As filed with the Securities and Exchange Commission on [date]
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number (811-04404)
WEISS, PECK & GREER
WPG FUNDS TRUST
(Exact name of registrant as specified in charter)
ONE NEW YORK PLAZA
31ST FLOOR
NEW YORK, NY 10004
(Address of principal executive offices) (Zip code)
JOSEPH REARDON
ONE NEW YORK PLAZA
31ST FLOOR
NEW YORK, NY 10004
(Name and address of agent for service)
Registrant's telephone number, including area code: 212-908-9775
Date of fiscal year end:
-----------------
Date of reporting period: JUNE 30, 2003
Item 1. Report to Stockholders.
WEISS, PECK & GREER
INVESTMENTS
MEMBER OF % REBECO GROUP
INTERNATIONAL ASSET MANAGERS
M U T U A L F U N D S
SEMI-ANNUAL REPORT
JUNE 30, 2003
(UNAUDITED)
WPG TUDOR FUND
WPG LARGE CAP GROWTH FUND
WPG QUANTITATIVE EQUITY FUND
WPG CORE BOND FUND
WPG INTERMEDIATE MUNICIPAL BOND FUND
WPG GOVERNMENT MONEY MARKET FUND
WPG TAX FREE MONEY MARKET FUND
ONE NEW YORK PLAZA
NEW YORK, NEW YORK 10004
800 223-3332
WEISS, PECK & GREER MUTUAL FUNDS
TABLE OF CONTENTS
Major Portfolio Changes - Equity Funds . . . . . . . . . . . . . . . . 2
Average Annual Total Returns . . . . . . . . . . . . . . . . . . . . . 3
Ten Largest Holdings . . . . . . . . . . . . . . . . . . . . . . . . . 5
Schedules of Investments:
WPG Tudor Fund . . . . . . . . . . . . . . . . . . . . . . . . . . 7
WPG Large Cap Growth Fund . . . . . . . . . . . . . . . . . . . . 9
WPG Quantitative Equity Fund . . . . . . . . . . . . . . . . . . 11
WPG Core Bond Fund . . . . . . . . . . . . . . . . . . . . . . . 13
WPG Intermediate Municipal Bond Fund . . . . . . . . . . . . . . 16
WPG Government Money Market Fund . . . . . . . . . . . . . . . . 19
WPG Tax Free Money Market Fund . . . . . . . . . . . . . . . . . 20
Statements of Assets and Liabilities . . . . . . . . . . . . . . . . . 26
Statements of Operations . . . . . . . . . . . . . . . . . . . . . . . 28
Statements of Changes in Net Assets . . . . . . . . . . . . . . . . . 30
Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . 32
Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . 39
Information on Trustees . . . . . . . . . . . . . . . . . . . . . . . 42
TUDOR
OBJECTIVE: Capital appreciation.
LARGE CAP GROWTH
OBJECTIVE: Long-term growth of capital.
QUANTITATIVE EQUITY
OBJECTIVE: Seeks to provide investment results that exceed the
S & P 500.
INTERMEDIATE MUNICIPAL BOND
OBJECTIVE: High current income consistent with relative stability of
principal. Exempt from Federal Income Tax.
CORE BOND
OBJECTIVE: High current income consistent with capital preservation.
* TAX FREE MONEY MARKET
OBJECTIVE: Maximize current income with preservation of capital and
liquidity. Exempt from Federal Income Tax.
* GOVERNMENT MONEY MARKET
OBJECTIVE: Maximize current income with preservation of capital and
liquidity.
* Although these Funds are money market funds and attempt to maintain a
stable $1.00 net asset value per share, investments in these Funds are
neither insured nor guaranteed by the FDIC or any other Government
agency. Although the Funds seek to preserve the value of your
investment at $1.00 per share, it is possible to lose money by
investing in the Funds.
Page 1
WEISS, PECK & GREER MUTUAL FUNDS
MAJOR PORTFOLIO CHANGES - EQUITY FUNDS - SIX MONTHS ENDING JUNE 30, 2003 -
(UNAUDITED)
TUDOR FUND
ADDITIONS
---------
Alaris Medical Inc.
ChipPAC, Inc.
Cymer Inc.
Dot Hill Systems Corp.
E-Loan Inc.
Glamis Gold Ltd.
Integrated Silicon Solution, Inc.
Netscreen Technologies Inc.
Omnivision Technologies
Vitesse Semiconductor Corp.
DELETIONS
---------
Casual Male Retail Group, Inc.
Emmis Broadcasting Series
A J. D. Edwards & Co.
Meridian Gold Inc.
NBTY Inc.
NPS Pharmaceutical Inc.
Safenet Inc.
THQ Inc.
United Online Inc.
Whole Foods Market Inc.
LARGE CAP GROWTH FUND
ADDITIONS
---------
Baker Hughes Inc.
Colgate-Palmolive Co.
Countrywide Financial Corp.
First Data Corp.
General Dynamics Corp.
Juniper Networks Inc.
Mercury Interactive Corp.
Symantec Corp.
United Healthcare Corp.
Wal-Mart Stores, Inc.
DELETIONS
---------
American International Group Inc.
AmerisourceBergen Corp.
Broadcom Corporation
Check Point Software Technologies Ltd.
Microsoft Corp.
Principal Financial Group
The Goldman Sachs Group Inc.
Walgreen Co.
QUANTITATIVE EQUITY FUND
ADDITIONS
---------
Andrx Corp.
Beckman Instruments, Inc.
Best Buy Co., Inc.
Campbell Soup Co.
Capital One Financial Corp.
Constellation Brands Inc.
Fox Entertainment Group Inc. Cl A Shares
McDonalds Corp.
Monsanto Company
United Healthcare Corp.
DELETIONS
---------
Coca-Cola Enterprises
Darden Restaurants Inc.
Dell Computer
Ingersoll Rand Co.
MBNA Corp.
National City Corp.
Pepsico, Inc.
Sara Lee Corp.
St. Jude Medical, Inc.
Transocean Offshore Inc.
Page 2
WEISS, PECK & GREER MUTUAL FUNDS
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED JUNE 30, 2003 - (UNAUDITED)
TUDOR
SIX ONE FIVE TEN
MONTHS YEAR YEARS* YEARS*
------ ---- ------ ------
TUDOR 16.01% 1.95% -2.40% 5.11%
Russell 2000 Growth Index 19.33% 0.69% -4.25% 4.35%
The equity markets found a measure of stability in the first half of 2003. As
the United States began its military actions in Iraq, the equity markets
responded with an upsurge in performance. The best performing asset class in the
first half were small cap growth stocks, which due to their lower prices and low
liquidity, had an excellent first half. The WPG Tudor Fund, under-performed the
Russell 2000 Growth Index by 3.3% year-to-date (16.0% vs. 19.3%). The Fund
under-performed by -0.31% in the second quarter (23.8% vs 24.1%). However, as
the market began to retreat from its speculative focus and the micro cap surge
began to subside in late May, the Tudor Fund outperformed by 2.0% in June (+3.9%
vs. +1.9%). Our strategy added value in the Producer Durables, Technology, and
Consumer Discretionary sectors in the second quarter. Energy, Healthcare and
Consumer Non-Discretionary were the primary drags on performance.
The Market has begun to refocus on the nation's economic health from its earlier
focus on the battlefields of Iraq. Issues such as taxes, interest rates and
earnings are now pre-eminent. As the Third quarter begins, earnings reports have
begun to trickle out. We remain cautious on the economy but have begun to sense
more optimism from our corporate contacts.
LARGE CAP GROWTH
SIX ONE FIVE TEN
MONTHS YEAR YEARS* YEARS*
------ ---- ------ ------
LARGE CAP GROWTH 13.41% -1.50% -4.91% 7.34%
Russell 1000 Growth Index 13.09% 2.94% -5.03% 8.29%
The first half of 2003 has been very rewarding to equity investors with all
market sectors yielding positive returns. Through June 30, the WPG Large-Cap
Growth Fund had returned +13.4%, which compared favorably to the Russell 1000
Growth Index at 13.1%. The second quarter was the best for stocks since the
fourth quarter of 1998 and the eighth best quarter since World War II (as
measured by the S&P 500 Index).
QUANTITATIVE EQUITY
SIX ONE FIVE TEN
MONTHS YEAR YEARS* YEARS*
------ ---- ------ ------
QUANTITATIVE EQUITY 12.04% -1.60% -1.64% 8.26%
S & P 500 Stock Index 11.77% 0.25% -1.61% 10.04%
The first half of 2003 was full of contrasts. The markets have faced uncertainty
from the war in Iraq, occupations of Afghanistan & Iraq, concerns about
deflation and renewed recession, and whipsawing interest rates. The S&P 500 went
on a roller coaster ride, down 9% before closing the first quarter down 3.2%,
then rising an impressive 15.4% in the second quarter. For the first half, the
S&P 500 was up 11.8%. Combined with an effective risk strategy, the portfolio
finished the first half ahead of the S&P 500 by 0.3%. Predictive power came
primarily from the earnings momentum component, although some valuation factors
were helpful. Specifically, FORECAST EARNINGS TO PRICE and BOOK VALUE TO PRICE
made strong contributions during the first half. ESTIMATE MOMENTUM as well as
DOWNWARD REVISIONS also added value.
CORE BOND
SIX ONE FIVE TEN
MONTHS YEAR YEARS* YEARS*
------ ---- ------ ------
CORE BOND 4.64% 12.02% 8.00% 6.12%
Lehman Aggregate Index 3.93% 10.40% 7.55% 7.21%
Morningstar Intermediate-Term Bond 4.56% 10.11% 6.31% 6.38%
Interest rates continued to fall in the U.S. treasury market as continued
sluggish GDP growth and declining inflation combined to keep the bond market
rally in tact. The drop in rates was across the entire yield curve with the 5
year note leading the way. The yield on the 5 year dropped 32 basis points,
going from 2.73% to 2.41%. Both the 2 year and 10 year treasury notes rallied 30
basis points, while the 30 year bond went from a 4.78% yield to a 4.56% yield,
dropping by 22 basis points. In non-treasury sectors, corporate bonds
outperformed treasuries by 55 basis points generating 347 basis points of
positive excess return. This was a continuation of the strong rally in the
fourth quarter of last year when spreads tightened by 49 basis points.
Outperformance in the Fund was primarily attributable to the corporate sector as
opportunistic overweights, proper subsector allocation and security selection
added strongly to performance. Positioning in the mortgage backed securities
sector also added materially to returns as did our yield curve strategy. Asset
backed securities modestly added to returns while agencies modestly detracted
from performance. All other strategies and sector positioning had a minimal
impact on performance.
*Annualized.
Page 3
WEISS, PECK & GREER MUTUAL FUNDS
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED JUNE 30, 2003 - (UNAUDITED)
INTERMEDIATE MUNICIPAL BOND
SIX ONE FIVE TEN
MONTHS YEAR YEARS* YEARS*
------ ---- ------ ------
INTERMEDIATE MUNICIPAL BOND 3.35% 7.72% 5.77% 5.59%
Lehman Brothers 3-10 Year
Bond Index 3.43% 7.80% 6.11% 5.94%
Lipper Intermediate Muni
Funds Average 3.08% 7.24% 5.29% 5.43%
Fixed Income investors experienced significant volatility during the first half
of 2003. Uncertainties surrounding the war against Iraq gave way to
uncertainties regarding the economy. Ultimately, concerns over the economy
caused participants to price in a 50 bp ease by the Federal Reserve Board. When
the Fed lowered the target by only 25 bps in mid-June, the market sold off
violently.
State credits remained under pressure. California, in particular, saw the value
of its bonds decline relative to other states due to an inability to come to
grips with a significant budget deficit. In addition to credit erosion, the
municipal market also had to deal with record supply of new issuance for the six
months. Given this confluence of negative events, municipals should have
performed poorly relative to other fixed income assets; however, municipals
ended the period at identical relative value measures as were in place at the
beginning of the year.
The Fund produced strong numbers relative to the average Lipper Intermediate
Term Fund, posting a return of 3.35% versus the average Fund's return of 3.08%.
These results were attained by maintaining a tight control on the Fund's
duration, allowing the Fund to avoid being whipsawed by the volatile swings in
yields. The Fund modestly underperformed its unmanaged index, which had a return
of 3.43% for the period.
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 1000 Growth Index measures the performance of
those companies with an approximate median market capitalization of $3.2
billion that have higher than average price-to-book ratios and higher than
average forcasted growth values. 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 $800 million. Lipper Analytical Services
(Lipper) and Morningstar compare mutual funds according to overall
performance, investment objectives, investment policies, assets, expense
levels, periods of existence and other factors. The Lehman Brothers
Aggregate Index is a market weighted blend of all investment grade corporate
issues, all mortgage securities and all government issues. The Lehman
Brothers 3-10 year Muni Bond Index is a broad based index which contains all
securities in the Lehman Municipal Bond Index with maturities from 3-10
years.
* Annualized.
Page 4
WEISS, PECK & GREER MUTUAL FUNDS
TEN LARGEST HOLDINGS AT JUNE 30, 2003* - (UNAUDITED)
MARKET PERCENT
VALUE OF
TUDOR FUND (000'S) FUND
- --------------------------------------------------------------------------------
Fair, Isaac Corp. ................................. $ 1,582 3.0%
FSI International, Inc. ........................... 1,250 2.3%
Neoware Systems Inc. .............................. 1,108 2.1%
Alliance Gaming Corp. ............................. 1,082 2.0%
Hubco, Inc ........................................ 1,031 1.9%
MDC Holdings, Inc ................................. 924 1.7%
XTO Energy Inc. ................................... 897 1.7%
Take Two Interactive Software, Inc. ............... 890 1.7%
E-Loan Inc ........................................ 825 1.5%
American Italian Pasta Co Cl A .................... 816 1.5%
------- -----
$10,405 19.4%
======= =====
MARKET PERCENT
VALUE OF
LARGE CAP GROWTH FUND (000'S) FUND
- --------------------------------------------------------------------------------
Pfizer Inc. ................................. $ 2,860 6.1%
Amgen, Inc. ................................. 2,286 4.9%
Cisco Systems Inc. .......................... 2,076 4.4%
Carnival Corp. .............................. 2,061 4.4%
General Electric Co. ........................ 1,804 3.9%
Viacom Inc. Cl B ............................ 1,751 3.8%
KLA-Tencor Corp. ............................ 1,650 3.5%
Wal-Mart Stores, Inc. ....................... 1,632 3.5%
Citigroup Inc ............................... 1,549 3.3%
Schlumberger Ltd ............................ 1,527 3.3%
------- -----
$19,196 41.1%
======= =====
MARKET PERCENT
VALUE OF
QUANTITATIVE EQUITY FUND (000'S) FUND
- --------------------------------------------------------------------------------
Citigroup Inc .................................... $ 537 3.4%
Microsoft Corp. .................................. 487 3.1%
Exxon Mobil Corp. ................................ 472 3.0%
General Electric Co. ............................. 426 2.7%
International Business Machines .................. 421 2.6%
Intel Corp. ...................................... 420 2.6%
Pfizer Inc. ...................................... 388 2.4%
Merck & Co Inc. .................................. 383 2.4%
Procter & Gamble Co .............................. 361 2.3%
Bankamerica Corp. ................................ 320 2.0%
------ -----
$4,215 26.5%
====== =====
Page 5
WEISS, PECK & GREER MUTUAL FUNDS
TEN LARGEST HOLDINGS AT JUNE 30, 2003* - (UNAUDITED) - CONTINUED
MARKET PERCENT
VALUE OF
CORE BOND FUND (000'S) FUND
- --------------------------------------------------------------------------------
Federal National Mortgage Association Discount Note Due 7/14/03 $ 9,889 8.7%
U. S. Treasury Note 5.875% Due 11/15/04 ....................... 7,615 6.7%
U. S. Treasury Note 6.000% Due 8/15/04 ........................ 7,190 6.4%
Federal National Mortgage Association TBA 6.500% Due 7/1/33 ... 6,007 5.3%
Federal National Mortgage Association TBA 5.000% Due 7/1/18 ... 5,799 5.1%
Federal National Mortgage Association TBA 5.500% Due 7/1/18 ... 5,717 5.0%
U. S. Treasury Note 5.625% Due 2/15/06 ........................ 5,103 4.5%
U. S. Treasury Note 3.875% Due 2/15/13 ........................ 5,027 4.4%
Federal National Mortgage Association TBA 5.000% Due 7/1/33 ... 4,150 3.7%
Federal National Mortgage Association TBA 4.500% Due 7/1/18 ... 3,478 3.1%
------- -----
$59,975 52.9%
======= =====
INTERMEDIATE MUNICIPAL BOND FUND
- --------------------------------------------------------------------------------
Chicago Illinois O'Hare International
Airport Revenue Refunding -
2nd Lien Series C
(MBIA Insured) 5.75% Due 1/1/09 ................. $1,152 5.5%
Los Angeles California Department Water
& Power Waterworks Revenue System
Series B 5.13% Due 7/1/16 ....................... 1,007 4.8%
New York State Thruway Authority State
Personal Income Tax Revenue
Transportation Series A 5.50%
Due 3/15/13 ..................................... 948 4.5%
Oklahoma County Oklahoma Home Finance
Authority Single Family Refunding
Subordinated Mortgage Revenue
Series B 1.87%@ Due 7/1/12 ...................... 885 4.2%
Rhode Island Housing & Mortgage
Finance Corporation Multi-Family
Housing Revenue Series A 5.70%
Due 7/1/07 ...................................... 875 4.2%
Metropolitan Transportation Authority -
New York City Tunnel Transitional
Triborough Bridge & Tunnel Authority
Series A 5.63% 1/1/12 ........................... 859 4.1%
Louisiana State Office Facilities
Corporate Lease Revenue Capital
Complex Program 5.00% Due 5/1/12 ................ 847 4.0%
California State General Obligation
5.25% Due 2/1/14 ................................ 827 3.9%
New Orleans Louisiana Public Improvement
General Obligation 7.20% Due 11/1/08 ............ 782 3.7%
Mobile Alabama Water & Sewer Commissioners
Water & Sewer Revenue 5.25% Due 1/1/13 .......... 762 3.6%
------ -----
$8,944 42.5%
====== =====
* The composition of the largest securities in each portfolio is subject to
change.
