GAINS OR INVEST- NET REALIZED TOTAL VALUE AT END OF EXPENSES MENT NET PORTFOLIO
BEGINNING INCOME (LOSSES) OPER- INVEST- CAPITAL DISTRI- END OF TOTAL YEAR TO AVERAGE TO AVERAGE TURN-
OF YEAR (LOSS) ON TIONS MENT GAINS BUTIONS YEAR RETURN (000'S) NET NET ASSETS OVER
SECURITIES INCOME ASSETS RATE
- ------------------------------------------------------------------------------------------------------------------------------------
TUDOR
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1999 $15.74 $ 0.00 $ 9.88 $ 9.88 $ 0.00 ($ 2.71) ($ 2.71) $22.91 63.26% $108,780 1.37% (0.37%) 139.4%
1998 21.90 (0.02) (4.86) (4.88) 0.00 (1.28) (1.28) 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) 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) 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) 22.95 41.18 165,534 1.30 (0.47) 123.1
GROWTH AND INCOME FUND
1999 40.64 0.14 4.91 5.05 (0.16) (5.65) (5.81) 39.88 12.68 145,734 1.03 0.40 68.1
1998 35.11 0.26 9.38 9.64 (0.26) (3.85) (4.11) 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) 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) 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) 26.02 32.73 67,357 1.22 2.10 79.4
QUANTITATIVE EQUITY FUND
1999 5.79 0.02 0.73 0.75 (0.03) (1.28) (1.31) 5.23 13.90 76,452 1.08 0.24 95.6
1998 5.84 0.05 1.46 1.51 (0.06) (1.50) (1.56) 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) 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) 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) 6.85 33.37 133,201 1.00 2.00 26.1
INTERNATIONAL
1999 9.25 0.01 2.71 2.72 0.00 (1.43) (1.43) 10.54 29.83 7,323 3.50 (1.70) 125.4
1998 10.15 0.00 1.65 1.65 0.00 (2.55) (2.55) 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) 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) 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) 11.01 10.92 14,194 1.74 0.39 55.9
Page 42
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Financial Highlights (for the years ended December 31)
$ per share ratios
NET TOTAL DISTRI-
REALIZED INCOME/ BUTIONS
NET NET AND (LOSS) DIVIDENDS FROM NET NET RATIO OF
ASSET INVEST- UNREALIZED FROM FROM NET ASSET ASSETS AT RATIO OF NET INVEST-
VALUE AT MENT GAINS OR INVEST- NET REALIZED TOTAL VALUE AT END OF EXPENSES MENT NET PORTFOLIO
BEGINNING INCOME (LOSSES) OPER- INVEST- CAPITAL DISTRI- END OF TOTAL YEAR TO AVERAGE TO AVERAGE TURN-
OF YEAR (LOSS) ON TIONS MENT GAINS BUTIONS YEAR RETURN (000'S) NET NET ASSETS OVER
SECURITIES INCOME ASSETS RATE
- ------------------------------------------------------------------------------------------------------------------------------------
CORE BOND
1999 $ 9.64$ 0.56 ($ 0.57) ($ 0.01) ($ 0.56) $ 0.00 ($ 0.56) $ 9.07 (0.12%) $137,487 0.50% 5.98% 531.2
1998 9.34 0.54 0.30 0.84 (0.54) 0.00 (0.54) 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) 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) 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) 9.38 13.25 171,578 0.82 6.52 375.0
INTERMEDIATE MUNICIPAL BOND
1999 10.55 0.44 (0.50) (0.06) (0.44) 0.00 (0.44) 10.05 (0.54) 20,210 0.85 4.32 83.2
1998 10.45 0.45 0.14 0.59 (0.47) (0.02) (0.49) 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) 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) 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) 10.20 12.05 12,730 0.85 4.38 51.2
GOVERNMENT MONEY MARKET
1999 1.00 0.04 0.00 0.04 (0.04) 0.00 (0.04) 1.00 4.45 372,448 0.70 4.36 N/A
1998 1.00 0.05 0.00 0.05 (0.05) 0.00 (0.05) 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) 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) 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) 1.00 5.16 131,210 0.82 5.06 N/A
TAX FREE MONEY MARKET
1999 1.00 0.03 0.00 0.03 (0.03) 0.00 (0.03) 1.00 2.80 117,520 0.76 2.76 N/A
1998 1.00 0.03 0.00 0.03 (0.03) 0.00 (0.03) 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) 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) 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) 1.00 3.63 121,754 0.76 3.56 N/A
