WEISS, PECK & GREER
MUTUAL FUNDS
SEMI-ANNUAL REPORT
JUNE 30, 1998
(UNAUDITED)
WPG TUDOR FUND
WPG GROWTH AND INCOME FUND
WPG GROWTH FUND
WPG QUANTITATIVE EQUITY FUND
WEISS, PECK & GREER INTERNATIONAL FUND
WPG CORE BOND FUND
(FORMERLY GOVERNMENT SECURITIES FUND)
WPG INTERMEDIATE MUNICIPAL BOND FUND
WPG GOVERNMENT MONEY MARKET FUND
WPG TAX FREE MONEY MARKET FUND
ONE NEW YORK PLAZA
NEW YORK, NEW YORK 10004
800-223-3332
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
TABLE OF CONTENTS
Chairman's Letter ............................................. 1
Major Portfolio Changes ....................................... 3
Average Annual Total Returns .................................. 4
Ten Largest Holdings .......................................... 6
(Schedules of Investments)
WPG Tudor Fund ............................................ 8
WPG Growth and Income Fund ................................ 9
WPG Growth Fund ........................................... 11
WPG Quantitative Equity Fund .............................. 12
Weiss, Peck & Greer International Fund .................... 14
WPG Core Bond Fund ........................................ 16
WPG Intermediate Municipal Bond Fund ...................... 18
WPG Government Money Market Fund .......................... 22
WPG Tax Free Money Market Fund ............................ 22
Statements of Assets and Liabilities .......................... 28
Statements of Operations ...................................... 30
Statements of Changes in Net Assets ........................... 32
Notes to Financial Statements ................................. 34
Financial Highlights .......................................... 40
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.
CORE BOND
OBJECTIVE: Current income.
INTERMEDIATE MUNICIPAL BOND
OBJECTIVE: High current income consistent with relative stability of
principal Exempt from Federal Income Tax.
* TAX FREE MONEY MARKET
OBJECTIVE: Maximize current income with preservation of capital and
liquidity. Exempt from Federal Income Tax.
* GOVERNMENT MONEY MARKET
OBJECTIVE: Maximize current income with preservation of capital and
liquidity.
* Although these Funds are money market funds and attempt to maintain a
stable $1.00 net asset value per share, investments in these Funds are
neither insured or guaranteed by the 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:
DOMESTIC MARKETS
- ----------------
The powerful 1990's bull market continued to rise led by large
capitalization issues. A near perfect domestic economic backdrop has provided
the environment for the rally. Slow but sustainable real GDP growth has been
accompanied by low inflation, declining interest rates, a strong U.S. dollar,
high consumer confidence and strong cash flows into the financial markets.
The United States' economy entered its seventh year of expansion during the
second quarter of 1998. This economic upturn is the third longest since World
War II but has also exhibited the slowest yearly real GDP growth. Since 1991,
real GDP growth has averaged 2.8% per year, 40% less than the 4.9% average
growth rate of the longest post-WWII economic period during the 1960's. One very
important derivative of this current muted expansion is low inflation which has
dramatically bolstered the bull market for financial assets. Inflation, as
measured by the CPI, is increasing at a 1.7% annual rate through May 31, 1998.
Asian economic problems continue to be a cause for concern. During the
second quarter of 1998, Japan officially entered into a recession and the
dollar-to-yen ratio increased towards the 150 level before U.S. Treasury
Secretary Rubin announced yen support. Clearly, this yen buying is only a
stopgap and requires more fundamental internal Japanese measures and resolve
than has been generated thus far. Asian weakness is causing a contraction of
exports from America and is therefore increasing the U.S. trade deficit. While
this may impact American companies with large Asian business, the short-term
effect has been to discourage the Federal Reserve from raising interest rates.
Consumer spending has also benefited from lower import pricing.
The U.S. equities markets, after a strong first quarter performance,
exhibited a dual personality during the second quarter of 1998. The Dow Jones
Industrial Average, the S&P 500 and the NASDAQ all rose to new highs while Value
Line, the Russell 2000 and the AMEX fell during the same period. The best
performing S&P 500 sectors were consumer cyclicals, technology and health care.
Producers of oil, papers, semiconductors and other commodities underperformed.
Large-cap issues continued to outperform while mid-cap and small-cap stocks
languished.
Federal Reserve officials have maintained a tightening bias as a result of
strong first quarter growth and a continued decline in the unemployment rate.
During the second quarter, however, strength in domestic demand was offset by a
continued deterioration in exports due to weakness in Asia and cutbacks in
inventory levels. Increased concerns regarding financial turmoil in Asia, Russia
and Latin America, as well as the slowing of domestic growth, allowed the
Federal Reserve to hold the Federal Funds rate steady at 5.5%. Continued
positive news on inflation, the slowing of economic growth, reduced Treasury
issuance, and an overall "flight to quality" caused Treasury yields to decline
across the curve during the second half of the quarter. Yields on the 2, 5, 10,
and 30 year Treasuries declined 8, 15, 21, and 31 basis points respectively.
The corporate bond market began the quarter on a positive note but was
negatively impacted by the "flight to quality" into Treasury securities. Coupled
with persistent corporate supplies as a result of lower yields, and fears of a
deteriorating profit outlook, corporate spreads widened during the second half
of the quarter, particularly in longer maturities and lower quality credits.
Mortgage securities performed well early in the quarter as well, but ended on a
weak note. Asset-backed security spreads widened modestly throughout the
quarter, as increased supply hit all sectors of this market. Despite this, the
asset-backed securities sector continued to lead all sectors year-to-date in
duration adjusted relative performance.
As we enter the third quarter of 1998, we are optimistic regarding the
investment outlook yet are cognizant of lofty valuation levels for the equity
markets. We continue, however, to find attractive individual securities for our
Page 1
<PAGE>
investment portfolios. The U.S. bond market continues to attract funds due to
expected low inflation and emerging markets turmoil.
INTERNATIONAL MARKETS
- ---------------------
Although the EAFE index rose by 1.1% in U.S. dollar terms in the second quarter
of 1998, component equity market returns were very mixed. Another bout of
nervousness about the Far East saw some steep declines in Asian stock markets;
Japan reported a sharp fall in GDP for the first quarter and equity prices were
weak initially before a late rally. The UK lost momentum and a little ground
amid a rise in interest rates and pessimistic manufacturing surveys, but the
continental European markets continued to provide good returns as profits
forecasts continued to be revised up and as EMU news pleased investors.
Looking forward, we believe that equity markets in the Far East are likely to
continue to be subject to mood swings as policy news unfolds, albeit with the
potential for sharp rallies if investors believe the worst has passed. In
Europe, equity markets will be susceptible to continuing uncertainty in the Far
East but we anticipate that the domestic economic framework and the liquidity
from mutual funds and corporate activity will remain very supportive.
As these events unfold, we will continue to direct our efforts to identifying
the investments that will enable Weiss, Peck & Greer shareholders to achieve
their long-term investment goals.
Sincerely,
/s/ Roger J. Weiss
------------------
Roger J. Weiss
Chairman of the Board
July 22, 1998
Page 2
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
MAJOR PORTFOLIO CHANGES - EQUITY FUNDS - QUARTER ENDING JUNE 30,1998 - UNAUDITED
TUDOR GROWTH AND INCOME
ADDITIONS ADDITIONS
- --------- ---------
American Italian Pasta Cl A Computer Sciences Corp.
Aurora Foods Inc. Harcourt General
Cross Timbers Oil Co. Hewlett-Packard Co.
Dura Automotive Systems Inc. Linear Technology Corp.
Frontier Insurance Group Inc.
Skytel Communications Inc.
Skywest Inc.
TLC The Laser Center
UCAR International Inc.
Vesta Insurance Group Inc.
DELETIONS DELETIONS
- --------- ---------
Access Health Inc. Boeing Co.
Corrections Corp. of America Conseco Inc. 7.00% Preferred Stock
Integrated Health Services Inc. Entertainment Properties Trust
Keane Inc. NationsBank Corp.
Mills Corp. Post Properties
MoneyGram Payment Systems
Party City Corp.
Royal Caribbean Cruises Ltd.
Solectron Corp.
Wackenhut Corrections Corp.
GROWTH INTERNATIONAL
ADDITIONS ADDITIONS
- --------- ---------
American Italian Pasta Cl A British Energy
Aurora Foods Inc. Corp. Bancaria De Espana
Cross Timbers Oil Co. Glaxo Wellcome
Dura Automotive Systems Inc. HSBC Holdings PLC
Frontier Insurance Group Inc. Hutchinson Whampoa
Skytel Communications Inc. Nippon Television Network
Skywest Inc. OJI Paper Co.
TLC The Laser Center Royal Dutch Petroleum
UCAR International Inc. Siemens AG
Vesta Insurance Group Inc. Thyssen AG
DELETIONS DELETIONS
- --------- ---------
Access Health Inc. Argentaria CMN
ADVO Inc. British Telecommunications
America West Holdings Corp. Cl B BTR PLC
BioChem Pharmaceutical Inc. Coca Cola Amatil Ltd.
Briggs and Stratton Corp. Eaux (CIE Generale Des)
Integrated Health Services Inc. Fujitsu Ltd.
Mills Corp. Hong Kong Electric Holdings
MoneyGram Payment Systems Nissan Motor Co.
P-Com Inc. Taisho Pharmaceutical
Solectron Corp. Zeneca Group
Page 3
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED JUNE 30, 1998 (UNAUDITED)
TUDOR
- --------------------------------------------------------------------------------
SIX ONE FIVE TEN
MONTHS YEAR YEARS YEARS
------ ---- ----- -----
TUDOR -0.41% 9.57% 13.19% 13.15%
Russell 2500 Growth Index 5.72% 13.44% 15.33% 13.62%
Lipper Capital Appreciation Index 14.69% 24.90% 17.30% 15.13%
- --------------------------------------------------------------------------------
The restructuring of the Fund's portfolio continued to effect performance during
the second quarter. During a difficult period for small capitalization stocks,
the Fund's N.A.V. fell 7.6% during the same period the Russell 2500 index fell
5.4%. This under performance was in large part due to the repositioning of the
portfolio and a reduction in the number of positions held. While we are not
satisfied with the recent results, we have strengthened the portfolio management
and research team with the goal of improving the Fund's performance. Through
June 30, positive contributions were achieved in financial, consumer and
industrial stocks. Under performing sectors included energy, healthcare and
business services.
GROWTH AND INCOME
- --------------------------------------------------------------------------------
SIX ONE FIVE TEN
MONTHS YEAR YEARS YEARS
------ ---- ----- -----
GROWTH AND INCOME 18.72% 33.33% 21.16% 17.36%
S & P 500 Stock Index 17.71% 30.16% 23.08% 18.56%
Lipper Growth & Income Funds 12.11% 22.86% 19.02% 15.77%
- --------------------------------------------------------------------------------
The WPG Growth and Income Fund continues to deliver top grade performance. The
portfolio is performing well versus the S&P 500 Index as well as the Lipper
Growth & Income Average. Consumer cyclicals, health care and technology
positions led sector performance. Top performing individual issues included
American Express, BMC Software, Cisco, Computer Sciences, Ericsson, Home Depot,
McDonalds, Pfizer and Warner Lambert. REIT holdings underperformed during the
quarter. REIT positions reduce portfolio risk while adding current yield to the
total portfolio.
GROWTH
- --------------------------------------------------------------------------------
SIX ONE FIVE TEN
MONTHS YEAR YEARS YEARS
------ ---- ----- -----
GROWTH -1.11% 7.07% 11.03% 12.03%
Russell 2000 Growth Index 5.46% 13.19% 13.71% 11.59%
Wilshire Small Co. Growth Index 3.97% 9.29% 16.05% 13.73%
Lipper Small Cap Index 6.45% 15.52% 15.51% 13.74%
- --------------------------------------------------------------------------------
The restructuring of the Growth Fund's portfolio and a very weak market for
small capitalization stocks hurt the performance of the Fund during the second
quarter. The Fund's N.A.V. declined by 7.46% compared to a 6.22% decline in the
Russell 2000. While we are not satisfied with the recent results, we have
strengthened the research and portfolio management team and improved the overall
quality of our holdings. The number of stocks has been reduced by more than half
and research coverage has been intensified. We expect an eventual improvement in
performance. Through June 30, positive contributions were achieved in consumer,
financial and industrial stocks. Business services, Energy and Healthcare stocks
underperformed.
QUANTITATIVE EQUITY
- --------------------------------------------------------------------------------
SIX ONE FIVE FROM
MONTHS YEAR YEARS 1/1/93++
------ ---- ----- --------
QUANTITATIVE EQUITY 15.58% 24.88% 19.15% 19.15%
S & P 500 Stock Index 17.71% 30.16% 23.08% 21.83%
- --------------------------------------------------------------------------------
On a year-to-date basis the Fund has had a total return of 15.6%, 2.1% less than
the return of the S&P 500 Index. In the second quarter the market continued its
focus on some of the largest companies in the Index. Many of these (i.e.
Coca-Cola, Wal-Mart) have not looked attractive on our quantitative model
because of their high valuations. As a result, these companies are either not
owned by the Fund or were held by the Fund at a weight that is less than the
Index weight. Some of our greatest success in the quarter, relative to the
Index, was in our retail stock selections (Lowe's, Home Depot, Dayton Hudson).
Our focus on companies with a good short and long-term earnings growth and price
movement was the greatest contributor to our returns. It also served us well to
be underweight in domestic oil producers and oil service companies (the overall
weight of the energy sector equaled that of the Index). We remain committed to
the discipline of our quantitative model and believe that performance will
improve as we face the latter half of 1998.
INTERNATIONAL
- --------------------------------------------------------------------------------
SIX ONE FIVE FROM
MONTHS YEAR YEARS 6/1/89++
------ ---- ----- --------
INTERNATIONAL (a) 16.45% 8.92% 10.00% 5.36%
EAFE (Europe,Australia,Far East)Index 16.08% 6.38% 10.34% 6.55%
- --------------------------------------------------------------------------------
With the continued economic, currency and financial market problems in the Far
East, the asset allocation of the Fund has been appropriately slanted towards
Europe. Japan and the Pacific ex-Japan have been underweighted relative to the
EAFE Index, while Europe has been overweighted. The Fund's policy contributed to
outperformance of the Index in the first six months of 1998 and in the twelve
months to the end of June. Asset allocation is not being altered for the time
being but opportunities may be taken to reduce Far East underweighting
gradually.
Page 4
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED JUNE 30, 1998 (UNAUDITED)
CORE BOND
- --------------------------------------------------------------------------------
SIX ONE FIVE TEN
MONTHS YEAR YEARS YEARS
------ ---- ----- -----
CORE BOND (b) 4.54% 9.40% 4.27% 7.48%
Lehman Aggregate Index 3.93% 9.19% 6.25% 8.66%
Morningstar Intermediate-Term
Bond Index 3.66% 9.57% 6.22% 8.59%
- --------------------------------------------------------------------------------
The Fund outperformed the Lehman Aggregate Index during the quarter by 0.21%
(2.55 versus 2.34%) as a result of several factors. First, the Fund had a modest
barbell structure (underweight the 5-year area of the curve) throughout the
quarter, which had a slight positive impact on performance. Second, the Fund
began the quarter overweight in the corporate security sector, with an emphasis
on long BBB finance and industrials. This exposure was reduced to neutral in
late May and early June following the strong performance of the sector during
the first two months of the quarter. Third, the Fund also began the quarter
overweight in the mortgage securities sector, with an emphasis on slight premium
coupon 15 and 30 year maturities. This exposure was moved to underweight in May
and back to neutral by the end of June in response to the dramatic cheapening of
the sector in June. The timing of these mortgage sector moves added modestly to
relative performance during the quarter. Year-to-date the Fund has outperformed
its benchmark by 0.61% (4.54% versus 3.93%).
INTERMEDIATE MUNICIPAL BOND
- --------------------------------------------------------------------------------
SIX ONE FIVE
MONTHS YEAR YEARS++
------ ---- -------
INTERMEDIATE MUNICIPAL BOND (c) 2.21% 7.11% 5.45%
Lehman Brothers 3-10 Year Municipal
Bond Index 2.35% 7.05% 5.78%
Lipper Intermediate Muni Funds 2.05% 6.69% 5.05%
- --------------------------------------------------------------------------------
Municipal yields remained range bound during the second quarter of 1998, ending
the period where they began the year. As yields have been essentially unchanged,
principal changes have had little impact on the Fund's return during 1998.
Virtually all of the Fund's return has come from income. Against this backdrop,
the Fund has remained ahead of the Lipper average, while slightly trailing the
unmanaged Lehman Index for the six months ended June 30, 1998.
++ Inception of Fund
(a) The Adviser waived its fee from inception of the Fund through
2/28/90 and has waived a portion of its fee from the date through
October 19, 1994. Had the Adviser not done so, the total return for
the five years ended 6/30/98 and from inception through 6/30/98
would have been lower.
(b) The Adviser waived a portion of its fee since January 1, 1998. Had
the Adviser not done so, the total return for the six months ended
June 30, 1998, one year ended June 30, 1998, five years ended June
30, 1998, and ten years ended June 30, 1998 would have been lower.
(c) The Adviser waived its fee from inception of the Fund through
October 19, 1994 and has waived a portion of its fee from March 1,
1997 through June 30, 1998 and has also reimbursed certain other
expenses from inception date through February 28, 1997. Had the
Adviser not done so, the total return of the Fund for the six months
ended June 30, 1998, for the year ended 6/30/98 and from inception
through 6/30/98 would have been lower.
Performance represents historical data. The investment return and principal
value of an investment will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than their original cost. Each Fund's
results and the indices (except as noted below) assume the reinvestment of all
capital gain distributions and income dividends. Each Fund's past performance is
not indicative of future performance and should be considered in light of each
Fund's investment policy and objectives, the characteristics and quality of its
portfolio securities, and the periods selected. The S&P 500 Stock Index is a
broad based measurement of changes in stock market conditions based on the
average performance of 500 widely held common stocks. The Russell 2000 Growth
Index and Russell 2500 Growth Index are measurements of changes in stock market
conditions based on the average performance of small U.S. growth oriented
securities with a median market capitalization of approximately $220 million and
$1.4 billion, respectively. Lipper Analytical Services ("Lipper") and
Morningstar compare mutual funds according to overall performance, investment
objectives, investment policies, assets, expense levels, periods of existence
and other factors. Wilshire Asset Management indices are derived from the
largest 2500 of the Wilshire 5000 Stock Index and is a broad based index. The
Lehman Brothers Aggregate Index is a market weighted blend of all investment
grade corporate issues, all mortgage securities and all government issues. The
Lehman Brothers 3-10 year Muni Bond Index is a broad based index which contains
all securities in the Lehman Municipal Bond Index with maturities from 3-10
years. The Morgan Stanley Capital International Europe, Australia, Far East
("EAFE") is an index of more than 800 companies in Europe, Australia and the Far
East. Indices are unmanaged group of securities.
