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 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
Weiss, Peck & Greer Investments
One New York Plaza
31st Floor
NEW YORK, NY 10004
(Name and address of agent for service)
Registrant's telephone number, including area code:
212-908-9882
Date of fiscal year end: DECEMBER 31, 2003
Date of reporting period: DECEMBER 31, 2003
The following have been omitted from this Form N-CSR: (1) Exhibit
11(a)(2)--Certifications pursuant to Section 302 of the Sarbanes Oxley Act of
2002 and (2) Exhibit 11(b)-- Certifications pursuant to Section 906 of the
Sarbanes Oxley Act of 2002. The Registrant will file a Notification of Late
Filing on Form 12b-25 on March 9, 2004.
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 350.
ITEM 1 -- REPORT TO SHAREHOLDERS
MUTUAL FUNDS
ANNUAL REPORT DECEMBER 31, 2003
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
Average Annual Total Returns ............................... 1
Major Portfolio Changes - Equity Funds ..................... 4
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
Independent Auditors' Report ............................... 42
Information on Trustees .................................... 43
Additional Information - Unaudited ......................... 44
AGGRESSIVE
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.
CONSERVATIVE
WEISS, PECK & GREER MUTUAL FUNDS
AVERAGE ANNUAL TOTAL RETURN
TUDOR FUND
The Tudor Fund benefited from strong market conditions, particularly for small
cap securities, during 2003. The year was marked by transition for the Tudor
Fund as with the change of Fund managers the objective changed to value.
Commensurate with this change, we changed the benchmark to the Russell 2000
Value Index. For the year the Fund returned 45.4%, which was slightly below its
old and new benchmarks. Since the new managers took over in September the Fund
returned 14.2% versus the Russell 2000 Value Index that advanced by 15.0%.
Heading into 2004, the economic backdrop for small caps remains positive. The
economy is strong, the Federal Reserve is accommodative, and government spending
continues to contribute to the overall re-flation. While the fundamentals are
strong, we remain cautious about higher valuations among the small caps and the
declining dollar, which tend to favor larger multinational companies. Thus, we
believe we could be in a largely sideways market with continued volatility. This
type of market environment has typically been favorable for our investment
strategy.
WPG TUDOR FUND
RUSSELL RUSSELL
2000 2000
TUDOR rtn VALUE rtn GROWTH rtn
--------- ---------- ------------ ---------- -----------------------
12/31/93 10,000 13.38% 10,000 23.84% 10,000 13.36%
12/31/94 9,019 -9.81% 9,845 -1.55% 9,757 -2.43%
12/31/95 12,733 41.18% 12,380 25.75% 12,786 31.04%
12/31/96 15,129 18.82% 15,026 21.37% 14,225 11.26%
12/31/97 16,810 11.11% 19,801 31.78% 16,067 12.95%
12/31/98 13,110 -22.01% 18,524 -6.45% 16,265 1.23%
12/31/99 21,404 63.26% 18,248 -1.49% 23,274 43.09%
12/31/2000 20,291 -5.20% 22,414 22.83% 18,053 -22.43%
12/31/2001 17,292 -14.78% 25,558 14.03% 16,387 -9.23%
12/31/2002 12,779 -26.10% 22,637 -11.43% 11,428 -30.26%
12/31/2003 18,576 45.37% 33,057 46.03% 16,976 48.54%
AVERAGE ANNUAL TOTAL RETURN
(FOR THE PERIODS ENDED DECEMBER 31, 2003)
1 YEAR 5 YEARS 10 YEARS
------- -------- --------
TUDOR .......................... 45.37% 7.22% 6.39%
Russell 2000 Growth Index ...... 48.54% 0.86% 5.43%
Russell 2000 Value Index ....... 46.03% 12.28% 12.70%
LARGE CAP GROWTH FUND
Stock prices rose sharply in 2003, following three consecutive down years (only
the second time since 1925). In the twelve months since the 2002 trough the S&P
500 returned over 35%, about in line with its historical rebound from sharp
downturns. The WPG Large Cap Growth Fund rose 10.8% in the fourth quarter,
bringing its full year return to 31.9% versus 29.8% for its benchmark, the
Russell 1000 Growth Index. The Fund outperformed both the Russell 1000 Growth
and Lipper Large Cap Growth Indices largely due to superior stock selection,
especially in the Financial and Technological sectors.
At year-end the advisor revised the Fund's strategy and changed the portfolio
manager. The change is from a fundamentally driven, high tracking error strategy
to one that is quantitatively and fundamentally driven with a significantly
lower tracking error target (3.5% versus 6.0%). The Fund remains targeted at
outperforming its benchmark. However, the focus will be on generating the bulk
of the returns from stock selection, reducing the importance of the asset
allocation decision versus its benchmark. The Trustees of the Fund have
appointed Easton Ragsdale and Peter Albanese as portfolio managers of the fund
with investment experience of 23 and 13 years, respectively.
WPG LARGE CAP GROWTH FUND
LIPPER RUSSELL
LARGE CAP LARGE CAP 1000
GROWTH rtn GROWTH rtn GROWTH rtn
------------ ---------- ------------ ---------- ----------------------
12/31/93 10,000 9.54% 10,000 10,000 2.90%
12/31/94 9,454 -5.46% 9,918 -0.82% 10,266 2.66%
12/31/95 12,548 32.73% 13,381 34.92% 14,084 37.19%
12/31/96 15,613 24.42% 16,133 20.56% 17,340 23.12%
12/31/97 21,275 36.27% 20,584 27.59% 22,627 30.49%
12/31/98 27,128 27.51% 28,090 36.47% 31,386 38.71%
12/31/99 30,568 12.68% 37,871 34.82% 41,794 33.16%
12/31/2000 30,054 -1.68% 30,418 -19.68% 32,424 -22.42%
12/31/2001 23,908 -20.45% 23,157 -23.87% 25,803 -20.42%
12/31/2002 17,312 -27.59% 16,648 -28.11% 18,609 -27.88%
12/31/2003 22,833 31.89% 21,136 26.96% 24,145 29.75%
AVERAGE ANNUAL TOTAL RETURN
(FOR THE PERIODS ENDED DECEMBER 31, 2003)
1 YEAR 5 YEARS 10 YEARS
------- -------- --------
LARGE CAP GROWTH ............... 31.89% -3.39% 8.60%
Russell 1000 Growth Index ...... 29.75% -5.11% 9.21%
Lipper Large Cap Growth
Funds Index .................. 26.96% -5.53% 7.77%
Page 1
WEISS, PECK & GREER MUTUAL FUNDS
AVERAGE ANNUAL TOTAL RETURN
QUANTITATIVE EQUITY FUND
After three consecutive years of declines (the second such period since 1925)
the S&P 500 turned around in 2003 and generated a total return of 28.7%. The war
with Iraq and uncertainty about the pace of the economic recovery drove the
negative performance in the first quarter. However, a quick US victory over
Iraq, declining interest rates, tax cuts, improving corporate earnings and a
clearly improving economy rallied the equity markets and led to strong
performance during each of the other three quarters. Through these very
different environments, the WPG Quantitative Equity Fund stock selection model
contributed positively to performance. Coupled with an effective risk management
strategy, the portfolio finished the year ahead of the S&P 500 Index. Predictive
power was delivered from both the valuation and earnings momentum components of
the model. However, valuation factors were the most powerful and consistent
factors in the model. Specifically, BOOK TO PRICE and ESTIMATE REVISIONS
(upward) did much of the heavy lifting for the year. EARNINGS REVISIONS
(downward) and EARNINGS SURPRISE were also predictive during the year.
WPG QUANTITATIVE EQUITY FUND
WPG S & P 500
Quant Equity rtn INDEX rtn
------------ ---------- ------------ ----------
12/31/93 10,000 13.90% 10,000 10.08%
12/31/94 10,034 0.34% 10,132 1.32%
12/31/95 13,382 33.37% 13,940 37.58%
12/31/96 15,859 18.51% 17,140 22.96%
12/31/97 19,899 25.47% 22,858 33.36%
12/31/98 25,214 26.71% 29,391 28.58%
12/31/99 28,719 13.90% 35,575 21.04%
12/31/00 26,616 -7.32% 32,337 -9.10%
12/31/01 24,064 -9.59% 28,493 -11.89%
12/31/2002 18,892 -21.49% 22,196 -22.10%
12/31/2003 24,339 28.83% 28,561 28.68%
AVERAGE ANNUAL TOTAL RETURN
(FOR THE PERIODS ENDED DECEMBER 31, 2003)
1 YEAR 5 YEARS 10 YEARS
------- -------- --------
QUANTITATIVE EQUITY ............ 28.83% -0.70% 9.30%
S&P 500 Stock Index ............ 28.68% -0.57% 11.07%
CORE BOND FUND
The U.S. Treasury market was marked by considerable volatility, as evidenced by
the 10 year treasury note which traded in a 150 basis point range for the year.
The yield curve steepened modestly and yields rose with the 5 year note
underperforming the most. Yields on the 5 year Treasury rose 52 basis points,
from 2.73% to 3.25%. Yields on 2, 10, and 30-year Treasuries rose by 22, 43, and
32 basis points, respectively. In non-treasury sectors, corporate bonds
tightened to treasuries by 81 basis points, generating 527 basis points of
excess return. The Fund outperformed its benchmark by 94 basis points primarily
due to opportunistic over and underweightings in the corporate sector in the
first half of the year followed by an overweight of the sector for the second
half of the year. The portfolio maintained a focus on the strong performing BBB
credits throughout the year. Positioning in the mortgage backed securities
sector also added materially to returns. Mortgages contributed strongly to
performance in the fund, largely due to favorable coupon selection within the
sector. A position in Treasury Inflation Protection Securities (TIPS) during the
first quarter added moderately to outperformance as did exposure in commercial
mortgage backed securities. All other strategies and sector positionings had a
minimal impact on performance.
WPG CORE BOND FUND
MORNINGSTAR
LEHMAN INTERMEDIATE
Core AGGREGATE TERM BOND
Bond Fund rtn INDEX rtn INDEX RTN
------------ ---------- ------------ ---------- -------------- --------
12/31/93 10,000 8.96% 10,000 9.75% 10,000 10.33%
12/31/94 9,130 -8.70% 9,708 -2.92% 9,606 -3.94%
12/31/95 10,340 13.25% 11,501 18.47% 11,286 17.49%
12/31/96 10,738 3.85% 11,919 3.63% 11,653 3.25%
12/31/97 11,529 7.37% 13,069 9.65% 12,690 8.90%
12/31/98 12,597 9.26% 14,204 8.69% 13,638 7.47%
12/31/99 12,582 -0.12% 14,088 -0.82% 13,455 -1.34%
12/31/2000 13,923 10.66% 15,726 11.63% 14,759 9.69%
12/31/2001 15,265 9.64% 17,054 8.44% 15,878 7.58%
12/31/2002 16,924 10.87% 18,802 10.25% 17,143 7.97%
12/31/2003 17,778 5.04% 19,572 4.10% 17,987 4.92%
AVERAGE ANNUAL TOTAL RETURN
(FOR THE PERIODS ENDED DECEMBER 31, 2003)
1 YEAR 5 YEARS 10 YEARS
------- -------- --------
CORE BOND .......................... 5.04% 7.13% 5.92%
Lehman Aggregate Index ............. 4.10% 6.62% 6.95%
Morningstar Intermediate Term Bond . 4.92% 5.67% 6.08%
Page 2
WEISS, PECK & GREER MUTUAL FUNDS
AVERAGE ANNUAL TOTAL RETURN
INTERMEDIATE MUNICIPAL BOND FUND
The municipal bond market demonstrated weaker absolute performance in 2003
relative to 2002 amid improving economic conditions, higher interest rates and a
vibrant equities market. Nevertheless, rates of return generally exceeded
expectations and outperformed those earned on Treasury and most corporate
securities on a tax-adjusted basis. Tax-exempt yields finished the year lower
than where they were at the beginning of 2003 while Treasury yields, on balance,
moved higher. The relative strength in the municipal market was largely
attributed to a supportive technical environment whereby the pace of new
issuance slowed during the second half of 2003.
Exposure to California General Obligation bonds was a source of considerable
return volatility. These securities suffered during the summer due to the
State's budgetary impasse. Then again towards the end of the year when the
deficit financing bond issue looked as though it would have trouble getting on
the ballot for approval.
The Fund had no exposure to California General Obligation bonds, whereas a
meaningful portion of the benchmark was allocated to these securities. This
under exposure to California, as well as the Fund's somewhat barbelled exposure
to the yield curve were positive factors for relative performance. However,
security specific factors which have historically been positive, were a drag on
relative performance this year.
The Fund produced a return of 3.73% during 2003 vs. a return of 4.01% for the
Lipper Intermediate Fund Average, and 4.66% for the Lehman 3-10 year index.
Going forward we will continue to look to add value though security selection.
Additionally, if rates begin to rise, our defensive and duration neutral style
should be beneficial to investors. Finally, ongoing credit monitoring will
continue to be an integral part of our management process.
WPG INTERMEDIATE MUNICIPAL BOND FUND
LIPPER LEHMAN
INTMD BROTHERS
MUNI 3-10 YEAR
INTMD FUNDS MUNICIPAL
MUNI BOND rtn AVERAGE rtn BOND INDEX rtn
------------------------- ---------------------- -------------------------
12/31/93 10,000 3.48% 10,000 10,000 4.14%
12/31/94 9,771 -2.29% 9,665 -3.35% 9,735 -2.65%
12/31/95 10,948 12.05% 10,952 13.32% 11,077 13.79%
12/31/96 11,408 4.20% 11,380 3.90% 11,563 4.38%
12/31/97 12,304 7.85% 12,206 7.26% 12,423 7.44%
12/31/98 13,008 5.72% 12,875 5.48% 13,172 6.03%
12/31/99 12,937 -0.54% 12,680 -1.51% 13,212 0.30%
12/31/00 14,067 8.73% 13,777 8.65% 14,350 8.62%
12/31/01 14,688 4.42% 14,393 4.47% 15,144 5.53%
12/31/02 16,113 9.70% 15,589 8.31% 16,539 9.21%
12/31/03 16,714 3.73% 16,214 4.01% 17,309 4.66%
AVERAGE ANNUAL TOTAL RETURN
(FOR THE PERIODS ENDED DECEMBER 31, 2003)
1 YEAR 5 YEARS 10 YEARS
------- -------- --------
INTERMEDIATE MUNI BOND .............. 3.73% 5.14% 5.27%
Lehman Brothers 3-10 Year
Municipal Bond Index ............... 4.66% 5.62% 5.64%
Lipper Intermediate Muni
Funds Average ...................... 4.01% 4.86% 5.08%
- -----------------
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 $3.5 billion that have higher than average
price-to-book ratios and higher than average forecasted growth values. The
Russell 2000 Value Index measures the performance of those Russell 2000
companies with lower than average price-to-book ratios and lower than average
forecasted 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 mean 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.
Page 3
WEISS, PECK & GREER MUTUAL FUNDS - UNAUDITED
MAJOR PORTFOLIO CHANGES - EQUITY FUNDS - YEAR ENDING DECEMBER 31, 2003
TUDOR FUND
ADDITIONS
Del Monte Foods Co.
Encore Acquisition Company
First Consulting Group
FTI Consulting Inc.
IDT Corp.
Newpark Resources Inc.
Pinnacle Systems Inc.
Prime Medical Services Inc.
Reebok International, Ltd.
Watchguard Technologies Inc.
DELETIONS
Centene Corp.
Emcor Group, Inc.
Fair, Isaac & Co., Inc.
