<PAGE>
- --------------------------------------------------------------------------------
SEMI ANNUAL REPORT
- --------------------------------------------------------------------------------
Westcore Equity Funds November 28, 1997
Westcore MIDCO Growth Fund
Westcore Blue Chip Fund
Westcore Small-Cap Opportunity Fund
Westcore Growth and Income Fund
Westcore Bond Funds Westcore Intermediate-Term Bond Fund
Westcore Long-Term Bond Fund
Westcore Colorado Tax-Exempt Fund
Westcore Funds are managed by
Denver Investment Advisors LLC
<PAGE>
[LOGO]
- --------------------------------------------------------------------------------
November 28, 1997
DEAR FELLOW SHAREHOLDER:
In our annual report to shareholders for the year ended May 30, 1997, we
stated that "while fundamentals may support current market levels, history
suggests that investors should be prepared for more volatility".
Since that time the market has indeed been more volatile. While the U.S.
economy continues to produce excellent growth and low inflation, the recent
dramatic shift in the economic future for the Asian Pacific Rim has rattled our
markets. The declines in the currency and stock markets in Asia have created
substantial uncertainty. The most likely and positive scenario is that the Asia
problem will slow but not stop U.S. growth and ultimately lead to more good news
on inflation and lower interest rates. While we expect this outcome, we
acknowledge that the risks of a more serious impact on U.S. growth - perhaps
even a recession - are increased. Most likely, the greater risk is the
possibility of slower growth in profits as reduced pricing power and slower
economic growth will be a tough combination for many companies to overcome.
[PICTURE]
WESTCORE
FUNDS Better research makes the difference.
This report has been prepared for Westcore shareholders and may be distributed
to others only if preceded or accompanied by a prospectus.
<PAGE>
[LOGO]
- --------------------------------------------------------------------------------
We expect that growth will slow and that we may find opportunities for
profit growth in different areas of the economy than those sectors that have
provided leadership in the past few years. Domestic companies, traditional
defensive companies (those that tend to do better in slower economies) and
importers should have better relative profit growth.
Westcore's investment research continues to focus on security selection
that attempts to identify securities with improving fundamentals at reasonable
valuations. Our approach served our shareholders well in the last calendar year
and we expect it will work well in calendar year 1998. The Westcore Fund Family
provides shareholders with the opportunity to build a diversified portfolio that
can meet a variety of investment objectives in this volatile environment.
Recently, Morningstar rated Westcore Blue Chip Fund in its highest
category--Five Stars for the period ended 12/31/97, which placed it in the
top 10% of 2,332 Domestic Equity Funds.(1) According to THE WALL STREET
JOURNAL (January 19, 1998), Westcore Long-Term Bond Fund had the second best
total return (change in net asset values with reinvested dividends and
capital gains) of 102 funds in the BBB-Rated Bond Fund category for the year
ended December 31, 1997.(2) (Total return represents past performance. Past
performance is not indicative of future results. Without the absorption of
fee waivers and expense reimbursements, total return figures would have been
lower.) Westcore MIDCO Growth Fund had a rare disappointing year in calendar
1997, but its excellent long-term record led PERSONAL FINANCE (January 14,
1998) to select it as a proven fund with turnaround potential. According to
PERSONAL FINANCE, "(Westcore) MIDCO Growth's emphasis on fundamental research
and bottom-up stock selection makes it a good choice for investors looking
for a moderate risk growth fund."
The recognition by third parties is confirmation that our dedication to
investment research and customer service is working for our shareholders.
Sincerely, /s/ Jack D. Henderson /s/ Kenneth V. Penland
[PHOTO] [PHOTO]
Jack D. Henderson Kenneth V. Penland
CHAIRMAN PRESIDENT
1. Morningstar proprietary ratings reflect historical risk-adjusted
performance as of 12/31/97. The ratings are subject to change every month.
Ratings are based on a fund's three-, five- and (when available) ten-year
average annual total returns in excess of 90-day Treasury bill returns, with
adjustments for fees and a risk factor that measures fund performance below
90-day Treasury bill returns. The top 10% of the funds in an investment category
receive 5 stars; the next 22.5% receive 4 stars. Westcore Blue Chip Fund
received 4 stars for the three-year and 5 stars for the five-year periods ended
12/31/97 out of 2,332 and 1,292 Domestic Equity Funds, respectively.
2. Westcore Long Term Bond Fund ranked seventh out of 37 funds for the
5 year period ended 12/31/97. Average annual total returns reflect the
reinvestment of dividends, capital gains distributions, all fee waivers and
expense reimbursements. The investment return and principal value of an
investment will fluctuate so that an investor's shares, when redeemed, may be
worth more or less than their original cost. Westcore fund shares are not
insured by the FDIC, the Federal Reserve Board or any other agency and are
subject to investment risk.
1
<PAGE>
<TABLE>
<CAPTION>
STATEMENTS OF ASSETS AND LIABILITIES WESTCORE FUNDS SEMI-ANNUAL REPORT NOVEMBER 28, 1997 (UNAUDITED)
Westcore Westcore Westcore Westcore Westcore Westcore Westcore
MIDCO Blue Small-Cap Growth Intermediate- Long-Term Colorado
Growth Chip Opportunity and Income Term Bond Bond Tax-Exempt
Fund Fund Fund Fund Fund Fund Fund
------------ ----------- ----------- ---------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Investments in securities, at value
(cost-see below)
- see accompanying statements $667,606,582 $63,188,713 $47,058,365 $17,087,456 $51,259,749 $16,589,026 $25,227,874
Receivable for investments sold 3,771,420 9,044 208,743 13,550 516,255 136,674 12,050
Dividends and interest receivable 333,730 148,297 42,093 40,024 800,523 272,538 522,215
Shares of beneficial interest sold 1,950,553 85,741 71,189 26,064 34,777 496 126,228
Organizational costs, net of
accumulated amortization 0 0 18,490 0 0 0 0
Prepaid and other assets 132,204 10,230 10,644 7,083 13,359 7,042 1,545
- ----------------------------------------------------------------------------------------------------------------------------------
Total Assets 673,794,489 63,442,025 47,409,524 17,174,177 52,624,663 17,005,776 25,889,912
- ----------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Collateral received from broker 58,460,600 0 786,000 0 0 0 0
Payable for investments purchased 3,326,794 0 242,052 0 249,966 99,959 251,809
Shares of beneficial interest redeemed 1,396,845 73,275 0 15,536 5,022 25,255 115,443
Accrued investment advisory fee 332,069 25,687 20,659 3,620 8,319 4,380 3,072
Accrued administration fee 153,263 15,554 13,963 386 14,958 547 446
Other payables and accrued expenses 879,386 36,765 23,277 43,249 86,177 25,813 29,876
- ----------------------------------------------------------------------------------------------------------------------------------
Total Liabilities 64,548,957 151,281 1,085,951 62,791 364,442 156,034 400,646
- ----------------------------------------------------------------------------------------------------------------------------------
NET ASSETS $609,245,532 $63,290,744 $46,323,573 $17,111,386 $52,260,221 $16,849,742 $25,489,266
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
Paid-in capital $352,893,541 $30,015,904 $29,979,839 $7,455,523 $52,600,315 $14,846,872 $24,678,590
(Over)/Undistributed net investment
income (9,551,243) (11,270) 1,683 (184,413) 43,467 14,669 15,089
Accumulated undistributed net
realized gain (loss) on investment
transactions 101,741,860 12,733,124 6,494,094 3,954,379 (1,743,979) 461,640 (27,222)
Net unrealized appreciation on
investments 164,161,374 20,552,986 9,847,957 5,885,897 1,360,418 1,526,561 822,809
- ----------------------------------------------------------------------------------------------------------------------------------
NET ASSETS $609,245,532 $63,290,744 $46,323,573 $17,111,386 $52,260,221 $16,849,742 $25,489,266
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE
Net Assets $609,245,532 $63,290,744 $46,323,573 $17,111,386 $52,260,221 $16,849,742 $25,489,266
Shares of beneficial interest
outstanding 26,768,365 3,079,827 1,638,008 1,175,318 5,000,848 1,624,287 2,321,210
Net asset value and redemption price
per share $22.76 $20.55 $28.28 $14.56 $10.45 $10.37 $10.98
- ----------------------------------------------------------------------------------------------------------------------------------
COST OF INVESTMENTS $503,445,208 $42,635,727 $37,210,408 $11,201,559 $49,899,331 $15,062,465 $24,405,065
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
STATEMENTS OF INVESTMENTS
WESTCORE FUNDS SEMI-ANNUAL REPORT NOVEMBER 28, 1997 (UNAUDITED)
WESTCORE MIDCO GROWTH FUND
NOVEMBER 28, 1997
Shares Market Value*
- ------ -------------
COMMON STOCKS 95.03%
- ------------------------------------------------------------------------------
CAPITAL GOODS 28.19%
- ------------------------------------------------------------------------------
COMPUTER HARDWARE .57%
- ------------------------------------------------------------------------------
113,800 EMC Corp $3,449,562
COMPUTER SERVICES & SOFTWARE 8.21%
- ------------------------------------------------------------------------------
74,200 America Online Inc** 5,602,100
204,400 Cadence Design Systems 5,161,100
49,900 Compuware Corp 1,743,381
61,800 Electronic Arts Inc** 2,070,300
63,300 Fiserv Inc** 3,070,050
68,350 Harbinger Corp** 2,050,500
27,300 J D Edwards and Company** 935,025
80,100 McAfee & Associates Inc 3,664,575
180,487 Oracle Corp** 6,012,473
128,500 PeopleSoft Inc** 8,408,719
31,980 Registry Inc** 1,409,119
36,300 Security Dynamics Technologies** 1,234,200
137,100 Sterling Commerce Inc** 4,764,225
126,575 Technology Solutions Co** 3,908,004
------------
50,033,771
------------
ELECTRONICS 7.00%
- ------------------------------------------------------------------------------
182,400 Atmel Corp** 4,092,600
47,900 Hadco Corp** 2,969,800
31,500 KLA-Tencor Corp** 1,220,625
25,000 Lattice Semiconductor Co** 1,410,937
52,000 Maxim Integrated Products Inc** 3,594,500
76,900 Microchip Technology Inc** 2,691,500
140,300 Micron Technology Inc** 3,489,963
144,800 National Semiconductor Corp 4,796,500
51,300 Novellus Systems Inc** 1,930,163
45,300 PRI Automation Inc** 1,545,863
54,300 Sandisk Corp** 1,330,350
145,100 SCI Systems Inc** 6,647,394
95,100 Solectron Corp** 3,465,206
93,600 Speedfam International Inc** 2,398,500
55,100 Unitrode Corp** 1,036,568
------------
42,620,469
------------
ENGINEERING & CONSTRUCTION .43%
- ------------------------------------------------------------------------------
71,300 Ionics Inc** 2,629,188
------------
NETWORKING .63%
- ------------------------------------------------------------------------------
44,200 Cisco Systems Inc** $3,812,250
------------
OFFICE PRODUCTS 1.42%
- ------------------------------------------------------------------------------
167,000 Corporate Express Inc** 2,609,375
303,700 US Office Products Co** 6,036,038
------------
8,645,413
------------
OTHER CAPITAL GOODS .18%
- ------------------------------------------------------------------------------
35,200 OEA Inc 1,095,600
------------
TELECOMMUNICATIONS 9.75%
- ------------------------------------------------------------------------------
85,800 ADC Telecommunications** 3,190,688
89,700 Advanced Fibre
Communications** 2,320,987
34,400 Ciena Corp** 1,857,600
65,600 Concentric Network Corp** 672,400
102,400 ICG Communications Inc** 2,380,800
122,600 Nextel Communications Inc
Class A** 3,095,650
58,400 Nokia Corp-ADR** 4,854,500
263,300 PairGain Technologies Inc** 6,220,462
50,700 Premiere Technologies Inc** 1,210,462
22,600 Sync Research Inc** 90,400
71,400 Teleport Communication Inc** 3,498,600
23,200 Tellabs Inc** 1,206,400
97,700 Uniphase Corp** 3,920,212
777,090 WorldCom Inc 24,866,880
------------
59,386,041
------------
TOTAL CAPITAL GOODS
(Cost $128,548,340) 171,672,294
------------
CONSUMER CYCLICALS 29.51%
- ------------------------------------------------------------------------------
AUTOMOTIVE 1.70%
- ------------------------------------------------------------------------------
57,500 Cooper Tire & Rubber Co 1,286,563
180,000 Gentex Corp** 4,455,000
75,200 Lear Corp** 3,520,300
41,200 Republic Industries Inc** 1,073,775
------------
10,335,638
------------
BUILDING RELATED 1.05%
- ------------------------------------------------------------------------------
156,300 Newell Co 6,378,994
------------
CONSUMER PRODUCTS 1.47%
- ------------------------------------------------------------------------------
84,200 Callaway Golf Co $2,683,875
69,700 Culligan Water Technologies** 3,127,788
16,500 Mattel Inc 661,031
69,000 Samsonite Corp** 2,501,250
------------
8,973,944
------------
CONSUMER SERVICES 2.78%
- ------------------------------------------------------------------------------
177,632 CUC International Inc 5,106,920
272,900 Loewen Group Inc 6,737,218
66,900 Rental Service Corp 1,680,863
83,700 Sylvan Learning Systems Inc** 3,410,775
------------
16,935,776
------------
CONSUMER SOFT GOODS .40%
- ------------------------------------------------------------------------------
50,300 Jones Apparel Group** 2,452,125
------------
HOTELS-RESTAURANTS - LEISURE 2.76%
- ------------------------------------------------------------------------------
90,700 Four Seasons Hotels Inc 2,913,738
151,600 HFS Inc** 10,403,550
184,200 Prime Hospitality Corp** 3,522,825
------------
16,840,113
------------
MULTIMEDIA-PUBLISHING 7.34%
- ------------------------------------------------------------------------------
102,300 Apollo Group Inc Class A 4,360,537
86,100 Clear Channel Communications 5,833,275
36,700 Emmis Broadcasting Corp
Class A** 1,652,649
276,260 H S N Inc** 12,328,103
29,500 King World Productions Inc** 1,604,062
32,100 New York Times Co Class A 1,905,937
75,600 Tribune Co 4,261,950
306,500 Westwood One Inc** 9,003,437
126,800 Westinghouse Electric Corp 3,804,000
------------
44,753,950
------------
OTHER CONSUMER CYCLICALS .65%
- ------------------------------------------------------------------------------
104,050 Unifi Inc 3,953,900
------------
<PAGE>
STATEMENTS OF INVESTMENTS
WESTCORE FUNDS SEMI-ANNUAL REPORT NOVEMBER 28, 1997 (UNAUDITED)
WESTCORE MIDCO GROWTH FUND
NOVEMBER 28, 1997 (CONTINUED)
Shares Market Value*
- ------ -------------
RETAIL 11.36%
- ------------------------------------------------------------------------------
149,100 Bed Bath & Beyond Inc** $4,976,212
263,756 Consolidated Stores Corp 12,825,136
