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)

909 Third Avenue
NEW YORK, NY 10022
(Address of principal executive offices) (Zip code)

Joseph Reardon
Weiss, Peck & Greer Investments
909 Third Avenue
NEW YORK, NY 10022
(Name and address of agent for service)

registrant's telephone number, including area code: 212-908-9882

Date of fiscal year end: DECEMBER 31

Date of reporting period: DECEMBER 31, 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. 3507.

ITEM 1. REPORTS TO STOCKHOLDERS.

The Report to Shareholders is attached herewith.

c/o ROBECO

WEISS, PECK & GREER INVESTMENTS

M U T U A L F U N D S

ANNUAL REPORT
DECEMBER 31, 2004

WPG TUDOR FUND
WPG LARGE CAP GROWTH FUND
WPG CORE BOND FUND

909 THIRD AVENUE
NEW YORK, NEW YORK 10022

800 223-3332

WEISS, PECK & GREER MUTUAL FUNDS

TABLE OF CONTENTS

Average Annual Total Returns . . . . . . . . . . . . . . . . . . . . . 1

Major Portfolio Changes - Equity Funds . . . . . . . . . . . . . . . . 3

Ten Largest Holdings . . . . . . . . . . . . . . . . . . . . . . . . . 4

Disclosure of Fund Expenses . . . . . . . . . . . . . . . . . . . . . 5

Schedules of Investments:

WPG Tudor Fund . . . . . . . . . . . . . . . . . . . . . . . . 6

WPG Large Cap Growth Fund . . . . . . . . . . . . . . . . . . 8

WPG Core Bond Fund . . . . . . . . . . . . . . . . . . . . . 10

Statements of Assets and Liabilities . . . . . . . . . . . . . . . . 14

Statements of Operations . . . . . . . . . . . . . . . . . . . . . . 15

Statements of Changes in Net Assets . . . . . . . . . . . . . . . . . 16

Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . 17

Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . 23

Report of Independent Registered Public Accounting Firm . . . . . . . 25

Information on Trustees . . . . . . . . . . . . . . . . . . . . . . . 26

Additional Information - Unaudited . . . . . . . . . . . . . . . . . 27

CONSERVATIVE TUDOR
OBJECTIVE: Capital appreciation.

AGGRESSIVE LARGE CAP GROWTH
OBJECTIVE: Long-term growth of capital.

CORE BOND
OBJECTIVE: High current income consistent with capital
preservation.

WEISS, PECK & GREER MUTUAL FUNDS

AVERAGE ANNUAL TOTAL RETURN

TUDOR FUND

For the year the fund returned 19.4%, compared to the Russell 2000 Value Index
that returned 22.3%. The modest relative underperformance during the year was
attributable to several factors. The fund was positioned with a conservative
bias given our concern of many valuation levels and fundamentals within the
market and small cap sector. More specifically, the fund was underweight in
basic materials and financials, which were strong sectors during the year and
also generated a significant amount of yield. Lastly, several of our larger
positions had difficult performance during the year; nonetheless we remain
confident and have continued to build many of these positions. Heading into
2005, we believe the backdrop for small cap securities is more neutral. The
sector has enjoyed five years of relative strength as well as strong absolute
returns. Valuation levels appear rich in many areas. The economic backdrop, and
weakening dollar, should provide some challenges for small caps. We believe we
could be in a largely sideways market with continued volatility. We have
positioned the fund accordingly and believe our investment strategy would
perform well in such an environment.

VALUE ON 12/31/04
$10,000 INVESTMENT MADE ON 12/31/94

Russell
2000
Years Tudor Value
----- ----- -----
2004 $24,580 $41,046
2003 $20,595 $33,577
2002 $14,167 $22,993
2001 $19,170 $25,959
2000 $22,495 $22,766
1999 $23,728 $18,536
1998 $14,534 $18,815
1997 $18,640 $20,113
1996 $16,776 $15,262
1995 $14,118 $12,575

AVERAGE ANNUAL TOTAL RETURN
(FOR THE PERIODS ENDED DECEMBER 31, 2004)

1 YEAR 5 YEARS 10 YEARS
------ ------- --------
TUDOR* . . . . . . . . . . . . 19.35% 0.71% 9.41%

Russell 2000 Value Index. . . . 22.25% 17.23% 15.17%

* The Fund changed its investment strategy from growth to value in September
2003.

LARGE CAP GROWTH FUND

Following a meager return generated in the first half of 2004 and a difficult
summer and fall, the US equity markets came alive after the Presidential
election resolved uncertainty and oil prices declined. The strong finish raised
the second-half total return of the Russell 1000 Growth Index to 3.5%, bringing
the full year total return to 6.3%. For the year, the major outperforming
sectors in the Russell 1000 Growth Index were Energy and Utilities, while
Technology and Healthcare delivered the worst performance.

The strong outperformance delivered in the fourth quarter was not enough to
offset poor relative performance in the second and third quarters. As a result,
the Fund underperformed the Russell 1000 Growth Index by 2.5% this year. 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 in the second and third quarters lead to the poor relative
performance this year. Predictive power came from both valuation and earnings
momentum/growth factors. BOOK TO PRICE, CASHFLOW TO PRICE and ESTIMATE REVISIONS
(BOTH DOWNWARD AND UPWARD) made strong contributions during the first half,
while SHARE BUYBACKS and FORECAST EARNINGS TO PRICE factors hurt performance.

VALUE ON 12/31/04
$10,000 INVESTMENT MADE ON 12/31/94

Large Russell
Cap 1000
Growth Growth
YEARS Fund Index
----- ---- -----
2004 $25,075 $24,995
2003 $24,152 $23,514
2002 $18,313 $18,123
2001 $25,290 $25,130
2000 $31,792 $31,580
1999 $32,336 $40,708
1998 $28,696 $30,571
1997 $22,504 $22,040
1996 $16,515 $16,891
1995 $13,273 $13,719

AVERAGE ANNUAL TOTAL RETURN
(FOR THE PERIODS ENDED DECEMBER 31, 2004)

1 YEAR 5 YEARS 10 YEARS
------ ------- --------
LARGE CAP GROWTH . . . . . . . . 3.82% -4.96% 9.63%

Russell 1000 Growth Index . . . 6.30% -9.29% 9.59%

Page 1

WEISS, PECK & GREER MUTUAL FUNDS

AVERAGE ANNUAL TOTAL RETURN

CORE BOND FUND

The portfolio outperformed its benchmark by 4 basis points for the year,
returning 4.38% vs. 4.34% for the Lehman Brothers Aggregate Index. Positioning
within the corporate and mortgage backed sectors provided the largest positive
impact on performance. Corporates continued to provide attractive returns versus
other fixed income asset classes and the portfolio benefited from a modestly
overweight position in corporates throughout the year. Outperformance within the
mortgage sector can be attributed to opportunistic underweighting/overweighting
of the sector. Mortgages outperformed treasuries for the year but traded
treasury market directional for most of the year. Yield curve positioning
provided a modest positive impact on performance. The portfolio was underweight
in the short and intermediate portions of the yield curve at certain points
throughout the year and benefited from a flattening of the yield curve which
occurred as the Federal Reserve began raising interest rates. Overweights in the
asset-backed and commercial mortgage backed securities sectors also provided
modest outperformance. The portfolio's agency position modestly detracted from
performance as agency spreads were under pressure at certain points during the
year as a result of negative headlines and due to Office of Federal Housing
Enterprise Oversight's investigation of FNMA in the third quarter. Lastly, the
portfolio's Treasury Inflation Protected Securities position had a minimal
impact on performance.

VALUE ON 12/31/04
$10,000 INVESTMENT MADE ON 12/31/94

Core Lehman
Bond Aggregate
YEARS Fund Index
----- ---- -----
2004 $20,323 $21,039
2003 $19,471 $20,164
2002 $18,536 $19,369
2001 $16,719 $17,567
2000 $15,249 $16,199
1999 $13,780 $14,512
1998 $13,796 $14,632
1997 $12,627 $13,463
1996 $11,761 $12,278
1995 $11,325 $11,847

AVERAGE ANNUAL TOTAL RETURN
(FOR THE PERIODS ENDED DECEMBER 31, 2004)

1 YEAR 5 YEARS 10 YEARS
CORE BOND . . . . . . . . . . . 4.38% 8.08% 7.35%

Lehman Aggregate Index. . . . . 4.34% 7.71% 7.72%

- ---------------
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 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 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 1000 Growth Index measures the performance of those companies with an
approximate median market capitalization of $4.4 billion that have higher than
average price-to-book ratios and higher than average forecasted growth values.
The Lehman Brothers Aggregate Index is a market weighted blend of all investment
grade corporate issues, all mortgage securities and all government issues.

Page 2

WEISS, PECK & GREER MUTUAL FUNDS - UNAUDITED

MAJOR PORTFOLIO CHANGES - EQUITY FUNDS - QUARTER ENDING DECEMBER 31, 2004

TUDOR FUND LARGE CAP GROWTH FUND

ADDITIONS ADDITIONS
--------- ---------

D & K Healthcare Resources, Inc. Ameritrade Holding Corp.
Dycom Industries, Inc. ASML Holding NV
Gold Kist, Inc. Boston Scientific Corp.
GrafTech International Ltd. Crown Castle International Corp.
International Shipping Enterprises, Inc. Freddie Mac
Lifetime Hoan Corp. Freescale Semiconductor Inc., Cl A
Multimedia Games, Inc. Freescale Semiconductor Inc., Cl B
Synergy Financial Group, Inc. Gilead Sciences, Inc.
UAP Holding Corp. Tyson Foods Inc.
webMethods, Inc.

