SEMI-ANNUAL REPORT
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Bjurman Micro-Cap
Growth Fund
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SEPTEMBER 30
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1(BULLET) 9 (BULLET) 9 (BULLET) 7
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September 30, 1997
To our Shareholders:
For the second quarter ending September 30,1997, the Bjurman Micro-Cap
Growth Fund's total return was +34.62% versus the Russell 2000 Growth Index and
the Russell 2000 Index being up 16.92%, and 14.88%, respectively, over the same
time period. Each index is an unmanaged indicator of small capitalization stock
performance. Since inception on March 31,1997 through September 30, 1997, the
Fund has had a total return of 63.33% versus 33.51% for the Russell 2000 Index
and 37.44% for the Russell 2000 Growth Index.
Small capitalization stocks began outperforming large capitalization
stocks in April of this year largely reflecting better relative earnings growth
for these stocks and the three year underperformance of small versus large
capitalization issues. According to preliminary data from Lipper Analytical
Services, micro cap mutual funds were the best performers among diversified U.S.
stock funds in the first nine months of 1997.
The best performing sectors in the Bjurman Micro-Cap Growth Fund as of
September 30, 1997 were Electronic Technology, Energy, Retail and Finance. The
Fund currently holds 27.15% in Electronic Technology, 12.35% in Energy, 7.89% in
Retail and 5.14% in Finance.
Our Management Approach
-----------------------
The Fund seeks capital appreciation through investments in common
stocks of companies with market capitalizations typically between $30 million
and $300 million at the time of investment. We employ a growth-oriented approach
to equity investment management and seek to outperform market averages over a
complete market cycle by investing in companies we believe have above average
earnings prospects.
The Adviser's equity selection process attempts to identify undervalued
companies with superior earnings growth characteristics. The selection process
starts by screening a universe of approximately 1,900 companies with market
capitalizations ranging from $30 million up to $300 million, using five models
which emphasize both growth and value attributes. The screening factors include
(1) earnings growth, (2) earnings strength, (3) earnings revision, (4)
price/earnings to growth ratio and (5) price to cash flow. The next step
involves a top-down economic analysis designed to identify the 10 to 15 most
promising industries over the next 12 to 18 months.
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Stocks are ranked according to the above five criteria in an attempt to
identify approximately 100 to 190 companies offering the best growth prospects
and selling at attractive prices. The highest ranking stocks in the most
promising industries are then subjected to additional fundamental and technical
research. Generally, we attempt to identify profitable companies with capable
management teams, above average reinvestment rates, strong industry positions,
and productive research and development efforts. To ensure a well diversified
portfolio, commitments to any one issue or industry are generally limited to 5%
and 15%, respectively, of the Fund's market value.
Market Outlook
--------------
Small cap companies as a group are expected to show profit growth
surpassing that of large caps for the next 12 months versus the last 12 months.
Small cap stock prices have underperformed large cap stock prices
during the past three years leaving them at the lower end of relative valuation
levels.
Small cap companies are less impacted by the strengthening dollar which
negatively impacts the larger companies doing business overseas.
The new capital gains tax reduction has a greater positive impact on
tax returns to investors who get most of their returns from capital gains
generated from faster growing small companies.
Slow economic growth, low interest rates and moderate inflation are all
conducive to positive returns from the fast growing small cap sector.
All of the above factors bode well for the outlook for the small cap
sectors of the market.
Sincerely,
/S/Signature /S/Signature
G. Andrew Bjurman, CFA, CIC O. Thomas Barry, III, CFA, CIC
Co-President and Portfolio Manager Co-President and Portfolio Manager
2
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How to Invest in The Fund
-------------------------
The minimum initial investment is $5,000 (including IRA and SEP
accounts) and $500 for subsequent investments.
To purchase shares of the Fund or to receive a prospectus, call FPS
Services Inc. at (800) 227-7264 or by a minimum investment of $2,500 through
Charles Schwab & Co. Inc.'s Mutual Fund One Source(REGISTRATION MARK) program.