313,401 Dollar General Corp 11,791,712
307,900 Family Dollar Stores Inc 8,524,981
75,700 Kohls Corp** 5,478,788
173,200 Lowes Companies Inc 7,956,375
28,600 Payless ShoeSource Inc** 1,816,100
163,250 Pier 1 Imports Inc 3,652,719
56,100 Proffitts Inc** 1,714,556
57,700 Saks Holdings Inc** 1,363,162
29,200 Stein Mart Inc** 861,400
151,900 TJX Companies Inc 5,240,550
134,100 Zale Corp** 2,983,725
------------
69,185,416
------------
TOTAL CONSUMER CYCLICALS
(Cost $115,082,905) 179,809,856
------------
CONSUMER STAPLES 13.74%
- ------------------------------------------------------------------------------
DRUGS & HEALTHCARE PRODUCTS 5.61%
- ------------------------------------------------------------------------------
7,600 Andrx Corp** 295,450
51,400 Arrow International Inc 1,799,000
64,800 Biochem Pharma Inc 1,652,400
37,600 Centocor Inc** 1,635,600
94,800 Forest Labs Inc Class A** 4,242,300
61,800 Guidant Corp 3,970,650
51,100 Lifecore Biomedical Inc** 996,450
126,600 North American Vaccine Inc** 3,165,000
15,800 Sola International Inc** 477,950
135,800 Sybron International Corp** 5,975,200
46,500 Vivus Inc** 1,040,438
299,464 Watson Pharmaceuticals Inc** 8,909,054
------------
34,159,492
------------
HEALTHCARE SERVICES 8.13%
- ------------------------------------------------------------------------------
92,800 Access Health Inc** 2,760,800
121,905 Concentra Managed Care Inc** 4,129,532
245,800 FPA Medical Management Inc** 6,344,713
178,800 HBO & Company 8,023,650
184,575 Health Management
Associates, Inc Class A** 4,522,087
149,900 HEALTHSOUTH Corp** 3,934,875
170,000 Orthodontic Centers of America $3,081,250
150,000 Oxford Health Plans Inc** 3,581,250
66,600 Pediatrix Medical Group** 2,947,050
5,800 PhyCor Inc** 142,825
184,533 Total Renal Care Holdings** 4,774,790
115,300 Wellpoint Health Network** 5,303,800
------------
49,546,622
------------
TOTAL CONSUMER STAPLES
(Cost $65,081,795) 83,706,114
------------
CREDIT SENSITIVE 5.41%
- ------------------------------------------------------------------------------
BANKS .82%
- ------------------------------------------------------------------------------
54,700 Northern Trust Corp 3,405,075
26,900 State Street Corp 1,600,550
------------
5,005,625
------------
FINANCIAL SERVICES 1.13%
- ------------------------------------------------------------------------------
71,200 Green Tree Financial Corp 2,180,500
67,900 MGIC Investment Corp 3,967,906
147,200 World Acceptance Corp** 754,400
------------
6,902,806
------------
INSURANCE 2.20%
- ------------------------------------------------------------------------------
36,600 Executive Risk Inc 2,379,000
155,490 Frontier Insurance Group Inc 3,741,478
46,000 Hartford Life Inc Class A 1,765,250
198,066 Mutual Risk Management Ltd 5,533,469
------------
13,419,197
------------
UTILITIES-ELECTRIC 1.26%
- ------------------------------------------------------------------------------
208,694 AES Corp** 7,643,418
------------
TOTAL CREDIT SENSITIVE
(Cost $20,765,747) 32,971,046
------------
INTERMEDIATE GOODS &
SERVICES 18.18%
- ------------------------------------------------------------------------------
BUSINESS SERVICES 5.35%
- ------------------------------------------------------------------------------
111,133 AC Nielsen Corp** 2,493,547
46,100 CKS Group Inc** 610,825
81,900 Comdisco Inc 2,395,575
47,200 Concord EFS Inc $1,203,600
88,500 Medaphis Corp** 442,500
204,400 Newpark Resources Inc** 4,075,225
420,600 Philip Services Corp** 6,650,738
182,100 Snyder Communications Inc** 6,180,018
206,690 USA Waste Services** 6,833,688
60,400 Wilmar Industries Inc** 1,585,500
------------
32,471,216
------------
CHEMICALS .29%
- ------------------------------------------------------------------------------
39,400 Cytec Industries Inc** 1,802,550
------------
DISTRIBUTION .49%
- ------------------------------------------------------------------------------
25,900 Fastenal Co 1,372,700
41,000 MSC Industrial Direct Inc
Class A** 1,593,875
------------
2,966,575
------------
ENERGY EQUIPMENT & SERVICES 7.84%
- ------------------------------------------------------------------------------
94,900 BJ Services Co** 6,815,006
89,070 Camco International Inc 5,589,143
218,200 Falcon Drilling Inc** 7,036,950
186,700 Nabors Industries Inc** 6,546,169
207,600 Noble Drilling Corp** 6,240,975
147,800 Reading & Bates Corp** 5,671,825
60,500 Tidewater Inc 3,391,781
137,400 Transocean Offshore Inc 6,517,912
------------
47,809,761
------------
ENERGY PRODUCERS 3.14%
- ------------------------------------------------------------------------------
159,100 Anadarko Petroleum Corp 10,341,500
108,600 Apache Corp 3,991,050
31,800 Burlington Resources Inc 1,415,100
106,600 Pioneer Natural Resources Co 3,404,538
------------
19,152,188
------------
METALS .21%
- ------------------------------------------------------------------------------
72,700 Steel Dynamics Inc** 1,344,950
------------
TRANSPORTATION .86%
- ------------------------------------------------------------------------------
31,100 Caliber Systems Inc 1,661,906
77,450 Southwest Airlines Co 1,892,685
55,600 US Freightways Corp 1,709,700
------------
5,264,291
------------
<PAGE>
STATEMENTS OF INVESTMENTS
WESTCORE FUNDS SEMI-ANNUAL REPORT NOVEMBER 28, 1997 (UNAUDITED)
WESTCORE MIDCO GROWTH FUND
NOVEMBER 28, 1997 (CONTINUED)
Shares Market Value*
- ------ -------------
TOTAL INTERMEDIATE GOODS & SERVICES
(Cost $85,330,680) $110,811,531
------------
TOTAL COMMON STOCKS
(Cost $414,809,467) 578,970,841
------------
MUTUAL FUNDS 4.85%
- ------------------------------------------------------------------------------
26,569,531 Dreyfus Cash Management
Fund 26,569,531
3,000,000 Financial Investors Trust
US Government Fund 3,000,000
------------
TOTAL MUTUAL FUNDS
(Cost $29,569,531) 29,569,531
------------
INVESTMENTS OF CASH
Face COLLATERAL FOR SECURITIES
Amount LOANED 9.68%
- ------------------------------------------------------------------------------
COMMERCIAL PAPER 7.10%
- ------------------------------------------------------------------------------
$3,345,000 AC Acquisition Holdings
12/03/97, 5.60% 3,342,904
5,000,000 Henkel Corp, 01/16/98, 5.65% 4,961,933
3,000,000 Merrill Lynch, 12/04/97, 5.57% 2,997,675
4,000,000 Nordbanken, 12/01/97, 5.50% 3,998,767
5,000,000 Preferred Receivables Funding
12/01/97, 5.54% 4,998,451
5,000,000 Rubbermaid, 01/12/97, 5.75% 4,964,833
5,010,000 SBC Communications
12/17/97, 5.54% 4,996,073
3,000,000 UBS, 12/01/97, 5.54% 2,999,053
5,000,000 Vermont American Corp
12/05/97, 5.50% 4,995,391
5,000,000 Zeneca Wilmington
12/22/97, 5.55% 4,982,184
------------
TOTAL COMMERCIAL PAPER 43,237,264
(Cost $43,237,264) ------------
Shares MUTUAL FUNDS 2.58%
- ------------------------------------------------------------------------------
8,732,304 AIM Liquid Assets Fund 8,732,304
5,750,636 AIM Prime Portfolio Fund 5,750,636
508,140 Provident Temp Fund 508,140
837,866 Provident TempCash Fund 837,866
------------
TOTAL MUTUAL FUNDS
(Cost $15,828,946) 15,828,946
------------
TOTAL INVESTMENTS OF CASH COLLATERAL
FOR SECURITIES LOANED
(Cost $59,066,210) $59,066,210
------------
TOTAL INVESTMENTS
(Cost $503,445,208) 109.56% $667,606,582
Liabilities in Excess
of Other Assets (9.56%) (58,361,050)
--------------------------------------------
NET ASSETS 100.00% $609,245,532
---------------------------------------------
*See Note 1 of Notes to Financial Statements.
**Denotes non-income producing security.
WESTCORE BLUE CHIP FUND
NOVEMBER 28, 1997
Shares Market Value*
- ------ -------------
COMMON STOCKS 98.08%
- ------------------------------------------------------------------------------
CAPITAL GOODS 19.10%
- ------------------------------------------------------------------------------
AEROSPACE & DEFENSE 4.33%
- ------------------------------------------------------------------------------
24,500 Boeing Co $1,301,563
19,200 United Technologies Corp 1,438,800
------------
2,740,363
------------
COMPUTER SERVICES & SOFTWARE 3.63%
- ------------------------------------------------------------------------------
26,253 Computer Associates International Inc 1,366,797
65,200 UniSys Corp** 933,175
------------
2,299,972
------------
ELECTRONICS (SEMICONDUCTORS) 2.72%
- ------------------------------------------------------------------------------
36,280 Harris Corp 1,721,032
------------
MACHINERY - DIVERSIFIED 5.98%
- ------------------------------------------------------------------------------
20,900 Dover Corp 1,401,606
30,100 Ingersoll Rand Co 1,230,339
32,600 Timken Co 1,155,262
------------
3,787,207
------------
MANUFACTURING (SPECIALIZED) 2.44%
- ------------------------------------------------------------------------------
34,650 Parker Hannifin Corp 1,541,923
------------
TOTAL CAPITAL GOODS
(Cost $8,269,781) 12,090,497
------------
CONSUMER CYCLICALS 11.50%
- ------------------------------------------------------------------------------
AUTOMOTIVE PARTS & EQUIPMENT 3.03%
- ------------------------------------------------------------------------------
13,900 Goodyear Tire & Rubber Co 843,557
33,800 ITT Industries Inc 1,073,150
------------
1,916,707
------------
HOTELS - RESTAURANTS - LEISURE 4.58%
- ------------------------------------------------------------------------------
28,400 Carnival Corp Class A 1,535,375
43,800 Hilton Hotels Corp 1,363,275
------------
2,898,650
------------
<PAGE>
STATEMENTS OF INVESTMENTS
WESTCORE FUNDS SEMI-ANNUAL REPORT NOVEMBER 28, 1997 (UNAUDITED)
WESTCORE BLUE CHIP FUND
NOVEMBER 28, 1997 (CONTINUED)
Shares Market Value*
- ------ -------------
RETAIL 3.89%
- ------------------------------------------------------------------------------
25,400 Dayton Hudson Corp $1,687,512
61,600 K-Mart Corp** 773,850
------------
2,461,362
------------
TOTAL CONSUMER CYCLICALS
(Cost $4,999,309) 7,276,718
------------
CONSUMER STAPLES 24.53%
- ------------------------------------------------------------------------------
DISTRIBUTORS (FOOD & HEALTH) 1.73%
- ------------------------------------------------------------------------------
27,800 SuperValu Inc 1,092,888
------------
DRUGS & HEALTHCARE PRODUCTS 8.62%
- ------------------------------------------------------------------------------
25,700 Becton Dickinson & Co 1,325,156
14,280 Bristol-Myers Squibb Co 1,336,965
11,500 McKesson Corp 1,286,562
24,100 Schering-Plough Corp 1,510,769
------------
5,459,452
------------
HEALTHCARE SERVICES 1.62%
- ------------------------------------------------------------------------------
16,000 Shared Medical Systems Corp 1,024,000
------------
FOOD, BEVERAGES & TOBACCO 6.72%
- ------------------------------------------------------------------------------
25,600 Dole Food Inc 1,264,000
31,500 IBP Inc 718,594
31,060 PepsiCo Inc 1,145,338
12,500 Philip Morris Companies, Inc 543,750
16,000 RJR Nabisco Holdings 583,000
------------
4,254,682
------------
RETAIL STORES - DRUGSTORES 5.84%
- ------------------------------------------------------------------------------
22,500 CVS Corp 1,493,438
33,500 Rite-Aid Corp 2,202,625
------------
3,696,063
------------
TOTAL CONSUMER STAPLES
(Cost $9,513,991) 15,527,085
------------
CREDIT SENSITIVE 28.77%
- ------------------------------------------------------------------------------
ELECTRIC COMPANIES 4.10%
- ------------------------------------------------------------------------------
26,680 Edison International 1,505,522
19,600 G P U Inc 1,091,385
------------
2,596,907
------------
FINANCIAL SERVICES 2.18%
- ------------------------------------------------------------------------------
10,700 SLM Holding Corp 1,381,638
------------
INVESTMENT BANKING/BROKERAGE 5.67%
- ------------------------------------------------------------------------------
29,000 Bear Stearns Companies Inc $1,203,500
13,200 Lehman Brothers Holdings Inc 667,425
33,950 Travelers Group Inc 1,714,450
------------
3,585,375
------------
MAJOR REGIONAL BANKING 3.92%
- ------------------------------------------------------------------------------
26,680 First Union Corp 1,300,650
19,600 NationsBank Corp 1,177,225
------------
2,477,875
------------
MONEY CENTER BANKS 1.98%
- ------------------------------------------------------------------------------
11,550 Chase Manhattan Corp 1,254,619
------------
NATURAL GAS 1.97%
- ------------------------------------------------------------------------------
11,550 Coastal Corp 1,244,453
------------
PROPERTY & CASUALTY INSURANCE 1.82%
- ------------------------------------------------------------------------------
57,200 USF&G Inc 1,154,725
------------
SAVINGS & LOANS 4.80%
- ------------------------------------------------------------------------------
29,800 Ahmanson HF & Company 1,773,100
14,100 Golden West Financial Corp 1,263,712
------------
3,036,812
------------
TELECOMMUNICATIONS 2.33%
- ------------------------------------------------------------------------------
25,160 Sprint Corp 1,473,433
------------
TOTAL CREDIT SENSITIVE
(Cost $11,804,854) 18,205,837
------------
INTERMEDIATE GOODS
& SERVICES 14.18%
- ------------------------------------------------------------------------------
ENERGY PRODUCERS 12.10%
- ------------------------------------------------------------------------------
24,500 Atlantic Richfield Co 1,295,850
25,400 Burlington Resources Inc 1,130,300
17,300 Mobil Corp 1,244,519
21,800 Texaco Inc 1,231,700
36,300 Tosco Corp 1,182,018
46,000 USX-Marathon Group 1,575,500
------------
7,659,887
------------
PAPER & FOREST PRODUCTS 1.24%
- ------------------------------------------------------------------------------
9,200 Georgia-Pacific Corp $785,450
------------
RAILROADS .84%
- ------------------------------------------------------------------------------
10,100 CSX Corp 528,356
TOTAL INTERMEDIATE GOODS & SERVICES
(Cost $6,932,909) 8,973,693
------------
TOTAL COMMON STOCK
(Cost $41,520,844) 62,073,830
------------
MUTUAL FUNDS 1.75%
- ------------------------------------------------------------------------------
1,108,737 Dreyfus Cash Management
Fund 1,108,737
------------
TOTAL MUTUAL FUNDS
(Cost $1,108,737) 1,108,737
------------
INVESTMENTS OF CASH COLLATERAL
FOR SECURITES LOANED .01%
- ------------------------------------------------------------------------------
MUTUAL FUNDS .01%
- ------------------------------------------------------------------------------
2,500 AIM Liquid Assets Fund 2,500
939 AIM Prime Portfolio Fund 939
1,390 Provident Temp Fund 1,390
1,317 Provident TempCash Fund 1,317
------------
TOTAL MUTUAL FUNDS
(Cost $6,146) 6,146
------------
TOTAL INVESTMENTS OF CASH COLLATERAL
FOR SECURITIES LOANED
(Cost $6,146) 6,146
------------
TOTAL INVESTMENTS
(Cost $42,635,727) 99.84% 63,188,713
Other Assets in Excess
of Liabilities 0.16% 102,031
------------------------------------
NET ASSETS 100.00% 63,290,744
------------------------------------
------------------------------------
*See Note 1 of Notes to Financial Statements.
