<PAGE> 1
WESTCORE FUNDS
SEMI-ANNUAL REPORT
NOVEMBER 30, 1999
WESTCORE EQUITY FUNDS
Westcore MIDCO Growth Fund
Westcore Growth and Income Fund
Westcore Small-Cap Growth Fund
Westcore Select Fund
Westcore Blue Chip Fund
Westcore Mid-Cap Opportunity Fund
Westcore Small-Cap Opportunity Fund
WESTCORE BOND FUNDS
Westcore Long-Term Bond Fund
Westcore Intermediate-Term Bond Fund
Westcore Colorado Tax-Exempt Fund
Westcore Funds are managed by Denver Investment Advisors LLC.
<PAGE> 2
WESTCORE FUNDS
November 30, 1999
Dear Fellow Shareholders:
THIS MAY BE OUR LAST WORD ON A BROADENING STOCK MARKET
In our last two reports, we discussed the possibility that the market would
broaden to include better performance for more stocks. As most investors are
aware, in the last few years the bull market has been led by a handful of large
growth stocks resulting in capitalization-weighted indexes, like the S&P 500,
providing the best performance. In fact, about the only way to beat this index
was to own a portfolio concentrated in the few leaders or concentrated in
technology stocks. It's not much of an overstatement to say that during the bull
market in these few stocks, a bear market was in place for many more stocks.
While providing reasonable absolute returns, many investments, especially
value-oriented portfolios across all capitalization ranges, have had difficulty
keeping up.
In our May report, we observed a change that began in April, with very good
performance for value and cyclical stocks as well as small- and mid-cap stocks.
Since April, small- and mid-cap growth stocks have continued to perform well,
but cyclical and value stocks have fallen back. The initial move toward a
broader market has dropped the S&P 500 from the front to the middle of the pack
for year-to-date performance in the list of indexes that includes a variety of
investment styles. Some excellent stock selection and the broadening environment
led to improved performance for several of our funds, especially the Westcore
MIDCO Growth Fund.
AN EVOLUTION NOT A REVOLUTION
History provides many examples of unhappy endings for markets where
performance was concentrated in a few names with high valuations. A notable
example was the "nifty fifty" era of 1972-73, which was followed by a major
market decline (revolution) in 1974, especially in the leaders of those years.
We believe it is possible for the market to broaden without requiring a
revolution or correction in the leaders. We foresee the possibility for an
evolution. The leaders are, by and large, great businesses with outstanding
financial characteristics by almost any measure, such as growth and return on
investment, and are generally superior to the prior "nifty fifty".
Nonetheless, the performance of the current leaders has been driven by
one-part strong fundamentals and two-parts higher valuations. The high
valuations are justified by low inflation and the companies' above average
growth. A challenging question is that if a company's absolute multiple has
tripled, and its relative multiple has doubled, what are the chances of this
repeating? In our view, not high, even though we see nothing on the horizon to
change the favorable economic environment of productivity-led growth with
moderate inflation. We expect an evolution where valuations are generally
maintained for current leaders, and the market broadens to include a variety of
other companies.
The Westcore Fund Family is well positioned with research-driven equity
funds, investing in either small-, mid- or large-cap companies and providing
exposure to either growth or value stocks. Westcore also offers fixed-income
funds and a double tax-exempt fund for Colorado investors. Westcore's diverse
offering of funds provides investors an opportunity to take advantage of a
broadening market, and to meet multiple investment objectives.
NEW FUNDS INCREASE OPPORTUNITIES
In October, we introduced the Westcore Small-Cap Growth Fund and the
Westcore Select Fund, and in December, we began the Westcore International
Frontier Fund. Each of the funds will be managed by our research-intensive
investment approach and provide investors exposure to three interesting market
sectors. Westcore Small-Cap Growth Fund will take advantage of the small-cap
growth sector, which continually
1
<PAGE> 3
provides opportunities to discover and invest in small, exciting companies with
excellent growth potential. Westcore Select Fund will be a more concentrated
portfolio with the flexibility to move across all capitalization and style
ranges to find the best current investments. Westcore International Frontier
Fund will invest in international, small-cap growth companies, which provide the
same benefits as U.S. small-cap growth companies and is a market sector that we
believe is under-exploited.
As we look forward to a prosperous new year, we thank you for your
continued investment in Westcore.
Sincerely
[PHOTO]
/s/ JACK D. HENDERSON
------------------------------------
Jack D. Henderson
Chairman
[PHOTO]
/s/ KENNETH V. PENLAND
------------------------------------
Kenneth V. Penland, CFA
President
[PHOTO]
This report has been prepared for Westcore shareholders and may be distributed
to others only if preceded or accompanied by a prospectus.
Photograph subject: Notch Mountain, Holy Cross Wilderness, Sawatch Mountains,
Colorado
Photographer: Eric Wunrow
2
<PAGE> 4
WESTCORE FUNDS
MANAGER'S OVERVIEW
SEMI-ANNUAL REPORT NOVEMBER 30, 1999
WESTCORE MIDCO GROWTH FUND
FUND OBJECTIVE: Seeks to maximize long-term capital appreciation by investing
primarily in medium-sized growth companies.
Q. HOW DID THE FUND PERFORM?
A. Our portfolio did well. It was up 23.05% for the first six months compared
to the Russell Midcap Growth Index, which was up 20.83%.
Q. TO WHAT DO YOU ATTRIBUTE THIS OUTPERFORMANCE OF THE INDEX?
A. Technology stocks account for most of our gains. I used to think of
technology as an industry, but today it is a broad economic sector with
many industries such as semiconductors, networking equipment, software,
computer hardware, wireless equipment and the "dot.com" companies.
Q. HAS YOUR PORTFOLIO COMPOSITION CHANGED?
A. At the moment, companies in the technology sector make up 50% of our
portfolio. The remaining 50% of the portfolio is comprised primarily of
stocks in Healthcare, Retail and Media.
Today there is another way to think about the portfolio structure. Every
stock can be classified as a participant in the "new economy" or the "old
economy." New economy stocks are building the digital communication system
and/or using the Internet to do business in different ways. An example of a
new economy stock is JDS Uniphase, a stock we have owned for several years.
It is the leading supplier of passive and active components needed for
moving data by glass fiber. We do own some old economy stocks. An example
would be Family Dollar Stores, a small "brick and mortar" retailer of
low-priced goods.
Q. TECHNOLOGY COMPANIES HAVE BEEN WIDELY TALKED ABOUT AS HAVING HIGH
VALUATIONS. WHAT IS YOUR TAKE ON THAT?
A. Valuation of new economy companies should certainly be at the top of
investors' minds. The valuation multiples are being valued as high as 30
times next year's revenues -- and the companies earn little or no money.
Instead, they are trying to become the "gorillas" in their respective
spaces, postponing profitability to obtain market dominance. They hope to
earn money after they have established their quasi monopoly.
These are the types of companies that provide much of our
performance -- and for that matter, the performance of most money managers
in the last year. It creates a large challenge for my analytical team and
me. At some point, these valuations will compress, but nobody knows when
this will really be.
This compression in valuation could also happen quickly. Of course, a quick
drop in valuation might be a buying opportunity and not a sign this period
of super-high valuations has ended.
Q. WHAT IS YOUR OUTLOOK?
A. Overall positive. We acknowledge we can't identify where each stock will
hit the top of its run, but we are looking hard for signs of business
slowing. We have a well-diversified portfolio including some old economy
stocks selling at reasonable multiples. I think it's important to remind
our shareholders to control risk within their own portfolios by
diversifying their mutual fund investments by owning several with different
styles that fulfill their objectives.
3
<PAGE> 5
WESTCORE FUNDS
MANAGER'S OVERVIEW
SEMI-ANNUAL REPORT NOVEMBER 30, 1999 -- (CONTINUED)
WESTCORE MIDCO GROWTH FUND
AVERAGE ANNUAL TOTAL RETURNS
<TABLE>
<CAPTION>
SINCE
INCEP.
PERIOD ENDED 6 MONTH 1 YEAR 5 YEAR 10 YEAR 8/1/86
- ------------ ------- ------ ------ ------- ------
<S> <C> <C> <C> <C> <C>
11/30/99 23.05% 43.97% 20.36% 18.16% 16.44%
12/31/99 42.44% 59.31% 24.66% 20.58% 18.08%
</TABLE>
- ---------------
Average annual total returns reflect reinvestment of all dividends, capital
gains distributions, all fee waivers in effect and any expense reimbursements.
Without the fee waivers and expense reimbursements, the total return figures
would have been lower. Fund inception date is 8/1/86. Past performance is not
indicative of future results. Principal value may fluctuate and shares, when
redeemed, may be worth more or less than their original cost.
WESTCORE MIDCO GROWTH FUND
SECTOR PROFILE AS A PERCENT OF NET ASSETS FOR NOVEMBER 30, 1999
[GRAPH]
WESTCORE MIDCO GROWTH FUND
TOP 10 EQUITY HOLDINGS AS OF NOVEMBER 30, 1999
- JDS Uniphase Corp.
- Legato Systems Inc.
- Westwood One Inc.
- Ciena Corp.
- USA Networks Inc.
- Nextel Communications Inc. -- Class A
- TV Guide Inc. -- Class A
- AES Corp.
- Biogen Inc.
- Tandy Corp.
4
<PAGE> 6
WESTCORE FUNDS
MANAGER'S OVERVIEW
SEMI-ANNUAL REPORT NOVEMBER 30, 1999 -- (CONTINUED)
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN WESTCORE MIDCO GROWTH
FUND, THE RUSSELL MIDCAP GROWTH INDEX, S&P 400 AND MID-CAP GROWTH CATEGORY
AVERAGE
[GRAPH]
Please Note: Performance calculations are as of the end of November each year.
Past performance is not indicative of future results. Fund inception date is
8/1/86. Westcore MIDCO Growth Fund's relative index has changed from the S&P 400
to the Russell Midcap Growth Index as a better comparable measure to the Fund's
investment objective.
Source: Morningstar
Although data are gathered from reliable sources, Morningstar cannot guarantee
completeness and accuracy.
The Russell Midcap Growth Index measures the performance of those Russell Midcap
companies with higher price-to-book ratios and higher forecasted growth values
in the Russell 1000 Index. The S&P 400 Mid-Cap Index is a broad-based
measurement of changes in stock market conditions based on the average
performance of 400 middle capitalization issues. It is an unmanaged index.
Morningstar Category averages reflect the performance of mutual funds with the
same Morningstar Category. The Morningstar Category identifies funds based on
their actual investment styles as measured by their underlying portfolio
holdings (portfolio statistics and composition over the past three years). As of
November 30, 1999, the Mid-Cap Growth Category included 391 mutual funds.
[PHOTO]
/s/ TODGER ANDERSON
------------------------------------
Todger Anderson, CFA
Portfolio Manager, Westcore MIDCO
Growth Fund
5
<PAGE> 7
WESTCORE FUNDS
MANAGER'S OVERVIEW
SEMI-ANNUAL REPORT NOVEMBER 30, 1999 -- (CONTINUED)
WESTCORE GROWTH AND INCOME FUND
FUND OBJECTIVE: Seeks to maximize long-term total return by investing in equity
securities selected for their growth potential and income-producing abilities.
Q. HOW DID THE FUND PERFORM?
A. For the six-months ended November 30, 1999, Westcore Growth and Income
Fund's total return was 19.59%. In comparison, the Standard & Poor's 500
Index returned 7.36%.
Q. WHAT FACTORS AFFECTED THE FUND'S PERFORMANCE?
A. We made two key strategic decisions. First, we increased the exposure to
technology stocks. Second, we increased our exposure to medium-sized growth
companies. Towards the end of 1998, we had more large-cap stocks because
that was the area of the market that was expected to do best. As 1999
progressed, we determined that mid-cap stocks were more attractively
valued.
As it turned out, we were "two for two," because tech stocks were very
strong, and medium-sized companies generally outperformed large-cap stocks.
These two tactical decisions improved the Fund's performance over the past
six months.
Q. HOW DO YOU SELECT STOCKS?
A. We look at companies with strong earnings growth, exciting products and
quality management -- companies that can participate in a rapidly growing
area of the economy. Our research analysts visit many companies and meet
with management to assess the likelihood that a company can meet its goals
and flourish in their competitive environment.
Q. WHAT STOCKS PERFORMED WELL DURING THE PERIOD?
A. Cisco Systems, a dominant player in the growth of the Internet, rose 64%
during the six-month period. Cisco Systems is a leading producer of
routers, which is technology that, for example, directs e-mail to a given
computer. A second example is Nokia, a leading manufacturer of cellular
telephones, which rose 94%. Nokia continues to develop new products with
increased functionality.
Q. SINCE TECHNOLOGY HAS DONE SO WELL, WHY NOT FOCUS EVEN MORE THERE?
A. Part of a portfolio manager's job is to manage risk as well as return.
Currently, more than 35% of the portfolio is invested in technology, which
is significantly more than the S&P 500 Index. And while it's true that
technology has had a great run, it would be imprudent to boost the
allocation higher. At some point, we know that technology's dominance is
going to subside. Over the past few years, we've seen technology have its
ups and downs. To balance risk and reward, we want to have a major exposure
to technology, but not go overboard.
Q. WHAT WOULD YOU SAY HAS BEEN A DISAPPOINTMENT?
A. Drug stocks have been disappointing. For instance, Merck has been adversely
affected by concerns that Medicare prescription benefits would be expanded.
In effect, that would give the government the power to dictate prices to
the drug companies. This has lead to lowered expectations for Merck's
earnings growth. However, we believe that the pharmaceutical industry is
ultimately a solution to rising health care costs, not the problem. It's
certainly cheaper to buy prescription antibiotics than to spend a week in
the hospital fighting an infection. Therefore, we are maintaining exposure
to this sector and remain optimistic about this industry's long-term growth
prospects.
Q. WHAT IS YOUR CURRENT OUTLOOK?
A. The current environment of low inflation and strong economic growth remains
a positive for stocks. The Federal Reserve Board has raised interest rates
to stave off inflation -- but a recession is not in sight.
6
<PAGE> 8
WESTCORE FUNDS
MANAGER'S OVERVIEW
SEMI-ANNUAL REPORT NOVEMBER 30, 1999 -- (CONTINUED)
Because so many groups of stocks have not participated in the latest rally,
there is bound to be some rotation out of technology and into these other
groups. Since there is no way of knowing when this will happen, we think our
approach of having a diversified portfolio bodes well for the Fund.
WESTCORE GROWTH AND INCOME FUND
AVERAGE ANNUAL TOTAL RETURNS
<TABLE>
<CAPTION>
SINCE
INCEP.
PERIOD ENDED 6 MONTH 1 YEAR 5 YEAR 10 YEAR 6/1/88
- ------------ ------- ------ ------ ------- ------
<S> <C> <C> <C> <C> <C>
11/30/99 19.59% 34.61% 21.03% 13.59% 13.88%
12/31/99 30.51% 46.16% 24.50% 15.11% 15.32%
</TABLE>
- ---------------
Average annual total returns reflect reinvestment of all dividends, capital
gains distributions, all fee waivers in effect and any expense reimbursements.
Without the fee waivers and expense reimbursements, the total return figures
would have been lower. Fund inception date is 6/1/88. Past performance is not
indicative of future results. Principal value may fluctuate and shares, when
redeemed, may be worth more or less than their original cost.
This Fund participates in the Initial Public Offering (IPO) market, and a
significant portion of the fund's returns have been attributable to its
investment in IPOs, which in turn have had a magnified impact due to the fund's
relatively small asset base. As the Fund's assets continue to grow, it will be
increasingly less likely to experience substantially similar performance by
investing in IPOs.
WESTCORE GROWTH AND INCOME FUND SECTOR PROFILE AS A PERCENT OF NET ASSETS FOR
NOVEMBER 30, 1999
[GRAPH]
WESTCORE GROWTH AND INCOME FUND
TOP 10 EQUITY HOLDINGS AS OF NOVEMBER 30, 1999
- Oracle Corp.
- AES Corp.
- General Electric Co.
- Omnicom Group Inc.
- Microsoft Corp.
- Cisco Systems Inc.
- General Motors Corp. -- Class H
7
<PAGE> 9
WESTCORE FUNDS
MANAGER'S OVERVIEW
SEMI-ANNUAL REPORT NOVEMBER 30, 1999 -- (CONTINUED)
- Akamai Technologies Inc.
- Wal-Mart Stores Inc.
- Intel Corp.
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN WESTCORE GROWTH AND
INCOME FUND, THE S&P 500 INDEX AND LARGE BLEND CATEGORY AVERAGE
[GRAPH]
Please Note: Performance calculations are as of the end of November each year.
Past performance is not indicative of future results. Fund inception date is
6/1/88.
Source: Morningstar
Although data are gathered from reliable sources, Morningstar cannot guarantee
completeness and accuracy.
The S&P 500 Index is a broad-based measurement of changes in stock market
conditions based on the average performance of 500 widely held common stocks. It
is an unmanaged index.
Morningstar Category averages reflect the performance of mutual funds with the
same Morningstar Category. The Morningstar Category identifies funds based on
their actual investment styles as measured by their underlying portfolio
holdings (portfolio statistics and composition over the past three years). As of
November 30, 1999, the Large Blend Category included 935 mutual funds.
[PHOTO]
/s/ MILFORD H. SCHULHOF, II
------------------------------------
Milford H. Schulhof, II
Portfolio Manager, Westcore Growth
and
Income Fund
8
<PAGE> 10
WESTCORE FUNDS
MANAGER'S OVERVIEW
SEMI-ANNUAL REPORT NOVEMBER 30, 1999 -- (CONTINUED)
WESTCORE SMALL-CAP GROWTH FUND
FUND OBJECTIVE: Seeks long-term growth of capital primarily through investments
in small companies with growth potential.
Q. SINCE THE FUND IS NEW AS OF OCTOBER 1, 1999, LET'S FIRST DISCUSS YOUR
INVESTMENT OBJECTIVE AND STRATEGY.
A. Our goal is long-term capital appreciation by investing in companies with
market capitalizations between $100 million and $2.5 billion. A growth
company would be one with 20% annual growth in sales and earnings -- and,
preferably, positive momentum. If it's an Internet company with great sales
growth but losses, then we would need to see those losses narrow as the
company drives towards profitability. For liquidity purposes, we prefer
companies with trading volume of at least 125,000 shares per day.
Q. HOW WOULD YOU DESCRIBE THE PORTFOLIO CURRENTLY?
A. The portfolio currently includes 27 stocks, so it is fairly focused. Our
goal is to own the best companies in the best industries, and we do not
attempt to match industry weightings with an index or benchmark, which in
our case is the Russell 2000 Index. Currently, we have a significant
percentage of holdings in biotech, telecommunications and technology. We
are active investors in initial public offerings (IPOs). As of November 30,
1999, 40.75% of the portfolio was in cash and cash equivalents. This is a
result of steady inflows into the Fund paired with our patience for the
right buying opportunities. I expect this to decline by the end of our
fiscal year.
Q. HOW HAVE YOU BEEN DOING AGAINST THE RUSSELL 2000?
A. From October 1 through November 30, 1999, Westcore Small-Cap Growth Fund
was up 102.9%. In comparison, the Russell 2000 Index was up 6.41%. This
outperformance is coming in part from being invested in technology IPOs
such as Sycamore, Interwoven and Finisar. Sycamore facilitates high-speed
traffic over fiber-optic networks used by the major telecommunications
companies. Interwoven is a software company that helps companies manage
their customer data. Finisar helps companies store data more efficiently.
These companies are selling at extremely high valuations. However, the
market is currently driven by positive and negative information flow, not
traditional measures such as price-earnings ratios. We think investors
should understand that these kinds of IPO returns -- 100% gains or more in
a matter of weeks -- are not typical.
Q. DO YOU HAVE ACCESS TO IPO OPPORTUNITIES THAT THE AVERAGE INDIVIDUAL
INVESTOR WOULDN'T HAVE?
A. Yes, because we maintain a business relationship with the major investment
banking houses on Wall Street. They provide us with research, including
access to companies that they are taking public. In the current frothy IPO
market, this access is critical. Rather than wait a year or two until they
produce a track record or obtain interim financing, some companies are
coming public today without profits -- or even revenues in some cases.
Q. BESIDES THE IPO MARKET, WHERE ELSE HAVE YOU GENERATED GOOD RESULTS?
A. One major beneficiary of the Internet boom is radio. Westwood One, a major
radio network, has benefited greatly from "dot.com" advertising this year.
It is ironic, but these "new media" Internet companies are going to
traditional media to get their message across. Radio has advantages over
television and print as an ad medium, because radio is less expensive and
easier to target a particular audience.
Q. WHERE HAVE YOU BEEN DISAPPOINTED?
A. Our energy investments have not done as well as expected, primarily because
of unseasonably warm fall weather throughout the U.S. Another holding has
done poorly in part because a prominent investment
9
<PAGE> 11
WESTCORE FUNDS
MANAGER'S OVERVIEW
SEMI-ANNUAL REPORT NOVEMBER 30, 1999 -- (CONTINUED)
newsletter recommended that its clients sell the stock short. But these are
minor negatives, considering the fund's performance.
Q. HAVE YOU MET WITH THE MANAGEMENT OF ALL THE COMPANIES IN YOUR PORTFOLIO?
A. We speak to the management of all the companies we invest in and meet with
most of them in person. You can learn a lot from these meetings. People can
convey confidence, concern or hesitation that you can't get through written
or financial reports. Recently, we met with the top executive of a company
who was visibly nervous when we asked him about a planned diversification.
We concluded that he was uncomfortable with his decision and did not invest
in his company.
Q. WHAT IS YOUR CURRENT OUTLOOK FOR THE SMALL-CAP MARKET?
A. The current state of affairs -- in which companies with no earnings do much
better than those with profits -- is unlikely to continue. But overall, we
are bullish on the small-cap market. The Federal Reserve Board continues to
manage the economy for continued growth and low inflation. But even if
there happened to be a market correction, we would see that as a buying
opportunity.
WESTCORE SMALL-CAP GROWTH FUND
AVERAGE ANNUAL TOTAL RETURNS
<TABLE>
<CAPTION>
SINCE
INCEP.
PERIOD ENDED 6 MONTH 1 YEAR 5 YEAR 10 YEAR 10/1/99
- ------------ ------- ------ ------ ------- -------
<S> <C> <C> <C> <C> <C>
11/30/99 N/A N/A N/A N/A 102.90%
12/31/99 N/A N/A N/A N/A 136.60%
</TABLE>
- ---------------
Average annual total returns reflect reinvestment of all dividends, capital
gains distributions, all fee waivers in effect and any expense reimbursements.
Without the fee waivers and expense reimbursements, the total return figures
would have been lower. Fund inception date is 10/1/99. Past performance is not
indicative of future results. Principal value may fluctuate and shares, when
redeemed, may be worth more or less than their original cost.
This Fund participates in the Initial Public Offering (IPO) market, and a
significant portion of the fund's returns have been attributable to its
investment in IPOs, which in turn have had a magnified impact due to the fund's
relatively small asset base. As the Fund's assets continue to grow, it will be
increasingly less likely to experience substantially similar performance by
investing in IPOs.
WESTCORE SMALL-CAP GROWTH FUND
SECTOR PROFILE AS A PERCENT OF NET ASSETS FOR NOVEMBER 30, 1999
[GRAPH]
10
<PAGE> 12
WESTCORE FUNDS
MANAGER'S OVERVIEW
SEMI-ANNUAL REPORT NOVEMBER 30, 1999 -- (CONTINUED)
WESTCORE SMALL-CAP GROWTH FUND
TOP 10 EQUITY HOLDINGS AS OF NOVEMBER 30, 1999
- Interwoven Inc.
- Cobalt Networks Inc.
- Finisar Corp.
- iManage Inc.
- Advanced Digital Information
- USInternetworking Inc.
- Michaels Stores Inc.
- BindView Development Corp.
- PE Corp. -- Celera Genomics Group
- Powerwave Technologies Inc.
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN WESTCORE SMALL-CAP GROWTH
FUND, THE RUSSELL 2000 INDEX AND SMALL-CAP GROWTH CATEGORY AVERAGE
[GRAPH]
Please Note: Performance calculations are as of the end of November each year.
Past performance is not indicative of future results. Fund inception date is
10/1/99.
Fund Data Source: ALPS Mutual Funds Services, Inc.
Index and Category Data Source: Morningstar
Although data are gathered from reliable sources, Morningstar cannot guarantee
completeness and accuracy.
The Russell 2000 Index is an unmanaged index that measures the performance of
the 2,000 smallest companies in the Russell 3000 Index, which represents
approximately 11% of the total market capitalization of the Russell 3000 Index.
11
<PAGE> 13
WESTCORE FUNDS
MANAGER'S OVERVIEW
SEMI-ANNUAL REPORT NOVEMBER 30, 1999 -- (CONTINUED)
Morningstar Category averages reflect the performance of mutual funds with the
same Morningstar Category. The Morningstar Category identifies funds based on
their actual investment styles as measured by their underlying portfolio
holdings (portfolio statistics and composition over the past three years). As of
November 30, 1999, the Small-Cap Growth Category included 384 mutual funds.
[PHOTO]
/s/ JOHN N. KARNS
------------------------------------
John N. Karns
Portfolio Manager,
Westcore Small-Cap Growth Fund
12
<PAGE> 14
WESTCORE FUNDS
MANAGER'S OVERVIEW
SEMI-ANNUAL REPORT NOVEMBER 30, 1999 -- (CONTINUED)
WESTCORE SELECT FUND
FUND OBJECTIVE: Seeks long-term growth of capital primarily through investments
in companies of any size selected for their growth potential.
Q. SINCE THE FUND IS NEW AS OF OCTOBER 1, 1999, LET'S FIRST DISCUSS YOUR
INVESTMENT STRATEGY.
A. This is a concentrated portfolio of 20 to 35 stocks with an emphasis on
emerging sectors and themes of the market that are expected to be in vogue.
Sectors that are not currently being emphasized are those that are out of
favor such as banks and insurance companies. Our goal is to outperform the
Standard & Poor's 500 Index, although no attempt is made to match the index
in terms of sectors or market capitalization.
Q. HOW HAS THE FUND PERFORMED?
A. From October 1 through November 30, 1999, Westcore Select Fund was up
57.10%. In comparison, the S&P 500 Index was up 8.49% during the same time
period. One reason for the outperformance is that we began the Fund on
October 1 with 100% cash. The market was near a low at that point, so we
had a lot of buying power at the right time and found some interesting
companies. We were also helped meaningfully by investing in selected
initial public offerings (IPOs). One example is Martha Stewart Living
Omnimedia, the creator of "how to" content and related products for
homemakers, which leverages the Martha Stewart brand name across a range of
media and retail outlets. We participated when the company went public in
October at $18 and sold it soon after that at $38, because we believed that
the company was overvalued. The stock was at $30 on November 30.
Q. DO YOU HAVE ACCESS TO IPO OPPORTUNITIES THAT THE AVERAGE INDIVIDUAL
INVESTOR WOULDN'T HAVE?
