<PAGE>
WESTCORE FUNDS ANNUAL REPORT
May 30, 1997
WESTCORE EQUITY FUNDS
Westcore MIDCO Growth Fund
Westcore Blue Chip Fund
Westcore Small-Cap Opportunity Fund
Westcore Growth and Income Fund
WESTCOREBOND FUNDS
Westcore Intermediate-Term Bond Fund
Westcore Long-Term Bond Fund
Colorado Tax-Exempt Fund
Westcore Funds are managed by
Denver Investment Advisors LLC
<PAGE>
May 30, 1997
DEAR FELLOW SHAREHOLDER:
The year ended May 30, 1997 has been an eventful year for the economy,
the financial markets, and Westcore Funds. The stock market is continuing in
the fifteenth year of a predominantly bull market that began in 1982. The
lengthy bull market has taken valuations for equities to the high end of
historic ranges, and raises the question as to whether valuations can stay at
these levels. In our judgment, the valuations are supported by many current
economic fundamentals:
- Good economic growth with low inflation.
- Strong corporate profitability reflected in high profit margins and
record cash flow.
- Moderate interest rates which do not yet fully reflect the improved
inflation.
- The lowest deficit relative to the size of the economy in fifteen
years.
- A worldwide economy that is fueling growth and low inflation because
we have exceptional freedom to trade.
- A population in the U.S. and worldwide that is beginning to take
responsibility for their retirement through increased savings and
investments.
- Technological changes that are continuing to change the way people
work and live and contributing to improved productivity.
BETTER RESEARCH MAKES THE DIFFERENCE.
[LOGO]
This report has been prepared for Westcore shareholders and may be
distributed to others only if preceded or accompanied by a prospectus.
<PAGE>
While fundamentals may support the current market levels, history
suggests that investors should be prepared for more volatility. Even a
period such as the 1960's when valuations remained high for many years and
stocks provided excellent returns, was marked by occasional significant
market corrections.
Within the positive market environment there are interesting trends
occurring. In the last few years, stocks of many large companies have
outperformed smaller and medium-sized companies and this trend is evident
among the Westcore Funds - the Westcore Blue chip Fund was our best performing
fund for the one-year period ended May 30, 1997. The popularity of big
stocks has also resulted in index funds receiving substantial publicity and
growth, although the percent of assets that are indexed has remained fairly
constant over the past year. Our long-term experience as investors has
taught us that there may be a change in the popularity of indexing as well as
a shift in popularity towards smaller-company stocks. Our manager's
research-intensive, active approach to fund management is designed to provide
long-term results by identifying companies at fair prices consistent with
each Fund's objective. Our managers have sought to position Westcore MIDCO
Growth and Small-Cap Opportunity Funds for a positive shift in psychology
toward the smaller companies that they specialize in. For investors who
pursue more stable investments and regular income, Westcore Growth and Income
Fund provides a participation in a carefully selected group of
dividend-paying companies with growth opportunity. Our two taxable
fixed-income funds - Westcore Long-Term Bond Fund and Westcore Intermediate
Term Bond Fund - seek steady income from quality bond portfolios. For our
fellow Colorado investors, Westcore Colorado Tax-Exempt Fund seeks double
tax-exempt income from carefully selected Colorado municipal bonds.
In addition to performance, we are dedicated to continuing to provide
excellent service and communication to our shareholders. During the past
year we have introduced consolidated statements, an investor newsletter and
improved all of our shareholder communications. We have been developing new
ways to provide improved service to our investors through our website
(www.westcore.com) and have introduced a new feature which will enable you to
access your account balance and transaction history anytime.
We thank our shareholders for choosing to invest with Westcore Funds. We
believe our no-load funds, which are managed by our experienced team of
investment professionals who have lived through a variety of market cycles,
can meet or exceed your expectations. Through emphasis on adding value
through rigorous investment research, we continue to dedicate ourselves to
our goal of providing strong long-term investment performance.
Sincerely,
/s/ Jack D. Henderson /s/ Kenneth V. Penland
[PHOTO]
JACK D. HENDERSON
CHAIRMAN
[PHOTO]
KENNETH V. PENLAND
PRESIDENT
<PAGE>
WESTCORE FUNDS MANAGER'S OVERVIEW
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WESTCORE MIDCO GROWTH FUND
FUND OBJECTIVE: SEEKS TO MAXIMIZE LONG-TERM CAPITAL APPRECIATION BY INVESTING
PRIMARILY IN MEDIUM-SIZED GROWTH COMPANIES.
[PHOTO]
/s/ Todger Anderson
TODGER ANDERSON, CFA
PORTFOLIO MANAGER, WESTCORE
MIDCO GROWTH FUND
Q: How did Westcore MIDCO Growth Fund perform against its benchmark?
A: After exceptional performance for fiscal year 1996, the Fund's total return
for the year ended May 30, 1997 was 5.27%. The return for the S&P 400 Mid-Cap
Index was 18.18%.
Q: What factors contributed to its performance?
A: A number of factors came together to create a challenging fiscal year for
the Fund. First, it was a year in which "value-oriented" stocks performed
better than the Fund's earnings "growth-oriented" style. Secondly, a number of
the Fund's overweighted industries, such as technology and energy, were not
among the better performing industries in the market. And lastly, it was a
period in which stock selection was sub par. For example, we owned a number of
networking stocks such as 3Com, Ascend, Cascade, and Fore Systems whose stock
prices all came under severe pressure in the beginning of 1997. Our stock
selection has improved recently, along with the environment for mid-caps,
resulting in a total return of 20.76% for the Fund, compared to 14.70% for the
index for the calendar quarter ended 6/30/97.
Q: What holdings performed well last year?
A: There were a number of stocks that performed well for the Fund last year.
Two of our holdings, MFS (up 57% for the fiscal year) and WorldCom (up 21%)
decided to merge to create a complete telecommunications service to businesses
including local, long distance and internet service. Oxford Health (+49%), one
of the fastest growing HMOs in the country and stalwart of the portfolio over
the past few years, turned in another great performance. This stock was driven
by burgeoning membership of their "Freedom Plan," which allows greater
flexibility than traditional HMOs. We also "hit all cylinders" in our consumer
sector by not only being overweighted in the sector, but by also having
excellent stock selection in companies such as Dollar General (+52%), Kohls Corp
(+63%), Pier 1(+43%) and Consolidated Stores (+28%). Another top performing
stock was AES (+159%), an independent power producer in developing countries.
And lastly, in the technology area, we had meaningful positions in McAfee
(+167%) which sells computer virus protection software, and Oracle (+41%), the
leader in the database software market.
Q: What is your outlook for the Fund?
A: Lagging stock prices in the mid-cap growth sector has created very
attractive valuations for the companies in the Fund. As a result, the earnings
progress our companies are experiencing may ultimately be rewarded in higher
WESTCORE MIDCO GROWTH FUND
AVERAGE ANNUAL TOTAL RETURNS
Period Since
Ended 1 Year 5 Year 10 Year incep.
- ------ ------ ------ ------- ------
5/30/97 5.27% 15.48% 14.68% 15.58%
6/30/97 12.75% 17.73% 14.86% 15.90%
AVERAGE ANNUAL TOTAL RETURNS REFLECT REINVESTMENT OF ALL DIVIDENDS, CAPITAL
GAINS DISTRIBUTIONS, ALL FEE WAIVERS IN EFFECT AND ANY EXPENSE REIMBURSEMENTS.
WITHOUT THE FEE WAIVERS AND EXPENSE REIMBURSEMENTS, THE TOTAL RETURN FIGURES
WOULD HAVE BEEN LOWER. FUND INCEPTION DATE IS 8/1/86. PAST PERFORMANCE IS NOT
INDICATIVE OF FUTURE RESULTS. PRINCIPAL VALUE MAY FLUCTUATE AND SHARES, WHEN
REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST.
<PAGE>
ANNUAL REPORT MAY 30, 1997
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stock prices. Successful long-term investing in mid-caps requires patience and
an understanding that not all market environments will reward our style of
investing. There appear to be signs that the pace of economic growth, while
healthy, has slowed and that the Federal Reserve may be finished raising
short-term interest rates for the foreseeable future. This kind of market
environment is much more conducive to mid-cap growth stock investing. As such,
we look forward to a better fiscal 1998.
Q: What kind of investor would Westcore MIDCO Growth Fund be right for?
A: The aggressive nature of this Fund offers investors the potential for
greater long-term performance than more conservative funds, although it can be
more volatile. It also offers investors diversification into a portfolio of
growth companies - many of which may become dominant companies in their
industries in the years ahead.
WESTCORE MIDCO GROWTH FUND
SECTOR PROFILE AS OF MAY 30, 1997
[CHART]
CAPITAL GOODS 28.84%
CONSUMER CYCLICAL 26.15%
CONSUMER STAPLES 18.82%
CREDIT SENSITIVE 5.90%
INTERMEDIATE GOODS
& SERVICES 18.42%
OTHER 1.87%
WESTCORE MIDCO GROWTH FUND
TOP 10 HOLDINGS:
- - WORLDCOM INC.
- - OXFORD HEALTH PLANS INC.
- - HFS CORP.
- - APACHE CORP.
- - ANADARKO PETROLEUM
- - LOEWEN GROUP INC.
- - CUC INTERNATIONAL INC.
- - DOLLAR GENERAL CORP.
- - HSN INC.
- - ORACLE CORP.
Comparison of Change in Value of $10,000 Investment in Westcore MIDCO Growth
Fund and the S&P 400 Mid-Cap Index
[GRAPH]
<PAGE>
WESTCORE FUNDS MANAGER'S OVERVIEW
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WESTCORE BLUE CHIP FUND
FUND OBJECTIVE: SEEKS TO MAXIMIZE LONG-TERM TOTAL RETURN BY INVESTING IN STOCKS
OF LARGE COMPANIES HEADQUARTERED IN THE UNITED STATES.
[PHOTO]
/s/ Varilyn K. Schock
VARILYN K. SCHOCK, CFA
PORTFOLIO MANAGER, WESTCORE
BLUE CHIP FUND
Q: How did Westcore Blue Chip Fund perform against its benchmark last year?
A: The Fund had a good absolute return of 24.28% for the twelve months ended
May 30, 1997, while the S&P 500 returned 29.42%. The market environment this
past year was characterized by narrow leadership -- that is, a few of the
largest companies in the S&P 500 which had exceptional returns had the most
impact on the index's performance. As a result, the high return of the index
did not reflect the returns of the broader market. It was a market where the
best performing companies tended to be growth companies that appeared to be
overvalued. Westcore Blue Chip Fund focuses on value-priced stocks with
accelerating earnings and therefore didn't participate in as much of the upswing
as the index.
Q: How will the focus on value, as opposed to growth, benefit our shareholders?
A: Westcore Blue Chip Fund's emphasis on value stocks is designed to reduce
some of the volatility in owning stocks. Over the past year, we have witnessed
a popularity of large, growth-oriented stocks which now appear overvalued.
Value stocks, by their nature, are less expensive than their richly-priced
growth counterparts. Generally, when the stock market corrects, or a company's
earnings disappoint, value stocks simply don't go down as much.
Q: Did you make any sector weighting changes? Why?
A: The Fund increased its weighting in the Consumer Staples and Consumer
Cyclical sectors. This change was due to finding attractive stocks more than a
conscious effort to increase these sectors' weightings in the portfolio. Among
the best performing sectors in the market this year was the Consumer Staples
sector where drug stocks were stellar performers. Positions in Bristol-Myers
Squibb Co., Schering-Plough Corp. and Pfizer Inc. were among the Fund's best
performing stocks-all driven by good earnings and announcements of blockbuster
drugs. Retail stocks also performed exceptionally well. The Fund owned Rite
Aid, CVS Corp. and Dayton Hudson, all of which were up between 40% and 60%.
Q: Any other stocks that peformed well?
A: Finance stocks, especially banks and insurance companies, were also big
winners. Among the Fund's most successful holdings in this industry were
NationsBank Corp., First Union Corp., Chase Manhattan Corp., USF&G, Travelers
and Student Loan Marketing. All were up between 35% to 75%. The common
elements of reasonable valuation, stable to declining interest rates, industry
consolidation and solid earnings growth contributed to the success of each of
these companies for the twelve months.
The Fund's energy stocks also performed well, led by Tosco, a refining and
marketing company, which had strong earnings growth driven by acquisitions and
higher oil prices. Mobil, Texaco and USX-Marathon also benefited from higher
oil prices in late 1996.
Q: Looking ahead, how do you feel about the market environment?
A: We believe the outlook for inflation, interest rates and economic growth
remain favorable for the stock market as a whole. The United States is once
again leading the world economy-partly as a result of the earnings strength of
U.S. blue chip companies. We believe the
WESTCORE BLUE CHIP FUND
AVERAGE ANNUAL TOTAL RETURNS
Period
Ended 1 Year 5 Year Since incep.
- ------ ------ ------ ------------
5/30/97 24.28% 17.30% 15.05%
6/30/97 28.41% 19.04% 15.41%
AVERAGE ANNUAL TOTAL RETURNS REFLECT REINVESTMENT OF ALL DIVIDENDS, CAPITAL
GAINS DISTRIBUTIONS, ALL FEE WAIVERS IN EFFECT AND ANY EXPENSE REIMBURSEMENTS.
WITHOUT THE FEE WAIVERS AND EXPENSE REIMBURSEMENTS, THE TOTAL RETURN FIGURES
WOULD HAVE BEEN LOWER. FUND INCEPTION DATE IS 6/1/88. PAST PERFORMANCE IS NOT
INDICATIVE OF FUTURE RESULTS. PRINCIPAL VALUE MAY FLUCTUATE AND SHARES, WHEN
REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST.
<PAGE>
ANNUAL REPORT MAY 30, 1997
- --------------------------------------------------------------------------------
U.S. economy will continue to be fueled by that earnings strength. We believe
the overall economic environment and these companies' strong businesses and
ability to continue capturing global market share bodes well for their possible
continued stock price appreciation.
Q: The Fund has been operating for nine years now. Do you foresee any change
to the Fund's investment strategy?
A: One of the most important philosophies at Westcore is sticking to our
investment disciplines. We have determined the best way we can add value to
each of our portfolios is to apply our research and investment processes
consistently without following short-term trends. Westcore Blue Chip Fund
remains focused on owning companies which have improving businesses and which
are undervalued relative to earnings, dividends and book value. We believe this
approach not only produces attractive long-term returns, but provides
shareholders with less risk than buying richly- or fully-priced stocks.
Q: Why would an investor consider owning Westcore Blue Chip Fund?
A: The Fund's focus on blue chips makes it less aggressive than smaller-company
portfolios and its emphasis on value investing is designed to further reduce
risk potential. This Fund may be a good core holding for the equity portion of
a long-term investor's portfolio as well as a good fund for a portion of the
portfolio of a new investor interested in beginning to invest in the stock
market.
WESTCORE BLUE CHIP FUND
SECTOR PROFILE AS OF MAY 30, 1997
[CHART]
CAPITAL GOODS 13.48%
CONSUMER CYCLICALS 13.41%
CONSUMER STAPLES 29.76%
CREDIT SENSITIVE 22.40%
INTERMEDIATE GOODS
& SERVICES 16.30%
OTHER 4.65%
WESTCORE BLUE CHIP FUND
TOP 10 HOLDINGS:
- - BRISTOL-MYERS SQUIBB CO.
- - TOSCO CORP.
- - DAYTON HUDSON CORP.
- - SCHERING-PLOUGH CORP.
- - HARRIS CORP.
- - STUDENT LOAN MARKETING ASSOCIATION
- - RITE AID CORP.
- - UNITED TECHNOLOGIES CORP.
- - PFIZER INC.
- - CARNIVAL CORP. CLASS A
Comparison of Change in Value of $10,000 Investment in Westcore Blue Chip Fund
and the S&P 500 Index
[GRAPH]
<PAGE>
WESTCORE FUNDS MANAGER'S OVERVIEW
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WESTCORE SMALL-CAP OPPORTUNITY FUND
FUND OBJECTIVE: SEEKS TO MAXIMIZE LONG-TERM CAPITAL APPRECIATION PRIMARILY
THROUGH INVESTMENTS IN DOMESTIC AND FOREIGN EQUITY SECURITIES OF
SMALL-CAPITALIZATION COMPANIES.
[PHOTO]
/s/ Varilyn K. Schock
VARILYN K. SCHOCK, CFA
PORTFOLIO MANAGER, WESTCORE
SMALL-CAP OPPORTUNITY FUND
Q: During the twelve months ended May 30, 1997, Westcore Small-Cap Opportunity
Fund had a return of 16.28%, more than doubling the Russell 2000 return of
8.06%. Why has the Fund significantly out-paced its benchmark?
A: The year's performance was derived through good stock selection as well as a
market environment that favored value stocks that sell at a low price relative
to earnings, book value and cash flow.
Q: Did you make any changes to the sector weightings of the Fund?
A: The biggest change among the Fund's economic sectors was the increase in the
weighting in the Financials sector, which is approximately 20% of the Fund.
This was due not only to modestly over-weighting the sector but also to good
stock selection. A number of the Fund's holdings in banks and savings and loans
such as Deposit Guaranty, Astoria Financial, MAF Bancorp, RCSB Financial and
Reliance Bancorp were among the Fund's top performing stocks for the year. Our
holding in RCSB Financial benefited from its acquisition announcement by Charter
One Financial. Insurance stocks also contributed nicely to the good year with
companies such as Enhance Financial, Fremont General, Life Re and Selective
Insurance.
Q: What other stocks performed well?
A: Technology stocks and aerospace/defense stocks performed well. One of our
best performing stocks is notable not just for performance but also for the
length of time we have owned it in the Fund. First purchased at the inception
of the Fund, Thiokol, a small company that makes solid propellant rocket motors,
ranked among the most attractive stocks in its economic sector on a
price-to-earnings and price-to-book value basis at the end of the period. Up
about 75% for the twelve-month period, we believe Thiokol's stock is still
attractive today based on its relative valuation in the sector and the strong
outlook for their gas turbine engine sales to General Electric, as well as
improving market share in their industrial segment.
Consumer stocks were one of the Fund's better performing sectors largely
due to the Fund's retail stocks such as Shopko Stores and Eagle Hardware. Among
our best performers in the consumer sector was Health Images, a magnetic
resonance imaging company that was acquired by Healthsouth Corporation. Also
strong were the Fund's food stocks, most notably Morningstar Group Inc., a
manufacturer and marketer of dairy products, non-dairy creamers, low cholesterol
eggs and lactose free milk.
WESTCORE SMALL-CAP OPPORTUNITY FUND
AVERAGE ANNUAL TOTAL RETURNS
Period
Ended 1 Year 5 Year Since incep.
- ------ ------ ------ ------------
5/30/97 16.28% NA 17.33%
6/30/97 27.90% NA 18.82%
AVERAGE ANNUAL TOTAL RETURNS REFLECT REINVESTMENT OF ALL DIVIDENDS, CAPITAL
GAINS DISTRIBUTIONS, ALL FEE WAIVERS IN EFFECT AND ANY EXPENSE REIMBURSEMENTS.
WITHOUT THE FEE WAIVERS AND EXPENSE REIMBURSEMENTS, THE TOTAL RETURN FIGURES
WOULD HAVE BEEN LOWER. FUND INCEPTION DATE IS 12/28/93. PAST PERFORMANCE IS NOT
INDICATIVE OF FUTURE RESULTS. PRINCIPAL VALUE MAY FLUCTUATE AND SHARES, WHEN
REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST.
<PAGE>
ANNUAL REPORT MAY 30, 1997
- --------------------------------------------------------------------------------
Q: What is your outlook on this market?
A: Value stocks have had a good year and we believe they continue to be
attractive. Given the better performance over the past few years of large
stocks in the overall market, we believe small stocks are very attractively
priced relative to large companies. We continue to believe that owning
undervalued stocks is the best strategy for capturing the high returns
historically found in the small-cap sector.
Q: What type of investor would invest in Westcore Small-Cap Opportunity Fund?
A: Because it invests in smaller company stocks, Westcore Small-Cap Opportunity
Fund is a more aggressive equity fund. However, the emphasis on value over
growth stocks is designed to reduce volatility significantly -- so it seeks to
offer investors a way to participate in the small-cap arena without shouldering
quite as much risk. It's a fund for long-term investors who want more
diversification in the equity portion of their investment portfolio and who
would like to participate in the higher return potential offered by
small-company stocks vs. large-company stocks, in exchange for the added risks
associated with such stocks.
WESTCORE SMALL-CAP OPPORTUNITY FUND
SECTOR PROFILE AS OF MAY 30, 1997
[CHART]
BASIC INDUSTRIES 3.80%
CAPITAL GOODS 6.61%
CONSUMER CYCLICALS 8.51%
CONSUMER STAPLES 10.43%
ENERGY 6.85%
FINANCIALS 19.89%
SERVICES 20.60%
TECHNOLOGY 13.02%
TRANSPORTATION 1.44%
UTILITIES/REITS 2.60%
OTHER 6.25%
WESTCORE SMALL-CAP OPPORTUNITY FUND
TOP 10 HOLDINGS:
- - TREDEGAR INDUSTRIES
- - THIOKOL CORP.
- - FREMONT GENERAL CORP.
- - PROFFITS INC.
- - FURNITURE BRANDS INTERNATIONAL
- - EAGLE HARDWARE AND GARDEN INC.
- - MORNINGSTAR GROUP INC.
- - RCSB FINANCIAL INC.
- - DEPOSIT GUARANTY CORP.
- - COMDISCO INC.
Comparison of Change in Value of $10,000 Investment in Westcore Small-Cap
Opportunity Fund and the Russell 2000 Index
[GRAPH]
<PAGE>
WESTCORE FUNDS MANAGER'S OVERVIEW
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WESTCORE GROWTH AND INCOME FUND
FUND OBJECTIVE: SEEKS TO MAXIMIZE LONG-TERM TOTAL RETURN BY INVESTING IN EQUITY
SECURITIES SELECTED FOR THEIR GROWTH POTENTIAL AND INCOME PRODUCING ABILITIES.
[PHOTO]
/s/ Milford H. Schulhof, II
MILFORD H. SCHULHOF, II
PORTFOLIO MANAGER, WESTCORE
GROWTH AND INCOME FUND
Q: How did the Westcore Growth and Income Fund perform last year?
