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: JUNE 30, 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
WEISS, PECK & GREER
INVESTMENTS
MEMBER OF % ROBECO GROUP
INTERNATIONAL ASSET MANAGERS
M U T U A L F U N D S
SEMI-ANNUAL REPORT
JUNE 30, 2004
(UNAUDITED)
WPG TUDOR FUND
WPG LARGE CAP GROWTH FUND
WPG QUANTITATIVE EQUITY FUND
WPG CORE BOND FUND
WPG INTERMEDIATE MUNICIPAL BOND FUND
WPG GOVERNMENT MONEY MARKET FUND
WPG TAX FREE MONEY MARKET FUND
ONE NEW YORK PLAZA
NEW YORK, NEW YORK 10004
800 223-3332
WEISS, PECK & GREER MUTUAL FUNDS
TABLE OF CONTENTS
Major Portfolio Changes - Equity Funds . . . . . . . . . . . . . . . . 1
Average Annual Total Returns . . . . . . . . . . . . . . . . . . . . . 2
Ten Largest Holdings . . . . . . . . . . . . . . . . . . . . . . . . . 4
Schedules of Investments: WPG Tudor Fund . . . . . . . . . . . . . . . 6
WPG Large Cap Growth Fund . . . . . . . . . . . . . . . . . . 8
WPG Quantitative Equity Fund . . . . . . . . . . . . . . . . 10
WPG Core Bond Fund. . . . . . . . . . . . . . . . . . . . . . 12
WPG Intermediate Municipal Bond Fund . . . . . . . . . . . . 15
WPG Government Money Market Fund . . . . . . . . . . . . . . 18
WPG Tax Free Money Market Fund . . . . . . . . . . . . . . . 18
Statements of Assets and Liabilities . . . . . . . . . . . . . . . . 24
Statements of Operations . . . . . . . . . . . . . . . . . . . . . . 26
Statements of Changes in Net Assets . . . . . . . . . . . . . . . . . 28
Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . 30
Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . 37
Information on Trustees . . . . . . . . . . . . . . . . . . . . . . . 40
CONSERVATIVE 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.
WEISS, PECK & GREER MUTUAL FUNDS
MAJOR PORTFOLIO CHANGES - EQUITY FUNDS - SIX MONTHS ENDED JUNE 30, 2004 -
(UNAUDITED)
TUDOR FUND
ADDITIONS
---------
Centerpoint Properties Trust
Conseco Inc.
Expressjet Holdings Inc.
K-Swiss Inc. Cl A
Macatawa Bank Corp.
Masonite International Corp.
Neoware Systems Inc.
Odyssey Healthcare Inc.
Steiner Leisure Ltd.
Tsakos Energy Navigation Ltd.
DELETIONS
---------
Alloy Online, Inc.
Catellus Development Corp.
Encore Acquisition Company
Integrated Alarm Services
Kroll Inc.
McDermott International Inc.
National Commerce Financial Corp.
Providence Service Corp.
Sinclair Broadcasting Group Inc.
Teekay Shipping Marshall Island
QUANTITATIVE EQUITY FUND
ADDITIONS
---------
Amerisource-Bergen Corp.
Archer-Daniels Midland Co.
Centerpoint Energy Inc.
Freddie Mac
Kimberly-Clark Corp.
Merck & Co. Inc.
Norfolk Southern Corp.
The Boeing Co.
Washington Mutual, Inc.
Wells Fargo & Co.
DELETIONS
---------
Coca-Cola Company
Gillette Company
Glaxosmithkline Plc-ADR
MBNA Corp.
Merrill Lynch & Co., Inc.
Sprint Corp.
Standard & Poor's Depositary Receipts
United Parcel Service-Cl B
United Technologies Corp.
US Bancorp
LARGE CAP GROWTH FUND
ADDITIONS
---------
Charles River Laboratories Holding
EON Labs Inc.
Forest Laboratories, Inc.
Harris Corp.
Invitrogen Corporation
J. C. Penney Company, Inc.
Merck & Co., Inc.
Motorola, Inc.
Radioshack Corp.
Stryker Corp.
DELETIONS
---------
Amgen, Inc.
Carnival Corp.
Coca-Cola Company
Countrywide Financial Corp.
Genentech, Inc.
General Electric Co.
Guidant Corp.
Univision Communications Inc.
Watson Pharmaceuticals
Zimmer Holdings, Inc.
Page 1
WEISS, PECK & GREER MUTUAL FUNDS
AVERAGE ANNUAL TOTAL RETURN FOR THE PERIODS ENDED JUNE 30, 2004 -
(UNAUDITED)
TUDOR
SIX ONE FIVE TEN
MONTHS YEAR YEARS* YEARS*
------ ---- ------ ------
TUDOR 8.26% 35.66% 6.17% 9.05%
Russell 2000 Growth Index 5.68% 31.55% -0.45% 7.15%
Russell 2000 Value Index 7.83% 35.17% 12.82% 13.91%
For the first six months of the year, the Tudor Fund returned 8.3%, compared to
our benchmark return of 7.8%. The small cap value sector continued to be a
market leader throughout much of the first half of the year. We were able to
modestly outperform our benchmark despite a somewhat defensive investment
posture. We remain concerned about many consumer related areas including retail,
automotive and home-building sectors and have an underweight exposure to those
sectors. The market over the past several months has been very penal towards
companies who have announced earnings disappointments. In many instances we
believe this has been caused by near-term events while the long-term
fundamentals remain promising. We believe there are more attractive
opportunities in the small cap value sector today than at any point over the
past year and a half. This has created great opportunity for us to selectively
add positions to the Fund at attractive entry points. We believe the Fund is
currently well positioned.
LARGE CAP GROWTH
SIX ONE FIVE TEN
MONTHS YEAR YEARS* YEARS*
------ ---- ------ ------
LARGE CAP GROWTH 0.95% 17.40% -3.05% 9.31%
Russell 1000 Growth Index 2.74% 17.88% -6.48% 10.12%
The Russell 1000 Growth Index returned 29.8% in 2003. This year, the market has
done little, torn between the upward push of continually improving earnings
estimates and the downward pull of the fear of the negative effects higher
interest rates will have on price earnings multiples. Other factors - higher
energy prices, fear of inflation and little improvement in the equity risk
premium - have not helped. As a result, the Russell 1000 Growth Index ended the
first half of 2004 up 2.7%.
After slight outperformance during the first quarter, the fund trailed
significantly during the second quarter and resulted in an underperformance of
1.8% for the first half. Despite the continued strong predictive power of the
WPG Large Cap Growth Equity model and an effective risk strategy, stock
selection decisions by the portfolio management team led to underperformance
through the first half of 2004. Predictive power came from both valuation and
earning momentum/growth factors. CASHFLOW TO PRICE, BOOK TO PRICE, and DOWNWARD
REVISIONS made strong contributions during the first half, while FORECAST
EARNING MOMENTUM and SHARE BUYBACK factors hurt performance.
QUANTITATIVE EQUITY
SIX ONE FIVE TEN
MONTHS YEAR YEARS* YEARS*
------ ---- ------ ------
QUANTITATIVE EQUITY 2.83% 18.24% -2.25% 10.10%
S&P 500 Index 3.44% 19.10% -2.21% 11.83%
After a strong 2003, where the S&P 500 returned 28.7%, the market has done
relatively little in 2004, torn between the upward push of continually improving
earnings estimates and the downward pull of the fear of the negative effects
higher interest rates will have on price earnings multiples. Other factors -
higher energy prices, fear of inflation and little improvement in the equity
risk premium - have not helped. As a result, the S&P 500 Index ended the first
half of 2004 up 3.4%.
Following modest first quarter outperformance, the Fund underperformed
significantly during the second quarter and ended the first half down 0.61%
relative to the S&P 500 Index. The WPG Quantitative Equity model continued its
strong predictive power, however the portfolio owned an unusually large number
of so called " torpedo stocks" that led to the underperformance. Predictive
power came from both valuation and earnings momentum factors. CASHFLOW TO PRICE
and DOWNWARD REVISIONS made strong contributions during the first half, while
RETURN ON EQUITY and UPWARD REVISION factors hurt performance.
*Annualized.
Page 2
WEISS, PECK & GREER MUTUAL FUNDS
AVERAGE ANNUAL TOTAL RETURN FOR THE PERIODS ENDED JUNE 30, 2004 - (UNAUDITED)
CORE BOND
SIX ONE FIVE TEN
MONTHS YEAR YEARS* YEARS*
------ ---- ------ ------
CORE BOND 0.00% 0.38% 7.37% 6.79%
Lehman Aggregate Index 0.16% 0.32% 6.95% 7.39%
Morningstar Intermediate Term Bond -0.17% 0.19% 6.07% 6.55%
The Fund outperformed its Morningstar peers on average, but trailed its Lehman
benchmark during the first half of 2004. The anticipation of tightening by the
Federal Reserve caused the front end of the yield curve to sell off more
dramatically than the long end. For much of the period, WPG had a modest curve
flattening (i.e. 2 yr vs. 5 yr) strategy which added to performance. WPG also
owned a 5% position in Treasury Inflation Protected Securities (TIPS). The
performance of the TIPS securities were additive in the first quarter but
detracted from performance in the second quarter as increased supply in the 10
and 20 year part of the curve weighed on performance. For the period, yield
curve policy had a minimal impact on performance. Corporate spreads had a
relatively uneventful first half of the year, widening 4 basis points on the
Lehman Brothers U.S. Credit Index. Volatility, the new issue calendar, and
secondary trading volume have decreased dramatically from prior years. The
portfolio was modestly overweight corporates for much of the year which had a
positive impact on performance in the first quarter but negative impact on
performance in the second quarter. The combined impact on performance was a
modest positive. Both agency debentures and mortgage backed securities (MBS)
underperformed through the first four months of the year, but began a rally
shortly after, that ended in mid June. Our underweight position in the mortgage
sector through the end of March generated positive excess returns. Agency
exposure modestly detracted from performance. In the AAA rated commercial
mortgage backed securities (CMBS) sector, spreads widened in sympathy with
widening swap spreads, particularly in the short and intermediate portions of
the swaps curve. Both of these sectors had a minimal impact on performance.
INTERMEDIATE MUNICIPAL BOND
SIX ONE FIVE TEN
MONTHS YEAR YEARS* YEARS*
------ ---- ------ ------
INTERMEDIATE MUNI BOND -1.06% -0.70% 5.09% 5.43%
Lehman Brothers 3-10 Year Municipal
Bond Index -0.77% 0.44% 5.57% 5.84%
Lipper Intermediate Muni Fund Average -1.00% 0.02% 4.92% 5.29%
The municipal bond market demonstrated weak absolute performance during the
first half of 2004 due to improving economic conditions that pushed interest
rates higher. Most of the negative returns occurred during the second quarter on
the heels of improving labor numbers. In addition, the municipal market
performed poorly relative to taxable alternatives, as municipals began the year
at lofty relative valuations then fell to more normal levels.
California securities were in the news again and added volatility to the market.
The State's General Obligations came under pressure early in the year over
uncertainty on a voter referendum that was eventually passed and relieved the
State's short term cash crunch. Soon after, the State successfully marketed the
largest financing in the history of the market.
The Fund produced a return of -1.06 % during the first half of 2004 vs. a return
of -1.00% for the Lipper Intermediate Fund Average. The Fund has avoided
California GO's which have performed well in 2004; however, going forward this
underweight to a volatile credit should benefit Fund holders. Going forward, the
Fund will remain positioned in anticipation of a steadily less accommodative
Federal Reserve. As always, credit monitoring will continue to be an integral
part of our management process.
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 $3.7
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 median market capitalization of approximately $433
million. Lipper Analytical Services (Lipper) and Morningstar compare mutual
funds according to overall performance, investment objectives, investment
policies, assets, expense levels, periods of existence and other factors.
The Lehman Brothers Aggregate Index is a market weighted blend of all
investment grade corporate issues, all mortgage securities and all
government issues. The Lehman Brothers 3-10 year Muni Bond Index is a broad
based index which contains all securities in the Lehman Municipal Bond
Index with maturities from 3-10 years.
*Annualized.