DELETIONS DELETIONS
--------- ---------
Bunge Limited Applied Materials, Inc.
Dave & Buster's Inc. Fairchild Semiconductor International
Durect Corporation Fannie Mae
Magellan Health Services, Inc. ImClone Systems Inc.
MIM Corp. iShares Trust - Russell 1000G
Network Equipment Tech Inc. Merck & Co., Inc.
Pinnacle Systems, Inc. Mircron Technology, Inc.
Prime Medical Services, Inc. Nextel Communications
Provide Commerce Pepsi Bottling Group
Sunterra Corporation

Page 3

WEISS, PECK & GREER MUTUAL FUNDS

TEN LARGEST HOLDINGS AS OF DECEMBER 31, 2004*

PERCENT PERCENT
VALUE OF NET VALUE OF NET
TUDOR FUND (000'S) ASSETS LARGE CAP GROWTH FUND (000'S) ASSETS
- --------------------------------------------------- ------------------------------------------------------

IDT Corp. ..................... $1,757 3.0% Johnson & Johnson ................. $1,394 5.3%
Newpark Resources, Inc. ....... 1,713 3.0% Home Depot, Inc. .................. 867 3.3%
MDC Partners, Inc. ............ 1,559 2.7% Dell Computer Corp. ............... 843 3.2%
First Consulting Group ........ 1,444 2.5% Anheuser-Busch Companies, Inc. .... 761 2.9%
Applica, Inc. ................. 1,383 2.4% Microsoft Corp. ................... 753 2.9%
Del Monte Foods Co. ........... 1,349 2.3% Glaxosmithkline PLC - ADR ......... 692 2.6%
Casual Male Retail Group, Inc. 1,327 2.3% American International Group, Inc. 676 2.6%
NBTY Inc. ..................... 1,054 1.8% United Healthcare Corp. ........... 660 2.5%
International Shipping 1,053 1.8% Cisco Systems, Inc. ............... 646 2.5%
Enterprises, Inc. ........... Pfizer, Inc. ...................... 608 2.3%
WatchGuard Tech, Inc. ......... 981 1.7% ------- ----
------- ---- $ 7,900 30.1%
$13,620 23.5% ======= ====
======= ====

PERCENT
VALUE OF NET
CORE BOND FUND (000'S) ASSETS
- ---------------------------------------------------------------------------------------------

Federal National Mortgage Association Discount Note 1/13/05 $49,024 34.0%
Federal National Mortgage Association 5.500% Due 1/15/35** 13,500 9.4%
Federal National Mortgage Association 6.500% Due 1/15/35** 13,331 9.2%
Federal National Mortgage Association 6.000% Due 1/15/35** 10,891 7.5%
Federal National Mortgage Association 5.000% Due 1/15/35** 7,558 5.2%
Federal National Mortgage Association 4.500% Due 1/15/20** 6,084 4.2%
U.S. Treasury Note 2.750% Due 8/15/07 5,519 3.8%
Federal National Mortgage Association 5.500% Due 7/1/34** 5,092 3.5%
Federal National Mortgage Association 5.000% Due 1/15/20** 4,052 2.8%
Freddie Mac 5.500% Due 9/1/19 3,388 2.3%
-------- ----
$118,439 81.9%
======== ====

- ------------
* The composition of the largest securities in each portfolio is subject to
change.
** Mortgage pass-through securities.

Page 4

WEISS, PECK & GREER MUTUAL FUNDS

DISCLOSURE OF FUND EXPENSES - (UNAUDITED)

We believe it is important for you to understand the impact of fees regarding
your investment. All mutual funds have operating expenses. As a shareholder of a
mutual fund, you incur ongoing costs, which include costs for portfolio
management, administrative services, and shareholder reports (like this one),
among others. Operating expenses, which are deducted from a fund's gross income,
directly reduce the investment return of the fund. A fund's expenses are
expressed as a percentage of its average net assets. This figure is known as the
expense ratio. The following examples are intended to help you understand the
ongoing fees (in dollars) of investing in your fund and to compare these costs
with those of other mutual funds. The examples are based on an investment of
$1,000 made at the beginning of the period shown and held for the entire period
from July 1, 2004 to December 31, 2004.

This table illustrates your fund's costs in two ways:

Actual Fund Return: This section helps you to estimate the actual expenses,
after any applicable fee waivers, that you paid over the period. The "Ending
Account Value" shown is derived from the fund's actual return for the past six
month period, the "Annualized Expense Ratio" column shows the period's
annualized expense ratio, and the "Expenses Paid During the Period" column shows
the dollar amount that would have been paid by an investor who started with
$1,000 in the fund at the beginning of the period.

You may use the information here, together with your account value, to estimate
the expenses that you paid over the period. To do so, simply divide your account
value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6),
then multiply the result by the number given for your fund in the first line
under the heading entitled "Expenses Paid During the Period."

Hypothetical 5% Return: This section is intended to help you compare your fund's
costs with those of other mutual funds. It assumes that the fund had an annual
return of 5% before expenses, but that the expense ratio is unchanged. In this
case, because the return used is not the fund's actual return, the results do
not apply to your investment. This example is useful in making comparisons to
other mutual funds because the Securities and Exchange Commission requires all
mutual funds to calculate expenses based on an assumed 5% annual return. You can
assess your fund's costs by comparing this hypothetical example with the
hypothetical examples that appear in shareholder reports of other funds.

FOR THE PERIOD JULY 1, 2004 TO DECEMBER 31, 2004

EXPENSE TABLE BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT ANNUALIZED PAID
VALUE VALUE EXPENSE DURING
7/1/04 12/31/04 RATIO THE PERIOD*
- --------------------------------------------------------------------------------
TUDOR FUND
- --------------------------------------------------------------------------------

Actual Fund Return ............ $1,000 $1,102.50 1.56% $8.24
Hypothetical 5% Return ........ 1,000 1,017.29 1.56% 7.91

- --------------------------------------------------------------------------------
LARGE CAP GROWTH FUND
- --------------------------------------------------------------------------------
Actual Fund Return ............ $1,000 $1,028.40 1.40% $7.14
Hypothetical 5% Return ........ 1,000 1,018.10 1.40% 7.10

- --------------------------------------------------------------------------------
CORE BOND FUND
- --------------------------------------------------------------------------------
Actual Fund Return ............ $1,000 $1,043.70 0.43% $2.21
Hypothetical 5% Return ........ 1,000 1,022.97 0.43% 2.19
- --------------------------------------------------------------------------------

- --------
* "Expenses Paid During Period" are equal to the Fund's "Annualized Expense
Ratio" (net of any applicable waivers) multiplied by the average account
value over the period, multiplied by 184 / 366 (to reflect one-half year
period).

Page 5

WEISS, PECK & GREER MUTUAL FUNDS

SCHEDULES OF INVESTMENTS AT DECEMBER 31, 2004

NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------------------------------------------------------------------------------
TUDOR
- --------------------------------------------------------------------------------

COMMON STOCKS (96.0%)
CAPITAL GOODS (16.1%)
AEROSPACE/DEFENSE (0.5%)
4,200 * Alliant Techsystems Inc. ....................... $ 275
-------

COMMUNICATION (3.6%)
50,400 * Captaris Inc. .................................. 260
113,500 * IDT Corp. ...................................... 1,757
6,200 * Mastec, Inc. ................................... 63
-------
2,080
-------

COMPUTER SOFTWARE & SERVICES (2.5%)
221,500 * Watchguard Technologies, Inc. .................. 981
67,800 * webMethods, Inc. ............................... 489
-------
1,470
-------

CONSTRUCTION (4.1%)
18,900 * Dycom Industries, Inc. ......................... 577
7,000 * EMCOR Group, Inc. .............................. 316
91,700 * GrafTech International Ltd. .................... 867
17,900 * Masonite International Corp. ................... 615
-------
2,375
-------

TECHNOLOGY (5.4%)
67,100 * Danka Business Systems- ADR .................... 212
16,450 * Embarcadero Technologies, Inc. ................. 155
14,100 Lipman ......................................... 393
33,189 * Meade Instruments Corp. ........................ 114
61,352 * Micromuse, Inc. ................................ 341
76,600 # * Neoware Systems Inc. ......................... 713
36,000 * Overland Storage, Inc. ......................... 601
136,700 * Pemstar, Inc. .................................. 247
40,600 * Zilog Inc. ..................................... 325
-------
3,101
-------
9,301
-------

CONSUMER (39.1%)
BASIC MATERIALS (2.6%)
13,700 Agrium, Inc. ................................... 231
4,500 * Central Garden & Pet Company ................... 188
33,900 * Hercules, Inc. ................................. 503
33,100 # * UAP Holding Corp. ............................ 572
-------
1,494
-------

BUSINESS SERVICES (7.9%)
236,400 * First Consulting Group ......................... 1,444
27,900 * FTI Consulting, Inc. ........................... 588
28,200 * Marlin Business Services Inc. .................. 536
144,500 * MDC Partners Inc. .............................. 1,559
24,400 # * Navigant International, Inc. ................. 297
7,700 * Sirva, Inc. .................................... 148
-------
4,572
-------

ENTERTAINMENT (5.3%)
27,200 # * Alliance Gaming Corp ........................... 376
5,400 * Image Entertainment, Inc ....................... 32
27,400 # * Mikohn Gaming Corp. ............................ 280
40,600 # * Multimedia Games, Inc .......................... 640
111,700 * New Frontier Media, Inc. ....................... 885
12,010 * Steiner Leisure Ltd. ........................... 359
18,200 * Westwood One, Inc. ............................. 490
-------
3,062
-------

FOOD (3.6%)
122,400 * Del Monte Foods Co. ............................ 1,349
31,300 * Gold Kist, Inc. ................................ 426
9,200 Landry's Restaurants, Inc. ..................... 267
-------
2,042
-------

HEALTH CARE SERVICES (3.4%)
5,700 * Accredo Health, Inc. ........................... 158
12,900 * Apria Healthcare Group, Inc. ................... 425
62,553 D & K Healthcare Resources, Inc. ............... 506
30,100 * HealthTronics, Inc. ............................ 320
11,400 * KV Pharmaceutical Co., Class A ................. 251
11,000 * Odyssey Healthcare Inc ......................... 150
10,200 * U.S. Physical Therapy, Inc ..................... 157
-------
1,967
-------

MEDICAL BIOTECHNOLOGY (1.8%)
43,900 * NBTY Inc ....................................... 1,054
-------

OTHER CONSUMER (6.6%)
10,100 * Corinthian Colleges, Inc. ...................... 190
61,003 * Flanders Corp. ................................. 586
20,900 Glatfelter ..................................... 319
7,600 * Jacobs Engineering Group, Inc. ................. 363
31,450 Lifetime Hoan Corp. ............................ 500
7,900 Lubrizol Corp. ................................. 291
41,190 * Princeton Review, Inc. ......................... 253
23,900 Schweitzer Manduit International, Inc. ......... 811
17,266 Technology Investment Capital Corp. ............ 259
9,300 * Wabash National Corp. .......................... 250
-------
3,822
-------

