<PAGE>
Semi-Annual Report
[LOGO OF WESTCORE FUNDS]
Westcore Equity Funds
Westcore Bond Funds
Westcore Funds are managed by
Denver Investment Advisors LLC
November 30th, 1995
Westcore MIDCO Growth Fund
Westcore Blue Chip Fund
Westcore Equity Income Fund
Westcore Small-Cap Opportunity Fund
Westcore Long-Term Bond Fund
Westcore Intermediate-Term Bond Fund
Westcore Colorado Tax-Exempt Fund
<PAGE>
- --------------------------------------------------------------------------------
LETTER FROM THE CHAIRMAN & THE PRESIDENT
- --------------------------------------------------------------------------------
November 30, 1995
Dear Shareholder:
This 1995 Semi-Annual Report provides you with the information necessary for you
to determine how your investment(s) with the Westcore Funds fared during the
last half year. What securities are held by your fund(s)? Has the per share
price gone up or down since you became a shareholder? These and many other
questions are addressed in this report.
The past 6 months have been very eventful for the Westcore Funds. At the
beginning of October, the fund family was streamlined into seven no-load funds,
and Denver Investment Advisors LLC became the sole adviser to the funds. As no-
load funds, current shareholders, as well as new shareholders, can put more of
their money to work than ever before. Westcore continues its commitment to
superlative investment management and customer service.
In the last half-year, stock market indicators such as the Dow Jones Industrial
Average and NASDAQ Composite set new records on a frequent basis. This stock
market activity has translated into respectable gains for all of the Westcore
equity funds through the 6 month period covered by this report. The Federal
Reserve's hesitancy to adjust interest rates has also created a stable
environment in the bond market relative to last year's tumultous situation. This
has had the result of generating competitive rates of return for the Westcore
bond funds as well through the period ending November 30, 1995.
The changes to the Westcore Funds are positive and will be of benefit to our
shareholders. We want to thank you for your patience and understanding while the
Westcore Funds have undergone these changes. Rest assured that you will be able
to count on us to be responsive to your investment needs and service requests.
As always, you may write to us at 370 17th Street, Suite 2700, Denver, CO 80202,
or call (800) 392-2673 if you have any questions, comments, or concerns about
your account. We look forward to hearing from you.
Sincerely,
[SIGNATURE LOGO JACK D. HENDERSON] [SIGNATURE LOGO KENNETH V. PENLAND]
Jack D. Henderson Kenneth V. Penland
Chairman President
2 ------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
WESTCORE SEMI-ANNUAL REPORT
- --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
NOVEMBER 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
Equity Blue MIDCO Small-Cap Intermediate- Long-Term Colorado
Income Chip Growth Opportunity Term Bond Tax-Exempt
Fund Fund Fund Fund Bond Fund Fund Fund
------ ---- ------ ----------- ------------- --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Investments, at value
(cost-see below) $27,665,088 $62,380,049 $547,525,396 $18,105,785 $83,871,324 $28,796,166 $10,836,050
-see accompanying statements
Cash 0 121,677 0 0 0 0 0
Receivable for investments sold 117,185 0 4,738,773 84,926 1,517,050 0 203,397
Dividends and interest receivable 88,267 105,067 221,421 22,641 1,329,798 453,461 205,697
Shares of beneficial
interest sold 6,044 27,140 170,823 651 44,778 6,215 250
Organizational costs, net of
accumulated amortization 0 0 0 53,731 0 0 5,341
Prepaid expenses and other assets 8,693 11,051 46,488 10,050 5,856 13,521 1,346
Due from investment advisor 0 0 0 10,888 0 0 8,739
- -----------------------------------------------------------------------------------------------------------------------------------
Total Assets 27,885,277 62,644,984 552,702,901 18,288,672 86,768,806 29,269,363 11,260,820
- -----------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Investments purchased 210,743 0 3,469,212 331,248 0 0 250,713
Accrued investment
advisory fee 5,676 25,556 288,605 0 12,552 5,124 0
Bank overdraft 0 0 121,677 0 0 0 0
Shares of beneficial
interest redeemed 4,389 65,414 354,504 0 53,259 8,914 23,667
Other payables 49,336 51,644 483,457 26,503 94,766 35,225 31,651
- -----------------------------------------------------------------------------------------------------------------------------------
Total Liabilities 270,144 142,614 4,717,455 357,751 160,577 49,263 306,031
- -----------------------------------------------------------------------------------------------------------------------------------
NET ASSETS $27,615,133 $62,502,370 $547,985,446 $17,930,921 $86,608,229 $29,220,100 $10,954,789
===================================================================================================================================
COMPOSITION OF NET ASSETS
Paid-in capital $23,447,764 $42,900,051 $361,191,862 $15,061,353 $86,445,574 $26,648,757 $10,512,581
Undistributed net
investment income 70,428 139,836 (1,431,591) 7,780 141,922 48,188 14,679
Accumulated net realized
gain (loss) from investment
transactions 1,302,908 4,920,455 24,347,024 423,769 (1,878,034) (129,632) (6,528)
Net unrealized appreciation
of investments 2,794,033 14,542,028 163,878,151 2,438,019 1,898,767 2,652,787 434,057
- -----------------------------------------------------------------------------------------------------------------------------------
NET ASSETS $27,615,133 $62,502,370 $547,985,446 $17,930,921 $86,608,229 $29,220,100 $10,954,789
===================================================================================================================================
NET ASSET VALUE PER SHARE
Net Assets $27,615,133 $62,502,370 $547,985,446 $17,930,921 $86,608,229 $29,220,100 $10,954,789
- -----------------------------------------------------------------------------------------------------------------------------------
Shares of beneficial
interest outstanding 2,416,856 3,667,765 26,660,287 955,125 8,298,688 2,825,852 1,009,480
- -----------------------------------------------------------------------------------------------------------------------------------
Net asset value and redemption
price per share $11.43 $17.04 $20.55 $18.77 $10.44 $10.34 $10.85
- -----------------------------------------------------------------------------------------------------------------------------------
COST OF INVESTMENTS $24,871,055 $47,838,021 $383,647,245 $15,667,766 $81,972,557 $26,143,379 $10,401,993
===================================================================================================================================
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
- ------------------------------------------------------------------------------ 3
<PAGE>
- --------------------------------------------------------------------------------
WESTCORE SEMI-ANNUAL REPORT
- --------------------------------------------------------------------------------
EQUITY INCOME FUND
STATEMENT OF INVESTMENTS
November 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
Shares Market Value*
- ----------- -------------
<C> <S> <C>
COMMON STOCKS 93.17%
- --------------------------------------------------------------------
CAPITAL GOODS 14.42%
- --------------------------------------------------------------------
AEROSPACE/DEFENSE 3.67%
- --------------------------------------------------------------------
9,500 General Motors Corp Class H $ 451,250
8,000 Goodrich B F & Co. 561,000
----------
1,012,250
----------
COMPUTER HARDWARE 0.57%
- --------------------------------------------------------------------
1,900 Hewlett Packard Co. 157,462
----------
COMPUTER SERVICES 2.25%
- --------------------------------------------------------------------
12,300 General Motors Corp Class E 621,150
----------
CONSTRUCTION 0.91%
- --------------------------------------------------------------------
6,400 Foster Wheeler Corp 252,800
----------
ELECTRICAL EQUIPMENT 2.12%
- --------------------------------------------------------------------
8,700 General Electric Co 585,075
----------
ELECTRONICS 1.76%
- --------------------------------------------------------------------
6,500 Millipore Corp 242,125
4,000 Motorola Inc 245,000
----------
487,125
----------
OTHER-CAPITAL GOODS 3.14%
- --------------------------------------------------------------------
9,700 Greenfield Industries Inc. 298,275
13,600 OEA Inc 368,900
7,100 Wabash National Corp 198,800
----------
865,975
----------
TOTAL CAPITAL GOODS
(Cost $3,646,164) 3,981,837
----------
CONSUMER CYCLICALS 18.40%
- --------------------------------------------------------------------
BUSINESS SERVICES 1.93%
- --------------------------------------------------------------------
8,000 Omnicom Group Inc 534,000
----------
CONSUMER PRODUCTS 3.35%
- --------------------------------------------------------------------
3,300 Duracell International Inc 174,900
10,300 Gillette Co 534,312
2,500 Procter & Gamble Inc 215,938
----------
925,150
----------
CONSUMER SERVICES 0.77%
- --------------------------------------------------------------------
8,000 Loewen Group Inc 212,000
----------
HOTELS/LEISURE 0.55%
- --------------------------------------------------------------------
5,600 La Quinta Inns Inc 151,900
----------
OIL & GAS 1.71%
- --------------------------------------------------------------------
16,600 Panhandle Eastern Corp 471,025
----------
RETAIL 5.80%
- --------------------------------------------------------------------
8,600 Caseys General Stores Inc 199,950
5,400 Dollar General Corp 146,475
3,900 Home Depot Inc 173,062
9,000 Intimate Brands 149,625
5,200 Nordstrom Inc 204,100
10,400 Tandy Corp 495,300
9,700 Wal Mart Stores Inc 232,800
----------
1,601,312
----------
TELECOMMUNICATIONS 3.72%
- --------------------------------------------------------------------
32,000 Frontier Corp 828,000
5,500 Vodafone Group PLC ADR 198,688
----------
1,026,688
----------
OTHER-CONSUMER CYCLICAL 0.57%
- --------------------------------------------------------------------
6,000 Newell Co 158,250
----------
TOTAL CONSUMER CYCLICAL
(Cost $4,893,077) 5,080,325
----------
CONSUMER STAPLES 5.77%
- --------------------------------------------------------------------
DRUGS & HEALTHCARE 0.81%
- --------------------------------------------------------------------
3,900 Schering Plough Corp 223,763
----------
FOOD, BEVERAGE & TOBACCO 4.96%
- --------------------------------------------------------------------
5,500 Coca Cola Co 416,625
6,000 CPC International Inc 412,500
9,800 Pepsico Inc 541,450
----------
1,370,575
----------
TOTAL CONSUMER STAPLES 1,594,338
(Cost $1,387,735) ----------
CREDIT SENSITIVE 40.47%
- --------------------------------------------------------------------
BANKS 5.06%
- --------------------------------------------------------------------
7,700 Cullen Frost Bankers Inc 390,775
30,500 Norwest Corp 1,006,500
----------
1,397,275
----------
</TABLE>
4 ------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
WESTCORE SEMI-ANNUAL REPORT
- --------------------------------------------------------------------------------
EQUITY INCOME FUND
STATEMENT OF INVESTMENTS
November 30, 1995 (Unaudited)(Continued)
<TABLE>
<CAPTION>
Shares Market Value*
- ----------- ------------
<C> <S> <C>
FINANCIAL SERVICES 9.25%
- -----------------------------------------------------
11,500 Advanta Corp Cl B $ 445,625
6,600 Household International Inc 412,500
3,900 MBNA Corp 157,463
62,850 Mercury Finance Co. 895,613
2,800 MGIC Investment Corp Wisconsin 155,750
13,000 United Asset Management Corp 489,125
-----------
2,556,076
-----------
HEALTHCARE SERVICES 0.51%
- -----------------------------------------------------
3,100 U.S. Healthcare Inc 141,050
-----------
INSURANCE 3.31%
- -----------------------------------------------------
13,200 AFLAC Inc 537,900
11,300 Frontier Insurance Group Inc 375,725
-----------
913,625
-----------
REAL ESTATE INVESTMENT
TRUST 3.44%
- -----------------------------------------------------
45,800 Healthcare Realty Trust 950,350
-----------
UTILITIES- ELECTRIC 5.80%
- -----------------------------------------------------
13,496 AES Corp** 273,294
34,300 Illinova Corp 973,263
13,000 Pinnacle West Capital Corp 354,250
-----------
1,600,807
-----------
UTILITIES- GAS 5.62%
- -----------------------------------------------------
9,600 Enron Corp 360,000
30,000 KN Energy Inc 873,750
9,800 Questar Corp 317,275
-----------
1,551,025
-----------
UTILITIES- TELEPHONE 7.48%
- -----------------------------------------------------
9,900 Cincinnati Bell Inc 295,762
23,500 GTE Corp 1,001,687
21,600 Telemark Danmark A/S 602,100
5,000 Telefonos De Mexico ADR 165,000
-----------
2,064,549
-----------
TOTAL CREDIT SENSITIVE
(Cost $9,746,489) 11,174,757
-----------
Shares Market Value*
- ----------- ------------
INTERMEDIATE GOODS
& SERVICES CHEMICALS 14.11%
- -----------------------------------------------------
Chemicals 3.07%
- -----------------------------------------------------
4,800 Air Products & Chemicals Inc $ 266,400
1,800 Olin Corp 136,800
7,000 PPG Industries Inc 317,625
3,200 Union Carbide Corp 126,800
-----------
847,625
-----------
ENERGY PRODUCERS 4.89%
- -----------------------------------------------------
9,600 Apache Corp 255,600
10,500 Mobil Corp 1,095,938
-----------
1,351,538
-----------
ENERGY EQUIPMENT 0.50%
- -----------------------------------------------------
4,500 Production Operators Corp 137,250
-----------
PAPER PRODUCTS 1.43%
- -----------------------------------------------------
7,600 Federal Paper Board Inc 395,200
-----------
PUBLISHING 0.44%
- -----------------------------------------------------
3,000 E.W. Scripps Co 121,875
-----------
TRANSPORTATION 3.78%
- -----------------------------------------------------
6,100 Burlington Northern Santa Fe 491,812
1,900 CSX Corp 166,487
5,700 Union Pacific Corp 386,175
-----------
1,044,474
-----------
TOTAL INTERMEDIATE GOODS & SERVICES
(Cost $3,414,682) 3,897,962
-----------
TOTAL COMMON STOCKS
(Cost $ 23,088,147) 25,729,219
-----------
PREFERRED STOCKS 0.56%
- -----------------------------------------------------
2,700 Storage Technology Corp
Cv Pfd $3.50(1) 153,900
-----------
(Cost $198,690)
Face Amount
BONDS 5.18%
- -----------------------------------------------------
$400,000 First Financial Management Corp,
5.00%, 12/15/99 653,000
250,000 HFS Inc,
4.50%, 10/01/99 466,563
300,000 Prime Hospitality,
7.00%, 4/15/02 312,375
-----------
TOTAL BONDS
(Cost $1,234,187) 1,431,938
-----------
</TABLE>
- ------------------------------------------------------------------------------ 5
<PAGE>
- --------------------------------------------------------------------------------
WESTCORE SEMI-ANNUAL REPORT
- --------------------------------------------------------------------------------
EQUITY INCOME FUND
STATEMENT OF INVESTMENTS
November 30, 1995 (Unaudited)(Continued)
<TABLE>
<CAPTION>
Shares Market Value*
- ----------- ------------
<C> <S> <C>
MUTUAL FUNDS 1.27%
- -----------------------------------------------------
348,284 Provident Institutional
Temp Fund
(Cost $350,031) $ 350,031
===========
TOTAL INVESTMENTS 100.18% $27,665,088
(Cost $24,871,055)
Liabilities in Excess of
Other Assets (0.18%) (49,955)
=======================
NET ASSETS 100.00% $27,615,133
=======================
</TABLE>
*See note 1 to financial statements.
** Denotes non-income producing securities.
(1)Convertible to common stock.