Hubco, Inc.
Maxtor Corp.
Meridian Gold
Neoware Systems Inc.
Pioneer Natural Resources Co.
Safenet Inc.
XTO Energy Inc.
QUANTITATIVE EQUITY FUND
ADDITIONS
Computer Sciences Corp.
Constellation Brands Inc.
Fox Entertainment Group Inc. Cl A
Gillette Company
Glaxosmithkline Plc-ADR
McDonald's Corp.
Monsanto Company
Sanmina-SCI Corp.
Standard & Poor's Depositary Receipts
Texas Instruments
DELETIONS
Fannie Mae
Ingersoll Rand Co.
J.C. Penny Co., Inc.
Merck & Co. Inc.
National City Corp.
Pepsico, Inc.
Pharmacia Corporation
St. Jude Medical, Inc.
Washington Mutual, Inc.
Wells Fargo
LARGE CAP GROWTH FUND
ADDITIONS
Anheuser-Busch Companies, Inc.
Coca-Cola Company
Countrywide Financial Corp.
Dell Computer Corp.
General Dynamics Corp.
Gillette Co.
Glaxosmithkline Plc.-ADR
Home Depot, Inc.
Intel Corp.
United Healthcare Corp.
DELETIONS
AmerisourceBergen Corp.
Broadcom Corporation
Forest Laboratories, Inc.
Harley Davidson, Inc.
Linear Technology Corp.
Pharmacia Corp.
Principal Financial Group
The Goldman Sachs Group Inc.
Viacom Inc. Cl B
Walgreen Co.
Page 4
WEISS, PECK & GREER MUTUAL FUNDS
TEN LARGEST HOLDINGS AT DECEMBER 31, 2003*
VALUE PERCENT
TUDOR FUND (000'S) OF FUND
- -------------------------------------------------------------------------------
IDT Corp .......................................... $ 2,164 3.7%
Reebok International, Ltd. ........................ 1,813 3.1%
First Consulting Group ............................ 1,658 2.8%
FTI Consulting Inc. ............................... 1,402 2.4%
Prime Medical Services Inc. ....................... 1,219 2.1%
Alloy Online, Inc. ................................ 1,096 1.9%
Watchguard Technologies Inc. ...................... 1,081 1.9%
Newpark Resources Inc. ............................ 1,029 1.8%
Del Monte Foods Co. ............................... 1,023 1.8%
Encore Acquisition Company ........................ 993 1.7%
------- -------
$13,478 23.2%
======= =======
QUANTITATIVE EQUITY FUND
- -------------------------------------------------------------------------------
Standard & Poor's
Depositary Receipts ............................... $ 779 4.9%
Pfizer Inc. ....................................... 595 3.7%
Microsoft Corp. ................................... 565 3.5%
Citigroup Inc. .................................... 493 3.1%
Exxon Mobil Corp. ................................. 469 2.9%
Cisco Systems Inc. ................................ 408 2.6%
General Electric Co. .............................. 370 2.3%
International Business Machines ................... 306 1.9%
Wal-Mart Stores Inc. .............................. 295 1.9%
United Technologies Corp. ......................... 265 1.7%
------- -------
$4,545 28.5%
======= =======
VALUE PERCENT
LARGE CAP GROWTH FUND (000'S) OF FUND
- -------------------------------------------------------------------------------
Intel Corp. ....................................... $ 2,776 5.3%
Cisco Systems Inc. ................................ 2,181 4.2%
General Electric Co. .............................. 2,008 3.8%
Microsoft Corp. ................................... 1,853 3.5%
Pfizer Inc. ....................................... 1,844 3.5%
Coca-Cola Company ................................. 1,431 2.7%
Home Depot, Inc. .................................. 1,416 2.7%
Dell Computer Corp ................................ 1,311 2.5%
General Dynamics Corp ............................. 1,229 2.3%
Anheuser-Busch Companies, Inc. .................... 1,227 2.3%
------- -------
$17,276 32.8%
======= =======
Page 5
WEISS, PECK & GREER MUTUAL FUNDS
TEN LARGEST HOLDINGS AT DECEMBER 31, 2003* - CONTINUED
PERCENT
VALUE OF NET
CORE BOND FUND (000'S) ASSETS
- -----------------------------------------------------------------------------------------------------------------------------------
Federal National Mortgage Association Discount Note 1/14/04 .............................................. $32,402 22.2%
U.S. Treasury Note 2.375% Due 8/15/06 .................................................................... 19,640 13.5%
U.S. Treasury Note 4.250% Due 11/15/13 ................................................................... 10,524 7.2%
Federal National Mortgage Association 6.500% Due 1/1/34** ................................................ 9,034 6.2%
Federal National Mortgage Association 5.500% Due 1/1/19** ................................................ 7,288 5.0%
UBS Warburg LLC Repurchase Agreement 0.840% Due 1/2/04 ................................................... 7,021 4.8%
Federal National Mortgage Association 6.000% Due 1/1/34** ................................................ 6,790 4.7%
Federal National Mortgage Association 5.500% Due 1/1/34** ................................................ 6,699 4.6%
Federal National Mortgage Association 4.500% Due 1/1/19** ................................................ 6,271 4.3%
Federal National Mortgage Association 4.375% Due 3/15/13 ................................................. 4,415 3.0%
-------- --------
$110,084 75.5%
======== ========
INTERMEDIATE MUNICIPAL BOND FUND
Chicago Illinois O'Hare International Airport Revenue Refunding - 2nd Lien Series C
(MBIA Insured) 5.75% Due 1/1/09 ........................................................................ $1,145 5.8%
New York State Thruway Authority State Personal Income Tax Revenue Transportation Series A
(AMBAC Insured ) 5.50% Due 3/15/13 ..................................................................... 931 4.8%
Oklahoma County Oklahoma Home Finance Authority Single Family Refunding
Subordinated Mortgage Revenue Series B 1.75% Due 7/1/12@ ............................................... 891 4.5%
Metropolitan Transportation Authority-New York City Transitional Triborough Bridge & Tunnel
Authority Series A (AMBAC Insured) 5.63% Due 1/1/12 .................................................... 854 4.4%
Louisiana State Office Facilities Corporate Lease Revenue Capital Complex Program
(AMBAC Insured) 5.00% Due 5/1/12 ....................................................................... 833 4.3%
Rhode Island Housing & Mortgage Finance Corporation Mulitfamily Housing Revenue Series A
(AMBAC Insured) 5.70% Due 7/1/07 ....................................................................... 827 4.2%
New Orleans Louisiana Public Improvement General Obligation
(FSA Insured) 7.20% Due 11/1/08 ........................................................................ 763 3.9%
Mobile Alabama Water & Sewer Commissioners Water & Sewer Revenue 5.25% Due 1/1/13 ........................ 753 3.8%
Snohomish County Washington School District No. 006 5.70% Due 12/1/12 .................................... 704 3.6%
Illinois State Sales Tax Revenue 5.50% Due 6/15/09 ....................................................... 685 3.5%
-------- --------
$8,386 42.8%
======== ========
* The composition of the largest securities in each portfolio is subject to
change.
** Mortgage pass-through securities.
@ Indicates yield-to-maturity at December 31, 2003.
Page 6
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT DECEMBER 31, 2003
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------- -------------------------------------------------- ---------
TUDOR
COMMON STOCKS (98.3%)
CAPITAL GOODS (23.5%)
ADVERTISING (1.0%)
53,300 # * MDC Corp. Inc. Cl A .............................. $ 605
--------
AEROSPACE/DEFENSE (1.6%)
13,100 * Alliant Techsystems Inc. ......................... 756
8,300 * Herley Microwave Systems, Inc. ................... 172
--------
928
--------
BIOTECHNOLOGY (2.3%)
13,700 Cambrex Corp. .................................... 346
165,800 # * Durect Corporation ............................... 428
7,100 * Edwards Lifesciences Corp. ....................... 214
15,000 * Embrex Corp. ..................................... 206
22,800 * Pain Therapeutics, Inc. .......................... 158
--------
1,352
--------
COMMUNICATION (5.3%)
27,100 * Boston Communications
Group, Inc. .................................... 252
97,700 * IDT Corp. ........................................ 2,164
1,000 * Regent Communications Inc. ....................... 6
43,900 * Sinclair Broadcasting Group Inc. ................. 655
--------
3,077
--------
COMPUTER SOFTWARE
& SERVICES (4.1%)
15,300 * Cyberguard Corp. ................................. 133
31,400 * Network Associated Inc. .......................... 472
13,100 * Open Solutions. Inc. ............................. 230
68,100 * Tibco Software Inc. .............................. 461
185,676 * Watchguard Technologies Inc. ..................... 1,081
--------
2,377
--------
ELECTRONICS (1.0%)
12,200 * Celestica Inc. ................................... 184
28,300 * Graftech International Ltd. ...................... 382
--------
566
--------
INTERNET CONTENT (2.8%)
210,300 * Alloy Online, Inc. ............................... 1,096
95,600 * Centillium Communication Inc. .................... 538
--------
1,634
--------
SEMICONDUCTORS (2.5%)
51,218 * Digi International, Inc. ......................... 492
115,300 * Pinnacle Systems Inc. ............................ 984
--------
1,476
--------
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------- -------------------------------------------------- -----------
TUDOR (CONTINUED)
TECHNOLOGY (2.9%)
29,300 * Computer Network
Technology Corp. ................................ $ 280
23,263 * Digitas Inc. ..................................... 217
97,700 * I2 Technologies, Inc. ............................ 159
34,700 * Input/Output, Inc. ............................... 156
63,800 * Mead Instruments Corp. ........................... 220
16,300 * Synnex Corp. ..................................... 224
82,300 * Zilog Inc. ....................................... 428
--------
1,684
--------
13,699
--------
CONSUMER (32.9%)
BASIC MATERIALS (3.8%)
69,800 * Hercules Inc. .................................... 852
43,400 NN Inc. .......................................... 546
27,000 Schweitzer Manduit
International, Inc. ............................. 804
--------
2,202
--------
BUSINESS SERVICES (7.9%)
4,300 Advanced Marketing Services ...................... 49
9,400 Charles River Laboratories ....................... 323
11,400 * Cornell Companies Inc. ........................... 156
294,500 * First Consulting Group ........................... 1,658
60,000 * FTI Consulting Inc. .............................. 1,402
14,200 * Marlin Business Services Inc. .................... 247
37,000 * Providence Service Corp. ......................... 599
15,800 * Remedytemp Inc. .................................. 172
--------
4,606
--------
CONSUMER CYCLICALS (3.6%)
37,400 Ashworth Inc. .................................... 302
46,100 Reebok International, Ltd. ....................... 1,813
--------
2,115
--------
CONSUMER NON-CYCLICALS (1.6%)
9,800 Bunge Limited .................................... 323
35,200 Tupperware Corp. ................................. 610
--------
933
--------
CONSUMER SERVICES (3.6%)
20,000 # * Clean Harbors, Inc. .............................. 178
95,400 * Integrated Alarm Services ........................ 811
31,000 * Kroll Inc. ....................................... 806
30,000 * Princeton Review ................................. 293
--------
2,088
--------
FOOD (2.8%)
13,700 * Chiquita Brands International .................... 309
98,400 * Del Monte Foods Co. .............................. 1,023
17,800 * International Multifoods Corp. ................... 320
--------
1,652
--------
See notes to financial statements
Page 7
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT DECEMBER 31, 2003
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------- -------------------------------------------------- -----------
TUDOR (CONTINUED)
HEALTH CARE SERVICES (7.3%)
15,000 * Apria Healthcare Group, Inc. ..................... $ 428
48,400 * Cantel Industries ................................ 784
13,400 # * ICU Medical Inc. ................................. 459
82,600 * MIM Corp. ........................................ 581
27,900 * Option Care Inc. ................................. 298
58,400 * Orthodontic Centers
of America, Inc. ................................ 470
259,845 * Prime Medical Services Inc. ...................... 1,219
--------
4,239
--------
MEDICAL BIOTECHNOLOGY (1.6%)
34,500 * NBTY Inc. ........................................ 927
--------
RETAIL (0.7%)
14,500 * AT Cross Co. ..................................... 97
126,600 * HEARx Ltd. ....................................... 285
--------
382
--------
19,144
--------
ENERGY (12.7%)
ELECTRIC UTILITIES (1.5%)
15,900 Great Plains Energy Inc. ......................... 506
7,300 Hawaiian Electric Industries ..................... 346
--------
852
--------
NATURAL GAS UTILITIES (2.5%)
13,100 New Jersey Resources Corp. ....................... 504
33,600 * Southern Union Co. ............................... 618
13,800 Vectren Corporation .............................. 340
--------
1,462
--------
OIL & GAS EXPLORATION (5.6%)
10,700 * Denbury Resources Inc. ........................... 149
40,300 * Encore Acquisition Company ....................... 993
24,800 * Energy Partners, Ltd. ............................ 345
171,000 * Grey Wolf Inc. ................................... 640
31,100 * Magnum Hunter Resources Inc. ..................... 296
14,600 * Plains Exploration & Production .................. 225
32,300 * Whiting Petroleum Corp. .......................... 594
--------
3,242
--------
OIL FIELD SERVICES (3.1%)
66,800 * McDermott International Inc. ..................... 798
214,800 * Newpark Resources Inc. ........................... 1,029
--------
1,827
--------
7,383
--------
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------- -------------------------------------------------- -----------
TUDOR (CONTINUED)
INTERMEDIATE GOODS & SERVICES (6.6%)
GOLD & SILVER (0.4%)
19,900 Agnico Eagle Mines Limited ....................... $ 240
--------
TRANSPORTATION (6.2%)
26,800 * Air Methods Corp. ................................ 241
62,900 * Air Methods Corp. 144A ........................... 480
32,200 * Celadon Group .................................... 457
8,000 * Central Freight Lines ............................ 142
74,400 * OMI Corp. ........................................ 664
14,800 * Quality Distribution, Inc. ....................... 289
157,600 * Stonepath Group 144A ............................. 338
13,100 Teekay Shipping Marshall Island .................. 747
15,900 Wabtec ........................................... 271
--------
3,629
--------
3,869
--------
INTEREST SENSITIVE (22.6%)
BANKS (9.4%)
54,662 Bank Mutual Corp ................................. 623
22,600 * BankUnited Financial Corp ........................ 583
55,000 Brookline Bancorp, Inc. .......................... 844
18,750 * Commercial Capital Bancorp ....................... 401
17,100 First Financial Bankshare Inc .................... 713
8,400 Greenpoint Financial Corp ........................ 297
35,600 Jefferson Bancshares Inc. ........................ 491
24,800 National Commerce
Financial Corp. ................................. 676
22,000 PFF Bancorp Inc .................................. 798
2,300 South Financial Group Inc. ....................... 64
--------
5,490
--------
FINANCE (0.7%)
18,900 Gladstone Capital Corp. .......................... 422
--------
INSURANCE (6.0%)
2,200 * Alleghany Corp. .................................. 490
16,100 * American Safety Insurance
Group, Ltd. ..................................... 211
8,800 Fidelity National Financial, Inc. ................ 341
10,800 First American Corporation ....................... 322
96,200 * Meadowbrook Insurance
Group, Inc ...................................... 407
49,600 * NCRIC Group, Inc ................................. 528
28,200 Nymagic, Inc. .................................... 773
18,600 Scottish Re Group Ltd ............................ 387
--------
3,459
--------
See notes to financial statements
Page 8
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT DECEMBER 31, 2003
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------- -------------------------------------------------- -----------
TUDOR (CONTINUED)
REAL ESTATE (6.5%)
9,900 BRE Properties Inc. Cl A ......................... $ 331
24,292 Catellus Development Corp. ....................... 586
9,200 Colonial Properties .............................. 364
16,200 Federal Realty Investment Trust .................. 622
23,800 Great Lakes REIT Inc ............................. 374
14,100 I-Star Financial ................................. 548
