WEISS, PECK & GREER
MUTUAL FUNDS
Annual Report
December 31, 1995
WPG TUDOR FUND
WPG GROWTH AND INCOME FUND
WPG GROWTH FUND
WPG QUANTITATIVE EQUITY FUND
WEISS, PECK & GREER INTERNATIONAL FUND
WPG GOVERNMENT SECURITIES FUND
WPG INTERMEDIATE MUNICIPAL BOND FUND
WPG GOVERNMENT MONEY MARKET FUND
WPG TAX FREE MONEY MARKET FUND
ONE NEW YORK PLAZA
NEW YORK, NEW YORK 10004
800-223-3332
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Table of Contents
Chairman's Letter............................................. 2
Major Portfolio Changes....................................... 4
Average Annual Total Return................................... 5
Ten Largest Holdings..........................................10
Schedules of Investments
WPG Tudor Fund ......................................12
WPG Growth and Income Fund ..........................15
WPG Growth Fund .....................................17
WPG Quantitative Equity Fund.........................19
Weiss, Peck & Greer International Fund ..............23
WPG Government Securities Fund ......................27
WPG Intermediate Municipal Bond Fund ................27
WPG Government Money Market Fund ....................29
WPG Tax Free Money Market Fund ......................30
Statements of Assets and Liabilities..........................36
Statements of Operations......................................38
Statements of Changes in Net Assets...........................40
Notes to Financial Statements.................................42
Financial Highlights..........................................49
Independent Auditors' Report..................................52
Growth
Objective: Maximum capital appreciation (intended primarily for
institutional investors).
International
Objective: Long-term growth of capital.
Tudor
Objective: Capital appreciation.
Growth and Income
Objective: Long-term growth of capital and current income.
Quantitative Equity
Objective: Seeks to provide investment results that exceed the S & P 500.
Intermediate Municipal Bond
Objective: High current income consistent with relative stability
of principal.
Exempt from Federal Income Tax.
Government Securities Fund
Objective: Current income.
* Tax Free Money Market
Objective: Maximize current income with preservation of capital
and liquidity.
Exempt from Federal Income Tax.
* Government Money Market Fund
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 U.S.
Government. There can be no assurance that either Fund will be
able to maintain a stable net asset value of $1.00 per share.
<PAGE>
DEAR SHAREHOLDER:
1995 was a year of robust activity in the world financial markets. The
U.S. Stock Market soared to unprecendented levels, the bond market made an
excellent recovery from the prior year's doldrums, and the dollar made a strong
showing overseas. We want to share with you our perspective on these events as
part of our Annual Report on the Weiss, Peck & Greer mutual funds.
DOMESTIC EQUITY MARKETS
The U.S. financial markets enjoyed a banner year in 1995. All major
domestic equity indices posted very strong gains. The S&P 500 recorded its best
annual performance since 1958 and its third best year since World War II. To a
large degree, this performance was attributable to a dramatic decline in
interest rates and very good corporate profit reports.
Strong economic growth early in 1995 gave way to a slowing economy as
the year ended. This backdrop created an investment environment whereby those
companies whose growth relied upon new product innovation, market share
expansion and other non-cyclical factors prospered. Growth sectors, such as
technology, financials, drugs and beverages performed very well. Cyclical
companies, requiring a strong economy to prosper, began to underperform as 1995
came to a close.
The U.S. economy will enter its sixth year of expansion in 1996. This
expansion is not expected to end before 1997 at the earliest. Low inflation,
coupled with a weak economy, should allow continued growth. Real GNP should grow
2% to 2 1/2%, while inflation should remain steady in a range of +2 1/2%.
Corporate profits are expected to slow in 1996 to between 5% and 10%.
A number of trends that helped to create good financial performance in
1995 should continue in 1996. Many multinational U.S. companies have become very
productive and low cost relative to foreign competition. Corporate free cash
flow (cash flow after dividends and capital expenditures) is at record levels.
Merger activity and company buy-back plans continue unabated. Mutual fund money
inflows (401(k) plans, etc.) are strong and are expected to continue to be
strong.
A slowly growing economy is an ideal environment for growth stocks to
perform well. In addition, relative valuations of small stocks versus large
stocks remain below historic norms. With the U.S. dollar strengthening, it is
likely investors will shift toward domestic small companies.
FIXED INCOME MARKETS
Interest rates declined dramatically across the maturity spectrum of
U.S. Treasury securities during 1995 largely in response to moderating economic
growth and low inflation. Most of the drop in rates occurred in the first six
months of the year and in the fourth quarter, when market participants were
encouraged by the prospect of an accord in Washington to balance the Federal
budget.
The 30-year U.S. Treasury Bond achieved its third-best total return on
record in 1995, and overall bond returns approached those more typical of equity
returns. While investors gladly reaped the rewards of the bond market rally,
most are cautious about their expectations for 1996 since double-digit returns
in the bond market are historically rare.
By the end of 1995, yields for all maturities of Treasury securities
were significantly lower than where they started the year. The yield for the
bellwether 30-year U.S. Treasury Bond fell by 1.9% to yield 5.9% while
Treasuries with intermediate range maturities, including the three, five and
ten-year T-Notes all fell by approximately 2.5% to yield 5.2%, 5.4%, and 5.6%,
respectively.
<PAGE>
Most bond market participants expect that the next move with respect to
the direction of interest rates will hinge on the progress of federal budget
negotiations and indications of economic strength.
INTERNATIONAL MARKETS
The U.S. dollar strengthened in the fourth quarter against most major
currencies, reducing U.S. dollar returns. The exception to this was against the
French franc, where the dollar was slightly weaker.
In Europe growth in the equity markets has been driven by declining
long-term interest rates, rather than companies' earnings fundamentals. Economic
growth is forecasted to remain low principally due to depressed consumer demand.
Interest rates are likely to be cut further, especially in the United Kingdom,
France and Italy.
In Japan the weaker yen and the Bank of Japan's continued initiative to
stimulate the economy through a more relaxed monetary policy combined to push
the stock market sharply higher in local terms. We believe the Japanese stock
market will show additional strength as corporate profits improve.
South-East Asian markets have produced mixed returns, with setbacks in
some equity markets where inflation has risen as a consequence of strong
economic activity.
In the short term, European markets will continue to benefit from
interest rate reductions. In the longer term, hopes for an economic recovery
should boost equities. However, with valuations looking stretched at the moment,
any weakness in global bond markets would lead to setbacks.
As we enter the new year, we are cautiously optimistic about the
prospects for continued strength in the financial markets here and abroad. All
of the expertise of the Weiss, Peck & Greer investment team will continue to be
directed toward enabling you, our mutual fund shareholders, to achieve your
investment goals.
Sincerely,
/s/ Roger J. Weiss
Roger J. Weiss
Chairman of the Board
January 24, 1996
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Major Portfolio Changes - Equity Funds - Quarter Ending December 31,1995
Tudor Growth and Income
Additions Additions
Autozone Inc. BMC Software Inc
Big Flower Press Carnival Corp
CapMAC Holdings Inc. DSC Communications Corp
Centocor Inc. DST System
Conner Peripherals Inc. Federal Home Loan Mortgage Corp
C.P. Clare Inc. Microsoft Corp
Gemstar International Group, LTD Novell Inc
Healthsource Inc. Oracle Corp
Physician Sales & Services Inc. Thermo Electron 144A 4.250% Due 1/1/03
U.S. Robotics Corp. Travelers Group Inc
Deletions Deletions
Autodesk Inc. Bay Networks Inc
Chips & Technologies Inc. Champion International Corp
IVAX Corp. Citicorp 7.125% Due 3/15/04
Komag Inc. Columbia/HCA Healthcare Corp
PMT Services First USA Inc
RPM Inc. Monsanto Co
Sealed Air Corp. Motorola Inc
Sun Healthcare Group Nokia Corp ADR
Tower Semiconductor Procter & Gamble Co
UAL Corp. Texas Instruments Inc
Growth International
Additions Additions
Access Health Inc. Astra International
Boca Research Inc. British Petroleum
Cascade Communications Corp. Circle K Japan Co.
C.P. Clare Inc. DFS Furniture
Gemstar International Group, LTD LG Chemical LTD GDR
Gilat Satellite Networks LTD. Mitsubishi Bank 3.500% Due 3/31/04
Physician Sales & Services Inc. National Westminster Bank
Showboat Inc. New World Infrastructure
Steris Corp. Northern Telecom LTD
Wonderware Corp. Olivetti & C Spa
Deletions Deletions
Amphenol Corp. Aokam Perdana
Aramed Inc. DDI
Autodesk Inc. Enterprise Oil
BMC Software Group Danone (Ex BSN)
Corrections Corp. Hanson
IVAX Corp. MAI
Read-Rite Corp. Siemens
Royal Caribbean Cruises LTD. Smith (Howard)
Sun Healthcare Group Sumitomo Bank 3.125% Due 3/31/04
Xylogics Inc. Tesco
<PAGE>
TUDOR FUND
The Tudor Fund outperformed its relevant indices for the year 1995. This
outperformance is mainly attributable to the commitment to technology and health
care, along with major weighting in airlines. Looking ahead to 1996, we are
still quite optimistic about the prospects for our marketplace. While a
correction would not be surprising, (after all, there hasn't been more than a 3%
price correction in the S&P for over a year), we think 1996 will end up being a
productive year for the Fund. Low inflation remains, which lowers interest
rates, and helps the multiple one pays for the kind of growth stocks we buy.
Productivity continues to expand at an unprecedented rate, helping
profitability. All in all, we expect 1996 to be a rewarding year for small
growth investors.
(Performance Graph Here)
This graph compares the Fund against several Benchmarks. The Value for the
Fund and the comparative Benchmarks at 12/31/95 are:
TUDOR $34,321
Lipper Capital Appreciation Index $34,700
NASDAQ Composite Index $32,376
(end of graph)
Average Annual Total Return
(for the periods ended December 31, 1995)
1 year 5 years 10 years
TUDOR 41.18% 17.22% 13.12%
Lipper Cap. Appreciation Index 30.78% 16.96% 13.21%
NASDAQ Composite Index 39.92% 22.99% 12.47%
GROWTH AND INCOME FUND
1995 proved to be a good year for the WPG Growth and Income Fund. The Fund
outperformed the Lipper Growth & Income Fund Average by over two percentage
points during 1995. This was accomplished even while 15% of the total portfolio
was invested in bonds and Real Estate Investment Trusts for yield enhancement.
Technology, financial and consumer nondurable stocks contributed greatly to the
total return during the year. Technology stock began to falter during the fourth
quarter and this sector was reduced. After such a strong showing in 1995, our
forecast calls for more modest returns in 1996 and a more conservative portfolio
will be apparent going forward.
(Performance Graph Here)
This graph compares the Fund against several Benchmarks. The Value for the
Fund and the comparative Benchmarks at 12/31/95 are:
GROWTH AND INCOME $32,780
S&P 500 $39,704
Lipper Growth & Income $33,415
(end of graph)
Average Annual Total Return
(for the periods ended December 31, 1995)
1 year 5 years 10 years
GROWTH AND INCOME 32.73% 17.08% 12.59%
S&P 500 Stock Index 37.50% 16.59% 14.78%
Lipper Growth & Income Funds 30.83% 15.47% 12.82%
<PAGE>
GROWTH FUND
The WPG Growth Fund performed well in 1995, substantially outperforming its
benchmarks. The most important leaders in the market were technology stocks and
in the Fund this area was among the largest contributors to performance. The
financial services area was also extremely robust in 1995. Banks and thrifts
performed extraordinarily well as interest rates fell and merger fever swept the
group. The Fund benefitted from these events through its holdings in Autofinance
Group, Inc. and Fidelity National. Although 1995 was a difficult year for
retailers, our stock selection in this group yielded considerable success. In
health care, several holdings responded to the rebirth of the biotechnology
area, and our health care services holdings also performed well as growth
persisted in this group. Entering 1996, we find the signals mixed but
encouraging. Although we realize that a second consecutive year without a
five-percent correction in the broad market would be unprecedented, we still are
enthusiastic about prospects for our marketplace. Low inflation remains and the
outlook is for continued low interest rates. Small stocks remain undervalued
against the large caps and the strengthening U.S. dollar augurs well for a
period of outperformance for small cap stocks. Beginning in January, 1996 the
Russell 2000 Growth Index will replace the NASDAQ Composite Index as one of the
Fund's benchmarks. We believe the $280 million average capitalization of the
Russell Index provides a more relevant comparison for the Fund than the NASDAQ
Composite which has an average capitalization of $5 billion.
(Performance Graph Here)
This graph compares the Fund against several Benchmarks. The Value for the
Fund and the comparative Benchmarks at 12/31/95 are:
GROWTH $26,840
Wilshire Small Co. Growth Index $28,051
NASDAQ Composite Index $27,451
Lipper Small Co. Growth Index $25,125
Russell 2000 Growth Index $22,240
(end of graph)
Average Annual Total Return
(for the periods ended December 31, 1995)
since
1 year 5 years inception #
GROWTH 39.72% 18.11% 10.75%
Wilshire Small Co. Growth Index 35.19% 23.27% 11.26%
NASDAQ Composite Index 39.92% 22.99% 11.01%
Lipper Small Co. Growth Index 31.43% 20.43% 10.00%
Russell 2000 Growth Index 31.04% 18.75% 8.62%
# Commencement of operations 5/2/86
QUANTITATIVE EQUITY FUND
1995 was characterized by a powerful bull market, narrow sector leadership and
extreme lows in volatility, conditions which are unfavorable to our
diversification process. The Fund's 33.37% return for 1995 was in line with
return expectations given the current market environment. We expect market
volatility to rise in 1996 which should produce a market rotation in market
leadership towards the Fund's positions. The Fund's beta remains at an historic
low, reflecting the defensive configuration of the portfolio relative to the S&P
500 Stock Index.
(Performance Graph Here)
This graph compares the Fund against several Benchmarks. The Value for the
Fund and the comparative Benchmarks at 12/31/95 are:
QUANTITATIVE EQUITY $15,243
S&P 500 Index $15,324
(end of graph)
Average Annual Total Return
(for the periods ended December 31, 1995)
since
1 year inception #
QUANTITATIVE EQUITY 33.37% 15.10%
S&P 500 Stock Index 37.50% 15.29%
# Commencement of operations 1/1/93
INTERNATIONAL FUND
The Fund's overweighted position in Japan in the first half of 1995 hurt the
total return of the Fund. Unforseen events such as the Barings crisis, the Kobe
earthquake and the Tokyo gas attacks negatively impacted the Fund's performance
in addition to the yen's sharp appreciation against the dollar. This situation
was reversed somewhat in the second half of the year, when a weaker yen and
optimism over economic recovery translated into a stronger performance by the
Fund.
(Performance Graph Here)
This graph compares the Fund against several Benchmarks. The Value for the
Fund and the comparative Benchmarks at 12/31/95 are:
INTERNATIONAL $12,812
EAFE $14,117
(end of graph)
Average Annual Total Return
(for the periods ended December 31, 1995)
since
1 year 5 year inception #
INTERNATIONAL (A) 10.92% 6.35% 3.83%
EAFE (Europe, Australia,
Far East Index) 11.55% 9.71% 5.38%
# Commencement of operations 6/1/89
(A) The Adviser waived its fee from inception of the Fund through 2/28/90 and
has waived a portion of its fee from that date through October 19, 1994. Had the
Adviser not done so, the total return for the five years ended 12/31/95 and from
inception through 12/31/95 would have been 5.87% and 3.30%, respectively.
<PAGE>
WPG GOVERNMENT SECURITIES FUND
During the one year period ended December 31, 1995, the WPG Government
Securities Fund returned 13.25% versus 14.88% for the Morningstar General
Government Bond Index and 15.40% for the Lehman Intermediate Gov/MBS Index. The
Fund fell behind its benchmark and the Morningstar universe for two primary
reasons. First, early in the year, the Fund was restructured to hold plain
vanilla mortgage pass through securities. The restructuring caused some
underperformance in the first quarter. Secondly, the Fund was underweighted in
securities with intermediate range maturities as a result of our quantitative
analysis which showed intermedaites to be too expensive to own. This area of the
yield curve continued to outperform other parts of the curve and our
underweighting in intermediaries, therefore, negatively impacted performance. In
the second half of the year, we began to increase modestly our allocation to
mortgage pass-throughs in the Fund and at year-end the Fund had a slight
overweighting in this sector. We expect to remain overweighted in mortgage
pass-through in the near term and remain underweighted in intermediate range
securities which are still expensive on a relative basis. The Fund contines to
be managed in a conservative fashion, seeking selective value within sectors and
across the curve.
(Performance Graph Here)
This graph compares the Fund against several Benchmarks. The Value for the
Fund and the comparative Benchmarks at 12/31/95 are:
GOVERNMENT SECURITIES $21,056
Lehman INT Gov't/MBS $22,984
Morningstar General Gov't Bond $20,538
(end of graph)
Average Annual Total Return
(for the periods ended December 31, 1995)
since
1 year 5 years inception #
GOVERNMENT SECURITIES 13.25% 6.73% 7.85%
Lehman Intermed. Gov./MBS 15.40% 8.42% 8.81%
Morningstar Gen'l Gov. Bond Index 14.88% 7.75% 7.57%
# Commencement of operations 2/20/86
INTERMEDIATE MUNICIPAL
BOND FUND
Intermediate Municipal Bonds experienced one of their strongest total return
years in recent history, with most of the upward movement occurring during the
first half of the year. The market took its general direction from the treasury
market's strength. This strength was augmented by a continued lack of municipal
supply. While most of the market moved in unison, municipals that began the year
priced at a discount to par, substantially outperformed the market as a whole.
Against this backdrop, the Fund produced a return of 12.05% for the year. An
underweighting in discount securities at the outset of the year, as well as an
income oriented posture, caused the Fund to lag somewhat during the first half
of the year. When the market returned to a more "normal" return pattern in the
second half of the year, the Fund outperformed.
(Performance Graph Here)
This graph compares the Fund against several Benchmarks. The Value for the
Fund and the comparative Benchmarks at 12/31/95 are:
INTERMEDIATE MUNICIPAL BOND $11,327
Lehman Brothers 3-10 Yr.
Municipal Bond $11,534
Lipper INTMD Muni Funds $11,349
(end of graph)
Average Annual Total Return
(for the periods ended December 31, 1995)
since
1 year inception #
INTERMEDIATE MUNICIPAL BOND (B) 12.05% 5.12%
Lehman Bros. 3-10 yr. Muni Bond Index. 13.79% 5.87%
Lipper Intermediate Muni Funds 12.85% 5.19%
# Commencement of operations 7/1/93
(B) The Adviser waived its fee from inception of the Fund through October 19,
1994 and reimbursed certain other expenses. Had the Adviser not done so, the
total return of the Fund for the year ended 12/31/95 and from inception through
12/31/95 would have been 11.93% and 4.62%, respectively.
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 is a measurement of changes in stock market conditions based on the
average performance of small U.S. growth oriented securities with a median
market capitalization of approximately $220 million. Lipper Analytical Services
("Lipper") and Morningstar compare mutual funds according to overall
performance, investment objectives, investment policies, assets, expense levels,
periods of existence and other factors. Wilshire Asset Management indices are
derived from the largest 2500 of the Wilshire 5000 Stock Index and is a broad
based index. The Lehman Brothers Intermediate Government/Mortgage Backed
Securities Index is a market weighted blend of all intermediate government
issues (3-10 year maturities) and all mortgage securities. The Lehman Brothers
3-10 year Muni Bond Index is a broad based index which contains all securities
in the Lehman Municipal Bond Index with maturities from 3-10 years. The Morgan
Stanley Capital International Europe, Australia, Far East ("EAFE") is an index
of more than 800 companies in Europe, Australia and the Far East. The NASDAQ
Composite Index ("NASDAQ") is a broad based index of over-the-counter stocks
prepared by the National Association of Securities Dealers, Inc. The NASDAQ does
not include dividend reinvestment. Indicesare unmanaged groups of securities.