Page 3
WEISS, PECK & GREER MUTUAL FUNDS
TEN LARGEST HOLDINGS AT JUNE 30, 2004* - (UNAUDITED)
MARKET
VALUE PERCENT
TUDOR FUND (000'S) OF FUND
- --------------------------------------------------------------------------------
IDT Corp .............................. $2,106 3.4%
MDC Partners Inc. ..................... 1,677 2.7%
Prime Medical Services Inc. ........... 1,612 2.6%
Conseco Inc. .......................... 1,604 2.6%
First Consulting Group ................ 1,503 2.4%
Newpark Resources Inc ................. 1,358 2.2%
Del Monte Foods Co .................... 1,090 1.8%
Watchguard Technologies Inc ........... 1,009 1.6%
K-Swiss Inc. Cl A ..................... 1,000 1.6%
Bunge Limited ......................... 970 1.6%
------- -----
$13,929 22.5%
======= =====
MARKET
VALUE PERCENT
LARGE CAP GROWTH FUND (000'S) OF FUND
- --------------------------------------------------------------------------------
Pfizer Inc. ........................... $2,259 4.7%
Intel Corp. ........................... 2,103 4.3%
Dell Computer Corp .................... 1,630 3.4%
Anheuser-Busch Companies, Inc. ........ 1,528 3.2%
Microsoft Corp. ....................... 1,528 3.2%
Cisco Systems Inc. .................... 1,500 3.1%
Johnson & Johnson ..................... 1,437 3.0%
Home Depot, Inc ....................... 1,348 2.8%
Stryker Corp .......................... 1,282 2.6%
American International Group Inc. ..... 1,269 2.6%
------- -----
$15,884 32.9%
======= =====
MARKET
VALUE PERCENT
QUANTITATIVE EQUITY FUND (000'S) OF FUND
- --------------------------------------------------------------------------------
Microsoft Corp. ....................... $677 4.3%
Exxon Mobil Corp. ..................... 517 3.3%
Bank of America Corp. ................. 446 2.8%
JP Morgan Chase & Co. ................. 403 2.6%
General Electric Co. .................. 394 2.5%
Coca-Cola Enterprises ................. 388 2.5%
Hewlett Packard Co. ................... 375 2.4%
Johnson & Johnson ..................... 368 2.4%
Citigroup Inc ......................... 349 2.2%
Verizon Communications ................ 335 2.1%
------ -----
$4,252 27.1%
====== =====
Page 4
WEISS, PECK & GREER MUTUAL FUNDS
TEN LARGEST HOLDINGS AT JUNE 30, 2004* - (UNAUDITED) - CONTINUED
MARKET
VALUE PERCENT
CORE BOND FUND (000'S) OF FUND
- -------------------------------------------------------------------------------------
Federal National Mortgage Association Discount Note Due 7/1/04 $ 36,928 23.4%
U.S. Treasury Note 2.250% Due 2/15/07 ........................ 13,320 8.4%
Federal National Mortgage Association 2.250% Due 2/15/07** ... 11,109 7.0%
Federal National Mortgage Association 5.500% Due 7/1/19** .... 10,383 6.6%
Federal National Mortgage Association 5.000% Due 7/1/34** .... 8,039 5.1%
U.S. Treasury Note 1.875% Due 1/31/06 ........................ 7,864 5.0%
Federal National Mortgage Association 4.500% Due 7/1/19** .... 7,625 4.8%
U.S. Treasury Note 3.875% Due 5/15/09 ........................ 6,768 4.3%
U.S. Treasury Bond 5.375% Due 2/15/31 ........................ 6,076 3.8%
U.S. Treasury Note 2.375% Due 8/15/06 ........................ 5,879 3.7%
-------- ------
$113,991 72.1%
======== ======
INTERMEDIATE MUNICIPAL BOND FUND
- --------------------------------------------------------------------------------
Chicago O'Hare International Airport Revenue Refunding -
2nd Lien Series C (MBIA Insured) 5.75% Due 1/1/09 ................... $1,101 6.1%
New York State Thruway Authority State Personal Income Tax
Revenue Transportation Series A (AMBAC Insured) 5.50% Due 3/15/13 ... 901 5.0%
Oklahoma County Oklahoma Home Finance Authority Single Family Refunding
Subordinated Mortgage Revenue Series B 2.60% Due 7/1/12@ .............. 891 4.9%
Metropolitan Transportation Authority-New York City Transitional
Triborough Bridge & Tunnel Authority Series A 5.63% Due 1/1/12 ...... 828 4.6%
Louisiana State Office Facilities Corporate Lease Revenue
Capital Complex Program (AMBAC Insured) 5.00% Due 5/1/12 ............ 807 4.5%
New Orleans Public Improvement General Obligation (FSA Insured)
7.20% Due 11/1/08 ................................................... 732 4.0%
Mobile Alabama Water & Sewer Commissioners Water & Sewer
Revenue 5.25% Due 1/1/13 ............................................ 725 4.0%
Rhode Island Housing & Mortgage Finance Corporation
Multi-Family Housing Revenue Series A
(AMBAC Insured) 5.70% Due 7/1/07 .................................... 701 3.9%
Snohomish County School District No. 006 5.70% Due 12/1/12 ............ 677 3.7%
Illinois State Sales Tax Revenue 5.50% Due 1/1/13 ..................... 660 3.6%
------ ------
$8,023 44.3%
====== ======
- --------------------------------------------------------------------------------------------
* The composition of the largest securities in each portfolio is subject to
change.
** Mortgage pass-through securities.
@ Indicates yield-to-maturity at June 30, 2004.
Page 5
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 2004 - (UNAUDITED)
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------------------------------------------------------------------------------
TUDOR
COMMON STOCKS (97.3%)
CAPITAL GOODS (17.8%)
AEROSPACE/DEFENSE (0.9%)
9,200 *Alliant Techsystems Inc. .............................. $ 583
-------
BIOTECHNOLOGY (0.9%)
149,800 *#Durect Corporation ................................... 523
-------
COMMUNICATION (4.4%)
116,800 *IDT Corp. ............................................. 2,106
90,500 *Remec Inc ............................................. 572
-------
2,678
-------
COMPUTER SOFTWARE & SERVICES (2.6%)
21,100 *Internet Security Systems ............................. 324
139,770 *Watchguard Technologies Inc ........................... 1,009
34,600 *Webmethods, Inc ....................................... 296
-------
1,629
-------
CONSTRUCTION (2.2%)
3,100 Chemed Corporation ..................................... 150
7,900 *EMCOR Group, Inc ...................................... 347
25,500 *Masonite International Corp. .......................... 659
3,870 Rinker Group Ltd.-ADR .................................. 217
-------
1,373
-------
SEMICONDUCTORS (0.8%)
64,600 *Pinnacle Systems Inc. ................................. 462
-------
TECHNOLOGY (6.0%)
45,900 *BISYS Group, Inc ...................................... 645
79,900 *Danka Business Systems- ADR ........................... 361
32,400 *Infocus Corp. ......................................... 275
4,800 *Input/Output, Inc ..................................... 40
8,100 *Lipman ................................................ 418
33,189 *Mead Instruments Corp ................................. 106
78,900 *# Neoware Systems Inc ................................. 653
52,100 *Network Equipment Technologies Inc .................... 425
51,400 *# PEC Solutions, Inc. ................................. 613
14,635 *Zilog Inc. ............................................ 160
-------
3,696
-------
10,944
-------
CONSUMER (38.3%)
BASIC MATERIALS (4.2%)
29,800 Agrium, Inc ............................................ 434
66,500 *Hercules Inc. ......................................... 811
39,400 NN Inc. ................................................ 501
26,400 Schweitzer Manduit International, Inc .................. 809
-------
2,555
-------
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------------------------------------------------------------------------------
TUDOR (CONTINUED)
BUSINESS SERVICES (7.3%)
11,400 *Cornell Companies Inc. ................................ $ 155
18,200 *Dave & Buster's Inc. .................................. 342
272,339 *First Consulting Group ................................ 1,503
26,900 *FTI Consulting Inc .................................... 444
25,780 *Marlin Business Services Inc .......................... 387
139,720 MDC Partners Inc. ...................................... 1,677
-------
4,508
-------
CONSUMER CYCLICALS (3.1%)
49,500 K-Swiss Inc. Cl A ...................................... 1,000
16,400 Reebok International, Ltd. ............................. 590
15,400 *Steven Madden Ltd ..................................... 308
-------
1,898
-------
CONSUMER NON-CYCLICALS (3.1%)
24,900 Bunge Limited .......................................... 970
49,000 Tupperware Corp. ....................................... 952
-------
1,922
-------
ENTERTAINMENT (4.6%)
116,100 *Mikohn Gaming Corp. ................................... 561
64,400 *New Frontier Media, Inc. .............................. 549
30,700 *Pinnacle Entertainment Inc ............................ 387
34,900 *Steiner Leisure Ltd ................................... 768
44,600 World Wrestling Federation Entertainment, Inc. ......... 569
-------
2,834
-------
FOOD (3.7%)
11,400 *Chiquita Brands International ......................... 238
107,300 *Del Monte Foods Co. ................................... 1,090
20,960 Landry's Restaurants Inc. .............................. 626
11,600 *Smithfield Foods, Inc ................................. 341
-------
2,295
-------
HEALTH CARE SERVICES (9.8%)
14,200 *Apria Healthcare Group, Inc. .......................... 408
20,660 *Cantel Industries ..................................... 445
24,200 *DJ Orthopedics Inc .................................... 557
7,800 *#ICU Medical Inc. ..................................... 262
26,200 *#Inverness Medical Innovations ........................ 574
6,600 *#Magellan Health Services Inc. ........................ 221
34,400 *#Odyssey Healthcare Inc ............................... 647
40,100 *#Orthodontic Centers of America, Inc. ................. 328
203,000 *Prime Medical Services Inc. ........................... 1,612
28,000 *Priority Healthcare Corp.-B ........................... 643
16,800 *#Vistacare Inc. Cl A .................................. 312
-------
6,009
-------
MEDICAL BIOTECHNOLOGY (0.8%)
16,730 *NBTY Inc .............................................. 492
-------
See notes to financial statements
Page 6
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 2004 - (UNAUDITED)
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------------------------------------------------------------------------------
TUDOR (CONTINUED)
RETAIL (1.7%)
10,400 *Big Lots Inc .......................................... $ 150
14,900 *Pacific Sunwear of California ......................... 292
25,200 *Pantry Inc ............................................ 549
2,100 *Provide Commerce ...................................... 41
-------
1,032
-------
23,545
-------
ENERGY (11.0%)
ELECTRIC UTILITIES (1.3%)
14,300 Great Plains Energy Inc. ............................... 425
15,600 #Hawaiian Electric Industries .......................... 407
-------
832
-------
NATURAL GAS UTILITIES (3.3%)
11,800 New Jersey Resources Corp. ............................. 491
32,300 *Southern Union Co. .................................... 681
114,510 *#Tidelands Oil & Gas Corp. ............................ 229
7,200 UGI Corp ............................................... 231
15,600 Vectren Corporation .................................... 391
-------
2,023
-------
OIL & GAS EXPLORATION (3.3%)
23,400 *Denbury Resources Inc. ................................ 490
16,600 *Energy Partners, Ltd. ................................. 254
161,100 *Grey Wolf Inc. ........................................ 683
23,900 *Whiting Petroleum Corp. ............................... 601
-------
2,028
-------
OIL FIELD SERVICES (3.1%)
219,100 *Newpark Resources Inc ................................. 1,358
1,500 *Pioneer Drilling Co. .................................. 12
17,100 Tidewater Inc. ......................................... 510
-------
1,880
-------
6,763
-------
INTERMEDIATE GOODS & SERVICES (6.2%)
TRANSPORTATION (6.2%)
62,820 *Air Methods Corp. ..................................... 544
19,500 *Celadon Group ......................................... 343
61,900 *Expressjet Holdings Inc. .............................. 751
70,080 OMI Corp. .............................................. 834
21,400 *Quality Distribution, Inc. ............................ 236
17,850 *# Republic Airways Holdings ........................... 254
55,600 *Stonepath ............................................. 119
21,600 Tsakos Energy Navigation Ltd. .......................... 734
-------
3,815
-------
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------------------------------------------------------------------------------
TUDOR (CONTINUED)
INTEREST SENSITIVE (24.0%)
BANKS (9.5%)
50,862 Bank Mutual Corp ....................................... $ 554
18,300 *Bankunited Financial Corp. ............................ 472
13,450 Berkshire Hills Bancorp, Inc. .......................... 499
52,800 Brookline Bancorp, Inc. ................................ 775
21,999 *#Commercial Capital Bancorp ........................... 382
16,000 First Financial Bankshare Inc .......................... 671
16,830 Firstmerit Corp ........................................ 444
32,200 Jefferson Bancshares Inc. .............................. 417
26,855 Macatawa Bank Corp. .................................... 738
23,600 PFF Bancorp Inc ........................................ 879
-------
5,831
-------
FINANCE (1.1%)
18,900 #Gladstone Capital Corp. ............................... 381
20,500 Technology Investment Capital Corp. .................... 277
-------
658
-------
INSURANCE (6.7%)
80,600 *Conseco Inc ........................................... 1,604
21,300 First American Corporation ............................. 551
49,600 *NCRIC Group, Inc ...................................... 492
29,100 Nymagic, Inc. .......................................... 768
44,100 *Penn Treaty American Corp ............................. 89
60,600 *Procentury Corp ....................................... 590
-------
4,094
-------
REAL ESTATE (6.7%)
19,600 BRE Properties Inc. Cl A ............................... 681
9,030 Centerpoint Properties Trust ........................... 693
17,100 Colonial Properties .................................... 659
14,500 Corporate Office Properties ............................ 360
14,600 Federal Realty Investment Trust ........................ 607