A: Following a good fiscal '96, Westcore Growth and Income Fund returned 19.71%
in comparison to its benchmark, the S&P 500 Index, which returned 29.42%.
Q: What factors affected last year's performance?
A: The high performance numbers we saw in the S&P 500 Index last year were
driven primarily by a select list of large capitalization stocks. Westcore
Growth and Income Fund uses a mix of both large-cap and medium-sized company
stocks selected for their growth potential and income producing abilities in
seeking to fulfill its objective of growth plus income. Although the Fund had
significant exposure to larger stocks such as Coca-Cola Co., Pepsico Inc.,
Procter & Gamble Inc. and Gillette Co., hindsight suggests we should have had
more. Because the Fund holds a smaller percentage of large-cap stocks than the
S&P 500 index, performance has trailed during the period.
Q: What sectors performed better for you this year?
A: The national economy continues to be strong as evidenced by low inflation,
low unemployment and low interest rates. This very positive backdrop has led to
strong financial markets and to the Fund's success within the Credit Sensitive,
Consumer Cyclical and Consumer Staple sectors. Strong performers within the
Credit Sensitive sector, the Fund's largest weighting, include such companies as
AES Corp., Charter One Financial, MBNA Corp. and Norwest Corp.
Q: Could you tell us about a couple of these companies and why they were strong
performers?
A: AES Corp. is a leading owner and operator of electric power plants
domestically and abroad. This company is benefiting from the trend of utility
companies to reduce their exposure in the construction, maintenance, and
operation of these plants by shifting these responsibilities to companies such
as AES Corp. MBNA Corp. is a leading credit card company offering Visa and
WESTCORE GROWTH AND INCOME FUND
AVERAGE ANNUAL TOTAL RETURNS
Period Ended 1 Year 5 Year Since incep.
- ------------ ------ ------ ------------
5/30/97 19.71% 11.94% 12.59%
6/30/97 26.16% 13.81% 13.20%
AVERAGE ANNUAL TOTAL RETURNS REFLECT REINVESTMENT OF ALL DIVIDENDS, CAPITAL
GAINS DISTRIBUTIONS, ALL FEE WAIVERS IN EFFECT AND ANY EXPENSE REIMBURSEMENTS.
WITHOUT THE FEE WAIVERS AND EXPENSE REIMBURSEMENTS, THE TOTAL RETURN FIGURES
WOULD HAVE BEEN LOWER. FUND INCEPTION DATE IS 6/1/88. PAST PERFORMANCE IS NOT
INDICATIVE OF FUTURE RESULTS. PRINCIPAL VALUE MAY FLUCTUATE AND SHARES, WHEN
REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST.
<PAGE>
ANNUAL REPORT MAY 30, 1997
- --------------------------------------------------------------------------------
Mastercards to members of organizations. We believe their underwriting
expertise is strong which should lead to relatively low bad-debt expense and
strong earnings growth.
Q: Why would an investor be interested in investing in this fund?
A: The Westcore Growth and Income Fund is a moderate equity investment that
might be right for investors seeking a fairly consistent level of income plus
capital appreciation. We combine large, dividend paying companies which tend
to have lower volatility with medium-sized growth companies that also pay
dividends in seeking higher capital appreciation.
WESTCORE GROWTH AND INCOME FUND
SECTOR PROFILE AS OF MAY 30, 1997
[CHART]
CAPITAL GOODS 9.96%
CONVERTIBLE DEBENTURES 10.60%
CONSUMER STAPLES 11.55%
CONSUMBER CYCLICALS 13.35%
CREDIT SENSITIVE 32.14%
INTERMEDIATE GOODS
& SERVICES 19.30%
OTHER 3.10%
WESTCORE GROWTH AND INCOME FUND
TOP 10 HOLDINGS:
- - AES CORP.
- - LOEWEN GROUP INC.
- - GENERAL ELECTRIC CO.
- - FRONTIER INSURANCE GROUP INC.
- - MOBIL CORP.
- - APACHE CORP.
- - NORWEST CORP.
- - PANENERGY CORP.
- - PHILIP SERVICES CORP.
- - PRODUCTION OPERATORS CORP.
Comparison of Change in Value of $10,000 Investment in Westcore Growth and
Income Fund and the S&P 500 Index
[GRAPH]
<PAGE>
WESTCORE FUNDS MANAGER'S OVERVIEW
- --------------------------------------------------------------------------------
WESTCORE INTERMEDIATE-TERM BOND FUND
FUND OBJECTIVE: SEEKS CURRENT INCOME WITH LESS VOLATILITY OF PRINCIPAL BY
INVESTING PRIMARILY IN INVESTMENT GRADE BONDS. THE FUND EXPECTS TO HAVE AN
AVERAGE DOLLAR-WEIGHTED MATURITY OF BETWEEN 3 AND 6 YEARS.
[PHOTO]
/s/ John R. Cormey
JOHN R. CORMEY, CFA
PORTFOLIO MANAGER, WESTCORE
INTERMEDIATE-TERM BOND FUND
Q: What was Westcore Intermediate-Term Bond Fund's performance compared to its
benchmark last year?
A: The Westcore Intermediate-Term Bond Fund had a total return of 7.43% for the
year ended May 30, 1997. This slightly exceeded its benchmark, the Lehman
Brothers Intermediate-Term Government/Corporate Bond Index, which returned 7.38%
for the same period.
Q: The Fund had solid numbers last year -- what were the factors that drove
performance?
A: The primary factors contributing to the Fund's performance were an
over-weighting in corporate bonds for the entire year and an increase in
mortgage-backed bonds in the second half of the fiscal year. Both of these
sectors experienced strong relative price returns in comparison to U.S. Treasury
Bonds.
Q: Why did you put more of an emphasis on mortgage-backed securities?
A: Because the yields on mortgages compared to Treasuries were at historically
attractive levels in the fall of '96. In addition, the supply/demand factors
were moving in favor of mortgages -- that is, there were an increasing number of
mortgage security buyers in the market. To date, this has turned out to be a
good investment decision for the Fund, as mortgages have been one of the best
performing sectors in the bond market.
Q: Were there any bonds that performed particularly well?
A: Two strong-performing bonds last year were K-Mart, 8.125%, due 12/01/06, and
Long Island Lighting, 7.125%, due 06/01/05. K-Mart benefited from improving
fundamental performance of the company while Long Island Lighting's gains were
attributable to a merger agreement, which is expected to improve its quality
ratings.
Q: Those are both corporate bonds -- can you explain why Westcore
Intermediate-Term Bond Fund emphasizes them?
A: Corporate bonds are a mainstay of both Westcore's fixed-income funds. We
believe corporate bonds provide a better yield and greater potential for capital
appreciation than comparable-maturity Treasury bonds, but the main reason we
make
WESTCORE INTERMEDIATE-TERM BOND FUND
AVERAGE ANNUAL TOTAL RETURNS
Period Ended 1 Year 5 Year Since incep.
- ------------ ------ ------ ------------
5/30/97 7.43% 6.49% 7.71%
6/30/97 7.58% 6.32% 7.76%
AVERAGE ANNUAL TOTAL RETURNS REFLECT REINVESTMENT OF ALL DIVIDENDS, CAPITAL
GAINS DISTRIBUTIONS, ALL FEE WAIVERS IN EFFECT AND ANY EXPENSE REIMBURSEMENTS.
WITHOUT THE FEE WAIVERS AND EXPENSE REIMBURSEMENTS, THE TOTAL RETURN FIGURES
WOULD HAVE BEEN LOWER. FUND INCEPTION DATE IS 6/1/88. PAST PERFORMANCE IS NOT
INDICATIVE OF FUTURE RESULTS. PRINCIPAL VALUE MAY FLUCTUATE AND SHARES, WHEN
REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST.
<PAGE>
ANNUAL REPORT MAY 30, 1997
- --------------------------------------------------------------------------------
them such an important part of our bond funds is that Westcore believes in
market research. All the Westcore Funds are research intensive -- we're always
looking for that extra piece of information that will make a difference in the
shareholder's investment. Corporate bonds give you an opportunity to dig deeper
into the issue, to do some fundamental analysis like you would with a company's
stock, and really make a difference in the portfolio through better research.
Q: What type of investor might this Fund fit?
A: Westcore Intermediate-Term Bond Fund may be a good option to diversify the
equity portion of an overall investment portfolio with a generally lower risk
factor than a longer-maturity bond fund. The Fund seeks to offer investors
current income while seeking to maintain a relatively stable investment.
WESTCORE INTERMEDIATE-TERM BOND FUND SECTOR PROFILE AS OF MAY 30, 1997
[CHART]
CORPORATE BONDS 50.63%
COLLATERALIZED MORTGAGE
OBLIGATIONS & MORTGAGE
BACKED SECURITIES 9.98%
U.S. GOV'T TREASURIES 33.75%
OTHER 5.64%
WESTCORE INTERMEDIATE-TERM BOND FUND
TOP 10 HOLDINGS
- - U.S. TREASURY NOTES*
- - FHLMC GP#000336, 6.00%, 10/01/24
- - FNMA POOL #362443, 6.50%, 12/01/08
- - GNMA POOL #780019, 9.50%, 12/15/09
- - FNMA POOL, 7.00%, 05/01/11
- - CENTRAL MAINE POWER, 6.25%, 11/01/98
- - WALT DISNEY CO., 6.375%, 03/30/01
- - BAYER CORP., 6.50%, 10/01/02
- - AETNA SERVICES INC., 7.125%, 08/15/06
- - ROCKWELL INTERNATIONAL CORP., 6.625%, 06/01/05
Comparison of Change in Value of $10,000 Investment in Westcore
Intermediate-Term Bond Fund and the Lehman Brothers Intermediate
Government/Corporate Bond Index
[GRAPH]
*Please Note: "U.S. Treasury Notes" is a grouping of all U.S. Treasury Note
issues held in the portfolio as of May 30, 1997.
<PAGE>
WESTCORE FUNDS MANAGER'S OVERVIEW
- --------------------------------------------------------------------------------
WESTCORE LONG-TERM BOND FUND
FUND OBJECTIVE: SEEKS TO MAXIMIZE LONG-TERM TOTAL RATE OF RETURN BY INVESTING
PRIMARILY IN INVESTMENT GRADE BONDS. THE FUND EXPECTS TO HAVE AN AVERAGE
DOLLAR-WEIGHTED MATURITY OF AT LEAST 10 YEARS.
[PHOTO]
/s/ John R. Cormey
JOHN R. CORMEY, CFA
PORTFOLIO MANAGER, WESTCORE
LONG-TERM BOND FUND
Q: How did the Westcore Long-Term Bond Fund perform against its benchmark last
year?
A: The Westcore Long-Term Bond Fund returned a competitive 9.40% for the year
ended May 30, 1997, in comparison to its benchmark, the Lehman Brothers
Long-Term Government/Corporate Index, which had a total return of 9.33% for the
same period.
Q: What was the market environment for your Fund?
A: We had a changing environment for the Fund this year. In the first half of
the Fund's fiscal year, a slowing economy and low inflation combined to provide
a declining interest rate environment which led to excellent returns for
long-maturity bonds. In the second half of the year, strong economic growth was
paired with concerns over the potential for accelerating inflation. This led to
a decision by the Federal Reserve Board to raise interest rates as a pre-emptive
move against inflation. This led to negative returns for long-maturity bonds.
Q: How is the Fund's composition different than that of the index and what
impact did this have on performance?
A: As a result of the Fund having a shorter duration than its benchmark, the
second half of the fiscal year has been better than that of the index, producing
a total return of -.47% as compared to -1.76% for the Lehman Brothers Long-Term
Government/Corporate Index. We typically have a duration of 85-95% of the index
because it tends to reduce interest-rate risk for our shareholders.
In addition, the Fund benefited from an over-weighting in corporate bonds
and from strong investment selections such as Borden Inc., 7.875%, 02/15/23, and
Golden Books Publishing Co., 7.65%, 09/15/02, which each had greater than a 10%
increase in their valuations during the current fiscal year.
Q: Why the emphasis in corporate bonds?
A: Both of Westcore's taxable bond funds emphasize corporate bonds for three
important reasons. First, although they raise the credit risk in the portfolio,
the yield corporate bonds provide has always been higher than that of a
comparable maturity Treasury bond. Second, we believe there is greater
potential for capital
WESTCORE LONG-TERM BOND FUND
AVERAGE ANNUAL TOTAL RETURNS
Period Ended 1 Year 5 Year Since incep.
- ------------ ------ ------ ------------
5/30/97 9.40% 8.96% 9.90%
6/30/97 9.67% 8.62% 10.02%
AVERAGE ANNUAL TOTAL RETURNS REFLECT REINVESTMENT OF ALL DIVIDENDS, CAPITAL
GAINS DISTRIBUTIONS, ALL FEE WAIVERS IN EFFECT AND ANY EXPENSE REIMBURSEMENTS.
WITHOUT THE FEE WAIVERS AND EXPENSE REIMBURSEMENTS, THE TOTAL RETURN FIGURES
WOULD HAVE BEEN LOWER. FUND INCEPTION DATE IS 6/1/88. PAST PERFORMANCE IS NOT
INDICATIVE OF FUTURE RESULTS. PRINCIPAL VALUE MAY FLUCTUATE AND SHARES, WHEN
REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST.
<PAGE>
ANNUAL REPORT MAY 30, 1997
- --------------------------------------------------------------------------------
appreciation with corporate bonds. Third, and we think most important, focusing
on corporate bonds allows us to do what we do best, which is to add value to our
investments through research.
Q: Why would an investor buy shares in this Fund?
A: Westcore Long-Term Bond Fund seeks to offer investors regular income and
diversification for their overall investment portfolio. The longer maturities
add to the short-term volatility of this fund, so it is more suited for
investors with a long-term investment horizon.
WESTCORE LONG-TERM BOND FUND
PROFILE AS OF MAY 30, 1997
[CHART]
CORPORATE BONDS 52.56%
MORTGAGE BACKED SECURITIES 4.03%
U.S. GOV'T TREASURIES 39.93%
OTHER 3.48%
WESTCORE LONG-TERM BOND FUND
TOP 10 HOLDINGS
- - U.S TREASURY BONDS*
- - U.S TREASURY STRIPS*
- - TIME WARNER INC., 9.125%, 01/15/13
- - AMR CORP., 10.00%, 04/15/21
- - ZURICH REINSURANCE CENTER HOLDINGS, 7.125%, 10/15/23
- - LONG ISLAND LIGHTING, 7.125%, 06/01/05
- - WALT DISNEY CO, 6.75%, 03/30/06
- - LINCOLN NATIONAL CORP., 9.125%, 10/01/24
- - TELECOMMUNICATIONS INC., 8.00%, 08/01/05
- - PROPERTY TRUST OF AMERICA, 6.875%, 02/15/08
Comparison of Change in Value of $10,000 Investment in Westcore Long-Term Bond
Fund and the Lehman Brothers Long-Term Government/ Corporate Bond Index
[GRAPH]
*Please Note: "U.S. Treasury Notes" is a grouping of all U.S. Treasury Note
issues and "U.S. Treasury Strips" is a grouping of all U.S. Treasury Strip
issues held in the portfolio as of May 30, 1997.
<PAGE>
WESTCORE FUNDS MANAGER'S OVERVIEW
- --------------------------------------------------------------------------------
WESTCORE COLORADO TAX-EXEMPT FUND
FUND OBJECTIVE: SEEKS TO PROVIDE INCOME EXEMPT FROM BOTH FEDERAL AND COLORADO
STATE PERSONAL INCOME TAXES BY EMPHASIZING COLORADO MUNICIPAL BONDS WITH
INTERMEDIATE MATURITIES.
[PHOTO]
/s/ Robert O. Lindig
ROBERT O. LINDIG
PORTFOLIO MANAGER, WESTCORE
COLORADO TAX-EXEMPT FUND
Q: How did the Westcore Colorado Tax-Exempt Fund perform last year? Why?
A: During the twelve months ended May 30, 1997, the Fund had a total return of
6.46% compared to the 10-year general market Lehman Brothers Municipal Bond
Index which had a total return of 8.17%. We believe there are some important
differences between our Fund and the benchmark index. First, insured and
escrowed bonds collectively represented 79% of the Fund's portfolio as of May
30, 1997, whereas Aaa/AAA bonds represented only 49% of the 10-Year Lehman
Brothers Municipal Bond Index. In addition, at year end our Fund consisted
entirely of Colorado municipal bonds, excluding cash equivalents, whereas the
benchmark index includes a blend of national and regional municipal bonds. In a
strong economic market, concentrating on the insured and high quality issues,
the Fund did not show the better performance results that were evident in the
lower quality benchmark index. In a weaker economic market, we expect this
scenario would reverse.
Q: Can you explain how you approach management of the Fund?
A: The primary goal of Westcore Colorado Tax-Exempt Fund is to maximize current
tax-exempt income consistent with safety and stability of principal. Our focus
on safety and stability of principal is evident in the selection of higher
quality and insured bonds. We will not adjust this goal for the sake of
short-term performance.
Q: What was the market environment for investment-grade bonds like last year?
A: During the Fund's fiscal year, the demand for investment grade issues
exceeded the supply as primary and refunding bond issuance in Colorado dwindled
considerably. A window of opportunity to purchase investment grade issues
existed only for a few months after the November 1996 elections.
Q: How do you approach diversification in a single-state municipal bond fund?
A: We continuously strive to geographically diversify the holdings within
Colorado, and on May 30, 1997, the Fund held over eighty different in-state
issues. We also attempt to diversify the types of municipal projects we invest
in, such as school districts, fire protection districts, hospitals and
libraries, sales and use tax districts and water/sewer and sanitation systems.
Q: What is your outlook for the Fund?
A: Our increasing growth in assets, plus no-load/no 12b-1 fee status continue
to fuel our progress. Our conservative posture and desire to maintain our
average maturity of less than 10 years indicates a cautionary stance on the
future of this long-running, optimistic market. Over the course of time,
uncertain markets and increasing interest rate environments will occur and all
too often a "flight to quality" will surface as a result. When that scenario
happens, our Fund's market performance comparisons and returns should benefit.
WESTCORE COLORADO TAX-EXEMPT BOND FUND
AVERAGE ANNUAL TOTAL RETURNS
Period Ended 1 Year 5 Year Since incep.
- ------------ ------ ------ ------------
5/30/97 6.46% 6.18% 6.54%
6/30/97 6.60% 6.03% 6.60%
AVERAGE ANNUAL TOTAL RETURNS REFLECT REINVESTMENT OF ALL DIVIDENDS, CAPITAL
GAINS DISTRIBUTIONS, ALL FEE WAIVERS IN EFFECT AND ANY EXPENSE REIMBURSEMENTS.
WITHOUT THE FEE WAIVERS AND EXPENSE REIMBURSEMENTS, THE TOTAL RETURN FIGURES
WOULD HAVE BEEN LOWER. FUND INCEPTION DATE IS 6/1/91. PAST PERFORMANCE IS NOT
INDICATIVE OF FUTURE RESULTS. PRINCIPAL VALUE MAY FLUCTUATE AND SHARES, WHEN
REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST.
<PAGE>
ANNUAL REPORT MAY 30, 1997
- --------------------------------------------------------------------------------
Q: What does this Fund offer investors?
A: First and foremost it offers double tax-exempt income to Colorado residents
- -- they don't pay federal or Colorado state income tax on the income generated
by the Fund. It seeks to maximize tax-exempt income while striving for safety
and stability of principal through its emphasis on intermediate maturities and
high quality and insured issues. As such, it may be a reliable fund for a
portion of the portfolio of more conservative, income seeking Colorado
investors.
WESTCORE COLORADO TAX-EXEMPT
FUND TOP 10 HOLDINGS:
- - GOLDSMITH METROPOLITAN DISTRICT, ARAPAHOE AND DENVER COUNTIES, GO,
6.50%. 12/01/03, Optional 12/01/99 @ 101.00, MBIA
- - BOULDER COUNTY SALES & USE TAX REVENUE, 5.75%, 12/15/04, FGIC
- - MUNICIPAL SUBDISTRICT, NORTHERN COLORADO WATER CONSERVANCY DISTRICT,
WATER REVENUE, 5.85%, 12/01/02, AMBAC
- - JEFFERSON COUNTY SCHOOL DISTRICT R-1, GO, 5.90%, 12/15/04, Optional
12/15/02 @ 101.00, AMBAC
- - WELD COUNTY, CERTIFICATE OF PARTICIPATION CORRECTIONAL FACILITIES, LEASE
PURCHASE AGREEMENT, REVENUE, 5.35%, 08/01/10, Optional any time
@ 100.00, MBIA
- - BOULDER, BOULDER COUNTY WATER & SEWER REVENUE, 5.50%, 12/01/11, Optional
12/01/06 @ 100.00
- - ADAMS COUNTY SCHOOL DISTRICT 14, GO, 5.30%, 12/01/09, OPTIONAL 12/01/07
@ 101.00, FSA
- - FORT COLLINS, LARIMER COUNTY SALES & USE TAX, REVENUE, 4.90%, 06/01/01, FGIC
- - MESA COUNTY VALLEY SCHOOL DISTRICT 51, GO, 5.40%, 12/01/12, Optional 12/01/06
@ 101.00, MBIA
- - EL PASO COUNTY SCHOOL DISTRICT 11, GO, 5.50%, 12/01/14, Optional 12/01/07
@ 103.00
Westcore Colorado Tax-Exempt Fund previously used the Lehman Brothers Municipal
Bond Index for its benchmark, which returned 8.28% for the past 12 months. The
Fund is now using the Lehman Brothers 10-Year Municipal Bond Index because we
believe it more accurately compares to the average maturity of the holdings in
the Fund.
WESTCORE COLORADO TAX-EXEMPT FUND SECTOR PROFILE AS OF MAY 30, 1997
[CHART]
CERTIFICATES OF PARTICIPATION 5.03%
GENERAL OBLIGATION BONDS 62.02%
REVENUE BONDS 30.21%
OTHER 2.74%
WESTCORE COLORADO TAX-EXEMPT FUND QUALITY ANALYSIS AS OF MAY 30, 1997
[CHART]
Aa RATED 19.05%
A1 RATED 1.60%
ESCROWED 4.89%
INSURED 74.46%
Comparison of Change in Value of $10,000 Investment in Westcore Colorado
Tax-Exempt Fund, the Lehman Brothers Municipal Bond Index and the Lehman
Brothers 10-Year Municipal Bond Index
[GRAPH]
<PAGE>
WESTCORE FUNDS DEFINITION OF INDICES
- --------------------------------------------------------------------------------
STANDARD & POOR'S 500 INDEX is a broad-based measurement of changes in
stock-market conditions based on the average performance of 500 widely held
common stocks. It is an unmanaged index.