PRINTING (0.9%)
11,900 Banta Corp. .................................... 533
-------

Page 6 See notes to financial statements

WEISS, PECK & GREER MUTUAL FUNDS

SCHEDULES OF INVESTMENTS AT DECEMBER 31, 2004

RETAIL (2.7%)
243,500 # * Casual Male Retail Group, Inc. ............... $ 1,327
8,200 * Pantry Inc. .................................. 247
-------
1,574
-------
22,608
-------

ENERGY (10.5%)
ELECTRIC UTILITIES (1.3%)
12,400 Great Plains Energy, Inc. .................... 376
12,400 Hawaiian Electric Industries ................. 361
-------
737
-------

MINING (0.3%)
233,700 * Uranium Resources, Inc. ...................... 169
-------

NATURAL GAS UTILITIES (2.7%)
10,300 New Jersey Resources Corp. ................... 447
18,900 * Southern Union Co. ........................... 453
6,700 UGI Corp. .................................... 274
13,800 Vectren Corp. ................................ 370
-------
1,544
-------

OIL & GAS EXPLORATION (2.4%)
14,400 * Energy Partners, Ltd. .......................... 292
46,000 * Warren Resources Inc. .......................... 419
22,500 * Whiting Petroleum Corp. ........................ 681
-------
1,392
-------

OIL FIELD SERVICES (3.8%)
332,525 * Newpark Resources Inc. ......................... 1,713
14,500 Tidewater Inc. ................................. 516
-------
2,229
-------
6,071
-------
INTERMEDIATE GOODS &
SERVICES (6.3%)
TRANSPORTATION (6.3%)
68,300 * Air Methods Corp. .............................. 587
32,600 * Arlington Tankers Ltd. ......................... 748
40,800 * Expressjet Holdings Inc. ....................... 526
5,900 * General Maritime Corp. ......................... 236
159,600 * International Shipping Enterprises, Inc. ....... 1,053
20,100 OMI Corp. ...................................... 339
4,500 * Tsakos Energy Navigation Ltd. .................. 161
-------
3,650
-------

NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------------------------------------------------------------------------------
TUDOR (CONTINUED)
- --------------------------------------------------------------------------------
INTEREST SENSITIVE (24.0%)
BANKS (13.6%)
64,100 Bank Mutual Corp. .............................. $ 780
13,500 * BankUnited Financial Corp. ..................... 431
13,450 Berkshire Hills Bancorp, Inc. .................. 500
44,800 Brookline Bancorp, Inc. ........................ 731
18,600 Commercial Capital Bancorp ..................... 431
13,800 First Financial Bankshares Inc. ................ 618
15,700 Firstmerit Corp. ............................... 447
26,200 Flagstar Barncorp, Inc. ........................ 592
35,500 Jefferson Bancshares Inc. ......................
Tennessee .................................... 467
28,900 Macatawa Bank Corp. ............................ 933
20,100 PFF Bancorp Inc. ............................... 931
22,100 * SNB Bancshares, Inc. ........................... 327
52,300 Synergy Financial Group, Inc. .................. 703
-------
7,891
-------

FINANCE (2.2%)
36,600 * Affirmative Insurance Holdings, Inc. ........... 616
15,900 # Gladstone Capital Corp. ........................ 377
34,500 * LaBranche & Company, Inc. ...................... 309
-------
1,302
-------

INSURANCE (2.0%)
18,237 EMC Insurance Group ............................ 395
8,500 First American Corporation ..................... 299
43,500 * NCRIC Group, Inc. .............................. 431
-------
1,125
-------

MUTUAL FUNDS (0.0%)
20,666 * Technology Investment Capital Corp. Rights ..... 10
-------

REAL ESTATE (6.2%)
16,600 BRE Properties Inc Cl A ........................ 669
15,200 Centerpoint Properties Trust ................... 728
14,500 Colonial Properties ............................ 570
12,400 Corporate Office Properties .................... 364
12,400 Federal Realty Investment Trust ................ 640
18,500 Newcastle Investment Corp. ..................... 588
-------
3,559
-------
13,887
-------

TOTAL COMMON STOCK
(Cost $47,081) ............................... 55,517
-------

See notes to financial statements Page 7

WEISS, PECK & GREER MUTUAL FUNDS

SCHEDULES OF INVESTMENTS AT DECEMBER 31, 2004

PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------------------------------------------------------------------------------
TUDOR (CONTINUED)
- --------------------------------------------------------------------------------

EURODOLLAR DEPOSIT (1.8%)
(Cost $1,016)
$ 1,016 Societe Generale
2.025% Due 1/3/05 $ 1,016
-------

TOTAL INVESTMENTS (97.8%)
(Cost $48,097) 56,533

OTHER ASSETS IN EXCESS
OF LIABILITIES (2.2%) 1,254
-------

TOTAL NET ASSETS (100.0%) $57,787
=======

- -----
* Non-income producing securities.
# Portion of security out on loan (See Note 3).

PORTFOLIO SUMMARY - UNAUDITED

As of December 31, 2004, the Fund was diversified
as a percentage of net assets as follows:

Banks 13.6%
Business Services 7.9%
Other Consumer 6.6%
Transportation 6.3%
Real Estate 6.2%
Technology 5.4%
Entertainment 5.3%
Consumer Cyclicals 4.3%
Construction 4.1%
Oil Field Services 3.8%
Communication 3.6%
Food 3.6%
Health Care Services 3.4%
Retail 2.7%
Natural Gas Utilities 2.7%
Basic Materials 2.6%
Computer Software & Services 2.5%
Oil & Gas Exploration 2.4%
Finance 2.2%
Insurance 2.0%
Medical Biotechnology 1.8%
Eurodollar Deposit 1.8%
Electric Utilities 1.3%
Printing 0.9%
Aerospace/Defense 0.5%
Mining 0.3%
-----
Total Investments 97.8%
Other Assets in Excess of Liabilities 2.2%
-----
Total Net Assets 100.0%
=====

NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------------------------------------------------------------------------------
WPG LARGE CAP GROWTH
- --------------------------------------------------------------------------------

COMMON STOCKS (100.8%)
AEROSPACE/DEFENSE (0.9%)
2,300 General Dynamics Corp. ............................. $ 241
------

BANKING/FINANCIAL (2.4%)
2,500 Commerce Bancorp, Inc. ............................. 161
17,000 MBNA Corp. ......................................... 479
------
640
------

BASIC INDUSTRIES (1.6%)
7,500 Monsanto Company ................................... 417
------

BROADCASTING (2.2%)
21,100 The Walt Disney Co. ................................ 587
------

BUSINESS SERVICES (2.9%)
14,400 * Accenture Ltd. ..................................... 389
8,200 * Charles River Laboratories Holding ................. 377
------
766
------

CAPITAL GOODS (2.4%)
6,000 Centex Corp. ....................................... 357
3,500 Deere & Co. ........................................ 260
------
617
------

CONGLOMERATES (0.8%)
5,900 Tyco International Ltd. ............................ 211
------

CONSUMER CYCLICALS (6.7%)
2,300 Black & Decker Corp. ............................... 203
6,800 * Coach Inc. ......................................... 384
20,300 The Home Depot, Inc. ............................... 867
5,600 Wal Mart Stores, Inc. .............................. 296
------
1,750
------

CONSUMER NON-CYCLICALS (7.4%)
15,000 Anheuser-Busch Companies, Inc. ..................... 761
9,300 Avon Products, Inc. ................................ 360
11,700 Gillette Co. ....................................... 524
5,200 Procter & Gamble Co. ............................... 286
------
1,931
------

ELECTRONICS-SEMICONDUCTORS (6.9%)
19,800 * Advanced Micro Devices ............................. 436
18,900 ASML Holding NV .................................... 301
16,700 * Freescale Semiconductor, Inc. Cl A ................. 298
2,825 * Freescale Semiconductor, Inc. Cl B ................. 52
19,100 Intel Corp. ........................................ 447
9,900 * LAM Research Corp. ................................. 286
------
1,820
------

Page 8 See notes to financial statements

WEISS, PECK & GREER MUTUAL FUNDS

SCHEDULES OF INVESTMENTS AT DECEMBER 31, 2004

NUMBER VALUE
OF SHARES SECURITY (000'S)
- --------------------------------------------------------------------------------
WPG LARGE CAP GROWTH (CONTINUED)
- --------------------------------------------------------------------------------
ENERGY (1.4%)
2,300 * Newfield Exploration Co. ........................... $ 136
6,500 XTO Energy Inc. .................................... 230
------
366
------

FINANCE (7.8%)
10,300 American International Group Inc. .................. 676
23,800 * Ameritrade Holding Corp. ........................... 338
6,400 Capital One Financial Corp. ........................ 539
7,500 Countrywide Financial Corp. ........................ 278
2,900 Freddie Mac ........................................ 214
------
2,045
------

FOOD (4.0%)
15,900 McDonald's Corp. ................................... 510
11,900 Tyson Foods Inc. ................................... 219
6,600 Yum! Brands Inc. ................................... 311
------
1,040
------

HEALTH CARE (17.4%)
11,400 Biomet, Inc. ....................................... 495
4,700 * Boston Scientific Corp. ............................ 167
6,850 * Coventry Corporation ............................... 364
11,600 * EON Labs Inc. ...................................... 313
14,800 * Gilead Sciences, Inc. .............................. 518
14,600 Glaxosmithkline Plc-ADR ............................ 692
22,000 Johnson & Johnson .................................. 1,394
22,600 Pfizer Inc. ........................................ 608
------
4,551
------

MEDICAL PRODUCTS (2.5%)
7,500 United Healthcare Corp. ............................ 660
------

RETAIL (7.1%)
2,700 * eBay Inc. .......................................... 314
12,000 J.C. Penney Company Inc. ........................... 497
15,200 Radioshack Corp. ................................... 500
5,100 Sherwin Williams Co. ............................... 228
9,100 Supervalu .......................................... 314
------
1,853
------

TECHNOLOGY (23.0%)
21,500 * BMC Software, Inc. ................................. 400
33,500 * Cisco Systems Inc. ................................. 646
15,600 * Crown Castle International Corp. ................... 260
20,000 * Dell Computer Corp. ................................ 843
6,300 Harris Corp. ....................................... 389
11,900 IMS Health Inc. .................................... 276

5,900 International Business Machines Corp. .............. $ 582
28,200 Microsoft Corp. .................................... 753
25,900 Motorola,Inc ....................................... 445
34,800 * Oracle Corp. ....................................... 477
4,000 Qualcomm Inc. ...................................... 170
12,200 * Waters Corp. ....................................... 571
5,900 * Yahoo! Inc. ........................................ 222
------
6,034
------

TRANSPORTATION (3.4%)
3,300 Burlington Northern Santa Fe Corp. ................. 156
3,600 FDX Corp. .......................................... 355
8,000 Ryder Systems, Inc. ................................ 382
------
893
------

TOTAL INVESTMENTS (100.8%)
(Cost $22,314) ................................... 26,422

LIABILITIES IN EXCESS OF
OTHER ASSETS (-0.8%) ............................. (200)
------

TOTAL NET ASSETS (100.0%) .......................... $26,222
=======

- ---------
* Non-income producing securities.