18,700 Newcastle Investment Corp. ............................. 560
17,500 *Sunset Financial Resources ............................ 179
27,800 *# Sunterra Corporation ................................ 350
-------
4,089
-------
14,672
-------
TOTAL COMMON STOCK
(Cost $53,975) ......................................... 59,739
-------
See notes to financial statements
Page 7
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 2004 - (UNAUDITED)
PRINCIPAL
AMOUNT
(000'S)
- --------------------------------------------------------------------------------
TUDOR (CONTINUED)
REPURCHASE AGREEMENT (2.2%)
(Cost $1,361)
$ 1,361 UBS Warburg LLC 1.220%
Due 7/1/04 with proceeds at maturity of $1,361
(collateralized by $981 United States Treasury
Bond 8.750% Due 8/15/20 with value of $1,392) .......... $ 1,361
-------
TOTAL INVESTMENTS (99.5%)
(Cost $55,336) ......................................... 61,100
OTHER ASSETS IN EXCESS
OF LIABILITIES (0.5%) .................................. 332
-------
TOTAL NET ASSETS (100.0%) .............................. $61,432
=======
* 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 (99.7%)
AEROSPACE/DEFENSE (0.9%)
4,300 General Dynamics Corp .............................. $ 427
-------
BANKING/FINANCIAL (2.7%)
4,700 Commerce Bancorp, Inc .............................. 259
6,100 Independence Community Bank Corp. .................. 222
32,200 MBNA Corp. ......................................... 830
-------
1,311
-------
BASIC INDUSTRIES (1.6%)
20,300 Monsanto Company ................................... 782
-------
BROADCASTING (2.1%)
39,800 The Walt Disney Co. ................................ 1,015
-------
BUSINESS SERVICES (2.4%)
24,600 * Accenture Ltd. ................................... 676
10,100 * Charles River Laboratories Holding ............... 494
-------
1,170
-------
CAPITAL GOODS (1.0%)
6,600 Deere & Co ......................................... 463
-------
CONGLOMERATES (0.8%)
11,200 Tyco International Ltd. ............................ 371
-------
CONSUMER CYCLICALS (5.6%)
4,400 Black & Decker Corp. ............................... 273
10,900 * Coach Inc ........................................ 493
38,300 Home Depot, Inc .................................... 1,348
11,500 Wal Mart Stores, Inc. .............................. 607
-------
2,721
-------
CONSUMER NON-CYCLICALS (9.0%)
12,300 Altria Group Inc ................................... 616
28,300 Anheuser-Busch Companies, Inc. ..................... 1,528
16,200 Avon Products, Inc. ................................ 748
22,200 Gillette Co. ....................................... 941
9,800 Procter & Gamble Co ................................ 534
-------
4,367
-------
ELECTRONICS (1.4%)
76,200 * Sanmina-SCI Corp ................................. 693
-------
See notes to financial statements
Page 8
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 2004 - (UNAUDITED)
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------------------------------------------------------------------------------
LARGE CAP GROWTH (CONTINUED)
ELECTRONICS-SEMICONDUCTORS (7.0%)
76,200 Intel Corp. ........................................ $ 2,103
17,700 * Micron Technology, Inc ........................... 271
13,800 * National Semiconductor Corp. ..................... 303
30,700 Texas Instruments, Inc ............................. 742
-------
3,419
-------
ENERGY (1.3%)
4,400 * Newfield Exploration Co. ......................... 245
12,300 XTO Energy Inc. .................................... 366
-------
611
-------
FINANCE (6.9%)
17,800 American International Group Inc ................... 1,269
11,700 Capital One Financial Corp ......................... 800
12,600 Fannie Mae ......................................... 899
6,900 Morgan Stanley ..................................... 364
-------
3,332
-------
FOOD (2.6%)
30,100 McDonald's Corp. ................................... 783
12,500 Yum! Brands Inc. ................................... 465
-------
1,248
-------
HEALTH CARE (21.4%)
25,800 * Boston Scientific Corp ........................... 1,104
12,950 * Coventry Corporation ............................. 633
21,900 * EON Labs Inc ..................................... 896
16,500 * Forest Laboratories, Inc ......................... 934
8,000 Glaxosmithkline Plc-ADR ............................ 332
13,500 * Invitrogen Corporation ........................... 972
25,800 Johnson & Johnson .................................. 1,437
10,800 Merck & Co., Inc. .................................. 513
65,900 Pfizer Inc. ........................................ 2,259
23,300 Stryker Corp ....................................... 1,282
-------
10,362
-------
MEDICAL PRODUCTS (1.8%)
14,100 United Healthcare Corp. ............................ 878
-------
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------------------------------------------------------------------------------
LARGE CAP GROWTH (CONTINUED)
RETAIL (7.8%)
3,700 * eBay Inc. ........................................ $ 340
24,000 Gap, Inc. .......................................... 582
13,300 J.C. Penney Company, Inc. .......................... 502
28,800 Radioshack Corp. ................................... 825
34,400 * Saks Inc. ........................................ 516
11,400 Sherwin Williams Co. ............................... 474
17,200 Supervalu .......................................... 526
-------
3,765
-------
TECHNOLOGY (19.1%)
40,500 * BMC Software, Inc ................................ 749
63,300 * Cisco Systems Inc. ............................... 1,500
45,500 * Dell Computer Corp ............................... 1,630
12,000 Harris Corp ........................................ 609
24,600 IMS Health Inc. .................................... 577
11,100 International Business Machines Corp. .............. 978
53,500 Microsoft Corp ..................................... 1,528
49,100 Motorola, Inc ...................................... 896
65,700 * Oracle Corp ...................................... 784
-------
9,251
-------
TELECOMMUNICATIONS (1.1%)
20,200 * Nextel Communications ............................ 539
-------
TRANSPORTATION (3.2%)
6,100 Burlington Northern Santa Fe Corp. ................. 214
6,800 FDX Corp. .......................................... 556
20,300 Ryder Systems, Inc ................................. 813
-------
1,583
-------
TOTAL INVESTMENTS (99.7%)
(Cost $45,198) ..................................... 48,308
OTHER ASSETS IN EXCESS OF
LIABILITIES (0.3%) ................................. 147
-------
TOTAL NET ASSETS (100.0%) .......................... $48,455
=======
* Non-income producing securities.
See notes to financial statements
Page 9
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 2004 - (UNAUDITED)
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------------------------------------------------------------------------------
QUANTITATIVE EQUITY
COMMON STOCKS (100.1%)
AEROSPACE/DEFENSE (1.3%)
4,000 The Boeing Co ................................... $ 204
--------
BANKING/FINANCIAL (3.9%)
5,271 Bank of America Corp. ........................... 446
3,000 Wells Fargo & Co. ............................... 172
--------
618
--------
BASIC INDUSTRIES (5.2%)
1,900 Georgia Pacific Corp ............................ 70
4,800 Kimberly-Clark Corp. ............................ 316
8,200 Monsanto Company ................................ 316
6,300 * Owens Illinois Inc ............................ 106
--------
808
--------
BROADCAST (0.8%)
4,800 * Fox Entertainment Group Inc. Cl A ............. 128
--------
CAPITAL GOODS (0.8%)
1,800 Deere & Co ...................................... 126
--------
CONGLOMERATE (0.9%)
400 3M Company ...................................... 36
3,100 Tyco International Ltd. ......................... 103
--------
139
--------
CONSUMER CYCLICALS (7.0%)
2,600 Black & Decker Corp. ............................ 162
2,500 Eastman Kodak Co ................................ 67
5,900 Ford Motor Co. .................................. 92
2,100 General Motors Corp. ............................ 98
5,900 Home Depot, Inc ................................. 208
11,100 * Time Warner Inc ............................... 195
5,250 Wal-Mart Stores Inc. ............................ 277
--------
1,099
--------
CONSUMER NON-CYCLICALS (5.8%)
1,675 Altria Group Inc ................................ 84
18,600 Archer-Daniels Midland Co ....................... 312
13,400 Coca-Cola Enterprises ........................... 388
2,300 Procter & Gamble Co ............................. 125
--------
909
--------
CONSUMER SERVICES (1.3%)
2,900 Republic Services Inc. Cl-A ..................... 84
3,300 Viacom Inc. ..................................... 118
--------
202
--------
ELECTRONICS (0.8%)
13,900 * Sanmina-SCI Corp .............................. 126
--------
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------------------------------------------------------------------------------
QUANTITATIVE EQUITY (CONTINUED)
ELECTRONICS-SEMICONDUCTORS (3.7%)
4,000 * Fairchild Semiconductor International ......... $ 65
7,100 Intel Corp. ..................................... 196
10,700 * MEMC Electronic Materials ..................... 106
8,700 Texas Instruments, Inc .......................... 210
--------
577
--------
ENERGY (4.7%)
11,650 Exxon Mobil Corp. ............................... 517
2,500 Occidental Petroleum Corp. ...................... 121
1,400 Valero Energy Corp. ............................. 103
--------
741
--------
ENTERTAINMENT (0.9%)
9,400 * Caesar's Entertainment Inc .................... 141
--------
FINANCE (13.3%)
2,550 American International Group Inc ................ 182
1,600 Capital One Financial Corp ...................... 109
1,700 CIT Group Inc. .................................. 65
7,500 Citigroup Inc. .................................. 349
1,450 Countrywide Financial Corporation ............... 102
1,400 Fannie Mae ...................................... 100
2,450 Freddie Mac ..................................... 155
10,400 JP Morgan Chase & Co. ........................... 403
5,500 Morgan Stanley .................................. 290
2,200 Prudential Financial, Inc ....................... 102
5,700 Washington Mutual, Inc. ......................... 220
--------
2,077
--------
FOOD (2.0%)
7,200 McDonald's Corp. ................................ 187
5,200 Sara Lee Corp ................................... 120
--------
307
--------
HEALTH CARE (9.5%)
3,100 Amerisource-Bergen Corp. ........................ 185
2,000 * Invitrogen Corp. .............................. 144
6,600 Johnson & Johnson ............................... 368
5,700 Merck & Co. Inc. ................................ 271
9,150 Pfizer Inc. ..................................... 314
1,700 * Watson Pharmaceuticals Inc. ................... 46
1,400 * Wellpoint Health Networks ..................... 157
--------
1,485
--------
HOME BUILDING (0.8%)
2,400 Pulte Homes, Inc. ............................... 125
--------
INDUSTRIAL (2.5%)
12,150 General Electric Co ............................. 394
--------
See notes to financial statements
Page 10
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 2004 - (UNAUDITED)
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------------------------------------------------------------------------------
QUANTITATIVE EQUITY (CONTINUED)
INSURANCE (3.0%)
3,100 Allstate Corp. .................................. $ 144
2,500 Everest Reinsurance ............................. 201
2,200 Torchmark Corp. ................................. 118
--------
463
--------
MEDICAL PRODUCTS (3.6%)
1,300 * Amgen, Inc .................................... 71
3,000 Beckman Instruments, Inc ........................ 183
3,325 Becton Dickinson & Co ........................... 172
2,300 United Healthcare Corp. ......................... 143
--------
569
--------
OIL & GAS (1.9%)
1,200 Anadarko Petroleum Corp. ........................ 70
1,400 Chevron Corporation ............................. 132
1,200 Conocophillips .................................. 92
--------
294
--------
REAL ESTATE (0.6%)
3,300 Equity Office Properties Trust .................. 90
--------
RETAIL (4.0%)
6,700 * Autonation Inc ................................ 115
900 * eBay Inc. ..................................... 83
2,400 Federated Department Stores, Inc. ............... 118
8,400 Gap, Inc. ....................................... 204
2,500 Sherwin Williams Co. ............................ 104
--------
624
--------
TECHNOLOGY (12.2%)
2,100 * Checkfree Corp ................................ 63
9,500 * Cisco Systems Inc. ............................ 225
4,150 * Computer Sciences Corp. ....................... 193
1,400 Danaher Corp. ................................... 73
17,750 Hewlett Packard Co .............................. 375
3,400 International Business Machines ................. 300
23,700 Microsoft Corp .................................. 677
--------
1,906
--------
NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------------------------------------------------------------------------------
QUANTITATIVE EQUITY (CONTINUED)
TELECOMMUNICATIONS (2.2%)
6,600 * Nextel Communications Inc ..................... $ 176
1,500 SBC Communications .............................. 36
15,700 * Tellabs, Inc. ................................. 137
--------
349
--------
TRANSPORTATION (2.6%)
8,800 Norfolk Southern Corp ........................... 233
3,500 Ryder Systems, Inc .............................. 140
500 United Parcel Service-Cl B ...................... 37
--------
410
--------
UTILITIES (2.7%)
12,600 Centerpoint Energy Inc. ......................... 145
5,000 Edison International ............................ 128
2,550 Entergy Corp .................................... 143
--------
416
--------
WIRELESS COMMUNICATIONS (2.1%)
9,250 Verizon Communications .......................... 335
--------
TOTAL INVESTMENTS (100.1%)
(Cost $13,194) .................................. 15,662
LIABILITIES IN EXCESS OF
OTHER ASSETS (-0.1%) ............................ (11)
--------
TOTAL NET ASSETS (100.0%) ....................... $ 15,651
========
* Non-income producing securities.