A. Yes, because we maintain a business relationship with the major investment
banking houses on Wall Street. They provide us with research, including
access to companies that they are taking public. In the current frothy IPO
market, this access is critical.
Q. DESCRIBE THE FUND'S LARGEST HOLDING AT NOVEMBER 30, 1999.
A. In early November, we purchased shares in ProsoftTraining.com, which offers
Internet training and certification programs to individuals and
corporations. The company is profitable, unlike most Internet-related
companies, but it isn't well known on Wall Street. We think that the
company's shares have substantial upside potential based on its recent
growth in revenues and earnings.
Q. WHAT WAS ANOTHER BIG WINNER DURING THE PERIOD?
A. Another successful holding was Westwood One, a leading radio network, which
is benefiting from the surge in "dot.com" advertising. Nearly half of all
Internet advertising is on radio, because it is inexpensive and easily
targeted to specific demographics.
Q. WHAT HAS BEEN A PARTICULAR CHALLENGE FOR YOU?
A. Even though we have made substantial profits in technology stocks, and have
sold the ones that appear overvalued, they continue to go up. This is a
two-tier market: more than half of the stocks in the S&P 500 Index are down
for the year. You have to be in technology to do well.
Q. WHAT IS YOUR OUTLOOK ON THE MARKET?
A. Overall positive, though I have a number of concerns, including rising
interest rates and the speculative environment surrounding the IPO market.
While I'm very gratified with our inaugural performance, it is unrealistic
to expect it to continue at this pace. However, I'm an aggressive investor
who has more than 30 years of experience in the investment business -- and
this Fund will be a reflection of my strong convictions.
13
<PAGE> 15
WESTCORE FUNDS
MANAGER'S OVERVIEW
SEMI-ANNUAL REPORT NOVEMBER 30, 1999 -- (CONTINUED)
WESTCORE SELECT FUND
AVERAGE ANNUAL TOTAL RETURNS
<TABLE>
<CAPTION>
SINCE
INCEP.
PERIOD ENDED 6 MONTH 1 YEAR 5 YEAR 10 YEAR 10/1/99
- ------------ ------- ------ ------ ------- -------
<S> <C> <C> <C> <C> <C>
11/30/99 N/A N/A N/A N/A 57.10%
12/31/99 N/A N/A N/A N/A 104.20%
</TABLE>
- ---------------
Average annual total returns reflect reinvestment of all dividends, capital
gains distributions, all fee waivers in effect and any expense reimbursements.
Without the fee waivers and expense reimbursements, the total return figures
would have been lower. Fund inception date is 10/1/99. Past performance is not
indicative of future results. Principal value may fluctuate and shares, when
redeemed, may be worth more or less than their original cost.
This Fund participates in the Initial Public Offering (IPO) market, and a
significant portion of the fund's returns have been attributable to its
investment in IPOs, which in turn have had a magnified impact due to the fund's
relatively small asset base. As the Fund's assets continue to grow, it will be
increasingly less likely to experience substantially similar performance by
investing in IPOs.
WESTCORE SELECT FUND
SECTOR PROFILE AS A PERCENT OF NET ASSETS FOR NOVEMBER 30, 1999
[GRAPH]
WESTCORE SELECT FUND
TOP 10 EQUITY HOLDINGS AS OF NOVEMBER 30, 1999
- ProsoftTraining.com
- TV Guide Inc. -- Class A
- Westwood One Inc.
- Liberty Digital Inc. -- Class A
- AMFM Inc.
- Western Wireless Corp. -- Class A
- Omnicom Group Inc.
- Mandalay Resort Group
14
<PAGE> 16
WESTCORE FUNDS
MANAGER'S OVERVIEW
SEMI-ANNUAL REPORT NOVEMBER 30, 1999 -- (CONTINUED)
- Finisar Corp.
- Sinclair Broadcast Group Inc. -- Class A
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN WESTCORE SELECT FUND, THE
S&P 500 INDEX, MID-CAP GROWTH CATEGORY AVERAGE AND ALL DOMESTIC EQUITY FUNDS
AVERAGE
[GRAPH]
Please Note: Performance calculations are as of the end of November each year.
Past performance is not indicative of future results. Fund inception date is
10/1/99.
Fund Data Source: ALPS Mutual Funds Services, Inc.
Index and Category Data Source: Morningstar
Although data are gathered from reliable sources, Morningstar cannot guarantee
completeness and accuracy.
The S&P 500 Index is a broad-based measurement of changes in stock market
conditions based on the average performance of 500 widely held common stocks. It
is an unmanaged index.
Morningstar Category averages reflect the performance of mutual funds with the
same Morningstar Category and for all domestic equity mutual funds within the
Morningstar database. The Morningstar Category identifies funds based on their
actual investment styles as measured by their underlying portfolio holdings
(portfolio statistics and composition over the past three years). The average
for all domestic equity mutual funds is also shown, because Westcore Funds
believes this average supplements the specific Morningstar category for an
additional comparison, which is also relevant for this Fund. As of November 30,
1999, the Mid-Cap Growth Category included 393 mutual funds and all domestic
equity funds totalled 3,971.
[PHOTO]
/s/ GERALD W. PETERSON
------------------------------------
Gerald W. Peterson, CFA
Portfolio Manager,
Westcore Select Fund
15
<PAGE> 17
WESTCORE FUNDS
MANAGER'S OVERVIEW
SEMI-ANNUAL REPORT NOVEMBER 30, 1999 -- (CONTINUED)
WESTCORE BLUE CHIP FUND
FUND OBJECTIVE: Seeks to maximize long-term total return by investing in stocks
of large, well-established companies whose stocks appear to be undervalued.
Q. HOW DID THE FUND PERFORM?
A. For the six-months ended November 30, 1999, Westcore Blue Chip Fund's total
return was -3.08%. In comparison, the Standard & Poor's Barra Large Cap
Value Index returned -1.00% while the S&P 500 Index was up 7.36%.
Q. WHAT FACTORS AFFECTED PERFORMANCE?
A. Investors continued to prefer growth stocks -- particularly technology
companies -- versus value. As an illustration, the S&P Barra Large Cap
Growth Index was up 15.30% for the period, more than double the S&P 500
Index.
Q. HAVE YOU MADE ANY CHANGES TO YOUR INVESTMENT STYLE?
A. We have remained committed to our discipline of investing in attractively
valued, well-established companies that have low price-to-earnings, low
price-to-book value and low price-to-cash flow ratios. In addition, we use
a blended approach of quantitative research and qualitative
decision-making. However, we recognize that the marketplace has
increasingly rewarded growth, and it raises the bar for all companies in
terms of business and investment performance. We have made adjustments to
our quantitative process that allows us to identify -- and perhaps
favor -- stocks that have higher growth rates. At the same time, we have
added to our quantitative research staff, deepening our expertise in
monitoring the stocks that we own and identifying new candidates.
Q. WHAT STOCKS HAVE PERFORMED PARTICULARLY WELL?
A. We bought two technology companies -- Adobe Systems, a leader in the
electronic document marketplace, and Apple Computer -- when they were in
the process of retooling their businesses. They weren't at risk of going
out of business, but they were not on the radar screen for investors
looking for high-growth technology stocks. As a result, their share prices
were very reasonable and we were able to benefit greatly when the
companies' performance improved. In the telecommunications field, we
benefited from ALLTEL's diversification from a telephone utility into the
cellular telephone market as well as Motorola's reemergence as a leader in
wireless telecommunications.
Although technology was dominant, it wasn't the area of strong performance
for the portfolio. Our purchase of Lehman Brothers at the height of the
Asian economic crisis was rewarded when the global economy improved and
the investment business looked attractive again. Morgan Stanley Dean
Witter was another strong stock as the firm emerged as an even stronger
player in a consolidating global financial services industry. In media,
Viacom was an excellent performer as it benefited from strong advertising
revenue resulting from a booming U.S. economy. In addition, Viacom is
diversifying internationally, including a foray into China.
Q. WHAT AREAS WERE DIFFICULT?
A. Consumer staples such as food and drug stores had a tough six-months as
investors shifted funds from these defensive areas into technology. Many of
these companies are experiencing double-digit growth, but it's an
overlooked sector which bodes well for future opportunity. To be sure, the
price of large-cap technology stocks has made almost everything else look
very reasonable.
16
<PAGE> 18
WESTCORE FUNDS
MANAGER'S OVERVIEW
SEMI-ANNUAL REPORT NOVEMBER 30, 1999 -- (CONTINUED)
Q. WHAT IS YOUR OUTLOOK?
A. We believe that technology will still be in favor in the near future, and
it's not possible to predict when investor sentiment will shift. But we
think that it is prudent from a risk standpoint to take some profits from
technology and expand into some of these overlooked areas.
WESTCORE BLUE CHIP FUND AVERAGE ANNUAL TOTAL RETURNS
<TABLE>
<CAPTION>
SINCE
INCEP.
PERIOD ENDED 6 MONTH 1 YEAR 5 YEAR 10 YEAR 6/1/88
- ------------ ------- ------ ------ ------- ------
<S> <C> <C> <C> <C> <C>
11/30/99 -3.08% 08.02% 20.80% 14.77% 14.34%
12/31/99 -1.70% 04.98% 21.78% 15.17% 14.75%
</TABLE>
- ---------------
Average annual total returns reflect reinvestment of all dividends, capital
gains distributions, all fee waivers in effect and any expense reimbursements.
Without the fee waivers and expense reimbursements, the total return figures
would have been lower. Fund inception date is 6/1/88. Past performance is not
indicative of future results. Principal value may fluctuate and shares, when
redeemed, may be worth more or less than their original cost.
WESTCORE BLUE CHIP FUND
SECTOR PROFILE AS A PERCENT OF NET ASSETS FOR NOVEMBER 30, 1999
[GRAPH]
17
<PAGE> 19
WESTCORE FUNDS
MANAGER'S OVERVIEW
SEMI-ANNUAL REPORT NOVEMBER 30, 1999 -- (CONTINUED)
WESTCORE BLUE CHIP FUND
TOP 10 EQUITY HOLDINGS AS OF NOVEMBER 30, 1999
- Citigroup Inc.
- Apple Computer Inc.
- Motorola Inc.
- BellSouth Corp.
- AXA Financial Inc.
- Adobe Systems Inc.
- Royal Dutch Petroleum Co. ADR
- Golden West Financial Corp.
- Novell Inc.
- Lehman Brothers Holdings Inc.
COMPARISON OF CHANGE IN VALUE OF $10,000
INVESTMENT IN WESTCORE BLUE CHIP FUND,
THE S&P 500 INDEX AND LARGE VALUE CATEGORY AVERAGE
[GRAPH]
Please Note: Performance calculations are as of the end of November each year.
Past performance is not indicative of future results. Fund inception date is
6/1/88.
Source: Morningstar Although data are gathered from reliable sources,
Morningstar cannot guarantee completeness and accuracy.
The S&P 500 Index is a broad-based measurement of changes in stock market
conditions based on the average performance of 500 widely held common stocks. It
is an unmanaged index.
18
<PAGE> 20
WESTCORE FUNDS
MANAGER'S OVERVIEW
SEMI-ANNUAL REPORT NOVEMBER 30, 1999 -- (CONTINUED)
Morningstar Category averages reflect the performance of mutual funds with the
same Morningstar Category. The Morningstar Category identifies funds based on
their actual investment styles as measured by their underlying portfolio
holdings (portfolio statistics and composition over the past three years). As of
November 30, 1999, the Large Value Category included 613 mutual funds.
[PHOTO]
/s/ VARYLYN K. SCHOCK
------------------------------------
Varylyn K. Schock, CFA
Portfolio Manager, Westcore Blue
Chip Fund
19
<PAGE> 21
WESTCORE FUNDS
MANAGER'S OVERVIEW
SEMI-ANNUAL REPORT NOVEMBER 30, 1999 -- (CONTINUED)
WESTCORE MID-CAP OPPORTUNITY FUND
FUND OBJECTIVE: Seeks to maximize long-term capital appreciation by investing
primarily in medium-sized companies whose stocks appear to be undervalued.
Q. HOW DID THE FUND PERFORM?
A. For the six months ended November 30, 1999, the Fund returned 15.20%. In
comparison, the Fund's benchmark, the Russell Midcap Index, rose 1.96%.
Q. WHAT FACTORS AFFECTED YOUR PERFORMANCE?
A. We look at today's market as being divided into "new economy" companies,
such as technology and telecommunications that are soaring, and "old
economy" companies, such as the autos, aerospace and housing. Rather than
dismissing the new economy stocks because their valuations are in the
stratosphere, our strategy has been to invest in the best values within
those hot sectors. We decided that it was better to own the value play in
the new economy than to sit on the sidelines and dismiss it entirely
because valuations are high. It turns out there are technology and
telecommunications companies with earnings that we can justify owning, even
in this value fund.
Q. WHAT ARE SOME EXAMPLES?
A. We bought Apple Computer when it was out of favor but still profitable, and
the stock has been one of the portfolio's best performers. The company,
which focuses on the education and the graphic artist markets, has a new
product lineup that is selling so well the company is having trouble
keeping up with demand. Companies that deliver Internet connections to the
consumer are selling at astronomical price-earnings ratios, so we bought
Cincinnati Bell, a telephone utility that is turning into a "bandwidth"
company, because at the time it was valued like a telephone utility. In the
cellular telephone industry, we purchased shares in U.S. Cellular, which
offers wireless services in rural markets where there is less competition.
In financial services, Lehman Brothers has been a major beneficiary of the
improvement in global economies and the surge in initial public offerings
as well as merger and acquisition activity. In banking, UnionBanCal has had
very good loan growth in a booming California economy -- and they're
repurchasing shares, which has bolstered the stock price.
Q. WHAT HAS BEEN DISAPPOINTING?
A. It has been disappointing that the stock prices of excellent industrial
companies such as Dana and Johnson Controls have performed poorly. One
reason is the general flow of money into new economy stocks where growth is
accelerating, not decelerating. Another reason is that we are very late
into an extended economic cycle, and there's a belief that the Federal
Reserve Board will have to raise interest rates to slow down the economy.
As a result, these industrial companies have probably seen the best growth
they're going to see for a while.
Q. HAVE YOU MADE ANY CHANGES TO YOUR INVESTMENT PROCESS?
A. An adjustment that we've made to our process is to be less tolerant of
stocks that aren't working. For example, we sold Kmart even though the
company was fundamentally healthy and the stock was selling at just 7 times
earnings. The stock was not performing, and there was little demand for its
shares. We want to own stocks that other people want to own, too. Sometimes
economic sectors define returns more than stock selection. In the current
environment, you can own the worst company in a hot industry and you'll
make more money than owning the best company in a declining one.
20
<PAGE> 22
WESTCORE FUNDS
MANAGER'S OVERVIEW
SEMI-ANNUAL REPORT NOVEMBER 30, 1999 -- (CONTINUED)
Q. WHAT IS YOUR OUTLOOK?
A. My outlook is very favorable. This is the first time in five years that
mid-cap companies have actually outperformed large-cap stocks. As value
investors, we think that we have a lower-risk way to capture these returns.
I'm very excited about the fact that the U.S. economy has spawned these
emerging industries in technology and telecommunications. It's a real
testament to American ingenuity and entrepreneurialism.
WESTCORE MID-CAP OPPORTUNITY FUND
AVERAGE ANNUAL TOTAL RETURNS
<TABLE>
<CAPTION>
SINCE
INCEP.
PERIOD ENDED 6 MONTH 1 YEAR 5 YEAR 10 YEAR 10/1/98
- ------------ ------- ------ ------ ------- -------
<S> <C> <C> <C> <C> <C>
11/30/99 15.20% 16.79% N/A N/A 23.39%
12/31/99 17.99% 18.20% N/A N/A 26.15%
</TABLE>
- ---------------
Average annual total returns reflect reinvestment of all dividends, capital
gains distributions, all fee waivers in effect and any expense reimbursements.
Without the fee waivers and expense reimbursements, the total return figures
would have been lower. Fund inception date is 10/1/98. Past performance is not
indicative of future results. Principal value may fluctuate and shares, when
redeemed, may be worth more or less than their original cost.
This Fund participates in the Initial Public Offering (IPO) market, and a
significant portion of the fund's returns have been attributable to its
investment in IPOs, which in turn have had a magnified impact due to the fund's
relatively small asset base. As the Fund's assets continue to grow, it will be
increasingly less likely to experience substantially similar performance by
investing in IPOs.
WESTCORE MID-CAP OPPORTUNITY FUND
SECTOR PROFILE AS A PERCENT OF NET ASSETS FOR NOVEMBER 30, 1999
[GRAPH]
WESTCORE MID-CAP OPPORTUNITY FUND
TOP 10 EQUITY HOLDINGS AS OF NOVEMBER 30, 1999
- Management Network Group Inc.
- United States Cellular Corp.
- UnionBanCal Corp.
21
<PAGE> 23
WESTCORE FUNDS
MANAGER'S OVERVIEW
SEMI-ANNUAL REPORT NOVEMBER 30, 1999 -- (CONTINUED)
- Coastal Corp.
- Lehman Brothers Holdings Inc.
- Zale Corp.
- Illinova Corp.
- Apple Computer Inc.
- Energy East Corp.
- American Power Conversion Corp.
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN WESTCORE MID-CAP
OPPORTUNITY FUND, THE RUSSELL MIDCAP INDEX AND THE MID-CAP BLEND CATEGORY
AVERAGE
[GRAPH]
Please Note: Performance calculations are as of the end of November each year.
Past performance is not indicative of future results. Fund inception date is
10/1/98.
Index Data Source: Russell
Fund and Category Data Source: Morningstar
Although data are gathered from reliable sources, Morningstar cannot guarantee
completeness and accuracy.
The Russell Midcap Index is an unmanaged index that measures the performance of
the 800 smallest companies in the Russell 1000 Index, which represents
approximately 26% of the total market capitalization of the Russell 1000 Index.
Morningstar Category averages reflect the performance of mutual funds with the
same Morningstar Category. The Morningstar Category identifies funds based on
their actual investment styles as measured by their underlying portfolio
holdings (portfolio statistics and composition over the past three years). As of
November 30, 1999, the Mid-Cap Blend Category included 256 mutual funds.
[PHOTO]
/s/ CHRISTIANNA WOOD
------------------------------------
Christianna Wood, CFA
Portfolio Manager, Westcore
Mid-Cap Opportunity Fund
22
<PAGE> 24
WESTCORE FUNDS
MANAGER'S OVERVIEW
SEMI-ANNUAL REPORT NOVEMBER 30, 1999 -- (CONTINUED)
WESTCORE SMALL-CAP OPPORTUNITY FUND
FUND OBJECTIVE: Seeks to maximize long-term capital appreciation primarily
through investments in companies with small capitalizations whose stocks appear
to be undervalued.
Q. HOW DID THE FUND PERFORM?
A. For the six-months ended November 30, 1999, Westcore Small-Cap Opportunity
Fund's total return was -5.79%. In comparison, the Russell 2000 Index
returned 4.19%.
Q. WHAT FACTORS AFFECTED PERFORMANCE?
A. Investors continued to prefer growth stocks -- particularly technology
companies -- over value. As an illustration, the Russell 2000 Growth Index,
a measure of small-cap growth, was up 13.51% for the period. Contrary to
long-term investment research, stocks with the highest price-to-book value
ratios have performed the best, while stocks with the lowest price-to-book
value ratios performed poorly.
Q. HOW WOULD YOU DESCRIBE YOUR INVESTMENT STYLE?
A. We remained committed to our philosophy of investing in attractively valued
companies that have low price-to-earnings, low price-to-book value and low
price-to-cash flow ratios. These measures have proven to work over time.
However, we recognize that the marketplace has increasingly rewarded
growth, and it raises the bar for all companies in terms of business and
investment performance. We have made adjustments to our quantitative
process that allows us to identify -- and perhaps favor -- stocks that have
higher growth rates. We find that small-cap growth stocks outside of
technology are very inexpensively valued today.
Q. WHAT STOCKS HAVE PERFORMED PARTICULARLY WELL?
A. As you might expect, technology was very strong. For instance, In Focus
Systems' stock was languishing just prior to the introduction of a new
micro digital projector that created triple-digit earnings growth for the
company. We bought this stock just prior to this product introduction, and
the stock has since more than doubled. Another technology company, Best
Software, was performing poorly due to concerns about Y2K. The company's
human resources software is marketed to customers that were thought to be
freezing software purchases until after 1999. We purchased the stock during
this so-called lockdown period, and the result has been a strong gain. In
electronics retailing, Rex Stores, which focuses on rural communities, is
benefiting from the transition towards digital video technology, and its
stock performed very well. Finally, more than a dozen companies in the
portfolio were bought out during the six-month period, which is encouraging
because it is an external vote of confidence that we are identifying cheap
stocks with good businesses.
Q. WHAT AREA HAS BEEN PARTICULARLY DIFFICULT?
A. Small-cap financial stocks have had a difficult time. Unlike the large-cap
world where financials are attractive as a result of globalization,
small-cap financials have been battered by rising interest rates.
Q. WHAT IS YOUR OUTLOOK?
A. Even though it has been a tough year for value investors, we are
optimistic. Although we don't know how long the current preoccupation with
technology will continue, we believe that it is risky to go against
long-term research that indicates that buying stocks at low
price-to-earnings and price-to-book-value ratios is a profitable strategy.
We will continue to hone our long-term strategy as a small-cap value
investor. Recently, we have added to our quantitative research staff,
deepening our expertise in monitoring the stocks that we own and our
ability to identify new candidates. We agree that technology has further to
run and it's not possible to predict when investor sentiment will shift.
But we think that it
23
<PAGE> 25
WESTCORE FUNDS
MANAGER'S OVERVIEW
SEMI-ANNUAL REPORT NOVEMBER 30, 1999 -- (CONTINUED)
is prudent from a risk standpoint to take some profits from technology and
expand into some of these overlooked areas.
WESTCORE SMALL-CAP OPPORTUNITY FUND
AVERAGE ANNUAL TOTAL RETURNS
<TABLE>
<CAPTION>
SINCE
INCEP.
PERIOD ENDED 6 MONTH 1 YEAR 5 YEAR 10 YEAR 12/28/93
- ------------ ------- ------- ------ ------- --------
<S> <C> <C> <C> <C> <C>
11/30/99 -5.79% -10.70% 11.52% N/A 9.42%
12/31/99 -4.28% -7.82% 12.54% N/A 10.39%
</TABLE>
- ---------------
Average annual total returns reflect reinvestment of all dividends, capital
gains distributions, all fee waivers in effect and any expense reimbursements.
Without the fee waivers and expense reimbursements, the total return figures
would have been lower. Fund inception date is 12/28/93. Past performance is not
indicative of future results. Principal value may fluctuate and shares, when
redeemed, may be worth more or less than their original cost.
WESTCORE SMALL-CAP OPPORTUNITY FUND
SECTOR PROFILE AS A PERCENT OF NET ASSETS FOR NOVEMBER 30, 1999
[GRAPH]
WESTCORE SMALL-CAP OPPORTUNITY FUND
TOP 10 EQUITY HOLDINGS AS OF NOVEMBER 30, 1999
- Zale Corp.
- Roberts Pharmaceuticals Co.
- Calpine Corp.
- International Rectifier Corp.
- Trigon Healthcare Inc.
- Avis Rent A Car Inc.
- ShopKo Stores Inc.
- Cato Corp. -- Class A
- Best Software Inc.
- Ardent Software Inc.
24
<PAGE> 26
WESTCORE FUNDS
MANAGER'S OVERVIEW
SEMI-ANNUAL REPORT NOVEMBER 30, 1999 -- (CONTINUED)
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT
IN WESTCORE SMALL-CAP OPPORTUNITY FUND, THE RUSSELL 2000 INDEX
AND SMALL VALUE CATEGORY AVERAGE
[GRAPH]
Please Note: Performance calculations are as of the end of November each year.
Past performance is not indicative of future results. Fund inception date is
12/28/93.
Source: Morningstar
Although data are gathered from reliable sources, Morningstar cannot guarantee
completeness and accuracy.
The Russell 2000 Index is an unmanaged index that measures the performance of
the 2,000 smallest companies in the Russell 3000 Index, which represents
approximately 11% of the total market capitalization of the Russell 3000 Index.
Morningstar Category averages reflect the performance of mutual funds with the
same Morningstar Category. The Morningstar Category identifies funds based on
their actual investment styles as measured by their underlying portfolio
holdings (portfolio statistics and composition over the past three years). As of
November 30, 1999, the Small Value Category included 234 mutual funds.
[PHOTO]
/s/ VARYLYN K. SCHOCK
------------------------------------
Varylyn K. Schock, CFA
Portfolio Manager, Westcore
Small-Cap
Opportunity Fund
25
<PAGE> 27
WESTCORE FUNDS
MANAGER'S OVERVIEW
SEMI-ANNUAL REPORT NOVEMBER 30, 1999 -- (CONTINUED)
WESTCORE LONG-TERM BOND FUND
FUND OBJECTIVE: Seeks to maximize long-term total rate of return by investing
primarily in investment-grade bonds.
Q. HOW DID THE FUND PERFORM?
A. For the six-month period ended November 30, 1999, the Westcore Long-Term
Bond Fund's total return was -1.95%. In comparison, the unmanaged Lehman
Brothers Long-Term Government/Corporate Index returned -1.70%. A bond
portfolio's total return equals its coupon income plus or minus changes in
bond prices. In a period of rising interest rates, bond prices typically
fall. However, the income that a bond portfolio produces tends to rise. As
of November 30, 1999, the Westcore Long-Term Bond Fund's 30-day SEC yield
was 6.61%(1).
Q. WHAT ECONOMIC FACTORS AFFECTED THE BOND MARKET?
A. The U.S. economy continued to grow at a very strong clip, prompting the
Federal Reserve Board to raise short-term interest rates three times to
5.50%. This reverses the action the Fed took in late 1998 to ignite the
U.S. economy in the face of a global economic crisis and deflation fears.
One year later, the global economy has improved, oil prices have more than
doubled and investors are now concerned about inflation. That's why
long-term bond yields have moved up.
Q. HOW DID Y2K AFFECT THE CORPORATE BOND MARKET?
A. The Y2K concern prompted corporations to issue more bonds earlier in the
year and avoid trying to raise money at the end of 1999. As a result of
this additional supply, the spread between corporate bond yields and U.S.
Treasury bonds of similar maturity was unusually wide for several months.
Since bond prices typically move inversely to yields, the result was lower
corporate bond prices. Also, due to the federal budget surplus that created
a diminished need for federal government borrowing, the supply of U.S.
Treasury securities has been reduced. However, by the end of the fiscal
year, most of the underperformance from corporate bonds had disappeared,
and the Y2K impact turned out to be modest.