<PAGE>
<TABLE>
<CAPTION>
WEISS, PECK & GREER MUTUAL FUNDS
Ten Largest Holdings at December 31, 1995*
<S> <C> <C>
Market
Value Percent
TUDOR FUND (000's) of Fund
Informix Corp............................. $4,485 2.7%
Starbucks Corp............................ 3,425 2.1%
Adaptec Inc............................... 2,665 1.6%
QUALCOMM Inc.............................. 2,580 1.6%
Continental Airlines Cl B................. 2,454 1.5%
PETsMART Inc.............................. 2,325 1.4%
Just for Feet Inc......................... 2,145 1.3%
Itron Inc................................. 2,025 1.2%
Parametric Technology Corp................ 1,995 1.2%
Hyperion Software Corp.................... 1,955 1.2%
$26,054 15.8%
Growth and Income Fund
Philip Morris Cos........................ $2,715 4.0%
Federal National Mortgage
Association.......................... 2,483 3.7%
American International Group Inc......... 2,313 3.4%
Merck & Co Inc........................... 2,301 3.4%
McDonalds Corp........................... 2,256 3.4%
General Electric Co...................... 2,160 3.2%
Hewlett Packard Co....................... 2,077 3.1%
Xerox Corp............................... 2,055 3.1%
Exxon Corp............................... 2,003 3.0%
American Home Products Corp.............. 1,940 2.9%
$22,303 33.2%
GROWTH FUND
Solectron Corp............................ $1,765 2.9%
Wackenhut Corrections Corp................ 1,401 2.3%
Microchip Technology Inc.................. 1,256 2.1%
Starbucks Corp............................ 1,218 2.0%
Cognex Corp............................... 1,216 2.0%
Mitel Corp................................ 1,183 2.0%
Checkpoint Systems Inc.................... 1,159 1.9%
Adaptec Inc............................... 1,025 1.7%
QUALCOMM Inc.............................. 985 1.6%
Just for Feet Inc......................... 983 1.6%
$12,191 20.1%
QUANTITATIVE EQUITY FUND
Exxon Corp............................... $5,889 4.4%
Royal Dutch Petroleum Co ADR ............ 4,671 3.5%
International Business Machines
Corp................................. 3,275 2.5%
Lilly Eli & Co........................... 2,914 2.2%
Mobil Corp............................... 2,677 2.0%
Amoco Corp............................... 2,321 1.7%
Eastman Kodak Co......................... 2,271 1.7%
GTE Corp................................. 2,196 1.6%
Columbia/HCA Healthcare Corp............. 2,096 1.6%
Chevron Corp............................. 2,032 1.5%
$30,342 22.7%
INTERNATIONAL FUND
HSBC Holdings ADR......................... $219 1.5%
Northern Telecom LTD...................... 215 1.5%
Telefonos de Mexico ADR................... 191 1.3%
Nomura Securities......................... 174 1.2%
Rohm ..................................... 169 1.2%
Straits Steamship Land LTD................ 169 1.2%
Fletcher Challenge........................ 166 1.2%
LG Chemical LTD GDR....................... 166 1.2%
Sun Hung Kai Properties................... 164 1.2%
China Light & Power....................... 161 1.1%
$1,794 12.6%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WEISS, PECK & GREER MUTUAL FUNDS
Ten Largest Holdings at December 30, 1995* - (Continued)
<S> <C> <C>
Value Percent
GOVERNMENT SECURITIES FUND (000's) of Fund
United States Treasury Notes 6.500% Due 4/30/99........................................................ $28,003 16.3%
Government National Mortgage Association 7.500% Due 9/15/07-9/15/25.................................... 27,138 15.8%
United States Treasury Notes 5.125% Due 11/30/98....................................................... 24,146 14.1%
Government National Mortgage Association 8.000% Due 2/15/17-11/15/17................................... 17,975 10.5%
Federal Home Loan Bank Discount Note Due 1/16/96....................................................... 17,885 10.4%
Federal Home Loan Mortgage Corporation 8.000% Due 10/1/24.............................................. 14,843 8.7%
Federal National Mortgage Association 6.500% Due 1/1/26................................................ 14,738 8.6%
Federal Home Loan Bank Discount Note Due 1/5/96........................................................ 9,492 5.5%
Federal National Mortgage Association 7.000% Due 9/1/25-10/1/25........................................ 7,223 4.2%
United States Treasury Notes 5.875% Due 3/31/99........................................................ 5,598 3.3%
$167,041 97.4%
INTERMEDIATE MUNICIPAL BOND FUND
Dallas Fort Worth Airport - FGIC Insured 7.750% Due 11/1/01............................................ $630 4.9%
Surry County North Carolina Industrial Facilities 9.250% Due 12/1/02................................... 603 4.7%
Deer Park Texas Independent School District 6.375% Due 2/15/07......................................... 566 4.4%
Lower Colorado River Authority Prefunded Revenue 6.250% Due 5/1/07..................................... 562 4.4%
Piedmont Municipal Power Agency South Carolina - FGIC Insured 6.125% Due 1/1/07........................ 551 4.3%
Pennsylvania State General Obligation Second Series 6.000% Due 7/1/07.................................. 547 4.3%
Salt Lake City Utah Water Conservancy District
Revenue Refunding Series A 10.875% Due 10/1/02..................................................... 524 4.1%
Harris County Texas Flood District General Obligation Zero Coupon Due 10/1/06.......................... 520 4.1%
Hempfield Pennsylvania School District Refunding 6.700% Due 10/15/99................................... 503 4.0%
La Porte Indiana Economic Development Revenue 7.375% Due 6/1/01........................................ 496 3.9%
$5,502 43.1%
<FN>
* The composition of the largest securities in each portfolio is subject to change.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WEISS, PECK & GREER MUTUAL FUNDS
Schedule of Investments at December 31, 1995
<C> <C><C> <S> <C>
Number Value
of Shares Security (000's)
TUDOR
COMMON STOCKS (98.2%)
Capital Goods
Communications (7.4%)
10,000 # ADC Telecommunications Inc.............. $365
11,600 # Ascend Communications Inc............... 941
43,943 # Bay Networks Inc........................ 1,807
8,500 o # Cascade Communications Corp............. 725
25,000 # Gilat Satellite Networks Ltd. ......... 631
80,000 # Highwaymaster
Communications....................... 830
60,000 # Itron Inc............................... 2,025
40,000 # P-Com Inc............................... 800
60,000 # QUALCOMM Inc............................ 2,580
41,500 # Tekelec................................. 436
13,500 # U S Robotics Corp....................... 1,185
12,325
Computer Software &
Services (11.3%)
20,000 # Aspen Technology Inc.................... 675
14,100 # Business Objects ADR.................... 682
30,000 # Cognex Corp............................. 1,043
14,400 # CompUSA Inc............................. 448
44,000 # DataWorks Corp.......................... 556
27,900 # Discreet Logic Inc...................... 698
57,500 o # FTP Software Inc ....................... 1,668
92,000 # Hyperion Software Corp.................. 1,955
149,500 # Informix Corp........................... 4,485
3,700 o # Netscape Communications
Corp................................. 514
30,000 # Parametric Technology Corp.............. 1,995
20,000 # QuickResponse Services Inc.............. 367
5,500 # Sterling Software Inc................... 343
45,000 # Sybase Inc.............................. 1,620
7,500 # Sync Research Inc....................... 339
100,000 # Tecnomatix Technologies Ltd............. 1,250
18,638
Peripherals (6.0%)
65,000 * # Adaptec Inc............................. 2,665
75,000 # Conner Peripherals Inc.................. 1,575
14,500 # Microcom Inc............................ 377
78,000 # Read-Rite Corp.......................... 1,813
22,000 # SDL Inc................................. 528
35,000 o # Seagate Technology...................... 1,663
30,000 # Storage Technology Corp ................ 716
32,500 # Western Digital Corp.................... 581
9,918
Semi-Conductors & Related (4.2% )
30,000 # Burr Brown.............................. 765
17,500 # Cirrus Logic Inc........................ 346
Number Value
of Shares Security (000's)
TUDOR (continued)
50,000 # C.P. Clare Inc.......................... $1,025
25,800 # Kopin Corp.............................. 368
24,000 # Micro Linear Corp....................... 246
50,000 # Microchip Technology Inc................ 1,825
7,500 # PRI Automation Inc...................... 263
26,500 # Uniphase Corp........................... 947
25,000 # Zilog Inc............................... 916
10,000 # Zoran Corp.............................. 207
6,908
Other Capital Goods (1.3%)
33,700 # American Superconductor Corp............ 489
21,700 # Amphenol Corp Cl A...................... 526
40,000 o # Elsag Bailey Process Auto NV............ 1,075
100,000 # Noise Cancellation
Technologies......................... 62
2,152
49,941
Consumer
Biotechnology (8.9%)
60,000 # Athena Neurosciences Inc................ 735
125,000 # Biocircuits Corp........................ 250
136,666 # Biomira Inc............................. 487
70,000 # Cambridge Neuroscience (A).............. 598
58,000 # Centocor Inc............................ 1,791
60,000 o # Epitope ................................ 990
108,819 # Gensia Inc.............................. 571
30,000 # Genzyme Corp ........................... 476
65,000 # Hemasure Inc............................ 829
60,000 # Immulogic Pharmaceutical Corp........... 1,155
30,000 # Incyte Pharmaceuticals Inc.............. 750
8,500 # Neozyme II Corp Units................... 401
47,530 # North American Biologicals.............. 511
65,000 o # North American Vaccine Inc.............. 918
40,000 # Pathogenesis Corp....................... 440
60,000 # Ribi Immunochem Research Inc............ 364
60,606 # Ribi Immunochem Research
Inc (A).............................. 349
75,000 # SangStat Medical Corp................... 778
60,000 # Sepracor Inc............................ 1,102
35,000 # SEQUUS Pharmaceuticals Inc ............. 499
25,000 # Seragen Inc (A)......................... 392
30,000 # Synaptic Pharmaceutical Corp............ 397
14,783
Health Care - Cost
Containment (1.9%)
27,500 # Access Health Inc....................... 1,217
21,500 # HCIA Inc................................ 1,005
24,000 # Healthsource Inc........................ 864
3,086
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedule of Investments at December 31, 1995
Number Value
of Shares Security (000's)
TUDOR (continued)
Other Health Care (8.3%)
37,500 # Biochem Pharmaceuticals, Inc. .......... $1,505
93,750 # Cantab Pharmaceuticals (A).............. 390
50,000 # Cantab Pharmaceuticals ADR.............. 219
50,000 # Complete Management Inc................. 444
70,000 # Circon Corp............................. 1,417
10,000 # Dura Pharmaceuticals, Inc. ............. 347
6,300 # IDX Systems Corp........................ 219
86,500 # Matrix Pharmaceuticals (A).............. 1,541
32,500 # MediSense Inc........................... 1,028
35,000 # Neopath Inc............................. 814
17,000 # Phycor Inc.............................. 860
45,000 # Physician Sales & Services Inc.......... 1,282
80,000 # Resound Corp ........................... 580
25,000 # Total Renal Care Holdings Inc........... 737
37,500 # Vivra Inc............................... 942
45,500 # Vivus Inc............................... 1,422
13,747
Lodging & Catering (6.6%)
20,000 # Doubletree Corp......................... 525
40,000 # Host Marriott Corp ..................... 530
100,000 # Landry's Seafood Restaurants............ 1,706
30,000 # Papa Johns International Inc ........... 1,236
163,100 o # Starbucks Corp.......................... 3,425
85,000 # Trump Hotels & Casino Resorts........... 1,827
171,500 Wetherspoon (J.D.) ..................... 1,709
* 10,958
Media - Wireless Cable
Television (1.4%)
60,000 o # American Telecasting Inc................ 870
50,000 # Cablemaxx Inc........................... 382
66,000 # CAI Wireless Systems Inc................ 635
23,322 # Peoples Choice TV Corp.................. 443
2,330
Other Media (0.5%)
50,000 # Big Flower Press........................ 775
Retail (7.9%)
44,300 # Autozone Inc............................ 1,279
11,500 # Bed Bath & Beyond Inc................... 446
30,000 # Cinar Films Inc ........................ 454
52,500 # General Nutrition Cos Inc............... 1,208
50,000 # Gymboree Corp........................... 1,031
40,000 Heilig Meyers Co........................ 735
60,000 # Just for Feet Inc....................... 2,145
30,800 # Penn Traffic Co ........................ 462
75,000 * # PETsMART Inc............................ 2,325
Number Value
of Shares Security (000's)
TUDOR (continued)
112,500 # Whole Foods Market Inc.................. $1,561
75,400 # Williams Sonoma Inc..................... 1,395
13,041
Other Consumer (4.6%)
125,000 # Chaus Bernard Inc....................... 453
15,200 # Deflecta-Shield Corp.................... 72
20,000 # Family Golf Centers Inc................. 365
30,000 Fila Holding ADR........................ 1,365
30,000 # Gemstar Int'l. Group Ltd. .............. 851
65,000 # Pet Practice............................ 666
80,000 Royal Caribbean Cruises Ltd............. 1,760
13,000 # Scholastic Corp......................... 1,011
40,000 o # Turbochef Inc........................... 1,135
7,678
66,398
Energy
Oil & Gas (1.3%)
17,500 Anadarko Petroleum Corp................. 947
57,000 Vintage Petroleum Inc................... 1,282
2,229
Oil Services (3.2%)
35,000 # BJ Services Co.......................... 1,015
40,000 # Energy Ventures Inc..................... 1,010
41,900 # Falcon Drilling Company Inc............. 629
95,000 # Noble Drilling Corp..................... 855
70,000 # Rowan Cos Inc........................... 691
40,000 # Weatherford Enterra Inc................. 1,155
5,355
7,584
Intermediate Goods & Services
Basic Industries (2.2%)
38,000 # ACX Technologies Inc.................... 575
53,500 Huntco Inc Cl A......................... 822
23,000 Intertape Polymer Group Inc............. 722
25,000 # Seda Specialty Packaging................ 309
12,500 Sigma Aldrich Corp...................... 619
22,800 # US Can Corp ............................ 308
296,000 # Waxman Industries Inc................... 240
3,595
Business Services (5.2%)
31,500 # Checkpoint Systems Inc.................. 1,177
40,000 # Corrections Corp ....................... 1,485
55,000 # Flextronics International Ltd........... 1,650
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedule of Investments at December 31, 1995
Number Value
of Shares Security (000's)
TUDOR (continued)
15,000 Olsten Corp ............................ $593
123,000 # Programmer's Paradise Inc............... 830
35,000 # Solectron Corp.......................... 1,545
54,500 # Wackenhut Corrections Corp.............. 1,376
8,656
Environmental Services (1.5%)
37,500 # Sanifill Inc............................ 1,251
35,000 # United Waste Systems.................... 1,304
2,555
Infrastructure (1.7%)
170,000 # AES China Generating Co Cl A............ 1,360
1,000,000 Hopewell Holdings....................... 576
95,900 # Stimsonite Corp......................... 911
2,847
Transportation (3.8%)
70,000 # America West Airlines Inc Cl B.......... 1,190
56,400 o # Continental Airlines Inc Cl B........... 2,454
29,400 # Fritz Cos Inc........................... 1,220
55,000 * # Valujet Inc............................. 1,361
6,225
23,878
Interest Sensitive
Banks & Thrifts (3.1% )
35,000 Bancfirst Corp.......................... 652
40,000 City National Corp...................... 560
10,700 Deposit Guaranty Corp................... 476
12,000 First Hawaiian Inc...................... 360
97,500 Home Financial Corp..................... 1,511
32,500 RCSB Financial Inc...................... 772
30,000 Washington Federal Inc.................. 769
5,100
Insurance (3.7%)
19,000 Allied Life Financial Corp.............. 344
30,000 # CapMAC Holdings Inc..................... 754
79,000 Fidelity National Financial Corp........ 1,471
40,000 PXRE Corp............................... 1,060
35,000 Transnational Re Corp Cl A.............. 858
46,500 # 20th Century Industries................. 924
45,000 Western National Corp................... 726
6,137
Other (1.5%)
100,000 # Cadiz Land Inc.......................... 575
35,000 Mills Corp.............................. 595
975,000 Peregrine Investment Holdings........... 1,261
2,431
13,668
Number Value
of Shares Security (000's)
TUDOR (continued)
Real Estate Investment Trusts
Lodging & Catering (0.7%)
75,000 RFS Hotel Investors Inc................. $1,153
Total Common Stock
(Cost $116,934)...................... 162,622
CONVERTIBLE PREFERRED
STOCK (0.1%)
(Cost $514)
Capital Goods
Other Capital Goods (0.1%)
5,138 Advanced Promotion
Technologies (A)..................... 66
Principal
Amount
(000's)
CONVERTIBLE BOND (0.5%)
(Cost $503)
Capital Goods
Other Capital Goods (0.5%)
$1,000 Solectron Corp Zero Coupon
Due 5/5/12........................... 889
Number
of Rights
RIGHTS (0.0%)
(Cost $5 )
Consumer
Biotechnology (0.0%)
6,000 Gensia Inc Exp 12/31/96................. 6
Number of
Warrants
WARRANTS (0.6%)
Consumer
Biotechnology (0.0%)
34,166 Biomira Inc Exp 12/15/96............... 50
Energy
Oil Services (0.1%)
10,000 BJ Services Co Exp 4/13/00............. 76
Interest Sensitive
Banks (0.5%)
25,000 Bank of New York Exp 11/29/98.......... 917
Total Warrants
(Cost $281).......................... 1,043
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedule of Investments at December 31, 1995
Number of Value
Contracts Security (000's)
TUDOR (continued)
PURCHASED PUT OPTIONS (0.1%)
52 Morgan Stanley High Tech 35
1/96 @ 320........................... $67
26 S & P 500 Index 1/96 @ 620.............. 22
Total Purchased Put Options
(Cost $92)........................... 89
Principal
Amount
(000's)
EURODOLLAR DEPOSIT (1.0%)
(Cost $1,719 )
$1,719 Sumitomo Bank Ltd.
5.750% Due 1/2/96.................... 1,719
Total Investments (100.5%)
(Cost $120,048)...................... 166,434
Liabilities in Excess of
Other Assets (-0.5%)................. (900)
Total Net Assets (100.0%)............... $165,534
Number of
Contracts
CALL OPTIONS WRITTEN
(Premiums Received $227)
52 Morgan Stanley High Tech 35
1/96 @ 315........................... 54
70 PETsMART, Inc. 2/96 @ 30............... 21
26 S & P 500 Index 1/96 @ 615.............. 16
163 Starbucks Corp. 1/96 @ 17.50............ 59
50 Valujet, Inc. 1/96 @ 30................ 2
100 Valujet, Inc. 1/96 @ 20................ 53
205
<FN>
# Non-income producing security.
o Securities out on loan.
* Securities pledged in whole or in part
for written options.
(A) SEC Rule 144 security. Requires registration
under the SEC Act of 1933 before it can be offered
for public sale.