**Denotes non-income producing security.
<PAGE>
STATEMENTS OF INVESTMENTS
WESTCORE FUNDS SEMI-ANNUAL REPORT NOVEMBER 28, 1997 (UNAUDITED)
WESTCORES SMALL CAP OPPORTUNITY FUND
NOVEMBER 28, 1997
Shares Market Value*
- ------ -------------
COMMON STOCKS 95.80%
- ------------------------------------------------------------------------------
BASIC INDUSTRIES 7.56%
- ------------------------------------------------------------------------------
NONFERROUS METALS 1.40%
- ------------------------------------------------------------------------------
37,700 Citation Corp $647,968
------------
PAPER & WOOD 1.78%
- ------------------------------------------------------------------------------
13,700 Chesapeake Corp 469,224
21,500 Pope & Talbot Inc 354,750
------------
823,974
------------
RUBBER & PLASTICS 1.39%
- ------------------------------------------------------------------------------
30,300 Wellman Inc 641,981
------------
STEEL 2.99%
- ------------------------------------------------------------------------------
23,800 Oregon Steel Mills Inc 547,538
18,040 Texas Industries Inc 839,988
------------
1,387,526
------------
TOTAL BASIC INDUSTRIES
(Cost $3,402,306) 3,501,449
------------
CAPITAL GOODS 5.15%
- ------------------------------------------------------------------------------
CONSTRUCTION EQUIPMENT 1.22%
- ------------------------------------------------------------------------------
20,720 AGCO Corp 567,210
------------
ENGINEERING & CONSTRUCTION 1.16%
- ------------------------------------------------------------------------------
54,500 Morrison Knudsen Corp** 538,188
------------
MACHINE & TRUCK 1.29%
- ------------------------------------------------------------------------------
21,900 Varlen Corp 599,512
------------
MISCELLANEOUS PRODUCTION GOODS 1.48%
- ------------------------------------------------------------------------------
20,720 A O Smith Inc 679,298
------------
TOTAL CAPITAL GOODS
(Cost $2,109,286) 2,384,208
------------
CONSUMER CYCLICALS 7.15%
- ------------------------------------------------------------------------------
CONSUMER DURABLES 1.96%
- ------------------------------------------------------------------------------
46,500 Furniture Brands International Inc** 909,656
------------
CONSUMER SOFT GOODS 1.80%
- ------------------------------------------------------------------------------
23,800 Oxford Industries Inc $835,975
------------
MISCELLANEOUS CONSUMER CYCLICALS .83%
- ------------------------------------------------------------------------------
16,400 Gibson Greetings Inc** 383,350
------------
VEHICLES - ACCESSORIES 2.56%
- ------------------------------------------------------------------------------
14,300 Arvin Industries Inc 493,350
78,300 Audiovox Corp Class A** 690,018
------------
1,183,368
------------
TOTAL CONSUMER CYCLICALS
(Cost $2,512,223) 3,312,349
------------
CONSUMER STAPLES 12.29%
- ------------------------------------------------------------------------------
FOOD & AGRICULTURE 9.11%
- ------------------------------------------------------------------------------
25,200 Authentic Specialty Foods Inc** 248,850
15,400 Ben & Jerry's Homemade Ice
Cream Class A 247,362
66,100 Chock Full O' Nuts Corp** 475,094
11,100 Dean Foods Co 589,688
12,200 Earthgrains Co 527,650
16,900 Michael Foods Inc 372,856
11,700 Smithfield Foods Inc** 413,886
23,060 Suiza Foods Corp** 1,341,805
------------
4,217,191
------------
MISCELLANEOUS CONSUMER STAPLES 3.18%
- ------------------------------------------------------------------------------
33,000 American Safety Razor Co 627,000
17,900 Herbalife International Inc 358,000
16,100 Perrigo Company** 229,425
10,700 York Group Inc 259,475
------------
1,473,900
------------
TOTAL CONSUMER STAPLES
(Cost $3,966,043) 5,691,091
------------
ENERGY 3.23%
- ------------------------------------------------------------------------------
OIL & NATURAL GAS 3.23%
- ------------------------------------------------------------------------------
32,000 H S Resources Inc** 510,000
24,900 Offshore Logistics Inc** 560,250
25,700 Tesoro Petroleum Corp** 427,262
------------
1,497,512
------------
TOTAL ENERGY
(Cost $1,252,111) 1,497,512
------------
FINANCIALS 12.40%
- ------------------------------------------------------------------------------
BANKS/S&L 4.28%
- ------------------------------------------------------------------------------
11,200 Astoria Financial Corp $617,400
23,546 MAF Bancorp Inc 765,245
18,100 Reliance Bancorp Inc 599,563
------------
1,982,208
------------
INSURANCE 8.12%
- ------------------------------------------------------------------------------
11,800 Capital Re Corp 661,537
14,600 Enhance Financial Services Group 815,775
6,500 FBL Financial Group Inc 256,750
23,750 Fremont General Corp 1,092,500
13,200 Guarantee Life Companies Inc 326,700
12,050 Selective Insurance Group Inc 607,019
------------
3,760,281
------------
TOTAL FINANCIALS
(Cost $3,684,578) 5,742,489
------------
SERVICES 26.59%
- ------------------------------------------------------------------------------
BUSINESS SERVICES 9.24%
- ------------------------------------------------------------------------------
10,300 Airborne Freight Corp 655,980
26,790 Comdisco Inc 783,608
20,100 Casella Waste Systems Inc.Class A** 407,025
6,900 Innovative Valve Technology** 117,300
26,600 ITI Technologies Inc** 665,000
35,000 Mac-Gray Corp** 516,250
16,820 Standard Register Co 576,085
23,200 United Natural Foods Inc** 556,800
------------
4,278,048
------------
HOTELS - RESTAURANTS - LEISURE 2.38%
- ------------------------------------------------------------------------------
15,100 Marcus Corp 426,575
35,460 Prime Hospitality Corp** 678,173
------------
1,104,748
------------
MEDICAL & DENTAL 5.05%
- ------------------------------------------------------------------------------
27,200 Beverly Enterprises Inc 462,400
24,570 Bindley Western Industries 755,527
8,941 Integrated Health Inc 272,142
<PAGE>
STATEMENTS OF INVESTMENTS
WESTCORE FUNDS SEMI-ANNUAL REPORT NOVEMBER 28, 1997 (UNAUDITED)
WESTCORES SMALL CAP OPPORTUNITY FUND
NOVEMBER 28, 1997 (CONTINUED)
Shares Market Value*
- ------ -------------
33,800 Mariner Health Group Inc** $490,100
28,900 NovaCare Corp** 357,638
------------
2,337,807
------------
RETAIL 9.92%
- ------------------------------------------------------------------------------
25,400 BJ's Wholesale Club Inc 739,775
41,600 Cash America International Inc 520,000
85,700 Cato Corp 792,725
20,800 Footstar Inc 624,000
25,000 Freds Inc 612,500
29,430 ShopKo Stores Inc 618,030
31,100 Zale Corp 691,975
------------
4,599,005
------------
TOTAL SERVICES
(Cost $9,544,176) 12,319,608
------------
TECHNOLOGY 12.90%
- ------------------------------------------------------------------------------
AEROSPACE & DEFENSE 7.41%
- ------------------------------------------------------------------------------
21,500 Ducommun Inc** 697,406
33,400 Esco Electronics Corp** 546,925
31,500 Kaman Corp Class A 582,750
11,810 Thiokol Corp 975,802
22,400 Tracor Inc** 628,600
------------
3,431,483
------------
COMPUTER & OFFICE 5.49%
- ------------------------------------------------------------------------------
35,400 Bel Fuse Inc** 692,512
36,000 SED International Holdings Inc 461,250
37,500 Symantec Corp** 937,500
10,800 Tektronix Inc 452,925
------------
2,544,187
------------
TOTAL TECHNOLOGY
(Cost $4,581,778) 5,975,670
------------
TRANSPORTATION 1.16%
- ------------------------------------------------------------------------------
AIR TRANSPORTATION 1.16%
- ------------------------------------------------------------------------------
34,300 Consolidated Freightways** 535,937
------------
TOTAL TRANSPORTATION
(Cost $534,517) 535,937
------------
UTILITIES/REITS 7.37%
- ------------------------------------------------------------------------------
ELECTRIC & GAS .97%
- ------------------------------------------------------------------------------
11,640 Central Hudson Gas & Electric 448,140
------------
REITS 6.40%
- ------------------------------------------------------------------------------
7,800 CCA Prison Realty Trust $277,876
19,900 Eastgroup Properties SBI 427,850
16,000 Health Care REIT Inc 409,000
17,200 Manufactured Home Communities 468,700
13,700 Parkway Properties Inc 451,245
16,300 Prentiss Properties SBI 421,762
29,100 Sunstone Hotel Investors Inc 511,069
------------
2,967,502
------------
TOTAL UTILITIES/REITs
(Cost $2,940,980) 3,415,642
------------
TOTAL COMMON STOCKS
(Cost $34,527,998) 44,375,955
------------
MUTUAL FUNDS 4.08%
- ------------------------------------------------------------------------------
1,889,711 Dreyfus Cash Management
Fund 1,889,711
------------
TOTAL MUTUAL FUNDS
(Cost $1,889,711) 1,889,711
------------
INVESTMENTS OF CASH COLLATERAL
FOR SECURITIES LOANED 1.71%
- ------------------------------------------------------------------------------
MUTUAL FUNDS 1.71%
- ------------------------------------------------------------------------------
212,288 AIM Liquid Assets Fund 212,288
222,455 AIM Prime Portfolio Fund 222,455
80,275 Provident Temp Fund 80,275
277,681 Provident TempCash Fund 277,681
------------
TOTAL MUTUAL FUNDS
(Cost $792,699) 792,699
------------
TOTAL INVESTMENTS OF CASH COLLATERAL
FOR SECURITIES LOANED
(Cost $792,699) 792,699
------------
TOTAL INVESTMENTS
(Cost $37,210,408) 101.59% 47,058,365
Liabilities in Excess of
Other Assets (1.59%) (734,792)
---------------------------------
NET ASSETS 100.00% $46,323,573
---------------------------------
---------------------------------
*See Note 1 of Notes to Financial Statements.
**Denotes non-income producing security.
WESTCORE GROWTH AND INCOME
COMMON STOCKS 86.69%
- ------------------------------------------------------------------------------
CAPITAL GOODS 10.01%
- ------------------------------------------------------------------------------
AEROSPACE & DEFENSE 1.72%
- ------------------------------------------------------------------------------
2,200 Boeing Co $116,875
4,000 B F Goodrich Co 178,000
------------
294,875
------------
COMPUTER SERVICES & SOFTWARE .57%
- ------------------------------------------------------------------------------
3,447 First Data Corp 97,593
------------
ELECTRICAL EQUIPMENT 3.69%
- ------------------------------------------------------------------------------
7,500 General Electric Co $553,125
1,900 General Signal Corp 77,544
------------
630,669
------------
ELECTRONICS 1.56%
- ------------------------------------------------------------------------------
1,000 Intel Corp 77,625
1,800 Micron Technology Inc** 44,775
1,200 Motorola Inc 75,450
1,400 Texas Instruments Inc 68,950
------------
266,800
------------
OTHER CAPITAL GOODS .82%
- ------------------------------------------------------------------------------
4,500 OEA Inc 140,063
------------
TELECOMMUNICATIONS 1.65%
- ------------------------------------------------------------------------------
3,400 Nokia Corp-ADR** 282,625
------------
TOTAL CAPITAL GOODS
(Cost $1,123,135) 1,712,625
------------
CONSUMER CYCLICALS 15.96%
- ------------------------------------------------------------------------------
AUTOMOTIVE .47%
- ------------------------------------------------------------------------------
3,600 Cooper Tire & Rubber Co 80,550
------------
CONSUMER SERVICES 2.34%
- ------------------------------------------------------------------------------
16,200 Loewen Group Inc 399,938
------------
<PAGE>
STATEMENTS OF INVESTMENTS
WESTCORE FUNDS SEMI-ANNUAL REPORT NOVEMBER 28, 1997 (UNAUDITED)
WESTCORES GROWTH AND INCOME FUND
NOVEMBER 28, 1997 (CONTINUED)
Shares Market Value*
- ------ -------------
HOTELS-RESTAURANTS - LEISURE 2.75%
- ------------------------------------------------------------------------------
4,132 HFS Inc** $283,559
5,400 Hilton Hotels Corp 168,075
540 Tricon Global Restaurant** 18,259
------------
469,893
------------
MULTIMEDIA-PUBLISHING 3.10%
- ------------------------------------------------------------------------------
3,200 New York Times Co Class A 190,000
3,900 Tribune Co 219,863
4,000 Westinghouse Electric Corp 120,000
------------
529,863
------------
RETAIL 7.30%
- ------------------------------------------------------------------------------
6,851 Dollar General Corp 257,769
7,250 Family Dollar Stores Inc 200,733
4,800 Home Depot Inc 268,500
4,100 Lowes Companies Inc 188,344
4,800 Pier 1 Imports Inc 107,400
5,700 Wal Mart Stores Inc 227,643
------------
1,250,389
------------
TOTAL CONSUMER CYCLICALS
(Cost $1,912,240) 2,730,633
------------
CONSUMER STAPLES 11.56%
- ------------------------------------------------------------------------------
DRUGS & HEALTHCARE PRODUCTS 5.97%
- ------------------------------------------------------------------------------
2,500 American Home Products Corp 174,687
1,600 Guidant Corp 102,800
1,400 Pfizer Inc 101,850
6,000 Schering-Plough Corp 376,125
1,900 Warner-Lambert Co 265,763
------------
1,021,225
------------
FOOD, BEVERAGES, & TOBACCO 2.91%
- ------------------------------------------------------------------------------
1,800 CPC International Inc 186,075
1,800 Coca-Cola Co 112,500
5,400 PepsiCo Inc 199,125
------------
497,700
------------
HEALTHCARE SERVICES .41%
- ------------------------------------------------------------------------------
1,600 HBO & Company 71,800
------------
HOUSEHOLD PRODUCTS 2.27%
- ------------------------------------------------------------------------------
1,400 Colgate-Palmolive Co 93,538
1,200 Gillette Co 110,775
2,400 Procter & Gamble Co 183,150
------------
387,463
------------
TOTAL CONSUMER STAPLES
(Cost $1,186,538) 1,978,188
------------
CREDIT SENSITIVE 31.07%
- ------------------------------------------------------------------------------
BANKS 5.34%
- ------------------------------------------------------------------------------
1,800 Banc One Corp $92,475
3,100 Cullen Frost Bankers Inc 164,688
2,600 NationsBank Corp 156,163
13,400 Norwest Corp 501,662
------------
914,988
------------
FINANCIAL SERVICES 7.66%
- ------------------------------------------------------------------------------
5,439 Charter One Financial Inc 322,260
1,900 Green Tree Financial Corp 58,188
2,700 Household International Inc 340,200
12,075 MBNA Corp 320,741
4,600 MGIC Investment Corp 268,813
------------
1,310,202
------------
INSURANCE 6.45%
- ------------------------------------------------------------------------------
2,600 Executive Risk Inc 169,000
17,080 Frontier Insurance Group Inc 410,988
7,000 Hartford Life Inc Class A 268,625
9,200 Mutual Risk Management Ltd 257,025
------------
1,105,638
------------
REITS 1.70%
- ------------------------------------------------------------------------------
1,100 CCA Prison Realty Trust 39,188
3,000 Healthcare Realty Trust 87,750
9,300 Sunstone Hotel Investors Inc 163,331
------------
240,269
------------
UTILITIES-ELECTRIC 6.34%
- ------------------------------------------------------------------------------
17,792 AES Corp** 651,632
5,235 Duke Energy Corp 272,220
7,000 Trigen Energy Corp 160,563
------------
1,084,415
------------
UTILITIES-GAS 2.61%
- ------------------------------------------------------------------------------
2,300 Enron Corp 89,124
600 KN Energy Inc 182,324
3,900 MCN Energy Group Inc 175,663
------------
447,111
------------
UTILITIES-TELEPHONE .97%
- ------------------------------------------------------------------------------
5,600 Cincinnati Bell Inc 165,200
------------
TOTAL CREDIT SENSITIVE
(Cost $2,920,386) 5,317,823
------------
INTERMEDIATE GOODS
& SERVICES 18.09%
- ------------------------------------------------------------------------------
BUSINESS SERVICES 4.29%
- ------------------------------------------------------------------------------
4,900 Omnicom Group Inc $363,213
23,500 Philip Services Corp**(1) 371,593
------------
734,806
------------
DISTRIBUTION .19%
- ------------------------------------------------------------------------------
600 Fastenal Co 31,800
------------
ENERGY EQUIPMENT & SERVICES 4.15%
- ------------------------------------------------------------------------------
6,150 Camco International Inc 385,913
1,900 Tidewater Inc 106,518
4,600 Transocean Offshore Inc 218,213
------------
710,644
------------
ENERGY PRODUCERS 7.15%
- ------------------------------------------------------------------------------
2,600 Anadarko Petroleum Corp 169,000
11,200 Apache Corp 411,600
5,700 Mobil Corp 410,043
1,400 Sonat Inc 60,988
6,879 Union Pacific Resources
Group Inc 171,115
------------
1,222,746
------------
TRANSPORTATION 2.31%
- ------------------------------------------------------------------------------
1,500 Burlington Northern Santa Fe 137,250
2,600 Union Pacific Corp 156,000
3,300 US Freightways Corp 101,475
------------
394,725
------------
TOTAL INTERMEDIATE GOODS & SERVICES
(Cost $2,136,809) 3,094,721
------------
TOTAL COMMON STOCKS
(Cost $9,279,108) 14,833,990
------------
Face Amount
- -----------
CONVERTIBLE DEBENTURES 8.34%
- ------------------------------------------------------------------------------
CAPITAL GOODS 1.51%
- ------------------------------------------------------------------------------
MACHINERY & EQUIPMENT .93%
- ------------------------------------------------------------------------------
$150,000 United States Filter Corp
4.50%, 12/15/01 159,000
------------
<PAGE>
STATEMENTS OF INVESTMENTS
WESTCORE FUNDS SEMI-ANNUAL REPORT NOVEMBER 28, 1997 (UNAUDITED)
WESTCORES GROWTH AND INCOME FUND
NOVEMBER 28, 1997 (CONTINUED)
Face Amount Market Value*
- ----------- -------------
TELECOMMUNICATIONS .58%
- ------------------------------------------------------------------------------
$100,000 Premiere Technologies Inc, SD (1)
5.75%, 07/01/04 $99,375
------------
TOTAL CAPITAL GOODS
(Cost $252,495) 258,375
------------
CONSUMER CYCLICALS 4.37%
- ------------------------------------------------------------------------------
CONSUMER SERVICES 1.33%
- ------------------------------------------------------------------------------
200,000 CUC International Inc, SD (1)
3.00%, 02/15/02 226,000
------------
HOTELS-RESTAURANTS - LEISURE 2.00%
- ------------------------------------------------------------------------------
200,000 Prime Hospitality Corp, SD
7.00%, 04/15/02 342,750
------------
RETAIL 1.04%
- ------------------------------------------------------------------------------
200,000 Saks Holdings Inc
5.50%, 09/15/06 178,250
------------
TOTAL CONSUMER CYCLICALS
(Cost $581,660) 747,000
------------
CONSUMER STAPLES .69%
- ------------------------------------------------------------------------------
HEALTHCARE SERVICES .69%
- ------------------------------------------------------------------------------
125,000 PhyCor Inc, SD
4.50%, 02/15/03 117,969
------------
TOTAL CONSUMER STAPLES
(Cost $120,790) 117,969
------------
INTERMEDIATE GOODS
& SERVICES 1.77%
- ------------------------------------------------------------------------------
BUSINESS SERVICES .90%
- ------------------------------------------------------------------------------
150,000 USA Waste Services Inc
4.00%, 02/01/02 154,688
------------
ENERGY EQUIPMENT & SERVICES .87%
- ------------------------------------------------------------------------------
75,000 Nabors Industries,
5.00%, 05/15/06 149,625
------------
TOTAL INTERMEDIATE GOODS & SERVICES
(Cost $243,737) 304,313
------------
TOTAL CONVERTIBLE DEBENTURES
(Cost $1,198,682) 1,427,657
------------
Shares Market Value*
- ------ -------------
CONVERTIBLE PREFERRED
STOCK 3.02%
- ------------------------------------------------------------------------------
CAPITAL GOODS 1.70%
- ------------------------------------------------------------------------------
TELECOMMUNICATIONS 1.70%
- ------------------------------------------------------------------------------
2,600 WorldCom Inc, 8.00% $291,850
TOTAL CAPITAL GOODS
(Cost $224,900) 291,850
------------
CONSUMER CYCLICALS .52%
- ------------------------------------------------------------------------------
AUTOMOTIVE .52%
- ------------------------------------------------------------------------------
3,300 Republic Industries, Inc, - TRACES,
6.50%, 05/15/00 88,481
------------
TOTAL CONSUMER CYCLICALS
(Cost $78,788) 88,481
------------
INTERMEDIATE GOODS
& SERVICES .80%
- ------------------------------------------------------------------------------
BUSINESS SERVICES .80%
- ------------------------------------------------------------------------------
4,300 Synder Communications, Inc
- STRYPES
6.50%, 11/15/00 136,391
------------
TOTAL INTERMEDIATE GOODS & SERVICES
(Cost $110,994) 136,391
------------
TOTAL CONVERTIBLE PREFERRED STOCK
(Cost $414,682) 516,722
------------
MUTUAL FUNDS 1.78%
- ------------------------------------------------------------------------------
304,154 Dreyfus Cash Management
Fund 304,154
------------
TOTAL MUTUAL FUNDS
(Cost $304,154) 304,154
------------
INVESTMENTS OF CASH
COLLATERAL FOR
SECURITIES LOANED .03%
- ------------------------------------------------------------------------------
MUTUAL FUNDS .03%
- ------------------------------------------------------------------------------
659 AIM Liquid Assets Fund $659
463 AIM Prime Portfolio Fund 1,463
660 Provident Temp Fund 660
2,151 Provident TempCash Fund 2,151
------------
4,933
------------
TOTAL MUTUAL FUNDS
(Cost $4,933) 4,933
------------
TOTAL INVESTMENTS OF CASH COLLATERAL
FOR SECURITIES LOANED
(Cost $4,933) 4,933
------------
TOTAL INVESTMENTS
(Cost $11,201,559) 99.86% $17,087,456
Other Assets in Excess
of Liabilities .14% $23,930
---------------------------------
NET ASSETS 100.00% $17,111,386
---------------------------------
---------------------------------
*See Note 1 of Notes to Financial Statements.