The Funds Daily Net Asset Value can be obtained by calling FPS Services
Inc. at (800) 227-7264.
Top 10 Holdings
As of September 30, 1997
------------------------
% of Total
Fund
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UTI Energy Corp. 3.00
Winsloew Furniture, Inc. 2.17
Rent-Way, Inc. 2.05
AmeriLink Corp. 2.03
Datum, Inc. 1.97
Party City Corp. 1.84
Dawson Geophysical Co. 1.82
Sabratek Corp. 1.76
Key Energy Group, Inc. 1.75
Harborside Healthcare Corp. 1.70
DISTRIBUTED BY FPS BROKER SERVICES, INC., 3200 HORIZON DRIVE,
KING OF PRUSSIA, PA 19406.
TO BE PROCEEDED OR ACCOMPANIED BY A PROSPECTUS. DFU 11-97
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BJURMAN MICRO-CAP GROWTH FUND
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED) SEPTEMBER 30, 1997
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SHARES VALUE
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COMMON STOCKS -- 99.96%
BASIC MATERIALS -- 1.65%
2,550 Dyersburg Corp. ......................... $ 30,600
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COMMERCIAL/INDUSTRIAL SERVICES -- 5.90%
1,300 AmeriLink Corp.* ........................ 37,700
1,100 Analytical Surveys, Inc.* ............... 25,162
250 CSS Industries, Inc.* ................... 9,094
500 Mail-Well, Inc.* ........................ 13,562
1,300 SOS Staffing Services, Inc.* ............ 24,050
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109,568
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CONSUMER DURABLES -- 9.89%
400 Action Performance Companies, Inc.* ..... 11,650
270 Continental Homes Holding Corp. ......... 7,914
1,800 Dominion Homes, Inc.* ................... 15,750
500 Keystone Automotive Industries, Inc.* ... 10,562
1,000 Monaco Coach Corp.* ..................... 23,625
1,100 NVR, Inc.* .............................. 28,600
700 Stanley Furniture Co., Inc.* ............ 18,725
1,500 ThrustMaster, Inc.* ..................... 26,625
2,600 Winsloew Furniture, Inc.* ............... 40,300
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183,751
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CONSUMER NON-DURABLES -- 3.30%
600 K-Swiss, Inc., Class A .................. 10,200
600 Oxford Industries, Inc. ................. 20,325
1,700 Rocky Shoes & Boots, Inc.* .............. 30,706
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61,231
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CONSUMER SERVICES -- 4.49%
1,000 American Disposal Services, Inc.* ....... 31,250
750 Foodmaker, Inc.* ........................ 14,109
1,800 Rent-Way, Inc.* ......................... 38,025
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83,384
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ELECTRONIC TECHNOLOGY -- 27.15%
1,000 Aavid Thermal Technologies, Inc.* ....... 30,125
800 Advanced Technology Materials, Inc.* .... 29,400
750 CHS Electronics, Inc.* .................. 20,531
850 CyberMedia, Inc.* ....................... 22,684
500 Cymer, Inc.* ............................ 13,687
800 Datum, Inc.* ............................ 36,500
See accompanying notes to financial statements.
