WEISS, PECK & GREER
MUTUAL FUNDS
Semi-Annual Report
June 30, 2000
(Unaudited)
WPG TUDOR FUND
WPG GROWTH AND INCOME FUND
WPG QUANTITATIVE EQUITY FUND
WEISS, PECK & GREER INTERNATIONAL FUND
WPG CORE BOND FUND
WPG INTERMEDIATE MUNICIPAL BOND FUND
WPG GOVERNMENT MONEY MARKET FUND
WPG TAX FREE MONEY MARKET FUND
ONE NEW YORK PLAZA
NEW YORK, NEW YORK 10004
800-223-3332
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
TABLE OF CONTENTS
Chairman's Letter ................................................... 1
Major Portfolio Changes - Equity Funds .............................. 3
Average Annual Total Returns ........................................ 4
Ten Largest Holdings ................................................ 6
Schedules of Investments:
WPG Tudor Fund ................................................. 8
WPG Growth and Income Fund ..................................... 10
WPG Quantitative Equity Fund ................................... 12
Weiss, Peck & Greer International Fund ......................... 13
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 ................................ 30
Statements of Operations ............................................ 32
Statements of Changes in Net Assets ................................. 34
Notes to Financial Statements ....................................... 36
Financial Highlights ................................................ 41
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 FDIC or U.S. Government. Although the
Funds seek to preserve the value of your investment at $1.00 per share, it
is possible to lose money by investing in these Funds.
+ A portion of income may be subject to some state and/or local taxes and,
for certain investors, it may be subject to the federal alternative minimum
tax.
<PAGE>
DEAR SHAREHOLDERS:
DOMESTIC MARKETS
----------------
For the first time since 1994, all three major stock indices (S&P 500, DJIA
and NASDAQ) reported negative returns for the first six months of the year.
Second quarter performance was also negative for each of these Indices. The main
factor that caused equity weakness, during 1994 and again in 2000, was that the
Federal Reserve Board raised rates to combat a potential inflation threat. The
current slowdown in money supply growth (which exploded last fall prior to fears
of Y2K) is also removing system liquidity, which tends to drain money from the
financial markets.
Volatility has been very high this year combined with dramatic sector
rotation. One percent daily moves are quite common. The NASDAQ, for instance,
briefly topped 5000 during March but six weeks later traded at almost 3000.
During 1999, the best-performing equity issues were those that had no earnings.
During the corrective phase this spring, the 1999 outperformers badly
underperformed, as investors sought earnings, liquidity, and safety. Health
care, utilities, consumer non-durables, and energy were the only sectors to show
positive performance during the second quarter. This highlights the fact that
investors sought consistent earnings growth and safety.
The S&P 500 lost 2.7% in the second quarter. The technology dominated NASDAQ
declined 13.3%. The small capitalization market also experienced a correction as
a result of Fed policy and extended valuations; thus the Russell 2000 Index
declined 3.8%.
During the past few months, numerous economic statistics have pointed to a
possible slowing of the U.S. economy. The first quarter may have been the
turning point as far as the pace of growth is concerned. Consumer spending was
still very strong early in the year, but recent sales numbers point to a more
moderate expansion going forward. The housing market is showing signs of slowing
in response to higher interest rates. Furthermore, the purchasing managers index
has clearly turned, signaling slower growth in the manufacturing sector. Job
growth has also weakened somewhat. The Federal Open Market Committee during its
June 2000 meeting decided not to raise rates but did caution that the inflation
threat was still ongoing. It does seem quite apparent that a slowdown is in
progress but a recession is not expected. Nevertheless, corporate earnings,
while still very robust, may weaken after years of remarkable results,
particularly if the U.S. economy slows.
Now that growth has become more moderate and wage inflation, despite a tight
labor market, appears in control, the Federal Reserve Board should be ending
their tightening mode by the fall. The expectation of a soft landing could
translate into higher prices on the financial markets.
Within the small capitalization market, the recent market correction should
also have weeded out much of the excess that has been endured from October 1999
until mid-March 2000.
During the 1st half of 2000, fixed income investors struggled with continued
tightening by the Federal Reserve and further reductions in Treasury supply. The
Federal Reserve hiked interest rates on three separate occasions raising rates
100 basis points in total. Over the same period, the Treasury instituted a debt
repurchase program, buying back $15 billion in long term securities. These two
factors caused short term Treasury yields to rise while long term yields
declined resulting in an inverted yield curve. The inverted yield curve
contributed significantly to wider spreads in non-treasury securities causing
severe underperformance in these sectors versus treasury securities.
Towards the end of the second quarter, softer economic data reduced market
concerns over further aggressive Federal Reserve actions allowing interested
rates across the yield curve to decline. During this period, short-term yields
declined more than long term yields leaving the Treasury yield curve somewhat
less inverted.
Heading into the second half of the year, our expectation is for limited
action on the part of the Federal Reserve as prior interest rate hikes begin to
slow the economy to a growth rate (i.e., real GDP) of 3 - 3 1/2%. Assuming this
economic slowdown can be achieved, inflation should remain in the 2 1/2 - 3%
range, which would keep the Federal Reserve, sidelined and allow the yield curve
to steepen. The steeper yield curve should create a more favorable environment
for non-treasury securities and allow these sectors to outperform.
Page 1
<PAGE>
INTERNATIONAL MARKETS
---------------------
For the second quarter, European markets generally performed in line with
the U.S. market, although Germany and Spain posted more significant losses. The
MSCI Europe Index was down 3.1% during this time period. Japan, Hong Kong, and
Singapore all experienced meaningful corrections, with the MSCI Japan Index
dropping 6.2% and the MSCI Emerging Markets Index falling 9.5%. The overall MSCI
EAFE Index lost 3.9%.
Performance in the second quarter for the international markets was heavily
affected by the global correction in the information and communication
technology sectors. The ECB (European Central Bank) also made a mark with a
series of interest rate increases. Rates were raised 0.75% in the second quarter
in two steps, with the later increase of 0.50% on June 8th. Inflation fears as
well as the strength of the U.S. dollar and its effect on price stability in
Europe played a large role in the ECB's decisions.
The markets in continental Europe show no signs of slowing down.
Manufacturing output in Germany and France has been growing strongly, order
flows are very positive, business sentiment is reaching new highs, and consumers
look to their economic future with confidence. Continental Europe tends to
follow the American business cycle with a lag and therefore can be expected to
be in an expansion phase a bit longer. The U.K. business cycle is further
advanced, moving more in line with that of the U.S., and appears to have turned
down already. In addition, a strong pound has hurt the British economy, although
the U.K. currency has weakened considerably in recent months.
A significant issue in the international arena is whether Japan will be able
to continue its present recovery. Business confidence appears to be returning
but domestic spending is still weak. As Japan has derived a considerable amount
of its output growth from foreign demand, it is not certain that its economy can
continue to improve if export growth loses momentum. The corrections in both
technology and Asian stocks may be seen as harbingers of a global economic
slowdown.
Sincerely,
/s/ Roger J. Weiss
Roger J. Weiss
Chairman of the Board
July 19, 2000
Page 2
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
MAJOR PORTFOLIO CHANGES - EQUITY FUNDS - SIX MONTHS ENDING JUNE 30, 2000
(UNAUDITED)
TUDOR FUND
--------------------------------------------------------------------------------
ADDITIONS
---------
Buca Inc.
II-VI Inc.
Marvell Technology Group Ltd.
Maxygen Inc.
MGC Communications
Nextlink Communications Cl A
ONI Systems Corp.
OPUS360 Corp.
Sipex Corporation
Snowball.com Inc.
DELETIONS
---------
Adelphia Communications
Aurora Foods Inc.
Digital Lightwave Inc.
ETEC Systems Inc.
Hadco Corp.
Infonet Services
Kana Communications
Netzero Inc.
Ondisplay Inc.
Xpedior Inc.
GROWTH AND INCOME FUND
--------------------------------------------------------------------------------
ADDITIONS
---------
Exfo Electro-Optical Engineering Inc.
Marvell Technology Group Ltd
Nokia Corp. ADR
Nortel Networks Corp.
ONI Systems Corp.
Pharmacia Corp.
Philip Morris Companies
Sprint PCS Group
StorageNetworks, Inc.
Viacom Inc. Cl B
DELETIONS
---------
Autozone Inc.
BCE, Inc.
BMC Software Inc.
Bristol-Myers Squibb Co.
CBS Corp.
EMC Corp.
Guidant Corp.
Lucent Technologies
Optio Software Inc.
Sara Lee Corp.
QUANTITATIVE EQUITY FUND
--------------------------------------------------------------------------------
ADDITIONS
---------
Andrew Corp.
Dell Computer Corp.
Delta Airlines Inc.
First Data Corp.
Hewlett Packard Co.
MGIC Investments Corp.
Scientific Atlanta Inc.
Siebel Systems Inc.
Target Corp.
TJX Companies Inc.
DELETIONS
---------
AK Steel Holdings Corp.
Chase Manhattan Corp.
Conagra Inc.
Darden Restaurants Inc.
Dayton Hudson Corp.
Donnelly RR & Sons
Fortune Brands
Sara Lee Corp.
Southtrust Corp.
Xilinx Inc.
INTERNATIONAL FUND
--------------------------------------------------------------------------------
ADDITIONS
---------
Allianz AG
Asatsu-DK Inc.
Banca Fideuram SPA
Brambles Industries Ltd
CLP Holdings Ltd
E.ON AG
France Telecom SA
Heineken
Koninklijke Numico NV
TV Francaise
DELETIONS
---------
Acom Co. Ltd
Bridgestone Corporation
Cheung Kong (Holdings) Ltd
Compagnie De Saint Gobain
Enso R Shares
Esprit Holdings Limited
Foster's Brewing Group Ltd
Hong Kong & China Gas Co, Ltd
Mannesmann AG
Tokai Bank Ltd.
Page 3
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED JUNE 30, 2000 - (UNAUDITED)
TUDOR
--------------------------------------------------------------------------------
SIX ONE FIVE TEN
MONTHS YEAR YEARS YEARS
------ ---- ----- -----
TUDOR 6.33% 52.73% 16.60% 13.09%
Russell 2000 Growth Index 1.22% 28.39% 15.80% 13.26%
The Tudor Fund continued to outperform its benchmark in the first six month of
2000. The fund achieved this outperformance through solid stock selection in
technology, retail and health care services sectors. The fund also took
advantage of the extreme volatility in the first half of the year to both trim
from and add to selected holdings. The fund held a large cash position going
into the March downturn and was able to reinvest the cash at more favorable
prices.
The fund continues to look for investments in small capitalization companies
with prospects for long-term sustainable growth. The correction the market
experienced in the first half helped mitigate much of the excess created in late
1999 and the first two months of this year. Going forward we believe our
portfolio companies will continue to exhibit strong revenue and earnings growth
which should translate into solid stock performance.
GROWTH AND INCOME
--------------------------------------------------------------------------------
SIX ONE FIVE TEN
MONTHS YEAR YEARS YEARS
------ ---- ----- -----
GROWTH AND INCOME 4.14% 18.25% 23.63% 16.84%
S & P 500 Stock Index -0.42% 7.24% 23.80% 17.80%
Lipper Large-Cap Core Index 1.89% 10.44% 21.92% 16.41%
The WPG Growth & Income Fund performed quite well when compared to the S&P 500
and the Lipper Large-Cap Core Fund Index. During the first quarter of 2000
technology stocks dominated portfolio performance until a violent correction
caused defensive and stable growth issues to outperform during the second
quarter. For the six months ended June 30 healthcare and utility issues were the
only sectors to return over 10%. Basic materials and consumer cyclical issues
fared the worst during this period. The positive performance of the Fund during
the first six months of the year was attributable in large part to good stock
selection in the technology and healthcare sectors.
QUANTITATIVE EQUITY
--------------------------------------------------------------------------------
SIX ONE FIVE FROM
MONTHS YEAR YEARS 1/1/93+
------ ---- ----- -------
QUANTITATIVE EQUITY -0.38% 2.01% 19.31% 17.06%
S & P 500 Stock Index -0.42% 7.24% 23.80% 19.89%
The first half of 2000 has been a positive period overall for the Quantitative
Equity Fund. By the end of the second quarter the fund was modestly ahead of the
S&P 500. However, this performance tells only part of the story for the first
half of the year.
As we reported to you at the end of 1999, two trends prevalent in the market
throughout much of the past two years have hampered our quantitative models.
Specifically, perverse or negative returns to our value factors and a very
narrow market caused our stock selection process to underperform. At the end of
1999 we anticipated that as investors again focus on earnings and the price they
pay for those earnings valuation models would begin to outperform. Unfortunately
January and February saw a continuation of the trend prevalent throughout much
of the past year and our value factors continued to be perverse. During March
however, we began to see the trend reverse. As investors once again focused on
earnings our value factors were predictive, and the fund recorded a strong
month. The 2nd quarter saw a continuation of the trend that began in March and
the fund turned in positive performance. In fact, April stands as one of the
best months for our value factors in recent history.
INTERNATIONAL
--------------------------------------------------------------------------------
SIX ONE FIVE TEN
MONTHS YEAR YEARS YEARS
------ ---- ----- -----
INTERNATIONAL -10.44% 9.53% 9.18% 5.44%
EAFE (Europe,Australia,Far East) Index -3.95% 17.44% 11.63% 8.28%
After a strong absolute and relative performance year of 1999, the International
Fund's strategy of investing in high quality blue chip securities, remained
unrewarded over the first half of 2000. The Fund's core focus on stocks with
strong balance sheets, relatively high earnings growth and strong price momentum
yielded underperformance, as market leadership shifted away from the New Economy
technology, media and telecommunications sectors to more Old Economy value
sectors. This was especially the case in the Japanese market. We think this
shift in market leadership will be temporary, as the economic cycles and
interest rates are peaking, hurting earnings of value stocks, while the growth
sectors such as technology, media and telecommunications will likely continue to
generate healthy earnings growth.
Page 4
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED JUNE 30, 2000 - (UNAUDITED)
CORE BOND
--------------------------------------------------------------------------------
SIX ONE FIVE TEN
MONTHS YEAR YEARS YEARS
------ ---- ----- -----
CORE BOND 3.08% 4.13% 5.58% 6.30%
Lehman Aggregate Index 3.99% 4.57% 6.25% 7.82%
Morningstar Intermediate-Term Bond 2.92% 3.25% 5.35% 7.35%
The action in the fixed income markets during the first half of 2000 has been
dominated by Federal Reserve tightening and Treasury supply issues. A strong
economy and fears of inflation pressures caused the Federal Reserve to raise the
Fed Funds rate on three occasions by a total of 100 basis points. On the
positive side, Treasury buybacks have supported the value of long-term
securities. As a result of this, short term rates have risen by more than 25
basis points while rates further out on the yield curve have fallen by as much
as 65 basis points. Yields on short-term issues, which are normally lower than
those with longer maturities, now exceed those of longer-term bonds. This
inversion of the yield curve has caused the difference in the yields between
Treasury securities and non-Treasuries to widen further. Additionally, concerns
over reduced Treasury supply and larger buybacks have exacerbated the curve
reshaping. The weak performance of the non-Treasury sectors (corporate and
mortgage securities in particular) was a big contributor to the funds'
underperformance in the first half of the year. Additionally, exposure to select
BBB credits negatively impacted performance. These negatives were offset
somewhat by the positive impact of an underweight in the agency sector for much
of the first half of the year, as well as positioning along the yield curve.
INTERMEDIATE MUNICIPAL BOND
--------------------------------------------------------------------------------
SIX ONE FIVE FROM
MONTHS YEAR YEARS 7/1/93+
------ ---- ----- -------
INTERMEDIATE MUNICIPAL BOND 3.12% 3.46% 5.10% 4.71%
Lehman Brothers 3-10 Year Municipal
Bond Index 3.16% 4.04% 5.34% 5.13%
Lipper Intermediate Muni Funds 2.99% 2.74% 4.72% 4.37%
The major factor driving returns in the tax-exempt fixed income markets thus far
in 2000 has been the flattening of the yield curve. Yields on bonds maturing in
less than 5 years moved higher by roughly 25 basis points while yields on longer
securities fell by roughly 25 basis points. Portfolios that had higher
concentrations of securities in both long and short maturities (a barbell
structure) outperformed portfolios that concentrated their holdings in the
intermediate range.
Our Fund was positioned appropriately during the period and therefore
outperformed the Lipper average by 13 basis points (3.12% versus 2.99% for the
average fund). The Fund underperformed the unmanaged Lehman Brothers Index by 4
basis points.
+ Inception of Fund
Performance represents historical data. The investment return and principal
value of an investment will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than their original cost. Each Fund's
results and the indices (except as noted below) assume the reinvestment of
all capital gain distributions and income dividends. Each Fund's past
performance is not indicative of future performance and should be considered
in light of each Fund's investment policy and objectives, the
characteristics and quality of its portfolio securities, and the periods
selected. The S&P 500 Stock Index is a broad based measurement of changes in
stock market conditions based on the average performance of 500 widely held
common stocks. The Russell 2000 Growth Index is a measurement of changes in
stock market conditions based on the average performance of small U.S.
growth oriented securities with a median market capitalization of
approximately $1.1 billion. Lipper Analytical Services ("Lipper") and
Morningstar compare mutual funds according to overall performance,
investment objectives, investment policies, assets, expense levels, periods
of existence and other factors. The Lehman Brothers Aggregate Index is a
market weighted blend of all investment grade corporate issues, all mortgage
securities and all government issues. The Lehman Brothers 3-10 year Muni
Bond Index is a broad based index which contains all securities in the
Lehman Municipal Bond Index with maturities from 3-10 years. The Morgan
Stanley Capital International Europe, Australia, Far East ("EAFE") is an
index of more than 800 companies in Europe, Australia and the Far East.
Indices are unmanaged groups of securities.