24,300 Newcastle Investment Corp. ....................... 658
26,300 * Sunterra Corporation ............................. 292
--------
3,775
--------
13,146
--------
TOTAL COMMON STOCK
(Cost $50,859) ................................... 57,241
--------
PUT OPTIONS (0.0%)
(Cost $168)
NUMBER
OF
CONTRACTS
- ---------
32 * Russell 2000 Value Jan 750 ....................... 4
18 * Russell 2000 Value Jan 760 ....................... 9
20 * Russell 2000 Value Jan 770 ....................... 7
--------
20
--------
PRINCIPAL
AMOUNT
(000'S)
- ---------
REPURCHASE AGREEMENT (1.7%)
(Cost $1,009)
$1,009 UBS Warburg LLC 0.840%
due 1/2/04 with proceeds
at maturity of $1,009
(collateralized by $892
United States Treasury
Bond 6.125% Due 8/15/29
with value of $1,033) ............................ 1,009
--------
TOTAL INVESTMENTS (100.0%)
(Cost $52,036) ................................... 58,270
OTHER ASSETS IN EXCESS
OF LIABILITIES (0.0%) ............................ 12
--------
TOTAL NET ASSETS (100.0%) ........................ $ 58,282
========
* 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 (99.1%)
AEROSPACE/DEFENSE (2.3%)
13,600 General Dynamics Corp. ........................... $1,229
--------
BANKING/FINANCIAL (3.1%)
4,800 Doral Financial Corp. ............................ 155
6,300 Golden West Financial Corp. ...................... 650
7,800 MBNA Corp. ....................................... 194
9,800 North Fork Bancorporation ........................ 397
7,100 Southtrust Corp. ................................. 232
--------
1,628
--------
BASIC INDUSTRIES (1.1%)
19,700 Monsanto Company ................................. 567
--------
BROADCASTING/ADVERTISING (3.5%)
9,700 Clear Channel Communications ..................... 454
26,900 The Walt Disney Co. .............................. 628
18,900 * Univision Communications Inc. .................... 750
--------
1,832
--------
BUSINESS SERVICES (1.1%)
17,300 * Accenture Ltd. ................................... 455
2,200 * Getty Images Inc. ................................ 110
--------
565
--------
CAPITAL GOODS (0.5%)
3,700 Deere & Co. ...................................... 241
--------
CONSUMER CYCLICALS (7.6%)
29,800 Carnival Corp. ................................... 1,184
14,200 * Coach Inc. ....................................... 536
39,900 Home Depot, Inc. ................................. 1,416
16,300 Wal-Mart Stores, Inc. ............................ 865
--------
4,001
--------
CONSUMER NON-CYCLICALS (8.0%)
3,800 Altria Group Inc. ................................ 207
23,300 Anheuser-Busch Companies, Inc. ................... 1,227
2,400 Avon Products, Inc. .............................. 162
28,200 Coca-Cola Company ................................ 1,431
27,200 Gillette Co. ..................................... 999
1,900 Procter & Gamble Co. ............................. 190
--------
4,216
--------
ELECTRONICS (1.7%)
69,800 * Sanmina-SCI Corp. ................................ 880
--------
ELECTRONICS-SEMICONDUCTORS (8.2%)
1,900 Analog Devices, Inc. ............................. 87
6,000 * Applied Materials, Inc. .......................... 135
86,200 Intel Corp. ...................................... 2,776
8,800 * KLA-Tencor Corp. ................................. 516
12,500 Maxim Integrated Products ........................ 622
5,900 Texas Instruments, Inc. .......................... 173
--------
4,309
--------
See notes to financial statements
Page 9
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT DECEMBER 31, 2003
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------- -------------------------------------------------- -----------
LARGE CAP GROWTH (CONTINUED)
ENERGY (1.2%)
11,100 Schlumberger Ltd. ................................ $607
--------
FINANCE (6.8%)
6,400 American International
Group Inc. ...................................... 424
9,700 Capital One Financial Corp. ...................... 595
11,300 Citigroup Inc. ................................... 548
13,433 Countrywide Financial Corp. ...................... 1,019
11,200 Fannie Mae ....................................... 841
1,500 Lehman Brothers Holdings, Inc. ................... 116
--------
3,543
--------
FOOD (1.7%)
29,300 McDonald's Corp. ................................. 727
4,500 * Yum! Brands Inc. ................................. 155
--------
882
--------
HEALTH CARE (20.5%)
2,700 Abbott Laboratories .............................. 126
23,500 * Boston Scientific Corp. .......................... 864
6,300 * Coventry Corporation ............................. 406
4,300 Eli Lilly & Co. .................................. 302
8,400 * Genentech, Inc. .................................. 786
7,200 * Gilead Sciences Inc. ............................. 419
20,600 Glaxosmithkline Plc-ADR .......................... 960
12,300 Guidant Corp. .................................... 741
16,700 Johnson & Johnson ................................ 863
1,900 Medtronic Inc. ................................... 92
52,200 Pfizer Inc. ...................................... 1,844
7,600 * Pharmaceutical Resources Inc. .................... 495
19,600 * Watson Pharmaceuticals ........................... 902
6,000 * Wellpoint Health Network ......................... 582
5,500 Wyeth ............................................ 234
16,000 * Zimmer Holdings, Inc. ............................ 1,126
--------
10,742
--------
HOMEBUILDING (0.0%)
200 Pulte Homes Inc. ................................. 19
--------
INDUSTRIAL (3.8%)
64,800 General Electric Co. ............................. 2,008
--------
INSURANCE (1.0%)
1,800 AFLAC, Inc. ...................................... 65
3,800 Everest Re Group Ltd. ............................ 322
1,800 Progressive Corp. ................................ 150
--------
537
--------
MEDICAL PRODUCTS (3.6%)
12,200 * Amgen, Inc. ...................................... 754
19,100 United Healthcare Corp. .......................... 1,111
--------
1,865
--------
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------- -------------------------------------------------- -----------
LARGE CAP GROWTH (CONTINUED)
RETAIL (3.2%)
8,400 Best Buy Co., Inc. ............................... $439
21,600 * Gap, Inc. ........................................ 501
30,200 * Saks Inc. ........................................ 454
9,300 Supervalu ........................................ 266
--------
1,660
--------
TECHNOLOGY (18.8%)
37,400 * BMC Software, Inc. ............................... 698
89,800 * Cisco Systems Inc. ............................... 2,181
38,600 * Dell Computer Corp ............................... 1,311
54,500 * EMC Corp. ........................................ 704
6,100 First Data Corp. ................................. 251
20,200 IMS Health Inc. .................................. 502
9,100 International Business
Machines Corp. ................................. 843
700 * Mercury Interactive Corp. ........................ 34
67,300 Microsoft Corp. .................................. 1,853
60,300 * Oracle Corp. ..................................... 796
8,500 * Symantec Corp. ................................... 295
7,700 * Yahoo! Inc. ...................................... 348
--------
9,816
--------
TELECOMMUNICATIONS (0.6%)
11,200 * Nextel Communications ............................ 314
--------
TRANSPORTATION (0.8%)
2,700 FDX Corp. ........................................ 182
7,400 Ryder Systems, Inc. .............................. 253
--------
435
--------
TOTAL COMMON STOCK
(Cost $43,770) ................................... 51,896
--------
PRINCIPAL
AMOUNT
(000'S)
- ---------
EURODOLLAR DEPOSIT (2.2%)
(Cost $1,128)
$1,128 Societe Generale
0.775% Due 1/2/04 ............................... 1,128
--------
TOTAL INVESTMENTS (101.3%)
(Cost $44,898) .................................. 53,024
LIABILITIES IN EXCESS OF
OTHER ASSETS (-1.3%) ............................ (669)
--------
TOTAL NET ASSETS (100.0%) ........................ $52,355
========
* Non-income producing security.
See notes to financial statements
Page 10
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT DECEMBER 31, 2003
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------- -------------------------------------------------- -----------
QUANTITATIVE EQUITY
COMMON STOCKS (98.9%)
BANKING/FINANCIAL (5.2%)
1,250 Bank of America Corp. ............................ $101
3,300 Banc One Corp. ................................... 150
7,900 MBNA Corp. ....................................... 196
6,750 US Bancorp. ...................................... 201
1,100 Unionbancal Corp. ................................ 63
2,400 Wachovia Corp. ................................... 112
--------
823
--------
BASIC INDUSTRIES (3.0%)
2,150 Alcan Inc. ....................................... 101
1,900 Georgia Pacific Corp. ............................ 58
8,100 Monsanto Company ................................. 233
3,500 * Pactiv Corporation ............................... 84
--------
476
--------
BROADCAST (1.1%)
6,000 * Fox Entertainment
Group Inc. Cl A .................................. 175
--------
BUSINESS SERVICES (0.7%)
4,000 * Accenture Ltd. Cl A .............................. 105
--------
CAPITAL GOODS (1.0%)
2,500 Deere & Co ....................................... 163
--------
CONGLOMERATE (0.4%)
700 3M Company ....................................... 60
--------
CONSUMER CYCLICALS (7.5%)
2,500 Black & Decker Corp. ............................. 123
2,900 Carnival Corp. ................................... 115
5,800 Ford Motor Co. ................................... 93
2,100 General Motors Corp. ............................. 112
5,700 Home Depot, Inc .................................. 202
3,700 Mattel, Inc. ..................................... 71
9,900 * Time Warner Inc .................................. 178
5,550 Wal-Mart Stores Inc. ............................. 295
--------
1,189
--------
CONSUMER NON-CYCLICALS (6.7%)
3,175 Altria Group Inc ................................. 173
3,900 Coca-Cola Company ................................ 198
6,700 Coca-Cola Enterprises ............................ 146
4,900 * Constellation Brands Inc. ........................ 161
6,400 Gillette Company ................................. 235
1,550 Procter & Gamble Co .............................. 155
--------
1,068
--------
CONSUMER SERVICES (0.5%)
2,000 Republic Services Inc. Cl-A ...................... 51
800 Viacom Inc. ...................................... 36
--------
87
--------
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------- -------------------------------------------------- -----------
QUANTITATIVE EQUITY (CONTINUED)
ELECTRIC SERVICES (0.8%)
2,000 Exelon Corp. ..................................... $133
--------
ELECTRONICS (2.1%)
4,000 * Arrow Electronics, Inc. .......................... 92
1,300 * L-3 Communications
Holdings Inc. ................................... 67
13,800 * Sanmina-SCI Corp ................................. 174
--------
333
--------
ELECTRONICS-SEMICONDUCTORS (2.8%)
7,000 Intel Corp. ...................................... 225
7,300 Texas Instruments, Inc. .......................... 215
--------
440
--------
ENERGY (4.7%)
11,450 Exxon Mobil Corp. ................................ 469
2,400 Occidental Petroleum Corp. ....................... 101
2,550 PPL Corp. ........................................ 112
1,300 Valero Energy Corp. .............................. 60
--------
742
--------
ENTERTAINMENT (0.6%)
9,200 * Park Place Entertainment Corp. ................... 100
--------
FINANCE (11.2%)
2,050 American International
Group Inc. ...................................... 136
1,600 Capital One Financial Corp. ...................... 98
1,700 CIT Group Inc. ................................... 61
10,150 Citigroup Inc. ................................... 493
2,133 Countrywide Financial
Corporation ..................................... 162
1,000 Freddie Mac ...................................... 58
1,000 Golden West Financial Corp. ...................... 103
7,200 J P Morgan Chase & Co. ........................... 264
1,600 Lehman Brothers Holdings Inc. .................... 124
3,200 Merrill Lynch & Co., Inc. ........................ 188
1,700 Morgan Stanley ................................... 98
--------
1,785
--------
FOOD (1.9%)
7,100 McDonald's Corp. ................................. 176
5,500 Sara Lee Corp .................................... 120
--------
296
--------
HEALTH CARE (9.2%)
4,800 Glaxosmithkline Plc-ADR .......................... 224
1,900 * Invitrogen Corp. ................................. 133
3,850 Johnson & Johnson ................................ 199
16,850 Pfizer Inc. ...................................... 595
1,500 * Pharmaceutical Resources Inc. .................... 98
1,600 * Watson Pharmaceuticals Inc. ...................... 73
1,400 * Wellpoint Health Networks ........................ 136
--------
1,458
--------
See notes to financial statements.
Page 11
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT DECEMBER 31, 2003
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------- -------------------------------------------------- -----------
QUANTITATIVE EQUITY (CONTINUED)
HOME BUILDING (0.7%)
1,200 Pulte Homes, Inc. ................................ $112
--------
INDUSTRIAL (2.3%)
11,950 General Electric Co .............................. 370
--------
INSURANCE (3.7%)
2,200 Allstate Corp. ................................... 95
500 Chubb Corp. ...................................... 34
2,500 Everest Reinsurance .............................. 212
5,175 Old Republic International Corp. ................. 131
2,600 Torchmark Corp. .................................. 118
--------
590
--------
MEDICAL PRODUCTS (3.2%)
1,300 * Amgen, Inc. ...................................... 80
3,000 Beckman Instruments, Inc. ........................ 152
3,325 Becton Dickinson & Co. ........................... 137
2,300 United Healthcare Corp. .......................... 134
--------
503
--------
OIL & GAS (1.6%)
1,100 Anadarko Petroleum Corp. ......................... 56
1,400 Chevron Corporation .............................. 121
1,200 ConocoPhillips ................................... 79
--------
256
--------
RETAIL (3.3%)
6,600 * Autonation Inc. .................................. 121
2,400 Federated Department .............................
Stores, Inc. .................................... 113
4,500 Gap, Inc. ........................................ 105
3,200 May Department Stores Co. ........................ 93
2,900 Sherwin Williams Co. ............................. 101
--------
533
--------
TECHNOLOGY (14.1%)
16,800 * Cisco Systems Inc. ............................... 408
3,650 * Computer Sciences Corp. .......................... 162
1,600 * Dell Inc. ........................................ 54
500 Diebold Inc. ..................................... 27
4,850 Hewlett Packard Co. .............................. 111
3,300 International Business Machines .................. 306
20,500 Microsoft Corp. .................................. 565
6,300 Motorola, Inc. ................................... 89
2,800 * National Semiconductor ........................... 110
1,800 SAP AG - ADR ..................................... 75
1,700 Seagate Technology Holdings ...................... 32
2,800 United Technologies Corp. ........................ 265
900 * Yahoo! Inc. ...................................... 41
--------
2,245
--------
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------- -------------------------------------------------- -----------
QUANTITATIVE EQUITY (CONTINUED)
TELECOMMUNICATIONS (2.4%)
2,800 Bellsouth Corp. .................................. $79
5,200 * Nextel Communications Inc. ....................... 146
10,000 Sprint Corp. ..................................... 164
--------
389
--------
TRANSPORTATION (1.5%)
3,200 Norfolk Southern Corp. ........................... 76
2,300 United Parcel Service-Cl B ....................... 171
--------
247
--------
UTILITIES (0.9%)
2,550 Entergy Corp. .................................... 146
--------
WIRELESS COMMUNICATIONS (0.9%)
3,950 Verizon Communications ........................... 139
--------
DEPOSITARY RECEIPTS (4.9%)
7,000 Standard & Poor's
Depositary Receipts ............................. 779
--------
TOTAL INVESTMENTS (98.9%)
(Cost $12,708) ................................... 15,742
OTHER ASSETS IN EXCESS
OF LIABILITIES (1.1%) ............................ 181
--------
TOTAL NET ASSETS (100.0%) ........................ $15,923
========
* Non-income producing securities.