Page 5
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
TEN LARGEST HOLDINGS AT JUNE 30, 1998 * (UNAUDITED)
<TABLE>
<CAPTION>
MARKET
VALUE PERCENT
TUDOR FUND (000'S) OF FUND
- --------------------------------------------------------------------------------
<S> <C> <C>
Paging Networks Inc. ........... $ 5,628 4.1%
BE Aerospace Inc. .............. 4,756 3.4%
America West Holdings Corp. Cl B 5,379 3.2%
GTECH Holdings Corp. ........... 4,086 3.0%
Hexcel Corp. ................... 3,824 2.8%
Washington Federal Inc. ........ 3,779 2.7%
Lyondell Petrochemical Co. ..... 3,777 2.7%
Western Wireless Corp. Cl A .... 3,639 2.6%
Amerin Corp. ................... 3,619 2.6%
Gardner Denver Machinery ....... 3,517 2.5%
------- ----
$41,004 29.6%
======= ====
- --------------------------------------------------------------------------------
GROWTH FUND
- --------------------------------------------------------------------------------
Paging Networks Inc. ........... $1,120 4.6%
Hexcel Corp. ................... 846 3.5%
BE Aerospace Inc. .............. 830 3.4%
GTECH Holdings Corp. ........... 775 3.2%
Amerin Corp. ................... 759 3.2%
Skytel Communications Inc. ..... 686 2.8%
Gardner Denver Machinery ....... 656 2.7%
Gulf Canada Resources .......... 652 2.7%
Western Wireless Corp. Cl A .... 650 2.7%
Rationale Software Corp. ....... 610 2.5%
------ ----
$7,584 31.3%
====== ====
- --------------------------------------------------------------------------------
INTERNATIONAL FUND
- --------------------------------------------------------------------------------
Novartis AG .................... $ 307 3.4%
AXA UAP ........................ 257 2.8%
Viag AG ........................ 251 2.8%
Barclays PLC ................... 247 2.7%
Alcatel Alsthom ................ 247 2.7%
Lafarge ........................ 211 2.3%
Daimler Benz AG ................ 207 2.3%
Philips Electronics ............ 195 2.2%
Societe Generale ............... 191 2.1%
Corp. Bancaria de Espana ....... 189 2.1%
------ ----
$2,302 25.4%
====== ====
- --------------------------------------------------------------------------------
MARKET
VALUE PERCENT
GROWTH AND INCOME FUND (000'S) OF FUND
- --------------------------------------------------------------------------------
Warner Lambert Co. ............. $6,244 4.1%
Carnival Corp. ................. 5,944 3.9%
McDonald's Corp. ............... 5,175 3.4%
Pfizer Inc. .................... 4,891 3.2%
Cisco Systems Inc. ............. 4,603 3.0%
Schering-Plough Corp. .......... 4,581 3.0%
American Express Co. ........... 4,560 3.0%
Bank of New York Inc. .......... 4,552 3.0%
American International Group Inc. 4,380 2.9%
Storage Technology Corp. ....... 4,337 2.8%
------- ----
$49,267 32.3%
======= ====
- --------------------------------------------------------------------------------
QUANTITATIVE EQUITY FUND
- --------------------------------------------------------------------------------
Exxon Corp. .................... $2,995 4.0%
Microsoft Corp. ................ 2,428 3.3%
General Electric Co. ........... 2,275 3.1%
Ameritech Corp. ................ 2,037 2.8%
Schering-Plough Corp. .......... 1,860 2.5%
Dayton Hudson Corp. ............ 1,819 2.4%
BellSouth Corp. ................ 1,745 2.4%
Bristol Myers Squibb Co. ....... 1,598 2.1%
Pfizer Inc. .................... 1,489 2.0%
Warner Lambert Co. ............. 1,429 1.9%
------- ----
$19,675 26.5%
======= ====
</TABLE>
Page 6
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
TEN LARGEST HOLDINGS AT JUNE 30, 1998 * (UNAUDITED) - CONTINUED
<TABLE>
<CAPTION>
MARKET
VALUE PERCENT
CORE BOND FUND (000's) OF FUND
- -----------------------------------------------------------------------------------------------
<S> <C> <C>
United States Treasury Note 6.125% Due 8/15/07 ........................... $9,718 8.4%
United States Treasury Note 5.500% Due 2/29/00 ........................... 8,682 7.5%
United States Treasury Note 6.375% Due 4/30/99 ........................... 8,333 7.2%
United States Treasury Bond 6.125% Due 11/15/27 .......................... 7,694 6.7%
United States Treasury Note 5.750% Due 9/30/99 ........................... 7,194 6.2%
Federal Home Loan Mortgage Corp. 7.500% Due 8/15/24 ...................... 6,008 5.2%
Federal National Mortgage Association 7.000% Due 7/1/13 .................. 5,067 4.4%
Government National Mortgage Association 8.000%
Due 8/15/26 - 8/15/27 ............................................... 4,505 3.9%
Federal National Mortgage Association 7.000% Due 8/1/28 .................. 3,840 3.3%
Federal National Mortgage Association 6.500% Due 7/1/13 .................. 3,692 3.2%
------ ----
$64,733 56.0%
======= ====
- ---------------------------------------------------------------------------------------------
INTERMEDIATE MUNICIPAL BOND FUND
- ---------------------------------------------------------------------------------------------
Seattle Washington General Obligation 5.500% Due 3/1/09 .................. $1,079 4.5%
San Francisco California City & County Refunding Series 1
(FGIC Insured) 5.000% Due 6/15/10 ................................... 1,032 4.3%
Port of Houston Texas General Obligation Bond 5.100% 10/1/11 ............. 1,027 4.3%
San Marino Unified School District Series B 4.700% Due 7/1/11 ............ 1,001 4.2%
Springfield Illinois Electric Revenue 6.500% Due 3/1/08 .................. 862 3.6%
Lancaster County Pennsylvania General Obligation Bond Series B
(AMBAC Insured) 4.100% Due 11/1/03 .................................. 835 3.5%
Oklahoma County Oklahoma Home Finance Authority Single Family
Refunding Prerefunded Zero Coupon Due 7/1/12 ........................ 660 2.8%
Harris County Texas Flood District General Obligation
Zero Coupon Due10/1/06 .............................................. 659 2.8%
Cypress Fairbanks Texas General Obligation Independent
School District 7.300% Due 2/15/07 .................................. 594 2.5%
Mercedes Texas Independent School District 4.900% Due 8/15/09 ............ 587 2.4%
------ ----
$8,336 34.9%
====== ====
- ---------------------------------------------------------------------------------------------
<FN>
* The composition of the largest securities in each portfolio is subject to
change.
</FN>
</TABLE>
Page 7
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 1998 - UNAUDITED
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------- -------- -------
TUDOR
COMMON STOCKS (93.9%)
CAPITAL GOODS
COMMUNICATIONS (2.3%)
<C> <S> <C>
64,600 + Aspect Telecommunications ................. $ 1,768
25,500 + P-COM Inc. ................................ 234
68,200 + Powerwave Technologies Inc. ............... 1,142
---------
3,144
---------
COMPUTER SOFTWARE & SERVICES (6.1%)
22,000 Analysts International Corp. .............. 624
125 Exigent International Inc. ................ 1
49,500 + Flexinternational Software ................ 353
4,400 + Microstrategy Inc. ........................ 124
5,000 + Mips Technologies Inc. .................... 67
201,000 + Rational Software Corp. ................... 3,065
56,000 + Remedy Corp. .............................. 952
58,500 + Segue Software Inc. ....................... 899
103,200 + Structural Dynamics Research Corp. ........ 2,387
---------
8,472
---------
OTHER CAPITAL GOODS (6.0%)
163,300 + BE Aerospace Inc. ......................... 4,756
127,600 + Gardner Denver Machinery .................. 3,517
---------
8,273
---------
SEMICONDUCTORS & RELATED (5.4%)
140,300 + ADE Corp. ................................. 2,052
85,000 Hadco Corp. ............................... 1,982
53,900 + KLA Instruments Corp. ..................... 1,492
147,800 + KOMAG Inc. ................................ 790
80,000 + Trident International Inc. ................ 1,200
---------
7,516
---------
27,405
---------
CONSUMER
BIOTECHNOLOGY (2.2%)
63,200 + Myriad Genetics Inc. ...................... 924
72,000 + Pathogenesis Corp. ........................ 2,088
---------
3,012
---------
FOOD (3.4%)
75,400 + American Italian Pasta Cl A ............... 2,809
91,900 + Aurora Foods Inc. ......................... 1,935
---------
4,744
---------
HEALTH CARE SERVICES (3.3%)
195,000 + Phycor Inc. ............................... 3,230
82,100 + TLC The Laser Center ...................... 1,344
---------
4,574
---------
LEISURE & GAMING (3.0%)
121,300 + GTECH Holding Corp. ....................... $ 4,086
---------
MEDIA (2.0%)
163,500 # Hollinger International Cl A .............. 2,780
MEDIA COMMUNICATION (9.2%)
402,000 + Paging Networks Inc. ...................... 5,628
148,800 + Skytel Communications Inc. ................ 3,483
182,500 + Western Wireless Corp. Cl A ............... 3,639
---------
12,750
---------
MEDICAL EQUIPMENT (1.9%)
145,600 + Acuson Corp. .............................. 2,648
---------
RETAIL (1.7%)
150,000 + Micro Warehouse Inc. ...................... 2,325
---------
36,919
---------
ENERGY
OIL & GAS EXPLORATION (5.2%)
72,400 Cross Timbers Oil Co. .................. 1,380
642,500 + Gulf Canada Resources .................. 3,172
83,300 + Nuevo Energy Co. ....................... 2,676
---------
7,228
---------
INTERMEDIATE GOODS & SERVICES
BASIC INDUSTRIES (11.2%)
103,700 + Airgas Inc. ............................... 1,491
9,700 Briggs & Stratton Corp. ................... 363
91,300 CalMat Co. ................................ 2,009
41,600 + Dura Automotive Systems Inc. .............. 1,336
169,000 + Hexcel Corp. .............................. 3,824
124,100 Lyond ..................................... 3,777
94,400 + UCAR International Inc. ................... 2,755
---------
15,555
---------
BUSINESS SERVICES (5.4%)
106,500 + ADVO Inc. ................................. 3,002
55,000 + Emcor Group Inc. .......................... 1,052
35,400 + International Network Services ............ 1,452
111,500 Reynolds & Reynolds Cl A .................. 2,028
---------
7,534
---------
TRANSPORTATION (5.6%)
153,300 + America West Holdings Corp. Cl B .......... 4,379
130,000 + Consolidated Freightways Corp. ............ 1,812
53,700 Skywest Inc. .............................. 1,503
---------
7,694
---------
30,783
---------
Page 8 See notes to financial statements.
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 1998 - UNAUDITED - (CONTINUED)
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------- -------- -------
TUDOR (continued)
INTEREST SENSITIVE
BANKS (6.9%)
169,500 + BankUnited Financial Corp.Cl A ............. $ 2,797
67,500 Coastal Bancorp Inc. ....................... 1,654
35,000 Seacoast Banking ........................... 1,348
136,800 Washington Federal Inc. .................... 3,779
---------
9,578
---------
HOME BUILDING (2.0%)
108,500 Del Webb Corp. .............................. 2,814
---------
INSURANCE (8.0%)
124,000 + Amerin Corp. .............................. 3,619
132,000 Frontier Insurance Group Inc. ............. 2,978
98,000 + UICI ...................................... 2,671
84,500 Vesta Insurance Group Inc. ................ 1,801
---------
11,069
---------
OTHER (3.1%)
73,800 + Affiliated Managers Group ................. 2,763
61,500 Waddell & Reed Financial .................. 1,472
4,235
---------
27,696
---------
TOTAL COMMON STOCK
(Cost $125,512) ............................. 130,031
---------
CONVERTIBLE PREFERRED
STOCK (0.0%)
CAPITAL GOODS
(Cost $514)
5,138 Advance Promotion Technology Inc. ...... 1
---------
PRINCIPAL
AMOUNT
(000's)
- -------
EURODOLLAR DEPOSIT (7.4%)
(Cost $10,228)
$10,228 Societe Generale Bank
5.750% Due 7/1/98 .......................... 10,228
---------
TOTAL INVESTMENTS (101.3%)
(Cost $136,254) ............................. 140,260
LIABILITIES IN EXCESS
OF OTHER ASSETS (-1.3%) ..................... (1,853)
---------
TOTAL NET ASSETS (100.0%) ................... $138,407
=========
<FN>
# Securities out on loan.
+ Non-income producing security.
</FN>
</TABLE>
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------- -------- -------
GROWTH AND INCOME
<TABLE>
<CAPTION>
COMMON STOCKS (98.4%)
CAPITAL GOODS
COMPUTER SOFTWARE &
SERVICES (16.8%)
<C> <S> <C>
80,000 + BMC Software Inc. ......................... $ 4,155
100,000 + Cadence Design Systems Inc. ............... 3,125
50,000 + Cisco Systems Inc. ........................ 4,603
50,000 + Computer Sciences Corp. ................... 3,200
43,000 Hewlett-Packard Co. ....................... 2,575
60,000 Linear Technology Corp. ................... 3,619
100,000 + Storage Technology Corp. .................. 4,337
---------
25,614
---------
OTHER CAPITAL GOODS (8.6%)
60,000 Emerson Electric Co. ....................... 3,619
100,000 Ericsson L M Telephone Co. ADR Cl B ........ 2,862
40,000 General Electric Co. ....................... 3,640
30,000 Xerox Corp. ................................ 3,049
---------
13,170
---------
38,784
---------
CONSUMER
HEALTH CARE (16.9%)
30,000 Bristol-Myers Squibb Co. .................... 3,448
50,000 Lilly (Eli) & Co. ........................... 3,303
25,000 Merck & Co. ................................. 3,344
45,000 Pfizer Inc. ................................. 4,891
50,000 Schering - Plough Corp. ..................... 4,581
90,000 Warner Lambert Co. .......................... 6,244
---------
25,811
---------
RESTAURANTS (3.4%)
75,000 McDonald's Corp. ............................ 5,175
---------
OTHER CONSUMER (15.7%)
100,000 AutoZone Inc. ............................... 3,194
150,000 Carnival Corp. .............................. 5,944
60,000 Harcourt General ............................ 3,570
150,000 Hilton Hotel Corp. .......................... 4,275
37,000 Home Depot .................................. 3,073
100,000 Philip Morris Companies Inc. ................ 3,937
---------
23,993
---------
54,979
---------
OTHER CONSUMER
CONSUMER NON-DURABLES (1.5%)
30,000 Johnson & Johnson .......................... 2,212
---------
See notes to financial statements Page 9
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 1998 - UNAUDITED
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------- -------- -------
GROWTH AND INCOME (continued)
INTERMEDIATE GOODS & SERVICES
BASIC INDUSTRIES (1.8%)
50,000 Monsanto Co. ............................... $ 2,794
---------
NATURAL RESOURCES
ENERGY & RELATED (8.0%)
35,000 Dresser Industries Inc. .................... 1,542
150,000 Energen Corp. .............................. 3,019
50,000 Exxon Corp. ................................ 3,566
60,000 Schlumberger Ltd ........................... 4,099
---------
12,226
---------
REAL ESTATE INVESTMENT TRUSTS
COMMERCIAL & INDUSTRIAL (6.4%)
50,000 CCA Prison Realty Trust .................... 1,531
100,000 Cornerstone Properties Inc. ................ 1,763
80,000 Crescent Real Estate Equities Inc. ......... 2,690
80,000 Duke Realty Investors Inc. ................. 1,895
75,000 Security Capital Industrial Trust .......... 1,875
---------
9,754
---------
HEALTH CARE (0.9%)
75,000 LTC Properties Inc. ........................ 1,397
---------
RESIDENTIAL (1.1%)
70,000 Mills Corp. ................................ 1,680
---------
12,831
---------
INTEREST SENSITIVE
BANKS (5.2%)
40,000 BankAmerica Corp. .......................... 3,457
75,000 Bank of New York Inc. ...................... 4,552
---------
8,009
---------
INSURANCE (6.7%)
30,000 American International Group Inc. .......... 4,380
50,000 SAFECO Corp. ............................... 2,272
60,000 Travelers Group Inc. ....................... 3,637
---------
10,289
---------
OTHER (5.4%)
40,000 American Express Co. ....................... 4,560
60,000 Federal National Mortgage Association Corp. 3,645
---------
8,205
---------
26,503
---------
TOTAL COMMON STOCKS
(Cost $94,247) ........................... 150,329
---------
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- ------- -------- -------
GROWTH AND INCOME (continued)
EURODOLLAR DEPOSIT (1.8%)
(Cost $2,808)
$ 2,808 Societe Genrale Bank 5.750% Due 7/1/98 ..... $ 2,808
TOTAL INVESTMENTS (100.2%)
(Cost $97,055) ............................. 153,137
LIABILITIES IN EXCESS OF
OTHER ASSETS (-0.2%) ..................... (419)
---------
TOTAL NET ASSETS (100.0%) .................. $152,718
=========
<FN>
+ Non-income producing security.