@ Indicates yield-to-maturity at June 30, 2003.
Page 6
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 2003 - (UNAUDITED)
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------------------------------------------------------------------------------
TUDOR
COMMON STOCKS (95.5%)
CAPITAL GOODS
ADVERTISING (1.0%)
92,400* Valueclick Inc. ................................. $ 557
-------
AEROSPACE/DEFENSE (0.9%)
26,400 EDO Corp. ....................................... 467
-------
BIOTECHNOLOGY (0.5%)
27,100* Abgenix ......................................... 284
-------
COMMUNICATION (3.9%)
12,500* Avid Technology Inc ............................. 438
102,300* Emerson Radio Corp. ............................. 688
29,700* Netscreen Technologies Inc ...................... 670
48,800* Powerwave Technologies Inc. ..................... 306
-------
2,102
-------
COMPUTER SOFTWARE & SERVICES (6.3%)
29,525* Ascential Software Corp. ........................ 485
79,100* Concurrent Computers Corp. ...................... 231
46,900* # Dot Hill Systems Corp. .......................... 615
22,600* Intermagnetics General Corp. .................... 448
72,600* Maxtor Corp. .................................... 545
23,500* Practiceworks Inc. .............................. 454
57,900* Western Digital Corp. ........................... 596
-------
3,374
-------
CONSTRUCTION SERVICES (4.0%)
27,600 Dr. Horton Inc. ................................. 776
19,140 MDC Holdings, Inc. .............................. 924
13,300 Standard Pacific Corp. .......................... 441
-------
2,141
-------
ELECTRONICS (6.1%)
26,400* Digital River Inc. .............................. 510
8,700* Gen-Probe Inc. .................................. 356
112,600* Integrated Silicon Solution, Inc. ............... 781
36,100* MEMC Electronic Materials ....................... 354
172,800* SRS Labs Inc. ................................... 700
16,000* Wilson Greatbatch
Technologies, Inc. ........................... 578
-------
3,279
-------
INTERNET CONTENT (0.9%)
47,500* Centillium Communication Inc. ................... 471
-------
PHARMACEUTICALS (2.1%)
39,000* # Alkermes Inc. ................................... 419
10,300* Amylin Pharmaceuticals Inc. ..................... 225
14,000* OSI Pharmaceuticals Inc. ........................ 451
-------
1,095
-------
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------------------------------------------------------------------------------
TUDOR (CONTINUED)
SEMICONDUCTORS (11.2%)
22,000* ATMI Inc. ....................................... $ 549
39,900* Axcelis Technologies Inc. ....................... 244
80,900* ChipPAC, Inc. ................................... 621
28,600* Credence Systems Corp. .......................... 242
24,700* Cymer Inc. ...................................... 780
320,600* FSI International, Inc. ......................... 1,250
24,300* # Omnivision Technologies ......................... 758
35,500* Pinnacle Systems, Inc. .......................... 380
19,600* Varian Semiconductor
Equipment Associates, Inc. ................... 583
124,100* Vitesse Semiconductor Corp. ..................... 611
-------
6,018
-------
TECHNOLOGY (3.4%)
53,100* Activision, Inc. ................................ 686
4,800* Bio-Rad Laboratories, Inc. ...................... 266
31,400* Take Two Interactive
Software, Inc. ................................ 890
-------
1,842
-------
21,630
-------
CONSUMER
BUSINESS SERVICES (0.1%)
26,756* # Surebeam Corp.-Cl A ............................. 71
-------
ENTERTAINMENT (4.1%)
57,200* Alliance Gaming Corp. ........................... 1,082
112,600* Lions Gate Entertainment Corp. .................. 214
21,300* RC2 Corp. ....................................... 362
18,800* Shuffle Master, Inc. ............................ 553
-------
2,211
-------
FOOD (4.0%)
19,600* American Italian Pasta Co. Cl A ................. 816
31,700* Horizon Organic Holding Corp. ................... 755
20,000* United Natural Foods Inc. ....................... 563
-------
2,134
-------
HEALTH CARE SERVICES (4.1%)
10,100* Edwards Lifesciences Corp. ...................... 325
13,700* Mid Atlantic Medical Services Inc. .............. 717
12,000* Quality Systems, Inc. ........................... 330
30,000* The Medicines Co. ............................... 591
7,000* Zoll Medical Corp. .............................. 235
-------
2,198
-------
See notes to financial statements Page 7
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 2003 - (UNAUDITED)
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------------------------------------------------------------------------------
TUDOR (CONTINUED)
MEDICAL BIOTECHNOLOGY (2.2%)
6,800* Angiotech Pharmaceuticals Inc. ................ $ 277
25,900* # Ligand Pharmaceuticals Inc. ...................
Class B ..................................... 352
5,300* Neurocrine Biosciences Inc. ................... 265
15,100* # Vital Images Inc. ............................. 277
---------
1,171
---------
MEDICAL - HOSPITALS (1.3%)
17,500* Centene Corp. ................................. 681
---------
MEDICAL EQUIPMENT (3.0%)
44,900* Alaris Medical Inc. ........................... 581
93,400* Cardiac Science Inc. .......................... 250
6,200* Inamed Corporation ............................ 333
13,000* Possis Medical Inc. ........................... 178
6,800* Respironics, Inc. ............................. 255
---------
1,597
---------
OTHER (2.1%)
21,700 Matthews International
Corp.-Cl A .................................. 537
26,100* Yankee Candle Co. ............................. 606
---------
1,143
---------
RETAIL (4.0%)
19,800* Ann Taylor Stores ............................. 573
8,500* Dick's Sporting Goods Inc. .................... 312
21,100* Mother's Work Inc. ............................ 565
26,700* The Sports Authority Inc. ..................... 286
11,500* Urban Outfitters Inc. ......................... 413
---------
2,149
---------
13,355
---------
ENERGY
NATURAL GAS UTILITIES (0.4%)
12,200* Southwestern Energy Co. ....................... 183
---------
OIL & GAS EXPLORATION (5.9%)
49,200 Chesapeake Energy Corp. ....................... 497
14,100* Houston Exploration Co. ....................... 489
19,100* Pioneer Natural Resources Co. ................. 498
21,800* Universal Compression Holdings ................ 455
9,400 Valero Energy ................................. 342
44,600 XTO Energy Inc. ............................... 897
---------
3,178
---------
OIL FIELD SERVICES (1.8%)
23,600* Pride International, Inc. ..................... 444
51,800* Tesco Corp. ................................... 497
---------
941
---------
4,302
---------
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------------------------------------------------------------------------------
TUDOR (CONTINUED)
INTERMEDIATE GOODS & SERVICES
APPLICATIONS SOFTWARE (5.1%)
15,700* Integrated Circuit Systems, Inc. .............. $ 493
45,900* Magma Design Automation, Inc. ................. 787
72,200* # Neoware Systems Inc. .......................... 1,108
63,000* Pervasive Software, Inc. ...................... 337
---------
2,725
---------
DATA SERVICES (4.5%)
24,400* Factual Data Corp. ............................ 424
30,750 Fair, Isaac Corp. ............................. 1,582
25,300* SPSS Inc. ..................................... 424
---------
2,430
---------
ENGINEERING (0.8%)
8,600* Emcor Group, Inc. ............................. 424
---------
GOLD & SILVER (2.2%)
64,600* Glamis Gold Ltd. .............................. 741
93,400 Iamgold Corporation ........................... 461
---------
1,202
---------
TRANSPORTATION (1.0%)
13,100 Teekay Shipping Marshall Island ............... 562
---------
7,343
---------
INTEREST SENSITIVE
BANKS (5.0%)
10,570 Commerce Bancorp Inc. ......................... 392
19,100 First Niagara Financial Group ................. 267
30,200 Hubco, Inc. ................................... 1,031
9,400 Resource Bankshares Corp. ..................... 322
28,055 Washington Federal Inc. ....................... 649
---------
2,661
---------
FINANCE (1.5%)
141,500* # E-Loan Inc. ................................... 825
---------
INSURANCE (0.1%)
2,400 Odyssey Re Holdings Corp. ..................... 50
OTHER (2.0%)
1,176,100* Earthshell Corp. .............................. 482
30,200* VCA Antech, Inc. .............................. 591
---------
1,073
---------
4,609
---------
TOTAL COMMON STOCK
(Cost $42,434) ................................ 51,239
---------
Page 8 See notes to financial statements
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 2003 - (UNAUDITED)
NUMBER VALUE
OF WARRANTS SECURITY (000'S)
- --------------------------------------------------------------------------------
TUDOR (CONTINUED)
WARRANTS (0.0%)
(Cost $0)
94,750* Cambior Inc. .................................. $ 6
--------
PRINCIPAL
AMOUNT
(000'S)
- -------
FIXED INCOME (0.1%)
(Cost $7)
$ 38 Microstrategy Inc.
7.500% Due 6/24/07 .......................... 43
--------
REPURCHASE AGREEMENTS (4.6%)
(Cost $2,490)
Lehman Brothers
1.000% Due 7/1/03
with proceeds at maturity
of $2,490 (collateralized
by 2,295 United States
Treasury Note 6.750% Due
5/15/05 with value of $2,548) .............. 2,490
--------
TOTAL INVESTMENTS (100.2%)
(Cost $44,931) ................................ 53,778
LIABILITIES IN EXCESS
OF OTHER ASSETS (-0.2%) ....................... (109)
--------
TOTAL NET ASSETS (100.0%) ..................... $53,669
========
*Non-income producing securities.
#Portion of security out on loan (See Note 3).
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------------------------------------------------------------------------------
LARGE CAP GROWTH
COMMON STOCKS (96.2%)
CAPITAL GOODS
AEROSPACE/DEFENSE (2.2%)
14,100 General Dynamics Corp. .......................... $1,022
------
OTHER (3.9%)
62,900 General Electric Co. ............................ 1,804
------
2,826
------
CONSUMER
CONSUMER CYCLICALS (6.7%)
63,400 Carnival Corp. .................................. 2,061
27,300 Harley Davidson, Inc. ........................... 1,088
------
3,149
------
CONSUMER NON-DURABLES (2.0%)
16,100 Colgate-Palmolive Co. ........................... 933
------
RETAIL (3.5%)
30,400 Wal-Mart Stores, Inc. ........................... 1,632
------
5,714
------
HEALTH CARE
DRUGS (23.9%)
34,400* Amgen, Inc. ..................................... 2,286
4,800* Boston Scientific Corp. ......................... 293
8,700* Forest Laboratories, Inc. ....................... 476
10,100* Genzyme Corp. ................................... 422
21,000* Gilead Sciences Inc. ............................ 1,167
22,700 Johnson & Johnson ............................... 1,174
12,200* Medimmune Inc. .................................. 444
83,740 Pfizer Inc. ..................................... 2,860
28,300 Wyeth ........................................... 1,289
16,000* Zimmer Holdings, Inc. ........................... 721
------
11,132
------
OTHER (2.1%)
9,400 United Healthcare Corp. ......................... 472
6,000* Wellpoint Health Network ........................ 506
------
978
------
12,110
------
See notes to financial statements Page 9
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 2003 - (UNAUDITED)
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------------------------------------------------------------------------------
LARGE CAP GROWTH (CONTINUED)
INTEREST SENSITIVE
BANKS (2.5%)
6,300 Golden West Financial Corp. .................. $ 504
19,300 North Fork Bancorporation .................... 657
--------
1,161
--------
INSURANCE (2.1%)
12,700 Everest Re Group Ltd. ........................ 972
--------
OTHER (6.1%)
36,200 Citigroup Inc. ............................... 1,549
18,500 Countrywide Financial Corp. .................. 1,287
--------
2,836
--------
4,969
--------
MEDIA
BROADCASTING/ADVERTISING (10.2%)
35,500* Clear Channel Communications ................. 1,505
49,900* Univision Communications Inc. ................ 1,517
40,100* Viacom Inc. Cl B ............................. 1,751
--------
4,773
--------
NATURAL RESOURCES
ENERGY & RELATED (4.2%)
13,000 Baker Hughes Inc. ............................ 436
32,100 Schlumberger Ltd. ............................ 1,527
--------
1,963
--------
TECHNOLOGY
COMPUTER SOFTWARE & SERVICES (13.2%)
124,400* Cisco Systems Inc. ........................... 2,076
89,400* EMC Corp. .................................... 936
18,500 First Data Corp. ............................. 767
50,200* Juniper Networks Inc. ........................ 621
22,600* Mercury Interactive Corp. .................... 872
20,200* Symantec Corp. ............................... 886
--------
6,158
--------
SEMICONDUCTORS (13.6%)
38,400* Analog Devices, Inc. ......................... 1,337
42,100* Applied Materials, Inc. ...................... 668
35,500* KLA-Tencor Corp. ............................. 1,650
20,700 Linear Technology Corp. ...................... 667
31,700 Maxim Integrated Products .................... 1,084
53,200 Texas Instruments, Inc. ...................... 936
--------
6,342
--------
12,500
--------
TOTAL COMMON STOCK
(Cost $39,433) ............................... 44,855
--------
PRINCIPAL
AMOUNT VALUE
(000's) (000's)
- --------------------------------------------------------------------------------
LARGE CAP GROWTH (CONTINUED)
EURODOLLAR DEPOSIT (4.0%)
(Cost $1,843)
$ 1,843 Societe Generale Bank
1.200% Due 7/1/03 .......................... $ 1,843
--------
TOTAL INVESTMENTS (100.2%)
(Cost $41,276) ............................. 46,698
LIABILITIES IN EXCESS
OF OTHER ASSETS (-0.2%) .................... (75)
--------
TOTAL NET ASSETS (100.0%) .................... $ 46,623
========
* Non-income producing securities.