See notes to financial statements
Page 12
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT DECEMBER 31, 2003
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------- -------------------------------------------------- -----------
CORE BOND
LONG-TERM SECURITIES
ASSET BACKED SECURITIES (3.9%)
CREDIT CARDS (3.6%)
$300 Bank One Issuance Trust
Series 2002-A4 Class A4
2.940% Due 6/16/08 ............................. $304
750 Citibank Credit Card Issuance Trust
Series 2003-A3 Class A3
3.100% Due 3/10/10 ............................. 742
1,000 Citibank Credit Card Issuance Trust
Series 2003-A6 Class A6
2.900% Due 5/17/10 ............................. 977
1,000 Citibank Credit Card Issuance Trust
Series 2003-A7 Class A7
4.150% Due 7/7/17 .............................. 931
500 Fleet Credit Card Master Trust II
Series 2002-C Class A
2.750% Due 4/15/08 ............................. 506
620 MBNA Master Credit Card Trust
Series 2000-I Class A
6.900% Due 1/15/08 ............................. 669
1,100 MBNA Master Credit Card Trust
Series 1995-C Class A
6.450% Due 2/15/08 ............................. 1,173
--------
5,302
--------
FINANCE (0.3%)
500 BMW Vehicle Owner Trust
Series 2003-A Class A4
2.530% Due 2/25/08 ............................. 500
--------
TOTAL ASSET BACKED SECURITIES
(Cost $5,884) .................................. 5,802
--------
CORPORATE DEBENTURES (19.1%)
BANKING (3.5%)
600 ANZ Banking Group
5.375% Due 12/29/49 (B)(D) ..................... 600
400 BB&T Corp.
5.200% Due 12/23/15 ............................ 397
400 Bank of America Corp.
5.250% Due 12/1/15 ............................. 399
450 Citigroup Inc.
4.875% Due 5/7/15 .............................. 440
600 HBOS Treasury Services PLC
6.000% Due 11/1/33 (B) ......................... 597
825 HSBC Capital Funding
4.610% Due 6/27/13 (B)(D) ...................... 775
425 Huntington National Bank
4.900% Due 1/15/14 ............................. 419
465 JP Morgan Chase
7.000% Due 11/15/09 ............................ 527
575 JP Morgan Chase
4.500% Due 11/15/10 ............................ 578
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------- -------------------------------------------------- -----------
CORE BOND (CONTINUED)
$350 Unionbancal Corp.
5.250% Due 12/16/13 $354
--------
5,086
--------
BASIC INDUSTRIES (0.1%)
150 Weyerhaeuser Co.
7.375% Due 3/15/32 163
--------
BROADCAST MEDIA & CABLE (1.2%)
475 Cox Communication
5.500% Due 10/1/15 477
275 Liberty Media
8.500% Due 7/15/29 333
450 TCI Communications Inc.
8.750% Due 8/1/15 569
350 Time Warner
7.700% Due 5/1/32 408
--------
1,787
--------
BROKERAGE (0.7%)
950 Merrill Lynch Co.
3.700% Due 4/21/08 956
--------
CAPITAL GOODS (2.2%)
1,465 Hutchison Whampoa
7.450% Due 11/24/33 1,527
1,600 RPM International
6.250% Due 12/15/13 1,615
--------
3,142
--------
COMMUNICATIONS (1.8%)
200 AT&T Corp.
8.750% Due 11/15/31 (E) 234
100 AT&T Wireless
8.750% Due 3/1/31 123
350 Deutsche Telekom
International Financing
8.750% Due 6/15/30 (E) 447
250 France Telecom
10.000% Due 3/1/31 (E) 332
200 Sprint Capital Corp.
6.375% Due 5/1/09 214
585 Sprint Capital Corp.
8.750% Due 3/15/32 691
500 Verizon Global
7.75% Due 12/01/30 587
--------
2,628
--------
CONSUMER CYCLICALS (1.9%)
475 AutoZone Inc.
5.500% Due 11/15/15 468
480 DaimlerChrysler NA Holding
7.200% Due 9/1/09 536
See notes to financial statements
Page 13
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT DECEMBER 31, 2003
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------- -------------------------------------------------- -----------
CORE BOND (CONTINUED)
$535 Ford Motor Co.
6.625% Due 10/1/28 ............................. $492
605 Ford Motor Co.
6.375% Due 2/1/29 .............................. 540
185 General Motors Corp.
7.125% Due 7/15/13 ............................. 204
425 General Motors Corp.
8.375% Due 7/15/33 ............................. 492
--------
2,732
--------
ELECTRIC UTILITIES (0.5%)
650 Tenaga Nasional
7.500% Due 11/1/25 (B) ......................... 706
--------
ENERGY (0.8%)
825 Pemex Project
7.375% Due 12/15/14 (B) ........................ 878
270 Petronas Capital
7.625% Due 10/15/26 (B) ........................ 312
--------
1,190
--------
FINANCE (3.7%)
300 Associates Corp.
6.250% Due 11/1/08 ............................. 333
455 Cadbury Schweppes
US Finance LLC
3.875% Due 10/1/08 (B) ......................... 452
550 General Electric Capital Corp.
6.000% Due 06/15/12 ............................ 597
305 GMAC
7.250% Due 3/2/11 .............................. 335
1,000 Household Finance
4.125% Due 12/15/08 ............................ 1,010
1,020 Household Finance
4.750% Due 7/15/13 ............................. 992
1,150 International Lease Finance
4.550% Due 10/15/09 ............................ 1,162
200 PHH Corp.
7.125% Due 3/1/13 .............................. 224
300 RBS Capital Trust I
6.425% Due 1/3/34 (D) .......................... 303
--------
5,408
--------
INSURANCE (2.7%)
1,200 ASIF Global Finance XXIII
3.900% Due 10/22/08 (B) ........................ 1,205
710 AXA Financial
8.600% Due 12/15/30 ............................ 895
850 One America Financial Partners
7.000% Due 10/15/33 (B) ........................ 851
1,000 Pacific Life Funding LLC
6.600% Due 09/15/33 (B) ........................ 1,056
--------
4,007
--------
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------- -------------------------------------------------- -----------
CORE BOND (CONTINUED)
TOTAL CORPORATE DEBENTURES
(Cost $27,002) ................................... $27,805
--------
U. S. GOVERNMENT OBLIGATIONS (25.4%)
U. S. TREASURY BONDS (0.8%)
$950 6.250% Due 5/15/30 ............................. 1,096
--------
U. S. TREASURY NOTES (24.6%)
885 1.625% Due 10/15/05 ............................ 884
19,535 # 2.375% Due 8/15/06 ............................. 19,640
2,875 # 2.625% Due 11/15/06 ............................ 2,900
250 3.250% Due 8/15/07 ............................ 255
1,690 # 4.250% Due 8/15/13 ............................. 1,692
10,535 # 4.250% Due 11/15/13 ............................ 10,524
--------
35,895
--------
TOTAL U. S. GOVERNMENT OBLIGATIONS
(Cost $36,839) ................................. 36,991
--------
MORTGAGE PASS THROUGH
SECURITIES (36.8%)
COMMERCIAL
MORTGAGE-BACKED ASSETS (2.6%)
325 Commercial Mortgage Asset Trust
Series1999-C2 A2
7.550% Due 11/17/32 ............................ 379
660 First Union - Bank of America
Series 2001-C1 Class A2
6.136% Due 3/15/33 ............................. 724
655 First Union - Lehman Brothers
- Bank of America
Series 1998-C2 A2
6.560% Due 11/18/35 ............................ 731
1,240 GE Capital Commercial
Mortgage Corporation
Series 2002-1A Class A3
6.269% Due 12/10/35 ............................ 1,370
490 Mortgage Capital Funding Inc.
Series 1998-MC3 Class A2
6.340% Due 11/18/31 ............................ 541
--------
3,745
--------
FEDERAL NATIONAL MORTGAGE
ASSOCIATION (26.6%)
185 9.000% Due 11/1/10 ............................... 200
999 6.500% Due 12/1/14 ............................... 1,059
6,265 4.500% Due 1/1/19 (C) ............................ 6,271
7,035 5.500% Due 1/1/19 (C) ............................ 7,288
3,825 6.000% Due 1/1/19 (C) ............................ 4,010
289 7.500% Due 2/1/31 ................................ 309
See notes to financial statements
Page 14
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT DECEMBER 31, 2003
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------- -------------------------------------------------- -----------
CORE BOND (CONTINUED)
$3,920 5.000% Due 1/1/34 (C) ............................ $3,878
6,570 6.000% Due 1/1/34 (C) ............................ 6,790
8,640 6.500% Due 1/1/34 (C) ............................ 9,034
--------
38,839
--------
GOVERNMENT NATIONAL
MORTGAGE ASSOCIATION (7.6%)
315 7.500% Due 9/15/07 ............................... 338
695 8.000% Due 9/15/17-12/15/17 ...................... 756
1,682 6.500% Due 2/15/24-10/15/24 ...................... 1,773
6,590 5.500% Due 1/1/34 (C) ............................ 6,699
1,485 6.000% Due 1/1/34 (C) ............................ 1,543
--------
11,109
--------
TOTAL MORTGAGE PASS THROUGH
SECURITIES
(Cost $52,831) ................................. 53,693
--------
NON-MORTGAGE PASS
THROUGH NOTES (11.9%)
FEDERAL HOME LOAN BANKS (1.4%)
1,340 2.500% Due 3/15/06 ............................... 1,351
635 3.700% Due 2/14/08 (D) ........................... 643
--------
1,994
--------
FEDERAL NATIONAL MORTGAGE
ASSOCIATION (10.3%)
1,455 2.125% Due 6/5/06 (D) ............................ 1,450
2,735 5.250% Due 6/15/06 ............................... 2,926
1,985 3.250% Due 1/29/07 (D) ........................... 1,988
1,580 5.250% Due 3/22/07 (D) ........................... 1,594
1,790 3.250% Due 8/15/08 ............................... 1,776
225 4.375% Due 9/15/12 ............................... 223
4,495 # 4.375% Due 3/15/13 ............................. 4,415
725 4.625% Due 5/1/13 ................................ 705
--------
15,077
--------
STUDENT LOAN MARKETING
ASSOCIATION (0.2%)
260 5.000% Due 10/1/13 ............................... 258
--------
TOTAL NON-MORTGAGE PASS
THROUGH NOTES
(Cost $17,304) ................................... 17,329
--------
SHORT-TERM SECURITIES
ASSET BACKED SECURITIES (6.7%)
BANKS (0.4%)
595 Bank One Issuance Trust
Series 2003-A2 Class A2
1.210% Due 10/15/08 (A) ........................ 595
--------
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------- -------------------------------------------------- -----------
CORE BOND (CONTINUED)
CREDIT CARDS (5.4%)
$330 American Express Master Trust
Series 2003-3 Class A
1.320% 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 Credit
Account Master Trust
Series 2001-7 Class A Maturity
1.280% Due 2/16/09 (A) ......................... 306
2,410 Chase Manhattan Credit Card Trust
Series 2001-5A Class A
1.260% Due 2/15/07 (A) ......................... 2,410
450 Citibank Credit Card Master Trust
Series 2002-A5 Class A
1.210% Due 9/17/07 (A) ......................... 450
1,200 Citibank Credit Card Issuance Trust
Series 2003-A11 Class A11
1.220% Due 10/15/09 (A) ........................ 1,198
580 Discover Card Master Trust I
Series 2001-4 Class A
1.250% Due 10/16/06 (A) ........................ 580
210 First USA Credit Card Master Trust
Series 1998-4 Class A
1.240% Due 3/18/08 (A) ......................... 210
590 First USA Credit Card Master Trust
Series 2001-3 Class A
1.260% Due 11/19/08 (A) ........................ 591
600 MBNA Master Credit Card Trust
Series 1997-C Class A
1.270% Due 8/15/06 (A) ........................ 600
415 MBNA Master Credit Card Trust
Series 2002 Class A12
1.220% Due 4/15/08 (A) ......................... 415
410 Target Credit Card Master Trust
Series 2001-1 Class A
1.230% Due 7/25/08 (A) ......................... 410
--------
7,842
--------
FINANCE (0.8%)
231 Student Loan Marketing Association
Series 2002-4 Class A2
1.200% Due 12/15/09 (A) ........................ 232
70 Student Loan Marketing Association
Series 2002-7 Class A1
1.170% Due 3/15/10 (A) ......................... 70
383 Student Loan Marketing Association
Series 2000-A Class A2
1.350% Due 10/28/28 (A) ........................ 384
460 William Street Funding Corp.
Series 2003-1, Class A Maturity
1.410% Due 4/23/06 (A)(B) ...................... 461
--------
1,147
--------
See notes to financial statements
Page 15
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT DECEMBER 31, 2003
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------- -------------------------------------------------- -----------
CORE BOND (CONTINUED)
REAL ESTATE INVESTMENT
TRUST (REIT) (0.1%)
$138 JP Morgan Commercial
Mortgage Corp.
Series 2000-Fl1 Class
1.440% Due 4/15/10 (A)(B) ...................... $138
--------
TOTAL ASSET BACKED SECURITIES
(Cost $9,747) .................................. 9,722
--------
GOVERNMENT AGENCY
FEDERAL NATIONAL MORTGAGE
ASSOCIATION (22.2%)
(Cost $32,402)
32,413 Discount Note Due 1/14/04 ........................ 32,402
--------
REPURCHASE AGREEMENT (4.8%)
(Cost $7,021)
7,021 UBS Warburg LLC
0.840% Due 1/2/04 with proceeds at maturity
of $7,021 (collateralized by $6,317 United
States Treasury Bond 6.125% Due 11/15/27
with value $7,182) ............................. 7,021
--------
TOTAL INVESTMENTS (130.8%)
(Cost $189,030) ................................ 190,765
LIABILITIES IN EXCESS OF
OTHER ASSETS (-30.8%) .......................... (44,947)
--------
TOTAL NET ASSETS (100.0%) ........................ $145,818
========
(A) Adjustable rate security. Rate stated is as of December 31, 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 inversely to changes in interest rates.
# Portion of security out on Loan (see Note 3).
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------- -------------------------------------------------- -----------
INTERMEDIATE MUNICIPAL BOND
ALABAMA (3.8%)
$670 Mobile Alabama Water &
Sewer Commissioners
Water & Sewer Revenue
5.25% Due 1/1/13 ............................... $753
CALIFORNIA (3.0%)
180 Bay Area Toll Authority California
Toll Bridge Revenue San
Francisco Bay Area-Series D
5.13% Due 4/1/13 ............................... 198
350 Los Angeles County California
Metropolitan Transportation
Authority Sales Tax Revenue
Refunding-Proposition A
First Tier Senior-Series A
(FSA Insured)
5.00% Due 7/1/14 ............................... 389
COLORADO (0.8%)
140 Westminster Colorado Multifamily
Revenue Refunding Housing
Oasis Wexford Apts Project
5.35% Due 12/1/25 .............................. 146
GEORGIA (2.7%)
500 Savannah Georgia Economic
Development Authority
College of Art & Design Inc.