PORTFOLIO SUMMARY - UNAUDITED

As of December 31, 2004, the Fund was diversified
as a percentage of net assets as follows:

Technology 23.0%
Health Care 17.4%
Finance 7.8%
Consumer Non-Cyclicals 7.4%
Retail 7.1%
Electronics-Semiconductors 6.9%
Consumer Cyclicals 6.7%
Food 4.0%
Transportation 3.4%
Business Services 2.9%
Medical Products 2.5%
Banking/Financial 2.4%
Capital Goods 2.4%
Broadcasting 2.2%
Basic Industries 1.6%
Energy 1.4%
Aerospace/Defense 0.9%
Conglomerates 0.8%
-----
Total Investments 100.8%
Liabilities in Excess of Other Assets -0.8%
-----
Total Net Assets 100.0%
=====

See notes to financial statements Page 9

WEISS, PECK & GREER MUTUAL FUNDS

SCHEDULES OF INVESTMENTS AT DECEMBER 31, 2004

PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------------------------------------------------------------------------------
WPG CORE BOND
- --------------------------------------------------------------------------------
LONG-TERM SECURITIES
ASSET BACKED SECURITIES (4.6%)
CREDIT CARDS (4.3%)
$ 300 Bank One Issuance Trust
Series 2002-A4 Class A4
2.940% Due 6/16/08 ................................ $ 300
1,750 Citibank Credit Card Issuance Trust
Series 2003-A3 Class A3
3.100% Due 3/10/10 ................................ 1,719
1,000 Citibank Credit Card Issuance Trust
Series 2003-A6 Class A6
2.900% Due 5/17/10 ................................ 974
1,000 Citibank Credit Card Issuance Trust
Series 2003-A7 Class A7
4.150% Due 7/7/17 ................................. 950
500 Fleet Credit Card Master Trust II
Series 2002-C Class A
2.750% Due 4/15/08 ................................ 499
620 MBNA Master Credit Card Trust
Series 2000-I Class A
6.900% Due 1/15/08 ................................ 635
1,100 MBNA Master Credit Card Trust
Series 1995-C Class A
6.450% Due 2/15/08 ................................ 1,118
------
6,195
------
FINANCE (0.3%)
500 BMW Vehicle Owner Trust
Series 2003-A Class A4
2.530% Due 2/25/08 ................................ 495
------

TOTAL ASSET BACKED SECURITIES
(Cost $6,839) ..................................... 6,690
------

CORPORATE DEBENTURES (20.6%)
BANKING (7.6%)
800 ANZ Banking Group Limited
5.360% Due 12/29/49 (B)(D) ........................ 811
1,625 BankAmerica Corp.
5.875% Due 2/15/09 ................................ 1,745
400 Bank of America Corp.
5.250% Due 12/1/15 ................................ 410
1,625 Credit Suisse First Boston
3.875% Due 1/15/09 ................................ 1,616
875 Credit Suisse First Boston
4.700% Due 6/1/09 ................................. 895
515 Credit Suisse First Boston
6.125% Due 11/15/11 ............................... 562
850 Credit Suisse First Boston
4.875% Due 1/15/15 ................................ 839
470 Dresdner Funding Trust I
8.151% Due 6/30/31 (B) (D) ........................ 581

PRINCIPAL
AMOUNT VALUE
(000'S) SECURITY (000'S)
- --------------------------------------------------------------------------------
WPG CORE BOND (CONTINUED)
- --------------------------------------------------------------------------------

$130 JP Morgan Chase
3.8000% Due 10/2/09 ............................... $ 128
465 JP Morgan Chase
7.000% Due 11/15/09 ............................... 523
575 JP Morgan Chase
4.500% Due 11/15/10 ............................... 579
135 JP Morgan Chase
5.750% Due 1/2/13 ................................. 143
780 JP Morgan Chase
5.130% Due 9/15/14 ................................ 788
1,350 RBS Capital Trust III
5.512% Due 9/29/49 ................................ 1,380
------
11,000
------

BROADCAST MEDIA & CABLE (0.8%)
965 AOL Time Warner
7.625% Due 4/15/31 ................................ 1,167
------

BROKERAGE (1.0%)
800 Goldman Sachs
6.345% Due 2/15/34 ................................ 834
400 OMX Timber Financial Investment LLC I
5.420% Due 1/29/20 (B) ............................ 398
250 OMX Timber Financial Investment LLC II
5.540% Due 1/29/20 (B) ............................ 249
------
1,481
------

CAPITAL GOODS (0.9%)
125 Boeing
4.750% Due 8/25/08 ................................ 129
1,000 Hutchison Whampoa
7.450% Due 11/24/33 (B) ........................... 1,108
------
1,237
------

COMMUNICATIONS (1.4%)
790 America Movil SA
5.750% Due 1/15/15 (B) ............................ 788
305 AT&T Wireless
8.750% Due 3/1/31 (E) ............................. 411
600 France Telecom
9.250% Due 3/1/31 (E) ............................. 813
------
2,012
------

CONSUMER CYCLICALS (2.0%)
250 Ford Motor Co.
7.450% Due 7/16/31 ................................ 251
1,590 General Motors Corp.
8.375% Due 7/15/33 ................................ 1,642
1,000 Pulte Homes
6.375% Due 5/15/33 ................................ 991
------
2,884
------

Page 10 See notes to financial statements

WEISS, PECK & GREER MUTUAL FUNDS

SCHEDULES OF INVESTMENTS AT DECEMBER 31, 2004

CONSUMER NON-CYCLICALS (0.4%)
$ 450 CVS Corp.
5.298% Due 1/11/27 (B) ............................ $ 450
95 Diageo Capital
3.375% Due 3/20/08. ............................... 94
-------
544
-------

ELECTRIC UTILITIES (2.7%)
750 Enterprise Products Series B
6.875% Due 3/1/33 ................................. 797
200 PSEG Power LLC
8.625% Due 4/15/31. ............................... 266
650 Tenaga Nasional
7.500% Due 11/1/25 (B) ............................ 763
850 Translanta Corp.
5.750% Due 12/15/13 ............................... 883
1,225 TXU Corp.
6.550% Due 11/15/34 (B) ........................... 1,213
-------
3,922
-------

ENERGY (0.8%)
850 Kinder Morgan Energy
7.500% Due 11/1/10 ................................ 983
175 Pemex Project Funding Master Trust Series
7.375% Due 12/15/14 ............................... 195
-------
1,178
-------

FINANCE (1.4%)
200 Amvescap PLC
5.375% Due 12/15/14 (B) ........................... 199
125 Countrywide Credit
2.875% Due 2/15/07 ................................ 123
30 Ford Motor Credit Company
7.375% Due 2/1/11 ................................. 32
180 General Electric Capital Corp.
4.375% Due 11/21/11 ............................... 179
325 Glencore Funding LLC
6.000% Due 4/15/14 (B) ............................ 314
1,210 Household Finance Corp.
4.125% Due 11/16/09 ............................... 1,203
-------
2,050
-------

INSURANCE (1.4%)
250 Axis Capital Holdings
5.750% Due 12/1/14 ................................ 251
900 Phoenix Life Insurance
7.150% Due 12/15/34 (B) ........................... 898
800 OneAmerica Financial Partners
7.000% Due 10/15/33 (B) ........................... 864
-------
2,013
-------

REAL ESTATE INVESTMENT TRUST (REIT) (0.2%)
$250 Westfield Capital Corp.
5.125% Due 11/15/14 (B) ........................... $ 249
-------

TOTAL CORPORATE DEBENTURES
(Cost $29,047) ..................................... 29,737
-------

U.S. GOVERNMENT OBLIGATIONS
(15.1%)
U.S. TREASURY BONDS (1.7%)
2,290 5.375% Due 2/15/31 ................................ 2,476
-------

U.S. TREASURY NOTES (13.4%)
980 5.750% Due 11/15/05 ................................. 1,005
1,180 1.875% Due 1/31/06 .................................. 1,169
2,810 # 2.375% Due 8/15/06 .................................. 2,783
5,580 2.750% Due 8/15/07 .................................. 5,519
2,450 # 2.625% Due 5/15/08 .................................. 2,395
2,975 # 3.375% Due 12/15/08 ................................. 2,966
85 3.875% Due 5/15/09 .................................. 86
330 4.000% Due 6/15/09 .................................. 336
880 3.500% Due 11/15/09 ................................. 876
2,215 # 4.250% Due 11/15/14 ................................. 2,221
-------
19,356
-------

TOTAL U. S. GOVERNMENT OBLIGATIONS
(Cost $21,937) .................................... 21,832
-------

MORTGAGE PASS THROUGH SECURITIES (51.8%)
COMMERCIAL MORTGAGE-BACKED ASSETS (3.9%)
1,920 Banc of America Commercial
Mortgage Inc. Series 2004-4
Class A-6
4.875% Due 7/10/42 ................................ 1,930
325 Commercial Mortgage Asset Trust
Series 1999-C2 Class A2
7.550% Due 11/17/32 ............................... 368
660 First Union - Bank of America
Series 2001 - C1 Class A2
6.136% Due 3/15/33 ................................ 719
655 First Union-Lehman Brothers- Bank of America
Series 1998-C2 Class A2
6.560% Due 11/18/35 ............................... 704
1,240 GE Capital Commercial Mortgage Corp.
Series 2002-1A Class A3
6.269% Due 12/10/35 ............................... 1,367
490 Mortgage Capital Funding Inc.
Series 1998-MC3 Class A
6.340% Due 11/18/31 ............................... 524
-------
5,612
-------