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BJURMAN MICRO-CAP GROWTH FUND
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED) SEPTEMBER 30, 1997
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SHARES VALUE
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COMMON STOCKS -- CONTINUED
ELECTRONIC TECHNOLOGY -- CONTINUED
300 Digital Microwave Corp.* .......................... $ 13,425
700 Ducommun, Inc.* ................................... 26,381
2,150 Excel Technology, Inc.* ........................... 26,337
1,300 Identix, Inc.* .................................... 14,869
300 Integrated Process Equipment Corp.* ............... 11,063
1,300 International Microcomputer Software, Inc.* ....... 22,750
950 Memco Software, Ltd.* ............................. 20,900
650 Micrel, Inc.* ..................................... 27,503
100 MTI Technology Corp.* ............................. 1,400
450 Orbotech, Ltd.* ................................... 25,988
750 Performance Technologies, Inc.* ................... 14,531
600 QLogic Corp.* ..................................... 25,125
200 Sapient Corp.* .................................... 10,175
2,800 Sigma Designs, Inc.* .............................. 23,275
1,250 Simulation Sciences, Inc.* ........................ 24,609
600 STB Systems, Inc.* ................................ 21,900
1,400 Summit Design, Inc.* .............................. 24,850
500 World Access, Inc.* ............................... 16,250
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504,258
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ENERGY -- 12.35%
1,800 Bellwether Exploration Co.* ....................... 25,200
1,400 Dawson Geophysical Co.* ........................... 33,775
700 Giant Industries, Inc. ............................ 13,781
700 Gulfmark Offshore, Inc.* .......................... 24,150
1,000 Key Energy Group, Inc.* ........................... 32,563
500 Pool Energy Services Co.* ......................... 16,938
600 St. Mary Land & Exploration Co. ................... 27,225
1,350 UTI Energy Corp.* ................................. 55,772
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229,404
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FINANCE -- 5.14%
550 GBC Bancorp ....................................... 26,950
850 Grubb & Ellis Co.* ................................ 12,378
200 Haven Bancorp, Inc. ............................... 8,550
500 TR Financial Corp. ................................ 15,938
500 Triad Guaranty, Inc.* ............................. 27,938
200 WSFS Financial Corp.* ............................. 3,675
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95,429
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See accompanying notes to financial statements.
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BJURMAN MICRO-CAP GROWTH FUND
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED) SEPTEMBER 30, 1997
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SHARES VALUE
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COMMON STOCKS -- CONTINUED
HEALTH CARE -- 12.12%
1,650 Alliance Imaging, Inc.* ........................ $ 18,047
1,500 D & K Wholesale Drug, Inc.* .................... 11,813
100 Diagnostic Health Services, Inc.* .............. 1,513
1,500 Hanger Orthopedic Group, Inc.* ................. 22,406
1,850 Harborside Healthcare Corp.* ................... 31,566
2,650 International Murex Technologies Corp.* ........ 25,175
1,150 Medical Resources, Inc.* ....................... 22,281
1,100 Molecular Dynamics, Inc.* ...................... 29,700
1,350 Osteotech, Inc.* ............................... 27,169
900 Sabratek Corp.* ................................ 32,738
100 Sterling House Corp.* .......................... 2,650
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225,058
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PRODUCER MANUFACTURING -- 6.48%
100 Alpine Group (The), Inc.* ...................... 1,506
1,000 Ballantyne of Omaha, Inc.* ..................... 19,250
1,450 Dayton Superior Corp.* ......................... 27,550
750 Encore Wire Corp.* ............................. 24,094
400 Gardner Denver Machinery, Inc.* ................ 13,475
600 Maverick Tube Corp.* ........................... 24,750
250 Robbins & Myers, Inc. .......................... 9,625
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120,250
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RETAIL TRADE -- 7.89%
1,500 Ames Department Stores, Inc.* .................. 22,500
650 Pacific Sunwear of California* ................. 26,650
1,300 Party City Corp.* .............................. 34,125
1,200 PCA International, Inc.* ....................... 28,200
850 Trans World Entertainment Corp.* ............... 23,163
500 Tuesday Morning Corp.* ......................... 11,781
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146,419
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TRANSPORTATION -- 1.18%
1,100 US Xpress Enterprises, Inc.* ................... 22,000
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UTILITIES -- 2.42%
1,100 Advanced Communication Systems, Inc.* .......... 14,025
6,100 Kaneb Services, Inc.* .......................... 30,881
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44,906
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TOTAL COMMON STOCKS
(Cost $1,512,846) ............................ 1,856,258
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See accompanying notes to financial statements.
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BJURMAN MICRO-CAP GROWTH FUND
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED) SEPTEMBER 30, 1997
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PRINCIPAL
AMOUNT VALUE
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$21,770 SHORT TERM INVESTMENTS -- 1.17%
The Bank of New York Cash Reserve, 4.60% .... $ 21,770
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TOTAL SHORT TERM INVESTMENTS
(Cost $21,770) .............................. 21,770
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TOTAL INVESTMENTS -- 101.13%
(Cost $1,534,616) ........................... 1,878,028
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LIABILITIES IN EXCESS OF ASSETS-- (1.13%) ..... (20,916)
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NET ASSETS -- 100.0% .......................... $1,857,112
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* Non-income producing security.