STANDARD & POOR'S 400 MID-CAP INDEX is a broad-based measurement of changes in
stock-market conditions based on the average performance of 400 middle
capitalization issues. It is an unmanaged index.
RUSSELL 2000 INDEX represents the bottom two-thirds of the largest 3,000
publicly traded companies domiciled in the United States. Only common stocks
are included in the index; in the case of multiple classes of stock, generally
only one is allowed. It is an unmanaged index.
THE LEHMAN BROTHERS INTERMEDIATE GOVERNMENT/CORPORATE BOND INDEX includes fixed
rate debt issues rated investment grade or higher by Moody's Investors Services,
Standard & Poor's Corporation or Fitch Investor's Service, in order.
Intermediate indices include bonds with maturities of up to ten years. It is an
unmanaged index.
THE LEHMAN BROTHERS LONG-TERM GOVERNMENT/CORPORATE BOND INDEX includes fixed
rate debt issues rated investment grade or higher by Moody's Investors Services,
Standard & Poor's Corporation or Fitch Investor's Service, in order. Long-term
indices include bonds with maturities of ten years or longer. It is an
unmanaged index.
THE LEHMAN BROTHERS MUNICIPAL BOND INDEX is a total return performance benchmark
for the long-term, investment-grade tax-exempt bond market. Returns and
attributes for the Index are calculated semi-monthly using approximately 25,000
municipal bonds. It is an unmanaged index.
THE LEHMAN BROTHERS 10-YEAR MUNICIPAL BOND INDEX includes investment-grade
(Moody's Investor Services Aaa to Baa, Standard & Poor's Corporation AAA to BBB)
tax-exempt bonds with maturities between eight and twelve years. It is an
unmanaged index.
<PAGE>
<TABLE>
<CAPTION>
STATEMENTS OF ASSETS AND LIABILITIES WESTCORE FUNDS ANNUAL REPORT MAY 30, 1997
- ---------------------------------------------------------------------------------------------------
Westcore Westcore Westcore Westcore
MIDCO Blue Small-Cap Growth
Growth Chip Opportunity and Income
Fund Fund Fund Fund
------------ ----------- ----------- -----------
<S> <C> <C> <C> <C>
ASSETS
Investments, at value
(cost-see below) $589,512,862 $63,823,060 $35,935,601 $20,561,721
-see accompanying statements
Receivable for investments sold 4,226,293 3,082,568 0 262,506
Dividends and interest receivable 112,306 136,503 30,831 43,196
Shares of beneficial interest sold 567,234 25,014 72,875 16,880
Organizational costs, net of accumulated
amortization 0 0 27,323 0
Prepaid and other assets 8,573 15,562 13,218 9,914
- ---------------------------------------------------------------------------------------------------------------------
Total Assets 594,427,268 67,082,707 36,079,848 20,894,217
- ---------------------------------------------------------------------------------------------------------------------
LIABILITIES
Payable for investments purchased 2,605,051 447,104 72,875 122,016
Accrued investment advisory fee 301,197 34,330 15,861 3,726
Shares of beneficial interest redeemed 1,076,814 95,154 0 8,946
Administration fee 139,014 15,948 8,362 4,446
Trustee fee 1,505 287 104 383
Other payables 296,007 39,585 20,973 29,803
- ---------------------------------------------------------------------------------------------------------------------
Total Liabilities 4,419,588 632,408 118,175 169,320
- ---------------------------------------------------------------------------------------------------------------------
NET ASSETS $590,007,680 $66,450,299 $35,961,673 $20,724,897
- ---------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
Paid-in capital $384,809,162 $41,319,854 $26,380,398 $13,166,488
(Over)/Undistributed net investment income (7,288,835) 36,046 8,665 (178,897)
Accumulated net realized gain (loss) from
investment transactions 41,364,326 5,318,638 3,205,648 1,523,275
Net unrealized appreciation of investments 171,123,027 19,775,761 6,366,962 6,214,031
- ---------------------------------------------------------------------------------------------------------------------
NET ASSETS $590,007,680 $66,450,299 $35,961,673 $20,724,897
- ---------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE
Net Assets $590,007,680 $66,450,299 $35,961,673 $20,724,897
Shares of beneficial interest outstanding 28,199,971 3,661,011 1,506,707 1,590,242
Net asset value and redemption price per share $20.92 $18.15 $23.87 $13.03
- ---------------------------------------------------------------------------------------------------------------------
COST OF INVESTMENTS $418,389,835 $44,047,299 $29,568,639 $14,347,690
- ---------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------
<CAPTION>
Westcore Westcore Westcore
Intermediate- Long-Term Colorado
Term Bond Bond Tax-Exempt
Fund Bond Fund Fund
------------- ----------- -----------
<S> <C> <C> <C>
ASSETS
Investments, at value
(cost-see below) $62,271,233 $19,818,575 $21,182,715
-see accompanying statements
Receivable for investments sold 0 0 12,507
Dividends and interest receivable 956,757 353,357 475,313
Shares of beneficial interest sold 134,267 25,338 15,000
Organizational costs, net of accumulated
amortization 0 0 0
Prepaid and other assets 15,906 13,272 7,808
- ------------------------------------------------------------------------------------------------------
Total Assets 63,378,163 20,210,542 21,693,343
- ------------------------------------------------------------------------------------------------------
LIABILITIES
Payable for investments purchased 16,668 339 300,600
Accrued investment advisory fee 18,639 2,849 0
Shares of beneficial interest redeemed 38,204 8,008 4,866
Administration fee 15,027 4,454 3,950
Trustee fee 678 515 210
Other payables 120,408 34,125 36,058
- ------------------------------------------------------------------------------------------------------
Total Liabilities 209,624 50,290 345,684
- ------------------------------------------------------------------------------------------------------
NET ASSETS $63,168,539 $20,160,252 $21,347,659
- ------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
Paid-in capital $64,718,015 $19,402,629 $20,950,580
(Over)/Undistributed net investment income 43,794 18,521 16,069
Accumulated net realized gain (loss) from
investment transactions (1,782,975) 189,440 (31,645)
Net unrealized appreciation of investments 189,705 549,662 412,655
- ------------------------------------------------------------------------------------------------------
NET ASSETS $63,168,539 $20,160,252 $21,347,659
- ------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE
Net Assets $63,168,539 $20,160,252 $21,347,659
Shares of beneficial interest outstanding 6,173,161 2,085,634 1,980,504
Net asset value and redemption price per share $10.23 $9.67 $10.78
- ------------------------------------------------------------------------------------------------------
COST OF INVESTMENTS $62,081,528 $19,268,913 $20,770,060
- ------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------
</TABLE>
see notes to financial statements
<PAGE>
STATEMENTS OF INVESTMENTS WESTCORE FUNDS ANNUAL REPORT MAY 30, 1997
- --------------------------------------------------------------------------------
WESTCORE MIDCO GROWTH FUND
May 30, 1997
Shares Market Value*
- ------ -------------
COMMON STOCKS 98.13%
- ------------------------------------------------------------------------------
CAPITAL GOODS 28.84%
- ------------------------------------------------------------------------------
AEROSPACE & DEFENSE 0.24%
- ------------------------------------------------------------------------------
27,900 Sundstrand Corp $1,388,025
------------
COMPUTER HARDWARE 1.01%
- ------------------------------------------------------------------------------
47,300 Gateway 2000 Inc** 3,139,538
87,600 Sun Microsystems Inc** 2,825,100
------------
5,964,638
------------
COMPUTER SOFTWARE & SERVICES 8.22%
- ------------------------------------------------------------------------------
108,900 American Management Systems** 2,817,788
17,700 America Online Inc** 977,925
28,900 Broderbund Software Inc** 726,112
112,200 Cadence Design Systems 3,730,650
135,700 Electronic Arts Inc** 4,342,400
75,150 Harbinger Corp** 2,329,650
87,900 McAfee Associates Inc** 5,784,919
192,725 Oracle Corp** 8,985,803
141,100 PeopleSoft Inc** 7,301,925
43,900 Renaissance Solutions Inc** 1,624,300
39,800 Security Dynamics Technologies** 1,467,625
150,600 Sterling Commerce Inc** 5,007,450
92,750 Technology Solutions Co** 3,362,188
------------
48,458,735
------------
ELECTRONICS 5.60%
- ------------------------------------------------------------------------------
55,200 Applied Materials Inc** 3,601,800
62,800 Atmel Corp** 1,805,500
72,500 Cabletron Systems Inc 3,190,000
55,500 KLA Tencor Corp** 2,639,719
27,500 Lattice Semiconductor Corp** 1,595,000
57,100 Maxim Integrated Products Inc** 3,069,125
60,000 Microchip Technology Inc** 2,130,000
37,600 Novellus Systems Inc** 3,078,500
79,700 SCI Systems Inc** 5,180,500
52,200 Solectron Corp** 3,262,500
35,300 Unitrode Corp** 1,751,763
32,500 Xilinx Inc** 1,742,812
------------
33,047,219
------------
ENGINEERING & CONSTRUCTION 0.99%
- ------------------------------------------------------------------------------
78,300 Ionics Inc** 3,738,825
67,200 United States Filter** 2,116,800
------------
5,855,625
------------
NETWORKING 1.08%
- ------------------------------------------------------------------------------
44,800 Ascend Communications Inc** 2,497,600
48,500 Cisco Systems Inc** 3,285,875
27,600 Xylan Corp** 576,150
------------
6,359,625
------------
OFFICE PRODUCTS 0.41%
- ------------------------------------------------------------------------------
84,300 Ikon Office Solutions Inc 2,444,700
------------
OTHER CAPITAL GOODS 0.46%
- ------------------------------------------------------------------------------
48,500 Greenfield Industries Inc 1,261,000
38,600 OEA Inc 1,457,150
------------
2,718,150
------------
TELECOMMUNICATIONS 10.83%
- ------------------------------------------------------------------------------
94,200 ADC Telecommunications Inc 3,226,350
19,500 Adtran Inc** 521,624
18,700 Advanced Fibre Communications** 1,030,838
55,850 Brightpoint Inc 1,731,350
32,100 ETEC Systems Inc** 1,428,450
176,100 FORE Systems Inc** 2,916,656
112,400 ICG Communications Inc** 1,798,400
50,700 Intermedia Communications Co** 1,527,338
64,100 Nokia Corp 4,230,600
230,400 Paging Network Inc** 1,728,000
106,500 PairGain Technologies Inc** 2,223,188
55,700 Premiere Technologies Inc** 1,496,938
24,800 Sync Research Inc** 103,850
78,400 Teleport Communications Inc** 2,371,600
10,500 Tellabs Inc** 527,624
79,800 Uniphase Corp** 4,189,500
1,108,290 WorldCom Inc 32,833,091
------------
63,885,397
------------
TOTAL CAPITAL GOODS
(Cost $123,358,772) 170,122,114
------------
CONSUMER CYCLICALS 26.15%
- ------------------------------------------------------------------------------
AUTOMOTIVE 1.10%
- ------------------------------------------------------------------------------
63,100 Cooper Tire & Rubber Co 1,411,862
197,700 Gentex Corp** 3,978,712
45,300 Republic Industries Inc** 1,090,031
------------
6,480,605
------------
BUILDING RELATED 1.16%
- ------------------------------------------------------------------------------
179,300 Newell Co 6,858,225
------------
CONSUMER PRODUCTS 1.40%
- ------------------------------------------------------------------------------
123,100 Callaway Golf Co 3,969,975
76,600 Culligan Water Technologies** 3,408,700
19,500 Samsonite Corp** 875,063
------------
8,253,738
------------
CONSUMER SERVICES 4.43%
- ------------------------------------------------------------------------------
418,132 CUC International Inc 9,617,036
305,600 Loewen Group Inc 10,084,800
40,500 Rental Service Corp 880,874
154,500 Sylvan Learning Systems Inc** 5,542,688
------------
26,125,398
------------
CONSUMER SOFT GOODS 0.69%
- ------------------------------------------------------------------------------
55,300 Jones Apparel Group** 2,592,188
45,600 Warnaco Group Inc Class A 1,493,400
------------
4,085,588
------------
HOTELS/LEISURE 3.93%
- ------------------------------------------------------------------------------
40,400 Four Seasons Hotel Inc 1,050,400
262,700 HFS Inc** 14,152,963
47,900 Hilton Hotels Corp 1,353,175
75,100 MGM Grand Inc** 2,844,413
202,300 Prime Hospitality Corp** 3,767,838
------------
23,168,789
------------
MEDIA-PUBLISHING 4.01%
- ------------------------------------------------------------------------------
43,200 Apollo Group Inc 1,528,200
56,900 Clear Channel Communications 3,008,588
12,200 Emmis Broadcasting Corp** 468,174
294,760 HSN Inc** 9,027,025
83,000 Tribune Co 3,589,750
222,700 Westwood One Inc** 6,068,575
------------
23,690,312
------------
<PAGE>
WESTCORE MIDCO GROWTH FUND
May 30, 1997
Shares Market Value*
- ------ -------------
OTHER CONSUMER CYCLICAL 0.62%
- ------------------------------------------------------------------------------
114,250 Unifi Inc $3,684,563
------------
RETAIL 8.81%
- ------------------------------------------------------------------------------
163,800 Bed Bath & Beyond Inc** 4,647,825
39,500 CVS Corp 1,891,063
231,725 Consolidated Stores Corp 8,863,481
275,341 Dollar General Corp 9,258,341
99,500 Helig Meyers Company 1,641,750
71,800 Kohls Corp** 3,868,225
190,300 Lowe's Companies Inc 7,493,063
224,700 Pier 1 Imports Inc 5,027,663
63,300 Saks Holdings Inc** 1,574,588
23,900 Stein Mart** 722,974
83,400 TJX Companies Inc 4,003,200
147,200 Zale Corp** 2,962,400
------------
51,954,573
------------
TOTAL CONSUMER CYCLICALS
(Cost $100,536,507) 154,301,791
------------
CONSUMER STAPLES 18.82%
- ------------------------------------------------------------------------------
DRUG & HEALTHCARE PRODUCTS 5.55%
- ------------------------------------------------------------------------------
56,400 Arrow International Inc 1,818,900
182,700 Biochem Pharmaceuticals Inc 4,521,825
145,100 Forest Labs Class A** 6,130,475
44,400 Guidant Corp 3,446,550
139,000 North American Vaccine Inc** 2,710,500
44,800 Physio-Control International Corp** 571,200
45,800 Sola International Inc** 1,311,024
190,300 Sybron International Corp** 6,874,588
137,732 Watson Pharmaceuticals Inc** 5,388,765
------------
32,773,827
------------
FOOD, BEVERAGES, & TOBACCO 0.54%
- ------------------------------------------------------------------------------
136,950 Richfood Holdings Inc 3,166,969
------------
HEALTHCARE SERVICES 12.73%
- ------------------------------------------------------------------------------
90,600 Access Health Inc** 1,993,200
10,600 CRA Managed Care Inc** 484,950
183,200 Genesis Health Ventures** 6,022,700
136,400 HBO & Co 8,746,650
192,850 Health Management Assoc Cl A** 5,640,862
193,000 HEALTHSOUTH Corp** 4,414,875
84,900 Occusystems Inc** 2,228,624
394,700 Oxford Health Plans Inc** 27,826,350
73,100 Pediatrix Medical Group** 2,905,725
211,775 PhyCor Inc** 6,062,059
117,200 Total Renal Care Holdings** 4,219,200
95,700 Wellpoint Health Networks Inc** 4,569,675
------------
75,114,870
------------
TOTAL CONSUMER STAPLES
(Cost $70,600,579) 111,055,666
------------
CREDIT SENSITIVE 5.90%
- ------------------------------------------------------------------------------
FINANCIAL SERVICES 2.31%
- ------------------------------------------------------------------------------
39,300 Credit Acceptance Corp** 555,112
69,800 MGIC Investment Corp Wisconsin 6,212,200
16,400 Redwood Trust Inc 936,850
121,100 Schwab Charles Corp 4,919,688
161,600 World Acceptance Corp** 989,800
------------
13,613,650
------------
INSURANCE 2.20%
- ------------------------------------------------------------------------------
40,200 Executive Risk 2,095,425
85,345 Frontier Insurance Group Inc 4,683,307
50,500 Hartford Life Inc** 1,691,750
108,733 Mutual Risk Management Ltd 4,498,828
------------
12,969,310
------------
UTILITIES-ELECTRIC 1.39%
- ------------------------------------------------------------------------------
114,597 AES Corp** 8,222,335
------------
TOTAL CREDIT SENSITIVE
- ------------------------------------------------------------------------------
(Cost $17,649,798) 34,805,295
------------
INTERMEDIATE GOODS &
SERVICES 18.42%
- ------------------------------------------------------------------------------
BUSINESS SERVICES 5.01%
- ------------------------------------------------------------------------------
88,233 AC Nielsen Corp** 1,488,932
50,700 CKS Group Inc** 1,463,963
51,900 Concord EFS Inc 1,167,750
187,000 Medaphis Corp** 1,484,313
55,500 National Techteam Inc** 1,380,563
56,100 Newpark Resources Inc** 2,945,250
424,900 Philip Services** 6,214,163
41,800 Precision Response Corp** 956,175
203,200 USA Waste Services** 7,366,000
63,000 United Waste Systems** 2,417,625
77,300 West Teleservices Corp** 1,227,138
66,300 Wilmar Industries Inc** 1,458,600
------------
29,570,472
------------
CHEMICAL 0.90%
- ------------------------------------------------------------------------------
43,200 Cytec Industries Inc** 1,690,200
68,300 Praxair Inc 3,594,288
------------
5,284,488
------------
DISTRIBUTION 0.27%
- ------------------------------------------------------------------------------
45,000 MSC Industrial Direct Inc Cl A** 1,603,125
------------
ENERGY EQUIPMENT & SERVICES 6.44%
- ------------------------------------------------------------------------------
104,200 BJ Services Inc** 5,757,050
27,700 Camco International Inc 1,419,624
119,800 Falcon Drilling Inc** 5,495,824
205,100 Nabors Industries Inc** 4,601,931
228,000 Noble Drilling Corp** 4,959,000
53,900 Production Operators Corp 3,604,563
162,300 Reading & Bates Corp** 4,118,363
66,400 Tidewater Inc 2,797,100
75,500 Transocean Offshore Inc 5,209,500
------------
37,962,955
------------
ENERGY PRODUCERS 4.97%
- ------------------------------------------------------------------------------
183,600 Anadarko Petroleum 11,566,800
348,900 Apache Corp 11,949,824
90,600 Parker & Parsley Petroleum Co 3,080,400
47,300 Sonat Inc 2,719,750
------------
29,316,774
------------
METALS 0.31%
- ------------------------------------------------------------------------------
38,400 UCAR International Inc** 1,843,200
------------
<PAGE>
WESTCORE MIDCO GROWTH FUND
May 30, 1997
Shares Market Value*
- ------ -------------
TRANSPORTATION 0.52%
- ------------------------------------------------------------------------------
61,100 Comair Holdings Inc $1,588,600
61,000 US Freightways Corp 1,479,250
------------
3,067,850
------------
TOTAL INTERMEDIATE GOODS & SERVICES
(Cost $95,665,047) 108,648,864
------------
TOTAL COMMON STOCKS
(Cost $407,810,703) 578,933,730
------------
WARRANTS 0.00%
- ------------------------------------------------------------------------------
71 Westwood One Inc Warrants 0
------------
TOTAL WARRANTS 0
(Cost $0) ------------
MUTUAL FUNDS 1.79%
- ------------------------------------------------------------------------------
10,527,628 Stagecoach Prime Money Market
Service Class 10,579,132
------------
TOTAL MUTUAL FUNDS 10,579,132
(Cost $10,579,132) ------------
TOTAL INVESTMENTS
(Cost $418,389,835) 99.92% $589,512,862
Other Assets in Excess
of Liabilities 0.08% 494,818
----------------------------------
NET ASSETS 100.00% $590,007,680
----------------------------------
----------------------------------
*See Note 1 of Notes to Financial Statements.