</FN>
</TABLE>
<TABLE>
<C> <C><C> <S> <C>
Number Value
of Shares Security (000's)
GROWTH AND INCOME
COMMON STOCKS (93.2%)
Capital Goods
Aerospace (2.3%)
20,000 Lockeed Martin Corp..................... $1,580
Communications (3.3%)
40,000 DSC Communications Corp................. 1,475
50,000 Novell Inc.............................. 712
2,187
Computer Software &
Services (6.9%)
30,000 BMC Software Inc........................ 1,282
7,000 DST System.............................. 200
20,000 General Motors Corp Cl E................ 1,040
10,000 Microsoft Corp.......................... 878
30,000 Oracle Corp............................. 1,271
4,671
Semi-Conductors &
Related (2.5%)
20,000 Intel Corp.............................. 1,135
25,000 # National Semiconductor Corp............. 556
1,691
Other Capital Goods (11.0%)
30,000 General Electric Co..................... 2,160
24,800 Hewlett Packard Co...................... 2,077
18,000 Hubbell Inc Cl A........................ 1,118
15,000 Xerox Corp.............................. 2,055
7,410
17,539
Consumer
Beverages (4.1%)
15,000 Coca Cola Co............................ 1,114
30,000 PepsiCo Inc............................. 1,676
2,790
Health Care (7.3%)
20,000 American Home Products Corp............. 1,940
30,000 Pfizer Inc.............................. 1,890
20,000 Schering Plough Corp.................... 1,095
4,925
Restaurants (3.4%)
50,000 McDonalds Corp.......................... 2,256
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedule of Investments at December 31, 1995
Number Value
of Shares Security (000's)
GROWTH AND INCOME (continued)
Other Consumer (4.9%)
25,000 Carnival Corp........................... $609
30,000 Philip Morris Cos Inc................... 2,715
3,324
13,295
Other Consumer
Consumer Cyclicals (7.2%)
18,000 Colgate Palmolive Co.................... 1,265
15,000 Johnson & Johnson....................... 1,284
35,000 Merck & Co Inc.......................... 2,301
4,850
Intermediate Goods & Services
Basic Industries (4.5%)
75,000 Engelhard Corp.......................... 1,631
25,000 Hercules Inc............................ 1,409
3,040
Telephone (1.1%)
37,000 Ericsson L M Tel Co ADR Cl B............ 722
3,762
Natural Resources
Energy & Related (4.5%)
25,000 Exxon Corp.............................. 2,003
15,000 Schlumberger Ltd........................ 1,039
3,042
Real Estate Investment Trusts
Commercial & Industrial (0.9%)
20,000 Duke Realty Investors Inc............... 628
Health Care (1.1%)
50,000 LTC Properties Inc...................... 750
Residential (3.0%)
50,000 Gables Residential Trust................ 1,144
50,000 Mills Corp.............................. 850
1,994
Restaurants (0.9%)
45,000 Commercial Net Lease Realty
Inc.................................. 574
Shopping Centers (2.6%)
30,000 JDN Realty Corp......................... 671
50,000 Urban Shopping Centers Inc........ 1,069
1,740
5,686
Number Value
of Shares Security (000's)
GROWTH AND INCOME (continued)
Interest Sensitive
Banks (8.9%)
25,000 BankAmerica Corp........................ $1,619
25,000 Citicorp................................ 1,681
30,000 MBNA Corp............................... 1,106
25,000 Republic NY Corp....................... 1,553
5,959
Insurance (7.9%)
25,000 American International Group
Inc.................................. 2,313
15,000 Chubb Corp.............................. 1,451
25,000 Travelers Group Inc..................... 1,572
5,336
Other (4.9%)
10,000 Federal Home Loan Mortgage
Corp................................. 835
20,000 Federal National Mortgage
Association.......................... 2,483
3,318
14,613
Total Common Stock
(Cost $48,075)..................... 62,787
CONVERTIBLE COMMON
STOCK (1.2%)
(Cost $551)
Interest Sensitive (1.2%)
15,000 American Express Co-
First Data Corp
6.250% Due 10/15/96.................. 833
Principal
Amount
(000's)
CORPORATE BONDS (2.8%)
Capital Goods
Communications (1.6%)
$1,000 Tele Communications Inc
8.750% Due 2/15/23.................. 1,059
Consumer
Miscellaneous Consumer (1.2%)
750 Philip Morris Inc
7.500% Due 1/15/02.................. 797
Total Corporate Bonds
(Cost $1,730)..................... 1,856
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedule of Investments at December 31, 1995
Principal
Amount Value
(000's) Security (000's)
GROWTH AND INCOME (continued)
CONVERTIBLE PREFERRED
BOND (1.2%)
(Cost $750)
Other Capital Goods (1.2%)
$750 Thermo Electron (B)
4.250% Due 1/1/03................... $819
U.S. TREASURY
SECURITIES (1.9%)
(Cost $1,195)
U.S. Treaury Bond (1.9%)
1,000 U. S. Treasury Bond
10.000% Due 5/15/10................. 1,306
EURODOLLAR DEPOSIT ( 2.0%)
(Cost $1,329)
1,329 Societe Generale
5.500% Due 1/2/96................... 1,329
Total Investments (102.3%)
(Cost $53,630)................... 68,930
Liabilities in Excess of Other
Assets (-2.3%).................... (1,573)
Total Net Assets (100.0%)............... $67,357
<FN>
# Non-income producing security.
(B) SEC Rule 144A Security. Such security has limited
markets and is traded among "qualified institutional buyers".
</FN>
</TABLE>
<TABLE>
<C> <C><C> <S> <C>
Number Value
of Shares Security (000's)
GROWTH
COMMON STOCKS (96.1%)
Capital Goods
Communications (8.2%)
4,500 # Cascade Communications Corp............. $384
15,000 # Gilat Satellite Networks LTD............ 379
30,000 # Highwaymaster
Communications....................... 311
27,000 # Itron Inc............................... 911
182,000 o # Mitel Corp.............................. 1,183
25,000 # P-Com Inc............................... 500
22,900 # QUALCOMM Inc............................ 985
30,500 # Tekelec................................. 320
4,973
Number Value
of Shares Security (000's)
GROWTH (continued)
Computer Software &
Services (6.9%)
35,000 # Cognex Corp............................. $1,216
6,500 # Discreet Logic Inc...................... 162
18,200 # Fiserv Inc.............................. 546
11,300 o # FTP Software Inc ....................... 328
26,600 # Hyperion Software Corp.................. 565
8,000 # Parametric Technology Corp.............. 532
12,500 # QuickResponse Services Inc.............. 230
3,000 # Sync Research Inc....................... 136
27,400 # Wonderware Corp ........................ 469
4,184
Peripherals (4.2%)
25,000 # Adaptec Inc............................. 1,025
23,000 # Boca Research Inc....................... 609
10,000 # Microcom Inc............................ 260
17,000 o # SDL Inc................................. 408
10,000 # Visioneer Communications Inc............ 223
2,525
Semi-Conductors & Related (6.2%)
10,500 # Burr Brown.............................. 268
20,000 # C.P. Clare Inc.......................... 410
20,200 # Kopin Corp.............................. 288
34,400 o # Microchip Technology Inc................ 1,256
6,500 # PRI Automation Inc...................... 228
10,000 # Uniphase Corp........................... 357
16,500 # Zilog Inc............................... 604
14,600 # Zoran Corp.............................. 303
3,714
Other Capital Goods (1.6%)
26,500 # American Superconductor Corp............ 384
13,000 o # Elsag Bailey Process Auto NV............ 350
367,800 o # Noise Cancellation
Technologies......................... 230
964
16,360
Consumer
Biotechnology (5.2%)
23,000 # Athena Neurosciences Inc................ 282
66,000 # Biomira Inc............................. 235
102,379 # Gensia Inc.............................. 537
12,500 # Genzyme Corp ........................... 198
28,145 # North American Biologicals Inc.......... 303
26,500 o # North American Vaccine Inc.............. 374
25,000 # Pathogenesis Corp....................... 275
10,000 # Pharmacopeia Inc........................ 243
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedule of Investments at December 31, 1995
Number Value
of Shares Security (000's)
GROWTH (continued)
14,800 # Ribi Immunochem Research Inc............ $90
60,606 # Ribi Immunochem Research
Inc (A).............................. 349
17,500 # SEQUUS Pharmaceuticals Inc.............. 249
3,135
Health Care - Cost
Containment (1.5%)
12,000 # Access Health Inc....................... 531
10,000 # Healthsource Inc........................ 360
891
Other Health Care (10.7%)
16,300 # Biochem Pharmaceuticals Inc............. 654
34,000 # Circon Corp............................. 688
16,000 # Dura Pharmaceuticals Inc................ 556
7,000 # IDX Systems Corp........................ 243
16,100 # Martek Biosciences Corp................. 407
21,000 # MediSense Inc........................... 664
14,500 # Neopath Inc............................. 337
9,250 # Phycor Inc.............................. 468
22,500 # Physician Sales & Services Inc.......... 641
27,500 # Sano Corp............................... 316
14,000 # Steris Corp............................. 452
23,250 # Vivra Inc............................... 584
15,000 o # Vivus Inc............................... 469
6,479
Lodging & Catering (4.6%)
26,600 o # Landry's Seafood Restaurants............ 454
14,000 o # Papa Johns International Inc ........... 577
20,000 Showboat Inc............................ 527
58,000 o # Starbucks Corp.......................... 1,218
2,776
Media - Cable Television (3.2%)
48,700 o # American Telecasting Inc................ 706
100,500 # Cablemaxx Inc........................... 766
25,500 # Peoples Choice TV Corp.................. 485
1,957
Media - Cellular (0.5%)
15,000 # Proxim Inc ............................. 266
Other Media (0.9%)
12,500 Houghton Mifflin Co..................... 538
Retail (5.4%)
21,000 # General Nutrition Cos Inc............... 483
27,500 # Just for Feet Inc....................... 983
Number Value
of Shares Security (000's)
GROWTH (continued)
19,500 # Penn Traffic Co ........................ $293
20,000 o # PETsMART Inc............................ 620
20,500 # Renters Choice Inc...................... 282
21,000 o # Whole Foods Market Inc.................. 291
18,000 # Williams Sonoma Inc..................... 333
3,285
Other Consumer (5.3%)
43,443 o # Barry R G Corp ......................... 847
11,000 o # Family Golf Centers Inc................. 201
11,000 Fila Holding ADR........................ 501
16,500 # Gemstar International Group
LTD.................................. 468
24,500 # Pet Practice............................ 251
11,100 Richfood Holdings Inc................... 297
7,900 # Scholastic Corp......................... 614
3,179
22,506
Energy
Oil & Gas (0.8%)
20,200 Vintage Petroleum Inc................... 454
Oil Services (2.5%)
13,500 # Energy Ventures Inc................... 341
20,000 # Falcon Drilling Company Inc............. 300
44,000 # Noble Drilling Corp..................... 396
16,750 # Weatherford Enterra Inc................. 484
1,521
1,975
Intermediate Goods & Services
Basic Industries (1.7%)
14,400 # ACX Technologies Inc.................... 218
15,400 Huntco Inc Cl A......................... 237
10,500 Intertape Polymer Group Inc............. 329
8,100 O M Group Inc .......................... 268
1,052
Business Services (9.6%)
80,500 o # Advanced Promotion
Technologies......................... 52
31,000 # Checkpoint Systems Inc.................. 1,159
20,000 # Corporate Express Inc................... 602
28,000 # Flextronics International Ltd........... 840
40,000 o # Solectron Corp.......................... 1,765
55,500 o # Wackenhut Corrections Corp.............. 1,401
5,819
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedule of Investments at December 31, 1995
Number Value
of Shares Security (000's)
GROWTH (continued)
Environmental Services (2.0%)
29,500 # Addington Resources Inc................. $432
13,000 o # Sanifill Inc............................ 434
9,000 # United Waste Systems.................... 335
1,201
Infrastructure (1.7%)
50,000 # AES China Generating Co Cl A............ 400
37,500 # Stimsonite Corp......................... 356
5,000 Vulcan Materials Co..................... 288
1,044
Transportation (2.9%)
18,000 o # Continental Airlines Inc Cl B........... 783
10,000 # Fritz Cos Inc........................... 415
23,500 o # Valujet Inc............................. 582
1,780
10,896
Interest Sensitive
Banks & Thrifts (5.0%)
22,000 Bancfirst Corp.......................... 410
22,500 City National Corp...................... 315
11,500 Deposit Guaranty Corp................... 512
45,000 Home Financial Corp..................... 697
16,500 RCSB Financial Inc...................... 392
26,000 Washington Federal Inc.................. 666
2,992
Insurance (5.0%)
22,500 Allied Life Financial Corp.............. 408
12,200 o # CapMAC Holdings Inc..................... 306
31,500 Fidelity National Financial Corp........ 587
34,000 PXRE Corp............................... 901
18,000 # 20Th Century Industries................. 358
30,000 Western National Corp................... 484
3,044
6,036
Real Estate Investment Trusts
Lodging & Catering (0.5%)
20,000 RFS Hotel Investors Inc............... 307
Total Common Stock
(Cost $46,931)....................... 58,080
Number Value
of Rights Security (000's)
GROWTH (continued)
RIGHTS (0.1%)
(Cost $57)
Consumer
Biotechnology (0.1%)
65,000 Gensia Inc Exp 12/31/96................. $65
Principal
Amount
(000's)
EURODOLLAR DEPOSITS (6.8%)
$1,628 Societe Generale
5.500% Due 1/2/96.................... 1,628
2,500 Sumitomo Bank Ltd.
5.750% Due 1/2/96.................... 2,500
Total Eurodollar Deposits
(Cost $4,128)........................ 4,128
Total Investments (103.0%)
(Cost $51,116)....................... 62,273
Liabilities in Excess of Other
Assets (-3.0%)....................... (1,820)
Total Net Assets (100.0%)............... $60,453
<FN>
# Non-income producing security.
o Security out on loan.
(A) SEC Rule 144 Security. Requires registration under
the SEC Act of 1933 before it can be offered for public
sale.