Page 5
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
TEN LARGEST HOLDINGS AT JUNE 30, 2000 * - (UNAUDITED)
MARKET
VALUE PERCENT
TUDOR FUND (000'S) OF FUND
--------------------------------------------------------------------------------
Remedy Corp. .................. $3,339 3.0%
Tibco Software Inc. ........... 2,595 2.3%
Manugistics Group, Inc. ....... 2,525 2.2%
Veeco Instruments, Inc. ....... 2,425 2.2%
Alpharma Inc. Cl. A ........... 1,955 1.7%
MMC Networks Inc. ............. 1,940 1.7%
Advanced Fibre Communications.. 1,917 1.7%
Titan Corp. ................... 1,880 1.7%
Aspect Communications Corp. ... 1,852 1.6%
Career Education Corp. ........ 1,833 1.6%
------- ----
$22,261 19.7%
======= ====
MARKET
VALUE PERCENT
GROWTH AND INCOME FUND (000'S) OF FUND
--------------------------------------------------------------------------------
Corning Inc. ................. $6,747 5.1%
Oracle Corp. ................. 5,607 4.2%
General Electric ............. 5,485 4.2%
Cisco Systems, Inc. .......... 5,085 3.9%
Texas Instruments, Inc. ...... 4,808 3.6%
Pfizer, Inc. ................. 4,800 3.6%
American International Group.. 4,700 3.6%
Bank of New York, Inc. ....... 4,650 3.5%
Johnson & Johnson ............ 4,584 3.5%
Applied Materials, Inc. ...... 4,531 3.4%
------- ----
$50,997 38.6%
======= ====
QUANTITATIVE EQUITY FUND
--------------------------------------------------------------------------------
Pfizer, Inc. ................. $1,733 4.8%
General Electric Corp. ....... 1,587 4.4%
Cisco Systems, Inc. .......... 1,300 3.6%
Microsoft Corp. .............. 1,204 3.3%
Intel Corp. .................. 1,183 3.3%
ADC Telecommunications Inc.... 927 2.5%
Citigroup, Inc. .............. 840 2.3%
Sun Microsystems, Inc. ....... 814 2.2%
Hewlett Packard Co. .......... 712 2.0%
Merck & Co., Inc. ............ 705 1.9%
------- ----
$11,005 30.3%
======= ====
INTERNATIONAL FUND
--------------------------------------------------------------------------------
BP Amoco PLC ................. $245 3.1%
Nokia ........................ 233 2.9%
Vodafone Group PLC ........... 203 2.6%
Ericsson LM-B ................ 168 2.1%
Nippon Telegraph &
Telephone Corp. ......... 146 1.9%
Deutsche Telekom AG .......... 146 1.9%
Shell Transport & Trading .... 146 1.9%
Glaxo Wellcome PLC ........... 145 1.8%
Novartis AG .................. 144 1.8%
Total Fina SA-B .............. 135 1.7%
------- ----
$1,711 21.7%
======= =====
Page 6
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
TEN LARGEST HOLDINGS AT JUNE 30, 2000 * - (UNAUDITED) - CONTINUED
<TABLE>
<CAPTION>
MARKET
VALUE PERCENT
CORE BOND FUND (000'S) OF FUND
------------------------------------------------------------------------------------------
<S> <C> <C>
Federal National Mortgage Association Note 8.000% Due 7/1/30 ......... $11,612 9.4%
Federal National Mortgage Association Note 7.125% Due 3/15/07 ........ 10,966 8.8%
Federal National Mortgage Association Note 7.500% Due 8/1/15 ......... 7,427 6.0%
Federal National Mortgage Association Discount Note
Zero Coupon Due 8/16/00 ....................................... 7,141 5.8%
Government National Mortgage Association 8.000% Due 7/1/30 ........... 6,830 5.5%
Federal National Mortgage Association Note 7.125% Due 6/15/10 ........ 6,566 5.3%
Government National Mortgage Association 6.500% Due 2/15/24-10/15/24.. 6,337 5.1%
Government National Mortgage Association 8.500% Due 7/1/30 ........... 4,091 3.3%
Federal National Mortgage Association Note 7.000% Due 8/1/15 ......... 3,979 3.2%
CarrAmerica Realty Corp 6.250% Due 10/1/00 ........................... 3,577 2.9%
------- ----
$68,526 55.3%
======= =====
------------------------------------------------------------------------------------------
INTERMEDIATE MUNICIPAL BOND FUND
------------------------------------------------------------------------------------------
Chicago Illinois O'Hare International Airport Ref-2nd
Lien-Series C 5.750% Due 1/ 1/09 ................................ $1,045 6.2%
Rhode Island Housing & Mortgage Finance Corp.
Revenue Bonds 5.700% Due 7/1/07 ................................. 1,027 6.1%
Port of Houston Texas General Obligation Unlimited 5.100% Due 10/1/11. 991 5.9%
New Orleans Louisiana General Obligation Unlimited Non-Callable
7.200% Due 11/1/0 8 ............................................. 721 4.3%
Oklahoma County Oklahoma Home Finance Authority Single Family
Refunding Prerefunded Zero Coupon Due 7/1/12 ................. 691 4.1%
Mercedes Texas Independent School District 4.900% Due 8/15/10 ........ 568 3 .4%
Edgewood Texas Independent School District Lease Revenue
4.700% Due 8/15/05 .......................................... 552 3.3%
Deer Park Texas Independent School District School
Building 6.375% Due 2/15/07 ................................. 538 3.2%
Oregon State Housing & Community Services Single Family Mortgage
Series B 6.875% Due 4/1/28 ................................... 532 3.1%
Michigan State Housing Development Authority Rental Housing Revenue
Series A 6.600% Due 4/1/12 ................................... 530 3.1%
------- ----
$7,195 42.7%
======= =====
------------------------------------------------------------------------------------------
<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 INVESTMENT AT JUNE 30, 2000 - (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES SECURITY (000'S)
--------- -------- -------
TUDOR
COMMON STOCKS (90.9%)
CAPITAL GOODS
BIOTECHNOLOGY (2.5%)
<C> <S> <C>
5,000 *Affymetrix Inc. ............................. $ 826
17,400 *Cytyc Corp. ................................. 929
86,100 *Diacrin Inc. ................................ 678
13,300 *Sangstat Medical Corp. ...................... 384
---------
2,817
---------
COMMUNICATIONS (5.1%)
47,100 *Aspect Communications Inc. .................. 1,852
28,700 *Crown Media Holdings Inc. Cl A .............. 439
41,900 *Intermedia Communications ................... 1,247
9,800 *Leap Wireless International Inc. ............ 461
159,000 *P-Com Inc. .................................. 904
19,800 *Powerwave Technologies Inc. ................. 871
---------
5,774
---------
COMPUTER SYSTEMS (2.6%)
7,900 *Brocade Communications ...................... 1,450
37,600 *Catapult Communications Corp. ............... 378
89,600 *Plannar Systems Inc. ........................ 1,159
----------
2,987
----------
ELECTRONICS (7.0%)
47,200 Applied Power Inc. Cl A ..................... 1,581
53,900 *C-Cor net Corporation ....................... 1,455
60,882 *Dynatech Corp. .............................. 1,103
4,600 *Exfo Electro-Optical Engineering ............ 202
400 *Marvell Technology Group Ltd. ............... 23
10,200 *Quantum Effect Devices Inc. ................. 581
9,500 *Three Five Systems Inc. ..................... 561
33,100 #*Veeco Instruments Inc. ...................... 2,425
----------
7,931
----------
INFORMATION SERVICES (2.5%)
15,100 *Diamond Technology
Partners Inc ............................ 1,329
51,800 *Hutchinson Technology ....................... 738
100,700 *Technology Solutions ........................ 623
---------
2,690
---------
INTERNET (1.0%)
2,100 *Breezecom Limited ........................... 91
128,000 *Madge Networks NV ........................... 584
41,300 #*CPUS360 Corp. ............................... 152
68,200 #*Snowball.com Inc. ........................... 332
---------
1,159
---------
OTHER CAPITAL GOODS (0.0%)
200 *BE Aerospace Inc. ......................... 1
---------
NUMBER VALUE
OF SHARES SECURITY (000'S)
--------- -------- -------
TUDOR (continued)
PHARMACEUTICALS (9.6%)
31,400 #Alpharma Inc. Cl A .......................... $1,955
36,100 *Guilford Pharmaceuticals .................... 544
11,900 #*Inhale Therapeutic Systems Inc. ............. 1,207
16,000 *Millenium Pharmaceuticals ................... 1,790
16,200 *Pharmacyclics Inc. .......................... 988
17,500 *QLT Phototherapeutic ........................ 1,353
29,400 *Regeneron Pharmaceutical .................... 876
31,400 *Rehabcare Group Inc. ........................ 856
52,700 *Triad Hospitals Inc. ........................ 1,275
---------
10,844
---------
SEMICONDUCTORS (3.5%)
48,100 . *ADE Corp. ................................... 920
26,100 *Lattice Semiconductors ...................... 1,804
1,800 *New Focus Inc. .............................. 148
37,300 *Sipex Corporation ........................... 1,033
---------
3,905
---------
SOFTWARE & SERVICES (11.6%)
39,600 *Cognos Inc. ................................. 1,638
44,100 *Copart Inc. ................................. 706
68,900 *eLoyalty Corp. .............................. 878
58,700 *Intermagnetics Corp. ........................ 1,112
22,000 #*Microstrategy Inc. ......................... 660
38,900 *Net Perceptions Inc. ........................ 618
100 *ONI Systems Corp. ........................... 12
31,315 *People Soft Inc. ............................ 525
12,700 *Primus Knowledge Solutions .................. 572
59,900 *Remedy Corp. ................................ 3,339
100 *StorageNetworks Inc. ........................ 9
24,200 *Tibco Software Inc. ......................... 2,595
9,300 *II-VI Inc. .................................. 450
---------
13,114
---------
51,222
---------
CONSUMER
APPLICATIONS SOFTWARE (1.4%)
30,800 *Broadvision Inc. ............................ 1,565
---------
COMPUTER SOFTWARE (3.5%)
46,700 *Compucredit Corp. ........................... 1,401
54,000 *Manugistics Group Inc. ...................... 2,525
----------
3,926
----------
ENTERTAINMENT (1.2%)
64,100 *Harrah's Entertainment ...................... 1,342
---------
FOOD (0.6%)
32,600 *American Italian Pasta ...................... 674
---------
See notes to financial statements
Page 8
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENT AT JUNE 30, 2000 - (UNAUDITED)
NUMBER VALUE
OF SHARES SECURITY (000'S)
--------- -------- -------
TUDOR (continued)
HEALTH CARE SERVICES (0.4%)
7,100 *Gilead Sciences Inc. ........................ 505
--------
MEDIA - COMMUNICATION (7.2%)
42,300 *Advanced Fibre Communication ................ 1,917
28,400 *Advanced Radio
Telecommunications Corp ..................... 415
27,800 *Citadel Communications ...................... 971
10,000 *MGC Communications .......................... 599
7,400 #*Maxygen Inc. ................................ 420
41,821 *Nextlink Communications Cl A ................ 1,587
10,600 *Voicestream Wireless ........................ 1,233
18,800 *Western Wireless Corp. Cl A ................. 1,025
---------
8,167
---------
MEDICAL HOSPITAL MANAGEMENT
& SERVICES (1.9%)
43,900 *Lincare Holdings Inc. ....................... 1,081
57,900 *Sunrise Assisted Living ..................... 1,071
----------
2,152
----------
MEDICAL SUPPLIES (0.8%)
26,200 *Oratec Interventions Inc. ................... 874
----------
MISCELLANEOUS MANUFACTURING
INDUSTRIES (2.7%)
36,300 *MMC Networks Inc. ........................... 1,940
9,400 *Plantronics Inc. ............................ 1,086
----------
3,026
---------
RETAIL (3.5%)
37,400 *Buca Inc. ................................... 584
30,100 *Dollar Tree Stores .......................... 1,191
60,800 *Tuesday Morning Corp. ....................... 638
42,400 *Zale Corp. .................................. 1,548
----------
3,961
----------
26,192
----------
ENERGY
OIL & GAS EXPLORATION (5.1%)
20,900 *BJ Services ................................. 1,306
56,300 *Core Laboratories ........................... 1,633
264,400 *Gulf Canada Resources Ltd. .................. 1,272
21,800 *Universal Compression
Holdings ................................ 730
34,900 *Veritas DGC Inc. ............................ 907
----------
5,848
--------
NUMBER VALUE
OF SHARES SECURITY (000'S)
--------- -------- -------
TUDOR (continued)
INTERMEDIATE GOODS & SERVICES
BASIC INDUSTRIES (2.4%)
31,950 *Anadigics Inc. ............................... $1,088
37,400 OM Group Inc. ............................... 1,646
--------
2,734
--------
BUSINESS SERVICES (1.0%)
61,200 *Interim Services ............................ 1,086
--------
TRANSPORTATION (1.9%)
44,300 * America West
Holdings Corp. Cl B .................... 759
37,100 Skywest Inc. ................................ 1,375
--------
2,134
--------
5,954
--------
INTEREST SENSITIVE
BANKS (2.5%)
28,635 Commerce Bancorp ............................ 1,317
11,400 *Commerce One Inc. ........................... 517
52,815 Washington Federal Inc. ..................... 964
--------
2,798
--------
HOMEBUILDING (2.0%)
51,000 Del Webb Corp. .............................. 781
31,300 *Dycom Industries Inc. ....................... 1,440
--------
2,221
--------
OTHER (5.8%)
27,800 *Affiliated Managers Group ................... 1,265
31,180 BRE Properties .............................. 900
45,500 *Power Integrations .......................... 1,072
42,000 Titan Corp. ................................. 1,880
43,233 Waddell & Reed Financial .................... 1,419
--------
6,536
--------
SCHOOLS (1.6%)
37,800 *Career Education Corp. ...................... 1,833
--------
13,388
--------
TOTAL COMMON STOCK
(Cost $72,537) ............................ 102,604
--------
See notes to financial statements
Page 9
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 2000 - (UNAUDITED)
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
------- -------- -------
TUDOR (CONTINUED)
EURODOLLAR DEPOSIT (8.7%)
(Cost $9,791)
$9,791 Societe Generale Bank
6.480% Due 7/3/00 ......................... $9,791
TOTAL INVESTMENTS (99.6%)
(Cost $82,328) ............................. 112,395
OTHER ASSETS IN EXCESS OF
LIABILITIES (0.4%) .......................... 448
--------
TOTAL NET ASSETS (100%) ....................... $112,843
========
<FN>
* Non-income producing security.
# Security out on loan.
</FN>
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES SECURITY (000'S)
--------- -------- -------
GROWTH & INCOME
COMMON STOCKS (97.1%)
CAPITAL GOODS
BROADCASTING / ADVERTISING (18.3%)
<C> <S> <C>
180,000 *AT&T Corp. Liberty
Media Cl A .................................. $ 4,365
60,000 Nokia Corp. ADR ............................. 2,996
50,000 Nortel Networks Corp. ....................... 3,412
50,000 *Sprint PCS Group ............................ 2,975
41,200 Time Warner Inc. ............................ 3,131
60,000 *Viacom Inc. Cl B ............................ 4,091
70,650 *WorldCom Inc. ............................... 3,241
--------
24,211
--------
COMPUTER SOFTWARE &
SERVICES (16.5%)
80,000 *Cisco Systems Inc. ......................... 5,085
500 *ONI Systems Corp. .......................... 59
66,700 *Oracle Systems ............................. 5,607
300 *StorageNetworks Inc. ....................... 27
30,000 *Sun Microsystems Inc. ...................... 2,728
50,000 *Tellabs Inc. ............................... 3,422
70,000 Texas Instruments, Inc. .................... 4,808
--------
21,736
--------
ELECTRONICS (5.3%)
50,000 *Applied Materials Inc. ...................... 4,531
20,000 *Applied Micro Circuits Corp. ................ 1,975
10,000 *Exfo Electro-Optical
Engineering Inc. ............................ 439
900 *Marvell Technology Group Ltd. ............... 51
--------
6,996
--------
OTHER CAPITAL GOODS (7.3%)
30,000 *Emerson Electric Co. ........................ 1,811
103,500 General Electric Corp. ....................... 5,485
40,000 *National Semiconductor ...................... 2,270
--------
9,566
--------
TECHNOLOGY (6.9%)
25,000 Corning Inc. ................................ 6,747
20,000 *JDS Uniphase Corp. ......................... 2,398
9,145
--------
71,654
--------
CONSUMER
HEALTH CARE (7.3%)
50,000 Baxter International ........................ 3,516
100,000 Pfizer Inc. ................................. 4,800
25,000 Pharmacia Corp. ............................. 1,292
--------
9,608
--------
RESTAURANTS (2.2%)
90,000 McDonald's Corp. ............................ 2,964
--------
See notes to financial statements.
Page 10
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 2000 - (UNAUDITED)
NUMBER VALUE
OF SHARES SECURITY (000'S)
--------- -------- -------
GROWTH & INCOME (continued)
OTHER CONSUMER (7.6%)
100,000 Carnival Corp. .............................. $ 1,950
66,000 Colgate-Palmolive Co. ....................... 3,952
50,000 *Costco Wholesale Corp. ...................... 1,650
96,000 Philip Morris Companies Inc. ................ 2,550
--------
10,102
--------
22,674
--------
OTHER CONSUMER
NON-DURABLES (3.5%)
45,000 Johnson & Johnson ........................... 4,584
NATURAL RESOURCES
ENERGY & Related (3.8%)
60,000 Burlington Resources Inc. ................... 2,295
66,100 Williams Cos Inc. ........................... 2,756
--------
5,051
--------
REAL ESTATE
INVESTMENT TRUSTS
COMMERCIAL & INDUSTRIAL (1.4%)
80,000 Duke Weeks Realty Investors Inc. ............ 1,790
INTEREST SENSITIVE
BANKS (3.5%)
100,000 Bank of New York Inc. ....................... 4,650
INSURANCE (3.6%)
40,000 American International Group Inc. ........... 4,700
OTHER (9.9%)
60,000 American Express Co. ........................ 3,128
75,000 Charles Schwab Corp. ........................ 2,522
50,000 Federal Home Loan
Mortgage Corp. .............................. 2,025
40,000 Federal National Mortgage
Association ................................. 2,088
37,500 Providian Financial ......................... 3,375
--------
13,138
--------
22,488
--------
TOTAL COMMON STOCKS
(Cost $82,939) ............................ 128,241
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
------- -------- -------
GROWTH & INCOME (continued)
EURODOLLAR DEPOSIT (3.2%)
(Cost $4,221)
$4,221 Societe Generale Bank
6.400% Due 7/3/00 .......................... 4,221
--------
TOTAL INVESTMENTS (100.3%)
(Cost $87,160) ............................. $132,462
LIABILITIES IN EXCESS OF
OTHER ASSETS (-0.3%) ....................... (347)
--------
TOTAL NET ASSETS (100.0%) ..................... $132,115
========
<FN>
* Non-income producing security.