**Denotes non-income producing security.
WESTCORE BLUE CHIP FUND
May 30, 1997
Shares Market Value*
- ------ -------------
COMMON STOCKS 95.35%
- ------------------------------------------------------------------------------
CAPITAL GOODS 13.48%
- ------------------------------------------------------------------------------
AEROSPACE & DEFENSE 4.61%
- ------------------------------------------------------------------------------
21,000 McDonnell Douglas Corp $1,351,875
21,300 United Technologies Corp 1,711,988
------------
3,063,863
------------
COMPUTER SOFTWARE & SERVICES 2.15%
- ------------------------------------------------------------------------------
26,102 Computer Associates International 1,429,084
------------
ELECTRONICS - SEMICONDUCTORS 2.69%
- ------------------------------------------------------------------------------
20,190 Harris Corp 1,789,339
------------
MACHINERY - DIVERSIFIED 2.00%
- ------------------------------------------------------------------------------
23,200 Dover Corp 1,328,200
------------
MANUFACTURING- SPECIALIZED 2.03%
- ------------------------------------------------------------------------------
25,600 Parker-Hannifin Corp 1,347,200
------------
TOTAL CAPITAL GOODS
(Cost $5,281,857) 8,957,686
------------
CONSUMER CYCLICALS 13.41%
- ------------------------------------------------------------------------------
AUTO PARTS & EQUIPMENT 1.40%
- ------------------------------------------------------------------------------
37,500 ITT Industries 928,125
------------
ENTERTAINMENT 2.38%
- ------------------------------------------------------------------------------
41,700 Carnival Corp Class A 1,584,600
------------
HARDWARE & TOOLS 0.95%
- ------------------------------------------------------------------------------
18,100 Black & Decker Corp 628,975
------------
HOTELS-MOTELS 2.07%
- ------------------------------------------------------------------------------
48,700 Hilton Hotels Corp 1,375,775
------------
RETAIL STORES -
GENERAL MERCHANDISE CHAINS 4.38%
- ------------------------------------------------------------------------------
40,500 Dayton Hudson Corp 1,949,063
68,600 K Mart Corp** 960,400
------------
2,909,463
------------
Retail Stores - Specialty Apparel 2.23%
- ------------------------------------------------------------------------------
43,300 GAP Stores Inc 1,483,025
------------
TOTAL CONSUMER CYCLICALS
(Cost $6,487,363) 8,909,963
------------
CONSUMER STAPLES 29.76%
- ------------------------------------------------------------------------------
BEVERAGES-SOFT DRINKS 2.31%
- ------------------------------------------------------------------------------
41,760 PepsiCo Inc 1,534,680
------------
DISTRIBUTORS - FOOD & HEALTH 1.55%
- ------------------------------------------------------------------------------
30,900 SuperValu Inc 1,031,288
------------
DRUGS 6.73%
- ------------------------------------------------------------------------------
12,700 McKesson Corp 954,088
16,500 Pfizer Inc 1,697,437
20,000 Schering-Plough Corp 1,815,000
------------
4,466,525
------------
FOOD 3.28%
- ------------------------------------------------------------------------------
28,500 Dole Food Inc 1,211,250
41,300 IBP Inc 970,550
------------
2,181,800
------------
HEALTHCARE - DIVERSIFIED 3.07%
- ------------------------------------------------------------------------------
27,780 Bristol-Myers Squibb Co 2,038,358
------------
HEALTHCARE SERVICES 2.44%
- ------------------------------------------------------------------------------
17,800 Shared Medical Systems Corp 943,400
20,100 United States Surgical Corp 678,374
------------
1,621,774
------------
MEDICAL PRODUCTS & SUPPLIES 2.12%
- ------------------------------------------------------------------------------
28,600 Becton Dickinson & Co 1,408,550
------------
RETAIL STORES-DRUG STORES 4.95%
- ------------------------------------------------------------------------------
32,600 CVS Corp 1,560,725
37,200 Rite Aid Corp 1,729,800
------------
3,290,525
------------
RETAIL STORES-FOOD CHAINS 1.53%
- ------------------------------------------------------------------------------
36,800 Great Atlantic & Pacific Tea 1,016,600
------------
TOBACCO 1.78%
- ------------------------------------------------------------------------------
13,800 Philip Morris Companies Inc 607,200
17,800 RJR Nabisco Holdings 576,275
------------
1,183,475
------------
TOTAL CONSUMER STAPLES
(Cost $13,954,957) 19,773,575
------------
<PAGE>
WESTCORE BLUE CHIP FUND
May 30, 1997
Shares Market Value*
- ------ -------------
CREDIT SENSITIVE 22.40%
- ------------------------------------------------------------------------------
ELECTRIC COMPANIES 3.82%
- ------------------------------------------------------------------------------
62,550 Edison International $1,462,106
30,730 General Public Utilities 1,075,550
------------
2,537,656
------------
FINANCIAL-MISCELLANEOUS 2.69%
- ------------------------------------------------------------------------------
14,700 Student Loan Marketing Ass'n 1,787,888
------------
INVESTMENT BANKING/BROKERAGE 2.08%
- ------------------------------------------------------------------------------
25,133 Traveler's Group Inc 1,379,173
------------
MAJOR REGIONAL BANKING 3.83%
- ------------------------------------------------------------------------------
14,840 First Union Corp 1,274,385
21,700 NationsBank Corp 1,277,588
------------
2,551,973
------------
MONEY CENTER BANKS 1.83%
- ------------------------------------------------------------------------------
12,850 Chase Manhattan Corp 1,214,325
------------
NATURAL GAS 2.04%
- ------------------------------------------------------------------------------
27,050 Coastal Corp 1,355,881
------------
PROPERTY & CASUALTY INSURANCE 2.03%
- ------------------------------------------------------------------------------
62,600 USF&G Corp 1,345,900
------------
SAVINGS & LOAN 2.03%
- ------------------------------------------------------------------------------
33,100 H.F. Ahmanson & Company 1,348,825
------------
TELECOMMUNICATIONS 2.05%
- ------------------------------------------------------------------------------
27,860 Sprint Corp 1,361,656
------------
TOTAL CREDIT SENSITIVE
(Cost $9,887,142) 14,883,277
------------
INTERMEDIATE GOODS
& SERVICES 16.30%
- ------------------------------------------------------------------------------
CHEMICALS - DIVERSIFIED 2.06%
- ------------------------------------------------------------------------------
23,560 PPG Industries 1,369,425
------------
OIL EXPLORATION & PRODUCTION 1.98%
- ------------------------------------------------------------------------------
28,300 Burlington Resources Inc 1,315,950
------------
OIL INTEGRATED-DOMESTIC 7.21%
- ------------------------------------------------------------------------------
8,800 Atlantic Richfield Co 1,280,400
61,000 Tosco Corp 1,990,125
51,200 USX-Marathon Group 1,523,200
------------
4,793,725
------------
OIL INTEGRATED-INTERNATIONAL 4.01%
- ------------------------------------------------------------------------------
9,600 Mobil Corp 1,342,800
12,100 Texaco Inc 1,320,413
------------
2,663,213
------------
RAILROADS 1.04%
- ------------------------------------------------------------------------------
13,100 CSX Corp 694,300
------------
TOTAL INTERMEDIATE GOODS & SERVICES
(Cost $7,974,034) 10,836,613
------------
TOTAL COMMON STOCKS
(Cost $43,585,353) 63,361,114
------------
MUTUAL FUNDS 0.70%
- ------------------------------------------------------------------------------
447,104 Stagecoach Prime Money Market
Service Class 461,946
------------
TOTAL MUTUAL FUNDS 461,946
(Cost $461,946) ------------
TOTAL INVESTMENTS
(Cost $44,047,299) 96.05% $63,823,060
Other Assets in Excess
of Liabilities 3.95% 2,627,239
----------------------------------
NET ASSETS 100.00% $66,450,299
----------------------------------
----------------------------------
*See Note 1 of Notes to Financial Statements.
**Denotes non-income producing security.
WESTCORE SMALL-CAP OPPORTUNITY FUND
May 30, 1997
Shares Market Value*
- ------ -------------
COMMON STOCKS 93.75%
- ------------------------------------------------------------------------------
BASIC INDUSTRIES 3.80%
- ------------------------------------------------------------------------------
RUBBER & PLASTICS 2.67%
- ------------------------------------------------------------------------------
17,600 Tredegar Industries $961,400
------------
STEEL 1.13%
- ------------------------------------------------------------------------------
16,940 Texas Industries Inc 406,560
------------
TOTAL BASIC INDUSTRIES
(Cost $903,885) 1,367,960
------------
CAPITAL GOODS 6.61%
- ------------------------------------------------------------------------------
CONSTRUCTION EQUIPMENT 1.72%
- ------------------------------------------------------------------------------
19,420 Agco Corp 619,012
------------
MISCELLANEOUS PRODUCTION GOODS 4.89%
- ------------------------------------------------------------------------------
25,600 Flanders Corp** 182,400
20,550 Global Industrial Technologies** 380,175
5,600 Kaynar Technologies** 102,200
10,170 Pittway Corp Class A 539,010
15,060 Smith (A.O.) Corp 553,455
------------
1,757,240
------------
TOTAL CAPITAL GOODS
(Cost $1,928,387) 2,376,252
------------
CONSUMER CYCLICALS 8.51%
- ------------------------------------------------------------------------------
Apparel/Shoes/Textiles 1.24%
- ------------------------------------------------------------------------------
18,500 Oxford Industries Inc 446,312
------------
CONSUMER DURABLES 1.90%
- ------------------------------------------------------------------------------
43,700 Furniture Brands International** 682,813
------------
MISCELLANEOUS -
CONSUMER CYCLICALS 2.85%
- ------------------------------------------------------------------------------
13,600 Amscan Holdings Inc** 176,800
15,500 Gibson Greetings Inc** 337,125
24,600 Russ Berrie & Co 510,450
------------
1,024,375
------------
<PAGE>
WESTCORE SMALL-CAP OPPORTUNITY FUND
May 30, 1997
Shares Market Value*
- ------ -------------
VEHICLES/ACCESSORIES 2.52%
- ------------------------------------------------------------------------------
13,500 Arvin Industries Inc $374,625
16,080 Control Devices** 196,980
18,400 Excel Industries Inc 333,500
------------
905,105
------------
TOTAL CONSUMER CYCLICALS
(Cost $2,650,010) 3,058,605
------------
CONSUMER STAPLES 10.43%
- ------------------------------------------------------------------------------
DRUGS & MEDICAL PRODUCTS 1.10%
- ------------------------------------------------------------------------------
13,820 Sola International Inc** 395,598
FOOD/AGRICULTURE 5.51%
- ------------------------------------------------------------------------------
10,400 Dean Foods 395,200
24,700 Hudson Foods Inc 392,112
25,500 Morningstar Group Inc** 669,375
9,600 Smithfield Foods** 526,800
------------
1,983,487
------------
MISCELLANEOUS- CONSUMER STAPLES 3.82%
- ------------------------------------------------------------------------------
31,000 American Safety Razor Co** 461,125
30,900 Dial Corp** 517,575
19,100 Herbalife International Inc 396,325
------------
1,375,025
------------
TOTAL CONSUMER STAPLES
(Cost $3,092,513) 3,754,110
------------
ENERGY 6.85%
- ------------------------------------------------------------------------------
OIL & NATURAL GAS 6.85%
- ------------------------------------------------------------------------------
10,800 Camco International 553,500
28,700 HS Resources Inc** 416,150
23,400 Offshore Logistics Inc** 424,125
18,000 Pool Energy Services Co** 299,250
30,900 Santa Fe Energy Resources Inc** 467,362
23,000 Tesoro Petroleum Corp** 301,875
------------
2,462,262
------------
TOTAL ENERGY
(Cost $2,284,717) 2,462,262
------------
FINANCIALS 19.89%
- ------------------------------------------------------------------------------
BANKS/SAVINGS & LOANS 10.42%
- ------------------------------------------------------------------------------
10,600 Astoria Financial 437,250
20,860 Deposit Guaranty Corp 654,482
14,764 MAF Bancorp 616,397
22,200 ML Bancorp Inc 385,725
17,400 Magna Group Inc 561,150
16,200 RCSB Financial Inc 663,188
17,000 Reliance Bancorp Inc 429,250
------------
3,747,442
------------
INSURANCE 8.41%
- ------------------------------------------------------------------------------
11,100 Capital RE Corp 487,012
13,700 Enhance Financial Services Group 571,975
22,350 Fremont General Corp 785,044
12,400 Guarantee Life Cos Inc 254,200
9,900 Life Re Corp 425,700
11,350 Selective Insurance Group Inc 502,238
------------
3,026,169
------------
MISCELLANEOUS FINANCIALS 1.06%
- ------------------------------------------------------------------------------
39,100 Cash America International Inc 381,225
------------
TOTAL FINANCIALS
(Cost $5,529,195) 7,154,836
------------
SERVICES 20.60%
- ------------------------------------------------------------------------------
BUSINESS SERVICES 4.24%
- ------------------------------------------------------------------------------
17,060 Comdisco Inc 629,088
15,820 Standard Register Co 551,722
21,800 United Natural Foods** 343,350
------------
1,524,160
------------
MEDICAL & DENTAL 2.37%
- ------------------------------------------------------------------------------
23,070 Bindley Western Industries Inc 507,540
27,200 Novacare Corp** 343,400
------------
850,940
------------
RETAIL STORES 11.30%
- ------------------------------------------------------------------------------
28,200 Eagle Hardware & Garden** 678,562
19,600 Footstar Corp** 436,100
18,000 Long's Drug Stores Corp 427,500
18,288 Proffitt's Inc** 729,234
26,430 Shopko Stores Inc 624,409
19,000 Waban Inc** 577,125
29,300 Zale Corp** 589,663
------------
4,062,593
------------
TRAVEL/RECREATION 2.69%
- ------------------------------------------------------------------------------
14,200 Marcus Corp 347,900
33,260 Prime Hospitality Corp** 619,468
------------
967,368
------------
TOTAL SERVICES
(Cost $5,764,993) 7,405,061
------------
TECHNOLOGY 13.02%
- ------------------------------------------------------------------------------
AEROSPACE 5.33%
- ------------------------------------------------------------------------------
11,500 Ducommun Inc** 301,875
20,400 Kaman Corp 279,225
11,110 Thiokol Corp 798,531
21,100 Tracor Inc** 535,413
------------
1,915,044
------------
COMPUTER & OFFICE 7.69%
- ------------------------------------------------------------------------------
23,500 American Power Conversion Corp** 546,375
18,600 Applied Magnetics Corp Del** 462,675
18,250 Evans & Sutherland Computer** 479,063
25,800 Southern Electronics Corp** 267,675
32,600 Symantec Corp** 621,437
6,800 Tektronix 390,150
------------
2,767,375
------------
TOTAL TECHNOLOGY
(Cost $3,942,436) 4,682,419
------------
TRANSPORTATION 1.44%
- ------------------------------------------------------------------------------
AIR TRANSPORTATION 1.44%
- ------------------------------------------------------------------------------
18,720 Circle International Group Inc 519,480
------------
TOTAL TRANSPORTATION
(Cost $370,202) 519,480
------------
<PAGE>
UTILITIES/REITS 2.60%
- ------------------------------------------------------------------------------
ELECTRIC & GAS 2.60%
- ------------------------------------------------------------------------------
10,940 Central Hudson Gas & Electric $352,815
12,200 Commonwealth Energy System 265,350
12,800 Washington Gas & Light Co 315,200
------------
933,365
------------
TOTAL UTILITIES/REITS
(Cost $881,050) 933,365
------------
TOTAL COMMON STOCKS
(Cost $27,347,388) 33,714,350
------------
MUTUAL FUNDS 6.18%
- ------------------------------------------------------------------------------
1,762,347 Stagecoach Prime Money
Market Service Class 1,769,945
450,000 Stagecoach Treasury Money
Market Service Class 451,306
------------
2,221,251
------------
TOTAL MUTUAL FUNDS 2,221,251
------------
(Cost $2,221,251)
TOTAL INVESTMENTS
(Cost $29,568,639) 99.93% 35,935,601
Other Assets in Excess
of Liabilities 0.07% 26,072
----------------------------------
NET ASSETS 100.00% $35,961,673
----------------------------------
----------------------------------
*See Note 1 of Notes to Financial Statements.
**Denotes non-income producing security.
WESTCORE GROWTH AND INCOME FUND
May 30, 1997
Shares Market Value*
- ------ -------------
COMMON STOCKS 86.30%
- ------------------------------------------------------------------------------
CAPITAL GOODS 9.96%
- ------------------------------------------------------------------------------
AEROSPACE & DEFENSE 2.01%
- ------------------------------------------------------------------------------
1,400 Boeing Co 147,350
5,100 Goodrich B.F. & Co 219,300
1,000 Sundstrand Corp 49,750
------------
416,400
------------
ELECTRICAL EQUIPMENT 3.60%
- ------------------------------------------------------------------------------
10,600 General Electric Co 639,975
2,500 General Signal Corp 105,313
------------
745,288
------------
ELECTRONICS 0.81%
- ------------------------------------------------------------------------------
1,100 Intel Corp 166,650
------------
OFFICE PRODUCTS 0.46%
- ------------------------------------------------------------------------------
3,300 Ikon Office Solutions Inc 95,700
------------
OTHER-CAPITAL GOODS 1.68%
- ------------------------------------------------------------------------------
5,000 Greenfield Industries Inc 130,086
5,800 OEA Inc 218,950
------------
349,036
------------
TELECOMMUNICATIONS 1.40%
- ------------------------------------------------------------------------------
4,400 Nokia Corp 290,400
------------
TOTAL CAPITAL GOODS
(Cost $1,380,442) 2,063,474
------------
CONSUMER CYCLICALS 13.35%
- ------------------------------------------------------------------------------
AUTOMOTIVE 0.51%
- ------------------------------------------------------------------------------
4,700 Cooper Tire & Rubber Co 105,163
------------
BUILDING-RELATED 0.52%
- ------------------------------------------------------------------------------
2,800 Newell Co 107,100
------------
CONSUMER SERVICES 3.33%
- ------------------------------------------------------------------------------
20,900 Loewen Group Inc 689,700
------------
CONSUMER SOFT GOODS 0.54%
- ------------------------------------------------------------------------------
3,400 Warnaco Group Inc Class A 111,350
------------
HOTELS/LEISURE 1.69%
- ------------------------------------------------------------------------------
7,000 Hilton Hotels Corp 197,750
12,000 Sunstone Hotel Investors 153,000
------------
350,750
------------
MEDIA-PUBLISHING 1.04%
- ------------------------------------------------------------------------------
5,000 Tribune Co 216,250
------------
RETAIL 5.72%
- ------------------------------------------------------------------------------
3,200 CVS Corp 153,200
7,981 Dollar General Corp 268,361
5,800 Helig Meyers Co 95,700
4,100 Home Depot Inc 258,551
8,500 Pier 1 Imports Inc 190,188
7,400 Wal-Mart Stores Inc 220,150
------------
1,186,150
------------
TOTAL CONSUMER CYCLICALS
(Cost $2,217,542) 2,766,463
------------
CONSUMER STAPLES 11.55%
- ------------------------------------------------------------------------------
DRUG & HEALTHCARE PRODUCTS 3.84%
- ------------------------------------------------------------------------------
6,200 Arrow International Inc 199,950
3,900 Schering-Plough Corp 353,925
2,400 Warner-Lambert 241,800
------------
795,675
------------
FOOD, BEVERAGES, & TOBACCO 4.09%
- ------------------------------------------------------------------------------
2,700 CPC International Inc 232,200
4,500 Coca-Cola Co 307,125
8,400 PepsiCo Inc 308,700
------------
848,025
------------
HEALTHCARE SERVICES 0.31%
- ------------------------------------------------------------------------------
1,000 HBO & Co 64,125
------------
<PAGE>
WESTCORE GROWTH AND INCOME FUND
May 30, 1997 (CONTINUED)
Shares Market Value*
- ------ -------------
HOUSEHOLD PRODUCTS 3.31%
- ------------------------------------------------------------------------------
1,800 Colgate-Palmolive Co $111,600
3,200 Gillette Co 284,400
2,100 Procter & Gamble Inc 289,537
------------
685,537
------------
TOTAL CONSUMER STAPLES
(Cost $1,518,958) 2,393,362
------------
CREDIT SENSITIVE 32.14%
- ------------------------------------------------------------------------------
BANKS/SAVINGS & LOANS 6.96%
- ------------------------------------------------------------------------------
2,300 Banc One 99,475
6,680 Charter One Financial Inc 313,125
4,000 Corestates Financial Corp 211,500
4,000 Cullen Frost Bankers Inc 157,500
3,400 Nationsbank Corp 200,175
8,600 Norwest Corp 460,100
------------
1,441,875
------------
FINANCIAL SERVICES 5.88%
- ------------------------------------------------------------------------------
3,400 Federal Home Loan Mortgage 112,200
3,500 Household International Inc 343,875
10,450 MBNA Corp 353,994
4,600 MGIC Investment Corp Wisconsin 409,400
------------
1,219,469
------------
INSURANCE 7.00%
- ------------------------------------------------------------------------------
3,400 Executive Risk 177,225
11,040 Frontier Insurance Group Inc 605,820
9,200 GCR Holdings Ltd 246,100
5,300 Hartford Life Inc** 177,550
5,900 Mutual Risk Management Ltd 244,113
------------
1,450,808
------------
REAL ESTATE INVESTMENT TRUST 1.06%
- ------------------------------------------------------------------------------
6,000 Healthcare Realty Trust 157,452
1,100 Redwood Trust Inc 62,838
------------
220,290
------------
UTILITIES-ELECTRIC 5.70%
- ------------------------------------------------------------------------------
13,496 AES Corp** 968,337
9,000 Trigen Energy Corp 213,750
------------
1,182,087
------------
UTILITIES-GAS 4.47%
- ------------------------------------------------------------------------------
4,900 Enron Corp 199,675
6,400 KN Energy Inc 269,600
9,800 PanEnergy Corp 458,150
------------
927,425
------------
UTILITIES-TELEPHONE 1.07%
- ------------------------------------------------------------------------------
3,600 Cincinnati Bell Inc 221,400
------------
TOTAL CREDIT SENSITIVE
(Cost $4,012,452) 6,663,354
------------
INTERMEDIATE GOODS
& SERVICES 19.30%
- ------------------------------------------------------------------------------
BUSINESS SERVICES 4.15%
- ------------------------------------------------------------------------------
7,200 Omnicom Group Inc 417,600
30,300 Philip Services Corp** 443,138
------------
860,738
------------
CHEMICAL-DIVERSIFIED 1.04%
- ------------------------------------------------------------------------------
3,700 PPG Industries Inc 215,063
------------
ENERGY EQUIPMENT & SERVICES 4.07%
- ------------------------------------------------------------------------------
6,500 Production Operators Corp 434,687
4,800 Tidewater Inc 202,200
3,000 Transocean Offshore Inc 207,000
------------
843,887
------------
ENERGY PRODUCERS 7.16%
- ------------------------------------------------------------------------------
3,400 Anadarko Petroleum 214,200
14,500 Apache Corp 496,625
3,900 Mobil Corp 545,513
1,800 Sonat Inc 103,500
4,279 Union Pacific Resources Group 123,556
------------
1,483,394
------------
PAPER & PACKAGING 0.46%
- ------------------------------------------------------------------------------
1,900 Kimberly Clark Corp 95,237
------------
TRANSPORTATION 2.42%
- ------------------------------------------------------------------------------
2,000 Burlington Northern Santa Fe 166,000
3,400 Union Pacific Corp 230,350
4,300 US Freightways Corp 104,275
------------
500,625
------------
TOTAL INTERMEDIATE GOODS & SERVICES
(Cost $2,973,418) 3,998,944
------------
TOTAL COMMON STOCKS
(Cost $12,102,812) 17,885,597
------------
Face Amount
- -----------
CONVERTIBLE DEBENTURES 10.60%
- ------------------------------------------------------------------------------
CAPITAL GOODS 1.88%
- ------------------------------------------------------------------------------
COMPUTER SOFTWARE & SERVICES 0.89%
- ------------------------------------------------------------------------------
$100,000 First Financial Mgmt Corp,
5.00%, 12/15/99 183,500
------------
MACHINERY & EQUIPMENT 0.99%
- ------------------------------------------------------------------------------
200,000 United States Filter,
4.50%, 12/15/01 205,500
------------
TOTAL CAPITAL GOODS
(Cost $326,328) 389,000
------------
CONSUMER CYCLICALS 5.64%
- ------------------------------------------------------------------------------
CONSUMER SERVICES 1.19%
- ------------------------------------------------------------------------------
250,000 CUC International Inc(1),
3.00%, 02/15/02 247,500
------------
HOTELS/LEISURE 3.38%
- ------------------------------------------------------------------------------
100,000 HFS Inc, 4.50%, 10/01/99 293,125
250,000 Prime Hospitality Corp,
7.00%, 04/15/02 407,187
------------
700,312
------------
RETAIL 1.07%
- ------------------------------------------------------------------------------
250,000 Saks Holdings Inc,
5.50%, 09/15/06 222,188
------------
TOTAL CONSUMER CYCLICALS
(Cost $887,006) 1,170,000
------------
<PAGE>
WESTCORE GROWTH AND INCOME FUND
May 30, 1997 (CONTINUED)
Face Amount Market Value*
- ----------- -------------
CONSUMER STAPLES 1.41%
- ------------------------------------------------------------------------------
HEALTHCARE SERVICES 1.41%
- ------------------------------------------------------------------------------
$300,000 PhyCor Inc, SDCV,
4.50%, 02/15/03 $292,125
------------
TOTAL CONSUMER STAPLES
(Cost $288,453) 292,125
------------
INTERMEDIATE GOODS &
SERVICES 1.67%
- ------------------------------------------------------------------------------
BUSINESS SERVICES 1.01%
- ------------------------------------------------------------------------------
200,000 USA Waste Services Inc,
4.00%, 02/01/02 209,000
------------
ENERGY/EQUIPMENT 0.66%
- ------------------------------------------------------------------------------
100,000 Nabors Industries Inc,
5.00%, 05/15/06 135,875
------------
TOTAL INTERMEDIATE GOODS
& SERVICES 344,875
(Cost $325,984) ------------
TOTAL CONVERTIBLE DEBENTURES
(Cost $1,827,771) 2,196,000
------------
Shares
- ------
CONVERTIBLE PREFERRED
STOCK 2.17%
- ------------------------------------------------------------------------------
CONSUMER CYCLICALS 2.17%
- ------------------------------------------------------------------------------
AUTOMOTIVE 0.50 %
- ------------------------------------------------------------------------------
4,300 Republic Industries-TRACES
Automatic CM Sec (RTR) 6.50% 103,200
------------
TELECOMMUNICATIONS 1.67%
- ------------------------------------------------------------------------------
3,300 WorldCom Inc, GA DECS
Ser A, 8.00% $346,705
------------
TOTAL CONSUMER CYCLICALS
(Cost $386,888) 449,905
------------
TOTAL CONVERTIBLE PREFERRED STOCK
(Cost $386,888) 449,905
------------
MUTUAL FUNDS 0.14%
- ------------------------------------------------------------------------------
28,482 Stagecoach Prime Money Market
Service Class 30,219
------------
TOTAL MUTUAL FUNDS 30,219
------------
(Cost $30,219)
TOTAL INVESTMENTS
(Cost $14,347,690) 99.21% $20,561,721
Other Assets in Excess
of Liabilities 0.79% $163,176
----------------------------------
NET ASSETS 100.00% $20,724,897
----------------------------------
----------------------------------
*See Note 1 of Notes to Financial Statements.