BLUE CHIP FUND
STATEMENT OF INVESTMENTS
November 30, 1995(Unaudited)
<TABLE>
<CAPTION>
Shares Market Value*
- ----------- ------------
<C> <S> <C>
COMMON STOCKS 97.42%
- -----------------------------------------------------
CAPITAL GOODS 10.58%
- -----------------------------------------------------
AEROSPACE & DEFENSE 4.06%
- -----------------------------------------------------
14,050 McDonnell Douglas Corp $ 1,252,206
13,700 United Technologies Corp 1,284,375
-----------
2,536,581
-----------
COMPUTER - HARDWARE 2.01%
- -----------------------------------------------------
13,010 International Business
Machines 1,257,091
-----------
COMPUTER - SOFTWARE
& SERVICES 2.72%
- -----------------------------------------------------
25,935 Computer Associates
International Inc 1,698,743
-----------
OFFICE PRODUCTS 1.79%
- -----------------------------------------------------
8,160 Xerox Corp 1,118,940
-----------
TOTAL CAPITAL GOODS
(Cost $3,893,531) 6,611,355
-----------
CONSUMER CYCLICAL 13.41%
- -----------------------------------------------------
ENTERTAINMENT 1.94%
- -----------------------------------------------------
46,600 Carnival Corp Cl A 1,211,600
-----------
HARDWARE & TOOLS 1.93%
- -----------------------------------------------------
32,300 Black & Decker Corp 1,207,212
-----------
HOTELS - MOTELS 1.75%
- -----------------------------------------------------
29,330 Marriott International Inc 1,092,542
-----------
HOUSEWARES 1.95%
- -----------------------------------------------------
23,900 Premark International Inc 1,218,900
-----------
PUBLISHING 2.04%
- -----------------------------------------------------
25,430 Readers Digest Association
Inc Cl A 1,277,858
-----------
RETAIL STORES - ELECTRONIC 1.79%
- -----------------------------------------------------
38,580 Circuit City Stores Inc 1,118,820
-----------
RETAIL STORES - GENERAL
MERCHANDISE 2.01%
- -----------------------------------------------------
31,850 Sears Roebuck & Co 1,254,094
-----------
TOTAL CONSUMER CYCLICALS
(Cost $6,661,686) 8,381,026
-----------
</TABLE>
6 ------------------------------------------------------------------------------
<PAGE>
- -----------------------------------------------------------------------
WESTCORE SEMI-ANNUAL REPORT
- -----------------------------------------------------------------------
BLUE CHIP FUND
STATEMENT OF INVESTMENTS
November 30, 1995 (Unaudited)(Continued)
<TABLE>
<CAPTION>
Shares Market Value*
- ------ -------------
<C> <S> <C>
CONSUMER STAPLES 25.36%
- -----------------------------------------------------------------------
BEVERAGES - SOFT DRINKS 2.09%
- -----------------------------------------------------------------------
23,580 Pepsico Inc $ 1,302,795
-----------
DRUGS 3.64%
- -----------------------------------------------------------------------
19,400 Pfizer Inc 1,125,200
20,000 Schering Plough Corp 1,147,500
-----------
2,272,700
-----------
FOOD 5.65%
- -----------------------------------------------------------------------
31,800 Dole Food Inc 1,196,475
41,550 Hormel Foods Corp 1,017,975
21,100 IBP Inc 1,318,750
-----------
3,533,200
-----------
HEALTHCARE DIVERSIFIED 4.21%
- -----------------------------------------------------------------------
14,590 Bristol Myers Squibb Co 1,170,848
32,100 US Healthcare Inc 1,460,550
-----------
2,631,398
-----------
MEDICAL PRODUCTS & SUPPLIES 1.85%
- -----------------------------------------------------------------------
21,100 Medtronic Inc 1,157,863
-----------
RETAIL STORES - DRUG 2.06%
- -----------------------------------------------------------------------
41,300 Rite Aid Corp 1,290,625
-----------
RETAIL STORES - FOOD CHAINS 1.76%
- -----------------------------------------------------------------------
34,030 Giant Food Inc Cl A 1,097,467
-----------
TOBACCO 4.10%
- -----------------------------------------------------------------------
14,040 Philip Morris Cos Inc 1,232,010
40,840 UST Inc 1,332,405
-----------
2,564,415
-----------
TOTAL CONSUMER STAPLES
(Cost $11,179,284) 15,850,463
-----------
CREDIT SENSITIVE 25.55%
- -----------------------------------------------------------------------
INVESTMENT BANKING/
BROKERAGE 2.22%
- -----------------------------------------------------------------------
23,300 Traveler's Group Inc 1,386,350
-----------
MAJOR REGIONAL BANKS 7.90%
- -----------------------------------------------------------------------
27,000 Bank of Boston Corp 1,252,125
27,750 Bank New York Inc 1,307,719
31,660 Corestates Financial Corp 1,226,825
21,040 First Union Corp 1,149,310
-----------
4,935,979
-----------
MONEY CENTER BANKS 1.98%
- -----------------------------------------------------------------------
20,650 Chemical Banking Corp $ 1,239,000
-----------
NATURAL GAS 2.09%
- -----------------------------------------------------------------------
39,150 Coastal Corp 1,301,737
-----------
PROPERTY - CASUALTY
INSURANCE 1.63%
- -----------------------------------------------------------------------
59,100 USF&G Corp 1,019,475
-----------
TELECOMMUNICATIONS 2.06%
- -----------------------------------------------------------------------
32,260 Sprint Corp 1,290,400
-----------
UTILITIES-ELECTRIC 7.67%
- -----------------------------------------------------------------------
45,100 Central & South West Corp 1,212,063
39,430 General Public Utilities Corp 1,246,974
52,020 Ohio Edison Co 1,183,455
73,850 SCE Corp 1,153,906
-----------
4,796,398
-----------
TOTAL CREDIT SENSITIVE
(Cost $13,452,378) 15,969,339
-----------
INTERMEDIATE GOODS
& SERVICES 22.52%
- -----------------------------------------------------------------------
AIR LINES 2.15%
- -----------------------------------------------------------------------
17,360 Delta Air Lines Inc 1,347,570
-----------
ALUMINUM 1.95%
- -----------------------------------------------------------------------
20,820 Aluminum Co of America 1,217,970
-----------
CHEMICALS - DIVERSIFIED 2.09%
- -----------------------------------------------------------------------
28,760 PPG Industries Inc 1,304,985
-----------
CHEMICALS 3.59%
- -----------------------------------------------------------------------
17,350 Eastman Chemical Co 1,138,594
20,150 Hercules Inc 1,105,731
-----------
2,244,325
-----------
MISCELLANEOUS 5.33%
- -----------------------------------------------------------------------
15,500 Eastman Kodak Co 1,054,000
19,790 Harris Corp 1,140,399
7,400 Loew's Corp 1,135,900
-----------
3,330,299
-----------
OIL-INTEGRATED DOMESTIC 1.82%
- -----------------------------------------------------------------------
51,550 Occidental Petroleum Corp 1,140,544
-----------
OIL-INTEGRATED INTERNATIONAL 3.79%
- -----------------------------------------------------------------------
14,840 Exxon Corp 1,148,244
11,700 Mobil Corp 1,221,188
-----------
2,369,432
-----------
</TABLE>
- --------------------------------------------------------------------- 7
<PAGE>
- --------------------------------------------------------------------------------
WESTCORE SEMI-ANNUAL REPORT
- --------------------------------------------------------------------------------
BLUE CHIP FUND
STATEMENT OF INVESTMENTS
November 30, 1995 (Unaudited)(Continued)
<TABLE>
<CAPTION>
Shares Market Value*
- ------- -------------
<C> <S> <C>
PAPER AND FOREST PRODUCTS 1.80%
- --------------------------------------------------------------------------------
30,160 Boise Cascade Corp $ 1,123,460
-----------
TOTAL INTERMEDIATE GOODS & SERVICES
(Cost $11,161,861) 14,078,585
-----------
TOTAL COMMON STOCKS
(Cost $46,348,740) 60,890,768
-----------
Face Amount
- -----------
U.S. GOVERNMENT TREASURIES 1.59%
- --------------------------------------------------------------------------------
$1,000,000 U.S. Treasury Bills, 5.25%, 01/04/96
(Cost $995,037) 995,037
-----------
Shares
- -------
MUTUAL FUNDS 0.79%
- --------------------------------------------------------------------------------
486,758 Provident Institutional Temp Fund
(Cost $494,244) 494,244
-----------
TOTAL INVESTMENTS
(Cost $47,838,021) 99.80% $62,380,049
Other Assets in Excess of Liabilities 0.20% 122,321
------------------------------
NET ASSETS 100.00% $62,502,370
==============================
</TABLE>
*See note 1 to financial statements.
MIDCO GROWTH FUND
STATEMENT OF INVESTMENTS
November 30, 1995(Unaudited)
<TABLE>
<CAPTION>
Shares Market Value*
- ------- -------------
<C> <S> <C>
COMMON STOCKS 96.94%
- --------------------------------------------------------------------------------
CAPITAL GOODS 24.64%
- --------------------------------------------------------------------------------
AEROSPACE & DEFENSE 0.51%
- --------------------------------------------------------------------------------
58,300 General Motors Corp, Cl. H $ 2,769,250
-----------
COMPUTER HARDWARE 8.10%
- --------------------------------------------------------------------------------
144,200 Silicon Graphics Inc** 5,263,300
175,400 Storage Technology Corp** 4,341,150
52,800 Sun Microsystems Inc 4,441,800
-----------
14,046,250
-----------
COMPUTER SERVICES & SOFTWARE 0.51%
- --------------------------------------------------------------------------------
75,800 Adobe Systems Inc 5,125,975
31,800 Avid Technology Inc** 1,260,075
93,800 Broderbund Software Inc** 6,073,550
165,507 First Data Corp 11,750,997
93,800 Informix Corp** 2,597,087
37,000 Intuit** 3,108,000
282,250 Oracle Systems Corp** 12,807,094
47,900 Synopsys Inc** 1,652,550
-----------
44,375,328
-----------
ELECTRONICS 6.99%
- --------------------------------------------------------------------------------
142,950 Analog Devices Inc** 5,289,150
6,000 Asyst Technology Corp** 268,500
48,500 Atmel Corp** 1,455,000
46,400 Credence Systems Corp 1,380,400
92,100 KLA Instruments Corp** 3,177,450
60,600 Level One** 1,272,600
138,200 Linear Technology Corp 6,253,550
41,600 Mattson Technology Inc** 956,800
95,700 MEMC Electronics Materials Inc** 3,170,062
87,600 Microchip Technology Inc.** 3,547,800
75,300 Millipore Corp 2,804,925
89,500 SCI Systems Inc** 2,998,250
36,700 Ultratech Stepper Inc** 1,385,425
136,000 Xilinx Inc** 4,369,000
-----------
38,328,912
-----------
ELECTRICAL EQUIPMENT 1.51%
- --------------------------------------------------------------------------------
89,400 AVX Corp 2,570,250
27,500 Cascade Communications 2,399,375
104,881 Molex Inc Cl A 3,277,531
-----------
8,247,156
-----------
ENGINEERING & CONSTRUCTION 1.18%
- --------------------------------------------------------------------------------
67,800 Foster Wheeler Corp 2,678,100
87,900 Ionics Inc 3,801,675
-----------
6,479,775
-----------
</TABLE>
8 ------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
WESTCORE SEMI-ANNUAL REPORT
- --------------------------------------------------------------------------------
MIDCO GROWTH FUND
STATEMENT OF INVESTMENTS
November 30, 1995 (Unaudited) (Continued)
<TABLE>
<CAPTION>
Shares Market Value*
- ------- -------------
<C> <S> <C>
NETWORKING 2.87%
- --------------------------------------------------------------------------------
199,700 3 Com Corp** $ 9,136,275
210,900 American Power Conversion Corp** 2,240,812
97,050 Bay Networks Inc.** 4,367,250
------------
15,744,337
------------
OTHER-CAPITAL GOODS 0.92%
- --------------------------------------------------------------------------------
54,500 Greenfield Industries Inc 1,675,875
43,400 OEA Inc.** 1,177,225
78,550 Wabash National Corp 2,199,400
------------
5,052,500
------------
TOTAL CAPITAL GOODS
(Cost $83,402,082) 135,043,508
============
CONSUMER CYCLICAL 36.67%
- --------------------------------------------------------------------------------
AUTOMOTIVE 0.67%
- --------------------------------------------------------------------------------
50,200 APS Holdings Corp Cl A** 928,700
28,600 Exide Corp 1,312,025
67,100 Gentex Corp** 1,459,425
------------
3,700,150
------------
BUILDING RELATED 0.27%
- --------------------------------------------------------------------------------
56,900 Newell Co 1,500,737
------------
CABLE RELATED 0.64%
- --------------------------------------------------------------------------------
124,750 Tele Comm Liberty Media** 3,493,000
------------
CONSUMER PRODUCTS 0.77%
- --------------------------------------------------------------------------------
62,500 Callaway Golf Co 1,242,188
72,500 Department 56 Inc** 2,990,625
------------
4,232,813
------------
CONSUMER SERVICES 5.80%
- --------------------------------------------------------------------------------
486,155 CUC International Inc** 18,473,890
321,700 Loewen Group Inc 8,525,050
160,000 USA Waste Services Inc** 3,360,000
35,400 United Waste Systems Inc** 1,411,575
------------
31,770,515
------------
CONSUMER SOFT GOODS 0.50%
- --------------------------------------------------------------------------------
55,600 Cole Kenneth Productions Inc.** 1,181,500
61,400 Warnaco Group Inc Cl A 1,550,350
------------
2,731,850
------------
HOTELS/LEISURE 5.91%
- --------------------------------------------------------------------------------
106,200 Brinker International Inc 1,632,825
302,200 HFS Inc 20,927,350
170,500 La Quinta Inns Inc 4,624,812
75,500 Mirage Resorts Inc.** 2,557,563
272,000 Prime Hospitality Corp** 2,618,000
------------
32,360,550
------------
MEDIA-PUBLISHING 4.04%
- --------------------------------------------------------------------------------
79,700 Big Flower Press Holdings 1,225,387
88,672 Cox Communications Inc. Cl A** 1,773,440
147,100 Evergreen Media Corp Cl A 3,567,175
294,800 Home Shopping Network Inc 2,763,750
268,150 Infinity Broadcasting Co. Cl A** 8,580,800
35,200 Scripps E W Co Cl A 1,430,000
197,400 Westwood One Inc.** 2,788,275
------------
22,128,827
------------
RETAIL 7.40%
- --------------------------------------------------------------------------------
208,500 AutoZone Inc** 6,072,563
81,400 Bed Bath & Beyond Inc** 2,676,025
44,100 Caseys General Stores Inc 1,025,325
208,400 Consolidated Stores Corp** 5,157,900
46,400 Discount Auto Parts Inc** 1,287,600
106,687 Dollar General Corp 2,893,885
34,700 Gymboree Corp 819,787
81,500 Intimate Brands Inc Cl A 1,354,938
70,700 Kohls Corp** 3,817,800
109,400 Lowes Companies Inc 3,446,100
52,700 Nordstrom Inc 2,068,475
163,275 Office Depot Inc** 4,000,238
73,100 Sports Authority Inc** 1,544,237
36,700 Talbots Inc. 1,068,887
69,200 Tandy Corp 3,295,650
------------
40,529,410
------------
TELECOMMUNICATIONS 10.09%
- --------------------------------------------------------------------------------
50,700 ADC Telecommunications Inc** 2,306,850
37,900 Adtran Inc** 1,857,100
268,900 Comcast Corp Cl A 5,310,775
42,400 Fore Systems Inc** 2,469,800
33,800 LCI International Inc** 625,300
138,900 MFS Communications Inc** 6,319,950
81,700 Mobile TeleCommunications Tech 1,879,100
53,400 Paging Network Inc** 1,188,150
65,400 Picturetel Corp. 2,550,600
31,500 Spectrian Corp** 732,375
53,400 Stratacom Inc 4,005,000
28,600 Summa Four Inc** 432,575
13,900 SYNC Resources Inc 705,425
32,900 U.S. Robotics Corp** 3,610,775
</TABLE>
- ------------------------------------------------------------------------------ 9
<PAGE>
- --------------------------------------------------------------------------------
WESTCORE SEMI-ANNUAL REPORT
- --------------------------------------------------------------------------------
MIDCO GROWTH FUND
STATEMENT OF INVESTMENTS
November 30, 1995 (Unaudited) (Continued)
<TABLE>
<CAPTION>
Shares Market Value*
- -------- -------------
<C> <S> <C>
TELECOMMUNICATIONS (CONTINUED)
- --------------------------------------------------------------------------------
144,700 Viacom Inc Cl B ** $ 6,981,775
47,600 Vodafone Group PLC ADR 1,719,550
387,980 WorldCom Inc.** 12,609,350
------------
55,304,450
------------
OTHER-CONSUMER CYCLICAL 0.58%
- --------------------------------------------------------------------------------
133,150 Unifi Inc 3,162,312
------------
TOTAL CONSUMER CYCLICAL
(Cost $148,007,698) 200,914,614
------------
CONSUMER STAPLES 18.11%
- --------------------------------------------------------------------------------