See notes to financial statements
Page 11
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 2004 - (UNAUDITED)
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------------------------------------------------------------------------------
CORE BOND
LONG-TERM SECURITIES
ASSET BACKED SECURITIES (3.6%)
CREDIT CARDS (3.3%)
$ 300 Bank One Issuance Trust Series 2002-A4 Class A4
2.940% Due 6/16/08 ...................................... $ 301
750 Citibank Credit Card Issuance Trust Series
2003-A3 Class A3
3.100% Due 3/10/10 ...................................... 729
1,000 Citibank Credit Card Issuance Trust Series
2003-A6 Class A6
2.900% Due 5/17/10 ...................................... 962
1,000 Citibank Credit Card Issuance Trust Series
2003-A7 Class A7
4.150% Due 7/7/17 ....................................... 907
500 Fleet Credit Card Master Trust II Series
2002-C Class A
2.750% Due 4/15/08 ...................................... 501
620 MBNA Master Credit Card Trust Series 2000-I Class A
6.900% Due 1/15/08 ...................................... 650
1,100 MBNA Master Credit Card Trust Series 1995-C Class A
6.450% Due 2/15/08 ...................................... 1,143
---------
5,193
---------
FINANCE (0.3%)
500 BMW Vehicle Owner Trust Series 2003-A Class A4
2.530% Due 2/25/08 ...................................... 494
---------
TOTAL ASSET BACKED SECURITIES
(Cost $5,874) ........................................... 5,687
---------
CORPORATE DEBENTURES (15.9%)
BANKING (2.8%)
600 ANZ Banking Group Limited 5.375% Due 12/29/49 (B)(D) .... 587
400 Bank of America Corp. 5.250% Due 12/1/15 ................ 385
875 Credit Suisse First Boston 4.700% Due 6/1/09 ............ 878
515 Credit Suisse First Boston 6.125% Due 11/15/11 .......... 542
140 JP Morgan Chase 3.500% Due 3/15/09 ...................... 135
465 JP Morgan Chase 7.000% Due 11/15/09 ..................... 516
575 JP Morgan Chase 4.500% Due 11/15/10 ..................... 560
135 JP Morgan Chase 5.750% Due 1/2/13 ....................... 137
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------------------------------------------------------------------------------
CORE BOND (CONTINUED)
$ 300 JP Morgan Chase
4.875% Due 3/15/14 ...................................... $ 284
350 RBS Capital Trust-I
6.425% Due 12/1/49 (B)(D) ............................... 335
---------
4,359
---------
BROADCAST MEDIA & CABLE (0.8%)
550 Liberty Media
8.500% Due 7/15/29 ...................................... 637
615 Time Warner
7.625% Due 4/15/31 ...................................... 666
---------
1,303
---------
BROKERAGE (1.7%)
800 Goldman Sachs
6.350% Due 2/15/34 ...................................... 751
1,000 Merrill Lynch Co.
5.000% Due 2/3/14 ....................................... 961
1,000 Morgan Stanley
4.750% Due 4/1/14 ....................................... 923
---------
2,635
---------
CAPITAL GOODS (0.5%)
125 Boeing Co.
4.750% Due 8/25/08 ...................................... 127
700 Hutchison Whampoa
7.450% Due 11/24/33 (B) ................................. 668
---------
795
---------
COMMUNICATIONS (1.3%)
200 AT&T Corp.
8.500% Due 11/15/31 (E) ................................. 195
360 America Movil SA
5.500% Due 3/1/14 ....................................... 332
550 Deutsche Telekom International Financing
8.750% Due 6/15/30 (E) .................................. 669
765 Sprint Corp.
8.750% Due 3/15/32 ...................................... 892
---------
2,088
---------
CONSUMER CYCLICALS (1.8%)
535 Ford Motor Co.
6.625% Due 10/1/28 ...................................... 469
605 Ford Motor Co.
6.375% Due 2/1/29 ....................................... 511
525 General Motors Corp.
8.375% Due 7/15/33 ...................................... 554
800 Pulte Homes Inc.
6.375% Due 5/15/33 ...................................... 734
600 Quebecor World Inc.
6.125% Due 11/15/13 ..................................... 570
---------
2,838
---------
See notes to financial statements.
Page 12
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 2004 - (UNAUDITED)
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------------------------------------------------------------------------------
CORE BOND (CONTINUED)
CONSUMER NON-CYCLICALS (0.1%)
$ 95 Diageo Capital
3.375% Due 3/20/08 ....................... $ 93
---------
ELECTRIC UTILITIES (0.4%)
650 Tenaga Nasional
7.500% Due 11/1/25 (B) .................. 656
---------
ENERGY (0.1%)
175 Pemex Project Funding Master Trust Series
7.375% Due 12/15/14 (B) ................................. 179
---------
ENGINEERING (0.4%)
650 Kerr-McGee Corp. 6.950% Due 7/1/24 ...................... 647
---------
FINANCE (3.4%)
125 Countrywide Credit
2.875% Due 2/15/07 ...................................... 122
30 Ford Motor Credit Co.
7.375% Due 2/1/11 ....................................... 32
190 Ford Motor Credit Co.
7.000% Due 10/1/13 ...................................... 192
285 GMAC
7.750% Due 1/19/10 ...................................... 309
285 GMAC
6.875% Due 8/28/12 ...................................... 290
600 Glencore Funding LLC
6.000% Due 4/15/14 ...................................... 557
1,385 Household Finance Corp.
4.750% Due 5/15/09 ...................................... 1,393
2,050 International Lease Finance Corp.
4.750% Due 7/1/09 ....................................... 2,051
535 Northern Rock
5.600% Due 4/30/49 (B)(E) ............................... 520
---------
5,466
---------
INSURANCE (2.6%)
2,200 Jackson National Global Life
3.500% Due 1/22/09 (B) .................................. 2,118
600 Liberty Mutual
7.000% Due 3/15/34 ...................................... 583
850 OneAmerica Financial Partners
7.000% Due 10/15/33 (B) ................................. 833
570 Penn Mutual Life
6.650% Due 6/15/34 ...................................... 568
---------
4,102
---------
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------------------------------------------------------------------------------
CORE BOND (CONTINUED)
TOTAL CORPORATE DEBENTURES
(Cost $25,480) .......................................... $ 25,161
---------
U.S. GOVERNMENT
OBLIGATIONS (38.4%)
U.S. TREASURY BONDS (3.8%)
$6,025 U S T-Bond
5.375% Due 2/15/31 ...................................... 6,076
---------
U.S. TREASURY INFLATION
PROTECTED SECURITIES ("TIPS") (5.3%)
5,173 3.375% Due 1/15/07 ...................................... 5,541
2,867 2.000% Due 1/15/14 ...................................... 2,850
---------
8,391
---------
U.S. TREASURY NOTES (29.3%)
110 2.000% Due 11/30/04 ..................................... 110
7,940 1.875% Due 1/31/06 ...................................... 7,864
5,930 2.375% Due 8/15/06 ...................................... 5,879
13,585 2.250% Due 2/15/07 ...................................... 13,320
2,450 2.625% Due 5/15/08 ...................................... 2,373
2,975 3.375% Due 12/15/08 ..................................... 2,937
1,055 3.125% Due 4/15/09 ...................................... 1,025
6,745 3.875% Due 5/15/09 ...................................... 6,768
3,990 4.000% Due 6/15/09 ...................................... 4,024
395 5.000% Due 2/15/11 ...................................... 414
1,650 4.000% Due 11/15/12 ..................................... 1,598
---------
46,312
---------
TOTAL U. S. GOVERNMENT
OBLIGATIONS
(Cost $60,952) .......................................... 60,779
---------
MORTGAGE PASS THROUGH
SECURITIES (32.9%)
FEDERAL NATIONAL MORTGAGE
ASSOCIATION (26.8%)
149 9.000% Due 11/1/10 ...................................... 161
815 6.500% Due 12/1/14 ...................................... 861
7,805 4.500% Due 7/1/19 (C) ................................... 7,625
3,990 5.000% Due 7/1/19 (C) ................................... 3,994
10,155 5.500% Due 7/1/19 (C) ................................... 10,383
190 7.500% Due 2/1/31 ....................................... 204
8,325 5.000% Due 7/1/34 (C) ................................... 8,039
11,165 5.500% Due 7/1/34 (C) ................................... 11,109
---------
42,376
---------
See notes to financial statements.
Page 13
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 2004 - (UNAUDITED)
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------------------------------------------------------------------------------
CORE BOND (CONTINUED)
GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION (3.8%)
$ 236 7.500% Due 9/15/07 ...................................... $ 255
563 8.000% Due 9/15/17 - 12/15/17 ........................... 616
1,311 6.500% Due 2/15/24 - 10/15/24 ........................... 1,371
2,195 5.500% Due 7/1/34 (C) ................................... 2,191
1,485 6.000% Due 7/1/34 (C) ................................... 1,520
---------
5,953
---------
COMMERCIAL MORTGAGE
BACKED SECURITIES (2.3%)
325 Commercial Mortgage Asset Trust Series 1999-C2 Class A2
7.550% Due 11/17/32 ..................................... 367
660 First Union - Bank of America Series 2001 - C1 Class A2
6.136% Due 3/15/33 ...................................... 705
655 First Union - Lehman Brothers - Bank of America Series
1998-C2 Class A2
6.560% Due 11/18/35 ..................................... 707
1,240 GE Capital Commercial Mortgage Corp. Series
2002-1A Class A3
6.269% Due 12/10/35 ..................................... 1,336
490 Mortgage Capital Funding Inc. Series 1998-MC3 Class A2
6.340% Due 11/18/31 ..................................... 525
---------
3,640
---------
TOTAL MORTGAGE PASS
THROUGH SECURITIES
(Cost $51,283) .......................................... 51,969
---------
NON-MORTGAGE PASS THROUGH
NOTES (8.0%)
FEDERAL NATIONAL MORTGAGE
ASSOCIATION (3.6%)
520 2.250% Due 5/17/06 ...................................... 513
1,455 2.125% Due 6/5/06 (D) ................................... 1,431
2,235 5.250% Due 6/15/06 ...................................... 2,330
1,110 3.650% Due 10/15/08 ..................................... 1,095
225 4.375% Due 9/15/12 ...................................... 216
110 4.625% Due 5/1/13 ....................................... 104
---------
5,689
---------
FEDERAL HOME LOAN BANKS (1.2%)
1,340 2.500% Due 3/15/06 ...................................... 1,334
635 3.700% Due 2/14/08 (D) .................................. 633
---------
1,967
---------
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------------------------------------------------------------------------------
CORE BOND (CONTINUED)
FEDERAL HOME LOAN MORTGAGE
ASSOCIATION (3.2%)
$ 320 2.850% Due 2/23/07 ...................................... $ 316
1,330 3.500% Due 4/1/08 ....................................... 1,310
1,800 3.290% Due 6/16/09 ...................................... 1,710
1,760 4.250% Due 7/15/09 ...................................... 1,756
---------
5,092
---------
TOTAL NON-MORTGAGE PASS
THROUGH NOTES
(Cost $12,778) .......................................... 12,748
---------
SHORT-TERM SECURITIES
ASSET BACKED SECURITIES (5.2%)
CREDIT CARDS (4.6%)
330 American Express Master Trust Series 2003-3 Class A
1.260% Due 11/15/07 (A) ................................. 330
340 American Express Master Trust Series 2000-5 Class A
1.240% Due 4/15/08 (A) .................................. 341
305 American Express Master Trust Series 2001-7 Class A
1.220% Due 2/16/09 (A) .................................. 306
595 Bank One Issuance Trust Series 2003-A2 Class A2
1.150% Due 10/15/08 (A) ................................. 595
2,410 Chase Manhattan Credit Card Trust Series 2001-5A
Class A
1.200% Due 2/15/07 (A) .................................. 2,411
450 Citibank Credit Card Master Trust Series 2002-A5
Class A
1.150% Due 9/17/07 (A) .................................. 450
1,200 Citibank Credit Card Master Trust Series 2003-A11
Class A11
1.190% Due 10/15/09 (A) ................................. 1,200
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
1.420% Due 11/19/08 (A) ................................. 591
415 MBNA Master Credit Card Trust Series 2002 Class A12
1.160% 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
---------
7,259
---------
See notes to financial statements.
Page 14
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 2004 - (UNAUDITED)
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------------------------------------------------------------------------------
CORE BOND (CONTINUED)
FINANCE (0.6%)
$ 114 Student Loan Marketing Association Series 2002-4 Class A2
1.140% Due 12/15/09 (A) ................................. $ 114
347 Student Loan Marketing Association Series 2000-A Class A2
1.360% Due 10/28/28 (A) ................................. 347
460 William Street Funding Corp. Series 2003-1, Class A
1.410% Due 4/23/06 (A) .................................. 461
---------
922
---------
TOTAL ASSET BACKED SECURITIES
(Cost $8,202) ........................................... 8,181
---------
GOVERNMENT AGENCY
FEDERAL NATIONAL MORTGAGE
ASSOCIATION (23.4%)
(Cost $36,928)
36,944 Discount Note Due 7/15/04 ............................... 36,928
---------
TOTAL INVESTMENTS (127.4%)
(Cost $201,497) ......................................... 201,453
LIABILITIES IN EXCESS OF
OTHER ASSETS (-27.4%) ................................... (43,401)
---------
TOTAL NET ASSETS (100.0%) ............................... $ 158,052
=========
(A) Adjustable rate security. Rate stated is as of June 30, 2004. Principal
payments on demand at periodic intervals.
(B) SEC Rule 144A Security. Such security has limited markets and is traded
among qualified 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 Note - Coupon moves inversely to changes in credit rating.
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------------------------------------------------------------------------------
INTERMEDIATE MUNICIPAL BOND
ALABAMA (4.0%)
$ 670 Mobile Water & Sewer Revenue
5.25% Due 1/1/13 ...................................... $ 725
CALIFORNIA (6.1%)
180 Bay Area Toll Authority California Toll Bridge Revenue
San Francisco Bay Area-Series D
5.13% Due 4/1/13 ...................................... 192
500 California Economic Development Authority Ser A
5.00% Due 7/1/15 ...................................... 531
350 Los Angeles County Metropolitan Transportation
Authority Sales Tax Revenue Refunding-Proposition
A First Tier Senior-Series A (FSA Insured)
5.00% Due 7/1/14 ...................................... 375
COLORADO (0.9%)
155 Westminster Colorado Multi-Family Revenue
Refunding Housing Oasis Wexford Apts Project
5.35% Due 12/1/25 ..................................... 158
FLORIDA (1.7%)
300 Pinellas County Health Facilities
1.10% Due 12/1/15 ..................................... 300
GEORGIA (2.8%)
500 Savannah Economic Development
Authority College of Art & Design
Inc. Project Revenue Bonds
5.80% Due 10/1/05 ..................................... 513
ILLINOIS (15.2%)
1,000 Chicago O'Hare International Airport Revenue
Refunding - 2nd Lien Series C (MBIA Insured)
5.75% Due 1/1/09 ...................................... 1,101
570 DuPage & Cook Counties Community Unit School
District #205
5.00% Due 1/1/13 ...................................... 610
350 Illinois State Sales Tax
5.25% Due 6/15/14 ..................................... 380
600 Illinois State Sales Tax Revenue
5.50% Due 6/15/09 ..................................... 660
See notes to financial statements.