**Denotes non-income producing security.
(1) Restricted security- See Note 5 of Notes to
Financial Statements.
WESTCORE INTERMEDIATE-TERM BOND FUND
May 30, 1997 (CONTINUED)
Face Amount Market Value*
- ----------- -------------
CORPORATE BONDS 50.63%
- ------------------------------------------------------------------------------
FINANCIAL 16.49%
- ------------------------------------------------------------------------------
LIFE INSURANCE 1.79%
- ------------------------------------------------------------------------------
$1,150,000 Aetna Services Inc,
7.125%, 08/15/06 $1,133,782
------------
OPERATORS OF
NON-RESIDENTIAL BUILDINGS 2.92%
- ------------------------------------------------------------------------------
250,000 Chateau Properties Ltd,
8.75%, 03/02/00 258,508
600,000 Corporate Property Investors,
7.75%, 08/15/04 (1) 616,834
1,000,000 Kimco Realty Corp MTN,
6.83%, 11/14/05 969,042
------------
1,844,384
------------
PERSONAL CREDIT INSTITUTIONS 1.14%
- ------------------------------------------------------------------------------
725,000 General Motors Acceptance Corp
MTN, 6.60%, 01/17/01 720,170
------------
Real Estate Investment Trust 8.87%
- ------------------------------------------------------------------------------
550,000 Camden Property Trust,
6.625%, 02/15/01 536,351
700,000 Developers Diversified Realty
Corp, 7.625%, 05/15/00 709,022
375,000 Evans Withycombe Residential
Notes, 7.50%, 04/15/04 373,957
425,000 Nationwide Health Properties,
7.23%, 11/08/06 415,673
1,000,000 New Plan Realty Trust,
7.75%, 04/06/05 1,023,083
800,000 Price REIT Inc,
7.25%, 11/01/00 794,474
750,000 Washington Real Estate,
7.125%, 08/13/03 747,348
1,000,000 Weingarten Realty Investors
Trust MTN, 7.22%, 06/01/05 999,077
------------
5,598,985
------------
<PAGE>
WESTCORE INTERMEDIATE-TERM BOND FUND
May 30, 1997 (CONTINUED)
Face Amount Market Value*
- ----------- -------------
SECURITIES BROKERS,
DEALERS & FLOTATION COS 1.77%
- ------------------------------------------------------------------------------
$1,130,000 Merrill Lynch Corp MTN,
6.50%, 04/01/01 $1,117,069
------------
TOTAL FINANCIAL
(Cost $10,424,959) 10,414,390
------------
INDUSTRIAL 25.06%
- ------------------------------------------------------------------------------
BOOKS - PUBLISHING OR
PUBLISHING & PRINTING 1.47%
- ------------------------------------------------------------------------------
1,000,000 Golden Books Publishing Co,
7.65%, 09/15/02 930,000
------------
BROADCAST - MEDIA 3.46%
- ------------------------------------------------------------------------------
1,100,000 Cox Communications Inc,
6.375%, 06/15/00 1,087,396
1,000,000 TKR Cable I Cable Notes,
10.50%, 10/30/07, Callable
10/30/99 @ 105.25 1,099,582
------------
2,186,978
------------
CABLE & OTHER PAY
TELEVISION SERVICES 1.23%
- ------------------------------------------------------------------------------
775,000 Telecommunications Inc,
8.00%, 08/01/05 776,871
------------
COOKIES & CRACKERS 0.81%
- ------------------------------------------------------------------------------
500,000 RJR Nabisco Inc,
8.625%, 12/01/02 511,149
ELECTRONIC & OTHER
ELECTRICAL EQUIPMENT 1.77%
- ------------------------------------------------------------------------------
1,150,000 Rockwell International Corp,
6.625%, 06/01/05 1,119,618
------------
HOTELS 0.68%
- ------------------------------------------------------------------------------
425,000 Hilton Hotels Corp,
7.95%, 04/15/07 430,876
------------
INDUSTRIAL ORGANIC
CHEMICALS 1.22%
- ------------------------------------------------------------------------------
750,000 International Specialty Products,
9.00%, 03/01/99 771,470
------------
METALS - MISC 1.55%
- ------------------------------------------------------------------------------
$1,000,000 CSR America Inc,
6.875%, 07/21/05 979,541
------------
MOTION PICTURE & VIDEO
TAPE PRODUCTION 3.48%
- ------------------------------------------------------------------------------
TIME WARNER ENTERTAINMENT CO
- ------------------------------------------------------------------------------
1,000,000 9.625%, 05/01/02 1,101,194
1,000,000 8.875%, 10/01/12 1,093,691
------------
2,194,885
------------
NEWSPAPERS - PUBLISHING OR
PUBLISHING & PRINTING 1.22%
- ------------------------------------------------------------------------------
750000 The New York Times Co,
7.625%, 03/15/05 770,298
------------
PHARMACEUTICAL PREPARATIONS 3.46%
- ------------------------------------------------------------------------------
1,200,000 Bayer Corp,
6.50%, 10/01/02 (1) 1,181,328
1,000,000 Upjohn Co MTN Series A,
6.25%, 02/02/98 1,002,570
------------
2,183,898
------------
RETAIL DEPARTMENT STORES 1.56%
- ------------------------------------------------------------------------------
1,000,000 K Mart Corp,
8.125%, 12/01/06 987,500
------------
SEARCH, DETECTION, NAVIGATION
& GUIDANCE AERONAUTICAL SYSTEMS 1.19%
- ------------------------------------------------------------------------------
790,000 Raytheon Co,
6.50%, 07/15/05 753,178
------------
SERVICES - MISCELLANEOUS,
AMUSEMENT & RECREATION 1.96%
- ------------------------------------------------------------------------------
1,250,000 Walt Disney Co,
6.375%, 03/30/01 1,235,235
------------
TOTAL INDUSTRIAL
(Cost $15,756,624) 15,831,497
------------
TRANSPORTATION 5.57%
- ------------------------------------------------------------------------------
AIR TRANSPORTATION, SCHEDULED 5.57%
- ------------------------------------------------------------------------------
$853,486 American Airlines,
9.71%, 01/02/07 945,663
486,053 Continental Airlines,
7.75%, 07/02/14 501,490
1,035,869 Jet Equipment Trust Series 95-B,
7.83%, 02/15/15 (1) 1,059,922
944,627 United Airlines Pass Through
Certificate 95-A1, 9.02%,
04/19/12 1,012,734
------------
3,519,809
------------
TOTAL TRANSPORTATION
(Cost $3,332,664) 3,519,809
------------
UTILITIES 3.51%
- ------------------------------------------------------------------------------
ELECTRIC SERVICES 1.96%
- ------------------------------------------------------------------------------
1,250,000 Central Maine Power Co,
6.25%, 11/01/98 1,237,629
ELECTRIC & OTHER SERVICES
COMBINED 1.55%
- ------------------------------------------------------------------------------
1,000,000 Long Island Lighting Co,
7.125%, 06/01/05 978,503
------------
TOTAL UTILITIES 2,216,132
(Cost $2,225,518) ------------
TOTAL CORPORATE BONDS
(Cost $31,739,765) 31,981,828
------------
COLLATERALIZED MORTGAGE
OBLIGATIONS & MORTGAGE-BACKED
SECURITIES 9.98%
- ------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS 0.75%
- ------------------------------------------------------------------------------
452,924 Collateralized Mortgage Security
Corp, 8.75%, 4/20/19 472,629
------------
MORTGAGE-BACKED
SECURITIES 9.23%
- ------------------------------------------------------------------------------
1,840,398 FHLMC GP #000336,
6.00%, 10/01/24 1,709,491
------------
<PAGE>
WESTCORE INTERMEDIATE-TERM BOND FUND
May 30, 1997 (CONTINUED)
Face Amount Market Value*
- ----------- -------------
1,275,892 FNMA Pool #303845,
7.00%, 05/01/11 $1,270,801
1,531,906 FNMA Pool #362443,
6.50%, 12/01/08 1,506,553
1,273,316 GNMA Pool #780019,
9.50%, 12/15/09 1,343,858
----------
5,830,703
----------
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS &
MORTGAGE-BACKED SECURITIES
(Cost $6,282,855) 6,303,332
----------
U.S. GOVERNMENT
TREASURIES 33.75%
- --------------------------------------------------------------------------------
U.S. Treasury Notes:
2,000,000 7.875%, 01/15/98 2,026,252
4,000,000 7.875%, 04/15/98 4,070,004
3,000,000 6.125%, 05/15/98 3,007,503
2,500,000 6.875%, 08/31/99 2,532,032
2,000,000 7.75%, 11/30/99 2,066,252
2,000,000 7.125%, 02/29/00 2,038,752
3,300,000 6.875%, 03/31/00 3,345,378
1,200,000 6.75%, 04/30/00 1,212,376
1,000,000 7.00%, 07/15/06 1,020,938
----------
21,319,487
----------
TOTAL U.S. GOVERNMENT TREASURIES
(Cost $21,392,322) 21,319,487
-----------
Shares
- ------
MUTUAL FUNDS 4.22%
- --------------------------------------------------------------------------------
2,655,327 Stagecoach Prime Money Market
Service Class 2,666,586
----------
TOTAL MUTUAL FUNDS
(Cost $2,666,586) 2,666,586
----------
TOTAL INVESTMENTS
(Cost $62,081,528) 98.58% $62,271,233
Other Assets in Excess
of Liabilities 1.42% 897,306
------------------------------------
NET ASSETS 100.00% $63,168,539
-------------------------------------
-------------------------------------
*See Note 1 of Notes to Financial Statements
(1) Restricted security - see Note 5 of Notes to Financial Statements.
WESTCORE LONG-TERM BOND FUND
May 30, 1997
CORPORATE BONDS 52.56%
- --------------------------------------------------------------------------------
FINANCIAL 20.56%
- --------------------------------------------------------------------------------
FINANCIAL SERVICES 1.20%
- --------------------------------------------------------------------------------
$250,000 Leucadia National Corp,
7.75%, 08/15/13 $242,899
----------
FIRE MARINE & CASUALTY
INSURANCE 4.03%
- --------------------------------------------------------------------------------
250,000 Geico Corp,
9.15%, 09/15/21 273,153
600,000 Zurich Reinsurance Center
Holdings, 7.125%, 10/15/23 538,384
----------
811,537
----------
HOTELS 0.75%
- --------------------------------------------------------------------------------
150,000 Hilton Hotels Corp,
7.95%, 04/15/07 152,074
----------
LIFE INSURANCE 3.76%
- --------------------------------------------------------------------------------
230,000 Aetna Services Inc,
7.625%, 08/15/26 225,739
----------
500,000 Lincoln National Insurance Co,
9.125%, 10/01/24 532,788
----------
758,527
----------
OPERATORS OF NON-
RESIDENTIAL BUILDINGS 5.60%
- --------------------------------------------------------------------------------
400,000 Kimco Realty Corp,
6.83%, 11/14/05 387,617
500,000 Property Trust of America,
6.875%, 02/15/08 480,729
250,000 Rouse Co,
8.50%, 01/15/03 259,645
----------
1,127,991
----------
REAL ESTATE INVESTMENT TRUSTS 5.22%
- --------------------------------------------------------------------------------
150,000 Camden Property Trust,
6.625%, 02/15/01 146,278
250,000 ERP Operating Limited
Partnership, 7.57%, 08/15/26 253,090
$150,000 Nationwide Health Property MTN,
7.23%, 11/08/06 146,708
250,000 New Plan Trust Realty,
7.75%, 04/06/05 255,771
250,000 Weingarten Realty Investors
Trust MTN, 7.22%, 06/01/05 249,769
----------
1,051,616
----------
TOTAL FINANCIAL
(Cost $4,132,005) 4,144,644
----------
INDUSTRIAL 23.40%
- --------------------------------------------------------------------------------
BOOKS - PUBLISHING
& PRINTING 1.15%
- --------------------------------------------------------------------------------
250,000 GOLDEN BOOKS PUBLISHING CO,
7.65%, 09/15/02 232,500
----------
BROADCAST - MEDIA 1.92%
- --------------------------------------------------------------------------------
400,000 Cox Communications Inc,
7.625%, 06/15/25 386,362
----------
CABLE & OTHER PAY
TELEVISION SERVICES 3.10%
- --------------------------------------------------------------------------------
500,000 Telecommunications Inc,
8.00%, 08/01/05 501,207
125,000 US West Capital Funding
6.95%, 01/15/37 123,236
----------
624,443
----------
DAIRY PRODUCTS 2.20%
- --------------------------------------------------------------------------------
500,000 Borden Inc,
7.875%, 02/15/23 442,193
----------
MISCELLANEOUS CHEMICAL
PRODUCTS 1.89%
- --------------------------------------------------------------------------------
400,000 Lubrizol Corp,
7.25%, 06/15/25 381,732
----------
PERIODICALS - PUBLISHING OR
PUBLISHING & PRINTING 4.10%
- --------------------------------------------------------------------------------
750,000 Time Warner Inc,
9.125%, 01/15/13 826,775
<PAGE>
PHARMACEUTICAL PREPARATIONS 1.68%
- --------------------------------------------------------------------------------
$345,000 Bayer Corp,
6.50%, 10/01/02(1) $339,632
----------
RETAIL - DEPARTMENT STORES 2.19%
- --------------------------------------------------------------------------------
500,000 K Mart Corp,
7.95%, 02/01/23 440,625
----------
SEARCH, DETECTION, NAVIGATION
& GUIDANCE, AERONAUTICAL SYSTEMS 2.51%
- --------------------------------------------------------------------------------
250,000 Lockheed Martin Corp,
7.79%, 06/15/08 258,655
260,000 Raytheon Co,
6.50%, 07/15/05 247,882
----------
506,537
----------
SERVICES- MISCELLANEOUS,
AMUSEMENT & RECREATION 2.66%
- --------------------------------------------------------------------------------
550,000 Walt Disney Co,
6.75%, 03/30/06 537,184
----------
TOTAL INDUSTRIAL
(Cost $4,661,571) 4,717,983
----------
TRANSPORTATION 5.93%
- --------------------------------------------------------------------------------
AIR TRANSPORTATION - SCHEDULED 5.93%
- --------------------------------------------------------------------------------
500,000 AMR Corp,
10.00%, 04/15/21 598,341
335,698 Jet Equipment Trust Series 95-B,
7.83%, 02/15/15(1) 343,492
236,157 United Airlines Pass-Through
Certificates,9.02%, 04/19/12 253,184
1,195,017
----------
TOTAL TRANSPORTATION
(Cost $1,070,098) 1,195,017
----------
UTILITIES 2.67%
- --------------------------------------------------------------------------------
ELECTRIC & OTHER SERVICES
COMBINED 2.67%
- --------------------------------------------------------------------------------
550,000 Long Island Lighting Co,
7.125%, 06/01/05 538,177
----------
TOTAL UTILITIES
(Cost $538,657) 538,177
----------
TOTAL CORPORATE BONDS
(Cost $ 10,402,331) 10,595,821
-----------
MORTGAGE-BACKED
SECURITIES 4.03%
- --------------------------------------------------------------------------------
$443,649 FHLMC GP#000336,
6.00%, 10/01/24 411,925
402,913 FNMA Pc#303845,
7.00%, 5/01/11 401,306
----------
813,231
----------
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $807,599) 813,231
-----------
U.S. GOVERNMENT
TREASURIES 39.93%
- --------------------------------------------------------------------------------
U.S. Treasury Notes/Bonds 29.28%
- --------------------------------------------------------------------------------
500,000 U.S. Treasury Note,
7.00%, 07/15/06 510,469
U.S. Treasury Bonds:
350,000 7.50%, 11/15/16 368,922
500,000 8.875%, 02/15/19 603,438
1,000,000 8.50%, 02/15/20 1,167,813
1,000,000 7.875%, 02/15/21 1,098,438
1,100,000 8.125%, 08/15/21 1,241,282
1,000,000 6.25%, 08/15/23 911,563
----------
5,901,925
----------
U.S. GOVERNMENT ZERO
COUPON STRIPS 10.65%
- --------------------------------------------------------------------------------
1,000,000 02/15/04 646,198
4,000,000 08/15/11 1,501,156
----------
2,147,354
----------
TOTAL U.S. GOVERNMENT TREASURIES
(Cost $7,698,739) 8,049,279
----------
MUTUAL FUNDS 1.79%
- --------------------------------------------------------------------------------
358,840 Stagecoach Prime Money Market
Fund Service Class 360,244
----------
TOTAL MUTUAL FUNDS
(Cost $360,244) 360,244
----------
TOTAL INVESTMENTS
(Cost $19,268,913) 98.31% 19,818,575
Other Assets
in Excess of Liabilities 1.69% 341,677
------------------------------------
NET ASSETS 100.00% $20,160,252
------------------------------------
------------------------------------
*See Note 1 of Notes to Financial Statements.
(1) Restricted Security - See Note 5 of Notes to Financial Statements.