Project Revenue Bonds
5.80% Due 10/1/05 .............................. 527
ILLINOIS (14.6%)
1,000 Chicago Illinois O'Hare
International Airport Revenue
Refunding - 2nd Lien
Series C (MBIA Insured)
5.75% Due 1/1/09 ............................... 1,145
570 DuPage & Cook Counties
Illinois Community Unit
School District #205
5.00% Due 1/1/13 ............................... 634
600 Illinois State Sales Tax Revenue
5.50% Due 6/15/09 .............................. 685
350 Illinois State Sales Tax Revenue
5.25% Due 6/15/14 .............................. 395
See notes to financial statements
Page 16
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT DECEMBER 31, 2003
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------- -------------------------------------------------- -----------
INTERMEDIATE MUNICIPAL BOND (CONTINUED)
INDIANA (2.8%)
$500 Indianapolis Indiana Local Public
Improvement Bond Bank
Series A (MBIA Insured)
5.00% Due 7/1/09 ............................... $557
KENTUCKY (0.2%)
30 Dayton Kentucky Elderly Housing
Mortgage Revenue Speers
Court (FHA Insured)
5.35% Due 9/1/05 ............................... 30
LOUISIANA (8.2%)
750 Louisiana State Office Facilities
Corporate Lease Revenue
Capital Complex Program
(AMBAC Insured)
5.00% Due 5/1/12 ............................... 833
630 New Orleans Louisiana Public
Improvement General Obligation
(FSA Insured)
7.20% Due 11/1/08 .............................. 763
MICHIGAN (1.0%)
100 Michigan State Building
Authority Revenue Chippewa
Correctional Facilities
7.25% Due 10/1/04 .............................. 104
100 Northern Michigan
University Revenues
1.32% Due 6/1/31 ............................... 100
MINNESOTA (1.0%)
200 Cohasset Minnesota Revenue
1.32% Due 6/1/13 ............................... 200
NEBRASKA (1.1%)
220 Nebraska Investment Finance
Authority Multifamily
Revenue Refunding Housing
Wycliffe West-Series A
5.50% Due 12/1/25 .............................. 224
NEW JERSEY (2.8%)
315 Arlington Arms Financing
Corporation New Jersey
Mortgage Revenue Arlington
Arms Apartments Section 8
(FHA Insured)
10.25% Due 3/1/25 .............................. 316
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------- -------------------------------------------------- -----------
INTERMEDIATE MUNICIPAL BOND (CONTINUED)
$220 Gateway New Jersey Housing
Development Corporation
Revenue Multifamily Housing
Section 8 (FHA Insured)
10.50% Due 8/1/25 .............................. $227
NEW YORK (21.3%)
750 Metropolitan Transportation
Authority - New York City
Transitional Triborough Bridge
& Tunnel Authority Series A
(AMBAC Insured)
5.63% Due 1/1/12 ............................... 854
200 New York City General
Obligation Bonds 1994
Series A, Subseries A-4
1.30% Due 8/1/21 ............................... 200
500 New York City Transitional
Finance Authority Revenue
Bonds Series A
5.50% Due 11/1/26 .............................. 570
400 New York City Municipal
Water Authority
1.30% Due 6/15/33 .............................. 400
300 New York State Urban
Development Corp. Revenue
5.25% Due 1/1/21 ............................... 331
500 New York State Dormitory
Authority Revenue Series B
5.25% Due 11/15/23 ............................. 549
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 .............................. 115
200 New York State Power
Authority Series A
5.00% Due 11/15/13 ............................. 224
820 New York State Thruway Authority
State Personal Income Tax
Revenue Transportation Series A
5.50% Due 3/15/13 .............................. 931
See notes to financial statements
Page 17
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT DECEMBER 31, 2003
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------- -------------------------------------------------- -----------
INTERMEDIATE MUNICIPAL BOND (CONTINUED)
OKLAHOMA (4.5%)
$1,625 Oklahoma County Oklahoma
Home Finance Authority
Single Family Refunding
Subordinated Mortgage
Revenue Series B
1.750% Due 7/1/12@ ............................. $891
OREGON (0.7%)
135 Oregon State Housing & Community
Services Department Mortgage
Revenue Single Family
Mortgage Program Series B
6.88% Due 7/1/28 ............................... 136
RHODE ISLAND (4.2%)
785 Rhode Island Housing & Mortgage
Finance Corporation Multifamily
Housing Revenue Series A
(AMBAC Insured)
5.70% Due 7/1/07 ............................... 827
TEXAS (16.6%)
500 Arlington Texas School District
General Obligation
5.00% Due 2/15/11 .............................. 547
540 Garland Texas Tax & Revenue
Certificates of Obligation
5.25% Due 2/15/16 .............................. 595
265 Lower Colorado River Authority
Texas Revenue Prerefunded
6.25% Due 5/1/07 ............................... 294
500 Lower Colorado River Authority
Texas Revenue Refunding
Improvement (FSA Insured)
5.00% Due 5/15/12 .............................. 550
400 San Antonio Texas
General Obligation
5.65% Due 2/1/13 ............................... 448
250 Texas A & M University Revenues
Financing System - Ser A
5.00% Due 5/15/07 .............................. 273
500 Texas State Water Financial
Assistance Series A
General Obligation
5.20% Due 8/1/15 ............................... 539
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------- -------------------------------------------------- -----------
INTERMEDIATE MUNICIPAL BOND (CONTINUED)
WASHINGTON (8.5%)
$250 Lynnwood Washington
Water & Sewer Revenue
Refunding (FGIC Insured)
6.00% Due 12/1/07 .............................. $286
600 Snohomish County Washington
School District No. 006
5.70% Due 12/1/12 .............................. 704
600 Washington State Motor
Vehicle Fuel Tax-Ser C
5.00% Due 1/1/10 ............................... 667
--------
TOTAL INVESTMENTS (97.8%)
(Cost $18,156) ................................. 19,157
OTHER ASSETS IN EXCESS
OF LIABILITIES (2.2%) .......................... 434
--------
TOTAL NET ASSETS (100.0%) ........................ $19,591
========
@ Indicates yield-to-maturity at December 31, 2003.
Page 18
See notes to financial statements
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT DECEMBER 31, 2003
INTERMEDIATE MUNICIPAL BOND (CONTINUED)
WPG INTERMEDIATE MUNICIPAL BOND FUND
INDUSTRY CONCENTRATIONS
% OF NET VALUE
ASSETS 000'S
- --------- -----------
16.4% General Obligations .............................. $3,212
15.2% Special Tax ...................................... 2,970
14.2% Education ........................................ 2,785
9.2% Water/Sewer/Utility .............................. 1,796
9.0% Multifamily Housing .............................. 1,770
8.7% Annual Appropriation ............................. 1,713
6.9% Transportation ................................... 1,343
6.0% Pre-Refunded ..................................... 1,185
5.0% Public Power ..................................... 974
4.4% Miscellaneous Revenue ............................ 854
1.0% Investor Owned Utility ........................... 200
0.7% Single Family Housing ............................ 136
0.6% State Revolving Fund ............................. 115
0.5% Escrowed-to-Maturity ............................. 104
------- --------
97.8% Total Investments ................................ 19,157
Other Assets in Excess
2.2% of Liabilities ................................. 434
------- --------
100.0% Total Net Assets ................................. $19,591
======= ========
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------- -------------------------------------------------- -----------
GOVERNMENT MONEY MARKET
U.S. GOVERNMENT AGENCY
OBLIGATIONS (73.9%)
FEDERAL FARM CREDIT (4.4%)
$6,500 Discount Note Due 8/17/04 ........................ $6,447
--------
FEDERAL NATIONAL MORTGAGE
ASSOCIATION (69.5%)
10,000 Discount Note Due 1/15/04 ........................ 9,996
5,000 Discount Note Due 1/21/04 ........................ 4,997
10,000 Discount Note Due 1/28/04 ........................ 9,992
18,000 Discount Note Due 2/3/04 ......................... 17,983
10,000 Discount Note Due 2/4/04 ......................... 9,990
5,000 Discount Note Due 2/6/04 ......................... 4,994
10,000 Discount Note Due 2/20/04 ........................ 9,986
10,000 Discount Note Due 2/25/04 ........................ 9,984
5,000 Discount Note Due 3/5/04 ......................... 4,990
7,100 Discount Note Due 4/5/04 ......................... 7,080
2,968 Discount Note Due 8/20/04 ........................ 2,946
5,000 Discount Note Due 10/15/04 ....................... 4,944
5,000 Discount Note Due 11/12/04 ....................... 4,941
--------
102,823
--------
TOTAL U.S. GOVERNMENT AGENCY NOTES
(Cost $109,270) ................................ 109,270
--------
REPURCHASE AGREEMENT (22.2%)
(Cost $32,769)
32,769 UBS Warburg LLC
0.840% Due 1/2/04 with proceeds at maturity
$32,771 (collateralized by $28,722 United
States Treasury Bond 6.250% Due 8/15/23
with value of $33,452) ......................... 32,769
--------
TOTAL INVESTMENTS (96.1%)
(Cost $142,039) ................................ 142,039
OTHER ASSETS IN EXCESS
OF LIABILITIES (3.9%) .......................... 5,741
--------
TOTAL NET ASSETS (100.0%) ........................ $147,780
========
See notes to financial statements
Page 19
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT DECEMBER 31, 2003
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------- -------------------------------------------------- -----------
TAX FREE MONEY MARKET
CALIFORNIA (2.0%)
$2,500 California State Revenue
Anticipation Warrants-Series A
2.00% Due 6/16/04 .............................. $2,510
COLORADO (3.9%)
800 Castle Pines North Colorado
Metro District Refunding
1.37% Due 12/1/28 (A) .......................... 800
920 Colorado Springs Colorado
Revenue Goodwill Industries
1.45% Due 2/1/07 (A) ........................... 920
3,085 Denver Colorado City and County
Multifamily Housing Revenue
Ogden Residences
1.33% Due 12/1/09 .............................. 3,085
DELAWARE (2.0%)
2,460 Delaware State Economic
Development Authority Revenue
Bonds Hospital Billings Series C
1.14% Due 12/1/15 (A) .......................... 2,460
FLORIDA (2.2%)
2,685 Pasco County Health Facility
Authority Multifamily Housing
Arms Magnolia Valley
1.38% Due 12/1/07 (A) .......................... 2,685
GEORGIA (7.0%)
900 Bibb County Georgia Development
Authority (Baptist Village Inc.)
1.20% Due 8/1/18 (A) ........................... 900
2,030 Dalton Georgia Utilities
Revenue Merlots-Series A02
1.21% Due 1/1/12 (A) ........................... 2,030
900 Gwinnett County Georgia
Development Authority Revenue
Wesleyan School Project
1.20% Due 3/1/21 (A) ........................... 900
1,820 Marietta Georgia Housing
Authority Multifamily Housing
Revenue (Falls at Bells Ferry)
1.35% Due 1/15/09 (A) .......................... 1,820
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------- -------------------------------------------------- -----------
TAX FREE MONEY MARKET (CONTINUED)
$3,000 Private Colleges & Universities
Authority Georgia Revenue
Refunding (Mercer University
Project-Ser A)
1.37% Due 10/1/32 (A) .......................... $3,000
ILLINOIS (17.4%)
500 Belleville Illinois Industrial
Development Revenue
Refunding - Wetterau Inc. Project
1.30% Due 12/1/08 (A) .......................... 500
2,095 Central Lake County Action Water
Agency (First Union Merlots
Trust Receipts) RB Series
1.21% Due 5/1/20 (A) ........................... 2,095
2,285 Greater Chicago Illinois
Metropolitan Water
Reclamation District
1.30% Due 12/1/09 (A) .......................... 2,285
1,300 Illinois Development Finance
Authority (St. Paul's
House Project)
1.20% Due 2/1/25 (A) ........................... 1,300
1,400 Illinois Development Finance
Authority Revenue - Casa
Central Padres Project
1.45% Due 8/1/26 (A) ........................... 1,400
940 Illinois Development Finance
Authority Revenue Bonds
(Little City Foundation)
1.20% Due 2/1/19 (A) ........................... 940
500 Illinois Development Finance
Authority Revenue Bonds,
(Museum of Contemporary
Arts Project) Ser. 1994
1.20% Due 2/1/29 (A) ........................... 500
1,800 Illinois Development Finance
Authority Revenue North
Shore Country Day
1.20% Due 7/1/1933 (A) ......................... 1,800
4,000 Illinois Educational Facilities
Authority Revenue Bonds
(The Art Institute of Chicago
Project) Series 1992
1.15% Due 3/1/27 (A) ........................... 4,000
See notes to financial statements
Page 20
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT DECEMBER 31, 2003
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------- -------------------------------------------------- -----------
TAX FREE MONEY MARKET (CONTINUED)
$300 Illinois Educational Facilities
Authority Revenues Concordia
University River Project
1.35% Due 10/1/31 (A) .......................... $300
2,900 Schaumburg Illinois Ser B
1.27% Due 12/1/13 (A) .......................... 2,900
2,300 Village of Troy Grove Illinois
(Unimin Corp.)
2.36% Due 5/1/10 (A) ........................... 2,300
1,250 Winnebago & Boone Counties
School District, Illinois No. 205
2.27% Due 10/28/04 ............................. 1,256
INDIANA (5.9%)
1,000 Avon Indiana Community School
Corp. Tax Anticipation Warrants
2.05% Due 6/30/04 .............................. 1,002
1,000 Crawfordsville Indiana Multifamily
Housing - Autumn Woods
Phase II - A
1.36% Due 1/1/32 (A) ........................... 1,000
1,000 Frankfort Indiana Economic
Development Revenue
Frito Lay Inc. Project
1.25% Due 11/1/14 (A) .......................... 1,000
1,000 Goshen Indiana Community Schools
1.90% Due 12/31/04 ............................. 1,005
1,300 Indiana Health Facility Financing
Authority Revenue Bethesda
Living Center Series B
1.30% 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
1,000 Vigo County Indiana
School Corp.
1.37% Due 3/1/04 ............................... 1,000
IOWA (1.0%)
100 Iowa Higher Education
Loan Authority
1.37% Due 10/1/33 (A) .......................... 100
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------- -------------------------------------------------- -----------
TAX FREE MONEY MARKET (CONTINUED)
$1,200 Iowa Higher Education Loan
Authority Revenue Maharishi
University of Management
1.45% Due 10/1/30 (A) .......................... $1,200
KANSAS (3.5%)
2,360 Kansas State Development
Finance Authority Village
Shalom Obligation Group-Bb
1.32% Due 11/15/28 (A) ......................... 2,360
2,000 Salina Kansas Revenue-Salina
Central Mall Ltd.
1.45% Due 12/1/14 (A) .......................... 2,000
KENTUCKY (1.1%)
430 Elva - New Harmony - Oak Level
Kentucky Fire Protection District
1.40% Due 12/1/31 (A) .......................... 430
490 Harvey Brewers Fire Protection
District Kentucky Lease
Revenue Program Series C2
1.40% Due 12/1/31 (A) .......................... 490
490 Muhlenberg County Kentucky
Airport District Area
Development Financial Trust
1.25% Due 12/1/31 (A) .......................... 490
LOUISIANA (1.3%)
1,600 Louisiana Public Facilities
Authority Revenue St. Martins
Episcopal School
1.45% Due 9/1/19 (A) ........................... 1,600
MARYLAND (1.7%)
2,100 Howard County Maryland
Revenue Owen Brown
Joint Venture Facility
1.10% Due 5/1/11 (A) ........................... 2,100
MASSACHUSETTS (0.2%)
200 Massachusetts State Health
Educational Facility Falmouth
Assisted Living Inc.