** Cost for Federal income tax purposes is $1,534,616 and
net unrealized appreciation consists of:
Gross unrealized appreciation ....... $346,303
Gross unrealized depreciation ....... (2,891)
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Net unrealized appreciation ....... $343,412
========
See accompanying notes to financial statements.
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BJURMAN MICRO-CAP GROWTH FUND
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED) SEPTEMBER 30, 1997
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<TABLE>
<CAPTION>
<S> <C>
ASSETS:
Investments at market value (Cost $1,534,616) (Note 1) ......................................... $1,878,028
Receivables:
Capital stock sold .......................................................................... 22,000
Dividends receivable ........................................................................ 206
Deferred unamortized organization costs (Note 1) ............................................... 58,485
Other assets ................................................................................... 9,736
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TOTAL ASSETS ............................................................................. 1,968,455
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LIABILITIES:
Payables:
Investment securities purchased ............................................................. 15,736
Accrued expenses ............................................................................ 24,372
Accrued distribution fee (Note 3) ........................................................... 333
Due to Advisor (Note 3) ..................................................................... 70,902
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TOTAL LIABILITIES ........................................................................ 111,343
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NET ASSETS:
Applicable to 94,752 shares; unlimited number of shares
of beneficial interest authorized with no par value ......................................... $1,857,112
==========
Net asset value, offering and redemption price ($1,857,112 (DIVIDE) 94,752 shares) ............. $ 19.60
==========
NET ASSETS CONSIST OF:
Paid-in capital ................................................................................ $1,517,344
Accumulated net realized loss on investments ................................................... (3,644)
Accumulated unrealized appreciation on investments ............................................. 343,412
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NET ASSETS ............................................................................... $1,857,112
==========
</TABLE>
See accompanying notes to financial statements.
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BJURMAN MICRO-CAP GROWTH FUND
STATEMENT OF OPERATIONS
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FOR THE PERIOD
MARCH 31, 1997*
THROUGH
SEPTEMBER 30, 1997
(UNAUDITED)
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INVESTMENT INCOME:
Dividends .................................................. $ 562
Interest ................................................... 602
---------
TOTAL INCOME ............................................ 1,164
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EXPENSES:
Investment advisory fees (Note 3) .......................... 2,958
Administration fees ........................................ 27,725
Transfer agent fees ........................................ 14,637
Accounting fees ............................................ 12,803
Registration fees .......................................... 12,330
Trustees fees .............................................. 6,855
Amortization of organization costs (Note 1) ................ 6,515
Audit fees ................................................. 6,093
Legal fees ................................................. 5,078
Custody fees ............................................... 4,937
Printing fees .............................................. 4,062
Miscellaneous fees ......................................... 3,964
Distribution fees (Note 3) ................................. 740
Insurance expense .......................................... 479
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TOTAL EXPENSES .......................................... 109,176
Expenses waived and reimbursed by Advisor (Note 3) ... (103,851)
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NET EXPENSES ............................................ 5,325
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NET INVESTMENT LOSS ........................................... (4,161)
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REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized loss from security transactions ............... (3,644)
Net change in unrealized appreciation of investments ....... 343,412
---------
Net realized loss and unrealized appreciation on investments 339,768
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NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS .......... $ 335,607
=========
*Commencement of investment operations.
See accompanying notes to financial statements.