BIOTECHNOLOGY 0.26%
- --------------------------------------------------------------------------------
117,800 Sequus Pharmaceuticals** 1,472,500
------------
CONSUMER PRODUCTS 0.77%
- --------------------------------------------------------------------------------
79,400 Duracell International Inc 4,208,200
------------
DRUGS & HEALTHCARE 6.42%
- --------------------------------------------------------------------------------
38,400 Amgen Inc.** 1,905,600
33,700 Arrow International Inc. 1,524,925
37,500 Biochemical Pharmaceuticals Inc** 1,443,750
238,300 Biomet Inc 4,408,550
87,700 Centocor Inc.** 1,227,800
38,500 Indexx Labs Corp 1,713,250
86,100 Medtronic Inc. 4,724,737
54,700 Nellcor Puritan Bennet** 3,145,250
122,500 North American Vaccine Inc ** 1,332,188
70,100 Northfield Labs Inc** 1,147,888
71,700 Scherer RP Corp Del** 3,181,687
106,900 Sybron Corp Del ** 5,157,925
90,432 Watson Pharmaceuticals Inc ** 4,261,608
------------
35,175,158
------------
HEALTHCARE SERVICES 10.66%
- --------------------------------------------------------------------------------
17,000 American Oncology Resources Corp** 603,500
50,400 Apria Healthcare Group Inc** 1,524,600
114,300 Diametrics Med Inc 785,813
96,800 HBO & Co 7,235,800
233,900 Health Management
Assoc Inc Cl A 6,198,350
104,900 Healthsouth Corp 3,173,225
46,900 Integrated Health Inc ** 1,037,663
374,800 Oxford Health Plans Inc ** 28,110,000
81,550 Phycor Inc** 3,649,363
60,000 United Healthcare Corp 3,772,500
50,600 U.S. Healthcare Inc 2,302,300
------------
58,393,114
------------
TOTAL CONSUMER STAPLES
(Cost $63,555,754) 99,248,972
------------
CREDIT SENSITIVE 8.00%
- --------------------------------------------------------------------------------
BANKS 0.77%
- --------------------------------------------------------------------------------
27,000 Cullen Frost Bankers Inc 1,370,250
86,300 Norwest Corp 2,847,900
------------
4,218,150
------------
FINANCIAL SERVICES 4.59%
- --------------------------------------------------------------------------------
92,650 Advanta Corp Cl B 3,590,188
44,200 Credit Acceptance Corp** 906,100
53,100 MGIC Investment Corp Wisconsin 2,953,688
576,513 Mercury Financial Co 8,215,310
82,100 Olympic Financial Ltd** 1,683,050
136,000 Schwab Charles Corp 3,298,000
60,800 United Asset Management Corp 2,287,600
181,600 World Acceptance Corp ** 2,224,600
------------
25,158,536
------------
INSURANCE 2.16%
- --------------------------------------------------------------------------------
86,725 AFLAC Inc 3,534,044
87,205 Frontier Insurance Group Inc 2,899,566
139,100 Life Partners Group Inc 1,721,363
91,650 Mutual Risk Management Ltd 3,677,456
------------
11,832,429
------------
UTILITIES-ELECTRIC 0.48%
- --------------------------------------------------------------------------------
128,697 AES Corp** 2,606,115
------------
TOTAL CREDIT SENSITIVE
(COST $30,059,153) 43,815,230
------------
INTERMEDIATE GOODS
AND SERVICES 9.52%
- --------------------------------------------------------------------------------
BUSINESS SERVICES 1.78%
- --------------------------------------------------------------------------------
47,600 Alternative Resources Corp** 1,428,000
173,200 Medaphis Corp ** 5,629,000
125,050 Sensormatic Electronics Corp 2,704,206
------------
9,761,206
------------
CHEMICAL 2.57%
- --------------------------------------------------------------------------------
57,900 Airgas Inc ** 1,621,200
24,500 Cytec Industries Inc** 1,568,000
58,650 Englehard Corp 1,370,944
39,200 Georgia Gulf Corp ** 1,396,500
44,500 IMC Global Inc 3,443,188
18,900 Olin Corp 1,436,400
81,900 Union Carbide Corp 3,245,287
------------
14,081,519
------------
DISTRIBUTION 0.50%
- --------------------------------------------------------------------------------
59,200 Arrow Electronics Inc. 2,760,200
------------
</TABLE>
10 -----------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
WESTCORE SEMI-ANNUAL REPORT
- --------------------------------------------------------------------------------
MIDCO GROWTH FUND
STATEMENT OF INVESTMENTS
November 30, 1995 (Unaudited) (Continued)
<TABLE>
<CAPTION>
Shares Market Value*
- ----------- -------------
<C> <S> <C>
ENERGY EQUIPMENT & SERVICES 1.59%
- -------------------------------------------------------------------------------
114,100 Input/Output Inc ** $ 5,262,863
60,700 Production Operators Corp 1,851,350
45,500 Sonat Offshore Drilling 1,569,750
------------
8,683,963
------------
ENERGY PRODUCERS 1.08%
- -------------------------------------------------------------------------------
80,800 Apache Corp 2,151,300
201,200 Parker & Parsley Co 3,772,500
------------
5,923,800
------------
METALS 0.27%
- -------------------------------------------------------------------------------
25,700 Reynolds Metals Co 1,484,175
------------
PAPER & PACKAGING 1.18%
- -------------------------------------------------------------------------------
61,800 Bowater Inc 2,456,550
76,700 Federal Paper Board Inc 3,988,400
------------
6,444,950
------------
TRANSPORTATION 0.55%
- -------------------------------------------------------------------------------
46,300 Atlantic Southeast Airlines 1,215,375
56,150 Comair Holdings Inc 1,817,856
------------
3,033,231
------------
TOTAL INTERMEDIATE GOODS & SERVICES
(Cost $42,292,530) 52,173,044
------------
TOTAL COMMON STOCKS
(Cost $367,317,217) 531,195,368
------------
WARRANTS 0.00%
- -------------------------------------------------------------------------------
71 Westwood One Inc Warrants
(Cost $0) 0
Face Amount
- -----------
SHORT-TERM U.S. GOVERNMENT
TREASURIES 1.81%
- -------------------------------------------------------------------------------
$10,000,000 U.S. Treasury Bill,
5.24%, 01/11/96 9,940,322
------------
(Cost $9,940,322)
Shares Market Value*
- ----------- -------------
MUTUAL FUNDS 1.17%
- -------------------------------------------------------------------------------
6,341,263 Provident Institutional Temp. Fund
(Cost $6,389,706) $ 6,389,706
------------
TOTAL INVESTMENTS
(Cost $383,647,245) 99.92% $547,525,396
Other Assets in Excess of Liabilities 0.08% 460,050
---------------------
NET ASSETS 100.00% $547,985,446
=====================
</TABLE>
* See note 1 to financial statements.
** Denotes non-income producing security.
- ----------------------------------------------------------------------------- 11
<PAGE>
- --------------------------------------------------------------------------------
WESTCORE SEMI-ANNUAL REPORT
- --------------------------------------------------------------------------------
SMALL-CAP OPPORTUNITY FUND
STATEMENT OF INVESTMENTS
November 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
Shares Market Value*
- ------ -------------
<C> <S> <C>
COMMON STOCKS 93.97%
- ----------------------------------------------------------------------------
BASIC INDUSTRIES 9.06%
- ----------------------------------------------------------------------------
COMMERCIAL CONSTRUCTION 1.41%
- ----------------------------------------------------------------------------
9,130 Granite Construction Inc $253,357
-------------
NONFERROUS METALS 1.60%
- ----------------------------------------------------------------------------
13,450 Magma Copper Co 285,813
-------------
PAPER & WOOD 3.13%
- ----------------------------------------------------------------------------
36,900 Domtar Inc 299,812
6,840 Rayonier Inc 261,630
-------------
561,442
-------------
RUBBER & PLASTICS 1.53%
- ----------------------------------------------------------------------------
8,600 Tredegar Industries Inc 273,050
-------------
STEEL 1.39%
- ----------------------------------------------------------------------------
4,870 Texas Industries Inc 249,588
-------------
TOTAL BASIC INDUSTRIES
(Cost $1,463,199) 1,623,250
-------------
CAPITAL GOODS 8.90%
- ----------------------------------------------------------------------------
CONSTRUCTION EQUIPMENT 3.84%
- ----------------------------------------------------------------------------
5,360 AGCO Corp 231,150
16,120 JLG Industries Inc 457,405
-------------
688,555
-------------
MISCELLANEOUS PRODUCTION
GOODS 5.06%
- ----------------------------------------------------------------------------
9,216 Commercial Metals Co 216,576
7,920 Park Electrochemical Corp 240,570
4,180 Pittway Corp Cl A 268,565
7,660 Smith A O Corp 181,925
-------------
907,636
-------------
TOTAL CAPITAL GOODS
(Cost $1,114,466) 1,596,191
-------------
CONSUMER CYCLICAL 8.57%
- ----------------------------------------------------------------------------
APPAREL 2.17%
- ----------------------------------------------------------------------------
8,540 Fieldcrest Cannon Inc 171,867
5,180 Springs Industries Inc 217,560
-------------
389,427
-------------
Face Amount Market Value*
- ----------- -------------
MISCELLANEOUS 2.85%
- ----------------------------------------------------------------------------
14,370 Oneida Ltd $249,679
8,240 Toro Co 260,590
-------------
510,269
-------------
RESIDENTIAL CONSTRUCTION 3.55%
- ----------------------------------------------------------------------------
30,400 M D C Holdings Inc 201,400
25,970 NVR Inc** 253,208
9,000 Webb Del E Corp 182,250
-------------
636,858
-------------
TOTAL CONSUMER CYCLICAL
(Cost $1,464,413) 1,536,554
-------------
CONSUMER STAPLES 9.28%
- ----------------------------------------------------------------------------
DRUGS & MEDICAL PRODUCTS 3.18%
- ----------------------------------------------------------------------------
6,180 Bio Rad Labs Inc Cl A** 254,925
11,620 Datascope Corp** 296,310
700 Sola International Inc** 19,075
-------------
570,310
-------------
FOOD/AGRICULTURE 6.10%
- ----------------------------------------------------------------------------
580 Alberto Culver Co Cl A 16,457
2,850 Ben & Jerrys Homemade Inc Cl A** 44,531
13,200 Goodmark Foods Inc 242,550
18,552 Hudson Foods Inc 296,832
17,155 J&J Snack Foods Corp** 210,149
9,150 Smithfield Foods Inc** 283,650
-------------
1,094,169
-------------
TOTAL CONSUMER STAPLES
(Cost $1,343,205) 1,664,479
-------------
ENERGY 4.25%
- ----------------------------------------------------------------------------
OIL & NATURAL GAS 4.25%
- ----------------------------------------------------------------------------
7,930 Diamond Shamrock Inc 199,241
13,750 Global Industrial
Technologies Inc** 244,062
32,660 Pride Petroleum Services** 318,435
-------------
TOTAL ENERGY
(Cost $653,924) 761,738
-------------
FINANCIALS 15.03%
- ----------------------------------------------------------------------------
BANKS/SAVINGS & LOANS 5.57%
- ----------------------------------------------------------------------------
2,980 Baybanks Inc 247,340
5,230 Deposit Guaranty Corp 243,195
6,290 N S Bancorp Inc 244,917
11,310 North Fork Bancorporation Inc 262,958
-------------
998,410
-------------
</TABLE>
12 -----------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
WESTCORE SEMI-ANNUAL REPORT
- --------------------------------------------------------------------------------
SMALL-CAP OPPORTUNITY FUND
STATEMENT OF INVESTMENTS
November 30, 1995 (Unaudited)(Continued)
<TABLE>
<CAPTION>
Shares Market Value*
- ------ -------------
<C> <S> <C>
INSURANCE 5.83%
- --------------------------------------------------------------------------------
8,300 Fremont General Corp $ 286,350
10,870 PXRE Corp 263,598
11,610 Paul Revere Corp 242,359
6,650 Selective Insurance Group Inc 252,700
----------
1,045,007
----------
MISCELLANEOUS 3.63%
- --------------------------------------------------------------------------------
14,760 Mercer International Inc** 317,340
7,070 Money Store Inc 334,057
----------
651,397
----------
TOTAL FINANCIALS
(Cost $2,102,129) 2,694,814
----------
INTERMEDIATE GOODS &
SERVICES 18.68%
- --------------------------------------------------------------------------------
BUSINESS SERVICES 5.31%
- --------------------------------------------------------------------------------
24,420 Aviall Inc 207,570
10,767 Bell Industries Inc** 244,949
7,840 Comdisco Inc 265,580
11,320 Standard Register Co 234,890
----------
952,989
----------
MEDICAL & DENTAL 3.47%
- --------------------------------------------------------------------------------
17,970 Bindley Western Industries Inc 321,214
7,280 Universal Health Services Inc** 300,300
----------
621,514
----------
RETAIL 5.07%
- --------------------------------------------------------------------------------
14,100 Big B Inc 142,762
32,060 General Host Corp 152,285
24,030 Shopko Stores Inc 273,341
13,560 Younkers Inc** 340,695
----------
909,083
----------
SANITATION 1.24%
- --------------------------------------------------------------------------------
12,090 Western Waste Industries Inc** 222,154
----------
TRAVEL/RECREATION 3.59%
- --------------------------------------------------------------------------------
22,040 AZTAR Corp** 192,850
8,770 Carmike Cinemas Inc** 214,865
24,460 Prime Hospitality Corp** 235,428
----------
643,143
----------
TOTAL INTERMEDIATE GOODS & SERVICES
(Cost $3,018,798) 3,348,883
----------
TECHNOLOGY 11.58%
- --------------------------------------------------------------------------------
AEROSPACE 5.16%
- --------------------------------------------------------------------------------
21,470 ECC International Corp** $ 220,067
8,410 Tech System Corp** 251,249
6,910 Thiokol Corp 234,076
4,860 Watkins Johnson Co 220,523
----------
925,915
----------
COMPUTER & OFFICE 4.15%
- --------------------------------------------------------------------------------
14,050 Evans & Sutherland Computers** 337,200
11,270 Standard Microsystem Co** 232,444
11,410 Western Digital Corp** 174,003
----------
743,647
----------
COMMUNICATION 2.27%
- --------------------------------------------------------------------------------
30,060 Digital System International Inc** 407,689
----------
TOTAL TECHNOLOGY
(Cost $1,806,073) 2,077,251
----------
TRANSPORTATION 4.47%
- --------------------------------------------------------------------------------
AIR TRANSPORTATION 3.19%
- --------------------------------------------------------------------------------
14,620 Harper Group Inc 252,195
31,940 Worldcorp Inc** 319,400
----------
571,595
----------
GROUND TRANSPORTATION 1.28%
- --------------------------------------------------------------------------------
8,760 Consolidated Freightways Inc 229,950
----------
TOTAL TRANSPORTATION
(Cost $809,433) 801,545
----------
UTILITIES 4.15%
- --------------------------------------------------------------------------------
ELECTRIC & GAS 4.15%
- --------------------------------------------------------------------------------
7,940 Central Hudson Gas
& Electric Corp 241,177
5,900 Cilcorp Inc 242,637
14,460 Southwest Gas Corp 260,280
----------
TOTAL UTILITIES
(Cost $635,140) 744,094
----------
TOTAL COMMON STOCKS
(Cost $14,410,780) 16,848,799
----------
</TABLE>
- ----------------------------------------------------------------------------- 13
<PAGE>
- --------------------------------------------------------------------------
WESTCORE SEMI-ANNUAL REPORT
- --------------------------------------------------------------------------
SMALL-CAP OPPORTUNITY FUND
STATEMENT OF INVESTMENTS
November 30, 1995 (Unaudited)(Continued)
<TABLE>
<CAPTION>
Shares Market Value*
- ------ -------------
<C> <S> <C> <C>
MUTUAL FUNDS 0.90%
- --------------------------------------------------------------------------
161,472 Provident Institutional
Temp Fund
(Cost $162,034) $ 162,034
-----------
Face Amount
- -----------
SHORT-TERM U.S. GOVERNMENT
TREASURIES 6.11%
- --------------------------------------------------------------------------
U.S. Treasury Bills:
$500,000 5.26%, 12/21/95 $ 498,539
600,000 5.25%, 01/11/96 596,413
-----------
TOTAL SHORT-TERM U.S.
GOVERNMENT TREASURIES
(Cost $1,094,952) 1,094,952
-----------
TOTAL INVESTMENTS 100.98% $18,105,785
(Cost $15,667,766)
Liabilities in Excess
of Other Assets (0.98%) (174,864)
---------------------
TOTAL NET ASSETS 100.00% $17,930,921
---------------------
</TABLE>
* See note 1 to financial statements.