Q. WHAT FACTORS AFFECTED THE FUND'S PERFORMANCE?
A. We added value by owning bonds that provided more income than U.S. Treasury
bonds, such as investment-grade corporate bonds. The portfolio holds
approximately 49% in corporates, which is higher than the 35% allocated in
the Index. In addition, we chose to maintain a slightly shorter "duration"
than the benchmark for most of the time period, based on our view that the
Fed would have to tighten the money supply. The duration of a portfolio
refers to its sensitivity to changes in interest rates. By keeping duration
slightly shorter than average, the portfolio was insulated somewhat from
the impact of rising interest rates.
Q. DESCRIBE A RECENT ACQUISITION THAT ILLUSTRATES YOUR STRATEGY.
A. We added an enhanced equipment trust certificate that's backed by US
Airways aircraft. We're buying the senior debt, so we've got the airline
and the airplanes backing the bonds -- and the company's other debt are
subordinated to us. It's a high-quality asset, and the bonds yielded 8.36%
at the time of purchase, more than 2 full percentage points over U.S.
Treasury bonds.
Q. WHAT IS YOUR OUTLOOK?
A. In the past 15 years, there have only been two years in which bonds
produced negative returns, and that's 1994 and 1999, when interest rates
rose sharply. If interest rates level off or decline in 2000, total
26
<PAGE> 28
WESTCORE FUNDS
MANAGER'S OVERVIEW
SEMI-ANNUAL REPORT NOVEMBER 30, 1999 -- (CONTINUED)
returns on bonds will improve. In the meantime, long-term investors will
continue to enjoy income from bonds well in excess of current inflation
rates.
- -------------
(1) Without the absorption of fee waivers and/or expense reimbursements, the
30-day SEC yield would have been 6.31%.
WESTCORE LONG-TERM BOND FUND
AVERAGE ANNUAL TOTAL RETURNS
<TABLE>
<CAPTION>
SINCE
INCEP.
PERIOD ENDED 6 MONTH 1 YEAR 5 YEAR 10 YEAR 6/1/88
- ------------ ------- ------ ------ ------- ------
<S> <C> <C> <C> <C> <C>
11/30/99 -1.95% -6.67% 8.65% 8.24% 9.04%
12/31/99 -2.30% -7.89% 8.10% 8.07% 8.84%
</TABLE>
- ---------------
Average annual total returns reflect reinvestment of all dividends, capital
gains distributions, all fee waivers in effect and any expense reimbursements.
Without the fee waivers and expense reimbursements, the total return figures
would have been lower. Fund inception date is 6/1/88. Past performance is not
indicative of future results. Principal value may fluctuate and shares, when
redeemed, may be worth more or less than their original cost.
WESTCORE LONG-TERM BOND FUND
SECTOR PROFILE AS A PERCENT OF NET ASSETS FOR NOVEMBER 30, 1999
[GRAPH]
WESTCORE LONG-TERM BOND FUND
TOP 10 FIXED-INCOME HOLDINGS AS OF NOVEMBER 30, 1999
- U.S. Treasury Bonds*
- U.S. Treasury Strips*
- Lincoln National Insurance Corp., 9.125%, 10/01/2024
- K Mart Corp., 7.95%, 02/01/2023
- Borden Inc., 7.875%, 02/15/2023
- AMR Corp., 10.00%, 04/15/2021
- Lubrizol Corp., 7.25%, 06/15/2025
27
<PAGE> 29
WESTCORE FUNDS
MANAGER'S OVERVIEW
SEMI-ANNUAL REPORT NOVEMBER 30, 1999 -- (CONTINUED)
- Property Trust of America, 6.875%, 02/15/2008
- Zurich Reinsurance Centre Holdings, 7.125%, 10/15/2023
- FHLMC Pool #G00336, 6.00%, 10/01/2024
- ---------------
* Please Note: "U.S. Treasury Strips" is a grouping of all U.S. Treasury Strip
issues and "U.S. Treasury Bonds" is a grouping of all U.S. Treasury Bond
issues held in the portfolio as of November 30, 1999.
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN WESTCORE LONG-TERM BOND
FUND, THE LEHMAN BROTHERS LONG-TERM GOVERNMENT/CORPORATE BOND INDEX AND
LONG-TERM BOND CATEGORY AVERAGE
[GRAPH]
Please Note: Performance calculations are as of the end of November each year.
Past performance is not indicative of future results. Fund inception date is
6/1/88.
Source: Morningstar
Although data are gathered from reliable sources, Morningstar cannot guarantee
completeness and accuracy.
The Lehman Brothers Long-Term Government/Corporate Bond Index is an unmanaged
index that includes fixed rate debt issues rated investment grade or higher by
Moody's Investors Services, Standard & Poor's Corporation or Fitch Investor's
Service, in order. Long-term indices include bonds with maturities of ten years
or longer.
Morningstar Category averages reflect the performance of mutual funds with the
same Morningstar Category. The Morningstar Category identifies funds based on
their actual investment styles as measured by their underlying portfolio
holdings (portfolio statistics and composition over the past three years). As of
November 30, 1999, the Long-Term Bond Category included 120 mutual funds.
[PHOTO]
/s/ JEROME R. POWERS
------------------------------------
Jerome R. Powers, CFA
Portfolio Manager,
Westcore Long-Term Bond Fund
28
<PAGE> 30
WESTCORE FUNDS
MANAGER'S OVERVIEW
SEMI-ANNUAL REPORT NOVEMBER 30, 1999 -- (CONTINUED)
WESTCORE INTERMEDIATE-TERM BOND FUND
FUND OBJECTIVE: Seeks current income with less volatility of principal than
funds with longer maturities by investing primarily in investment-grade bonds.
Q. HOW DID THE FUND PERFORM?
A. For the six-month period ended November 30, 1999, the Westcore
Intermediate-Term Bond Fund's total return was 0.93%. In comparison, the
unmanaged Lehman Brothers Intermediate Government/ Corporate Index returned
1.37%. A bond portfolio's total return equals its coupon income plus or
minus changes in bond prices. In a period of rising interest rates, bond
prices typically fall. However, the income that a bond portfolio produces
tends to rise. As of November 30, 1999, the Westcore Intermediate-Term Bond
Fund's 30-day SEC yield was 6.46%(1).
Q. WHAT FACTORS AFFECTED THE BOND MARKET?
A. Despite efforts by the Federal Reserve Board to slow down the U.S. economy,
it continued to grow at a much faster rate than projected just a year
earlier. In late 1998, a global economic crisis was threatening to throw
the U.S. economy into its first recession since 1990-1991. By early 1999,
those fears evaporated. The U.S. economy continued to grow at a good clip,
prompting the Federal Reserve Board to raise short-term interest rates
three times to 5.50%. Long-term interest rates followed suit, as bond
investors demanded extra yield to compensate them for the uptick in
inflation in 1999.
Q. WHAT FACTORS AFFECTED THE FUND'S PERFORMANCE?
A. We added value by owning bonds that provided more income than U.S. Treasury
bonds, such as asset-backed securities and real estate investment trusts
(REITs). Asset-backed securities are typically rated AAA and, as the name
implies, are backed by assets such as accounts receivable or credit card
debt. Our REIT investments tend to be lower-risk real estate such as
industrial property with very high occupancy rates. Our investments in
corporate bonds include such household names as Ford Motor Credit, Time
Warner and Wells Fargo Bank.
Q. DESCRIBE A RECENT ACQUISITION THAT ILLUSTRATES YOUR STRATEGY.
A. We added an enhanced equipment trust certificate that is backed by
Continental Airlines aircraft. We're buying the senior debt, so we've got
the airline and the airplanes backing the bonds -- and the company's other
debt are subordinated to us. It's a high-quality asset, and the bonds
yielded 7.57% at the time of purchase, significantly more than U.S.
Treasury bonds.
Q. WHAT IS YOUR OUTLOOK?
A. We believe that the Federal Reserve Board will continue to do a good job of
containing inflation. Meanwhile, the federal budget surplus will reduce the
supply of U.S. Treasury bonds, exerting upward pressure on bond prices. The
last year of negative bond returns -- 1994, was followed by four years of
double-digit gains. If interest rates level off or decline in 2000, total
returns on bonds will improve. In the meantime, patient investors will
continue to enjoy income from bonds well in excess of current inflation
rates.
- ---------------
(1) Without the absorption of fee waivers and/or expense reimbursements, the
30-day SEC yield would have been 6.21%.
29
<PAGE> 31
WESTCORE FUNDS
MANAGER'S OVERVIEW
SEMI-ANNUAL REPORT NOVEMBER 30, 1999 -- (CONTINUED)
WESTCORE INTERMEDIATE-TERM BOND FUND
AVERAGE ANNUAL TOTAL RETURNS
<TABLE>
<CAPTION>
SINCE
INCEP.
PERIOD ENDED 6 MONTH 1 YEAR 5 YEAR 10 YEAR 6/1/88
- ------------ ------- ------ ------ ------- ------
<S> <C> <C> <C> <C> <C>
11/30/99 0.93% 1.05% 6.78% 6.78% 7.18%
12/31/99 0.78% 0.43% 6.68% 6.73% 7.10%
</TABLE>
- ---------------
Average annual total returns reflect reinvestment of all dividends, capital
gains distributions, all fee waivers in effect and any expense reimbursements.
Without the fee waivers and expense reimbursements, the total return figures
would have been lower. Fund inception date is 6/1/88. Past performance is not
indicative of future results. Principal value may fluctuate and shares, when
redeemed, may be worth more or less than their original cost.
WESTCORE INTERMEDIATE-TERM BOND FUND
SECTOR PROFILE AS A PERCENT OF NET ASSETS FOR NOVEMBER 30, 1999
[GRAPH]
WESTCORE INTERMEDIATE-TERM BOND FUND
TOP 10 FIXED-INCOME HOLDINGS AS OF NOVEMBER 30, 1999
- U.S. Treasury Notes*
- FHLMC Pool #G00336, 6.00%, 10/01/2024
- Time Warner Entertainment Co., 9.625%, 05/01/2002
- New Plan Realty Trust, 7.75%, 04/06/2005
- Weingarten Realty Investors Trust, 7.22%, 06/01/2005
- CSR America Inc., 6.875%, 07/21/2005
- Kimco Realty Corp., 6.83%, 11/14/2005
- Jet Equipment Trust, Series 95-B, 7.83%, 02/15/2015
- United Airlines Inc., Pass-Through Certificates, Series 95-A1, 9.02%,
04/19/2012
- New York Times Co., 7.625%, 03/15/2005
- American Airlines Inc., Series 1991, 9.71%, 01/02/2007
- ---------------
* Please Note: "U.S. Treasury Notes" is a grouping of all U.S. Treasury Note
issues held in the portfolio as of November 30, 1999.
30
<PAGE> 32
WESTCORE FUNDS
MANAGER'S OVERVIEW
SEMI-ANNUAL REPORT NOVEMBER 30, 1999 -- (CONTINUED)
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN WESTCORE
INTERMEDIATE-TERM BOND FUND, THE
LEHMAN BROTHERS INTERMEDIATE-TERM GOVERNMENT/CORPORATE BOND INDEX AND
INTERMEDIATE-TERM BOND CATEGORY AVERAGE
[GRAPH]
Please Note: Performance calculations are as of the end of November each year.
Past performance is not indicative of future results. Fund inception date is
6/1/88.
Source: Morningstar
Although data are gathered from reliable sources, Morningstar cannot guarantee
completeness and accuracy.
The Lehman Brothers Intermediate-Term Government/Corporate Bond Index is an
unmanaged index that includes fixed rate debt issues rated investment grade or
higher by Moody's Investors Services, Standard & Poor's Corporation or Fitch
Investor's Service, in order. Intermediate-term indices include bonds with
maturities up to ten years.
Morningstar Category averages reflect the performance of mutual funds with the
same Morningstar Category. The Morningstar Category identifies funds based on
their actual investment styles as measured by their underlying portfolio
holdings (portfolio statistics and composition over the past three years). As of
November 30, 1999, the Intermediate-Term Bond Category included 554 mutual
funds.
[PHOTO]
/s/ JEROME R. POWERS
------------------------------------
Jerome R. Powers, CFA
Portfolio Manager, Westcore
Intermediate-Term Bond Fund
31
<PAGE> 33
WESTCORE FUNDS
MANAGER'S OVERVIEW
SEMI-ANNUAL REPORT NOVEMBER 30, 1999 -- (CONTINUED)
WESTCORE COLORADO TAX-EXEMPT FUND
FUND OBJECTIVE: Seeks to provide income exempt from both federal and Colorado
state personal income taxes by emphasizing Colorado municipal bonds with
intermediate maturities.
Q. HOW DID THE FUND PERFORM OVER THE PAST SIX MONTHS?
A. For the six-month period ended November 30, 1999, Westcore Colorado
Tax-Exempt Fund's total return was -1.57%. In comparison, the unmanaged
Lehman Brothers 10-Year Municipal Bond Index returned -1.87%. Total returns
reflect the generally rising interest rate environment, since bond prices
move inversely to changes in interest rates. However, bond yields rose,
thus offering investors income that was substantially in excess of the
inflation rate, generally believed to be 2% to 2.5%. As of November 30,
1999, the Fund's 30-day SEC yield was 4.41%. For taxpayers in a combined
Federal and Colorado income tax bracket of 34.28%, that equates to a
tax-equivalent yield of 6.71%(1).
Q. HOW WOULD YOU DESCRIBE THE MUNICIPAL BOND ENVIRONMENT OVER THE PERIOD?
A. Because interest rates rose during the six months ending November 30, 1999,
the environment was difficult for bonds in general. More specifically, the
municipal bond market, which is heavily influenced by supply and demand,
was relatively inactive during the period. Supply was scarce, as
municipalities preferred not to pay higher interest rates on their debt. In
addition, the strong economy has generated surging tax revenues for
municipalities, reducing the need to borrow. Meanwhile, the demand for
municipal bonds has been constrained by unusually attractive U.S. Treasury
bond yields. As a result, institutional buyers such as insurance companies
have not been actively buying municipal bonds.
Q. WHAT FACTORS AFFECTED YOUR PERFORMANCE?
A. Because of rising interest rates, a number of bonds in the portfolio were
trading at discounts to par. The bonds were further discounted in value,
because they became subject to the federal market discount tax rules. The
market discount tax rules require investors who purchase bonds at
significant discounts to report ordinary income, taxed as high as 39.6% at
the federal level, rather than capital gains, taxed at 20%, when they later
sell the bonds at a profit. Such bonds trade at a lower price because
investors demand an after-tax yield to offset the higher taxes they must
pay.
On the plus side, the fund was positively impacted by our decision to stick
to high-quality bonds, which outperformed lower-quality securities. In
addition to our rigorous examination of the creditworthiness of a bond,
about 75% of the portfolio was insured as of November 30, 1999.
Q. WHAT OTHER STRATEGIES DID YOU EMPLOY DURING THE PERIOD?
A. We have tended to purchase premium bonds with higher coupons in the 5.5% to
6.5% range. These bonds hold up better in a rising interest rate
environment, and they are unlikely to be subject to the market discount tax
rule. For example, we purchased AAA-rated Douglas County school district
bonds offering a 6.5% coupon due in 2016. Because the bonds will be
pre-refunded with U.S. government securities as collateral in 2004, the
bonds are less volatile, because they trade as if they have a five-year
maturity. Another way we enhanced yield was to purchase certificate of
participation (COP) bonds. They offer extra yield, because they're
considered less liquid than other municipal bonds. For instance, we
purchased some El Paso County COPs due in 2002, which yielded 0.15
percentage points more than a standard AAA-rated general obligation bond of
similar short maturity. Bonds in the portfolio with lower coupons in the
4.25% to 4.75% range tended to be sold first when we had cash requirements.
32
<PAGE> 34
WESTCORE FUNDS
MANAGER'S OVERVIEW
SEMI-ANNUAL REPORT NOVEMBER 30, 1999 -- (CONTINUED)
Q. WHAT IS YOUR OUTLOOK FOR THE FUND?
A. The Colorado economy continues to be very strong, with unemployment at
historically low levels, a booming housing market and rising personal
disposable incomes. As a result of the past election in which voters
approved new highway construction and improvements, the supply of bonds
should increase sharply in 2000. We expect to see $5 billion in general
obligation bonds to fund these programs, the first of their kind for the
state of Colorado. In addition, we should see a significant amount of
school and convention center bond issues coming to market. In short, supply
should increase while we see rising demand from investors looking for high
tax-free income on high-quality securities.
- ---------------
(1) Without the absorption of fee waivers and/or expense reimbursements the
figures quoted would have been 3.96% for the 30-day SEC yield and 6.03%
for the tax-equivalent yield.
WESTCORE COLORADO TAX-EXEMPT FUND
AVERAGE ANNUAL TOTAL RETURNS
<TABLE>
<CAPTION>
SINCE
INCEP.
PERIOD ENDED 6 MONTH 1 YEAR 5 YEAR 10 YEAR 6/1/91
- ------------ ------- ------ ------ ------- ------
<S> <C> <C> <C> <C> <C>
11/30/99 -1.57% -1.50% 5.96% N/A 5.71%
12/31/99 -0.39% -2.22% 5.49% N/A 5.60%
</TABLE>
- ---------------
Average annual total returns reflect reinvestment of all dividends, capital
gains distributions, all fee waivers in effect and any expense reimbursements.
Without the fee waivers and expense reimbursements, the total return figures
would have been lower. Fund inception date is 6/1/91. Past performance is not
indicative of future results. Principal value may fluctuate and shares, when
redeemed, may be worth more or less than their original cost.
WESTCORE COLORADO TAX-EXEMPT FUND
SECTOR PROFILE AS A PERCENT OF NET ASSETS FOR NOVEMBER 30, 1999
[GRAPH]
WESTCORE COLORADO TAX-EXEMPT FUND
TOP 10 MUNICIPAL BOND HOLDINGS AS OF NOVEMBER 30, 1999
- Summit County School District Re-1, 6.55%, 12/01/2009, Prerefunded
12/01/2004 @ 100.00, FGIC
- Poudre Valley Hospital District, Larimer County, 5.375%, 11/15/2007,
Optional 11/15/2003 @ 100.00
- Arapahoe Country School District 6, 5.00%, 12/01/2007
33
<PAGE> 35
WESTCORE FUNDS
MANAGER'S OVERVIEW
SEMI-ANNUAL REPORT NOVEMBER 30, 1999 -- (CONTINUED)
- Boulder & Gilpin Counties, Boulder Valley School District Re-2, 5.00%,
12/01/2011, Optional 12/01/2007 @ 100.00, FGIC
- Jefferson County School District R-1, 5.90%, 12/15/2004, Prerefunded
12/15/2002 @ 101.00, AMBAC
- Boulder County Open Space Sales & Use Tax, 5.75%, 12/15/2004, FGIC
- Platte River Power Authority, Series DD, 5.75%, 06/01/2004, MBIA
- Arapahoe County School District 5, 5.50%, 12/15/2006
- Municipal Subdistrict, Northern Colorado Water Conservancy District,
5.85%, 12/01/2002, AMBAC
- Mesa County, Sewer, 5.85%, 11/01/2005, Optional, 11/01/2002 @ 100.00,
FGIC
* Please Note: "U.S. Treasury Strips" is a grouping of all U.S. Treasury Strip
issues and "U.S. Treasury Bonds" is a grouping of all U.S. Treasury Bond
issues held in the portfolio as of November 30, 1999.
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN WESTCORE COLORADO
TAX-EXEMPT FUND, THE LEHMAN BROTHERS 10-YEAR MUNICIPAL BOND INDEX AND MUNI
SINGLE STATE INTERMEDIATE CATEGORY AVERAGE
[GRAPH]
Please Note: Performance calculations are as of the end of November each year.
Past performance is not indicative of future results. Fund inception date is
6/1/91.
Fund and Category Data Source: Morningstar
Index Data Source: Lehman Brothers
Although data are gathered from reliable sources, Morningstar cannot guarantee
completeness and accuracy.
The Lehman Brothers 10-Year Municipal Bond Index is an unmanaged index that
includes investment grade (Moody's Investor Services Aaa to Baa, Standard &
Poor's Corporation AAA to BBB) tax-exempt bonds with maturities between eight
and twelve years.
34
<PAGE> 36
WESTCORE FUNDS
MANAGER'S OVERVIEW
SEMI-ANNUAL REPORT NOVEMBER 30, 1999 -- (CONTINUED)
Morningstar Category averages reflect the performance of mutual funds with the
same Morningstar Category. The Morningstar Category identifies funds based on
their actual investment styles as measured by their underlying portfolio
holdings (portfolio statistics and composition over the past three years). As of
November 30, 1999, the Municipal Single State Intermediate Category included 250
mutual funds.