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BJURMAN MICRO-CAP GROWTH FUND
STATEMENT OF CHANGES IN NET ASSETS
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<TABLE>
<CAPTION>
FOR THE PERIOD
MARCH 31, 1997*
THROUGH
SEPTEMBER 30, 1997
(UNAUDITED)
------------------
<S> <C>
OPERATIONS:
Net investment loss ........................................................ $ (4,161)
Net realized loss from security transactions ............................... (3,644)
Net change in unrealized appreciation of investments ....................... 343,412
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Net increase in net assets resulting from operations .................... 335,607
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CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold .................................................. 1,421,565
Cost of shares redeemed .................................................... (60)
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Increase in net assets derived from capital share transactions (a) ......... 1,421,505
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TOTAL INCREASE IN NET ASSETS ............................................ 1,757,112
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NET ASSETS:
Beginning of period ........................................................ 100,000
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End of period (including undistributed net investment income of $0) ........ $1,857,112
==========
(a) Transactions in capital stock were:
Shares sold ............................................................ 86,422
Shares redeemed ........................................................ (3)
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Increase in shares outstanding ............................................. 86,419
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<FN>
*Commencement of investment operations.
</FN>
</TABLE>
See accompanying notes to financial statements.
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BJURMAN MICRO-CAP GROWTH FUND
FINANCIAL HIGHLIGHTS
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The table below sets forth financial data for one share of capital stock
outstanding throughout the period presented.
FOR THE PERIOD
MARCH 31, 1997*
THROUGH
SEPTEMBER 30, 1997
(UNAUDITED)
------------------
NET ASSET VALUE, BEGINNING OF PERIOD .......................... $ 12.00
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Income from investment operations:
Net investment loss ........................................ (0.04)
Net realized and unrealized gain on investments ............ 7.64
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Total from investment operations . ...................... 7.60
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NET ASSET VALUE, END OF PERIOD ................................ $ 19.60
=======
TOTAL RETURN .................................................. 63.33%1
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000s) . ...................... $ 1,857
Ratio of expenses to average net assets:
Before expense reimbursement ............................ 36.91%2
After expense reimbursement ............................. 1.80%2
Ratio of net investment income to average net assets:
Before expense reimbursement . .......................... (36.51%)2
After expense reimbursement ............................. (1.40%)2
Portfolio turnover rate . .................................. 22.33%1
Average commission rate paid . ............................ $0.0389
*Commencement of investment operations.
1 Not Annualized.
2 Annualized.
See accompanying notes to financial statements.
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BJURMAN MICRO-CAP GROWTH FUND
NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1997 (UNAUDITED)
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NOTE 1 -- SIGNIFICANT ACCOUNTING POLICIES
The Bjurman Funds (the "Trust" ) is organized as a Delaware business trust
pursuant to a Trust Agreement dated September 26, 1996. The Trust is registered
under the Investment Company Act of 1940, as amended, as an open-end,
diversified management investment company. The Trust is organized to offer
separate series of shares and is currently offering a single series of shares
called Bjurman Micro-Cap Growth Fund (the "Fund"). The Fund seeks capital
appreciation through investments in common stocks of smaller companies with
market capitalizations between $30 million and $300 million at the time of
investment. The following is a summary of significant accounting policies
consistently followed by the Fund in the preparation of its financial
statements. The policies are in conformity with generally accepted accounting
principles for investment companies.
A. SECURITY VALUATION. Investments in securities traded on a national securities
exchange are valued at the last reported sales price. Unlisted securities,
securities sold over-the-counter, or listed securities in which there were no
sales, are valued at the mean of the closing bid and ask prices. When market
quotations are not readily available, securities and other assets are valued at
fair value as determined in good faith by the Board of Trustees. Short-term
obligations having a maturity of 60 days or less are valued at amortized cost,
which the Board of Trustees believes represents fair value.
B. INVESTMENT INCOME AND SECURITIES TRANSACTIONS. Security transactions are
accounted for on the date the securities are purchased or sold (trade date).
Cost is determined and gains and losses are based on the identified cost basis
for both financial statement and federal income tax purposes. Dividend income is
reported on the ex-dividend date. Interest income and expenses are accrued
daily.
C. ORGANIZATION COSTS. Organization costs are being amortized on a straight line
basis over five years from commencement of operations.
D. FEDERAL INCOME TAXES. It is the policy of the Fund to comply with all
requirements of the Internal Revenue Code applicable to regulated investment
companies and to distribute substantially all of its taxable income to its
shareholders. Therefore, no Federal income tax provision is required.