Page 10 See notes to financial statements
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 2003 - (UNAUDITED)
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------------------------------------------------------------------------------
QUANTITATIVE EQUITY
COMMON STOCKS (100.1%)
BANKING/FINANCIAL (5.2%)
4,050 Bankamerica Corp. ............................... $ 320
4,000 National City Corp. ............................. 131
8,350 US Bancorp ...................................... 205
3,450 Wells Fargo & Co. ............................... 174
------
830
------
BASIC INDUSTRIES (2.7%)
2,650 Alcan Inc. ...................................... 83
11,900 Monsanto Company ................................ 258
4,200* Pactiv Corporation .............................. 83
------
424
------
BROADCAST (1.2%)
6,700* Fox Entertainment Group Inc. ....................
Cl A Shares ..................................... 193
------
CAPITAL GOODS (0.7%)
2,500 Deere & Co. ..................................... 114
------
CONSUMER CYCLICALS (7.1%)
2,300 Black & Decker Corp. ............................ 100
4,800 Dana Corp. ...................................... 55
7,200 Ford Motor Co. .................................. 79
2,600 General Motors Corp. ............................ 94
3,200 Home Depot, Inc. ................................ 106
9,450* Kroger Co. ...................................... 158
4,600 Mattel, Inc. .................................... 87
4,600 Sears Roebuck & Co. ............................. 155
5,350 Wal-Mart Stores Inc. ............................ 287
------
1,121
------
CONSUMER NON-CYCLICALS (5.2%)
3,475 Altria Group Inc. ............................... 158
6,300 Coca-Cola Enterprises ........................... 114
6,100* Constellation Brands Inc. ....................... 192
4,050 Procter & Gamble Co. ............................ 361
------
825
------
CONSUMER SERVICES (1.6%)
5,700* Viacom Inc. ..................................... 249
------
ELECTRIC SERVICES (1.0%)
2,500 Exelon Corp. .................................... 150
------
ELECTRONICS (1.8%)
4,900* Arrow Electronics, Inc. ......................... 75
1,700* Jabil Circuit ................................... 37
1,600* L-3 Communications Holdings Inc. ................ 70
17,000* Sanmina-Sci Corp. ............................... 107
------
289
------
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------------------------------------------------------------------------------
QUANTITATIVE EQUITY (CONTINUED)
ELECTRONICS - SEMICONDUCTORS (2.6%)
20,200 Intel Corp. ..................................... $ 420
------
ENERGY (4.8%)
13,150 Exxon Mobil Corp. ............................... 472
3,000 Occidental Petroleum Corp. ...................... 101
3,150 PPL Corp. ....................................... 135
1,700 Valero Energy Corp. ............................. 62
------
770
------
ENTERTAINMENT (1.1%)
1,000* Electronic Arts ................................. 74
11,400* Park Place Entertainment Corp. .................. 104
------
178
------
FINANCE (11.7%)
2,250 American International Group Inc. ............... 124
3,100 Capital One Financial Corp. ..................... 152
12,550 Citigroup Inc. .................................. 537
1,600 Countrywide Financial Corporation ............... 111
2,475 Fannie Mae ...................................... 167
1,200 Freddie Mac ..................................... 61
7,500 JP Morgan Chase & Co. ........................... 256
1,900 Lehman Bros Holdings Inc. ....................... 126
4,000 Merrill Lynch & Co., Inc. ....................... 187
3,400 Washington Mutual, Inc. ......................... 140
------
1,861
------
FOOD (3.3%)
7,900 Campbell Soup Co. ............................... 194
8,700 McDonald's Corp. ................................ 192
6,100* Smithfield Foods Inc. ........................... 140
------
526
------
HEALTH CARE (10.2%)
7,300* Andrx Corp. ..................................... 145
2,000* Biogen Inc. ..................................... 76
4,750 Johnson & Johnson ............................... 246
6,700 McKesson Corp. .................................. 239
6,325 Merck & Co. Inc. ................................ 383
11,350 Pfizer Inc. ..................................... 388
1,700* Wellpoint Health Networks ....................... 143
------
1,620
------
HOMEBUILDING (0.6%)
1,500 Pulte Homes, Inc. ............................... 92
------
INDUSTRIAL (3.1%)
14,850 General Electric Co. ............................ 426
3,550 Tyco International Ltd. ......................... 67
------
493
------
See notes to financial statements Page 11
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 2003 - (UNAUDITED)
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------------------------------------------------------------------------------
QUANTITATIVE EQUITY (CONTINUED)
INSURANCE (5.0%)
2,800 Allstate Corp. ................................. $ 100
3,000 Everest Reinsurance ............................ 229
3,300 John Hancock Financial Services ................ 101
4,250 Old Republic International Corp. ............... 146
2,200* Oxford Health Plans Inc. ....................... 92
3,200 Torchmark Corp. ................................ 119
--------
787
--------
MEDICAL PRODUCTS (4.0%)
2,800* Amgen, Inc. .................................... 186
3,600 Beckman Instruments, Inc. ...................... 146
4,025 Becton Dickinson & Co. ......................... 156
2,800 United Healthcare Corp. ........................ 141
--------
629
--------
OIL & GAS (1.9%)
2,300 Anadarko Petroleum Corp. ....................... 102
1,800 Chevron Corporation ............................ 130
1,400 ConocoPhillips ................................. 77
--------
309
--------
RETAIL (3.4%)
8,100* Autonation Inc. ................................ 127
3,900* Best Buy Co., Inc. ............................. 171
2,000 CVS Corp. ...................................... 56
5,100 Gap, Inc. ...................................... 96
3,600 Sherwin Williams Co. ........................... 97
--------
547
--------
SPECIALTY-PRINTING (0.7%)
4,400 Donnelley & Sons Co., R.R ...................... 115
--------
TECHNOLOGY (14.7%)
15,900* Cisco Systems Inc. ............................. 265
2,500 Computer Associates International .............. 56
5,650* Computer Sciences Corp. ........................ 215
1,200 First Data Corp. ............................... 50
10,950 Hewlett Packard Co. ............................ 233
5,100 International Business Machines ................ 421
1,150* Lexmark International Group Inc.,
Cl-A ......................................... 81
19,000 Microsoft Corp. ................................ 487
10,200* Oracle Corp. ................................... 123
5,400 Pall Corp. ..................................... 122
3,400 United Technologies Corp. ...................... 241
4,000* Western Digital Corp. .......................... 41
--------
2,335
--------
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------------------------------------------------------------------------------
QUANTITATIVE EQUITY (CONTINUED)
TELECOMMUNICATIONS (2.7%)
1,900 AT&T Corp. ..................................... $ 37
3,500 Bellsouth Corp. ................................ 93
6,500* Nextel Communications Inc. ..................... 117
12,300 Sprint Corp. ................................... 177
--------
424
--------
TRANSPORTATION (1.6%)
1,800 FDX Corp. ...................................... 112
3,900 Norfolk Southern Corp. ......................... 75
1,000 United Parcel Service-Cl B ..................... 64
--------
251
--------
UTILITIES (1.0%)
3,150 Entergy Corp. .................................. 166
--------
WIRELESS COMMUNICATIONS (1.2%)
4,850 Verizon Communications ......................... 191
--------
TOTAL INVESTMENTS (100.1%)
(Cost $14,592) ............................... 15,909
LIABILITIES IN EXCESS
OF OTHER ASSETS (-0.1%) ...................... (18)
--------
TOTAL NET ASSETS (100.0%) ...................... $ 15,891
========
* Non-income producing securities.
Page 12 See notes to financial statements
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 2003 - (UNAUDITED)
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------------------------------------------------------------------------------
CORE BOND
LONG-TERM SECURITIES
ASSET BACKED SECURITIES (3.3%)
$ 300 Bank One Issuance Trust Series 2002-A4
Class A4 2.940% Due 6/16/08 ............................ $ 308
500 BMW Vehicle Owner Trust Series
2003-A Class A4 2.530% Due 2/25/08 ..................... 506
750 Citibank Credit Card Issuance
Trust Series 2003-A3 Class A3
3.100% Due 3/10/10 ..................................... 762
1,000 Citibank Credit Card Issuance
Trust Series 2003-A7 Class A7
4.150% Due 7/7/17 ...................................... 988
500 Fleet Credit Card Master Trust II
Series 2002-C Class A
2.750% Due 4/15/08 ..................................... 512
620 MBNA Master Credit Card
Trust Series 2000-I Class A
6.900% Due 1/15/08 ..................................... 686
------
TOTAL ASSET BACKED SECURITIES
(Cost $3,729) .......................................... 3,762
------
CORPORATE DEBENTURES (20.0%)
BANKING (2.8%)
780 Bank One Corp. 4.900% Due 4/30/15 ........................ 805
825 HSBC Capital Funding 4.610% Due 6/27/13 .................. 814
1,300 JP Morgan Chase 5.250% Due 5/1/15 ........................ 1,362
1,110 JP Morgan Chase 7.523%@ Due 7/1/27 ....................... 194
------
3,175
------
BASIC INDUSTRIES (0.8%)
550 Falconbridge Ltd. 5.375% Due 6/1/15 ...................... 528
400 International Paper Co. 5.300% Due 4/1/15 (B) ............ 411
------
939
------
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------------------------------------------------------------------------------
CORE BOND (CONTINUED)
BROADCAST MEDIA & CABLE (0.9%)
$ 250 AOL Time Warner 7.625% Due 4/15/31 ..................... $ 288
300 Cox Entertainment 4.375% Due 5/1/08 (B) ................ 312
350 TCI Communications Inc. 8.750% Due 8/1/15 .............. 459
------
1,059
------
BROKERAGE (2.8%)
950 Merrill Lynch & Co. 3.700% Due 4/21/08 ................. 981
2,110 Morgan Stanley 5.625% Due 1/20/04 ...................... 2,161
------
3,142
------
CAPITAL GOODS (0.4%)
475 Hutchinson Whampoa 6.500% Due 2/13/13 (B) .............. 498
------
COMMUNICATIONS (2.3%)
85 AT&T Corp. 8.500% Due 11/15/31 (E) ..................... 96
200 AT&T Wireless 8.750% Due 3/1/31 ........................ 247
350 Deutsche Telekom International Financing
8.750% Due 6/15/30 (E) ............................... 446
465 France Telecom 10.000% Due 3/1/31 (E) .................. 643
200 Sprint Capital Corp. 6.375% Due 5/1/09 ................. 219
230 Sprint Capital Corp. 8.750% Due 3/15/32 ................ 275
700 Verizon Maryland 5.125% Due 6/15/33 .................... 657
------
2,583
------
CONSUMER CYCLICAL (1.1%)
50 Ford Motor Co. 6.375% Due 2/1/29 ....................... 40
235 Ford Motor Co. 6.625% Due 10/1/28 ...................... 196
175 General Motors Corp. 7.125% Due 7/15/13 ................ 174
675 General Motors Corp. 8.375% Due 7/15/33 ................ 663
100 Pulte Homes Inc. 7.875% Due 06/15/32 ................... 120
------
1,193
------
See notes to financial statements Page 13
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 2003 - (UNAUDITED)
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------------------------------------------------------------------------------
CORE BOND (CONTINUED)
ELECTRIC UTILITIES (2.4%)
$ 425 Black Hills Corp. 6.500% Due 5/15/13 ........... $ 424
435 Centerpoint Energy Houston LLC 6.850%
Due 6/1/15 ................................... 436
200 Duke Capital Corp. 8.000% Due 10/1/19 .......... 232
685 FPL Energy American Wind, LLC
6.639% Due 6/20/23 (B) ....................... 697
550 FirstEnergy Corp. 7.375% Due 11/15/31 ......... 616
250 PSEG Energy 7.750% Due 4/16/07 ................. 265
-------
2,670
-------
ENERGY (1.1%)
425 Pemex Project Funding Master Trust
7.375% Due 12/15/14 (B) ...................... 465
270 Petronas Capital 7.625% Due 10/15/26 (B) ....... 311
385 TXU Energy Co. 7.000% Due 3/15/13 .............. 426
-------
1,202
-------
FINANCE (2.2%)
450 Associates Corp. NA 5.750% Due 11/1/03 ......... 457
300 Associates Corp. NA 6.250% Due 11/1/08 ......... 345
305 GMAC 7.250% Due 3/2/11 ......................... 313
325 PHH Corp. 7.125% Due 3/1/13 .................... 374
1,000 RBS Capital Trust I 4.709% Due 7/1/13 (D) ...... 1,001
-------
2,490
-------
INSURANCE (2.2%)
710 AXA SA Financial 8.600% Due 12/15/30 ........... 914
1,120 Monument Global Funding 2.800% Due 7/15/08 ..... 1,110
440 USF&G Capital 8.312% Due 7/1/46 (B) ............ 511
-------
2,535
-------
ECHNOLOGY (0.3%)
390 Science Applications 5.500% Due 7/1/33 ......... 371
-------
TRANSPORTATION (0.5%)
525 Qantas Airways 5.125% Due 6/20/13 .............. 516
-------
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------------------------------------------------------------------------------
CORE BOND (CONTINUED)
YANKEE (0.2%)
$ 250 United Mexican States 7.500% Due 4/8/33 ........ $ 266
-------
TOTAL CORPORATE DEBENTURES
(Cost $21,935) ............................... 22,639
-------
U. S. GOVERNMENT OBLIGATIONS (33.9%)
U. S. TREASURY BONDS (0.7%)
711 5.375% Due 2/15/31 ............................. 801
-------
U. S. TREASURY NOTES (33.2%)
2,225 2.750% Due 10/31/03 ............................ 2,239
6,815 6.000% Due 8/15/04 ............................. 7,190
7,155 5.875% Due 11/15/04 ............................ 7,615
1,145 # 1.500% Due 2/28/05 ............................. 1,150
3,400 1.625% Due 4/30/05 ............................. 3,422
1,750 1.250% Due 5/31/05 ............................. 1,749
4,615 # 5.625% Due 2/15/06 ............................. 5,103
1,480 2.625% Due 5/15/08 ............................. 1,494
4,885 3.875% Due 2/15/13 ............................. 5,027
2,605 3.625% Due 5/15/13 ............................. 2,625
-------
37,614
-------
TOTAL U.S. GOVERNMENT OBLIGATIONS
(Cost $38,432) ................................. 38,415
-------
MORTGAGE PASS THROUGH SECURITIES (30.5%)
FEDERAL NATIONAL MORTGAGE ASSOCIATION (24.1%)
223 9.000% Due 11/1/10 ............................. 240
1,424 6.500% Due 12/01/14 ............................ 1,502
3,410 4.500% Due 7/1/18 (C) .......................... 3,478
5,615 5.000% Due 7/1/18 (C) .......................... 5,799
5,505 5.500% Due 7/1/18 (C) .......................... 5,717
416 7.500% Due 2/1/31 .............................. 442
4,085 5.000% Due 7/1/33 (C) .......................... 4,150
5,760 6.500% Due 7/1/33 (C) .......................... 6,007
-------
27,335
-------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (3.8%)
2,467 6.500% Due 2/15/24 - 10/15/24 .................. 2,779
431 7.500% Due 9/15/07 ............................. 462
946 8.000% Due 9/15/17 - 12/15/17 .................. 1,020
-------
4,261
-------
Page 14 See notes to financial statements
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 2003 - (UNAUDITED)
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------------------------------------------------------------------------------
CORE BOND (CONTINUED)
OTHER (2.6%)