</FN>
</TABLE>
<TABLE>
<C> <C><C> <S> <C>
Number Value
of Shares Security (000's)
QUANTITATIVE EQUITY
COMMON STOCKS (92.4%)
Capital Goods (13.4%)
35,700 International Business Machines
Corp................................. $3,275
23,400 Boeing Co............................... 1,834
22,000 Rockwell International Corp............. 1,163
10,600 McDonnell Douglas Corp.................. 975
6,700 Xerox Corp.............................. 918
40,200 Westinghouse Electric Corp.............. 663
13,600 Raytheon Co............................. 643
12,400 Honeywell, Inc.......................... 603
13,900 Loral Corp.............................. 492
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedule of Investments at December 31, 1995
Number Value
of Shares Security (000's)
QUANTITATIVE EQUITY (continued)
14,800 Apple Computer, Inc..................... $472
30,600 # Novell, Inc............................. 436
10,936 AMP, Inc................................ 420
10,600 Tyco Labs, Inc.......................... 378
4,500 # Computer Sciences Corp.................. 316
11,000 Pall Corp............................... 296
4,600 Northrop Corp........................... 294
8,200 Parker Hannifin Corp.................... 281
16,900 Advanced Micro Devices, Inc............. 279
6,000 Alco Standard Corp...................... 274
3,700 Grainger W W, Inc....................... 245
6,600 Autodesk, Inc........................... 226
3,900 Raychem Corp............................ 222
5,400 Dover Corp.............................. 199
3,200 General Dynamics Corp................... 189
3,700 Avery Dennison Corp..................... 185
9,100 Moore Ltd............................... 169
4,375 # Andrew Corp............................. 167
4,200 Perkin Elmer Corp....................... 159
3,800 # Ceridian Corp........................... 157
27,800 # Unisys Corp............................. 156
4,700 Harnischfeger Industries, Inc........... 156
2,600 Harris Corp............................. 142
5,200 Teledyne, Inc........................... 133
15,600 # Amdahl Corp............................. 133
11,430 # Navistar International Corp ............ 120
1,700 # FMC Corp ............................... 115
4,600 EG & G, Inc............................. 112
3,800 Cincinnati Milacron, Inc................ 100
3,400 Trinova Corp............................ 97
2,900 General Signal Corp..................... 94
1,200 Thomas & Betts Corp..................... 89
2,000 Briggs & Stratton Corp.................. 87
2,100 Timken Co............................... 80
4,700 # Intergraph Corp......................... 74
2,700 # Cray Research, Inc...................... 67
3,300 Giddings & Lewis Inc.................... 54
2,700 # Data General Corp....................... 37
1,400 Harland John H Co....................... 29
800 Zurn Industries Inc..................... 17
2,456 # Zenith Electronics Corp................. 17
2,500 # Morrison Knudsen Corp................... 11
17,850
Consumer Durables (2.5%)
9,700 Eaton Corp.............................. 520
4,600 TRW, Inc................................ 356
7,500 Genuine Parts Co........................ 308
8,400 Black & Decker Corp..................... 296
6,500 Echlin, Inc............................. 237
Number Value
of Shares Security (000's)
QUANTITATIVE EQUITY (continued)
9,600 Cooper Tire & Rubber Co................. $236
3,500 Armstrong World Industries, Inc......... 217
10,700 Maytag Corp............................. 217
5,500 Cummins Engine, Inc..................... 204
4,800 PACCAR, Inc............................. 202
3,100 Stanley Works........................... 160
1,700 Goodrich B F Co......................... 116
1,800 Snap-On, Inc............................ 81
2,000 Outboard Marine Corp.................... 41
900 Mattel, Inc............................. 28
950 Bassett Furniture Industries, Inc....... 22
700 SPX Corp................................ 11
3,252
Consumer Miscellaneous (0.3%)
8,100 Service Corp International.............. 356
Consumer Non-Durables (26.3%)
51,800 Lilly Eli & Co.......................... 2,914
33,900 Eastman Kodak Co........................ 2,271
41,300 Columbia/HCA Healthcare Corp............ 2,096
30,400 Schering Plough Corp.................... 1,664
9,600 Unilever N V ADR........................ 1,351
28,400 # Viacom Inc Cl B......................... 1,345
15,100 Kellogg Co.............................. 1,166
62,886 Archer Daniels Midland Co............... 1,132
25,700 May Department Stores Co................ 1,086
16,100 # Amgen, Inc.............................. 956
13,700 Anheuser Busch Cos, Inc................. 916
19,895 # Pharmacia & Upjohn, Inc................. 771
9,800 Colgate Palmolive Co.................... 688
20,700 Heinz H J Co............................ 686
14,300 U S Healthcare, Inc..................... 665
15,600 Conagra, Inc............................ 644
80,400 K Mart Corp............................. 583
7,700 Dayton Hudson Corp...................... 578
11,500 # Boston Scientific Corp.................. 564
9,000 Ralston Purina Co-Ralston............... 561
7,900 CPC International, Inc.................. 542
8,700 Gannett, Inc............................ 534
14,500 Quaker Oats Co.......................... 500
3,800 Capital Cities/ ABC, Inc................ 469
11,700 Marriott International, Inc............. 448
19,600 # Tenet Healthcare Corp .................. 407
14,800 American Stores Co ..................... 396
7,000 Pioneer Hi Bred International........... 389
10,000 # Kroger Co............................... 375
7,100 International Flavors &
Fragrances, Inc....................... 341
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedule of Investments at December 31, 1995
Number Value
of Shares Security (000's)
QUANTITATIVE EQUITY (continued)
11,500 Dillard Department Stores,
Inc Cl A............................. $328
7,800 Harcourt General, Inc................... 327
6,400 Premark International, Inc.............. 324
4,300 # Federal Express Corp.................... 318
4,000 Avon Products, Inc...................... 302
4,700 Tribune Co ............................. 287
3,800 Becton Dickinson & Co................... 285
9,100 Melville Corp........................... 280
11,300 # Fruit of the Loom, Inc Cl A............. 275
5,200 V F Corp................................ 274
7,700 Rite Aid Corp........................... 264
8,900 Reebok International Ltd................ 251
8,000 New York Times Co Cl A.................. 237
3,500 Hershey Foods Corp...................... 228
2,600 McGraw Hill, Inc........................ 227
6,400 Allergan, Inc........................... 208
4,200 Polaroid Corp........................... 199
7,100 American Greetings Corp Cl A............ 196
10,900 # Biomet, Inc............................. 195
2,700 Clorox Co............................... 193
4,100 Mercantile Stores, Inc.................. 190
3,000 Knight Ridder, Inc...................... 187
14,300 Woolworth Corp.......................... 186
5,800 Giant Food Inc Cl A..................... 183
4,300 # King World Productions, Inc............. 167
4,600 Supervalu, Inc.......................... 145
4,900 Liz Claiborne, Inc...................... 136
6,900 TJX Cos, Inc ........................... 130
4,900 Great Atlantic & Pacific Tea, Inc....... 113
3,900 Russell Corp............................ 108
3,200 UST, Inc................................ 107
4,900 United States Surgical Corp............. 105
3,948 Jostens, Inc............................ 96
4,500 Fleming Cos, Inc........................ 93
2,100 Springs Industries, Inc................. 87
2,200 Brown Forman Corp Cl B.................. 80
2,400 National Service Industries, Inc........ 78
3,000 Coors Adolph Co Cl B.................... 66
1,500 Meredith Corp........................... 63
2,700 Lubys Cafeterias, Inc................... 60
1,700 Alberto Culver Co Cl B ................. 58
4,000 # Bally Entertainment Corp................ 56
2,300 Brunswick Corp.......................... 55
4,200 # Shoneys, Inc............................ 43
3,200 Community Psychiatric Centers........... 39
800 Longs Drug Stores Corp.................. 38
5,100 Stride Rite Corp........................ 38
10,900 Charming Shoppes, Inc................... 31
3,600 # Ryans Family Steak Houses, Inc.......... 25
Number Value
of Shares Security (000's)
QUANTITATIVE EQUITY (continued)
3,600 Handleman Co ........................... $21
920 # FirstMiss Gold, Inc..................... 20
1,400 Brown Group, Inc........................ 20
35,060
Energy (20.3%)
73,500 Exxon Corp.............................. 5,889
33,100 Royal Dutch Petroleum Co ............... 4,671
23,900 Mobil Corp.............................. 2,677
32,300 Amoco Corp.............................. 2,321
38,700 Chevron Corp............................ 2,032
19,300 Schlumberger Ltd........................ 1,336
16,900 Texaco, Inc............................. 1,327
10,200 Atlantic Richfield Co................... 1,130
29,100 Phillips Petroleum Co................... 993
34,500 Occidental Petroleum Corp............... 737
14,600 Burlington Resources, Inc............... 573
10,400 Amerada Hess Corp....................... 551
17,400 Baker Hughes, Inc....................... 424
9,400 Williams Cos, Inc....................... 412
12,600 Sun, Inc................................ 345
7,200 Ashland, Inc............................ 253
9,700 McDermott International, Inc............ 213
3,200 Kerr McGee Corp......................... 203
8,000 Dresser Industries, Inc................. 195
13,200 # Oryx Energy Co.......................... 177
3,800 Pennzoil Co............................. 161
3,400 Louisiana Land & Exploration
Co................................... 146
9,100 # Santa Fe Energy Resources............... 88
7,600 # Rowan Cos, Inc.......................... 75
2,400 Helmerich & Payne, Inc.................. 71
700 NACCO Industries, Inc Cl A.............. 39
700 Eastern Enterprises..................... 25
27,064
Financial (5.5%)
10,700 First Data Corp......................... 716
15,400 Keycorp ................................ 558
8,200 Fluor Corp.............................. 541
3,200 General Re Corp......................... 496
5,800 Loews Corp.............................. 455
4,600 Chubb Corp.............................. 445
3,900 Cigna Corp.............................. 403
4,200 Marsh & McLennan Cos, Inc............... 373
6,900 Lincoln National Corp................... 371
6,700 UNUM Corp............................... 369
8,800 National City Corp...................... 291
8,200 U S Bancorp ............................ 276
6,700 Boatmens Bancshares, Inc............ 274
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedule of Investments at December 31, 1995
Number Value
of Shares Security (000's)
QUANTITATIVE EQUITY (continued)
4,900 St Paul Cos, Inc........................ $272
3,500 Transamerica Corp....................... 255
6,800 Safeco Corp............................. 235
4,900 Torchmark Corp.......................... 222
5,400 Sherwin Williams Co..................... 220
3,750 Jefferson Pilot Corp.................... 174
2,600 Beneficial Corp......................... 121
3,100 Crane Co................................ 114
1,700 Potlatch Corp........................... 68
1,500 USLIFE Corp............................. 45
500 Skyline Corp............................ 10
7,304
Intermediate Goods & Services (8.7%)
25,800 Minnesota Mining &
Manufacturing Co..................... 1,709
37,800 Barrick Gold Corp....................... 997
7,300 Monsanto Co............................. 894
28,000 Placer Dome, Inc........................ 676
7,700 Kimberly Clark Corp..................... 637
18,100 Corning, Inc............................ 579
8,900 Dun & Bradstreet Corp................... 576
9,992 Newmont Mining Corp..................... 452
6,600 Phelps Dodge Corp....................... 411
16,800 Engelhard Corp.......................... 365
8,100 Interpublic Group Cos, Inc.............. 351
6,200 Hercules, Inc........................... 350
5,100 Rohm & Haas Co.......................... 328
9,000 Inco Ltd................................ 299
7,400 Dow Jones & Co, Inc..................... 295
5,500 Sigma Aldrich Corp...................... 272
12,000 Worthington Industries, Inc............. 250
24,000 Laidlaw, Inc Cl B....................... 246
5,800 # Crown Cork & Seal, Inc.................. 242
14,700 Homestake Mining Co..................... 230
6,400 Nalco Chemical Co....................... 193
7,500 James River Corp ....................... 181
6,000 Deluxe Corp............................. 174
4,700 Boise Cascade Corp...................... 163
3,100 Federal Paper Board, Inc................ 161
3,700 Ecolab, Inc............................. 111
10,000 Echo Bay Mines Ltd...................... 104
1,900 Shared Medical Systems Corp............. 103
3,700 Ball Corp............................... 102
6,000 Safety Kleen Corp....................... 94
9,000 # Armco, Inc.............................. 53
1,300 First Mississippi Corp.................. 34
11,632
Number Value
of Shares Security (000's)
QUANTITATIVE EQUITY (continued)
Miscellaneous Industrials (0.5%)
4,500 Textron, Inc............................ $304
7,500 Dial Corp .............................. 222
4,400 Millipore Corp.......................... 181
707
Public Utilities (14.6%)
49,900 GTE Corp................................ 2,196
23,000 Bell Atlantic Corp...................... 1,538
31,500 Sprint Corp............................. 1,256
27,900 Enron Corp.............................. 1,064
40,000 MCI Communications Corp................. 1,045
38,100 Southern Co............................. 938
23,400 U S West, Inc........................... 837
11,600 Duke Power Co........................... 550
12,700 Texas Utilities Co...................... 522
28,500 SCEcorp................................. 506
10,300 FPL Group, Inc.......................... 478
14,700 Public Service Enterprise Group......... 450
23,400 # U S West Inc Com-Media
Group................................ 445
13,400 Unicom Corp............................. 439
10,600 American Electric Power, Inc............ 429
14,700 Panhandle Eastern Corp.................. 410
9,900 Dominion Resources, Inc ................ 408
10,800 Coastal Corp............................ 402
13,200 PECO Energy Co ......................... 398
18,600 Pacificorp.............................. 395
15,000 Houston Industries, Inc................. 364
10,000 Sonat, Inc.............................. 356
11,900 Alltel Corp............................. 351
12,000 Entergy Corp ........................... 351
12,300 Central & South West Corp............... 343
8,700 Carolina Power & Light Co............... 300
8,100 Detroit Edison Co....................... 279
8,846 Cinergy Corp............................ 271
5,600 Consolidated Natural Gas Co............. 254
6,000 Union Electric Co....................... 251
8,500 Pacific Enterprises..................... 240
6,800 General Public Utilities Corp........... 231
9,200 Ohio Edison Co.......................... 216
4,400 Northern States Power Co ............... 216
4,800 # Columbia Gas Systems, Inc............... 211
7,900 Enserch Corp............................ 128
12,500 Niagara Mohawk Power Corp............... 120
11,300 Noram Energy Corp....................... 100
3,000 Nicor, Inc.............................. 83
2,600 Oneok ,Inc.............................. 59
1,200 BellSouth Corp.......................... 52
19,482
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedule of Investments at December 31, 1995
Number Value
of Shares Security (000's)
QUANTITATIVE EQUITY (continued)
Transportation (0.3%)
10,000 Whitman Corp............................ $233
3,700 Consolidated Freightways, Inc........... 98
4,000 # USAir Group, Inc........................ 53
3,400 Yellow Corp............................. 42
426
Total Common Stocks
(Cost $101,101).................... 123,133
Principal
Amount
(000's)
U.S. Government Securities (7.9%)
(Cost $10,472)
$10,700 * U.S. Treasury Bill Due 5/30/96.......... 10,472
Total Investments (100.3%)
(Cost $111,573) ................... 133,605
Liabilities in Excess of
Other Assets (-0.3%)................ (404)
Total Net Assets (100.0%)....... $133,201
Number of Unrealized
Contracts Depreciation
Futures Purchased
(Aggregate futures amount $9,895)
32 S & P 500 Futures 3/96.................. 81
<FN>
# Non-income producing security.
* Security pledged for futures purchased.
</FN>
</TABLE>
<TABLE>
<C> <C><C> <S> <C>
Number Value
of Shares Security (000's)
INTERNATIONAL
COMMON STOCKS (85.5%)
Australia (2.1%)
27,000 Australian & New Zealand Bank......... $127
5,500 Broken Hill Proprietary Co.............. 78
15,000 Western Mining Corp................... 96
301
Austria (0.4%)
296 Flughafen Wein AG....................... 20
600 Oest Elektrizitats...................... 36
56
Number Value
of Shares Security (000's)
INTERNATIONAL (continued)
Canada (1.5%)
5,000 Northern Telecom LTD.................... $215
Denmark (0.9%)
2,400 Tele Danmark 'B'........................ 131
France (5.7%)
157 Air Liquide (L')........................ 26
555 Alcatel Alsthom......................... 48
2,296 # Cap Gemini Sogeti ...................... 65
250 Chargeurs............................... 50
1,134 Eaux (CIE Generales Des)................ 113
1,145 Havas................................... 91
485 LVMH Moet Hennessey..................... 101
1,439 Pechiney................................ 25
1,450 Renault ................................ 42
525 Roussel & Uclaf......................... 89
794 Societe Generale........................ 98
44 Societe National Elf Aquitaine.......... 3
2,400 Union Des Assurances De Paris ......... 62
813
Germany (4.0%)
69 Daimler Benz AG ........................ 35
135 # Degussa................................. 45
2,635 Deutsche Bank........................... 125
5,150 # Dresdner Bank........................... 137
270 Henkel Pref............................. 102
350 RWE AG.................................. 127
571
Hong Kong (9.0%)
23,000 Cheung Kong............................. 140
35,000 China Light & Power..................... 161
200,000 Grand Hotels A.......................... 75
30,000 Hong Kong Electric...................... 98
1,450 HSBC Holdings ADR....................... 219
13,000 Hutchison Whampoa....................... 79
55,000 # New World Infrastructure................ 105
20,000 Sun Hung Kai Properties ................ 164
20,000 Swire Pacific A......................... 155
24,000 Wharf Holdings.......................... 80
1,276
Indonesia (1.3%)
34,000 Astra International..................... 71
5,000 Hanjaya Mandala Sampoerna.............. 52
2,200 # PT Telekomunikasi Indonesia
ADR............................. 55
178
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedule of Investments at December 31, 1995
Number Value
of Shares Security (000's)
INTERNATIONAL (continued)
Italy (2.6%)
700 Assicurazioni Generali.................. $17
65,400 # Cir-Compagnie Industriale............... 44
16,000 # Ente Nazionale Idrocarburi.............. 56
25,000 Fiat Spa Ord............................ 81
26,000 Istituto Nazionale delle
Assicurazioni................... 35
15,000 Italgas................................. 46
78,500 # Olivetti & C Spa ....................... 63
11,500 Stet.................................... 33
375
Japan (25.1%)
7,000 Banyu Pharmaceutical.................... 86
4,620 Canon Sales............................. 123
2,000 # Circle K Japan Co. ..................... 88
1,000 FCC Co.................................. 35
1,000 Fuji Machinery.......................... 36
10,000 Honshu Paper Co......................... 61
15,000 Itochu Corp............................. 101
1,000 Ito-Yokado Co........................... 62
2,000 Kato Denki Co........................... 52
500 Keyence Corp............................ 58
1,000 Kyocera................................. 74
20,000 Mitsubishi Heavy Industries............. 160
15,000 Mitsubishi Materials Corp............... 78
10,000 Mitsubishi Motor Corp................... 81
6,000 Nippon Electric Glass................... 114
8,000 Nippon Express.......................... 77
25,000 Nippon Steel............................ 86
15 Nippon Tel &Tel Corp.................... 121
500 Nippon Television Network............... 134
15,000 # NKK Corp................................ 40
8,000 Nomura Securities....................... 174
20,000 NTN Corp................................ 134
10,000 Okumura Corp............................ 91
5,000 Omron Corp.............................. 115
3,000 Osaka Steel............................. 46
3,000 Ricoh................................... 33
3,000 Rohm.................................... 169
2,000 Secom................................... 139
5,000 Shin-Etsu Chemicals Co.................. 104
1,000 SMC Corp................................ 72
10,000 Sumitomo Marine & Fire
Insurance....................... 82
10,000 Sumitomo Trust & Bank................... 141
10,000 Suzuki Motor Co......................... 111
3,000 Tostem Corp............................. 100
15,000 Toyo Ink Manufacturing.................. 74
5,000 Ushio Co................................ 60
Number Value
of Shares Security (000's)
INTERNATIONAL (continued)
10,000 # Victor Co of Japan...................... $127
15,000 Yodogawa Steel Works.................... 118
3,557
Malaysia (2.7%)
40,000 Berjaya Sports Toto .................... 93
24,000 Development and
Commercial Bank..................... 70
20,000 Leader Universal Holding................ 45
28,000 Road Builders Holding .................. 97
28,333 UMW Holdings............................ 76
381
Mexico (1.3%)
6,000 Telefonos de Mexico ADR................. 191
Netherlands (2.3%)
909 Ahold................................... 37
250 Akzo Nobel.............................. 29
940 # BE Semiconductor Industries............. 12
5,600 Elsevier................................ 75
676 Koninklijke PTT......................... 25
990 Philips Electronics..................... 36
375 Royal Dutch Petroleum................... 52
430 Unilever NV CVA......................... 60
326
Norway (0.3%)
7,000 Den Norske Bank......................... 18
780 Kvaerner 'A'............................ 28
46
New Zealand (1.2%)
72,000 Fletcher Challenge...................... 166
Philippines (0.2%)
86,000 Picop Resources Inc..................... 21
Singapore (4.4%)
200,000 CDL Hotels International................ 101
14,000 Keppel Corp............................. 125
5,000 Overseas-Chinese
Banking Corp......................... 62
10,000 Sembawang Corporation LTD.............. 55
20,000 Sembawang Maritime...................... 64
5,000 Singapore International Airlines ....... 47
50,000 Straits Steamship Land LTD.............. 169
623
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedule of Investments at December 31, 1995
Number Value
of Shares Security (000's)
INTERNATIONAL (continued)
South Korea (2.3%)
8,000 # LG Chemical LTD GDR (B)............... $166
2,395 # Samsung Electronics GDS
(non-voting) (B)..................... 141
176 # Samsung Electronics GDS
(voting) (B)......................... 16
323
Spain (1.8%)
1,917 Argentaria CMN.......................... 79
650 Empresa Nacional de Electric............ 37
2,500 Repsol.................................. 82
4,400 Telefonica de Espana.................... 61
259
Sweden (0.4%)
700 Electrolux AB........................... 29
1,430 Ericsson Tele B ........................ 28
57
Switzerland (2.0%)
50 Brown Boveri & Cie 'A'.................. 58
21 Ciba Geigy.............................. 19
125 Nestle.................................. 138
6 Roche Holdings.......................... 47
190 SMH Neuenburg........................... 25
287
Thailand (3.0%)
21,000 CMIC Finance & Securities
Co.-Foreign..................... 67
28,000 Krung Thai Bank Public Co.-
Foreign......................... 114
5,000 Loxley Public Co-Foreign................ 98
9,000 # Quality Houses-Foreign.................. 39
2,000 Siam Cement-Foreign..................... 111
429
United Kingdom (11.0%)
5,000 Anglian Water........................... 47
30,000 ASDA Group.............................. 52
4,500 Bass Ord................................ 50
6,000 BAT Industries.......................... 53
4,000 Barclays ............................... 46
10,000 Blue Circle Industries.................. 53
3,000 BOC Group............................... 42
3,750 British Aerospace....................... 46
7,500 British Petroleum....................... 63
8,000 British Telecomm........................ 44
10,000 BTR..................................... 51
3,000 # Burmah Castrol.......................... 44
Number Value
of Shares Security (000's)
INTERNATIONAL (continued)
12,000 Coats Viyella........................... $32
7,000 Derwent Valley.......................... 34
9,000 DFS Furniture........................... 56
12,000 General Electric........................ 66
5,000 Glaxo Welcome........................... 71
8,000 Grand Metropolitan...................... 58
46,000 Howden Group............................ 48
3,000 Kingfisher ADR.......................... 50
12,000 Lex Services............................ 57
17,000 MFI Furniture Group..................... 42
7,500 National Express Group.................. 42
6,000 National Westminster Bank............... 60
8,000 Prudential Corp......................... 52
12,000 Rolls Royce............................. 35
5,000 Shell Transport & Trading............... 66
6,000 Standard Chartered Bank................. 51
2,500 Unilever................................ 51
18,000 WPP Group............................... 46
2,500 Zeneca Group............................ 48
1,556
Total Common Stocks
(Cost $10,756)........................ 12,138
Number of
Warrants
WARRANTS (0.3%)
Japan (0.3%)
(Cost $51)
30 Yodogawa Steel Works
Exp 12/10/97........................ 44
Principal
Amount
(000's)
CONVERTIBLE BONDS (3.4%)
Japan (1.9%)
$100 Mitsubishi Bank
3.000% Due 11/30/02................. 116
140 Mitsubishi Bank
3.500% Due 3/31/04.................. 146
262
Taiwan (0.8%)
100 Yang Ming Marine Line
2.000% Due 10/6/01.................. 110
Thailand (0.4%)
70 Siam Sindhorn
2.000% Due 7/31/00 (B).............. 62
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedule of Investments at December 31, 1995
Principal
Amount Value
(000's) Security (000's)
INTERNATIONAL (continued)
United Kingdom (0.3%)
$12 British Airways
9.750% Due 6/15/05.................. $40
Total Convertible Bonds
(Cost $446)........................... 474
U.S. TREASURY SECURITIES (8.3%)
(Cost $1,182)
1,200 U.S. Treasury Bill
5.450% Due 4/18/96.................. 1,182
EURODOLLAR DEPOSIT (2.3%)
(Cost $328)
328 Sumitomo Bank Ltd.
5.750% Due 1/2/96................... 328
Total Investments (99.8%)
(Cost $12,763)....................... 14,166
Other Assets in Excess of
Liabilities (0.2%).................... 28
Total Net Assets (100.0%)............... $14,194
Forward Currency Sale Contracts
Outstanding at December 31,1995
Proceeds Unrealized
(000's) Appreciation
$2,000 Japanese Yen
(Current value of $1,911).............. 88
<FN>
# Non-income producing security.
(B) SEC Rule 144A security. Such security has limited
markets and is traded among "qualified institutional
buyers".