Page 15
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 2004 - (UNAUDITED)
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------------------------------------------------------------------------------
INTERMEDIATE MUNICIPAL BOND (CONTINUED)
INDIANA (3.0%)
$ 500 Indianapolis Local Public Improvement Bond Bank
Series A (MBIA Insured)
5.00% Due 7/1/09 ...................................... $ 539
KENTUCKY (0.1%)
15 Dayton Elderly Housing Mortgage Revenue Speers
Court (FHA Insured)
5.35% Due 9/1/05 ...................................... 15
LOUISIANA (8.5%)
750 Louisiana State Office Facilities
Corporate Lease Revenue Capital Complex Program
(AMBAC Insured)
5.00% Due 5/1/12 ...................................... 807
630 New Orleans Public Improvement
General Obligation (FSA Insured)
7.20% Due 11/1/08 ..................................... 732
MICHIGAN (0.6%)
100 Michigan State Building Authority
Revenue Chippewa Correctional Facilities
7.25% Due 10/1/04 ..................................... 101
MISSOURI (1.1%)
200 Kansas City Industrial Development Authority
Revenue Var-Ewing Marion Kauffman-A
1.08% Due 4/1/27 ...................................... 200
NEBRASKA (1.2%)
220 Nebraska Investment Finance
Authority Multi-Family Revenue
Refunding Housing Wycliffe West-Series A
5.50% Due 12/1/25 ..................................... 222
NEW JERSEY (1.8%)
315 Arlington Arms Financing Corporation New Jersey
Mortgage Revenue Arlington Arms Apartments
Section 8 (FHA Insured)
10.25% Due 3/1/25 ..................................... 334
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------------------------------------------------------------------------------
INTERMEDIATE MUNICIPAL BOND (CONTINUED)
NEW YORK (19.7%)
$ 750 Metropolitan Transportation
Authority - New York City
Transitional Triborough Bridge &
Tunnel Authority Series A
(AMBAC Insured)
5.63% Due 1/1/12 ...................................... $ 828
500 New York City Transitional
Finance Authority Revenue
Bonds Series A
5.50% Due 11/1/26 ..................................... 548
300 New York State Urban
Development Corporate Revenue
5.25% Due 1/1/21 ...................................... 322
500 New York State Dormitory
Authority Revenue Series B
5.25% Due 11/15/23 .................................... 536
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 ..................................... 110
200 New York State Power
Authority Series A
5.00% Due 11/15/13 .................................... 216
820 New York State Thruway Authority
State Personal Income Tax
Revenue Transportation Series A
5.50% Due 3/15/13 ..................................... 901
100 New York City General Obligation
Bonds 1994 Series A
1.08% Due 8/1/21 ...................................... 100
OKLAHOMA (4.9%)
1,625 Oklahoma County Oklahoma Home
Finance Authority Single Family
Refunding Subordinated
Mortgage Revenue Series B
2.60%@ Due 7/1/12 ..................................... 891
RHODE ISLAND (3.9%)
675 Rhode Island Housing & Mortgage
Finance Corporation Multi-Family
Housing Revenue Series A
(AMBAC Insured)
5.70% Due 7/1/07 ...................................... 701
See notes to financial statements.
Page 16
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 2004 - (UNAUDITED)
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------------------------------------------------------------------------------
INTERMEDIATE MUNICIPAL BOND (CONTINUED)
TEXAS (15.9%)
$ 500 Arlington Texas School District
General Obligation
5.00% Due 2/15/11 ..................................... $ 530
540 Garland Texas Tax & Revenue
Certificates of Obligation
5.25% Due 2/15/16 ..................................... 574
265 Lower Colorado River Authority
Texas Revenue
6.25% Due 5/1/07 ...................................... 285
500 Lower Colorado River Authority
Texas Revenue Refunding
Improvement (FSA Insured)
5.00% Due 5/15/12 ..................................... 534
400 San Antonio Texas
General Obligation
5.65% Due 2/1/13 ...................................... 435
500 Texas State Water Financial
Assistance Series A
General Obligation
5.20% Due 8/1/15 ...................................... 524
WASHINGTON (6.9%)
250 Lynnwood Washington Water
& Sewer Revenue Refunding
(FGIC Insured)
6.00% Due 12/1/07 ..................................... 275
600 Snohomish County
School District No 006
5.70% Due 12/1/12 ..................................... 677
300 Washington State House
Finance Commission
1.10% Due 7/1/11 ...................................... 300
---------
TOTAL INVESTMENTS (98.3%)
(Cost $17,304) 17,782
OTHER ASSETS IN EXCESS
OF LIABILITIES (1.7%) 315
---------
TOTAL NET ASSETS (100.0%) $18,097
=========
@ Yield-to-maturity at June 30, 2004.
INTERMEDIATE MUNICIPAL BOND (CONTINUED)
- --------------------------------------------------------------------------------
WPG INTERMEDIATE MUNICIPAL BOND FUND
INDUSTRY CONCENTRATIONS
% OF NET VALUE
ASSETS 000'S
- -------- ---------
18.8% Special Tax ................................. $ 3,394
11.7% Transportation .............................. 2,122
10.0% School District ............................. 1,817
9.6% Local General Obligations ................... 1,742
9.2% Annual Appropriation ........................ 1,664
8.5% Water/Sewer/Utility ......................... 1,539
7.9% Multi-Family Housing ........................ 1,430
6.5% Pre-Refunded ................................ 1,176
5.0% Cashflow Notes .............................. 900
4.2% Public Power ................................ 750
4.0% Escrowed-to-Maturity ........................ 724
2.9% General Obligations ......................... 524
- -------- ---------
98.3% Total Investments ........................... 17,782
Other Assets in Excess
1.7% of Liabilities .............................. 315
- -------- ---------
100.0% Total Net Assets ............................ $18,097
======== =========
- --------------------------------------------------------------------------------
See notes to financial statements
Page 17
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 2004 - (UNAUDITED)
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------------------------------------------------------------------------------
GOVERNMENT MONEY MARKET
U.S. GOVERNMENT AGENCY
OBLIGATIONS (80.8%)
FEDERAL FARM CREDIT (5.8%)
$ 6,500 Discount Note Due 8/17/04 .................... $ 6,489
---------
FEDERAL HOME LOAN BANKS (25.9%)
20,000 Discount Note Due 8/4/04 ..................... 19,980
2,000 Discount Note Due 11/8/04 .................... 1,991
5,000 Discount Note Due 11/17/04 ................... 4,972
2,000 Discount Note Due 12/13/04 ................... 1,989
---------
28,932
---------
FEDERAL NATIONAL MORTGAGE
ASSOCIATION (49.1%)
17,000 Discount Note Due 7/1/04 ..................... 17,000
10,000 Discount Note Due 7/9/04 ..................... 9,998
10,000 Discount Note Due 7/16/04 .................... 9,995
2,968 Discount Note Due 8/20/04 .................... 2,963
5,000 Discount Note Due 9/17/04 .................... 4,988
3,000 Discount Note Due 10/15/04 ................... 2,988
2,000 Discount Note Due 12/20/04 ................... 1,988
5,000 Discount Note Due 2/4/05 ..................... 4,958
---------
54,878
---------
TOTAL U.S. GOVERNMENT
AGENCY NOTES
(Cost $90,299) ............................... 90,299
---------
REPURCHASE AGREEMENT (19.2%)
(Cost $21,437)
21,437 UBS Warburg LLC
1.220% Due 7/1/04 with proceeds at maturity
$21,438 (collateralized by $16,581
United States Treasury Bond 7.875%
Due 2/15/21 with value of $21,906 ) .......... 21,437
---------
TOTAL INVESTMENTS (100.0%)
(Cost $111,736) .............................. 111,736
LIABILITIES IN EXCESS OF OTHER
ASSETS (0.0%) ................................ (9)
---------
TOTAL NET ASSETS (100.0%) .................... $ 111,727
=========
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------------------------------------------------------------------------------
ALABAMA (1.1%)
$ 1,100 Mobile Spring Hill College
Educational Building Authority
1.10% Due 9/1/24 ................................ $ 1,100
CALIFORNIA (1.4%)
1,400 Hemet California Multi-Family Housing
Revenue Sunwest Retirement-A
1.07% Due 1/1/25 ................................ 1,400
COLORADO (1.9%)
705 Colorado Springs Colorado
Revenue Goodwill Industries
1.23% Due 2/1/07 (A) ............................ 705
1,200 Denver Colorado City and County
Multi-Family Housing Revenue
Ogden Residences
1.10% Due 12/1/09 ............................... 1,200
FLORIDA (3.0%)
450 Alachua County Health Facilities
Authority Oak Hammock
Univ of Florida
1.08% Due 10/1/32 ............................... 450
2,685 Pasco County Health Facility
Authority Multi-Family Housing
Arms Magnolia Valley
1.21% Due 12/1/07 (A) ........................... 2,685
GEORGIA (5.0%)
900 Bibb County Georgia
Development Authority
(Baptist Village Inc.)
1.08% Due 8/1/18 (A) ............................ 900
100 Clayton County Housing
Authority Multi-Family Housing
Rivers Edge Development
1.08% Due 8/1/06 ................................ 100
2,030 Dalton Georgia Utilities Revenue
Merlots-Series A02
1.12% Due 1/1/12 (A) ............................ 2,030
450 Marietta Housing Authority
Multi-Family Housing Revenue
(Winterset Apartments)
1.06% Due 2/1/26 ................................ 450
1,600 Marietta Housing Authority
Multi-Family Housing Revenue
(Falls At Bells Ferry)
1.25% Due 1/15/09 ............................... 1,600
See notes to financial statements
Page 18
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 2004 - (UNAUDITED)
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------------------------------------------------------------------------------
TAX FREE MONEY MARKET (CONTINUED)
IDAHO (1.0%)
$ 1,000 Idaho Health Facilities Authority
St Luke's Medical Center
1.08% Due 5/1/22 ................................ $ 1,000
ILLINOIS (13.0%)
2,095 Central Lake County Action Water
Agency (First Union Merlots
Trust Receipts)
1.12% Due 5/1/20 (A) ............................ 2,095
600 Du Page County
Stormwater Project
4.00% Due 1/1/05 ................................ 609
600 Illinois Development Finance
Authority Revenue
North Shore Country Day
1.10% Due 7/1/33 (A) ............................ 600
1,400 Illinois Development Finance
Authority Revenue -
Casa Central Padres Project
1.23% Due 8/1/26 (A) ............................ 1,400
845 Illinois Development Finance
Authority Revenue Bond
(Little City Foundation)
1.10% Due 2/1/19 (A) ............................ 845
500 Illinois Development Finance
Authority Revenue Bonds,
(Museum of Contemporary
Arts Project) Ser. 1994
1.08% Due 2/1/29 (A) ............................ 500
900 Illinois Educational Facilities
Authority (Art Institute of Chicago)
1.05% Due 3/1/34 ................................ 900
500 Illinois Educational Facilities
Authority Revenue Bonds
(The Art Institute of
Chicago Project)
1.05% Due 3/1/27 (A) ............................ 500
1,300 University of Illinois Certificates
1.60% Due 8/15/21 ............................... 1,300
2,300 Village of Troy Grove Illinois
(Unimin Corp.)
2.36% Due 5/1/10 (A) ............................ 2,300
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------------------------------------------------------------------------------
TAX FREE MONEY MARKET (CONTINUED)
$ 1,252 Winnebago & Boone Counties
School District
2.27% Due 10/28/04 .............................. $ 1,252
1,003 Winnebago & Boone Counties
School District
2.28% Due 10/29/04 .............................. 1,003
INDIANA (7.6%)
995 Crawfordsville Indiana
Multi-Family Housing -
Autumn Woods Phase II - A
1.19% Due 1/1/32 (A) ............................ 995
1,000 Frankfort Indiana Economic
Development Revenue
Frito Lay Inc. Project
1.25% Due 11/1/14 (A) ........................... 1,000
1,002 Goshen Indiana Community School
2.00% Due 12/31/04 .............................. 1,002
1,002 Goshen Indiana Community School
1.90% Due 12/31/04 .............................. 1,002
1,000 Indiana Bond Bank
2.00% Due 1/25/05 ............................... 1,005
1,300 Indiana Health Facility Financing
Authority Revenue Bethesda
Living Center Series B
1.11% Due 8/1/31 (A) ............................ 1,300
500 Indiana Health Facilities
Finance Authority
1.13% Due 12/1/29 ............................... 500
1,000 Indianapolis Indiana
Economic Development
(Joint & Clutch Series 1984)
1.88% Due 12/1/14 (A) ........................... 1,000
IOWA (2.7%)
100 Iowa Finance Authority
Health Care Facilities Revenue
1.13% Due 11/1/32 ............................... 100
1,000 Iowa Higher Education Loan
Authority Revenue
1.13% Due 10/1/24 ............................... 1,000
300 Iowa Higher Educational Loan
Authority Loras College Project
1.08% Due 11/1/30 (A) ........................... 300
See notes to financial statements
Page 19
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 2004 - (UNAUDITED)
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------------------------------------------------------------------------------
TAX FREE MONEY MARKET (CONTINUED)
$ 1,400 Iowa Higher Education Loan
Authority Revenue Maharishi
University of Management
1.23% Due 10/1/30 (A) ........................... $ 1,400
KANSAS (2.0%)
100 Kansas State Development
Finance Authority Village
1.08% Due 11/15/28 (A) .......................... 100
2,000 Salina Kansas Revenue -
Salina Central Mall Ltd.