**Denotes non-income producing security.
(1) Restricted Security - See Note 5 of Notes to Financial Statements.
<PAGE>
STATEMENTS OF INVESTMENTS
WESTCORE FUNDS SEMI-ANNUAL REPORT NOVEMBER 28, 1997 (UNAUDITED)
WESTCORE INTERMEDIATE-TERM BOND FUND
NOVEMBER 28, 1997
Face Amount Market Value*
- ----------- -------------
CORPORATE BONDS 51.39%
- ------------------------------------------------------------------------------
FINANCIAL 17.24%
- ------------------------------------------------------------------------------
INVESTMENT BANKING/BROKERAGE .82%
- ------------------------------------------------------------------------------
$430,000 Merrill Lynch & Co, Inc,
6.55%, 08/01/04 $430,632
------------
LIFE INSURANCE 2.25%
- ------------------------------------------------------------------------------
1,150,000 Aetna Services, Inc,
7.125%, 08/15/06 1,176,849
------------
PERSONAL CREDIT INSTITUTIONS 1.40%
- ------------------------------------------------------------------------------
725,000 General Motors Acceptance
Corp., 6.60%, 01/17/01 730,935
------------
REITs 12.77%
- ------------------------------------------------------------------------------
550,000 Camden Property Trust,
6.625%, 05/15/01 543,639
250,000 Chateau Properties, Ltd,
8.75%, 03/02/00 259,168
600,000 Corporate Property Investors,
7.75%, 08/15/04 (1) 632,152
500,000 Developers Diversified Realty
Trust, 6.95%, 7/23/04 507,512
375,000 Evans Withycombe Residential
Trust, 7.50%, 04/15/04 392,384
1,000,000 Kimco Realty Corp,
6.83%, 11/14/05 1,015,632
425,000 Nationwide Health Property
Trust, 6.93%, 12/18/01 440,126
1,000,000 New Plan Realty Trust,
7.75%, 04/06/05 1,064,156
750,000 Washington Real Estate Investment
Trust, 7.125%, 08/13/03 769,125
1,000,000 Weingarten Realty Investors
Trust, 7.22%, 06/01/05 1,047,112
------------
6,671,006
------------
TOTAL FINANCIAL
(Cost $8,735,529) 9,009,422
------------
INDUSTRIAL 22.87%
- ------------------------------------------------------------------------------
AEROSPACE & DEFENSE 3.75%
- ------------------------------------------------------------------------------
790,000 Raytheon Co,
6.50%, 07/15/05 788,924
1,150,000 Rockwell International Corp,
6.625%, 06/01/05 1,169,287
------------
1,958,211
------------
CHEMICALS 1.47%
- ------------------------------------------------------------------------------
$750,000 ISP Chemicals Inc,
9.00%, 03/01/99 $768,275
------------
FOOD, BEVERAGES & TOBACCO 1.01%
- ------------------------------------------------------------------------------
500,000 RJR Nabisco Inc,
8.625%, 12/01/02 530,157
------------
HOTELS - RESTAURANTS - LEISURE .87%
- ------------------------------------------------------------------------------
425,000 Hilton Hotels Corp,
7.95%, 04/15/07 452,621
------------
METALS 1.96%
- ------------------------------------------------------------------------------
1,000,000 CSR America Inc,
6.875%, 07/21/05 1,023,386
------------
MULTIMEDIA - PUBLISHING 11.88%
- ------------------------------------------------------------------------------
1,100,000 Cox Communications Inc,
6.375%, 06/15/00 1,103,071
750,000 New York Times Co,
7.625%, 03/15/05 800,973
1,000,000 TKR Cable Inc,
10.50%, 10/30/07, Callable
10/30/99 @ 105.25 1,112,572
775,000 TCI Communications Inc,
8.00%, 08/01/05 818,976
1,000,000 Time Warner Entertainment Co,
9.625%, 05/01/02 1,114,492
1,250,000 Walt Disney Co,
6.375%, 03/30/01 1,257,080
------------
6,207,164
------------
RETAIL 1.93%
- ------------------------------------------------------------------------------
1,000,000 K-Mart Corp,
8.125%, 12/01/06 1,010,000
------------
TOTAL INDUSTRIAL
(Cost $11,441,043) 11,949,814
------------
TRANSPORTATION 6.98%
- ------------------------------------------------------------------------------
AIR TRANSPORTATION 6.98%
- ------------------------------------------------------------------------------
$853,486 American Airlines Sr 1991,
9.71%, 01/02/07 $966,769
486,053 Continental Airlines Pass Through
Certificates, 7.75%, 07/02/14 518,813
1,024,777 Jet Equipment Trust,
7.83%, 02/15/15 (1) 1,098,664
944,627 United Airlines Pass Through
Certificates, 95-A1, 9.02%,
04/19/12 1,062,274
------------
3,646,520
------------
TOTAL TRANSPORTATION
(Cost $3,298,062) 3,646,520
------------
UTILITIES 4.30%
- ------------------------------------------------------------------------------
ELECTRIC SERVICES 2.38%
- ------------------------------------------------------------------------------
1,250,000 Central Maine Power Co,
6.25%, 11/01/98 1,244,870
------------
ELECTRIC & OTHER SERVICES
COMBINED 1.92%
- ------------------------------------------------------------------------------
1,000,000 Long Island Lighting Co,
7.125%, 06/01/05 1,004,544
------------
TOTAL UTILITIES 2,249,414
(Cost $2,227,518) ------------
TOTAL CORPORATE BONDS
(Cost $25,702,152) 26,855,170
------------
ASSET-BACKED SECURITIES,
COLLATERALIZED MORTGAGE
OBLIGATIONS & MORTGAGE-
BACKED SECURITIES 11.99%
- ------------------------------------------------------------------------------
ASSET-BACKED SECURITIES .48%
- ------------------------------------------------------------------------------
250,000 California Infrastructure and
Economic Development Bank,
6.25%, 6/25/04** 249,800
------------
COLLATERALIZED MORTGAGE
OBLIGATIONS .82%
- ------------------------------------------------------------------------------
405,969 Collateralized Mortgage Security
Corp, 8.75%, 4/20/19 428,980
------------
<PAGE>
STATEMENTS OF INVESTMENTS
WESTCORE FUNDS SEMI-ANNUAL REPORT NOVEMBER 28, 1997 (UNAUDITED)
WESTCORE INTERMEDIATE-TERM BOND FUND
NOVEMBER 28, 1997 (CONTINUED)
Face Amount Market Value*
- ----------- -------------
MORTGAGE-BACKED
SECURITIES 10.69%
- ------------------------------------------------------------------------------
$1,770,030 FHLMC Pool #000336,
6.00%, 10/01/24 $1,703,548
1,187,185 FNMA Pool #303845,
7.00%, 05/01/11 1,201,989
1,427,526 FNMA Pool #362443,
6.50%, 12/01/08 1,429,695
1,145,414 GNMA Pool #780019,
9.50%, 11/15/09 1,251,548
------------
5,586,780
------------
TOTAL ASSET-BACKED SECURITIES,
COLLATERALIZED MORTGAGE OBLIGATIONS &
MORTGAGE-BACKED SECURITIES
(Cost $6,093,321) 6,265,560
------------
U.S. GOVERNMENT TREASURIES 32.11%
- ------------------------------------------------------------------------------
U.S. TREASURY NOTES 32.11%
- ------------------------------------------------------------------------------
2,000,000 7.875%, 04/15/98 2,016,876
3,000,000 6.125%, 05/15/98 3,008,438
1,000,000 6.75%, 06/30/99 1,014,376
2,500,000 6.875%, 08/31/99 2,543,753
2,000,000 7.75%, 11/30/99 2,072,502
1,000,000 5.875%, 02/15/00 1,001,251
2,000,000 7.125%, 02/29/00 2,054,376
2,500,000 6.875%, 03/31/00 2,557,033
500,000 6.75%, 04/30/00 510,312
------------
16,778,917
------------
TOTAL U.S. GOVERNMENT TREASURIES
(Cost $16,743,756) 16,778,917
------------
MUTUAL FUNDS 2.60%
- ------------------------------------------------------------------------------
1,360,102 Dreyfus Cash Management
Fund*** $1,360,102
------------
TOTAL MUTUAL FUNDS
(Cost $1,360,102) 1,360,102
------------
TOTAL
INVESTMENTS 98.09% $51,259,749
(Cost $49,899,331)
Other Assets in Excess
of Liabilities 1.91% 1,000,472
---------------------------------
NET ASSETS 100.00% $52,260,221
---------------------------------
---------------------------------
*See Note 1 of Notes to Financial Statements
**When-issued security settling 12/08/97
***$249,966 of this amount designated to fulfill the Fund's commitment to
when-issued securities.
(1) Restricted security - see Note 5 of Notes to Financial Statements
WESTCORE LONG-TERM BOND FUND
NOVEMBER 28, 1997
Face Amount Market Value*
- ----------- -------------
CORPORATE BONDS 50.87%
- ------------------------------------------------------------------------------
FINANCIAL 21.40%
- ------------------------------------------------------------------------------
FINANCIAL SERVICES 1.54%
- ------------------------------------------------------------------------------
$250,000 Leucadia National Corp,
7.75%, 08/15/13 $259,909
------------
FIRE MARINE & CASUALTY
INSURANCE 3.44%
- ------------------------------------------------------------------------------
250,000 Geico Corp,
9.15%, 09/15/21 282,732
300,000 Zurich Reinsurance Center
Holdings, 7.125%, 10/15/23 296,992
------------
579,724
------------
LIFE INSURANCE 4.80%
- ------------------------------------------------------------------------------
230,000 Aetna Services, Inc,
7.625%, 08/15/26 240,888
500,000 Lincoln National Insurance Co,
9.125%, 10/01/24 568,319
------------
809,207
------------
REITS 11.62%
- ------------------------------------------------------------------------------
150,000 Camden Property Trust,
6.625%, 02/15/01 148,265
250,000 ERP Operating Ltd Partnership,
7.57%, 08/15/26 263,286
300,000 Kimco Realty Corp,
6.83%, 11/14/05 304,690
150,000 Nationwide Health Property,
6.93%, 12/18/01 155,339
250,000 New Plan Realty Trust
7.75%, 04/06/05 266,039
375,000 Property Trust of America,
6.875%, 02/15/08 371,706
250,000 Rouse Co,
8.50%, 01/15/03 265,265
175,000 Weingarten Realty Investors Trust
7.22%, 06/01/05 183,245
------------
1,957,835
------------
TOTAL FINANCIAL
(Cost $3,392,179) 3,606,675
------------
<PAGE>
STATEMENTS OF INVESTMENTS
WESTCORE FUNDS SEMI-ANNUAL REPORT NOVEMBER 28, 1997 (UNAUDITED)
WESTCORE LONG-TERM BOND FUND
NOVEMBER 28, 1997 (CONTINUED)
Face Amount Market Value*
- ----------- -------------
INDUSTRIAL 19.79%
- ------------------------------------------------------------------------------
AEROSPACE & DEFENSE 3.14%
- ------------------------------------------------------------------------------
$250,000 Lockheed Martin Corp,
7.70%, 06/15/05 $269,775
260,000 Raytheon Co,
6.50%, 07/15/05 259,646
------------
529,421
------------
CHEMICALS 2.49%
- ------------------------------------------------------------------------------
400,000 Lubrizol Corp,
7.25%, 06/15/25 418,868
------------
DAIRY PRODUCTS 2.92%
- ------------------------------------------------------------------------------
500,000 Borden Inc,
7.875%, 02/15/23 491,901
------------
HOTELS - RESTAURANTS - LEISURE .95%
- ------------------------------------------------------------------------------
150,000 Hilton Hotels Corp,
7.95%, 04/15/07 159,749
------------
MULTIMEDIA - PUBLISHING 7.42%
- ------------------------------------------------------------------------------
300,000 Cox Communications Inc,
7.625%, 06/15/25 321,880
500,000 TCI Communications Inc,
8.00%, 08/01/05 528,372
275,000 Time Warner Inc,
7.25%, 10/15/17 272,262
125,000 US West Capital Funding,
6.95%, 01/15/37 127,916
------------
1,250,430
------------
RETAIL 2.87%
- ------------------------------------------------------------------------------
500,000 K-Mart Corp,
7.95%, 02/01/23 484,375
------------
TOTAL INDUSTRIAL
(Cost $3,089,581) 3,334,744
------------
TRANSPORTATION 6.40%
- ------------------------------------------------------------------------------
AIR TRANSPORTATION 6.40%
- ------------------------------------------------------------------------------
350,000 AMR Corp,
10.00%, 04/15/21 456,786
$332,104 Jet Equipment Trust,
7.83%, 02/15/15 (1) $356,048
231,271 United Airlines Pass-Through
Certificates, 9.02%, 04/19/12 265,568
------------
1,078,402
------------
TOTAL TRANSPORTATION
(Cost $912,152) 1,078,402
------------
UTILITIES 3.28%
- ------------------------------------------------------------------------------
ELECTRIC & OTHER SERVICES
COMBINED 3.28%
- ------------------------------------------------------------------------------
550,000 Long Island Lighting Co,
7.125%, 06/01/05 552,499
------------
TOTAL UTILITIES
(Cost $539,182) 552,499
------------
TOTAL CORPORATE BONDS
(Cost $ 7,933,094) 8,572,320
------------
ASSET-BACKED SECURITIES,
COLLATERALIZED MORTGAGE
OBLIGATIONS & MORTGAGE-BACKED
SECURITIES 5.28%
- ------------------------------------------------------------------------------
ASSET-BACKED
SECURITIES .59%
- ------------------------------------------------------------------------------
100,000 California Infrastructure 1997 A-6
6.32%, 9/25/05** 99,900
------------
MORTGAGE-BACKED
SECURITES 4.69%
- ------------------------------------------------------------------------------
426,513 FHLMC Pool #000336,
6.00%, 10/01/24 410,493
374,900 FNMA Pool #303845,
7.00%, 5/01/11 379,575
------------
790,068
------------
TOTAL ASSET-BACKED SECURITIES,
COLLATERALIZED MORTGAGE OBLIGATIONS &
MORTGAGE-BACKED SECURITIES
(Cost $864,812) 889,968
------------
U.S. GOVERNMENT TREASURIES 40.51%
- ------------------------------------------------------------------------------
U.S. TREASURY NOTES/BONDS 30.17%
- ------------------------------------------------------------------------------
U.S. Treasury Note:
$400,000 7.00%, 07/15/06 $428,500
U.S. Treasury Bonds:
350,000 7.50%, 11/15/16 402,938
500,000 8.875%, 02/15/19 660,313
1,000,000 7.875%, 02/15/21 1,210,312
1,100,000 8.125%, 08/15/21 1,367,438
1,000,000 6.25%, 08/15/23 1,014,062
------------
5,083,563
------------
U.S. GOVERNMENT
ZERO COUPON STRIPS 10.34%
- ------------------------------------------------------------------------------
4,000,000 08/15/11 1,741,432
------------
TOTAL U.S. GOVERNMENT TREASURIES
(Cost $5,962,816) 6,824,995
------------
Shares
- ------
MUTUAL FUNDS 1.79%
- ------------------------------------------------------------------------------
301,743 DREYFUS CASH
Management Fund*** 301,743
------------
TOTAL MUTUAL FUNDS
(Cost $301,743) 301,743
------------
TOTAL INVESTMENTS
(Cost $15,062,465) 98.45% 16,589,026
Other Assets in Excess
of Liabilities 1.55% 260,716
---------------------------------
NET ASSETS 100.00% 16,849,742
---------------------------------
---------------------------------
*See Note 1 of Notes to Financial Statements
**When-issued security settling 12/08/97
***$99,958 of this amount designated to fulfill the Fund's commitment to
when-issued securities.