</FN>
</TABLE>
Page 10 See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 1998 - UNAUDITED
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------- -------- -------
GROWTH
COMMON STOCKS (95.6%)
CAPITAL GOODS
COMMUNICATIONS (2.4%)
<C> <S> <C>
12,700 + Aspect Telecommunications .................. $ 348
13,100 + Powerwave Technologies Inc. ................ 219
---------
567
---------
COMPUTER SOFTWARE & SERVICES (5.9%)
900 + Microstrategy Inc. ......................... 26
40,000 + Rational Software Corp. .................... 610
10,500 + Remedy Corp. ............................... 179
8,000 + Segue Software Inc. ........................ 123
20,600 + Structural Dynamics Research Corp. ......... 476
---------
1,414
---------
OTHER CAPITAL GOODS (6.1%)
28,500 + BE Aerospace Inc. .......................... 830
23,800 + Gardner Denver Machinery ................... 656
---------
1,486
---------
SEMICONDUCTORS & RELATED (5.7%)
30,000 + ADE Corp. .................................. 439
15,000 Hadco Corp. ................................ 350
8,000 + KLA Instruments Corp. ...................... 221
31,800 + KOMAG Inc. ................................. 170
14,000 + Trident International Inc. ................. 210
---------
1,390
---------
4,857
---------
CONSUMER
BIOTECHNOLOGY (2.3%)
12,500 + Myriad Genetics Inc. ....................... 183
13,000 + Pathogenesis Corp. ......................... 377
---------
560
---------
FOOD (3.8%)
14,800 + American Italian Pasta Cl A ................ 551
17,900 + Aurora Foods Inc. .......................... 377
---------
928
---------
HEALTH CARE SERVICES (3.2%)
35,000 #+ Phycor Inc. ................................ 579
12,400 #+ TLC The Laser Center ....................... 203
---------
782
---------
LEISURE & GAMING (3.2%)
23,000 + GTECH Holding Corp. ........................ 775
---------
MEDIA (1.8%)
26,100 # Hollinger International Cl A ............... 444
---------
MEDIA - COMMUNICATION (10.1%)
80,000 + Paging Network Inc. ........................ $ 1,120
29,300 #+ Skytel Communications Inc. ................. 686
32,600 + Western Wireless Corp. Cl A ................ 650
---------
2,456
---------
MEDICAL EQUIPMENT (2.0%)
26,800 + Acuson Corp. ............................... 487
---------
RETAIL (1.7%)
26,600 + Micro Warehouse Inc. ....................... 412
---------
6,844
---------
ENERGY
OIL & GAS EXPLORATION (6.1%)
14,300 Cross Timbers Oil Co. ...................... 272
132,000 + Gulf Canada Resources ...................... 652
17,000 + Nuevo Energy Co. ........................... 546
---------
1,470
---------
INTERMEDIATE GOODS & SERVICES
BASIC INDUSTRIES (10.4%)
17,000 + Airgas Inc. ................................ 244
15,700 CalMat Co. ................................. 346
7,900 + Dura Automotive Systems Inc. ............... 254
37,400 #+ Hexcel Corp. ............................... 846
10,200 Lyondell Petrochemical Co. ................. 311
18,000 + UCAR International Inc. .................... 525
---------
2,526
---------
BUSINESS SERVICES (5.8%)
422,500 # Advanced Promotion Technology Inc. ......... 6
21,000 + ADVO Inc. .................................. 592
12,500 + Emcor Group Inc. ........................... 239
6,500 + International Network Services ............. 267
16,500 Reynolds & Reynolds Cl A ................... 300
---------
1,404
---------
TRANSPORTATION (2.8%)
27,000 + Consolidated Freightways Corp. ............. 376
10,700 Skywest Inc. ............................... 300
---------
676
---------
4,606
---------
INTEREST SENSITIVE
BANKS (7.4%)
33,500 + BankUnited Financial Corp. Cl A ............ 553
15,750 Coastal Bancorp Inc. ....................... 386
See notes to financial statements Page 11
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 1998 - UNAUDITED
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------- -------- -------
GROWTH (continued)
7,200 Seacoast Banking ........................... $ 277
21,000 Washington Federal Inc. .................... 580
---------
1,796
---------
HOME BUILDING (2.4%)
22,500 Del Webb Corp. ............................. 583
---------
INSURANCE (9.0%)
26,000 + Amerin Corp. ............................... 759
24,750 Frontier Insurance Group Inc. .............. 558
20,000 + UICI ....................................... 545
14,900 Vesta Insurance Group Inc. ................. 318
---------
2,180
---------
OTHER (3.5%)
15,000 #+ Affiliated Managers Group .................. 562
12,000 Waddell & Reed Financial ................... 287
---------
849
---------
5,408
---------
TOTAL COMMON STOCK
(Cost $22,823) ................................ 23,185
PRINCIPAL
AMOUNT
(000'S)
EURODOLLAR DEPOSIT (5.5%)
(Cost $1,345)
$ 1,345 Societe Generale Bank 5.750% Due 7/1/98 ....... 1,345
TOTAL INVESTMENTS (101.1%)
(Cost $24,168) ................................ 24,530
LIABILITIES IN EXCESS OF
OTHER ASSETS (-1.1%) ........................ (281)
TOTAL NET ASSETS (100.0%) ..................... $24,249
<FN>
# Securities out on loan.
+ Non-income producing security.
</FN>
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------- -------- -------
QUANTITATIVE EQUITY
COMMON STOCKS (99.8%)
BASIC MATERIALS (2.7%)
<C> <S> <C>
10,300 BF Goodrich Co. ............................... $ 511
14,700 Fort James Corp. .............................. 654
9,300 Praxair Inc. .................................. 435
12,500 USX US Steel Group ............................ 413
2,013
CONSUMER CYCLICALS (14.4%)
3,600 Avon Products Inc. ......................... 279
15,000 Brunswick Corp. ............................ 370
13,600 Chrysler Corp. ............................. 767
8,000 + Costco Companies Inc. ...................... 505
34,800 Darden Restaurants Inc. .................... 552
37,500 Dayton Hudson Corp. ........................ 1,819
5,800 + Federated Department Stores Inc. ........... 312
18,200 Ford Motor Co. ............................. 1,074
9,800 + King World Productions Inc. ................ 250
11,800 Loew's Companies Inc. ...................... 479
10,600 Marriott International Inc. Cl A ........... 343
12,600 New York Times Co. Cl A .................... 999
8,300 Omnicom Group Inc. ......................... 414
12,300 Premark International ...................... 397
21,200 TJX Companies Inc. ......................... 511
11,900 Tyco International Ltd. .................... 750
1,500 VF Corp. ................................... 77
7,800 Walt Disney Co. ............................ 819
---------
10,717
---------
CONSUMER NON CYCLICALS (9.7%)
14,200 Anheuser - Busch Companies Inc. ............ 670
9,500 Dean Foods ................................. 522
10,600 General Mills Inc. ......................... 725
16,200 Heinz H J Co. .............................. 909
8,400 Newell Co. ................................. 418
21,600 PepsiCo, Inc. .............................. 890
23,400 Philip Morris Companies Inc. ............... 921
10,200 Proctor & Gamble Co. ....................... 929
17,000 + Safeway Inc. ............................... 692
22,900 Universal Foods Corp. ...................... 508
---------
7,184
---------
ENERGY (7.8%)
8,600 + BJ Services ................................ 250
8,600 Coastal Corp. .............................. 600
42,000 Exxon Corp. ................................ 2,995
8,000 Mobil Corp. ................................ 613
24,200 Royal Dutch Petroleum Co. ADR .............. 1,327
---------
5,785
---------
Page 12 See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 1998 - UNAUDITED
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------- -------- -------
QUANTITATIVE EQUITY (CONTINUED)
FINANCE (17.7%)
6,600 Allstate Corp. ................................ $ 604
6,800 AMBAC Inc. .................................... 398
8,500 American General Corp. ........................ 605
13,200 Amsouth Bancorp ............................... 519
11,500 Bank of New York Inc. ......................... 698
6,000 BankBoston Corp. .............................. 334
7,300 Bear Stearns Companies Inc. ................... 415
17,000 Chase Manhattan Corp. ......................... 1,283
17,600 Comdisco Inc. ................................. 334
14,850 Comerica Inc. ................................. 984
14,100 Fannie Mae .................................... 857
14,000 First Union Corp. ............................. 815
3,450 Golden West Financial ......................... 367
6,000 Marsh & McLennan Companies .................... 363
9,000 Morgan Stanley Dean Witter
Discover Corp. .............................. 822
13,700 NationsBank Corp. ............................. 1,048
12,500 PNC Bank ...................................... 673
6,400 Providian Financial Corp. ..................... 503
12,350 Southtrust Corp. .............................. 537
16,000 Travelers Group Inc. .......................... 970
---------
13,129
---------
HEALTH CARE (13.7%)
20,400 Abbott Laboratories ........................ 834
13,900 Bristol-Myers Squibb Co. ................... 1,598
11,500 Du Pont E I De Nemours & Co. ............... 858
6,400 Guidant Corp. .............................. 457
6,200 Merck & Co. ................................ 829
13,700 Pfizer Inc. ................................ 1,489
20,300 Schering-Plough Corp. ...................... 1,860
11,900 + Tenet Healthcare Corp. 372
20,600 Warner Lambert Co. ......................... 1,429
6,300 + Wellpoint Health Networks .................. 466
---------
10,192
---------
INDUSTRIAL (8.7%)
10,300 Centex Corp. ............................... 389
9,800 Cooper Industries Inc. ..................... 538
7,800 Deere & Co. ................................ 413
25,000 General Electric Co. ....................... 2,275
8,900 Ingersoll Rand Co. ......................... 392
9,900 Kimberly Clark Corp. ....................... 454
6,300 Lockheed Martin Corp. ...................... 667
8,800 Textron Inc. ............................... 631
5,800 Tribune Co. ................................ 399
5,800 + USA Waste Services Inc. .................... 286
---------
6,444
---------
TECHNOLOGY (20.3%)
6,200 + Airtouch Communications,Inc ................ $ 362
45,400 Ameritech Corp. ............................ 2,037
26,000 BellSouth Corp. ............................ 1,745
12,300 + Cisco Systems .............................. 1,132
7,100 Computer Associates International Inc. ..... 395
8,600 + Dell Computer Corp. ........................ 798
9,500 + EMC Corp. .................................. 426
7,600 + Gateway 2000 ............................... 385
6,200 Harris Corp. ............................... 277
7,700 Honeywell Inc. ............................. 643
13,900 Intel Corp. ................................ 1,030
6,700 Linear Technology Corp. .................... 404
11,100 Lucent Technologies ........................ 923
22,400 + Microsoft Corp. ............................ 2,428
9,200 + Sun Microsystems Inc. ...................... 400
12,700 + Symantec Corp. ............................. 332
4,900 United Technologies Corp. .................. 453
8,900 Xerox Corp. ................................ 905
---------
15,075
---------
TRANSPORTATION (1.2%)
4,000 + AMR Corp. .................................. 333
5,400 Burlington Northern Santa Fe ............... 530
---------
863
---------
UTILITIES (3.6%)
16,700 A T & T Corp. .............................. 954
15,300 Baltimore Gas & Electric Co. ............... 475
14,600 Consolidated Edison Inc. ................... 673
17,700 + FirstEnergy Corp. .......................... 544
---------
2,646
---------
TOTAL INVESTMENTS (99.8%)
(Cost $57,225) ................................ 74,048
OTHER ASSETS IN EXCESS
OF LIABILITIES (0.2%) ....................... 116
---------
TOTAL NET ASSETS (100.0%) ..................... $74,164
=========
<FN>
+ Non-income producing security.
</FN>
</TABLE>
See notes to financial statements Page 13
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 1998 - UNAUDITED
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------- -------- -------
INTERNATIONAL
COMMON STOCKS (95.1%)
AUSTRALIA (0.7%)
<C> <S> <C>
4,600 National Australia Bank, Ltd .................. $ 61
--------
AUSTRIA (1.4%)
915 OMV ........................................... 123
--------
BELGIUM (1.8%)
215 Generale De Banque ............................ 160
--------
FINLAND (0.5%)
660 Nokia ......................................... 49
--------
FRANCE (15.0%)
1,211 Alcatel Alsthom ............................... 247
2,282 AXA UAP ....................................... 257
975 Christian Dior ................................ 123
236 Compagnie Generale ............................ 50
1,614 Havas ......................................... 137
2,042 Lafarge ....................................... 211
921 Societe Generale .............................. 191
1,070 Total SA Cl B ................................. 139
--------
1,355
--------
GERMANY (10.2%)
3,500 Commerzbank AG ................................ 133
2,106 Daimler Benz AG ............................... 207
461 Preussag AG ................................... 165
364 Viag AG ....................................... 251
265 Thyssen AG .................................... 67
1,050 Siemems AG .................................... 64
355 Mannesmann AG ................................. 37
--------
924
--------
HONG KONG (1.6%)
14,000 Hutchison Whampoa ............................. 74
10,000 Shanghai Industrial Holdings .................. 24
12,097 Sun Hung Kai Properties ....................... 51
--------
149
--------
ITALY (4.0%)
39,393 Fiat SPA ...................................... 172
25,235 Telecom Italia ................................ 186
--------
358
--------
JAPAN (17.9%)
4,000 Canon Inc. .................................... 91
440 Canon Sales Co. ............................... 6
88 Circle K Japan Co. ............................ 3
2,000 Fuji Photo Film Ltd ........................... 70
2,000 Mabuchi Motor Co. Ltd ......................... 127
2,000 Matsumot Okiyoshi ............................. 71
3,700 Meitec ........................................ 128
18,000 Mitsui Fudosan Co. ............................ 143
1,400 Nintendo Co. Ltd .............................. 131
5,000 Nippon Shokubai ............................... 27
22 Nippon Telegraph & Telephone Corp. ............ 183
190 Nippon Television Network ..................... 55
5,000 Nitto Denko Corp. ............................. 75
4,000 Nomura Securities Co. ......................... 47
18,000 OJI Paper Co. ................................. 79
1,000 Secom Co. Ltd ................................. 58
900 SMC Corp. ..................................... 69
1,200 Sony Corp. .................................... 104
2,000 Takeda Chemical ............................... 53
4,000 Toyota Motor Co. .............................. 104
--------
1,624
--------
NETHERLANDS (4.6%)
8,715 Elsevier ...................................... 131
2,315 Philips Electronics ........................... 195
1,600 Royal Dutch Petroleum ......................... 89
--------
415
--------
SINGAPORE (0.2%)
3,900 Development Bank of Singapore ................. 22
--------
SPAIN (4.1%)
8,428 Corp. Bancaria de Espana ...................... 189
3,340 Endesa SA ..................................... 73
2,840 Iberdrola SA .................................. 46
1,200 Repsol SA ..................................... 66
--------
374
--------
SWEDEN (2.4%)
2,426 Ericsson Tele Cl B ............................ 71
2,199 Pharmacia & Upjohn ............................ 101
2,820 Stora Kopparberg Cl A ......................... 44
--------
216
--------
SWITZERLAND (7.2%)
86 Nestle SA ..................................... 184
184 Novartis AG ................................... 307
440 Schweizerische Bankgeselschaft ................ 164
--------
655
--------
UNITED KINGDOM (23.5%)
4,800 Alliance & Leicester PLC ...................... 64
29,325 ASDA Group .................................... 101
Page 14 See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 1998 - UNAUDITED
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------- -------- -------
INTERNATIONAL (continued)
8,560 Barclays PLC ............................... $ 247
11,942 BBA Group .................................. 90
10,300 British Energy ............................. 90
5,940 British Land Co. ........................... 61
11,821 British Petroleum Co. ...................... 172
27,148 + Centrica ................................... 46
8,257 Diageo PLC ................................. 98
5,500 Glaxo Wellcome ............................. 165
5,852 Granada Group .............................. 108
2,400 HSBC Holdings PLC .......................... 61
8,000 Next PLC ................................... 69
13,004 Prudential Corp. ........................... 171
8,200 Smith Industries PLC ....................... 113
9,100 Smithkline Beecham PLC ..................... 111
6,000 South West Water PLC ....................... 100
8,500 Standard Chartered PLC ..................... 97
13,200 Vodafone Group ............................. 168
--------
2,132
--------
TOTAL COMMON STOCKS
(Cost $6,859) ............................... 8,617
--------
WARRANTS (0.0%)
(Cost $1)
FRANCE (0.0%)
1,134 + Eaux (CIE Generale Des) Expires 5/2/01 ... 2
--------
PRINCIPAL
AMOUNT
(000'S)
- -------
CONVERTIBLE BOND (1.5%)
(Cost $129)
JAPAN (1.5%)
$ 123 Sumitomo Bank International
Finance 0.75% Due 5/31 .............. 137
--------
TOTAL INVESTMENTS (96.6%)
(Cost $6,989) .................................. 8,756
OTHER ASSETS IN EXCESS
OF LIABILITIES (3.4%) ....................... 303
--------
TOTAL NET ASSETS (100.0%) ...................... $9,059
======
<FN>
+ Non-income producing securitiy.