$ 325 Commercial Mortgage Asset Trust Series 1999-C2
Class A2 7.550% Due 11/17/32 ................. $ 394
660 First Union Bank Of America
Series 2001-C1 Class A2 6.136% Due 3/15/33 ... 757
655 First Union-Lehman Brothers-
Bank Of America Series 1998-C2 Class A2
6.560% Due 11/18/35 .......................... 754
470 GE Capital Commercial Mortgage
Corporation Series 2002-1A Class A3
6.269% Due 12/10/35 .......................... 543
490 Mortgage Capital Funding Inc.
Series 1998-MC3 Class A2 6.340% Due 11/18/31 . 559
-------
3,007
-------
TOTAL MORTGAGE PASS THROUGH SECURITIES
(Cost $34,039) ............................... 34,603
-------
GOVERNMENT AGENCIES (11.7%)
FEDERAL NATIONAL MORTGAGE ASSOCIATION (9.9%)
1,985 3.250% Due 1/29/07 (D) ......................... 2,005
1,580 5.250% Due 3/22/07 (D) ......................... 1,622
2,735 5.250% Due 6/15/06 ............................. 3,003
2,335 2.500% Due 6/15/08 ............................. 2,324
225 4.375% Due 9/15/12 ............................. 235
1,250 4.375% Due 3/15/13 ............................. 1,302
725 4.625% Due 5/1/13 .............................. 746
-------
11,237
-------
FEDERAL HOME LOAN BANKS (1.8%)
1,340 2.500% Due 3/15/06 ............................. 1,367
635 3.700% Due 2/14/08 (D) ......................... 656
-------
2,023
-------
TOTAL GOVERNMENT AGENCY SECURITIES
(Cost $13,091) ............................... 13,260
-------
SHORT-TERM SECURITIES
ASSET BACKED SECURITIES (7.9%)
BANKS (0.5%)
595 Bank One Issuance Trust Series 2003-A2
Class A2 1.360% Due 10/15/08 (A) ............. 595
-------
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------------------------------------------------------------------------------
CORE BOND (CONTINUED)
CREDIT CARDS (5.9%)
$ 330 American Express Master Trust Series 2003-3
Class A 1.340% Due 11/15/07 (A) .............. $ 331
340 American Express Master Trust
Series 2000-5 Class A 1.320% Due 4/15/08 (A) . 341
305 American Express Master Trust Series 2001-7
Class A 1.300% Due 2/16/09 (A) ............... 306
2,410 Chase Manhattan Credit Card Trust
Series 2001-5A Class A
1.280% Due 2/15/07 (A) ....................... 2,411
450 Citibank Credit Card Master Trust
Series 2002-A5 Class A
1.160% Due 9/17/07 (A) ....................... 450
580 Discover Card Master Trust I
Series 2001-4 Class A 1.270% Due 10/16/06 (A) 580
210 First USA Credit Card Master Trust
Series 1998-4 Class A
1.440% Due 3/18/08 (A) ....................... 210
590 First USA Credit Card Master Trust
Series 2001-3 Class A
1.230% Due 11/19/08 (A) ...................... 592
600 MBNA Master Credit Card Trust
Series 1997-C Class A
1.290% Due 8/15/06 (A) ....................... 600
415 MBNA Master Credit Card Trust
Series 2002 Class A12
1.240% Due 4/15/08 (A) ....................... 415
410 Target Credit Card Master Trust
Series 2001-1 Class A
1.150% Due 7/25/08 (A) ....................... 410
-------
6,646
-------
FINANCE (1.3%)
210 Student Loan Marketing Association
Series 2002-7 Class A1
1.190% Due 12/1/04 (A) ....................... 210
415 Student Loan Marketing Association
Series 2002-4 Class A2
1.150% Due 12/15/09 (A) ...................... 415
420 Student Loan Marketing Association
Series 2000-A Class A2
1.510% Due 10/28/28 (A) ...................... 421
460 William Street Funding Corp.
Series 2003-1 Class A
1.590% Due 4/23/06 (A) ....................... 462
-------
1,508
-------
See notes to financial statements Page 15
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 2003 - (UNAUDITED)
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------------------------------------------------------------------------------
CORE BOND (CONTINUED)
REAL ESTATE INVESTMENT
TRUST (REIT) (0.2%)
$238 JP Morgan Commercial Mortgage Corp.
Series 2000-Fl1 Class A 1.460%
Due 4/15/10 (A)(B) ........................... $ 238
-------
TOTAL ASSET BACKED SECURITIES
(Cost $8,998) ................................ 8,987
-------
GOVERNMENT AGENCY DISCOUNT NOTE
FEDERAL NATIONAL MORTGAGE ASSOCIATION (8.7%)
(Cost $9,889)
9,892 Discount Note Due 7/14/03 .................... 9,889
-------
REPURCHASE AGREEMENT (2.3%)
(Cost $2,567)
2,567 Lehman Brothers
1.000% Due 7/1/03 with proceeds at
maturity of $2,567 (collateralized by
2,365 United States Treasury Note
6.750% Due 5/15/05 with value of $2,626) ..... 2,567
-------
TOTAL INVESTMENTS (118.3%)
(Cost $132,680) .............................. 134,122
-------
LIABILITIES IN EXCESS OF
OTHER ASSETS (-18.3%) ........................ (20,732)
-------
TOTAL NET ASSETS (100.0%) ...................... $113,390
========
(A) Adjustable rate security. Rate stated is as of June 30, 2003. Principal
payments on demand at periodic intervals.
(B) SEC Rule 144A Security. Such security has limited markets and is traded
among qualified institutional buyers. These securities have been deemed
liquid pursuant to guidelines established by the Board of Trustees.
(C) When issued security.
(D) Callable security.
(E) Step Up Net - Coupon moves inverse to credit rating.
# Portion of security out on loan (see Note 3).
@ Indicates yield-to-maturity at June 30, 2003.
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------------------------------------------------------------------------------
INTERMEDIATE MUNICIPAL BOND
ALABAMA (3.6%)
$ 670 Mobile Alabama Water & Sewer
Commissioners Water & Sewer Revenue
5.25% Due 1/1/13 ............................ $ 762
CALIFORNIA (12.5%)
180 Bay Area Toll Authority
California Toll Bridge Revenue
San Francisco Bay Area-Series D
5.13% Due 4/1/13 ............................ 200
750 California State General Obligation
5.25% Due 2/1/14 ............................ 827
1,000 Los Angeles California Department Water & Power
Waterworks Revenue System- Series B
4.00% Due 7/1/16 ............................ 1,007
350 Los Angeles County California
Metropolitan Transportation
Authority Sales Tax Revenue
Refunding-Proposition A First
Tier Senior-Series A 5.00% Due 7/1/14 ....... 395
175 Santa Monica-Malibu University
School District California Refunding
5.25% Due 8/1/14 ............................ 201
COLORADO (0.7%)
145 Westminster Colorado Multi-Family
Revenue Refunding Housing
Oasis Wexford Apts Project 5.35%
Due 12/1/25 ................................. 154
FLORIDA (3.5%)
710 Fort Lauderdale Florida Water
& Sewer Revenue 4.00% Due 9/1/14 ............ 741
GEORGIA (2.6%)
500 Savannah Georgia Economic
Development Authority College
Of Art & Design Inc. Project
Revenue Bonds 5.80% Due 10/1/05 ............. 536
ILLINOIS (14.3%)
1,000 Chicago Illinois O'Hare
International Airport Revenue
Refunding- 2nd Lien Series C
5.75% Due 1/1/09 ............................ 1,152
Page 16 See notes to financial statements
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 2003 - (UNAUDITED)
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------------------------------------------------------------------------------
INTERMEDIATE MUNICIPAL BOND (CONTINUED)
$570 DuPage & Cook Counties Illinois
Community Unit School District #205
5.00% Due 1/1/13 ............................. $ 645
111 Illinois Health Facilities Authority
Revenue Unrefunded Series A
7.90% Due 8/15/03 ............................ 112
350 Illinois State Sales Tax Revenue
5.25% Due 6/15/14 ............................ 403
600 Illinois State Sales Tax Revenue
5.50% Due 6/15/09 ............................ 694
INDIANA (5.3%)
500 Indianapolis Indiana Local Public
Improvement Bond Bank
Series A 5.00% Due 7/1/09 .................... 566
500 Purdue University Indiana
University Revenue Student Fees Series O
4.25% Due 7/1/08 ............................. 545
KENTUCKY (0.2%)
45 Dayton Kentucky Elderly Housing
Mortgage Revenue Speers Court
5.35% Due 9/1/05 ............................. 46
LOUISIANA (7.7%)
750 Louisiana State Office Facilities
Corporate Lease Revenue Capital Complex
Program 5.00% Due 5/1/12 ..................... 847
630 New Orleans Louisiana Public
Improvement General Obligation
7.20% Due 11/1/08 ............................ 782
MICHIGAN (0.5%)
5 Ferris State College Michigan
Special Obligation 7.50% Due 8/15/03 ......... 5
100 Michigan State Building Authority
Revenue Chippewa Correctional Facilities
7.25% Due 10/1/04 ............................ 108
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------------------------------------------------------------------------------
INTERMEDIATE MUNICIPAL BOND (CONTINUED)
NEBRASKA (1.1%)
$225 Nebraska Investment Finance
Authority Multi-Family Revenue
Refunding Housing Wycliffe West-Series A
5.50% Due 12/1/25 ............................ $ 232
NEW JERSEY (2.6%)
315 Arlington Arms Financing
Corporation New Jersey Mortgage Revenue Arlington
Arms Apartments Section 8 10.25% Due 3/1/25 .. 317
225 Gateway New Jersey Housing Development
Corporation Revenue Multi-Family Housing
Section 8 10.50% Due 8/1/25 .................. 232
NEW YORK (15.9%)
750 Metropolitan Transportation
Authority - New York City
Transitional Triborough Bridge &
Tunnel Authority Series A
5.63% Due 1/1/12 ............................. 859
500 New York City Transitional Finance Authority
Revenue Bonds Series A 5.50% Due 11/1/26 ..... 572
50 New York New York Series C
5.25% Due 10/1/04 ............................ 51
500 New York State Dormitory
Authority Revenue Series B
5.25% Due 11/15/23 ........................... 557
100 New York State Environmental
Facilities Corporation State
Clean Water and Drinking
Water Revolving Funds
Revenue Bonds Series B
5.25% Due 6/15/14 ............................ 116
200 New York State Power Authority Series A
5.00% Due 11/15/13 ........................... 228
820 New York State Thruway Authority
State Personal Income Tax
Revenue Transportation Series A
5.50% Due 3/15/13 ............................ 948
See notes to financial statements Page 17
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 2003 - (UNAUDITED)
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------------------------------------------------------------------------------
INTERMEDIATE MUNICIPAL BOND (CONTINUED)
OKLAHOMA (4.2%)
$1,625 Oklahoma County Oklahoma Home
Finance Authority Single Family
Refunding Subordinated
Mortgage Revenue Series B
1.87%@ Due 7/1/12 ............................ $ 885
OREGON (0.9%)
180 Oregon State Housing & Community
Services Department Mortgage
Revenue Single Family Mortgage
Program Series B 6.88% Due 7/1/28 ............ 182
RHODE ISLAND (4.2%)
820 Rhode Island Housing & Mortgage
Finance Corporation Multi-Family
Housing Revenue Series A 5.70% Due 7/1/07 .... 875
TEXAS (14.4%)
500 Arlington Texas School District
General Obligation 5.00% Due 2/15/11 ......... 554
540 Garland Texas Tax & Revenue
Certificates of Obligation
5.25% Due 2/15/16 ............................ 602
265 Lower Colorado River Authority
Texas Revenue Prerefunded
6.25% Due 5/1/07 ............................. 300
500 Lower Colorado River Authority Texas
Revenue Refunding Improvement
5.00% Due 5/15/12 ............................ 554
400 San Antonio Texas General Obligation
5.65% Due 2/1/13 ............................. 456
500 Texas State Water Financial
Assistance Series A General
Obligation 5.20% Due 8/1/15 .................. 550
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------------------------------------------------------------------------------
INTERMEDIATE MUNICIPAL BOND (CONTINUED)
WASHINGTON (4.6%)
$250 Lynnwood Washington Water &
Sewer Revenue Refunding 6.00% Due 12/1/07 .... $ 292
600 Washington State Motor Vehicle
Fuel Tax-Series C 5.00% Due 1/1/10 ........... 674
-------
TOTAL INVESTMENTS (98.8%)
(Cost $19,498) ............................... 20,764
OTHER ASSETS IN EXCESS
OF LIABILITIES (1.2%) ........................ 260
-------
TOTAL NET ASSETS (100.0%) ...................... $21,024
=======
@ Indicates yield-to-maturity at June 30, 2003.
INTERMEDIATE MUNICIPAL BOND FUND
INDUSTRY CONCENTRATIONS
% OF NET VALUE
ASSETS 000'S
- --------------------------------------------------------------------------------
19.2% Water/Sewer/Utility ......................... $ 4,034
16.7% General Obligations ......................... 3,517
15.7% Special Tax ................................. 3,291
8.3% Transportation .............................. 1,747
7.7% Multi-Family Housing ........................ 1,624
6.7% Annual Appropriation ........................ 1,404
5.6% Pre-Refunded ................................ 1,184
5.1% Education ................................... 1,081
4.1% Miscellaneous Revenue ....................... 859
2.9% Local General Obligation .................... 602
2.6% Public Power ................................ 554
1.1% Housing Development ......................... 232
1.1% Electric .................................... 228
0.9% Single-Family Housing ....................... 182
0.6% Escrow-to-Maturity .......................... 113
0.5% Health Care ................................. 112
- -------- -------
98.8% Total Investments ........................... 20,764
Other Assets in Excess
1.2% of Liabilities .............................. 260
- -------- -------
100.0% Total Net Assets ............................ $21,024
======== =======
Page 18 See notes to financial statements
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 2003 - (UNAUDITED)
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------------------------------------------------------------------------------
GOVERNMENT MONEY MARKET
U. S. GOVERNMENT AGENCY OBLIGATIONS (80.4%)
FEDERAL FARM CREDIT (1.6%)
$ 2,000 Discount Note Due 10/7/03 ................. $ 1,992
---------
FEDERAL HOME LOAN BANK (12.0%)
15,000 Discount Note Due 12/19/03 ................ 14,931
---------
FEDERAL HOME LOAN MORTGAGE CORP. (3.6%)
3,400 Discount Note Due 7/17/03 ................. 3,398
1,050 Discount Note Due 7/17/03 ................. 1,049
---------
4,447
---------
FEDERAL NATIONAL MORTGAGE ASSOCIATION (63.2%)
5,000 Discount Note Due 7/2/03 .................. 5,000
15,000 Discount Note Due 7/9/03 .................. 14,996
4,900 Discount Note Due 7/17/03 ................. 4,898
2,000 Discount Note Due 7/25/03 ................. 1,999
2,000 Discount Note Due 7/25/03 ................. 1,998
5,000 Discount Note Due 8/13/03 ................. 4,994
10,000 Discount Note Due 8/25/03 ................. 9,985
2,000 Discount Note Due 9/19/03 ................. 1,994
5,000 Discount Note Due 10/17/03 ................ 4,982
5,000 Discount Note Due 10/22/03 ................ 4,981
5,000 Discount Note Due 11/14/03 ................ 4,978
3,000 Discount Note Due 11/20/03 ................ 2,986
5,000 Discount Note Due 12/10/03 ................ 4,978
5,000 Discount Note Due 2/6/04 .................. 4,962
5,000 Discount Note Due 3/5/04 .................. 4,960
---------
78,691
---------
TOTAL U. S. GOVERNMENT AGENCY NOTES
(Cost $100,061) ........................... $ 100,061
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------------------------------------------------------------------------------
GOVERNMENT MONEY MARKET
INTERNATIONAL BANK FOR RECONSTRUCTION &
DEVELOPMENT (16.1%)
$ 10,000 Discount Note Due 7/3/03 .................. $ 9,999
10,000 Discount Note Due 7/30/03 ................. 9,991
---------
TOTAL INTERNATIONAL BANK FOR
RECONSTRUCTION & DEVELOPMENT NOTES
(Cost $19,990) ............................ 19,990
---------
REPURCHASE AGREEMENT (3.6%)
(Cost $4,481)
4,481 Lehman Brothers Inc. ......................