</FN>
</TABLE>
<TABLE>
<C> <C><C> <S> <C>
INTERNATIONAL (continued)
International Fund
Industry Concentrations
% of Net Value
Assets (000's)
11.3% Banks................................... $1,611
7.2% Electronics............................. 1,022
7.1% Telecommunication....................... 1,002
4.8% Real Estate............................. 688
4.7% Utilities............................... 665
4.1% Automotive.............................. 589
4.0% Food & Beverage......................... 564
4.0% Chemicals............................... 561
3.6% Capital Goods........................... 504
3.2% Machinery............................... 449
3.1% Retail.................................. 438
2.6% Drugs................................... 367
2.6% Energy.................................. 366
2.1% Construction............................ 293
2.0% Conglomerates........................... 280
1.9% Media................................... 270
1.7% Insurance............................... 248
1.7% Financial Services...................... 241
1.6% Shipping................................ 230
1.6% Transportation.......................... 225
1.6% Commerce................................ 224
1.6% Holding Companies....................... 224
1.4% Business Services....................... 204
1.3% Metal & Metal Products.................. 188
1.2% Leisure................................. 175
1.2% Natural Resources....................... 174
1.2% Forest Products & Paper................. 166
0.7% Electrical Engineering.................. 106
0.7% Gaming.................................. 93
0.6% Paper................................... 82
0.6% Aerospace............................... 82
0.5% Publishing.............................. 75
0.4% Computer Software & Services..... 63
0.4% Basic Industries........................ 53
0.2% Office Equipment........................ 33
0.2% Textiles................................ 32
0.2% Consumer Non-Durables................... 29
0.2% Engineering............................. 28
0.1% Semiconductors & Related.......... 12
89.2% Total Stocks, Bonds & Warrants.......... 12,656
10.6% Short Term Investments.................. 1,510
99.8% Total Investments....................... 14,166
Other Assets in Excess of
0.2% Liabilities .......................... 28
100.0% Total Net Assets........................ $14,194
</TABLE>
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedule of Investments at December 31, 1995
<TABLE>
<C> <C><C> <S> <C>
Principal
Amount Value
(000's) Security (000's)
GOVERNMENT SECURITIES
U.S GOVERNMENT SECURITIES
AND AGENCIES (110.2%)
U.S. Treasury Securities (42.3%)
U.S. Treasury Notes (41.3%)
$24,225 * 5.125% Due 11/30/98..................... $24,146
5,500 5.875% Due 3/31/99...................... 5,598
5,140 6.000% Due 8/31/97...................... 5,203
5,305 6.125% Due 5/15/98...................... 5,411
27,015 6.500% Due 4/30/99...................... 28,003
1,155 6.500% Due 8/15/05...................... 1,230
1,115 7.750% Due 1/31/00...................... 1,211
70,802
U.S. Treasury Strip (1.0%)
6,675 Zero Coupon Due 5/15/17................. 1,783
Total U.S. Treasury Securities
(Cost $71,799 )...................... 72,585
U.S. Government Agencies (67.9%)
Mortgage Related (51.9%)
14,324 Federal Home Loan Mortgage
Corporation (FREDDIE MAC) (8.6%)
8.000% Due 10/1/24...................... 14,843
Federal National Mortgage
Association (FNMA) (14.6%)
14,920 6.500% Due 1/1/26 (C)................... 14,738
7,165 7.000% Due 9/1/25-10/1/25............... 7,223
3,010 7.000% Due 1/1/26 (C)................... 3,033
24,994
Government National Mortgage
Association (GNMA) (28.7%)
26,231 7.500% Due 9/15/07-9/15/25.............. 27,138
17,145 8.000% Due 2/15/17-11/15/17............. 17,975
3,923 8.500% Due 8/15/24-4/15/25.............. 4,119
49,232
Total Mortgage Related
Securities........................... 89,069
Non-Mortgage Related (16.0%)
Federal Home Loan Bank
9,500 Discount Note Due 1/5/96................ 9,492
17,930 Discount Note Due 1/16/96............... 17,885
27,377
Total U.S. Government Agencies
(Cost $114,466)...................... 116,446
Total Investments (110.2%)
(Cost $186,265)...................... 189,031
Value
(000's)
GOVERNMENT SECURITIES (continued)
Liabilities in Excess of
Other Assets (-10.2%).............. ($17,453)
Total Net Assets (100.0%)............... $171,578
<FN>
* Collateral pledged in whole or in part for when
issued securities.
(C) Securities purchased on a when issed basis.
</FN>
</TABLE>
<TABLE>
<C> <C><C> <S> <C>
Principal
Amount Value
(000's) Security (000's)
INTERMEDIATE MUNICIPAL BOND
Alaska (0.8%)
$100 Alaska State Housing
Financial Corporation
6.800% Due 12/1/99.................. $106
California (5.2%)
375 California Pollution Control
Financing Authority
9.125% Due 11/1/04.................. 389
250 Southern California Public Power
Authority Revenue Refunding
Power Project
6.500% Due 10/1/04.................. 276
District of Columbia (2.3%)
300 District of Columbia
General Obligation
5.000% Due 6/1/01..................... 287
Georgia (3.7%)
400 Georgia State Series D
6.700% Due 8/1/10................... 466
Illinois (11.3%)
500 Chicago Illinois
General Obligation
MBIA Insured
5.000% Due 1/1/08................... 493
240 Chicago Illinois
Water Revenue Refunding
AMBAC Insured
5.600% Due 11/1/04.................. 254
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedule of Investments at December 31, 1995
Principal
Amount Value
(000's) Security (000's)
INTERMEDIATE MUNICIPAL BOND (continued)
$400 Illinois Health Facilities
Authority Revenue Series A
MBIA Insured
7.900% Due 8/15/03.................. $410
275 Springfield Illinois Electric
Revenue Refunding Junior Lien
7.750% Due 3/1/06................... 282
Indiana (3.9%)
445 La Porte Indiana Economic
Development Revenue
Boise Cascade Corp. Project
Escrowed to Maturity
7.375% Due 6/1/01 .................. 496
Iowa (0.8%)
100 Iowa Student Loan
Liquidity
6.450% Due 3/1/02................... 108
Kentucky (1.5%)
190 Dayton Kentucky Elderly
Housing Speers Court
5.350% Due 9/1/05.................... 194
Louisiana (2.6%)
300 Louisiana State Series A
General Obligation
MBIA Insured
6.200% Due 5/1/03.................... 331
Massachusetts (2.0%)
250 Massachusetts Bay
Transportation Authority
General Transportation System
5.300% Due 3/1/05................... 259
Michigan (2.2%)
275 Michigan State Housing
Development Authority Series A
6.200% Due 7/1/97................... 276
Minnesota (1.3%)
160 Minnesota State Housing
Authority - Single Family
Mortgage Revenue
8.375% Due 2/1/15................... 168
Principal
Amount Value
(000's) Security (000's)
INTERMEDIATE MUNICIPAL BOND (continued)
Missouri (2.7%)
$300 Saint Louis County Missouri
Regional Convention Series B
Prerefunded
6.800% Due 8/15/04................... $345
Nebraska (1.2%)
140 Nebraska Investment Finance
Authority Single Family
Mortgage 1991 Series C
6.500% Due 9/15/14.................. 147
Nevada (3.4%)
400 Las Vegas Clark County Nevada
Library District Refunding
General Obligation
FGIC Insured
6.800% Due 8/1/05................... 438
New Hampshire (1.2%)
150 New Hampshire State
Housing Finance Authority
Single Family Mortgage
5.400% Due 7/1/04................... 155
New Jersey (2.8%)
345 Arlington Arms Financing Corp.
New Jersey Mortgage Revenue
Arlington Arms Apartments
10.250% Due 3/1/25.................. 354
New York (2.8%)
300 Westchester County New York
General Obligation
6.600% Due 5/1/07................... 350
North Carolina (4.7%)
500 Surry County North Carolina
Industrial Facilities
9.250% Due 12/1/02................. 603
Oklahoma (0.7%)
80 Enid Oklahoma Hospital
Authority (St. Mary's Hospital)
Escrowed to Maturity
8.000% Due 7/1/98.................. 84
Pennsylvania (8.3%)
500 Hempfield Pennsylvania
School District Refunding
6.700% Due 10/15/99................ 503
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedule of Investments at December 31, 1995
Principal
Amount Value
(000's) Security (000's)
INTERMEDIATE MUNICIPAL BOND (continued)
$500 Pennsylvania State General
Obligation Second Series
6.000% Due 7/1/07.................. $547
South Carolina (4.3%)
500 Piedmont Municipal Power Agency
FGIC Insured
6.125% Due 1/1/07................... 551
Texas (21.2%)
540 Dallas Fort Worth Airport
FGIC Insured
7.750% Due 11/1/01.................. 630
500 Deer Park Texas Independent
School District School Building
6.375% Due 2/15/07.................. 566
1,000 Harris County Texas Flood District
General Obligation
Zero Coupon Due 10/1/06............. 520
505 Lower Colorado River Authority
Prerefunded Revenue
6.250% Due 5/1/07................... 562
400 Texas Municipal Power
Agency - MBIA Insured
5.500% Due 9/1/10................... 419
Utah (4.1%)
425 Salt Lake City Utah Water
Conservancy District Revenue
Refunding Series A
Escrowed to Maturity
10.875% Due 10/1/02................ 524
Washington (2.6%)
300 Washington State Motor Vehicle
Tax General Obligation
6.200% Due 3/1/08................... 332
Total Investments (97.6%)
(Cost $12,201)...................... 12,425
Other Assets in Excess of
Liabilities (2.4%).................. 305
Total Net Assets (100.0%)............... $12,730
Principal
Amount Value
(000's) Security (000's)
GOVERNMENT MONEY MARKET
U.S. Government Agency
Obligations (95.1%)
Federal Farm Credit Bank (72.4%)
$3,000 Discount Note Due 1/3/96................ $2,999
3,000 Discount Note Due 1/23/96............... 2,990
6,000 Discount Note Due 2/1/96................ 5,972
3,000 Discount Note Due 2/2/96................ 2,985
5,000 Discount Note Due 2/5/96................ 4,973
3,000 Discount Note Due 2/8/96................ 2,982
6,000 Discount Note Due 2/13/96............... 5,960
3,000 Discount Note Due 2/15/96............... 2,979
3,000 Discount Note Due 2/16/96............... 2,979
6,000 Discount Note Due 2/20/96............... 5,955
3,000 Discount Note Due 2/29/96............... 2,973
3,000 Discount Note Due 3/1/96................ 2,973
12,000 Discount Note Due 3/4/96................ 11,888
3,000 Discount Note Due 3/6/96................ 2,971
6,000 Discount Note Due 3/8/96................ 5,940
3,000 Discount Note Due 3/18/96............... 2,965
3,000 Discount Note Due 3/19/96............... 2,966
3,000 Discount Note Due 4/8/96................ 2,955
3,000 Discount Note Due 4/9/96................ 2,955
3,000 Discount Note Due 4/15/96............... 2,953
3,000 Discount Note Due 4/17/96............... 2,952
4,000 Discount Note Due 4/25/96............... 3,931
3,000 Discount Note Due 5/2/96................ 2,947
3,000 Discount Note Due 6/5/96................ 2,932
(Cost $95,075)....................... 95,075
Federal Home Loan Bank (22.7%)
3,000 Discount Note Due 1/4/96................ 2,999
3,000 Discount Note Due 1/22/96............... 2,990
6,000 Discount Note Due 2/7/96................ 5,966
3,000 Discount Note Due 2/21/96............... 2,977
3,000 Discount Note Due 2/22/96............... 2,976
3,000 Discount Note Due 2/27/96............... 2,974
3,000 Discount Note Due 3/29/96............... 2,961
3,000 Discount Note Due 4/8/96................ 2,956
3,000 Discount Note Due 4/22/96............... 2,949
(Cost $29,748)....................... 29,748
REPURCHASE AGREEMENT (5.2%)
6,775 Nomura Securities 5.700%
Due 1/2/96 (Collateralized by
$6,922 US Treasury Notes
6.875% Due 3/31/00)
(Cost $6,775)........................ 6,775
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedule of Investments at December 31, 1995
Value
(000's)
GOVERNMENT MONEY MARKET (continued)
Total Investments (100.3%)
(Cost $131,598)...................... $131,598
Liabilities in Excess of
Other Assets (-0.3%)................. (388)
Total Net Assets (100.0%).............. $131,210
Principal
Amount Value
(000's) Security (000's)
TAX FREE MONEY MARKET
Alabama (2.5%)
$1,675 City of Russellville Alabama
Industrial Development Revenue
(Clark Pulley Industrial
Project Series S 1994)
5.200 % Due 2/1/09 (D)(E)............ $1,675
1,400 Parrish Alabama Industrial
Development Board Pollution
Control Revenue (Alabama
Power Company Project)
5.900% Due 6/1/15 (D)(E)............. 1,400
California (0.6%)
775 Western Placer California
Unified School District Tax &
Revenue Anticipation Notes
4.700% Due 9/5/96.................... 777
Colorado (0.8%)
1,000 Broomfield Colorado Revenue
(Up with People Project 1992)
3.750% Due 7/15/98 (D)(E)........... 1,000
Delaware (4.0%)
4,850 Delaware Economic
Development Authority
Multifamily Housing Revenue
(School House Trust 1985)
5.500% Due 12/1/15 (D)(E)............ 4,850
District of Columbia (4.4%)
5,400 District of Columbia Series B
6.000% Due 6/1/03 (D)(E)............ 5,400
Principal
Amount Value
(000's) Security (000's)
TAX FREE MONEY MARKET (continued)
Florida (3.8%)
$1,125 Broward County Florida Housing
Finance Authority Multifamily
Housing Revenue
(Parkview Partnership)
5.250% Due 12/1/10 (D)(E)............ $1,125
2,045 Orange County Florida
Industrial Development
Revenue Refunding
(Orlando-Hawaiian Motel)
4.100% Due 10/1/15 (D)(E)............ 2,045
1,500 Sarasota Florida Housing Finance
Agency Multifamily Housing
Sarasota (Beneva Place
Association Series C)
5.125% Due 8/1/06 (D)(E)............. 1,500
Georgia (3.2%)
1,400 Atlanta Georgia Urban Residential
Finance Authority Multifamily
Housing (Buckhead Rental)
5.500% Due 12/1/08 (D)(E)............ 1,400
2,000 Burke County Georgia
Development Authority
Pollution Control Revenue
(Georgia Power Co.)
6.000% Due 9/1/25 (D)(E)............. 2,000
500 Marietta Georgia Housing Authority
Multifamily Revenue
(Franklin Walk Apartments Project)
5.250% Due 1/15/09 (D)(E)............ 500
Illinois (7.7%)
1,000 Chicago Illinois Park District
Tax Anticipation Warrants
5.000% Due 10/30/96 ................. 1,008
800 Illinois Development Finance
Authority Industrial Development
Refunding Bond (Dart Container)
5.100% Due 8/1/25 (D)(E)............. 800
950 Illinois Development Finance
Authority Multifamily Revenue
(Cobbler Square Project)
5.650% Due 10/1/05 (D)(E)............ 950
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedule of Investments at December 31, 1995
Principal
Amount Value
(000's) Security (000's)
TAX FREE MONEY MARKET (continued)
$800 Illinois State
Revenue Anticipation Certificates
4.500% Due 5/10/96................... $801
3,550 St. Clair County Illinois Industrial
Development Board (Winchester
Apartments Project Series 94)
5.500% Due 10/1/15 (D)(E)............ 3,550
2,300 Troy Grove Illinois Refunding
(Unimin Corp.)
5.015% Due 5/1/10 (D)(F)............. 2,300
Indiana (4.9%)
1,750 Calumet Township
Lake County Indiana
G.O. Fund Notes Series 1995-A
5.000% due 7/15/96................... 1,757
720 GAF Tax-Exempt Bond Grantor
Trust Series A
4.400% Due 4/1/08 (B)(D)(F).......... 720
1,000 Indianapolis Indiana
Economic Development
(Joint & Clutch Series 1984)
3.995% Due 12/1/14 (D)(F)............ 1,000
500 Lake County Indiana
Judgement Funding G.O.
4.000% Due 7/15/96................... 500
995 Munster Indiana School Building
Corporation Bond
Anticipation Notes
5.500% Due 5/2/96................... 995
1,000 Southwest Allen Indiana
Tax Anticipation Warrants
3.900% Due 4/15/96 ................. 1,000
Kansas (1.6%)
2,000 Salina Kansas Central Mall
(Salina Central Mall Dillard)
5.375% Due 12/1/04 (D)(E)............ 2,000
Kentucky (4.0%)
1,785 Boone County Kentucky
Economic Development Revenue
(Florence Park Care Center)
4.100% Due 6/1/15 (D)(E)............. 1,785
Principal
Amount Value
(000's) Security (000's)
TAX FREE MONEY MARKET (continued)
$825 Boone County Kentucky Industrial
Development Bond Revenue
(Jamike/Hemmer Project)
3.900% Due 2/1/06 (D)(E)............. $825
275 Florence Kentucky Industrial
Building Revenue
(Florence Commercial Project)
4.100% Due 6/1/07 (D)(E)............. 275
1,905 Fort Thomas Kentucky
Industrial Buildings Revenue
(Carmel Manor Project)
4.100% Due 10/1/14 (D)(E)............ 1,905
Michigan (12.0%)
990 Birmingham Michigan Economic
Development Corporation
(Brown Street Project 83)
5.375% Due 12/1/18 (D)(E)............ 990
2,100 Lansing Michigan Economic
Development Corporation
(Atrium Office)
3.850% Due 5/1/15 (D)(E)............. 2,100
1,055 Leelanau County Michigan
Economic Development Corp
Revenue (American Community
Mutual Insurance Co Project)
3.900% Due 6/15/06 (D)(E)........... 1,055
945 Livonia Michigan Economic
Development Corp (American
Community Mutual Insurance)
3.950% Due 11/15/04 (D)(E)........... 945
2,000 Michigan State Job Development
Authority Revenue (Mazda
Motor Manufacturing Corp.)
5.250% Due 10/1/08 (D)(E)............ 2,000
200 Michigan State Job Development
Authority Revenue
(Kentwood Residence)
3.950% Due 11/1/14 (D)(E)............ 200
625 Michigan State Strategic Fund
Revenue Refunding
(Arcadia Creek Development)
4.000% Due 10/15/96 (D)(E)........... 625
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedule of Investments at December 31, 1995
Principal
Amount Value
(000's) Security (000's)
TAX FREE MONEY MARKET (continued)
$420 Michigan State Strategic Fund
Revenue (Tawas Bay
Association Project)
3.900% Due 12/1/01 (D)(E)............ $420
435 Michigan State Strategic Fund
Limited Obligation Revenue
Refunding (Woodbridge
Commercial Properties)
4.000% Due 10/15/05 (D)(E)........... 435
2,315 Oakland County Michigan Economic
Development Corporation
(Corners Shopping Center)
4.100% Due 8/1/15 (D)(E)............. 2,315
3,500 Plainwell Michigan Economic
Development Corporation
(Philip Morris Inc.)