** Denotes non-income producing security.
INTERMEDIATE-TERM BOND FUND
STATEMENT OF INVESTMENTS
November 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
Face Amount Market Value*
- ----------- ------------
<C> <S> <C>
CORPORATE BONDS 50.39%
- ------------------------------------------------------------------------------
ASSET BACKED 5.70%
- ------------------------------------------------------------------------------
$ 416,838 ALPS 94 1 Pass-Through Certificates
Ser A, 7.150%, 09/15/04 $ 422,144
750,000 Conti Mortgage Home Equity
Loan Trust, 7.95%, 04/15/10 778,619
1,000,000 Discover Card Master Trust Ser 95-1-2,
6.55%, 02/18/03 1,027,479
931,180 Equicredit Corp Home Equity Loan
Trust Ser 1994-1, 5.80%, 03/15/09 923,198
1,000,000 Premier Auto Trust Ser 95-2-A5,
7.15%, 02/04/99 1,028,929
750,000 World Omni Auto Series 95-A
6.05%, 11/25/01 754,672
-----------
TOTAL ASSET BACKED
(Cost $4,883,603) 4,935,041
-----------
FINANCIAL 12.84%
- ------------------------------------------------------------------------------
OPERATORS OF NON-RESIDENTIAL
BUILDINGS 1.17%
- ------------------------------------------------------------------------------
Kimco Realty Corp MTN,
1,000,000 6.83%, 11/14/05 1,016,510
-----------
PERSONAL CREDIT INSTITUTIONS 1.17%
- ------------------------------------------------------------------------------
1,000,000 General Motors Acceptance Corp MTN,
6.625%, 10/15/05 1,008,346
-----------
REAL ESTATE INVESTMENT TRUST 4.20%
- ------------------------------------------------------------------------------
700,000 Developers Diversified Realty Corp,
7.625%, 05/15/00 714,819
1,000,000 New Plan Realty Trust,
7.75%, 04/06/05 1,080,736
800,000 Price REIT Inc,
7.25%, 11/01/00 804,160
1,000,000 Weingarten Realty Investors Trust MTN,
7.22%, 06/01/05 1,036,780
-----------
3,636,495
-----------
SAVINGS & LOAN HOLDING COMPANIES -
FEDERALLY CHARTERED 2.54%
- ------------------------------------------------------------------------------
1,500,000 Golden West Financial Corp,
8.375%, 04/15/02 1,661,612
500,000 World Savings and Loan,
10.25%, 10/01/97 537,829
-----------
2,199,441
-----------
SECURITIES BROKERS, DEALERS
& FLOTATION COS 2.38%
- ------------------------------------------------------------------------------
2,000,000 Merrill Lynch Corp MTN,
8.23%, 04/30/02 2,065,000
-----------
STATE COMMERCIAL BANKS 1.38%
- ------------------------------------------------------------------------------
1,150,000 Chemical Bank NY NY,
7.00%, 6/01/05. 1,194,516
-----------
TOTAL FINANCIAL
(Cost $10,698,315) 11,120,308
-----------
</TABLE>
14 ---------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
WESTCORE SEMI-ANNUAL REPORT
- --------------------------------------------------------------------------------
INTERMEDIATE-TERM BOND FUND
STATEMENT OF INVESTMENTS
November 30, 1995 (Unaudited)(Continued)
<TABLE>
<CAPTION>
Face Amount Market Value*
- ----------- ------------
<C> <S> <C>
INDUSTRIAL 23.72%
- ------------------------------------------------------
BOOKS - PUBLISHING OR PUBLISHING
& PRINTING 0.88%
- ------------------------------------------------------
$1,000,000 Western Publishing Group Inc,
7.65%, 09/15/02 $ 765,000
-----------
BROADCAST - MEDIA 3.30%
- ------------------------------------------------------
1,100,000 Cox Communications Inc,
6.375%, 06/15/00 1,112,780
1,500,000 TKR Cable I Cable Notes,
10.50%, 10/30/07 1,743,890
-----------
2,856,670
-----------
CABLE & OTHER PAY TELEVISION
SERVICES 2.88%
- ------------------------------------------------------
2,375,000 Telecommunications Inc,
8.00%, 08/01/05 2,495,336
-----------
COOKIES & CRACKERS 1.18%
- ------------------------------------------------------
1,000,000 RJR Nabisco Inc,
8.00%, 07/15/01 1,023,149
-----------
ELECTRONIC & OTHER ELECTRICAL
EQUIPMENT 1.37%
- ------------------------------------------------------
1,150,000 Rockwell International Corp,
6.625%, 06/01/05 1,187,309
-----------
ENERGY 1.15%
- ------------------------------------------------------
1,000,000 Defeasance Portfolio
Management Trust Ser 1,
5.635%, 07/15/98 (2) 996,700
-----------
HOSPITAL & MEDICAL
SERVICE PLANS 0.51%
- ------------------------------------------------------
420,000 Foundation Health Corp,
7.75%, 06/01/03 437,987
-----------
INDUSTRIAL ORGANIC
CHEMICALS 0.92%
- ------------------------------------------------------
750,000 ISP Chemicals Inc,
9.00%, 03/01/99 795,116
-----------
METALS - MISC 1.19%
- ------------------------------------------------------
1,000,000 CSR America Inc,
6.875%, 07/21/05 1,027,156
-----------
MOTION PICTURE & VIDEO
TAPE PRODUCTION 2.49%
- ------------------------------------------------------
Time Warner Entertainment Co:
1,000,000 9.625%, 05/01/02 1,152,868
1,000,000 7.25%, 09/01/08 1,002,089
-----------
2,154,957
-----------
Face Amount Market Value*
- ----------- ------------
NEWSPAPER - PUBLISHING OR
PUBLISHING & PRINTING 2.87%
- ------------------------------------------------------
$1,500,000 News America Holdings,
8.625%, 02/01/03 $ 1,665,225
750,000 The New York Times Co,
7.625%, 03/15/05 823,067
-----------
2,488,292
-----------
PHARMACEUTICAL
PREPARATIONS 3.17%
- ------------------------------------------------------
1,700,000 Bayer Corp,
6.50%, 10/01/02 (2) 1,737,298
1,000,000 Upjohn Co MTN Ser-A,
6.25%, 02/02/98 1,011,024
-----------
2,748,322
-----------
RETAIL DEPARTMENT STORES 0.88%
- ------------------------------------------------------
1,000,000 K Mart Corp,
8.125%, 12/01/06 765,000
-----------
SEARCH, DETECTION, NAVIGATION, GUIDANCE
AERONAUTICAL SYSTEMS 0.93%
- ------------------------------------------------------
790,000 Raytheon Co, 6.50%, 07/15/05 806,816
-----------
TOTAL INDUSTRIAL
(Cost $20,050,354) 20,547,810
-----------
TRANSPORTATION 4.98%
- ------------------------------------------------------
1,848,748 American Airlines,
9.71%, 01/02/07 2,112,767
1,080,000 Jets Equipment Trust Ser 95-B,
7.83%, 12/15/06 (2) 1,110,391
1,000,000 United Airlines Pass Through
Certificates 95-A1,
9.02%, 04/19/12 1,087,629
-----------
TOTAL TRANSPORTATION
(Cost $3,942,118) 4,310,787
-----------
UTILITIES 3.15%
- ------------------------------------------------------
ELECTRIC POWER 0.65%
- ------------------------------------------------------
946,000 Del Norte Funding for El Paso,
9.05%, 01/02/93 (1) 558,140
-----------
ELECTRIC SERVICES 1.41%
- ------------------------------------------------------
1,250,000 Central Maine Power Co,
6.25%, 11/01/98 1,220,456
-----------
ELECTRIC & OTHER SERVICES
COMBINED 1.09%
- ------------------------------------------------------
1,000,000 Long Island Lighting Co,
7.125%, 06/01/05 946,928
-----------
TOTAL UTILITIES
(Cost $3,186,940) 2,725,524
-----------
</TABLE>
- ----------------------------------------------------------------------------- 15
<PAGE>
- --------------------------------------------------------------------------------
WESTCORE SEMI-ANNUAL REPORT
- --------------------------------------------------------------------------------
INTERMEDIATE-TERM BOND FUND
STATEMENT OF INVESTMENTS
November 30, 1995 (Unaudited) (Continued)
<TABLE>
<CAPTION>
Face Amount Market Value*
----------- -------------
<C> <S> <C>
TOTAL CORPORATE BONDS
(Cost $42,761,330) $43,639,470
-----------
MORTGAGE-BACKED
SECURITIES 3.78%
- -------------------------------------------------------------------------------
$ 656,715 Collateralized Mortgage
Securities Corp,
8.75%, 04/20/19 683,456
2,603,122 Federal National Mortgage
Association, 6.00%, 01/01/01 2,595,519
-----------
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $3,293,906) 3,278,975
-----------
U.S. GOVERNMENT
TREASURIES 41.92%
- -------------------------------------------------------------------------------
U.S. Treasury Notes:
2,000,000 8.00%, 01/15/97 2,056,872
3,000,000 6.125%, 05/31/97 3,030,933
4,500,000 8.50%, 07/15/97 4,715,154
4,000,000 6.00%, 12/31/97 4,050,000
3,000,000 6.125%, 05/15/98 3,049,683
3,000,000 6.375%, 01/15/99 3,077,808
4,000,000 7.75%, 11/30/99 4,312,500
3,300,000 6.875%, 03/31/00 3,469,125
2,200,000 6.75%, 04/30/00 2,302,434
2,000,000 7.75%, 02/15/01 2,196,250
3,000,000 6.25%, 02/15/03 3,093,750
U.S. Treasury Zero Coupon Strip,
1,000,000 11/15/96 951,046
-----------
TOTAL U.S. GOVERNMENT TREASURIES
(Cost $35,269,997) 36,305,555
-----------
Shares
------
MUTUAL FUNDS 0.75%
- -------------------------------------------------------------------------------
642,528 Provident Institutional Temp Fund
(Cost $647,324) 647,324
-----------
TOTAL INVESTMENTS 96.84% $83,871,324
(Cost $81,972,557)
Other Assets in Excess
of Liabilities 3.16% 2,736,905
----------------------------
NET ASSETS 100.00% $86,608,229
----------------------------
</TABLE>
*See note 1 to financial statements.
(1) Security is in default.
(2) Restricted security-see Note 5 of Notes to Financial
Statements
LONG-TERM BOND FUND
STATEMENT OF INVESTMENTS
November 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
Face Amount Market Value*
- ----------- -------------
<C> <S> <C>
CORPORATE BONDS 43.83%
- -------------------------------------------------------------------------------
FINANCIAL 15.29%
- -------------------------------------------------------------------------------
FINANCIAL SERVICES 0.87%
- -------------------------------------------------------------------------------
$ 250,000 Leucadia National Corp,
7.75%, 08/15/13 $ 255,188
-----------
FIRE MARINE & CASUALTY
INSURANCE 2.06%
- -------------------------------------------------------------------------------
600,000 Zurich Reinsurance Center Holdings,
7.125%, 10/15/23. 601,010
-----------
LIFE INSURANCE 2.00%
- -------------------------------------------------------------------------------
500,000 Lincoln National Insurance Co,
9.125%, 10/01/24. 583,564
-----------
MULTI LINE INSURANCE 0.85%
- -------------------------------------------------------------------------------
250,000 Principal Mutual Life Insurance Co,
7.875%, 03/01/24 (1) 248,690
-----------
OPERATORS OF NON-RESIDENTIAL
BUILDINGS 4.92%
- -------------------------------------------------------------------------------
400,000 Kimco Realty Corp,
6.83%, 11/14/05 406,604
250,000 New Plan Realty Trust,
7.75%, 04/06/05 270,184
500,000 Property Trust of America,
6.875%, 02/15/08 500,098
250,000 Rouse Co,
8.50%, 01/15/03 261,287
-----------
1,438,173
-----------
PERSONAL CREDIT INSTITUTIONS 0.86%
- -------------------------------------------------------------------------------
250,000 General Motors Acceptance Corp,
6.625%, 10/15/05 252,087
-----------
REAL ESTATE INVESTMENT TRUSTS 1.83%
- -------------------------------------------------------------------------------
275,000 Price REIT Inc,
7.25%, 11/01/00 276,430
250,000 Weingarten Realty Investors
Trust MTN,
7.22%, 06/01/05 259,195
-----------
535,625
-----------
SAVINGS INSTITUTIONS-
FEDERALLY CHARTED 1.90%
- -------------------------------------------------------------------------------
500,000 Golden West Financial Corp,
8.375%, 04/15/02 553,870
-----------
TOTAL FINANCIAL
Cost $4,232,624) 4,468,207
-----------
</TABLE>
16 -----------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
WESTCORE SEMI-ANNUAL REPORT
- --------------------------------------------------------------------------------
LONG-TERM BOND FUND
STATEMENT OF INVESTMENTS
November 30, 1995 (Unaudited) (Continued)
<TABLE>
<CAPTION>
Face Amount Market Value*
- ----------- -------------
<C> <S> <C>
INDUSTRIAL 22.50%
- -------------------------------------------------------------
BOOKS, PUBLISHING OR
PUBLISHING & PRINTING 0.65%
- -------------------------------------------------------------
$ 250,000 Western Publishing Group Inc,
7.65%, 09/15/02 $ 191,250
-----------
BROADCAST MEDIA 1.43%
- -------------------------------------------------------------
400,000 Cox Communications Inc,
7.625%, 06/15/25 417,025
-----------
CABLE & OTHER PAY TELEVISION
SERVICES 2.88%
- -------------------------------------------------------------
Tele Communications Inc,
800,000 8.00%, 08/01/05 840,534
-----------
DAIRY PRODUCTS 1.72%
- -------------------------------------------------------------
500,000 Borden Inc,
7.875%, 02/15/23 501,299
-----------
HOSPITAL & MEDICAL
SERVICE PLANS 0.50%
- -------------------------------------------------------------
140,000 Foundation Health Corp,
7.75%, 06/01/03 145,996
-----------
INDUSTRIAL ORGANIC
CHEMICALS 1.81%
- -------------------------------------------------------------
500,000 ISP Chemicals Inc,
9.00%, 03/01/99 530,077
-----------
MISCELLANEOUS CHEMICAL
PRODUCTS 1.47%
- -------------------------------------------------------------
400,000 Lubrizol Corp,
7.25%, 06/15/25 429,138
-----------
NATURAL GAS TRANSMISSION 1.12%
- -------------------------------------------------------------
250,000 Coastal Corp,
10.75%, 10/01/10 327,162
-----------