</TABLE>
Page 43
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
FINANCIAL HIGHLIGHTS
The Advisor agreed to reimburse other operating expenses and not to impose
its full fee 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
investment income to average net assets would have been:
RATIO OF
NET
RATIO OF INVESTMENT
EXPENSES INCOME
TO AVERAGE TO AVERAGE
NET ASSETS NET ASSETS
---------- ----------
QUANTITATIVE EQUITY
1998 1.07% 0.48%
INTERNATIONAL
1999 3.55% (1.75%)
1998 2.38% 0.03%
1997 1.92% (0.01%)
1996 1.76% 0.26%
1995 1.76% 0.39%
CORE BOND
1999 0.81% 5.67%
1998 0.89% 5.32%
INTERMEDIATE MUNICIPAL BOND
1999 1.08% 4.09%
1998 1.06% 4.02%
1997 1.15% 4.25%
1996 1.01% 4.56%
1995 0.97% 4.25%
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 1995, 1996 and 1997 for the Quantitative Equity, Core
Bond, Intermediate Municipal Bond and Tax Free Money Market Funds.
See notes to financial statements
Page 44
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Shareholders and Board of Trustees of:
WPG Tudor Fund
WPG Growth and Income Fund
WPG Quantitative Equity Fund
Weiss, Peck & Greer International Fund
WPG Core Bond Fund
WPG Intermediate Municipal Bond Fund
WPG Government Money Market Fund
WPG Tax Free Money Market Fund
We have audited the accompanying statements of assets and liabilities, including
the schedules of investments of WPG Tudor Fund, WPG Growth and Income Fund, WPG
Quantitative Equity Fund, Weiss, Peck & Greer International Fund, WPG Core Bond
Fund, WPG Intermediate Municipal Bond Fund, WPG Government Money Market Fund and
WPG Tax Free Money Market Fund (the "Funds") as of December 31, 1999, and the
related statements of operations for the year then ended, statements of changes
in net assets for each of the years in the two-year period then ended, and
financial highlights for each of the years in the five-year period then ended.
These financial statements and financial highlights are the responsibility of
the Funds' management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of
December 31, 1999, by correspondence with the custodian. As to securities
purchased and sold but not yet received or delivered, we performed other
appropriate auditing procedures. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial positions of WPG
Tudor Fund, WPG Growth and Income Fund, WPG Quantitative Equity Fund, Weiss,
Peck & Greer International Fund, WPG Core Bond Fund, WPG Intermediate Municipal
Bond Fund, WPG Government Money Market Fund and WPG Tax Free Money Market Fund
as of December 31, 1999, the results of their operations for the year then
ended, the changes in their net assets for each of the years in the two-year
period then ended, and their financial highlights for each of the years in the
five-year period then ended, in conformity with generally accepted accounting
principles.
KPMG LLP
New York, New York
January 20, 2000
Page 45
<PAGE>
ONE NEW YORK PLAZA, NEW YORK, NY 10004
INDEPENDENT TRUSTEES AND MEMBERS
OF AUDIT COMMITTEE
Raymond R. Herrmann, Jr. William B. Ross
Lawrence J. Israel Robert A. Straniere
Graham E. Jones
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
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
PFPC Inc.
P.O. Box 60448
King of Prussia, PA 19406-0448
LEGAL COUNSEL
Hale and Dorr
60 State Street
Boston, MA 02109
INDEPENDENT AUDITORS
KPMG LLP
345 Park Avenue
New York, NY 10154
This report is submitted for the general information of shareholders and is not
authorized for distribution to prospective investors unless preceded or
accompanied by an effective prospectus. Nothing herein is to be considered an
offer of sale or solicitation of an offer to buy shares of the Weiss, Peck &
Greer Funds. Such offering is made only by prospectus, which includes details as
to offering and other material information.