E. DISTRIBUTIONS TO SHAREHOLDERS. The Fund will distribute substantially all of
its net investment income in December, and capital gains, if any, annually.
Distributions to shareholders are recorded on the ex-dividend date. Income and
capital gain distributions are determined in accordance with income tax
regulations which may differ from generally accepted accounting principles.
F. USE OF ESTIMATES. In preparing financial statements in conformity with
generally accepted accounting principles, management makes estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements, as well as the reported amounts of revenues
and expenses during the reporting period. Actual results could differ from those
estimates.
NOTE 2 -- PURCHASES AND SALES OF SECURITIES
Purchases and sales of securities, other than short-term investments, totaled
$1,677,173 and $160,683, respectively, for the period ended September 30, 1997.
12
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BJURMAN MICRO-CAP GROWTH FUND
NOTES TO FINANCIAL STATEMENTS-- CONTINUED SEPTEMBER 30, 1997 (UNAUDITED)
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NOTE 3 -- INVESTMENT MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
George D. Bjurman & Associates (the "Adviser"), a registered investment adviser,
provides the Fund with investment management services. For providing investment
advisory services, the Fund pays the Adviser a monthly fee which is calculated
by applying an annual rate of 1.00% of the average daily net assets of the Fund.
The Adviser has voluntarily agreed to waive its fees for the first fiscal year
to the extent total annualized fund operating expenses, inclusive of
distribution expenses, exceed 1.80% of the Fund's average daily net assets. For
the period ended September 30, 1997, advisory fees of $2,958 were paid to the
Adviser and the Adviser reimbursed the Fund $103,851. The Fund has adopted a
Distribution Plan (the "Plan"), pursuant to Rule 12b-1 under the Investment
Company Act of 1940, as amended, which permits the Fund to pay certain expenses
associated with the distribution of its shares. The Plan provides that the Fund
will reimburse FPS Broker Services, Inc. (the "Distributor"), the Fund's sole
underwriter and distributor, for actual distribution and shareholder servicing
expenses incurred by the Distributor not exceeding, on an annual basis, 0.25% of
the Fund's average daily net assets. For the period ended September 30, 1997,
the Fund reimbursed the Distributor $740 for distribution costs incurred.
Certain officers and trustees of the Fund are affiliated persons of the Adviser.
All officers serve without direct compensation from the Fund.
13
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LOGO
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The financial information included in this report has been taken from the books
and records of the Fund without examination by the Fund's independent
accountants, who express no opinion thereon. This report is submitted for
general information of the shareholders of the Fund. It is not authorized for
distribution to prospective investors in the Fund unless preceded or accompanied
by an effective Prospectus which includes details regarding the Fund's
objective, policies, expenses and other information.
<PAGE>
BOARD OF TRUSTEES
G. Andrew Bjurman
O. Thomas Barry, III
Donald W. Hudson, Jr.
Joseph E. Maiolo
William Wallace
OFFICERS
G. Andrew Bjurman, Co-President
O. Thomas Barry, III, Co-President
INVESTMENT ADVISER
George D. Bjurman & Associates
10100 Santa Monica Boulevard, Suite 1200
Los Angeles, California 90067
UNDERWRITER
FPS Broker Services, Inc.
3200 Horizon Drive, P.O. Box 61503
King of Prussia, Pennsylvania 19406
SHAREHOLDER SERVICES
FPS Services, Inc.
3200 Horizon Drive, P.O. Box 61503
King of Prussia, Pennsylvania 19406
CUSTODIAN
The Bank of New York
48 Wall Street
New York, New York 10286
LEGAL COUNSEL
Paul, Hastings, Janofsky & Walker LLP
345 California Street
San Francisco, California 94104
INDEPENDENT AUDITOR
Deloitte & Touche LLP
1000 Wilshire Boulevard
Los Angeles, California 90017
FOR ADDITIONAL INFORMATION ABOUT BJURMAN
MICRO-CAP GROWTH FUND CALL:
(800) 227-7264
(610) 239-4600