1.28% Due 12/1/14 (A) ........................... 2,000
KENTUCKY (4.1%)
430 Elva - New Harmony - Oak Level
Kentucky Fire Protection District
1.20% Due 12/1/31 (A) ........................... 430
390 Harvey Brewers Fire Protection
District Kentucky Lease
Revenue Program Series C2
1.20% Due 12/1/31 (A) ........................... 390
2,000 Kentucky Association of Counties
3.00% Due 6/30/05 ............................... 2,026
1,000 Kentucky Rural Water Finance Corp.
1.05% Due 10/1/06 ............................... 1,000
415 Muhlenberg County Kentucky
Airport District Area
Development Financial Trust
1.20% Due 12/1/31 (A) ........................... 415
LOUISIANA (1.6%)
1,600 Louisiana Public Facilities
Authority Revenue St
Martins Episcopal School
1.23% Due 9/1/19 (A) ............................ 1,600
MARYLAND (1.8%)
1,900 Howard County Maryland
Revenue Owen Brown
Joint Venture Facility
1.16% Due 5/1/11 (A) ............................ 1,900
MASSACHUSETTS (0.2%)
200 Massachusetts St Health
1.05% Due 11/1/26 (A) ........................... 200
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------------------------------------------------------------------------------
TAX FREE MONEY MARKET (CONTINUED)
MICHIGAN (7.9%)
$ 840 Birmingham Michigan Economic
Development Corporation
(Brown Street Project 83)
1.32% Due 12/1/18 (A) ........................... $ 840
1,000 Farmington Hills Hospital
Financing Authority
1.13% Due 2/15/16 ............................... 1,000
1,620 Lansing Michigan Economic
Development Corp. (Atrium
Office Building)
1.90% Due 5/1/15 (A) ............................ 1,620
265 Leelanau County Michigan
Economic Development Corp.
Revenue (American Community
Mutual Insurance Co. Project)
1.65% Due 6/15/06 (A) ........................... 265
600 Michigan State Job
Development Authority
Revenue (Kentwood Residence)
1.03% 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
100 Northern Michigan
University Revenues
1.08% Due 6/1/31 ................................ 100
2,520 Oakland County Michigan Economic
Development Corporation
(Corners Shopping Center)
1.40% Due 8/1/15 (A) ............................ 2,520
1,000 Pinckney Community School
1.50% Due 8/20/04 ............................... 1,000
5 Sterling Heights Michigan
Economic Development Corp.
Sterling Shopping Center
1.09% Due 12/1/10 (A) ........................... 5
MINNESOTA (0.6%)
200 Arden Hills Minnesota Health
& Housing Revenue
Presbyterian Homes Inc.
1.13% Due 9/1/29 (A) ............................ 200
See notes to financial statements
Page 20
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 2004 - (UNAUDITED)
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------------------------------------------------------------------------------
TAX FREE MONEY MARKET (CONTINUED)
$ 200 Cohasset Minnesota Revenue
Refunding (Minnesota Power
& Light Co.) Project A
1.08% Due 6/1/20 ................................ $ 200
200 Minnesota & St. Paul Housing
and Revenue Development
Authority Children's
Healthcare System
1.08% Due 8/15/25 ............................... 200
MISSOURI (3.5%)
500 Clayton Industrial Development
Authority Industrial Development
Revenue Refunding
Bailey Court Project
1.22% Due 1/1/09 (A) ............................ 500
100 Kansas City Missouri Industrial
Development Authority Revenue
Multi-Family Housing -
Springs Apartment
1.23% Due 9/1/25 (A) ............................ 100
1,000 Kansas City Industrial
Development Authority Revenue
1.08% Due 4/1/27 ................................ 1,000
900 Missouri Development
Finance Board Cultural
Facilities Revenue
1.08% Due 12/1/33 ............................... 900
190 Missouri Health and Education
Facility Authority Revenue
Bonds - Saint Louis Univ
- Series A
1.13% Due 10/1/09 ............................... 190
900 St. Charles County Industrial
Development Authority
Revenue Sun River Village
1.17% Due 12/1/27 (A) ........................... 900
MONTANA (0.3%)
300 Montana State Board of
Investment Resource Recovery
1.25% Due 3/1/28 ................................ 300
NEBRASKA (0.6%)
600 Nebraska Educational
Finance Authority Revenue
Creighton Univ Proj
1.08% Due 8/1/31 ................................ 600
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------------------------------------------------------------------------------
TAX FREE MONEY MARKET (CONTINUED)
NEW YORK (2.9%)
$ 1,500 Board Cooperative
Educational Services
2.00% Due 8/13/04 ............................... $ 1,502
1,400 Herkimer County New York
Industrial Development Authority
Civic Facilities Revenue
Templeton Foundation Project
1.15% Due 12/1/14 (A) ........................... 1,400
100 New York City Municipal
Water Finance Authority
1.08% Due 6/15/18 ............................... 100
NORTH CAROLINA (0.8%)
780 North Carolina Medical Care
Community Health Care Facility
Lutheran Services for Aging
1.06% Due 3/1/28 (A) ............................ 780
OHIO (6.8%)
450 Clermont County Ohio Economic
Development Revenue
(John Q. Hammons Project)
1.35% Due 5/1/12 (A) ............................ 450
2,390 Lakewood Ohio Hospital
Revenue (Hospital
Improvement Series 1983)
1.27% Due 11/1/10 (A) ........................... 2,390
700 Ohio State Higher
Education - Kenyon College
1.10% Due 11/1/35 ............................... 700
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
1,480 Stark County Ohio Industrial
Development Revenue
(Newmarket Packing Ltd.)
1.30% Due 11/1/14 (A) ........................... 1,480
See notes to financial statements
Page 21
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 2004 - (UNAUDITED)
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------------------------------------------------------------------------------
TAX FREE MONEY MARKET (CONTINUED)
OKLAHOMA (3.5%)
$ 3,600 Tulsa Oklahoma Authority
Revenue Tulsa County
Housing Fund Inc.
1.25% Due 10/1/32 (A) ........................... $ 3,600
PENNSYLVANIA (2.5%)
200 Allegheny County Pennsylvania
Higher Education Building
Authority - Thiel College - B
1.09% Due 11/15/29 (A) .......................... 200
900 Erie County Hospital
Authority Revenue
1.13% Due 7/1/22 ................................ 900
1,500 Philadelphia Hospitals Higher
Education Facilities Authority
1.10% Due 2/15/14 ............................... 1,500
TENNESSEE (4.3%)
1,800 Franklin County Health &
Education University of
South Sewanee
1.15% Due 9/1/10 (A) ............................ 1,800
555 Metropolitan Government of
Nashville & Davidson County
Tennessee Health & Education
Board Revenue - Franklin
Road Academy
1.08% Due 7/1/21 (A) ............................ 555
2,000 Sevier County Public
Building Authority
1.08% Due 6/1/25 ................................ 2,000
TEXAS (5.9%)
1,500 Houston Texas Water
& Sewer System
Revenue-Merlots-Series
1.12% Due 12/1/32 (A) ........................... 1,500
2,500 Lubbock Educational
Facilities Authority Revenue
1.17% Due 5/1/29 ................................ 2,500
2,000 Texas Tax & Revenue
Anticipation Notes
2.00% Due 8/31/04 ............................... 2,003
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------------------------------------------------------------------------------
TAX FREE MONEY MARKET (CONTINUED)
VERMONT (1.8%)
$ 516 Vermont Educational
& Health Buildings Financing
Agency Revenues
1.13% Due 8/1/05 (A) ............................ $ 516
760 Vermont Educational and
Health Buildings Finance
Agency Hospital Revenue
Bonds Northeastern Vermont
Regional Hospital
1.07% Due 10/1/25 (A) ........................... 760
545 Vermont Industrial Development
Authority Hydroelectric Revenue
Bond Central Vermont Public
Services Corp.
1.15% Due 12/1/13 (A) ........................... 545
WASHINGTON (2.3%)
800 Washington State Housing
Finance Commission -
Panorama City Project
1.10% Due 1/1/27 (A) ............................ 800
1,525 Washington State Merlots
Series A11
1.12% Due 6/1/17 (A) ............................ 1,525
WEST VIRGINIA (0.7%)
700 Putnam County West Virginia
Industrial Development
Revenue FMC Corp. Project
1.15% Due 10/1/11 (A) ........................... 700
WISCONSIN (4.0%)
1,000 West Salem Wisconsin
School District Tax &
Revenue Anticipation Notes
1.75% Due 9/1/04 ................................ 1,001
900 Wisconsin State Health &
Educational Facilities Authority
Revenue Oakwood Series B
1.11% Due 8/15/30 (A) ........................... 900
1,000 Wisconsin State Health &
Educational Faculties Authority
Revenue Meriter Hospital
Inc. Project
1.13% Due 12/1/32 (A) ........................... 1,000
See notes to financial statements
Page 22
WEISS, PECK & GREER MUTUAL FUNDS
SCHEDULES OF INVESTMENTS AT JUNE 30, 2004 - (UNAUDITED)
PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------------------------------------------------------------------------------
TAX FREE MONEY MARKET (CONTINUED)
$ 1,200 Wisconsin State Health and
Educational Facilities -
Gundersen Lutheran Series B
1.08% Due 12/1/29 ................................ $ 1,200
MULTI STATE (6.0%)
5,300 GAF Tax Exempt Bond
Grantor Trust Series A
2.00% Due 4/1/08 (A)(B) .......................... 5,300
500 Greystone Municipal Lease
Certificates Series A
1.25% Due 7/1/05 (A)(C) .......................... 500
300 Greystone Tax Exempt
Certificate Trust 1 Series
Certificates of Beneficial
Ownership
1.22% Due 5/1/28 (A)(D) .......................... 300
---------
TOTAL INVESTMENTS (100.8%)
(Cost $103,221) .................................. 103,221
LIABILITIES IN EXCESS OF
OTHER
ASSETS (-0.8%) ................................... (778)
---------
TOTAL NET ASSETS (100.0%) ........................ $ 102,443
=========
(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%.