See notes to financial statements Page 11

WEISS, PECK & GREER MUTUAL FUNDS

SCHEDULES OF INVESTMENTS AT DECEMBER 31, 2004

FEDERAL NATIONAL MORTGAGE
ASSOCIATION (44.3%)
$ 108 9.000% Due 11/1/10 ............................. $ 117
715 6.500% Due 12/1/14 ............................. 758
6,105 4.500% Due 1/15/20 (C) ......................... 6,084
3,990 5.000% Due 1/15/20 (C) ......................... 4,052
154 7.500% Due 2/1/31 .............................. 165
5,012 5.500% Due 7/1/34 .............................. 5,092
2,350 4.163% Due 12/1/34 ............................. 2,342
7,620 5.000% Due 1/15/35 (C) ......................... 7,558
13,300 5.500% Due 1/15/35 (C) ......................... 13,500
10,535 6.000% Due 1/15/35 (C) ......................... 10,891
12,715 6.500% Due 1/15/35 (C) ......................... 13,331
-------
63,890
-------

FREDDIE MAC (2.3%)
3,278 5.500% Due 9/1/19 .............................. 3,388
-------

GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION (1.3%)
169 7.500% Due 9/15/07 ............................. 182
480 8.000% Due 9/15/17 - 12/15/17 .................. 521
1,120 6.500% Due 2/15/24 - 10/15/24 .................. 1,179
-------
1,882
-------

TOTAL MORTGAGE PASS THROUGH SECURITIES
(Cost $74,469) ............................... 74,772
-------

GOVERNMENT AGENCIES (6.7%)
FEDERAL NATIONAL MORTGAGE
ASSOCIATION (3.4%)
520 2.250% Due 5/17/06 (D) ......................... 514
1,455 2.125% Due 6/5/06 .............................. 1,435
2,235 5.250% Due 6/15/06 (D) ......................... 2,301
700 3.250% Due 8/15/08 ............................. 691
-------
4,941
-------

FEDERAL HOME LOAN
BANKS (FHLB) (1.7%)
1,340 2.500% Due 3/15/06 ............................. 1,332
1,110 1.875% Due 6/15/06 ............................. 1,090
-------
2,422
-------

FREDDIE MAC (1.6%)
320 2.850% Due 2/23/07 (D) ......................... 316
1,330 3.500% Due 4/1/08 (D) .......................... 1,322
635 4.125% Due 9/1/09 (D) .......................... 634
-------
2,272
-------

TOTAL GOVERNMENT AGENCIES
(Cost $9,680) ................................... $ 9,635
-------

SHORT-TERM SECURITIES
ASSET BACKED SECURITIES (3.6%)
CREDIT CARDS (3.1%)
$ 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) .......................... 340
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
450 Citibank Credit Card Master Trust
Series 2002-A5 Class A
1.920% Due 9/17/07 (A) .......................... 450
1,200 Citibank Credit Card Master Trust
Series 2002-A
1.190% Due 10/15/09 (A) ......................... 1,201
210 First USA Credit Card Master Trust
Series 1998-4 Class A
2.009% Due 3/18/08 (A) .......................... 210
590 First USA Credit Card Master Trust
Series 2001-3 Class A
2.270% Due 11/19/08 (A) ......................... 591
415 MBNA Master Credit Card Trust
Series 2002 Class A12
2.160% Due 4/15/08 (A) .......................... 415
-------
4,438
-------

FINANCE (0.5%)
310 Student Loan Marketing Association
Series 2002-4 Class A2
1.360% Due 10/28/28 (A) ......................... 311
460 William Street Funding Corp.
Series 2003-1, Class A
1.470% Due 4/23/06 (A) (B) ...................... 460
-------
771
-------

TOTAL ASSET BACKED SECURITIES
(Cost $5,217) ................................... 5,209
-------

GOVERNMENT AGENCIES (35.7%)
FEDERAL NATIONAL MORTGAGE
ASSOCIATION (34.0%)
49,060 2.21% Due 1/13/05 ................................. 49,024
-------

Page 12 See notes to financial statements

WEISS, PECK & GREER MUTUAL FUNDS

SCHEDULES OF INVESTMENTS AT DECEMBER 31, 2004

FEDERAL HOME LOAN BANKS
(FHLB) (1.7%)
$ 2,500 1.00% Due 1/03/05 ............................... $ 2,500
--------

TOTAL GOVERNMENT AGENCY
(Cost $51,524) ................................... 51,524
--------

TOTAL INVESTMENTS (138.1%)
(Cost $198,713) .................................. 199,399

LIABILITIES IN EXCESS OF
OTHER ASSETS (-38.1%) ............................ (55,050)
--------

TOTAL NET ASSETS (100.0%) ......................... $144,349
========

<FN>

- --------------
(A) Adjustable rate security. Rate stated is as of December 31, 2004.
Principal payments on demand at periodic intervals.
(B) SEC Rule 144A Security. Such security has limited markets and is
traded among qualified institutional buyers. These securities have
been deemed liquid pursuant to guidelines established by the Board of
Trustees.
(C) Purchased on a forward commitment basis pursuant to mortgage dollar
roll transactions (See Note 4).
(D) Callable security.
(E) Step Up Bond - Coupon moves inversely to changes in interest rates.
# Portion of security out on loan (See Note 3).

PORTFOLIO SUMMARY - UNAUDITED

As of December 31, 2004, the Fund was diversified
as a percentage of net assets as follows:

Mortgage Pass-Through Securities 51.8%
Government Agencies 42.4%
Corporate Debentures 20.6%
U.S. Government Obligations 15.1%
Asset Backed Securities 8.2%
-----
Total Investments 138.1%
Liabilities in Excess of Other Assets -38.1%
-----
Total Net Assets 100.0%
======

See notes to financial statements Page 13

</FN>

WEISS, PECK & GREER MUTUAL FUNDS

STATEMENTS OF ASSETS AND LIABILITIES AT DECEMBER 31, 2004

LARGE CAP
$ IN THOUSANDS TUDOR GROWTH CORE BOND
- ----------------------------------------------------------------------------------------
ASSETS

Investments at value # (including securities
on loan in Tudor and Core Bond valued at
$4,580 and $15,062, respectively) ............ $ 56,533 $ 26,422 $ 199,399
Cash ........................................... 2 0 73
Receivable for investment securities sold ...... 1,926 907 13,773
Dividends and interest receivable .............. 38 14 738
Other assets ................................... 3 1 4
--------- --------- ---------
58,502 27,344 213,987
--------- --------- ---------

LIABILITIES
Payable for investment securities purchased .... 525 660 59,021
Payable for Fund shares redeemed ............... 65 66 10,466
Distributions payable .......................... 0 0 55
Payable to Custodian ........................... 0 321 0
Investment advisory fee payable - Note 5 ....... 43 1 14
Administration fee payable - Note 5 ............ 4 2 0
Accrued expenses ............................... 78 72 82
--------- --------- ---------
715 1,122 69,638
--------- --------- ---------
NET ASSETS ................................... $ 57,787 $ 26,222 $ 144,349
========= ========= =========

NET ASSETS REPRESENTED BY:
Shares of beneficial interest, at par .......... 1,098 1,135 13
Paid-in surplus ................................ 47,658 20,448 146,972
Distributions in excess of net investment income (4) 0 (8)
Accumulated net realized gains/(losses)
on investments ............................... 599 531 (3,314)
Net unrealized appreciation on investments ..... 8,436 4,108 686
--------- --------- ---------
NET ASSETS APPLIED TO OUTSTANDING SHARES ....... $ 57,787 $ 26,222 $ 144,349
========= ========= =========

CAPITAL SHARES (AUTHORIZED SHARES UNLIMITED)
Outstanding (000's) ............................ 3,293 1,135 13,354
========= ========= =========
Par Value ...................................... $ .33 1/3 $ 1.00 $ 0.001
========= ========= =========
Net asset value per share ...................... $ 17.55 $ 23.10 $ 10.81
========= ========= =========

# INVESTMENTS AT COST .......................... 48,097 22,314 198,713
========= ========= =========

UNREALIZED APPRECIATION/(DEPRECIATION):
Gross appreciation ........................... 8,871 4,488 1,161
Gross depreciation ........................... (435) (380) (475)
--------- --------- ---------
NET UNREALIZED APPRECIATION .................... 8,436 4,108 686
========= ========= =========

Page 14 See notes to financial statements

WEISS, PECK & GREER MUTUAL FUNDS

STATEMENTS OF OPERATIONS FOR YEAR ENDED DECEMBER 31, 2004

LARGE CAP
$ IN THOUSANDS TUDOR GROWTH CORE BOND
- ---------------------------------------------------------------------------------------
INVESTMENT INCOME:

Dividends ........................................ $ 562 $ 596 $ 0
Interest ......................................... 20 0 5,181
Income from securities loaned - Note 3 ........... 11 0 24
-------- -------- --------
593 596 5,205
-------- -------- --------
EXPENSES:
Investment advisory fee - Note 5 ................. 532 336 703
Transfer agent fees and expenses ................. 103 81 55
Administration fees - Note 5 ..................... 61 53 0
Custodian fees and expenses - Note 7 ............. 22 15 34
Fund accounting fees and expenses ................ 49 43 118
Professional fees ................................ 67 58 116
Trustees' fees and expenses ...................... 18 18 21
Registration fees ................................ 22 23 19
Shareholders' reports ............................ 11 8 6
Other expenses ................................... 34 33 45
-------- -------- --------
919 668 1,117
Less fees waived by adviser ...................... 0 (43) (441)
Less expenses paid indirectly - Note 7 ........... (4) (1) (4)
-------- -------- --------
915 624 672
-------- -------- --------
NET INVESTMENT INCOME/(LOSS) ..................... (322) (28) 4,533
-------- -------- --------

REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS
Net realized gain on investments ............... 8,271 4,123 3,862
Net change in unrealized appreciation/
(depreciation) on investments ................ 2,202 (4,018) (1,049)
-------- -------- --------
NET GAIN ON INVESTMENTS .......................... 10,473 105 2,813
-------- -------- --------

NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS ........................ 10,151 77 7,346
======== ======== ========

See notes to financial statements Page 15

WEISS, PECK & GREER MUTUAL FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

YEARS ENDED DECEMBER 31, 2004 AND 2003
LARGE CAP CORE
TUDOR GROWTH BOND
- -------------------------------------------------------------------------------------------------------------------------
$ IN THOUSANDS 2004 2003 2004 2003 2004 2003
OPERATIONS:

Net investment income/(loss) ............... ($ 322) ($ 431) ($ 28) ($ 245) $ 4,533 $ 3,340
Net realized gain on investments
and options .............................. 8,271 15,641 4,123 3,459 3,862 2,945
Change in unrealized
appreciation/(depreciation)
on investments and options ............... 2,202 4,673 (4,018) 9,881 (1,049) (1,072)
--------- --------- --------- --------- --------- ---------
NET INCREASE
IN NET ASSETS RESULTING
FROM OPERATIONS .......................... 10,151 19,883 77 13,095 7,346 5,213
--------- --------- --------- --------- --------- ---------

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income ............... 0 0 0 0 (4,533) (3,340)
From realized gains ...................... (5,774) 0 (3,206) 0 0 0
--------- --------- --------- --------- --------- ---------
NET DECREASE DUE TO DIVIDENDS
AND DISTRIBUTIONS ........................ (5,774) 0 (3,206) 0 (4,533) (3,340)
--------- --------- --------- --------- --------- ---------

TRANSACTIONS IN SHARES OF
BENEFICIAL INTEREST:
Shares sold .............................. 2,287 22,281 3,338 3,333 49,323 72,014
Distributions reinvested ................. 5,209 0 2,776 0 4,031 2,830
Shares redeemed .......................... (12,368) (31,587) (29,118) (7,485) (57,636) (36,160)
--------- --------- --------- --------- --------- ---------
NET INCREASE/(DECREASE) FROM
CAPITAL SHARE TRANSACTIONS ............... (4,872) (9,306) (23,004) (4,152) (4,282) 38,684
--------- --------- --------- --------- --------- ---------

TOTAL INCREASE/(DECREASE)
IN NET ASSETS ............................ (495) 10,577 (26,133) 8,943 (1,469) 40,557

NET ASSETS:
Beginning of year .......................... 58,282 47,705 52,355 43,412 145,818 105,261
--------- --------- --------- --------- --------- ---------
End of year* ............................... $ 57,787 $ 58,282 $ 26,222 $ 52,355 $ 144,349 $ 145,818
========= ========= ========= ========= ========= =========

*Includes distributions in excess of
net investment income .................... ($ 4) $ 0 $ 0 $ 0 ($ 8) $ 0

Transactions in shares of the funds
(in thousands):
Sold ..................................... 133 1,804 134 150 4,654 6,789
Reinvestment of distributions ............ 305 0 122 0 376 241
Redeemed ................................. (712) (2,483) (1,193) (344) (5,355) (3,432)
--------- --------- --------- --------- --------- ---------
Net increase/(decrease) .................... (274) (679) (937) (194) (325) 3,598
========= ========= ========= ========= ========= =========

Page 16 See notes to financial statements

WEISS, PECK & GREER MUTUAL FUNDS

NOTES TO FINANCIAL STATEMENTS

1- ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
ORGANIZATION
- ------------
Thefollowing 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 Core Bond Fund ("Core Bond")

Each Fund is diversified.

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 U.S. generally accepted accounting principles.

PORTFOLIO VALUATION
- -------------------
COMMON STOCK -- Securities are valued using the closing price or the last
sale price on the national securities exchange or on the National
Association of Securities Dealers Automatic Quotation System ("NASDAQ")
market system where they are primarily traded. If there were no sales on
that day or the securities are traded on the over-the-counter markets, the
mean of the last bid and ask price prior to the market close is used.

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.

SHORT TERM SECURITIES -- 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. The Funds' Valuation Committee, as authorized by the Funds' Board of
Trustees, monitors significant events that occur after the close of foreign
securities primary markets, but prior to the daily valuation of the Funds'
shares. Alternative pricing procedures for these securities are implemented
pursuant to procedures adopted by the Board of Trustees.

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.

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 17

WEISS, PECK & GREER MUTUAL FUNDS

NOTES TO FINANCIAL STATEMENTS - (CONTINUED)

FEDERAL INCOME TAXES
- --------------------
The Funds intend to comply with the requirements of the Internal Revenue
Code that pertain to regulated investment companies and to distribute all
of their taxable income to their shareholders. No federal income tax
provision is required. The Funds utilized the following amounts of capital
loss carryfowards in 2004: Tudor $896,279, Large Cap Growth $353,618 and
Core Bond $3,832,164. As of December 31, 2004, the following Funds had
capital loss carryforwards to offset future capital gains:

(IN THOUSANDS)
YEAR OF EXPIRATION
FUND 2007
---- ----
Tudor 0
Large Cap Growth 0
Core Bond $3,091

In addition, Tudor Fund generated a post-October 31, 2004 net currency loss
of $3,686 and Core Bond Fund generated a post-October 31, 2004 net capital
loss of $11,354, which, if unused, will expire on December 31, 2013.

At December 31, 2004 the components of accumulated earnings on a tax basis
were as follows:

(IN THOUSANDS) ACCUMULATED
NET REALIZED NET UNREALIZED
UNDISTRIBUTED NET GAINS/(LOSSES) APPRECIATION
FUND INVESTMENT INCOME ON INVESTMENTS ON INVESTMENTS
---- ----------------- -------------- --------------
Tudor 1,051 671 7,314
Large Cap Growth 0 627 4,012
Core Bond 0 (3,091) 474

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, post-October losses, real estate
investment trust income and securities which have taken losses for
financial statement purposes.

At December 31, 2004, the cost of investments for federal income tax
purposes is as follows:

(IN THOUSANDS)
COST OF GROSS GROSS NET
FUND INVESTMENTS APPRECIATION (DEPRECIATION) APPRECIATION
---- ----------- ------------ -------------- ------------
Tudor 49,219 8,459 (1,145) 7,314
Large Cap Growth 22,410 4,460 (448) 4,012
Core Bond 198,925 1,114 (640) 474

Page 18

WEISS, PECK & GREER MUTUAL FUNDS

NOTES TO FINANCIAL STATEMENTS - (CONTINUED)

RECLASSIFICATION OF CAPITAL ACCOUNTS
- ------------------------------------
On the statements of assets and liabilities, as a result of certain
differences in the computation of net investment income and net realized
capital gains under federal income tax rules and regulations versus
generally accepted accounting principles, a reclassification has been made
to increase (decrease) distributions in excess of net investment income,
distributions in excess of net realized gains on investments and currencies
and paid-in surplus for the Funds as follows:

(IN THOUSANDS) UNDISTRIBUTED
NET INVESTMENT ACCUMULATED
INCOME/(DISTRIBUTIONS NET REALIZED
IN EXCESS OF NET GAINS/(LOSSES) PAID IN
FUND INVESTMENT INCOME) ON INVESTMENTS SURPLUS
---- ------------------ -------------- -------
Tudor 318 (318) 0
Large Cap Growth 28 0 (28)
Core Bond (8) 8 0

The primary permanent differences causing such reclassifications are due to
currency gains and losses and the expiration or reclassification of net
operating losses and reclassification of real estate investment trust
income. 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 and the Large Cap Growth Fund.
Dividends from net investment income are declared daily and paid monthly
for the Core Bond Fund.

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, 2004 and December 31, 2003 is as follows:

(IN THOUSANDS)
ORDINARY (A) CAPITAL GAIN (B)
FUND 2004 2003 2004 2003
---- ---- ---- ---- ----
Tudor 5,774 0 0 0
Large Cap Growth 0 0 3,206 0
Core Bond 4,533 3,340 0 0

- ------------
(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.

REPURCHASE AGREEMENTS (TUDOR, CORE BOND)
- ----------------------------------------
It is each Fund's policy to take possession of securities or other assets
purchased under agreements to resell. The securities purchased under
agreements to resell are marked to market every business day to ensure that
the value of the "collateral" is at least equal to the value of the loan,
including the accrued interest earned thereon, plus sufficient additional
market value as is considered necessary to provide a margin of safety.

FUTURES (TUDOR, 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

Page 19

WEISS, PECK & GREER MUTUAL FUNDS

NOTES TO FINANCIAL STATEMENTS - (CONTINUED)

contract. Such a receipt or payment is known as a "variation margin" and is
recorded by each Fund as an unrealized gain or loss. When the contract is
closed, the Fund records a realized gain or loss equal to the difference
between the value of the contract at the time it was opened and the value
at the time it was closed. The Fund is also required to fully collateralize
futures contracts purchased. The Fund only enters into futures contracts
which are traded on exchanges. At December 31, 2004, the Funds did not hold
any futures.

OPTIONS WRITING (TUDOR, LARGE CAP GROWTH, CORE BOND)
- ----------------------------------------------------
A Fund may write covered options to protect against adverse movements in
the price of securities in the investment portfolio. When a Fund writes an
option, an amount equal to the premium received by the Fund is recorded as
a liability and is subsequently adjusted to the current market value of the
option written. Premiums received from writing options which expire
unexercised are recorded by the Fund on the expiration date as realized
gains from options transactions. The difference between the premium and the
amount paid on effecting a closing purchase transaction, including
brokerage commissions, is also treated as a realized gain, or if the
premium is less than the amount paid for the closing purchase transaction,
as a realized loss. If a call is exercised, the premium is added to the
proceeds from the sale of the underlying securities or currencies in
determining whether the Fund has realized a gain or loss. If a put is
exercised, the premium reduces the cost basis of the securities or
currencies purchased by the Fund. In writing an option, the Fund bears the
market risk of an unfavorable change in the price of the security
underlying the written option. Exercise of an option written by the Fund
could result in the selling or buying of a security or currency at a price
different from the current market value. The Fund only enters into options
which are traded on exchanges except for Tudor which can enter into
non-exchange options with counterparties as authorized by the Board of
Trustees. At December 31, 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 currency contracts. Such contracts may be
utilized in connection with planned purchases or sales of securities or to
hedge the U.S. dollar value of portfolios denominated in foreign
currencies. Fluctuations in the value of the forward contracts are recorded
as unrealized gains or losses by the Fund. Risks may arise upon entering
into these contracts from the potential inability of counterparties to meet
the terms of their contracts and from unanticipated movements in the value
of the foreign currency relative to the U.S. dollar. Upon entering into
such a contract, the Fund is required to segregate assets with its
custodian at least equal to the value of the Fund's assets committed to
fulfilling the forward currency contract. At December 31, 2004, the Funds
did not hold any forward currency contracts.