1.000% Due 7/1/03 with proceeds
at maturity $4,481 (collateralized
by United States Treasury Note
3.000% Due 11/30/03 with value
of $4,571) ................................ 4,481
---------
TOTAL INVESTMENTS (100.1%)
(Cost $124,532) ........................... 124,532
LIABILITIES IN EXCESS
OF OTHER ASSETS (-0.1%) ................... (105)
---------
TOTAL NET ASSETS (100.0%) ................. $ 124,427
=========
See notes to financial statements Page 19
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 2003 - (UNAUDITED)
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------------------------------------------------------------------------------
TAX FREE MONEY MARKET
ARIZONA (0.4%)
$ 600 Pinal County Industrial
Development Authority Pollution
Control Revenue Magna Copper
Company Project
0.95% Due 12/1/09 (A) ........................... $ 600
CALIFORNIA (2.6%)
1,000 California Higher Education Loan
Authority Inc. (Student Loan
Revenue) 2.90% Due 7/1/03 ....................... 1,000
2,500 California State Revenue
Anticipation Warrants-Series A
2.00% Due 6/16/04 ............................... 2,521
COLORADO (2.2%)
1,800 Castle Pines North Colorado
Metro District Refunding
1.09% Due 12/1/28 (A) ........................... 1,800
200 Colorado Health Facilities
Authority Revenue The Visiting Nurse Corp.
1.05% Due 7/1/31 (A) ............................ 200
920 Colorado Springs Colorado
Revenue Goodwill Industries
1.10% Due 2/1/07 (A) ............................ 920
100 Denver Colorado City and County
Multi-Family Housing Revenue
Ogden Residences 1.00% Due 12/1/09 .............. 100
FLORIDA (1.9%)
2,685 Pasco County Health Facility
Authority Multi-Family Housing
Arms Magnolia Valley 1.18% Due 12/1/07 (A) ...... 2,685
GEORGIA (7.1%)
900 Bibb County Georgia
Development Authority
(Baptist Village Inc.) 1.00% Due 8/1/18 (A) ..... 900
2,060 Dalton Georgia Utilities Revenue
Merlots-Series A02 1.08% Due 1/1/12 (A) ......... 2,060
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------------------------------------------------------------------------------
TAX FREE MONEY MARKET (CONTINUED)
$ 200 Fulton County Georgia Multi-Family
Housing Revenue Champions Green Apartments
1.00% Due 10/1/25 (A) ........................... $ 200
600 Gwinnett County Georgia
Development Authority Revenue
(Wesleyan School Project)
1.00% Due 3/1/17 (A) ............................ 600
900 Gwinnett County Georgia
Development Authority Revenue Wesleyan
School Project 1.00% Due 3/1/21 (A) ............. 900
1,820 Marietta Georgia Housing Authority
Multi-Family Housing Revenue (Falls at Bells Ferry)
1.35% Due 1/15/09 (A) ........................... 1,820
3,000 Georgia Private Colleges &
Universities Authority Georgia
Revenue Refunding (Mercer University Project-Ser A)
1.09% Due 10/1/32 (A) ........................... 3,000
300 Savannah Housing Authority
Multi-Family Housing Revenue
Refunding-Somerset Wharf Project B
1.00% Due 6/15/26 (A) ........................... 300
ILLINOIS (11.3%)
500 Belleville Illinois Industrial
Development Revenue
Refunding - Wetterau Inc. Project
1.05% Due 12/1/08 (A) ........................... 500
2,285 Chicago Illinois Metropolitan
Water Reclamation District
1.06% Due 12/1/09 (A) ........................... 2,285
800 Illinois Development Finance
Authority (Dart Container)
1.35% Due 8/1/25 (A) ............................ 800
1,300 Illinois Development Finance
Authority (St. Paul's
House Project) 1.05% Due 2/1/25 (A) ............. 1,300
Page 20 See notes to financial statements
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 2003 - (UNAUDITED)
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------------------------------------------------------------------------------
TAX FREE MONEY MARKET (CONTINUED)
$1,500 Illinois Development Finance
Authority Revenue -
Casa Central Padres Project
1.10% Due 8/1/26 (A) ............................ $1,500
1,300 Illinois Development Finance
Authority Revenue Bonds
(Dart Container Corp.)
1.25% Due 12/1/09 (A) ........................... 1,300
940 Illinois Development Finance
Authority Revenue Bonds
(Little City Foundation)
1.05% Due 2/1/19 (A) ............................ 940
500 Illinois Development Finance
Authority Revenue Bonds,
(Museum of Contemporary
Arts Project) Ser. 1994
1.05% Due 2/1/29 (A) ............................ 500
1,100 Illinois Educational Facilities
Authority Revenue B (Field
Museum of Natural History)
1.00% Due 11/1/25 (A) ........................... 1,100
1,000 Illinois Educational Facilities
Lincoln Park Society
1.00% Due 1/1/29 (A) ............................ 1,000
1,000 Rockford Illinois School
District No 205 Tax
Anticipation Warrants
2.78% Due 10/30/03 .............................. 1,002
1,000 Rockford Illinois School
District No 205 Tax
Anticipation Warrants
3.10% Due 10/31/03 .............................. 1,004
2,300 Village of Troy Grove Illinois
(Unimin Corp.)
2.36% Due 5/1/10 (A) ............................ 2,300
INDIANA (6.8%)
1,000 Avon Indiana Community School
Corp. Tax Anticipation Warrants
1.95% Due 12/31/03 .............................. 1,002
2,906 Bartholomew Consolidated
School Tax Anticipation
Warrants 2.25% Due 12/31/03 ..................... 2,919
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------------------------------------------------------------------------------
TAX FREE MONEY MARKET (CONTINUED)
$1,000 Crawfordsville Indiana Multi-Family
Housing - Autumn Woods
Phase II - A
1.12% Due 1/1/32 (A) ............................ $1,000
1,000 Frankfort Indiana Economic
Development Revenue Frito
Lay Inc. Project
2.10% Due 11/1/14 (A) ........................... 1,000
1,300 Indiana Health Facility Financing
Authority Revenue Bethesda
Living Center Series B
1.05% Due 8/1/31 (A) ............................ 1,300
1,000 Indianapolis Indiana Economic
Development (Joint & Clutch
Series 1984) 1.88% Due 12/1/14 (A) .............. 1,000
1,200 Tippecanoe Indiana School
Corporation Tax
Anticipation Notes 2.00% Due 12/30/03 ........... 1,204
IOWA (3.5%)
1,500 Chillicothe Iowa Pollution
Control Revenue Iowa - Illinois
Gas & Electric Project
1.10% Due 1/1/23 (A) ............................ 1,500
1,800 Council Bluffs Iowa Pollution
Control Revenue Iowa - Illinois
Gas & Electric Project
1.10% Due 1/1/25 (A) ............................ 1,800
1,500 Iowa Higher Education Loan
Authority Revenue Maharishi
University of Management
1.10% Due 10/1/30 (A) ........................... 1,500
KANSAS (2.6%)
1,200 Kansas State Development
Finance Authority Hays
Medical Center Inc.
1.05% Due 5/15/26 (A) ........................... 1,200
450 Olathe Kansas Health Facilities
Olathe Medical Center
1.05% Due 9/1/32 (A) ............................ 450
2,000 Salina Kansas Revenue-Salina
Central Mall Ltd.
1.20% Due 12/1/14 (A) ........................... 2,000
See notes to financial statements Page 21
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 2003 - (UNAUDITED)
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------------------------------------------------------------------------------
TAX FREE MONEY MARKET (CONTINUED)
KENTUCKY (2.4%)
$ 430 Elva - New Harmony -
Oak Level Kentucky
Fire Protection District
1.15% Due 12/1/31 (A) ........................... $ 430
490 Harvey Brewers Fire Protection
District Kentucky Lease
Revenue Program Series C2
1.15% Due 12/1/31 (A) ........................... 490
490 Muhlenberg County Kentucky
Airport District Area
Development Financial Trust
1.15% Due 12/1/31 (A) ........................... 490
1,900 Owensboro Kentucky Limited
Obligation Revenue Dart
Polymers Inc. Proj-A
1.45% Due 7/1/11 (A) ............................ 1,900
LOUISIANA (1.2%)
1,600 Louisiana Public Facilities
Authority Revenue St.
Martins Episcopal School
1.10% Due 9/1/19 (A) ............................ 1,600
MARYLAND (2.0%)
2,100 Howard County Maryland
Revenue Owen Brown
Joint Venture Facility
1.25% Due 5/1/11 (A) ............................ 2,100
715 Maryland State Industrial
Development Authority
Financing Authority Revenue
Baltimore International Culinary
1.10% Due 5/1/24 (A) ............................ 715
MASSACHUSETTS (1.5%)
1,000 Blackstone Valley Massachusetts
Vocational Regional School
District Bond Anticipation Notes
2.50% Due 7/15/03 ............................... 1,000
1,100 Massachusetts Industrial
Finance Agency Showa
Women's Institute Inc.
1.10% Due 3/15/04 (A) ........................... 1,100
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------------------------------------------------------------------------------
TAX FREE MONEY MARKET (CONTINUED)
MICHIGAN (6.6%)
$ 865 Birmingham Michigan Economic
Development Corporation
(Brown Street Project 83)
1.30% Due 12/1/18 (A) ........................... $ 865
1,710 Lansing Michigan Economic
Development Corp. (Atrium
Office Building)
1.40% Due 5/1/15 (A) ............................ 1,710
385 Leelanau County Michigan
Economic Development Corp.
Revenue (American Community
Mutual Insurance Co. Project)
1.30% Due 6/15/06 (A) ........................... 385
600 Michigan State Job Development
Authority Revenue
(Kentwood Residence)
1.13% Due 11/1/14 (A) ........................... 600
270 Michigan State Strategic
Fund Limited Obligation
Revenue (Woodbridge
Commercial Properties)
1.30% Due 10/15/05 (A) .......................... 270
2,645 Oakland County Michigan
Economic Development
Corporation (Corners
Shopping Center)
1.65% Due 8/1/15 (A) ............................ 2,645
2,000 Pinckney Michigan Community
Schools State Aid Notes
1.85% Due 8/21/03 ............................... 2,001
640 Sterling Heights Michigan
Economic Development Corp.
Sterling Shopping Center
1.05% Due 12/1/10 (A) ........................... 640
MINNESOTA (3.1%)
685 Hutchinson Minnesota Economic
Development Authority
Revenue Refunding
(Developers Diversified)
1.40% Due 8/15/06 (A) ........................... 685
600 Minneapolis Minnesota
Minnehaha Academy Project.
1.10% Due 5/1/26 (A) ............................ 600
Page 22 See notes to financial statements
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 2003 - (UNAUDITED)
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------------------------------------------------------------------------------
TAX FREE MONEY MARKET (CONTINUED)
$3,000 Minnesota School District Tax &
Aid Anticipated Borrowing
Program Certificates Aid
Anticipation Notes Series A
2.25% Due 8/20/03 ............................... $ 3,003
MISSOURI (2.6%)
500 Clayton Industrial Development
Authority Industrial Development
Revenue Refunding Bailey
Court Project
1.13% Due 1/1/09 (A) ............................ 500
100 Kansas City Missouri Industrial
Development Authority Revenue
Multi-Family Housing -
Springs Apartment
1.10% Due 9/1/25 (A) ............................ 100
1,325 Missouri State Health &
Educational Facilities Authority
School District Advanced
Funding Program
2.25% Due 10/24/03 .............................. 1,328
790 Springfield Missouri Center
City Development Corp. Jordan
Valley Park-Series A
2.00% Due 4/30/04 ............................... 791
900 St. Charles County Industrial
Development Authority Revenue
Sun River Village
1.08% Due 12/1/27 (A) ........................... 900
NEW HAMPSHIRE (2.5%)
1,000 Androscoggin Valley New
Hampshire Regional Refuse
District Bond Anticipation Notes
2.00% Due 7/24/03 ............................... 1,000
2,500 Coos County New Hampshire
Tax Anticipation Notes
1.63% Due 12/31/03 .............................. 2,503
NEW YORK (3.2%)
1,500 Board Cooperative Educational
Services New York Sole
Supervisory Trust Revenue
Anticipation Notes
2.38% Due 8/12/03 ............................... 1,502
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------------------------------------------------------------------------------
TAX FREE MONEY MARKET (CONTINUED)
$2,950 Board Cooperative Educational
Services New York Sole
Supervisory Trust Revenue
Anticipation Notes
2.13% Due 12/30/03 .............................. $ 2,961
NORTH CAROLINA (3.4%)
1,465 Granville North Carolina
Industrial Facilities & Pollution
Control Finance Authority
Lenox Inc. Project
1.16% Due 8/1/14 (A) ............................ 1,465
3,180 North Carolina Medical Care
Community Health Care Facility
Lutheran Services for Aging
1.05% Due 3/1/28 (A) ............................ 3,180
OHIO (6.4%)
490 Clermont County Ohio Economic
Development Revenue (John Q.
Hammons Project)
1.40% Due 5/1/12 (A) ............................ 490
2,390 Lakewood Ohio Hospital Revenue
(Hospital Improvement
Series 1983)
1.21% Due 11/1/10 (A) ........................... 2,390
400 Ohio State Higher Educational -
Case Western Reserve
University-Series A
0.95% Due 10/1/31 (A) ........................... 400
1,300 Shaker Heights Ohio Shaker
Towne Centre Community
Development
2.25% Due 7/10/03 ............................... 1,300
470 Stark County Ohio Health Care
Facilities (Canton Christian
Home) Project Series 90
1.30% Due 9/15/16 (A) ........................... 470
1,640 Stark County Ohio Health Care
Facilities (Canton Christian
Home) Series 90
1.35% Due 9/1/15 (A) ............................ 1,640
1,775 Stark County Ohio Industrial
Development Revenue
(Newmarket Packing Ltd.)
1.40% Due 11/1/14 (A) ........................... 1,775
See notes to financial statements Page 23
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 2003 - (UNAUDITED)
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------------------------------------------------------------------------------
TAX FREE MONEY MARKET (CONTINUED)
$ 400 University Toledo Ohio General
Receipts Bonds Series 2002
1.05% Due 6/1/32 (A) ............................ $ 400
OKLAHOMA (3.1%)
700 Oklahoma State Industrial
Development Authority Integris
Baptist Medical Center-Series B
1.00% Due 8/15/29 (A) ........................... 700
3,600 Tulsa Oklahoma Authority
Revenue Tulsa County
Housing Fund Inc.