</FN>
</TABLE>
<TABLE>
<CAPTION>
International Fund
Industry Concentrations
% OF NET VALUE
ASSETS (000OS)
------ -------
<C> <S> <C>
16.8% Banking ............................ $1,525
8.1% Health & Personal Care .............. 737
7.3% Telecommunications .................. 657
6.5% Energy Sources ...................... 591
5.3% Automobiles ......................... 483
5.2% Utilities - Electric & Gas .......... 468
4.9% Multi-Industry ...................... 441
4.8% Electrical & Electronics ............ 438
4.7% Insurance ........................... 428
3.6% Recreation Other Consumer ........... 324
3.5% Broadcasting & Publishing ........... 314
3.3% Business & Public Services .......... 301
3.3% Appliances & Household Durables ..... 299
2.8% Real Estate ......................... 255
2.4% Machinery & Engineering ............. 220
2.3% Building Materials & Components ..... 211
2.0% Food & Household Products ........... 184
1.9% Merchandising ....................... 173
1.4% Forest Products & Paper ............. 123
1.1% Beverages & Tobacco ................. 98
1.0% Data Processing & Reproduction ...... 91
1.0% Industrial Components ............... 90
1.0% Energy Equipment & Services ......... 89
0.8% Miscellaneous Materials & Commodities 75
0.8% Metals - Steel ...................... 67
0.5% Financial Services .................. 47
0.3% Chemicals ........................... 27
----- ------
96.6% 8,756
Other Assets in Excess
3.4% of Liabilities ............... 303
----- ------
100.0% Total Net Assets .................... $9,059
===== ======
</TABLE>
See notes to financial statements Page 15
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESETMENT AT JUNE 30, 1998 - UNAUDITED
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- ------- -------- -------
CORE BOND
LONG TERM SECURITIES
CORPORATE DEBENTURES (16.4%)
FINANCE (8.9%)
<C> <S> <C>
$ 200 Associates Corp. NA 6.500% Due 10/15/02 .................... $ 203
105 Bear Stearns Co 6.500% Due 7/5/00 .......................... 106
200 Beneficial Corp 6.270% Due 1/9/02 .......................... 201
200 Chase Manhattan Corp 9.750% Due 11/1/01 .................... 222
225 Colonial Realty LP 6.980% Due 9/26/05 ...................... 232
100 Commercial Credit Corp 8.250% Due 11/1/01 .................. 106
1,300 Equity Office Properties Operating LP 6.763% Due 6/15/07(B) 1,304
1,500 Equity Office Properties Operating LP 7.250% Due 6/15/28 (B) 1,493
200 First Interstate Bancorp 9.900% Due 11/15/01 ............... 223
1,700 Ford Motor Credit Corp 8.200% Due 2/15/02 .................. 1,808
185 Gatx Capital Corp 6.500% Due 11/1/00 ....................... 186
1,775 Lumbermens Mutual Casualty Co. 8.450% Due 12/1/2097(B) ..... 1,968
200 Merrill Lynch & Co. 6.375% Due 10/1/01 ..................... 202
220 NationsBank Corp. 6.090% Due 12/14/01 ...................... 221
1,800 US West Capital Funding 6.875% Due 7/15/28 ................. 1,815
------
10,290
------
INDUSTRIAL (4.3%)
1,200 Health Care Properties 6.875% Due 6/8/05 (D) ............... 1,204
2,100 Owens Corning 7.700% Due 5/1/08 ............................ 2,153
1,550 Security Capital Industries 7.700% Due 6/15/28 ............. 1,572
--------
4,929
--------
UTILITY (3.2%)
1,085 Empresa Nacional Electricdad SA 7.875% Due 2/1/27 .......... 1,067
$2,500 KN Energy Inc. 7.350% Due 8/1/26 ........................... 2,681
--------
3,748
--------
TOTAL CORPORATE DEBENTURES
(Cost $18,804) .............................................. 18,967
--------
U.S GOVERNMENT OBLIGATIONS (43.5%)
U.S. TREASURY BOND (6.7%)
6,395 # 6.125% Due 11/15/27 ..................................... 7,694
--------
U.S. TREASURY NOTES (36.8%)
9,340 6.375% Due 4/30/99 .......................................... 8,333
7,175 5.750% Due 9/30/99 .......................................... 7,194
3,645 5.625% Due 11/30/99 ......................................... 3,650
8,685 5.500% Due 2/29/00 .......................................... 8,682
3,215 6.125% Due 12/31/01 ......................................... 3,273
1,135 5.500% Due 2/28/03 .......................................... 1,134
9,340 6.125% Due 8/15/07 .......................................... 9,718
9,340 5.625% Due 5/15/08 .......................................... 623
--------
42,607
--------
U.S. TREASURY STRIPS (0.0%)
6,395 Zero Coupon Due 11/15/21 .................................... 29
--------
TOTAL U.S. GOVERNMENT OBLIGATIONS
(Cost $50,140) .............................................. 50,330
--------
U.S. GOVERNMENT AGENCY NOTE (2.2%)
(Cost $2,544)
FEDERAL NATIONAL MORTGAGE
ASSOCIATION (FNMA) (2.2%)
2,550 6.660% Due 5/16/08 .......................................... 2,564
--------
MORTGAGE PASS THROUGH
SECURITIES (32.6%)
U.S. GOVERNMENT AGENCIES
FEDERAL HOME LOAN MORTGAGE
CORPORATION (FREDDIE MAC) (7.5%)
2,585 7.000% Due 1/15/08 - 3/15/08 ................................ 2,711
5,925 7.500% Due 8/15/24 (C) ...................................... 6,008
--------
8,719
--------
FEDERAL NATIONAL MORTGAGE
ASSOCIATION (FNMA) (12.1%)
1,301 9.000% Due 11/1/10 .......................................... 1,375
3,670 6.500% Due 7/1/13 (C) ....................................... 3,692
4,975 7.000% Due 7/1/13 (C) ....................................... 5,067
3,790 7.000% Due 8/1/28 (C) ....................................... 3,840
--------
13,974
--------
Page 16 See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 1998 - UNAUDITED
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- ------- -------- -------
CORE BOND (CONTINUED)
GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION (GNMA) (10.7%)
$3,572 7.500% Due 9/15/07-1/15/28 .................................. $ 3,677
2,561 8.000% Due 8/15/26-8/15/27 .................................. 4,505
928 8.500% Due 11/15/26 ......................................... 962
3,100 7.500% Due 7/1/28 (C) ....................................... 3,186
--------
12,330
--------
OTHER (2.3%)
2,681 Morgan Stanley Capital 1998-WF 1 A1 6.250% Due 7/15/07 ...... 2,704
TOTAL MORTGAGE PASS THROUGH
SECURITIES
(Cost $37,669) ............................................... 37,727
SHORT-TERM SECURITIES
ASSET BACKED SECURITIES (8.4%)
610 First Deposit Series 1995-1 Class A
5.784% Due 8/15/04 (a) .. .............................. 611
1,540 First USA Bank Series 1995-5 Class A
5.795% Due 4/15/03 (a) . ............................... 1,543
2,170 First USA Bank Series 1997-10 Class A
5.684% Due 9/17/03 (a) ................................. 2,171
1,505 MBNA Credit Card Trust Series 1995-I Class A
5.826% Due 3/17/03 ..................................... 1,509
1,760 MBNA Credit Card Trust Series 1996-D Class A
5.806% Due 9/17/03 ..................................... 1,764
1,045 Peoples Master Credit Card Trust Series 1998-I Class A
5.793% D 1,0455/05 (a) ................................. 1,045
1,005 Signet Credit Card Master Trust Series 1994-3 Class A
5.825% Due 9/16/02 (a) ................................. 1,006
--------
TOTAL ASSET BACKED SECURITIES
(Cost $9,650) ................................................ 9,649
--------
COMMERCIAL PAPER (6.2%)
2,220 Charta Group Zero Coupon Due 7/14/98 ........................ 2,215
2,280 Ciesco LP Zero Coupon Due 7/14/98 ........................... 2,275
$2,725 Corporate Receivable Corp. Zero Coupon Due 7/21/98 .......... 2,717
--------
TOTAL COMMERCIAL PAPER
(Cost $7,207) 7,207
--------
U.S. GOVERNMENT AGENCY
DISCOUNT NOTES (4.0%)
FEDERAL NATIONAL
MORTAGE ASSOCIATION (FNMA) (4.0%)
(Cost $4,592)
4,600 Due 7/13/98 ................................................. 4,592
--------
NUMBER
OF SHARES
- ---------
PREFERRED STOCK (1.3%)
(Cost $1,467)
FINANCE (1.3%)
28,500 Travelers Group Inc. Series M ............................... 1,523
--------
PRINCIPAL
AMOUNT
(000'S)
- -------
REPURCHASE AGREEMENT (3.7%)
(Cost $4,278)
$4,278 Union Bank of Switzerland Securities,
5.800% Due 6/1/98,
with a maturity value of $4,279
(collateralized by $3,995
U.S. Treasury Note
7.250% Due 5/15/04) ......................................... 4,278
--------
TOTAL INVESTMENTS (118.3%)
(Cost $136,351) ............................................. 136,837
LIABILITIES IN EXCESS OF
OTHER ASSETS (-18.3%) ..................................... (21,162)
--------
TOTAL NET ASSETS (100.0%) ................................... $115,675
=========
<FN>
(a) Adjustable rate security.
(B) SEC Rule 144A Security. Such security has limited markets and is traded
among "qualified institutional buyers."
(C) When issued security.
(D) Putable security.
# Securities out on loan.
</FN>
</TABLE>
See notes to financial statements Page 17
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30,1998 - UNAUDITED
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- ------- -------- -------
INTERMEDIATE MUNICIPAL BOND
CALIFORNIA (12.9%)
<C> <S> <C>
$565 California Educational Facilities
Authority Revenue Refunding
College of Chiropractic
4.70% Due 11/01/01 ........................................ $569
1,000 San Francisco California
City & County Refunding
Series 1 (FGIC Insured)
5.000% Due 6/15/10 ........................................ 1,032
1,000 San Marino Unified School
District Series B
4.700% Due 7/1/11 ......................................... 1,001
480 Simi Valley USA California
University School District
Certificates of Participation
Refunding & Capital
Improvement Projects
(AMBAC Insured)
4.800% Due 8/1/10 ......................................... 489
COLORADO (1.3%)
100 Adams County Colorado
School District No. 12 Series D
General Obligation
(MBIA Insured )
5.450% Due 12/15/06 ........................................ 108
45 Brighten Colorado
General Obligation
(FGIC Insured )
Zero Coupon Due 12/1/00 .................................... 41
150 Westminster Colorado Multifamily
Revenue Refunding Housing
Oasis Wexford Apts Project
5.350% Due 12/1/25 ......................................... 157
CONNECTICUT (1.4%)
85 Connecticut State Health &
Education Facilities Authority
Revenue Sacred Heart
University Series D
4.800% Due 7/1/99 .......................................... 86
95 Connecticut State Health & Education
Facilities Authority
Revenue Sacred Heart
University Series D
5.200% Due 7/1/01 .......................................... 97
100 Connecticut State Health & Education
Facilities Authority
Revenue Sacred Heart
University Series D
5.300% Due 7/1/99 .......................................... 103
50 Stratford Connecticut
General Obligation Bond
(FGIC Insured)
7.000% Due 6/15/04 ......................................... 57
DISTRICT OF COLUMBIA (1.3%)
15 District of Columbia
General Obligation Bond
Prerefunded Revenue ........................................ 15
5.000% Due 6/1/01
285 District of Columbia
General Obligation Bond
5.000% Due 6/1/01 .......................................... 289
FLORIDA (5.7%)
340 Jacksonville Florida Electric
Authority Revenue
6.000% Due 7/1/01 .......................................... 350
455 Pace Property Finance Authority
Florida Utility System Revenue
Refunding & Improvement
(AMBAC Insured)
5.100% Due 9/1/09 ......................................... 474
500 St. John's County Florida
Water & Sewer Revenue
(MBIA Insured)
5.250% Due 6/1/10 ......................................... 531
10 St. Lucie County School Board
Certificates of Participation
Series A (AMBAC Insured)
7.250% Due 7/1/04 .......................................... 11
Page 18 See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30,1998 - UNAUDITED
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- ------- -------- -------
INTERMEDIATE MUNICIPAL BOND (continued)
GEORGIA (2.0%)
$400 Georgia State Series D
General Obligation
6.700% Due 8/01/10 ......................................... $478
ILLINOIS (5.6%)
100 Cook County Illinois School District
School District No. 99
(FGIC Insured)
8.400% Due 1/1/01 .......................................... 110
100 Cook & DuPage Counties, Illinois
Combined School District - B
(FGIC Insured)
Zero Coupon Due 12/1/05 .................................... 72
296 Illinois Health Facilities
Authority Revenue Series A
(MBIA Insured)
7.900% Due 8/15/03 ......................................... 301
750 Springfield Illinois Electric Revenue
6.500% Due 3/1/08 .......................................... 862
INDIANA (2.8%)
395 La Porte Indiana Economic
Development Revenue
Boise Cascade Corp. Project
Escrowed to Maturity
7.375% Due 6/1/01 .......................................... 419
250 Marion County Indiana Hospital
Authority Hospital Facility Revenue
Methodist Hospital of Indiana
Escrowed to Maturity
6.500% Due 9/1/08 .......................................... 262
IOWA (0.4%)
100 Iowa Student Loan
Liquidity Corporation
Student Loan Revenue
6.450% Due 3/1/02 .......................................... 106
KANSAS (1.0%)
225 Leavenworth County Kansas
Unified School District
(FHA Insured)
5.150% Due 9/1/13 .......................................... 229
KENTUCKY (2.4%)
$170 Dayton Kentucky Elderly
Housing Speers Court
(FHA Insured)
5.350% Due 9/1/05 .......................................... $178
385 Kentucky State Turnpike Authority
Toll Road Revenue Series A
8.500% Due 7/1/04 .......................................... 392
MASSACHUSETTS (5.5%)
250 Massachusetts Bay
Transportation Authority
General Transportation System
5.300% Due 3/1/05 .......................................... 263
500 Massachusetts State
Consolidated Loan Series D
General Obligation
5.250% Due 11/1/12 ......................................... 516
500 New England Education Loan
Marketing Corp. Series A
6.500% Due 9/1/02 .......................................... 541
MICHIGAN (2.9%)
130 Ferris St. College
7.500% Due 8/15/03 ......................................... 139
270 Lansing Michigan School District
General Obligation
4.100% Due 5/1/03 .......................................... 269
240 Michigan State Building Authority
Chippewa Correctional Facilities
Escrowed to Maturity
7.250% Due 10/1/04 ......................................... 280
MINNESOTA (0.4%)
100 St. Paul Minnesota
Port Authority
Commercial Development General
Revenue Fort Rd Med/Irvine
(Assets Guaranty Insured)
7.500% Due 9/1/02 .......................................... 103
NEBRASKA (1.1%)
245 Nebraska Investment Finance
Authority Multi Family Revenue
Refunding Housing Wycliffe West
5.500% Due 12/1/25 ......................................... 256
See notes to financial statements Page 19
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30,1998 - UNAUDITED
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- ------- -------- -------
INTERMEDIATE MUNICIPAL BOND (continued)
NEVADA (1.4%)
$175 Nevada Housing Division
Single Family Program
5.500% Due 10/1/02 ......................................... $182
150 Nevada State Muni Bond
Bank Project 38-39A
Escrowed to Maturity
Refunded
6.400% Due 7/1/05 .......................................... 163
NEW JERSEY (2.5%)
340 Arlington Arms Financing Corp.
New Jersey Mortgage Revenue
Arlington Arms Apartments
(FHA Insured)
10.250% Due 3/1/25 ......................................... 344
240 Gateway New Jersey Housing
Development Corporation
Revenue Bond Section 8
(FHA Insured)
10.500% Due 8/1/25 ......................................... 247
NEW YORK (4.1%)
100 Hempstead Town New York
General Obligation, Series B
(AMBAC Insured)
6.500% Due 1/1/12 .......................................... 117
505 New York State Environmental
Facility Corp., Pollution
Control Revenue Series B
5.300% Due 12/15/10 ........................................ 533
50 New York State Urban
Development Correctional
Facilities Series G
7.100% Due 1/1/03 .......................................... 53
250 Onondaga County New York
General Obligation Bond
5.875% Due 2/15/09 ......................................... 280
NORTH CAROLINA (2.3%)
500 Surry County North Carolina
Pollution Control Finance Authority
9.250% Due 12/1/02 ......................................... 561
OHIO (0.1%)
$125 Ohio Housing Financing Agency
Single Family Mortgage
Series 1985A (FGIC Insured)
Zero Coupon Due 1/15/15 .................................... $21
OKLAHOMA (3.7%)
1,625 Oklahoma County
Oklahoma Home Finance Authority
Single Family Refunding
Prerefunded
Zero Coupon Due 7/1/12 ..................................... 660
200 Tulsa Oklahoma Metropolitan
Utility Authority Revenue
7.000% Due 2/1/03 .......................................... 218
OREGON (2.1%)
500 Oregon State General Obligation
Series 73 B
6.875% Due 12/1/13 ......................................... 516
PENNSYLVANIA (5.6%)
500 Hempfield Pennsylvania
School District Refunding
6.700% Due 10/15/99 ........................................ 501
840 Lancaster County Pennsylvania
General Obligation Bond
Series B (AMBAC Insured)
4.100% Due 11/1/03 ......................................... 835
SOUTH CAROLINA (1.4%)
70 Piedmont Municipal Power Agency
South Carolina Electric Revenue
Series A Escrowed to Maturity
(FGIC Insured)
6.125% Due 1/1/07 .......................................... 79
230 Piedmont Municipal Power Agency
South Carolina Electric Refunding
Escrowed to Maturity
(MBIA Insured)
6.250% Due 1/1/09 .......................................... 264
TEXAS (20.7%)
500 Cypress-Fairbanks Texas
General Obligation
Independent School District
7.300% Due 2/15/07 ......................................... 594
Page 20 See notes to financial statements
<PAGE>
WEISS, PECK & GREER
SCHEDULES OF INVESTMENTS AT JUNE 30 1998 - UNAUDITED
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- ------- -------- -------
INTERMEDIATE MUNICIPAL BOND (continued)
$500 Deer Park Texas Independent
School District School Building
6.375% Due 2/15/07 ......................................... $571
570 Edgewood Texas Independent
School District
4.700% Due 8/15/05 ......................................... 566
100 Garland Texas Independent
School District Series A
General Obligation
Zero Coupon Due 2/15/99 .................................... 98
1,100 Harris County Texas Flood District
General Obligation
Zero Coupon Due 10/1/06 .................................... 659
265 Lower Colorado River Authority
Prerefunded Revenue
6.250% Due 5/1/07 .......................................... 299
550 Mercedes Texas Independent
School District
4.800% Due 8/15/09 ......................................... 557
580 Mercedes Texas Independent
School District
4.900% Due 8/15/10 ......................................... 587
1,000 Port of Houston Texas
General Obligation Bond
5.100% Due 10/1/11 ......................................... 1,027
UTAH (1.6%)
330 Salt Lake City Utah Water
Conservancy District Revenue
Refunding Series A
Escrowed to Maturity
(MBIA Insured)
10.875% Due 10/1/02 ........................................ 379
VIRGINIA (2.4%)
500 Brunswick County Virginia
Industrial Development Authority
Correctional Facilities Lease
(MBIA Insured)
5.650% Due 7/1/09 .......................................... 545
$100 Virginia State Housing
Development Authority
Multi Family Series A
Zero Coupon, Due 11/1/17 ................................... $18
WASHINGTON (7.1%)
250 Lynnwood Washington Water &
Sewer Revenue Refunding
(FGIC Insured)
6.000% Due 12/1/07 ......................................... 278
1,000 Seattle Washington
General Obligation
5.500% Due 3/1/09 .......................................... 1,079
300 Washington State Motor Vehicle
Tax General Obligation
6.200% Due 3/1/08 .......................................... 340
--------
TOTAL INVESTMENTS (101.7%)
(Cost $23,695) .............................................. 24,357
LIABILITIES IN EXCESS OF
OTHER ASSETS (-1.7%) (417)
--------
TOTAL NET ASSETS (100.0%) $23,940
========
</TABLE>
See notes to financial statements Page 21
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INESTMENTS AT JUNE 30, 1998 - UNAUDITED
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- ------- -------- -------
GOVERNMENT MONEY MARKET
U.S. GOVERNMENT AGENCY
NOTES (82.5%)
FEDERAL FARM CREDIT BANK
DISCOUNT NOTES (44.1%)
<C> <S> <C>
$ 5,000 Due 7/10/98 .................... $ 4,993
5,000 Due 7/13/98 .................... 4,991
6,950 Due 7/14/98 .................... 6,937
5,000 Due 7/16/98 .................... 4,989
5,000 Due 7/20/98 .................... 4,986
5,000 Due 7/21/98 .................... 4,985
6,000 Due 7/22/98 .................... 5,981
12,000 Due 7/23/98 .................... 11,960
5,000 Due 7/29/98 .................... 4,979
5,000 Due 8/3/98 ..................... 4,975
6,000 Due 8/24/98 .................... 5,951
5,000 Due 8/25/98 .................... 4,959
3,000 Due 9/2/98 ..................... 2,972
5,000 Due 9/14/98 .................... 4,944
------
78,602
------
FEDERAL HOME LOAN
DISCOUNT NOTES (38.4%)
5,000 Due 7/6/98 ...................... 4,996
7,000 Due 7/8/98 ...................... 6,993
5,000 Due 7/17/98 ..................... 4,988
5,000 Due 7/24/98 ..................... 4,983
7,000 Due 7/31/98 ..................... 6,969
8,000 Due 8/5/98 ...................... 7,958
5,000 Due 8/7/98 ...................... 4,973
5,000 Due 8/12/98 ..................... 4,969
5,000 Due 8/14/98 ..................... 4,967
5,000 Due 8/19/98 ..................... 4,963
11,747 Due 8/26/98 ..................... 11,648
------
68,407
------
TOTAL U.S. GOVERNMENT AGENCY NOTES
(Cost $147,009) ................ 147,009
-------
REPURCHASE AGREEMENT (17.8%)
(Cost $31,738)
31,738 Union Bank of Switzerland Securities
5.750% Due 7/1/98 with a maturity
value of $31,743 (collateralized
by $31,430 U.S. Treasury Note
6.500% Due 5/31/01) ............ 31,738
-------
TOTAL INVESTMENTS (100.3%)
(Cost $178,747) ................ 178,747
LIABILITIES IN EXCESS OF
OTHER ASSETS (-0.3%) ............ (477)
-------
TOTAL NET ASSETS (100.0%) $178,270
========
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- ------- -------- -------
TAX FREE MONEY MARKET
<C> <S> <C>
ARIZONA (0.1%)
$100 Tucson Industrial Development
Tucson City Center Parking
Gargage Authority
3.625% Due 6/1/15 (a) (c) .................................. $100
COLORADO (0.5%)
100 Colorado Housing Finance Authority
Multi-Family Housing Revenue
(Grant's Plaza)
3.625% Due 11/1/09 (a) (c) ................................. 100
200 Smith Creek Colorado Metropolitan
District Revenue
3.600% Due 10/1/35 (a) (c) ................................. 200
125 Summit County Colorado
Recreational
Facilities Revenue Refunding
(Copper Mountain)
3.750% Due 4/1/17 (a) (c) .................................. 125
125 Summit County Colorado
Recreational Facilities Revenue
Refunding (Copper Mountain)
3.750% Due 4/1/17 (a) (c) .................................. 125
GEORGIA (7.3%)
3,080 Cobb County Georgia Residential
Care Facilities for Elderly
Presbyterian Village Austell
3.600% Due 8/1/15 (a) (c) .................................. 3,080
700 De Kalb County Georgia Development
Authority Industrial Development
Revenue (Pet Inc. Project )
3.750% Due 2/1/03 (a) (c) .................................. 700
200 Gwinnet County Georgia Development
Authority Revenue (Wesleyan
School Project)
3.600% Due 3/1/17 (a) (c) .................................. 200
1,000 Marietta Georgia Housing Authority
Multifamily Revenue
(Falls at Bells Ferry)
3.950% Due 1/15/09 (a) (c) ................................. 1,001
Page 22 See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 1998 - UNAUDITED
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- ------- -------- -------
TAX FREE MONEY MARKET (CONTINUED)
$2,400 Monroe County Georgia Development
Authority Pollution Control Revenue
Georgia Power Plant 1st Series
3.900% Due 4/1/32 (a) (c) .................................. $2,400
350 Savannah Georgia Housing Authority
Multifamily Housing Revenue
Somerset Wharf Project B
3.600% Due 6/15/26 (a) (c) .................................. 350
ILLINOIS (10.1%)
200 Darien Industrial Development
Authority Kinder Care Centers
Series C
3.700% Due 2/1/01 (a) (c) .................................. 200
800 Illinois Development Finance
Authority Industrial Development
Refunding Bond (Dart Container)
4.000% Due 8/1/25 (a) (c) .................................. 800
1,300 Illinois Development Finance
Limited ( Dart Container Corp)
3.740% Due 12/1/09 (a) (c) ................................. 1,300
2,680 Illinois Health Facilities Authority
Revenue Central Health for NW
Community Hospital
3.550% Due 10/1/15 (a) (c) ................................. 2,680
3,550 St. Clair County Illinois Industrial
Development Board
(Winchester Apartments Project
Series 94)
3.800% Due 10/1/15 (a) (c) ................................. 3,550
2,300 Village of Troy Grove Illinois
(Unimin Corp.)