NEWSPAPERS - PUBLISHING OR
PUBLISHING & PRINTING 1.99%
- -------------------------------------------------------------
500,000 News America Holdings Inc,
9.25%, 02/01/13 582,103
-----------
OIL - INTEGRATED DOMESTIC 3.26%
- -------------------------------------------------------------
1,000,000 Oxy Oil & Gas Inc,
7.00%, 04/15/11 952,627
-----------
PERIODICALS - PUBLISHING OR
PUBLISHING & PRINTING 2.84%
- -------------------------------------------------------------
750,000 Time Warner Inc,
9.125%, 01/15/13 829,267
-----------
PHARMACEUTICAL PREPARATIONS 1.92%
- -------------------------------------------------------------
$ 550,000 Bayer Corp,
6.50%, 10/01/02(1) $ 562,067
-----------
SEARCH, DETECTION, NAVIGATION,
GUIDENCE, AERONAUTICAL
SYSTEMS 0.91%
- -------------------------------------------------------------
260,000 Raytheon Co,
6.50%, 07/15/05 265,534
-----------
TOTAL INDUSTRIAL
(Cost $6,141,744) 6,574,079
-----------
TRANSPORTATION 4.26%
- -------------------------------------------------------------
500,000 AMR Corp,
10.00%, 04/15/21 612,596
350,000 Jets Equipment Trust 95-B,
7.83%, 02/15/06 (1) 359,849
250,000 United Airlines Pass-
Through Certificates,
9.02%, 04/19/12 271,907
-----------
TOTAL TRANSPORTATION
(Cost $1,098,092) 1,244,352
-----------
UTILITIES - ELECTRIC 1.78%
- -------------------------------------------------------------
550,000 Long Island Lighting Co,
7.125%, 06/01/05 520,810
-----------
TOTAL CORPORATE BONDS
(Cost $12,009,624) 12,807,448
-----------
U.S. GOVERNMENT
TREASURIES 53.05%
- -------------------------------------------------------------
U.S. TREASURY BONDS/
NOTES 42.30%
- -------------------------------------------------------------
U.S. Treasury Bonds:
1,500,000 9.375%, 02/15/06 1,905,000
1,750,000 7.50%, 11/15/16 2,010,857
1,000,000 8.875%, 02/15/19 1,319,375
1,500,000 8.50%, 02/15/20 1,916,250
1,500,000 7.875%, 02/15/21 1,805,625
1,500,000 8.125%, 08/15/21 1,855,313
U.S. Treasury Note,
1,500,000 6.25%, 02/15/03 1,546,875
-----------
12,359,295
-----------
</TABLE>
- ----------------------------------------------------------------------------- 17
<PAGE>
- --------------------------------------------------------------------------------
WESTCORE SEMI-ANNUAL REPORT
- --------------------------------------------------------------------------------
LONG-TERM BOND FUND
STATEMENT OF INVESTMENTS
November 30, 1995 (Unaudited) (Continued)
<TABLE>
<CAPTION>
Face Amount Market Value*
- ----------- -------------
<C> <S> <C>
U.S. GOVERNMENT ZERO
COUPON STRIPS 10.75%
- -------------------------------------------------------------
$2,000,000 02/15/04 $ 1,249,990
5,000,000 08/15/11 1,890,240
-------------
3,140,230
-------------
TOTAL U.S. GOVERNMENT TREASURIES 15,499,525
(Cost $13,644,562) -------------
MUTUAL FUNDS 1.67%
- -------------------------------------------------------------
486,097 Provident Institutional
Temp Fund 489,193
-------------
(Cost $489,193)
TOTAL INVESTMENTS
(Cost $26,143,379) 98.55% $ 28,796,166
Other Assets
in Excess of Liabilities 1.45% 423,934
--------------------------
NET ASSETS 100.00% $ 29,220,100
==========================
</TABLE>
* See Note 1 to financial statements
(1) Restricted Security--See Note 5 of Notes to Financial Statements
COLORADO TAX-EXEMPT FUND
STATEMENT OF INVESTMENTS
November 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
Face Bond Rating Market
Amount Moody's/S&P Value*
- -------- ----------- --------
<C> <S> <C> <C>
CERTIFICATES OF
PARTICIPATION 1.90%
- --------------------------------------------------------------------
$100,000 State of Colorado Certificate
of Participation Master Lease
Purchase Agreement,
5.25%, 11/01/99, AMBAC Aaa/AAA $103,682
100,000 Lakewood, Jefferson County,
Certificate of Participation,
5.625%, 12/01/99, MBIA Aaa/AAA 104,079
--------
TOTAL CERTIFICATES OF PARTICIPATION
(Cost $200,985) 207,761
--------
GENERAL OBLIGATION BONDS 58.17%
- --------------------------------------------------------------------
COUNTY/CITY/SPECIAL DISTRICT/
SCHOOL DISTRICT 58.17%
- --------------------------------------------------------------------
100,000 Adams County School District #12,
7.25%, 12/15/09, Prerefunded
12/15/99 @ 100.00 NR/A+ 111,227
100,000 Arapahoe County School
District #1, 4.85%, 11/01/04 Aaa/AA 100,934
125,000 Arapahoe County School
District #2, 6.75%, 12/01/04,
Optional 12/01/99 @ 101.00 A/NR 134,720
250,000 Arapahoe County School
District #6 95a, 5.50%, 12/01/06 Aa/AA 263,510
150,000 Boulder Library, 7.30%, 10/01/08,
Prerefunded 10/01/98 @ 100.00 Aaa/AA 162,927
Boulder, Larimer & Weld
Counties, School District 1J:
100,000 5.50%, 12/15/04, Optional
12/15/02 @ 101.00, MBIA Aaa/AAA 105,468
175,000 5.80%, 12/15/07, Optional
12/15/02 @ 101.00, MBIA Aaa/AAA 185,631
100,000 6.00%, 12/15/10, Optional
12/15/02 @ 101.00, MBIA Aaa/AAA 106,028
125,000 Colorado Springs Various
Purpose, 6.60%, 09/01/00,
Prerefunded 09/01/99 @ 100.00 NR/AAA 135,531
250,000 Clear Creek County School
District Re-1, 5.40%, 12/01/11,
MBIA Aaa/AAA 250,000
250,000 Douglas & Elbert Counties
School District Re-1, 5.75%,
12/15/05, Optional 12/15/02
@ 100.00, FGIC Aaa/AAA 265,115
Eagle, Garfield & Routt Counties
School District 50-J:
125,000 6.60%, 12/01/99, Prerefunded
12/01/98 @ 100.00 Aaa/AAA 133,928
85,000 5.60%, 12/01/01, FGIC Aaa/AAA 90,561
200,000 5.75%, 12/01/03, FGIC Aaa/AAA 214,254
</TABLE>
18 -----------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
WESTCORE SEMI-ANNUAL REPORT
- --------------------------------------------------------------------------------
COLORADO TAX-EXEMPT FUND
STATEMENT OF INVESTMENTS
November 30, 1995 (Unaudited) (Continued)
<TABLE>
<CAPTION>
Face Bond Rating Market
Amount Moody's/S&P Value*
- -------- ----------- --------
<C> <S> <C> <C>
$125,000 El Paso County School District
#3, 6.20%, 12/15/00, Optional
12/15/98 @ 101.00, MBIA Aaa/AAA $132,799
125,000 El Paso County School District
#49, 6.75%, 12/01/04, Optional
12/01/00 @ 100.00, MBIA Aaa/AAA 136,306
125,000 Fruita, Mesa County,
6.40%, 10/01/00, Optional
10/01/97 @ 100.00, AMBAC Aaa/AAA 129,577
250,000 Garfield, Eagle & Pitkin Counties
School District Re-1, 6.60%,
12/15/14, Optional 06/15/04
@ 101.00 Aaa/AAA 276,775
150,000 Golden, Jefferson County Water,
4.80%, 11/15/05 A1/NR 149,762
625,000 Goldsmith Metropolitan
District Arapahoe & Denver
Counties, 6.50%, 12/01/03,
Optional 12/01/99 @ 101.00, MBIA Aaa/AAA 673,175
Jefferson County School
District R-1:
100,000 5.10%, 12/15/99, AMBAC Aaa/AAA 103,500
100,000 5.75%, 12/15/03, Optional
12/15/02 @ 101.00, AMBAC Aaa/AAA 107,887
500,000 5.90%, 12/15/04, Optional
12/15/02 @ 101.00, AMBAC Aaa/AAA 539,210
125,000 Larimer County School
District #1, 7.00%, 12/15/08,
Prerefunded 12/15/01
@ 101.00 NR/NR 142,679
100,000 Longmont, Boulder County,
5.15%, 09/01/99, MBIA Aaa/AAA 103,085
105,000 Morgan County School
District #3 6.45%, 12/01/98 A/NR 111,844
Northglenn, Adams County:
150,000 6.70%, 11/01/01, Optional
11/01/96 @ 101.00, MBIA Aaa/AAA 154,626
250,000 5.50%, 12/01/06, Optional
12/01/04 @ 101.00, FSA Aaa/AAA 263,552
100,000 Pitkin County School District Re-1,
5.50%, 11/15/00, AMBAC Aaa/AAA 105,169
125,000 Poudre Valley Hospital District,
6.80%, 11/15/02, Prerefunded
11/15/98 @ 101.00 NR/AAA 135,600
75,000 Routt County School District #2,
5.00%, 12/01/05, FGIC Aaa/AAA 75,491
125,000 Thornton, Adams County,
5.75%, 12/01/04, Optional
12/01/02 @ 101.00, FGIC Aaa/AAA 134,044
Thornton, Adams County Water:
25,000 7.40%, 12/01/98, FGIC Aaa/AAA 27,346
125,000 7.40%, 12/01/98, Prerefunded
12/01/96 @ 102.00, FGIC Aaa/AAA 132,111
100,000 5.20%, 12/01/99, FGIC Aaa/AAA 103,836
135,000 Three Lakes Water & Sanitation
District Grand County Limited
Tax, 6.00%, 06/01/00 Optional
06/01/97 @ 101.00, MBIA Aaa/AAA 139,432
100,000 Woodland Park, Teller County,
6.30%, 07/01/08, Optional
07/01/00 @ 101.00, FGIC Aaa/AAA 107,164
125,000 Woodmoor Water & Sanitation
District 1 El Paso County, 6.20%,
12/01/00, Optional 12/01/95
@ 101.00, MBIA Aaa/AAA 127,986
------------
TOTAL GENERAL OBLIGATION BONDS
(Cost $6,087,717) 6,372,790
------------
REVENUE BONDS 36.76%
- --------------------------------------------------------------------------------
EDUCATION 5.88%
- --------------------------------------------------------------------------------
250,000 Auraria Higher Education Center
Parking, 5.15%, 04/01/08, Optional
04/01/03 @ 101.00, FSA Aaa/AAA 251,835
Colorado State Board of Agriculture
CSU, Research Foundation Master
Lease Purchase Agreement:
100,000 6.45%, 11/01/01, Optional
05/01/99 @ 101.00, MBIA Aaa/AAA 106,971
70,000 7.70%, 09/01/06, Optional
09/01/96 @ 101.00, MBIA Aaa/AAA 72,676
100,000 State of Colorado Department of
Higher Education State Board for
Community Colleges
& Occupational Education, 5.20%,
11/01/03, Optional 11/01/02 @
100.00, AMBA Aaa/AAA 103,398
100,000 University of Colorado Auxiliary
Facilities, 6.50%, 06/01/01,
Optional 06/01/00 @ 101.00 A1/NR 109,745
------------
644,625
------------
HOSPITALS 3.23%
- --------------------------------------------------------------------------------
100,000 Poudre Valley Hospital District,
ETM, 5.80%, 12/01/98, AMBAC Aaa/AAA 104,901
250,000 Poudre Valley Hospital District,
4.75%, 12/01/05, AMBAC Aaa/AAA 248,623
------------
353,524
------------
</TABLE>
- ----------------------------------------------------------------------------- 19
<PAGE>
- --------------------------------------------------------------------------------
WESTCORE SEMI-ANNUAL REPORT
- --------------------------------------------------------------------------------
COLORADO TAX-EXEMPT FUND
STATEMENT OF INVESTMENTS
November 30, 1995 (Unaudited) (Continued)
<TABLE>
<CAPTION>
Face Bond Rating Market
Amount Moody's/S&P Value *
- ------- ---------------------------
<C> <S> <C> <C>
PUBLIC FACILITIES 4.38%
- ---------------------------------------------------------------------------
$250,000 Colorado Health Facility Authority,
Rose Medical Center Project, 4.90%,
08/15/07, Optional 08/15/03 @
101.50, MBIA Aaa/AAA $259,097
200,000 Denver Metropolitan Stadium
District Sales Tax, 6.25%, 10/01/02,
Prerefunded 10/01/01 @ 101.00, FGIC Aaa/AAA 220,942
-----------------
480,039
-----------------
SPECIAL TAX 12.83%
- --------------------------------------------------------------------------
250,000 Boulder Urban Renewal
Authority Tax Increment, 6.00%,
03/01/02, Optional 03/01/00
@ 101.00, MBIA Aaa/AAA 266,918
250,000 Breckenridge Excise Tax Rev,
5.20%, 12/01/01, Optional
12/01/00 @ 100.00, MBIA Aaa/AAA 261,120
100,000 Commerce City Sales Tax,
5.375%, 08/01/07, MBIA Aaa/AAA 103,305
150,000 Lafayette, Boulder County, Sales
& Use Tax, 6.40%, 11/15/04,
Optional 11/15/01 @ 100.00,
AMBAC Aaa/AAA 169,638
250,000 Louisville, Boulder County
Sales Tax, 4.85%, 12/01/04, FSA Aaa/AAA 253,642
200,000 Pitkin County Sales Tax,
4.85%, 12/01/07, MBIA Aaa/AAA 198,064
Thornton, Adams County,
Sales and Use Tax:
100,000 4.95%, 09/01/04, Optional
09/01/02 @ 101.00, FGIC Aaa/AAA 101,927
50,000 5.15%, 09/01/06, Optional
09/01/03 @ 100.00, FGIC Aaa/AAA 50,988
------------------
1,405,602
------------------
TRANSPORTATION 3.32%
- --------------------------------------------------------------------------
Regional Transport District
Colorado Sales Tax:
100,000 7.00%, 11/01/98, FGIC Aaa/AAA 108,185
250,000 4.75%, 11/01/00, FGIC Aaa/AAA 255,488
------------------
363,673
------------------
Face Bond Rating Market
Amount Moody's/S&P Value *
- ------- --------------------------
UTILITY 7.12%
- --------------------------------------------------------------------------
75,000 Boulder Water & Sewer, 5.75%,
12/01/06, Optional 12/01/02
@ 100.00 Aa/AA 79,013
$250,000 Central Weld County Water
District, 5.25%, 12/01/05, Optional
12/01/03 @ 100.00, MBIA Aaa/AAA $258,240
100,000 Colorado Springs Utilities
Systems, 6.40%, 11/15/02,
Optional 11/15/01 @ 102.00 Aa/AA 111,431
125,000 Glenwood Springs Water &
Sewer, 4.70%, 12/01/05, Optional
12/01/01 @ 100.00, AMBAC Aaa/AAA 124,409
Metropolitan Denver Sewer
Disposal District #1:
100,000 6.10%, 04/01/99, Optional
10/01/96 @ 101.00 A1/AA 102,587
50,000 6.10%, 04/01/99, Prerefunded
10/01/96 @ 101.00 A1/AA 51,495
50,000 Ute Water Conservancy District,
Mesa County, 7.60%, 06/15/01,
Optional 06/15/97 @ 100.00,
AMBAC Aaa/AAA 52,450
------------------
779,625
------------------
TOTAL REVENUE BONDS
(Cost $3,884,880) 4,027,088
------------------
Shares
------
MUTUAL FUNDS 2.09%
- --------------------------------------------------------------------------
227,614 Provident Institutional Short-Term
MuniFund (Cost $228,411) 228,411
------------------
TOTAL INVESTMENTS
(Cost $10,401,993) 98.92% $10,836,050
Other Assets in Excess
of Liabilities 1.08% 118,739
-------------------------------
NET ASSETS 100.00% $10,954,789
===============================
</TABLE>
*See note 1 to financial statements.