(1) Restricted security - see Note 5 of Notes to Financial Statements
<PAGE>
STATEMENTS OF INVESTMENTS
WESTCORE FUNDS SEMI-ANNUAL REPORT NOVEMBER 28, 1997 (UNAUDITED)
WESTCORE COLORADO TAX-EXEMPT FUND
NOVEMBER 28, 1997
<TABLE>
<CAPTION>
Bond Rating
Face Amount Moody's/S&P Market Value*
- ----------- ----------- -------------
<S> <C> <C> <C>
CERTIFICATES OF PARTICIPATION 6.27%
- ------------------------------------------------------------------------------------------------
$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 $104,090
500,000 Fremont County, Certificate of
Participation, Lease Purchase
Agreement, 5.125%, 12/15/11,
Optional any time @ 100.00, MBIA Aaa/AAA 501,915
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 102,756
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 102,272
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 259,058
510,000 Weld County, Certificate of Participation,
Correctional Facilities, Lease Purchase
Agreement, 5.35%, 8/01/10, Optional any time
@ 100.00, MBIA Aaa/AAA 527,320
------------
TOTAL CERTIFICATES OF PARTICIPATION
(Cost $1,554,355) 1,597,411
------------
GENERAL OBLIGATION BONDS 60.29%
- ------------------------------------------------------------------------------------------------
COUNTY/CITY/SPECIAL DISTRICT/ SCHOOL DISTRICT
- ------------------------------------------------------------------------------------------------
100,000 Adams County School District 12,
7.25%, 12/15/09, Prerefunded
12/15/99 @ 100.00 NR/A+ 106,102
500,000 Adams County School District 14,
5.30%, 12/01/09, Optional
12/01/07 @ 101.00, FSA Aaa/AAA 520,920
100,000 Adams & Arapahoe Counties
Joint School District 28J, 5.75%,
12/01/06, MBIA Aaa/AAA 108,865
$100,000 Adams & Arapahoe Counties
School District 29J, 5.40%, 12/01/09,
Optional 12/01/06 @ 100.00, MBIA Aaa/AAA $104,495
250,000 Adams & Weld Counties
School District 27J, 5.55%
12/01/09, Optional 12/01/06
@ 100.00, FGIC Aaa/AAA 263,022
125,000 Alamosa & Conejos Counties
School District RE-11J,
4.90%, 12/01/07, Optional
12/01/05 @ 100.00, MBIA Aaa/AAA 127,589
100,000 Arapahoe County School
District 1, 4.85%, 11/01/04, FSA Aaa/AAA 102,478
Arapahoe County School District 2:
100,000 6.75%, 12/01/04, Prerefunded
12/01/99 @ 101.00 A3/NR 106,319
25,000 6.75%, 12/01/04, Escrowed
to Maturity A3/NR 28,397
Arapahoe County School District 5:
250,000 5.25%, 12/15/04,
Optional 12/15/03 @ 100.00 Aa2/AA 261,440
250,000 5.50%, 12/15/06 Aa2/AA 268,215
250,000 Arapahoe County School District 6,
5.50%, 12/01/06 Aa/AA 268,155
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 257,918
100,000 Basalt & Rural Fire Protection District,
Eagle & Pitkin Counties,
5.20%, 12/01/15, Optional
12/01/06 @ 100.00, AMBAC Aaa/AAA 100,464
150,000 Boulder, Boulder County Library
7.30%, 10/01/08, Prerefunded
11/01/98 @ 100.00 Aaa/AAA 154,282
500,000 Boulder, Boulder County Parks
5.125%, 12/15/09,
Optional 12/15/06 @ 100.00 Aa1/AA 510,730
Boulder & Gilpin Counties
Valley School District Re-2:
250,000 5.55%, 12/01/03 A1/AA 266,120
1,000,000 5.00%, 12/01/11, Optional 12/01/07
@ 100.00, FGIC Aaa/AAA 1,001,670
<PAGE>
STATEMENTS OF INVESTMENTS
WESTCORE FUNDS SEMI-ANNUAL REPORT NOVEMBER 28, 1997 (UNAUDITED)
WESTCORE COLORADO TAX-EXEMPT FUND
NOVEMBER 28, 1997 (CONTINUED)
<CAPTION>
Bond Rating
Face Amount Moody's/S&P Market Value*
- ----------- ----------- -------------
<S> <C> <C> <C>
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 $105,731
175,000 5.80%, 12/15/07, Optional
12/15/02 @ 101.00, MBIA Aaa/AAA 185,668
100,000 6.00%, 12/15/10, Optional
12/15/02 @ 101.00, MBIA Aaa/AAA 105,968
205,000 Brighton, Adams County,
6.625%, 12/01/11, Prerefunded
12/01/01 @ 101.00, MBIA Aaa/AAA 224,819
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 102,178
150,000 Chaffee County School District R-31,
5.10%, 12/01/09, Optional 12/01/06
@ 100.00, FSA Aaa/AAA 152,907
250,000 Clear Creek County School
District Re-1, 5.40%, 12/01/11,
Optional 12/01/05 @ 100.00, MBIA Aaa/AAA 258,030
125,000 Colorado Springs, El Paso County,
6.60%, 09/01/00, Prerefunded
09/01/99 @ 100.00 Aaa/AAA 130,455
Douglas & Elbert Counties
School District Re-1:
250,000 5.75%, 12/15/05, Optional
12/15/01 @ 101.00, FGIC Aaa/AAA 264,003
250,000 6.15%, 12/15/08, Optional
12/15/04 @ 101.00, MBIA Aaa/AAA 274,908
Eagle, Garfield & Routt Counties
School District Re-50J:
125,000 6.60%, 12/01/99, Prerefunded
12/01/98 @ 100.00, FGIC Aaa/AAA 128,379
85,000 5.60%, 12/01/01, FGIC Aaa/AAA 89,604
200,000 5.75%, 12/01/03, Optional
12/01/02 @ 100.00, FGIC Aaa/AAA 212,756
100,000 El Paso County School District 2,
5.70%, 12/01/14,
Optional 12/01/05 @ 100.00 A1/NR 103,439
125,000 El Paso County School District 3,
6.20%, 12/15/00, Optional
12/15/98 @ 101.00, MBIA Aaa/AAA 128,924
$80,000 El Paso County School District 12,
5.90%, 09/15/04 Aa1/NR 87,076
500,000 El Paso County School District 11,
5.50%, 12/01/14, Optional
12/01/07 @ 103.00 Aa/AA- 521,400
125,000 El Paso County School District 49
6.75%, 12/01/04, Optional
12/01/00 @ 100.00, MBIA Aaa/AAA 134,102
200,000 Fort Collins, Larimer County
5.55%, 12/01/03, Optional
12/01/02 @ 101.00 Aa2/AA 212,402
250,000 Fruita, Mesa County, Colorado,
4.75%, 10/01/06,
Optional 10/01/04 @ 100.00,
MBIA Aaa/AAA 253,190
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 282,410
625,000 Goldsmith Metropolitan District,
Arapahoe & Denver Counties,
6.50%, 12/01/03, Optional
12/01/99 @ 101.00, MBIA Aaa/AAA 658,281
Jefferson County School
District R-1:
100,000 5.10%, 12/15/99, Escrowed to
Maturity, AMBAC Aaa/AAA 102,219
100,000 5.75%, 12/15/03, Prerefunded
12/15/02 @ 101.00, AMBAC Aaa/AAA 107,415
500,000 5.90%, 12/15/04, Prerefunded
12/15/02 @ 101.00, AMBAC Aaa/AAA 540,445
250,000 La Plata County School District
9-R, 5.25%, 11/01/05, MBIA Aaa/AAA 262,885
125,000 Larimer County Poudre School
District R-1, 7.00%, 12/15/08,
Prerefunded 12/15/01 @ 101.00 NR/NR 138,464
500,000 Larimer, Weld, & Boulder Counties
Thompson School District R2-J,
5.40%, 12/15/13, Optional
06/15/07 @ 101.00, FGIC Aaa/AAA 513,170
100,000 Longmont, Boulder County,
5.15%, 09/01/99, MBIA Aaa/AAA 101,859
<PAGE>
STATEMENTS OF INVESTMENTS
WESTCORE FUNDS SEMI-ANNUAL REPORT NOVEMBER 28, 1997 (UNAUDITED)
WESTCORE COLORADO TAX-EXEMPT FUND
NOVEMBER 28, 1997 (CONTINUED)
<CAPTION>
Bond Rating
Face Amount Moody's/S&P Market Value*
- ----------- ----------- -------------
<S> <C> <C> <C>
Mesa County Valley School
District 51:
$250,000 4.80%, 12/01/05, MBIA Aaa/AAA $255,840
500,000 5.40%, 12/01/12, Optional
12/01/06 @ 101.00, MBIA Aaa/AAA 516,155
150,000 Montezuma County School District Re-4A
5.10%, 12/01/10,
Optional 12/01/07 @ 101.00, MBIA Aaa/AAA 152,019
105,000 Morgan County School District Re-3,
6.45%, 12/01/98,
Escrowed to Maturity A3/NR 107,642
250,000 Northglenn, Adams County Water
5.50%, 12/01/06, Optional
12/01/04 @ 101.00, FSA Aaa/AAA 266,402
100,000 Otero County, East Otero
School District R-1, 5.05%, 12/15/09,
Optional 12/15/05 @ 100.00, FSA Aaa/AAA 101,610
100,000 Pitkin County School District Re-1,
5.50%, 11/15/00, AMBAC Aaa/AAA 103,783
125,000 Poudre Valley Hospital District,
Larimer County,
6.80%, 11/15/02, Prerefunded
11/15/98 @ 101.00 Aaa/AAA 129,679
Pueblo, Pueblo County Limited Tax:
200,000 5.80%, 06/01/11, Optional
06/01/06 @ 100.00, MBIA Aaa/AAA 211,830
250,000 6.00%, 06/01/16, Optional
06/01/06 @ 100.00, MBIA Aaa/AAA 265,905
150,000 Rio Grande County School
District C-8, 5.35%, 11/15/11,
Optional 11/15/05 @ 100.00, FSA Aaa/AAA 153,848
75,000 Routt County School District
Re-2, 5.00%, 12/01/05, Optional
12/01/03 @ 100.00, FGIC Aaa/AAA 76,836
250,000 San Miguel County School District
R-1, 5.50%, 12/01/12, Optional
12/01/05 @ 101.00, MBIA Aaa/AAA 258,610
Thornton, Adams County Water:
25,000 7.40%, 12/01/98, Escrowed to
Maturity, FGIC Aaa/AAA 25,872
$125,000 5.75%, 12/01/04, Optional
12/01/02 @ 101.00, FGIC Aaa/AAA $133,632
250,000 6.00% , 12/01/05, Optional
12/01/02 @ 101.00, FGIC Aaa/AAA 269,348
135,000 Three Lakes Water & Sanitation
District, Grand County Limited
Tax, 6.00%, 06/01/00, Optional
12/01/97 @ 101.00, MBIA Aaa/AAA 137,749
Weld County School District 6:
250,000 5.50%, 12/01/06 Aa3/AA- 267,965
250,000 5.20%, 12/01/10, Optional
12/01/07 @ 101.00 Aa3/AA- 256,618
150,000 Weld County School District Re-4,
5.30%, 12/01/10, Optional
12/01/05 @ 100.00, MBIA Aaa/AAA 154,348
100,000 Willows Water District,
Arapahoe County, 6.40%, 12/01/98,
Optional 12/01/97 @ 100.00, MBIA Aaa/AAA 100,208
100,000 Woodland Park, Teller County,
6.30%, 07/01/08, Optional
07/01/00 @ 101.00, FGIC Aaa/AAA 105,873
125,000 Woodmoor Water & Sanitation
District 1, El Paso County, 6.20%,
12/01/00, Optional 12/01/97
@ 100.00, MBIA Aaa/AAA 125,024
250,000 Wray Community Hospital District,
Yuma County, 5.00%, 10/15/11, Optional
10/15/04 @ 100.00, AMBAC Aaa/AAA 250,305
------------
TOTAL GENERAL OBLIGATION BONDS
(Cost $14,845,185) 15,367,369
------------
REVENUE BONDS 29.89%
- ------------------------------------------------------------------------------------------------
EDUCATION 1.83%
- ------------------------------------------------------------------------------------------------
100,000 Colorado St Brd Dept Of Higher
Education, Community Colleges
Occupational Education Systemwide,
5.20%, 11/01/03, AMBAC Aaa/AAA 103,639
<PAGE>
STATEMENTS OF INVESTMENTS
WESTCORE FUNDS SEMI-ANNUAL REPORT NOVEMBER 28, 1997 (UNAUDITED)
WESTCORE COLORADO TAX-EXEMPT FUND
NOVEMBER 28, 1997 (CONTINUED)
<CAPTION>
Bond Rating
Face Amount Moody's/S&P Market Value*
- ----------- ----------- -------------
<S> <C> <C> <C>
$100,000 University Of Colorado Board Of
Regents, Auxiliary Facilities,
6.50%, 06/01/01, Prerefunded
06/01/00 @ 101.00 A1/NR $106,445
250,000 University Of Northern Colorado
Board Of Trustees, Auxiliary Facilities
System Improvement, 5.00%, 06/01/03,
MBIA Aaa/AAA 257,635
------------
467,719
------------
PUBLIC FACILITIES .85%
- ------------------------------------------------------------------------------------------------
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 216,024
------------
SPECIAL TAX 10.74%
- ------------------------------------------------------------------------------------------------
500,000 Boulder County Sales & Use
Tax, 5.75%, 12/15/04, FGIC Aaa/AAA 541,135
250,000 Boulder Urban Renewal
Authority Tax Increment, 6.00%
03/01/02, Optional 03/01/00
@ 101.00, MBIA Aaa/AAA 261,855
250,000 Breckenridge, Summit County
Excise Tax, 5.20%,
12/01/01, Optional 12/01/00
@ 101.00, MBIA Aaa/AAA 259,778
200,000 Castle Rock, Douglas County
Sales & Use Tax,
5.25%, 06/01/06, FSA Aaa/AAA 210,218
Commerce City, Adams County
Sales & Use Tax:
100,000 5.375%, 08/01/07, Optional 08/01/03
@ 101.00, MBIA Aaa/AAA 104,700
165,000 5.875%, 08/01/13, Optional 08/01/03
@ 101.00, MBIA Aaa/AAA 172,791
250,000 Douglas County Sales & Use Tax,
5.25%, 10/15/07, Optional
10/15/06 @ 100.00, MBIA Aaa/AAA 261,168
500,000 Fort Collins, Larimer County
Sales & Use Tax, 4.90%,
06/01/01, FGIC Aaa/AAA 511,635
$150,000 Lafayette, Boulder County,
Sales & Use Tax, 6.40%, 11/15/04,
Prerefunded 11/15/01 @ 100.00,
AMBAC Aaa/AAA $162,387
250,000 Thornton, Adams County, Colorado
Sales & Use Tax
4.75%, 03/01/07, AMBAC** Aaa/AAA 251,473
------------
2,737,140
------------
TRANSPORTATION 2.38%
- ------------------------------------------------------------------------------------------------
Colorado Springs, El Paso County
Airport System, Ser 1996A:
250,000 5.10%, 01/01/10, Optional
01/01/06 @ 101.00, MBIA Aaa/AAA 252,890
250,000 5.25%, 01/01/17, Optional 01/01/06
@ 101.00, MBIA Aaa/AAA 250,345
100,000 Regional Transportation District,
Rtd Sales Tax, 7.00%, 11/01/98,
FGIC Aaa/AAA 102,850
------------
606,085
------------
UTILITY 14.09%
- ------------------------------------------------------------------------------------------------
150,000 Berthoud, Larimer & Weld Counties
Water Enterprise, 5.00%, 10/15/09,
Optional 10/15/07 @ 100.00, FSA Aaa/AAA 151,508
Boulder, Boulder County
Water & Sewer:
75,000 5.75%, 12/01/06, Optional
12/01/02 @ 100.00 Aa/AA 79,024
500,000 5.50%, 12/01/11, Optional 12/01/06
@ 100.00 Aa/AA 521,265
250,000 Central Weld County Water
District, 5.25%, 12/01/05,
Optional 12/01/03 @ 100.00, MBIA, Aaa/AAA 260,442
Colorado Springs, El Paso
County Utilities Systems:
100,000 6.40%, 11/15/02,
Optional 11/15/01 @ 102.00 Aa2/AA 109,535
250,000 5.75%, 11/15/10, Optional
11/15/06 @ 100.00 Aa2/AA 265,635
250,000 Fort Collins, Larimer County
Wastewater Utility Enterprise
Sewer, 5.375%, 12/01/09,
Optional 12/01/05 @ 100.00, FGIC Aaa/AAA 258,622
<PAGE>
STATEMENTS OF INVESTMENTS
WESTCORE FUNDS SEMI-ANNUAL REPORT NOVEMBER 28, 1997 (UNAUDITED)
WESTCORE COLORADO TAX-EXEMPT FUND
NOVEMBER 28, 1997 (CONTINUED)
<CAPTION>
Bond Rating
Face Amount Moody's/S&P Market Value*
- ----------- ----------- -------------
<S> <C> <C> <C>
$100,000 Lafayette, Boulder County Sewer,
4.95%, 09/01/05, FGIC Aaa/AAA $103,242
Municipal Subdistrict, Northern Colorado
Water Conservancy District:
500,000 5.85%, 12/01/02, AMBAC Aaa/AAA 536,680
250,000 5.25%, 12/01/15, Optional
12/01/07 @ 100.00, AMBAC Aaa/AAA 252,218
Platte River Power Authority:
100,000 5.75%, 06/01/04, Optional
06/01/02 @ 102.00 Aa3/A+ 106,940
400,000 5.75%, 06/01/04, MBIA Aaa/AAA 429,572
400,000 Ute Water Conservancy District,
4.80%, 06/15/02, MBIA Aaa/AAA 408,172
100,000 Westminster, Adams County, Water &
Wastewater Utility Enterprise,
6.25%, 12/01/14, Optional
12/01/04 @ 100.00, AMBAC Aaa/AAA 109,602
------------
3,592,457
------------
TOTAL REVENUE BONDS
(Cost $7,361,856) 7,619,425
------------
</TABLE>
Shares MUTUAL FUNDS 2.52%
- ------------------------------------------------------------------------------
643,669 DREYFUS MUNICIPAL MONEY MARKET FUND***
643,669
------------
TOTAL MUTUAL FUNDS
(Cost $643,669) 643,669
------------
TOTAL INVESTMENTS
(Cost $24,405,065) 98.97% $25,227,874
Other Assets In Excess
of Liabilities 1.03% 261,392
--------------------------
NET ASSETS 100.00% $25,489,266
--------------------------
*See Note 1 of Notes to Financial Statements.