5.015% Due 5/1/10 (a) (b) .................................. 2,300
INDIANA (9.4%)
1,185 Benton Indiana Community School Corp.
Tax Anticipation Warrants
4.250% Due 12/31/98 ........................................ 1,186
1,380 Crawfordville Indiana Community
School Corp
Tax Anticipation Warrants
4.100% Due 12/31/98 ........................................ 1,381
1,200 Fall Creek Industrial Waste
District Sewer Works Revenue
3.950% Due 1/30/99 ......................................... 1,200
720 GAF Tax-Exempt Bond Grantor
Trust Series A
4.450% Due 4/1/08 (a) (c) .................................. 720
600 Hamilton County Indiana
Option Tax Revenue Series 1997
3.900% Due 7/10/98 ......................................... 600
1,000 Indianapolis Indiana
Economic Development Revenue
(Joint & Clutch Series 1984)
3.995% Due 12/1/14 (a) (b) .................................. 1,000
1,925 Marion County Metropolitan School,
District of Wayne Township
Series 1998 Bond Anticipation Notes
4.25% Due 1/1/99 ........................................... 1,928
2,000 Merrillville Indiana Community
School Corp
Tax Anticipation Warrants
3.900% Due 12/31/98 ........................................ 2,001
IOWA (0.7%)
700 Carroll Iowa Financial Authority
Revenue (Carroll Kuemper
Catholic High School Project)
4.050% Due 6/1/28 (a) (c) .................................. 700
KANSAS (3.3%)
2,000 Salina Kansas Central Mall
(Salina Central Mall Dillard)
3.750% Due 12/1/04 (a) (c) ................................. 2,000
1,500 Wamego Kansas Pollution Control
Revenue Utilicorp United Inc.
3.500% Due 3/1/26 (a) (c) .................................. 1,500
KENTUCKY (4.2%)
795 Boone County Kentucky Industrial
Development Bond Revenue
(Jamike/Hemmer Project)
3.750% Due 2/1/06 (a) (c) .................................. 795
See notes to financial statements Page 23
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 1998 - UNAUDITED
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- ------- -------- -------
TAX FREE MONEY MARKET (CONTINUED)
$430 Elva-New Harmony Oak Level
Fire Protection District
3.650% Due 12/1/31 (a) (c) ................................. $430
210 Florence Kentucky Industrial
Building Revenue
(Florence Commercial Project)
4.000% Due 6/1/07 (a) (c) .................................. 210
2,105 Fort Thomas Kentucky
Industrial Buildings Revenue
(Carmel Manor Project)
3.700% Due 10/1/14 (a) (c) ................................. 2,105
490 Harvey Brewers Fire Protection District
Kentucky Lease Revenue Program
3.650% Due 12/1/31 (a) (c) ................................. 490
490 Muhlenberg County Airport District
Development Area Financial Trust
3.650% Due 12/1/31 (a) (c) ................................. 490
MARYLAND (0.9%)
900 Howard County Maryland Revenue
Owen Brown Joint Venture Facility
3.800% Due 5/1/11 (a) (c) .................................. 900
MASSACHUSETTS (0.9%)
1,000 Brockton Massachusetts
Bank Anticipation Notes
4.000% Due 5/18/99 ......................................... 1,002
MICHIGAN (11.1%)
960 Birmingham Michigan Economic
Development Corp. Radnor Corp.
(Brown Street Project 83)
3.875% Due 12/1/18 (a) (c) ................................. 960
2,100 Lansing Michigan Economic
Development Corp
(Atrium Office Building)
3.800% Due 5/1/15 (a) (c) .................................. 2,100
835 Leelanau County Michigan
Economic Development Corp
Revenue (American Community
Mutual Insurance Co. Project)
3.850% Due 6/15/06 (a) (c) ................................. 835
1,015 Livonia Michigan Economic
Development Corporation
(American Community
Mutual Insurance)
3.800% Due 11/15/04 (a) (c) ................................ 1,015
185 McDonald Tax-Exempt
Mortgage Trust #1
4.100% Due 1/15/09 (a) (c) ................................. 186
200 Michigan State Job Development
Authority Revenue
(Kentwood Residence)
3.750% Due 11/1/14 (a) (c) ................................. 200
320 Michigan State Strategic Fund
(Tawas Bay Association Project)
3.800% Due 12/1/01 (a) (c) ................................. 320
555 Michigan State Strategic Fund
Limited Obligation Revenue
Refunding (Woodbridge
Commercial Properties)
3.750% Due 10/15/05 (a) (c) ................................ 555
2,200 Oakland County Michigan Economic
Development Corporation
(Corners Shopping Center)
3.600% Due 8/1/15 (a) (c) .................................. 2,200
3,500 Plainwell Michigan Economic
Development Corporation
(Plainwell Paper Co. Inc. Project)
4.000% Due 11/1/07 (a) (c) ................................. 3,500
MINNESOTA (6.9%)
4,200 Capital Realty Investments Tax-
Exempt Fund Limited
Series 96-1
3.850% Due 12/1/04 (a) (c) ................................. 4,200
1,390 Hutchinson Minnesota
Economic Development Authority
Revenue Refunding
(Developers Diversified)
3.750% Due 8/15/06 (a) (c) ................................. 1,390
1,064 International Falls Minnesota
Economic Development Revenue
(Developers Diversified
Limited Project)
4.450% Due 7/1/06 (a) (c) .................................. 1,064
Page 24 See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 1998 - UNAUDITED
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- ------- -------- -------
TAX FREE MONEY MARKET (CONTINUED)
$750 Minneapolis Minnesota Series 1995 B
Various Purpose
3.550% Due 12/1/05 (a) (c) ................................. $750
MISSISSIPPI (0.5%)
575 Desoto County Mississippi
Industrial Development Revenue
(American Soap Company Project)
5.015% Due 12/1/08 (a) (b) ................................. 575
MISSOURI (4.1%)
500 Kansas City Industrial Development
Authority Hospital Revenue,
Baptist Health System Series A
3.550% Due 8/1/18 (a) (c) .................................. 500
3,000 Kansas City Industrial Development
Authority, Multi Family Housing
Revenue Cloverset Apartment Project
4.000% Due 10/1/15 (a) (c) ................................. 3,000
900 St. Charles County Industrial
Development Authority Revenue
Sun River Village
3.630% Due 12/1/27 (a) (c) ................................. 900
NEW YORK (2.5%)
200 New York City, New York General
Obligation Series A Sub-series A-4
3.900% Due 8/1/21 .......................................... 200
360 New York City Cultural Resources
Revenue Trust (Modern Museum)
Series A
4.500% Due 1/1/99 .......................................... 361
2,135 New York State Development
Authority, Series C-1 to C-30
3.750% Due 3/1/99 (a) (c) .................................. 2,135
NORTH CAROLINA (0.1%)
100 Beaufort North Carolina
Industrial Facility Pollution Control
Revenue - Texas Gulf Inc. 1985
3.600% Due 12/1/00 (a) (c) ................................. 100
OHIO (12.5%)
190 Brooklyn Ohio Industrial
Development Revenue Refunding
(Clinton Road Project A)
4.000% Due 12/1/00 (a) (c) ................................. 190
640 Buckeye Ohio Tax Exempt
Mortgage Bond Trust Series C
4.050% Due 2/1/05 (a) (c) .................................. 640
940 Cincinnati & Hamilton County
Ohio Port Authority Revenue
Refunding (Tri State Building)
3.750% Due 9/1/99 (a) (c) .................................. 940
475 Citizens Federal Tax-Exempt
Mortgage Bond Trust
3.850% Due 9/1/08 (a) (c) .................................. 475
490 Clermont County Ohio Economic
Development Revenue
(John Q. Hammons Project)
3.800% Due 5/1/12 (a) (c) .................................. 490
225 Franklin County Ohio Industrial
Development Revenue
(GSW Building Association Ltd.)
3.750% Due 11/1/15 (a) (c) .................................. 225
1,665 Lakewood Ohio Hospital
Revenue (Hospital
Improvement Series 1983)
4.010% Due 11/1/10 (a) (c) ................................. 1,665
865 McDonald Tax-Exempt Mortgage
Trust #1
4.100% Due 1/15/09 (a) (c) ................................. 866
745 Ohio Company Tax Exempt
Mortgage Trust Series 2
4.150% Due 6/15/03 (a) (c) ................................. 745
1,450 Riverside Ohio Economic
Development Revenue
(Riverside Association Project)
3.700% Due 9/1/12 (a) (c) ................................. 1,450
See notes to financial statements Page 25
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 1998 - UNAUDITED
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- ------- -------- -------
TAX FREE MONEY MARKET (CONTINUED)
$930 Riverside Ohio Economic
Development Revenue
(Wright Point Association)
3.700% Due 9/1/10 (a) (c) .................................. $930
555 Stark County Ohio Health Care
Facilities (Canton Christian Home)
3.600% Due 9/15/16 (a) (c) ................................. 555
2,000 Stark County Ohio Health Care
Facilities (Canton Christian
Home PJ ) Series 90
3.600% Due 9/1/15 (a) (c) .................................. 2,000
275 Stark County Ohio Industrial
Development Revenue
(Belpar Professional Building)
3.650% Due 10/1/04 (a) (c) ................................. 275
1,925 Stark County Ohio Industrial
Development Revenue
(Newmarket Parking Ltd.)
3.750% Due 11/1/14 (a) (c) ................................. 1,925
OKLAHOMA (1.2%)
1,250 Tulsa County Oklahoma Industrial
Development Authority
Healthcare Revenue
Laureate Psychiatric Center
3.800% Due 12/15/08 (a) (c) ................................ 1,250
PENNSYLVANIA (4.4%)
710 Commonwealth Tax-Exempt
Mortgage Bond Trust Series A
3.900% Due 11/1/05 (a) (c) ................................. 710
3,800 Lebanon County Pennsylvania
United Church Christ Homes
Health Facilities Center Revenue
3.600% Due 12/1/23 (a) (c) ................................. 3,800
185 McDonald Tax-Exempt Mortgage
Trust #1
4.100% Due 1/15/09 (a) (c) ................................. 186
TENNESSEE (4.1%)
2,700 Franklin County Tennessee Health
& Educational Facilities Revenue
(University of the South Sewanee)
3.700% Due 9/1/10 (a) (c) .................................. 2,700
1,280 GAF Tax-Exempt Bond Grantor
Trust Series A
4.450% Due 4/1/08 (a) (c) .................................. 1,280
350 Metropolitan Government of Nashville
& Davidson County ,Tennessee
Health & Education Facilities Board
Revenue, (Belmont University Project)
3.600% Due 12/1/22 (a) (c) ................................. 350
TEXAS (6.8%)
1,400 Harris County Texas
Multifamily Housing Revenue
(Country Scape Development
Johnston Project)
3.875% Due 4/1/07 (a) (c) .................................. 1,400
2,415 Harris County Texas
Multifamily Housing Revenue
(Greenhouse Development)
3.875% Due 4/1/07 (a) (c) .................................. 2,415
800 Texas Health Facilities
Development Corp.
Aces North Texas Pooled Health
Series 1985 B
3.850% Due 8/1/25 (a) (c) .................................. 800
2,650 Waxahachie Texas Industrial
Development Authority
(Dart Container Project Series 1985)
3.825% Due 4/1/06 (a) (b) .................................. 2,650
UTAH (0.8%)
800 West Valley County Industrial
Development Revenue
(Johnson Matthey Project)
4.100% Due 11/1/11 (a) (c) ................................. 800
Page 26 See notes to financial statements
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 1998 - UNAUDITED
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- ------- -------- -------
TAX FREE MONEY MARKET (CONTINUED)
VERMONT (0.5%)
$535 Vermont Industrial Development Authority
Hydroelectric Revenue Bond
Central Vermont Public Service Corp
3.700% Due 12/1/13 (a) (c) ................................. $535
VIRGINIA (1.9%)
1,000 Rockingham County Virginia
Industrial Development Authority
(Merck & Company Inc. Project)
4.000% Due 10/1/22 (a) (c) ................................. 1,000
1,000 Rockingham County Virginia
Industrial Development Authority
(Merck & Company Inc. Project)
4.000% Due 10/1/22 (a) (c) ................................. 1,000
WASHINGTON (1.0%)
1,100 Washington State Housing Finance
Community Non-Profit Housing Revenue
(Emerald Heights Project)
4.000% Due 1/1/21 (a) (c) .................................. 1,100
WEST VIRGINIA (0.7%)
680 Wood County West Virginia Industrial
Development Revenue
(Aga Gas Inc. Project)
3.800% Due 10/1/98 (a) (c) ................................. 680
WISCONSIN (1.8%)
910 De Pere Wisconsin School District
4.100% Due 10/28/98 ........................................ 910
1,000 Oregon Wisconsin School District
Tax Revenue Anticipation Notes
4.220% Due 9/16/98 ......................................... 1,000
WYOMING (1.1%)
1,190 Cheyenne County Wyoming
Economic Development
Revenue Bonds (Holiday Inn)
3.800% Due 10/1/10 (a) (c) ................................. 1,190
TOTAL INVESTMENTS (99.4%)
(Cost $106,022) ............................................ 106,022
--------
OTHER ASSETS IN
EXCESS OF LIABILITIES (0.6%) ............................... 602
--------
TOTAL NET ASSETS (100.0%) .................................. $106,624
========
<FN>
(a) Interest rate subject to change approximately every 1 to 397 days. Principal
payable on demand at periodic intervals at the fund's option.
(b) Coupon fluctuates with the Prime Rate (Prime is the rate on corporate loans
posted by at least 75% of the nations 30 largest banks.)
(c) Coupon fluctuates with remarket value.