1.30% Due 10/1/32 (A) ........................... 3,600
PENNSYLVANIA (4.5%)
300 Allegheny County Pennsylvania
Higher Education Building
Authority-- Thiel College - B
1.05% Due 11/15/29 (A) .......................... 300
300 Chester County Pennsylvania
Industrial Development Authority
Archdiocese of Philadelphia
1.00% Due 7/1/31 (A) ............................ 300
450 Luzerne County Pennsylvania
Convention Center Hotel Room
Rental Tax Revenue Bonds
Series 1998 A
1.00% Due 9/1/28 (A) ............................ 450
1,500 Pennsylvania State Higher
Education Facilities Authority
St. Francis College Project
1.05% Due 11/1/23 (A) ........................... 1,500
1,500 Pennsylvania State Higher
Education Facilities Authority
Susquehanna University Project
1.15% Due 5/1/31 (A) ............................ 1,500
1,115 South Fork Municipal Authority
Hospital Lee Hospital
Project Series B
1.15% Due 7/1/23 (A) ............................ 1,115
1,000 Temple University Commonwealth
System of Higher Education
1.20% Due 5/4/04 ................................ 1,000
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------------------------------------------------------------------------------
TAX FREE MONEY MARKET (CONTINUED)
TENNESSEE (1.9%)
$2,000 Franklin County Tennessee
Health & Educational Facilities
Revenue (University of
the South Sewanee)
1.20% Due 9/1/10 (A) ............................ $ 2,000
575 Metropolitan Government of
Nashville & Davidson County
Tennessee Health & Education
Board Revenue -
Franklin Road Academy
1.00% Due 7/1/21 (A) ............................ 575
TEXAS (5.0%)
490 Gulf Coast Waste Disposal
Authority Texas Revenues -
Armco Inc. Project
1.05% Due 12/1/08 (A) ........................... 490
1,500 Houston Texas Water & Sewer
System Revenue-Merlots-
Series A16
1.08% Due 12/1/32 (A) ........................... 1,500
400 San Antonio Texas Certificates
of Obligation
3.00% Due 2/1/04 ................................ 404
4,520 Texas State Turnpike Authority
Revenue Putters (Central Texas
Turnpike System Series #325)
1.11% Due 8/15/27 (A) ........................... 4,520
VERMONT (1.6%)
860 Educational & Health Buildings
Financing Agency Revenues
1.05% Due 8/1/05 (A) ............................ 860
780 Vermont Educational and Health
Buildings Finance Agency
Hospital Revenue Bonds
Northeastern Vermont
Regional Hospital
1.00% Due 10/1/25 (A) ........................... 780
545 Vermont Industrial Development
Authority Hydroelectric Revenue
Bond Central Vermont Public
Services Corp.
1.30% Due 12/1/13 (A) ........................... 545
Page 24 See notes to financial statements
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 2003 - (UNAUDITED)
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------------------------------------------------------------------------------
TAX FREE MONEY MARKET (CONTINUED)
WASHINGTON (1.2%)
$1,600 Washington State Series A11
1.08% Due 6/1/17 (A) ............................ $ 1,600
WEST VIRGINIA (0.5%)
700 Putnam County West Virginia
Industrial Development Revenue
FMC Corp. Project
1.15% Due 10/1/11 (A) ........................... 700
WISCONSIN (1.7%)
850 Bruce Wisconsin School District
2.03% Due 7/25/03 ............................... 850
200 Wisconsin State Health &
Education Facilities Authority
Revenue Gundersen Lutheran
Series A 1.05% Due 12/1/15 (A) .................. 200
1,000 Wisconsin State Health &
Educational Facilities Authority
Revenue Oakwood Series B
1.05% Due 8/15/30 (A) ........................... 1,000
250 Wisconsin State Health &
Educational Faculties Authority
Revenue Meriter Hospital Inc.
Project 1.05% Due 12/1/32 (A) ................... 250
WYOMING (0.9%)
1,000 Sweetwater County Wyoming
School District No 2
7.00% Due 6/1/04 ................................ 1,053
MULTI STATE (5.8%)
6,300 GAF Tax Exempt Bond Grantor
Trust Series A
1.95% Due 4/1/08 (A)(B) ......................... 6,300
725 Greystone Municipal Lease
Certificates Series A
1.15% Due 7/1/05 (A)(C) ......................... 725
300 Greystone Tax Exempt Certificate
Trust 1 Series Certificates
of Beneficial Ownership
1.13% Due 5/1/28 (A)(D) ......................... 300
665 McDonald Tax-Exempt
Mortgage Trust #1
2.10% Due 1/15/09 (A)(E) ........................ 666
----------
VALUE
(000'S)
TAX FREE MONEY MARKET (CONTINUED)
TOTAL INVESTMENTS (99.5%)
(Cost $137,119) .............................. $ 137,119
OTHER ASSETS IN EXCESS OF
LIABILITIES (0.5%) ........................... 673
----------
TOTAL NET ASSETS (100.0%) .................... $137,792
==========
(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) IN - 36%, TN- 64%.
(C) AL - 1.6%, CA - 9.5%, CO - 0.2%, CT - 0.2%, FL - 5.0%, GA - 5.1%, IL -
1.3%, IN - 6.9%, KS - 0.1%, KY - 2.6%, MA - 0.9%, ME - 5.5%, MI - 7.5%, MN
- 0.9%, NH - 3.9%, NJ - 17.3%, NY - 7.6%, OH - 3.8%, OK - 0.2%, PA - 7.2%,
SC -5.7%, TX - 6.5%, VA - 0.5%.
(D) AK - 6.0%, FL - 9.1%, GA - 30.4%, KS - 4.5%, TN - 34.0%, VA - 16.0%.
(E) MI - 15%, OH - 70%, PA - 15%.
WPG TAX FREE MONEY MARKET FUND
INDUSTRY CONCENTRATIONS
% OF NET VALUE
ASSETS 000'S
- --------------------------------------------------------------------------------
19.8% Industrial Revenue Bond ........................ $ 27,255
18.2% Cashflow Notes ................................. 25,098
10.5% Health Care .................................... 14,420
9.7% Not-for-Profit ................................. 13,315
8.2% Education ...................................... 11,275
6.7% Multi-Family Housing ........................... 9,205
5.8% Asset Backed ................................... 7,991
4.5% General Obligations ............................ 6,175
3.3% Transportation ................................. 4,520
2.8% Investor Owned Utility ......................... 3,845
2.6% Water/Sewer Utility ............................ 3,560
2.0% Bond Anticipation Notes ........................ 2,792
1.8% Nursing Home ................................... 2,540
1.4% Local General Obligations ...................... 1,948
0.9% Single Family Housing .......................... 1,300
0.7% Student Loans .................................. 1,000
0.3% Special Tax .................................... 450
0.3% Annual Appropriation ........................... 430
- -------- ----------
99.5% Total Investments .............................. 137,119
Other Assets in Excess
0.5% of Liabilities ................................. 673
- -------- ----------
100.0% Total Net Assets ............................... $137,792
======== ==========
See notes to financial statements Page 25
WEISS, PECK & GREER MUTUAL FUNDS
STATEMENTS OF ASSETS AND LIABILITIES AT JUNE 30, 2003 - (UNAUDITED)
LARGE CAP QUANTITATIVE
$ IN THOUSANDS TUDOR GROWTH EQUITY
- ---------------------------------------------------------------------------------------------
ASSETS
Investments at value # ................................ $ 53,778 $ 46,698 $ 15,909
Cash .................................................. 0 0 39
Receivable for investment securities sold ............. 0 0 0
Receivable for Fund shares sold ....................... 0 0 0
Dividends and interest receivable ..................... 2 21 15
Other assets .......................................... 8 7 2
-------- -------- --------
53,788 46,726 15,965
-------- -------- --------
LIABILITIES
Distributions payable ................................. 0 0 0
Cash overdraft ........................................ 0 0 0
Payable for investment securities purchased ........... 0 0 0
Payable for Fund shares redeemed ...................... 20 24 32
Accrued investment advisory fee payable - Note 5 ...... 40 29 5
Accrued administration fee payable - Note 5 ........... 6 6 1
Accrued expenses ...................................... 53 44 36
-------- -------- --------
119 103 74
-------- -------- --------
NET ASSETS ....................................... 53,669 46,623 15,891
======== ======== ========
NET ASSETS REPRESENTED BY:
Shares of beneficial interest, at par ................. 1,372 2,146 5
Paid-in surplus ....................................... 60,669 44,888 19,485
Distributions in excess of net investment income ...... (96) (120) (29)
Accumulated net realized gains (distributions in excess
of realized gains on investments) ..................... (17,123) (5,713) (4,887)
Net unrealized appreciation on investments ............ 8,847 5,422 1,317
-------- -------- --------
NET ASSETS APPLIED TO OUTSTANDING SHARES .............. 53,669 46,623 15,891
======== ======== ========
CAPITAL SHARES (AUTHORIZED SHARES UNLIMITED)
Outstanding (000's) ................................... 4,116 2,146 5,176
======== ======== ========
Par Value ............................................. $ .33 1/3 $ 1.00 $ 0.001
======== ======== ========
Net asset value per share ............................. $ 13.04 $ 21.73 $ 3.07
======== ======== ========
# INVESTMENTS AT COST ................................. 44,931 41,276 14,592
======== ======== ========
UNREALIZED APPRECIATION/(DEPRECIATION):
Gross appreciation ............................... 10,798 7,519 1,895
Gross depreciation ............................... (1,951) (2,097) (578)
-------- -------- --------
NET UNREALIZED APPRECIATION ........................... 8,847 5,422 1,317
======== ======== ========
Page 26 See notes to financial statements
INTERMEDIATE
MUNICIPAL GOVERNMENT TAX FREE
CORE BOND BOND MONEY MARKET MONEY MARKET
- --------------------------------------------------------------------------------
$ 134,122 $ 20,764 $ 124,532 $ 137,119
0 0 1 77
6,487 155 0 100
12 0 11 0
853 315 0 602
13 2 18 19
- ---------- --------- --------- ---------
141,487 21,236 124,562 137,917
- ---------- --------- --------- ---------
256 63 15 29
0 128 0 0
27,789 0 0 0
0 0 0 0
17 4 54 57
0 0 4 4
35 17 62 35
- ---------- --------- --------- ---------
28,097 212 135 125
- ---------- --------- --------- ---------
113,390 21,024 124,427 137,792
========== ========= ========= =========
11 2 124 138
134,680 19,606 125,844 137,678
(38) (25) 0 0
(22,705) 175 (1,541) (24)
1,442 1,266 0 0
- ---------- --------- --------- ---------
113,390 21,024 124,427 137,792
========== ========= ========= =========
10,535 1,917 124,243 137,817
========== ========= ========= =========
$ 0.001 $ 0.001 $ 0.001 $ 0.001
========== ========= ========= =========
$ 10.76 $ 10.97 $ 1.00 $ 1.00
========== ========= ========= =========
132,680 19,498 124,532 137,119
========== ========= ========= =========
1,772 1,266 0 0
(330) 0 0 0
- ---------- --------- --------- ---------
1,442 1,266 0 0
========== ========= ========= =========
See notes to financial statements Page 27
WEISS, PECK & GREER MUTUAL FUNDS
STATEMENTS OF OPERATIONS FOR SIX MONTHS ENDED JUNE 30, 2003 - (UNAUDITED)
LARGE CAP QUANTITATIVE
$ IN THOUSANDS TUDOR GROWTH EQUITY
- -------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Dividends (net of withholding taxes) ................. $ 54 $ 183 $ 121
Interest ............................................. 23 11 0
Income from securities loaned - Note 4 ............... 4 0 0
Class action litigation settlement ................... 214 0 41
Other ................................................ 0 0 0
------- ------- -------
295 194 162
------- ------- -------
EXPENSES:
Investment advisory fee - Note 5 ..................... 211 165 55
Transfer agent fees and expenses ..................... 66 44 21
Administration fees - Note 5 ......................... 34 30 5
Custodian fees and expenses .......................... 8 7 4
Fund accounting fees and expenses .................... 11 10 8
Professional fees .................................... 30 26 23
Trustees' fees and expenses .......................... 9 8 8
Registration fees .................................... 10 9 8
Shareholders' reports ................................ 5 4 3
Other expenses ....................................... 8 11 3
------- ------- -------
392 314 138
------- ------- -------
Less fees waived by adviser .......................... 0 0 (15)
Less expenses paid indirectly - Note 7 ............... (1) 0 0
------- ------- -------
391 314 123
------- ------- -------
NET INVESTMENT INCOME/(LOSS) ......................... (96) (120) 39
------- ------- -------
REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS:
Net realized gain/(loss) on investments ............ 94 (1,427) (1,720)
Net change in unrealized appreciation/(depreciation)
on investments .................................. 7,286 7,177 3,366
------- ------- -------
NET GAIN ON INVESTMENTS ......................... 7,380 5,750 1,646
------- ------- -------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS ....................... 7,284 5,630 1,685
======= ======= =======
Page 28 See notes to financial statements
INTERMEDIATE GOVERNMENT TAX FREE
MUNICIPAL MONEY MONEY
CORE BOND BOND MARKET MARKET
- --------------------------------------------------------------------------------
$ 0 $ 0 $ 0 $ 0
1,816 467 836 1,110
6 0 0 0
0 0 0 0
0 0 0 0
------------ ------- ------- -------
1,822 467 836 1,110
------------ ------- ------- -------
281 51 335 399
22 18 77 32
0 0 18 26
18 1 13 12
26 9 27 35
35 14 40 40
9 8 10 10
8 8 9 12
3 3 4 3
13 6 20 17
------------ ------- ------- -------
415 118 553 586
------------ ------- ------- -------
(170) (31) 0 0
(1) 0 (1) 0
------------ ------- ------- -------
244 87 552 586
------------ ------- ------- -------
1,578 380 284 524
------------ ------- ------- -------
4,386 175 0 0
(1,365) 140 0 0
------------ ------- ------- -------
3,021 315 0 0
------------ ------- ------- -------
4,599 695 284 524
============ ======= ======= =======
See notes to financial statements Page 29
WEISS, PECK & GREER MUTUAL FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
LARGE CAP QUANTITATIVE
TUDOR GROWTH EQUITY
- ----------------------------------------------------------------------------------------------------------------------------
SIX SIX SIX
MONTHS YEAR MONTHS YEAR MONTHS YEAR
$ IN THOUSANDS ENDED ENDED ENDED ENDED ENDED ENDED
6/30/03* 12/31/02 6/30/03* 12/31/02 6/30/03* 12/31/02
- ----------------------------------------------------------------------------------------------------------------------------
OPERATIONS:
Net investment income/(loss) ...................... ($ 96) ($ 450) ($ 120) ($ 255) $ 39 ($ 19)
Net realized gain/(loss) on investments ........... 94 (12,152) (1,427) (3,508) (1,720) (2,407)
Change in unrealized appreciation/
(depreciation) on investments ................ 7,286 (5,566) 7,177 (15,143) 3,366 (1,770)
-------- -------- -------- -------- -------- --------
NET INCREASE/(DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS .................... 7,284 (18,168) 5,630 (18,906) 1,685 (4,196)
-------- -------- -------- -------- -------- --------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income ................... 0 0 0 0 0 0
From realized gains .......................... 0 0 0 0 0 0
-------- -------- -------- -------- -------- --------
NET DECREASE DUE TO DISTRIBUTIONS ................. 0 0 0 0 0 0
-------- -------- -------- -------- -------- --------
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST:
Received on issuance:
Shares sold .................................. 13,240 18,801 807 3,459 308 1,095
Distributions reinvested ..................... 0 0 0 0 0 0
Shares redeemed .............................. (14,560) (24,252) (3,226) (16,072) (1,247) (4,141)
-------- -------- -------- -------- -------- --------
NET INCREASE/(DECREASE) FROM
CAPITAL SHARE TRANSACTIONS ................... (1,320) (5,451) (2,419) (12,613) (939) (3,046)
-------- -------- -------- -------- -------- --------
TOTAL INCREASE/(DECREASE) IN NET ASSETS ........... 5,964 (23,619) 3,211 (31,519) 746 (7,242)
NET ASSETS:
Beginning of period ............................... 47,705 71,324 43,412 74,931 15,145 22,387
-------- -------- -------- -------- -------- --------
End of period @ ................................... 53,669 47,705 46,623 43,412 15,891 15,145
======== ======== ======== ======== ======== ========
@ Includes distributions in excess of
net investment income) .......................... ($ 96) $ 0 ($ 120) $ 0 ($ 29) ($ 68)
======== ======== ======== ======== ======== ========
Transactions in shares of the funds (in thousands):
Sold ......................................... 1,162 1,557 39 151 105 355
Reinvestment of distributions ................ 0 0 0 0 0 0
Redeemed ..................................... (1,292) (1,999) (159) (718) (447) (1,258)
-------- -------- -------- -------- -------- --------
Net increase/(decrease) ........................... (130) (442) (120) (567) (342) (903)
======== ======== ======== ======== ======== ========
<FN>
* Unaudited
Page 30 See notes to financial statements
</FN>
INTERMEDIATE
CORE MUNICIPAL GOVERNMENT TAX FREE
BOND BOND MONEY MARKET MONEY MARKET
- -------------------------------------------------------------------------------------------------------------------
SIX SIX SIX SIX
MONTHS YEAR MONTHS YEAR MONTHS YEAR MONTHS YEAR
ENDED ENDED ENDED ENDED ENDED ENDED ENDED ENDED
6/30/03* 12/31/02 6/30/03* 12/31/02 6/30/03* 12/31/02 6/30/03* 12/31/02
- -------------------------------------------------------------------------------------------------------------------
$ 1,578 $ 4,346 $ 380 $ 774 $ 284 $ 2,668 $ 524 $ 2,078
4,386 4,858 175 311 0 3 0 (5)
(1,365) 1,868 140 759 0 0 0 0
- ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
4,599 11,072 695 1,844 284 2,671 524 2,073
- ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
(1,579) (4,346) (380) (774) (284) (2,668) (524) (2,078)
0 0 0 (303) 0 0 0 0
- ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
(1,579) (4,346) (380) (1,077) (284) (2,668) (524) (2,078)
- ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
29,472 18,135 3,095 4,636 2,010,633 4,746,181 835,195 1,438,355
1,049 3,396 182 669 266 2,528 487 2,032
(25,412) (46,793) (3,015) (4,692) (2,015,348) (5,011,689) (859,830) (1,484,346)
- ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
5,109 (25,262) 262 613 (4,449) (262,980) (24,148) (43,959)
- ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
8,129 (18,536) 577 1,380 (4,449) (262,977) (24,148) (43,964)
105,261 123,797 20,447 19,067 128,876 391,853 161,940 205,904
- ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
113,390 105,261 21,024 20,447 124,427 128,876 137,792 161,940
=========== =========== =========== =========== =========== =========== =========== ===========
($ 38) ($ 37) ($ 25) ($ 25) $ 0 $ 0 $ 0 $ 0
=========== =========== =========== =========== =========== =========== =========== ===========
2,766 1,744 285 429 2,010,633 4,746,181 835,195 1,438,355
99 376 17 66 266 2,528 487 2,032
(2,411) (4,669) (276) (437) (2,015,348) (5,011,689) (859,830) (1,484,346)
- ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
454 (2,549) 26 58 (4,449) (262,980) (24,148) (43,959)
=========== =========== =========== =========== =========== =========== =========== ===========
See notes to financial statements Page 31
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 Large Cap Growth Fund ("Large Cap Growth")
Weiss, Peck & Greer Funds Trust ("WPG Funds Trust"):
WPG Quantitative Equity Fund ("Quantitative Equity")
WPG Core Bond Fund ("Core Bond")
WPG Intermediate Municipal Bond Fund ("Intermediate Municipal Bond")
WPG Government Money Market Fund ("Government Money Market")
WPG Tax Free Money Market Fund ("Tax Free Money Market")
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 other techniques which
take into account appropriate factors such as institutional-size trading in
similar groups of securities, yield, quality, coupon rate, maturity, type of
issue, trading characteristics and other market data, without exclusive
reliance upon quoted prices, exchanges or over-the-counter prices, when such
valuations are believed to reflect the market value of such securities.