5.500% Due 11/1/07 (D)(E)............ 3,500
Minnesota (1.9%)
750 Bloomington Minnesota
Commercial Development Revenue
(Park Association Project)
5.420% Due 12/1/14 (D)(E)............ 750
500 Golden Valley Minnesota
Industrial Development Revenue
(Graco Inc Project)
5.250% Due 12/1/02 (D)(E)............ 500
1,020 International Falls Minnesota
Economic Development Revenue
(Developers Diversified
Limited Project)
4.580% Due 7/1/06 (D)(E)............. 1,020
Mississippi (1.2%)
1,475 Desoto County Mississippi
Industrial Development
Revenue (American Soap
Company Project)
5.015% Due 12/1/08 (D)(E)............ 1,475
Nebraska (0.3%)
390 Adams County Nebraska
Industrial Development Revenue
(Marshalltown Instruments)
3.900% Due 12/1/96 (D)(E)............ 390
Principal
Amount Value
(000's) Security (000's)
TAX FREE MONEY MARKET (continued)
$1,000 New Jersey (0.8%)
New Jersey Economic
Development Authority
(Genlyte-Union County Proj.)
5.600% Due 10/15/09 (D)(E)........... $1,000
New York (3.6%)
1,000 Cortland New York School District
Cortland-Tomkins Counties
4.125% Due 6/28/96................... 1,002
100 New York City Revenue Anticipation
Notes Series A
4.500% Due 4/11/96................... 100
1,000 New York City, New York
Revenue Anticipation Notes
4.750% Due 6/28/96................... 1,004
300 New York Dormitory Authority
Revenue Nursing Homes
Issue A
3.850% Due 7/1/96 ................... 300
1,015 New York State Job Development
Authority 1984 Ser C-1 to C-30
4.300% Due 3/1/99 (D)(E)............. 1,015
555 New York State Job Development
Authority 1984 Ser E-1 to E-55
4.300% Due 3/1/99 (D)(E)............. 555
360 New York State Job Development
Authority 1984 Ser F-1 to F-17
4.300% Due 3/1/99 (D)(E)............. 360
Ohio (18.1%)
1,000 Breckville-Broadview Heights Ohio
City School District
Bond Anticipation Notes
5.710% Due 1/18/96................... 1,000
975 Buckeye Ohio Tax Exempt
Mortgage Bond Trust Series C
4.150% Due 2/1/05 (D)(E)............. 975
1,000 Cincinnati & Hamilton County
Ohio Port Authority Revenue
Refunding (Tri State Building)
3.900% Due 9/1/99 (D)(E)............. 1,000
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedule of Investments at December 31, 1995
Principal
Amount Value
(000's) Security (000's)
TAX FREE MONEY MARKET (continued)
$700 Citizens Federal Tax-Exempt
Mortgage Bond Trust
4.350% Due 9/1/08 (D)(E)............ $700
440 Clark County Ohio Hospital
Improvement Revenue Refunding
(Community Hospital Series B)
4.050% Due 4/1/11 (D)(E)............ 440
520 Clermont County Ohio Economic
Development Revenue
(John Q. Hammons Project)
3.850% Due 5/1/12 (D)(E)............. 520
245 Franklin County Ohio Industrial
Development Revenue
(GSW Building Association Ltd.)
3.800% Due 11/1/15 (D)(E)............ 245
1,665 Lakewood Ohio Hospital
Revenue (Hospital
Improvement Series 1983)
4.150% Due 11/1/10 (D)(E)........... 1,665
515 McDonald Tax Exempt
Mortgage Trust #1
5.350% Due 1/15/09 (D)(E)............ 515
805 Montgomery County Ohio
Economic Development Authority
Revenue Refunding (ND Motels)
3.800% Due 12/15/04 (D)(E)........... 805
1,080 Montgomery County Ohio
Economic Development Revenue
(Wayne Town Association)
3.850% Due 10/1/99 (D)(E)............ 1,080
2,125 Ohio Company Tax Exempt
Mortgage Trust Series 2
3.900% Due 6/15/03 (D)(E)............ 2,125
995 Riverside Ohio Economic
Development Revenue
(Riverside Association Project)
4.150% Due 9/1/12 (D)(E)............. 995
690 Riverside Ohio Economic
Development Revenue
(Wright Point Association)
4.150% Due 9/1/10 (D)(E)............. 690
Principal
Amount Value
(000's) Security (000's)
TAX FREE MONEY MARKET (continued)
$1,250 Ross County Ohio Hospital
Revenue (Medical Center Proj.)
5.150% Due 12/1/20 (D)(E)............ $1,250
2,110 Stark County Ohio Health Care
Facilities (Canton Christian
Home PJ) Series 90
3.850% Due 9/1/15 (D)(E)............ 2,110
585 Stark County Ohio Health Care
Facilities (Canton Christian Home)
3.800% Due 9/15/16 (D)(E)............ 585
260 Stark County Ohio Industrial
Development Revenue
(Belpar Professional Building)
4.100% Due 10/1/04 (D)(E)............ 260
1,595 Stark County Ohio Industrial
Development Revenue
(Newmarket Parking Ltd.)
4.000% Due 11/1/14 (D)(E)............ 1,595
1,450 Trumbull County Ohio Correctional
Facilities Bond Anticipation Notes
4.830% Due 4/11/96................... 1,452
710 Trumbull County Ohio Industrial
Development Revenue Refunding
(Howland Association Project)
5.200% Due 10/1/01 (D)(E)............ 710
1,360 Willoughby Hills Ohio Industrial
Development Revenue
(Renaissance Properties Project)
3.850% Due 12/15/14 (D)(E)........... 1,360
Oklahoma (2.2%)
1,000 Creek County Oklahoma Industrial
Development Authority
(Indiana Glass Project)
4.100% Due 12/1/05 (D)(E)............ 1,000
690 Muskogee Oklahoma Industrial
Development Revenue
(Warmack-Muscogee Limited)
5.350% Due 12/1/15 (D)(E)............ 690
950 Tulsa Oklahoma Industrial Development
Authority (St John Medical Center)
5.125% Due 9/1/03 (D)(E)............. 950
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedule of Investments at December 31, 1995
Principal
Amount Value
(000's) Security (000's)
TAX FREE MONEY MARKET (continued)
Oregon (0.4%)
$415 Port of Portland Oregon Public Grain
Elevator Revenue
(Columbia Series A)
5.250% Due 12/1/14 (D)(E)............ $415
Pennsylvania (4.1%)
350 Bercks County Pennsylvania
Industrial Development Authority
(Rilsaw Project)
5.125% Due 12/1/04 (D)(E)............ 350
950 Chartiers Valley Pennsylvania
Industrial Development
Authority
(Parkay Center West Project)
5.500% Due 12/1/01(D)(E)............. 950
1,185 Commonwealth Tax-Exempt
Mortgage Bond Trust Series A
4.000% Due 11/1/05 (D)(E)............ 1,185
1,000 Delaware County Pennsylvania
Industrial Development Authority
Pollution Control Revenue
(B.P. Exploration & Oil)
6.000% Due 10/1/19 (D)(E)............ 1,000
1,500 Philadelphia Pennsylvania
Redevelopment Authority
Multifamily Housing Revenue
(Rivers Edge Project)
5.600% Due 12/1/09 (D)(E)............ 1,500
Rhode Island (3.2%)
2,000 Cranston Rhode Island
General Obligation Sewer
Revenue Anticipation Notes
4.750% Due 7/5/96.................... 2,005
1,850 Narragansett Rhode Island Bay
Water Quality Management
District Revenue
5.000% Due 1/19/96................... 1,851
Tennessee (4.2%)
2,825 Franklin County Tennesse Health
& Educational Facilities Revenue
(University of the South Sewanee)
4.250% Due 9/1/10 (D)(E)............. 2,825
Principal
Amount Value
(000's) Security (000's)
TAX FREE MONEY MARKET (continued)
$1,280 GAF Tax-Exempt Bond Grantor
Trust Series A
4.400% Due 4/1/08 (B)(D)(E).......... $1,280
1,000 Jefferson County Tennessee
Industrial Development Board
(Ball Corp Project)
5.500% Due 4/1/98 (D)(E)............. 1,000
Texas (4.7%)
1,800 Harris County Texas
Multifamily Housing Revenue
(Country Scape Development)
5.375% Due 4/1/07 (D)(E)............. 1,800
1,300 NCNB Pooled Tax Exempt Trust
Certificate of Participation
Series 1990-B
4.250% Due 11/15/20 (B)(D)(F)........ 1,300
2,650 Waxahachie Texas Industrial
Development Authority
(Dart Container Project
Series 1985)
3.825% Due 4/1/06 (D)(F)............ 2,650
Utah (0.1%)
125 Salt Lake City Utah Industrial
Development Revenue
(Parkview Plaza)
5.290% Due 12/1/14 (D)(E)............. 125
Virginia (1.0%)
160 Bristol Virginia Development
Authority Industrial Development
Revenue
(Bristol Health Care Center Inc)
4.250% Due 6/1/10 (D)(E)............. 160
1,000 Rockingham County Virginia
Industrial Development Authority
(Merck & Company Inc. Project)
5.500% Due 10/1/22 (D)(E)............ 1,000
West Virginia (0.8%)
950 Keyser West Virginia Industrial
Development Revenue (Keyser
Associates Project)
5.250% Due 7/1/14 (D)(E)............. 950
See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Schedule of Investments at December 31, 1995
Principal
Amount Value
(000's) Security (000's)
TAX FREE MONEY MARKET (continued)
Wisconsin (3.1%)
$1,600 Marinette Wisconsin School
District Tax & Revenue
Anticipation Notes
4.180% Due 4/30/96................... $1,601
1,000 Ripon City Wisconsin Industrial
Development Revenue
(Speed Queen Project) Series B
5.100% Due 10/1/12 (D)(F)............ 1,000
1,200 West Bend City Wisconsin
School District Transportation
4.070% Due 8/26/96................... 1,200
Wyoming (0.9%)
1,085 Cheyenne County Wyoming
Economic Development
Revenue Bonds (Holiday Inn)
4.100% Due 10/1/10 (D)(E)............ 1,085
Total Investments (100.1%)
(Cost $121,848).................. 121,848
Liabilities in Excess of
Other Assets (-0.1%)................. (94)
Total Net Assets (100.0%)............... $121,754
<FN>
(B) SEC Rule 144A Security. Such security has limited
markets and is traded among "qualified institutional
buyers".
(D) Interest rate subject to change varying from 1 to 180
days. Principal payable on demand at periodic
intervals at the Fund's option.
(E) Coupon fluctuates with remarket rate.
(F) Coupon fluctuates with Prime Rate (Prime is the rate on
corporate loans posted by at least 75% of the
nation's 30 largest banks).
</FN>
</TABLE>
See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
WEISS, PECK & GREER MUTUAL FUNDS
Statement of Assets and Liabilities at December 31, 1995
<S> <C> <C> <C> <C> <C>
$ in Thousands Tudor Income Growth Equity International
Assets
Investments at value(#)..................................... $166,434 $68,930 $62,273 $133,605 $14,166
Collateral on securities loaned - (Note 4)................... 10,000 0 9,076 0 0
Cash and cash equivalents.................................... 1 1 1 272 92
Receivable for securities sold............................... 2,993 465 510 0 86
Receivable for Fund shares sold.............................. 2,546 62 0 11 0
Dividends and interest receivable............................ 53 287 8 195 24
Prepaid expenses............................................. 8 5 4 8 1
Deferred organizational expense(@).......................... 0 0 0 41 0
Unrealized appreciation on forward currency contracts........ 0 0 0 0 88
Receivable for variation margin.............................. 0 0 0 11 0
Other assets................................................. 3 0 2 0 0
182,038 69,750 71,874 134,143 14,457
Liabilities
Covered options written at market(a)........................ 205 0 0 0 0
Distributions payable........................................ 2,050 630 64 411 126
Payable to custodian bank.................................... 0 0 0 0 0
Payable upon return of securities loaned - (Note 4).......... 10,000 0 9,076 0 0
Payable for investment securities purchased.................. 1,295 1,581 1,928 245 61
Payable for Fund shares redeemed............................. 2,681 40 234 109 0
Accrued investment advisory fee payable - (Note 5)........... 124 43 38 84 18
Accrued adminstration fee payable - (Note 5)................. 10 5 1 2 0
Accrued expenses............................................. 139 94 80 91 58
16,504 2,393 11,421 942 263
Net Assets.............................................. 165,534 67,357 60,453 133,201 14,194
Net Assets Represented by:
Shares of beneficial interest, at par........................ 2,405 2,589 1 19 13
Paid-in surplus.............................................. 116,791 49,214 48,790 111,167 12,519
Accumulated undistributed net investment income/
(Distributions in excess of net investment income)....... 597 204 183 82 16
Undistributed realized gains on investments,
futures, options and currencies/(Distributions
in excess of realized gains on investments,
futures, options and currencies)......................... (667) 50 322 (18) 155
Net unrealized appreciation on investments,
futures, options and currencies.......................... 46,408 15,300 11,157 21,951 1,491
Net Assets applied to outstanding shares..................... 165,534 67,357 60,453 133,201 14,194
Capital shares (Authorized shares unlimited)
Outstanding.................................................. 7,214 2,589 483 19,456 1,289
Par Value.................................................... $ .33 1/3 $1.00 $0.001 $0.001 $0.01
Net asset value per share.................................... $22.95 $26.02 $125.17 $6.85 $11.01
(#) Investments at cost...................................... 120,048 53,630 51,116 111,573 12,763
Unrealized Appreciation/(Depreciation): *
Gross appreciation....................................... 52,667 16,156 15,068 24,020 1,846
Gross depreciation....................................... (6,259) (856) (3,911) (2,069) (355)
Net unrealized appreciation.................................. 46,408 15,300 11,157 21,951 1,491
<FN>
* Based on cost of securities for Federal Income tax purposes.
(@) Accumulated amortization of organizational expenses: Quantitative
Equity $56, Intermediate Municipal Bond $40.
(a) Premiums received: Tudor $227.
</FN>
</TABLE>
<TABLE>
<CAPTION>
WEISS, PECK & GREER MUTUAL FUNDS
Statement of Assets and Liabilities at December 31, 1995
<S> <C> <C> <C> <C>
Intermediate
Government Municipal Government Tax Free
$ in Thousands Securities Bond Money Market Money Market
Assets
Investments at value(#)..................................... $189,031 $12,425 $131,598 $121,598
Collateral on securities loaned - (Note 4)................... 0 0 0 0
Cash and cash equivalents.................................... 39 88 1 0
Receivable for securities sold............................... 0 0 0 0
Receivable for Fund shares sold.............................. 3 0 0 0
Dividends and interest receivable............................ 1,158 222 3 1,099
Prepaid expenses............................................. 8 1 6 5
Deferred organizational expense(@).......................... 0 37 0 0
Unrealized appreciation on forward currency contracts........ 0 0 0 0
Receivable for variation margin.............................. 0 0 0 0
Other assets................................................. 4 0 0 0
190,243 12,773 131,608 122,952
Liabilities
Covered options written at market(a)........................ 0 0 0 0
Distributions payable........................................ 315 10 240 181
Payable to custodian bank.................................... 0 0 0 14
Payable upon return of securities loaned - (Note 4).......... 0 0 0 0
Payable for investment securities purchased.................. 17,791 0 0 850
Payable for Fund shares redeemed............................. 353 0 0 0
Accrued investment advisory fee payable - (Note 5)........... 87 0 57 51
Accrued adminstration fee payable - (Note 5)................. 3 0 7 3
Accrued expenses............................................. 116 33 94 99
18,665 43 398 1,198
Net Assets.............................................. 171,578 12,730 131,210 121,754
Net Assets Represented by:
Shares of beneficial interest, at par........................ 18 1 131 122
Paid-in surplus.............................................. 209,274 12,623 131,363 121,644
Accumulated undistributed net investment income/
(Distributions in excess of net investment income)....... 4 28 0 0
Undistributed realized gains on investments,
futures, options and currencies/(Distributions
in excess of realized gains on investments,
futures, options and currencies)......................... (40,484) (146) (284) (12)
Net unrealized appreciation on investments,
futures, options and currencies.......................... 2,766 224 0 0
Net Assets applied to outstanding shares..................... 171,578 12,730 131,210 121,754
Capital shares (Authorized shares unlimited)
Outstanding.................................................. 18,283 1,248 131,494 121,766
Par Value.................................................... $0.001 $0.001 $0.001 $0.001
Net asset value per share.................................... $9.38 $10.20 $1.00 $1.00
(#) Investments at cost...................................... 186,265 12,201 131,598 121,848
Unrealized Appreciation/(Depreciation): *
Gross appreciation....................................... 2,769 240 0 0
Gross depreciation....................................... (3) (16) 0 0
Net unrealized appreciation.................................. 2,766 224 0 0
<FN>
* Based on cost of securities for Federal Income tax purposes.
(@) Accumulated amortization of organizational expenses: Quantitative
Equity $56, Intermediate Municipal Bond $40.
(a) Premiums received: Tudor $227.