</FN>
</TABLE>
See notes to financial statements
Page 11
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 2000 - (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES SECURITY (000'S)
--------- -------- -------
QUANTITATIVE EQUITY
COMMON STOCK (100.0%)
COMMERCIAL SERVICES (0.6%)
<C> <S> <C>
7,450 Viad Corp. .................................. $ 203
--------
CONSUMER CYCLICALS (6.2%)
9,750 Brunswick Corp. ............................. 161
6,150 *Federated Department Stores ................. 208
10,050 Ford Motor Co. .............................. 432
8,050 *Jack in the Box Inc. ........................ 198
4,950 Lowe's Companies Inc. ....................... 203
8,450 TJX Companies Inc. .......................... 158
10,000 Wal Mart Stores Inc. ........................ 576
7,950 Walt Disney Co. ............................. 309
--------
2,245
--------
CONSUMER NON-CYCLICALS (5.8%)
3,550 Anheuser- Busch Companies Inc. .............. 265
2,900 *Best Buy Inc. ............................... 183
4,700 Best Foods .................................. 325
5,300 PepsiCo Inc. ................................ 236
12,600 Philip Morris Companies Inc. ................ 335
4,700 Proctor & Gamble Co. ........................ 269
3,400 Quaker Oats ................................. 255
3,800 Target Corp. ................................ 220
--------
2,088
--------
CONSUMER SERVICES (6.6%)
9,600 Comcast Corp. Cl A .......................... 389
1,700 Corning Inc. ................................ 459
3,750 Eastman Kodak Co. ........................... 223
7,400 Sears Roebuck & Co. ......................... 241
13,550 Supervalu Inc. .............................. 258
6,050 Time Warner Inc. ............................ 460
6,500 Young & Rubicam Inc. ........................ 372
--------
2,402
--------
ELECTRONICS (3.2%)
2,650 *Altera Corp. ................................ 270
3,300 *Analog Devices Inc. ......................... 251
4,350 *Applied Materials Inc. ...................... 394
3,500 *Teradyne Inc. ............................... 257
--------
1,172
--------
ENERGY (6.5%)
6,700 Coastal Corp. ............................... 408
7,900 Exxon Mobil Corp. ........................... 620
15,650 Occidental Petroleum Corp. .................. 330
14,350 PP&L Resources Inc. ......................... 315
6,550 Royal Dutch Petroleum Co. ADR ............... 403
11,900 USX-Marathon Group .......................... 298
--------
2,374
--------
NUMBER VALUE
OF SHARES SECURITY (000'S)
--------- -------- -------
QUANTITATIVE EQUITY (continued)
FINANCE (11.8%)
3,400 AMBAC Financial Group Inc. .................. $ 186
4,500 American International Group ................ 529
13,950 Citigroup Inc. .............................. 840
5,550 Comerica Inc. ............................... 249
5,250 Federal National Mortgage
Association ................................. 274
10,700 Firstar Corp. ............................... 225
12,000 Fleet Boston Financial Group Inc. ........... 408
22,150 Hibernia Corp. Cl A ......................... 241
9,300 Household International Inc. ................ 387
2,750 Merrill Lynch & Co. Inc. .................... 316
8,700 PNC Bank .................................... 408
5,150 Paine Webber Group Inc. ..................... 234
--------
4,297
--------
FOREST PRODUCTS & Paper (0.4%)
5,500 Georgia Pacific Co. ......................... 144
--------
FURNITURE & FIXTURES (0.7%)
9,350 Newell Rubbermaid Inc. ...................... 241
--------
HEALTH CARE (12.7%)
5,800 Cardinal Health Inc. ........................ 429
6,200 E I DuPont De Nemours & Co. ................. 271
3,900 Eli Lilly & Co. ............................. 390
4,900 Johnson & Johnson Co. ....................... 499
9,200 Merck & Co. Inc. ............................ 705
36,100 Pfizer Inc. ................................. 1,733
7,600 Schering-Plough Corp. ....................... 384
3,050 *Wellpoint Health Networks ................... 221
--------
4,632
--------
INDUSTRIAL (7.1%)
5,900 Cooper Industries Inc. ...................... 192
8,250 *Cytec Industries Inc. ....................... 204
29,950 General Electric Corp. ...................... 1,587
9,250 Sherwin - Williams Co. ...................... 196
8,750 Tyco International .......................... 415
--------
2,594
--------
INSURANCE AGENTS (0.5%)
4,300 MGIC Investment Corp. ....................... 196
--------
TECHNOLOGY (29.0%)
11,050 *ADC Telecommunications Inc. ................. 927
11,500 *Andrew Corp. ................................ 386
20,450 *Cisco Systems ............................... 1,300
4,950 Computer Associates
International ............................... 253
See notes to financial statements
Page 12
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 2000 - (UNAUDITED)
NUMBER VALUE
OF SHARES SECURITY (000'S)
--------- -------- -------
QUANTITATIVE EQUITY (continued)
8,050 *Dell Computer Corp. ......................... $ 397
6,750 *EMC Corp. ................................... 519
7,550 First Data Corp. ............................ 375
7,200 Harris Corp. ................................ 236
5,700 Hewlett Packard Co. ......................... 712
8,850 Intel Corp. ................................. 1,183
15,050 *Microsoft Corp. ............................. 1,204
7,150 *Oracle Corporation .......................... 601
7,250 Scientific Atlanta Inc. ..................... 540
2,250 *Siebel Systems Inc. ......................... 368
8,950 *Sun Microsystems Inc. ....................... 814
4,700 Texas Instruments Inc. ...................... 323
6,550 United Technologies Corp. ................... 386
--------
10,524
--------
TELECOMMUNICATIONS (4.7%)
15,050 BellSouth Corp. ............................. 642
12,000 SBC Communications .......................... 519
11,700 *Worldcom Inc. ............................... 537
--------
1,698
--------
TRANSPORTATION (0.8%)
5,550 Delta Airlines Inc. ......................... 281
1,316 Visteon Corp. ............................... 16
--------
297
--------
UTILITIES (3.4%)
12,550 Bell Atlantic Corp. ......................... 638
9,750 Constellation Energy Group .................. 317
5,250 Transocean Sedco Forex Inc. ................. 281
--------
1,236
--------
TOTAL INVESTMENTS (100.0%)
(Cost $31,654) .......................... 36,343
OTHER ASSETS IN EXCESS OF
LIABILITIES (0.0%) ....................... 10
--------
TOTAL NET ASSETS (100.0%) .............. $36,353
========
<FN>
* Non-income producing security.
</FN>
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES SECURITY (000'S)
--------- -------- -------
INTERNATIONAL
COMMON STOCKS (98.6%)
AUSTRALIA (3.6%)
<C> <S> <C>
985 Brambles Industries Ltd. .................... $ 30
7,727 BRL Hardy Ltd. .............................. 33
4,576 Broken Hill Proprietary Co. ................. 54
2,800 National Australia Bank, Ltd. ............... 47
6,246 News Corporation Ltd. ....................... 86
4,744 *Westpac Banking ............................. 34
--------
284
--------
FINLAND (3.0%)
4,573 Nokia ....................................... 233
--------
FRANCE (12.0%)
725 AXA ......................................... 114
1,325 Alcatel ..................................... 87
672 Aventis ..................................... 48
809 BNP Paribas ................................. 78
658 Carrefour Supermarche ....................... 45
252 Christian Dior .............................. 57
197 Credit Commerce ............................. 27
380 Equant NV ................................... 15
347 France Telecom SA ........................... 49
99 L' Oreal .................................... 86
1,604 Rhodia SA ................................... 27
1,328 Sonera OYJ .................................. 61
881 Total Fina SA - B ........................... 135
320 TV Francaise ................................ 22
1,077 Vivendi ..................................... 95
--------
946
--------
GERMANY (7.8%)
302 *Allianz AG .................................. 109
1,240 Bayer AG .................................... 48
256 Deutsche Pfandbrief & Hypobk ................ 26
2,563 Deutsche Telekom AG ......................... 146
909 Deutsche Bank AG ............................ 75
692 E.ON AG ..................................... 34
209 Fresenius AG ................................ 48
117 SAP AG - Vorzug ............................. 22
695 Siemens AG .................................. 104
--------
612
--------
HONG KONG (1.9%)
4,000 *China Telecom ............................... 35
8,000 CLP Holdings Ltd. ........................... 37
7,000 Swire Pacific Ltd. `A' ...................... 41
5,000 Television Broadcasts Ltd. .................. 34
--------
147
--------
IRELAND (0.3%)
1,388 *CRH PLC .................................... 25
--------
See notes to financial statements
Page 13
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 2000 - (UNAUDITED)
NUMBER VALUE
OF SHARES SECURITY (000'S)
--------- -------- -------
INTERNATIONAL (continued)
ITALY (1.9%)
4,000 Banca Fideuram SPA .......................... $ 61
16,000 Benetton Group SPA .......................... 33
11,600 Unicredito Italiano SPA ..................... 56
--------
150
--------
JAPAN (26.5%)
200 Advantest Corp. ............................. 45
7,000 Asahi Bank Ltd. ............................. 29
3,000 Asahi Chemical Industry Co. ................. 21
1,100 Asatsu-DK Inc. .............................. 45
6,000 Bank of Tokyo - Mitsubishi Ltd. ............. 72
400 Benesse Corporation ......................... 28
1,000 Canon Inc. .................................. 50
1,000 Chugai Pharmaceutical ....................... 19
2,000 Dai Nippon Printing Co. Ltd. ................ 35
500 Fanuc Ltd. .................................. 51
3,000 *Fuji Heavy Industries ...................... 22
2,000 Fuji Photo Film ............................. 82
2,000 Fujitsu Limited ............................. 69
2,000 Honda Motor Co. Ltd. ........................ 68
5,000 Industrial Bank of Japan .................... 38
1,000 Ito-Yokado Co. .............................. 60
1,000 *Kao Corp. ................................... 31
2,000 Kokusai Securities .......................... 28
400 Kyocera Corp. ............................... 68
3,000 Matsushita Electric Industrial Co. .......... 78
5,000 Mitsubishi Corp. ............................ 45
900 Namco Ltd. .................................. 32
11 Nippon Telegraph & Telephone Corp. .......... 146
3,000 Nomura Securities Co. ....................... 73
3,000 NSK Limited ................................. 26
2 NTT Data Corp. .............................. 21
2,000 Olympus Optical Co. Ltd. .................... 36
200 Rohm Company Ltd. ........................... 58
100 Ryohin Keikaku .............................. 13
7,000 Sakura Bank Ltd. ............................ 48
1,000 Shin - Etsu Chemical Co. .................... 51
400 Softbank Corp. .............................. 54
1,100 Sony Corp. .................................. 103
1,000 Takeda Chemical Industries .................. 66
400 Takefuji Corporation ........................ 48
3,000 Tokio Marine & Fire Insurance ............... 35
2,600 Tokyo Electric Power Co. .................... 63
5,000 Toshiba Corporation ......................... 56
2,000 Toyota Motor Co. ............................ 91
1,000 Yamanouchi Pharmaceutical Co. ............... 55
1,000 Yamato Transport Co. Ltd. ................... 25
--------
2,084
--------
NUMBER VALUE
OF SHARES SECURITY (000'S)
--------- -------- -------
INTERNATIONAL (continued)
NETHERLANDS (7.9%)
3,860 ABN-AMRO Holding NV ......................... $ 95
1,204 Aegon NV .................................... 43
954 Hagemeyer NV ................................ 26
1,000 *Heineken .................................... 61
1,930 ING Groep NV ................................ 130
1,235 Koninklijke KPN NV .......................... 55
500 Koninklijke Numico NV ....................... 24
1,648 Philips Electronics ......................... 78
1,381 StMicroelectronics .......................... 87
480 Vnu - Ver Ned Uitgev Ver Bezit .............. 25
--------
624
--------
PORTUGAL (0.5%)
3,700 Portugal Telecom SA ......................... 42
--------
SINGAPORE (0.9%)
2,000 Singapore Press Holdings, Ltd. .............. 31
27,000 Singapore Tech Engineering .................. 40
--------
71
--------
SPAIN (2.8%)
4,713 *Banco Bilbao Vizcaya ........................ 70
2,806 Endesa - Empresa NAC Electric ............... 54
4,524 *Telefonica S.A .............................. 97
--------
221
--------
Sweden (3.1%)
870 Atlas Copco AB CI B ......................... 16
8,487 Ericsson LM - B ............................. 168
2,974 Hennes & Mauritz AB Cl B .................... 62
--------
246
--------
SWITZERLAND (6.8%)
69 Adecco SA ................................... 59
276 Credit Suisse Group ......................... 55
7 *Givaudan .................................... 2
65 Nestle SA ................................... 130
91 Novartis AG ................................. 144
7 Roche Holding AG - Genuss ................... 68
162 Zurich Allied ............................... 80
--------
538
--------
UNITED KINGDOM (19.6%)
1,077 Astrazeneca ................................. 50
2,515 Barclays .................................... 62
25,495 BP Amoco .................................... 245
339 *British Aerospace PFD ....................... 1
7,641 British Telecom ............................. 99
1,955 CGNU ........................................ 32
632 *Colt Telecom Group .......................... 21
4,889 Compass Group ............................... 64
See notes to financial statements
Page 14
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 2000 - (UNAUDITED)
NUMBER VALUE
OF SHARES SECURITY (000'S)
--------- -------- -------
INTERNATIONAL (continued)
2,955 GKN ......................................... $ 38
4,963 Glaxo Wellcome .............................. 145
6,217 Hays ........................................ 35
10,585 HSBC Holdings ............................... 121
2,493 Rio Tinto ................................... 41
4,218 Sage Group .................................. 34
17,455 Shell Transport & Trading ................... 146
7,403 Smithkline Beecham .......................... 97
11,480 Tesco ....................................... 36
6,872 Unilever .................................... 41
50,308 Vodafone Group .............................. 203
2,515 WPP Group ................................... 37
--------
1,548
--------
TOTAL COMMON STOCKS
(Cost $7,458) ........................... 7,771
--------
PRINCIPAL
AMOUNT
(000's)
-------
CONVERTIBLE BONDS
JAPAN (0.9%)
(Cost $51)
$70 Sumitomo Bank International
Finance 0.750% Due 5/31/01 ................ 73
--------
TOTAL INVESTMENTS (99.5%)
(Cost $7,509) .............................. 7,844
OTHER ASSETS IN EXCESS
OF LIABILITIES (0.5%) ...................... 36
--------
TOTAL NET ASSETS (100.0%) .................... $7,880
========
<FN>
* Non-income producing security.
</FN>
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
INTERNATIONAL FUND
INDUSTRY CONCENTRATIONS
% OF NET VALUE
ASSETS (000'S)
------ -------
<C> <S> <C>
18.5% Telecommunication Services .................. $ 1,457
10.8% Banks ....................................... 852
7.3% Pharmaceuticals ............................. 578
6.7% Energy ...................................... 525
6.3% Food and Beverage ........................... 499
5.2% Insurance ................................... 414
4.8% Capital Goods ............................... 378
4.2% Diversified Financials ...................... 333
4.1% Technology .................................. 327
4.1% Commercial Retail ........................... 320
3.8% Consumer Durables ........................... 296
3.6% Electronics ................................. 283
3.5% Media ....................................... 279
3.5% Consumer Services ........................... 276
2.8% Automobile .................................. 219
1.9% Health Care ................................. 149
1.7% Computer Software ........................... 131
1.5% Household & Personal Products ............... 116
1.2% Hotel, Restaurants & Resorts ................ 97
0.9% Transportation .............................. 73
0.8% Utilities ................................... 63
0.6% Building Products ........................... 48
0.6% Wholesale Distributors ...................... 45
0.5% Engineering ................................. 40
0.4% Business Services ........................... 30
0.2% Machinery ................................... 16
99.5% Total Investments ........................... 7,844
Other Assets in Excess
0.5% of Liabilities ............................. 36
----- ------
100.0% Total Net Assets ............................ $7,880
===== ======
--------------------------------------------------------------------------------
See notes to financial statements
Page 15
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 2000 - (UNAUDITED)
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
------- -------- -------
CORE BOND
LONG-TERM SECURITIES
ASSET BACKED SECURITIES (1.7%)
(Cost $2,142)
CREDIT CARDS (1.7%)
$2,120 *American Express Master Trust
Series 1998-1 Class A
5.900% Due 4/15/04 .......................... $2,056
--------
CORPORATE DEBENTURES (39.1%)
BANKS (6.4%)
2,000 BankBoston Corp.
6.125% Due 3/15/02 ............................ 1,952
1,000 Bayerische Hypo-Vereinsbank
8.741% Due 6/30/31 (B)(D) ..................... 925
1,350 Chase Manhattan Corp.
7.625% Due 1/15/03 ............................ 1,357
460 Dresdner Funding Trust I
8.151% Due 6/30/31 (B) ........................ 403
2,000 HSBC Capital Funding LP
10.176% Due 12/31/49 (B)(D) ................... 2,147
1,160 Nordbanken
8.950% Due 11/29/49 (B)(D) .................... 1,158
-------
7,942
-------
FINANCE (17.0%)
2,900 Abbey National Capital Trust
8.963% Due 12/29/49 (B)(D) .................... 2,878
3,350 American General Finance Corp.
5.750% Due 11/1/03 ............................ 3,166
55 Aristar Inc.
6.000% Due 8/1/01 ............................. 54
150 Associates Corp. NA
5.750% Due 11/1/03 ............................ 143
1,000 Bear Stearns Co. Inc.
7.625% Due 12/7/09 ............................ 952
350 Beneficial Corp.
6.270% Due 1/9/02 ............................. 345
1,735 Beneficial Corp.
6.250% Due 2/18/03 ............................ 1,682
50 Commercial Credit Corp.
6.875% Due 5/1/02 ............................. 49
1,700 Ford Motor Credit Corp.
8.200% Due 2/15/02 ............................ 1,717
2,000 Ford Motor Credit Corp.
5.750% Due 2/23/04 ........................... 1,884
1,200 Ford Motor Credit Corp.
7.375% Due 10/28/09 .......................... 1,161
1,500 GMAC
6.650% Due 11/15/05 .......................... 1,434
1,040 Goldman Sachs Group Inc.
7.800% Due 1/28/10 ........................... 1,029
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
------- -------- -------
CORE BOND (continued)
$1,200 Lehman Brothers Holdings Inc.