MONEY MARKET SECURITIES -- Securities are valued at amortized cost, 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.
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 11:00 AM 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 with a corresponding decrease
in cost basis.
Page 32
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 provision is
required. As of December 31, 2002, the following Funds had capital loss
carryforwards to offset future capital gain net income:
(IN THOUSANDS) YEAR OF EXPIRATION
FUND 2003 2004 2005 2006 2007 2008 2009 2010
- ---- ---- ---- ---- ---- ---- ---- ---- ----
Tudor 0 0 0 0 0 0 5,160 8,956
Large Cap Growth 0 0 0 0 0 0 329 2,170
Quantitative Equity 0 0 0 0 0 0 238 2,380
Core Bond 20,113 753 0 0 6,170 0 0 0
Intermediate Municipal Bond 0 0 0 0 0 0 0 0
Government Money Market 1,541 0 0 0 0 0 0 0
Tax-Free Money Market 1 3 4 1 5 0 5 6
In addition, Tudor, Large Cap Growth and Quantitative Equity generated
post-October 31, 2002, net capital losses of $3,050,875, $1,344,797, $361,528,
respectively, which, if unused, will expire on December 31, 2011.
At December 31, 2002 the components of accumulated earnings on a tax basis were
as follows:
(IN THOUSANDS) ACCUMULATED NET UNREALIZED
DISTRIBUTIONS IN NET REALIZED APPRECIATION
EXCESS OF NET LOSSES ON (DEPRECIATION)
FUND INVESTMENT INCOME INVESTMENTS ON INVESTMENT
- ---- ----------------- ----------- --------------
Tudor 0 (14,115) 1,510
Large Cap Growth 0 (2,499) (2,197)
Quantitative Equity 0 (2,618) (2,236)
Core Bond 0 (27,036) 2,751
Intermediate Municipal Bond 0 0 1,126
Government Money Market 0 (1,541) 0
Tax-Free Money Market 0 (24) 0
The differences between the components of distributable earnings on a tax basis
and the amounts reflected in the statement of net assets are primarily due to
wash sales and post-October losses.
At December 31, 2002, the cost of investments for federal income tax purposes
is as follows:
(IN THOUSANDS) NET
COST OF GROSS GROSS APPRECIATION
FUND INVESTMENTS APPRECIATION (DEPRECIATION) (DEPRECIATION)
- ---- ----------- ------------ -------------- --------------
Tudor 46,399 7,112 (5,602) 1,510
Large Cap Growth 43,704 3,190 (5,387) (2,197)
Quantitative Equity 17,385 696 (2,932) (2,236)
Core Bond 132,022 2,807 (56) 2,751
Intermediate Municipal Bond 19,067 1,127 (1) 1,126
Government Money Market 121,146 0 0 0
Tax-Free Money Market 172,291 0 0 0
Page 33
WEISS, PECK & GREER MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS - (UNAUDITED) - CONTINUED
Reclassification of capital accounts
- ------------------------------------
On the Statements of Assets and Liabilities, as a result of certain differences
in the computation of net investment income and net realized capital gains under
federal income tax rules and regulations versus generally accepted accounting
principles, a reclassification was made at December 31, 2002 to increase
(decrease) distributions in excess of net investment income, distributions in
excess of net realized gains on investments and currencies and paid-in surplus
for the Funds as follows:
(IN THOUSANDS) ACCUMULATED
DISTRIBUTIONS IN EXCESS OF NET REALIZED PAID IN
FUND NET INVESTMENT INCOME LOSSES ON INVESTMENTS SURPLUS
- ---- -------------------------- --------------------- -------
Tudor 450 151 (601)
Large Cap Growth 255 0 (255)
Quantitative Equity 19 1 (20)
Core Bond (17) 3,158 (3,141)
Intermediate Municipal Bond 3 (3) 0
Government Money Market 0 0 0
Tax-Free Money Market 1 (1) 0
The primary permanent differences causing such reclassifications are due to
currency gains and losses, the expiration of net operating losses and litigation
income.
Distributions to shareholders
DIVIDENDS FROM NET INVESTMENT INCOME -- Distributions are recorded on the
ex-dividend date. Dividends from net investment income are declared and paid
annually, when available, for Tudor, Quantitative Equity and Large Cap Growth
Funds. Dividends from net investment income are declared daily and paid monthly
for the Core Bond, Intermediate Municipal Bond, Government Money Market and Tax
Free Money Market Funds.
DISTRIBUTIONS FROM NET REALIZED GAINS -- Distributions from net realized gains
are declared and paid by December 31 of the year in which they are earned. To
the extent that net realized capital gains can be offset by capital loss
carryovers, if any, it is the policy of the Funds not to distribute such gains.
The character of distributions for each Funds' fiscal years ended December 31,
2002 and December 31, 2001 is as follows:
(IN THOUSANDS) ORDINARY (A) CAPITAL GAIN (B) EXEMPT-INTEREST
FUND 2002 2001 2002 2001 2002 2001
- ---- ---- ---- ---- ---- ---- ----
Tudor 0 799 0 1,948 0 0
Large Cap Growth 0 765 0 0 0 0
Quantitative Equity 0 0 0 0 0 0
Core Bond 4,327 6,179 0 0 0 0
Intermediate Municipal Bond 77 1 229 102 771 777
Government Money Market 2,667 14,678 0 0 0 0
Tax Free Money Market 0 0 0 0 2,078 5,881
Notes: (a) Includes distributions from Funds' level net short-term gains. (b) To
the extent reported, each Fund designates these amounts as capital gain
dividends for federal income tax purposes.
Page 34
WEISS, PECK & GREER MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS - (UNAUDITED) - CONTINUED
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, 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 "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. At June 30, 2003,
the Funds did not hold any futures.
Options Writing (TUDOR, LARGE CAP GROWTH, QUANTITATIVE EQUITY, 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 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. At June 30, 2003, the Funds did not have
any written options outstanding.
Foreign Securities (TUDOR, LARGE CAP GROWTH)
- --------------------------------------------
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, LARGE CAP GROWTH)
- ----------------------------------------------------
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. At June
30, 2003, the Funds did not have any forward currency contracts outstanding.
Page 35
WEISS, PECK & GREER MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS - (UNAUDITED) - CONTINUED
Foreign Currency Transactions (TUDOR, LARGE CAP GROWTH)
- -------------------------------------------------------
The books and records of each Fund are maintained in U.S. dollars. Foreign
currencies, investments and other assets or liabilities, denominated in foreign
currencies, are translated into U.S. dollars at the exchange rates prevailing at
11:00 AM Eastern time.
Reported net realized foreign exchange gains or losses arise from sales and
maturities of short term securities, sales of foreign currencies, currency gains
or losses realized between the trade and settlement dates on securities
transactions, the difference between the amounts of dividends, interest, and
foreign withholding taxes recorded on the Fund's books, and the U.S. dollar
equivalent of the amounts actually received or paid. Net unrealized foreign
exchange gains and losses arise from changes in the value of assets and
liabilities other than investments in securities at year end, resulting from
changes in the exchange rate.
Use of Estimates
- ----------------
Estimates and assumptions are required to be made regarding assets, liabilities
and changes in net assets resulting from operations when financial statements
are prepared. Changes in the economic environment, financial markets and any
other parameters used in determining these estimates could cause actual results
to differ from these amounts.
2-SECURITIES TRANSACTIONS
For the six months ended June 30, 2003, sales proceeds, cost of securities
purchased, (other than short-term investments), total commissions and
commissions received by Weiss, Peck & Greer ("WPG"), on such transactions were
as follows:
PROCEEDS COST OF COMMISSIONS
OF SECURITIES SECURITIES TOTAL RECEIVED BY
SOLD PURCHASED COMMISSIONS WPG
(000'S) (000'S) (000'S) (000'S)
------------- ---------- ----------- -----------
Tudor $26,825 $25,373 $240 $40
Large Cap Growth 17,192 14,790 55 20
Quantitative Equity 14,822 9,197 28 4
Core Bond 282,263 297,849 0 0
Municipal Bond 2,846 3,427 0 0
3-SECURITIES LENDING (TUDOR, CORE BOND)
At June 30, 2003, the Tudor Fund loaned securities valued at $3,617,309. For
collateral the Tudor Fund received a letter of credit from Danske Bank in an
amount equal to $4,500,000. At June 30, 2003, the Core Bond Fund loaned
securities valued at $2,432,082. For collateral, the Core Bond Fund received a
U.S. Treasury Strip Due 2/15/15 with fair value of $1,173,250 and a U.S.
Treasury Strip Due 11/15/21 with fair value of $1,404,150. For the six months
ended June 30, 2003, the Tudor Fund and the Core Bond Fund earned $4,380 and
$6,007 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 scheduled 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.
Page 36
WEISS, PECK & GREER MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS - (UNAUDITED) - CONTINUED
5-INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
WPG serves as the Funds' investment adviser. The advisory fees of each Fund are
as follows, and are paid monthly:
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
Large Cap Growth .75% of net assets
Quantitative Equity .75% of net assets
Core Bond .45% of net assets
Intermediate Municipal Bond .00% while net assets under $17 million
.50% while net assets in excess of $17 million
Government Money Market .50% of net assets up to $500 million
& .45% of net assets $500 million to $1 billion
Tax Free Money Market .40% of net assets $1 billion to $1.5 billion
.35% of net assets in excess of $1.5 billion
Each Fund has entered into an Administration Agreement with WPG. For the period
January 1, 2003 through April 30, 2003 WPG was entitled to receive the following
fees based upon a percentage of average daily net assets: Tudor 0.14%, Large Cap
Growth 0.12%, Quantitative Equity 0.07%, Core Bond 0.00%, Intermediate Municipal
Bond 0.00%, Government Money Market 0.02%, and Tax Free Money Market 0.03%. As
of May 1, 2003, WPG is entitled to receive the following fees based upon a
percentage of average daily net assets: Tudor 0.15%, Large Cap Growth 0.16%,
Government Money Market 0.04% and Tax Free Money Market 0.04%. 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 there-under. The Fund may pay up to 0.25% of its
average daily net assets under any one agreement but is limited to an aggregate
of 0.05% of its average annual net assets for activities primarily intended to
result in the sale of its shares.
For the six months ended June 30, 2003, expenses incurred under the Plan were
$0.
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.
Page 37
WEISS, PECK & GREER MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS - (UNAUDITED) - CONTINUED
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, 2003 the Funds'
custodian fees and related offset were as follows:
Custodian Offset
Fee Credit
--------- ------
Tudor $7,618 $511
Large Cap Growth 7,389 198
Quantitative Equity 4,021 221
Core Bond 18,095 970
Municipal Bond 1,503 104
Government Money Market 12,682 1,321
Tax Free Money Market 12,104 334
The Funds could have invested their cash balances elsewhere if they had not
agreed to a reduction in fees under the expense offset agreement with their
custodian.