<PAGE>
WESTCORE COLORADO TAX-EXEMPT FUND
May 30, 1997 Bond Rating**
Face Amount Moody's/S&P Market Value*
- ----------- ----------- -------------
CERTIFICATES OF PARTICIPATION 5.03%
- --------------------------------------------------------------------------------
$100,000 Colorado State Board of Agriculture
Certificate of Participation CSU Research
Foundation Master Lease Purchase
Agreement, 6.45%, 11/01/01, Optional any
time @ 100.00, MBIA Aaa/AAA $104,198
100,000 Lakewood, Jefferson County, Public Building
Authority, Certificate of Participation, Lease
Purchase Agreement 5.625%, 12/01/99,
Optional any time @ 100.00, MBIA Aaa/AAA 102,421
100,000 State of Colorado Certificate of Participation
Master Lease Purchase Agreement 5.25%,
11/01/99, Optional any time @ 100.00,
AMBAC Aaa/AAA 102,134
250,000 State of Colorado Certificate of Participation
Master Lease Purchase Agreement II, 5.10%
11/01/06, Optional any time @100.00, MBIA Aaa/AAA 252,035
510,000 Weld County, Certificate of Participation
Correctional Facilities, Lease Purchase
Agreement 5.35%, 08/01/10, Optional any
time @ 100.00, MBIA Aaa/AAA 511,321
TOTAL CERTIFICATES OF PARTICIPATION
(Cost $1,059,406) 1,072,109
---------
GENERAL OBLIGATION BONDS 62.02%
- --------------------------------------------------------------------------------
COUNTY/CITY/SPECIAL DISTRICT/
SCHOOL DISTRICT 62.02%
- --------------------------------------------------------------------------------
100,000 Adams County School District 12, 7.25%,
12/15/09, Prerefunded 12/15/99 @100.00 NR/A+ 106,755
500,000 Adams County School District 14, 5.30%,
12/01/09, Optional 12/01/07 @ 101.00, FSA Aaa/AAA 506,275
100,000 Adams & Arapahoe Counties Joint School
District 28J 5.75%, 12/01/06, MBIA Aaa/AAA 106,162
100,000 Adams & Arapahoe Counties School
District 29J 5.40%, 12/01/09, Optional
12/01/06 @ 100.00, MBIA Aaa/AAA 101,890
250,000 Adams & Weld Counties School District 27J
5.55% 12/01/09, Optional 12/01/06 @ 100.00,
FGIC Aaa/AAA 256,495
125,000 Alamosa & Conejos Counties School District
Re-11J 4.9%, 12/01/07, Optional 12/01/05
@ 100.00, MBIA Aaa/AAA 124,594
$100,000 Arapahoe County School District 1, 4.85%,
11/01/04, FSA Aaa/AAA 100,044
100,000 Arapahoe County School District 2, 6.75%
12/01/04, Prerefunded 12/01/[email protected] A/NR 105,648
25,000 Arapahoe County School District 2 6.75%
12/01/04, Escrowed to Maturity A/NR 27,623
Arapahoe County School District 5:
250,000 5.25%, 12/15/04, Optional 12/15/03 @ 100.00 Aa2/AA 256,528
250,000 5.50%, 12/15/06 Aa2/AA 261,513
250,000 Arapahoe County School District 6, 5.50%,
12/01/06 Aa/AA 261,480
250,000 Archuleta & Hinsdale Counties Joint School
District No. 50 JT 5.50%, 12/01/14, Optional
12/01/06 @ 101.00, MBIA Aaa/AAA 249,993
100,000 Basalt & Rural Fire Protection District, Eagle
& Pitkin Counties, 5.20%, 12/01/15, Optional
12/01/06 @ 100.00, AMBAC Aaa/AAA 97,108
150,000 Boulder, Boulder County Library 7.30%,
10/01/08, Prerefunded 10/01/98 @ 100.00 Aaa/AAA 156,227
500,000 Boulder, Boulder County Parks 5.125%,
12/15/09, Optional 12/15/06 @ 100.00 Aa1/AA 499,300
250,000 Boulder & Gilpin Counties Valley School
District Re-2, 5.55%, 12/01/03 A1/AAA 261,218
Boulder, Larimer, & Weld Counties, St. Vrain
Valley School District Re-1J:
100,000 5.50%, 12/15/04, Optional 12/15/02
@ 101.00, MBIA Aaa/AAA 103,989
175,000 5.80%, 12/15/07, Optional 12/15/02
@ 101.00, MBIA Aaa/AAA 183,549
100,000 6.00%, 12/15/10, Optional 12/15/02
@ 101.00, MBIA Aaa/AAA 104,410
205,000 Brighton, Adams County 6.625%, 12/01/11,
Prerefunded 12/01/01 @ 101.00, MBIA Aaa/AAA 223,643
100,000 Carbondale & Rural Fire Protection
District, Garfield, Gunnison, & Pitkin
Counties, 5.20%, 12/01/10, Optional
12/01/04 @ 101.00, AMBAC Aaa/AAA 99,615
150,000 Chaffee County School District R-31,
5.10%, 12/01/09, Optional 12/01/06
@ 100.00, FSA Aaa/AAA 149,451
<PAGE>
$125,000 Colorado Springs, El Paso County 6.60%,
09/01/00, Prerefunded 09/01/99 @ 100.00 NR/AAA $131,100
250,000 Clear Creek County School District Re-1,
5.40%, 12/01/11, Optional 12/01/05
@ 100.00, MBIA Aaa/AAA 251,590
Douglas & Elbert Counties
School District Re-1:
250,000 5.75%, 12/15/05, Optional 12/15/01
@ 101.00, FGIC Aaa/AAA 260,938
250,000 6.15%, 12/15/08, Optional 12/15/04
@ 101.00, MBIA Aaa/AAA 268,942
Eagle, Garfield & Routt Counties School
District Re 50J:
125,000 6.60%, 12/01/99, Prerefunded 12/01/98,
@ 100.00, FGIC Aaa/AAA 129,515
85,000 5.60%, 12/01/01, FGIC Aaa/AAA 88,666
200,000 5.75%, 12/01/03, Optional 12/01/02
@ 100.00, FGIC Aaa/AAA 209,684
125,000 El Paso County School District 3, 6.20%,
12/15/00, Optional 12/15/98 @ 101.00,
MBIA Aaa/AAA 129,429
80,000 El Paso County School District 12 ,
5.90%, 9/15/04 Aa1/NR 85,404
500,000 El Paso County School District 11 5.50%,
12/01/14, Optional 12/01/07 @ 103.00 Aa/AA- 500,000
125,000 El Paso County School District 49 6.75%,
12/01/04, Optional 12/01/00
@ 100.00, MBIA Aaa/AAA 133,520
200,000 Fort Collins, Larimer County 5.55%,
12/01/03, Optional 12/01/02 @ 101.00 Aa/AA 208,520
125,000 Fruita, Mesa County, 6.40%, 10/01/00,
Optional 10/01/97 @ 100.00, AMBAC Aaa/AAA 126,139
250,000 Garfield, Pitkin & Eagle Counties Roaring
Fork School District Re-1, 6.60%, 12/15/14,
Prerefunded 06/15/04 @ 101.00, MBIA Aaa/AAA 278,403
625,000 Goldsmith Metropolitan District Arapahoe
& Denver Counties, 6.50%, 12/01/03,
Optional 12/01/99 @ 101.00, MBIA Aaa/AAA 661,850
Jefferson County School District R-1:
100,000 5.10%, 12/15/99, AMBAC Aaa/AAA 102,025
100,000 5.75%, 12/15/03, Optional 12/15/02 @
101.00, AMBAC Aaa/AAA 105,622
500,000 5.90%, 12/15/04, Optional 12/15/02 @
101.00, AMBAC Aaa/AAA 529,565
250,000 La Plata County School District 9-R, 5.25%,
11/01/05, MBIA Aaa/AAA 256,313
125,000 Larimer County Poudre School District R-1,
7.00%, 12/15/08, Prerefunded 12/15/01
@ 101.00 NR/NR 137,805
$500,000 Larimer, Weld, & Boulder Counties
Thompson School District R2-J 5.40%,
12/15/13, Optional 6/15/07 @ 101.00, FGIC Aaa/AAA 499,335
100,000 Longmont, Boulder County 5.15%,
09/01/99, MBIA Aaa/AAA 101,718
500,000 Mesa County Valley School District 51,
5.40%, 12/01/12, Optional 12/01/06
@ 101.00, MBIA Aaa/AAA 501,510
105,000 Morgan County School District Re-3 6.45%,
12/01/98, Escrowed to Maturity A/NR 108,519
250,000 Northglenn, Adams County Water
5.50%, 12/01/06, Optional 12/01/04
@ 101.00, FSA Aaa/AAA 261,223
100,000 Otero County, East Otero School District
R-1 5.05%, 12/15/09, Optional 12/15/05
@ 100.00, FSA Aaa/AAA 99,172
100,000 Pitkin County School District Re-1, 5.50%,
11/15/00, AMBAC Aaa/AAA 103,109
125,000 Poudre Valley Hospital District, Larimer
County 6.80%, 11/15/02, Prerefunded
11/15/98 @ 101.00 NR/AAA 130,924
Pueblo, Pueblo County Limited Tax:
200,000 5.80%, 06/01/11, Optional 06/01/06 @
100.00, MBIA Aaa/AAA 206,306
250,000 6.00%, 06/01/16, Optional 06/01/06 @
100.00, MBIA Aaa/AAA 259,860
150,000 Rio Grande County School District C-8,
5.35%, 11/15/11, Optional 11/15/05
@ 100, FSA Aaa/AAA 149,877
75,000 Routt County School District Re-2, 5.00%,
12/01/05, Optional 12/01/03 @ 100.00, FGIC Aaa/AAA 75,247
250,000 San Miguel County School District R-1,
5.50%, 12/01/12, Optional 12/01/05 @
101.00, MBIA Aaa/AAA 251,285
Thornton, Adams County Water:
25,000 7.40%, 12/01/98, FGIC Aaa/AAA 26,191
125,000 5.75%, 12/01/04, Optional 12/01/02
@ 101.00, FGIC Aaa/AAA 131,708
250,000 6.00%, 12/01/05, Optional 12/01/02
@ 101.00, FGIC Aaa/AAA 265,785
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 137,892
<PAGE>
Face Amount Moody's/S&P Market Value*
- ----------- ----------- -------------
Weld County School District 6:
$250,000 5.50%, 12/01/06 Aa/AA- $261,480
250,000 5.20%, 12/01/10, Optional 12/01/07
@ 101.00 Aa/AA- 248,898
150,000 Weld County School District, Re-4, 5.30%,
12/01/10, Optional 12/01/05 @ 100.00, MBIA Aaa/AAA 150,510
100,000 Willows Water District,
Arapahoe County, 6.40%, 12/01/98,
Optional 06/01/97 @ 100.00, MBIA Aaa/AAA 100,197
100,000 Woodland Park, Teller County, 6.30%,
07/01/08, Optional 07/01/00 @ 101.00, FGIC Aaa/AAA 105,526
125,000 Woodmoor Water & Sanitation District 1
El Paso County, 6.20%, 12/01/00, Optional
06/01/97 @ 100.00 MBIA Aaa/AAA 125,008
----------
TOTAL GENERAL OBLIGATION BONDS
(Cost $12,977,801) 13,239,820
----------
REVENUE BONDS 30.21%
- --------------------------------------------------------------------------------
EDUCATION 2.16%
- --------------------------------------------------------------------------------
100,000 State of Colorado Department of Higher
Education by State Board for Community
Colleges & Occupational Education, 5.20%,
11/01/03, Optional 11/01/02 @ 100.00,
AMBAC Aaa/AAA 101,933
100,000 University of Colorado Board of Regents
Auxiliary Facilities, 6.50%, 06/01/01,
Prerefunded 06/01/00 @ 101.00 A1/NR 106,347
250,000 University of Northern Colorado Board of
Trustees, Auxiliary Facilities System
Improvement 5.00%, 06/01/03, MBIA Aaa/AAA 252,710
----------
460,990
----------
PUBLIC FACILITIES 1.01%
- --------------------------------------------------------------------------------
200,000 Denver Metropolitan Major League
Baseball Stadium District Sales Tax,
6.25%, 10/01/02, Prerefunded 10/01/01
@ 101.00, FGIC Aaa/AAA 214,710
----------
SPECIAL TAX 10.67%
- --------------------------------------------------------------------------------
500,000 Boulder County Sales & Use Tax, 5.75%,
12/15/04, FGIC Aaa/AAA 530,070
Face Amount Moody's/S&P Market Value*
- ----------- ----------- -------------
$250,000 Boulder Urban Renewal Authority Tax
Increment, 6.00% 03/01/02, Optional
03/01/00 @ 101.00, MBIA Aaa/AAA $260,940
250,000 Breckenridge, Summit County Excise Tax,
5.20% 12/01/01, Optional 12/01/00
@ 101.00, MBIA Aaa/AAA 256,753
200,000 Castle Rock, Douglas County Sales &
Use Tax 5.25%, 06/01/06, FSA Aaa/AAA 205,192
100,000 Commerce City, Adams County Sales &
Use Tax, 5.375%, 08/01/07, Optional
08/01/03 @ 101.00, MBIA Aaa/AAA 102,888
250,000 Douglas County Sales & Use Tax, 5.25%,
10/15/07, Optional 10/15/06 @ 100.00,
MBIA Aaa/AAA 255,368
500,000 Fort Collins, Larimer County Sales &
Use Tax, 4.90% 06/01/01, FGIC Aaa/AAA 505,610
150,000 Lafayette, Boulder County, Sales &
Use Tax, 6.40%, 11/15/04, Prerefunded
11/15/01 @ 100.00, AMBAC Aaa/AAA 161,519
----------
2,278,340
----------
TRANSPORTATION 1.64%
- --------------------------------------------------------------------------------
250,000 Colorado Springs, El Paso County Airport
System 5.10%, 01/01/10, Optional 01/01/06
@ 101.00, MBIA Aaa/AAA 246,793
100,000 Regional Transportation District RTD
Sales Tax 7.00%, 11/01/98, FGIC Aaa/AAA 104,100
----------
350,893
UTILITY 14.73%
- --------------------------------------------------------------------------------
75,000 Boulder, Boulder County Water & Sewer
5.75%, 12/01/06, Optional 12/01/02
@ 100.00 Aa/AA 77,932
500,000 5.50%, 12/01/11, Optional 12/01/06
@ 100.00 Aa/AA 507,015
250,000 Central Weld County Water District, 5.25%,
12/01/05, Optional 12/01/03 @ 100.00, MBIA Aaa/AAA 255,660
Colorado Springs, El Paso County Utilities
Systems:
100,000 6.40%, 11/15/02, Optional 11/15/01 @ 102.00 Aa/AA 108,348
250,000 5.75%, 11/15/10, Optional 11/15/06 @ 100 Aa/AA 259,218
<PAGE>
Face Amount Moody's/S&P Market Value*
- ----------- ----------- -------------
$250,000 Fort Collins, Larimer County Wastewater
Utility Enterprise Sewer, 5.375%, 12/01/09,
Optional 12/01/05 @ 100.00, FGIC Aaa/AAA $252,633
100,000 Lafayette, Boulder County
Sewer, 4.95%, 09/01/05, FGIC Aaa/AAA 100,734
Municipal Subdistrict, Northern Colorado
Water Conservancy District:
500,000 5.85%, 12/01/02, AMBAC Aaa/AAA 529,585
70,000 6.00%, 12/01/15, Optional any time @ 100.00 A1/A+ 70,110
Platte River Power Authority:
100,000 5.75%, 06/01/04 Optional 06/01/02 @ 102 Aa/A+ 105,290
400,000 5.75%, 06/01/04, MBIA Aaa/AAA 421,404
Ute Water Conservancy District, Mesa
County:
50,000 7.60%, 06/15/01, Prerefunded
06/15/97 @ 100.00 Aaa/AAA 50,079
300,000 4.80%, 6/15/02, MBIA Aaa/AAA 300,792
100,000 Westminster, Adams County Water &
Wastewater Utility Enterprise 6.25%,
12/01/14, Optional 12/01/04 @ 100.00, AMBAC 106,009
----------
3,144,809
----------
TOTAL REVENUE BONDS
(Cost $6,311,809) 6,449,742
----------
Shares
MUTUAL FUNDS 1.97%
- --------------------------------------------------------------------------------
419,918 Provident Institutional
Municipal Money Market Fund 421,044
----------
TOTAL MUTUAL FUNDS
(Cost $421,044) 421,044
----------
TOTAL INVESTMENTS
(Cost $20,770,060) 99.23% $21,182,715
Other Assets in Excess of Liabilities 0.77% 164,944
------------------------
NET ASSETS 100.00% $21,347,659
------------------------
------------------------
*See Note 1 of Notes to Financial Statements.
**Unaudited.
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF OPERATIONS WESTCORE FUNDS ANNUAL REPORT MAY 30, 1997
- ----------------------------------------------------------------------------------------
Westcore Westcore Westcore Westcore
MIDCO Blue Small-Cap Growth
Growth Chip Opportunity and Income
Fund Fund Fund Fund
---------- ---------- ----------- ----------
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Dividends $1,347,931 $1,251,761 $335,661 $323,246
Interest 1,211,985 94,982 102,937 100,980
- ----------------------------------------------------------------------------------------------------
Total Income 2,559,916 1,346,743 438,598 424,226
- ----------------------------------------------------------------------------------------------------
EXPENSES
Investment advisory fee 3,834,365 402,063 311,530 145,076
Administrative fee 1,769,707 185,539 93,440 66,958
Transfer agency 410,189 50,717 27,789 59,939
Fund accounting 177,787 26,107 31,502 31,259
Legal 202,740 19,890 13,378 5,484
Printing 109,059 11,004 4,073 4,205
Registration 75,967 16,590 12,578 16,894
Audit 21,535 10,265 7,040 10,014
Custodian 62,738 11,901 6,699 5,803
Amortization of organization costs 0 0 17,665 0
Insurance 41,042 4,188 1,439 1,627
Trustee fee 57,651 6,098 2,762 2,368
Other 0 3,456 0 0
- ----------------------------------------------------------------------------------------------------
Total Expenses 6,762,780 747,818 529,895 349,627
Expenses waived by:
Investment advisor 0 (26,418) (114,504) (82,796)
Custodian (44,673) (8,072) (3,722) (3,097)
Administrator 0 (2,179) (6,753) (6,818)
- ----------------------------------------------------------------------------------------------------
Net Expenses 6,718,107 711,149 404,916 256,916
- ----------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME
(LOSS) (4,158,191) 635,594 33,682 167,310
- ----------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) from investment
transactions 86,766,854 9,990,055 4,083,766 2,659,580
Unrealized appreciation (depreciation)
of investments:
Beginning of period 224,240,350 16,896,111 5,147,444 5,137,283
End of period 171,123,027 19,775,761 6,366,962 6,214,031
- ----------------------------------------------------------------------------------------------------
Net change in unrealized
appreciation (depreciation) (53,117,323) 2,879,650 1,219,518 1,076,748
- ----------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED
GAIN ON INVESTMENTS 33,649,531 12,869,705 5,303,284 3,736,328
- ----------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $29,491,340 $13,505,299 $5,336,966 $3,903,638
- ----------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------
Westcore Westcore Westcore
Intermediate- Long-Term Colorado
Term Bond Bond Tax-Exempt
Fund Fund Fund
------------- --------- ----------
<S> <C> <C> <C>
INVESTMENT INCOME
Dividends $0 $0 $0
Interest 4,862,184 1,706,068 935,398
- -------------------------------------------------------------------------------------
Total Income 4,862,184 1,706,068 935,398
- -------------------------------------------------------------------------------------
EXPENSES
Investment advisory fee 328,181 104,809 89,049
Administrative fee 218,788 69,779 53,392
Transfer agency 39,002 15,897 7,560
Fund accounting 35,116 33,143 40,755
Legal 21,010 5,588 8,784
Printing 13,254 4,206 2,308
Registration 16,599 14,868 1,167
Audit 13,649 9,134 6,837
Custodian 13,400 4,917 3,593
Amortization of organization costs 0 0 0
Insurance 5,432 1,647 857
Trustee fee 7,611 2,690 1,716
Other 0 763 240
- -------------------------------------------------------------------------------------
Total Expenses 712,042 267,441 216,258
Expenses waived by:
Investment advisor (74,356) (39,100) (89,049)
Custodian (9,822) (3,233) (2,171)
Administrator (7,950) (4,181) (36,072)
- -------------------------------------------------------------------------------------
Net Expenses 619,914 220,927 88,966
- -------------------------------------------------------------------------------------
NET INVESTMENT INCOME
(LOSS) 4,242,270 1,485,141 846,432
- -------------------------------------------------------------------------------------
REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) from investment
transactions 18,937 250,648 (21,758)
Unrealized appreciation (depreciation)
of investments:
Beginning of period (930,828) 127,456 155,686
End of period 189,705 549,662 412,655
- -------------------------------------------------------------------------------------
Net change in unrealized
appreciation (depreciation) 1,120,533 422,206 256,969
- -------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED
GAIN ON INVESTMENTS 1,139,470 672,854 235,211
- -------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $5,381,740 $2,157,995 $1,081,643
- -------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS WESTCORE FUNDS ANNUAL REPORT MAY 30, 1997
- ------------------------------------------------------------------------------------------------------------------------
WESTCORE MIDCO GROWTH FUND
-------------------------------
For the Year Ended
-------------------------------
FROM INVESTMENT ACTIVITIES May 30, 1997 May 31, 1996
-------------- -------------
<S> <C> <C>
Net investment loss $(4,158,191) $(2,264,013)
Net realized gain on investments 86,766,854 53,405,690
Net unrealized (depreciation) appreciation (53,117,323) 126,272,343
- ------------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations 29,491,340 177,414,020
- ------------------------------------------------------------------------------------------------------------------------
Distributions to shareholders from net realized gain on investments
Institutional class (80,255,692) (19,218,923)
Retail class 0 0
- ------------------------------------------------------------------------------------------------------------------------
Change in net assets derived from investment activities (50,764,352) 158,195,097
- ------------------------------------------------------------------------------------------------------------------------
FROM BENEFICIAL INTEREST TRANSACTIONS
Net (decrease) increase in net assets derived from institutional class beneficial
interest transactions - Note 2 (15,717,694) 101,245,432
Net decrease in net assets derived from retail class beneficial interest
transactions - Note 2 0 (30,387,017)
NET (DECREASE) INCREASE IN NET ASSETS (66,482,046) 229,053,512
NET ASSETS:
Beginning of period 656,489,726 427,436,214
- ------------------------------------------------------------------------------------------------------------------------
End of period (including overdistributed net investment income of ($7,288,835)
and ($3,130,644), respectively) $590,007,680 $656,489,726
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
<CAPTION>
WESTCORE BLUE CHIP FUND
-------------------------------
For the Year Ended
-------------------------------
FROM INVESTMENT ACTIVITIES May 30, 1997 May 31, 1996
--------------- --------------
<S> <C> <C>
Net investment income $635,594 $934,337
Net realized gain on investments 9,990,055 8,541,198
Net unrealized appreciation 2,879,650 6,772,530
- ------------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations 13,505,299 16,248,065
- ------------------------------------------------------------------------------------------------------------------------
Dividends to shareholders from net investment income (783,962) (976,769)
Distributions to shareholders from net realized gain on investments (9,187,213) (4,826,591)
- ------------------------------------------------------------------------------------------------------------------------
Change in net assets derived from investment activities 3,534,124 10,444,705
- ------------------------------------------------------------------------------------------------------------------------
FROM BENEFICIAL INTEREST TRANSACTIONS
Shares sold 20,944,535 17,435,317
Shares issued in reinvestment of dividends 8,612,339 5,209,936
- ------------------------------------------------------------------------------------------------------------------------
29,556,874 22,645,253
Shares redeemed (34,926,271) (17,349,667)
- ------------------------------------------------------------------------------------------------------------------------
Change in net assets derived from beneficial interest transactions (5,369,397) 5,295,586
- ------------------------------------------------------------------------------------------------------------------------
NET (DECREASE) INCREASE IN NET ASSETS (1,835,273) 15,740,291
NET ASSETS:
Beginning of period 68,285,572 52,545,281
- ------------------------------------------------------------------------------------------------------------------------
End of period (including undistributed net investment income of $36,046
and $184,414, respectively) $66,450,299 $68,285,572
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
see notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
WESTCORE SMALL-CAP OPPORTUNITY FUND
-----------------------------------
For the Year Ended
-----------------------------------
FROM INVESTMENT ACTIVITIES May 30, 1997 May 31, 1996
----------------- ---------------
<S> <C> <C>
Net investment income $33,682 $40,704
Net realized gain on investments 4,083,766 1,021,344
Net unrealized appreciation 1,219,518 4,453,584
- ------------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations 5,336,966 5,515,632
- ------------------------------------------------------------------------------------------------------------------------
Dividends to shareholders from net investment income
Institutional class (25,495) (48,100)
Retail class 0 (895)
Distributions to shareholders from net realized gain on investments
Institutional class (1,366,828) (421,504)
Retail class 0 0
- ------------------------------------------------------------------------------------------------------------------------
Change in net assets derived from investment activities 3,944,643 5,045,133
- ------------------------------------------------------------------------------------------------------------------------
FROM BENEFICIAL INTEREST TRANSACTIONS
Net increase in net assets derived from institutional class beneficial interest
transactions - Note 2 8,066,018 9,334,752
Net decrease in net assets derived from retail class beneficial interest
transactions - Note 2 0 (1,065,766)
NET INCREASE IN NET ASSETS 12,010,661 13,314,119
NET ASSETS:
Beginning of period 23,951,012 10,636,893
- ------------------------------------------------------------------------------------------------------------------------
End of period (including undistributed net investment income of $8,665
and $478, respectively) $35,961,673 $23,951,012
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
<CAPTION>
WESTCORE GROWTH AND INCOME FUND
-------------------------------
For the Year Ended
-------------------------------
FROM INVESTMENT ACTIVITIES May 30, 1997 May 31, 1996
---------------- -------------
<S> <C> <C>
Net investment income $167,310 $370,186
Net realized gain on investments 2,659,580 3,440,453
Net unrealized appreciation 1,076,748 2,696,285
- ------------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations 3,903,638 6,506,924
- ------------------------------------------------------------------------------------------------------------------------
Dividends to shareholders from net investment income
Institutional class (202,251) (518,985)
Retail class 0 (21,581)
Distributions to shareholders from net realized gain on investments
Institutional class (2,273,847) (1,458,171)
Retail class 0 0
- ------------------------------------------------------------------------------------------------------------------------
Change in net assets derived from investment activities 1,427,540 4,508,187
- ------------------------------------------------------------------------------------------------------------------------
FROM BENEFICIAL INTEREST TRANSACTIONS
Net decrease in net assets derived from institutional class beneficial interest
transactions - Note 2 (6,090,046) (5,892,042)
Net decrease in net assets derived from retail class beneficial interest
transactions - Note 2 0 (4,128,687)
NET DECREASE IN NET ASSETS (4,662,506) (5,512,542)
NET ASSETS:
Beginning of period 25,387,403 30,899,945
- ------------------------------------------------------------------------------------------------------------------------