1.23% Due 11/1/26 (A) .......................... 200
MICHIGAN (6.3%)
840 Birmingham Michigan Economic
Development Corporation
(Brown Street Project 83)
1.55% Due 12/1/18 (A) .......................... 840
See notes to financial statements
Page 21
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT DECEMBER 31, 2003
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------- -------------------------------------------------- -----------
TAX FREE MONEY MARKET (CONTINUED)
$1,665 Lansing Michigan Economic
Development Corp.
(Atrium Office Building)
1.25% Due 5/1/15 (A) ........................... $1,665
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)
1.05% Due 11/1/14 (A) .......................... 600
180 Michigan State Strategic Fund
Limited Obligation Revenue
Refunding (Woodbridge
Commercial Properties)
1.20% Due 10/15/05 (A) ......................... 180
2,520 Oakland County Michigan Economic
Development Corporation
(Corners Shopping Center)
1.40% Due 8/1/15 (A) ........................... 2,520
1,000 Pinckney Michigan Community
School State Aid
Anticipation Notes
1.50% Due 8/20/04 .............................. 1,002
555 Sterling Heights Michigan
Economic Development Corp.
Sterling Shopping Center
1.30% Due 12/1/10 (A) .......................... 555
MINNESOTA (2.1%)
2,600 Arden Hills Minnesota Health
& Housing Revenue Refund
- Presbyterian Homes Inc.
1.37% Due 9/1/29 (A) ........................... 2,600
MISSOURI (3.6%)
500 Clayton Industrial Development
Authority Industrial Development
Revenue Refunding Bailey
Court Project
1.38% Due 1/1/09 (A) 500
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------- -------------------------------------------------- -----------
TAX FREE MONEY MARKET (CONTINUED)
$1,800 Kansas City Missouri Industrial
Development Authority Revenue
- Ewing Marion Kauffmam-A
1.32% Due 4/1/27 (A) ........................... $1,800
100 Kansas City Missouri Industrial
Development Authority
Revenue Multifamily
Housing - Springs Apartment
1.45% Due 9/1/25 (A) ........................... 100
350 Missouri State Health &
Educational Facilities
Authority - Drury College
1.37% Due 8/15/24 (A) .......................... 350
790 Springfield Central City
Development Corp. Revenue
Bond Anticipation Notes
- Jordan Valley
2.00% Due 4/30/04 .............................. 791
900 St. Charles County Industrial
Development Authority
Revenue Sun River Village
1.33% Due 12/1/27 (A) .......................... 900
NEBRASKA (0.6%)
700 Lancaster County Nebraska
Hospital Authority
1.32% Due 6/1/18 (A) ........................... 700
NEW YORK (3.7%)
1,500 Board Cooperative Educational
Services New York Revenue
Anticipation Notes
2.00% Due 8/13/04 .............................. 1,508
1,500 Herkimer County New York
Industrial Development Authority
Civic Facilities Revenue
Templeton Foundation Project
1.35% Due 12/1/14 (A) .......................... 1,500
1,500 New York City New York Ser A
1.30% Due 8/1/21 (A) ........................... 1,500
NORTH CAROLINA (2.0%)
1,700 North Carolina Medical
Care Community - Carolina
Meadows Inc.
1.32% Due 6/1/28 (A) ........................... 1,700
See notes to financial statements
Page 22
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT DECEMBER 31, 2003
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------- -------------------------------------------------- -----------
TAX FREE MONEY MARKET (CONTINUED)
$780 North Carolina Medical Care
Community Health Care Facility
Lutheran Services for Aging
1.20% Due 3/1/28 (A) ........................... $780
OHIO (5.2%)
470 Clermont County Ohio Economic
Development Revenue
(John Q. Hammons Project)
1.30% Due 5/1/12 (A) ........................... 470
2,390 Lakewood Ohio Hospital
Revenue (Hospital Improvement
Series 1983)
1.16% Due 11/1/10 (A) .......................... 2,390
450 Stark County Ohio Health Care
Facilities (Canton Christian
Home) Project Series 90
1.30% Due 9/15/16 (A) .......................... 450
1,555 Stark County Ohio Health Care
Facilities (Canton Christian
Home) Series 90
1.30% Due 9/1/15 (A) ........................... 1,555
1,515 Stark County Ohio Industrial
Development Revenue
(Newmarket Packing Ltd.)
1.30% Due 11/1/14 (A) .......................... 1,515
OKLAHOMA (2.9%)
3,600 Tulsa Oklahoma Authority Revenue
Tulsa County Housing Fund Inc.
1.30% Due 10/1/32 (A) .......................... 3,600
PENNSYLVANIA (2.5%)
200 Allegheny County Pennsylvania
Higher Education Building
Authority-- Thiel College - B
1.30% Due 11/15/29 (A) ......................... 200
445 Luzerne County Pennsylvania
Convention Center Hotel
Room Rental Tax Revenue
Bonds Series 1998 A
1.25% Due 9/1/28 (A) ........................... 445
1,500 Pennsylvania State Higher
Education Facilities Authority
Susquehanna University Project
1.15% Due 5/1/31 (A) ........................... 1,500
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------- -------------------------------------------------- -----------
TAX FREE MONEY MARKET (CONTINUED)
$1,000 Temple University of the
Commonwealth System of
Higher Education Pennsylvania
University Funding Obligation
1.20% Due 5/4/04 ............................... $1,000
TENNESSEE (1.9%)
1,800 Franklin County Tennessee
Health & Educational Facilities
Revenue (University of the
South Sewanee)
1.10% Due 9/1/10 (A) ........................... 1,800
555 Metropolitan Government of
Nashville & Davidson County
Tennessee Health & Education
Board Revenue - Franklin
Road Academy
1.20% Due 7/1/21 (A) ........................... 555
TEXAS (6.6%)
490 Gulf Coast Waste Disposal
Authority Texas Revenues -
Armco Inc. Project
1.30% Due 12/1/08 (A) .......................... 490
1,500 Houston Texas Water & Sewer
System Revenue - Merlots -
Series A16
1.21% Due 12/1/32 (A) .......................... 1,500
400 San Antonio Texas
Certificates of Obligation
3.00% Due 2/1/04 ............................... 401
2,000 State of Texas Tax & Revenue
Anticipation Notes
2.00% Due 8/31/04 .............................. 2,011
3,780 Texas State Turnpike Authority
Revenue Putters (Central Texas
Turnpike System Series #325)
1.34% Due 8/15/27 (A) .......................... 3,780
VERMONT (1.6%)
688 Vermont Educational &
Health Buildings Financing
Agency Revenues
1.30% Due 8/1/05 (A) ........................... 688
760 Vermont Educational And
Health Buildings Finance
Agency Hospital Revenue
Bonds Northeastern
Vermont Regional Hospital
1.15% Due 10/1/25 (A) .......................... 760
See notes to financial statements
Page 23
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT DECEMBER 31, 2003
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------- -------------------------------------------------- -----------
TAX FREE MONEY MARKET (CONTINUED)
$545 Vermont Industrial Development
Authority Hydroelectric Revenue
Bond Central Vermont Public
Services Corp.
1.15% Due 12/1/13 (A) .......................... $545
WASHINGTON (5.4%)
145 Washington State Housing
Finance Commission YMCA
Snohomish County
1.33% Due 8/1/19 (A) ........................... 145
750 Washington State Housing
Finance Commission Non-
Profit Revenue - Pioneer
Human Services Project-A
1.33% Due 8/1/19 (A) ........................... 750
800 Washington State Housing Finance
Commission - Panorama City
Project Series 1997
1.33% Due 1/1/27 (A) ........................... 800
1,300 Washington State Housing Finance
Commission Non-Profit Housing
Revenue YMCA Greater Seattle
1.33% Due 7/1/11 (A) ........................... 1,300
2,200 Washington State Housing Finance
Commission Rockwood
Retirement Program - A
1.33% Due 1/1/30 (A) ........................... 2,200
1,535 Washington State Series A11
1.21% Due 6/1/17 (A) ........................... 1,535
WEST VIRGINIA (0.6%)
700 Putnam County West Virginia
Industrial Development
Revenue FMC Corp. Project
1.10% Due 10/1/11 (A) .......................... 700
WISCONSIN (3.4%)
1,000 West Salem Wisconsin School
District Tax & Revenue
Anticipation Notes
1.75% Due 9/1/04 ............................... 1,004
100 Wisconsin State Health &
Educational Facilities
Authority Revenue Meriter
Hospital Inc. Project
1.37% Due 12/1/32 (A) .......................... 100
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------- -------------------------------------------------- -----------
TAX FREE MONEY MARKET (CONTINUED)
$900 Wisconsin State Health &
Educational Facilities Authority
Revenue Oakwood Series B
1.30% Due 8/15/30 (A) .......................... $900
2,200 Wisconsin State Health &
Educational Facilities Authority
Revenue Prohealth Inc. Series B
1.32% Due 8/15/30 (A) .......................... 2,200
WYOMING (0.8%)
1,000 Sweetwater County Wyoming
School District No. 2 -
Green River High School
7.00% Due 6/1/04 ............................... 1,024
MULTI STATE (4.9%)
5,300 GAF Tax Exempt Bond Grantor
Trust Series A
1.95% Due 4/1/08 (A)(B) ........................ 5,300
500 Greystone Municipal Lease
Certificates Series A
1.42% Due 7/1/05 (A)(C) ........................ 500
300 Greystone Tax Exempt Certificate
Trust 1 Series Certificates of
Beneficial Ownership
1.42% Due 5/1/28 (A)(D) ........................ 300
--------
TOTAL INVESTMENTS (103.3%)
(Cost $127,852) ................................ 127,852
LIABILITIES IN EXCESS OF
OTHER ASSETS (-3.3%) ........................... (4,125)
--------
TOTAL NET ASSETS (100.0%) ........................ $123,727
========
(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) CA - 9.1%, CT - 0.2%, FL - 7.3%, GA - 1.9%, IL - 0.6%, IN - 8.8%, KY - 4.2%,
MA - 1.3%, ME - 8.6%, MI - 9.6%, MN - 0.7%, NH - 2.6%, NJ - 22.6%,
NY - 7.3%, OH - 1.8%, OK - 0.4%, PA - 2.0%, SC - 6.3%, TX - 4.7%.
(D) AK - 6.0%, FL - 9.1%, GA - 30.4%, KS - 4.5%, TN - 34.0%, VA - 16.0%.
See notes to financial statements
Page 24
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT DECEMBER 31, 2003
TAX FREE MONEY MARKET (CONTINUED)
WPG TAX FREE MONEY MARKET FUND
INDUSTRY CONCENTRATIONS
% OF NET VALUE
ASSETS 000'S
- --------- ----------
16.1% Not-for-Profit ................................... $19,878
15.2% Industrial Revenue Bond .......................... 18,755
9.7% Health Care ...................................... 11,995
9.7% Nursing Home ..................................... 11,945
9.3% Multifamily Housing .............................. 11,490
9.1% Cashflow Notes ................................... 11,298
8.9% Education ........................................ 11,050
8.4% General Obligations .............................. 10,401
4.9% Asset Backed ..................................... 6,100
4.5% Water/Sewer/Utilities ............................ 5,625
3.1% Transportation ................................... 3,780
1.4% Bond Anticipation Notes .......................... 1,791
1.1% Single Family Housing ............................ 1,300
0.8% School District .................................. 1,024
0.4% Investor Owned Utility ........................... 545
0.4% Special Tax ...................................... 445
0.3% Annual Appropriation ............................. 430
- -------- --------
103.3% Total Investments ................................ 127,852
Liabilities in Excess of
(3.3%) Other Assets ................................... (4,125)
- -------- --------
100.0% Total Net Assets ................................. $123,727
======== ========
See notes to financial statements
Page 25
WEISS, PECK & GREER MUTUAL FUNDS
STATEMENTS OF ASSETS AND LIABILITIES AT DECEMBER 31, 2003
LARGE CAP QUANTITATIVE
$ IN THOUSANDS TUDOR GROWTH EQUITY
- ---------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments at value # (including securities on loan in Tudor
and Core Bond valued at $1,485 and $30,020, respectively) .................... $57,261 $53,024 $15,742
Investments in Repurchase Agreements, at value # ............................... 1,009 0 0
Cash ........................................................................... 53 1 969
Receivable for investment securities sold ...................................... 264 24,843 0
Receivable for Fund shares sold ................................................ 20 20 20
Dividends and interest receivable .............................................. 57 24 19
Other assets ................................................................... 3 3 1
--------- --------- ---------
58,667 77,915 16,751
--------- --------- ---------
LIABILITIES
Distributions payable .......................................................... 0 0 0
Payable for investment securities purchased .................................... 264 25,470 778
Payable for Fund shares redeemed ............................................... 7 2 0
Accrued investment advisory fee payable - Note 5 ............................... 44 33 7
Accrued administration fee payable - Note 5 .................................... 7 7 1
Accrued expenses ............................................................... 63 48 42
--------- --------- ---------
385 25,560 828
--------- --------- ---------
NET ASSETS 58,282 52,355 15,923
========= ========= =========
NET ASSETS REPRESENTED BY:
Shares of beneficial interest, at par .......................................... 1,189 2,072 5
Paid-in surplus ................................................................ 52,439 42,543 17,165
Distributions in excess of net investment income................................ 0 0 (49)
Accumulated net realized losses on investments and options...................... (1,580) (386) (4,232)
Net unrealized appreciation on investments and options ......................... 6,234 8,126 3,034
--------- --------- ---------
NET ASSETS APPLIED TO OUTSTANDING SHARES ....................................... 58,282 52,355 15,923
========= ========= =========
CAPITAL SHARES (AUTHORIZED SHARES UNLIMITED)
Outstanding (000's) ............................................................ 3,567 2,072 4,514
========= ========= =========
Par Value ...................................................................... $.331/3 $1.00 $0.001
========= ========= =========
Net asset value per share ...................................................... $16.34 $25.27 $3.53
========= ========= =========
# INVESTMENTS AT COST .......................................................... 52,036 44,898 12,708
========= ========= =========
UNREALIZED APPRECIATION/(DEPRECIATION):
Gross appreciation ........................................................... 6,931 8,202 3,059
Gross depreciation ........................................................... (697) (76) (25)
--------- --------- ---------
NET UNREALIZED APPRECIATION .................................................... 6,234 8,126 3,034
========= ========= =========
See notes to financial statements
Page 26
INTERMEDIATE
MUNICIPAL GOVERNMENT TAX FREE
CORE BOND BOND MONEY MARKET MONEY MARKET
--------- --------- --------- ---------
$183,744 $19,157 $109,270 $127,852
7,021 0 32,769 0
1 75 0 76
0 80 0 1,590
400 72 7,357 402
849 277 1 295
10 1 8 10
--------- --------- --------- ---------
192,025 19,662 149,405 130,225
--------- --------- --------- ---------
37 20 0 0
45,916 0 0 5,165
182 22 1,494 1,223
18 0 56 52
0 0 5 4
54 29 70 54
--------- --------- --------- ---------
46,207 71 1,625 6,498
--------- --------- --------- ---------
145,818 19,591 147,780 123,727
========= ========= ========= =========
14 2 148 124
151,253 18,624 147,632 123,626
0 (21) 0 0
(7,184) (15) 0 (23)
1,735 1,001 0 0
--------- --------- --------- ---------
145,818 19,591 147,780 123,727
========= ========= ========= =========
13,679 1,824 147,596 123,752
========= ========= ========= =========
$0.001 $0.001 $0.001 $0.001
========= ========= ========= =========
$10.66 $10.74 $1.00 $1.00
========= ========= ========= =========
189,030 18,156 142,039 127,852
========= ========= ========= =========
1,978 1,002 0 0
(243) (1) 0 0
--------- --------- --------- ---------
1,735 1,001 0 0
========= ========= ========= =========
See notes to financial statements
Page 27
WEISS, PECK & GREER MUTUAL FUNDS