8.250% Due 6/15/07 ........................... $1,201
2,110 Morgan Stanley Dean Witter
5.625% Due 1/20/04 ........................... 1,990
1,310 Morgan Stanley Dean Witter
7.750% Due 6/15/05 ........................... 1,319
50 Salomon Smith Barney Holdings
5.875% Due 2/1/01 ............................ 50
--------
21,054
--------
INDUSTRIAL (5.3%)
390 DaimlerChrysler NA Holdings
6.630% Due 9/21/01 ........................... 387
2,000 Liberty Media Group
8.250% 2/1/30 ................................ 1,846
2,000 Petroleum Geo-Services
8.150% Due 7/15/29 (B) ....................... 1,884
2,400 Time Warner Entertainment
8.375% Due 3/15/23 ........................... 2,430
--------
6,547
--------
INSURANCE (1.3%)
1,630 GE Global Insurance
7.750% Due 6/15/30 ........................... 1,617
--------
REAL ESTATE INVESTMENT
TRUST (2.9%)
3,590 *CarrAmerica Realty Corp.
6.250% Due 10/1/00 ............................ 3,577
--------
TELECOMMUNICATIONS (5.2%)
2,570 Deutsche Telekom
International Finance
7.750% Due 6/15/05 ............................ 2,589
2,925 Deutsche Telekom
International Finance
8.250% Due 6/15/30 ............................ 2,975
850 US West Communications
7.200% Due 11/1/04 (B) ........................ 835
--------
6,399
--------
UTILITY (1.0%)
1,340 ENDESA
8.500% Due 4/1/09 ............................ 1,298
--------
Total Corporate Debentures
(Cost $48,923) ............................... 48,434
--------
U.S. GOVERNMENT
OBLIGATIONS (3.2%)
U.S. TREASURY NOTES (1.9%)
545 *5.875% Due 11/15/04 ............................ 537
1,790 6.500% Due 2/15/10 ............................. 1,851
--------
2,388
See notes to financial statements
Page 16
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 2000 - (UNAUDITED)
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
------- -------- -------
CORE BOND (continued)
U.S. TREASURY STRIPS (1.3%)
$3,295 Zero Coupon Due 2/15/15 ........................ $1,333
1,070 Zero Coupon Due 8/15/26 ........................ 225
--------
1,558
--------
TOTAL U.S. GOVERNMENT
OBLIGATIONS
(Cost $3,906) ................................. 3,946
--------
MORTGAGE PASS THROUGH SECURITIES (45.7%)
FEDERAL NATIONAL MORTGAGE
ASSOCIATION (FANNIE MAE) (19.2%)
4,060 7.000% Due 8/1/15 (C) .......................... 3,979
7,460 7.500% Due 8/1/15 (C) .......................... 7,427
11,565 8.000% Due 7/1/30 (C) .......................... 11,612
693 9.000% Due 11/1/10 ............................. 710
--------
23,728
--------
GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION (GINNIE MAE) (19.2%)
6,639 6.500% Due 2/15/24-10/15/24 (E) ................ 6,337
1,483 7.500% Due 9/15/07 ............................. 1,500
1,601 8.000% Due 9/15/17-11/15/17 .................... 1,633
6,760 8.000% Due 7/1/30 (C) .......................... 6,830
3,349 8.500% Due 3/15/17-12/15/17 .................... 3,455
3,995 8.500% Due 7/1/30 (C) .......................... 4,091
--------
23,846
--------
OTHER (7.3%)
1,425 Chase Commercial Mortgage
Securities Co.
Series 2000-2 Class A2
7.631% Due 6/15/10 ........................... 1,435
2,510 LB-UBS Commercial Mortgage Trust
Series 2000-C3 Class A2
7.950% Due 1/15/10 ........................... 2,582
1,050 Morgan Stanley Capital
Series 1998-XL1 - Class A3
6.480% Due 6/3/30 ............................ 993
1,830 PNC Mortgage Securities Corp.
Series 2000-C1 Class A2
7.610% Due 2/15/10 ........................... 1,835
2,191 TIAA Retail Holdings
Commercial Mortgage Trust
Series 1999 - 1 Class A
7.170% Due 4/15/08 (B) ....................... 2,169
--------
9,014
--------
TOTAL MORTGAGE PASS THROUGH
SECURITIES
(Cost $56,669) ................................ 56,588
--------
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
------- -------- -------
CORE BOND (continued)
NON-MORTGAGE PASS THROUGH NOTES (14.4%)
$325 FEDERAL HOME LOAN MORTGAGE
CORP. (FREDDIE MAC) (0.2%)
7.000% Due 3/15/10 ............................. $323
--------
FEDERAL NATIONAL MORTGAGE
ASSOCIATION (FANNIE MAE) (14.2%)
10,945 *7.125% Due 3/15/07 ............................. 10,966
6,540 *7.125% Due 6/15/10 ............................. 6,566
--------
17,532
--------
TOTAL NON-MORTGAGE PASS
THROUGH SECURITIES
(Cost $17,518) ............................... 17,855
--------
SHORT-TERM SECURITIES
ASSET BACKED SECURITIES (15.6%)
CREDIT CARDS (4.6%)
1,790 *Discover Card Master Trust I
Series 1999-3 Class A
6.761% Due 9/15/04 (A) ...................... 1,793
--------
1,220 *Discover Card Master Trust I
Series 1997-1 Class A
6.741% Due 2/16/05 (A) ....................... 1,220
--------
1,000 First USA Bank
Series 1995-5 Class A
6.733% Due 4/15/03 (A) ....................... 1,000
--------
1,550 *Peoples Master Credit Card Trust
Series 1997-2 Class A
6.015% Due 4/15/05 (A) ....................... 1,548
--------
145 Wachovia Credit Card Master Trust
Series 1995-1 Class A
6.821% Due 3/15/03 (A) ....................... 145
--------
5,706
--------
FINANCE (5.7%)
2,315 *Bear Stearns Co. Inc.
7.125% Due 3/28/03 (A) ....................... 2,311
1,560 *Ford Motor Credit Corp.
6.968% Due 3/17/03 (A) ....................... 1,558
1,825 *GMAC
6.540% Due 4/7/04 (A) ........................ 1,841
670 Goldman Sachs Group Inc.
6.799% Due 11/19/01 (A) ...................... 670
685 Lehman Brothers
6.690% Due 4/4/03 (A) ....................... 684
--------
7,064
--------
REAL ESTATE INVESTMENT TRUST (5.3%)
2,000 General Motors Pension Trust
Series 1999- C1A Class A
7.051% Due 8/15/04 (A)(B) 2,000
See notes to financial statements
Page 17
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 2000 - (UNAUDITED)
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
------- -------- -------
CORE BOND (continued)
$2,020 JP Morgan Commercial
Mortgage Finance Corp.
Series 2000-FL1 Class A
6.931% Due 4/15/10 (A)(B) ................... $2,020
2,600 Mall Asset Realty Trust
Series 1999-1 Class A
7.005% Due 12/13/01 (A)(B) .................. 2,600
--------
6,620
--------
TOTAL ASSET BACKED SECURITIES
(Cost $19,374) .............................. 19,390
--------
U.S. GOVERNMENT AGENCY
DISCOUNT NOTES (5.8%)
(Cost $7,141)
Federal National Mortgage
Association (Fannie Mae)
7,200 *Zero Coupon Due 8/16/00 ....................... 7,141
--------
REPURCHASE AGREEMENT (3.6%)
(Cost $4,508)
4,508 SBC Warburg Inc. 6.480% Due 7/3/00
with maturity value of $4,510
(collateralized by $4,612
United States Treasury
Bond 6.875% Due 8/15/25) .................... 4,508
--------
TOTAL INVESTMENTS (129.1%)
(Cost $160,181) ............................. 159,918
--------
LIABILITIES IN EXCESS OF
OTHER ASSETS (-29.1%) ....................... (36,080)
--------
TOTAL NET ASSETS (100.0%) ..................... $123,838
========
<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) Callable security.
(E) Securities sold on a forward commitment basis.
See Note 4
* Securities segregated as collateral for TBA securities.
</FN>
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
------- -------- -------
INTERMEDIATE MUNICIPAL BOND
CALIFORNIA (3.4%)
<C> <S> <C>
$65 California Educational Facilities
Authority Revenue Refunding
College of Chiropractic
4.700% Due 11/1/01 .......................... $65
500 Sacramento County Sanitation
District Financing Revenue
Bonds Series A
5.200% Due 12/1/11 .......................... 514
COLORADO (3.5%)
100 Adams County Colorado
School District No. 12 Series D
General Obligation
(MBIA Insured )
5.450% Due 12/15/06 ......................... 103
45 Brighton Colorado
General Obligation
(FGIC Insured )
Zero Coupon Due 12/1/00 ..................... 44
295 Superior Metropolitan District
Number 2 Boulder County
Colorado
4.625% Coupon Due 12/1/13 ................... 286
150 Westminster Colorado Multifamily
Revenue Refunding Housing
Oasis Wexford Apartments Project
5.350% Due 12/1/25 .......................... 151
CONNECTICUT (0.9%)
100 Connecticut State Health
& Education
Facilities Authority Revenue
Sacred Heart University Series D
5.300% Due 7/1/02 ........................... 101
50 Stratford Connecticut
General Obligation Bond
(FGIC Insured)
7.000% Due 6/15/04 .......................... 54
DISTRICT OF COLUMBIA (0.9%)
145 District of Columbia
General Obligation Bond
Prerefunded Revenue
5.000% Due 6/1/01 ........................... 146
See notes to financial statements
Page 18
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 2000 - (UNAUDITED)
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
------- -------- -------
INTERMEDIATE MUNICIPAL BOND (continued)
FLORIDA (5.8%)
$455 Pace Property Finance Authority
Florida Utility System Revenue
Refunding & Improvement
(AMBAC Insured)
5.100% Due 9/1/09 ........................... $457
500 St. John's County Florida
Water & Sewer Revenue
(MBIA Insured)
5.250% Due 6/1/10 ........................... 507
10 St. Lucie County School Board
Certificates of Participation
Series A (AMBAC Insured)
7.250% Due 7/1/04 ........................... 10
GEORGIA (5.7%)
400 Georgia State Series D
General Obligation
6.700% Due 8/1/10 ........................... 452
500 Savannah Georgia Economic
Development Authority Revenue
College of Art & Design Inc. Project
Revenue Bonds
5.800% Due 10/1/05 .......................... 504
HAWAII (2.6%)
450 Hawaii State Housing & Developing
Corporation Single Family
Mortgaging Revenue
4.750% Due 7/1/06 ........................... 444
ILLINOIS (8.8%)
1,000 Chicago Illinois O'Hare
International Airport
Refunding 2nd Lien - Series C
5.750% Due 1/1/09 ............................ 1,045
100 Cook County Illinois
College School District No. 99
(FGIC Insured)
8.400% Due 1/1/01 ............................ 102
100 Cook & DuPage Counties, Illinois
Combined School District B
(FGIC Insured)
Zero Coupon Due 12/1/05 ....................... 76
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
------- -------- -------
INTERMEDIATE MUNICIPAL BOND (continued)
$265 Illinois Health Facilities
Authority Revenue Series A
(MBIA Insured)
7.900% Due 8/15/03 ........................... $265
INDIANA (1.5%)
250 Marion County Indiana Hospital
Authority Hospital Facility Revenue
Methodist Hospital of Indiana
Escrowed to Maturity
6.500% Due 9/1/08 ........................... 255
IOWA (0.6%)
100 Iowa Student Loan
Liquidity Corporation
Student Loan Revenue
6.450% Due 3/1/02 ............................ 102
KENTUCKY (0.7%)
120 Dayton Kentucky Elderly
Housing Speers Court
(FHA Insured)
5.350% Due 9/1/05 ........................... 121
LOUISIANA (4.3%)
630 New Orleans Louisiana
General Obligation Unlimited
Non-Callable
7.200% Due 11/1/08 ........................... 721
MARYLAND (0.6%)
100 Maryland State Community
Development
Administration Single Family
Program - 6th Series
6.200% Due 4/1/04 ............................ 104
MICHIGAN (5.1%)
65 Ferris St. College
Special Obligation
7.500% Due 8/15/03 ........................... 67
510 Michigan State Housing
Development
Authority Rental Housing
Revenue Series A
6.600% Due 4/1/12 ............................. 530
240 Michigan State Building Authority
Chippewa Correctional Facilities
Escrowed to Maturity
7.250% Due 10/1/04 ........................... 263
See notes to financial statements
Page 19
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 2000 - (UNAUDITED)
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
------- -------- -------
INTERMEDIATE MUNICIPAL BOND (continued)
MINNESOTA (0.6%)
$100 St. Paul Minnesota Port Authority
Commercial Development General
Revenue Fort Rd Med/Irvine
(Asset Guaranty Insured)
7.500% Due 9/1/02 ............................ $100
NEBRASKA (1.4%)
240 Nebraska Investment Finance
Authority Multifamily Revenue
Refunding Housing Wycliffe West
5.500% Due 12/1/25 ........................... 243
NEVADA (0.7%)
115 Nevada Housing Division
Single Family Program
5.500% Due 10/1/02 ........................... 116
NEW JERSEY (3.4%)