End of period (including overdistributed net investment income of ($178,897)
and ($143,956), respectively) $20,724,897 $25,387,403
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
see notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
WESTCORE INTERMEDIATE-TERM BOND FUND
------------------------------------
For the Year Ended
------------------------------------
FROM INVESTMENT ACTIVITIES May 30, 1997 May 31, 1996
----------------- -----------------
<S> <C> <C>
Net investment income $4,242,270 $5,255,183
Net realized gain on investments 18,937 849,471
Net unrealized appreciation (depreciation) 1,120,533 (2,091,659)
- ------------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations 5,381,740 4,012,995
- ------------------------------------------------------------------------------------------------------------------------
Dividends to shareholders from net investment income
Institutional class (4,283,756) (5,220,333)
Retail class 0 (52,026)
- ------------------------------------------------------------------------------------------------------------------------
Change in net assets derived from investment activities 1,097,984 (1,259,364)
- ------------------------------------------------------------------------------------------------------------------------
FROM BENEFICIAL INTEREST TRANSACTIONS
Net decrease in net assets derived from institutional class beneficial interest
transactions - Note 2 (20,968,081) (13,314,494)
Net decrease in net assets derived from retail class beneficial interest
transactions - Note 2 0 (2,577,091)
NET DECREASE IN NET ASSETS (19,870,097) (17,150,949)
NET ASSETS:
Beginning of period 83,038,636 100,189,585
- ------------------------------------------------------------------------------------------------------------------------
End of period (including undistributed net investment income of $43,794
and $85,280, respectively) $63,168,539 $83,038,636
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
<CAPTION>
WESTCORE LONG-TERM BOND FUND
------------------------------------
For the Year Ended
------------------------------------
FROM INVESTMENT ACTIVITIES May 30, 1997 May 31, 1996
----------------- -----------------
<S> <C> <C>
Net investment income $1,485,141 $1,824,654
Net realized gain on investments 250,648 810,714
Net unrealized appreciation (depreciation) 422,206 (1,392,287)
- ------------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations 2,157,995 1,243,081
- ------------------------------------------------------------------------------------------------------------------------
Dividends to shareholders from net investment income (1,495,971) (1,851,721)
Distributions to shareholders from net realized gain on investments (397,663) 0
- ------------------------------------------------------------------------------------------------------------------------
Change in net assets derived from investment activities 264,361 (608,640)
- ------------------------------------------------------------------------------------------------------------------------
FROM BENEFICIAL INTEREST TRANSACTIONS
Shares sold 3,753,882 6,252,499
Shares issued in reinvestment of dividends 1,747,726 1,672,703
- ------------------------------------------------------------------------------------------------------------------------
5,501,608 7,925,202
Shares redeemed (10,675,976) (15,686,515)
- ------------------------------------------------------------------------------------------------------------------------
Change in net assets derived from beneficial interest transactions (5,174,368) (7,761,313)
- ------------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS (4,910,007) (8,369,953)
NET ASSETS:
Beginning of period 25,070,259 33,440,212
- ------------------------------------------------------------------------------------------------------------------------
End of period (including undistributed net investment income of $18,521
and $29,351, respectively) $20,160,252 $25,070,259
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
see notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
WESTCORE COLORADO TAX-EXEMPT FUND
------------------------------------
For the Year Ended
------------------------------------
FROM INVESTMENT ACTIVITIES May 30, 1997 May 31, 1996
----------------- -----------------
<S> <C> <C>
Net investment income $846,432 $553,534
Net realized loss on investments (21,758) (7,226)
Net unrealized appreciation (depreciation) 256,969 (139,747)
- ------------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations 1,081,643 406,561
- ------------------------------------------------------------------------------------------------------------------------
Dividends to shareholders from net investment income (842,088) (540,156)
- ------------------------------------------------------------------------------------------------------------------------
Change in net assets derived from investment activities 239,555 (133,595)
- ------------------------------------------------------------------------------------------------------------------------
FROM BENEFICIAL INTEREST TRANSACTIONS
Shares sold 8,514,677 3,597,527
Shares issued in reinvestment of dividends 613,448 347,227
- ------------------------------------------------------------------------------------------------------------------------
9,128,125 3,944,754
Shares redeemed (1,941,761) (681,115)
- ------------------------------------------------------------------------------------------------------------------------
Change in net assets derived from beneficial interest transactions 7,186,364 3,263,639
- ------------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS 7,425,919 3,130,044
NET ASSETS:
Beginning of period 13,921,740 10,791,696
- ------------------------------------------------------------------------------------------------------------------------
End of period (including undistributed net investment income of $16,069 and
$11,725, respectively) $21,347,659 $13,921,740
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
see notes to financial statements
<PAGE>
FINANCIAL HIGHLIGHTS WESTCORE FUNDS ANNUAL REPORT MAY 30, 1997
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Selected data for a share of beneficial interest WESTCORE MIDCO GROWTH FUND
outstanding throughout the periods indicated: -------------------------------------------------------------------------------
Institutional Shares Retail Shares
-------------------------------------------------- ---------------------------
For the For the For the
Period Ended Period Ended Period Ended
May 30, May 31, May 31
------------ ------------------------------------- ---------------------------
1997 1996 1995 1994 1993 1996** 1995 1994*
------------ -------- -------- -------- ------- -------- -------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value - beginning of period $22.90 $17.12 $16.09 $15.79 $14.38 $17.10 $16.10 $17.33
- -----------------------------------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) (0.15) (0.08) 0.00 0.00 0.04 (0.01) (0.03) (0.01)
Net realized and unrealized gain (loss) on investments 1.19 6.58 1.56 1.34 2.48 3.12 1.56 (0.19)
- -----------------------------------------------------------------------------------------------------------------------------------
Total income (loss) from investment operations 1.04 6.50 1.56 1.34 2.52 3.11 1.53 (0.20)
- -----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS
Distributions from net realized gain on investments (3.02) (0.72) (0.53) (1.03) (1.11) (0.00) (0.53) (1.02)
Return of Capital (0.00) (0.00) (0.00) (0.01) (0.00) (0.00) (0.00) (0.01)
- -----------------------------------------------------------------------------------------------------------------------------------
Total distributions and return of
capital to shareholders (3.02) (0.72) (0.53) (1.04) (1.11) (0.00) (0.53) (1.03)
Net asset value - end of period $20.92 $22.90 $17.12 $16.09 $15.79 $20.21 $17.10 $16.10
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Total return 5.27% 38.62% 10.05% 8.37% 18.04% 18.19% 9.78% (1.88%)(3)
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000) $590,008 $656,490 $401,760 $335,453 $231,595 $30,827 $25,677 $16,309
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets 1.14% 1.08% 0.94% 0.84% 0.83% 1.16%(3) 1.19% 1.10%(3)
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Ratio of net investment income (loss)
to average net assets (0.70%) (0.42%) (0.03%) (0.09%) 0.04% (0.24%)(3) (0.28%) (0.37%)(3)
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets
without fee waivers 1.14% 1.10% 0.96% 0.87% 0.85% 1.17%(3) 1.21% 1.13%(3)
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Ratio of net investment income (loss)
to average net assets without fee waivers (0.71%) (0.44%) (0.05%) (0.12%) 0.02% (0.26%)(3) (0.30%) (0.40%)(3)
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate (1) 60.78% 62.83% 50.19% 52.05% 56.23% 62.83% 50.19 52.05%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Average commission rate (2) $.0466 - - - - - - -
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
</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 year ended May 30, 1997 were
$347,732,853 and $434,312,060, respectively.
(2) For fiscal years beginning on or after September 1, 1995, a fund is required
to disclose its average commission rate per share for security trades on which
commissions are charged.
(3) Annualized.
*For the period October 11, 1993 (inception of offering) to May 31, 1994.
** For the period June 1, 1995 to September 29, 1995.
<PAGE>
Selected data for a share of beneficial interest
outstanding throughout the periods indicated:
<TABLE>
<CAPTION>
WESTCORE BLUE CHIP FUND
---------------------------------------------------------------
For the Year Ended For the Year Ended
May 30, May 31,
--------------------- ----------------------------------------
1997 1996 1995 1994 1993
--------------------- -------- -------- -------- ----------
Net asset value - beginning of period $17.41 $14.70 $12.70 $13.87 $13.35
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.19 0.25 0.23 0.40 0.34
Net realized and unrealized gain on investments 3.65 4.03 2.12 0.04 1.13
- -------------------------------------------------------------------------------------------------------------------
Total income from investment operations 3.84 4.28 2.35 0.44 1.47
- -------------------------------------------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income (0.22) (0.27) (0.16) (0.43) (0.21)
Distributions from net realized gain on investments (2.88) (1.30) (0.19) (1.18) (0.74)
- -------------------------------------------------------------------------------------------------------------------
Total dividends and distributions to shareholders (3.10) (1.57) (0.35) (1.61) (0.95)
- -------------------------------------------------------------------------------------------------------------------
Net asset value - end of period $18.15 $17.41 $14.70 $12.70 $13.87
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
Total return 24.28% 30.48% 19.03% 3.12% 11.62%
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000) $66,450 $68,286 $52,545 $36,674 $28,176
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets 1.15% 1.10% 1.01% 1.06% 0.99%
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
Ratio of net investment income to
average net assets 1.02% 1.52% 1.78% 2.30% 2.37%
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
Ratio of expenses to average net
assets without fee waivers 1.21% 1.25% 1.06% 1.09% 1.02%
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
Ratio of net investment income to
average net assets without fee waivers 0.97% 1.38% 1.73% 2.27% 2.34%
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate (1) 43.47% 65.11% 61.72% 41.32% 85.53%
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
Average commission rate (2) $.0498 - - - -
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
</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 year ended May 30, 1997 were
$26,079,205 and $39,904,808, respectively.
(2) For fiscal years beginning on or after September 1, 1995, a fund is required
to disclose its average commission rate per share for security trades on which
commissions are charged.
<PAGE>
<TABLE>
<CAPTION>
Selected data for a share of beneficial interest WESTCORE SMALL-CAP OPPORTUNITY FUND
outstanding throughout the periods indicated: ------------------------------------------------------------------------
Institutional Shares Retail Shares
--------------------------------------------------- -------------------
For the For the For the
Period Ended Period Ended Period Ended
May 30, May 31, May 31
------------ ---------------------------- -------------------------------
1997 1996 1995 1994 1996** 1995 1994*
------------ -------- -------- -------- -------- -------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value - beginning of period $21.35 $15.95 $14.97 $15.00 $15.95 $14.96 $15.00
- ------------------------------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.03 0.04 0.09 0.05 0.01 0.06 0.03
Net realized and unrealized gain (loss) on investments 3.37 5.86 1.11 (0.05) 2.25 1.11 (0.04)
- ------------------------------------------------------------------------------------------------------------------------------
Total income (loss) from investment operations 3.40 5.90 1.20 0.00 2.26 1.17 (0.01)
- ------------------------------------------------------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income (0.02) (0.06) (0.10) (0.03) (0.02) (0.06) (0.03)
Distributions from net realized gain on investments (0.86) (0.44) (0.12) 0.00 0.00 (0.12) 0.00
- ------------------------------------------------------------------------------------------------------------------------------
Total dividends and distributions to shareholders (0.88) (0.50) (0.22) (0.03) (0.02) (0.18) (0.03)
- ------------------------------------------------------------------------------------------------------------------------------
Net asset value - end of period $23.87 $21.35 $15.95 $14.97 $18.19 $15.95 $14.96
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
Total return 16.28% 37.49% 8.15% (0.07%) (3)14.14% 7.96% (0.22%)(3)
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (000) $35,962 $23,951 $9,703 $2,159 $1,072 $934 $497
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets 1.30% 1.30% 1.27% 1.38%(3) 1.48%(3) 1.51% 1.63%(3)
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
Ratio of net investment income to average net assets 0.11% 0.24% 0.61% 1.00%(3) 0.16%(3) 0.37% 0.64%(3)
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets
without fee waivers 1.69% 2.20% 2.77% 6.56%(3) 2.53%(3) 3.10% 6.81%(3)
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
Ratio of net investment income to average net assets
without fee waivers (0.28%) (0.67%) (0.89%) (4.18%)(3) (0.89%)(3)(1.22%) (4.54%)(3)
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate (1) 77.73% 47.83% 59.17% 64.31%(3) 47.83% 59.17% 64.31%(3)
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
Average commission rate (2) $.0480 - - - - - -
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
</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 year ended May 30, 1997 were
$28,693,734 and $22,739,283, respectively.
(2) For fiscal years beginning on or after September 1, 1995, a fund is required
to disclose its average commission rate per share for security trades on which
commissions are charged.
(3) Annualized
* For the period December 28, 1993 (inception of offering) to May 31, 1994.
** For the period June 1, 1995 to September 29, 1995.
<PAGE>
<TABLE>
<CAPTION>
Selected data for a share of beneficial interest WESTCORE GROWTH AND INCOME FUND
outstanding throughout the periods indicated: -------------------------------------------------------------------------------
Institutional Shares Retail Shares
-------------------------------------------------- ---------------------------
For the For the For the
Year Ended Year Ended Period Ended
May 30, May 31, May 31,
------------ ------------------------------------- ---------------------------
1997 1996 1995 1994 1993 1996** 1995 1994*
------------ -------- -------- -------- ------- -------- -------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value - beginning of period: $12.32 $10.50 $10.62 $11.51 $10.99 $10.51 $10.63 $11.65
- -----------------------------------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.07 0.15 0.20 0.51 0.32 0.05 0.19 0.15
Net realized and unrealized gain (loss) on investments 2.19 2.57 0.15 (0.30) 0.68 0.72 0.14 (0.45)
- -----------------------------------------------------------------------------------------------------------------------------------
Total income (loss) from investment operations 2.26 2.72 0.35 0.21 1.00 0.77 0.33 (0.30)
- -----------------------------------------------------------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income (0.11) (0.24) (0.21) (0.54) (0.20) (0.06) (0.19) (0.16)
Distributions from net realized gain on investments (1.44) (0.66) (0.26) (0.56) (0.28) 0.00 (0.26) (0.56)
- -----------------------------------------------------------------------------------------------------------------------------------
Total dividends and distributions to shareholders (1.55) (0.90) (0.47) (1.10) (0.48) (0.06) (0.45) (0.72)
- -----------------------------------------------------------------------------------------------------------------------------------
Net asset value - end of period $13.03 $12.32 $10.50 $10.62 $11.51 $11.22 $10.51 $10.63
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Total return 19.71% 27.25% 3.73% 1.71% 9.41% 7.35% 3.48% (4.20%)(3)
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (000) $20,725 $25,387 $27,029 $42,644 $35,791 $3,921 $3,871 $4,026
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets 1.15% 1.22% 1.17% 1.03% 0.99% 1.58%(3) 1.41% 1.25%(3)
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Ratio of net investment income
to average net assets 0.75% 1.34% 2.09% 4.45% 2.75% 1.40%(3) 1.86% 2.12%(3)
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Ratio of expenses to average net
assets without fee waivers 1.56% 1.51% 1.22% 1.06% 1.03% 1.61%(3) 1.47% 1.27%(3)
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Ratio of net investment income
to average net assets
without fee waivers 0.33% 1.05% 2.04% 4.42% 2.71% 1.37%(3) 1.80% 2.09 (3)%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate (1) 39.80% 88.31% 81.14% 53.86% 61.24% 88.31% 81.14% 53.86%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Average commission rate (2) $.0491 - - - - - - -
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
</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 year ended May 30, 1997 were
$8,605,246 and $15,958,644, respectively.
(2) For fiscal years beginning on or after September 1, 1995, a fund is required
to disclose its average commission rate per share for security trades on which
commissions are charged.
(3) Annualized
* For the period October 11, 1993 (inception of offering) to May 31, 1994.
** For the period June 1, 1995 to September 29, 1995.
<PAGE>
<TABLE>
<CAPTION>
Selected data for a share of beneficial interest WESTCORE INTERMEDIATE-TERM BOND FUND
outstanding throughout the periods indicated: -------------------------------------------------------------------------------
Institutional Shares Retail Shares
-------------------------------------------------- ---------------------------
For the For the For the
Year Ended Year Ended Year Ended
May 30, May 31, May 31,
------------ ------------------------------------- ---------------------------
1997 1996 1995 1994 1993 1996** 1995 1994*
------------ -------- -------- -------- ------- -------- -------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value - beginning of period $10.10 $10.27 $10.02 $10.70 $10.14 $10.27 $10.03 $10.97
- -----------------------------------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.60 0.60 0.58 0.55 0.67 0.20 0.56 0.34
Net realized and unrealized gain (loss)
on investments 0.13 (0.17) 0.27 (0.52) 0.53 0.04 0.26 (0.77)
- -----------------------------------------------------------------------------------------------------------------------------------
Total income (loss) from investment operations 0.73 0.43 0.85 0.03 1.20 0.24 0.82 (0.43)
- -----------------------------------------------------------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income (0.60) (0.60) (0.60) (0.53) (0.64) (0.21) (0.58) (0.33)
Distributions from net realized gain on investments 0.00 0.00 0.00 (0.18) 0.00 0.00 0.00 (0.18)
- -----------------------------------------------------------------------------------------------------------------------------------
Total dividends and distributions to shareholders (0.60) (0.60) (0.60) (0.71) (0.64) (0.21) (0.58) (0.51)
- -----------------------------------------------------------------------------------------------------------------------------------
Net asset value - end of period $10.23 $10.10 $10.27 $10.02 $10.70 $10.30 $10.27 $10.03
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Total return 7.43% 4.26% 8.93% 0.10% 12.16% 2.34% 8.53%(6.33%)(2)
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (000) $63,169 $83,039 $97,619 $88,965 $99,469 $2,781 $2,571 $1,941
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets 0.85% 0.81% 0.77% 0.68% 0.65% 0.95%(2) 0.99% 0.95%(2)
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Ratio of net investment income
to average net assets 5.81% 5.78% 5.86% 5.03% 6.37% 5.74%(2) 5.64% 4.65%(2)
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets
without fee waivers 0.97% 0.92% 0.80% 0.70% 0.67% 0.97%(2) 1.02% 0.97%(2)
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Ratio of net investment income
to average net assets
without fee waivers 5.68% 5.67% 5.83% 5.00% 6.35% 5.72%(2) 5.61% 4.63 (2)%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate (1) 27.47% 71.97% 60.86% 65.04% 87.17% 71.97% 60.86% 65.04%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
</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 year ended May 30, 1997 were
$19,161,905 and $39,196,987, respectively.
(2) Annualized
* For the period October 11, 1993 (inception of offering) to May 31, 1994.
** For the period June 1, 1995 to September 29, 1995.
<PAGE>
<TABLE>
<CAPTION>
Selected data for a share of beneficial interest WESTCORE LONG-TERM BOND FUND
outstanding throughout the periods indicated: -------------------------------------------------------------
For the For the
Year Ended Year Ended
May 30, May 31,
------------ ----------------------------------------
1997 1996 1995 1994 1993
------------ -------- -------- -------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value - beginning of period $9.59 $9.87 $9.22 $11.25 $10.60
- -----------------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.62 0.61 0.59 0.62 0.77
Net realized and unrealized gain (loss)
on investments 0.26 (0.27) 0.66 (0.51) 0.99
- -----------------------------------------------------------------------------------------------------------------
Total income from investment operations 0.88 0.34 1.25 0.11 1.76
- -----------------------------------------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income (0.63) (0.62) (0.60) (0.62) (0.78)
Distributions from net realized
gain on investments (0.17) 0.00 0.00 (1.52) (0.33)
- -----------------------------------------------------------------------------------------------------------------
Total dividends and distributions
to shareholders (0.80) (0.62) (0.60) (2.14) (1.11)
- -----------------------------------------------------------------------------------------------------------------
Net asset value - end of period $9.67 $9.59 $9.87 $9.22 $11.25
- -----------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
Total return 9.40% 3.41% 14.37% (.25%) 17.40%
- -----------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000) $20,160 $25,070 $33,440 $26,962 $26,281
- -----------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets 0.95% 0.90% 0.94% 0.89% 0.77%
- -----------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
Ratio of net investment income
to average net assets 6.37% 6.07% 6.54% 5.74% 6.63%
- -----------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
Ratio of expenses to average net
assets without fee waivers 1.15% 1.07% 0.99% 0.92% 0.80%
- -----------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
Ratio of net investment income
to average net assets without fee waivers 6.18% 5.90% 6.49% 5.71% 6.60%
- -----------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
Portfolio turnover rate (1) 27.76% 33.10% 25.09% 52.82% 79.16%
- -----------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
</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 year ended May 30, 1997 were
$6,186,953 and $11,561,879, respectively.