STATEMENTS OF OPERATIONS FOR YEAR ENDED DECEMBER 31, 2003
LARGE CAP QUANTITATIVE
$ IN THOUSANDS TUDOR GROWTH EQUITY
- ------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Dividends ........................................................... $ 382 $ 407 $ 261
Interest ............................................................ 47 22 0
Income from securities loaned - Note 3 .............................. 7 0 0
-------- -------- --------
436 429 261
-------- -------- --------
EXPENSES:
Investment advisory fee - Note 5 .................................... 466 352 118
Transfer agent fees and expenses .................................... 140 94 46
Administration fees - Note 5 ........................................ 76 69 11
Custodian fees and expenses - Note 7 ................................ 20 15 7
Fund accounting fees and expenses ................................... 28 21 17
Professional fees ................................................... 77 61 43
Trustees' fees and expenses ......................................... 17 17 16
Registration fees ................................................... 20 19 14
Shareholders' reports ............................................... 9 8 5
Other expenses ...................................................... 15 18 6
-------- -------- --------
868 674 283
Less fees waived by adviser ......................................... 0 0 (41)
Less expenses paid indirectly - Note 7 .............................. (1) 0 0
-------- -------- --------
867 674 242
-------- -------- --------
NET INVESTMENT INCOME/(LOSS) ........................................ (431) (245) 19
-------- -------- --------
REALIZED AND UNREALIZED GAIN/(LOSS) ON
INVESTMENTS AND OPTIONS:
Net realized gain/(loss) on investments and ....................... 15,641 3,459 (1,065)
options
Net change in unrealized
appreciation/(depreciation) on
investments and options ........................................... 4,673 9,881 5,083
-------- -------- --------
NET GAIN ON INVESTMENTS AND OPTIONS ................................. 20,314 13,340 4,018
-------- -------- --------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS ......................................... 19,883 13,095 4,037
======== ======== ========
See notes to financial statements
Page 28
INTERMEDIATE GOVERNMENT TAX FREE
MUNICIPAL MONEY MONEY
CORE BOND BOND MARKET MARKET
$ 0 $ 0 $ 0 $ 0
3,864 908 1,588 1,891
11 0 0 0
--------- --------- --------- ---------
3,875 908 1,588 1,891
--------- --------- --------- ---------
585 102 682 723
50 40 161 69
0 0 46 52
37 3 21 21
67 19 62 68
84 31 85 86
19 16 20 20
16 15 17 20
5 5 6 6
25 13 37 35
--------- --------- --------- ---------
888 244 1,137 1,100
(346) (70) 0 0
(7) 0 (3) (1)
--------- --------- --------- ---------
535 174 1,134 1,099
--------- --------- --------- ---------
3,340 734 454 792
--------- --------- --------- ---------
2,945 129 0 0
(1,072) (125) 0 0
--------- --------- --------- ---------
1,873 4 0 0
--------- --------- --------- ---------
5,213 738 454 792
========= ========= ========= =========
See notes to financial statements
Page 29
WEISS, PECK & GREER MUTUAL FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 2003 AND 2002
LARGE CAP QUANTITATIVE
TUDOR GROWTH EQUITY
- ----------------------------------------------------------------------------------------------------------------------------------
$ IN THOUSANDS 2003 2002 2003 2002 2003 2002
--------- --------- --------- --------- --------- ----------
OPERATIONS:
Net investment income/(loss) ................... ($ 431) ($ 450) ($ 245) ($ 255) $ 19 ($ 19)
Net realized gain/(loss) on
investments and options ........................ 15,641 (12,152) 3,459 (3,508) (1,065) (2,407)
Change in unrealized
appreciation/(depreciation)
on investments and options ..................... 4,673 (5,566) 9,881 (15,143) 5,083 (1,770)
--------- --------- --------- --------- --------- ---------
NET INCREASE/(DECREASE)
IN NET ASSETS RESULTING
FROM OPERATIONS .............................. 19,883 (18,168) 13,095 (18,906) 4,037 (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:
Shares sold .................................. 22,281 18,801 3,333 3,459 884 1,095
Distributions reinvested ..................... 0 0 0 0 0 0
Shares redeemed .............................. (31,587) (24,252) (7,485) (16,072) (4,143) (4,141)
--------- --------- --------- --------- --------- ---------
NET INCREASE/(DECREASE) FROM
CAPITAL SHARE TRANSACTIONS ................... (9,306) (5,451) (4,152) (12,613) (3,259) (3,046)
--------- --------- --------- --------- --------- ---------
TOTAL INCREASE/(DECREASE)
IN NET ASSETS ................................ 10,577 (23,619) 8,943 (31,519) 778 (7,242)
NET ASSETS:
Beginning of year .............................. 47,705 71,324 43,412 74,931 15,145 22,387
--------- --------- --------- --------- --------- ---------
End of year* ................................... 58,282 47,705 52,355 43,412 15,923 15,145
========= ========= ========= ========= ========= =========
* Includes distributions in excess of
net investment income ...................... $ 0 $ 0 $ 0 $ 0 ($ 49) ($ 68)
========= ========= ========= ========= ========= =========
Transactions in shares of the
funds (in thousands):
Sold ......................................... 1,804 1,557 150 151 275 355
Reinvestment of distributions ................ 0 0 0 0 0 0
Redeemed ..................................... (2,483) (1,999) (344) (718) (1,279) (1,258)
--------- --------- --------- --------- --------- ---------
Net increase/(decrease) ........................ (679) (442) (194) (567) (1,004) (903)
========= ========= ========= ========= ========= =========
See notes to financial statements
Page 30
INTERMEDIATE
CORE MUNICIPAL GOVERNMENT TAX FREE
BOND BOND MONEY MARKET MONEY MARKET
--------------------------------------------------------------------------------------------------------------------------
2003 2002 2003 2002 2003 2002 2003 2002
--------- --------- --------- --------- --------- ---------- --------- ----------
$ 3,340 $ 4,346 $ 734 $ 774 $ 454 $ 2,668 $ 792 $ 2,078
2,945 4,858 129 311 0 3 0 (5)
(1,072) 1,868 (125) 759 0 0 0 0
--------- --------- --------- --------- --------- --------- --------- ---------
5,213 11,072 738 1,844 454 2,671 792 2,073
--------- --------- --------- --------- --------- --------- --------- ---------
(3,340) (4,346) (734) (774) (454) (2,668) (792) (2,078)
0 0 (140) (303) 0 0 0 0
--------- --------- --------- --------- --------- --------- --------- ---------
(3,340) (4,346) (874) (1,077) (454) (2,668) (792) (2,078)
--------- --------- --------- --------- --------- --------- --------- ---------
72,014 18,135 7,787 4,636 4,144,705 4,746,181 1,833,687 1,438,355
2,830 3,396 558 669 449 2,528 779 2,032
(36,160) (46,793) (9,065) (4,692) (4,126,250) (5,011,689) (1,872,679) (1,484,346)
--------- --------- --------- --------- --------- --------- --------- ---------
38,684 (25,262) (720) 613 18,904 (262,980) (38,213) (43,959)
--------- --------- --------- --------- --------- --------- --------- ---------
40,557 (18,536) (856) 1,380 18,904 (262,977) (38,213) (43,964)
105,261 123,797 20,447 19,067 128,876 391,853 161,940 205,904
--------- --------- --------- --------- --------- --------- --------- ---------
145,818 105,261 19,591 20,447 147,780 128,876 123,727 161,940
========= ========= ========= ========= ========= ========= ========= =========
$ 0 ($ 37) ($ 21) ($ 25) $ 0 $ 0 $ 0 $ 0
========= ========= ========= ========= ========= ========= ========= =========
6,789 1,744 725 429 4,144,705 4,746,181 1,833,687 1,438,355
241 376 48 66 449 2,528 779 2,032
(3,432) (4,669) (840) (437) (4,126,250) (5,011,689) (1,872,679) (1,484,346)
--------- --------- --------- --------- --------- --------- --------- ---------
3,598 (2,549) (67) 58 18,904 (262,980) (38,213) (43,959)
========= ========= ========= ========= ========= ========= ========= =========
See notes to financial statements
Page 31
WEISS, PECK & GREER MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS
1- ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Organization
- ------------
The following are open-end management investment companies (the "Funds")
registered under the Investment Company Act of 1940 (the "Act"):
WPG Tudor Fund ("Tudor")
WPG 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.
SHORT TERM SECURITIES (OTHER THAN THE MONEY MARKET FUNDS) -- Securities
maturing within 60 days are valued at cost plus accreted discount or minus
amortized premium, which approximates value.
FOREIGN SECURITIES -- Securities listed or admitted to trading on an
international securities exchange, including options, are valued at the last
sale price, at the close of the primary international exchange on the day the
net asset value calculation is made. Unlisted securities and listed
securities for which there are no sales reported on the valuation date are
valued at the mean between the most recent bid and ask prices. All
investments quoted in foreign currencies are valued in U.S. dollars on the
basis of the foreign currency exchange rates prevailing at 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 - (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 their shareholders. No federal income tax provision income to
is required. As of December 31, 2003, the following Funds had capital loss
carryforwards to offset future capital gains:
(IN THOUSANDS)
YEAR OF
EXPIRATION
----------
FUND 2004 2005 2006 2007 2008 2009 2010 2011
- -------------------------------------------- ---------------------------------------------------------------------------------
Tudor ...................................... 0 0 0 0 0 0 896 0
Large Cap Growth ........................... 0 0 0 0 0 0 354 0
Quantitative Equity ........................ 0 0 0 0 0 238 2,380 1,408
Core Bond .................................. 753 0 0 6,170 0 0 0 0
Intermediate Municipal Bond ................ 0 0 0 0 0 0 0 0
Government Money ........................... 0 0 0 0 0 0 0 0
Tax Free Money Market ...................... 3 4 1 5 0 5 5 0
In addition, Intermediate Municipal Bond Fund generated a post-October 31,
2003 net capital loss of $14,605, which, if unused, will expire on December
31, 2012. The Core Bond, Government Money Market and Tax Free Money Market
Funds had capital loss carryforwards of $16,947,663, $1,540,775 and $1,383
respectively, which expire on December 31, 2003.
At December 31, 2003 the components of accumulated earnings on a tax basis
were as follows:
(IN THOUSANDS) NET UNREALIZED
DISTRIBUTIONS IN ACCUMULATED APPRECIATION
EXCESS OF NET NET REALIZED (DEPRECIATION)
FUND INVESTMENT INCOME LOSSES ON INVESTMENTS ON INVESTMENTS
- --------------------------- ----------------- --------------------- --------------
Tudor ....................... 0 (896) 5,550
Large Cap Growth ............ 0 (354) 8,094
Quantitative Equity ......... 19 (4,026) 2,828
Core Bond ................... 0 (6,923) 1,474
Intermediate Municipal Bond . 0 0 1,001
Government Money Market ..... 0 0 0
Tax-Free Money Market ....... 0 (23) 0
The differences between the components of distributable earnings on a tax
basis and the amounts reflected in the statements of assets and liabilities
are primarily due to wash sales and post-October losses.
At December 31, 2003, 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 ....................... 52,720 6,824 (1,274) 5,550
Large Cap Growth ............ 44,930 8,170 (76) 8,094
Quantitative Equity ......... 12,914 2,915 (87) 2,828
Core Bond ................... 189,291 1,848 (374) 1,474
Intermediate Municipal Bond . 18,156 1,002 (1) 1,001
Government Money Market ..... 142,039 0 0 0
Tax-Free Money Market ....... 127,852 0 0 0
Page 33
WEISS, PECK & GREER MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS - (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 has been made to increase
(decrease) distributions in excess of net invest- ment income, distributions
in excess of net realized gains on investments and currencies and paid-in
surplus for the Funds as follows:
(IN THOUSANDS)
DISTRIBUTIONS IN ACCUMULATED
EXCESS OF NET NET REALIZED PAID IN
FUND INVESTMENT INCOME LOSSES ON INVESTMENTS SURPLUS
- --------------------------- ----------------- --------------------- --------------
Tudor 431 (4) (427)
Large Cap Growth 245 441 (686)
Quantitative Equity 0 0 0
Core Bond 37 16,962 (16,999)
Intermediate Municipal Bond 4 (4) 0
Government Money Market 0 1,541 (1,541)
Tax-Free Money Market 0 1 (1)
The primary permanent differences causing such reclassifications are due to
currency gains and losses and the expiration of net operating losses. The
reclassifications have no impact on the net assets of the respective Funds.
Distribution to Shareholders
- ----------------------------
DIVIDENDS FROM NET INVESTMENT INCOME -- Distributions are recorded on the
ex-dividend date. Dividends from net investment income are declared and paid
annually when available for the Tudor, Quantitative Equity and the Large Cap
Growth Fund. Dividends from net investment income are declared daily and paid
monthly for the Core Bond, Intermediate Municipal Bond, Government Money
Market and Tax Free Money Market Funds.
DISTRIBUTIONS FROM NET REALIZED GAINS -- Distributions from net realized
gains are declared and paid by December 31 of the year in which they are
earned. To the extent that net realized capital gains can be offset by
capital loss carryovers, if any, it is the policy of the Funds not to
distribute such gains.
The character of distributions for each Funds' fiscal years ended December
31, 2003 and December 31, 2002 is as follows:
(IN THOUSANDS) ORDINARY CAPITAL GAIN (B) EXEMPT-INTEREST
FUND 2003 2002 (A) 2003 2002 2003 2002
- ----------------------------- --------------------- --------------------- ---------------------
Tudor ....................... 0 0 0 0 0 0
Large Cap Growth ............ 0 0 0 0 0 0
Quantitative Equity ......... 0 0 0 0 0 0
Core Bond ................... 3,340 4,346 0 0 0 0
Intermediate Municipal Bond . 0 77 140 226 734 774
Government Money Market ..... 454 2,668 0 0 0 0
Tax-Free Money Market ....... 0 0 0 0 792 2,078
(a) Includes distributions from Funds' net short-term capital 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 - (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
on which such contract is traded. Pursuant to the contract, the Fund agrees
to receive from, or pay to the broker, an amount of cash equal to the daily
fluctuation in value of the contract. Such a receipt or payment is known as a
"variation margin" and is recorded by each Fund as an unrealized gain or
loss. When the contract is closed, the Fund records a realized gain or loss
equal to the difference between the value of the contract at the time it was
opened and the value at the time it was closed. The Fund is also required to
fully collateralize futures contracts purchased. The Fund only enters into
futures contracts which are traded on exchanges. At December 31, 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 affecting 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 December 31, 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 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 December 31, 2003, the Funds did not hold any foreign currency contracts.
Page 35
WEISS, PECK & GREER MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS - (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 year ended December 31, 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 ............................ $117,571 $109,155 $ 678 $ 167
Large Cap Growth ................. 59,524 56,578 101 40
Quantitative Equity .............. 20,164 16,781 50 4
Core Bond ........................ 527,790 557,375 0 0
Intermediate Municipal Bond ...... 7,139 5,782 0 0
The proceeds for securities sold and cost of securities purchased for the
Core Bond Fund do not include mortgage dollar roll transactions.
3- SECURITIES LENDING (TUDOR, CORE BOND)
At December 31, 2003, the Tudor Fund loaned securities valued at $1,484,658.