330 Arlington Arms Financing Corp.
New Jersey Mortgage Revenue
Arlington Arms Apartments
(FHA Insured)
10.250% Due 3/1/25 ........................... 334
235 Gateway New Jersey Housing
Development Corporation
Revenue Bond Section 8
(FHA Insured)
10.500% Due 8/1/25 ........................... 239
NEW YORK (3.6%)
100 Hempstead Town New York
General Obligation, Series B
(AMBAC Insured)
6.500% Due 1/1/12 ............................ 111
500 New York State
General Obligation Unlimited
5.250% Due 7/15/12 ........................... 496
NORTH CAROLINA (1.9%)
300 Surry County North Carolina
Pollution Control Finance Authority
9.250% Due 12/1/02 ........................... 315
OHIO (0.7%)
100 Loveland Ohio School District
General Obligation
6.650% Due 12/1/15 ........................... 106
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
------- -------- -------
INTERMEDIATE MUNICIPAL BOND (continued)
$20 Ohio Housing Financing Agency
Single Family Mortgage Revenue
Series 1985A (FGIC Insured)
Zero Coupon Due 1/15/15 ....................... $5
OKLAHOMA (4.8%)
1,625 Oklahoma County
Oklahoma Home Finance Authority
Single Family Refunding
Prerefunded
Zero Coupon Due 7/1/12 ....................... 691
115 Tulsa Oklahoma Metropolitan
Utility Authority Revenue
7.000% Due 2/1/03 ............................ 117
OREGON (3.2%)
515 Oregon State Housing & Community
Services Single Family Mortgage
Series B
6.875% Due 7/1/28 ............................ 532
RHODE ISLAND (6.1%)
1,000 Rhode Island Housing &
Mortgage Financial
Corp. Revenue Bonds
5.700% Due 7/1/07 ............................ 1,027
SOUTH CAROLINA (0.5%)
70 Piedmont Municipal Power Agency
South Carolina Electric Revenue
Series A Escrowed to Maturity
(FGIC Insured)
6.125% Due 1/1/07 .......................... 75
TEXAS (22.6%)
500 Deer Park Texas Independent
School District School Building
6.375% Due 2/15/07 .......................... 538
570 Edgewood Texas Independent
School District
Lease Revenue
4.700% Due 8/15/05 .......................... 552
265 Lower Colorado River
Authority Revenue
6.250% Due 5/1/07 ............................ 284
See notes to financial statements
Page 20
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 2000 - (UNAUDITED)
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
------- -------- -------
INTERMEDIATE MUNICIPAL BOND (continued)
$580 Mercedes Texas Independent
School District
4.900% Due 8/15/10 .......................... $568
1,000 Port of Houston Texas
General Obligation Bond
5.100% Due 10/1/11 .......................... 991
400 San Antonio Texas
General Obligation Limited
5.650% Due 2/1/13 ........................... 409
455 San Antonio Texas
General Obligation Limited
5.875% Due 2/1/15 ........................... 468
UTAH (1.4%)
215 Salt Lake City Utah Water
Conservancy District Revenue
Refunding Series A
Escrowed to Maturity
(MBIA Insured)
10.875% Due 10/1/02 ......................... 231
VIRGINIA (0.0%)
30 Virginia State Housing
Development Authority
Multifamily Series A
Zero Coupon Due 11/1/17 ..................... 6
WASHINGTON (3.5%)
250 Lynnwood Washington Water &
Sewer Revenue Refunding
(FGIC Insured)
6.000% Due 12/1/07 .......................... 265
300 Washington State
Motor Vehicle Fuel Tax
Tax General Obligation
6.200% Due 3/1/08 ........................... 321
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 2000 - (UNAUDITED)
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
------- -------- -------
INTERMEDIATE MUNICIPAL BOND (continued)
WISCONSIN (1.8%)
$300 Milwaukee County Wisconsin
General Obligation Unlimited
5.625% Due 4/1/12 ........................... $308
TOTAL INVESTMENTS (100.6%)
(Cost $16,890) ................................ $16,937
LIABILITIES IN EXCESS
OF OTHER ASSETS (-0.6%) .................... (104)
--------
TOTAL NET ASSETS (100.0%) .................... $16,833
========
--------------------------------------------------------------------------------
INTERMEDIATE MUNICIPAL BOND FUND
INDUSTRY CONCENTRATIONS
% OF NET VALUE
ASSETS (000'S)
------ -------
45.7% General Obligation ........................... $7,698
23.7% Housing Developments ......................... 3,995
8.7% Water Supply ................................. 1,460
6.2% Transportation ............................... 1,045
5.7% Municipal .................................... 967
5.0% Educational Services ......................... 839
4.4% Medical - Hospital Management
& Services ................................. 741
1.2% Electric Utilities ........................... 192
----- --------
100.6% Total Investments ............................ 16,937
Liabilities in Excess
(0.6%) of Other Assets ............................ (104)
----- --------
100.0% Total Net Assets ............................. $16,833
===== ========
--------------------------------------------------------------------------------
</TABLE>
See notes to financial statements
<PAGE>
Page 21
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 2000 - (UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
------- -------- -------
GOVERNMENT MONEY MARKET
U.S. GOVERNMENT AGENCY
OBLIGATIONS (82.4%)
FEDERAL NATIONAL MORTGAGE
ASSOCIATION (5.8%)
<C> <S> <C>
$24,128 Discount Note Due 7/18/00 .................... $24,055
--------
FEDERAL FARM CREDIT BANK (2.4%)
10,000 Discount Note Due 7/5/00 ..................... 9,993
--------
FEDERAL HOME LOAN BANK (50.0%)
15,000 Discount Note Due 7/26/00 .................... 14,933
30,000 Discount Note Due 7/28/00 .................... 29,855
23,100 Discount Note Due 8/16/00 .................... 22,911
20,000 Discount Note Due 8/18/00 .................... 19,829
20,000 Discount Note Due 8/30/00 .................... 19,786
30,000 Discount Note Due 9/6/00 ..................... 29,641
45,000 Discount Note Due 9/13/00 .................... 44,404
25,000 Discount Note Due 9/20/00 .................... 24,636
--------
205,995
--------
FEDERAL HOME LOAN
MORTGAGE CORPORATION (24.2%)
30,000 Discount Note Due 7/11/00 .................... 29,946
45,000 Discount Note Due 7/25/00 .................... 44,807
25,000 Discount Note Due 8/22/00 .................... 24,767
--------
99,520
--------
TOTAL U.S. GOVERNMENT
AGENCY NOTES
(Cost $ 339,563) ........................... 339,563
--------
REPURCHASE AGREEMENT (17.9%)
(Cost $73,541)
73,541 SBC Warburg Inc. 6.480%
Due 7/3/00
with a maturity value of $73,581
(collateralized by $75,092
United States Treasury Bond
13.875% Due 5/15/11) ....................... 73,541
--------
TOTAL INVESTMENTS (100.3%)
(Cost $413,104) ............................ 413,104
LIABILITIES IN EXCESS OF
OTHER ASSETS (-0.3%) ....................... (1,191)
--------
TOTAL NET ASSETS (100.0%) .................... $411,913
========
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
------- -------- -------
TAX FREE MONEY MARKET
ALASKA (0.6%)
$1,000 Valdez Alaska Marine Terminal
Revenue Series
ARCO Transportation
Project Series B
4.850% Due 5/1/31 (a) ...................... $1,000
ARIZONA (0.5%)
600 Arizona State Transportation
Board Excise Maricopa County
Regional Area Rd -A
4.500% Due 7/1/00 .......................... 600
100 Maricopa County Arizona Industrial
Development-Orangewood
CCRC Project
4.700% Due 2/1/29 (a) ...................... 100
100 Tucson Industrial Development
Tucson City Center Parking
Garage Authority
4.925% Due 6/1/15 (a) ...................... 100
ARKANSAS (0.0%)
48 Greystone Tax Exempt Certificate
Trust 1 Series
Certificates of Beneficial Ownership
4.080% Due 5/1/28 (a) (d) .................. 48
COLORADO (3.5%)
1,505 Colorado Springs Colorado
Revenue Goodwill Industries
Colorado Springs
4.850% Due 2/1/07 (a) ...................... 1,505
600 Denver Colorado City & County
Multifamily Housing Revenue -
Ogden Residences
4.750% Due 12/1/09 (a) ..................... 600
1,000 Dove Valley Metropolitan
District Colorado
Arapahoe County - Series B
3.950% Due 11/1/25 (a) ..................... 1,000
2,445 Summit County Colorado Recreational
Facilities Revenue Refunding
(Copper Mountain)
4.500% Due 4/1/17 (a) ...................... 2,445
DISTRICT OF COLUMBIA (0.8%)
1,300 District of Columbia Revenue
International Economics Issue
4.800% Due 6/1/25 (a) ...................... 1,300
See notes to financial statements
Page 22
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 2000 - (UNAUDITED)
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
------- -------- -------
TAX FREE MONEY MARKET(continued)
FLORIDA (4.1%)
$4,700 Capital Trust Agency Florida
Multifamily Housing Revenue
Community Loan Program
4.920% Due 12/1/32 (a) ..................... $4,700
1,600 Florida Housing Finance Agency
Lakeside South Association B
4.900% Due 8/1/06 (a) ...................... 1,600
73 Greystone Tax Exempt Certificate
Trust 1 Series
Certificates of Beneficial Ownership
4.080% Due 5/1/28 (a)(d) ................... 73
250 Orange County Florida Health Facility
Post Fountain Project
4.750% Due 6/1/25 (a) ........................ 250
GEORGIA (4.0%)
2,870 Cobb County Residential
Care Facilities
For the Elderly Authority
Presbyterian Village
4.800% Due 8/1/15 (a) ...................... 2,870
243 Greystone Tax Exempt Certificate
Trust 1 Series
Certificates of Beneficial Ownership
4.080% Due 5/1/28 (a)(d) ................... 243
1,000 Gwinnett County Georgia
Development
Authority Revenue
(Wesleyan School Project)
4.800% Due 3/1/17 (a) ...................... 1,000
200 Macon Bibb County Georgia
Hospital Authority Revenue
CTFS Medical Center
4.800% Due 12/1/18 (a) ..................... 200
1,000 Marietta Georgia Housing Authority
Multifamily Revenue
(Falls at Bells Ferry)
4.350% Due 1/15/09 (a) ..................... 1,000
900 Monroe County Georgia
Development
Authority Pollution Control
Oglethorpe Power-Scherer
Series B
4.650% Due 1/1/20 (a) ...................... 900
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
------- -------- -------
TAX FREE MONEY MARKET (continued)
$185 Savannah Georgia Economic
Development Authority - Pollution
Control Revenue Refunding
Savannah Electric & Power
4.650% Due 1/1/16 (a) ...................... $185
ILLINOIS (12.8%)
1,500 Cook County Community Unit School
District No 401 Elmwood Park
Educational Purpose
Tax Anticipation Warrants
4.980% Due 10/25/00 ........................ 1,502
550 Darien Industrial Development
Authority Kinder Care
Centers Series C
4.750% Due 2/1/01 (a) ...................... 550
1,800 Illinois Development Finance
Authority Revenue -
Casa Central Padres Project
4.850% Due 8/1/26 (a) ...................... 1,800
2,200 Illinois Development
Finance Authority
Educational Facilities Revenue -
Trinity International University
Project - Series A
4.800% Due 10/1/30 (a) ..................... 2,200
800 Illinois Development Finance
Authority Industrial Development
Refunding Bond (Dart Container)
4.500% Due 8/1/25 (a) ...................... 800
1,300 Illinois Development Finance
Limited ( Dart Container Corp)
4.900% Due 12/1/09 (a)(b) .................. 1,300
670 Illinois Health Facilities Authority
Elmhurst Memorial Health
4.700% Due 1/1/28 (a) ...................... 670
1,360 Illinois Municipal Electric Agency
Power Supply
4.500% Due 2/1/01 .......................... 1,362
1,000 Kane McHenry Cook &
De Kalb Counties
Illinois Unitarian School
Districts #300
4.990% Due 9/28/00 ......................... 1,001
See notes to financial statements
Page 23
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 2000 - (UNAUDITED)
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
------- -------- -------
TAX FREE MONEY MARKET(continued)
$1,770 Oak Park Illinois Revenue
Lone Tree Area Girl Scout Project
5.000% Due 11/1/17 (a) ..................... $1,770
2,300 Village of Troy Grove Illinois
(Unimin Corp.)
5.605% Due 5/1/10 (a)(b) ................... 2,300
5,300 Winnebago & Boone Counties
Illinois School District
Educational Purpose Tax
Anticipation Warrants
6.100% Due 10/30/00 ........................ 5,305
INDIANA (5.2%)
1,000 Frankfort Industrial Economic
Development Revenue
Frito Lay Inc. Project
4.350% Due 11/1/14 ......................... 1,001
720 GAF Tax Exempt Bond Grantor
Trust Series A
4.600% Due 4/1/08 (a) ...................... 720
1,000 Indianapolis Indiana
Economic Development
(Joint & Clutch Series 1984)
4.465% Due 12/1/14 (a)(b) .................. 1,000
500 LaGrange Economic
Development Revenue
Sealed Power Corp.
4.300% Due 10/1/15 (a) ..................... 500
1,000 Mishawaka Indiana School City
Tax Anticipation Warrants
4.600% Due 12/29/00 ........................ 1,001
1,145 Mishawaka Indiana Waterworks
Bond Anticipation Notes
4.250% Due 8/11/00 ......................... 1,145
1,500 Muncie Indiana Community Schools
Tax Anticipation Warrants
4.650% Due 12/29/00 ........................ 1,500
1,500 Perry Township Indiana
Multi School Building Corporation
Bond Anticipation Notes
5.000% Due 1/31/01 ......................... 1,500
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
------- -------- -------
TAX FREE MONEY MARKET(continued)
IOWA (2.4%)
$100 Chillicothe Iowa
Pollution Control Revenue
Iowa Southern Utilities
Co - Series A
4.850% Due 3/1/10 (a) ...................... $100
1,800 Council Bluffs Iowa
Pollution Control Revenue
Iowa - Illinois Gas & Electric
4.850% Due 1/1/25 (a) ...................... 1,800
1,945 Polk County Iowa
Health Services Inc.
Residential Care Facility Revenue
7.500% Due 2/1/16 (b) ...................... 2,014
KANSAS (1.3%)
36 Greystone Tax Exempt Certificate
Trust 1 Series
Certificates of Beneficial
Ownership
4.930% Due 5/1/28 (a)(d) ................... 36
2,000 Salina Kansas Central Mall
(Salina Central Mall Dillard)
4.950% Due 12/1/14 (a) ..................... 2,000
KENTUCKY (2.2%)
430 Elva-New Harmony Oak Level
Fire Protection District
5.050% Due 12/1/31 (a) ..................... 430
70 Florence Kentucky Industrial
Building Revenue
(Florence Commercial Project)
5.100% Due 6/1/07 (a) ..................... 70
2,025 Fort Thomas Kentucky
Industrial Buildings Revenue
(Carmel Manor Project)
4.550% Due 10/1/14 (a) ..................... 2,025
490 Harvey Brewers Fire
Protection District
Kentucky Lease Revenue Program
5.050% Due 12/1/31 (a) ..................... 490
490 Muhlenberg County Airport District
Development Area Financial Trust
5.050% Due 12/1/31 (a) ..................... 490
See notes to financial statements
Page 24
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 2000 - (UNAUDITED)
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
------- -------- -------
TAX FREE MONEY MARKET(continued)
MARYLAND (2.5%)
$2,600 Howard County Maryland Revenue
Owen Brown Joint Venture Facility
4.400% Due 5/1/11(a) $2,600
700 Maryland State Health &
Higher Educational
Facilities Authority Revenue
Barnesville School Issue
4.800% Due 9/1/24 (a) 700
735 Maryland State Industrial
Development Authority
Financing Authority Revenue
Baltimore International Culinary
4.900% Due 5/1/24 (a) 735
MASSACHUSETTS (0.1%)
120 Boston Massachusetts City Hospital
Revenue Prerefunded
7.625% Due 2/15/21 (c) 123
MICHIGAN (7.3%)
925 Birmingham Michigan Economic
Development Corporation
Radnor Corp.
(Brown Street Project 83)
5.175% Due 12/1/18 (a) 925
1,955 Lansing Michigan Economic
Development Corp.
(Atrium Office Building)
4.300% Due 5/1/15 (a) 1,955
680 Leelanau County Michigan
Economic Development Corp.
Revenue (American Community
Mutual Insurance Co. Project)
5.000% Due 6/15/06 (a) 680
775 Livonia Michigan Economic
Development Corporation
(American Community
Mutual Insurance)
4.500% Due 11/15/04 (a) 775
121 McDonald Tax-Exempt
Mortgage Trust #1
4.750% Due 1/15/09 (a) 121
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
------- -------- -------
TAX FREE MONEY MARKET(continued)
$200 Michigan State Job Development
Authority Revenue
(Kentwood Residence)
5.000% Due 11/1/14 (a) ..................... $200
490 Michigan State Strategic Fund
Limited Obligation Revenue
Refunding (Woodbridge
Commercial Properties)
4.500% Due 10/15/05 (a) .................... 490
2,080 Oakland County Michigan Economic
Development Corporation
(Corners Shopping Center)
4.400% Due 8/1/15 (a) ...................... 2,080
3,500 Plainwell Michigan Economic
Development Corporation
(Plainwell Paper Co. Inc. Project)
5.300% Due 11/1/07 (a) ..................... 3,500
1,000 River Rouge Michigan School District
State AIDS Notes
5.500% Due 8/24/00 ......................... 1,001
MINNESOTA (6.3%)
1,140 Hutchinson Minnesota
Economic Development Authority
Revenue Refunding
(Developers Diversified)
4.300% Due 8/15/06 (a) .................... 1,140
1,081 International Falls Minnesota
Economic Development Revenue
(Developers Diversified
Limited Project)
4.620% Due 7/1/06 (a) ...................... 1,081
5,040 Minnesota Capital Realty
Tax Exempt Limited
Series 96-1
5.050% Due 12/1/04 (a)(d) .................. 5,040
1,800 Plymouth Minnesota Industrial
Development Revenue Refunding -
Banner Engineering Corp.
4.750% Due 11/1/18 (a) ..................... 1,800
1,060 St. Paul Minnesota Port Authority
Industrial Development Revenue -
Minnesota Diversified
Industrial Project Series 1
4.910% Due 6/1/19 (a) ...................... 1,060
See notes to financial statements
Page 25
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 2000 - (UNAUDITED)
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
------- -------- -------
TAX FREE MONEY MARKET(continued)
MISSISSIPPI (0.4%)
$575 Desoto County Mississippi
Industrial Development Revenue
(American Soap Company Project)
5.605% Due 12/1/08 (a)(b) .................. $575
MISSOURI (4.9%)
1,225 Bridgeton Missouri Industrial
Development
Authority Industrial Revenue
Gold Dust LLC Project Series A
5.000% Due 3/1/21 (a) ...................... 1,225
500 Clayton Industrial Development
Authority Industrial Development
Revenue Refunding
Bailey Court Project
5.000% Due 1/1/09 (a) ...................... 500
2,800 Kansas City Industrial
Development Authority
Multifamily Housing Revenue
Cloverset Apartments Project
5.250% Due 10/1/15 (a) ..................... 2,800
100 Kansas City Industrial Development
Authority Multifamily Housing
Revenue Refunding
Aspen Spring Apartment
4.850% Due 9/1/25 (a) ...................... 100
1,000 Missouri Health & Educational
Facilities Authority School
District Advance Funding
Francis Howell R-III Series E
4.250% Due 9/19/00 ......................... 1,001
1,380 Missouri State Health &
Educational Facilities Authority
Drury College
4.750% Due 12/1/24 (a) ..................... 1,380
900 St. Charles County
Industrial Development
Authority Revenue
Sun River Village
4.870% Due 12/1/27 (a) ..................... 900
NEBRASKA (0.5%)
750 Douglas County Nebraska
School District
No. 17 Millard Refunding
Series A 5.050% Due 5/15/01 ................ 750
See notes to financial statements
Page 26
<PAGE>
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
------- -------- -------
TAX FREE MONEY MARKET(continued)
NEW JERSEY (1.2%)
$1,000 Camden New Jersey
Bond Anticipation Notes
5.500% Due 6/14/01 ......................... $1,003
900 North Hudson Sewer Authority
5.000% Due 3/30/01 ......................... 900
NEW YORK (3.4%)
1,425 Jamestown NY Community College
Regional Board of Trustees
Revenue Anticipation Notes
4.375% Due 9/8/00 .......................... 1,426
1,655 New York City Housing Authority
Multifamily Revenue
Refunding - Series A
4.750% Due 7/1/00 .......................... 1,655
1,410 New York State Dormitory
Authority Revenue
Grace Manor Health Care Facility
4.950% Due 7/1/00 .......................... 1,410
1,000 South Country New York Central
School District
Brookhaven Tax Anticipation Notes
5.000% Due 6/26/01 ......................... 1,004
NORTH CAROLINA (2.0%)
100 Beaufort County
Industrial Facilities and
Pollution Control
(Texasgulf Inc)
4.900% Due 12/1/00 (a) ..................... 100
3,180 North Carolina Medical Care
Community Healthcare Facility -
Lutheran Services for Aging
4.850% Due 3/1/28 (a) ...................... 3,180
NORTH DAKOTA (0.8%)
1,220 University of North Dakota
Revenue Series 1984A
10.625% Due 4/1/10 (b)(c) .................. 1,276
OHIO (7.3%)
60 Brooklyn Ohio Industrial
Development Revenue Refunding
(Clinton Road Project A)
4.750% Due 12/1/00 (a) ..................... 60
See notes to financial statements
Page 26
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 2000 - (UNAUDITED)
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
------- -------- -------
TAX FREE MONEY MARKET(continued)
$415 Buckeye Ohio Tax Exempt
Mortgage Bond Trust
4.520% Due 8/1/02 (a) ...................... $415
455 Clermont County Ohio Economic
Development Revenue
(John Q. Hammons Project)
4.600% Due 5/1/12 (a) ...................... 455
205 Franklin County Ohio Industrial
Development Revenue
(GSW Building Association Ltd.)
4.400% Due 11/1/15 (a) ..................... 205
2,105 Lakewood Ohio Hospital
Revenue (Hospital
Improvement Series 1983)
4.560% Due 11/1/10 (a) ..................... 2,105
564 McDonald Tax-Exempt
Mortgage Trust #1
4.750% Due 1/15/09 (a) ..................... 565
1,340 Riverside Ohio Economic
Development Revenue
(Riverside Association Project)
4.250% Due 9/1/10 (a) ...................... 1,340
1,915 Riverside Ohio Economic
Development Revenue
(Wright Point Association)
4.250% Due 9/1/12 (a) ...................... 1,915
525 Stark County Ohio Health Care
Facilities (Canton Christian Home)
4.250% Due 9/15/16 (a) ..................... 525
1,870 Stark County Ohio Health Care
Facilities (Canton Christian
Home PJ ) Series 90
4.300% Due 9/1/15 (a) ...................... 1,870
440 Stark County Ohio Industrial
Development Revenue
(Belpar Professional Building)
4.500% Due 10/1/04 (a) ..................... 440
1,910 Stark County Ohio Industrial
Development Revenue
(Newmarket Parking Ltd.)