[PHOTO]
/s/ THOMAS B. STEVENS
------------------------------------
Thomas B. Stevens, CFA
Portfolio Manager, Westcore Colorado
Tax-Exempt Fund
35
<PAGE> 37
WESTCORE FUNDS SEMI-ANNUAL REPORT
STATEMENTS OF INVESTMENTS
NOVEMBER 30, 1999 (UNAUDITED)
WESTCORE MIDCO GROWTH FUND
NOVEMBER 30, 1999
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT VALUE
- ----------- ------------
<C> <S> <C>
COMMON STOCKS 98.40%
BASIC MATERIALS 1.73%
CHEMICALS 0.79%
22,400 Avery Dennison Corp. $ 1,330,000
21,300 Ecolab Inc. 737,513
------------
2,067,513
------------
PAPER & PACKAGING 0.33%
18,100 Sealed Air Corp.** 850,700
------------
TRANSPORTATION 0.61%
11,500 Continental Airlines Inc. -- Class B** 425,500
70,400 Southwest Airlines Co. 1,148,400
------------
1,573,900
------------
TOTAL BASIC MATERIALS (Cost $3,729,200) 4,492,113
------------
CAPITAL GOODS 2.99%
AEROSPACE & DEFENSE 1.27%
32,800 General Motors Corp. -- Class H** 2,808,500
18,800 Sirius Satellite Radio Inc.** 505,250
------------
3,313,750
------------
ENGINEERING & CONSTRUCTION 0.07%
6,900 Ionics Inc.** 184,144
------------
OTHER -- CAPITAL GOODS 1.65%
35,800 Corning Inc. 3,354,012
24,300 Fastenal Co. 935,550
------------
4,289,562
------------
TOTAL CAPITAL GOODS (Cost $4,408,924) 7,787,456
------------
CONSUMER CYCLICALS 19.14%
AUTOMOTIVE 0.50%
70,000 Gentex Corp.** 1,308,125
------------
CONSUMER PRODUCTS 0.32%
25,500 Newell Rubbermaid Inc. 836,719
------------
CONSUMER SOFT GOODS 0.61%
59,200 Jones Apparel Group Inc.** 1,579,900
------------
HOTELS -- RESTAURANTS -- LEISURE 1.50%
57,900 Mandalay Resort Group** 1,349,794
55,900 Metro-Goldwyn-Mayer Inc.** 1,331,119
33,700 Papa John's International Inc.** 1,210,041
------------
3,890,954
------------
</TABLE>
36
<PAGE> 38
WESTCORE FUNDS SEMI-ANNUAL REPORT
STATEMENTS OF INVESTMENTS
NOVEMBER 30, 1999 (UNAUDITED)
WESTCORE MIDCO GROWTH FUND
NOVEMBER 30, 1999 (CONTINUED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT VALUE
- ----------- ------------
<C> <S> <C>
MEDIA -- PUBLISHING -- CABLE 9.80%
41,200 AMFM Inc.** $ 2,912,325
30,213 CBS Corp.** 1,571,076
85,600 Infinity Broadcasting Corp. -- Class A** 3,119,050
204,400 Sinclair Broadcast Group Inc. -- Class A** 2,350,600
67,600 TV Guide Inc. -- Class A** 4,290,488
115,020 USA Networks Inc.** 4,600,800
116,500 Westwood One Inc.** 6,669,625
------------
25,513,964
------------
RETAIL 6.41%
59,584 Abercrombie & Fitch Co. -- Class A** 1,929,032
31,200 Ames Dept. Stores Inc.** 828,750
20,100 Children's Place Retail Stores Inc.** 496,219
33,200 Circuit City Stores -- Circuit City Group 1,610,200
132,700 Family Dollar Stores Inc. 2,380,306
43,300 Kohls Corp.** 3,125,719
47,300 Tandy Corp. 3,624,363
30,200 Webvan Group Inc.** 745,562
38,500 Zale Corp.** 1,949,062
------------
16,689,213
------------
TOTAL CONSUMER CYCLICALS (Cost $33,340,316) 49,818,875
------------
CONSUMER STAPLES 0.38%
HOUSEHOLD PRODUCTS 0.38%
23,600 Estee Lauder Companies Inc. -- Class A 995,625
------------
TOTAL CONSUMER STAPLES (Cost $723,076) 995,625
------------
CREDIT SENSITIVE 8.36%
BANKS 0.55%
55,300 Firstar Corp. 1,437,800
------------
FINANCIAL SERVICES 3.68%
63,300 Capital One Financial Corp. 2,947,406
40,800 E*Trade Group Inc.** 1,226,550
21,500 FINOVA Group Inc. 799,531
40,200 Kansas City Southern Industries Inc. 2,394,412
28,700 Knight/Trimark Group Inc. -- Class A** 1,182,081
13,150 Providian Financial Corp. 1,040,494
------------
9,590,474
------------
</TABLE>
37
<PAGE> 39
WESTCORE FUNDS SEMI-ANNUAL REPORT
STATEMENTS OF INVESTMENTS
NOVEMBER 30, 1999 (UNAUDITED)
WESTCORE MIDCO GROWTH FUND
NOVEMBER 30, 1999 (CONTINUED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT VALUE
- ----------- ------------
<C> <S> <C>
INSURANCE 1.13%
24,100 Ambac Financial Group Inc. $ 1,313,450
15,100 Hartford Life Inc. -- Class A 675,725
26,200 Nationwide Financial Services 941,562
------------
2,930,737
------------
UTILITIES -- ELECTRIC 1.42%
63,694 AES Corp.** 3,690,271
------------
UTILITIES -- TELEPHONE 1.58%
45,600 BroadWing Inc. 1,328,100
54,900 Winstar Communications Inc.** 2,786,175
------------
4,114,275
------------
TOTAL CREDIT SENSITIVE (Cost $17,681,139) 21,763,557
------------
ENERGY 3.74%
ENERGY EQUIPMENT & SERVICES 2.92%
86,200 BJ Services Co. ** 3,006,225
116,300 Nabors Industries Inc.** 3,089,219
53,700 Noble Drilling Corp.** 1,496,887
------------
7,592,331
------------
ENERGY PRODUCERS 0.82%
27,100 Anadarko Petroleum Corp. 816,387
42,300 E O G Resources Inc. 782,550
9,700 Vastar Resources Ltd. 543,200
------------
2,142,137
------------
TOTAL ENERGY (Cost $6,788,432) 9,734,468
------------
HEALTHCARE 9.58%
BIOTECHNOLOGY 3.97%
49,900 Biogen Inc.** 3,645,819
36,000 Enzon Inc.** 1,215,000
27,700 Gilead Sciences Inc.** 1,329,600
19,300 MedImmune Inc.** 2,319,619
29,850 PE Corp. -- Celera Genomics Group** 1,828,312
------------
10,338,350
------------
DRUGS & HEALTHCARE PRODUCTS 3.37%
37,200 Forest Laboratories Inc. -- Class A** 1,904,175
7,000 Lincare Holdings Inc.** 198,625
38,500 PE Corp. -- PE Biosystems Group 3,142,563
142,900 Sybron International Corp.** 3,509,981
------------
8,755,344
------------
</TABLE>
38
<PAGE> 40
WESTCORE FUNDS SEMI-ANNUAL REPORT
STATEMENTS OF INVESTMENTS
NOVEMBER 30, 1999 (UNAUDITED)
WESTCORE MIDCO GROWTH FUND
NOVEMBER 30, 1999 (CONTINUED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT VALUE
- ----------- ------------
<C> <S> <C>
HEALTHCARE SERVICES 2.24%
145,300 Health Management Associates Inc. -- Class A** $ 1,789,006
9,100 Medical Manager Corp.** 551,119
53,200 Orthodontic Centers of America Inc.** 648,375
64,300 Tenet Healthcare Corp.** 1,434,694
58,800 TriZetto Group Inc.** 1,396,500
------------
5,819,694
------------
TOTAL HEALTHCARE (Cost $16,161,092) 24,913,388
------------
SERVICES 3.42%
BUSINESS SERVICES 3.13%
91,000 Concord EFS Inc.** 2,411,500
58,700 Interpublic Group of Companies Inc. 2,758,900
74,500 Paychex Inc. 2,975,344
------------
8,145,744
------------
CONSUMER SERVICES 0.29%
29,000 AnswerThink Consulting Group Inc.** 752,187
------------
TOTAL SERVICES (Cost $7,737,638) 8,897,931
------------
TECHNOLOGY 49.06%
COMPUTER HARDWARE 1.38%
1,300 Brocade Communications Systems Inc.** 376,919
900 Cobalt Networks Inc.** 151,931
4,900 Gadzoox Networks Inc.** 387,100
14,600 Gateway Inc.** 1,115,075
13,300 Network Appliance Inc.** 1,565,244
------------
3,596,269
------------
COMPUTER SERVICES & SOFTWARE 23.92%
4,600 Ariba Inc.** 830,588
14,100 BEA Systems Inc.** 1,145,625
20,700 BroadVision Inc.** 1,926,394
93,900 Cadence Design Systems Inc.** 1,666,725
30,700 CBT Group PLC -- Sponsored ADR** 752,150
64,600 Ciber Inc.** 1,376,787
13,200 Citrix Systems Inc.** 1,252,350
20,600 CMGI Inc.** 3,030,775
10,100 Commerce One Inc.** 3,325,425
24,000 Complete Business Solutions** 454,500
11,500 Computer Sciences Corp.** 750,375
8,500 DoubleClick Inc.** 1,360,531
8,700 eBay Inc.** 1,436,044
12,200 Electronic Arts Inc.** 1,279,475
</TABLE>
39
<PAGE> 41
WESTCORE FUNDS SEMI-ANNUAL REPORT
STATEMENTS OF INVESTMENTS
NOVEMBER 30, 1999 (UNAUDITED)
WESTCORE MIDCO GROWTH FUND
NOVEMBER 30, 1999 (CONTINUED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT VALUE
- ----------- ------------
<C> <S> <C>
62,050 Fiserv Inc.** $ 2,202,775
26,000 Gemstar International Group Ltd.** 2,931,500
3,800 Homestore.com Inc.** 247,950
13,800 Inktomi Corp.** 1,781,063
60,300 Intuit Inc.** 3,015,000
49,400 Keane Inc.** 1,333,800
110,700 Legato Systems Inc.** 7,475,709
7,700 Mercury Interactive Corp.** 640,063
3,100 MP3.com Inc.** 127,100
9,900 Network Solutions Inc.** 1,484,381
76,700 Parametric Technology Corp.** 1,740,131
13,200 Portal Software Inc.** 1,545,225
15,000 Rational Software Corp.** 766,875
22,100 RealNetworks Inc.** 3,082,950
50,400 Siebel Systems Inc.** 3,534,300
15,400 Ticketmaster Online -- CitySearch Inc. -- Class B** 436,975
40,700 USWeb Corp.** 1,686,506
8,800 VeriSign Inc.** 1,635,150
30,750 Veritas Software Co.** 2,815,547
8,100 Vignette Corp.** 1,684,800
24,200 Whittman-Hart Inc.** 1,486,788
------------
62,242,332
------------
ELECTRONICS 11.98%
35,400 Altera Corp.** 1,907,175
24,300 Analog Devices Inc.** 1,395,731
55,300 Atmel Corp.** 2,478,131
59,000 Conexant Systems Inc.** 3,495,750
30,900 Jabil Circuit Inc.** 1,975,669
16,300 KLA-Tencor Corp.** 1,378,369
28,700 Linear Technology Corp. 2,039,494
34,900 Maxim Integrated Products Inc.** 2,802,906
19,700 Microchip Technology Inc.** 1,248,488
25,600 Novellus Systems Inc.** 2,102,400
10,300 PMC-Sierra Inc.** 1,061,544
38,600 SanDisk Corp.** 2,550,012
18,500 Solectron Corp.** 1,523,937
45,000 Vitesse Semiconductor Corp.** 2,027,812
35,700 Xilinx Inc.** 3,195,150
------------
31,182,568
------------
</TABLE>
40
<PAGE> 42
WESTCORE FUNDS SEMI-ANNUAL REPORT
STATEMENTS OF INVESTMENTS
NOVEMBER 30, 1999 (UNAUDITED)
WESTCORE MIDCO GROWTH FUND
NOVEMBER 30, 1999 (CONTINUED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT VALUE
- ----------- ------------
<C> <S> <C>
NETWORKING 0.44%
9,100 Extreme Networks Inc.** $ 604,013
27,600 Novell Inc.** 539,925
------------
1,143,938
------------
TELECOMMUNICATIONS 11.34%
109,100 Ciena Corp.** 4,793,581
13,300 Clarent Corp.** 1,080,625
14,800 Comverse Technology Inc.** 1,788,950
44,200 Concentric Network Corp.** 1,256,938
23,900 Covad Communications Group Inc.** 1,241,306
41,200 E-Tek Dynamics Inc.** 3,090,000
34,200 JDS Uniphase Corp.** 7,823,250
1,800 MGC Communications Inc.** 70,650
37,600 Newbridge Networks Corp.** 850,700
45,300 Nextel Communications Inc. -- Class A** 4,490,363
15,100 Nextlink Communications Inc. -- Class A** 755,000
24,600 OneMain.com Inc.** 458,175
24,500 PSINet Inc.** 1,225,000
16,500 Verio Inc.** 592,969
------------
29,517,507
------------
TOTAL TECHNOLOGY (Cost $66,310,272) 127,682,614
------------
TOTAL COMMON STOCKS (Cost $156,880,089) 256,086,027
------------
MUTUAL FUNDS 1.03%
2,675,319 Dreyfus Cash Management Fund 2,675,319
------------
TOTAL MUTUAL FUNDS (Cost $2,675,319) 2,675,319
------------
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED 23.84%
MUTUAL FUNDS 20.00%
12,006,380 AIM Liquid Assets Fund 8,473,729
1,744,400 AIM Prime Portfolio Fund 9,155,582
36,576,854 Mitchell Hutchins Private Money Market Fund(2) 34,411,651
------------
52,040,962
------------
</TABLE>
41
<PAGE> 43
WESTCORE FUNDS SEMI-ANNUAL REPORT
STATEMENTS OF INVESTMENTS
NOVEMBER 30, 1999 (UNAUDITED)
WESTCORE MIDCO GROWTH FUND
NOVEMBER 30, 1999 (CONTINUED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT VALUE
- ----------- ------------
<C> <S> <C>
REPURCHASE AGREEMENTS 3.84%
$10,000,000 Repurchase agreement with Societe Generale, 5.59%, dated
11/30/99 and maturing 12/01/99, collateralized by U.S.
Treasury Note, 5.50% due 5/31/2003 $ 10,000,000
------------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED
(Cost $62,040,962) 62,040,962
TOTAL INVESTMENTS (Cost $221,596,370) 123.27% 320,802,308
Liabilities in Excess of Other Assets (23.27%) (60,550,727)
------ ------------
NET ASSETS 100.00% $260,251,581
====== ============
</TABLE>
See Notes to Statements of Investments
42
<PAGE> 44
WESTCORE FUNDS SEMI-ANNUAL REPORT
STATEMENTS OF INVESTMENTS
NOVEMBER 30, 1999 (UNAUDITED)
WESTCORE GROWTH AND INCOME FUND
NOVEMBER 30, 1999
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT VALUE
- ----------- ------------
<C> <S> <C>
COMMON STOCKS 96.09%
BASIC MATERIALS 2.13%
CHEMICALS 0.82%
3,200 Ecolab Inc. $ 110,800
------------
MULTI-INDUSTRY 0.54%
1,800 Tyco International Ltd. 72,112
------------
PAPER & PACKAGING 0.77%
1,100 Sealed Air Corp.** 51,700
4,700 US Plastic Lumber Corp.** 51,700
------------
103,400
------------
TOTAL BASIC MATERIALS (Cost $314,849) 286,312
------------
CAPITAL GOODS 7.10%
AEROSPACE & DEFENSE 2.41%
3,800 General Motors Corp. -- Class H** 325,375
------------
ELECTRICAL EQUIPMENT 3.37%
3,500 General Electric Co. 455,000
------------
OTHER -- CAPITAL GOODS 1.32%
1,200 Corning Inc. 112,425
1,700 Fastenal Co. 65,450
------------
177,875
------------
TOTAL CAPITAL GOODS (Cost $543,922) 958,250
------------
CONSUMER CYCLICALS 10.28%
AUTOMOTIVE 0.60%
4,300 Gentex Corp.** 80,356
------------
MEDIA -- PUBLISHING -- CABLE 2.38%
2,600 CBS Corp.** 135,200
1,800 Time Warner Inc. 111,037
1,300 Westwood One Inc.** 74,425
------------
320,662
------------
RETAIL 7.30%
1,600 Abercrombie & Fitch Co. -- Class A** 51,800
4,300 Bed Bath & Beyond Inc.** 134,375
2,600 Home Depot Inc. 205,562
1,000 Kohls Corp.** 72,188
4,800 Lowe's Companies Inc. 239,100
4,900 Wal-Mart Stores, Inc. 282,363
------------
985,388
------------
TOTAL CONSUMER CYCLICALS (Cost $792,857) 1,386,406
------------
</TABLE>
43
<PAGE> 45
WESTCORE FUNDS SEMI-ANNUAL REPORT
STATEMENTS OF INVESTMENTS
NOVEMBER 30, 1999 (UNAUDITED)
WESTCORE GROWTH AND INCOME FUND
NOVEMBER 30, 1999 (CONTINUED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT VALUE
- ----------- ------------
<C> <S> <C>
CONSUMER STAPLES 0.69%
HOUSEHOLD PRODUCTS 0.69%
2,200 Estee Lauder Companies Inc. -- Class A $ 92,812
------------
TOTAL CONSUMER STAPLES (Cost $60,280) 92,812
------------
CREDIT SENSITIVE 21.86%
BANKS 3.63%
4,700 Wells Fargo & Co. 218,550
4,200 Zions Bancorporation 271,162
------------
489,712
------------
FINANCIAL SERVICES 4.45%
2,300 Capital One Financial Corp. 107,094
3,300 Charles Schwab Corp. 125,194
2,900 Household International Inc. 114,731
2,600 Kansas City Southern Industries Inc. 154,862
3,862 MBNA Corp. 97,516
------------
599,397
------------
INSURANCE 1.48%
1,375 American International Group Inc. 141,969
1,300 Hartford Life Inc. -- Class A 58,175
------------
200,144
------------
UTILITIES -- ELECTRIC 3.69%
8,592 AES Corp.** 497,799
------------
UTILITIES -- GAS 2.58%
6,400 Enron Corp. 243,600
3,100 Williams Cos. Inc. 104,625
------------
348,225
------------
UTILITIES -- TELEPHONE 6.03%
2,170 AT&T Corp. 121,249
5,800 BroadWing Inc. 168,925
2,362 MCI WorldCom Inc.** 195,308
2,400 Sprint Corp. (FON Group) 166,500
600 Sprint Corp. (PCS Group)** 55,050
2,100 Winstar Communications Inc.** 106,575
------------
813,607
------------
TOTAL CREDIT SENSITIVE (Cost $1,497,443) 2,948,884
------------
</TABLE>
44
<PAGE> 46
WESTCORE FUNDS SEMI-ANNUAL REPORT
STATEMENTS OF INVESTMENTS
NOVEMBER 30, 1999 (UNAUDITED)
WESTCORE GROWTH AND INCOME FUND
NOVEMBER 30, 1999 (CONTINUED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT VALUE
- ----------- ------------
<C> <S> <C>
ENERGY 3.44%
ENERGY EQUIPMENT & SERVICES 2.12%
6,437 Nabors Industries Inc.** $ 170,983
1,915 Schlumberger Ltd. 115,020
------------
286,003
------------
ENERGY PRODUCERS 1.32%
5,900 Anadarko Petroleum Corp. 177,737
------------
TOTAL ENERGY (Cost $392,240) 463,740
------------
HEALTHCARE 9.21%
BIOTECHNOLOGY 0.51%
800 Genentech Inc.** 68,700
------------
DRUGS & HEALTHCARE PRODUCTS 7.99%
1,300 Forest Laboratories Inc. -- Class A** 66,544
1,200 Guidant Corp.** 60,000
1,500 Johnson & Johnson 155,625
4,400 Medtronic Inc. 171,050
2,900 Merck & Co., Inc. 227,650
3,400 Pfizer Inc. 123,038
3,600 Schering-Plough Corp. 184,050
1,000 Warner-Lambert Co. 89,687
------------
1,077,644
------------
HEALTHCARE SERVICES 0.71%
7,800 Health Management Associates Inc. -- Class A** 96,037
------------
TOTAL HEALTHCARE (Cost $888,926) 1,242,381
------------
SERVICES 4.57%
BUSINESS SERVICES 4.05%
3,200 Interpublic Group of Companies Inc. 150,400
4,500 Omnicom Group Inc. 396,562
------------
546,962
------------
CONSUMER SERVICES 0.52%
4,229 Cendant Corp.** 70,043
------------
TOTAL SERVICES (Cost $243,019) 617,005
------------
TECHNOLOGY 36.81%
COMPUTER HARDWARE 4.48%
1,200 Akamai Technologies Inc.** 284,400
1,000 International Business Machines Corp. 103,062
</TABLE>
45
<PAGE> 47
WESTCORE FUNDS SEMI-ANNUAL REPORT
STATEMENTS OF INVESTMENTS
NOVEMBER 30, 1999 (UNAUDITED)
WESTCORE GROWTH AND INCOME FUND
NOVEMBER 30, 1999 (CONTINUED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT VALUE
- ----------- ------------
<C> <S> <C>
700 Lexmark International Group Inc. -- Class A** $ 58,100
1,200 Sun Microsystems Inc.** 158,700
------------
604,262
------------
COMPUTER SERVICES & SOFTWARE 16.28%
1,400 America Online Inc.** 101,762
1,000 BMC Software Inc.** 72,813
4,900 Ciber Inc.** 104,431
800 CMGI Inc.** 117,700
1,000 Computer Associates International Inc. 65,000
2,200 Computer Sciences Corp.** 143,550
1,300 First Data Corp. 56,225
3,700 Fiserv Inc.** 131,350
2,700 Korea ThruNet Co. Ltd. -- Class A** 150,188
4,100 Microsoft Corp.** 373,292
7,400 Oracle Corp.** 501,813
2,700 Parametric Technology Corp.** 61,256
2,000 Rational Software Corp.** 102,250
1,200 USWeb Corp.** 49,725
1,800 Veritas Software Co.** 164,813
------------
2,196,168
------------
ELECTRONICS 6.58%
3,600 Intel Corp. 276,075
2,800 Jabil Circuit Inc.** 179,025
3,400 Linear Technology Corp. 241,612
1,300 Silicon Image Inc.** 55,900
1,400 Texas Instruments Inc. 134,488
------------
887,100
------------
NETWORKING 3.31%
3,700 Cisco Systems Inc.** 329,994
2,600 Predictive Systems Inc.** 117,163
------------
447,157
------------
TELECOMMUNICATIONS 6.16%
3,300 Ciena Corp.** 144,994
2,000 Ericsson L M Telephone Co. -- ADR 96,375
1,400 E-Tek Dynamics Inc.** 105,000
3,600 Lucent Technologies Inc. 263,025
1,600 Nokia OYJ -- ADR 221,100
------------
830,494
------------
TOTAL TECHNOLOGY (Cost $2,942,696) 4,965,181
------------
TOTAL COMMON STOCKS (Cost $7,676,232) 12,960,971
------------
</TABLE>
46
<PAGE> 48
WESTCORE FUNDS SEMI-ANNUAL REPORT
STATEMENTS OF INVESTMENTS
NOVEMBER 30, 1999 (UNAUDITED)
WESTCORE GROWTH AND INCOME FUND
NOVEMBER 30, 1999 (CONTINUED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT VALUE
- ----------- ------------
<C> <S> <C>
MUTUAL FUNDS 4.01%
540,815 Dreyfus Cash Management Fund $ 540,815
------------
TOTAL MUTUAL FUNDS (Cost $540,815) 540,815
------------
INVESTMENTS OF CASH COLLATERAL
FOR SECURITIES LOANED 0.00%
MUTUAL FUNDS 0.00%
180 Aim Liquid Assets Fund 180
73 Mitchell Hutchins Private Money Market Fund(2) 73
------------
253
------------
TOTAL MUTUAL FUNDS (Cost $253) 253
------------
TOTAL INVESTMENTS OF CASH COLLATERAL FOR
SECURITIES LOANED (Cost $253) 253
------------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS (Cost $8,217,300) 100.10% $ 13,502,039
Liabilities in Excess of Other Assets (0.10%) $ (13,657)
------ ------------
NET ASSETS 100.00% $ 13,488,382
====== ============
</TABLE>
See Notes to Statements of Investments
47
<PAGE> 49
WESTCORE FUNDS SEMI-ANNUAL REPORT
STATEMENTS OF INVESTMENTS
NOVEMBER 30, 1999 (UNAUDITED)
WESTCORE SMALL-CAP GROWTH FUND
NOVEMBER 30, 1999
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT VALUE
- ----------- ------------
<C> <S> <C>
COMMON STOCKS 60.11%
BASIC MATERIALS 1.32%
PAPER & PACKAGING 1.32%
23,100 US Plastic Lumber Corp.** $ 254,100
------------
TOTAL BASIC MATERIALS (Cost $296,838) 254,100
------------
CONSUMER CYCLICALS 4.78%
MEDIA -- PUBLISHING -- CABLE 2.82%
10,700 Spanish Broadcasting System Inc. -- Class A** 339,725
3,500 Westwood One Inc.** 200,375
------------
540,100
------------
RETAIL 1.96%
12,000 Michaels Stores Inc.** 376,500
------------
TOTAL CONSUMER CYCLICALS (Cost $826,663) 916,600
------------
CONSUMER STAPLES 1.64%
RETAIL FOOD & DRUG 1.64%
8,800 Wild Oats Markets Inc.** 313,500
------------
TOTAL CONSUMER STAPLES (Cost $303,600) 313,500
------------
ENERGY 1.75%
ENERGY PRODUCERS 1.75%
15,300 Noble Affiliates Inc. 336,600
------------
TOTAL ENERGY (Cost $383,571) 336,600
------------
HEALTHCARE 3.77%
BIOTECHNOLOGY 3.77%
13,800 BioCryst Pharmaceuticals Inc.** 355,350
6,000 PE Corp. -- Celera Genomics Group** 367,500
------------
722,850
------------
TOTAL HEALTHCARE (Cost $595,488) 722,850
------------
TECHNOLOGY 46.85%
COMPUTER HARDWARE 12.16%
7,000 Cobalt Networks Inc.** 1,181,687
10,000 Finisar Corp.** 1,152,500
------------
2,334,187
------------
COMPUTER SERVICES & SOFTWARE 24.30%
6,500 AppNet Inc.** 323,375
12,300 BindView Development Corp.** 369,000
4,600 Breakaway Solutions Inc.** 262,200
4,000 CyberSource Corp.** 238,500
</TABLE>
48
<PAGE> 50
WESTCORE FUNDS SEMI-ANNUAL REPORT
STATEMENTS OF INVESTMENTS
NOVEMBER 30, 1999 (UNAUDITED)
WESTCORE SMALL-CAP GROWTH FUND