</FN>
</TABLE>
See notes to financial statements Page 27
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
STATEMENTS OF ASSETS AND LIABILITIES AT JUNE 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
GROWTH AND
$ IN THOUSANDS TUDOR INCOME GROWTH
- ------------------------------------------------------------------------------------------------
ASSETS
<S> <C> <C> <C>
Investments at value (+) ................................. $ 140,260 $ 153,137 $ 24,530
Investments in Repurchase Agreements,at value (+) ........ 0 0 0
Cash ..................................................... 4 1 1
Receivable for securities sold ........................... 731 93 184
Receivable for Fund shares sold .......................... 0 123 0
Dividends and interest receivable ........................ 40 156 7
Other assets ............................................. 7 3 4
--------- --------- --------
141,042 153,513 24,726
--------- --------- --------
LIABILITIES
Distributions payable .................................... 0 222 0
Payable to custodian bank ................................ 0 421 0
Payable for investment securities purchased .............. 2,347 0 425
Payable for Fund shares redeemed ......................... 99 27 0
Accrued investment advisory fee payable - Note 5 ......... 102 92 16
Accrued adminstration fee payable - Note 5 ............... 6 7 3
Payable for variation margin ............................. 0 0 0
Accrued expenses ......................................... 81 26 33
--------- --------- --------
2,635 795 477
--------- --------- --------
NET ASSETS .......................................... $ 138,407 $ 152,718 $ 24,249
========= ========= ========
NET ASSETS REPRESENTED BY:
Shares of beneficial interest, at par .................... $ 2,115 $ 3,675 $ 1
Paid-in surplus .......................................... 92,003 86,317 14,375
Accumulated undistributed net investment income/
(distributions in excess of net investment income) ... (72) 264 5
Undistributed realized gains on investments,
futures, options and currencies/(Distributions
in excess of realized gains on investments,
futures, options and currencies) ..................... 40,355 6,380 9,506
Net unrealized appreciation on investments,
futures, options and currencies ...................... 4,006 56,082 362
--------- --------- --------
Net Assets applied to outstanding shares ................. $ 138,407 $ 152,718 $ 24,249
========= ========= ========
CAPITAL SHARES (AUTHORIZED SHARES UNLIMITED)
Outstanding .............................................. 6,346 3,675 216
========= ========= ========
Par Value ................................................ $ .33 1/3 $ 1.00 $ 0.001
========= ========= ========
Net asset value per share ................................ $ 21.81 $ 41.55 $ 112.48
========= ========= ========
(+) Investments at cost .................................. 136,254 97,055 24,168
UNREALIZED APPRECIATION/(DEPRECIATION): *
Gross appreciation ................................... 13,693 57,768 2,739
Gross depreciation ................................... (9,687) (1,686) (2,377)
--------- --------- --------
NET UNREALIZED APPRECIATION .............................. 4,006 56,082 362
========= ========= ========
<FN>
* Based on cost of securities for Federal Income tax purposes which does not
differ from book cost.
</FN>
</TABLE>
Page 28 See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
INTERMEDIATE
QUANTITATIVE MUNICIPAL GOVERNMENT TAX FREE
$ IN THOUSANDS EQUITY INTERNATIONAL CORE BOND BOND MONEY MARKET MONEY MARKET
- ------------------------------------------------------------------------------------------------------------------------------------
ASSETS
<S> <C> <C> <C> <C> <C> <C>
Investments at value (+) ............................. $ 74,048 $ 8,756 $ 136,837 $ 24,357 $ 147,009 $106,022
Investments in Repurchase Agreements,at value (+) .... 0 0 0 0 31,738 0
Cash ................................................. 98 78 0 0 1 25
Receivable for securities sold ....................... 0 945 20,255 0 0 0
Receivable for Fund shares sold ...................... 0 0 0 0 0 0
Dividends and interest receivable .................... 108 58 1,049 340 5 795
Other assets ......................................... 3 1 7 1 4 4
-------- --------- --------- --------- --------- --------
74,257 9,838 158,148 24,698 178,757 106,846
-------- --------- --------- --------- --------- --------
LIABILITIES
Distributions payable ................................ 0 0 544 82 342 130
Payable to custodian bank ............................ 0 0 0 84 0 0
Payable for investment securities purchased .......... 0 738 41,867 572 0 0
Payable for Fund shares redeemed ..................... 0 0 0 0 0 0
Accrued investment advisory fee payable - Note 5 ..... 50 11 0 6 72 44
Accrued adminstration fee payable - Note 5 ........... 4 0 28 0 6 4
Payable for variation margin ......................... 39 0 0 0 0 0
Accrued expenses ..................................... 0 30 34 14 67 44
-------- --------- --------- --------- --------- --------
93 779 42,473 758 487 222
-------- --------- --------- --------- --------- --------
NET ASSETS ...................................... $ 74,164 $ 9,059 $ 115,675 $ 23,940 $ 178,270 $106,624
======== ========= ========= ========= ========= ========
NET ASSETS REPRESENTED BY:
Shares of beneficial interest, at par ................ $ 11 $ 8 $ 12 $ 2 $ 179 $ 106
Paid-in surplus ...................................... 37,545 6,610 153,126 23,205 180,106 106,537
Accumulated undistributed net investment income/
(distributions in excess of net investment income) 665 24 (2) 4 0 1
Undistributed realized gains on investments,
futures, options and currencies/(Distributions
in excess of realized gains on investments,
futures, options and currencies) ................. 19,120 647 (37,947) 67 (2,015) (20)
Net unrealized appreciation on investments,
futures, options and currencies .................. 16,823 1,770 486 662 0 0
-------- --------- --------- --------- --------- --------
Net Assets applied to outstanding shares ............. $ 74,164 $ 9,059 $ 115,675 $ 23,940 $ 178,270 $106,624
======== ========= ========= ========= ========= ========
CAPITAL SHARES (AUTHORIZED SHARES UNLIMITED)
Outstanding .......................................... 10,994 766 12,188 2,288 178,544 106,645
======== ========= ========= ========= ========= ========
Par Value ............................................ $ 0.001 $ 0.01 $ 0.001 $ 0.001 $ 0.001 $ 0.001
======== ========= ========= ========= ========= ========
Net asset value per share ............................ $ 6.75 $ 11.82 $ 9.49 $ 10.46 $ 1.00 $ 1.00
======== ========= ========= ========= ========= ========
(+) Investments at cost .............................. 57,225 6,989 136,351 23,695 178,747 106,022
UNREALIZED APPRECIATION/(DEPRECIATION): *
Gross appreciation ............................... 17,654 2,029 546 675 0 0
Gross depreciation ............................... (831) (259) (60) (13) 0 0
-------- --------- --------- --------- --------- --------
NET UNREALIZED APPRECIATION .......................... 16,823 1,770 486 662 0 0
======== ========= ========= ========= ========= ========
</TABLE>
See notes to financial statements Page 29
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
STATEMENTS OF OPERATIONS FOR SIX MONTHS ENDED JUNE 30, 1998 (UNAUDITED
<TABLE>
<CAPTION>
GROWTH AND
$ IN THOUSANDS TUDOR INCOME GROWTH
- -------------- ----- ------ ------
INVESTMENT INCOME:
<S> <C> <C> <C>
Dividends ............................................. $ 312 $ 1,078 $ 68
Interest .............................................. 370 87 107
Income from securities loaned - Note 4 ................ 11 0 6
Class action litigation settlement .................... 0 0 22
Other ................................................. 104 7 0
-------- ------- -------
797 1,172 203
-------- ------- -------
EXPENSES:
Investment advisory fee - Note 5 ...................... 700 508 143
Transfer agent fees and expenses ...................... 97 42 15
Administration fees - Note 5 .......................... 39 41 19
Fund accounting fees and expenses ..................... 35 25 14
Professional fees ..................................... 33 23 24
Custodian fees and expenses ........................... 28 11 15
Registration fees ..................................... 11 11 12
Trustees' fees and expenses ........................... 10 9 10
Shareholders' reports ................................. 8 6 5
Distribution fees - Note 6 ............................ 0 0 0
Other expenses ........................................ 8 7 4
-------- ------- -------
969 683 261
Less fees waived by adviser ........................... 0 0 0
Less expenses paid indirectly - Note 7 ................ (2) 0 (1)
-------- ------- -------
967 683 260
-------- ------- -------
NET INVESTMENT INCOME/(LOSS) .......................... (170) 489 (57)
-------- ------- -------
REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS,
FUTURES, OPTIONS AND CURRENCIES:
Net realized gain/(loss) on investments,
futures and options ................... 37,738 6,244 6,500
Net realized gain/(loss) on currencies ........ 0 0 (13)
Change in unrealized appreciation/(depreciaton)
on investments, futures and options ... (36,886) 16,239 (5,713)
Change in unrealized appreciation/(depreciaton)
on currencies ......................... 0 0 0
-------- ------- -------
NET GAIN/(LOSS) ON INVESTMENTS, FUTURES, OPTIONS AND
CURRENCIES .................................... 852 22,483 774
-------- ------- -------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS ..................... 682 22,972 717
======== ======= =======
</TABLE>
Page 30 See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
INTERMEDIATE GOVERNMENT TAX FREE
QUANTITATIVE MUNICIPAL MONEY MONEY
$ IN THOUSANDS EQUITY INTERNATIONAL CORE BOND BOND MARKET MARKET
- -------------- ------ ------------- --------- ---- ------ ------
INVESTMENT INCOME:
<S> <C> <C> <C> <C> <C> <C>
Dividends ............................................. $ 725 $ 149 $ 0 $ 0 $ 0 $ 0
Interest .............................................. 45 1 3,661 634 4,743 2,198
Income from securities loaned - Note 4 ................ 0 0 5 0 0 0
Class action litigation settlement .................... 0 0 0 0 0 0
Other ................................................. 0 1 0 0 0 2
-------- ------- ------- ------- ------- -------
770 151 3,666 634 4,743 2,200
-------- ------- ------- ------- ------- -------
EXPENSES:
Investment advisory fee - Note 5 ...................... 347 22 351 62 426 291
Transfer agent fees and expenses ...................... 24 20 24 18 77 33
Administration fees - Note 5 .......................... 25 0 29 0 34 25
Fund accounting fees and expenses ..................... 23 8 27 11 33 26
Professional fees ..................................... 26 20 31 14 26 24
Custodian fees and expenses ........................... 15 13 21 2 14 13
Registration fees ..................................... 8 9 7 7 9 9
Trustees' fees and expenses ........................... 10 9 11 9 11 10
Shareholders' reports ................................. 7 3 8 4 4 4
Distribution fees - Note 6 ............................ 0 0 6 0 0 0
Other expenses ........................................ 5 2 6 8 6 9
-------- ------- ------- ------- ------- -------
490 106 521 135 640 444
Less fees waived by adviser ........................... 0 0 (215) (28) 0 0
Less expenses paid indirectly - Note 7 ................ (3) (2) (8) (1) (5) (6)
-------- ------- ------- ------- ------- -------
487 104 298 106 635 438
-------- ------- ------- ------- ------- -------
NET INVESTMENT INCOME/(LOSS) .......................... 283 47 3,368 528 4,108 1,762
REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS,
FUTURES, OPTIONS AND CURRENCIES:
Net realized gain/(loss) on investments,
futures and options ................... 17,157 882 1,950 175 0 (1)
Net realized gain/(loss) on currencies ........ 0 (67) 0 0 0 0
Change in unrealized appreciation/(depreciaton)
on investments, futures and options ... (4,149) 474 (8) (169) 0 0
Change in unrealized appreciation/(depreciaton)
on currencies ......................... 0 20 0 0 0 0
-------- ------- ------- ------- ------- -------
NET GAIN/(LOSS) ON INVESTMENTS, FUTURES, OPTIONS AND
CURRENCIES .................................... 13,008 1,309 1,942 6 0 (1)
-------- ------- ------- ------- ------- -------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS ..................... 13,291 1,356 5,310 534 4,108 1,761
======== ======= ======= ======= ======= =======
</TABLE>
See notes to financial statements Page 31
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
GROWTH AND QUANTITATIVE
TUDOR INCOME GROWTH EQUITY
----- ------ ------ ------
SIX SIX SIX SIX
MONTHS YEAR MONTHS YEAR MONTHS YEAR MONTHS YEAR
$ IN THOUSANDS ENDED ENDED ENDED ENDED ENDED ENDED ENDED ENDED
6/30/98* 12/31/97 6/30/98* 12/31/97 6/30/98* 12/31/97 6/30/98* 12/31/97
-------- -------- -------- -------- -------- -------- -------- --------
OPERATIONS:
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net investment income/(loss) ........ ($ 170) ($ 778) $ 489 $ 867 ($ 57) ($ 77) $ 283 $ 1,078
Net realized gain/(loss) on
investments, futures,
options, and currencies ..... 37,738 27,732 6,244 12,903 6,487 9,375 17,157 18,088
Change in unrealized
appreciation/(depreciation)
on investments, futures,
options and currencies ...... (36,886) (6,932) 16,239 16,703 (5,713) (2,179) (4,149) 4,604
--------------------- --------------------- -------------------- --------------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS ... 682 20,022 22,972 30,473 717 7,119 13,291 23,770
--------------------- --------------------- -------------------- --------------------
Distributions to Shareholders:
From net investment income .. 0 0 (468) (735) 0 0 0 (1,032)
From capital gains .......... 0 (26,044) 0 (13,500) 0 (7,513) 0 (18,970)
--------------------- --------------------- -------------------- --------------------
NET DECREASE DUE TO
DISTRIBUTIONS ............... 0 (26,044) (468) (14,235) 0 (7,513) 0 (20,002)
--------------------- --------------------- -------------------- --------------------
TRANSACTIONS IN SHARES OF
BENEFICIAL INTEREST:
Received on issuance:
Shares sold ................. 108,438 398,240 21,054 19,356 59,299 250,575 3,224 10,292
Distributions reinvested .... 0 24,010 215 12,892 0 7,513 0 19,631
Shares redeemed ............. (137,172) (431,139) (8,201) (14,277) (82,324) (273,976) (38,406) (40,086)
--------------------- --------------------- -------------------- --------------------
Net Increase/(Decrease) from
Capital Share Transactions .. (28,734) (8,889) 13,068 17,971 (23,025) (15,888) (35,182) (10,163)
--------------------- --------------------- -------------------- --------------------
Total Increase/(Decrease)
in Net Assets ............... (28,052) (14,911) 35,572 34,209 (22,308) (16,282) (21,891) (6,395)
Net Assets:
Beginning of period ................. 166,459 181,370 117,146 82,937 46,557 62,839 96,055 102,450
--------------------- --------------------- -------------------- --------------------
End of period + ..................... $ 138,407 $ 166,459 $ 152,718 $ 117,146 $ 24,249 $ 46,557 $ 74,164 $ 96,055
===================== ===================== ==================== ====================
+ Includes undistributed net
investment income/
distributions in excess of
net investment income ....... (72) 98 264 243 5 62 665 382
===================== ===================== ==================== ====================
Transactions in shares of the funds
(in thousands):
Sold ........................ 4,944 16,664 547 549 526 2,055 514 1,618
Reinvestment of distributions 0 1,115 5 368 0 67 0 3,361
Redeemed .................... (6,199) (17,969) (213) (410) (719) (2,243) (5,972) (5,933)
--------------------- --------------------- -------------------- --------------------
Net increase/(decrease) ............. (1,255) (190) 339 507 (193) (121) (5,458) (954)
===================== ===================== ==================== ====================
<FN>
* Unaudited
</FN>
</TABLE>
Page 32 See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
INTERMEDIATE
MUNICIPAL
INTERNATIONAL CORE BOND BOND
------------- --------- ----
SIX SIX SIX
MONTHS YEAR MONTHS YEAR MONTHS YEAR
$ IN THOUSANDS ENDED ENDED ENDED ENDED ENDED ENDED
6/30/98* 12/31/97 6/30/98* 12/31/97 6/30/98* 12/31/97
-------- -------- -------- -------- -------- --------
OPERATIONS:
<S> <C> <C> <C> <C> <C> <C>
Net investment income/(loss) ........ $ 47 $ 1 $ 3,368 $ 6,502 $ 528 $ 950
Net realized gain/(loss) on
investments, futures,
options, and currencies ..... 815 (285) 1,950 1,562 175 34
Change in unrealized
appreciation/(depreciation)
on investments, futures,
options and currencies ...... 494 672 (8) 307 (169) 652
------------------ --------------------- -------------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS ... 1,356 388 5,310 8,371 534 1,636
------------------ --------------------- -------------------
Distributions to Shareholders:
From net investment income .. 0 (7) (3,373 (6,446) (525) (950)
From capital gains .......... 0 (348) 0 0 0 0
------------------ --------------------- -------------------
NET DECREASE DUE TO
DISTRIBUTIONS ............... 0 (355) (3,373) (6,446) (525) (950)
------------------ --------------------- -------------------
TRANSACTIONS IN SHARES OF
BENEFICIAL INTEREST:
Received on issuance:
Shares sold ................. 403 1,504 21,389 9,057 4,026 13,254
Distributions reinvested .... 0 353 1,991 4,387 254 564
Shares redeemed ............. (1,255) (6,496) (18,085) (27,730) (3,857) (6,210)
------------------ --------------------- -------------------
Net Increase/(Decrease) from
Capital Share Transactions .. (852) (4,639) 5,295 (14,286) 423 7,608
------------------ --------------------- -------------------
Total Increase/(Decrease)
in Net Assets ............... 504 (4,606) 7,232 (12,361) 432 8,294
Net Assets:
Beginning of period ................. 8,555 13,161 108,443 120,804 23,508 15,214
------------------ --------------------- -------------------
End of period + ..................... $ 9,059 $ 8,555 $ 115,675 $ 108,443 $ 23,940 $ 23,508
================== ===================== ===================
+ Includes undistributed net
investment income/
distributions in excess of
net investment income ....... 24 (23) (2) 3 4 1
================== ===================== ===================
Transactions in shares of the funds
(in thousands):
Sold ........................ 36 142 2,275 989 384 1,301
Reinvestment of distributions 0 35 211 476 24 55
Redeemed .................... (113) (613) (1,909) (3,003) (369) (607)
----------------- -------------------- -----------------
Net increase/(decrease) ............. (77) (436) 577 (1,538) 39 749
================= ==================== =================
<FN>
* Unaudited
</FN>
</TABLE>
<TABLE>
<CAPTION>
GOVERNMENT TAX FREE
MONEY MARKET MONEY MARKET
------------ ------------
SIX SIX
MONTHS YEAR MONTHS YEAR
ENDED ENDED ENDED ENDED
6/30/98* 12/31/97 6/30/98* 12/31/97
-------- -------- -------- --------
OPERATIONS:
<S> <C> <C> <C> <C>
Net investment income/(loss) ........ $ 4,108 $ 7,321 $ 1,762 $ 4,125
Net realized gain/(loss) on
investments, futures,
options, and currencies ..... 0 0 (1) (4)
Change in unrealized
appreciation/(depreciation)
on investments, futures,
options and currencies ...... 0 0 0 0
-------------------------- --------------------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS ... 4,108 7,321 1,761 4,121
-------------------------- --------------------------
Distributions to Shareholders:
From net investment income .. (4,108) (7,321) (1,761) (4,125)
From capital gains .......... 0 0 0 0
-------------------------- --------------------------
NET DECREASE DUE TO
DISTRIBUTIONS ............... (4,108) (7,321) (1,761) (4,125)
-------------------------- --------------------------
TRANSACTIONS IN SHARES OF
BENEFICIAL INTEREST:
Received on issuance:
Shares sold ................. 721,221 1,653,080 580,470 1,058,249
Distributions reinvested .... 3,600 7,078 1,567 3,978
Shares redeemed ............. (754,368) (1,605,127) (605,496) (1,049,563)
-------------------------- --------------------------
Net Increase/(Decrease) from
Capital Share Transactions .. (29,547) 55,031 (23,459) 12,664
-------------------------- --------------------------
Total Increase/(Decrease)
in Net Assets ............... (29,547) 55,031 (23,459) 12,660
Net Assets:
Beginning of period ................. 207,817 152,786 130,083 117,423
-------------------------- --------------------------
End of period + ..................... $ 178,270 $ 207,817 $ 106,624 $ 130,083
========================== ==========================
+ Includes undistributed net
investment income/
distributions in excess of
net investment income ....... 0 0 1 0
========================== ==========================
Transactions in shares of the funds
(in thousands):
Sold ........................ 721,221 1,653,080 580,470 1,058,249
Reinvestment of distributions 3,600 7,078 1,567 3,978
Redeemed .................... (754,368) (1,605,127) (605,496) (1,049,563)
-------------------------- --------------------------
Net increase/(decrease) ............. (29,547) 55,031 (23,459) 12,664
========================== ==========================
<FN>
* Unaudited
</FN>
</TABLE>
See notes to financial statements Page 33
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS - (UNAUDITED)
1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
ORGANIZATION
- ------------
The following are open-end management investment companies registered under
the Investment Company Act of 1940 (the "Act"):
WPG Tudor Fund ("Tudor")
WPG Growth and Income Fund ("Growth and Income")
WPG Growth Fund ("Growth")
Weiss, Peck & Greer Funds Trust ("WPG Funds Trust")
WPG Quantitative Equity Fund ("Quantitative Equity")
WPG Core Bond Fund ("Core Bond") (formerly Government Securities Fund)
WPG Intermediate Municipal Bond Fund ("Municipal Bond")
WPG Government Money Market Fund ("Government Money Market")
WPG Tax Free Money Market Fund ("Tax Free Money Market")
Weiss, Peck & Greer International Fund ("International")
Each fund is diversified.