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.

The Funds do not isolate that portion of the results of operations
resulting from changes in foreign exchange rates on investments from
fluctuations arising from changes in the market prices of securities held.
Such fluctuations are included with the net realized and unrealized gain or
loss on investments. Reported net realized foreign exchange gains or losses
arise from sales and maturities of short term securities, sales of foreign
currencies, currency gains or losses realized between the trade and
settlement dates on securities transactions, the difference between the
amounts of dividends, interest, and foreign withholding taxes recorded on
the Fund's books, and the U.S. dollar equivalent of the amounts actually
received or paid. Net unrealized foreign exchange gains and losses arise
from changes in the value of assets and liabilities other than investments
in securities at year end, resulting from changes in the exchange rate.

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.

Page 20

WEISS, PECK & GREER MUTUAL FUNDS

NOTES TO FINANCIAL STATEMENTS - (CONTINUED)

FUND CLOSINGS
- -------------
On December 20, 2004, the following Funds, which were part of the WPG Funds
Trust, were terminated and liquidated: WPG Quantitative Equity Fund, WPG
Intermediate Municipal Bond Fund, WPG Tax Free Money Market Fund and WPG
Government Money Market Fund. The Board of Trustees of these Funds
determined that the Funds' continuation was no longer in the best interest
of the shareholders, due to their inability to conduct their operations in
an economically viable manner.

UPCOMING PROXY FOR REORGANIZATION
- ---------------------------------
On December 16, 2004, the Board of Trustees of each of WPG Large Cap Growth
Fund, WPG Tudor Fund and WPG Core Bond Fund (each, an "Existing Fund")
approved an Agreement and Plan of Reorganization pursuant to which each
shareholder of these Funds will be reorganized into a newly created series
(each, a "New Fund") of The RBB Fund, Inc., a Maryland Corporation. The
reorganization is expected to be free of any tax consequences.

Robeco USA, L.L.C., through its division, Weiss, Peck & Greer Investments,
will serve as investment adviser to the New Funds on substantially the same
terms as it so serves for the Existing Funds. The investment objectives,
policies and strategies of the New Funds will be the same as the Existing
Funds. It is anticipated that the shareholder meeting seeking approval of
this organization will take place on or about April 29, 2005.

2- SECURITIES TRANSACTIONS
For the year ended December 31, 2004, sales proceeds, cost of securities
purchased, (other than short-term investments), total commissions and
commissions received by Robeco USA Brokerage Services, an affiliate of
Weiss, Peck & Greer Investments ("WPG" or the "Adviser"), 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 $103,631 $91,418 $667 $16
Large Cap Growth 87,025 61,495 132 14
Core Bond 1,189,711* 1,187,913* 0 0

- -------
* For the year ended December 31, 2004, $610,488,474 in purchases and
$594,603,770 in sales were from mortgage dollar roll transactions in the
WPG Core Bond Fund.

3- SECURITIES LENDING (TUDOR, CORE BOND)
At December 31, 2004, the Tudor Fund loaned securities valued at $4,579,974
(including accrued interest). For collateral the Tudor Fund received a
letter of credit from Danske Bank in an amount equal to $4,700,000. At
December 31, 2004, the Core Bond Fund loaned securities valued at
$15,061,905 (including accrued interest). For collateral, the Core Bond
Fund received U.S. Treasury securities which were valued at $15,632,241.
For the year ended December 31, 2004, the Tudor Fund earned $10,918 and the
Core Bond Fund earned $23,887 in securities lending fees, net of custodian
expenses.

4- MORTGAGE DOLLAR ROLLS (CORE BOND)
The Core Bond Fund may enter into the 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 each day 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 21

WEISS, PECK & GREER MUTUAL FUNDS

NOTES TO FINANCIAL STATEMENTS - (CONTINUED)

5- INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
WPG serves as the Funds' investment adviser. The annual 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

Core Bond .45% of net assets

The Adviser has agreed to cap operating expenses and may not discontinue or
modify the cap without the approval of the Funds' trustees. The Tudor
Fund's expenses are capped at 1.70%, Large Cap Growth Fund's expenses are
capped at 1.40%, and Core Bond Fund's expenses are capped at 0.43%.
Pursuant to an agreement, beginning in 2004, WPG may seek reimbursement
from the Tudor Fund and Large Cap Growth Fund for expenses waived by WPG
during the prior two years.

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% and Core Bond 0.00%. 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 Core Bond Fund 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 December 31, 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.

7- CUSTODIAN FEES
Each Fund has entered into an expense offset agreement with its custodian
wherein it receives credit toward the reduction of custodian fees whenever
there are uninvested cash balances. For the year ended December 31, 2004
the Funds' custodian fees and related offset were as follows:

CUSTODIAN OFFSET
FEE CREDIT
--- ------
Tudor $21,741 $3,567
Large Cap Growth 14,592 628
Core Bond 34,414 4,303

The Funds could have invested their cash balances elsewhere if they had not
agreed to a reduction in fees under the expense offset agreement with their
custodian.

Page 22

WEISS, PECK & GREER MUTUAL FUNDS

FINANCIAL HIGHLIGHTS (FOR THE YEARS ENDED DECEMBER 31)

$ PER SHARE RATIOS
NET
IN-
REAL- CREASE RATIO
IZED (DE- OF
AND CREASE) NET
UNREAL- IN INVEST-
IZED NET DIVID- DISTRI- RATIO MENT
GAINS ASSETS ENDS BUTIONS TOTAL NET OF INCOME
NET NET OR RESULT- FROM FROM DIVID- NET ASSETS EXPENSES (LOSS) PORT-
ASSET INVEST- (LOSSES) ING NET NET ENDS ASSET AT TO TO FOLIO
VALUE AT MENT ON FROM INVEST- REALIZED AND VALUE AT END OF AVERAGE AVERAGE TURN-
BEGINNING INCOME INVEST- OPER- MENT CAPITAL DISTRI- END OF TOTAL YEAR NET NET OVER
OF YEAR (LOSS) MENTS ATIONS INCOME GAINS BUTIONS YEAR RETURN ($000's) ASSETS ASSETS RATE
- ------------------------------------------------------------------------------------------------------------------------------------
TUDOR

2004 $16.34 $0.00 $3.11 $3.11 $0.00 $(1.90) $(1.90) $17.55 19.35% $57,787 1.55% (0.55%) 159.2%
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

LARGE CAP GROWTH
2004 25.27 0.00 0.93 0.93 0.00 (3.10) (3.10) 23.10 3.82 26,222 1.40 (0.06) 138.7
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

CORE BOND
2004 10.66 0.31 0.15 0.46 (0.31) 0.00 (0.31) 10.81 4.38 144,349 0.43 2.90 805.8*
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

- ------------
* The portfolio turnover rate excluding mortgage dollar roll transactions for
the year ended December 31, 2004, was 573.6%

See notes to financial statements. Page 23

WEISS, PECK & GREER MUTUAL FUNDS

FINANCIAL HIGHLIGHTS

The Adviser agreed to cap certain Funds' operating expenses and not to
impose its full fee for certain periods. This has resulted in a waiver of a
portion of the Investment Advisory Fee for Large Cap Growth and Core Bond.
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 INCOME
EXPENSES (LOSS)
TO AVERAGE TO AVERAGE
NET ASSETS NET ASSETS
---------- ----------
LARGE CAP GROWTH
2004 1.50% -0.16%

CORE BOND
2004 0.71% 2.62%
2003 0.75% 2.51%
2002 0.83% 3.69%
2001 0.81% 4.73%
2000 0.79% 6.29%

The custody fee earnings credit had an effect of less than 0.01% on the
above ratios in 2000, 2001, 2002, 2003 and 2004 for the Tudor and Large Cap
Growth Funds, with the exception of 2004 for Large Cap Growth Fund that had
an effect of 0.01% on the above ratio.

Page 24

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees of:

WPG TUDOR FUND
WPG LARGE CAP GROWTH FUND
WPG CORE BOND FUND

We have audited the accompanying statements of assets and liabilities of the WPG
Tudor Fund, WPG Large Cap Growth Fund, and WPG Core Bond Fund (the "Funds"),
including the schedules of investments, as of December 31, 2004, and the related
statements of operations for the year then ended, the statements of changes in
net assets for each of the two years in the period then ended and the financial
highlights for each of the five years in the period then ended. These financial
statements and financial highlights are the responsibility of the Funds'
management. Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audits to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. Our procedures included
confirmation of securities owned as of December 31, 2004, by correspondence with
the custodian and brokers or by other appropriate auditing procedures where
replies from brokers were not received. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
WPG Tudor Fund, WPG Large Cap Growth Fund and WPG Core Bond Fund as of December
31, 2004, the results of their operations for the year then ended, the changes
in their net assets for each of the two years in the period then ended, and the
financial highlights for each of the years in the five year period then ended,
in conformity with U.S. generally accepted accounting principles.

/S/ KPMG LLP
- -------------
February 14, 2005
New York, NY

Page 25

WEISS, PECK & GREER MUTUAL FUNDS

INFORMATION ON TRUSTEES - UNAUDITED

TRUSTEES
NAME, ADDRESS, DATE OF BIRTH
POSITION(S) HELD WITH PRINCIPAL NUMBER OF
FUND AND LENGTH OF SERVICE OCCUPATION(S) FUNDS OVERSEEN OTHER DIRECTORSHIPS
AS A TRUSTEE PAST 5 YEARS BY DIRECTOR HELD BY TRUSTEE
- ------------------------------------------------------------------------------------------------------------------

DANIEL S. VANDIVORT Senior Managing Director All Funds
909 Third Avenue Robeco USA, Inc.
New York, NY 10022
7/4/54
Chairman of the Board and
Trustee since 2004

- ------------------------------------------------------------------------------------------------------------------

RAYMOND R. HERRMANN, JR. Chairman of the Board of All Funds Life Member of Board of
60 E. 42nd Street Sunbelt Beverage Corp. Overseers of Cornell Medical
Suite 1915 Former Vice Chairman and College Director of Sky Ranch
New York, NY 10165 Director McKesson Corp. for Boys
9/11/20
Trustee since 1970

- ------------------------------------------------------------------------------------------------------------------
ROBERT A. STRANIERE Member of New York State All Funds Director of various Reich
182 Rose Avenue Assembly and Tang Funds
Staten Island, NY 10306 Sole proprietor of Straniere
3/28/41 Law Firm
Trustee since 1992

- ------------------------------------------------------------------------------------------------------------------
WILLIAM B. ROSS Self-employed Financial All Funds
4044 N. Farwell Avenue Consultant
Shorewood, WI 53211
8/22/27
Trustee since 1972

- ------------------------------------------------------------------------------------------------------------------
GRAHAM E. JONES Senior Vice President, All Funds Trustee of various investment
330 Garfield Street BGK Realty Inc. companies of Deutsche Asset
Santa Fe, NM 87501 Management
1/31/33 Trustee various investment
Trustee since 1985 companies managed by
Sun Capital Advisers.