NOVEMBER 30, 1999 (CONTINUED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT VALUE
- ----------- ------------
<C> <S> <C>
--
8,900 Digex Inc. -- Class A** $ 298,150
13,750 iManage Inc.** 520,781
11,900 Interwoven Inc.** 1,472,625
7,200 Pivotal Corp.** 279,900
35,000 ProsoftTraining.com** 199,063
7,000 USInternetworking Inc.** 383,688
5,500 WebTrends Corp.** 316,594
------------
4,663,876
------------
ELECTRONICS 5.57%
9,400 Advanced Digital Information** 422,412
6,000 Powerwave Technologies Inc.** 358,875
30,400 Xicor Inc. 288,800
------------
1,070,087
------------
NETWORKING 1.52%
4,400 Extreme Networks Inc.** 292,050
------------
TELECOMMUNICATIONS 3.30%
15,200 Network Access Solutions Corp.** 323,000
1,400 Sycamore Networks Inc.** 310,800
------------
633,800
------------
TOTAL TECHNOLOGY (Cost $4,376,337) 8,994,000
------------
TOTAL COMMON STOCKS (Cost $6,782,497) 11,537,650
------------
MUTUAL FUNDS 6.98%
690,280 Dreyfus Cash Management Fund 690,280
650,000 Fidelity Institutional Money Market Fund 650,000
------------
TOTAL MUTUAL FUNDS (Cost $1,340,280) 1,340,280
------------
U.S. GOVERNMENT TREASURIES 33.77%
U.S. Treasury Bills:
$ 750,000 4.695%, 12/30/1999 747,185
1,625,000 4.925%, 01/13/2000 1,615,137
4,150,000 4.950%, 01/20/2000 4,120,560
------------
6,482,882
------------
TOTAL U.S. GOVERNMENT TREASURIES (Cost $6,482,882) 6,482,882
------------
TOTAL INVESTMENTS (Cost $14,605,659) 100.86% $ 19,360,812
Liabilities in Excess of Other Assets (0.86%) (165,121)
------ ------------
NET ASSETS 100.00% $ 19,195,691
------ ------------
</TABLE>
See Notes to Statements of Investments
49
<PAGE> 51
WESTCORE FUNDS SEMI-ANNUAL REPORT
STATEMENTS OF INVESTMENTS
NOVEMBER 30, 1999 (UNAUDITED)
WESTCORE SELECT FUND
NOVEMBER 30, 1999
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT VALUE
- ----------- ------------
<C> <S> <C>
COMMON STOCKS 74.90%
CAPITAL GOODS 1.93%
ENGINEERING & CONSTRUCTION 1.93%
15,000 Ionics Inc.** $ 400,312
------------
TOTAL CAPITAL GOODS (Cost $418,650) 400,312
------------
CONSUMER CYCLICALS 30.23%
CONSUMER PRODUCTS 1.56%
10,000 Lancaster Colony Corp. 323,750
------------
HOTELS -- RESTAURANTS -- LEISURE 7.15%
32,500 Mandalay Resort Group** 757,656
15,000 Metro-Goldwyn-Mayer Inc.** 357,188
60,000 ResortQuest International Inc.** 371,250
------------
1,486,094
------------
MEDIA -- PUBLISHING -- CABLE 21.52%
12,200 AMFM Inc.** 862,387
17,900 Liberty Digital Inc. -- Class A** 882,694
60,000 Sinclair Broadcast Group Inc. -- Class A** 690,000
17,000 TV Guide Inc. -- Class A** 1,078,969
16,700 Westwood One Inc.** 956,075
------------
4,470,125
------------
TOTAL CONSUMER CYCLICALS (Cost $5,728,241) 6,279,969
------------
ENERGY 3.64%
ENERGY EQUIPMENT & SERVICES 1.96%
15,300 Nabors Industries Inc.** 406,406
------------
ENERGY PRODUCERS 1.68%
11,600 Anadarko Petroleum Corp. 349,450
------------
TOTAL ENERGY Cost ($672,239) 755,856
------------
SERVICES 7.73%
BUSINESS SERVICES 6.39%
21,500 ACNielsen Corp.** 533,469
9,000 Omnicom Group Inc. 793,125
------------
1,326,594
------------
CONSUMER SERVICES 1.34%
21,100 Sylvan Learning Systems Inc.** 278,256
------------
TOTAL SERVICES (Cost $1,582,926) 1,604,850
------------
</TABLE>
50
<PAGE> 52
WESTCORE FUNDS SEMI-ANNUAL REPORT
STATEMENTS OF INVESTMENTS
NOVEMBER 30, 1999 (UNAUDITED)
WESTCORE SELECT FUND
NOVEMBER 30, 1999 (CONTINUED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT VALUE
- ----------- ------------
<C> <S> <C>
TECHNOLOGY 31.37%
COMPUTER HARDWARE 3.61%
6,500 Finisar Corp.** $ 749,125
------------
COMPUTER SERVICES & SOFTWARE 16.63%
15,000 Digex Inc. -- Class A** 502,500
16,500 iManage Inc.** 624,938
9,000 Lycos Inc.** 504,000
10,000 Optimal Robotics Corp. -- Class A** 325,000
225,000 ProsoftTraining.com** 1,279,688
5,000 TiVo Inc.** 218,124
------------
3,454,250
------------
TELECOMMUNICATIONS 11.13%
45,000 LCC International Inc. -- Class A** 646,875
10,000 MetroMedia Fiber Network Inc. -- Class A** 387,500
14,000 Western Wireless Corp. -- Class A** 819,875
9,000 Winstar Communications Inc.** 456,750
------------
2,311,000
------------
TOTAL TECHNOLOGY (Cost $5,137,607) 6,514,375
------------
TOTAL COMMON STOCKS (Cost $13,539,663) 15,555,362
------------
U.S. GOVERNMENT TREASURIES 12.91%
U.S. Treasury Bills:
$ 2,700,000 4.950%, 01/20/2000 2,681,234
------------
TOTAL U.S. GOVERNMENT TREASURIES (Cost $2,681,234) 2,681,234
------------
MUTUAL FUNDS 8.39%
893,381 Dreyfus Cash Management Fund 893,381
850,000 Fidelity Institutional Money Market Fund 850,000
------------
1,743,381
------------
TOTAL MUTUAL FUNDS (Cost $1,743,381) 1,743,381
------------
TOTAL INVESTMENTS (Cost $17,964,278) 96.20% $19,979,977
Other Assets in Excess of Liabilities 3.80% 788,584
------ ------------
NET ASSETS 100.00% $20,768,561
====== ============
</TABLE>
See Notes to Statements of Investments
51
<PAGE> 53
WESTCORE FUNDS SEMI-ANNUAL REPORT
STATEMENTS OF INVESTMENTS
NOVEMBER 30, 1999 (UNAUDITED)
WESTCORE BLUE CHIP FUND
NOVEMBER 30, 1999
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT VALUE
- ----------- ------------
<C> <S> <C>
COMMON STOCKS 98.66%
BASIC MATERIALS 5.40%
CHEMICALS 1.55%
8,200 Dow Chemical Co. $ 960,425
------------
MULTI-INDUSTRY 1.35%
20,800 Tyco International Ltd. 833,300
------------
PAPER & PACKAGING 1.56%
26,000 Ball Corp. 966,875
------------
TRANSPORTATION 0.94%
12,300 Union Pacific Corp. 578,869
------------
TOTAL BASIC MATERIALS (Cost $3,401,677) 3,339,469
------------
CAPITAL GOODS 5.37%
AEROSPACE & DEFENSE 3.73%
19,000 General Dynamics Corp. 979,687
23,500 United Technologies Corp. 1,327,750
------------
2,307,437
------------
ENGINEERING & CONSTRUCTION 1.64%
20,900 Ingersoll-Rand Co. 1,012,344
------------
TOTAL CAPITAL GOODS (Cost $2,588,299) 3,319,781
------------
CONSUMER CYCLICALS 12.94%
AUTOMOTIVE 2.43%
12,639 Delphi Automotive Systems 199,064
18,100 General Motors Corp. 1,303,200
------------
1,502,264
------------
CONSUMER PRODUCTS 2.01%
20,400 Harley-Davidson Inc. 1,244,400
------------
HOTELS -- RESTAURANTS -- LEISURE 2.06%
28,900 Carnival Corp. 1,275,213
------------
MEDIA -- PUBLISHING -- CABLE 1.75%
21,700 Viacom Inc. -- Class B** 1,079,575
------------
RETAIL 4.69%
18,600 Dayton-Hudson Corp. 1,312,463
15,360 Intimate Brands Inc. -- Class A 658,560
92,900 K Mart Corp.** 923,194
------------
2,894,217
------------
TOTAL CONSUMER CYCLICALS (Cost $5,942,916) 7,995,669
------------
</TABLE>
52
<PAGE> 54
WESTCORE FUNDS SEMI-ANNUAL REPORT
STATEMENTS OF INVESTMENTS
NOVEMBER 30, 1999 (UNAUDITED)
WESTCORE BLUE CHIP FUND
NOVEMBER 30, 1999 (CONTINUED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT VALUE
- ----------- ------------
<C> <S> <C>
CONSUMER STAPLES 5.12%
RETAIL FOOD & DRUG 5.12%
26,800 CVS Corp. $ 1,063,625
55,100 Kroger Co.** 1,174,319
47,600 SuperValu Inc. 925,225
------------
3,163,169
------------
TOTAL CONSUMER STAPLES (Cost $2,906,378) 3,163,169
------------
CREDIT SENSITIVE 39.09%
BANKS 5.34%
13,800 Chase Manhattan Corp. 1,066,050
41,500 Citigroup Inc. 2,235,813
------------
3,301,863
------------
FINANCIAL SERVICES 14.71%
5,700 American Express Co. 862,481
16,600 Golden West Financial Corp. 1,675,562
7,800 Goldman Sachs Group Inc. 585,975
19,200 Household International Inc. 759,600
10,200 J P Morgan & Company Inc. 1,341,300
21,300 Lehman Brothers Holdings Inc. 1,626,787
7,700 Merrill Lynch & Company Inc. 620,812
13,400 Morgan Stanley Dean Witter & Co. 1,616,375
------------
9,088,892
------------
INSURANCE 7.40%
10,600 Allmerica Financial Corp. 584,988
52,300 AXA Financial Inc. 1,758,588
52,000 Conseco Inc. 1,053,000
8,100 Jefferson Pilot Corp. 549,787
19,600 Torchmark Corp. 622,300
------------
4,568,663
------------
UTILITIES -- ELECTRIC 1.14%
26,650 Edison International 706,225
------------
UTILITIES -- GAS 1.09%
10,700 Columbia Energy Group 671,425
------------
UTILITIES -- TELEPHONE 9.41%
17,500 ALLTEL Corp. 1,513,750
18,100 AT&T Corp. 1,011,338
</TABLE>
53
<PAGE> 55
WESTCORE FUNDS SEMI-ANNUAL REPORT
STATEMENTS OF INVESTMENTS
NOVEMBER 30, 1999 (UNAUDITED)
WESTCORE BLUE CHIP FUND
NOVEMBER 30, 1999 (CONTINUED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT VALUE
- ----------- ------------
<C> <S> <C>
39,000 BellSouth Corp. $ 1,801,313
21,420 Sprint Corp. (FON Group) 1,486,012
------------
5,812,413
------------
TOTAL CREDIT SENSITIVE (Cost $20,635,959) 24,149,481
------------
ENERGY 8.09%
ENERGY PRODUCERS 8.09%
21,800 Coastal Corp. 768,450
17,300 El Paso Energy Corp. 666,050
10,800 Kerr-McGee Corp. 618,300
25,300 Phillips Petroleum Co. 1,209,656
29,900 Royal Dutch Petroleum Co. ADR 1,734,200
------------
4,996,656
------------
TOTAL ENERGY (Cost $5,460,275) 4,996,656
------------
HEALTHCARE 6.66%
DRUGS & HEALTHCARE PRODUCTS 6.66%
7,600 Allergan Inc. 747,650
19,360 Bristol-Myers Squibb Co. 1,414,490
9,700 Eli Lilly & Co. 695,975
24,600 Schering-Plough Corp. 1,257,675
------------
4,115,790
------------
TOTAL HEALTHCARE (Cost $1,778,067) 4,115,790
------------
SERVICES 1.78%
BUSINESS SERVICES 1.78%
26,000 Hertz Corp. -- Class A 1,100,125
------------
TOTAL SERVICES (Cost $1,048,524) 1,100,125
------------
TECHNOLOGY 14.21%
COMPUTER HARDWARE 5.39%
21,800 Apple Computer Inc.** 2,133,675
41,500 UniSys Corp.** 1,193,125
------------
3,326,800
------------
COMPUTER SERVICES & SOFTWARE 2.81%
25,300 Adobe Systems Inc. 1,737,794
------------
ELECTRONICS 3.35%
18,100 Motorola Inc. 2,067,925
------------
</TABLE>
54
<PAGE> 56
WESTCORE FUNDS SEMI-ANNUAL REPORT
STATEMENTS OF INVESTMENTS
NOVEMBER 30, 1999 (UNAUDITED)
WESTCORE BLUE CHIP FUND
NOVEMBER 30, 1999 (CONTINUED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT VALUE
- ----------- ------------
<C> <S> <C>
NETWORKING 2.66%
84,100 Novell Inc.** $ 1,645,206
------------
TOTAL TECHNOLOGY (Cost $4,334,300) 8,777,725
------------
TOTAL COMMON STOCKS (Cost $48,096,395) 60,957,865
------------
MUTUAL FUNDS 1.22%
754,537 Dreyfus Cash Management Fund 754,537
------------
TOTAL MUTUAL FUNDS (Cost $754,537) 754,537
------------
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED 4.65%
MUTUAL FUNDS 4.65%
937,224 AIM Liquid Assets Fund 937,224
1,937,777 Mitchell Hutchins Private Money Market Fund(2) 1,937,777
------------
2,875,001
------------
TOTAL MUTUAL FUNDS (Cost $2,875,001) 2,875,001
------------
TOTAL INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED
(Cost $2,875,001) 2,875,001
------------
TOTAL INVESTMENTS (Cost $51,725,933) 104.54% $ 64,587,403
Liabilities)in Excess of Other Assets (4.54%
(2,802,927)
------ ------------
NET ASSETS 100.00% $ 61,784,476
====== ============
</TABLE>
See Notes to Statements of Investments
55
<PAGE> 57
WESTCORE FUNDS SEMI-ANNUAL REPORT
STATEMENTS OF INVESTMENTS
NOVEMBER 30, 1999 (UNAUDITED)
WESTCORE MID-CAP OPPORTUNITY FUND
NOVEMBER 30, 1999
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT VALUE
- ----------- ------------
<C> <S> <C>
COMMON STOCKS 97.77%
BASIC MATERIALS 4.99%
METALS 0.54%
550 USX -- U.S. Steel Group Inc. $ 13,922
------------
PAPER & PACKAGING 3.70%
800 Ball Corp. 29,750
1,100 Boise Cascade Corp. 38,087
700 Georgia-Pacific (Georgia-Pacific Group) 27,869
------------
95,706
------------
TRANSPORTATION 0.75%
250 Alaska Air Group Inc.** 9,500
200 Delta Air Lines Inc. 9,850
------------
19,350
------------
TOTAL BASIC MATERIALS (Cost $148,127) 128,978
------------
CAPITAL GOODS 1.59%
AEROSPACE & DEFENSE 1.59%
800 General Dynamics Corp. 41,250
------------
TOTAL CAPITAL GOODS (Cost $51,453) 41,250
------------
CONSUMER CYCLICALS 13.33%
AUTOMOTIVE 3.29%
1,050 Johnson Controls Inc. 57,225
750 Navistar International Corp.** 27,891
------------
85,116
------------
CONSUMER PRODUCTS 0.40%
300 Fortune Brands Inc. 10,256
------------
HOTELS -- RESTAURANTS -- LEISURE 4.14%
1,100 Darden Restaurants Inc. 19,594
1,800 Harrah's Entertainment Inc.** 49,725
1,700 Starwood Hotels & Resorts Worldwide Inc. 37,931
------------
107,250
------------
RETAIL 5.50%
900 AnnTaylor Stores Corp.** 38,868
400 Payless ShoeSource Inc.** 18,325
2,400 Speigel Inc. -- Class A** 19,200
1,300 Zale Corp.** 65,813
------------
142,206
------------
TOTAL CONSUMER CYCLICALS (Cost $305,690) 344,827
------------
</TABLE>
56
<PAGE> 58
WESTCORE FUNDS SEMI-ANNUAL REPORT
STATEMENTS OF INVESTMENTS
NOVEMBER 30, 1999 (UNAUDITED)
WESTCORE MID-CAP OPPORTUNITY FUND
NOVEMBER 30, 1999 (CONTINUED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT VALUE
- ----------- ------------
<C> <S> <C>
CONSUMER STAPLES 3.15%
FOOD, BEVERAGES & TOBACCO 2.21%
400 Adolph Coors Co. -- Class B $ 19,900
700 Canadaigua Brands Inc. -- Class A** 37,275
------------
57,175
------------
RETAIL FOOD & DRUG 0.94%
1,250 SuperValu Inc. 24,297
------------
TOTAL CONSUMER STAPLES (Cost $86,452) 81,472
------------
CREDIT SENSITIVE 25.39%
BANKS 3.66%
2,150 UnionBanCal Corp. 94,734
------------
FINANCIAL SERVICES 7.86%
1,700 CIT Group Inc. -- Class A 35,275
2,250 Golden State Bancorp Inc.** 43,734
550 Golden West Financial Corp. 55,516
900 Lehman Brothers Holdings Inc. 68,738
------------
203,263
------------
INSURANCE 2.61%
900 Allmerica Financial Corp. 49,669
875 Conseco Inc. 17,719
------------
67,388
------------
UTILITIES -- ELECTRIC 9.12%
825 DTE Energy Co. 27,277
2,600 Energy East Corp. 61,100
2,000 Illinova Corp. 64,250
1,050 Public Service Enterprise Group 36,750
1,300 Texas Utilities Co. 46,556
------------
235,933
------------
UTILITIES -- TELEPHONE 2.14%
1,900 BroadWing Inc. 55,337
------------
TOTAL CREDIT SENSITIVE (Cost $639,410) 656,655
------------
ENERGY 7.35%
ENERGY PRODUCERS 5.27%
1,300 Apache Corp. 46,556
2,550 Coastal Corp. 89,888
------------
136,444
------------
</TABLE>
57
<PAGE> 59
WESTCORE FUNDS SEMI-ANNUAL REPORT
STATEMENTS OF INVESTMENTS
NOVEMBER 30, 1999 (UNAUDITED)
WESTCORE MID-CAP OPPORTUNITY FUND
NOVEMBER 30, 1999 (CONTINUED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT VALUE
- ----------- ------------
<C> <S> <C>
ENERGY EQUIPMENT & SERVICES 2.08%
600 Noble Drilling Corp.** $ 16,725
1,200 Pride International Inc.** 17,250
700 Transocean Offshore Inc. 19,731
------------
53,706
------------
TOTAL ENERGY (Cost $165,975) 190,150
------------
HEALTHCARE 1.48%
HEALTHCARE SERVICES 1.48%
1,300 Trigon Healthcare Inc.** 38,269
------------
TOTAL HEALTHCARE (Cost $33,884) 38,269
------------
SERVICES 12.84%
BUSINESS SERVICES 12.84%
1,200 Hertz Corp. -- Class A** 50,775
3,000 Interim Services Inc.** 55,312
5,000 Management Network Group Inc.** 168,750
1,100 Young & Rubicam Inc. 57,406
------------
332,243
------------
TOTAL SERVICES (Cost $240,835) 332,243
------------
TECHNOLOGY 27.65%
COMPUTER HARDWARE 9.72%
2,500 American Power Conversion Corp.** 59,531
650 Apple Computer Inc.** 63,618
500 Finisar Corp.** 57,625
1,025 NCR Corp.** 33,633
1,000 Seagate Technology Inc.** 37,000
------------
251,407
------------
COMPUTER SERVICES & SOFTWARE 4.08%
950 Sterling Software Inc.** 24,997
550 Symantec Corp.** 25,678
300 Synopsys Inc.** 21,713
800 Veeco Instruments Inc.** 33,100
------------
105,488
------------
ELECTRONICS 7.51%
600 AVX Corp. 24,562
1,500 Cypress Semiconductor Corp.** 40,875
800 Etec Systems Inc.** 34,400
500 Lattice Semiconductor Corp. 22,375
</TABLE>
58
<PAGE> 60
WESTCORE FUNDS SEMI-ANNUAL REPORT
STATEMENTS OF INVESTMENTS
NOVEMBER 30, 1999 (UNAUDITED)
WESTCORE MID-CAP OPPORTUNITY FUND
NOVEMBER 30, 1999 (CONTINUED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT VALUE
- ----------- ------------
<C> <S> <C>
--
900 National Semiconductor Corp.** $ 38,250
500 SCI Systems Inc.** 33,938
------------
194,400
------------
NETWORKING 2.43%
1,600 Novell Inc.** 31,300
600 Xircom Inc.** 31,500
------------
62,800
------------
TELECOMMUNICATIONS 3.91%
850 United States Cellular Corp.** 101,046
------------
TOTAL TECHNOLOGY (Cost $518,122) 715,141
------------
TOTAL COMMON STOCKS (Cost $2,189,948) 2,528,984
------------
MUTUAL FUNDS 1.91%
49,524 Dreyfus Cash Management Fund 49,524
------------
TOTAL MUTUAL FUNDS (Cost $49,524) 49,524
------------
TOTAL INVESTMENTS (Cost $2,239,472) 99.68% $ 2,578,508
Other Assets in Excess of Liabilities 0.32% 8,084
------ ------------
NET ASSETS 100.00% $ 2,586,592
====== ============
</TABLE>
See Notes to Statements of Investments
59
<PAGE> 61
WESTCORE FUNDS SEMI-ANNUAL REPORT
STATEMENTS OF INVESTMENTS
NOVEMBER 30, 1999 (UNAUDITED)
WESTCORE SMALL-CAP OPPORTUNITY FUND
NOVEMBER 30, 1999
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT VALUE
- ----------- ------------
<C> <S> <C>
COMMON STOCKS 97.81%
BASIC MATERIALS 6.69%
METALS 1.08%
10,800 AK Steel Holding Corp. $ 178,875
27,000 Ryerson Tull Inc. 551,812
------------
730,687
------------
MULTI-INDUSTRY 0.88%
16,540 Texas Industries Inc. 599,575
------------
PAPER & PACKAGING 0.98%
19,100 Boise Cascade Corp. 661,338
------------
TRANSPORTATION 3.75%
18,100 America West Holdings Corp. -- Class B** 365,394
44,100 Arkansas Best Corp.** 551,250
14,350 Oshkosh Truck Corp. 396,419
20,700 Roadway Express Inc. 411,412
25,100 Transportation Technologies Industries Inc.** 338,850
11,500 USFreightways Corp. 480,125
------------
2,543,450
------------
TOTAL BASIC MATERIALS (Cost $4,705,772) 4,535,050
------------
CAPITAL GOODS 6.92%
AEROSPACE & DEFENSE 1.50%
17,200 AAR Corp. 283,800
35,600 Kellstrom Industries Inc.** 311,500
7,000 Moog Inc. -- Class A** 183,750
11,500 Primex Technologies Inc. 235,031
------------
1,014,081
------------
ELECTRICAL EQUIPMENT 1.76%
19,300 Belden Inc. 386,000
26,300 Cable Design Technologies Corp.** 629,556
13,100 Stoneridge Inc.** 176,850
------------
1,192,406
------------
MACHINERY & EQUIPMENT 2.71%
15,300 Astec Industries Inc. 380,588
15,900 Manitowoc Inc. 484,950
21,300 Terex Corp.** 596,400
25,700 Wabash National Corp. 377,469
------------
1,839,407
------------
</TABLE>
60
<PAGE> 62
WESTCORE FUNDS SEMI-ANNUAL REPORT
STATEMENTS OF INVESTMENTS
NOVEMBER 30, 1999 (UNAUDITED)
WESTCORE SMALL-CAP OPPORTUNITY FUND
NOVEMBER 30, 1999 (CONTINUED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT VALUE
- ----------- ------------
<C> <S> <C>
OTHER -- CAPITAL GOODS 0.95%
15,300 CommScope Inc.** $ 644,512
------------
TOTAL CAPITAL GOODS (Cost $5,498,729) 4,690,406
------------
CONSUMER CYCLICALS 16.34%
AUTOMOTIVE 2.31%
13,700 A.O. Smith Corp. 301,400
10,500 Arvin Industries Inc. 278,906
17,800 Dura Automotive Systems Inc. -- Class A** 369,350
41,000 Tower Automotive Inc.** 615,000
------------
1,564,656
------------
BUILDING RELATED 3.31%
5,800 Florida Rock Industries Inc. 181,250
30,500 Haverty Furniture Companies, Inc. 419,375
21,600 LaFarge Corp. 583,200
25,700 MDC Holdings Inc. 383,894
4,200 M/I Schottenstein Homes Inc. 66,150
69,800 Morrison Knudsen Corp.** 606,387
------------
2,240,256
------------
HOTELS -- RESTAURANTS -- LEISURE 2.06%
37,325 Monaco Coach Corp.** 802,487
31,500 Winnebago Industries Inc. 594,563
------------
1,397,050
------------
RETAIL 8.66%
78,700 Cato Corp. -- Class A 1,032,938
35,300 Rent-Way Inc.** 538,325
19,400 REX Stores Corp.** 723,863
46,630 ShopKo Stores Inc.** 1,057,918
49,800 Zale Corp.** 2,521,125
------------
5,874,169
------------
TOTAL CONSUMER CYCLICALS (Cost $10,902,406) 11,076,131
------------
CONSUMER STAPLES 5.95%
FOOD, BEVERAGES & TOBACCO 4.19%
7,000 Adolph Coors Co. -- Class B 348,250
25,100 Ben & Jerry's Homemade Inc. -- Class A** 453,369
13,400 Canandaigua Brands Inc. -- Class A** 713,550
44,500 Earthgrains Co. 806,562
20,300 Smithfield Foods Inc.** 520,188
------------
2,841,919
------------
</TABLE>
61
<PAGE> 63
WESTCORE FUNDS SEMI-ANNUAL REPORT
STATEMENTS OF INVESTMENTS
NOVEMBER 30, 1999 (UNAUDITED)
WESTCORE SMALL-CAP OPPORTUNITY FUND
NOVEMBER 30, 1999 (CONTINUED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT VALUE
- ----------- ------------
<C> <S> <C>
HOUSEHOLD PRODUCTS 1.76%
24,200 Church & Dwight Inc. $ 677,600
24,500 Ladd Furniture Inc.** 517,562
------------
1,195,162
------------
TOTAL CONSUMER STAPLES (Cost $4,607,350) 4,037,081
------------
CREDIT SENSITIVE 27.56%
BANKS 1.37%
14,600 Bank United Corp. -- Class A 520,125
33,000 East West Bancorp Inc. 406,313
------------
926,438
------------
FINANCIAL SERVICES 7.14%
13,400 Advest Group Inc. 240,363
7,000 Andover Bancorp Inc. 210,000