Government Money Market and Tax Free Money Market are money market funds that
seek to maintain continuous net asset values of $1.00. The following is a
summary of the significant accounting policies and other information.
On January 20, 1998, the WPG Government Securities Fund changed its name and
investment policies. The new name of the Fund is Core Bond Fund. Prior to this
change, the Fund invested at least 60% of its total assets in debt obligations
issued or guaranteed by the U.S. Government with maturities exceeding one year.
The new policy, among things, permits the Fund to invest at least 80% of its
assets in debt securities of all types, including U.S. Securities and corporate
debt securities. In addition, under normal market conditions, the Fund will
maintain an average dollar weighted duration of between 3 and 7 years and will
limit its investments to investment grade securities.
PORTFOLIO VALUATION
- -------------------
COMMON STOCK - Securities listed or admitted to trading on a national securities
exchange, including options, are valued at the last sale price, on such
exchange, as of the close of regular trading on the New York Stock Exchange
("NYSE") on the day the net asset value calculation is made. Unlisted securities
and listed securities for which there are no sales reported on the valuation
date are valued at the mean between the most recent bid and asked prices.
BONDS - Bonds and other fixed income securities (other than short-term
obligations but including listed issues) are valued by a pricing service which
utilizes both dealer-supplied valuations and electronic data processing
techniques which take into account appropriate factors such as
institutional-size trading in similar groups of securities, yield, quality,
coupon rate, maturity, type of issue, trading characteristics and other market
data, without exclusive reliance upon quoted prices, exchanges or
over-the-counter prices, when such valuations are believed to reflect the market
value of such securities.
MONEY MARKET SECURITIES - 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 ask prices.
OTHER SECURITIES - Other securities and assets for which market quotations are
not readily available are valued at their fair value as determined, in good
faith, by the Funds' Valuation Committee as authorized by the Funds' Board of
Trustees.
Page 34
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS - (UNAUDITED) (CONTINUED)
SECURITIES TRANSACTIONS AND INVESTMENT INCOME
- ---------------------------------------------
Securities transactions are recorded on a trade date basis. Realized gains and
losses from securities transactions are recorded utilizing the specific
identification method. Dividend income is recognized on the ex-dividend date and
interest income is recognized on an accrual basis. Discounts on fixed income
securities are accreted to interest income over the life of the security or
until an applicable call date if sooner, with a corresponding increase in cost
basis; premiums are amortized on municipal securities only, with a corresponding
decrease in cost basis.
FEDERAL INCOME TAXES
- --------------------
The Funds intend to comply with the requirements of the Internal Revenue Code
that pertain to regulated investment companies and to distribute all of its
taxable income to their shareholders. No federal income tax or excise tax
provision is required. As of December 31, 1997, the following funds had capital
loss carryforwards:
- --------------------------------------------------------------------------------
(IN THOUSANDS)
YEAR OF EXPIRATION
------------------
FUND 2001 2002 2003 2004 2005
---- ---- ---- ---- ---- ----
Core Bond - 18,940 20,113 753 -
Municipal Bond - 100 8 - -
Government Money Market - 2,014 - - 2
Tax Free Money Market 11 - 1 3 4
- --------------------------------------------------------------------------------
DISTRIBUTION TO SHAREHOLDERS
- ----------------------------
DIVIDENDS FROM NET INVESTMENT INCOME - Distributions are recorded on the
ex-dividend date. Dividends from net investment income are declared and paid
annually when available for the Tudor, Growth, Quantitative Equity and
International Funds and quarterly for Growth & Income. Dividends from net
investment income are declared daily and paid monthly for Core Bond, 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.
The character of income and gains to be distributed are determined in accordance
with income tax regulation which may differ from generally accepted accounting
principles. These differences are due to differing treatments for items such as
mortgage backed securities, net operating losses, deferral of wash sale losses,
options and futures, and post October losses.
ORGANIZATION EXPENSES
- ---------------------
Organizational and initial offering expenses of approximately $77,000 for the
Intermediate Municipal Bond Fund was deferred and is being amortized on a
straight line basis over a sixty month period.
Repurchase Agreements (TUDOR, GROWTH, CORE BOND, GOVERNMENT MONEY MARKET)
It is each Fund's policy to take possession of securities or other assets
purchased under agreements to resell. The securities purchased under agreements
to resell are marked to market every business day to ensure that the value of
the "collateral" is at least equal to the value of the loan, including the
accrued interest earned thereon, plus sufficient additional market value as is
considered necessary to provide a margin of safety.
FUTURES (TUDOR, GROWTH, QUANTITATIVE EQUITY, INTERNATIONAL, CORE BOND)
- ----------------------------------------------------------------------
A futures contract is an agreement between two parties to buy and sell a
security at a set price on a future date. Upon entering into such a contract, a
Fund is required to pledge to the broker an amount of cash and/or securities
equal to the minimum "initial margin" requirements of the exchange. Pursuant to
the contract, the Fund agrees to receive from, or pay to the broker, an amount
of cash equal to the daily fluctuation in value of the contract. Such a receipt
or payment is known as a "variation margin" and is recorded by each Fund as an
unrealized gain or loss.
Page 35
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS - (UNAUDITED) (CONTINUED)
When the contract is closed, the Fund records a realized gain or loss equal to
the difference between the value of the contract at the time it was opened and
the value at the time it was closed. The Fund is also required to fully
collateralize futures contracts purchased. The Fund only enters into futures
contracts which are traded on exchanges.
OPTIONS WRITING (TUDOR, GROWTH & INCOME, GROWTH, QUANTITATIVE EQUITY,
- ---------------------------------------------------------------------
INTERNATIONAL, AND CORE BOND)
- -----------------------------
A Fund may write write covered options to protect against adverse movements in
the price of securities in the investment portfolio. When a Fund writes an
option, an amount equal to the premium received by the Fund is recorded as a
liability and is subsequently adjusted to the current market value of the option
written. Premiums received from writing options which expire unexercised are
recorded by the Fund on the expiration date as realized gains from options
transactions. The difference between the premium and the amount paid on
effecting a closing purchase transaction, including brokerage commissions, is
also treated as a realized gain, or if the premium is less than the amount paid
for the closing purchase transaction, as a realized loss. If a call is
exercised, the premium is added to the proceeds from the sale of the underlying
securities or currencies in determining whether the Fund has realized a gain or
loss. If a put is exercised, the premium reduces the cost basis of the
securities or currencies purchased by the Fund. In writing an option, the Fund
bears the market risk of an unfavorable change in the price of the security
underlying the written option. Exercise of an option written by the Fund could
result in the selling or buying of a security or currency at a price different
from the current market value. The Fund only enters into options which are
traded on exchanges except for Tudor and Growth which can enter into
non-exchange options with counterparties as authorized by the Board of Trustees.
FOREIGN SECURITIES (TUDOR, GROWTH AND INCOME, GROWTH, INTERNATIONAL)
- --------------------------------------------------------------------
Certain risks result from investing in foreign securities in addition to the
usual risks inherent in domestic investments. Such risks include future
political, economic and currency exchange developments including investment
restrictions and changes in foreign laws.
FORWARD CURRENCY CONTRACTS (TUDOR, GROWTH AND INCOME, GROWTH, INTERNATIONAL)
- ----------------------------------------------------------------------------
A Fund may enter into forward contracts. Such contracts may be utilized in
connection with planned purchases or sales of securities or to hedge the U.S.
dollar value of portfolios denominated in foreign currencies. Fluctuations in
the value of the forward contracts are recorded for book purposes as unrealized
gains or losses by the Fund. Risks may arise upon entering into these contracts
from the potential inability of counterparties to meet the terms of their
contracts and from unanticipated movements in the value of the foreign currency
relative to the U.S. dollar.
Upon entering into such a contract, the Fund is required to segregate assets
with its custodian at least equal to the value of the Fund's assets committed to
fulfilling the forward currency contract.
FOREIGN CURRENCY TRANSACTIONS (TUDOR, GROWTH AND INCOME, GROWTH, INTERNATIONAL)
- -------------------------------------------------------------------------------
The books and records of each Fund are maintained in United States (U.S.)
dollars. Foreign currencies, investments and other assets or liabilities,
denominated in foreign currencies, are translated into U.S. dollars at the
exchange rates prevailing on the close of trading on the primary foreign market.
The Fund does not isolate that portion of the results of operations resulting
from changes in foreign exchange rates on investments from the fluctuations
arising from changes in market prices of securities held. Such fluctuations are
included with the net realized and unrealized gain or loss from investments.
Reported net realized foreign exchange gains or losses arise from sales and
maturities of short term securities, sales of foreign currencies, currency gains
or losses realized between the trade and settlement dates on securities
transactions, the difference between the amounts of dividends, interest, and
foreign withholding taxes recorded on the Fund's books, and the U.S. dollar
equivalent of the amounts actually received or paid. Net unrealized foreign
exchange gains and losses arise from changes in the value of assets and
liabilities other than investments in securities at year end, resulting from
changes in the exchange rate.
Page 36
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS - (UNAUDITED) (CONTINUED)
USE OF ESTIMATES
- ----------------
Estimates and assumptions are required to be made regarding assets, liabilities
and changes in net assets resulting from operations when financial statements
are prepared. Changes in the economic environment, financial markets and any
other parameters used in determining these estimates could cause actual results
to differ from these amounts.
2 - SECURITIES TRANSACTIONS
For the six months ended June 30, 1998, sales proceeds, cost of securities
purchased, (other than short term investments and options written), total
commissions and commissions received by Weiss, Peck & Greer ("WPG"), the Fund's
investment adviser or Hill Samuel Investment Management Limited ("HSIM"), the
International Fund's sub-adviser, on such transactions were as follows:
- --------------------------------------------------------------------------------
PROCEEDS COST OF COMMISSIONS
OF SECURITIES SECURITIES TOTAL RECEIVED BY
SOLD PURCHASED COMMISSIONS WPG OR HSIM
(000's) (000's) (000's) (000's)
------- ------- ------- -------
Tudor $116,364 $ 99,194 $211 $34
Growth and Income 34,145 49,183 94 67
Growth 34,802 20,122 59 22
Quantitative Equity 55,205 47,199 126 83
International 6,487 4,381 28 0
Core Bond 352,117 372,523 0 0
Municipal Bond 9,326 10,225 0 0
- --------------------------------------------------------------------------------
3 - INVESTMENTS IN RESTRICTED SECURITIES
Certain of the Funds may from time to time purchase restricted securities. The
following are restricted securities and would require registration under the
Securities Act of 1933 before they could be offered for public sale in the U.S.
Each security is valued under a method approved by the Board of Trustees as
reflecting fair value.
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------
COST VALUE PER UNIT TOTAL MARKET PERCENTAGE OF
PER AT ACQUISITION VALUE PER UNIT VALUE 6/30/98 NET ASSETS AT
FUND SECURITY UNIT DATE AT 6/30/98 (000'S) 6/30/98
---- -------- ---- ---- ---------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
Tudor Advanced
Promotion
Technologies $100.00 $73.76 $0.30 $2 0.00%
- ---------------------------------------------------------------------------------------------------
</TABLE>
4 - SECURITIES LENDING (TUDOR, GROWTH, CORE BOND)
At June 30, 1998, securities value at $2,779,500, $2,521,983 and $6,300,000 were
on loan to brokers by the Tudor Fund, Growth Fund and Core Bond Fund,
respectively. For collateral the Tudor Fund received a letter of credit in an
amount equal to $3,500,000 and the Growth Fund and Core Bond Fund received U.S.
Government Securities in the amount of $2,619,378 and $7,044,877, respectively.
During the year the Tudor Fund, Growth Fund and Core Bond Fund earned
approximately $9,709, $4,018 and $4,808 net of custodian expenses, respectively.
Page 37
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS - (UNAUDITED) (CONTINUED)
5 - INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
WPG serves as the Funds' investment adviser. The adviser fees of each Fund are
as follows, and are paid monthly except for the International Fund which is paid
quarterly:
- --------------------------------------------------------------------------------
Tudor .90% of net assets up to $300 million
.80% of net assets $300 million to $500 million
.75% of net assets in excess of $500 million
Growth and Income .75% of net assets
Growth .75% of net assets
Quantitative Equity .75% of net assets
International .50% while net assets under $15 million
.85% while net assets $15 to $20 million
1.00% while net assets in excess of $20 million
Core Bond .60% of net assets up to $300 million
.55% of net assets $300 million to $500 million
.50% of net assets in excess of $500 million
Municipal Bond .00% while net assets under $17 million
.50% while net assets in excess of $17 million
Government Money Market .50% of net assets up to $500 million
& .45% of net assets $500 million to $1 billion
Tax Free Money Market .40% of net assets $1 billion to $1.5 billion
.35% of net assets in excess of $1.5 billion
- --------------------------------------------------------------------------------
Pursuant to authority granted under its Investment Advisory Agreement with the
International Fund, WPG has selected Hill Samuel Investment Management Limited
("HSIM"), formerly Lloyds Investment Management Limited, as sub-adviser to the
Fund. Pursuant to a sub-advisory agreement, HSIM has overall responsibility for
the management of the International Fund's assets invested in non-US securities.
Lloyds Investment Management Limited, the parent of HSIM, is a limited partner
in the partnership of WPG.
Each Fund has entered into an Administration Agreement with WPG. For the period
January 1, 1998 through June 30, 1998 WPG was entitled to receive the following
fees based upon a percentage of average daily net assets: Tudor .05%, Growth and
Income .06%, Growth .08%, Quantitative Equity .05%, International .06% while
assets exceed $25 million, Core Bond .05%, Intermediate Municipal Bond .12%
while assets exceed $50 million, Government Money Market .04%, Tax Free Money
Market .04%. As of July 1, 1998 WPG is entitled to receive the following fees
based upon a percentage of average daily net assets: Growth .15% and Tax Free
Money Market Fund .05%. The fee for the other Funds remained the same.
On May 6, 1998 the Managing Directors of WPG entered into an agreement with
Robeco Groep N.V. ("Robeco") pursuant to which WPG will become a wholly owned
subsidiary of Robeco. The transaction is expected close in September 1998,
subject to the satisfaction or waiver of certain conditions. WPG will remain as
the Fund's investment adviser and administrator and HSIM as sub-adviser on
substantially identical terms as described above.
Page 38
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS - (UNAUDITED) (CONTINUED)
6 - DISTRIBUTION PLAN (CORE BOND)
The Trust has adopted a plan of Distribution (the "Plan") under Section 12 (b)
of the 1940 Act and Rule 12b-1 thereunder. The Fund may pay up to 0.25% of its
average daily net assets under any one agreement but is limited to an aggregate
of 0.05% of its average annual net assets for activities primarily intended to
result in the sale of its shares.
For the six months ended June 30, 1998, expenses incurred under the Plan were
$152.
Under the terms, the Plan shall remain in effect from year to year, provided
such continuance is approved annually by a vote of a majority of those Trustees
who are not "interested persons" of the Trust and who have no direct or indirect
financial interest in the operation of the plan or in any agreement related to
the Plan.
7 - CUSTODIAN FEES
Each Fund has entered into an expense offset agreement with its custodian
wherein it receives credit toward the reduction of custodian fees whenever there
are uninvested cash balances. For the six months ended June 30, 1998 the Funds'
custodian fee and related offset were as follows:
- --------------------------------------------------------------------------------
CUSTODIAN OFFSET
FEE CREDIT
--- ------
Tudor $81,438 $3,438
Growth and Income 17,154 2,667
Growth 33,307 2,057
Quantitative Equity 30,558 3,058
International 22,027 3,027
Core Bond 23,160 1,660
Intermediate Municipal 4,297 1,528
Government Money Market 28,810 5,310
Tax Free Money Market 22,727 9,727
- --------------------------------------------------------------------------------
The Funds could have invested its cash balances elsewhere if it had not agreed
to a reduction in fees under the expense offset agreement with its custodian.