20 -----------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
WESTCORE SEMI-ANNUAL REPORT
- --------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED NOVEMBER 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
Equity Blue MIDCO Small-Cap Intermediate- Long- Colorado
Income Chip Growth Opportunity Term Term Tax-Exempt
Fund Fund Fund Fund Bond Fund Bond Fund Fund
---------- ----------- ------------ ----------- ----------- --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME
Dividends $ 398,431 $ 664,618 $ 1,016,709 $ 87,470 $ 0 $ 0 $ 0
Interest 29,981 52,561 1,046,276 32,964 3,210,832 1,111,553 285,589
- --------------------------------------------------------------------------------------------------------------------------------
Total Income 428,412 717,179 2,062,985 120,434 3,210,832 1,111,553 285,589
- --------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Investment advisory fee 97,546 183,989 1,655,999 73,355 216,632 71,817 26,943
Administrative fee 19,486 39,224 353,185 10,810 60,972 20,243 7,304
Fund accounting 14,586 13,378 81,085 16,209 22,222 11,711 18,206
Legal 5,396 10,258 57,345 3,224 20,642 6,887 66
Audit 2,573 3,084 7,062 2,061 4,643 2,660 2,061
Custodian 12,333 11,615 71,905 9,510 17,122 7,372 3,318
Amortization of organization
costs 0 0 0 8,878 0 0 5,379
Transfer agency 33,103 19,721 155,614 24,694 30,379 16,473 13,778
Printing 17,364 16,326 110,693 14,831 9,915 6,672 2,994
Insurance 783 870 10,295 186 1,671 686 193
Registration 8,125 8,154 6,091 10,505 17,242 2,709 561
Trustee fee 878 1,712 10,515 545 2,906 2,508 230
Reorganization 13,260 14,753 150,451 5,113 24,643 6,892 5,024
Other 3,192 872 29,613 1,001 3,277 546 305
- --------------------------------------------------------------------------------------------------------------------------------
Total Expenses 228,625 323,956 2,699,853 180,922 432,266 157,176 86,362
Expenses waived by:
Investment advisor (18,440) (14,768) 0 (73,355) (38,610) (11,332) (26,943)
Custodian (12,333) (11,615) (71,905) (9,510) (17,122) (7,372) (3,318)
Administrator (793) (667) 0 (891) (2,119) (637) (2,843)
Expenses reimbursed by
Investment advisor 0 0 0 (1,954) 0 0 (30,199)
- --------------------------------------------------------------------------------------------------------------------------------
Net Expenses 197,059 296,906 2,627,948 95,212 374,415 137,835 23,059
- --------------------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME
(LOSS) 231,353 420,273 (564,963) 25,222 2,836,417 973,718 262,530
- --------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) from
investment transactions 2,147,648 4,119,267 23,680,628 534,899 773,348 344,626 (3,869)
- --------------------------------------------------------------------------------------------------------------------------------
Unrealized appreciation
of investments:
Beginning of period 2,440,998 10,123,581 97,968,007 693,860 1,160,831 1,519,743 295,433
End of period 2,794,033 14,542,028 163,878,151 2,438,019 1,898,767 2,652,787 434,057
- --------------------------------------------------------------------------------------------------------------------------------
Net change in unrealized
appreciation 353,035 4,418,447 65,910,144 1,744,159 737,936 1,133,044 138,624
- --------------------------------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS 2,500,683 8,537,714 89,590,772 2,279,058 1,511,284 1,477,670 134,755
- --------------------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $2,732,036 $ 8,957,987 $ 89,025,809 $2,304,280 $4,347,701 $2,451,388 $397,285
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
- ----------------------------------------------------------------------------- 21
<PAGE>
- --------------------------------------------------------------------------------
WESTCORE SEMI-ANNUAL REPORT
- --------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Equity Income Fund
------------------------------------------
For the Period Ended For the Year Ended
FROM INVESTMENT ACTIVITIES November 30, 1995(1) May 31,1995
--------------------- ------------------
<S> <C> <C>
Net investment income $ 231,353 $ 863,093
Net realized gain (loss) on investments 2,147,648 (1,036,420)
Net unrealized appreciation 353,035 779,981
- ----------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations 2,732,036 606,654
- ----------------------------------------------------------------------------------------------------------------------
Dividends to shareholders from net investment income (187,349) (904,661)
Distributions to shareholders from net realized gain on investments 0 (1,098,017)
- ----------------------------------------------------------------------------------------------------------------------
Change in net assets derived from investment activities 2,544,687 (1,396,024)
- ----------------------------------------------------------------------------------------------------------------------
FROM BENEFICIAL INTEREST TRANSACTIONS
Shares sold 6,390,293 11,141,116
Shares issued in reinvestment of dividends 142,224 1,719,491
- ----------------------------------------------------------------------------------------------------------------------
6,532,517 12,860,607
Shares redeemed (12,362,016) (27,234,196)
- ----------------------------------------------------------------------------------------------------------------------
Change in net assets derived from beneficial interest transactions (5,829,499) (14,373,589)
- ----------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS (3,284,812) (15,769,613)
NET ASSETS:
Beginning of period 30,899,945 46,669,558
- ----------------------------------------------------------------------------------------------------------------------
End of period (including undistributed net investment income
of $70,428 and $26,424, respectively) $ 27,615,133 $ 30,899,945
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Blue Chip Fund
------------------------------------------
For the Period Ended For the Year Ended
FROM INVESTMENT ACTIVITIES November 30, 1995(1) May 31,1995
--------------------- ------------------
<S> <C> <C>
Net investment income $ 420,273 $ 743,795
Net realized gain on investments 4,119,267 1,045,955
Net unrealized appreciation 4,418,447 6,095,272
- ----------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations 8,957,987 7,885,022
- ----------------------------------------------------------------------------------------------------------------------
Dividends to shareholders from net investment income (507,282) (498,807)
Distributions to shareholders from net realized gain on investments 0 (622,592)
- ----------------------------------------------------------------------------------------------------------------------
Change in net assets derived from investment activities 8,450,705 6,763,623
- ----------------------------------------------------------------------------------------------------------------------
FROM BENEFICIAL INTEREST TRANSACTIONS
Shares sold 9,599,445 21,451,091
Shares issued in reinvestment of dividends 445,948 1,004,437
- ----------------------------------------------------------------------------------------------------------------------
10,045,393 22,455,528
Shares redeemed (8,539,009) (13,348,260)
- ----------------------------------------------------------------------------------------------------------------------
Change in net assets derived from beneficial interest transactions 1,506,384 9,107,268
- ----------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS 9,957,089 15,870,891
NET ASSETS:
Beginning of period 52,545,281 36,674,390
- ----------------------------------------------------------------------------------------------------------------------
End of period (including undistributed net
investment income of $139,836 and $226,846, respectively) $ 62,502,370 $ 52,545,281
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Unaudited
SEE NOTES TO FINANCIAL STATEMENTS
22 -----------------------------------------------------------------------------
<PAGE>
- -------------------------------------------------------------------------------
WESTCORE SEMI-ANNUAL REPORT
- -------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
MIDCO Growth Fund
----------------------------------------
For the Period Ended For the Year Ended
November 30, 1995(1) May 31, 1995
-------------------- ------------------
<S> <C> <C>
FROM INVESTMENT ACTIVITIES
Net investment loss $ (564,963) $ (169,107)
Net realized gain on investments 23,680,628 1,443,760
Net unrealized appreciation 65,910,144 37,597,019
- -----------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations 89,025,809 38,871,672
- -----------------------------------------------------------------------------------------------------------------------
Dividends to shareholders from net investment income 0 0
Distributions to shareholders from net realized gain on investments 0 (12,136,517)
- -----------------------------------------------------------------------------------------------------------------------
Change in net assets derived from investment activities 89,025,809 26,735,155
- -----------------------------------------------------------------------------------------------------------------------
FROM BENEFICIAL INTEREST TRANSACTIONS
Shares sold 98,353,796 127,615,870
Shares issued in reinvestment of dividends 0 11,592,588
- -----------------------------------------------------------------------------------------------------------------------
98,353,796 139,208,458
Shares redeemed (66,830,373) (90,269,846)
- -----------------------------------------------------------------------------------------------------------------------
Change in net assets derived from beneficial interest transactions 31,523,423 48,938,612
- -----------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS 120,549,232 75,673,767
- -----------------------------------------------------------------------------------------------------------------------
NET ASSETS:
Beginning of period 427,436,214 351,762,447
- -----------------------------------------------------------------------------------------------------------------------
End of period (including over distributed net investment
income of ($1,431,591) and ($866,631), respectively) $547,985,446 $427,436,214
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Small-Cap
Opportunity Fund
----------------------------------------
For the Period Ended For the Year Ended
November 30, 1995(1) May 31, 1995
-------------------- ------------------
<S> <C> <C>
FROM INVESTMENT ACTIVITIES
Net investment income $ 25,222 $ 43,350
Net realized gain (loss) on investments 534,899 (111,091)
Net unrealized appreciation 1,744,159 680,840
- -----------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations 2,304,280 613,099
- -----------------------------------------------------------------------------------------------------------------------
Dividends to shareholders from net investment income (26,212) (38,334)
Distributions to shareholders from net realized gain on investments 0 (72,950)
- -----------------------------------------------------------------------------------------------------------------------
Change in net assets derived from investment activities 2,278,068 501,815
- -----------------------------------------------------------------------------------------------------------------------
FROM BENEFICIAL INTEREST TRANSACTIONS
Shares sold 6,611,533 8,039,260
Shares issued in reinvestment of dividends 24,843 108,876
- -----------------------------------------------------------------------------------------------------------------------
6,636,376 8,148,136
Shares redeemed (1,620,416) (669,163)
- -----------------------------------------------------------------------------------------------------------------------
Change in net assets derived from beneficial interest transactions 5,015,960 7,478,973
- -----------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS 7,294,028 7,980,788
NET ASSETS:
Beginning of period 10,636,893 2,656,105
- -----------------------------------------------------------------------------------------------------------------------
End of period (including undistributed net investment
income of $7,780 and $8,769, respectively) $17,930,921 $10,636,893
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Unaudited
SEE NOTES TO FINANCIAL STATEMENTS
- ----------------------------------------------------------------------------- 23
<PAGE>
- -------------------------------------------------------------------------------
WESTCORE SEMI-ANNUAL REPORT
- -------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Intermediate-Term Bond Fund
-----------------------------------------------
For the Period Ended For the Year Ended
November 30, 1995(1) May 31, 1995
--------------------- ------------------
<S> <C> <C>
FROM INVESTMENT ACTIVITIES
Net investment income $ 2,836,417 $ 5,308,012
Net realized gain (loss) on investments 773,348 (1,790,451)
Net unrealized appreciation 737,936 4,569,545
- ----------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations 4,347,701 8,087,106
- ----------------------------------------------------------------------------------------------------------------
Dividends to shareholders from net investment income (2,796,951) (5,489,714)
- ----------------------------------------------------------------------------------------------------------------
Change in net assets derived from investment activities 1,550,750 2,597,392
- ----------------------------------------------------------------------------------------------------------------
FROM BENEFICIAL INTEREST TRANSACTIONS
Shares sold 13,200,000 29,735,594
Shares issued in reinvestment of dividends 2,219,898 4,370,594
- ----------------------------------------------------------------------------------------------------------------
15,419,898 34,106,188
Shares redeemed (30,552,004) (27,419,886)
- ----------------------------------------------------------------------------------------------------------------
Change in net assets derived from beneficial interest
transactions (15,132,106) 6,686,302
- ----------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS (13,581,356) 9,283,694
NET ASSETS:
Beginning of period 100,189,585 90,905,891
- ----------------------------------------------------------------------------------------------------------------
End of period (including undistributed net investment income
of $141,922 and $102,456, respectively) $ 86,608,229 $100,189,585
================================================================================================================
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Long-Term Bond Fund
-----------------------------------------------
For the Period Ended For the Year Ended
November 30, 1995(1) May 31, 1995
--------------------- ------------------
<S> <C> <C>
FROM INVESTMENT ACTIVITIES
Net investment income $ 973,718 $ 1,808,619
Net realized gain (loss) on investments 344,626 (307,479)
Net unrealized appreciation 1,133,044 2,584,530
- ----------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations 2,451,388 4,085,670
- ----------------------------------------------------------------------------------------------------------------
Dividends to shareholders from net investment income (981,948) (1,816,108)
- ----------------------------------------------------------------------------------------------------------------
Change in net assets derived from investment activities 1,469,440 2,269,562
- ----------------------------------------------------------------------------------------------------------------
FROM BENEFICIAL INTEREST TRANSACTIONS
Shares sold 2,953,056 10,155,539
Shares issued in reinvestment of dividends 883,505 1,662,861
- ----------------------------------------------------------------------------------------------------------------
3,836,561 11,818,400
Shares redeemed (9,526,113) (7,609,598)
- ----------------------------------------------------------------------------------------------------------------
Change in net assets derived from beneficial interest transactions (5,689,552) 4,208,802
- ----------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS (4,220,112) 6,478,364
NET ASSETS:
Beginning of period 33,440,212 26,961,848
- ----------------------------------------------------------------------------------------------------------------
End of period (including undistributed net investment income
of $48,188 and $56,418, respectively) $ 29,220,100 $33,440,212
================================================================================================================
</TABLE>
(1) Unaudited
SEE NOTES TO FINANCIAL STATEMENTS
24 -----------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
WESTCORE SEMI-ANNUAL REPORT
- --------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Colorado Tax-Exempt Fund
-------------------------------------------
For the Period Ended For the Year Ended
November 30, 1995(1) May 31, 1995
-------------------- ------------------
<S> <C> <C>
FROM INVESTMENT ACTIVITIES
Net investment income $ 262,530 $ 516,588
Net realized loss on investments (3,869) (12)
Net unrealized appreciation 138,624 213,154
- ---------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations 397,285 729,730
- ---------------------------------------------------------------------------------------------------------------------
Dividends to shareholders from net investment income (246,198) (535,461)
- ---------------------------------------------------------------------------------------------------------------------
Change in net assets derived from investment activities 151,087 194,269
- ---------------------------------------------------------------------------------------------------------------------
FROM BENEFICIAL INTEREST TRANSACTIONS
Shares sold 214,511 1,234,996
Shares issued in reinvestment of dividends 153,623 324,646
- ---------------------------------------------------------------------------------------------------------------------
368,134 1,559,642
Shares redeemed (356,128) (1,515,481)
- ---------------------------------------------------------------------------------------------------------------------
Change in net assets derived from beneficial interest transactions 12,006 44,161
- ---------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS 163,093 238,430
NET ASSETS:
Beginning of period 10,791,696 10,553,266
- ---------------------------------------------------------------------------------------------------------------------
End of period (including undistributed net investment income
of $14,679 and ($1,653), respectively) $10,954,789 $10,791,696
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Unaudited.
SEE NOTES TO FINANCIAL STATEMENTS
- ----------------------------------------------------------------------------- 25
<PAGE>
- --------------------------------------------------------------------------------
WESTCORE SEMI-ANNUAL REPORT
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS
Selected data for a share of beneficial interest
outstanding throughout the periods indicated: Equity Income Fund
---------------------------------------------------------------------
For the Period For the Year
Ended November 30, Ended May 31,
----------------- -------------------------------------------------
1995(3) 1995 1994 1993 1992 1991
----------------- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Net asset value - beginning of period: $ 10.50 $ 10.62 $ 11.51 $ 10.99 $ 10.10 $ 9.94
- ----------------------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.09 0.20 0.51 0.32 0.32 0.32
Net realized and unrealized gain (loss) on
investments 0.91 0.15 (0.30) 0.68 1.05 0.48
- ----------------------------------------------------------------------------------------------------------------------
Total income (loss) from investment operations 1.00 0.35 0.21 1.00 1.37 0.80
- ----------------------------------------------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income (0.07) (0.21) (0.54) (0.20) (0.43) (0.33)
Distributions from net realized gain on
investments 0 (0.26) (0.56) (0.28) (0.05) (0.31)
- ----------------------------------------------------------------------------------------------------------------------
Total dividends and distributions to
shareholders (0.07) (0.47) (1.10) (0.48) (0.48) (0.64)
- ----------------------------------------------------------------------------------------------------------------------
Net asset value - end of period $ 11.43 $ 10.50 $ 10.62 $ 11.51 $ 10.99 $ 10.10
- ----------------------------------------------------------------------------------------------------------------------
Total return 9.57% 3.73% 1.71% 9.41% 14.12% 9.07%
- ----------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000) $27,615 $27,029 $42,644 $35,791 $25,128 $19,932
- ----------------------------------------------------------------------------------------------------------------------
Ratio of expenses to average
net assets 1.31%(2) 1.17% 1.03% 0.99% 0.95% 0.90%
- ----------------------------------------------------------------------------------------------------------------------
Ratio of net investment income to average
net assets 1.54%(2) 2.09% 4.45% 2.75% 3.03% 3.51%
- ----------------------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets
without fee waivers 1.52%(2) 1.22% 1.06% 1.03% 1.02% 1.00%
- ----------------------------------------------------------------------------------------------------------------------
Ratio of net investment income to average net
assets without fee waivers 1.33%(2) 2.04% 4.42% 2.71% 2.96% 3.41%
- ----------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate (1) 121.35%(2) 81.14% 53.86% 61.24% 68.56% 64.94%
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) A portfolio turnover rate is, in general, the percentage computed by taking
the lesser of purchases or sales of portfolio securities (excluding
securities with a maturity date of one year or less at the time of
acquisition) for a period and dividing it by the monthly average of the
market value of such securities during the period. Purchases and sales of
investment securities (excluding short-term securities) for the period ended
November 30, 1995 were $17,661,681 and $23,200,215, respectively.
(2) Annualized.
(3) Unaudited.
SEE NOTES TO FINANCIAL STATEMENTS
26 -----------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
WESTCORE SEMI-ANNUAL REPORT
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS
Selected data for a share of beneficial interest Blue Chip Fund
outstanding throughout the periods indicated: (formerly the Modern Value Equity Fund)
-------------------------------------------------------------------------
For the Period For the Year
Ended November 30, Ended May 31,
------------------ ----------------------------------------------------
1995(3) 1995 1994 1993 1992 1991
--------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Net asset value - beginning of period $ 14.70 $ 12.70 $ 13.87 $ 13.35 $ 12.68 $ 11.74
- ----------------------------------------------------------------------------------------------------------------------------------
Income from investment operations
Net investment income 0.12 0.23 0.40 0.34 0.28 0.29
Net realized and unrealized gain on investments 2.36 2.12 0.04 1.13 0.95 1.15
- ----------------------------------------------------------------------------------------------------------------------------------
Total income from investment operations 2.48 2.35 0.44 1.47 1.23 1.44
- ----------------------------------------------------------------------------------------------------------------------------------
Dividends and distributions to shareholders
Dividends from net investment income (0.14) (0.16) (0.43) (0.21) (0.35) (0.30)
Distributions from net realized gain on investments 0.00 (0.19) (1.18) (0.74) (0.21) (0.20)
- ----------------------------------------------------------------------------------------------------------------------------------
Total dividends and distributions to shareholders (0.14) (0.35) (1.61) (0.95) (0.56) (0.50)
- ----------------------------------------------------------------------------------------------------------------------------------
Net asset value - end of period $ 17.04 $ 14.70 $ 12.70 $ 13.87 $ 13.35 $ 12.68
==================================================================================================================================
Total return 16.99% 19.03% 3.12% 11.62% 10.02% 13.08%
==================================================================================================================================
Ratios/supplemental data:
Net assets, end of period (000) $62,502 $52,545 $36,674 $28,176 $30,572 $27,208
==================================================================================================================================
Ratio of expenses to average net assets 1.04%(2) 1.01% 1.06% 0.99% 0.91% 0.84%
==================================================================================================================================
Ratio of net investment income to average net assets 1.48%(2) 1.78% 2.30% 2.37% 2.17% 2.65%
==================================================================================================================================
Ratio of expenses to average net assets without
fee waivers 1.14%(2) 1.06% 1.09% 1.02% 0.97% 0.94%
==================================================================================================================================
Ratio of net investment income to average net assets
without fee waivers 1.38%(2) 1.73% 2.27% 2.34% 2.11% 2.55%
==================================================================================================================================
Portfolio turnover rate (1) 72.01%(2) 61.72% 41.32% 85.53% 123.91% 142.01%
==================================================================================================================================
</TABLE>
(1) A portfolio turnover rate is, in general, the percentage computed by
taking the lesser of purchases or sales of portfolio securities (excluding
securities with a maturity date of one year or less at the time of
acquisition) for a period and dividing it by the monthly average of the
market value of such securities during the period. Purchases and sales of
investment securities (excluding short-term securities) for the period
ended November 30, 1995 were $23,002,650 and $19,749,704, respectively.
(2) Annualized.
(3) Unaudited.