TAX FREE MONEY MARKET (CONTINUED)
WPG TAX FREE MONEY MARKET FUND
INDUSTRY CONCENTRATIONS
% OF NET VALUE
ASSETS 000'S
- --------------------------------------------------------------------------------
16.3% Industrial Revenue Bond .................... $ 16,700
14.4% Cash Equivalents ........................... 14,740
13.5% Cashflow Notes ............................. 13,796
11.4% Not-for-Profit ............................. 11,716
10.4% Education .................................. 10,600
7.7% Multi-Family Housing ....................... 7,930
6.0% Nursing Home ............................... 6,185
6.0% Asset Backed ............................... 6,100
5.5% Water/Sewer/Utilities ...................... 5,625
5.5% Health Care ................................ 5,615
1.5% General Obligations ........................ 1,525
1.4% Local General Obligations .................. 1,414
0.5% Investor Owned Utility ..................... 545
0.4% Annual Appropriation ....................... 430
0.3% Miscellaneous Revenue ...................... 300
- -------- ---------
100.8% Total Investments .......................... 103,221
Liabilities in Excess
-0.8% of Other Assets ............................ (778)
- -------- ---------
100.0% Total Net Assets ........................... $ 102,443
======== =========
See notes to financial statements
Page 23
WEISS, PECK & GREER MUTUAL FUNDS
STATEMENTS OF ASSETS AND LIABILITIES AT JUNE 30, 2004 - (UNAUDITED)
LARGE CAP QUANTITATIVE
$ IN THOUSANDS TUDOR GROWTH EQUITY
- -------------------------------------------------------------------------------------
ASSETS
Investments at value # (including securities
on loan in Tudor valued at $4,629) ........ $59,739 $48,308 $15,662
Investments in Repurchase Agreements, at value # 1,361 0 0
Cash .......................................... 3 159 0
Receivable for investment securities sold ..... 565 0 0
Receivable for Fund shares sold ............... 0 0 0
Dividends and interest receivable ............. 52 46 20
Other assets .................................. 10 8 2
------- ------- -------
61,730 48,521 15,684
------- ------- -------
LIABILITIES
Distributions payable ......................... 0 0 0
Payable for investment securities purchased ... 211 0 0
Accrued investment advisory fee payable -
Note 5 ........................................ 44 30 4
Accrued administration fee payable - Note 5 ... 4 4 0
Accrued expenses .............................. 39 32 29
298 66 33
------- ------- -------
NET ASSETS ............................ 61,432 48,455 15,651
======= ======= =======
NET ASSETS REPRESENTED BY:
Shares of beneficial interest, at par ......... 1,157 1,899 4
Paid-in surplus ............................... 50,834 38,372 16,459
Distributions in excess of net investment
income ........................................ (190) (32) (29)
Accumulated net realized gains (losses) on
investments ................................... 3,867 5,106 (3,251)
Net unrealized appreciation/(depreciation) on
investments ................................... 5,764 3,110 2,468
------- ------- -------
NET ASSETS APPLIED TO OUTSTANDING SHARES ...... 61,432 48,455 15,651
======= ======= =======
CAPITAL SHARES (AUTHORIZED SHARES UNLIMITED)
Outstanding (000's) ........................... 3,472 1,899 4,313
======= ======= =======
Par Value ..................................... $ .33 1/3 $ 1.00 $ 0.001
======= ======= =======
Net asset value per share ..................... $ 17.69 $ 25.51 $ 3.63
======= ======= =======
# INVESTMENTS AT COST ......................... 55,336 45,198 13,194
======= ======= =======
UNREALIZED APPRECIATION/(DEPRECIATION):
Gross appreciation ........................ 6,859 4,460 2,614
Gross depreciation ........................ (1,095) (1,350) (146)
------- ------- -------
NET UNREALIZED APPRECIATION/(DEPRECIATION) .... 5,764 3,110 2,468
======= ======= =======
Page 24 See notes to financial statements
INTERMEDIATE
MUNICIPAL GOVERNMENT TAX FREE
CORE BOND BOND MONEY MARKET MONEY MARKET
- --------- ---- ------------ ------------
$201,453 $ 17,782 $ 90,299 $103,221
0 0 21,437 0
1,022 21 0 1,015
17,207 110 0 0
0 0 90 0
998 253 1 313
66 2 15 16
-------- -------- -------- --------
220,746 18,168 111,842 104,565
-------- -------- -------- --------
417 53 8 14
62,230 0 0 2,026
17 0 45 43
0 0 4 3
30 18 58 36
-------- -------- -------- --------
62,694 71 115 2,122
-------- -------- -------- --------
158,052 18,097 111,727 102,443
======== ======== ======== ========
15 2 112 102
165,117 17,657 111,605 102,368
0 (21) 0 0
(7,036) (19) 10 (27)
(44) 478 0 0
-------- -------- -------- --------
158,052 18,097 111,727 102,443
======== ======== ======== ========
15,024 1,733 111,532 102,472
======== ======== ======== ========
$ 0.001 $ 0.001 $ 0.001 $ 0.001
======== ======== ======== ========
$ 10.52 $ 10.44 $ 1.00 $ 1.00
======== ======== ======== ========
201,497 17,304 111,736 103,221
======== ======== ======== ========
1,156 512 0 0
(1,200) (34) 0 0
-------- -------- -------- --------
(44) 478 0 0
======== ======== ======== ========
See notes to financial statements Page 25
WEISS, PECK & GREER MUTUAL FUNDS
STATEMENTS OF OPERATIONS FOR SIX MONTHS ENDED JUNE 30, 2004 - (UNAUDITED)
LARGE CAP QUANTITATIVE
$ IN THOUSANDS TUDOR GROWTH EQUITY
- ------------------------------------------------------------------------------------
INVESTMENT INCOME:
Dividends .................................. $ 259 $ 328 $ 124
Interest ................................... 8 0 0
Income from securities loaned - Note 3 ..... 6 0 0
Other ...................................... 1 0 8
------- ------- -------
274 328 132
------- ------- -------
EXPENSES:
Investment advisory fee - Note 5 ........... 271 194 60
Transfer agent fees and expenses ........... 53 42 26
Administration fees - Note 5 ............... 38 35 4
Custodian fees and expenses - Note 7 ....... 12 8 5
Fund accounting fees and expenses .......... 20 18 8
Professional fees .......................... 36 32 23
Trustees' fees and expenses ................ 9 9 8
Registration fees .......................... 11 10 9
Shareholders' reports ...................... 5 4 3
Other expenses ............................. 10 10 3
------- ------- -------
465 362 149
Less fees waived by adviser ................ 0 (2) (37)
Less expenses paid indirectly - Note 7 ..... (1) 0 0
------- ------- -------
464 360 112
------- ------- -------
NET INVESTMENT INCOME/(LOSS) ............... (190) (32) 20
------- ------- -------
REALIZED AND UNREALIZED GAIN/(LOSS)
ON INVESTMENTS
Net realized gain/(loss) on investments 5,447 5,492 981
Change in unrealized
appreciation/(depreciation)
on investments ........................ (470) (5,016) (566)
------- ------- -------
NET GAIN/(LOSS) ON INVESTMENTS ............. 4,977 476 415
------- ------- -------
NET INCREASE/(DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ................ 4,787 444 435
======= ======= =======
Page 26 See notes to financial statements
INTERMEDIATE GOVERNMENT TAX FREE
MUNICIPAL MONEY MONEY
CORE BOND BOND MARKET MARKET
- --------------------------------------------------------------------------------
$ 0 $ 0 $ 0 $ 0
2,298 418 640 684
13 0 0 0
1 0 0 0
- --------- ------- ------- -------
2,312 418 640 684
- --------- ------- ------- -------
335 47 299 286
31 24 65 34
0 0 24 23
16 2 10 9
49 10 44 41
52 16 46 45
10 8 10 10
8 8 10 10
3 3 4 3
16 6 14 16
- --------- ------- ------- -------
520 124 526 477
(199) (43) 0 0
(1) 0 0 0
- --------- ------- ------- -------
320 81 526 477
- --------- ------- ------- -------
1,992 337 114 207
- --------- ------- ------- -------
148 (4) 10 (4)
(1,779) (523) 0 0
- --------- ------- ------- -------
(1,631) (527) 10 (4)
- --------- ------- ------- -------
361 (190) 124 203
========= ======= ======= =======
See notes to financial statements Page 27
WEISS, PECK & GREER MUTUAL FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
LARGE CAP QUANTITATIVE
TUDOR GROWTH EQUITY
- -----------------------------------------------------------------------------------------------------
SIX SIX SIX
MONTHS YEAR MONTHS YEAR MONTHS YEAR
$ IN THOUSANDS ENDED ENDED ENDED ENDED ENDED ENDED
6/30/04* 2003 6/30/04* 2003 6/30/04* 2003
-------- ---- -------- ---- -------- ----
OPERATIONS:
Net investment income/(loss) .. ($ 190) ($ 431) ($ 32) ($ 245) $ 20 $ 19
Net realized gain/(loss)
on investments .............. 5,447 15,641 5,492 3,459 981 (1,065)
Change in unrealized
appreciation/(depreciation)
on investments .............. (470) 4,673 (5,016) 9,881 (566) 5,083
-------- -------- -------- -------- -------- --------
NET INCREASE/(DECREASE) IN
NET ASSETS RESULTING
FROM OPERATIONS ............. 4,787 19,883 444 13,095 435 4,037
-------- -------- -------- -------- -------- --------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income .. 0 0 0 0 0 0
From realized gains ......... 0 0 0 0 0 0
-------- -------- -------- -------- -------- --------
NET DECREASE DUE TO
DISTRIBUTIONS ............... 0 0 0 0 0 0
-------- -------- -------- -------- -------- --------
TRANSACTIONS IN SHARES OF
BENEFICIAL INTEREST:
Received on issuance:
Shares sold ................. 1,188 22,281 694 3,333 421 884
Distributions reinvested .... 0 0 0 0 0 0
Shares redeemed ............. (2,825) (31,587) (5,038) (7,485) (1,128) (4,143)
-------- -------- -------- -------- -------- --------
NET INCREASE/(DECREASE) FROM
CAPITAL SHARE TRANSACTIONS .. (1,637) (9,306) (4,344) (4,152) (707) (3,259)
-------- -------- -------- -------- -------- --------
TOTAL INCREASE/(DECREASE)
IN NET ASSETS ............... 3,150 10,577 (3,900) 8,943 (272) 778
NET ASSETS:
Beginning of period ........... 58,282 47,705 52,355 43,412 15,923 15,145
-------- -------- -------- -------- -------- --------
End of period# ................ 61,432 58,282 48,455 52,355 15,651 15,923
======== ======== ======== ======== ======== ========
#Includes distributions in
excess of net investment
income ...................... ($ 190) $ 0 ($ 32) $ 0 ($ 29) ($ 49)
======== ======== ======== ======== ======== ========
Transactions in shares of the
funds (in thousands):
Sold ........................ 69 1,804 27 150 117 275
Reinvestment of distributions 0 0 0 0 0 0
Redeemed .................... (164) (2,483) (200) (344) (318) (1,279)
-------- -------- -------- -------- -------- --------
Net increase/(decrease) ....... (95) (679) (173) (194) (201) (1,004)
======== ======== ======== ======== ======== ========
* Unaudited
Page 28 See notes to financial statements
INTERMEDIATE
CORE MUNICIPAL GOVERNMENT TAX FREE
BOND BOND MONEY MARKET MONEY MARKET
- ----------------------------------------------------------------------------------------------------------------------
SIX SIX SIX SIX
MONTHS YEAR MONTHS YEAR MONTHS YEAR MONTHS YEAR
ENDED ENDED ENDED ENDED ENDED ENDED ENDED ENDED
6/30/04* 2003 6/30/04* 2003 6/30/04* 2003 6/30/04* 2003
-------- ---- -------- ---- -------- ---- -------- ----
$ 1,992 $ 3,340 $ 337 $ 734 $ 114 $ 454 $ 207 $ 792
148 2,945 (4) 129 10 0 (4) 0
(1,779) (1,072) (523) (125) 0 0 0 0
- ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
361 5,213 (190) 738 124 454 203 792
- ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
(1,992) (3,340) (337) (734) (114) (454) (207) (792)
0 0 0 (140) 0 0 0 0
- ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
(1,992) (3,340) (337) (874) (114) (454) (207) (792)
- ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
33,724 72,014 3,295 7,787 1,665,854 4,144,705 855,037 1,833,687
1,398 2,830 185 558 100 449 186 779
(21,257) (36,160) (4,447) (9,065) (1,702,017) (4,126,250) (876,503) (1,872,679)
- ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
13,865 38,684 (967) (720) (36,063) 18,904 (21,280) (38,213)
- ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
12,234 40,557 (1,494) (856) (36,053) 18,904 (21,284) (38,213)
145,818 105,261 19,591 20,447 147,780 128,876 123,727 161,940
- ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
158,052 145,818 18,097 19,591 111,727 147,780 102,443 123,727
=========== =========== =========== =========== =========== =========== =========== ===========
$ 0 $ 0 ($ 21) ($ 21) $ 0 $ 0 $ 0 $ 0
=========== =========== =========== =========== =========== =========== =========== ===========
3,195 6,789 309 725 1,665,853 4,144,705 855,037 1,833,687
130 241 17 48 100 449 186 779
(1,980) (3,432) (417) (840) (1,702,017) (4,126,250) (876,503) (1,872,679)
- ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
1,345 3,598 (91) (67) (36,064) 18,904 (21,280) (38,213)
=========== =========== =========== =========== =========== =========== =========== ===========
See notes to financial statements Page 29
WEISS, PECK & GREER MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS - (UNAUDITED)
1- ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
ORGANIZATION
The following are open-end management investment companies (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 30
WEISS, PECK & GREER MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS - (UNAUDITED) - (CONTINUED)
FEDERAL INCOME TAXES
The Funds intend to comply with the requirements of the Internal Revenue
Code that pertain to regulated investment companies and to distribute all
of their taxable income to their shareholders. No federal income tax
provision is required. As of December 31, 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 statement 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 31
WEISS, PECK & GREER MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS - (UNAUDITED) - (CONTINUED)
RECLASSIFICATION OF CAPITAL ACCOUNTS
On the statements of assets and liabilities, as a result of certain
differences in the computation of net investment income and net realized
capital gains under federal income tax rules and regulations versus
generally accepted accounting principles, a reclassification has been made
to increase (decrease) distributions in excess of net investment income,
distributions in excess of net realized gains on investments and currencies
and paid-in surplus for the Funds as follows:
(IN THOUSANDS)
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
Notes: (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 32
WEISS, PECK & GREER MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS - (UNAUDITED) - (CONTINUED)
REPURCHASE AGREEMENTS (TUDOR, CORE BOND, GOVERNMENT MONEY MARKET)
It is each Funds' policy to take possession of securities or other assets
purchased under agreements to resell. The securities purchased under
agreements to resell are marked to market every business day to ensure that
the value of the "collateral" is at least equal to the value of the loan,
including the accrued interest earned thereon, plus sufficient additional
market value as is considered necessary to provide a margin of safety.
FUTURES (TUDOR, QUANTITATIVE EQUITY, CORE BOND)
A futures contract is an agreement between two parties to buy and sell a
security at a set price on a future date. Upon entering into such a
contract, a Fund is required to pledge to the broker an amount of cash
and/or securities equal to the minimum "initial margin" requirements of the
exchange 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 June 30, 2004, the Funds did not hold any futures.
OPTIONS WRITING (TUDOR, LARGE CAP GROWTH, QUANTITATIVE EQUITY, CORE BOND)
A Fund may write covered options to protect against adverse movements in
the price of securities in the investment portfolio. When a Fund writes an
option, an amount equal to the premium received by the Fund is recorded as
a liability and is subsequently adjusted to the current market value of the
option written. Premiums received from writing options which expire
unexercised are recorded by the Fund on the expiration date as realized
gains from options transactions. The difference between the premium and the
amount paid on effecting a closing purchase transaction, including
brokerage commissions, is also treated as a realized gain, or if the
premium is less than the amount paid for the closing purchase transaction,
as a realized loss. If a call is exercised, the premium is added to the
proceeds from the sale of the underlying securities or currencies in
determining whether the Fund has realized a gain or loss. If a put is
exercised, the premium reduces the cost basis of the securities or
currencies purchased by the Fund. In writing an option, the Fund bears the
market risk of an unfavorable change in the price of the security
underlying the written option. Exercise of an option written by the Fund
could result in the selling or buying of a security or currency at a price
different from the current market value. The Funds only enter into options
which are traded on exchanges except for Tudor which can enter into
non-exchange options with counterparties as authorized by the Board of
Trustees. At June 30, 2004, 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 June 30, 2004, the Funds did not hold any
foreign currency contracts.