25,100 Astoria Financial Corp. 791,434
8,300 Dain Rauscher Corp. 404,106
37,200 Downey Financial Corp. 748,650
51,400 Golden State Bancorp Inc.** 999,087
38,100 Heller Financial Inc. -- Class A 842,963
9,669 MAF Bancorp Inc. 214,531
44,600 Sovereign Bancorp Inc. 395,825
------------
4,846,959
------------
INSURANCE 4.93%
12,400 Chicago Title Corp. 563,425
16,921 Delphi Financial Group Inc. -- Class A** 524,544
18,100 Enhance Financial Services Group Inc. 309,963
22,900 FBL Financial Group Inc. -- Class A 397,887
11,500 LandAmerica Financial Group Inc. 223,531
11,200 MONY Group Inc. 330,400
8,600 PMI Group Inc. 429,463
11,500 Radian Group Inc. 562,063
------------
3,341,276
------------
REITS 7.59%
21,300 Annaly Mortgage Management Inc. 185,044
20,700 Bradley Real Estate Inc. 372,600
28,900 Brandywine Realty Trust 485,881
38,100 EastGroup Properties Inc. 661,987
17,500 Essex Property Trust Inc. 567,656
20,700 Innkeepers USA Trust 163,013
34,000 Liberty Property Trust 775,625
17,200 Mack-Cali Realty Corp. 424,625
</TABLE>
62
<PAGE> 64
WESTCORE FUNDS SEMI-ANNUAL REPORT
STATEMENTS OF INVESTMENTS
NOVEMBER 30, 1999 (UNAUDITED)
WESTCORE SMALL-CAP OPPORTUNITY FUND
NOVEMBER 30, 1999 (CONTINUED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT VALUE
- ----------- ------------
<C> <S> <C>
17,200 Mills Corp. $ 290,250
19,400 Parkway Properties Inc. 579,575
31,500 Prentiss Properties Trust 637,875
------------
5,144,131
------------
UTILITIES -- ELECTRIC 6.53%
22,900 Calpine Corp.** 1,351,100
13,440 Central Hudson Gas & Electric Corp. 449,400
26,700 Cleco Corp. 871,087
16,681 NSTAR 692,262
27,000 RGS Energy Group Inc. 602,437
8,900 United Illuminating Co.** 460,575
------------
4,426,861
------------
TOTAL CREDIT SENSITIVE (Cost $20,952,451) 18,685,665
------------
ENERGY 4.02%
ENERGY EQUIPMENT & SERVICES 0.91%
6,400 Seacor Smit Inc.** 332,000
42,200 Seitel Inc.** 284,850
------------
616,850
------------
ENERGY PRODUCERS 3.11%
34,000 Louis Dreyfus Natural Gas** 612,000
58,100 Ocean Energy Inc.** 443,013
29,200 Pennzoil-Quaker State Co. 302,950
62,500 Tesoro Petroleum Corp.** 750,000
------------
2,107,963
------------
TOTAL ENERGY (Cost $3,281,247) 2,724,813
------------
HEALTHCARE 9.21%
BIOTECHNOLOGY 0.69%
18,400 Conmed Corp.** 464,600
------------
DRUGS & HEALTHCARE PRODUCTS 5.68%
10,200 C.R. Bard Inc. 553,987
49,800 Dura Pharmaceuticals Inc.** 648,956
13,100 Medco Research Inc.** 348,788
8,600 Medicis Pharmaceutical Corp. -- Class A** 302,075
18,100 Polymedica Corp.** 316,750
52,100 Roberts Pharmaceuticals Corp.** 1,683,481
------------
3,854,037
------------
</TABLE>
63
<PAGE> 65
WESTCORE FUNDS SEMI-ANNUAL REPORT
STATEMENTS OF INVESTMENTS
NOVEMBER 30, 1999 (UNAUDITED)
WESTCORE SMALL-CAP OPPORTUNITY FUND
NOVEMBER 30, 1999 (CONTINUED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT VALUE
- ----------- ------------
<C> <S> <C>
HEALTHCARE SERVICES 2.84%
52,290 Bindley Western Industries Inc. $ 692,842
41,900 Trigon Healthcare Inc.** 1,233,431
------------
1,926,273
------------
TOTAL HEALTHCARE (Cost $5,819,532) 6,244,910
------------
SERVICES 5.00%
BUSINESS SERVICES 5.00%
57,100 Avis Rent A Car Inc.** 1,092,037
24,800 Dollar Thrifty Automotive Group Inc.** 489,800
66,300 Personnel Group of America Inc.** 517,969
24,500 Pomeroy Computer Resources** 306,250
53,200 Safety-Kleen Corp.** 625,100
18,400 URS Corp.** 358,800
------------
3,389,956
------------
TOTAL SERVICES (Cost $3,867,390) 3,389,956
------------
TECHNOLOGY 16.12%
COMPUTER -- HARDWARE 0.91%
29,500 In Focus Systems Inc.** 615,813
------------
COMPUTER SERVICES & SOFTWARE 7.88%
39,100 Ardent Software Inc.** 1,026,375
39,700 Best Software Inc.** 1,032,200
15,600 Midway Games Inc.** 337,350
15,300 Progress Software Corp.** 610,088
36,500 Sterling Software Inc.** 960,406
21,900 Symantec Corp.** 1,022,456
9,500 Zomax Inc.** 351,797
------------
5,340,672
------------
ELECTRONICS 5.92%
15,000 Dallas Semiconductor Corp. 865,313
12,200 Exar Corp.** 593,225
39,100 Integrated Device Technology Inc.** 921,294
63,200 International Rectifier Corp.** 1,279,800
33,600 Telecom Semiconductor Inc.** 357,000
------------
4,016,632
------------
</TABLE>
64
<PAGE> 66
WESTCORE FUNDS SEMI-ANNUAL REPORT
STATEMENTS OF INVESTMENTS
NOVEMBER 30, 1999 (UNAUDITED)
WESTCORE SMALL-CAP OPPORTUNITY FUND
NOVEMBER 30, 1999 (CONTINUED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT VALUE
- ----------- ------------
<C> <S> <C>
TELECOMMUNICATIONS 1.41%
49,200 InterVoice-Brite Inc.** $ 741,075
10,500 Teltrend Inc.** 219,187
------------
960,262
------------
TOTAL TECHNOLOGY (Cost $8,300,954) 10,933,379
------------
TOTAL COMMON STOCKS (Cost $67,935,831) 66,317,391
------------
MUTUAL FUNDS 2.89%
1,959,053 Dreyfus Cash Management Fund 1,959,053
------------
TOTAL MUTUAL FUNDS (Cost $1,959,053) 1,959,053
------------
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED 1.10%
MUTUAL FUNDS 1.10%
130,703 AIM Liquid Assets Fund 130,703
616,782 Mitchell Hutchins Private Money Market Fund(2) 616,782
------------
747,485
------------
TOTAL INVESTMENTS OF CASH
COLLATERAL FOR SECURITIES LOANED (Cost $747,485) 747,485
TOTAL INVESTMENTS (Cost $70,642,369) 101.80% $ 69,023,929
Liabilities)in Excess of Other Assets (1.80%
(1,221,568)
------ ------------
NET ASSETS 100.00% $ 67,802,361
====== ============
</TABLE>
See Notes to Statements of Investments
65
<PAGE> 67
WESTCORE FUNDS SEMI-ANNUAL REPORT
STATEMENTS OF INVESTMENTS
NOVEMBER 30, 1999 (UNAUDITED)
WESTCORE LONG-TERM BOND FUND
NOVEMBER 30, 1999
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT VALUE
- ----------- ------------
<C> <S> <C>
CORPORATE BONDS 49.17%
FINANCIAL 20.91%
FINANCIAL SERVICES 0.69%
$ 150,000 Firstar Bank NA, 7.125%, 12/01/2009 $ 147,742
------------
INSURANCE 8.14%
230,000 Aetna Services Inc., 7.625%, 08/15/2026 213,707
250,000 Geico Corp., 9.15%, 09/15/2021 269,554
250,000 Leucadia National Corp., 7.75%, 08/15/2013 249,391
500,000 Lincoln National Insurance Corp., 9.125%, 10/01/2024 536,750
125,000 Progressive Corp., 6.625%, 03/01/2029 105,874
400,000 Zurich Reinsurance Centre Holdings, 7.125%, 10/15/2023 355,019
------------
1,730,295
------------
REITS 12.08%
100,000 Avalon Bay Communities Inc., 6.50%, 07/15/2003 96,514
100,000 Centerpoint Property Trust, 6.75%, 04/01/2005 93,831
175,000 Equity Office Properties Trust, 6.625%, 02/15/2005 166,909
250,000 ERP Operating Ltd. Partnership, 7.57%, 08/15/2026 242,681
250,000 Health Care Properties, 6.50%, 02/15/2006 211,667
300,000 Kimco Realty Corp., 6.83%, 11/14/2005 286,699
150,000 Nationwide Health Property, 7.23%, 11/08/2006 127,540
250,000 New Plan Realty Trust, 7.75%, 04/06/2005 249,977
125,000 Price Development Co. LP, 7.29%, 03/11/2008 114,546
375,000 Property Trust of America, 6.875%, 02/15/2008 355,292
250,000 Rouse Co., 8.50%, 01/15/2003 254,279
200,000 Security Capital Industrial Trust, 7.95%, 05/15/2008 197,736
175,000 Weingarten Realty Investors Trust, 7.22%, 06/01/2005 170,389
------------
2,568,060
------------
TOTAL FINANCIAL (Cost $4,536,821) 4,446,097
------------
INDUSTRIAL 19.32%
AEROSPACE & DEFENSE 2.29%
250,000 Lockheed Martin Corp., 7.70%, 06/15/2008 240,936
260,000 Raytheon Co., 6.50%, 07/15/2005 245,065
------------
486,001
------------
CHEMICALS 3.72%
500,000 Borden Inc., 7.875%, 02/15/2023 403,174
400,000 Lubrizol Corp., 7.25%, 06/15/2025 387,652
------------
790,826
------------
HOSPITAL EQUIPMENT 1.03%
200,000 Hillenbrand Industries Inc., 8.50%, 12/01/2011 220,057
------------
</TABLE>
66
<PAGE> 68
WESTCORE FUNDS SEMI-ANNUAL REPORT
STATEMENTS OF INVESTMENTS
NOVEMBER 30, 1999 (UNAUDITED)
WESTCORE LONG-TERM BOND FUND
NOVEMBER 30, 1999 (CONTINUED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT VALUE
- ----------- ------------
<C> <S> <C>
HOTELS -- RESTAURANTS -- LEISURE 3.87%
$ 150,000 Circus Circus Enterprises Inc., 6.45%, 02/01/2006 $ 133,320
250,000 Hilton Hotels Corp., 7.95%, 04/15/2007 236,010
175,000 Marriott International Inc., 6.875%, 11/15/2005 167,024
Mirage Resorts Inc.:
50,000 7.25%, 10/15/2006 46,198
50,000 6.75%, 08/01/2007 44,331
200,000 Park Place Entertainment Corp., 8.50%, 11/15/2006 196,787
------------
823,670
------------
MEDIA -- PUBLISHING -- CABLE 3.33%
175,000 AT&T Corp., 6.50%, 03/15/2029 153,572
300,000 Cox Communications Inc., 7.625%, 06/15/2025 292,385
275,000 Time Warner Inc., 7.25%, 10/15/2017 263,275
------------
709,232
------------
OIL COMPANIES 1.01%
100,000 Burlington Resources, 7.375%, 03/01/2029 95,373
125,000 Conoco Inc., 6.35%, 04/15/2009 118,294
------------
213,667
------------
RETAIL 3.43%
500,000 K Mart Corp., 7.95%, 02/01/2023 442,712
Penney (JC) Co Inc.:
75,000 7.40%, 04/01/2037 72,162
120,000 7.625%, 03/01/2097 95,113
125,000 Pep Boys -- Manny, Moe & Jack, 6.52%, 07/16/2007 120,228
------------
730,215
------------
TELEPHONE 0.64%
150,000 BellSouth Capital Funding, 7.12%, 07/15/2097 135,772
------------
TOTAL INDUSTRIAL (Cost $4,264,941) 4,109,440
------------
TRANSPORTATION 7.43%
AIR TRANSPORTATION 7.43%
350,000 AMR Corp., 10.00%, 04/15/2021 401,922
125,000 Atlas Air Inc. Pass-Through Certificates, Series 991A 7.20%,
01/02/2019 117,057
250,000 Continental Airlines Inc. Pass-Through Certificates, Series
99-2, Class B, 7.566%, 03/15/2020 242,596
315,102 Jet Equipment Trust Series 95-B, 7.83%, 02/15/2015(1) 308,506
</TABLE>
67
<PAGE> 69
WESTCORE FUNDS SEMI-ANNUAL REPORT
STATEMENTS OF INVESTMENTS
NOVEMBER 30, 1999 (UNAUDITED)
WESTCORE LONG-TERM BOND FUND
NOVEMBER 30, 1999 (CONTINUED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT VALUE
- ----------- ------------
<C> <S> <C>
$ 220,137 United Airlines Inc. Pass-Through Certificates, Series
95-A1, 9.02%, 04/19/2012 $ 228,182
148,292 US Airways Inc. Pass-Through Certificates, Series 98-1,
6.85%, 01/30/2018 135,014
150,000 US Airways Inc. Pass-Through Certificates, Series 99-1,
8.36%, 07/20/2020 147,457
------------
1,580,734
------------
TOTAL TRANSPORTATION (Cost $1,557,338) 1,580,734
------------
UTILITIES 1.51%
ELECTRIC & OTHER SERVICES COMBINED 0.86%
200,000 Pacificorp, 5.65%, 11/01/2006 183,004
------------
NATURAL GAS 0.65%
150,000 KN Energy Inc., 7.25%, 03/01/2028 137,191
------------
TOTAL UTILITIES (Cost $349,079) 320,195
------------
TOTAL CORPORATE BONDS (Cost $10,708,179) 10,456,466
------------
MORTGAGE-BACKED SECURITIES 1.50%
340,572 FHLMC Pool #G00336, 6.00%, 10/01/2024 319,468
------------
TOTAL MORTGAGE-BACKED SECURITIES (Cost $318,312) 319,468
------------
U.S. GOVERNMENT TREASURIES 47.64%
U.S. TREASURY BONDS 28.41%
200,000 7.875%, 02/15/2021 228,875
800,000 8.125%, 08/15/2021 939,750
1,750,000 6.25%, 08/15/2023 1,692,579
1,500,000 6.00%, 02/15/2026 1,405,313
1,750,000 6.625%, 02/15/2027 1,774,063
------------
6,040,580
------------
U.S. GOVERNMENT ZERO COUPON STRIPS 19.23%
4,000,000 8/15/2011 1,859,824
1,500,000 8/15/2016 496,401
650,000 11/15/2016 211,583
3,000,000 8/15/2018 874,428
2,500,000 8/15/2020 647,720
------------
4,089,956
------------
TOTAL U.S. GOVERNMENT TREASURIES (Cost 10,446,523) 10,130,536
------------
MUTUAL FUNDS 0.26%
54,840 Dreyfus Cash Management Fund 54,840
------------
TOTAL MUTUAL FUNDS (Cost $54,840) 54,840
------------
</TABLE>
68
<PAGE> 70
WESTCORE FUNDS SEMI-ANNUAL REPORT
STATEMENTS OF INVESTMENTS
NOVEMBER 30, 1999 (UNAUDITED)
WESTCORE LONG-TERM BOND FUND
NOVEMBER 30, 1999 (CONTINUED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT VALUE
- ----------- ------------
<C> <S> <C>
INVESTMENTS OF CASH COLLATERAL
FOR SECURITIES LOANED 2.54%
MUTUAL FUNDS 2.54%
224,694 Aim Liquid Assets Fund $ 224,694
315,306 Mitchell Hutchins Private Money Market Fund(2) 315,306
------------
TOTAL MUTUAL FUNDS (Cost $540,000) 540,000
------------
TOTAL INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED
(Cost $540,000) 540,000
------------
TOTAL INVESTMENTS (Cost $22,067,854) 101.11% $ 21,501,310
Liabilities)in Excess of Other Assets (1.11%
(234,954)
------ ------------
NET ASSETS 100.00% $ 21,266,356
====== ============
</TABLE>
See Notes to Statements of Investments
69
<PAGE> 71
WESTCORE FUNDS SEMI-ANNUAL REPORT
STATEMENTS OF INVESTMENTS
NOVEMBER 30, 1999 (UNAUDITED)
WESTCORE INTERMEDIATE-TERM BOND FUND
NOVEMBER 30, 1999
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT VALUE
- ----------- ------------
<C> <S> <C>
CORPORATE BONDS 64.26%
FINANCIAL 29.30%
FINANCIAL SERVICES 4.85%
$ 450,000 Beneficial Corp., 6.25%, 02/18/2013 $ 444,169
250,000 Firstar Bank NA, 7.125%, 12/01/2009 246,236
500,000 Ford Motor Credit Co., 5.75%, 02/23/2004 478,021
300,000 Heller Financial, Inc., Series MTNI, 6.50%, 07/22/2002 296,249
150,000 Transamerica Financial Corp., 7.25%, 08/15/2002 150,561
200,000 Wells Fargo Bank NA, 6.625%, 07/15/2004 197,740
------------
1,812,976
------------
INSURANCE 1.95%
750,000 Aetna Services Inc., 7.125%, 08/15/2006 728,860
------------
INVESTMENT BANKING/BROKERAGE 1.23%
475,000 Donaldson, Lufkin & Jenrette, Inc., 5.875%, 04/01/2002 462,878
------------
REITS 21.27%
300,000 Avalon Bay Communities Inc., 6.50%, 07/15/2003 289,543
300,000 Camden Property Trust, 7.00%, 04/15/2004 290,546
400,000 Centerpoint Property Trust, 6.75%, 04/01/2005 375,322
600,000 Corporate Property Investors, 7.75%, 08/15/2004(1) 603,304
375,000 CP Limited Partnership 6.92%, 12/10/2004 345,677
500,000 Developers Diversified Realty Trust, 6.95%, 07/23/2004 476,399
375,000 Evans Withycombe Residential Trust, 7.50%, 04/15/2004 377,274
400,000 Health Care Properties, 6.50%, 02/15/2006 338,668
1,000,000 Kimco Realty Corp., 6.83%, 11/14/2005 955,662
425,000 Nationwide Health Property Trust, 7.23%, 11/08/2006 361,364
1,000,000 New Plan Realty Trust, 7.75%, 04/06/2005 999,906
200,000 Price Development Co. LP, 7.29%, 03/11/2008 183,273
350,000 Security Capital Industrial Trust, 7.95%, 05/15/2008 346,039
300,000 United Dominion Realty Trust Inc., 8.125%, 11/15/2000 302,274
750,000 Washington Real Estate Investment Trust, 7.125%, 08/13/2003 739,681
1,000,000 Weingarten Realty Investors Trust, 7.22%, 06/01/2005 973,651
------------
7,958,583
------------
TOTAL FINANCIAL (Cost $11,285,328) 10,963,297
------------
INDUSTRIAL 22.27%
AEROSPACE & DEFENSE 3.69%
790,000 Raytheon Co., 6.50%, 07/15/2005 744,622
650,000 Rockwell International Corp., 6.625%, 06/01/2005 637,836
------------
1,382,458
------------
</TABLE>
70
<PAGE> 72
WESTCORE FUNDS SEMI-ANNUAL REPORT
STATEMENTS OF INVESTMENTS
NOVEMBER 30, 1999 (UNAUDITED)
WESTCORE INTERMEDIATE-TERM BOND FUND
NOVEMBER 30, 1999 (CONTINUED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT VALUE
- ----------- ------------
<C> <S> <C>
CHEMICALS -- DIVERSIFIED 0.54%
$ 200,000 Olin Corp., 8.00%, 06/15/2002 $ 204,453
------------
HOSPITAL EQUIPMENT 0.96%
325,000 Hillenbrand Industries Inc., 8.50%, 12/01/2011 357,593
------------
HOTELS -- RESTAURANTS -- LEISURE 4.65%
350,000 Circus Circus Enterprises Inc., 6.45%, 02/01/2006 311,080
600,000 Hilton Hotels Corp., 7.95%, 04/15/2007 566,425
300,000 Marriott International Inc., 6.875%, 11/15/2005 286,326
Mirage Resorts Inc.:
100,000 7.25%, 10/15/2006 92,396
100,000 6.75%, 08/01/2007 88,663
400,000 Park Place Entertainment Corp., 8.50%, 11/15/2006 393,574
------------
1,738,464
------------
MEDIA -- PUBLISHING -- CABLE 7.11%
350,000 AT&T Corp., 6.00%, 03/15/2009 322,933
500,000 Cox Communications Inc., 6.375%, 06/15/2000 500,721
750,000 New York Times Co., 7.625%, 03/15/2005 775,003
1,000,000 Time Warner Entertainment Co., 9.625%, 05/01/2002 1,060,887
------------
2,659,544
------------
METALS 3.11%
1,000,000 CSR America Inc., 6.875%, 07/21/2005 961,765
225,000 Cyprus Amax Minerals Co., 6.625%, 10/15/2005 203,634
------------
1,165,399
------------
OIL COMPANIES 0.58%
225,000 Conoco Inc., 5.90%, 04/15/2004 216,915
------------
RETAIL 1.63%
400,000 Penney (JC) Co. Inc., 7.25%, 04/01/2002 394,448
225,000 Pep Boys -- Manny, Moe & Jack, 6.52%, 07/16/2007 216,411
------------
610,859
------------
TOTAL INDUSTRIAL (Cost $8,472,143) 8,335,685
------------
TRANSPORTATION 10.00%
AIR TRANSPORTATION 10.00%
175,000 America West Airlines Inc. Pass-Through Certificates, Series
1999-1, Class G 7.93%, 01/02/2019(1) 173,597
724,219 American Airlines Inc., Series 1991, 9.71%, 01/02/2007 751,960
464,969 Continental Airlines Inc. Pass-Through Certificates, Series
962A 7.75%, 07/02/2014 463,623
200,000 Continental Airlines Inc. Pass-Through Certificates, Series
99-2, Class B, 7.566%, 03/15/2020 194,077
</TABLE>
71
<PAGE> 73
WESTCORE FUNDS SEMI-ANNUAL REPORT
STATEMENTS OF INVESTMENTS
NOVEMBER 30, 1999 (UNAUDITED)
WESTCORE INTERMEDIATE-TERM BOND FUND
NOVEMBER 30, 1999 (CONTINUED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT VALUE
- ----------- ------------
<C> <S> <C>
$ 972,314 Jet Equipment Trust, Series 95-B, 7.83%, 02/15/2015(1) $ 951,962
880,549 United Airlines Inc. Pass-Through Certificates, Series 95-A1
9.02%, 04/19/2012 912,728
321,298 US Airways Inc. Pass-Through Certificates, Series 98-1,
6.85%, 01/30/2018 292,531
------------
3,740,478
------------
TOTAL TRANSPORTATION (Cost $3,748,313) 3,740,478
------------
UTILITIES 2.69%
ELECTRIC & OTHER SERVICES COMBINED 2.69%
200,000 Duke Capital Corp., 7.25%, 10/01/2004 200,749
400,000 Edison International Inc., 6.875%, 09/15/2004 394,608
450,000 Pacificorp, 5.65%, 11/01/2006 411,759
------------
1,007,116
------------
TOTAL UTILITIES (Cost $1,046,239) 1,007,116
------------
TOTAL CORPORATE BONDS (Cost $24,552,023) 24,046,576
------------
ASSET-BACKED SECURITIES, COLLATERALIZED MORTGAGE
OBLIGATIONS & MORTGAGE-BACKED SECURITIES 20.82%
ASSET-BACKED SECURITIES 11.89%
500,000 American Express Master Trust, 5.90%, 04/15/2004 488,922
250,000 Americredit Automobile Receivables Trust, Series 1999-B,
Class A4, 5.96%, 03/05/2006 245,684
250,000 Arcadia Automobile Receivables Trust, Series 1999-C, Class
A3, 7.20%, 06/15/2007 251,704
California Infrastructure PG&E-1, Series 1997-1, Class A-5:
250,000 6.25%, 06/25/2004 248,224
100,000 6.32%, 09/25/2005 98,930
375,000 Capital Auto Receivables Asset Trust, Series 1999-2, Class
A4, 6.30%, 09/15/2001 373,254
525,000 Carco Auto Loan Master Trust, Series 1991-1, Class A2,
5.78%, 03/15/2004 514,025
250,000 COMED Transitional Funding Trust, Series 1998-1, Class A2,
5.29%, 06/25/2003 246,614
150,000 COMED Transitional Funding Trust, Series 1998-1, Class A6,
5.63%, 06/25/2009 140,528
450,000 Ford Credit Auto Owners Trust, Series 1998-C, Class A-4,
5.81%, 03/15/2002 448,279
140,687 Household Automobile Revolving Trust I, Series 1998-1, Class
B1, 6.30%, 05/17/2005 140,346
375,000 John Deere Owner Trust, Series 1999-A, Class A4, 6.12%,
10/17/2005 368,143
340,000 Newcourt Equipment Trust Securities, Series 1998-1, Class
A3, 5.24%, 12/20/2002 336,415
</TABLE>
72
<PAGE> 74
WESTCORE FUNDS SEMI-ANNUAL REPORT
STATEMENTS OF INVESTMENTS
NOVEMBER 30, 1999 (UNAUDITED)
WESTCORE INTERMEDIATE-TERM BOND FUND
NOVEMBER 30, 1999 (CONTINUED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT VALUE
- ----------- ------------
<C> <S> <C>
$ 300,000 Sears Credit Account Master Trust, Series 1999-2, Class A,
6.35%, 02/15/2007 $ 298,405
250,000 Union Acceptance Corp, Series 1998-B, Class A3, 5.875%,
08/08/2002 249,324
------------
4,448,797
------------
COLLATERALIZED MORTGAGE OBLIGATIONS 0.57%
209,340 Collateralized Mortgage Securities Corp., Series 1988-4,
Class B, 8.75%, 04/20/2019 215,381
------------
MORTGAGE-BACKED SECURITIES 8.36%
468,425 FHLMC Pool #E77605, 6.00%, 06/01/2014 448,800
1,413,372 FHLMC Pool #G00336, 6.00%, 10/01/2024 1,325,793
686,998 FNMA Pool #303845, 7.00%, 05/01/2011 685,280
628,481 GNMA Pool #780019, 9.50%, 12/15/2009 669,191
------------
3,129,064
------------
TOTAL ASSET-BACKED SECURITIES, COLLATERALIZED MORTGAGE
OBLIGATIONS & MORTGAGE-BACKED SECURITIES (Cost $7,791,508) 7,793,242
------------
U.S. GOVERNMENT AGENCIES & TREASURIES 11.00%
U.S. GOVERNMENT TREASURIES 9.73%
U.S. Treasury Notes:
1,000,000 6.875%, 03/31/2000 1,005,000
500,000 6.75%, 04/30/2000 502,500
1,000,000 6.25%, 04/30/2001 1,004,375
1,000,000 7.875%, 08/15/2001 1,030,000
100,000 5.75%, 08/15/2003 98,844
------------
3,640,719
------------
U.S. GOVERNMENT AGENCIES 1.27%
500,000 FNMA 5.125%, 02/13/2004 473,952
------------