</FN>
</TABLE>
See Notes to Financial Statements
<PAGE>
<TABLE>
<CAPTION>
WEISS, PECK & GREER MUTUAL FUNDS
Statement of Operations for the Year Ended December 31, 1995
<S> <C> <C> <C> <C> <C>
Growth and Quantitative
Tudor Income Growth Equity International
$ in Thousands
Investment Income:
Dividends........................................... $649 $1,686 $225 $2,888 $251
Interest............................................ 139 423 146 176 53
Income from securities loaned - Note 4.............. 15 0 16 0 0
Class action litigation settlement.................. 465 66 180 0 0
Other............................................... 0 0 3 0 4
1,268 2,175 570 3,064 308
Expenses:
Investment advisory fee - Note 5.................... 1,361 491 494 766 74
Transfer agent fees and expenses.................... 216 77 25 36 36
Custodian fees and expenses......................... 114 52 57 74 61
Professional fees................................... 83 52 54 56 35
Administration fees - Note 5........................ 106 59 13 21 0
Shareholders' reports............................... 29 15 7 9 6
Registration fees................................... 23 24 24 12 19
Trustees' fees and expenses......................... 22 24 20 24 20
Amortization of organization costs.................. 0 0 0 18 0
Amortization of prepaid expenses.................... 18 5 12 6 2
Distribution fees - Note 6.......................... 0 0 0 0 0
Miscellaneous....................................... 2 2 1 0 2
1,974 801 707 1,022 255
Less reimbursement by adviser....................... 0 0 0 0 0
Less expenses paid indirectly - Note 7.............. (1) (2) (2) (1) (3)
1,973 799 705 1,021 252
Net Investment Income/(Loss)........................ (705) 1,376 (135) 2,043 56
Realized and Unrealized Gain/(Loss) on Investments,
Futures, Options and Currencies:
Net realized gain/(loss) on investments,
futures and options.............................. 23,236 4,324 7,642 5,546 1,188
Net realized gain/(loss) on currencies.............. 214 0 (7) 0 144
Change in unrealized appreciation/(depreciation)
on investments, futures and options.............. 29,744 12,858 13,923 20,960 (112)
Change in unrealized appreciation/(depreciation)
on currencies....................................... (97) 0 3 0 80
Net Gain/(Loss) on Investments, Futures, Options
and Currencies................................... 53,097 17,182 21,561 26,506 1,300
Net Increase in Net Assets Resulting from Operations 52,392 18,558 21,426 28,549 1,356
</TABLE>
<TABLE>
<CAPTION>
WEISS, PECK & GREER MUTUAL FUNDS
Statement of Operations for the Year Ended December 31, 1995
<S> <C> <C> <C> <C>
Intermediate Government Tax Free
Government Municipal Money Money
Securities Bond Market Market
$ in Thousands
Investment Income:
Dividends........................................... $0 $0 $0 $0
Interest............................................ 13,623 724 8,851 5,365
Income from securities loaned - Note 4.............. 0 0 0 0
Class action litigation settlement.................. 0 0 0 0
Other............................................... 45 0 0 0
13,668 724 8,851 5,365
Expenses:
Investment advisory fee - Note 5.................... 1,117 0 755 620
Transfer agent fees and expenses.................... 61 32 148 74
Custodian fees and expenses......................... 132 24 99 83
Professional fees................................... 83 19 59 59
Administration fees - Note 5........................ 56 0 90 37
Shareholders' reports............................... 13 7 14 11
Registration fees................................... 19 15 26 12
Trustees' fees and expenses......................... 25 19 24 24
Amortization of organization costs.................. 0 15 0 0
Amortization of prepaid expenses.................... 24 3 16 17
Distribution fees - Note 6.......................... 4 0 0 0
Miscellaneous....................................... 4 1 1 2
1,538 135 1,232 939
Less reimbursement by adviser....................... 0 (17) 0 0
Less expenses paid indirectly - Note 7.............. (12) 0 0 (1)
1,526 118 1,232 938
Net Investment Income/(Loss)........................ 12,142 606 7,619 4,427
Realized and Unrealized Gain/(Loss) on Investments,
Futures, Options and Currencies:
Net realized gain/(loss) on investments,
futures and options.............................. (4,897) (3) 26 (1)
Net realized gain/(loss) on currencies.............. 0 0 0 0
Change in unrealized appreciation/(depreciation)
on investments, futures and options.............. 16,119 977 0 0
Change in unrealized appreciation/(depreciation)
on currencies....................................... 0 0 0 0
Net Gain/(Loss) on Investments, Futures, Options
and Currencies................................... 11,222 974 26 (1)
Net Increase in Net Assets Resulting from Operations 23,364 1,580 7,645 4,426
</TABLE>
See Notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
WEISS, PECK & GREER MUTUAL FUNDS
Statements of Changes in Net Assets for the Years Ended December 1995 and 1994
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Growth and Quantitative
Tudor Income Growth Equity
$ in Thousands 1995 1994 1995 1994 1995 1994 1995 1994
Operations:
Net investment income/(loss).......... ($705) ($1,140) $1,376 $1,546 ($135) ($457) $2,043 $1,417
Net realized gain/(loss) on
investments, futures,
options, and currencies............. 23,450 14,918 4,324 469 7,635 1,131 5,546 621
Change in unrealized
appreciation/(depreciation)
on investments, futures,
options and currencies.............. 29,647 (36,484) 12,858 (5,487) 13,926 (27,850) 20,960 (1,416)
Net Increase/(Decrease)
in Net Assets Resulting
from Operations..................... 52,392 (22,706) 18,558 (3,472) 21,426 (27,176) 28,549 622
Distributions to Shareholders:
From net investment income.......... 0 0 (1,383) (1,721) 0 0 (2,128) (1,395)
From capital gains.................. (27,660) (12,983) (4,290) (257) (3,175) (6,504) (5,506) (677)
Net Decrease Due to
Distributions....................... (27,660) (12,983) (5,673) (1,978) (3,175) (6,504) (7,634) (2,072)
Transactions in Shares of
Beneficial Interest:
Received on issuance:
Shares sold......................... 66,514 42,814 5,973 15,955 43,426 65,178 52,783 31,939
Distributions reinvested............ 24,708 12,084 4,870 1,702 3,104 6,504 7,211 1,909
Shares redeemed..................... (94,627) (117,069) (17,416) (13,876) (92,270) (119,362) (21,192) (5,835)
Net Increase/(Decrease) from
Capital Share Transactions........ (3,405) (62,171) (6,573) 3,781 (45,740) (47,680) 38,802 28,013
Affiliated Capital Contribution 0 0 0 0 0 0 0 0
Total Increase/(Decrease)
in Net Assets....................... 21,327 (97,860) 6,312 (1,669) (27,489) (81,360) 59,717 26,563
Net Assets:
Beginning of year...................... 144,207 242,067 61,045 62,714 87,942 169,302 73,484 46,921
End of year # ......................... 165,534 144,207 67,357 61,045 60,453 87,942 133,201 73,484
# Includes undistributed net invest-
ment income/(distributions in
excess of net investment
income)........................... 597 (88) 204 139 183 (27) 82 43
Transactions in shares of the funds (in thousands):
Sold.............................. 2,981 1,903 246 705 382 595 8,282 5,799
Reinvestment of distributions..... 1,050 618 188 78 25 66 1,011 350
Redeemed.......................... (4,274) (5,410) (703) (612) (855) (1,182) (3,354) (1,043)
Net increase/(decrease)................ (243) (2,889) (269) 171 (448) (521) 5,939 5,106
</TABLE>
See Notes to Financial Statements
<TABLE>
<CAPTION>
WEISS, PECK & GREER MUTUAL FUNDS
Statements of Changes in Net Assets for the Years Ended December 1995 and 1994
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Intermediate
Government Municipal Government Tax Free
International Securities Bond Money Market Money Market
$ in Thousands 1995 1994 1995 1994 1995 1994 1995 1994 1995 1994
Operations:
Net investment income/(loss)........ $56 $21 $12,142 $21,607 $606 $624 $7,619 $6,352 $4,427 $4,027
Net realized gain/(loss) on
investments, futures,
options, and currencies........... 1,332 873 (4,897) (36,946) (3) (143) 26 (2,048) (1) 0
Change in unrealized
appreciation/(depreciation)
on investments, futures,
options and currencies............ (32) (2,013) 16,119 (14,527) 977 (883) 0 0 0 0
Net Increase/(Decrease)
in Net Assets Resulting
from Operations................... 1,356 (1,119) 23,364 (29,866) 1,580 (402) 7,645 4,304 4,426 4,027
Distributions to Shareholders:
From net investment income........ (179) 0 (11,999) (20,407) (606) (624) (7,619) (6,352) (4,427) (4,027)
From capital gains................ (1,150) (77) 0 (480) 0 0 0 0 0 0
Net Decrease Due to
Distributions..................... (1,329) (77) (11,999) (20,887) (606) (624) (7,619) (6,352) (4,427) (4,027)
Transactions in Shares of
Beneficial Interest:
Received on issuance:
Shares sold....................... 1,002 5,439 11,551 61,520 4,206 10,679 759,357 886,793 856,653 683,137
Distributions reinvested.......... 1,191 71 8,145 17,840 505 557 7,031 6,095 4,057 3,778
Shares redeemed................... (5,128) (3,208) (75,847) (147,147) (6,960) (8,539) (823,401) (845,306) (891,456) (671,293)
Net Increase/(Decrease) from
Capital Share Transactions...... (2,935) 2,302 (56,151) (67,787) (2,249) 2,697 (57,013) 47,582 (30,746) 15,612
Affiliated Capital Contribution 0 0 0 0 0 0 0 1,737 0 0
Total Increase/(Decrease)
in Net Assets..................... (2,908) 1,106 (44,786) (118,540) (1,275) 1,671 (56,987) 47,271 (30,747) 15,612
Net Assets:
Beginning of year.................. 17,102 15,996 216,364 334,904 14,005 12,334 188,197 140,926 152,501 136,889
End of year # ...................... 14,194 17,102 171,578 216,364 12,730 14,005 131,210 188,197 121,754 152,501
# Includes undistributed net invest-
ment income/(distributions in
excess of net investment
income)........................ 16 (29) 4 56 28 0 0 0 0 0
Transactions in shares of the funds (in thousands):
Sold............................ 87 472 1,387 6,272 430 1,080 759,357 886,793 856,653 683,128
Reinvestment of distributions... 107 6 763 1,890 47 57 7,031 6,095 4,057 3,777
Redeemed........................ (470) (279) (8,359) (15,980) (702) (880) (823,401) (845,306) (891,456) (671,293)
Net increase/(decrease).............. (276) 199 (6,209) (7,818) (225) 257 (57,013) 47,582 (30,746) 15,612
</TABLE>
See Notes to Financial Statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Notes to Financial Statements
1. Organization-Organization and Summary of Significant Accounting Policies
Organization
The following are open-end management companies registered under the Investment
Company Act of 1940 (the "Act") as follows:
WPG Tudor Fund ("Tudor")
WPG Growth and Income Fund ("Growth and Income")
WPG Growth Fund ("Growth")
Weiss, Peck & Greer Funds Trust ("WPG Funds Trust")
WPG Quantitative Equity Fund ("Quantitative Equity")
WPG Government Securities Fund ("Government Securities")
WPG Intermediate Municipal Bond Fund ("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 except for Tudor, Growth and Quantitative Equity
which are all non-diversified funds.
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 significant accounting policies and other information.
Portfolio Valuation
Common Stock-Securities listed or admitted to trading on a national securities
exchange, including options, are valued at the last sale price, on such
exchange, as of the close of regular trading on the New York Stock Exchange
("NYSE") on the day the net asset value calculation is made. Unlisted securities
and listed securities for which there are no sales reported on the valuation
date are valued at the mean between the most recent bid and asked prices.
Bonds-Bonds and other fixed income securities (other than short-term obligations
but including listed issues) in the Funds' portfolios are valued by a pricing
service which utilizes both dealer-supplied valuations and electronic data
processing techniques which take into account appropriate factors such as
institutional-size trading in similar groups of securities, yield, quality,
coupon rate, maturity, type of issue, trading characteristics and other market
data, without exclusive reliance upon quoted prices, exchange or over-the-
counter prices, when such valuations are believed to reflect the market value
of such securities.
Money Market Securities-Investments are valued at amortized cost, which has
been determined by the Fund's Board of Trustees to represent the fair value of
the Funds' investments.
Foreign Securities-Securities listed or admitted to trading on an international
securities exchange, including options, are valued at the last sale price, at
the close of the primary international exchange on the day the net asset value
calculation is made. Unlisted securities and listed securities for which there
are no sales reported on the valuation date are valued at the mean between the
most recent bid and asked prices.
Other Securities-Other securities and assets for which market quotations are
not readily available are valued at their fair values 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 on the identified cost
basis. Dividend income is recognized on the ex-dividend date and interest
income is recognized on an accrual basis. Discounts on fixed income securities
are accreted to interest income over the life of the security or until an
aplicable call date if sooner, with a corresponding increase in cost basis;
premiums are amortized on municipal securities only, with a corresponding
decrease in cost basis.
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Notes to Financial Statements (continued)
Federal Income Taxes
Each Fund's policy is to comply with the requirements of the Internal Revenue
Code that are applicable to regulated investment companies and to distribute
all of its taxable income to its shareholders. No federal income tax or excise
tax provision is required. As of December 31, 1995, the following funds had
capital loss carryforwards:
<TABLE>
<S> <C> <C> <C>
(in $ thousands)
Year of Expiration
Fund 2001 2002 2003
Government Securities -- 20,373 20,105
Municipal Bond -- 139 7
Government Money Market -- 2,022 0
Tax Free Money Market 10 0 1
</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 Tudor, Growth, Quantitative Equity and International
and quarterly for Growth and Income. Dividends from net investment income are
declared daily and paid monthly for Government Securities, Municipal Bond,
Government Money Market and Tax Free Money Market.
Distributions from Capital Gains-Distributions from capital gains are declared
by December 31 of the year in which they are earned and are paid by January 31
of the following year. To the extent that net realized capital gains can be
offset by capital loss carryovers, if any, it is the policy of the Fund not to
distribute such gains.
Income distributions and capital gain distributions are determined in accordance
with income tax regulations which may differ from generally accepted accounting
principles. These differences are due to differing treatments for items such as
mortgage backed securities, net operating losses, deferral of wash sales
losses, options and futures, and post October losses.
Deferred Cost
Organizational and initial offering expenses paid by Quantitative Equity,
International and Intermediate Municipal Bond are amortized on a straight-line
basis over a sixty-month period.
Repurchase Agreements(Tudor, Growth, Government Securities, Government Money
Market)
It is each Fund's policy to take possession of securities or other assets
purchased under agreements to resell. The securities purchased under agreements
to resell are marked to market every business day to ensure that the value of
the "collateral" is at least equal to the value of the loan, including the
accrued interest earned thereon, plus sufficient additional market value as is
considered necessary to provide a margin of safety.
Futures(Quantitative Equity, International, Government Securities)
A futures contract is an agreement between two parties to buy and sell a
security at a set price on a future date. Upon entering into such a contract,
a Fund is required to pledge to the broker an amount of cash and/or securities
equal to the minimum "initial margin" requirements of the exchange. Pursuant
to the contract, the Fund agrees to receive from, or pay to the broker, an
amount of cash equal to the daily fluctuation in value of the contract. Such
a receipt or payment is known as a "variation margin" and is recorded by each
Fund as an unrealized gain or loss. When the contract is closed, the Fund
records a realized gain or loss equal to the difference between the value of
the contract at the time it was opened and the value at the time it was closed.
The Fund is also required to fully collateralize futures contracts purchased.
The Fund only enters into futures contracts which are traded on exchanges.
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Notes to Financial Statements - (continued)
Options Writing (Tudor, Growth, International, Government Securities)
When a Fund writes an option, an amount equal to the premium received by the
Fund is recorded as a liability and is subsequently adjusted to the current
market value of the option written. Premiums received from writing options
which expire unexercised are recorded by the Fund on the expiration date as
realized gains from options transactions. The difference between the premium
and the mount paid on effecting a closing purchase transaction, including
brokerage commissions, is also treated as a realized gain, or if the premium is
less than the amount paid for the closing purchase transaction, as a realized
loss. If a call is exercised, the premium is added to the proceeds from the
sale of the underlying securities or currencies in determining whether the Fund
has realized a gain or loss. If a put is exercised, the premium reduces the
cost basis of the securities or currencies purchased by the Fund. In writing
an option, the Fund bears the market risk of an unfavorable change in the price
of the security underlying the written option. Exercise of an option written by
the Fund could result in the selling or buying of a security or currency at a
price different from the current market value. The Fund only enters into
options which are traded on exchanges except for Tudor and Growth which can
enter into non-exchange options with counterparties as authorized by the Board
of Trustees.
Financial Risks
Futures and Options (Tudor, Growth, Quantitative Equity, International,
Government Securities)
A Fund may write covered options or futures contracts to protect against
adverse movements in the price of securities in the investment portfolio.
Certain risks are associated with the use of written options and futures. The
predominant risk is that the movement in price of the instrument underlying the
option or future may not correlate perfectly with the movement of the price of
the asset being hedged.
Foreign Securities (Tudor, Growth and Income, Growth, International)
Certain risks result from investing in foreign securities in addition to the
usual risks inherent in domestic investments. Such risks include future
political, economic and currency exchange developments including investment
restrictions and changes in foreign laws.
Forward Currency Contracts (Tudor, Growth and Income, Growth, International)
A Fund may enter into forward contracts. Such contracts may be utilized in
connection with planned purchases or sales of securities or to hedge the U.S.
dollar value of portfolios denominated in foreign currencies. Fluctuations in
the value of the forward contracts are recorded for book purposes as unrealized
gains or losses by the Fund. Risks may arise upon entering into these contracts
from the potential inability of counterparties to meet the terms of their
contracts and from unanticipated movements in the value of the foreign currency
relative to the U.S. dollars. Upon entering into such a contract, the Fund is
required to segregate assets with its custodian at least equal to the value of
the Fund's assets committed to fulfilling the forward currency contract.
Foreign Currency Transactions (Tudor, Growth and Income, Growth, International)
The books and records of each Fund are maintained in United States (U.S.)
dollars. Foreign currencies, investments and other assets or liabilities,
denominated in foreign currencies, are translated into U.S. dollars at the
exchange rates prevailing on the close of trading on the primary foreign market.
The Fund does not isolate that portion of the results of operations resulting
from changes in foreign exchange rates on investments from the fluctuations
arising from changes in market prices of securities held. Such fluctuations are
included with the net realized and unrealized gain or loss from investments.
Reported net realized foreign exchange gains or losses arise from sales and
maturities of short term securities, sales of foreign currencies, currency gains
or losses realized between the trade and settlement dates on securities
transactions, the difference between the amounts of dividends, interest, and
foreign withholding taxes recorded on the Fund's books, and the U.S. dollar
equivalent of the amounts actually received or paid. Net unrealized foreign
exchange gains and losses arise from changes in the value of assets and
liabilities other than investments in securities at year end, resulting from
changes in the exchange rate.
Use of Estimates
Estimates and assumptions are required to be made regarding assets, liabilities
and changes in net assets resulting from operations when financial statements
are prepared. Changes in the economic environment, financial markets and any
other parameters used in determining these estimates could cause actual results
to differ from these amounts.
2-Securities Transactions
During the year ended December 31, 1995, sales proceeds, cost of securities
sold and purchases, (other than short term investments and options written),
total commissions and commissions received by Weiss, Peck & Greer ("WPG") or
Lloyds Investment Management International Limited ("Lloyds") on such
transactions were as follows:
<TABLE>
<S> <C> <C> <C> <C> <C>
Proceeds Cost of Cost of Commissions
of Securities Securities Securities Total Received by
Sold Sold Purchased Commissions WPG or Lloyds
(000's) (000's) (000's) (000's) (000's)
Tudor $219,612 $193,991 $185,088 400 $152
Growth and Income 60,597 56,274 50,735 123 85
Growth 112,970 105,471 76,290 193 125
Quantitative Equity 25,713 20,718 51,022 55 55
International 10,580 9,351 7,543 69 0
Government Securities 754,676 757,966 668,992 13 0
Intermediate Municipal
Bond 8,528 8,531 6,866 0 0
</TABLE>
<TABLE>
<CAPTION>
Options Writing Activity
TUDOR
<S> <C> <C>
($ in thousands) Number
of Premiums
Contracts Received
Covered Call
Options Written
Contracts Outstanding
At December 31, 1994 275 $63
Contracts Written 4,162 2,617
4,437 2,680
Contracts Terminated
Expired 520 268
Exercised 3,081 2,089
Closed 375 96
Total Contracts terminated 3,976 2,453
Contracts Outstanding at
December 31, 1995 461 $227
Cost of Total Contracts Terminated $2,969
Realized (Loss) on Contracts (516)
Aggregate value of collateral $3,595
</TABLE>
3-Investments in Restricted Securities
Certain of the Funds may from time to time purchase restricted securities. The
following are restricted securities and would require registration under the
Securities Act of 1933 before they could be offered for public sale in the U.S.
Each security is valued under a method approved by the Board of Trustees as
reflecting fair value.
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Notes to Financial Statements - (continued)
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Cost Value Per Unit Total Market Percentage of
Per at Acquisition Value Per Unit Value 12/31/95 Net Assets at
Fund Security Unit Date at 12/31/95 (000's) 12/31/95
Tudor Advanced Promotion
Technologies $100.00 $73.76 $12.81 $66 0.04%
Tudor Cambridge
Neuroscience 6.75 6.57 8.55 596 0.36%
Tudor Cantab 8.00 6.39 4.16 390 0.24%
Tudor Matrix
Pharmeceutical 12.00 10.52 17.81 1,541 0.93%
Tudor Ribi ImmunoChem
Research Inc. 8.25 7.54 5.76 349 0.21%
Tudor Seragen 24.00 20.80 15.68 392 0.24%
Growth Ribi ImmunoChem
Research Inc. 8.25 7.54 5.76 349 0.58%
</TABLE>
4-Securities Lending(Tudor, Growth)
At December 31, 1995, securities valued at $9,848,163 were on loan to brokers
by Tudor Fund and $8,680,305 by Growth Fund. For collateral the Tudor Fund
received a letter of credit in an amount equal to $10,000,000 of the loan and
the Growth Fund received U.S. Government Securities in the amount of $9,075,660
as collateral. The Funds have chosen to report custodian expenses associated
with securities lending activities as an offset to income from securities
loaned. The amounts of these expenses were $2,795 in the Tudor Fund and $5,600
in the Growth Fund.