The Funds' Statement of Additional Information (SAI) includes additional
information about the trustees and is available without charge, upon request, by
calling the Funds toll-free at 1-800-223-3332.

Page 26

WEISS, PECK & GREER MUTUAL FUNDS

ADDITIONAL INFORMATION - UNAUDITED

FEDERAL INCOME STATUS OF DIVIDENDS
For the year ended December 31, 2004, the Tudor Fund's distribution was
characterized as follows for the purposes of Federal income taxes: 5.372% for
Dividend Received Deduction ("DRD") and 6.65% consisted of Qualified Dividend
Income ("QDI"). Large Cap Growth Fund designated $3,205,905 as long-term
distributions.

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 1-800-223-3332. This information is
also available via the SEC's web site at http://www.sec.gov.

FORM N-Q
The Funds are required to file a complete schedule of investments with the
SEC for the first and third fiscal quarters on Form N-Q, the first of which
was recently filed for the quarter ended September 30, 2004. The Fund's Form
N-Q are available on the SEC website at http://www.sec.gov or may be viewed
and obtained from the SEC's Public Reference Room in Washington D.C.
Information on the operation of the Public Reference Room may be obtained by
calling 1-800-SEC-0330. Form N-Q can also be obtained by calling WPG
Investments toll free at 1-800-223-3332.

Page 27

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c/o ROBECO

WEISS, PECK & GREER INVESTMENTS

909 THIRD AVENUE, NEW YORK, NY 10022

INDEPENDENT TRUSTEES AND INVESTMENT ADVISER
MEMBERS OF AUDIT COMMITTEE WPG Investments
Raymond R. Herrmann, Jr. 909 Third Avenue
Graham E. Jones New York, NY 10022
William B. Ross
Robert A. Straniere CUSTODIAN
Boston Safe Deposit and
Trust Company
One Exchange Place
OFFICERS Boston, MA 02109
DANIEL S. VANDIVORT
DIVIDEND DISBURSING AND
Chairman of the Board and Trustees TRANSFER AGENT
- all funds PFPC Inc.
President - WPG Funds Trust P.O. Box 60448
King of Prussia, PA 19406-0448
WILLIAM KELLY
Executive Vice President and Treasurer DISTRIBUTOR
- all funds
PFPC Distributors, Inc.
JOSEPH J. REARDON 760 Moore Road
Chief Compliance Officer - all funds King of Prussia, PA 19406

E.K. EASTON RAGSDALE
President - WPG Large Cap Growth Fund
LEGAL COUNSEL
PETER ALBANESE Wilmer, Cutler, Pickering,
Vice President - WPG Large Cap Growth Fund Hale and Dorr
60 State Street
RICHARD SHUSTER Boston, MA 02109
President - WPG Tudor Fund
INDEPENDENT REGISTERED
GREGORY N. WEISS PUBLIC ACCOUNTING FIRM
Vice President - WPG Tudor Fund KPMG LLP
757 Third Avenue
New York, NY 10017

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.

(a) The registrant, as of the end of the period covered by this report,
has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal
accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party.

(b) Not applicable.

(c) There have been no amendments, during the period covered by this
report, to a provision of the code of ethics that applies to the
registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing
similar functions, regardless of whether these individuals are
employed by the registrant or a third party, and that relates to any
element of the code of ethics description.

(d) The registrant has not granted any waivers, including an implicit
waiver, from a provision of the code of ethics that applies to the
registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing
similar functions, regardless of whether these individuals are
employed by the registrant or a third party, that relates to one or
more of the items set forth in paragraph (b) of this item's
instructions.

(e) Not applicable.

(f) A copy of the registrant's code of ethics that applies to the
registrant's principal executive officer and principal financial
officer is filed as an exhibit to this report pursuant to Item
12(a)(1).

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant's Board has determined that William B. Ross, a member of the
Audit Committee of the Board, is an audit committee financial expert as defined
by the Securities and Exchange Commission (the "SEC"). Mr. Ross is "independent"
as defined by the SEC for purposes of the audit committee financial expert
determination.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

AUDIT FEES

(a) The aggregate fees billed for each of the last two fiscal years for
professional services rendered by the principal accountant for the
audit of the registrant's annual financial statements or services that
are normally provided by the accountant in connection with statutory
and regulatory filings or engagements for those fiscal years were as
follows: 2004 $36,655, and 2003 $30,665.

AUDIT-RELATED FEES

(b) None.

TAX FEES

(c) The aggregate fees billed in each of the last two fiscal years for
professional services rendered by the principal accountant for tax
compliance, tax advice, and tax planning were as follows: 2004
$10,443, and 2003 $9,545. The nature of the services comprising these
fees was tax compliance and tax advice related to the preparation and
review of annual income and excise tax returns. The nature of the
services comprising these fees was tax compliance and tax advice
related to the preparation and review of annual income and excise tax
returns.

ALL OTHER FEES

(d) None.

(e)(1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

Before any accountant is engaged by the registrant to render
either audit or non-audit services, such engagement must be
approved by the audit committee, with the exception of any de
minimus engagement meeting applicable requirements. In addition,
the audit committee must also pre-approve the engagement of any
accountant by the registrant's investment adviser (does not
include work subcontracted or overseen by another investment
adviser) and any entity controlling, controlled by, or under
common control with the investment adviser, if the engagement
relates directly to the operations and financial reporting of the
registrant, with the exception of any de minimus engagement
meeting applicable requirements.

(e)(2) None

(f) Not applicable.

(g) The aggregate non-audit fees billed by the registrant's accountant for
services rendered to the registrant, and rendered to the registrant's
investment adviser (not including any sub-adviser whose role is
primarily portfolio management and is subcontracted with or overseen
by another investment adviser), and any entity controlling, controlled
by, or under common control with the adviser that provides ongoing
services to the registrant for each of the last two fiscal years of
the registrant were as follows: 2004 $10,443, and 2003 $9,545.

(h) The registrant's audit committee of the board of directors has
considered whether the provision of non-audit services that were
rendered to the registrant's investment adviser (not including any
sub-adviser whose role is primarily portfolio management and is
subcontracted with or overseen by another investment adviser), and any
entity controlling, controlled by, or under common control with the
investment adviser that provides ongoing services to the registrant
that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule
2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS

Schedule of Investments in securities of unaffiliated issuers as of the close of
the reporting period is included as part of the report to shareholders filed
under Item 1 of this form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

During the reporting period there have been no material changes to the
procedures by which the shareholders may recommend nominees to the registrant's
board of directors, where those changes were implemented after the registrant
last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G)
of Schedule 14A (17 CFR 240.14a-101), or this Item.

The Nominating Committee of the registrant's Board of Trustees will consider
Independent Trustee candidates recommended by shareholders of any fund of the
registrant. Any recommendation should be submitted in writing to the Secretary
of the funds, c/o Robeco USA, L.L.C., 909 Third Avenue, New York, New York
10022. Any submission should include at a minimum the following information: As
to each individual proposed for election or re-election as an Independent
Trustee, the name, age, business address, residence address and principal
occupation or employment of such individual, the class, series and number of
shares of stock of the funds that are beneficially owned by such individual, the
date such shares were acquired and the investment intent of such acquisition,
whether such shareholder believes such individual is, or is not, an Independent
Trustee, and information regarding such individual that is sufficient, in the
discretion of the Committee, to make such determination, and all other
information relating to such individual that is required to be disclosed in
solicitation of proxies for election of trustees in an election contest (even if
an election contest is not involved) or is otherwise required, in each case
pursuant to Regulation 14A (or any successor provision) under the Securities
Exchange Act of 1934, as amended, and the rules thereunder (including such
individual's written consent to being named in the proxy statement as a nominee
and to serving as a trustee (if elected)). In a case where the funds are holding
a meeting of shareholders, any such submission, in order to be considered for
inclusion in the funds' proxy statement, should be submitted within a reasonable
time before the funds begin to print and mail their proxy statement. Any such
submission must also be submitted by such date and contain such other
information as may be specified in the funds' By-laws.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The registrant's principal executive and principal financial officers,
or persons performing similar functions, have concluded that the
registrant's disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940, as amended (the
"1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within
90 days of the filing date of the report that includes the disclosure
required by this paragraph, based on their evaluation of these
controls and procedures required by Rule 30a-3(b) under the 1940 Act
(17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the
Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or
240.15d-15(b)).

(b) There was no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act
(17 CFR 270.30a-3(d)) that occurred during the registrant's second
fiscal quarter of the period covered by this report that has
materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting.

ITEM 12. EXHIBITS.

(a)(1) Code of ethics, or any amendment thereto, that is the subject of
disclosure required by Item 2 is attached hereto.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act
and Section 302 of the Sarbanes-Oxley Act of 2002 are
attached hereto.

(a)(3) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act
and Section 906 of the Sarbanes-Oxley Act of 2002 are
attached hereto.

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.

(registrant) WEISS, PECK & GREER FUNDS TRUST

By (Signature and Title)* /S/ DANIEL S. VANDIVORT
-------------------------------------------------------
Daniel S. Vandivort, Chairman
(principal executive officer)

Date FEBRUARY 23, 2005
----------------------------------------------------------------------------

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 (Signature and Title)* /S/ DANIEL S. VANDIVORT
-------------------------------------------------------
Daniel S. Vandivort, Chairman
(principal executive officer)

Date FEBRUARY 23, 2005
----------------------------------------------------------------------------

By (Signature and Title)* /S/ WILLIAM KELLY
-------------------------------------------------------
William Kelly, Executive Vice President
and Treasurer
(principal financial officer)

Date FEBRUARY 23, 2005
----------------------------------------------------------------------------

* Print the name and title of each signing officer under his or her signature.