4.500% Due 11/1/14 (a) ..................... 1,910
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
------- -------- -------
TAX FREE MONEY MARKET(continued)
OKLAHOMA (0.8%)
$1,250 Tulsa County Oklahoma Industrial
Development Authority
Healthcare Revenue
Laureate Psychiatric Center
4.500% Due 12/15/08 (a) .................... $1,250
OREGON (4.4%)
2,000 Clackamas County Oregon
Hospital Facility
Senior Living Facility -
Mary's Woods - C
4.900% Due 5/15/29 (a) ..................... 2,000
700 Medford Oregon Hospital
Facilities Authority
Rogue Valley Manor
Continued Care Retirement
4.900% Due 5/15/27 (a) ..................... 700
4,360 Port Morrow Oregon Pollution Control
Revenue Refunding-Idaho
Power Co. Project
5.150% Due 2/1/27 (a) ...................... 4,360
PENNSYLVANIA (2.7%)
2,730 Butler County Pennsylvania
Industrial Development Authority
Concordian Lutheran Ministries
4.850% Due 2/1/28 (a) ...................... 2,730
120 McDonald Tax-Exempt
Mortgage Trust #1
4.750% Due 1/15/09 (a) ..................... 121
300 Moon Township Pennsylvania
Industrial Development Revenues
Executive Office Association Project
4.850% Due 11/1/12 (a) ..................... 300
1,225 South Fork Municipal Authority Hospital
Lee Hospital Project Series B
4.850% Due 7/1/23 (a) ...................... 1,225
TENNESSEE (4.2%)
2,500 Franklin County Tennessee Health
& Educational Facilities Revenue
(University of the South Sewanee)
4.700% Due 9/1/10 (a) ...................... 2,500
1,280 GAF Tax Exempt Bond Grantor
Trust Series A
4.600% Due 4/1/08 (a) ...................... 1,280
See notes to financial statements
Page 27
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 2000 - (UNAUDITED)
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
------- -------- -------
TAX FREE MONEY MARKET(continued)
$272 Greystone Tax Exempt Certificate
Trust 1 Series
Certificates of Beneficial Ownership
4.930% Due 5/1/28 (a)(d) ................... $272
1,150 Knoxville Tennessee Industrial
Development Bond
Toys R Us Project
5.050% Due 5/1/14 (a) ...................... 1,150
1,500 Memphis Tennessee
General Obligation Unlimited
4.850% Due 8/1/03 (a) ...................... 1,500
TEXAS (8.2%)
700 Brazos Harbor Industrial
Development Corp.
Industrial Development Revenues
Badische Corp. Port
4.250% Due 12/1/13 (a) ..................... 700
2,090 Gulf Coast Waste Disposal Authority
Texas Revenues -
Armco Inc. Project
4.850% Due 12/1/08 (a) ..................... 2,090
2,100 Harris County Texas
Multifamily Housing Revenue
(Country Scape Development)
5.175% Due 4/1/07 (a) ...................... 2,100
2,415 Harris County Texas
Multifamily Housing Revenue
(Greenhouse Development)
5.175% Due 4/1/07 (a) ...................... 2,415
1,800 Tarrant County Texas
Housing Financial Corporation
Revenues
Multifamily Housing -
Amherst Association
4.850% Due 12/1/07 (a) ..................... 1,800
1,500 Texas Association of School Boards
Tax Anticipation Notes - Series A
4.500% Due 8/31/00 ......................... 1,500
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
------- -------- -------
TAX FREE MONEY MARKET(continued)
$2,650 Waxahachie Texas Industrial
Development Authority
(Dart Container
Project Series 1985)
4.900% Due 4/1/06 (a) (b) $2,650
VERMONT (1.5%)
1,828 Vermont Educational &
Health Buildings
Financing Agency Revenues
4.850% Due 8/1/05 (a) 1,828
545 Vermont Industrial
Development Authority
Hydroelectric Revenue Bond
Central Vermont Public
Service Corp.
4.500% Due 12/1/13 (a) 545
VIRGINIA (0.1%)
128 Greystone Tax Exempt Certificate
Trust 1 Series
Certificates of Beneficial Ownership
4.930% Due 5/1/28 (a)(d) 128
WEST VIRGINIA (0.8%)
1,360 West Virginia State Building
Commission
West Virginia Regional Jail
Series A
4.500% Due 7/1/00 1,360
WISCONSIN (3.0%)
1,235 Marinette County Wisconsin
Bond Anticipation Notes
4.750% Due 7/5/00 1,235
1,500 Oconto Wisconsin Unified
School District
Tax & Revenue Anticipation Nights
4.060% Due 9/11/00 1,500
1,100 Sheboygan Falls Wisconsin
School District
Tax and Revenue
Anticipation Notes
4.050% Due 9/29/00 1,100
See notes to financial statements
Page 28
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 2000 - (UNAUDITED)
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
------- -------- -------
TAX FREE MONEY MARKET(continued)
$ 1,000 Two Rivers Wisconsin
Bond Anticipation Notes -
Series B
5.000% Due 7/1/01 $ 1,002
WYOMING (0.7%)
1,065 Cheyenne County Wyoming
Economic Development
Revenue Bonds (Holiday Inn)
4.550% Due 10/1/10 (a) 1,065
--------
TOTAL INVESTMENTS (100.5%)
(Cost $161,503) 161,503
LIABILITIES IN EXCESS OF
OTHER ASSETS (-0.5%) (773)
--------
TOTAL NET ASSETS (100.0%) $160,730
========
<FN>
(a) Interest rate subject to change approximately every 1 to 397 days.
Principal payable on demand at periodic intervals at the fund's option.
(b) Coupon fluctuates with the Prime Rate (Prime is the Rate on corporate
loans posted by at least 75% of the nation's 30 largest banks).
(c) Prerefunded.
(d) SEC Rule 144A Security. Such security has limited markets and is traded
among qualified institutional buyers.
</FN>
</TABLE>
WPG TAX FREE MONEY MARKET FUND
INDUSTRY CONCENTRATIONS
% OF NET VALUE
ASSETS (000'S)
------ -------
16.9% Commercial - Retail $27,183
15.8% Multifamily Housing 25,425
12.5% Cash Flow 20,076
11.8% Educational Services 18,924
6.9% Industrial Non-Durable 11,046
6.6% Industrial Durable 10,615
6.3% Hospital Management 10,164
5.6% Nursing Home 9,000
4.9% Investor Owned Utility 7,890
4.7% Commercial - Office 7,525
3.4% Bond Anticipation Notes 5,550
2.3% General Obligation 3,680
1.2% Annual Appropriation 1,850
0.8% Electric Utilities 1,362
0.7% Transportation 1,090
0.1% Prerefunded 123
----- --------
100.5% Total Investments 161,503
Liabilities in Excess of
(0.5%) Other Assets (-0.5%) (773)
----- --------
100.0% Total Net Assets $160,730
===== ========
See notes to financial statements
Page 29
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
STATEMENTS OF ASSETS AND LIABILITIES AT JUNE 30, 2000 - (UNAUDITED)
<TABLE>
<CAPTION>
GROWTH AND QUANTITATIVE
$ in Thousands TUDOR INCOME EQUITY INTERNATIONAL
-------------- ----- ------ ------ -------------
ASSETS
<S> <C> <C> <C> <C>
Investments at value # ................................... $ 112,395 $ 132,462 $ 36,343 $ 7,844
Investments in Repurchase Agreements, at value # ......... 0 0 0 0
Cash ..................................................... 0 1 32 62
Unrealized gain on forward commitment sale - Note 4 ...... 0 0 0 0
Receivable for investment securities sold ................ 735 3,981 0 0
Receivable for Fund shares sold .......................... 0 0 0 3
Dividends and interest receivable ........................ 17 75 44 19
Other assets ............................................. 204 4 1 0
--------- --------- -------- -------
113,351 136,523 36,420 7,928
--------- --------- -------- -------
LIABILITIES
Distributions payable .................................... 0 0 0 0
Payable to custodian bank ................................ 0 0 0 0
Payable for investment securities purchased .............. 343 4,262 0 0
Payable for Fund shares redeemed ......................... 14 0 0 0
Accrued investment advisory fee payable - Note 5 ......... 81 81 23 11
Accrued administration fee payable - Note 5 .............. 7 4 2 0
Accrued expenses ......................................... 63 61 42 37
--------- --------- -------- -------
508 4,408 67 48
--------- --------- -------- -------
NET ASSETS ............................... 112,843 132,115 36,353 7,880
========= ========= ======== =======
NET ASSETS REPRESENTED BY:
Shares of beneficial interest, at par .................... 1,544 3,181 7 8
Paid-in surplus .......................................... 64,238 68,556 22,467 7,172
Accumulated undistributed net investment income/
(distributions in excess of net investment income) (228) (78) (22) (60)
Undistributed realized gains on investments
and currencies/(Distributions
in excess of realized gains on investments
and currencies) .................................. 17,222 15,154 9,212 425
Net unrealized appreciation/(depreciation) on
investments and currencies ....................... 30,067 45,302 4,689 335
--------- --------- -------- -------
NET ASSETS APPLIED TO OUTSTANDING SHARES ................. 112,843 132,115 36,353 7,880
========= ========= ======== =======
CAPITAL SHARES (Authorized shares unlimited)
Outstanding .............................................. 4,631 3,181 6,976 835
========= ========= ======== =======
Par Value ................................................ $ .33 1/3 $ 1.00 $ 0.001 $ 0.01
========= ========= ======== =======
Net asset value per share ................................ $ 24.36 $ 41.53 $ 5.21 $ 9.44
========= ========= ======== =======
# INVESTMENTS AT COST .................................... 82,328 87,160 31,654 7,509
========= ========= ======== =======
UNREALIZED APPRECIATION/(DEPRECIATION): *
Gross appreciation ............................... 34,916 46,513 5,914 589
Gross depreciation ............................... (4,849) (1,211) (1,225) (254)
--------- --------- -------- -------
NET UNREALIZED APPRECIATION/(DEPRECIATION) ............... 30,067 45,302 4,689 335
========= ========= ======== =======
<FN>
* Based on cost of securities for Federal Income tax purposes which does not
differ from book cost.
</FN>
</TABLE>
See notes to financial statements
Page 30
<PAGE>
<TABLE>
<CAPTION>
INTERMEDIATE
MUNICIPAL GOVERNMENT TAX FREE
$ in Thousands CORE BOND BOND MONEY MARKET MONEY MARKET
-------------- --------- ---- ------------ ------------
ASSETS
<S> <C> <C> <C> <C>
Investments at value # ................................... $ 155,410 $ 16,937 $ 339,563 $ 161,503
Investments in Repurchase Agreements, at value # ......... 4,508 0 73,541 0
Cash ..................................................... 1 0 1 29
Unrealized gain on forward commitment sale - Note 4 ...... 24 0 0 0
Receivable for investment securities sold ................ 12,920 0 0 0
Receivable for Fund shares sold .......................... 0 0 0 0
Dividends and interest receivable ........................ 1,304 310 13 1,624
Other assets ............................................. 3 1 12 1
--------- --------- --------- ---------
174,170 17,248 413,130 163,157
--------- --------- --------- ---------
LIABILITIES
Distributions payable .................................... 685 61 949 290
Payable to custodian bank ................................ 0 323 0 0
Payable for investment securities purchased .............. 49,569 0 0 2,007
Payable for Fund shares redeemed ......................... 0 0 0 0
Accrued investment advisory fee payable - Note 5 ......... 30 2 166 71
Accrued administration fee payable - Note 5 .............. 0 0 3 6
Accrued expenses ......................................... 48 29 99 53
--------- --------- --------- ---------
50,332 415 1,217 2,427
--------- --------- --------- ---------
NET ASSETS ............................... 123,838 16,833 411,913 160,730
========= ========= ========= =========
NET ASSETS REPRESENTED BY:
Shares of beneficial interest, at par .................... 14 2 413 161
Paid-in surplus .......................................... 168,063 16,902 413,514 160,593
Accumulated undistributed net investment income/
(distributions in excess of net investment income) 0 (31) 0 0
Undistributed realized gains on investments
and currencies/(Distributions
in excess of realized gains on investments
and currencies) .................................. (44,000) (87) (2,014) (24)
Net unrealized appreciation/(depreciation) on
investments and currencies ....................... (239) 47 0 0
--------- --------- --------- ---------
NET ASSETS APPLIED TO OUTSTANDING SHARES ................. 123,838 16,833 411,913 160,730
========= ========= ========= =========
CAPITAL SHARES (Authorized shares unlimited)
Outstanding .............................................. 13,684 1,661 412,185 160,758
========= ========= ========= =========
Par Value ................................................ $ 0.001 $ 0.001 $ 0.001 $ 0.001
========= ========= ========= =========
Net asset value per share ................................ $ 9.05 $ 10.13 $ 1.00 $ 1.00
========= ========= ========= =========
# INVESTMENTS AT COST .................................... 160,181 16,890 413,104 161,503
========= ========= ========= =========
UNREALIZED APPRECIATION/(DEPRECIATION): *
Gross appreciation ............................... 482 54 0 0
Gross depreciation ............................... (721) (7) 0 0
--------- --------- --------- ---------
NET UNREALIZED APPRECIATION/(DEPRECIATION) ............... (239) 47 0 0
========= ========= ========= =========
</TABLE>
See notes to financial statements
Page 31
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
<TABLE>
<CAPTION>
STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2000 - (UNAUDITED)
GROWTH AND QUANTITATIVE
$ IN THOUSANDS TUDOR INCOME EQUITY INTERNATIONAL
-------------- ----- ------ ------ -------------
INVESTMENT INCOME:
<S> <C> <C> <C> <C>
Dividends (net of withholding taxes) ...................... $ 104 $ 497 $ 311 $ 55
Interest .................................................. 292 88 1 5
Income from securities loaned - Note 3 .................... 6 0 0 0
Class action litigation settlement proceeds ............... 88 0 0 0
Other ..................................................... 0 0 4 0
-------- -------- -------- -------
490 585 316 60
-------- -------- -------- -------
EXPENSES:
Investment advisory fee - Note 5 .......................... 505 496 210 19
Transfer agent fees and expenses .......................... 68 50 21 17
Administration fees - Note 5 .............................. 45 26 20 0
Custodian fees and expenses ............................... 19 13 16 12
Fund accounting fees and expenses ......................... 24 28 17 7
Professional fees ......................................... 32 32 27 21
Trustees' fees and expenses ............................... 8 8 7 7
Registration fees ......................................... 8 10 9 8
Shareholders' reports ..................................... 5 4 3 3
Other expenses ............................................ 6 12 3 2
-------- -------- -------- -------
720 679 333 96
Less fees waived by adviser ............................... 0 0 0 0
Less expenses paid indirectly - Note 7 .................... (2) (2) (1) (2)
-------- -------- -------- -------
718 677 332 94
-------- -------- -------- -------
NET INVESTMENT INCOME/(LOSS) .............................. (228) (92) (16) (34)
-------- -------- -------- -------
REALIZED AND UNREALIZED GAIN/(LOSS) ON
INVESTMENTS AND CURRENCIES:
Net realized gain/(loss) on investments ............ 15,869 14,215 8,369 425
Net realized gain/(loss) on currencies ................ 0 0 0 (43)
Net change in unrealized appreciation/(depreciation)
on investments ................................... (8,355) (9,335) (10,040) (1,256)
Net change in unrealized appreciation on currencies ... 0 0 0 (1)
-------- -------- -------- -------
NET GAIN/(LOSS) ON INVESTMENTS AND CURRENCIES ......... 7,514 4,880 (1,671) (875)
-------- -------- -------- -------
NET INCREASE/(DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ............................. 7,286 4,788 (1,687) (909)
======== ======== ======== =======
</TABLE>
See note to financial statements
Page 32
<PAGE>
<TABLE>
<CAPTION>
INTERMEDIATE GOVERNMENT TAX FREE
CORE MUNICIPAL MONEY MONEY
BOND BOND MARKET MARKET
---------- ----------- ---------- ----------
INVESTMENT INCOME:
<S> <C> <C> <C> <C>
Dividends (net of withholding taxes) ...................... $ 0 $ 0 $ 0 $ 0
Interest .................................................. 4,614 475 11,761 3,399
Income from securities loaned - Note 3 .................... 1 0 0 0
Class action litigation settlement proceeds ............... 0 0 0 0
Other ..................................................... 0 0 0 0
-------- -------- -------- -------
4,615 475 11,761 3,399
-------- -------- -------- -------
EXPENSES:
Investment advisory fee - Note 5 .......................... 392 34 981 404
Transfer agent fees and expenses .......................... 22 18 130 40
Administration fees - Note 5 .............................. 0 0 20 32
Custodian fees and expenses ............................... 24 6 27 10
Fund accounting fees and expenses ......................... 29 10 80 36
Professional fees ......................................... 32 17 39 28
Trustees' fees and expenses ............................... 8 7 10 8
Registration fees ......................................... 9 8 14 9
Shareholders' reports ..................................... 3 3 6 5
Other expenses ............................................ 7 3 12 6
-------- -------- -------- -------
526 106 1,319 578
Less fees waived by adviser ............................... (193) (30) 0 0
Less expenses paid indirectly - Note 7 .................... (6) (1) (6) (2)
-------- -------- -------- -------
327 75 1,313 576
-------- -------- -------- -------
NET INVESTMENT INCOME/(LOSS) .............................. 4,288 400 10,448 2,823
-------- -------- -------- -------
REALIZED AND UNREALIZED GAIN/(LOSS) ON
INVESTMENTS AND CURRENCIES:
Net realized gain/(loss) on investments ............ (2,264) 0 0
Net realized gain/(loss) on currencies ................ 0 0 0 0
Net change in unrealized appreciation/(depreciation)
on investments ................................... 1,904 145 0 0
Net change in unrealized appreciation on currencies ... 0 0 0 0
-------- -------- -------- -------
NET GAIN/(LOSS) ON INVESTMENTS AND CURRENCIES ......... (360) 112 0 0
-------- -------- -------- -------
NET INCREASE/(DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ............................. 3,928 512 10,448 2,823
======== ======== ======== =======
</TABLE>
See note to financial statements
Page 33
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
<TABLE>
<CAPTION>
STATEMENTS OF CHANGES IN NET ASSETS - (UNAUDITED)
GROWTH AND QUANTITATIVE
TUDOR INCOME EQUITY
----- ------ ------
SIX SIX SIX
MONTHS YEAR MONTHS YEAR MONTHS YEAR
$ IN THOUSANDS ENDED ENDED ENDED ENDED ENDED ENDED
6/30/00* 12/31/99 6/30/00* 12/31/99 6/30/00* 12/31/99
-------- -------- -------- -------- -------- --------
OPERATIONS:
<S> <C> <C> <C> <C> <C> <C>
Net investment income/(loss) ...................... ($ 228) ($ 303) ($ 92) $ 573 ($ 16) $ 180
Net realized gain/(loss) on investments
and currencies ............................ 15,869 12,484 14,215 18,319 8,369 15,216
Change in unrealized
appreciation/(depreciation)
on investments and currencies ............. (8,355) 31,084 (9,335) (2,608) (10,040) (5,721)
--------- --------- --------- --------- -------- --------
NET INCREASE/(DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ................. 7,286 43,265 4,788 16,284 (1,687) 9,675
--------- --------- --------- --------- -------- --------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income ................ 0 0 0 (577) 0 (363)
From realized gains ....................... 0 (11,667) 0 (18,839) 0 (15,480)
--------- --------- --------- --------- -------- --------
NET DECREASE DUE TO DISTRIBUTIONS ................. 0 (11,667) 0 (19,416) 0 (15,843)
--------- --------- --------- --------- -------- --------
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST:
Received on issuance:
Shares sold ............................... 40,868 40,309 7,095 22,140 1,636 7,597
Distributions reinvested .................. 0 10,521 0 17,158 0 15,470
Shares redeemed ........................... (44,091) (60,465) (25,502) (51,130) (40,048) (14,331)
--------- --------- --------- --------- -------- --------
NET INCREASE/(DECREASE) FROM
CAPITAL SHARE TRANSACTIONS ................ (3,223) (9,635) (18,407) (11,832) (38,412) 8,736
--------- --------- --------- --------- -------- --------