<PAGE>
<TABLE>
<CAPTION>
Selected data for a share of beneficial interest WESTCORE COLORADO TAX-EXEMPT FUND
outstanding throughout the periods indicated: -------------------------------------------------------------
For the For the
Year Ended Year Ended
May 30, May 31,
------------ ----------------------------------------
1997 1996 1995 1994 1993
------------ -------- -------- -------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value - beginning of period $10.61 $10.70 $10.52 $10.71 $10.25
- -----------------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.50 0.52 0.52 0.53 0.57
Net realized and unrealized gain (loss) on investments 0.17 (0.10) 0.20 (0.19) 0.46
- -----------------------------------------------------------------------------------------------------------------
Total income from investment operations 0.67 0.42 0.72 0.34 1.03
- -----------------------------------------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income (0.50) (0.51) (0.54) (0.53) (0.57)
Distributions from net realized gain on investments 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------
Total dividends and distributions to shareholders (0.50) (0.51) (0.54) (0.53) (0.57)
- -----------------------------------------------------------------------------------------------------------------
Net asset value - end of period $10.78 $10.61 $10.70 $10.52 $10.71
- -----------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
Total return 6.46% 3.97% 7.16% 3.22% 10.27%
- -----------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000) $21,348 $13,922 $10,792 $10,553 $7,326
- -----------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets 0.50% 0.44% 0.42% 0.27% 0.22%
- -----------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
Ratio of net investment income
to average net assets 4.73% 4.87% 5.03% 4.98% 5.45%
- -----------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
Ratio of expenses to average
net assets without fee waivers 1.21% 1.43% 1.62% 1.59% 1.88%
- -----------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
Ratio of net investment income
to average net assets
without fee waivers 4.02% 3.88% 3.83% 3.65% 3.79%
- -----------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
Portfolio turnover rate (1) 30.78% 10.23% 3.15% 9.76% 1.82%
- -----------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
</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 year ended May 30, 1997 were
$5,301,891 and $12,283,792, respectively.
<PAGE>
NOTES TO FINANCIAL STATEMENTS WESTCORE FUNDS ANNUAL REPORT MAY 30, 1997
- --------------------------------------------------------------------------------
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 Westcore MIDCO Growth, Westcore Blue Chip, Westcore Small-Cap
Opportunity, Westcore Growth and Income, Westcore Intermediate-Term Bond,
Westcore Long-Term Bond and Westcore 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. The Funds, for book and tax
purposes, have a fiscal year of May 31. From October 11, 1993 to September 30,
1995, Westcore MIDCO Growth, Westcore Small-Cap Opportunity, Westcore Growth and
Income and Westcore 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 each Fund in the preparation of its financial statements. The
policies are in conformity with generally accepted accounting principles.
The preparation of financial statements in accordance with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts and disclosures in the financial
statements. The actual results could differ from those estimates.
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. Short-term securities having a remaining maturity of
60 days or less are valued at amortized cost which approximates market value.
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 30, 1997 the
Westcore Intermediate-Term Bond and Westcore Colorado Tax-Exempt Funds had
available for federal income tax purposes unused capital loss carryovers of
approximately $1,790,000 and $29,000, respectively, which will expire through
2005.
During the year ended May 30, 1997 the Westcore MIDCO Growth Fund had a
redemption-in-kind in the amount of $8,041,655 based on the fair value of the
individual securities within the portfolio. This transaction realized a gain of
$2,909,055, which will be recognized as a permanent difference for tax purposes.
DISTRIBUTIONS - Distributions of net investment income are distributed
annually for the Westcore MIDCO Growth Fund, quarterly for the Westcore Blue
Chip, Westcore Small-Cap Opportunity and Westcore Growth and Income Funds and
monthly for the Westcore Intermediate-Term Bond, Westcore Long-Term Bond and
Westcore Colorado Tax-Exempt Funds. Distributions of net realized gains, if
any, are declared at least once each year. Distributions to shareholders are
recorded on the ex-dividend date.
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.
ALLOCATION OF INCOME, EXPENSES AND GAINS AND LOSSES - From October 11,
1993 to September 30, 1995 the Westcore MIDCO Growth, Westcore Small-Cap
Opportunity, Westcore Growth and Income and Westcore Intermediate-Term Bond
Funds allocated income, expenses (other than the class specific expenses) and
gains and losses daily to each class of shares based upon their relative
proportion of net assets represented by each class. Operating expenses directly
attributable to a specific class were charged against the operations of that
class.
OTHER - Investment transactions are accounted for on the date the
investments are purchased or sold (trade date). Dividend income is recorded
on the ex-dividend date. Interest income, which includes amortization of
premiums and accretion of discounts, is accrued and recorded daily. 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.
<PAGE>
2. SHARES OF BENEFICIAL INTEREST
On May 30, 1997, there was an unlimited number of no par value shares of
beneficial interest authorized for each fund. Transactions in shares of
beneficial interest were as follows:
<TABLE>
<CAPTION>
WESTCORE MIDCO GROWTH FUND
- ------------------------------------------------------------------------------------------------------------------------------------
For the Year For the Year
Ended May 30, 1997 Ended May 31, 1996
------------------------- --------------------------
Shares Amount Shares Amount
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INSTITUTIONAL CLASS:
Shares sold 9,603,541 $198,972,553 7,169,895 $142,973,591
Shares issued in reinvestment of dividends 3,872,935 76,722,845 949,284 18,492,060
Shares exchanged from retail class into institutional class 0 0 1,521,981 30,820,114
- ------------------------------------------------------------------------------------------------------------------------------------
Total 13,476,476 275,695,398 9,641,160 192,285,765
Shares redeemed (13,940,907) (291,413,092) (4,438,468) (91,040,333)
- ------------------------------------------------------------------------------------------------------------------------------------
Net (decrease) increase (464,431) $(15,717,694) 5,202,692 $101,245,432
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
RETAIL CLASS:
Shares sold 0 $0 101,559 $1,926,763
Shares issued in reinvestment of dividends 0 0 0 0
- ------------------------------------------------------------------------------------------------------------------------------------
Total 0 0 101,559 1,926,763
Shares redeemed 0 0 (78,351) (1,493,666)
Shares exchanged from retail class into institutional class 0 0 (1,524,993) (30,820,114)
- ------------------------------------------------------------------------------------------------------------------------------------
Net decrease 0 $0 (1,501,785) $(30,387,017)
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
WESTCORE BLUE CHIP FUND
- ------------------------------------------------------------------------------------------------------------------------------------
For the Year For the Year
Ended May 30, 1997 Ended May 31, 1996
------------------------- --------------------------
<S> <C> <C>
Shares sold 1,224,040 1,073,492
Shares issued in reinvestment of dividends 529,150 333,778
- ------------------------------------------------------------------------------------------------------------------------------------
Total 1,753,190 1,407,270
Shares redeemed (2,013,538) (1,059,656)
- ------------------------------------------------------------------------------------------------------------------------------------
Net (decrease) increase in shares (260,348) 347,614
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
2. SHARES OF BENEFICIAL INTEREST (CONTINUED)
<TABLE>
<CAPTION>
WESTCORE SMALL-CAP
OPPORTUNITY FUND
- ------------------------------------------------------------------------------------------------------------------------------------
For the Year For the Year
Ended May 30, 1997 Ended May 31, 1996
------------------------- --------------------------
Shares Amount Shares Amount
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INSTITUTIONAL CLASS:
Shares sold 678,008 $14,705,255 497,964 $9,077,026
Shares issued in reinvestment of dividends 46,681 1,029,681 24,014 444,359
Shares exchanged from retail class into institutional class 0 0 58,947 1,071,652
- ------------------------------------------------------------------------------------------------------------------------------------
Total 724,689 15,734,936 580,925 10,593,037
Shares redeemed (339,754) (7,668,918) (67,659) (1,258,285)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase 384,935 $8,066,018 513,266 $9,334,752
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
RETAIL CLASS:
Shares sold 0 $0 2,359 $40,334
Shares issued in reinvestment of dividends 0 0 49 886
- ------------------------------------------------------------------------------------------------------------------------------------
Total 0 0 2,408 41,220
Shares redeemed 0 0 (2,064) (35,334)
Shares exchanged from retail class into institutional class 0 0 (58,914) (1,071,652)
- ------------------------------------------------------------------------------------------------------------------------------------
Net decrease 0 $0 (58,570) $(1,065,766)
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
WESTCORE GROWTH AND INCOME FUND
- ------------------------------------------------------------------------------------------------------------------------------------
For the Year For the Year
Ended May 30, 1997 Ended May 31, 1996
------------------------- --------------------------
Shares Amount Shares Amount
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INSTITUTIONAL CLASS:
Shares sold 427,351 $5,355,720 497,475 $5,580,398
Shares issued in reinvestment of dividends 181,615 2,141,808 150,670 1,624,668
Shares exchanged from retail into institutional class 0 0 349,815 3,921,431
- ------------------------------------------------------------------------------------------------------------------------------------
Total 608,966 7,497,528 997,960 11,126,497
Shares redeemed (1,078,894) (13,587,574) (1,511,113) (17,018,539)
- ------------------------------------------------------------------------------------------------------------------------------------
Net decrease (469,928) $(6,090,046) (513,153) $(5,892,042)
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
RETAIL CLASS:
Shares sold 0 $0 13,368 $145,165
Shares issued in reinvestment of dividends 0 0 1,911 21,221
- ------------------------------------------------------------------------------------------------------------------------------------
Total 0 0 15,279 166,386
Shares redeemed 0 0 (34,087) (373,642)
Shares exchanged from retail into institutional class 0 0 (349,504) (3,921,431)
- ------------------------------------------------------------------------------------------------------------------------------------
Net decrease 0 $0 (368,312) $(4,128,687)
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
2. SHARES OF BENEFICIAL INTEREST (CONTINUED)
<TABLE>
<CAPTION>
WESTCORE INTERMEDIATE-TERM BOND FUND
- ------------------------------------------------------------------------------------------------------------------------------------
For the Year For the Year
Ended May 30, 1997 Ended May 31, 1996
------------------------- --------------------------
Shares Amount Shares Amount
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INSTITUTIONAL CLASS:
Shares sold 1,716,627 $17,545,780 1,832,976 $18,925,545
Shares issued in reinvestment of dividends 339,628 3,461,645 401,174 4,126,393
Shares exchanged from retail class into institutional class 0 0 270,324 2,781,631
- ------------------------------------------------------------------------------------------------------------------------------------
Total 2,056,255 21,007,425 2,504,474 25,833,569
Shares redeemed (4,107,727) (41,975,506) (3,786,468) (39,148,063)
- ------------------------------------------------------------------------------------------------------------------------------------
Net decrease (2,051,472) $(20,968,081) (1,281,994) $(13,314,494)
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
RETAIL CLASS:
Shares sold 0 $0 39,293 $404,991
Shares issued in reinvestment of dividends 0 0 4,402 45,023
- ------------------------------------------------------------------------------------------------------------------------------------
Total 0 0 43,695 450,014
Shares redeemed 0 0 (23,810) (245,474)
Shares exchanged from retail class into institutional class 0 0 (270,061) (2,781,631)
- ------------------------------------------------------------------------------------------------------------------------------------
Net decrease 0 $0 (250,176) $(2,577,091)
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
WESTCORE LONG-TERM BOND FUND
- ------------------------------------------------------------------------------------------------------------------------------------
For the Year For the Year
Ended May 30, 1997 Ended May 31, 1996
------------------------- --------------------------
<S> <C> <C>
Shares sold 385,322 628,595
Shares issued in reinvestment of dividends 179,905 168,046
- ------------------------------------------------------------------------------------------------------------------------------------
Total 565,227 796,641
Shares redeemed (1,094,841) (1,570,539)
- ------------------------------------------------------------------------------------------------------------------------------------
Net decrease in shares (529,614) (773,898)
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
WESTCORE COLORADO TAX-EXEMPT FUND
- ------------------------------------------------------------------------------------------------------------------------------------
For the Year For the Year
Ended May 30, 1997 Ended May 31, 1996
------------------------- --------------------------
<S> <C> <C>
Shares sold 791,641 334,258
Shares issued in reinvestment of dividends 57,178 32,305
- ------------------------------------------------------------------------------------------------------------------------------------
Total 848,819 366,563
Shares redeemed (179,890) (63,463)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in shares 668,929 303,100
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
3. UNREALIZED GAINS AND LOSSES ON INVESTMENTS
<TABLE>
<CAPTION>
Westcore Westcore Westcore Westcore
MIDCO Blue Small-Cap Growth and
Growth Chip Opportunity Income
Fund Fund Fund Fund
---- ---- ---- ----
<S> <C> <C> <C> <C>
As of May 30, 1997
Gross appreciation (excess of
value over cost) $188,930,096 $19,914,926 $7,109,356 $6,330,345
Gross depreciation (excess of
cost over value) (17,807,069) (139,165) (742,394) (116,314)
- ---------------------------------------------------------------------------------------------
Net unrealized appreciation $171,123,027 $19,775,761 $6,366,962 $6,214,031
- ---------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Westcore Westcore Westcore
Intermediate- Long-Term Colorado
Term Bond Bond Tax-Exempt
Fund Fund Fund
---- ---- ----
<S> <C> <C> <C>
As of May 30, 1997
Gross appreciation (excess of
value over cost) $662,862 $869,113 $420,500
Gross depreciation (excess of
cost over value) (473,157) (319,451) (7,845)
- ---------------------------------------------------------------------------------------------
Net unrealized appreciation $189,705 $549,662 $412,655
- ---------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
</TABLE>
4. INVESTMENT ADVISORY FEES, ADMINISTRATIVE FEES AND OTHER RELATED
PARTY TRANSACTIONS
The Trust has entered into an advisory agreement with Denver Investment
Advisors LLC, ("DIA") for all Funds. DIA succeeded First Interstate Capital
Management, Inc. ("FICM") as investment advisor to the Westcore Long-Term Bond
and the Westcore Colorado Tax-Exempt Funds on October 1, 1995. The advisory
agreements have been approved by the Trust's Board of Trustees and shareholders
and contain terms and conditions similar to those which were in these Funds'
former advisory agreement.
Pursuant to its advisory agreement with the Trust, DIA is entitled to an
investment advisory fee, computed daily and payable monthly of 0.65%, 0.65%,
1.00%, 0.65%, 0.45%, 0.45% and 0.50% of the average net assets for Westcore
MIDCO Growth, Westcore Blue Chip, Westcore Small-Cap Opportunity, Westcore
Growth and Income, Westcore Intermediate-Term Bond, Westcore Long-Term Bond and
Westcore Colorado Tax-Exempt Funds, respectively.
Wells Fargo Bank, N.A. ("Custodian") is the custodian of the Funds. All
custodial fees were waived by the Custodian for the period June 1, 1996 to
January 21, 1997. In addition, DIA waived all of its advisory fees from the
Westcore Colorado Tax-Exempt Fund. DIA also waived a portion of its advisory
fees on the Westcore Blue Chip, Westcore Small-Cap Opportunity, Westcore Growth
and Income, Westcore Intermediate-Term Bond and Westcore Long-Term Bond Funds.
Certain officers of the Funds are also officers of DIA and ALPS Mutual
Funds Services, Inc., ("ALPS"). All affiliated and access persons, as defined
in the 1940 Act, follow strict guidelines and policies on personal trading as
outlined in the Trust's Code of Ethics.
<PAGE>
4. INVESTMENT ADVISORY FEES, ADMINISTRATIVE FEES AND OTHER
RELATED PARTY TRANSACTIONS (CONTINUED)
Effective October 1, 1995, ALPS and DIA entered into 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
paid monthly, at the annual rate of 0.30% of the Funds' average net assets. For
the year ended May 30, 1997, ALPS and DIA voluntarily waived a portion of their
co-administration fee payable by Westcore Blue Chip, Westcore Small-Cap
Opportunity, Westcore Growth and Income, Westcore Intermediate-Term Bond,
Westcore Long-Term Bond and Westcore Colorado Tax-Exempt Funds.
Expenses for the Funds include legal fees paid to Drinker Biddle & Reath
LLP. A partner of that firm is secretary of the Trust.
Shareholders holding more than 5% of the Funds' outstanding shares as of
May 30, 1997, constituted 39.25% of Westcore MIDCO Growth, 78.27% of Westcore
Blue Chip, 77.33% of Westcore Small-Cap Opportunity, 58.11% of Westcore Growth
and Income, 74.99% of Westcore Intermediate-Term Bond, 80.33% of Westcore
Long-Term Bond and 61.39% of Westcore Colorado Tax-Exempt Fund.
5. RESTRICTED SECURITIES
The Westcore Growth and Income, Westcore Intermediate-Term Bond and Westcore
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 1.19%,
4.52% and 3.39% of the Westcore Growth and Income, Westcore Intermediate-Term
Bond and Westcore Long-Term Bond Funds' Net Assets, respectively, at May 30,
1997 and are listed below.
<TABLE>
<CAPTION>
Acquisition Cost Valuation per Unit as Fair Value as
Security Date per Unit of May 30, 1997 of May 30, 1997
-------- ---- -------- --------------- ---------------
<S> <C> <C> <C> <C>
WESTCORE GROWTH AND INCOME FUND
CUC International Inc, 3.00%, 02/15/02 02/07/97 $100.00 $99.00 $247,500
------------
Total $247,500
------------
------------
WESTCORE INTERMEDIATE-TERM BOND FUND
Bayer Corp, 6.50%, 10/01/02 09/26/95 $99.46 $98.444 $1,181,328
Corporate Property Investors,
7.75%, 08/15/04 06/20/96 $100.104 $102.806 $616,834
Jet Equipment Trust Series 95-B,
7.83%, 02/15/15 07/01/95 $100.00 $102.322 $1,059,922
------------
Total $2,858,084
------------
------------
WESTCORE LONG-TERM BOND FUND
Bayer Corp, 6.50%, 10/01/02 09/26/95 $99.46 $98.444 $339,632
Jet Equipment Trust Series 95-B,
7.83%, 02/15/15 07/01/95 $100.00 $102.322 $343,492
------------
Total $683,124
------------
------------
</TABLE>
<PAGE>
6. SHAREHOLDER TAX INFORMATION (UNAUDITED)
Certain tax information regarding the Westcore Trust is required to be
provided to shareholders based upon each Fund's income and distribution for the
taxable year ended May 30, 1997. The information and distributions reported
herein may differ from information and distributions taxable to the shareholders
for the calendar year ended December 31, 1996.
During the fiscal year ended May 30, 1997, 100% of the dividends paid by
the Westcore Colorado Tax-Exempt Fund from net investment income should be
treated as tax-exempt dividends and 100% of the dividends paid by the Westcore
Blue Chip, Westcore Small-Cap Opportunity and Westcore Growth and Income Funds
from net investment income qualify for the corporate dividends received
deduction.
During the fiscal year ended May 30, 1997, the Westcore Funds paid the
following distributions:
<TABLE>
<CAPTION>
Ordinary Capital Total
Income Dividends Gains Distributions Distributions
---------------- ------------------- -------------
<S> <C> <C> <C>
Westcore MIDCO Growth Fund $0.00 $3.02 $3.02
Westcore Blue Chip Fund .22 2.88 3.10
Westcore Small-Cap Opportunity Fund .02 .86 .88
Westcore Growth and Income Fund .11 1.44 1.55
</TABLE>
<PAGE>
[Logo] ------------------------------------------------------
Suite 3600 Telephone: (303) 292-5400
555 Seventeenth Street Facsimile: (303) 312-4000
Denver, Colorado 80202-3942
To the Board of Trustees and Shareholders,
Westcore Trust:
We have audited the accompanying statements of assets and liabilities,
including the statements of investments, of the Westcore MIDCO Growth Fund,
Westcore Blue Chip Fund, Westcore Small-Cap Opportunity Fund, Westcore Growth
and Income Fund, Westcore Intermediate-Term Bond Fund, Westcore Long-Term Bond
Fund and Westcore Colorado Tax-Exempt Fund as of May 30, 1997, the related
statements of operations for the year then ended and the statements of changes
in net assets and financial highlights for each of the periods indicated. These
financial statements and financial highlights are the responsibility of the
Trust's Management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit also includes examining
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. Our procedures included confirmation of securities owned
at May 30, 1997, by correspondence with the custodian and brokers. An audit also
includes assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, such financial statements and financial highlights present
fairly, in all material respects, the financial position of the Westcore MIDCO
Growth Fund, Westcore Blue Chip Fund, Westcore Small-Cap Opportunity Fund,
Westcore Growth and Income Fund, Westcore Intermediate-Term Bond Fund, Westcore
Long-Term Bond Fund and Westcore Colorado Tax-Exempt Fund of the Westcore Trust
as of May 30, 1997, and the results of their operations, the changes in their
net assets and financial highlights for each of the periods indicated in
conformity with generally accepted accounting principles.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
Denver, Colorado
June 27, 1997
<PAGE>
WESTCORE FUNDS
Westcore Officers
and Trustees
Jack Henderson, Chairman
McNeil S. Fiske, Trustee
James B. O'Boyle, Trustee
Lyman E. Seely, Trustee
Robert L. Stamp, Trustee
Kenneth V. Penland, President
Jasper R. Frontz, Treasurer
W. Bruce McConnel, III, Secretary
Westcore Equity Fund
Westcore Bond Fund
WESTCORE FUNDS
370 17th Street
Suite 2700
Denver, CO 80202
1-800-392-CORE (2673)
www.westcore.com
Funds distributed ALPS Mutual Funds
Services, Inc., member NASD