5-Investment Ad-Investment Advisory Fee and Other Transactions with Affiliates
The investment advisory fee is earned by WPG. The advisory fees of each Fund
as follows, and are paid monthly except for the International Fund which is
paid quarterly:
Tudor .90% of net assets up to $300 million
.80% of net assets $300 million to $500 million
.75% of net assets in excess of $500 million
Growth and Income .75% of net assets
Growth .75% of net assets
Quantitative Equity .75% of net assets
International .50% while net assets under $15 million
.85% while net assets $15 million to $20 million
1.00% while net assets in excess of $20 million
Government Securities .60% of net assets up to $300 million
.55% of net assets $300 million to $500 million
.50% of net assets in excess of $500 million
Intermediate Municipal .00% while net assets under $17 million
.50% while net assets in excess of $17 million
Government Money Market .50% of net assets up to $500 million
& .45% of net assets $500 million to $1 billion
Tax Free Money Market .40% of net assets $1 billion to $1.5 billion
.35% of net assets in excess of $1.5 billion
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Notes to Financial Statements - (continued)
WPG, pursuant to authority granted under its Investment Advisory Agreement with
the International Fund, has selected Lloyds as sub-adviser to the Fund.
Pursuant to a sub-advisory agreement with the Fund and WPG, Lloyds has overall
responsibility for the management of the International Fund's assets invested
in non-US securities. Lloyds Investment Managers Limited, the parent of Lloyds,
is a non-managing member of WPG.
WPG has agreed to limit each Fund's total operating expenses, excluding taxes,
brokerage commissions, interest, dividends paid on securities sold short and
extraordinary legal fees and expenses to the limits set forth by state
administrators in those states in which the Fund's shares are sold. Currently,
the most restrictive limit is 2.50% of the first $30 million of average net
assets, 2.00% of the next $70 million and 1.50% of average net assets over
$100 million. Each Fund will reduce its advisory fee (but not below $0) when
the total operating expenses exceed these limits.
Each Fund has entered into an Administration Agreement with WPG whereby WPG
earns the following fees based upon a percentage of average daily net assets:
Tudor .07%, Growth and Income .09%, Growth .02%, Quantitative Equity .02%,
International .06% while assets exceed $25 million, Government Securities .03%,
Municipal Bond .12% while assets exceed $50 million, Government Money Market
.06%, Tax Free Money Market .03%.
6 - Distribution Plan (Government Securities)
The Trust has adopted a plan of Distribution (the "Plan") under Section 12 (b)
of the 1940 Act and Rule 12b-1 thereunder. The Fund may pay up to 0.25% of its
average daily net assets under any one agreement but is limited to an aggregate
of 0.05% of its average annual net assets for activities primarily intended to
result in the sale of its shares.
For the year ended December 31, 1995, expenses incurred under the Plan were
$4,676.
Under the terms, the Plan shall remain in effect from year to year, provided
such continuance is approved annually by a vote of a majority of those Trustees
who are not "interested persons" of the Trust and who have no direct or indirect
financial interest in the operation of the plan or in any agreement related to
the Plan.
7 - Custodian Fees
As of May 1, 1995 each fund 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 period May 1, 1995 through
December 31, 1995, the funds' custodian fee and related offset were as follows:
<TABLE>
<S> <C> <C>
Custody Offset
Fee Credit
Tudor $113,845 $1,627
Growth and Income 51,625 1,635
Growth 57,400 1,511
Quantitative Equity 74,280 1,201
International 60,836 2,510
Government Securities 131,782 11,910
Intermediate Municipal Bond 23,968 265
Government Money Market 99,494 247
Tax Free Money Market 82,817 754
</TABLE>
The funds could have invested its cash balances elsewhere if it had not agreed
to a reduction in fees under the expense offset agreement with its custodian.
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
Notes to Financial Statements - (continued)
8 - Reclassification of Capital Accounts
In accordance with the adoption of Statement of Position 93-2 "Determination,
Disclosure and Financial Statement Presentation of Income, Capital Gain and
Return of Capital Distributions by Investment Companies", the Funds
reclassified certain amounts during the year ended 1995 from undistributed
net investment income and undistributed net realized gains, respectively, to
additional paid-in surplus. Net Investment Income, net realized gains, and net
assets were not affected by this change. The amounts reclassified are as
follows:
<TABLE>
<S> <C> <C> <C>
Undistributed Undistributed Additional
Net Investment Net Realized Paid-In
Income Gains Surplus
(000's) (000's) (000's)
Tudor $1,388 $948 ($2,336)
Growth and Income 72 0 (72)
Growth 345 (419) 74
Quantitative Equity 122 (85) (37)
International 168 (95) (73)
Government Securities (195) 173 22
Intermediate Municipal Bond 28 (2) (26)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WEISS, PECK & GREER MUTUAL FUNDS
Financial Highlights (for the years ended December 31, except as indicated in the footnotes.)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$ per share
Net Total
Realized Income
Net Net and From Dividends Distri- Net Net
Asset Invest- Unrealized invest- From butions Tax Asset Assets at
Value at ment Gains or ment Net From Return Total Contri- Value at End of
Beginning Income (Losses)on Opera- Investment Capital of Distri- butions to End of Total Period
of Period (Loss) Securities tions Income Gains Capital butions Capital Period Return ($000's)
Tudor
1995 19.34 (0.10) 8.03 7.93 0.00 (4.32) 0.00 (4.32) 0.00 22.95 41.18% 165,534
1994 23.40 (0.13) (2.14) (2.27) 0.00 (1.79) 0.00 (1.79) 0.00 19.34 (9.81%) 144,207
1993 24.85 (0.22) 3.51 3.29 0.00 (4.74) 0.00 (4.74) 0.00 23.40 13.38% 242,067
1992 24.76 (0.16) 1.40 1.24 0.00 (1.15) 0.00 (1.15) 0.00 24.85 5.13% 273,394
1991 17.85 (0.02) 8.14 8.12 (0.23) (0.98) 0.00 (1.21) 0.00 24.76 45.84% 263,703
Growth and Income Fund
1995 21.36 0.51 6.44 6.95 (0.53) (1.76) 0.00 (2.29) 0.00 26.02 32.73% 67,357
1994 23.34 0.56 (1.83) (1.27) (0.62) (0.09) 0.00 (0.71) 0.00 21.36 (5.47%) 61,045
1993 23.89 0.56 1.71 2.27 (0.89) (1.93) 0.00 (2.82) 0.00 23.34 9.53% 62,714
1992 24.07 0.45 2.82 3.27 (0.43) (3.02) 0.00 (3.45) 0.00 23.89 13.80% 49,304
1991 18.53 0.29 7.23 7.52 (0.31) (1.67) 0.00 (1.98) 0.00 24.07 40.72% 41,538
Growth
1995 94.45 (0.22) 37.70 37.48 0.00 (6.76) 0.00 (6.76) 0.00 125.17 39.72% 60,453
1994 116.62 (0.29) (15.96) (16.25) 0.00 (5.92) 0.00 (5.92) 0.00 94.45 (14.03%) 87,942
1993 126.68 (0.78) 19.42 18.64 0.00 (28.70) 0.00 (28.70) 0.00 116.62 14.87% 169,302
1992 132.06 (0.47) 8.24 7.77 (0.02) (13.13) 0.00 (13.15) 0.00 126.68 6.27% 208,384
1991 95.28 0.00 54.03 54.03 0.00 (17.25) 0.00 (17.25) 0.00 132.06 56.80% 160,586
Quantitative Equity Fund
1995 5.44 0.13 1.70 1.83 (0.12) (0.30) 0.00 (0.42) 0.00 6.85 33.37% 133,201
1994 5.58 0.13 (0.11) 0.02 (0.11) (0.05) 0.00 (0.16) 0.00 5.44 0.34% 73,484
1993 5.00 0.08 0.62 0.70 (0.08) (0.04) 0.00 (0.12) 0.00 5.58 13.90% 46,921
International
1995 10.93 0.04 1.15 1.19 (0.15) (0.96) 0.00 (1.11) 0.00 11.01 10.92% 14,194
1994 11.72 0.01 (0.75) (0.74) 0.00 (0.05) 0.00 (0.05) 0.00 10.93 (6.32%) 17,102
1993 8.54 (0.02) 3.20 3.18 0.00 0.00 0.00 0.00 0.00 11.72 37.24% 15,996
1992 9.04 0.07 (0.57) (0.50) 0.00 0.00 0.00 0.00 0.00 8.54 (5.53%) 8,311
1991 8.99 0.06 0.02 0.08 0.00 0.00 (0.03) (0.03) 0.00 9.04 0.90% 9,443
</TABLE>
<TABLE>
<S> <C> <C> <C>
Ratios
Ratio of
Ratio of Net Income
Expenses (Loss) Portfolio
To Average To Average Turnover
Net Assets Net Assets Rate
Tudor
1995 1.30% (0.47%) 123.1%
1994 1.28% (0.62%) 109.1%
1993 1.25% (0.76%) 118.2%
1992 1.21% (0.71%) 88.8%
1991 1.17% (0.11%) 89.8%
Growth and Income Fund
1995 1.22% 2.10% 79.4%
1994 1.23% 2.49% 71.9%
1993 1.26% 2.15% 86.4%
1992 1.34% 1.79% 75.5%
1991 1.48% 1.28% 88.6%
Growth
1995 1.07% (0.21%) 119.0%
1994 0.95% (0.27%) 99.3%
1993 0.98% (0.54%) 126.6%
1992 0.95% (0.57%) 84.3%
1991 0.96% 0.00 83.6%
Quantitative Equity Fund
1995 1.00% 2.00% 26.1%
1994 1.14% 2.36% 46.8%
1993 1.32% 2.01% 20.6%
International
1995 1.74% 0.39% 55.9%
1994 1.95% 0.12% 69.8%
1993 2.12% (0.13%) 75.9%
1992 2.28% 0.71% 96.8%
1991 2.38% 0.58% 76.5%
</TABLE>
See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
WEISS, PECK & GREER MUTUAL FUNDS
Financial Highlights (for the years ended December 31, except as indicated in the footnotes.)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$ per share
Net Total
Realized Income
Net Net and From Dividends Distri- Net Net
Asset Invest- Unrealized invest- From butions Tax Asset Assets at
Value at ment Gains or ment Net From Return Total Contri- Value at End of
Beginning Income (Losses)on Opera- Investment Capital of Distri- butions to End of Total Period
of Period (Loss) Securities tions Income Gains Capital butions Capital Period Return ($000's)
Government Securities
1995 8.83 0.60 0.54 1.14 (0.59) 0.00 0.00 (0.59) 0.00 9.38 13.25% 171,578
1994 10.37 0.68 (1.56) (0.88) (0.64) (0.02) 0.00 (0.66) 0.00 8.83 (8.70%) 216,364
1993 10.38 0.79 0.14 0.93 (0.79) (0.15) 0.00 (0.94) 0.00 10.37 8.96% 334,904
1992 10.54 0.70 0.01 0.71 (0.70) (0.17) 0.00 (0.87) 0.00 10.38 7.90% 263,407
1991 10.22 0.80 0.57 1.37 (0.80) (0.25) 0.00 (1.05) 0.00 10.54 13.96% 193,616
Intermediate Municipal Bond
1995 9.51 0.44 0.69 1.13 (0.44) 0.00 0.00 (0.44) 0.00 10.20 12.05% 12,730
1994 10.15 0.41 (0.64) (0.23) (0.41) 0.00 0.00 (0.41) 0.00 9.51 (2.29%) 14,005
1993* 10.00 0.19 0.15 0.34 (0.19) 0.00 0.00 (0.19) 0.00 10.15 3.48% 12,334
Government Money Market
1995 1.00 0.05 0.00 0.05 (0.05) 0.00 0.00 (0.05) 0.00 1.00 5.16% 131,210
1994 1.00 0.04 (0.01) 0.03 (0.04) 0.00 0.00 (0.04) 0.01 1.00 3.58% 188,197
1993 1.00 0.03 0.00 0.03 (0.03) 0.00 0.00 (0.03) 0.00 1.00 2.80% 140,926
1992 1.00 0.03 0.00 0.03 (0.03) 0.00 0.00 (0.03) 0.00 1.00 2.95% 103,109
1991 1.00 0.05 0.00 0.05 (0.05) 0.00 0.00 (0.05) 0.00 1.00 5.33% 94,553
Tax Free Money Market
1995 1.00 0.04 0.00 0.04 (0.04) 0.00 0.00 (0.04) 0.00 1.00 3.63% 121,754
1994 1.00 0.03 0.00 0.03 (0.03) 0.00 0.00 (0.03) 0.00 1.00 2.61% 152,501
1993 1.00 0.02 0.00 0.02 (0.02) 0.00 0.00 (0.02) 0.00 1.00 2.32% 136,889
1992 1.00 0.03 0.00 0.03 (0.03) 0.00 0.00 (0.03) 0.00 1.00 2.95% 125,622
1991 1.00 0.05 0.00 0.05 (0.05) 0.00 0.00 (0.05) 0.00 1.00 4.63% 106,512
</TABLE>
<TABLE>
<S> <C> <C> <C>
Ratios
Ratio of
Ratio of Net Income
Expenses (Loss) Portfolio
To Average To Average Turnover
Net Assets Net Assets Rate
Government Securities
1995 0.82% 6.52% 375.0%
1994 0.80% 7.18% 115.9%
1993 0.81% 7.43% 97.5%
1992 0.78% 7.36% 137.2%
1991 0.81% 7.64% 189.8%
Intermediate Municipal Bond
1995 0.85% 4.38% 51.2%
1994 0.85% 4.20% 30.9%
1993* 0.84%A 3.86% 17.0%A
Government Money Market
1995 0.82% 5.06% N/A
1994 0.80% 3.54% N/A
1993 0.81% 2.75% N/A
1992 0.92% 2.92% N/A
1991 0.88% 5.35% N/A
Tax Free Money Market
1995 0.76% 3.56% N/A
1994 0.73% 2.59% N/A
1993 0.74% 2.29% N/A
1992 0.76% 2.92% N/A
1991 0.78% 4.52% N/A
</TABLE>
<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 Advisor not so agreed, and had the Funds
not received a custody fee earnings credit, the net investment income/(loss)
per share, total return, ratio of expenses to average net assets and ratio of
net income to average net assets would have been:
<TABLE>
<S> <C> <C> <C> <C>
Net Ratio of
Investment Ratio of Net
Income Expenses Income
(Loss) Total to Average to Average
Per Share Return Net Assets Net Assets
Growth
1995 (0.22) 39.72% 1.08% (0.21%)
Quantitative Equity
1993 0.07 13.90% 1.41% 1.92%
International
1995 0.04 10.92% 1.76% 0.39%
1994 0.03 (6.66%) 2.35% (0.28%)
1993 (0.10) 36.42% 2.89% (0.64%)
1992 (0.02) (6.53%) 3.23% (0.24%)
1991 (0.01) 0.12% 3.02% (0.06%)
Intermediate Municipal Bond
0.43 11.93% 0.97% 4.25%
0.41 (2.90%) 1.45% 3.60%
0.14 3.07% 2.00%A 2.70%A
For the Tudor, Growth and Income, Quantitative Equity, Government Securities,
Intermediate Municipal Bond, Government Money Market and Tax Free Money Market
Funds the custody fee earnings credit had an effect of less than 0.01% per
share on the above ratios.
<FN>
Notes:
* From July 1, 1993 (commencement of operations) to December 31, 1993
A Annualized
</FN>
</TABLE>
<PAGE>
Independent Auditors' Report
To the Shareholders and Board of Trustees of:
WPG Tudor Fund
WPG Growth and Income Fund
WPG Growth Fund
WPG Quantitative Equity Fund
Weiss, Peck & Greer
International Fund
WPG Government Securities Fund
WPG Intermediate Municipal Bond Fund
WPG Government Money Market Fund
WPG Tax Free Money Market Fund
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
Growth Fund, WPG Quantitative Equity Fund, Weiss, Peck & Greer International
Fund, WPG Government Securities Fund, WPG Intermediate Municipal Bond Fund, WPG
Government Money Market Fund and WPG Tax Free Money Market Fund as of December
31, 1995, 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 periods indicated on pages
49 through 51. 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 audits 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, 1995, by correspondence with the custodian and other appropriate
audit procedures. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of WPG
Tudor Fund, WPG Growth and Income Fund, WPG Growth Fund, WPG Quantitative Equity
Fund, Weiss, Peck & Greer International Fund, WPG Government Securities Fund,
WPG Intermediate Municipal Bond Fund, WPG Government Money Market Fund and WPG
Tax Free Money Market Fund as of December 31, 1995, the results of their
operations for the year then ended, their changes in net assets for each of the
years in the two-year period then ended, and their financial highlights for each
of the periods indicated, in conformity with generally accepted accounting
principles.
KPMG Peat Marwick LLP
New York, New York
January 24, 1996
<PAGE>
WEISS, PECK & GREER
MUTUAL FUNDS
ONE NEW YORK PLAZA, NEW YORK, NY 10004
INDEPENDENT TRUSTEES AND MEMBERS
OF AUDIT COMMITTEE
Raymond R. Herrmann, Jr. Paul Meek
Thomas J. Hilliard, Jr. William B. Ross
Lawrence J. Israel Harvey E. Sampson
Graham E. Jones Robert A. Straniere
OFFICERS
Roger J. Weiss
Chairman of the Board and Trustee - all funds
President - Weiss, Peck & Greer International Fund
Melville Straus
President and Trustee - WPG Tudor Fund,
Trustee - WPG Growth Fund,
Executive Vice President and Trustee -
WPG Growth and Income Fund
John P. Callaghan
President - WPG Growth Fund
Jay C. Nadel
Executive Vice President and Secretary - all funds
Francis H. Powers
Executive Vice President and Treasurer - all funds
Arlen S. Oransky
Assistant Vice President - all funds
Joseph J. Reardon
Vice President - all funds
Joseph Parascondola
Assistant Vice President - all funds
A. Roy Knutsen
President - WPG Growth and Income Fund
Daniel S. Vandivort
President - WPG Funds Trust
Joseph N. Pappo
Vice President - WPG Quantitative Equity Fund
Arthur L. Schwarz
Vice President - WPG Intermediate Municipal Bond Fund
Janet A. Fiorenza
Vice President - WPG Tax Free Money Market Fund
S. Blake Miller
Vice President - WPG Intermediate Municipal Bond Fund
INVESTMENT ADVISER
Weiss, Peck & Greer, LLC
One New York Plaza
New York, NY 10004
CUSTODIAN
Boston Safe Deposit and Trust Company
One Exchange Place
Boston, MA 02109
DIVIDEND DISBURSING AND
TRANSFER AGENT
First Data Investor Services Group
P.O. Box 9037
Boston, MA 02205
LEGAL COUNSEL
Hale and Dorr
60 State Street
Boston, MA 02109
INDEPENDENT AUDITORS
KPMG Peat Marwick 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.