**When-issued security settling 12/18/97.
***$251,089 of this amount is designated to fulfill the Fund's commitment to
when-issued securities.
<PAGE>
STATEMENTS OF OPERATIONS
WESTCORE FUNDS SEMI-ANNUAL REPORT
SIX MONTHS ENDED NOVEMBER 28, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
Westcore Westcore Westcore Westcore Westcore Westcore Westcore
MIDCO Blue Small-Cap Growth Intermediate- Long-Term Colorado
Growth Chip Opportunity and Income Term Bond Bond Tax-Exempt
Fund Fund Fund Fund Fund Fund Fund
---------- ---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME
Dividends $569,091 $537,575 $231,150 $106,022 $0 $0 $0
Interest 642,950 54,193 67,484 39,115 1,842,371 615,135 596,592
Other Income 167,577 318 5,724 218 0 0 0
- ---------------------------------------------------------------------------------------------------------------------------------
Total Income 1,379,618 592,086 304,358 145,355 1,842,371 615,135 596,592
- ---------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Investment advisory fees 2,131,144 210,517 213,749 57,893 125,290 40,007 58,726
Administrative fees 983,605 97,162 64,124 26,720 83,527 26,672 35,236
Transfer agent fees 174,260 25,860 14,510 29,252 10,820 7,280 3,822
Fund accounting fees and expenses 87,920 15,470 17,720 17,290 16,860 16,380 20,880
Legal 130,200 14,168 8,328 4,338 12,786 4,004 5,096
Printing 27,300 3,640 2,346 2,730 3,970 1,456 1,092
Registration fees 21,840 10,920 8,554 7,280 7,280 9,100 0
Audit 10,060 5,096 4,550 4,484 5,606 4,368 4,004
Custodian fees and expenses 24,934 4,186 4,550 4,550 2,730 2,730 2,002
Amortization of organization costs 0 0 8,832 0 0 0 0
Insurance 21,643 2,324 821 854 2,836 854 479
Trustee fees 29,120 3,277 1,820 1,091 3,276 1,092 1,092
- ---------------------------------------------------------------------------------------------------------------------------------
Total expenses before waivers 3,642,026 392,620 349,904 156,482 274,981 113,943 132,429
Expenses waived by:
Investment advisor 0 (18,679) (68,138) (50,051) (34,732) (26,718) (58,726)
Co-Administrators 0 (1,489) (3,892) (4,004) (3,590) (2,764) (14,967)
- ---------------------------------------------------------------------------------------------------------------------------------
Net expenses 3,642,026 372,452 277,874 102,427 236,659 84,461 58,736
- ---------------------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME (LOSS) (2,262,408) 219,634 26,484 42,928 1,605,712 530,674 537,856
- ---------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED
GAIN ON INVESTMENTS:
Net realized gain on investment
transactions 60,377,534 7,414,487 3,288,447 2,431,104 38,994 272,198 4,423
Unrealized appreciation on investments:
Beginning of period 171,123,027 19,775,761 6,366,962 6,214,031 189,705 549,662 412,655
End of period 164,161,374 20,552,986 9,847,957 5,885,897 1,360,418 1,526,561 822,809
- ---------------------------------------------------------------------------------------------------------------------------------
Net change in unrealized
appreciation (6,961,653) 777,225 3,480,995 (328,134) 1,170,713 976,899 410,154
- ---------------------------------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED
GAIN ON INVESTMENTS 53,415,881 8,191,712 6,769,442 2,102,970 1,209,707 1,249,097 414,577
- ---------------------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $51,153,473 $8,411,346 $6,795,926 $2,145,898 $2,815,419 $1,779,771 $952,433
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
WESTCORE FUNDS SEMI-ANNUAL REPORT
NOVEMBER 28, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
WESTCORE MIDCO GROWTH FUND
-----------------------------------------
Six Months Ended Year Ended
November 28, 1997 May 30, 1997
FROM INVESTMENT ACTIVITIES ----------------- ------------
<S> <C> <C>
Net investment loss ($2,262,408) ($4,158,191)
Net realized gain 60,377,534 86,766,854
Net change in unrealized appreciation (6,961,653) (53,117,323)
- ------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations 51,153,473 29,491,340
- ------------------------------------------------------------------------------------------------------
Distributions to shareholders from net realized
gain on investments 0 (80,255,692)
- ------------------------------------------------------------------------------------------------------
Change in net assets derived from investment
activities 51,153,473 (50,764,352)
- ------------------------------------------------------------------------------------------------------
FROM BENEFICIAL INTEREST TRANSACTIONS
Shares sold 249,947,053 198,972,553
Shares issued in reinvestment of dividends 0 76,722,845
- ------------------------------------------------------------------------------------------------------
249,947,053 275,695,398
Shares redeemed (281,862,674) (291,413,092)
- ------------------------------------------------------------------------------------------------------
Change in net assets derived from beneficial
interest transactions (31,915,621) (15,717,694)
- ------------------------------------------------------------------------------------------------------
NET INCREASE(DECREASE) IN NET ASSETS 19,237,852 (66,482,046)
- ------------------------------------------------------------------------------------------------------
NET ASSETS:
Beginning of period 590,007,680 656,489,726
- ------------------------------------------------------------------------------------------------------
End of period (including overdistributed net
investment income of ($9,551,243) and ($7,288,835),
respectively) $609,245,532 $590,007,680
- ------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------
<CAPTION>
WESTCORE BLUE CHIP FUND
---------------------------------------
Six Months Ended Year Ended
November 28, 1997 May 30, 1997
FROM INVESTMENT ACTIVITIES ----------------- ---------------
<S> <C> <C>
Net investment income $219,634 $635,594
Net realized gain on investments 7,414,487 9,990,055
Net change in unrealized appreciation 777,225 2,879,650
- ------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations 8,411,346 13,505,299
- ------------------------------------------------------------------------------------------------------
Dividends to shareholders from net investment income (266,950) (783,962)
Distributions to shareholders from net realized gain
on investments 0 (9,187,213)
- ------------------------------------------------------------------------------------------------------
Change in net assets derived from investment activities 8,144,396 3,534,124
- ------------------------------------------------------------------------------------------------------
FROM BENEFICIAL INTEREST TRANSACTIONS
Shares sold 10,638,262 20,944,535
Shares issued in reinvestment of dividends 230,529 8,612,339
- ------------------------------------------------------------------------------------------------------
10,868,791 29,556,874
Shares redeemed (22,172,742) (34,926,271)
- ------------------------------------------------------------------------------------------------------
Change in net assets derived from beneficial
interest transactions (11,303,951) (5,369,397)
- ------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS (3,159,555) (1,835,273)
NET ASSETS:
Beginning of period 66,450,299 68,285,572
- ------------------------------------------------------------------------------------------------------
End of period (including (over)/undistributed net
investment income of ($11,270) and $36,046, respectively) $63,290,744 $66,450,299
- ------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
STATEMENTS OF CHANGES IN NET AS SETS
WESTCORE FUNDS SEMI-ANNUAL REPORT
NOVEMBER 28, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
WESTCORE SMALL-CAP OPPORTUNITY FUND
---------------------------------------
Six Months Ended Year Ended
November 28, 1997 May 30, 1997
-------------------- ----------------
<S> <C> <C>
FROM INVESTMENT ACTIVITIES
Net investment income $26,484 $33,682
Net realized gain 3,288,447 4,083,766
Net change in unrealized appreciation 3,480,995 1,219,518
- -------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations 6,795,926 5,336,966
- -------------------------------------------------------------------------------------------------------------
Dividends to shareholders from net investment income (33,466) (25,495)
Distributions to shareholders from net realized gain on investments 0 (1,366,828)
- -------------------------------------------------------------------------------------------------------------
Change in net assets derived from investment activities 6,762,460 3,944,643
- -------------------------------------------------------------------------------------------------------------
FROM BENEFICIAL INTEREST TRANSACTIONS
Shares sold 6,728,976 14,705,255
Shares issued in reinvestment of dividends 23,144 1,029,681
- -------------------------------------------------------------------------------------------------------------
6,752,120 15,734,936
Shares redeemed (3,152,680) (7,668,918)
- -------------------------------------------------------------------------------------------------------------
Change in net assets derived from beneficial interest transactions 3,599,440 8,066,018
- -------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS 10,361,900 12,010,661
NET ASSETS:
Beginning of period 35,961,673 23,951,012
- -------------------------------------------------------------------------------------------------------------
End of period (including undistributed net investment income
of $1,683 and $8,665, respectively) $46,323,573 $35,961,673
- -------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------
<CAPTION>
WESTCORE GROWTH AND INCOME FUND
-------------------------------------
Six Months Ended Year Ended
November 28, 1997 May 30, 1997
------------------- ----------------
<S> <C> <C>
FROM INVESTMENT ACTIVITIES
Net investment income $42,928 $167,310
Net realized gain 2,431,104 2,659,580
Net change in unrealized appreciation (328,134) 1,076,748
- -------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations 2,145,898 3,903,638
- -------------------------------------------------------------------------------------------------------------
Dividends to shareholders from net investment income (48,444) (205,251)
Distributions to shareholders from net realized gain on investments 0 (2,273,847)
- -------------------------------------------------------------------------------------------------------------
Change in net assets derived from investment activities 2,097,454 1,427,540
- -------------------------------------------------------------------------------------------------------------
FROM BENEFICIAL INTEREST TRANSACTIONS
Shares sold 1,678,425 5,355,720
Shares issued in reinvestment of dividends 40,910 2,141,808
- -------------------------------------------------------------------------------------------------------------
1,719,335 7,497,528
Shares redeemed (7,430,300) (13,587,574)
- -------------------------------------------------------------------------------------------------------------
Change in net assets derived from beneficial interest transactions (5,710,965) (6,090,046)
- -------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS (3,613,511) (4,662,506)
NET ASSETS:
Beginning of period 20,724,897 25,387,403
- -------------------------------------------------------------------------------------------------------------
End of period (including overdistributed net investment income
of ($184,413) and ($178,897), respectively) $17,111,386 $20,724,897
- -------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
WESTCORE FUNDS SEMI-ANNUAL REPORT
NOVEMBER 28, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
WESTCORE INTERMEDIATE-TERM BOND FUND
------------------------------------
Six Months Ended Year Ended
November 28, 1997 May 30, 1997
----------------- ------------
<S> <C> <C>
FROM INVESTMENT ACTIVITIES
Net investment income $1,605,712 $4,242,270
Net realized gain 38,994 18,937
Net change in unrealized appreciation (depreciation) 1,170,713 1,120,533
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations 2,815,419 5,381,740
- -----------------------------------------------------------------------------------------------------------------------------------
Dividends to shareholders from net investment income (1,606,039) (4,283,756)
- -----------------------------------------------------------------------------------------------------------------------------------
Change in net assets derived from investment activities 1,209,380 1,097,984
- -----------------------------------------------------------------------------------------------------------------------------------
FROM BENEFICIAL INTEREST TRANSACTIONS
Shares sold 6,660,367 17,545,780
Shares issued in reinvestment of dividends 1,320,532 3,461,645
- -----------------------------------------------------------------------------------------------------------------------------------
7,980,899 21,007,425
Shares redeemed (20,098,597) (41,975,506)
- -----------------------------------------------------------------------------------------------------------------------------------
Change in net assets derived from beneficial interest transactions (12,117,698) (20,968,081)
- -----------------------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS (10,908,318) (19,870,097)
NET ASSETS:
Beginning of period 63,168,539 83,038,636
- -----------------------------------------------------------------------------------------------------------------------------------
End of period (including undistributed net investment income of
$43,467 and $43,794, respectively) $52,260,221 $63,168,539
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
WESTCORE LONG-TERM BOND FUND
----------------------------------
Six Months Ended Year Ended
November 28, 1997 May 30, 1997
----------------- ------------
<S> <C> <C>
FROM INVESTMENT ACTIVITIES
Net investment income $530,674 $1,485,141
Net realized gain 272,198 250,648
Net change in unrealized appreciation 976,899 422,206
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations 1,779,771 2,157,995
- -----------------------------------------------------------------------------------------------------------------------------------
Dividends to shareholders from net investment income (534,526) (1,495,971)
Distributions to shareholders from net realized gain on investments 0 (397,663)
- -----------------------------------------------------------------------------------------------------------------------------------
Change in net assets derived from investment activities 1,245,245 264,361
- -----------------------------------------------------------------------------------------------------------------------------------
FROM BENEFICIAL INTEREST TRANSACTIONS
Shares sold 650,155 3,753,882
Shares issued in reinvestment of dividends 497,553 1,747,726
- -----------------------------------------------------------------------------------------------------------------------------------
1,147,708 5,501,608
Shares redeemed (5,703,463) (10,675,976)
- -----------------------------------------------------------------------------------------------------------------------------------
Change in net assets derived from beneficial interest transactions (4,555,755) (5,174,368)
- -----------------------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS (3,310,510) (4,910,007)
NET ASSETS:
Beginning of period 20,160,252 25,070,259
- -----------------------------------------------------------------------------------------------------------------------------------
End of period (including undistributed net investment income of $14,669
and $18,521, respectively) $16,849,742 $20,160,252
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
WESTCORE FUNDS SEMI-ANNUAL REPORT
NOVEMBER 28, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
WESTCORE COLORADO TAX-EXEMPT FUND
----------------------------------
Six Months Ended Year Ended
November 28, 1997 May 30, 1997
----------------- -------------
<S> <C> <C>
FROM INVESTMENT ACTIVITIES
Net investment income $537,856 $846,432
Net realized gain (loss) 4,423 (21,758)
Net change in unrealized appreciation 410,154 256,969
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations 952,433 1,081,643
- ------------------------------------------------------------------------------------------------------------------------------------
Dividends to shareholders from net investment income (538,836) (842,088)
- ------------------------------------------------------------------------------------------------------------------------------------
Change in net assets derived from investment activities 413,597 239,555
- ------------------------------------------------------------------------------------------------------------------------------------
FROM BENEFICIAL INTEREST TRANSACTIONS
Shares sold 4,821,603 8,514,677
Shares issued in reinvestment of dividends 398,581 613,448
- ------------------------------------------------------------------------------------------------------------------------------------
5,220,184 9,128,125
Shares redeemed (1,492,174) (1,941,761)
- ------------------------------------------------------------------------------------------------------------------------------------
Change in net assets derived from beneficial interest transactions 3,728,010 7,186,364
- ------------------------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS 4,141,607 7,425,919
NET ASSETS:
Beginning of period 21,347,659 13,921,740
- ------------------------------------------------------------------------------------------------------------------------------------
End of period (including undistributed net investment income
of $15,089 and $16,069, respectively) $25,489,266 $21,347,659
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
FINANCIAL HIGHLIGHTS
WESTCORE FUNDS SEMI-ANNUAL REPORT
NOVEMBER 28, 1997 (UNAUDITED)
Selected per-share data for a share of beneficial interest outstanding
throughout the periods indicated:
<TABLE>
<CAPTION>
WESTCORE MIDCO GROWTH FUND
--------------------------
Institutional Shares
--------------------------
Six Months Ended
November 28,
--------------------------
1997
--------------------------
<S> <C>
Net asset value - beginning of period $20.92
- ---------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) (0.10)
Net realized and unrealized gain (loss) on investments 1.94
- ---------------------------------------------------------------------------------------
Total income (loss) from investment operations 1.84
- ---------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS
Distributions from net realized gain on investments 0.00
Return of Capital 0.00
- ---------------------------------------------------------------------------------------
Total distributions and return of capital to shareholders 0.00
Net asset value - end of period $22.76
- ---------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------
Total return 8.80%
- ---------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000 omitted) $609,246
- ---------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------
Ratio of expenses to average net assets 1.11%
- ---------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------
Ratio of net investment income (loss) to average net assets (0.69%)
- ---------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------
Ratio of expenses to average net assets without fee waivers 1.11%
- ---------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------
Ratio of net investment income (loss) to average net assets
without fee waivers (0.69%)
- ---------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------
Portfolio turnover rate (1) 32.23%
- ---------------------------------------------------------------------------------------
Average commission rate (2) $.0485
- ---------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------
<CAPTION>
WESTCORE MIDCO GROWTH FUND
-----------------------------------------------------------
Institutional Shares
-----------------------------------------------------------
Period Ended
May 31,
------------------------------------------------------------
1997 1996 1995 1994 1993
-------- -------- -------- -------- ---------
<S> <C> <C> <C> <C> <C>
Net asset value - beginning of period $22.90 $17.12 $16.09 $15.79 $14.38
- --------------------------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) (0.15) (0.08) 0.00 0.00 0.04
Net realized and unrealized gain (loss) on investments 1.19 6.58 1.56 1.34 2.48
- --------------------------------------------------------------------------------------------------------------------------
Total income (loss) from investment operations 1.04 6.50 1.56 1.34 2.52
- --------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS
Distributions from net realized gain on investments (3.02) (0.72) (0.53) (1.03) (1.11)
Return of Capital (0.00) (0.00) (0.00) (0.01) (0.00)
- --------------------------------------------------------------------------------------------------------------------------
Total distributions and return of capital to shareholders (3.02) (0.72) (0.53) (1.04) (1.11)
Net asset value - end of period $20.92 $22.90 $17.12 $16.09 $15.79
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
Total return 5.27% 38.62% 10.05% 8.37% 18.04%
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000 omitted) $590,008 $656,490 $401,760 $335,453 $231,595
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets 1.14% 1.08% 0.94% 0.84% 0.83%
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
Ratio of net investment income (loss) to average net assets (0.70%) (0.42%) (0.03%) (0.09%) 0.04%
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets without fee waivers 1.14% 1.10% 0.96% 0.87% 0.85%
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
Ratio of net investment income (loss) to average net assets
without fee waivers (0.71%) (0.44%) (0.05%) (0.12%) 0.02%
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate (1) 60.78% 62.83% 50.19% 52.05% 56.23%
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
Average commission rate (2) $.0466 - - - -
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
<CAPTION>
WESTCORE MIDCO GROWTH FUND
-----------------------------------------
Retail Shares
-----------------------------------------
Period Ended
May 31
-----------------------------------------
1996** 1995 1994*
----------- ----------- ----------
<S> <C> <C> <C>
Net asset value - beginning of period $17.10 $16.10 $17.33
- ------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) (0.01) (0.03) (0.01)
Net realized and unrealized gain (loss) on investments 3.12 1.56 (0.19)
- ------------------------------------------------------------------------------------------------------
Total income (loss) from investment operations 3.11 1.53 (0.20)
- ------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS
Distributions from net realized gain on investments (0.00) (0.53) (1.02)
Return of Capital (0.00) (0.00) (0.01)
- ------------------------------------------------------------------------------------------------------
Total distributions and return of capital to shareholders (0.00) (0.53) (1.03)
Net asset value - end of period $20.21 $17.10 $16.10
- ------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------
Total return 18.19% 9.78% (1.88%)(3)
- ------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000 omitted) $30,827 $25,677 $16,309
- ------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets 1.16%(3) 1.19% 1.10%(3)
- ------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------
Ratio of net investment income (loss) to average net assets (0.24%)(3) (0.28%) (0.37%)(3)
- ------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets without fee waivers 1.17%(3) 1.21% 1.13%(3)
- ------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------
Ratio of net investment income (loss) to average net assets
without fee waivers (0.26%)(3) (0.30%) (0.40%)(3)
- ------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------
Portfolio turnover rate (1) 62.83% 50.19% 52.05%
- ------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------
Average commission rate (2) - - -
- ------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------
</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 six months
ended November 28, 1997 were $198,999,437 and $213,039,219, 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.