Page 38
WEISS, PECK & GREER MUTUAL FUNDS
FINANCIAL HIGHLIGHTS (FOR THE YEARS ENDED DECEMBER 31 EXCEPT FOR 2003 WHICH IS
FOR THE SIX MONTHS ENDED JUNE 30)
$ PER SHARE RATIOS (A)
TOTAL RATIO OF
NET INCOME/ DIVI- DISTRI- NET
REALIZED (LOSS) DENDS BUTIONS NET RATIO OF INVESTMENT
NET NET AND FROM FROM FROM NET ASSETS EXPENSES INCOME
ASSET INVEST- UNREALIZED INVEST- NET NET ASSET AT TO TO PORT-
VALUE AT MENT GAINS OR MENT MENT REALIZED TOTAL VALUE AT END OF AVERAGE AVERAGE FOLIO
BEGINNING INCOME (LOSSES)ON OPERA- INVEST- CAPITAL DISTRI- END OF TOTAL PERIOD NET NET TURNOVER
OF YEAR (LOSS) INVESTMENTS TIONS INCOME GAINS BUTIONS PERIOD RETURN ($000'S) ASSETS ASSETS RATE
- ------------------------------------------------------------------------------------------------------------------------------------
TUDOR
2003* $11.24 $(0.02) $1.82 $1.80 $0.00 $0.00 $0.00 $13.04 16.01% $53,669 1.67% (0.41%) 114.2%
2002 15.21 0.00 (3.97) (3.97) 0.00 0.00 0.00 11.24 (26.10) 47,705 1.54 (0.81) 105.6
2001 18.41 0.00 (2.73) (2.73) 0.00 (0.47) (0.47) 15.21 (14.78) 71,324 1.38 0.11 128.1
2000 22.91 0.00 (1.50) (1.50) 0.00 (3.00) (3.00) 18.41 (5.20) 94,418 1.28 (0.22) 84.0
1999 15.74 0.00 9.88 9.88 0.00 (2.71) (2.71) 22.91 63.26 108,780 1.37 (0.37) 139.4
1998 21.90 (0.02) (4.86) (4.88) 0.00 (1.28) (1.28) 15.74 (22.01) 86,817 1.28 (0.22) 143.6
LARGE CAP GROWTH FUND
2003* 19.16 (0.06) 2.63 2.57 0.00 0.00 0.00 21.73 13.41 46,623 1.43 (0.55) 71.1
2002 26.46 0.00 (7.30) (7.30) 0.00 0.00 0.00 19.16 (27.59) 43,412 1.25 (0.42) 107.9
2001 33.60 (0.01) (6.86) (6.87) 0.00 (0.27) (0.27) 26.46 (20.45) 74,931 1.14 (0.11) 56.4
2000 39.88 0.01 (0.94) (0.93) 0.00 (5.35) (5.35) 33.60 (1.68) 109,347 1.01 (0.03) 78.2
1999 40.64 0.14 4.91 5.05 (0.16) (5.65) (5.81) 39.88 12.68 145,734 1.03 0.40 68.1
1998 35.11 0.26 9.38 9.64 (0.26) (3.85) (4.11) 40.64 27.51 160,698 1.04 0.71 64.6
QUANTITATIVE EQUITY FUND
2003* 2.74 0.01 0.32 0.33 0.00 0.00 0.00 3.07 12.04 15,891 1.68 0.74 125.1
2002 3.49 0.00 (0.75) (0.75) 0.00 0.00 0.00 2.74 (21.49) 15,145 1.67 (0.10) 74.7
2001 3.86 0.00 (0.37) (0.37) 0.00 0.00 0.00 3.49 (9.59) 22,387 1.41 (0.30) 91.5
2000 5.23 0.00 (0.42) (0.42) (0.01) (0.94) (0.95) 3.86 (7.32) 29,824 1.23 0.02 106.6
1999 5.79 0.02 0.73 0.75 (0.03) (1.28) (1.31) 5.23 13.90 76,452 1.08 0.24 95.6
1998 5.84 0.05 1.46 1.51 (0.06) (1.50) (1.56) 5.79 26.71 73,884 1.06 0.49 89.4
Page 39
WEISS, PECK & GREER MUTUAL FUNDS
FINANCIAL HIGHLIGHTS (FOR THE YEARS ENDED DECEMBER 31 EXCEPT FOR 2003 WHICH IS
FOR THE SIX MONTHS ENDED JUNE 30)
$ PER SHARE RATIOS (A)
TOTAL RATIO OF
NET INCOME/ DIVI- DISTRI- NET
REALIZED (LOSS) DENDS BUTIONS NET RATIO OF INVESTMENT
NET NET AND FROM FROM FROM NET ASSETS EXPENSES INCOME
ASSET INVEST- UNREALIZED INVEST- NET NET ASSET AT TO TO PORT-
VALUE AT MENT GAINS OR MENT MENT REALIZED TOTAL VALUE AT END OF AVERAGE AVERAGE FOLIO
BEGINNING INCOME (LOSSES)ON OPERA- INVEST- CAPITAL DISTRI- END OF TOTAL PERIOD NET NET TURNOVER
OF YEAR (LOSS) INVESTMENTS TIONS INCOME GAINS BUTIONS PERIOD RETURN ($000'S) ASSETS ASSETS RATE
- ------------------------------------------------------------------------------------------------------------------------------------
CORE BOND
2003* $10.44 $0.16 $0.32 $0.48 $(0.16) $0.00 $(0.16) $10.76 4.64% $113,390 0.48% 3.07% 631.5%
2002 9.80 0.40 0.64 1.04 (0.40) 0.00 (0.40) 10.44 10.87 105,261 0.50 4.02 539.2
2001 9.40 0.49 0.40 0.89 (0.49) 0.00 (0.49) 9.80 9.64 123,797 0.50 5.04 431.5
2000 9.07 0.60 0.33 0.93 (0.60) 0.00 (0.60) 9.40 10.66 114,547 0.50 6.58 509.0
1999 9.64 0.56 (0.57) (0.01) (0.56) 0.00 (0.56) 9.07 (0.12) 137,487 0.50 5.98 531.2
1998 9.34 0.54 0.30 0.84 (0.54) 0.00 (0.54) 9.64 9.26 139,463 0.50 5.71 684.9
INTERMEDIATE MUNICIPAL BOND
2003* 10.81 0.20 0.16 0.36 (0.20) 0.00 (0.20) 10.97 3.35 21,024 0.85 3.69% 27.8
2002 10.40 0.42 0.57 0.99 (0.42) (0.16) (0.58) 10.81 9.70 20,447 0.85 3.90 43.5
2001 10.44 0.46 0.00 0.46 (0.44) (0.06) (0.50) 10.40 4.42 19,067 0.84 4.18 34.6
2000 10.05 0.46 0.39 0.85 (0.46) 0.00 (0.46) 10.44 8.73 16,941 0.81 4.58 23.8
1999 10.55 0.44 (0.50) (0.06) (0.44) 0.00 (0.44) 10.05 (0.54) 20,210 0.85 4.32 83.2
1998 10.45 0.45 0.14 0.59 (0.47) (0.02) (0.49) 10.55 5.72 25,341 0.85 4.23 45.7
GOVERNMENT MONEY MARKET
2003* 1.00 0.00 0.00 0.00 0.00 0.00 0.00 1.00 0.21 124,427 0.83 0.43 N/A
2002 1.00 0.01 0.00 0.01 (0.01) 0.00 (0.01) 1.00 1.07 128,876 0.75 1.15 N/A
2001 1.00 0.04 0.00 0.04 (0.04) 0.00 (0.04) 1.00 3.61 391,853 0.69 3.57 N/A
2000 1.00 0.06 0.00 0.06 (0.06) 0.00 (0.06) 1.00 5.74 375,679 0.68 5.59 N/A
1999 1.00 0.04 0.00 0.04 (0.04) 0.00 (0.04) 1.00 4.45 372,448 0.70 4.36 N/A
1998 1.00 0.05 0.00 0.05 (0.05) 0.00 (0.05) 1.00 4.80 428,443 0.73 4.62 N/A
TAX FREE MONEY MARKET
2003* 1.00 0.00 0.00 0.00 0.00 0.00 0.00 1.00 0.33 137,792 0.74 0.66 N/A
2002 1.00 0.01 0.00 0.01 (0.01) 0.00 (0.01) 1.00 1.02 161,940 0.69 1.02 N/A
2001 1.00 0.03 0.00 0.03 (0.03) 0.00 (0.03) 1.00 2.51 205,904 0.67 2.52 N/A
2000 1.00 0.04 0.00 0.04 (0.04) 0.00 (0.04) 1.00 3.71 208,911 0.70 3.67 N/A
1999 1.00 0.03 0.00 0.03 (0.03) 0.00 (0.03) 1.00 2.80 117,520 0.76 2.76 N/A
1998 1.00 0.03 0.00 0.03 (0.03) 0.00 (0.03) 1.00 3.05 131,268 0.75 3.01 N/A
* Unaudited
(A) Ratios and Portfolio Turnover for 2003 are annualized
Page 40
WEISS, PECK & GREER MUTUAL FUNDS
FINANCIAL HIGHLIGHTS
The Adviser agreed to cap certain Funds' operating expenses and not to impose
its full fee for certain periods. This has resulted in a waiver of a portion of
the Investment Advisory Fee for Core Bond, Intermediate Municipal Bond and
Quantitative Equity. The Adviser may not discontinue or modify this cap without
the approval of the Funds' Trustees. Had the Adviser not so agreed, and had the
Funds not received a custody fee earnings credit, the total return would have
been lower and the net investment income/(loss) per share, ratio of expenses to
average net assets and ratio of net income to average net assets would have
been:
Ratio of
Net
Ratio of Investment
Expenses Income
to Average to Average
Net Assets Net Assets
QUANTITATIVE EQUITY
2003 * 1.88% 0.54%
2001 1.42% (0.31)%
2000 1.24% 0.01%
1998 1.07% 0.48%
CORE BOND
2003 * 0.81% 2.74%
2002 0.83% 3.69%
2001 0.81% 4.73%
2000 0.79% 6.29%
1999 0.81% 5.67%
1998 0.89% 5.32%
INTERMEDIATE MUNICIPAL BOND
2003 * 1.15% 3.39%
2002 1.17% 3.58%
2001 1.15% 3.87%
2000 1.04% 4.35%
1999 1.08% 4.09%
1998 1.06% 4.02%
GOVERNMENT MONEY MARKET
2002 0.76% 1.14%
TAX FREE MONEY MARKET
1998 0.76% 3.00%
For the Tudor and Large Cap Growth 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 1999 and
2002 for the Quantitative Equity Fund, in 1998, 1999, 2000, 2001 and 2003 for
the Government Money Market Fund and 1999, 2000, 2001, 2002 and 2003 for the Tax
Free Money Market Fund.
*Unaudited.
Page 41
WEISS, PECK & GREER MUTUAL FUNDS
INFORMATION ON TRUSTEES - (UNAUDITED)
TRUSTEES
NAME, ADDRESS, DATE OF BIRTH
POSITION(S) HELD WITH PRINCIPAL
FUND AND LENGTH OF SERVICE OCCUPATION(S) OTHER DIRECTORSHIPS
AS A TRUSTEE PAST 5 YEARS HELD BY TRUSTEE
- -------------------------------------------------------------------------------------------------------------------------------
ROGER J. WEISS Senior Managing Trustee Fellow of Cornell University
One New York Plaza Director of WPG Member of Board of Overseers of
New York, NY 10004 Cornell Medical College
4/29/39 Vice Chairman of Cornell University
Chairman of the Board and Investment Committee
Trustee since 1988 Member of Cornell Law School and
Athletic Advisory Councils
Trustee of the Chess-in-the-Schools
Program
Member of the Board of Gray Peak
Technologies
- -------------------------------------------------------------------------------------------------------------------------------
RAYMOND R. HERRMANN, JR. Chairman of the Board of Life Member of Board of Overseers
60 E. 42nd Street Sunbelt Beverage Corp. of Cornell Medical College
Suite 1915 Director of Sky Ranch for Boys
New York, NY 10165
9/11/20
Trustee since 1970
- -------------------------------------------------------------------------------------------------------------------------------
ROBERT A. STRANIERE Member of New York State Director of various Reich and
182 Rose Avenue Assembly Tang Funds
Staten Island, NY 10306 Sole proprietor of Straniere
3/28/41 Law Firm
Trustee since 1992
- -------------------------------------------------------------------------------------------------------------------------------
WILLIAM B. ROSS Self-employed Financial Consultant
4044 N. Farwell Avenue
Shorewood, WI 53211
8/22/27
Trustee since 1972
- -------------------------------------------------------------------------------------------------------------------------------
LAWRENCE J. ISRAEL Private Investor Member of Board of Governors
170 Broadway of Touro Infirmary
Suite 249 Member of Touro Foundation Board
New Orleans, LA 70018 Member of Board of Administrators
12/13/34 and Executive Committee of
Trustee since 1990 Tulane University
Member of the Intercollegiate Athletics
Committee of the Administrators of
Tulane Educational Fund
- -------------------------------------------------------------------------------------------------------------------------------
GRAHAM E. JONES Senior Vice President, BGK Realty Inc. Trustee of various investment
330 Garfield Street companies of Deutsche Asset
Santa Fe, NM 87501 Management
1/31/33 Trustee various investment companies
Trustee since 1985 managed by Sun Capital Advisors.
Page 42
ONE NEW YORK PLAZA, NEW YORK, NY 10004
INDEPENDENT TRUSTEES AND MEMBERS
OF AUDIT COMMITTEE
Raymond R. Herrmann, Jr. William B. Ross
Lawrence J. Israel Robert A. Straniere
Graham E. Jones
OFFICERS
ROGER J. WEISS
Chairman of the Board and Trustee - all funds
WALTER PRENDERGAST
President - WPG Tudor Fund
RONALD M. HOFFNER
Executive Vice President and Treasurer - all funds
JOSEPH J. REARDON
Vice President and Secretary - all funds
STEVEN M. PIRES
Assistant Vice President - all funds
C. LENNIS KOONTZ
Vice President - WPG Large Cap Growth Fund
DANIEL S. VANDIVORT
President - WPG Funds Trust
EASTON RAGSDALE
Vice President - WPG Quantitative Equity Fund
PETER ALBANESE
Vice President - WPG Quantitative Equity Fund
JANET A. FIORENZA
Vice President - WPG Tax Free Money Market Fund
S. BLAKE MILLER
Vice President - WPG Intermediate Municipal Bond Fund
SID BAKST
Vice President - WPG Core Bond Fund
THOMAS J. GIRARD
Vice President - WPG Government Money Market 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 9806 Providence,
RI 02940
DISTRIBUTOR
PFPC Distributors, Inc. 760 Moore Road
King of Prussia, PA 19406
LEGAL COUNSEL
Hale and Dorr 60 State Street
Boston, MA 02109
This report is submitted for the general information of shareholders and is not
authorized for distribution to prospective investors unless preceded or
accompanied by an effective prospectus. Nothing herein is to be considered an
offer of sale or solicitation of an offer to buy shares of the Weiss, Peck &
Greer Funds. Such offering is made only by prospectus, which includes details as
to offering and other material information.
ITEM 2. CODE OF ETHICS.
Not applicable
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Not applicable
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable
ITEM 6. Reserved
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable
ITEM 8. Reserved
ITEM 9. CONTROLS AND PROCEDURES.
(A) Disclosure Controls and Procedures. The Registrant's Principal Executive
Officer and Principal Financial Officer concluded that the Registrant's
Disclosure Controls and Procedures are effective based on their evaluation
of these controls and procedures as of a date within 90 days of the filing
date of this report.
(B) Internal Controls. There were no significant changes in Registrant's
internal controls or in other factors that could significantly affect these
internal controls subsequent to the date of the most recent evaluation,
including any corrective actions with regard to significant deficiencies
and material weaknesses.
ITEM 10. EXHIBITS.
(A) ANY CODE OF ETHICS OR AMENDMENT THERETO.
Not applicable
(B) CERTIFICATIONS PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002.
Filed herewith.
(C) CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002.
Furnished herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934
and the Investment Company Act of 1940, the registrant has duly caused this
report to be signed on its behalf by the undersigned, thereunto duly authorized.
Weiss, Peck & Greer Funds Trust
By (Signature and Title) /s/ ROGER J. WEISS
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Roger J. Weiss, Principal Executive Officer
Date September 4, 2003
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Pursuant to the requirements of the Securities Exchange Act of 1934
and the Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
Weiss, Peck & Greer Funds Trust
By (Signature and Title) /s/ RONALD M. HOFFNER
-----------------------
Ronald M. Hoffner,
Principal Financial Officer
Date September 4, 2003
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