TOTAL U.S. GOVERNMENT AGENCIES & TREASURIES (Cost $4,147,642) 4,114,671
------------
MUTUAL FUNDS 2.60%
971,695 Dreyfus Cash Management Fund 971,695
------------
TOTAL MUTUAL FUNDS (Cost $971,695) 971,695
------------
TOTAL INVESTMENTS (Cost $37,462,868) 98.68% $ 36,926,184
Other Assets in Excess of Liabilities 1.32% 491,093
------ ------------
NET ASSETS 100.00% $ 37,417,277
====== ============
</TABLE>
See Notes to Statements of Investments
73
<PAGE> 75
WESTCORE FUNDS SEMI-ANNUAL REPORT
STATEMENTS OF INVESTMENTS
NOVEMBER 30, 1999 (UNAUDITED)
WESTCORE COLORADO TAX-EXEMPT FUND
NOVEMBER 30, 1999
<TABLE>
<CAPTION>
SHARES OR BOND
PRINCIPAL RATING MARKET
AMOUNT MOODY'S/S&P VALUE
- ---------- ----------- -----------
<C> <S> <C> <C>
CERTIFICATES OF PARTICIPATION 5.95%
$ 200,000 Bent County, Certificate of Participation, Jail
Facility and County Project Lease Purchase Agreement,
4.50%, 12/01/2010, Optional anytime @ 100.00, Asset
Guaranty NR/AA $ 180,582
80,000 Colorado State Board of Agriculture, Certificate of
Participation, CSU Research Foundation Master Lease
Purchase Agreement, 6.45%, 11/01/2001, Optional anytime
@ 100.00, MBIA Aaa/AAA 80,950
200,000 El Paso County, Certificate of Participation, Lease
Purchase Agreement, 4.40%, 12/01/2002 , Optional
anytime @100.00, MBIA Aaa/NR 200,066
500,000 Fremont County, Certificate of Participation, Lease
Purchase Agreement, 5.125%, 12/15/2011, Optional
anytime @ 100.00, MBIA Aaa/AAA 488,605
110,000 Garfield County Building Corporation, Certificate of
Participation, Correctional Facilities Improvements
Lease Purchase Agreement, 4.55%, 12/01/2003, Optional
anytime @ 100.00, AMBAC NR/AAA 110,120
500,000 Larimer County, Certificate of Participation,
Courthouse & Jail Facilities Lease Purchase Agreement,
4.75%, 12/15/2009, Optional anytime @ 100.00, FSA Aaa/AAA 482,180
100,000 Moffat County, Certificate of Participation, Public
Safety Center Project Lease Purchase Agreement, 4.75%,
06/01/2009, Optional anytime @ 100.00, AMBAC Aaa/AAA 95,863
250,000 State of Colorado, Certificate of Participation, Master
Lease Purchase Agreement II, 5.10%, 11/01/2006,
Optional anytime @ 100.00, MBIA Aaa/AAA 253,480
510,000 Weld County, Certificate of Participation, Correctional
Facilities Lease Purchase Agreement, 5.35%, 8/01/2010,
Optional anytime @ 100.00, MBIA Aaa/AAA 511,714
-----------
TOTAL CERTIFICATES OF PARTICIPATION (Cost $2,444,379) 2,403,560
-----------
GENERAL OBLIGATION BONDS 64.89%
COUNTY/CITY/SPECIAL DISTRICT/SCHOOL DISTRICT 64.89%
100,000 Adams County School District 12, 7.25%, 12/15/2009,
Prerefunded 12/15/1999 @ 100.00 NR/A+ 100,133
500,000 Adams County School District 14, 5.30%, 12/01/2009,
Optional 12/01/2007 @ 101.00, FSA Aaa/AAA 507,870
100,000 Adams & Arapahoe Counties Joint School District 28J,
5.75%, 12/01/2006, MBIA Aaa/AAA 105,411
100,000 Adams & Arapahoe Counties School District 29J, 5.40%,
12/01/2009, Optional 12/01/2006 @ 100.00, MBIA Aaa/AAA 101,866
</TABLE>
74
<PAGE> 76
WESTCORE FUNDS SEMI-ANNUAL REPORT
STATEMENTS OF INVESTMENTS
NOVEMBER 30, 1999 (UNAUDITED)
WESTCORE COLORADO TAX-EXEMPT FUND
NOVEMBER 30, 1999 (CONTINUED)
<TABLE>
<CAPTION>
SHARES OR BOND
PRINCIPAL RATING MARKET
AMOUNT MOODY'S/S&P VALUE
- ---------- ----------- -----------
<C> <S> <C> <C>
$ 250,000 Adams & Weld Counties School District 27J, 5.55%,
12/01/09, Optional 12/01/2006 @ 100.00, FGIC Aaa/AAA $ 256,850
500,000 Arapahoe County School District 1, 5.25%, 12/01/2013,
Optional 12/01/2008 @ 100.00, FSA Aaa/AAA 488,855
Arapahoe County School District 2:
100,000 6.75%, 12/01/2004, Prerefunded 12/01/1999 @ 101.00 Aa3/NR 101,008
25,000 6.75%, 12/01/2004, Escrowed to Maturity Aa3/NR 27,319
Arapahoe County School District 5:
250,000 5.25%, 12/15/2004, Optional 12/15/2003 @ 100.00 Aa2/AA 256,017
500,000 5.50%, 12/15/2006 Aa2/AA 520,690
Arapahoe County School District 6:
250,000 5.50%, 12/01/2006 Aa2/AA 261,060
1,000,000 5.00%, 12/01/2007 Aa2/AA 1,009,850
250,000 Archuleta & Hinsdale Counties Joint School District 50
JT, 5.50%, 12/01/2014, Optional 12/01/2006 @ 101.00,
MBIA Aaa/AAA 248,730
150,000 Archuleta & La Plata Counties School District No. 10
JT-R, 4.20%, 12/01/2010, Optional 12/01/2008 @ 100.00,
MBIA Aaa/AAA 135,144
100,000 Basalt & Rural Fire Protection District, Eagle & Pitkin
Counties, 5.20%, 12/01/2015, Optional 12/01/2006 @
100.00, AMBAC Aaa/AAA 95,869
500,000 Boulder, Central Area General Improvement District,
4.60%, 06/15/2011, Optional 06/15/2008 @ 101.00, AMBAC Aaa/AAA 465,065
Boulder & Gilpin Counties, Boulder Valley School
District Re-2:
500,000 5.90%, 10/15/2003, Optional 10/15/2001 @ 100.00 Aa3/AA 512,405
250,000 5.55%, 12/01/2003 Aa3/AA 259,702
100,000 5.50%, 12/01/2005, FGIC Aaa/AAA 103,983
1,000,000 5.00%, 12/01/2011, Optional 12/01/2007 @ 100.00, FGIC Aaa/AAA 975,340
Boulder, Larimer, & Weld Counties, St. Vrain Valley
School District Re-1J:
100,000 5.50%, 12/15/2004, Optional 12/15/2002 @ 101.00, MBIA Aaa/AAA 103,367
175,000 5.80%, 12/15/2007, Optional 12/15/2002 @ 101.00, MBIA Aaa/AAA 181,872
100,000 6.00%, 12/15/2010, Optional 12/15/2002 @ 101.00, MBIA Aaa/AAA 104,395
100,000 Breckenridge Summit County, 4.25%, 12/01/2009, Optional
12/01/2008 @ 100.00, MBIA Aaa/NR 91,491
205,000 Brighton, Adams County, Water, 6.625%, 12/01/2011,
Prerefunded 12/01/2001 @ 101.00, MBIA Aaa/AAA 216,138
250,000 Broomfield, Boulder, Jefferson, Adams & Weld Counties,
Water, 4.55%, 08/01/2010, Optional 08/01/2008 @ 100.00,
FSA Aaa/AAA 233,150
100,000 Carbondale & Rural Fire Protection District, Garfield,
Gunnison & Pitkin Counties, 5.20%, 12/01/2010, Optional
12/01/2004 @ 101.00, AMBAC Aaa/AAA 100,349
</TABLE>
75
<PAGE> 77
WESTCORE FUNDS SEMI-ANNUAL REPORT
STATEMENTS OF INVESTMENTS
NOVEMBER 30, 1999 (UNAUDITED)
WESTCORE COLORADO TAX-EXEMPT FUND
NOVEMBER 30, 1999 (CONTINUED)
<TABLE>
<CAPTION>
SHARES OR BOND
PRINCIPAL RATING MARKET
AMOUNT MOODY'S/S&P VALUE
- ---------- ----------- -----------
<C> <S> <C> <C>
$ 150,000 Chaffee County School District R-31, 5.10%, 12/01/2009,
Optional 12/01/2006 @ 100.00, FSA Aaa/AAA $ 149,883
425,000 Chaffee & Fremont Counties School District R-32J,
5.00%, 12/01/2012, Optional 12/01/2007 @ 100.00, FSA Aaa/AAA 410,805
250,000 City & County of Denver Board Water Commissioners,
5.50%, 10/01/2011 Aa2/AA+ 257,440
250,000 Clear Creek County School District Re-1, 5.40%,
12/01/2011, Optional 12/01/2005 @ 100.00, MBIA Aaa/AAA 252,422
Douglas & Elbert Counties School District Re-1:
250,000 5.75%, 12/15/2005, Optional 12/15/2001 @ 101.00, FGIC Aaa/AAA 257,210
250,000 6.15%, 12/15/2008, Optional 12/15/2004 @ 101.00, MBIA Aaa/AAA 266,315
250,000 6.50%, 12/15/2016, Prerefunded 12/15/2004 @ 101.00 Aaa/AAA 273,020
Eagle, Garfield & Routt Counties School District
Re-50J:
85,000 5.60%, 12/01/2001, FGIC Aaa/AAA 87,201
200,000 5.75%, 12/01/2003, Optional 12/01/2002 @ 100.00, FGIC Aaa/AAA 206,948
500,000 4.40%, 12/01/2010, Optional 12/01/2009 @ 101.00, FGIC Aaa/AAA 458,535
El Paso County School District 2:
100,000 5.70%, 12/01/2014, Prerefunded 12/01/2005 @ 100.00 Aa3/NR 104,911
250,000 5.25%, 12/01/2012, Optional 12/01/2010 @ 100.00, MBIA Aaa/AAA 249,067
125,000 El Paso County School District 3, 6.20%, 12/15/2000,
Optional 12/15/1999 @ 100.75, MBIA Aaa/AAA 127,262
500,000 El Paso County School District 11, 5.50%, 12/01/2014,
Optional 12/01/2007 @ 103.00 Aa3/AA 497,475
El Paso County School District 12:
80,000 5.90%, 09/15/2004 Aa1/NR 84,392
500,000 4.70%, 09/15/2014, Optional 09/15/2008 @ 100.00 Aa1/NR 454,445
250,000 El Paso County School District 20, 5.70%, 12/15/2006,
FGIC Aaa/AAA 262,847
275,000 El Paso County School District 38, 4.60%, 12/01/2013,
Optional 12/01/2008 @ 100.00, AMBAC Aaa/AAA 246,480
125,000 El Paso County School District 49, 6.75%, 12/01/2004,
Optional 12/01/2000 @ 100.00, MBIA Aaa/AAA 128,224
250,000 Elbert County School District C-1 Elizabeth, 4.40%,
12/01/2011, Optional 12/01/2009 @ 100.00 Aa3/AA- 224,685
200,000 Fort Collins, Larimer County, Water, 5.55%, 12/01/2003,
Optional 12/01/2002 @ 101.00 Aa1/AA 207,586
Garfield County School District Re-2:
250,000 4.30%, 12/01/2008, FSA Aaa/AAA 235,842
250,000 4.50%, 12/01/2011, Optional 12/01/2007 @ 100.00, FSA Aaa/AAA 231,985
Garfield, Pitkin & Eagle Counties Roaring Fork School
District Re-1:
500,000 5.125%, 12/15/2010, Optional 12/15/2005 @ 102.00, MBIA Aaa/AAA 497,695
250,000 6.60%, 12/15/2014, Prerefunded 06/15/2004 @ 101.00, Aaa/AAA 272,202
MBIA
</TABLE>
76
<PAGE> 78
WESTCORE FUNDS SEMI-ANNUAL REPORT
STATEMENTS OF INVESTMENTS
NOVEMBER 30, 1999 (UNAUDITED)
WESTCORE COLORADO TAX-EXEMPT FUND
NOVEMBER 30, 1999 (CONTINUED)
<TABLE>
<CAPTION>
SHARES OR BOND
PRINCIPAL RATING MARKET
AMOUNT MOODY'S/S&P VALUE
- ---------- ----------- -----------
<C> <S> <C> <C>
$ 500,000 Grand County, East Grand School District 2, 5.00%,
12/01/2017, Optional 12/01/2008 @ 100.00, AMBAC Aaa/AAA $ 453,595
250,000 Greenwood South Metropolitan District, Arapahoe County,
5.50%, 12/01/2004, MBIA Aaa/AAA 259,840
150,000 Gunnison & Saguache Counties, Watershed School District
Re-1J, 6.00%, 12/01/2005, MBIA Aaa/AAA 159,855
250,000 Inverness Metropolitan Improvement District, Arapahoe &
Douglas Counties, 4.40%, 09/01/2010, Optional
09/01/2009, @ 100.00, FSA Aaa/AAA 232,458
Jefferson County School District R-1:
100,000 5.75%, 12/15/2003, Prerefunded 12/15/2002 @ 101.00,
AMBAC Aaa/AAA 104,678
500,000 5.90%, 12/15/2004, Prerefunded 12/15/2002 @ 101.00,
AMBAC Aaa/AAA 525,505
500,000 Kit Carson & Yuma Counties, Burlington School District
R-6J, 4.75%, 12/01/2018, Optional 12/01/2008 @ 100.00,
FSA Aaa/AAA 430,720
250,000 Lafayette, Boulder County, 4.75%, 12/15/2010, Optional
12/15/2008 @ 100.00, FGIC Aaa/AAA 239,823
250,000 La Plata County School District 9-R, 5.25%, 11/01/2005,
MBIA Aaa/AAA 256,633
Larimer County, Poudre School District R-1:
125,000 7.00%, 12/15/2008, Prerefunded 12/15/2001 @ 101.00 NR/NR 132,496
500,000 5.00%, 12/15/2016, Optional 12/15/2008 @ 100.00, FSA Aaa/AAA 457,555
Larimer, Weld, & Boulder Counties, Thompson School
District R2-J:
500,000 5.40%, 12/15/2013, Optional 06/15/2007 @ 101.00, FGIC Aaa/AAA 497,070
250,000 5.45%, 12/15/2016, Optional 06/15/2007 @ 101.00, FGIC Aaa/AAA 242,440
500,000 Mesa County Valley School District 51, 5.40 %,
12/01/2012, Optional 12/01/2006 @ 101.00, MBIA Aaa/AAA 501,285
100,000 Mesa & Garfield Counties, School District 49 JT
Debeque, 4.25%, 12/01/2009, Optional 12/01/2008 @
100.00, MBIA Aaa/AAA 92,589
150,000 Montezuma County School District Re-4A, 5.10%,
12/01/2010, Optional 12/01/2007 @ 101.00, MBIA Aaa/AAA 149,127
500,000 Morgan County School District Re-3, Fort Morgan, 4.80%,
12/01/2018, Optional 12/01/2009 @ 100.00, AMBAC Aaa/AAA 434,770
250,000 Northglenn, Adams County, Water and Sewer, 5.50%,
12/01/2006, Optional 12/01/2004 @ 101.00, FSA Aaa/AAA 259,335
100,000 Otero County, East Otero School District R-1, 5.05%,
12/15/2009, Optional 12/15/2005 @ 100.00, FSA Aaa/AAA 99,764
250,000 Park County Platte Canyon School District 1, 4.30%,
12/01/2010, Optional 12/01/2008 @ 101.00, MBIA Aaa/AAA 230,458
100,000 Pitkin County School District Re-1, 5.50%, 11/15/2000,
AMBAC Aaa/AAA 101,426
</TABLE>
77
<PAGE> 79
WESTCORE FUNDS SEMI-ANNUAL REPORT
STATEMENTS OF INVESTMENTS
NOVEMBER 30, 1999 (UNAUDITED)
WESTCORE COLORADO TAX-EXEMPT FUND
NOVEMBER 30, 1999 (CONTINUED)
<TABLE>
<CAPTION>
SHARES OR BOND
PRINCIPAL RATING MARKET
AMOUNT MOODY'S/S&P VALUE
- ---------- ----------- -----------
<C> <S> <C> <C>
$1,000,000 Poudre Valley Hospital District, Larimer County,
5.375%, 11/15/2007, Optional 11/15/2003 @ 100.00 Aa/AA- $ 1,014,730
Prowers County Hospital District, Prowers and Baca
Counties:
250,000 4.20%, 12/01/2008, Optional 12/01/2007 @ 100.00, FSA Aaa/AAA 230,243
150,000 4.30%, 12/01/2009, Optional 12/01/2007 @ 100.00, FSA Aaa/AAA 137,528
250,000 4.35%, 12/01/2010, Optional 12/01/2007 @ 100.00, FSA Aaa/AAA 227,428
Pueblo, Pueblo County Limited Tax:
200,000 5.80%, 06/01/2011, Optional 06/01/2006 @ 100.00, MBIA Aaa/AAA 206,104
250,000 6.00%, 06/01/2016, Optional 06/01/2006 @ 100.00, MBIA Aaa/AAA 254,300
225,000 Pueblo County School District 70, 5.00%, 12/01/2011,
Optional 12/01/2007 @ 100.00, AMBAC Aaa/AAA 219,647
150,000 Rangely School District Re-4, 4.25%, 12/01/2009,
Optional 12/01/2007 @ 100.00 Aa3/NR 138,884
150,000 Rio Grande County School District C-8, 5.35%,
11/15/2011, Optional 11/15/2005 @ 100.00, FSA Aaa/AAA 150,831
250,000 Routt County School District Re-2, 5.05%, 12/01/13,
Optional 12/01/2007 @ 100.00, MBIA Aaa/AAA 239,443
100,000 San Miguel & Montrose Counties, School District R-2J,
5.00%, 12/01/2012, Optional 12/01/2007 @ 100.00, MBIA Aaa/AAA 96,660
250,000 San Miguel County School District R-1, 5.50%,
12/01/2012, Optional 12/01/2005 @ 101.00, MBIA Aaa/AAA 252,165
250,000 South Suburban Park and Recreation District, Arapahoe,
Douglas & Jefferson Counties, 5.00%, 12/15/2012,
Optional 12/15/2008 @ 100.00, FGIC Aaa/AAA 241,173
1,000,000 Summit County School District Re-1, 6.55%, 12/01/2009,
Prerefunded 12/01/2004 @ 100.00, FGIC Aaa/AAA 1,085,800
250,000 Thornton, Adams County, Water, 6.00%, 12/01/2005,
Optional 12/01/2002 @ 101.00, FGIC Aaa/AAA 261,608
135,000 Three Lakes Water & Sanitation District, Grand County
Limited Tax, 6.00%, 06/01/2000, Optional 12/01/1999 @
101.00, MBIA Aaa/AAA 136,322
115,000 Upper San Juan Hospital District, Archuleta, Hinsdale &
Mineral Counties, 4.65%, 11/01/2013, Optional
11/01/2007 @ 100.00, MBIA Aaa/AAA 104,365
150,000 Weld County School District Re-4, 5.30%, 12/01/2010,
Optional 12/01/2005 @ 100.00, MBIA Aaa/AAA 151,046
Weld County School District 6:
250,000 5.50%, 12/01/2006 Aa3/AA 260,305
250,000 5.20%, 12/01/2010, Optional 12/01/2007 @ 101.00 Aa3/AA 251,248
100,000 Woodland Park, Teller County, Water, 6.30%, 07/01/2008,
Optional 07/01/2000 @ 101.00, FGIC Aaa/AAA 102,210
125,000 Woodmoor Water & Sanitation District 1, El Paso County,
6.20%, 12/01/2000, Optional 12/01/1999 @ 100.00, MBIA Aaa/AAA 126,259
</TABLE>
78
<PAGE> 80
WESTCORE FUNDS SEMI-ANNUAL REPORT
STATEMENTS OF INVESTMENTS
NOVEMBER 30, 1999 (UNAUDITED)
WESTCORE COLORADO TAX-EXEMPT FUND
NOVEMBER 30, 1999 (CONTINUED)
<TABLE>
<CAPTION>
SHARES OR BOND
PRINCIPAL RATING MARKET
AMOUNT MOODY'S/S&P VALUE
- ---------- ----------- -----------
<C> <S> <C> <C>
$ 250,000 Wray Community Hospital District, Yuma County, 5.00%,
10/15/2011, Optional 10/15/2004 @ 100.00, AMBAC Aaa/AAA $ 241,090
250,000 Yuma Hospital District,Yuma County, 4.95%, 11/01/2014,
Optional 11/01/2007 @ 100.00, MBIA Aaa/AAA 235,435
-----------
TOTAL GENERAL OBLIGATION BONDS (Cost $26,947,327) 26,235,052
-----------
REVENUE BONDS 23.82%
EDUCATION 1.13%
100,000 State of Colorado Department of Higher Education by
State Board for Community Colleges & Occupational
Education, 5.20%, 11/01/2003, Prerefunded 11/01/2002 @
100.00, AMBAC Aaa/AAA 101,754
100,000 University of Colorado Board of Regents, Auxiliary
Facilities, 6.50%, 06/01/2001, Prerefunded 06/01/2000 @
101.00 A1/NR 102,227
250,000 University of Northern Colorado Board of Trustees,
Auxiliary Facilities System, 5.00%, 06/01/2003, MBIA Aaa/AAA 254,010
-----------
457,991
-----------
PUBLIC FACILITIES 0.52%
200,000 Denver Metropolitan Major League Baseball Stadium
District Sales Tax, 6.25%, 10/01/2002, Prerefunded
10/01/2001 @ 101.00, FGIC Aaa/AAA 208,830
-----------
SPECIAL TAX 8.09%
500,000 Boulder County Open Space Sales & Use Tax, 5.75%,
12/15/2004, FGIC Aaa/AAA 525,370
250,000 Boulder Urban Renewal Authority Tax Increment, 6.00%,
03/01/2002, Optional 03/01/2000 @ 101.00, MBIA Aaa/AAA 253,632
200,000 Castle Rock, Douglas County Sales & Use Tax, 5.25%,
06/01/2006, FSA Aaa/AAA 204,528
100,000 Commerce City, Adams County Sales & Use Tax, 5.375%,
08/01/2007, Optional 08/01/2003 @ 101.00, MBIA Aaa/AAA 102,121
250,000 Douglas County Sales & Use Tax, 5.25%, 10/15/2007,
Optional 10/15/2006 @ 100.00, MBIA Aaa/AAA 254,602
250,000 Glenwood Springs, Garfield County Sales & Use Tax,
4.25%, 10/01/2010, Optional 10/01/2009 @ 101.00, MBIA Aaa/AAA 227,782
250,000 Greeley, Weld County Sales & Use Tax, 4.80%,
10/01/2015, Optional 10/01/2008 @ 100.00, MBIA Aaa/AAA 224,115
150,000 Ignacio, La Plata County Sales Tax, 4.75%, 12/01/2009,
AMBAC Aaa/AAA 145,354
500,000 Jefferson County Open Space Sales & Use Tax, 5.00%,
11/01/2012, Optional 11/01/2009 @ 100.00, FGIC Aaa/AAA 482,450
150,000 Lafayette, Boulder County Sales & Use Tax, 6.40%,
11/15/2004, Prerefunded 11/15/2001 @ 100.00, AMBAC Aaa/AAA 155,996
</TABLE>
79
<PAGE> 81
WESTCORE FUNDS SEMI-ANNUAL REPORT
STATEMENTS OF INVESTMENTS
NOVEMBER 30, 1999 (UNAUDITED)
WESTCORE COLORADO TAX-EXEMPT FUND
NOVEMBER 30, 1999 (CONTINUED)
<TABLE>
<CAPTION>
SHARES OR BOND
PRINCIPAL RATING MARKET
AMOUNT MOODY'S/S&P VALUE
- ---------- ----------- -----------
<C> <S> <C> <C>
$ 250,000 Lakewood, Jefferson County Sales & Use Tax, 4.70%,
12/01/2012, Optional 12/01/2009 @ 100.00 NR/AA $ 227,260
100,000 Las Animas County Sales & Use Tax, 4.75%, 12/01/2006,
Asset Guaranty NR/AA 97,101
150,000 Montrose, Montrose County General Fund Excise Tax
Revenue, 5.00%, 12/01/2017, Optional 12/01/2008 @
100.00, AMBAC Aaa/AAA 136,701
250,000 Vail, Eagle County Sales Tax Revenue, 4.40%,
12/01/2009, Optional 12/01/2008 @ 100.00, MBIA Aaa/AAA 234,703
-----------
3,271,715
-----------
TRANSPORTATION 0.62%
250,000 Colorado Springs, El Paso County Airport System, 5.10%,
01/01/2010, Optional 01/01/2006 @ 101.00, MBIA Aaa/AAA 248,432
-----------
UTILITY 13.46%
Boulder, Boulder County Water & Sewer:
75,000 5.75%, 12/01/2006, Optional 12/01/2002 @ 100.00 Aa2/AA+ 77,139
500,000 5.50%, 12/01/2011, Optional 12/01/2006 @ 100.00 Aa2/AA+ 510,180
500,000 5.125%, 12/01/2012, Optional 12/01/2009 @ 100.00 Aa2/AA+ 493,700
250,000 Central Weld County Water District, 5.25%, 12/01/2005,
Optional 12/01/2003 @ 100.00, MBIA Aaa/AAA 254,507
Colorado Springs, El Paso County Utilities Systems:
100,000 6.40%, 11/15/2002, Optional 11/15/2001 @ 102.00 Aa2/AA 105,622
250,000 5.75%, 11/15/2010, Optional 11/15/2006 @ 100.00 Aa2/AA 259,265
250,000 Fort Collins, Larimer County Wastewater Utility
Enterprise, Sewer, 5.375%, 12/01/2009, Optional
12/01/2005 @ 100.00, FGIC Aaa/AAA 253,902
500,000 Fort Collins, Larimer County Water Utility Enterprise,
4.25%, 12/01/2009, Optional 12/01/2008 @ 100.00, FSA Aaa/AAA 457,455
500,000 Little Thompson Water District, Larimer, Weld & Boulder
Counties, 5.50%, 12/01/2011, Optional 12/01/2005 @
101.00, MBIA Aaa/AAA 508,410
500,000 Mesa County, Sewer, 5.85%, 11/01/2005, Optional
11/01/2002 @ 100.00, FGIC Aaa/AAA 515,550
500,000 Metropolitan Denver Sewage Disposal District 1, Sewer,
5.45%, 04/01/2003, Escrowed to Maturity Aaa/AAA 514,220
Municipal Subdistrict, Northern Colorado Water
Conservancy District:
500,000 5.85%, 12/01/2002, AMBAC Aaa/AAA 520,500
250,000 5.25%, 12/01/2015, Optional 12/01/2007 @ 100.00,
AMBAC Aaa/AAA 239,050
</TABLE>
80
<PAGE> 82
WESTCORE FUNDS SEMI-ANNUAL REPORT
STATEMENTS OF INVESTMENTS
NOVEMBER 30, 1999 (UNAUDITED)
WESTCORE COLORADO TAX-EXEMPT FUND
NOVEMBER 30, 1999 (CONTINUED)
<TABLE>
<CAPTION>
SHARES OR BOND
PRINCIPAL RATING MARKET
AMOUNT MOODY'S/S&P VALUE
- ---------- ----------- -----------
<C> <S> <C> <C>
Platte River Power Authority:
$ 100,000 Series BB, 5.75%, 06/01/2004, Optional 06/01/2002 @
102.00 Aa3/A+ $ 104,426
500,000 Series DD, 5.75%, 06/01/2004, MBIA Aaa/AAA 522,735
100,000 Westminster, Adams County Water & Wastewater Utility
Enterprise, 6.25%, 12/01/2014, Optional 12/01/2004 @
100.00, AMBAC Aaa/AAA 105,382
-----------
5,442,043
-----------
TOTAL REVENUE BONDS (Cost $9,766,465) 9,629,011
-----------
MUTUAL FUNDS 1.92%
777,726 Dreyfus Municipal Money Market Fund 777,726
-----------
TOTAL MUTUAL FUNDS (Cost $777,726) 777,726
-----------
TOTAL INVESTMENTS (Cost $39,935,897) 96.58% $39,045,349
Other Assets in Excess of Liabilities 3.42% 1,383,888
-------- -----------
NET ASSETS 100.00% $40,429,237
======== ===========
</TABLE>
NOTES TO STATEMENTS OF INVESTMENTS
** Non-income producing security.
(1) Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers.
(2) Security exempt from registration under Rule 4(2) of the Securities Act of
1933 and not subject to the Fund's investment limitations in other
investment companies.