For collateral the Tudor Fund received a letter of credit from Danske Bank in
an amount equal to $1,950,000. At December 31, 2003, the Core Bond Fund
loaned securities valued at $30,020,075. For collateral, the Core Bond Fund
received U.S. Treasury securities with fair value of $31,155,176. For the
year ended December 31, 2003, the Tudor Fund and the Core Bond Fund earned
$6,936 and $10,874 in securities lending fees, net of custodian expenses,
respectively.
4- MORTGAGE DOLLAR ROLLS (CORE BOND)
The Core Bond Fund may enter into mortgage dollar rolls in which Core Bond
Fund sells mortgage securities for delivery in the current month and
simultaneously contracts to repurchase similar, but not identical, securities
at an agreed- upon price on a fixed date. The Core Bond Fund accounts for
such dollar rolls as purchases and sales and records an unrealized gain or
loss daily equal to the difference between the original value of the purchase
and the current market value. The Core Bond Fund must maintain liquid
securities having a value not less than the repurchase price (including
accrued interest) for such dollar rolls. Losses may arise due to changes in
value of the securities or if the counterparty does not perform under the
terms of the agreement. If the counterparty files for bankruptcy or becomes
insolvent, the Core Bond Fund's right to repurchase or sell securities may be
limited.
Page 36
WEISS, PECK & GREER MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
5- INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
WPG Investments ("WPG" or the "Adviser") 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
The adviser has agreed to cap some Fund's operating expenses and may not
discontinue or modify the cap without the approval of the Fund's trustees.
Effective May 1, 2003 the Quantitative Equity Fund's fees were capped at
1.40% and the Core Bond Fund's advisory fee was reduced to 0.45% and capped
at 0.43%. The Intermediate Municipal Bond Fund's fees were capped at 0.85%
for the entire year.
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 year ended December 31, 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 - (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 year ended December 31, 2003 the
Funds' custodian fees and related offset were as follows:
CUSTODIAN OFFSET
FEE CREDIT
------------- -------------
Tudor $20,309 $1,254
Large Cap Growth 14,846 345
Quantitative Equity 7,089 366
Core Bond 36,998 7,427
Municipal Bond 3,159 269
Government Money Market 20,814 3,497
Tax Free Money Market 20,686 792
The Funds could have invested their cash balances elsewhere if they had not
agreed to a reduction in fees under the expense offset agreement with their
custodian.
8- SUBSEQUENT EVENT
On January 1, 2004, the WPG Large Cap Growth Fund revised its investment
strategy and changed the portfolio manager. The Fund's new strategy is
quantitatively and fundamentally driven. The Fund will continue to track the
Russell 1000 Growth Index and the total expense ratio of the Fund will be
capped at 1.40%.
Page 38
WEISS, PECK & GREER MUTUAL FUNDS
FINANCIAL HIGHLIGHTS (FOR THE YEARS ENDED DECEMBER 31)
$ PER SHARE RATIOS
TOTAL DISTRI-
REALIZED INCOME/ BUTIONS
NET NET AND (LOSS) DIVIDENDS FROM NET NET RATIO OF
ASSET INVEST- UNREALIZED FROM FROM NET ASSET ASSETS AT RATIO OF NET INVESTMENT
VALUE AT MENT GAINS OR INVESTMENT NET REALIZED TOTAL VALUE AT END OF EXPENSES INCOME(LOSS) PORTFOLIO
BEGINNING INCOME (LOSSES) OPERA- INVESTMENT CAPITAL DISTRI- END OF TOTAL YEAR TO AVERAGE TO AVERAGE TURNOVER
OF YEAR (LOSS) INVESTMENTS TIONS INCOME GAINS BUTIONS YEAR RETURN ($000'S) NET ASSETS NET ASSETS RATE
------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
TUDOR
2003 $ 11.24 $ 0.00 $ 5.10 $ 5.10 $ 0.00 $ 0.00 $ 0.00 $ 16.34 45.37% $ 58,282 1.68% (0.83%) 228.3%
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
LARGE CAP GROWTH FUND
2003 19.16 0.00 6.11 6.11 0.00 0.00 0.00 25.27 31.89 52,355 1.44 (0.52) 126.8
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
QUANTITATIVE EQUITY FUND
2003 2.74 0.00 0.79 0.79 0.00 0.00 0.00 3.53 28.83 15,923 1.53 0.12 107.7
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
See notes to financial statements.
Page 39
WEISS, PECK & GREER MUTUAL FUNDS
FINANCIAL HIGHLIGHTS (FOR THE YEARS ENDED DECEMBER 31)
$ PER SHARE RATIOS
TOTAL DISTRI-
REALIZED INCOME/ BUTIONS
NET NET AND (LOSS) DIVIDENDS FROM NET NET RATIO OF
ASSET INVEST- UNREALIZED FROM FROM NET ASSET ASSETS AT RATIO OF NET INVESTMENT
VALUE AT MENT GAINS OR INVESTMENT NET REALIZED TOTAL VALUE AT END OF EXPENSES INCOME(LOSS) PORTFOLIO
BEGINNING INCOME (LOSSES) OPERA- INVESTMENT CAPITAL DISTRI- END OF TOTAL YEAR TO AVERAGE TO AVERAGE TURNOVER
OF YEAR (LOSS) INVESTMENTS TIONS INCOME GAINS BUTIONS YEAR RETURN ($000'S) NET ASSETS NET ASSETS RATE
------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
CORE BOND
2003 $10.44 $0.30 $0.22 $0.52 $(0.30) $0.00 $(0.30) $10.66 5.04% $145,818 0.45% 2.81% 561.8%
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
INTERMEDIATE MUNICIPAL BOND
2003 10.81 0.39 0.01 0.40 (0.39) (0.08) (0.47) 10.74 3.73 19,591 0.85 3.60 28.6
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
GOVERNMENT MONEY MARKET
2003* 1.00 0.00 0.00 0.00 0.00 0.00 0.00 1.00 0.33 147,780 0.83 0.33 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
TAX FREE MONEY MARKET
2003 1.00 0.01 0.00 0.01 (0.01) 0.00 (0.01) 1.00 0.54 123,727 0.76 0.55 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
* The Government Money Market Fund's Net Investment Income (Loss) and
Distributions from Net Investment Income were less than $0.01.
See notes to financial statements.
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 ratio of expenses to average net assets and ratio of net
income to average net assets would have been:
RATIO OF
RATIO OF NET
EXPENSES INCOME
TO AVERAGE TO AVERAGE
NET ASSETS NET ASSETS
----------- ------------
QUANTITATIVE EQUITY
2003 1.79% (0.14%)
2001 1.42% (0.31%)
2000 1.24% 0.01%
CORE BOND
2003 0.75% 2.51%
2002 0.83% 3.69%
2001 0.81% 4.73%
2000 0.79% 6.29%
1999 0.81% 5.67%
INTERMEDIATE MUNICIPAL BOND
2003 1.19% 3.26%
2002 1.17% 3.58%
2001 1.15% 3.87%
2000 1.04% 4.35%
1999 1.08% 4.09%
GOVERNMENT MONEY MARKET
2002 0.76% 1.14%
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 1999, 2000, 2001
and 2003 for the Government Money Market Fund and 1999, 2000, 2001, 2002 and
2003 for the Tudor, Large Cap Growth and Tax Free Money Market Funds.
Page 41
INDEPENDENT AUDITORS' REPORT
To the Shareholders and Board of Trustees of:
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
We have audited the accompanying statements of assets and liabilities of the
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, and WPG Tax Free Money Market Fund (the "Funds"), including the
schedules of investments, as of December 31, 2003, and the related statements
of operations for the year then ended, the statements of changes in net
assets for each of the two years in the period then ended and the financial
highlights for each of the five years in the period then ended. These
financial statements and financial highlights are the responsibility of the
Funds' management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with auditing standards generally
accepted in the United States of America. Those standards require that we
plan and perform the audits to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material
misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. Our
procedures included confirmation of securities owned as of December 31, 2003,
by correspondence with the custodian and brokers. As to securities purchased
or sold but not yet received or delivered, we performed other appropriate
auditing procedures. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
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, and WPG Tax Free Money Market Fund as of December 31, 2003, the
results of their operations for the year then ended, the changes in their net
assets for each of the two years in the period then ended, and the financial
highlights for each of the years in the five year period then ended, in
conformity with accounting principles generally accepted in the United States
of America.
KPMG LLP
-----------------
February 12, 2004
New York, NY
Page 42
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
New York, NY 10004 Executive Vice President of Cornell Medical College
4/29/39 and Director of WPG Vice Chairman of Cornell University
Chairman of the Board and Advisers, Inc. 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 Former Vice Chairman and Director of Sky Ranch for Boys
New York, NY 10165 Director McKesson Corp.
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 Management
Santa Fe, NM 87501 Trustee various investment companies
1/31/33 managed by Sun Capital Advisors.
Trustee since 1985
- -------------------------------------------------------------------------------------------------------------------------------
Page 43
WEISS, PECK & GREER MUTUAL FUNDS
ADDITIONAL INFORMATION - UNAUDITED
FEDERAL INCOME STATUS OF DIVIDENDS
The Tax Fee Money Market and Intermediate Municipal Bond Fund have determined
that all dividends paid during the year ended December 31, 2003 were paid
from investment income and are exempt from Federal income tax. None of these
dividends are subject to the Alternative Minimum Tax. The Intermediate
Municipal Bond Fund distributed long-term capital gains to shareholders
during the fiscal year ended December 31, 2003 of $61,652 taxed at a maximum
rate of 15% and $82,094 taxed at a maximum rate of 20%.
PROXY INFORMATION
A description of the policies and procedures the Funds use to determine how
to vote proxies relating to portfolio securities is available, without
charge, by calling our shareholder service line, toll free at 800-223-3332.
As of May 1, 2004, you will also be able to obtain a copy via the SEC's web
site at http://www.sec.gov.
Page 44
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ONE NEW YORK PLAZA, NEW YORK, NY 10004
INDEPENDENT TRUSTEES AND MEMBERS INVESTMENT ADVISER
OF AUDIT COMMITTEE WPG Investments
Raymond R. Herrmann, Jr. William B. Ross One New York Plaza
Lawrence J. Israel Robert A. Straniere New York, NY 10004
Graham E. Jones
CUSTODIAN
OFFICERS Boston Safe Deposit and Trust Company
ROGER J. WEISS One Exchange Place
Chairman of the Board and Trustee - all funds Boston, MA 02109
RONALD M. HOFFNER DIVIDEND DISBURSING AND
Executive Vice President and Treasurer - all funds TRANSFER AGENT
PFPC Inc.
JOSEPH J. REARDON P.O. Box 60448
Vice President and Secretary - all funds King of Prussia, PA 19406-0448
STEVEN M. PIRES DISTRIBUTOR
Assistant Vice President - all funds PFPC Distributors, Inc.
760 Moore Road
DANIEL S. VANDIVORT King of Prussia, PA 19406
President - WPG Funds Trust
LEGAL COUNSEL
JANET A. FIORENZA Hale and Dorr
Vice President - WPG Tax Free Money Market Fund 60 State Street
Boston, MA 02109
S. BLAKE MILLER
Vice President - WPG Intermediate Municipal Bond Fund INDEPENDENT AUDITORS
KPMG LLP
E.K. EASTON RAGSDALE 757 Third Avenue
Vice President - WPG Quantitative Equity Fund New York, NY 10017
President - WPG Large Cap Growth Fund
This report is submitted for the general information of share-
PETER ALBANESE holders and is not authorized for distribution to prospective
Vice President - WPG Quantitative Equity Fund investors unless preceded or accompanied by an effective
Vice President - WPG Large Cap Growth Fund prospectus. Nothing herein is to be considered an offer of
sale or solicitation of an offer to buy shares of the Weiss,
RICHARD SHUSTER Peck & Greer Funds. Such offering is made only by prospectus, which
President - WPG Tudor Fund includes details as to offering and other material information.
GREGORY N. WEISS
Vice President - WPG Tudor Fund
ITEM 2 - CODE OF ETHICS
The registrant has adopted a code of business conduct and ethics that
applies to the registrant's principal executive officer, principal financial
officer, principal accounting officer, or persons performing similar functions.
For the year ended December 31, 2003, there were no amendments to a provision of
its code of business conduct and ethics, nor were there any waivers granted from
a provision of the code of business conduct and ethics. A copy of the code of
business conduct and ethics is filed with this Form N-CSR under Item 11(a).
ITEM 3 - AUDIT COMMITTEE FINANCIAL EXPERT
The registrant's Board has determined that William B. Ross, a member of
the Audit Committee of the Board, is an audit committee financial expert as
defined by the Securities and Exchange Commission (the "SEC"). Mr. Ross is
"independent" as defined by the SEC for purposes of the audit committee
financial expert determination.
ITEM 4 - PRINCIPAL ACCOUNTANT FEES AND SERVICES
(a) AUDIT FEES
The aggregate fees billed for each of the last two fiscal
years for professional services rendered by the principal accountant for the
audit of the registrant's annual financial statements or services that are
normally provided by the accountant in connection with statutory and filings or
engagements for those fiscal years were as follows: 2003: $114,455, and 2002:
$114,455
(b) AUDIT-RELATED FEES
None.
(c) TAX FEES
The aggregate fees billed in each of the last two fiscal years
for professional services rendered by the principal accountant for tax
compliance, tax advice, and tax planning were 2003: $46,516, and 2002:
$58,385. The nature of the services comprising these fees was tax compliance
and tax advice related to the preparation and review of annual income and excise
tax returns.
(d) ALL OTHER FEES
None.
(e) (1) Before any accountant is engaged by the registrant to render
either audit or non-audit services, such engagement must be approved by the
audit committee, with the exception of any de minimus engagement meeting
applicable requirements. In addition, the audit committee must also pre-approve
the engagement of any accountant by the registrant's investment adviser (no
include a subadviser whose role is primarily portfolio management and is
subcontracted or overseen by another investment adviser) and any entity
controlling, controlled by, or under common control with the investment adviser,
if the engagement relates directly to the operations and financial reporting of
the Registrant, with the exception of any de minimus engagement meeting
applicable requirements.
(2) Not applicable.
(f) Not applicable.
(g) The aggregate non-audit fees billed by the registrant's accountant
for services rendered to the registrant, and rendered to the registrant's
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the investment adviser that provides ongoing services to the registrant for
each of the last two fiscal years are as follows: 2003: $46,516, and 2002:
$58,385.
(h) The Audit Committee of the registrant's Board has considered
whether the provision for non-audit services that were rendered to the
registrant's investment adviser (not including any sub-adviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule
2-01 of Regulation S-X is compatible with maintaining the principal accountant's
independence.
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 - PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS
Not applicable.
ITEM 9 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
Not applicable.
ITEM 10 - 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 changes in the registrant's
internal controls over financial reporting that occurred during the registrant's
second fiscal half year that has materially affected, or is reasonably likely to
materially affect, the registrant's internal controls over financial reporting.
ITEM 11 - EXHIBITS
(a)(1) Code of Ethics that is the subject of Item 2 is filed 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.
WPG Funds Trust
By: /S/ ROGER J. WEISS
-------------------
Roger J. Weiss, Chairman (Principal Executive Officer)
Date: March 8, 2004
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.
By: /S/ ROGER J. WEISS
------------------
Roger J. Weiss, Chairman (Principal Executive Officer)
Date: March 8, 2004
By: /S/ RONALD M. HOFFNER
---------------------
Ronald M. Hoffner, Executive Vice President and Treasurer
(Principal Financial Officer)
Date: March 8, 2004