SEE NOTES TO FINANCIAL STATEMENTS
- ----------------------------------------------------------------------------- 27
<PAGE>
- --------------------------------------------------------------------------------
WESTCORE SEMI-ANNUAL REPORT
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS
Selected data for a share of beneficial interest
outstanding throughout the periods indicated: MIDCO Growth Fund
--------------------------------------------------------------------------
For the Period For the Period
Ended November 30, Ended May 31,
------------------ ----------------------------------------------------
1995(3) 1995 1994 1993 1992 1991
------------------ -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Net asset value - beginning of period $17.12 $16.09 $15.79 $14.38 $14.00 $11.57
- ---------------------------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) (0.02) 0.00 0.00 0.04 0.06 0.07
Net realized and unrealized gain (loss) on
investments 3.45 1.56 1.34 2.48 1.84 3.16
- ---------------------------------------------------------------------------------------------------------------------------
Total income (loss) from investment operations 3.43 1.56 1.34 2.52 1.90 3.23
- ---------------------------------------------------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income 0.00 0.00 0.00 0.00 (0.32) (0.08)
Distributions from net realized gain on
investments 0.00 (0.53) (1.03) (1.11) (1.20) (0.72)
Return of Capital 0.00 (0.00) (0.01) (0.00) (0.00) (0.00)
- ---------------------------------------------------------------------------------------------------------------------------
Total dividends, distributions, and return of
capital to shareholders 0.00 (0.53) (1.04) (1.11) (1.52) (0.80)
- ---------------------------------------------------------------------------------------------------------------------------
Net asset value - end of period $20.55 $17.12 $16.09 $15.79 $14.38 $14.00
===========================================================================================================================
Total return 19.97% 10.05% 8.37% 18.04% 14.09% 30.44%
- ---------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000) $547,985 $401,760 $335,453 $231,595 $180,681 $131,420
- ---------------------------------------------------------------------------------------------------------------------------
Ratio of expenses to average
net assets 1.03%(2) 0.94% 0.84% 0.83% 0.80% 0.78%
- ---------------------------------------------------------------------------------------------------------------------------
Ratio of net investment income (loss) to average
net assets (0.22%)(2) (0.03%) (0.09%) 0.04% 0.12% 0.58%
- ---------------------------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets
without fee waivers 1.06%(2) 0.96% 0.87% 0.85% 0.85% 0.88%
- ---------------------------------------------------------------------------------------------------------------------------
Ratio of net investment income (loss) to average
net assets without fee waivers (0.25%)(2) (0.05%) (0.12%) 0.02% 0.07% 0.48%
- ---------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate (1) 61.68%(2) 50.19% 52.05% 56.23% 48.17% 75.43%
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) A portfolio turnover rate is, in general, the percentage computed by taking
the lesser of purchases or sales of portfolio securities (excluding
securities with a maturity date of one year or less at the time of
acquisition) for a period and dividing it by the monthly average of the
market value of such securities during the period. Purchases and sales of
investment securities (excluding short-term securities) for the period
ended November 30, 1995 were $198,625,552 and $145,294,495, respectively.
(2) Annualized.
(3) Unaudited.
SEE NOTES TO FINANCIAL STATEMENTS
28 -----------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
WESTCORE SEMI-ANNUAL REPORT
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS
Selected data for a share of beneficial interest
outstanding throughout the periods indicated: Small-Cap Opportunity Fund
----------------------------------------
For the Period For the Period
Ended November 30, Ended May 31,
------------------ ------------------
1995(4) 1995 1994(1)
------------------ ------- --------
<S> <C> <C> <C>
Net asset value - beginning of period $ 15.95 $ 14.97 $ 15.00
- ----------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.03 0.09 0.05
Net realized and unrealized gain (loss) on
investments 2.82 1.11 (0.05)
- ----------------------------------------------------------------------------------------
Total income from investment operations 2.85 1.20 0.00
- ----------------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income (0.03) (0.10) (0.03)
Distributions from net realized gain on
investments 0.00 (0.12) 0.00
- ----------------------------------------------------------------------------------------
Total dividends and distributions to
shareholders (0.03) (0.22) (0.03)
- ----------------------------------------------------------------------------------------
Net asset value - end of period $18.77 $15.95 $ 14.97
- ----------------------------------------------------------------------------------------
Total return 17.91% 8.15% (0.07%)(3)
- ----------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000) $17,931 $ 9,703 $ 2,159
- ----------------------------------------------------------------------------------------
Ratio of expenses to average
net assets 1.29%(3) 1.27% 1.38%(3)
- ----------------------------------------------------------------------------------------
Ratio of net investment income to average
net assets .34%(3) 0.61% 1.00%(3)
- ----------------------------------------------------------------------------------------
Ratio of expenses to average net assets
without fee waivers 2.45%(3) 2.77% 6.56%(3)
- ----------------------------------------------------------------------------------------
Ratio of net investment income (loss) to
average net assets without fee waivers (0.82%)(3) (0.89%) (4.18%)(3)
- ----------------------------------------------------------------------------------------
Portfolio turnover rate (2) 49.22%(3) 59.17% 64.31%(3)
- ----------------------------------------------------------------------------------------
</TABLE>
(1) The Fund commenced operations on December 28, 1993.
(2) A portfolio turnover rate is, in general, the percentage computed by taking
the lesser of purchases or sales of portfolio securities (excluding
securities with a maturity date of one year or less at the time of
acquisition) for a period and dividing it by the monthly average of the
market value of such securities during the period. Purchases and sales of
investment securities (excluding short-term securities) for the period ended
November 30, 1995 were $7,789,176 and $3,387,807, respectively.
(3) Annualized.
(4) Unaudited.
SEE NOTES TO FINANCIAL STATEMENTS
- ----------------------------------------------------------------------------- 29
<PAGE>
- --------------------------------------------------------------------------------
WESTCORE SEMI-ANNUAL REPORT
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS
Selected data for a share of beneficial interest
outstanding throughout the periods indicated: Intermediate-Term Bond Fund
--------------------------------------------------------------------
For the Period For the Period
Ended November 30, Ended May 31,
------------------ ------------------------------------------------
1995(3) 1995 1994 1993 1992 1991
------------------ ------- ------- ------- -------- -------
<S> <C> <C> <C> <C> <C> <C>
Net asset value - beginning of period $ 10.27 $ 10.02 $ 10.70 $ 10.14 $ 9.80 $ 9.91
- ----------------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.31 0.58 0.55 0.67 0.78 0.87
Net realized and unrealized gain (loss)
on investments 0.16 0.27 (0.52) 0.53 0.39 (0.10)
- ----------------------------------------------------------------------------------------------------------------
Total income from investment operations 0.47 0.85 0.03 1.20 1.17 0.77
- ----------------------------------------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income (0.30) (0.60) (0.53) (0.64) (0.83) (0.88)
Distributions from net realized gain on
investments 0.00 0.00 (0.18) 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------
Total dividends and distributions to
shareholders (0.30) (0.60) (0.71) (0.64) (0.83) (0.88)
- ----------------------------------------------------------------------------------------------------------------
Net asset value - end of period $ 10.44 $ 10.27 $ 10.02 $ 10.70 $ 10.14 $ 9.80
- ----------------------------------------------------------------------------------------------------------------
Total return 4.69% 8.93% 0.10% 12.16% 12.42% 8.30%
- ----------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000) $86,608 $97,619 $88,965 $99,469 $87,712 $68,958
- ----------------------------------------------------------------------------------------------------------------
Ratio of expenses to average
net assets 0.78%(2) 0.77% 0.68% 0.65% 0.61% 0.59%
- ----------------------------------------------------------------------------------------------------------------
Ratio of net investment income to average
net assets 5.88%(2) 5.86% 5.03% 6.37% 7.73% 9.01%
- ----------------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets
without fee waivers 0.90%(2) 0.80% 0.70% 0.67% 0.65% 0.65%
- ----------------------------------------------------------------------------------------------------------------
Ratio of net investment income to average
net assets without fee waivers 5.76%(2) 5.83% 5.00% 6.35% 7.69% 8.95%
- ----------------------------------------------------------------------------------------------------------------
Portfolio turnover rate (1) 69.36%(2) 60.86% 65.04% 87.17% 53.92% 80.20%
- ----------------------------------------------------------------------------------------------------------------
</TABLE>
(1) A portfolio turnover rate is, in general, the percentage computed by taking
the lesser of purchases or sales of portfolio securities (excluding
securities with a maturity date of one year or less at the time of
acquisition) for a period and dividing it by the monthly average of the
market value of such securities during the period. Purchases and sales of
investment securities (excluding short-term securities) for the period ended
November 30, 1995 were $31,606,428 and $45,789,215, respectively.
(2) Annualized.
(3) Unaudited.
SEE NOTES TO FINANCIAL STATEMENTS
30 -----------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
WESTCORE SEMI-ANNUAL REPORT
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
Selected data for a share of beneficial interest
outstanding throughout the periods indicated:
<TABLE>
<CAPTION>
Long-Term Bond Fund
--------------------------------------------------------------------
For the Period For the Year
Ended November 30, Ended May 31,
------------------ -----------------------------------------------
1995(3) 1995 1994 1993 1992 1991
------------------ ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
Net asset value - beginning of period $ 9.87 $ 9.22 $ 11.25 $ 10.60 $ 10.01 $ 10.11
- ---------------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.31 0.59 0.62 0.77 0.80 1.08
Net realized and unrealized gain (loss) on
investments 0.47 0.66 (0.51) 0.99 0.56 0.04
- ---------------------------------------------------------------------------------------------------------------
Total income from investment operations 0.78 1.25 0.11 1.76 1.36 1.12
- ---------------------------------------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income (0.31) (0.60) (0.62) (0.78) (0.77) (1.11)
Distributions from net realized gain on
investments 0.00 0.00 (1.52) (0.33) 0.00 (0.11)
- ---------------------------------------------------------------------------------------------------------------
Total dividends and distributions to
shareholders (0.31) (0.60) (2.14) (1.11) (0.77) (1.22)
- ---------------------------------------------------------------------------------------------------------------
Net asset value - end of period $ 10.34 $ 9.87 $ 9.22 $ 11.25 $ 10.60 $ 10.01
- ---------------------------------------------------------------------------------------------------------------
Total return 8.08% 14.37% (.25%) 17.40% 14.04% 11.87%
- ---------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000) $29,220 $33,440 $26,962 $26,281 $30,800 $27,448
- ---------------------------------------------------------------------------------------------------------------
Ratio of expenses to average
net assets 0.86%(2) 0.94% 0.89% 0.77% 0.70% 0.65%
- ---------------------------------------------------------------------------------------------------------------
Ratio of net investment income to average
net assets 6.09%(2) 6.54% 5.74% 6.63% 7.59% 8.29%
- ---------------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets
without fee waivers 0.98%(2) 0.99% 0.92% 0.80% 0.74% 0.73%
- ---------------------------------------------------------------------------------------------------------------
Ratio of net investment income to average
net assets without fee waivers 5.97%(2) 6.49% 5.71% 6.60% 7.55% 8.21%
- ---------------------------------------------------------------------------------------------------------------
Portfolio turnover rate (1) 42.79%(2) 25.09% 52.82% 79.16% 51.79% 81.13%
- ---------------------------------------------------------------------------------------------------------------
</TABLE>
(1) A portfolio turnover rate is, in general, the percentage computed by taking
the lesser of purchases or sales of portfolio securities (excluding
securities with a maturity date of one year or less at the time of
acquisition) for a period and dividing it by the monthly average of the
market value of such securities during the period. Purchases and sales of
investment securities (excluding short-term securities) for the period ended
November 30, 1995 were $6,275,868 and $11,431,810.
(2) Annualized.
(3) Unaudited.
SEE NOTES TO FINANCIAL STATEMENTS
- ----------------------------------------------------------------------------- 31
<PAGE>
- --------------------------------------------------------------------------------
WESTCORE SEMI-ANNUAL REPORT
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
Selected data for a share of beneficial interest
outstanding throughout the periods indicated:
<TABLE>
<CAPTION>
Colorado Tax-Exempt Fund
------------------------------------------------------------
For the Period For the Year
Ended November 30, Ended May 31,
------------------ ---------------------------------------
1995(4) 1995 1994 1993 1992(1)
------------------ ------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
Net asset value - beginning of period $10.70 $10.52 $ 10.71 $10.25 $10.00
- -------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.26 0.52 0.53 0.57 0.58
Net realized and unrealized gain (loss)
on investments 0.14 0.20 (0.19) 0.46 0.23
- -------------------------------------------------------------------------------------------------------
Total income from investment operations 0.40 0.72 0.34 1.03 0.81
- -------------------------------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income (0.25) (0.54) (0.53) (0.57) (0.56)
Distributions from net realized gain on
investments 0.00 0.00 0.00 0.00 0.00
- -------------------------------------------------------------------------------------------------------
Total dividends and distributions to
shareholders (0.25) (0.54) (0.53) (0.57) (0.56)
- -------------------------------------------------------------------------------------------------------
Net asset value - end of period $10.85 $10.70 $10.52 $10.71 $10.25
- -------------------------------------------------------------------------------------------------------
Total return 3.75% 7.16% 3.22% 10.27% 8.36%
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RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000) $10,955 $10,792 $10,553 $7,326 $4,511
- -------------------------------------------------------------------------------------------------------
Ratio of expenses to average
net assets 0.43%(3) 0.42% 0.27% 0.22% 0.11%
- -------------------------------------------------------------------------------------------------------
Ratio of net investment income to
average net assets 4.86%(3) 5.03% 4.98% 5.45% 5.84%
- -------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets
without fee waivers 1.60%(3) 1.62% 1.59% 1.88% 1.65%
- -------------------------------------------------------------------------------------------------------
Ratio of net investment income to average
net assets without fee waivers 3.69%(3) 3.83% 3.65% 3.79% 4.30%
- -------------------------------------------------------------------------------------------------------
Portfolio turnover rate (2) 12.38%(3) 3.15% 9.76% 1.82% 12.95%
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</TABLE>
(1) Commencement of operations was June 1, 1991.
(2) A portfolio turnover rate is, in general, the percentage computed by taking
the lesser of purchases or sales of portfolio securities (excluding
securities with a maturity date of one year or less at the time of
acquisition) for a period and dividing it by the monthly average of the
market value of such securities during the period. Purchases and sales of
investment securities (excluding short-term securities) for the period ended
November 30, 1995 were $785,117 and $643,517, respectively.
(3) Annualized.
(4) Unaudited.
SEE NOTES TO FINANCIAL STATEMENTS
32 -----------------------------------------------------------------------------
<PAGE>
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WESTCORE SEMI-ANNUAL REPORT
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NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1. SIGNIFICANT ACCOUNTING POLICIES
Westcore Trust ("the Trust") is registered under the Investment Company
Act of 1940, as amended, as an open ended management investment company.
Interests in the Equity Income, Blue Chip (formerly Modern Value Equity), MIDCO
Growth, Small-Cap Opportunity, Intermediate-Term Bond, Long-Term Bond and
Colorado Tax-Exempt Funds ("the Funds") are represented by separate classes of
beneficial interest of the Trust, which is organized as a Massachusetts business
trust. From October 11, 1993 to September 30, 1995, the Equity Income, MIDCO
Growth, Small-Cap Opportunity and Intermediate-Term Bond Funds offered
Institutional and Retail classes of shares with a front-end load and their own
distribution/administrative service plan. On October 1, 1995 the Retail class
was merged into the Institutional class at the respective net asset value per
share. The distribution/administrative service plan on the Retail class was
discontinued. The front-end sales load on all the Funds was also discontinued.
The following is a summary of significant accounting policies consistently
followed by the Funds in the preparation of their financial statements. The
policies are in conformity with generally accepted accounting principles.
INVESTMENT VALUATION - Securities of the Funds are valued at 4:00 p.m.
(Eastern time) on each trading day. Listed and unlisted securities for which
such information is regularly reported are valued at the last sales price of the
day or, in the absence of sales, at values based on the average closing bid and
asked price. Securities for which market quotations are not readily available
are valued under procedures established by the Board of Trustees to determine
fair value in good faith.
FEDERAL INCOME TAXES - It is the Funds' policy to continue to comply with
the provisions of the Internal Revenue Code applicable to regulated investment
companies and to distribute all of their taxable income to shareholders.
Therefore, no federal income tax provision is required. At May 31, 1995 the
Equity Income, Small-Cap Opportunity, Intermediate-Term Bond, Long-Term Bond and
Colorado Tax-Exempt Funds had available for federal income tax purposes unused
capital loss carryovers of approximately $1,036,420, $66,646, $1,443,406,
$307,437 and $2,319, respectively, which will expire in 2003.
ORGANIZATION COSTS - Costs incurred in connection with the organization,
initial registration and public offering of shares have been paid by the Funds.
These costs are being amortized over the period of benefit, but not to exceed
sixty (60) months, from the Funds' commencement of operations.
OTHER - Investment transactions are accounted for on the date the
investments are purchased or sold (trade date). Dividend income and
distributions to shareholders are recorded on the ex-dividend date.