Page 33
WEISS, PECK & GREER MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS - (UNAUDITED) - (CONTINUED)
FOREIGN CURRENCY TRANSACTIONS (TUDOR, LARGE CAP GROWTH)
The books and records of each Fund are maintained in U.S. dollars. Foreign
currencies, investments and other assets or liabilities, denominated in
foreign currencies, are translated into U.S. dollars at the exchange rates
prevailing at 11:00 AM Eastern time.
Reported net realized foreign exchange gains or losses arise from sales and
maturities of short term securities, sales of foreign currencies, currency
gains or losses realized between the trade and settlement dates on
securities transactions, the difference between the amounts of dividends,
interest, and foreign withholding taxes recorded on the Fund's books, and
the U.S. dollar equivalent of the amounts actually received or paid. Net
unrealized foreign exchange gains and losses arise from changes in the
value of assets and liabilities other than investments in securities at
year end, resulting from changes in the exchange rate.
USE OF ESTIMATES
Estimates and assumptions are required to be made regarding assets,
liabilities and changes in net assets resulting from operations when
financial statements are prepared. Changes in the economic environment,
financial markets and any other parameters used in determining these
estimates could cause actual results to differ from these amounts.
2- SECURITIES TRANSACTIONS
For the six months ended June 30, 2004, 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 $ 48,440 $ 45,946 $ 313 $ 3
Large Cap Growth 45,067 41,003 58 12
Quantitative Equity 10,175 9,680 22 1
Core Bond 217,974 235,610 0 0
Municipal Bond 1,466 1,123 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 June 30, 2004, the Tudor Fund loaned securities valued at $4,629,447.
For collateral the Tudor Fund received a letter of credit from Danske Bank
in an amount equal to $4,950,000. For the six months ended June 30, 2004,
the Tudor Fund earned $5,688 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 34
WEISS, PECK & GREER MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS - (UNAUDITED) - (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.
The Quantitative Equity Fund and the Large Cap Growth Fund fees are capped
at 1.40%, the Core Bond Fund's advisory fee is capped at 0.43% and the
Intermediate Municipal Bond Fund's fees are capped at 0.85%. The
Quantitative Equity Fund did not seek reimbursement of any advisory fees
waived in 2003.
Each Fund has entered into an Administration Agreement with WPG. For the
period January 1, 2004 through April 30, 2004 WPG was entitled to receive
the following fees based upon a percentage of average daily net assets:
Tudor 0.15%, Large Cap Growth 0.16%, Quantitative Equity 0.07%, Core Bond
0.00%, Intermediate Municipal Bond 0.00%, Government Money Market 0.04%,
and Tax Free Money Market 0.04%. As of May 1, 2004, WPG is entitled to
receive the following fees based upon a percentage of average daily net
assets: Tudor 0.08% and Large Cap Growth 0.09%. The fee for all of the
other Funds remained the same.
6- DISTRIBUTION PLAN (CORE BOND)
The Trust has adopted a plan of Distribution (the "Plan") under Section 12
(b) of the 1940 Act and Rule 12b-1 thereunder. The Fund may pay up to
0.25% of 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 June 30, 2004, 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 35
WEISS, PECK & GREER MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS - (UNAUDITED) - (CONTINUED)
7- CUSTODIAN FEES
Each Fund has entered into an expense offset agreement with its custodian
wherein it receives credit toward the reduction of custodian fees whenever
there are uninvested cash balances. For the six months ended June 30, 2004
the Funds' custodian fees and related offset were as follows:
CUSTODIAN OFFSET
FEE CREDIT
--- ------
Tudor $11,726 $ 1,080
Large Cap Growth 7,962 244
Quantitative Equity 4,965 218
Core Bond 16,072 641
Municipal Bond 1,766 176
Government Money Market 10,002 87
Tax Free Money Market 9,451 384
The Funds could have invested their cash balances elsewhere if they had not
agreed to a reduction in fees under the expense offset agreement with their
custodian.
8- FEDERAL INCOME STATUS OF DIVIDENDS
The Tax Free 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 the maximum rate of 15% and $82,094 taxed at a maximum rate of
20%.
9- PROXY INFORMATION
A description of the policies and procedures the Funds use to determine how
to vote proxies relating to portfolio securities and the voting record for
the 12 months ended 6/30/04 are available, without charge, by calling our
shareholder service line, toll free at 800-223-3332. This information is
also available via the SEC's web site at http://www.sec.gov.
Page 36
WEISS, PECK & GREER MUTUAL FUNDS
FINANCIAL HIGHLIGHTS (FOR THE YEARS ENDED DECEMBER 31 EXCEPT FOR 2004 WHICH IS FOR SIX MONTHS ENDED JUNE 30)
$ PER SHARE RATIOS (A)
RATIO
OF
TOTAL NET
NET INCOME/ DISTRI- INVEST-
REALIZED (LOSS) BUTIONS MENT
NET NET AND FROM DIVIDENDS FROM NET NET RATIO NET
ASSET INVEST- UNREALIZED INVEST- FROM NET ASSET ASSETS AT OF INCOME
VALUE AT MENT GAINS OR MENT NET REALIZED TOTAL VALUE AT END OF EXPENSES (LOSS) PORTFOLIO
BEGINNING INCOME (LOSSES) OPERA- INVEST- CAPITAL DISTRI- END OF TOTAL YEAR TO TO TURNOVER
OF (LOSS) ON TIONS MENT GAINS BUTIONS PERIOD RETURN ($000'S) AVERAGE AVERAGE RATE
PERIOD INVEST- INCOME NET NET
MENTS ASSETS ASSETS
- -----------------------------------------------------------------------------------------------------------------------------------
TUDOR
2004* $ 16.34 $(0.05) $ 1.40 $ 1.35 $ 0.00 $ 0.00 $ 0.00 $ 17.69 8.26% $ 61,432 1.54% (0.63%) 156.5%
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
2004* 25.27 (0.02) 0.26 0.24 0.00 0.00 0.00 25.51 0.95 48,455 1.39 (0.12) 160.1
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
2004* 3.53 0.02 0.08 0.10 0.00 0.00 0.00 3.63 2.83 15,651 1.40 0.25 121.2
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
* Unaudited
(A) Ratios and Portfolio Turnover for 2004 are annualized.
See notes to financial statements.
Page 37
WEISS, PECK & GREER MUTUAL FUNDS
FINANCIAL HIGHLIGHTS (FOR THE YEARS ENDED DECEMBER 31 EXCEPT FOR 2004 WHICH IS FOR SIX MONTHS ENDED JUNE 30)
$ PER SHARE RATIOS (A)
RATIO
OF
TOTAL NET
NET INCOME/ DISTRI- INVEST-
REALIZED (LOSS) BUTIONS MENT
NET NET AND FROM DIVIDENDS FROM NET NET RATIO NET
ASSET INVEST- UNREALIZED INVEST- FROM NET ASSET ASSETS AT OF INCOME
VALUE AT MENT GAINS OR MENT NET REALIZED TOTAL VALUE AT END OF EXPENSES (LOSS) PORTFOLIO
BEGINNING INCOME (LOSSES) OPERA- INVEST- CAPITAL DISTRI- END OF TOTAL YEAR TO TO TURNOVER
OF (LOSS) ON TIONS MENT GAINS BUTIONS PERIOD RETURN ($000'S) AVERAGE AVERAGE RATE
PERIOD INVEST- INCOME NET NET
MENTS ASSETS ASSETS
- -----------------------------------------------------------------------------------------------------------------------------------
CORE BOND
2004* $10.66 $0.14 $(0.14) $0.00 $(0.14) $0.00 $(0.14) $10.52 0.00% $158,052 0.43% 2.68% 407.7%
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
2004* 10.74 0.19 (0.30) (0.11) (0.19) 0.00 (0.19) 10.44 (1.06) 18,097 0.85 3.54 12.0
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
2004* 1.00 0.00 0.00 0.00 0.00 0.00 0.00 1.00 0.09 111,727 0.88 0.19 N/A
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
2004* 1.00 0.00 0.00 0.00 0.00 0.00 0.00 1.00 0.18 102,443 0.83 0.36 N/A
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
*Unaudited
(A) Ratios and Portfolio Turnover for 2004 are annualized.
See notes to financial statements.
Page 38
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 Investment for
Core Bond, Intermediate Municipal Bond, Large Cap Growth 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
---------- ----------
LARGE CAP GROWTH
2004* 1.41% (0.14)%
QUANTITATIVE EQUITY
2004* 1.86% (0.21)%
2003 1.79% (0.14)%
2001 1.42% (0.31)%
2000 1.24% 0.01%
CORE BOND
2004* 0.70% 2.41%
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
2004* 1.30% 3.09%
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.
*Unaudited.
Page 39
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
- ---------------------------------------------------------------------------------------------------------------
DANIEL S. VANDIVORT Senior Managing Director
One New York Plaza Robeco USA, Inc.
New York, NY 10004
7/4/54
Chairman of the Board and
Trustee since 2004
- ---------------------------------------------------------------------------------------------------------------
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
Santa Fe, NM 87501 Management
1/31/33 Trustee various investment companies
Trustee since 1985 managed by Sun
Capital Advisors.
Page 40
This page intentionally left blank.
Page 41
WEISS, PECK & GREET
INVESTMENTS
MEMBER OF % ROBECO GROUP
INTERNATIONAL ASSEET MANAGERS
ONE NEW YORK PLAZA, NEW YORK, NY 10004
INDEPENDENT TRUSTEES AND MEMBERS
OF AUDIT COMMITTEE
Raymond R. Herrmann, Jr. William B. Ross
Lawrence J. Israel Robert A. Straniere
Graham E. Jones
OFFICERS
DANIEL S. VANDIVORT
Chairman of the Board and Trustee - all funds
President - WPG Funds Trust
WILLIAM KELLY
Executive Vice President and Treasurer - all funds
JOSEPH J. REARDON
Vice President and Secretary - all funds
STEVEN M. PIRES
Assistant Vice President - all funds
JANET A. FIORENZA
Vice President - WPG Tax Free Money Market Fund
S. BLAKE MILLER
Vice President - WPG Intermediate Municipal Bond Fund
E.K. EASTON RAGSDALE
Vice President - WPG Quantitative Equity Fund
President - WPG Large Cap Growth Fund
PETER ALBANESE
Vice President - WPG Quantitative Equity Fund
Vice President - WPG Large Cap Growth Fund
RICHARD SHUSTER
President - WPG Tudor Fund
GREGORY N. WEISS
Vice President - WPG Tudor Fund
INVESTMENT ADVISER
WPG Investments
One New York Plaza
New York, NY 10004
CUSTODIAN
Boston Safe Deposit and Trust Company
One Exchange Place
Boston, MA 02109
DIVIDEND DISBURSING AND TRANSFER AGENT
PFPC Inc.
P.O. Box 60448
King of Prussia, PA 19406-0448
DISTRIBUTOR
PFPC Distributors, Inc.
760 Moore Road
King of Prussia, PA 19406
LEGAL COUNSEL
Hale and Dorr
60 State Street
Boston, MA 02109
This report is submitted for the general information of shareholders and is not
authorized for distribution to prospective investors unless preceded or
accompanied by an effective prospectus. Nothing herein is to be considered an
offer of sale or solicitation of an offer to buy shares of the Weiss, Peck &
Greer Funds. Such offering is made only by prospectus, which includes details as
to offering and other material information.
ITEM 2 - CODE OF ETHICS
Not applicable.
ITEM 3 - AUDIT COMMITTEE FINANCIAL EXPERT
Not applicable.
ITEM 4 - PRINCIPAL ACCOUNTANT FEES AND SERVICES
(a) AUDIT FEES
Not applicable.
(b) AUDIT-RELATED FEES
None.
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
In April 2004, the registrant's Board of Trustees adopted a new
Nominating Committee Charter which, among other things, formalized the
procedures by which the Fund's shareholders may recommend nominees to the
registrant's Board of Trustees. The procedures require that any shareholder
recommendation must be submitted in compliance with all of the pertinent
provisions of Rule 14a-8 under the Securities Exchange Act of 1934 to be
considered by the Nominating Committee. The procedures require that any such
recommendation contain certain minimum background information regarding the
recommended nominee. In addition, any such submission must be submitted (i) by
such date and contain such other information as may be specified in the Funds'
By-laws and (ii) in the case of a meeting of shareholders, within a reasonable
time before the Funds begin to print and mail their proxy
statement. In evaluating a nominee recommended by a shareholder, the Nominating
Committee may consider a variety of factors, including without limitation the
objectives of the shareholder in submitting that nomination and whether such
objectives are consistent with the interests of all shareholders. Any
recommendation should be submitted in writing to the Secretary of the Funds, c/o
Robeco USA, L.L.C., One New York Plaza, New York, New York 10004.
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
most recent 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
Not applicable.
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/ DANIEL S. VANDIVORT
-----------------------
Daniel S. Vandivort, Chairman (Principal Executive Officer)
Date:
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/ DANIEL S. VANDIVORT
-----------------------
Daniel S. Vandivort, Chairman (Principal Executive Officer)
Date:
By: /S/ WILLIAM KELLY
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William Kelly, Executive Vice President and Treasurer
(Principal Financial Officer)
Date: September , 2004