8 - RECLASSIFICATION OF CAPITAL ACCOUNTS
In accordance with the adoption of Statement of Position 93-2 "Determination,
Disclosure and Financial Statement Presentation of Income, Capital Gain and
Return of Capital Distributions by Investment Companies", reclassifications were
made to the Funds' capital accounts to reflect permanent book/tax differences
and income and gains available for distributions under income tax regulations.
Net investment income, net realized gains and net assets were not affected by
this change. At December 31, 1997 the amounts reclassified were as follows:
- --------------------------------------------------------------------------------
UNDISTRIBUTED UNDISTRIBUTED ADDITIONAL
NET INVESTMENT NET REALIZED PAID-IN
INCOME GAINS SURPLUS
(000's) (000's) (000's)
------- ------- -------
Tudor $ 1,235 ($1,292) $ 57
Growth and Income (80) 94 2
Growth 344 6 (351)
Quantitative Equity -- (23) 23
International 24 179 (203)
Core Bond (61) 61 --
- --------------------------------------------------------------------------------
Page 39
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS (FOR THE YEARS ENDED DECEMBER 31 EXCEPT
FINANCIAL HIGHLIGHTS FOR 1998 WHICH IS FOR THE SIX MONTHS ENDED
JUNE 30, 1998 AND AS INDICATED IN THE FOOTNOTES)
$ PER SHARE
<TABLE>
<CAPTION>
NET TOTAL
REALIZED INCOME
NET NET AND FROM DIVIDENDS DISTRI- NET NET
ASSET INVEST- UNREALIZED INVEST- FROM BUTIONS ASSET ASSETS AT
VALUE AT MENT GAINS OR MENT NET FROM TOTAL CONTRI- VALUE AT END OF
BEGINNING INCOME (LOSSES) ON OPERA- INVESTMENT CAPITAL DISTRI- BUTIONS TO END OF TOTAL PERIOD
OF PERIOD (LOSS) SECURITIES TIONS INCOME GAINS BUTIONS CAPITAL PERIOD RETURN ($000'S)
--------- ------ ---------- ----- ------ ----- ------- ------- ------ ------ --------
TUDOR
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1998** $ 21.90 (0.02) (0.07) (0.09) 0.00 0.00 0.00 0.00 $ 21.81 (0.41%) 138,407
1997 23.28 0.06 2.46 2.52 0.00 (3.90) (3.90) 0.00 21.90 11.11% 166,459
1996 22.95 (0.14) 4.41 4.27 0.00 (3.94) (3.94) 0.00 23.28 18.82% 181,369
1995 19.34 (0.10) 8.03 7.93 0.00 (4.32) (4.32) 0.00 22.95 41.18% 165,534
1994 23.40 (0.13) (2.14) (2.27) 0.00 (1.79) (1.79) 0.00 19.34 (9.81%) 144,207
1993 24.85 (0.22) 3.51 3.29 0.00 (4.74) (4.74) 0.00 23.40 13.38% 242,067
GROWTH AND INCOME FUND
1998** $ 35.11 0.13 6.44 6.57 (0.13) 0.00 (0.13) 0.00 $ 41.55 18.72% 152,718
1997 29.32 0.24 10.30 10.54 (0.24) (4.51) (4.75) 0.00 35.11 36.27% 117,146
1996 26.02 0.24 6.10 6.34 (0.39) (2.66) (3.05) 0.00 29.32 24.42% 82,937
1995 21.36 0.51 6.44 6.95 (0.53) (1.76) (2.29) 0.00 26.02 32.73% 67,357
1994 23.34 0.56 (1.83) (1.27) (0.62) (0.09) (0.71) 0.00 21.36 (5.47%) 61,045
1993 23.89 0.56 1.71 2.27 (0.89) (1.93) (2.82) 0.00 23.34 9.53% 62,714
GROWTH
1998** $ (0.13) (1.13) (1.26) 0.00 0.00 0.00 0.00 0.00 $ 112.48 (1.11%) 24,249
1997 118.47 0.54 10.73 11.27 0.00 (16.00) (16.00) 0.00 113.74 9.67% 46,557
1996 125.17 (0.76) 22.90 22.14 0.00 (28.84) (28.84) 0.00 118.47 17.99% 62,839
1995 94.45 (0.22) 37.70 37.48 0.00 (6.76) (6.76) 0.00 125.17 39.72% 60,453
1994 116.62 (0.29) (15.96) 0.00 (5.92) (5.92) (5.92) 0.00 94.45 (14.03%) 87,942
1993 126.68 (0.78) 19.42 18.64 0.00 (28.70) (28.70) 0.00 116.62 14.87% 169,302
QUANTITATIVE EQUITY FUND
1998** $ 5.84 0.04 0.87 0.91 0.00 0.00 0.00 0.00 $ 6.75 15.58% 74,164
1997 5.89 0.08 1.42 1.50 (0.08) (1.47) (1.55) 0.00 5.84 25.47% 96,055
1996 6.85 0.16 1.13 1.29 (0.15) (2.10) (2.25) 0.00 5.89 18.51% 102,450
1995 5.44 0.13 1.70 1.83 (0.12) (0.30) (0.42) 0.00 6.85 33.37% 133,201
1994 5.58 0.13 (0.11) 0.02 (0.11) (0.05) (0.16) 0.00 5.44 0.34% 73,484
1993 5.00 0.08 0.62 0.70 (0.08) (0.04) (0.12) 0.00 5.58 13.90% 46,921
INTERNATIONAL
1998** $ 10.15 0.06 1.61 1.67 0.00 0.00 0.00 0.00 $ 11.82 16.45% 9,059
1997 10.29 0.01 0.29 0.30 (0.01) (0.43) (0.44) 0.00 10.15 2.89% 8,555
1996 11.01 (0.07) 0.57 0.50 (0.04) (1.18) (1.22) 0.00 10.29 4.64% 13,161
1995 10.93 0.04 1.15 1.19 (0.15) (0.96) (1.11) 0.00 11.01 10.92% 14,194
1994 11.72 0.01 (0.75) (0.74) 0.00 (0.05) (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 11.72 37.24% 15,996
<FN>
* From July 1,1993 (commencement of operations) to December 31, 1993.
** Unaudited.
A Annualized
</FN>
</TABLE>
<TABLE>
<CAPTION>
RATIOS
AVERAGE
RATIO OF RATIO OF COMMISS-
EXPENSES NET INCOME PORTFOLIO ION
TO AVERAGE TO AVERAGE TURNOVER PER
NET ASSETS NET ASSETS RATE SHARE
---------- ---------- ---- -----
TUDOR
<S> <C> <C> <C> <C>
1998 1.25%A (0.22%)A 68.9% $0.0600
1997 1.24% (0.44%) 106.3% 0.0600
1996 1.25% (0.57%) 105.4% 0.0580
1995 1.30% (0.47%) 123.1% N/A
1994 1.28% (0.62%) 109.1% N/A
1993 1.25% (0.76%) 118.2% N/A
GROWTH AND INCOME
1998 1.01%A 0.72% A 25.5% $0.0590
1997 1.06% 0.88% 69.6% 0.0620
1996 1.15% 1.50% 75.8% 0.0620
1995 1.22% 2.10% 79.4% N/A
1994 1.23% 2.49% 71.9% N/A
1993 1.26% 2.15% 86.4% N/A
GROWTH
1998 1.37%A (0.30%) 60.5% $0.0580
1997 1.12% (0.12% 84.3% 0.0540
1996 1.08% (0.07%) 122.4% 0.0640
1995 1.07% (0.21%) 119.0% N/A
1994 0.95% (0.27%) 99.3% N/A
1993 0.98% (0.54%) 126.6% N/A
QUANTITATIVE EQUITY FUND
1998 1.05%A 0.61%A 52.5% $ 0.0590
1997 1.03% 1.03% 77.7% 0.0540
1996 0.95% 1.52% 60.8% 0.0340
1995 1.00% 2.00% 26.1% N/A
1994 1.14% 2.36% 46.8%1 N/A
1993 1.32% 2.01% 20.6% N/A
INTERNATIONAL
1998 2.34%A 1.06%A 51.1% $ 0.0240
1997 1.89% 0.02% 55.1% 0.0270
1996 1.71% 0.31% 85.2% 0.0190
1995 1.74% 0.39% 55.9% N/A
1994 1.95% 0.12% 69.8% N/A
1993 2.12% (0.13%) 75.9% N/A
<FN>
* From July 1,1993 (commencement of operations) to December 31, 1993.
** Unaudited.
A Annualized
</FN>
</TABLE>
See notes to financial statements
Page 40
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS (FOR THE YEARS ENDED DECEMBER 31 EXCEPT
FINANCIAL HIGHLIGHTS FOR 1998 WHICH IS FOR THE SIX MONTHS ENDED
JUNE 30, 1998 AND AS INDICATED IN THE FOOTNOTES)
$ PER SHARE
<TABLE>
<CAPTION>
NET TOTAL
REALIZED INCOME
NET NET AND FROM DIVIDENDS DISTRI- NET NET
ASSET INVEST- UNREALIZED INVEST- FROM BUTIONS ASSET ASSETS AT
VALUE AT MENT GAINS OR MENT NET FROM TOTAL CONTRI- VALUE AT END OF
BEGINNING INCOME (LOSSES) ON OPERA- INVESTMENT CAPITAL DISTRI- BUTIONS TO END OF TOTAL PERIOD
OF PERIOD (LOSS) SECURITIES TIONS INCOME GAINS BUTIONS CAPITAL PERIOD RETURN ($000'S)
--------- ------ ---------- ----- ------ ----- ------- ------- ------ ------ --------
CORE BOND
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1998** $ 9.34 0.27 0.15 0.42 (0.27) 0.00 (0.27) 0.00 $ 9.49 4.54% 115,675
1997 9.19 0.51 0.15 0.66 (0.51) 0.00 (0.51) 0.00 9.34 7.37% 108,443
1996 9.38 0.64 (0.29) 0.35 (0.54) 0.00 (0.54) 0.00 9.19 3.85% 120,804
1995 8.83 0.60 0.54 1.14 (0.59) 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) (0.66) 0.00 8.83 (8.70%) 216,364
1993 10.38 0.79 0.14 0.93 (0.79) (0.15) (0.94) 0.00 10.37 8.96% 334,904
INTERMEDIATE MUNICIPAL BOND
1998** $ 10.45 0.22 0.01 0.23 (0.22) 0.00 (0.22) 0.00 $ 10.46 2.21% 23,940
1997 10.14 0.47 0.31 0.78 (0.47) 0.00 (0.47) 0.00 10.45 7.85% 23,508
1996 10.20 0.48 (0.06) 0.42 (0.48) 0.00 (0.48) 0.00 10.14 4.20% 15,214
1995 9.51 0.44 0.69 1.13 (0.44) 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 (0.41) 0.00 9.51 (2.29%) 14,005
1993 10.00 0.19 0.15 0.34 (0.19) 0.00 (0.19) 0.00 10.15 3.48% 12,334
GOVERNMENT MONEY MARKET
1998** $ 1.00 0.02 0.00 0.02 (0.02) 0.00 (0.02) 0.0 $ 1.00 2.39% 178,270
1997 1.00 0.05 0.00 0.05 (0.05) 0.00 (0.05) 0.00 1.00 4.76% 207,817
1996 1.00 0.04 0.00 0.04 (0.04) 0.00 (0.04) 0.00 1.00 4.56% 152,786
1995 1.00 0.05 0.00 0.05 (0.05) 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 (0.04) 0.01 1.00 3.58% 188,197
1993 1.00 0.03 0.00 0.03 (0.03) 0.00 (0.03) 0.00 1.00 2.80% 140,926
TAX FREE MONEY MARKET
1998** $ 1.00 0.02 0.00 0.02 (0.02) 0.00 (0.02) 0.00 $ 1.00 1.51% 106,624
1997 1.00 0.03 0.00 0.03 (0.03) 0.00 (0.03) 0.00 1.00 3.23% 130,083
1996 1.00 0.03 0.00 0.03 (0.03) 0.00 (0.03) 0.00 1.00 3.14% 117,423
1995 1.00 0.04 0.00 0.04 (0.04) 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 (0.03) 0.00 1.00 2.61% 152,501
1993 1.00 0.02 0.00 0.02 (0.02) 0.00 (0.02) 0.00 1.00 2.32% 136,889
</TABLE>
<TABLE>
<CAPTION>
RATIOS
AVERAGE
RATIO OF RATIO OF COMMISS-
EXPENSES NET INCOME PORTFOLIO ION
TO AVERAGE TO AVERAGE TURNOVER PER
NET ASSETS NET ASSETS RATE SHARE
---------- ---------- ---- -----
CORE BOND
<S> <C> <C> <C> <C>
1998 0.50%A 5.76 A 364.5% N/A
1997 0.86% 5.56% 330.3% N/A
1996 0.81% 5.87% 333.1% N/A
1995 0.82% 6.52% 375.0% N/A
1994 0.80% 7.18% 115.9% N/A
1993 0.81% 7.43% 97.5% N/A
INTERMEDIATE MUNICIPAL BOND
1998 0.85%A 4.25%A 37.5% N/A
1997 0.85% 4.55% 39.8% N/A
1996 0.85% 4.72% 44.4% N/A
1995 0.85% 4.38% 51.2% N/A
1994 0.85% 4.20% 30.9% N/A
1993 0.84%A 3.86%A 17.0%A N/A
GOVERNMENT MONEY MARKET
1998 0.75%A 4.82%A N/A% N/A
1997 0.81% 4.68% N/A N/A
1996 0.83% 4.48% N/A N/A
1995 0.82% 5.06% N/A N/A
1994 0.80% 3.54% N/A N/A
1993 0.81% 2.75% N/A N/A
TAX FREE MONEY MARKET
1998 0.75%A 3.03%A N/A N/A
1997 0.74% 3.17% N/A N/A
1996 0.72% 3.10% N/A N/A
1995 0.76% 3.56% N/A N/A
1994 0.73% 2.59% N/A N/A
1993 0.74% 2.29% N/A N/A
<FN>
* From July 1,1993 (commencement of operations) to December 31, 1993.
** Unaudited.
A Annualized
</FN>
</TABLE>
See notes to financial statements
Page 41
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
FINANCIAL HIGHLIGHTS - (UNAUDITED)
The Advisor agreed to reimburse other operating expenses and not to impose its
full fee for certain periods. Had the Adviser not so agreed, and had the Funds
not received a custody fee earnings credit, the total return would have been
lower and the net investment income/(loss) per share, ratio of expenses to
average net assets and ratio of net income to average net assets would have
been:
RATIO OF NET
EXPENSES INCOME
TO AVERAGE TO AVERAGE
NET ASSETS NET ASSETS
---------- ----------
GROWTH
1995 1.08% (0.21%)
QUANTITATIVE EQUITY
1993 1.41% 1.92%
INTERNATIONAL
1998** 2.39%A 1.01%A
1997 1.92% (0.01%)
1996 1.76% 0.26%
1995 1.76% 0.39%
1994 2.35% (0.28%)
1993 2.89% (0.64%)
CORE BOND
1998** 0.89%A 5.37%A
INTERMEDIATE MUNICIPAL BOND
1998** 1.08%A 4.02%A
1997 1.15% 4.25%
1996 1.01% 4.56%
1995 0.97% 4.25%
1994 1.45% 3.60%
1993* 2.00%A 2.70%A
TAX FREE MONEY MARKET
1998** 0.77%A 3.01%A
For the Tudor, Growth and Income, Quantitative Equity, Intermediate Municipal
Bond and Government Money Market Funds custody fee earnings credit had an effect
of less than 0.01% per share on the above ratios. The custody fee earnings
credit had an effect of less than 0.01% on the above ratios in 1996, 1997 and
1998 for the Growth Fund, 1993, 1994, 1995, 1996 and 1997 for the Core Bond and
Tax Free Money Market Funds.
Notes:
* From July 1, 1993 (commencement of operations) to December 31, 1993
** For the six months ended June 30, 1998.
A Annualized
Page 42 See notes to financial statements
<PAGE>
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<PAGE>
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<PAGE>
WEISS, PECK & GREER
MUTUAL FUNDS
ONE NEW YORK PLAZA, NEW YORK, NY 10004
800-223-3332
INDEPENDENT TRUSTEES AND MEMBERS
OF AUDIT COMMITTEE
Raymond R. Herrmann, Jr. Paul Meek
Lawrence J. Israel William B. Ross
Graham E. Jones Robert A. Straniere
OFFICERS
ROGER J. WEISS
Chairman of the Board and Trustee - all funds
President - Weiss, Peck & Greer International Fund
ADAM STARR
President - WPG Tudor Fund, WPG Growth Fund
JAY C. NADEL
Executive Vice President and Secretary - all funds
FRANCIS H. POWERS
Executive Vice President and Treasurer - all funds
JOSEPH J. REARDON
Vice President - all funds
JOSEPH PARASCONDOLA
Assistant Vice President - all funds
A. ROY KNUTSEN
President - WPG Growth and Income Fund
DANIEL S. VANDIVORT
President - WPG Funds Trust
DANIEL CARDELL
Vice President - WPG Quantitative Equity Fund
R. SCOTT RICHTER
Vice President - WPG Intermediate Municipal Bond Fund
JANET A. FIORENZA
Vice President - WPG Tax Free Money Market Fund
S. BLAKE MILLER
Vice President - WPG Intermediate Municipal Bond Fund
THERESE HOGAN
Assistant Secretary - all funds
INVESTMENT ADVISER
Weiss, Peck & Greer, LLC
One New York Plaza
New York, NY 10004
CUSTODIAN
Boston Safe Deposit and Trust Company
One Exchange Place
Boston, MA 02109
DIVIDEND DISBURSING AND
TRANSFER AGENT
First Data Investor Services Group
4400 Computer Drive
Westboro, MA 01581-5120
LEGAL COUNSEL
Hale and Dorr
60 State Street
Boston, MA 02109
This report is submitted for the general information of shareholders and is not
authorized for distribution to prospective investors unless preceded or
accompanied by an effective prospectus. Nothing herein is to be considered an
offer of sale or solicitation of an offer to buy shares of the Weiss, Peck &
Greer Funds. Such offering is made only by prospectus, which includes details as
to offering and other material information.