TOTAL INCREASE/(DECREASE) IN NET ASSETS ........... 4,063 21,963 (13,619) (14,964) (40,099) 2,568
NET ASSETS:
Beginning of period ............................... 108,780 86,817 145,734 160,698 76,452 73,884
--------- --------- --------- --------- -------- --------
End of period # ................................... $ 112,843 $ 108,780 $ 132,115 $ 145,734 $ 36,353 $ 76,452
========= ========= ========= ========= ======== ========
# Includes undistributed net
investment income/(distributions
in excess of net investment income) ....... ($ 228) $ 0 ($ 78) $ 14 ($ 22) ($ 6)
========= ========= ========= ========= ======== ========
Transactions in shares of the funds (in thousands):
Sold ...................................... 1,654 2,271 178 546 323 1,255
Reinvestment of distributions ............. 0 471 0 436 0 3,079
Redeemed .................................. (1,772) (3,508) (651) (1,281) (7,968) (2,474)
--------- --------- --------- --------- -------- --------
Net increase/(decrease) ........................... (118) (766) (473) (299) (7,645) 1,860
========= ========= ========= ========= ======== ========
<FN>
* Unaudited
</FN>
</TABLE>
<TABLE>
<CAPTION>
INTERMEDIATE
CORE MUNICIPAL
INTERNATIONAL BOND BOND
------------- --------------- -------------------
SIX SIX SIX
MONTHS YEAR MONTHS YEAR MONTHS YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
6/30/00* 12/31/99 6/30/00* 12/31/99 6/30/00* 12/31/99
-------- -------- -------- -------- -------- --------
OPERATIONS:
<S> <C> <C> <C> <C> <C> <C>
Net investment income/(loss) ...................... ($ 34) ($ 102) $ 4,288 $ 8,097 $ 400 $ 1,020
Net realized gain/(loss) on investments
and currencies ............................ 382 920 (2,264) (6,133) (33) (50)
Change in unrealized
appreciation/(depreciation)
on investments and currencies ............. (1,257) 789 1,904 (2,226) 145 (1,065)
------- ------- --------- --------- -------- -----------
NET INCREASE/(DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ................. (909) 1,607 3,928 (262) 512 (95)
------- ------- --------- --------- -------- -----------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income ................ 0 0 (4,288) (8,097) (401) (1,019)
From realized gains ....................... 0 (880) 0 0 0 0
------- ------- --------- --------- -------- -----------
NET DECREASE DUE TO DISTRIBUTIONS ................. 0 (880) (4,288) (8,097) (401) (1,019)
------- ------- --------- --------- -------- -----------
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST:
Received on issuance:
Shares sold ............................... 5,568 1,664 4,053 26,646 929 9,661
Distributions reinvested .................. 0 876 2,911 6,582 188 512
Shares redeemed ........................... (4,102) (2,319) (20,253) (26,845) (4,605) (1,653,803)
------- ------- --------- --------- -------- -----------
NET INCREASE/(DECREASE) FROM
CAPITAL SHARE TRANSACTIONS ................ 1,466 221 (13,289) 6,383 (3,488) (4,017)
------- ------- --------- --------- -------- -----------
TOTAL INCREASE/(DECREASE) IN NET ASSETS ........... 557 948 (13,649) (1,976) (3,377) (5,131)
NET ASSETS:
Beginning of period ............................... 7,323 6,375 137,487 139,463 20,210 25,341
------- ------- --------- --------- -------- -----------
End of period # ................................... $ 7,880 $ 7,323 $ 123,838 $ 137,487 $ 16,833 $ 20,210
======= ======= ========= ========= ======== ===========
# Includes undistributed net
investment income/(distributions ($ 60) ($ 26) $ 0 $ 0 ($ 31) ($ 30)
in excess of net investment income) ....... ======= ======= ========= ========= ======== ===========
Transactions in shares of the funds (in thousands): 557 156 449 2,844 92 931
Sold ...................................... 0 86 325 708 19 45
Reinvestment of distributions ............. (417) (236) (2,252) (2,855) (460) (1,369)
Redeemed .................................. ------- ------- --------- --------- -------- -----------
140 6 (1,478) 697 (349) (393)
Net increase/(decrease) ........................... ======= ======= ========= ========= ======== ===========
<FN>
* Unaudited
</FN>
</TABLE>
<TABLE>
<CAPTION>
GOVERNMENT TAX FREE
MONEY MARKET MONEY MARKET
------------ ------------
SIX SIX
MONTHS YEAR MONTHS YEAR
ENDED ENDED ENDED ENDED
6/30/00* 12/31/99 6/30/00* 12/31/99
-------- -------- -------- --------
OPERATIONS:
<S> <C> <C> <C> <C>
Net investment income/(loss) ...................... $ 10,448 $ 16,031 $ 2,823 $ 3,611
Net realized gain/(loss) on investments
and currencies ............................ 0 1 0 (5)
Change in unrealized
appreciation/(depreciation)
on investments and currencies ............. 0 0 0 0
----------- ----------- --------- ---------
NET INCREASE/(DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ................. 10,448 16,032 2,823 3,606
----------- ----------- --------- ---------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income ................ (10,448) (16,031) (2,823) (3,611)
From realized gains ....................... 0 0 0 0
----------- ----------- --------- ---------
NET DECREASE DUE TO DISTRIBUTIONS ................. (16,031) (2,823)
----------- ----------- --------- ---------
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST:
Received on issuance:
Shares sold ............................... 1,683,941 2,723,470 519,983 952,690
Distributions reinvested .................. 9,327 15,385 2,494 3,440
Shares redeemed ........................... (2,794,851) (479,267) (969,873)
----------- ----------- --------- ---------
NET INCREASE/(DECREASE) FROM
CAPITAL SHARE TRANSACTIONS ................ 39,465 (55,996) 43,210 (13,743)
----------- ----------- --------- ---------
TOTAL INCREASE/(DECREASE) IN NET ASSETS ........... 39,465 (55,995) 43,210 (13,748)
NET ASSETS:
Beginning of period ............................... 372,448 428,443 117,520 131,268
----------- ----------- --------- ---------
End of period # ................................... $ 411,913 $ 372,448 $ 160,730 $ 117,520
=========== =========== ========= =========
# Includes undistributed net
investment income/(distributions $ 0 $ 0 $ 0 $ 0
in excess of net investment income) ....... =========== =========== ========= =========
Transactions in shares of the funds (in thousands): 1,683,941 2,723,471 519,984 952,691
Sold ...................................... 9,327 15,385 2,494 3,441
Reinvestment of distributions ............. (1,653,804) (2,794,851) (479,268) (969,872)
Redeemed .................................. ----------- ----------- --------- ---------
39,464 (55,995) 43,210 (13,740)
Net increase/(decrease) ........................... =========== =========== ========= =========
<FN>
* Unaudited
</FN>
</TABLE>
See notes to financial statements
Page 34 / 35
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS - (UNAUDITED)
1-ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Organization
------------
The following are open-end management investment companies registered under the
Investment Company Act of 1940 (the "Act"):
WPG Tudor Fund ("Tudor")
WPG Growth and Income Fund ("Growth & Income")
Weiss, Peck & Greer Funds Trust ("WPG Funds Trust"):
WPG Quantitative Equity Fund ("Quantitative Equity")
WPG Core Bond Fund ("Core Bond")
WPG Intermediate Municipal Bond Fund ("Municipal Bond")
WPG Government Money Market Fund ("Government Money Market")
WPG Tax Free Money Market Fund ("Tax Free Money Market")
Weiss, Peck & Greer International Fund ("International")
Each fund is diversified.
Government Money Market and Tax Free Money Market are money market funds that
seek to maintain continuous net asset values of $1.00. The following is a
summary of the significant accounting policies followed by the funds in the
preparation of the financial statements. These policies are in conformity with
generally accepted accounting principles.
Portfolio Valuation
-------------------
COMMON STOCK - Securities listed or admitted to trading on a national
securities exchange, including options, are valued at the last sale price, on
such exchange, as of the close of regular trading on the New York Stock
Exchange ("NYSE") on the day the net asset value calculation is made.
Unlisted securities and listed securities for which there are no sales
reported on the valuation date are valued at the mean between the most recent
bid and asked prices.
BONDS - Bonds and other fixed income securities (other than short-term
obligations but including listed issues) are valued by a pricing service
which utilizes both dealer-supplied valuations and electronic data processing
techniques which take into account appropriate factors such as
institutional-size trading in similar groups of securities, yield, quality,
coupon rate, maturity, type of issue, trading characteristics and other
market data, without exclusive reliance upon quoted prices, exchanges or
over-the-counter prices, when such valuations are believed to reflect the
market value of such securities.
MONEY MARKET FUNDS - Securities are valued at amortized cost, in accordance
with Rule 2a-7 of the Act, which has been determined by the Funds' Boards of
Trustees to represent the fair value of the Fund's investments.
SHORT-TERM SECURITIES (Other than Money Market funds) - Securities maturing
within 60 days are valued at cost plus accreted discount or minus amortized
premium, which approximates value.
FOREIGN SECURITIES - Securities listed or admitted to trading on an
international securities exchange, including options, are valued at the last
sale price, at the close of the primary international exchange on the day the
net asset value calculation is made. Unlisted securities and listed
securities for which there are no sales reported on the valuation date are
valued at the mean between the most recent bid and ask prices. All
investments quoted in foreign currencies are valued in U.S. dollars on the
basis of the foreign currency exchange rates prevailing at 12 noon Eastern
Time.
OTHER SECURITIES - Other securities and assets for which market quotations
are not readily available are valued at their fair value as determined, in
good faith, by the Funds' Valuation Committee as authorized by the Funds'
Board of Trustees.
Securities Transactions and Investment Income
---------------------------------------------
Securities transactions are recorded on a trade date basis. Realized gains and
losses from securities transactions are recorded utilizing the specific
identification method. Dividend income is recognized on the ex-dividend date and
interest income is recognized on an accrual basis. Discounts on fixed income
securities are accreted to interest income over the life of the security or
until an applicable call date if sooner, with a corresponding increase in cost
basis; premiums are amortized on municipal securities only, with a corresponding
decrease in cost basis.
Page 36
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS - (UNAUDITED) (continued)
Federal Income Taxes
--------------------
The Funds intend to comply with the requirements of the Internal Revenue Code
that pertain to regulated investment companies and to distribute all of their
taxable income to their shareholders. No federal income tax or excise tax
provision is required. As of December 31, 1999, the following funds had
capital loss carryforwards:
--------------------------------------------------------------------------------
(in thousands)
Year of Expiration
------------------
Fund 2001 2002 2003 2004 2005 2006 2007
---- ---- ---- ---- ---- ---- ---- ----
Core Bond -- 14,555 20,113 753 -- -- 6,213
Government Money -- -- 2,014 -- -- -- --
Tax Free Money Market 11 -- 1 3 4 1 5
Municipal Bond -- -- -- -- -- -- 19
--------------------------------------------------------------------------------
Distribution to Shareholders
----------------------------
DIVIDENDS FROM NET INVESTMENT INCOME - Distributions are recorded on the
ex-dividend date. Dividends from net investment income are declared and paid
annually when available for the Tudor, Quantitative Equity, International
Fund and the Growth & Income Fund. Dividends from net investment income are
declared daily and paid monthly for the Core Bond, Municipal Bond, Government
Money Market and Tax Free Money Market Funds.
DISTRIBUTIONS FROM NET REALIZED GAINS - Distributions from net realized gains
are declared and paid by December 31 of the year in which they are earned. To
the extent that net realized capital gains can be offset by capital loss
carryovers, if any, it is the policy of the Funds not to distribute such
gains.
The character of income and gains to be distributed are determined in
accordance with income tax regulations which may differ from generally
accepted accounting principles. These differences are due to differing
treatments for such items as mortgaged backed securities, net operating
losses, deferral of wash sale losses, options and futures, and post October
losses.
Repurchase Agreements (Tudor, Core Bond, Government Money Market)
-------------------------------------------------------------------------
It is each Funds' policy to take possession of securities or other assets
purchased under agreements to resell. The securities purchased under
agreements to resell are marked to market every business day to ensure that
the value of the "collateral" is at least equal to the value of the loan,
including the accrued interest earned thereon, plus sufficient additional
market value as is considered necessary to provide a margin of safety.
Futures (Tudor, Quantitative Equity, International, Core Bond)
--------------------------------------------------------------
A futures contract is an agreement between two parties to buy and sell a
security at a set price on a future date. Upon entering into such a contract,
a Fund is required to pledge to the broker an amount of cash and/or
securities equal to the minimum "initial margin" requirements of the
exchange. Pursuant to the contract, the Fund agrees to receive from, or pay
to the broker, an amount of cash equal to the daily fluctuation in value of
the contract. Such a receipt or payment is known as a "variation margin" and
is recorded by each Fund as an unrealized gain or loss. When the contract is
closed, the Fund records a realized gain or loss equal to the difference
between the value of the contract at the time it was opened and the value at
the time it was closed. The Fund is also required to fully collateralize
futures contracts purchased. The Fund only enters into futures contracts
which are traded on exchanges.
Options Writing (Tudor, Growth & Income, Quantitative Equity, International,
----------------------------------------------------------------------------
Core Bond)
----------
A Fund may write covered options to protect against adverse movements in the
price of securities in the investment portfolio. When a Fund writes an
option, an amount equal to the premium received by the Fund is recorded as a
liability and is subsequently adjusted to the current market value of the
option written. Premiums received from writing options which expire
unexercised are recorded by the Fund on the expiration date as realized gains
from options transactions. The difference between the premium and the amount
paid on effecting a closing purchase transaction, including brokerage
commissions, is also treated as a realized gain, or if the premium is less
than the amount paid for the closing purchase transaction, as a realized
loss. If a call is exercised, the premium is added to the proceeds from the
Page 37
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS - (UNAUDITED) (continued)
sale of the underlying securities or currencies in determining whether the
Fund has realized a gain or loss. If a put is exercised, the premium reduces
the cost basis of the securities or currencies purchased by the Fund. In
writing an option, the Fund bears the market risk of an unfavorable change in
the price of the security underlying the written option. Exercise of an
option written by the Fund could result in the selling or buying of a
security or currency at a price different from the current market value. The
Fund only enters into options which are traded on exchanges except for Tudor
which can enter into non-exchange options with counterparties as authorized
by the Board of Trustees.
Foreign Securities (Tudor, Growth & Income, International)
----------------------------------------------------------
Certain risks result from investing in foreign securities in addition to the
usual risks inherent in domestic investments. Such risks include future
political, economic and currency exchange developments including investment
restrictions and changes in foreign laws.
Forward Currency Contracts (Tudor, Growth & Income, International)
--------------------------------------------------------------------------
A Fund may enter into forward contracts. Such contracts may be utilized in
connection with planned purchases or sales of securities or to hedge the U.S.
dollar value of portfolios denominated in foreign currencies. Fluctuations in
the value of the forward contracts are recorded for book purposes as
unrealized gains or losses by the Fund. Risks may arise upon entering into
these contracts from the potential inability of counterparties to meet the
terms of their contracts and from unanticipated movements in the value of the
foreign currency relative to the U.S. dollar. Upon entering into such a
contract, the Fund is required to segregate assets with its custodian at
least equal to the value of the Fund's assets committed to fulfilling the
forward currency contract.
Foreign Currency Transactions (Tudor, Growth and Income, International)
-----------------------------------------------------------------------
The books and records of each Fund are maintained in U.S. dollars. Foreign
currencies, investments and other assets or liabilities, denominated in
foreign currencies, are translated into U.S. dollars at the exchange rates
prevailing on the close of trading on the primary foreign market.
Reported net realized foreign exchange gains or losses arise from sales and
maturities of short term securities, sales of foreign currencies, currency
gains or losses realized between the trade and settlement dates on securities
transactions, the difference between the amounts of dividends, interest, and
foreign withholding taxes recorded on the Fund's books, and the U.S. dollar
equivalent of the amounts actually received or paid. Net unrealized foreign
exchange gains and losses arise from changes in the value of assets and
liabilities other than investments in securities at year end, resulting from
changes in the exchange rate.
Short Sales (Core Bond)
----------------------
The Fund may sell a security it does not own in anticipation of a decline in
the fair value of that security. When the Fund sells a security short, it
must borrow the security sold short and deliver it to the broker-dealer
through which it made the short sale as collateral for its obligation to
deliver the security upon conclusion of the sale. A gain, limited to the
price at which the Fund sold the security short, or a loss, unlimited in
size, will be recognized upon the termination of a short sale.
Use of Estimates
----------------
Estimates and assumptions are required to be made regarding assets,
liabilities and changes in net assets resulting from operations when
financial statements are prepared. Changes in the economic environment,
financial markets and any other parameters used in determining these
estimates could cause actual results to differ from these amounts.
2-SECURITIES TRANSACTIONS
--------------------------
For the six months ended June 30, 2000, 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, Robeco Institutional Asset Management US Inc.