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
FINANCIAL HIGHLIGHTS
WESTCORE FUNDS SEMI-ANNUAL REPORT
NOVEMBER 28, 1997 (UNAUDITED)
Selected per-share data or a share of beneficial interest outstanding throughout
the periods indicated:
<TABLE>
<CAPTION>
WESTCORE BLUE CHIP FUND
----------------------------------------------------------------------
Six Months
Ended Year Ended
November 28, May 31,
------------ ---------------------------------------------------------
1997 1997 1996 1995 1994 1993
------------ ---------- ---------- ---------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C>
Net asset value - beginning of period $18.15 $17.41 $14.70 $12.70 $13.87 $13.35
- ------------------------------------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.07 0.19 0.25 0.23 0.40 0.34
Net realized and unrealized gain on investments 2.41 3.65 4.03 2.12 0.04 1.13
- ------------------------------------------------------------------------------------------------------------------------------------
Total income from investment operations 2.48 3.84 4.28 2.35 0.44 1.47
- ------------------------------------------------------------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income (0.08) (0.22) (0.27) (0.16) (0.43) (0.21)
Distributions from net realized gain on investments 0.00 (2.88) (1.30) (0.19) (1.18) (0.74)
- ------------------------------------------------------------------------------------------------------------------------------------
Total dividends and distributions to shareholders (0.08) (3.10) (1.57) (0.35) (1.61) (0.95)
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value - end of period $20.55 $18.15 $17.41 $14.70 $12.70 $13.87
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Total return 13.68% 24.28% 30.48% 19.03% 3.12% 11.62%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000 omitted) $63,291 $66,450 $68,286 $52,545 $36,674 $28,176
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets 1.15% 1.15% 1.10% 1.01% 1.06% 0.99%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Ratio of net investment income to average net assets 0.68% 1.02% 1.52% 1.78% 2.30% 2.37%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets without fee waivers 1.21% 1.21% 1.25% 1.06% 1.09% 1.02%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Ratio of net investment income to average net assets
without fee waivers 0.62% 0.97% 1.38% 1.73% 2.27% 2.34%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate (1) 17.20% 43.47% 65.11% 61.72% 41.32% 85.53%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Average commission rate (2) $.0495 $.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 six months ended November 28, 1997
were $10,681,359 and $20,160,355, 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.
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
FINANCIAL HIGHLIGHTS
WESTCORE FUNDS SEMI-ANNUAL REPORT
NOVEMBER 28, 1997 (UNAUDITED)
Selected per-share data for a share of beneficial interest outstanding
throughout the periods indicated:
<TABLE>
<CAPTION>
WESTCORE SMALL-CAP OPPORTUNITY FUND
-------------------------------------------------------------------
Institutional Shares
-------------------------------------------------------------------
Six Months Ended Period Ended
November 28, May 31,
---------------- -------------------------------------------------
1997 1997 1996 1995 1994*
---------------- ---------- ---------- ---------- -----------
<S> <C> <C> <C> <C> <C>
Net asset value - beginning of period $23.87 $21.35 $15.95 $14.97 $15.00
- -------------------------------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.02 0.03 0.04 0.09 0.05
Net realized and unrealized gain (loss) on investments 4.41 3.37 5.86 1.11 (0.05)
- -------------------------------------------------------------------------------------------------------------------------------
Total income (loss) from investment operations 4.43 3.40 5.90 1.20 0.00
- -------------------------------------------------------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income (0.02) (0.02) (0.06) (0.10) (0.03)
Distributions from net realized gain on investments 0.00 (0.86) (0.44) (0.12) 0.00
- -------------------------------------------------------------------------------------------------------------------------------
Total dividends and distributions to shareholders (0.02) (0.88) (0.50) (0.22) (0.03)
- -------------------------------------------------------------------------------------------------------------------------------
Net asset value - end of period $28.28 $23.87 $21.35 $15.95 $14.97
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
Total return 18.57% 16.28% 37.49% 8.15% (0.07%)(3)
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000 omitted) $46,324 $35,962 $23,951 $9,703 $2,159
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets 1.30% 1.30% 1.30% 1.27% 1.38%(3)
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
Ratio of net investment income to average net assets 0.12% 0.11% 0.24% 0.61% 1.00%(3)
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets without fee waivers 1.63% 1.69% 2.20% 2.77% 6.56%(3)
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
Ratio of net investment income to average net assets
without fee waivers (0.20%) (0.28%) (0.67%) (0.89)% (4.18%)(3)
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate (1) 40.85% 77.73% 47.83% 59.17% 64.31%(3)
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
Average commission rate (2) $.0476 $.0480 - - -
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
WESTCORE SMALL-CAP OPPORTUNITY FUND
------------------------------------------
Retail Shares
------------------------------------------
Period Ended
May 31,
------------------------------------------
1996** 1995 1994*
------------ ------------- ------------
<S> <C> <C> <C>
Net asset value - beginning of period $15.95 $14.96 $15.00
- ------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.01 0.06 0.03
Net realized and unrealized gain (loss) on investments 2.25 1.11 (0.04)
- ------------------------------------------------------------------------------------------------------
Total income (loss) from investment operations 2.26 1.17 (0.01)
- ------------------------------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income (0.02) (0.06) (0.03)
Distributions from net realized gain on investments 0.00 (0.12) 0.00
- ------------------------------------------------------------------------------------------------------
Total dividends and distributions to shareholders (0.02) (0.18) (0.03)
- ------------------------------------------------------------------------------------------------------
Net asset value - end of period $18.19 $15.95 $14.96
- ------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------
Total return 14.14% 7.96% (0.22%)(3)
- ------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000 omitted) $1,072 $934 $497
- ------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets 1.48%(3) 1.51% 1.63%(3)
- ------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------
Ratio of net investment income to average net assets 0.16%(3) 0.37% 0.64%(3)
- ------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets without fee waivers 2.53%(3) 3.10% 6.81%(3)
- ------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------
Ratio of net investment income to average net assets
without fee waivers (0.89%)(3) (1.22%) (4.54%)(3)
- ------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------
Portfolio turnover rate (1) 47.83% 59.17% 64.31%(3)
- ----------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------
Average commission rate (2) - - -
- ------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------
</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 six months
ended November 28, 1997 were $20,202,034 and $16,310,310, 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.
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
FINANCIAL HIGHLIGHTS
WESTCORE FUNDS SEMI-ANNUAL REPORT
NOVEMBER 28, 1997 (UNAUDITED)
Selected per-share data for a share of beneficial interest outstanding
throughout the periods indicated:
<TABLE>
<CAPTION>
WESTCORE GROWTH AND INCOME FUND
----------------------------------------------------------------
Institutional Shares
----------------------------------------------------------------
Six Months Year
Ended November 28, Ended May 31,
----------------- --------------------------------------------
1997 1997 1996 1995 1994 1993
------------------ ------- ------- ------- ------- --------
<S> <C> <C> <C> <C> <C> <C>
Net asset value - beginning of period: $13.03 $12.32 $10.50 $10.62 $11.51 $10.99
- ----------------------------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.00 0.07 0.15 0.20 0.51 0.32
Net realized and unrealized gain (loss) on investments 1.57 2.19 2.57 0.15 (0.30) 0.68
- ----------------------------------------------------------------------------------------------------------------------------
Total income (loss) from investment operations 1.57 2.26 2.72 0.35 0.21 1.00
- ----------------------------------------------------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income (0.04) (0.11) (0.24) (0.21) (0.54) (0.20)
Distributions from net realized gain on investments 0.00 (1.44) (0.66) (0.26) (0.56) (0.28)
- ----------------------------------------------------------------------------------------------------------------------------
Total dividends and distributions to shareholders (0.04) (1.55) (0.90) (0.47) (1.10) (0.48)
- ----------------------------------------------------------------------------------------------------------------------------
Net asset value - end of period $14.56 $13.03 $12.32 $10.50 $10.62 $11.51
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
Total return 12.06% 19.71% 27.25% 3.73% 1.71% 9.41%
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000 omitted) $17,111 $20,725 $25,387 $27,029 $42,644 $35,791
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets 1.15% 1.15% 1.22% 1.17% 1.03% 0.99%
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
Ratio of net investment income to average net assets 0.48% 0.75% 1.34% 2.09% 4.45% 2.75%
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets without fee waivers 1.76% 1.56% 1.51% 1.22% 1.06% 1.03%
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
Ratio of net investment income to average net assets
without fee waivers (0.13%) 0.33% 1.05% 2.04% 4.42% 2.71%
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate (1) 17.79% 39.80% 88.31% 81.14% 53.86% 61.24%
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
Average commission rate (2) $.0496 $.0491 - - - -
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
WESTCORE GROWTH AND INCOME FUND
--------------------------------------------
Retail Shares
--------------------------------------------
Period Ended
May 31,
--------------------------------------------
1996** 1995 1994*
------------- ------------- ------------
<S> <C> <C> <C>
Net asset value - beginning of period: $10.51 $10.63 $11.65
- ----------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.05 0.19 0.15
Net realized and unrealized gain (loss) on investments 0.72 0.14 (0.45)
- ----------------------------------------------------------------------------------------------------------
Total income (loss) from investment operations 0.77 0.33 (0.30)
- ----------------------------------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income (0.06) (0.19) (0.16)
Distributions from net realized gain on investments 0.00 (0.26) (0.56)
- ----------------------------------------------------------------------------------------------------------
Total dividends and distributions to shareholders (0.06) (0.45) (0.72)
- ----------------------------------------------------------------------------------------------------------
Net asset value - end of period $11.22 $10.51 $10.63
- ----------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------
Total return 7.35% 3.48% (4.20%)(3)
- ----------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000 omitted) $3,921 $3,871 $4,026
- ----------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets 1.58%(3) 1.41% 1.25%(3)
- ----------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------
Ratio of net investment income to average net assets 1.40%(3) 1.86% 2.12%(3)
- ----------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets without fee waivers 1.61%(3) 1.47% 1.27%(3)
- ----------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------
Ratio of net investment income to average net assets
without fee waivers 1.37%(3) 1.80% 2.09%(3)
- ----------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------
Portfolio turnover rate (1) 88.31% 81.14% 53.86%
- ----------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------
Average commission rate (2) - - -
- ----------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------
</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 six months
ended November 28, 1997 were $3,068,225 and $5,623,444, 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.
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
FINANCIAL HIGHLIGHTS
WESTCORE FUNDS SEMI-ANNUAL REPORT
NOVEMBER 28, 1997 (UNAUDITED)
Selected per-share data for a share of beneficial interest outstanding
throughout the periods indicated:
<TABLE>
<CAPTION>
WESTCORE INTERMEDIATE-TERM BOND FUND
--------------------------------------------------------------
Institutional Shares
--------------------------------------------------------------
Six Months Year
Ended November 28, Ended May 31,
----------------- ------------------------------------------
1997 1997 1996 1995 1994 1993
----------------- ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
Net asset value - beginning of period $10.23 $10.10 $10.27 $10.02 $10.70 $10.14
- -----------------------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.31 0.60 0.60 0.58 0.55 0.67
Net realized and unrealized gain (loss) on investments 0.21 0.13 (0.17) 0.27 (0.52) 0.53
- -----------------------------------------------------------------------------------------------------------------------
Total income (loss) from investment operations 0.52 0.73 0.43 0.85 0.03 1.20
- -----------------------------------------------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income (0.30) (0.60) (0.60) (0.60) (0.53) (0.64)
Distributions from net realized gain on investments 0.00 0.00 0.00 0.00 (0.18) 0.00
- -----------------------------------------------------------------------------------------------------------------------
Total dividends and distributions to shareholders (0.30) (0.60) (0.60) (0.60) (0.71) (0.64)
- -----------------------------------------------------------------------------------------------------------------------
Net asset value - end of period $10.45 $10.23 $10.10 $10.27 $10.02 $10.70
- -----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
Total return 5.16% 7.43% 4.26% 8.93% 0.10% 12.16%
- -----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000 omitted) $52,260 $63,169 $83,039 $97,619 $88,965 $99,469
- -----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets 0.85% 0.85% 0.81% 0.77% 0.68% 0.65%
- -----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
Ratio of net investment income to average net assets 5.78% 5.81% 5.78% 5.86% 5.03% 6.37%
- -----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets
without fee waivers 0.99% 0.97% 0.92% 0.80% 0.70% 0.67%
- -----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
Ratio of net investment income to average net assets
without fee waivers 5.64% 5.68% 5.67% 5.83% 5.00% 6.35%
- -----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate (1) 5.99% 27.47% 71.97% 60.86% 65.04% 87.17%
- -----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
<CAPTION>
WESTCORE INTERMEDIATE-TERM BOND FUND
---------------------------------------
Retail Shares
---------------------------------------
Period Ended
May 31,
---------------------------------------
1996** 1995 1994*
---------- --------- --------
<S> <C> <C> <C>
Net asset value - beginning of period $10.27 $10.03 $10.97
- ---------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.20 0.56 0.34
Net realized and unrealized gain (loss) on investments 0.04 0.26 (0.77)
- ---------------------------------------------------------------------------------------------------
Total income (loss) from investment operations 0.24 0.82 (0.43)
- ---------------------------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income (0.21) (0.58) (0.33)
Distributions from net realized gain on investments 0.00 0.00 (0.18)
- ---------------------------------------------------------------------------------------------------
Total dividends and distributions to shareholders (0.21) (0.58) (0.51)
- ---------------------------------------------------------------------------------------------------
Net asset value - end of period $10.30 $10.27 $10.03
- ---------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------
Total return 2.34% 8.53% (6.33%)(2)
- ---------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000 omitted) $2,781 $2,571 $1,941
- ---------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets 0.95%(2) 0.99% 0.95%(2)
- ---------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------
Ratio of net investment income to average net assets 5.74%(2) 5.64% 4.65%(2)
- ---------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets
without fee waivers 0.97%(2) 1.02% 0.97%(2)
- ---------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------
Ratio of net investment income to average net assets
without fee waivers 5.72%(2) 5.61% 4.63%(2)
- ---------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------
Portfolio turnover rate (1) 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 six months ended November 28, 1997
were $3,195,873 and $14,623,505, 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.