Distributions of net realized gains, if any, are declared at least once each
year. Realized gains and losses from investment transactions and unrealized
appreciation and depreciation of investments are reported on an identified cost
basis which is the same basis the Funds use for federal income tax purposes.
- ----------------------------------------------------------------------------- 33
<PAGE>
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WESTCORE SEMI-ANNUAL REPORT
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NOTES TO FINANCIAL STATEMENTS (UNAUDITED)(CONTINUED)
2. SHARES OF BENEFICIAL INTEREST
On November 30, 1995, there was an unlimited number of no par value shares of
beneficial interest authorized for each class of shares. Transactions in shares
of beneficial interest were as follows:
<TABLE>
<CAPTION>
Equity Income Fund
- --------------------------------------------------------------------------------
For the Period For the Year
Ended November 30, Ended May 31,
----------------- -------------
1995 1995
----------------- -------------
<S> <C> <C>
Shares sold 575,511 1,084,728
Shares issued in reinvestment of dividends 12,860 160,970
- --------------------------------------------------------------------------------
Total 588,371 1,108,626
Shares redeemed (1,113,150) (2,549,105)
- --------------------------------------------------------------------------------
Net decrease in shares (524,779) (1,440,479)
- --------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Blue Chip Fund
- --------------------------------------------------------------------------------
For the Period For the Year
Ended November 30, Ended May 31,
----------------- -------------
1995 1995
----------------- -------------
<S> <C> <C>
Shares sold 601,838 1,616,124
Shares issued in reinvestment of dividends 28,931 78,963
- --------------------------------------------------------------------------------
Total 630,769 1,695,087
Shares redeemed (536,739) (1,007,962)
- --------------------------------------------------------------------------------
Net increase in shares 94,030 687,125
- --------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
MIDCO Growth Fund
- --------------------------------------------------------------------------------
For the Period For the Year
Ended November 30, Ended May 31,
----------------- -------------
1995 1995
----------------- -------------
<S> <C> <C>
Shares sold 5,044,043 7,830,945
Shares issued in reinvestment of dividends 0 742,163
- --------------------------------------------------------------------------------
Total 5,044,043 8,573,108
Shares redeemed (3,347,249) (5,471,679)
- --------------------------------------------------------------------------------
Net increase in shares 1,696,794 3,101,429
- --------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Small-Cap Opportunity Fund
- --------------------------------------------------------------------------------
For the Period For the Year
Ended November 30, Ended May 31,
----------------- -------------
1995 1995
----------------- -------------
<S> <C> <C>
Shares sold 376,669 526,934
Shares issued in reinvestment of dividends 1,417 7,502
- --------------------------------------------------------------------------------
Total 378,086 534,436
Shares redeemed (90,038) (44,814)
- --------------------------------------------------------------------------------
Net increase in shares 288,048 489,622
- --------------------------------------------------------------------------------
</TABLE>
34 -----------------------------------------------------------------------------
<PAGE>
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WESTCORE SEMI-ANNUAL REPORT
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NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
2. SHARES OF BENEFICIAL INTEREST (CONTINUED)
<TABLE>
<CAPTION>
Intermediate-Term Bond Fund
- --------------------------------------------------------------------------------
For the Period For the Year
Ended November 30, Ended May 31,
------------------ -------------
1995 1995
------------------ -------------
<S> <C> <C>
Shares sold 1,282,462 3,003,428
Shares issued in reinvestment of dividends 216,500 441,755
- --------------------------------------------------------------------------------
Total 1,498,962 3,445,183
Shares redeemed (2,957,077) (2,759,103)
- --------------------------------------------------------------------------------
Net increase (decrease) in shares (1,458,115) 686,080
- --------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Long-Term Bond Fund
- --------------------------------------------------------------------------------
For the Period For the Year
Ended November 30, Ended May 31,
------------------ -------------
1995 1995
------------------ -------------
<S> <C> <C>
Shares sold 298,737 1,114,253
Shares issued in reinvestment of dividends 89,364 183,017
- --------------------------------------------------------------------------------
Total 388,101 1,297,270
Shares redeemed (951,395) (833,904)
- --------------------------------------------------------------------------------
Net decrease in shares (563,294) (463,366)
- --------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Colorado Tax-Exempt Fund
- --------------------------------------------------------------------------------
For the Period For the Year
Ended November 30, Ended May 31,
------------------ -------------
1995 1995
------------------ -------------
<S> <C> <C>
Shares sold 19,986 120,163
Shares issued in reinvestment of dividends 14,334 31,410
- --------------------------------------------------------------------------------
Total 34,320 151,573
Shares redeemed (33,314) (146,459)
- --------------------------------------------------------------------------------
Net increase in shares 1,006 5,114
- --------------------------------------------------------------------------------
</TABLE>
- ----------------------------------------------------------------------------- 35
<PAGE>
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WESTCORE SEMI-ANNUAL REPORT
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)(CONTINUED)
3. UNREALIZED GAINS AND LOSSES ON INVESTMENTS
<TABLE>
<CAPTION>
Equity Blue MIDCO Small-Cap
Income Chip Growth Opportunity
Fund Fund Fund Fund
-------------- ------------ ------------- ------------
<S> <C> <C> <C> <C>
As of November 30, 1995
Gross appreciation (excess of
value over cost) $3,291,234 $14,623,694 $173,861,391 $2,864,509
Gross depreciation (excess of
cost over value) (497,201) (81,666) (9,983,240) (426,490)
- ------------------------------------------------------------------------------------------
Net unrealized appreciation $2,794,033 $14,542,028 $163,878,151 $2,438,019
- ------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Intermediate- Long-Term Colorado
Term Bond Bond Tax-Exempt
Fund Fund Fund
------------- ----------- ------------
<S> <C> <C> <C>
As of November 30, 1995
Gross appreciation (excess of
value over cost) $2,820,417 $2,745,435 $438,033
Gross depreciation (excess of
cost over value) (921,650) (92,648) (3,976)
- ------------------------------------------------------------------------------------------
Net unrealized appreciation $1,898,767 $2,652,787 $434,057
- ------------------------------------------------------------------------------------------
</TABLE>
4. INVESTMENT ADVISORY FEES, ADMINISTRATIVE FEES AND OTHER RELATED
PARTY TRANSACTIONS
The Trust has entered into an advisory agreement for the Blue Chip
(formerly Modern Value Equity), MIDCO Growth, Small-Cap Opportunity and Long-
Term Bond Funds with Denver Investment Advisors LLC, ("DIA").
On October 1, 1995, the Trust entered into a new advisory agreement for the
Equity Income and Intermediate-Term Bond Funds. DIA has succeeded First
Interstate Capital Management, Inc. ("FICM") as investment advisor to these
Funds. DIA has ceased serving as investment sub-adviser. The advisory agreement
has been approved by the Trust's Board of Trustees and shareholders and contains
terms and conditions similar to those which were in these Funds' former advisory
agreement.
On October 1, 1995, the Trust entered into a new advisory agreement for the
Colorado Tax-Exempt Fund ("Fund"). DIA has succeeded FICM as investment adviser
to this Fund. The advisory agreement has been approved by the Trust's Board of
Trustees and shareholders and contains terms and conditions similar to those
which were in this Fund's former advisory agreement.
Pursuant to its advisory agreement with the Trust, DIA is entitled to an
investment advisory fee, computer daily and payable monthly of .65%, .65%,
1.00%, .45%, .65%, .45% and .50% of the average net assets for the Blue Chip
(formerly Modern Value Equity), MIDCO Growth, Small-Cap Opportunity, Long-Term
Bond, Equity Income, Intermediate-Term Bond and Colorado Tax-Exempt Funds,
respectively.
First Interstate Bank of Denver, N.A. ("Denver") is the custodian of the
Funds. All custodial fees were waived by Denver for the period ended November
30, 1995. In addition, DIA waived all of its advisory fees and voluntarily
reimbursed some of the expenses of the Small-Cap Opportunity and Colorado Tax-
Exempt Funds, respectively. DIA also waived a portion of its advisory fees on
the Blue Chip (formerly Modern Value Equity), Equity Income, Intermediate-Term
Bond and Long-Term Bond Funds.
36 -----------------------------------------------------------------------------
<PAGE>
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WESTCORE SEMI-ANNUAL REPORT
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NOTES TO FINANCIAL STATEMENTS (UNAUDITED)(CONTINUED)
4. INVESTMENT ADVISORY FEES, ADMINISTRATIVE FEES AND OTHER
RELATED PARTY TRANSACTIONS (CONTINUED)
Effective October 1, 1995, ALPS Mutual Funds Services, Inc., ("ALPS") and
DIA entered a co-administration agreement to serve as the Funds co-
administrators. ALPS and DIA are entitled to receive a fee from each Fund for
its administrative services computed daily and payable monthly, at the annual
rate of .30% of the Funds' average net assets. For the period ended November 30,
1995, ALPS and DIA voluntarily waived a portion of their co-administration fee
payable by certain Funds.
Expenses for the Funds include legal fees paid to Drinker, Biddle & Reath.
A partner of that firm is secretary of the Trust.
Each of the Equity Income, MIDCO Growth, Small-Cap Opportunity and
Intermediate-term Bond Funds had a plan for provision of
distribution/administrative services ("the Plan") for the Retail class of each
Fund until the conversion of Retail class shares to Institutional class shares
on September 30, 1995. Such a plan allowed for up to .35%, .35%, .35% and .30%,
respectively, of net assets annually to reimburse for costs incurred in
distributing Retail shares of the Funds including amounts paid to brokers,
dealers, banks and other institutions. During the period ended September 30,
1995, the Funds accrued to participants under the plan .25% on an annual basis
of the average net asset value of the Retail shares.
Shareholders holding more than 5% of the Funds consituted 44.56% of Equity
Income, 72.80% of Blue Chip(formerly Modern Value Equity), 40.06% MIDCO Growth,
72.71% of Small-Cap Opportunity, 72.09% of Intermediate-term Bond, 79.29% of
Long-Term Bond and 64.45% of Colorado Tax-Exempt Funds average net assets.
5. RESTRICTED SECURITIES
The Intermediate-Term Bond and Long-Term Bond Funds own restricted securities
purchased pursuant to Rule 144A of the Securities Act of 1933 (the Act). Rule
144A securities amount to 4.44% and 4.01% of the Intermediate-Term Bond and
Long-Term Bond Funds Net Assets, respectively, at November 30, 1995 and are
listed below.
<TABLE>
<CAPTION>
Acquisition Cost Valuation per Unit as Fair Value as
Security Date per Unit of November 30, 1995 of November 30, 1995
- --------------------------- ----------- -------- --------------------- --------------------
Intermediate-Term Bond Fund
- ---------------------------
<S> <C> <C> <C> <C>
Bayer Corp., 6.50%, 10/01/02 09/26/95 $ 99.33 $102.19 $1,737,298
Defeasance Portfolio Management Trust,
Series 1, 5.635%, 07/15/98 09/01/93 $101.94 $ 99.67 996,700
JETS Equipment Trust Ser. 95-B,
7.83%, 12/15/06 07/01/95 $100.00 $102.81 1,110,391
----------
Total $3,844,389
==========
Long-Term Bond Fund
- -------------------
Bayer Corp., 6.50%, 10/01/02 09/26/95 $ 99.33 $102.19 $ 562,067
JETS Equipment Trust Ser. 95-B,
7.83%, 12/15/06 07/01/95 $100.00 $102.81 359,849
Principal Mutual Life Insurance, 7.875%, 03/01/24 03/03/94 $ 99.30 $ 99.48 248,690
----------
Total $1,170,606
==========
</TABLE>
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<PAGE>
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WESTCORE SEMI-ANNUAL REPORT
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)(CONTINUED)
6. REORGANIZATION
A special meeting of the Westcore Board of Trustees was held on June 14,
1995, at which an Agreement ("Agreement") and Plan of Reorganization
("Reorganization") with Pacifica Funds Trust was approved subject to shareholder
approval. On August 21, 1995, Westcore Trust and Pacifica Funds Trust entered
into the Agreement, which contemplated the transfer to Pacifica Funds Trust of
assets and liabilities of fifteen of the twenty-two funds constituting the
Westcore Trust. The Growth Fund, Short-Term Government Bond Fund, Bonds Plus
Fund, GNMA Fund, Arizona Intermediate Tax-Free Fund, Oregon Tax-Exempt Fund,
Quality Tax-Exempt Income Fund, California Intermediate Tax-Free Fund, Basic
Value Fund, Balanced Investment Fund, Cash Reserve Fund, Treasury Money Market
Fund, Money Market Fund, Government Money Market Fund and Prime Money Market
Fund were included in the Reorganization and are contained within a separate
annual report. A special meeting of the shareholders was held on September 28,
1995, in which shareholder approval of the Reorganization was obtained on the
Growth Fund, Short-Term Government Bond Fund, Bonds Plus Fund, Arizona
Intermediate Tax-Free Fund, Quality Tax-Exempt Income Fund, Basic Value Fund,
Balanced Investment Fund, Cash Reserve Fund, Treasury Money Market Fund, Money
Market Fund, Government Money Market Fund and Prime Money Market Fund. On
September 30, 1995, shareholder approval was obtained from shareholders of the
California Intermediate Tax-Free Fund. On October 11, 1995, shareholder approval
was obtained from shareholders of the Oregon Tax-Exempt Fund. On November 15,
1995, shareholder approval was obtained from shareholders of the GNMA Fund. The
Reorganization resulted in the conveyance of the assets and liabilities of the
fifteen funds to corresponding portfolios of Pacifica Funds Trust.
The Equity Income, Blue Chip (formerly Modern Value Equity) MIDCO Growth,
Small-Cap Opportunity, Intermediate-Term Bond, Long-Term Bond and Colorado Tax-
Exempt Funds remain with the Trust and are advised by DIA.
38 -----------------------------------------------------------------------------
<PAGE>
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WESTCORE SEMI-ANNUAL REPORT
- --------------------------------------------------------------------------------
A special meeting of the Trust's shareholders was held on September 28, 1995 to
consider the following proposals. The proposals voted upon and the votes cast
related to each proposal are as follows:
Shareholders of the Trust voted to approve the Agreement and Plan of
Reorganization between the Trust and Pacifica Funds Trust ("Pacifica")
providing for the transfer of assets and liabilities of certain portfolios of
the Trust which are not contained within this semi-annual report to
corrresponding portfolios of the Pacifica in the form attached to the Proxy
Statement. The Trust's vote on this proposal was as follows:
FOR AGAINST ABSTAIN
--- ------- -------
Westcore Trust/1/ 1,198,380,172 16,406,712 2,165,529
Shareholders of the Trust voted to elect Lyman E. Seely as a trustee of the
Trust. The other Trustees of the Trust are Jack D. Henderson, McNeil S.
Fiske, James B. O'Boyle and Robert L. Stamp. The Trust's vote on this
proposal was as follows:
FOR AGAINST ABSTAIN
--- ------- -------
Westcore Trust/1/ 1,213,996,265 0 2,976,190
A majority of each of the Equity Income Fund, Intermediate-Term Bond Fund and
Colorado Tax-Exempt Fund's shareholders voted to approve the Advisory
Agreement between the Trust and Denver Investment Advisors LLC in the form
attached to the Proxy Statement. Each of the Fund's respective shareholders
voted on this proposal as follows:
FOR AGAINST ABSTAIN
--- ------- -------
Equity Income Fund 1,540,335 8,131 12,766
Intermediate-Term Bond Fund 8,269,167 0 12,744
Colorado Tax-Exempt Fund 790,350 0 14,912
- -------------------------------
/1/The Funds of the Trust included the following portfolios: Arizona
Intermediate Tax-Free, Balanced Investment, Basic Value, Bonds Plus, California
Intermediate Tax-Free, Cash Reserve, Colorado Tax-Exempt, Equity Income, GNMA,
Government Money Market, Growth Fund, Intermediate-Term Bond, Long-Term Bond,
MIDCO Growth, Modern Value Equity, Money Market, Oregon Tax-Exempt, Prime Money
Market, Quality Tax-Exempt Income, Short-Term Government Bond, Small-Cap
Opportunity and Treasury Money Market Fund.
- ----------------------------------------------------------------------------- 39
<PAGE>
Westcore Officers
and Trustees:
Jack D. Henderson, Chairman
McNeil S. Fiske, Trustee
James B. O'Boyle, Trustee
Lyman E. Seely, Trustee
Robert L. Stamp, Trustee
Kenneth V. Penland, President
Mark Pougnet, Treasurer
W. Bruce McConnel, III, Secretary
[LOGO OF WESTCORE FUNDS]
370 Seventeenth Street, Suite 2700
Denver, CO 80202
FOR MORE INFORMATION CALL WESTCORE AT
1-800-392-CORE (2673) DISTRIBUTED BY
ALPS MUTUAL FUND SERVICES, INC., MEMBER NASD.