("RIAM") the International Fund's sub-adviser, or their affiliates, on such
transactions were as follows:
Page 38
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS - (UNAUDITED) (continued)
<TABLE>
<CAPTION>
(in thousands) COMMISSIONS
PROCEEDS COST OF RECEIVED BY
OF SECURITIES SECURITIES TOTAL WPG, RIAM OR
FUND SOLD PURCHASED COMMISSIONS THEIR AFFILIATES
---- ---- --------- ----------- ----------------
<S> <C> <C> <C> <C>
Tudor $45,611 $48,753 $31 $ 4
Growth and Income 51,313 70,980 91 27
Quantitative Equity 28,710 66,600 44 42
International 5,545 3,647 12 0
Core Bond 267,806 272,904 0 0
Municipal Bond 814 3,898 0 0
</TABLE>
3- SECURITIES LENDING (Tudor, Core Bond)
At June 30, 2000, the Tudor Fund loaned securities valued at $5,225,826. For
collateral the Tudor Fund received a letter of credit in an amount equal to
$5,000,000. At June 30, 2000 the Core Bond Fund had no securities on loan.
For the six months ended June 30, 2000 the Tudor Fund and Core Bond Fund
earned $6,343 and $808 in securities lending fees, net of custodian expenses,
respectively.
4- FORWARD COMMITMENT SALES (Core Bond)
The Core Bond Fund may enter into the sale of mortgage-backed securities on a
forward commitment basis. Forward commitment sales are entered into prior to
the announcement of the monthly paydown schedule for a pool of
mortgage-backed securities and delivery is made subsequent to the paydown.
The Fund may choose to close out the transaction prior to the settlement date
rather than make delivery of the underlying security. When the Fund enters
into a forward commitment sale it records an unrealized gain or loss daily
equal to the difference between the original value of the sale and the
current market value. When the sale is completed, the gain or loss becomes
realized.
On June 30, 2000 the Core Bond Fund had an outstanding forward commitment
sale for $5,900,000 of GNMA 6.500% due 7/15/30. The securities deliverable
against this sale are the GNMA 6.500% due 2/15/24 - 10/15/24. As of June 30,
2000 the unrealized gain on the sale amounted to $23,886.
5- INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
WPG serves as the Funds' investment adviser. The advisory fees of each Fund
are as follows, and are paid monthly except for the International Fund which
is paid quarterly:
--------------------------------------------------------------------------------
Tudor .90% of net assets up to $300 million
.80% of net assets $300 million to $500
million .75% of net assets in excess of
$500 million
Growth and Income .75% of net assets
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
--------------------------------------------------------------------------------
Page 39
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS - (UNAUDITED) (continued)
Pursuant to authority granted under its Investment Advisory Agreement with the
International Fund, WPG has selected Robeco Institutional Asset Management US
Inc. ("RIAM") as sub-advisor to the International Fund. Pursuant to the
sub-advisory agreement, RIAM has overall responsibility for the management of
the International Fund's assets invested in non-US securities. Both RIAM and WPG
are subsidiaries of Robeco Groep N.V., a Dutch public limited liability company.
Each Fund has entered into an Administration Agreement with WPG. For the period
January 1, 2000 through April 30, 2000 WPG was entitled to receive the following
fees based upon a percentage of average daily net assets: Tudor 0.08%, Growth
and Income 0.04%, Quantitative Equity 0.07%, International 0.06% while assets
exceed $25 million, Core Bond 0.0%, Intermediate Municipal Bond 0.12% while
assets exceed $50 million, Government Money Market 0.01%, and Tax Free Money
Market 0.04%. As of May 1, 2000 WPG is entitled to receive the following fees
based on a percentage of average daily net assets: Tudor 0.06%, Growth and
Income 0.03%, Quantitative Equity 0.05%, International 0.00%, Intermediate
Municipal Bond 0.00%. The fee for all of the other Funds remained the same.
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 the 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, 2000, expenses incurred under the Plan were
$175.
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, 2000
the Funds' custodian fees and related offset were as follows:
--------------------------------------------------------------------------------
CUSTODIAN OFFSET
FEE CREDIT
--- ------
Tudor $19,051 $1,632
Growth and Income 13,367 1,879
Quantitative Equity 16,071 1,102
International 12,402 1,958
Core Bond 24,450 6,328
Municipal Bond 5,706 589
Government Money Market 26,808 6,124
Tax Free Money Market 10,159 1,828
--------------------------------------------------------------------------------
The Funds could have invested their cash balances elsewhere if they had not
agreed to a reduction in fees under the expense offset agreement with their
custodian.
8- FEDERAL INCOME TAX STATUS OF DIVIDENDS
The Tax Free Money Market and Municipal Bond Funds have determined that all
dividends paid during the six months ended June 30, 2000 were paid from
investment income and are exempt from Federal income. None of these dividends
are subject to the Alternative Minimum Tax.
Page 40
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
FINANCIAL HIGHLIGHTS (for the years ended December 31 except for 2000 which is
for the six months ended June 30)
<TABLE>
<CAPTION>
$ PER SHARE
Net Total Distri-
Realized Income/ butions
Net Net and (Loss) Dividends From
Asset Invest- Unrealized From From Net
Value at ment Gains or investment Net Realized Total
Beginning Income (Losses) on Opera- Investment Capital Distri-
of Period (Loss) Securities tions Income Gains butions
--------- ------ ---------- ----- ------ ----- -------
<S> <C> <C> <C> <C> <C> <C> <C>
TUDOR
2000* $ 22.91 ($0.05) $ 1.50 $ 1.45 $ 0.00 $ 0.00 $ 0.00
1999 15.74 0.00 9.88 9.88 0.00 (2.71) (2.71)
1998 21.90 (0.02) (4.86) (4.88) 0.00 (1.28) (1.28)
1997 23.28 0.06 2.46 2.52 0.00 (3.90) (3.90)
1996 22.95 (0.14) 4.41 4.27 0.00 (3.94) (3.94)
1995 19.34 (0.10) 8.03 7.93 0.00 (4.32) (4.32)
GROWTH AND INCOME
2000* 39.88 (0.03) 1.68 1.65 0.00 0.00 0.00
1999 40.64 0.14 4.91 5.05 (0.16) (5.65) (5.81)
1998 35.11 0.26 9.38 9.64 (0.26) (3.85) (4.11)
1997 29.32 0.24 10.30 10.54 (0.24) (4.51) (4.75)
1996 26.02 0.24 6.11 6.35 (0.39) (2.66) (3.05)
1995 21.36 0.51 6.44 6.95 (0.53) (1.76) (2.29)
QUANTITATIVE EQUITY
2000* 5.23 0.00 (0.02) (0.02) 0.00 0.00 0.00
1999 5.79 0.02 0.73 0.75 (0.03) (1.28) (1.31)
1998 5.84 0.05 1.46 1.51 (0.06) (1.50) (1.56)
1997 5.89 0.08 1.42 1.50 (0.08) (1.47) (1.55)
1996 6.85 0.16 1.13 1.29 (0.15) (2.10) (2.25)
1995 5.44 0.13 1.70 1.83 (0.12) (0.30) (0.42)
INTERNATIONAL
2000* 10.54 (0.03) (1.07) (1.10) 0.00 0.00 0.00
1999 9.25 0.01 2.71 2.72 0.00 (1.43) (1.43)
1998 10.15 0.00 1.65 1.65 0.00 (2.55) (2.55)
1997 10.29 0.01 0.29 0.30 (0.01) (0.43) (0.44)
1996 11.01 (0.07) 0.57 0.50 (0.04) (1.18) (1.22)
1995 10.93 0.04 1.15 1.19 (0.15) (0.96) (1.11)
</TABLE>
<TABLE>
<CAPTION>
RATIOS
Net Net Ratio of
Asset Assets at Ratio of Net Investment
Value at End of Expenses Income/(Loss) Portfolio
End of Total Period To Average To Average Turnover
Period Return ($000's) Net Assets Net Assets Rate
------ ------ -------- ---------- ---------- ----
<S> <C> <C> <C> <C> <C> <C>
TUDOR
2000* $ 24.36 6.33% $112,843 1.28%(A) (0.40)%(A ) 89.3%(A)
1999 22.91 63.26 108,780 1.37 (0.37) 139.4
1998 15.74 (22.01) 86,817 1.28 (0.22) 143.6
1997 21.90 11.11 166,459 1.24 (0.44) 106.3
1996 23.28 18.82 181,370 1.25 (0.57) 105.4
1995 22.95 41.18 165,534 1.30 (0.47) 123.1
GROWTH AND INCOME
2000* 41.53 4.14 132,115 1.02(A) (0.14)(A) 78.7(A)
1999 39.88 12.68 145,734 1.03 0.40 68.1
1998 40.64 27.51 160,698 1.04 0.71 64.6
1997 35.11 36.27 117,146 1.06 0.88 69.6
1996 29.32 24.42 82,937 1.15 1.50 75.8
1995 26.02 32.73 67,357 1.22 2.10 79.4
QUANTITATIVE EQUITY
2000* 5.21 (0.38) 36,353 1.19(A) (0.06)(A) 103.1(A)
1999 5.23 13.90 76,452 1.08 0.24 95.6
1998 5.79 26.71 73,884 1.06 0.49 89.4
1997 5.84 25.47 96,055 1.03 1.03 77.7
1996 5.89 18.51 102,450 0.95 1.52 60.8
1995 6.85 33.37 133,201 1.00 2.00 26.1
INTERNATIONAL
2000* 9.44 (10.44) 7,880 2.43(A) (0.84)(A) 98.2(A)
1999 10.54 29.83 7,323 3.50 (1.70) 125.4
1998 9.25 16.28 6,375 2.35 0.06 98.8
1997 10.15 2.89 8,555 1.89 0.02 55.1
1996 10.29 4.64 13,161 1.71 0.31 85.2
1995 11.01 10.92 14,194 1.74 0.39 55.9
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
$ PER SHARE RATIOS
Net Total Distri-
Realized Income/ butions
Net Net and (Loss) Dividends From
Asset Invest- Unrealized From From Net
Value at ment Gains or investment Net Realized Total
Beginning Income (Losses) on Opera- Investment Capital Distri-
of Period (Loss) Securities tions Income Gains butions
--------- ------ ---------- ----- ------ ----- -------
<S> <C> <C> <C> <C> <C> <C> <C>
CORE BOND
2000* $9.07 $0.29 ($0.02) $0.27 ($0.29) $0.00 ($0.29)
1999 9.64 0.56 (0.57) (0.01) (0.56) 0.00 (0.56)
1998 9.34 0.54 0.30 0.84 (0.54) 0.00 (0.54)
1997 9.19 0.51 0.15 0.66 (0.51) 0.00 (0.51)
1996 9.38 0.64 (0.29) 0.35 (0.54) 0.00 (0.54)
1995 8.83 0.60 0.54 1.14 (0.59) 0.00 (0.59)
INTERMEDIATE MUNICIPAL BOND
2000* 10.05 0.23 0.08 0.31 (0.23) 0.00 (0.23)
1999 10.55 0.44 (0.50) (0.06) (0.44) 0.00 (0.44)
1998 10.45 0.45 0.14 0.59 (0.47) (0.02) (0.49)
1997 10.14 0.47 0.31 0.78 (0.47) 0.00 (0.47)
1996 10.20 0.48 (0.06) 0.42 (0.48) 0.00 (0.48)
1995 9.51 0.44 0.69 1.13 (0.44) 0.00 (0.44)
GOVERNMENT MONEY MARKET
2000* 1.00 0.03 0.00 0.03 (0.03) 0.00 (0.03)
1999 1.00 0.04 0.00 0.04 (0.04) 0.00 (0.04)
1998 1.00 0.05 0.00 0.05 (0.05) 0.00 (0.05)
1997 1.00 0.05 0.00 0.05 (0.05) 0.00 (0.05)
1996 1.00 0.04 0.00 0.04 (0.04) 0.00 (0.04)
1995 1.00 0.05 0.00 0.05 (0.05) 0.00 (0.05)
TAX FREE MONEY MARKET
2000* 1.00 0.02 0.00 0.02 (0.02) 0.00 (0.02)
1999 1.00 0.03 0.00 0.03 (0.03) 0.00 (0.03)
1998 1.00 0.03 0.00 0.03 (0.03) 0.00 (0.03)
1997 1.00 0.03 0.00 0.03 (0.03) 0.00 (0.03)
1996 1.00 0.03 0.00 0.03 (0.03) 0.00 (0.03)
1995 1.00 0.04 0.00 0.04 (0.04) 0.00 (0.04)
<FN>
* Unaudited
(A) Annualized
</FN>
</TABLE>
<TABLE>
<CAPTION>
RATIOS
Net Net Ratio of
Asset Assets at Ratio of Net Investment
Value at End of Expenses Income/(Loss) Portfolio
End of Total Period To Average To Average Turnover
Period Return ($000's) Net Assets Net Assets Rate
------ ------ -------- ---------- ---------- ----
<S> <C> <C> <C> <C> <C> <C>
CORE BOND $9.05 3.08% $123,838 0.50%(A) 6.86%(A) 367.3%(A)
2000* 9.07 (0.12) 137,487 0.50 5.98 531.2
1999 9.64 9.26 139,463 0.50 5.71 684.9
1998 9.34 7.37 108,443 0.86 5.56 330.3
1997 9.19 3.85 120,804 0.81 5.87 333.1
1996 9.38 13.25 171,578 0.82 6.52 375.0
1995
INTERMEDIATE MUNICIPAL BOND 10.13 3.12 16,833 0.85(A) 4.95(A) 9.7(A)
2000* 10.05 (0.54) 20,210 0.85 4.32 83.2
1999 10.55 5.72 25,341 0.85 4.23 45.7
1998 10.45 7.85 23,508 0.85 4.55 39.8
1997 10.14 4.20 15,214 0.85 4.72 44.4
1996 10.20 12.05 12,730 0.85 4.38 51.2
1995
GOVERNMENT MONEY MARKET 1.00 2.70 411,913 0.67(A) 5.33(A) N/A
2000* 1.00 4.45 372,448 0.70 4.36 N/A
1999 1.00 4.80 428,443 0.73 4.62 N/A
1998 1.00 4.76 207,817 0.81 4.68 N/A
1997 1.00 4.56 152,786 0.83 4.48 N/A
1996 1.00 5.16 131,210 0.82 5.06 N/A
1995
TAX FREE MONEY MARKET 1.00 1.77 160,730 0.71(A) 3.50(A) N/A
2000* 1.00 2.80 117,520 0.76 2.76 N/A
1999 1.00 3.05 131,268 0.75 3.01 N/A
1998 1.00 3.23 130,083 0.74 3.17 N/A
1997 1.00 3.14 117,423 0.72 3.10 N/A
1996 1.00 3.63 121,754 0.76 3.56 N/A
1995
<FN>
* Unaudited
(A) Annualized
</FN>
</TABLE>
<PAGE>
WEISS, PECK & GREER MUTUAL FUNDS
FINANCIAL HIGHLIGHTS
(for the years ended December 31 except for 2000 which is for the six
months ended June 30)
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 per share, ratio of expenses to average net
assets and ratio of net income to average net assets would have been:
Ratio of
Ratio of Net
Expenses Income
to Average to Average
Net Assets Net Assets
---------- ----------
Quantitative Equity
1998 1.07% 0.48%
International
2000 2.48% (0.89%)
1999 3.55% (1.75%)
1998 2.38% 0.03%
1997 1.92% (0.01%)
1996 1.76% 0.26%
1995 1.76% 0.39%
Core Bond
2000 0.81% 6.05%
1999 0.81% 5.67%
1998 0.89% 5.32%
Intermediate Municipal Bond
2000 1.20% 4.60%
1999 1.08% 4.09%
1998 1.06% 4.02%
1997 1.15% 4.25%
1996 1.01% 4.56%
1995 0.97% 4.25%
Tax Free Money Market
1998 0.76% 3.00%
For the Tudor, Growth and Income, Government Money Market Funds custody
fee earnings credit had an effect of less than 0.01% per share on the
above ratios. The custody fee earnings credit had an effect of less than
0.01% on the above ratios in 1995, 1996 and 1997 for the Quantitative
Equity, Core Bond, Intermediate Municipal Bond and Tax Free Money Market
Funds.
See notes to financial statements
Page 43
<PAGE>
WEISS, PECK & GREER
ONE NEW YORK PLAZA, NEW YORK, NY 10004
INDEPENDENT TRUSTEES AND MEMBERS
OF AUDIT COMMITTEE
Raymond R. Herrmann, Jr. William B. Ross
Lawrence J. Israel Robert A. Straniere
Graham E. Jones
OFFICERS
ROGER J. WEISS
Chairman of the Board and Trustee-D all funds
President -D Weiss, Peck & Greer International Fund
LAURENCE ZURIFF
President -D WPG Tudor Fund
RONALD M. HOFFNER
Executive Vice President and Treasurer -D all funds
JOSEPH J. REARDON
Vice President and Secretary -D all funds
STEVEN M. PIRES
Assistant Vice President -D all funds
A. ROY KNUTSEN
President -D WPG Growth and Income Fund
DANIEL S. VANDIVORT
President -D WPG Funds Trust
DANIEL CARDELL
Vice President -D WPG Quantitative Equity Fund
R. SCOTT RICHTER
Vice President -D WPG Intermediate Municipal Bond Fund
JANET A. FIORENZA
Vice President-D WPG Tax Free Money Market Fund
S. BLAKE MILLER
Vice President -D WPG Intermediate Municipal Bond Fund
SID BAKST
Vice President -D WPG Core Bond Fund
INVESTMENT ADVISER
Weiss, Peck & Greer, LLC
One New York Plaza
New York, NY 10004
CUSTODIAN
Boston Safe Deposit and Trust Company
One Exchange Place
Boston, MA 02109
DIVIDEND DISBURSING AND
TRANSFER AGENT
PFPC Inc.
P.O. Box 60448
King of Prussia, PA 19406-0448
LEGAL COUNSEL
Hale and Dorr
60 State Street
Boston, MA 02109
INDEPENDENT AUDITORS
KPMG LLP
345 Park Avenue
New York, NY 10154
This report is submitted for the general information of shareholders and is not
authorized for distribution to prospective investors unless preceded or
accompanied by an effective prospectus. Nothing herein is to be considered an
offer of sale or solicitation of an offer to buy shares of the Weiss, Peck &
Greer Funds. Such offering is made only by prospectus, which includes details as
to offering and other material information.