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS WESTCORE FUNDS SEMI-ANNUAL REPORT NOVEMBER 28, 1997 (UNAUDITED)
- ---------------------------------------------------------------------------------------------------------------------------------
Selected per-share data for a share of beneficial interest
outstanding throughout the periods indicated:
WESTCORE LONG-TERM BOND FUND
-----------------------------------------------------------------
Six Months Year
Ended November 28, Ended May 31,
------------------ ---------------------------------------------
1997 1997 1996 1995 1994 1993
------------------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
Net asset value - beginning of period $9.67 $9.59 $9.87 $9.22 $11.25 $10.60
- ---------------------------------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.31 0.62 0.61 0.59 0.62 0.77
Net realized and unrealized gain (loss) on investments 0.69 0.26 (0.27) 0.66 (0.51) 0.99
- ---------------------------------------------------------------------------------------------------------------------------------
Total income from investment operations 1.00 0.88 0.34 1.25 0.11 1.76
- ---------------------------------------------------------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income (0.30) (0.63) (0.62) (0.60) (0.62) (0.78)
Distributions from net realized gain on investments 0.00 (0.17) 0.00 0.00 (1.52) (0.33)
- ---------------------------------------------------------------------------------------------------------------------------------
Total dividends and distributions to shareholders (0.30) (0.80) (0.62) (0.60) (2.14) (1.11)
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value - end of period $10.37 $9.67 $9.59 $9.87 $9.22 $11.25
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
Total return 10.52% 9.40% 3.41% 14.37% (.25%) 17.40%
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000 omitted) $16,850 $20,160 $25,070 $33,440 $26,962 $26,281
- ---------------------------------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets 0.95% 0.95% 0.90% 0.94% 0.89% 0.77%
- ---------------------------------------------------------------------------------------------------------------------------------
Ratio of net investment income to average net assets 5.98% 6.37% 6.07% 6.54% 5.74% 6.63%
- ---------------------------------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets without fee waivers 1.28% 1.15% 1.07% 0.99% 0.92% 0.80%
- ---------------------------------------------------------------------------------------------------------------------------------
Ratio of net investment income to average net assets without
fee waivers 5.65% 6.18% 5.90% 6.49% 5.71% 6.60%
- ---------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate (1) 3.82% 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 six months ended November 28, 1997
were $657,078 and $5,293,776, respectively.
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS WESTCORE FUNDS SEMI-ANNUAL REPORT NOVEMBER 28, 1997 (UNAUDITED)
- ---------------------------------------------------------------------------------------------------------------------------------
Selected per-share data for a share of beneficial interest
outstanding throughout the periods indicated:
WESTCORE COLORADO TAX-EXEMPT FUND
-----------------------------------------------------------------
Six Months Year
Ended November 28, Ended May 31,
------------------ ---------------------------------------------
1997 1997 1996 1995 1994 1993
------------------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
Net asset value - beginning of period $10.78 $10.61 $10.70 $10.52 $10.71 $10.25
- ---------------------------------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.25 0.50 0.52 0.52 0.53 0.57
Net realized and unrealized gain (loss) on investments 0.20 0.17 (0.10) 0.20 (0.19) 0.46
- ---------------------------------------------------------------------------------------------------------------------------------
Total income from investment operations 0.45 0.67 0.42 0.72 0.34 1.03
- ---------------------------------------------------------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income (0.25) (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 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
Total dividends and distributions to shareholders (0.25) (0.50) (0.51) (0.54) (0.53) (0.57)
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value - end of period $10.98 $10.78 $10.61 $10.70 $10.52 $10.71
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
Total return 4.19% 6.46% 3.97% 7.16% 3.22% 10.27%
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000 omitted) $25,489 $21,348 $13,922 $10,792 $10,553 $7,326
- ---------------------------------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets 0.50% 0.50% 0.44% 0.42% 0.27% 0.22%
- ---------------------------------------------------------------------------------------------------------------------------------
Ratio of net investment income to average net assets 4.57% 4.73% 4.87% 5.03% 4.98% 5.45%
- ---------------------------------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets without fee waivers 1.12% 1.21% 1.43% 1.62% 1.59% 1.88%
- ---------------------------------------------------------------------------------------------------------------------------------
Ratio of net investment income to average net assets without
fee waivers 3.94% 4.02% 3.88% 3.83% 3.65% 3.79%
- ---------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate (1) 11.98% 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 six months ended November 28, 1997
were $6,434,464 and $2,748,931, respectively.
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS WESTCORE FUNDS SEMI-ANNUAL REPORT NOVEMBER 28, 1997 (UNAUDITED)
- ---------------------------------------------------------------------------------------------------------------------------------
<S><C>
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.
USE OF ESTIMATES - 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 as of the close of regular trading on the New York Stock Exchange,
currently 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 November 28, 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 $1,751,000 and $23,000, respectively,
which will expire through 2005. During the six months ended November 28, 1997, approximately $39,000 and $6,000 of capital loss
carryovers were utilized from the Westcore Intermediate-Term Bond and Westcore Colorado Tax-Exempt Funds, respectively.
During the six months ended November 28, 1997 the Westcore MIDCO Growth Fund and Westcore Growth and Income Fund had
redemption-in-kind transactions in the amount of $40,663,558 and $4,678,687, respectively, based on the fair value of the individual
securities within the portfolios. These transactions realized a gain of $13,026,054 and $1,655,091, respectively, 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.
SECURITIES LENDING - The Westcore MIDCO Growth, Westcore Blue Chip, Westcore Small-Cap Opportunity and Westcore Growth and
Income Funds loaned securities to certain brokers who paid the Funds negotiated lenders' fees. These fees, net of associated costs,
are included in other income. The Funds receive U.S. Treasury obligations and/or cash as collateral against the loaned securities,
in an amount at least equal to 102% of the market value of the loaned securities at the inception of each loan. This collateral
must be maintained at not less than 100% of the market value of the loaned securities during the period of the loan. As of November
28, 1997, the value of the securities loaned of the Westcore MIDCO Growth, Westcore Blue Chip, Westcore Small-Cap Opportunity and
Westcore Growth and Income Funds amount to $58,460,600, $0, $786,000 and $0, respectively. The value of collateral of the Westcore
MIDCO Growth, Westcore Blue Chip, Westcore Small-Cap Opportunity and Westcore Growth and Income Funds amounted to $59,066,210,
6,146,792,699, and $0, respectively.
ALLOCATION OF INCOME, EXPENSES AND GAINS AND LOSSES - Trust expenses, which are not series specific, are allocated to each
series based upon their relative proportion of net assets and/or open accounts represented by each series. 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.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS WESTCORE FUNDS SEMI-ANNUAL REPORT NOVEMBER 28, 1997 (UNAUDITED)
- ---------------------------------------------------------------------------------------------------------------------------------
<S><C>
2. SHARES OF BENEFICIAL INTEREST
On November 28, 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:
<CAPTION>
WESTCORE MIDCO GROWTH FUND
- ---------------------------------------------------------------------------------------------------------------------------------
Six Months Ended Year Ended
November 28, 1997 May 30, 1997
---------------------- ------------------
<S> <C> <C>
Shares sold 10,666,338 9,603,541
Shares issued in reinvestment of dividends 0 3,872,935
- ---------------------------------------------------------------------------------------------------------------------------------
Total 10,666,338 13,476,476
Shares redeemed (12,097,944) (13,940,907)
- ---------------------------------------------------------------------------------------------------------------------------------
Net decrease in shares (1,431,606) (464,431)
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
WESTCORE BLUE CHIP FUND
Six Months Ended Year Ended
November 28, 1997 May 30, 1997
--------------------- ----------------
Shares sold 536,376 1,224,040
Shares issued in reinvestment of dividends 11,800 529,150
- ---------------------------------------------------------------------------------------------------------------------------------
Total 548,176 1,753,190
Shares redeemed (1,129,360) (2,013,538)
- ---------------------------------------------------------------------------------------------------------------------------------
Net decrease in shares (581,184) (260,348)
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
WESTCORE SMALL-CAP
OPPORTUNITY FUND
Six Months Ended Year Ended
November 28, 1997 May 30, 1997
--------------------- ----------------
Shares sold 247,068 678,008
Shares issued in reinvestment of dividends 872 46,681
- ---------------------------------------------------------------------------------------------------------------------------------
Total 247,940 724,689
Shares redeemed (116,639) (339,754)
- ---------------------------------------------------------------------------------------------------------------------------------
Net increase in shares 131,301 384,935
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS WESTCORE FUNDS SEMI-ANNUAL REPORT NOVEMBER 28, 1997 (UNAUDITED)
- ---------------------------------------------------------------------------------------------------------------------------------
<S><C>
2. SHARES OF BENEFICIAL INTEREST (CONTINUED)
<CAPTION>
WESTCORE GROWTH AND INCOME FUND
- ---------------------------------------------------------------------------------------------------------------------------------
Six Months Ended Year Ended
November 28, 1997 May 30, 1997
---------------------- ------------------
<S> <C> <C>
Shares sold 114,854 427,351
Shares issued in reinvestment of dividends 2,900 181,615
- ---------------------------------------------------------------------------------------------------------------------------------
Total 117,754 608,966
Shares redeemed (532,677) (1,078,894)
- ---------------------------------------------------------------------------------------------------------------------------------
Net decrease in shares (414,923) (469,928)
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
WESTCORE INTERMEDIATE-TERM BOND FUND
- ---------------------------------------------------------------------------------------------------------------------------------
Six Months Ended Year Ended
November 28, 1997 May 30, 1997
--------------------- ----------------
Shares sold 638,908 1,716,627
Shares issued in reinvestment of dividends 127,062 339,628
- ---------------------------------------------------------------------------------------------------------------------------------
Total 765,970 2,056,255
Shares redeemed (1,938,283) (4,107,727)
- ---------------------------------------------------------------------------------------------------------------------------------
Net decrease in shares (1,172,313) (2,051,472)
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
WESTCORE LONG-TERM BOND FUND
- ---------------------------------------------------------------------------------------------------------------------------------
Six Months Ended Year Ended
November 28, 1997 May 30, 1997
--------------------- ----------------
Shares sold 64,284 385,322
Shares issued in reinvestment of dividends 49,373 179,905
- ---------------------------------------------------------------------------------------------------------------------------------
Total 113,657 565,227
Shares redeemed (575,004) (1,094,841)
- ---------------------------------------------------------------------------------------------------------------------------------
Net decrease in shares (461,347) (529,614)
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS WESTCORE FUNDS SEMI-ANNUAL REPORT NOVEMBER 28, 1997 (UNAUDITED)
- ----------------------------------------------------------------------------------------------------------------------------------
<S><C>
2. SHARES OF BENEFICIAL INTEREST (CONTINUED)
<CAPTION>
WESTCORE COLORADO TAX-EXEMPT FUND
- ---------------------------------------------------------------------------------------------------------------------------------
Six Months Ended Year Ended
November 28, 1997 May 30, 1997
--------------------- ----------------
<S> <C> <C>
Shares sold 440,676 791,641
Shares issued in reinvestment of dividends 36,472 57,178
- ----------------------------------------------------------------------------------------------------------------------------------
Total 477,148 848,819
Shares redeemed (136,441) (179,890)
- ----------------------------------------------------------------------------------------------------------------------------------
Net increase in shares 340,707 668,929
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
3. UNREALIZED GAINS AND LOSSES ON INVESTMENTS
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 November 28, 1997
Gross appreciation (excess of
value over cost) $184,970,512 $21,347,990 $10,682,845 $6,062,814
Gross depreciation (excess of
cost over value) (20,809,138) (795,004) (834,888) (176,917)
- --------------------------------------------------------------------------------------------------------------------------------
Net unrealized appreciation $164,161,374 $20,552,986 $9,847,957 $5,885,897
- --------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Westcore Westcore Westcore
Intermediate- Long-Term Colorado
Term Bond Bond Tax-Exempt
Fund Fund Fund
------------ --------- ----------
<S> <C> <C> <C>
As of November 28, 1997
Gross appreciation (excess of
value over cost) $1,418,892 $1,542,560 $825,829
Gross depreciation (excess of
cost over value) (58,474) (15,999) (3,020)
- --------------------------------------------------------------------------------------------------------------------------------
Net unrealized appreciation $1,360,418 $1,526,561 $822,809
- --------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
- -------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
WESTCORE FUNDS SEMI-ANNUAL REPORT NOVEMBER 28, 1997 (UNAUDITED)
- -------------------------------------------------------------------------------
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.
Effective October 1, 1995, ALPS and DIA entered into an 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.
The Co-Administrators and the Investment Adviser have advised the Trust
that they currently intend to waive fees or reimburse expenses with respect
to each of the Funds so that the Total Operating Expenses of the Westcore
MIDCO Growth, Westcore Blue Chip, Westcore Small-Cap Opportunity, Westcore
Growth and Income, Westcore Intermediate-Term, Westcore Long-Term Bond and
Westcore Colorado Tax-Exempt Funds will not exceed 1.15%, 1.15%, 1.30%,
1.15%, 0.85%, 0.95% and 0.50%, respectively. Without such fee waivers, for
the period ended November 28, 1997, the Total Operating Expenses of the
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 would be 1.21%, 1.63%, 1.76%, 0.99%, 1.28% and
1.12%, respectively.
Certain officers of the Funds are also officers of DIA. 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.
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
November 28, 1997, constituted 42.16% of Westcore MIDCO Growth Fund, 78.74%
of Westcore Blue Chip Fund, 73.65% of Westcore Small-Cap Opportunity Fund,
45.02% of Westcore Growth and Income Fund, 85.64% of Westcore
Intermediate-Term Bond Fund, 79.47% of Westcore Long-Term Bond Fund and
49.58% of Westcore Colorado Tax-Exempt Fund.
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS WESTCORE FUNDS SEMI-ANNUAL REPORT NOVEMBER 28, 1997 (UNAUDITED)
- ----------------------------------------------------------------------------------------------------------------------------------
<S><C>
5. RESTRICTED SECURITIES
The Westcore Growth and Income, Westcore Intermediate-Term Bond and Westcore Long-Term Bond Funds own restricted securities.
Restricted securities amount to 4.07%, 3.31% and 2.09% of the Westcore Growth and Income, Westcore Intermediate-Term Bond and
Westcore Long-Term Bond Funds' Net Assets, respectively, at November 28, 1997 and are listed below.
<CAPTION>
Acquisition Cost Valuation per Unit as Fair Value as
Security Date per Unit of November 28, 1997 of November 28, 1997
-------- ---- -------- -------------------- --------------------
<S> <C> <C> <C> <C>
Westcore Growth and Income Fund
-------------------------------
CUC International Inc, 3.00%, 02/15/02, SD 02/07/97 $100.00 $113.00 $226,000
Philip Services Corp 10/16/96 $8.35 $15.8125 $371,593
Premiere Technologies Inc, 5.75%, 07/01/04, SD 6/26/97 $100.00 $99.375 $99,375
------------
Total $696,968
------------
------------
Westcore Intermediate-Term Bond Fund
- ------------------------------------
Corporate Property Investors,
7.75%, 08/15/04 06/20/96 $100.102 $105.359 $632,152
Jet Equipment Trust,
7.83%, 02/15/15 07/01/95 $100.00 $107.210 $1,098,664
------------
Total $1,730,816
------------
------------
Westcore Long-Term Bond Fund
- ----------------------------
Jet Equipment Trust,
7.83%, 02/15/15 07/01/95 $100.00 $107.210 $356,048
------------
Total $356,048
------------
------------
</TABLE>
<PAGE>
Westcore Officers
and Trustees:
Jack D. Henderson, Chairman
McNeil S. Fiske, Trustee
James B. O'Boyle, Trustee
Lyman E. Seely, Trustee
Robert L. Stamp, Trustee
Kenneth V. Penland, President
Jasper R. Frontz, Treasurer
Chad S. Christensen, Asst. Treasurer
W. Bruce McConnel, III, Secretary
[LOGO]
370 17th Street
Suite 3100
Denver, CO 80202
1-800-392-CORE (2673)
www.westcore.com
Funds distributed by ALPS Mutual Funds Services, Inc., member NASD.