81
<PAGE> 83
WESTCORE FUNDS SEMI-ANNUAL REPORT
STATEMENTS OF ASSETS AND LIABILITIES
NOVEMBER 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
WESTCORE WESTCORE WESTCORE WESTCORE WESTCORE
MIDCO GROWTH SMALL-CAP WESTCORE BLUE MID-CAP
GROWTH AND INCOME GROWTH SELECT CHIP OPPORTUNITY
FUND FUND FUND FUND FUND FUND
------------ ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Investments at value (cost -- see
below) $320,802,308 $13,502,039 $19,360,812 $19,979,977 $64,587,403 $2,578,508
-- see accompanying statements
Receivable for investments sold 12,786,285 36,492 748,466 1,904,839 165,085 502
Dividends and interest receivable 304,418 6,847 4,068 8,024 81,530 2,194
Receivable for fund shares
subscribed 317,120 298 84,270 50,618 94,136 0
Receivable from investment adviser 0 0 0 0 0 2,274
Prepaid and other assets 749,822 8,422 86,772 12,871 25,759 96,466
------------ ----------- ----------- ----------- ----------- ----------
Total Assets 334,959,953 13,554,098 20,284,388 21,956,329 64,953,913 2,679,944
------------ ----------- ----------- ----------- ----------- ----------
LIABILITIES
Collateral received from broker
for securities lending
transaction 62,449,200 0 0 0 2,875,000 0
Payable for investments purchased 11,227,952 0 1,069,454 1,102,565 0 85,000
Payable for fund shares redeemed 126,893 34,745 0 47,288 170,388 0
Payable for investment advisory
fee 124,779 466 1,956 1,921 29,840 0
Payable for administration fee 64,963 3,001 3,016 3,658 16,152 0
Payable for trustees fees 234,281 5,027 61 61 15,351 0
Other payables 480,304 22,477 14,210 32,275 62,706 8,352
------------ ----------- ----------- ----------- ----------- ----------
Total Liabilities 74,708,372 65,716 1,088,697 1,187,768 3,169,437 93,352
------------ ----------- ----------- ----------- ----------- ----------
NET ASSETS $260,251,581 $13,488,382 $19,195,691 $20,768,561 $61,784,476 $2,586,592
============ =========== =========== =========== =========== ==========
COMPOSITION OF NET ASSETS
Paid-in capital $ 63,893,480 $ 5,631,242 $12,894,972 $15,499,553 $39,704,986 $2,273,648
(Over)/Undistributed net
investment income (975,761) (235,128) 21,480 17,906 (160,732) (1,910)
Accumulated net realized gain
(loss) on investment
transactions 98,127,924 2,807,529 1,524,086 3,235,403 9,378,752 (24,182)
Net unrealized
appreciation/(depreciation) on
investments 99,205,938 5,284,739 4,755,153 2,015,699 12,861,470 339,036
------------ ----------- ----------- ----------- ----------- ----------
NET ASSETS $260,251,581 $13,488,382 $19,195,691 $20,768,561 $61,784,476 $2,586,592
============ =========== =========== =========== =========== ==========
NET ASSET VALUE PER SHARE
Net Assets $260,251,581 $13,488,382 $19,195,691 $20,768,561 $61,784,476 $2,586,592
Shares of beneficial interest
outstanding 10,555,232 916,791 946,265 1,322,081 3,699,520 203,128
Net asset value and redemption
price per share $ 24.66 $ 14.71 $ 20.29 $ 15.71 $ 16.70 $ 12.73
------------ ----------- ----------- ----------- ----------- ----------
COST OF INVESTMENTS $221,596,370 $ 8,217,300 $14,605,659 $17,964,278 $51,725,933 $2,239,472
<CAPTION>
WESTCORE WESTCORE WESTCORE WESTCORE
SMALL-CAP LONG-TERM INTERMEDIATE- COLORADO
OPPORTUNITY BOND TERM BOND TAX-EXEMPT
FUND FUND FUND FUND
----------- ----------- ------------- -----------
<S> <C> <C> <C> <C>
ASSETS
Investments at value (cost -- see
below) $69,023,929 $21,501,310 $36,926,184 $39,045,349
-- see accompanying statements
Receivable for investments sold 614,680 38,082 34,306 699,069
Dividends and interest receivable 52,494 330,080 516,502 860,839
Receivable for fund shares
subscribed 197,283 3,059 709 0
Receivable from investment adviser 0 0 0 0
Prepaid and other assets 29,712 9,770 29,791 19,014
----------- ----------- ----------- -----------
Total Assets 69,918,098 21,882,301 37,507,492 40,624,271
----------- ----------- ----------- -----------
LIABILITIES
Collateral received from broker
for securities lending
transaction 747,400 540,000 0 0
Payable for investments purchased 987,688 0 0 0
Payable for fund shares redeemed 250,357 37,903 30,103 158,032
Payable for investment advisory
fee 40,534 3,441 7,512 3,029
Payable for administration fee 17,538 5,255 9,216 9,554
Payable for trustees fees 8,357 5,425 18,425 4,272
Other payables 63,863 23,921 24,959 20,147
----------- ----------- ----------- -----------
Total Liabilities 2,115,737 615,945 90,215 195,034
----------- ----------- ----------- -----------
NET ASSETS $67,802,361 $21,266,356 $37,417,277 $40,429,237
=========== =========== =========== ===========
COMPOSITION OF NET ASSETS
Paid-in capital $81,551,478 $21,570,899 $39,095,170 $41,398,414
(Over)/Undistributed net
investment income 61,187 25,678 45,845 33,739
Accumulated net realized gain
(loss) on investment
transactions (12,191,864) 236,323 (1,187,054) (112,368)
Net unrealized
appreciation/(depreciation) on
investments (1,618,440) (566,544) (536,684) (890,548)
----------- ----------- ----------- -----------
NET ASSETS $67,802,361 $21,266,356 $37,417,277 $40,429,237
=========== =========== =========== ===========
NET ASSET VALUE PER SHARE
Net Assets $67,802,361 $21,266,356 $37,417,277 $40,429,237
Shares of beneficial interest
outstanding 3,574,384 2,264,366 3,720,970 3,809,299
Net asset value and redemption
price per share $ 18.97 $ 9.39 $ 10.06 $ 10.61
----------- ----------- ----------- -----------
COST OF INVESTMENTS $70,642,369 $22,067,854 $37,462,868 $39,935,897
</TABLE>
see notes to financial statements
82
<PAGE> 84
WESTCORE FUNDS SEMI-ANNUAL REPORT
STATEMENTS OF OPERATIONS
SIX MONTHS ENDED NOVEMBER 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
WESTCORE WESTCORE WESTCORE WESTCORE WESTCORE WESTCORE
MIDCO GROWTH SMALL-CAP WESTCORE BLUE MID-CAP SMALL-CAP
GROWTH AND INCOME GROWTH SELECT CHIP OPPORTUNITY OPPORTUNITY
FUND FUND FUND* FUND* FUND FUND FUND
----------- ---------- ---------- ---------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME
Dividends $ 235,156 $ 36,698 $ 292 $ 3,000 $ 318,880 $ 13,114 $ 615,236
Interest 218,983 9,293 41,559 37,260 38,406 2,463 98,043
Other Income 54,650 823 0 0 2,585 0 2,786
----------- ---------- ---------- ---------- ----------- -------- -----------
Total Income 508,789 46,814 41,851 40,260 359,871 15,577 716,065
----------- ---------- ---------- ---------- ----------- -------- -----------
EXPENSES
Investment advisory fees 797,813 41,729 15,667 12,616 217,192 9,379 425,398
Administrative fees 368,221 19,259 4,700 5,823 100,242 3,752 127,619
Transfer agent fees 151,700 20,048 732 732 36,007 3,271 48,028
Fund accounting fees and expenses 44,672 14,012 5,002 5,002 13,286 14,131 17,545
Legal fees 91,646 4,131 9,272 9,455 18,607 648 23,386
Printing expenses 41,656 1,646 976 976 8,766 365 12,222
Registration fees 2,790 6,510 1,420 1,420 10,230 7,440 9,300
Audit fees 9,318 5,366 1,342 1,342 5,968 2,300 5,486
Custodian fees 42,967 4,305 1,281 1,281 5,249 1,655 15,421
Insurance 19,690 537 0 0 1,358 14 3,973
Trustee fees and expenses 26,633 805 61 61 4,071 206 4,824
Other 3,582 681 0 0 1,839 200 1,851
----------- ---------- ---------- ---------- ----------- -------- -----------
Total expenses before waivers 1,600,688 119,029 40,453 38,708 422,815 43,361 695,053
Expenses waived by:
Investment adviser (172,829) (41,930) (14,529) (11,872) (35,372) (9,379) (134,710)
Administrators (13,000) (3,150) (866) (989) (2,656) (3,752) (7,240)
Expenses reimbursed by:
Investment adviser 0 0 (4,687) (3,493) 0 (14,582) 0
----------- ---------- ---------- ---------- ----------- -------- -----------
Net Expenses 1,414,859 73,949 20,371 22,354 384,787 15,648 553,103
----------- ---------- ---------- ---------- ----------- -------- -----------
NET INVESTMENT INCOME/(LOSS) (906,070) (27,135) 21,480 17,906 (24,916) (71) 162,962
----------- ---------- ---------- ---------- ----------- -------- -----------
REALIZED AND UNREALIZED
GAIN/(LOSS) ON INVESTMENTS:
Net realized gain/(loss) from
investment transactions 21,587,177 1,307,775 1,524,086 3,235,403 3,483,915 180,100 (2,208,024)
Unrealized
appreciation/(depreciation) on
investments
Beginning of period 67,771,019 4,275,025 0 0 18,331,490 188,512 1,212,377
End of period 99,205,938 5,284,739 4,755,153 2,015,699 12,861,470 339,036 (1,618,440)
Change in net unrealized
appreciation or depreciation of
investments 31,434,919 1,009,714 4,755,153 2,015,699 (5,470,020) 150,524 (2,830,817)
----------- ---------- ---------- ---------- ----------- -------- -----------
NET REALIZED AND UNREALIZED
GAIN/(LOSS) ON INVESTMENTS 53,022,096 2,317,489 6,279,239 5,251,102 (1,986,105) 330,624 (5,038,841)
----------- ---------- ---------- ---------- ----------- -------- -----------
NET INCREASE/(DECREASE) IN NET
ASSETS RESULTING FROM OPERATIONS $52,116,026 $2,290,354 $6,300,719 $5,269,008 $(2,011,021) $330,553 $(4,875,879)
=========== ========== ========== ========== =========== ======== ===========
<CAPTION>
WESTCORE WESTCORE WESTCORE
LONG-TERM INTERMEDIATE- COLORADO
BOND TERM BOND TAX-EXEMPT
FUND FUND FUND
----------- ------------- -----------
<S> <C> <C> <C>
INVESTMENT INCOME
Dividends $ 0 $ 0 $ 0
Interest 783,236 1,361,720 1,055,550
Other Income 504 168 52
----------- ---------- -----------
Total Income 783,740 1,361,888 1,055,602
----------- ---------- -----------
EXPENSES
Investment advisory fees 50,705 89,378 108,987
Administrative fees 33,804 59,585 65,392
Transfer agent fees 13,339 12,400 8,648
Fund accounting fees and expenses 14,245 15,741 22,032
Legal fees 7,033 12,068 14,101
Printing expenses 2,951 5,439 5,706
Registration fees 8,370 6,510 0
Audit fees 5,459 5,586 4,679
Custodian fees 2,075 3,319 3,237
Insurance 393 1,611 1,646
Trustee fees and expenses 1,197 2,796 2,117
Other 0 689 1,130
----------- ---------- -----------
Total expenses before waivers 139,571 215,122 237,675
Expenses waived by:
Investment adviser (29,416) (41,898) (94,985)
Administrators (2,854) (4,069) (8,593)
Expenses reimbursed by:
Investment adviser 0 0 0
----------- ---------- -----------
Net Expenses 107,301 169,155 134,097
----------- ---------- -----------
NET INVESTMENT INCOME/(LOSS) 676,439 1,192,733 921,505
----------- ---------- -----------
REALIZED AND UNREALIZED
GAIN/(LOSS) ON INVESTMENTS:
Net realized gain/(loss) from
investment transactions 81,521 (77,962) (74,436)
Unrealized
appreciation/(depreciation) on
investments
Beginning of period 634,345 247,468 638,783
End of period (566,544) (536,684) (890,548)
Change in net unrealized
appreciation or depreciation of
investments (1,200,889) (784,152) (1,529,331)
----------- ---------- -----------
NET REALIZED AND UNREALIZED
GAIN/(LOSS) ON INVESTMENTS (1,119,368) (862,114) (1,603,767)
----------- ---------- -----------
NET INCREASE/(DECREASE) IN NET
ASSETS RESULTING FROM OPERATIONS $ (442,929) $ 330,619 $ (682,262)
=========== ========== ===========
</TABLE>
- ---------------
* For the period October 1, 1999 (inception of offering) to November 30, 1999.
see notes to financial statements
83
<PAGE> 85
WESTCORE FUNDS SEMI-ANNUAL REPORT
STATEMENTS OF CHANGES IN NET ASSETS
NOVEMBER 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
WESTCORE MIDCO GROWTH FUND
------------------------------------
SIX MONTHS ENDED YEAR ENDED
NOVEMBER 30, 1999 MAY 28, 1999
----------------- ---------------
<S> <C> <C>
OPERATIONS
Net investment income/(loss) $ (906,070) $ (2,697,880)
Net realized gain/(loss) from investment transactions 21,587,177 120,340,722
Change in unrealized net appreciation or depreciation
of investments 31,434,919 (76,064,316)
------------- ---------------
Net increase/(decrease) in net assets resulting from
operations 52,116,026 41,578,526
------------- ---------------
DIVIDENDS AND DISTRIBUTIONS
From net investment income 0 0
From net realized gain from investment transactions 0 (59,679,953)
------------- ---------------
Decrease in net assets from dividends and distributions 0 (59,679,953)
------------- ---------------
BENEFICIAL INTEREST TRANSACTIONS (NOTE 2)
Shares sold 140,975,711 844,280,146
Shares issued in reinvestment of dividends and
distributions 0 58,662,082
------------- ---------------
140,975,711 902,942,228
Shares redeemed (210,764,330) (1,172,209,867)
------------- ---------------
Net increase/(decrease) from beneficial interest
transactions (69,788,619) (269,267,639)
------------- ---------------
NET INCREASE/(DECREASE) IN NET ASSETS (17,672,593) (287,369,066)
NET ASSETS:
Beginning of period 277,924,174 565,293,240
------------- ---------------
End of period (including (over)/undistributed net
investment income of ($975,761) and ($69,691),
respectively) $ 260,251,581 $ 277,924,174
============= ===============
</TABLE>
see notes to financial statements
84
<PAGE> 86
WESTCORE FUNDS SEMI-ANNUAL REPORT
STATEMENTS OF CHANGES IN NET ASSETS
NOVEMBER 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
WESTCORE GROWTH AND INCOME FUND
---------------------------------
SIX MONTHS ENDED YEAR ENDED
NOVEMBER 30, 1999 MAY 28, 1999
----------------- ------------
<S> <C> <C>
OPERATIONS
Net investment income/(loss) $ (27,135) $ 3,015
Net realized gain/(loss) from investment transactions 1,307,775 1,309,173
Change in unrealized net appreciation or depreciation of
investments 1,009,714 (724,121)
----------- -----------
Net increase/(decrease) in net assets resulting from
operations 2,290,354 588,067
----------- -----------
DIVIDENDS AND DISTRIBUTIONS
From net investment income 0 (11,775)
From net realized gain from investment transactions 0 (2,111,698)
----------- -----------
Decrease in net assets from dividends and distributions 0 (2,123,473)
----------- -----------
BENEFICIAL INTEREST TRANSACTIONS (NOTE 2)
Shares sold 1,752,128 3,628,138
Shares issued in reinvestment of dividends and distributions 0 1,946,533
----------- -----------
1,752,128 5,574,671
Shares redeemed (3,342,865) (6,410,593)
----------- -----------
Net increase/(decrease) from beneficial interest
transactions (1,590,737) (835,922)
----------- -----------
NET INCREASE/(DECREASE) IN NET ASSETS 699,617 (2,371,328)
NET ASSETS:
Beginning of period 12,788,765 15,160,093
----------- -----------
End of period (including (over)/undistributed net investment
income of ($235,128) and ($207,993), respectively) $13,488,382 $12,788,765
=========== ===========
</TABLE>
see notes to financial statements
85
<PAGE> 87
WESTCORE FUNDS SEMI-ANNUAL REPORT
STATEMENTS OF CHANGES IN NET ASSETS
NOVEMBER 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
WESTCORE SMALL-CAP GROWTH FUND
------------------------------
FOR THE PERIOD
OCTOBER 1, 1999 (INCEPTION)
TO NOVEMBER 30, 1999
------------------------------
<S> <C>
OPERATIONS
Net investment income/(loss) $ 21,480
Net realized gain/(loss) from investment transactions 1,524,086
Change in unrealized net appreciation or depreciation of
investments 4,755,153
-----------
Net increase/(decrease) in net assets resulting from
operations 6,300,719
-----------
DIVIDENDS AND DISTRIBUTIONS
From net investment income 0
From net realized gain from investment transactions 0
-----------
Decrease in net assets from dividends and distributions 0
-----------
BENEFICIAL INTEREST TRANSACTIONS (NOTE 2) Shares sold 13,189,151
Shares issued in reinvestment of dividends and distributions 0
-----------
13,189,151
Shares redeemed (294,179)
-----------
Net increase/(decrease) from beneficial interest
transactions 12,894,972
-----------
NET INCREASE/(DECREASE) IN NET ASSETS 19,195,691
NET ASSETS:
Beginning of period 0
-----------
End of period (including (over)/undistributed net investment
income of $21,480) $19,195,691
===========
</TABLE>
see notes to financial statements
86
<PAGE> 88
WESTCORE FUNDS SEMI-ANNUAL REPORT
STATEMENTS OF CHANGES IN NET ASSETS
NOVEMBER 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
WESTCORE SELECT FUND
---------------------------
FOR THE PERIOD
OCTOBER 1, 1999 (INCEPTION)
TO NOVEMBER 30, 1999
---------------------------
<S> <C>
OPERATIONS
Net investment income/(loss) $ 17,906
Net realized gain/(loss) from investment transactions 3,235,403
Change in unrealized net appreciation or depreciation of
investments 2,015,699
-----------
Net increase/(decrease) in net assets resulting from
operations 5,269,008
-----------
DIVIDENDS AND DISTRIBUTIONS
From net investment income 0
From net realized gain from investment transactions 0
-----------
Decrease in net assets from dividends and distributions 0
-----------
BENEFICIAL INTEREST TRANSACTIONS (NOTE 2)
Shares sold 15,739,089
Shares issued in reinvestment of dividends and distributions 0
-----------
15,739,089
Shares redeemed (239,536)
-----------
Net increase/(decrease) from beneficial interest
transactions 15,499,553
-----------
NET INCREASE/(DECREASE) IN NET ASSETS 20,768,561
NET ASSETS:
Beginning of period 0
-----------
End of period (including (over)/undistributed net investment
income of $17,906) $20,768,561
===========
</TABLE>
see notes to financial statements
87
<PAGE> 89
WESTCORE FUNDS SEMI-ANNUAL REPORT
STATEMENTS OF CHANGES IN NET ASSETS
NOVEMBER 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
WESTCORE BLUE CHIP FUND
---------------------------------
SIX MONTHS ENDED YEAR ENDED
NOVEMBER 30, 1999 MAY 28, 1999
----------------- ------------
<S> <C> <C>
OPERATIONS
Net investment income/(loss) $ (24,916) $ 128,184
Net realized gain/(loss) from investment transactions 3,483,915 9,307,773
Change in unrealized net appreciation or depreciation of
investments (5,470,020) (4,848,842)
------------ ------------
Net increase/(decrease) in net assets resulting from
operations (2,011,021) 4,587,115
------------ ------------
DIVIDENDS AND DISTRIBUTIONS
From net investment income 0 (245,375)
From net realized gain from investment transactions 0 (9,695,337)
------------ ------------
Decrease in net assets from dividends and distributions 0 (9,940,712)
------------ ------------
BENEFICIAL INTEREST TRANSACTIONS (NOTE 2)
Shares sold 8,552,343 36,867,428
Shares issued in reinvestment of dividends and distributions 0 9,102,447
------------ ------------
8,552,343 45,969,875
Shares redeemed (14,110,794) (43,739,132)
------------ ------------
Net increase/(decrease) from beneficial interest
transactions (5,558,451) 2,230,743
------------ ------------
NET INCREASE/(DECREASE) IN NET ASSETS (7,569,472) (3,122,854)
NET ASSETS:
Beginning of period 69,353,948 72,476,802
------------ ------------
End of period (including (over)/undistributed net investment
income of ($160,732) and ($135,816), respectively) $ 61,784,476 $ 69,353,948
============ ============
</TABLE>
see notes to financial statements
88
<PAGE> 90
WESTCORE FUNDS SEMI-ANNUAL REPORT
STATEMENTS OF CHANGES IN NET ASSETS
NOVEMBER 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
WESTCORE MID-CAP OPPORTUNITY FUND
------------------------------------
FOR THE PERIOD
OCTOBER 1, 1998
SIX MONTHS ENDED (INCEPTION)
NOVEMBER 30, 1999 TO MAY 28, 1999
----------------- ---------------
<S> <C> <C>
OPERATIONS
Net investment income/(loss) $ (71) $ (1,839)
Net realized gain/(loss) from investment transactions 180,100 (204,282)
Change in unrealized net appreciation or depreciation of
investments 150,524 444,179
---------- ----------
Net increase/(decrease) in net assets resulting from
operations 330,553 238,058
---------- ----------
DIVIDENDS AND DISTRIBUTIONS
From net investment income 0 0
From net realized gain from investment transactions 0 0
---------- ----------
Decrease in net assets from dividends and distributions 0 0
---------- ----------
BENEFICIAL INTEREST TRANSACTIONS (NOTE 2)
Shares issued in connection with the conversion of a
separately managed investment partnership (Note 5) 2,211,243
Shares sold 94,248 410,700
Shares issued in reinvestment of dividends and distributions 0 0
---------- ----------
94,248 2,621,943
Shares redeemed (423,438) (274,772)
---------- ----------
Net increase/(decrease) from beneficial interest
transactions (329,190) 2,347,171
---------- ----------
NET INCREASE/(DECREASE) IN NET ASSETS 1,363 2,585,229
NET ASSETS:
Beginning of period 2,585,229 0
---------- ----------
End of period (including (over)/undistributed net investment
income of ($1,910) and ($1,839), respectively) $2,586,592 $2,585,229
========== ==========
</TABLE>
see notes to financial statements
89
<PAGE> 91
WESTCORE FUNDS SEMI-ANNUAL REPORT
STATEMENTS OF CHANGES IN NET ASSETS
NOVEMBER 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
WESTCORE SMALL-CAP OPPORTUNITY FUND
-----------------------------------
SIX MONTHS ENDED YEAR ENDED
NOVEMBER 30, 1999 MAY 28, 1999
------------------ -------------
<S> <C> <C>
OPERATIONS
Net investment income/(loss) $ 162,962 $ 320,141
Net realized gain/(loss) from investment transactions (2,208,024) (9,932,871)
Change in unrealized net appreciation or depreciation of
investments (2,830,817) (7,781,013)
------------ ------------
Net increase/(decrease) in net assets resulting from
operations (4,875,879) (17,393,743)
DIVIDENDS AND DISTRIBUTIONS
From net investment income (177,781) (214,664)
From net realized gain from investment transactions 0 (5,243,231)
------------ ------------
Decrease in net assets from dividends and distributions (177,781) (5,457,895)
------------ ------------
BENEFICIAL INTEREST TRANSACTIONS (NOTE 2)
Shares sold 21,847,747 126,319,438
Shares issued in reinvestment of dividends and distributions 150,815 5,052,143
------------ ------------
21,998,562 131,371,581
Shares redeemed (37,777,148) (80,954,679)
------------ ------------
Net increase/(decrease) from beneficial interest
transactions (15,778,586) 50,416,902
------------ ------------
NET INCREASE/(DECREASE) IN NET ASSETS (20,832,246) 27,565,264
NET ASSETS:
Beginning of period 88,634,607 61,069,343
------------ ------------
End of period (including (over)/undistributed net investment
income of $61,187 and $76,006, respectively) $ 67,802,361 $ 88,634,607
============ ============
</TABLE>
see notes to financial statements
90
<PAGE> 92
WESTCORE FUNDS SEMI-ANNUAL REPORT
STATEMENTS OF CHANGES IN NET ASSETS
NOVEMBER 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
WESTCORE LONG-TERM BOND FUND
---------------------------------
SIX MONTHS ENDED YEAR ENDED
NOVEMBER 30, 1999 MAY 28, 1999
----------------- ------------
<S> <C> <C>
OPERATIONS
Net investment income/(loss) $ 676,439 $ 1,153,879
Net realized gain/(loss) from investment transactions 81,521 249,152
Change in unrealized net appreciation or depreciation of
investments (1,200,889) (1,311,576)
----------- -----------
Net increase/(decrease) in net assets resulting from
operations (442,929) 91,455
----------- -----------
DIVIDENDS AND DISTRIBUTIONS
From net investment income (661,258) (1,159,592)
From net realized gain from investment transactions 0 (125,218)
----------- -----------
Decrease in net assets from dividends and distributions (661,258) (1,284,810)
----------- -----------
BENEFICIAL INTEREST TRANSACTIONS (NOTE 2)
Shares sold 3,472,008 9,688,176
Shares issued in reinvestment of dividends and distributions 635,465 1,237,129
----------- -----------
4,107,473 10,925,305
Shares redeemed (3,534,683) (6,400,461)
----------- -----------
Net increase/(decrease) from beneficial interest
transactions 572,790 4,524,844
----------- -----------
NET INCREASE/(DECREASE) IN NET ASSETS (531,397) 3,331,489
NET ASSETS:
Beginning of period 21,797,753 18,466,264
----------- -----------
End of period (including (over)/undistributed net investment
income of $25,678 and $10,497 respectively) $21,266,356 $21,797,753
=========== ===========
</TABLE>
see notes to financial statements
91
<PAGE> 93
WESTCORE FUNDS SEMI-ANNUAL REPORT
STATEMENTS OF CHANGES IN NET ASSETS
NOVEMBER 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
WESTCORE INTERMEDIATE-TERM BOND FUND
-------------------------------------
SIX MONTHS ENDED YEAR ENDED
NOVEMBER 30, 1999 MAY 28, 1999
------------------- --------------
<S> <C> <C>
OPERATIONS
Net investment income/(loss) $ 1,192,733 $ 2,599,872
Net realized gain/(loss) from investment transactions (77,962) 625,934
Change in unrealized net appreciation or depreciation of
investments (784,152) (1,434,927)
------------ ------------
Net increase/(decrease) in net assets resulting from
operations 330,619 1,790,879
------------ ------------
DIVIDENDS AND DISTRIBUTIONS
From net investment income (1,166,995) (2,621,050)
From net realized gain from investment transactions 0 0
------------ ------------
Decrease in net assets from dividends and distributions (1,166,995) (2,621,050)
------------ ------------
BENEFICIAL INTEREST TRANSACTIONS (NOTE 2)
Shares sold 9,108,612 21,346,730
Shares issued in reinvestment of dividends and distributions 1,028,354 2,260,587
------------ ------------
10,136,966 23,607,317
Shares redeemed (13,038,783) (31,780,894)
------------ ------------
Net increase/(decrease) from beneficial interest
transactions (2,901,817) (8,173,577)
------------ ------------
NET INCREASE/(DECREASE) IN NET ASSETS (3,738,193) (9,003,748)
NET ASSETS:
Beginning of period 41,155,470 50,159,218
------------ ------------
End of period (including (over)/undistributed net investment
income of $45,845 and $20,107, respectively) $ 37,417,277 $ 41,155,470
============ ============
</TABLE>
see notes to financial statements
92
<PAGE> 94
WESTCORE FUNDS SEMI-ANNUAL REPORT
STATEMENTS OF CHANGES IN NET ASSETS
NOVEMBER 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
WESTCORE COLORADO TAX-EXEMPT FUND
---------------------------------
SIX MONTHS ENDED YEAR ENDED
NOVEMBER 30, 1999 MAY 28, 1999
----------------- ------------
<S> <C> <C>
OPERATIONS
Net investment income/(loss) $ 921,505 $ 1,635,554
Net realized gain/(loss) from investment transactions (74,436) 7,767
Change in unrealized net appreciation or depreciation of
investments (1,529,331) (391,865)
----------- -----------
Net increase/(decrease) in net assets resulting from
operations (682,262) 1,251,456
----------- -----------
DIVIDENDS AND DISTRIBUTIONS
From net investment income (903,337) (1,638,237)
From net realized gain from investment transactions 0 0
----------- -----------
Decrease in net assets from dividends and distributions (903,337) (1,638,237)
----------- -----------
BENEFICIAL INTEREST TRANSACTIONS (NOTE 2)
Shares sold 4,943,827 20,250,156
Shares issued in reinvestment of dividends and distributions 690,515 1,257,593
----------- -----------
5,634,342 21,507,749
Shares redeemed (9,125,024) (7,116,914)
----------- -----------
Net increase/(decrease) from beneficial interest
transactions (3,490,682) 14,390,835
----------- -----------
NET INCREASE/(DECREASE) IN NET ASSETS (5,076,281) 14,004,054
NET ASSETS:
Beginning of period 45,505,518 31,501,464
----------- -----------
End of period (including (over)/undistributed net investment
income of $33,739 and $15,571, respectively) $40,429,237 $45,505,518
=========== ===========
</TABLE>
see notes to financial statements
93
<PAGE> 95
WESTCORE FUNDS SEMI-ANNUAL REPORT
FINANCIAL HIGHLIGHTS
NOVEMBER 30, 1999 (UNAUDITED)
Selected data for a share of beneficial interest outstanding throughout the
period indicated:
<TABLE>
<CAPTION>
WESTCORE MIDCO GROWTH FUND
-------------------------------------------------------
FOR THE FOR THE FOR THE FOR THE
SIX MONTHS ENDED YEAR ENDED YEAR ENDED YEAR ENDED
NOVEMBER 30, MAY 28, MAY 29, MAY 30,
---------------- ---------- ---------- ----------
1999 1999 1998 1997
---------------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Net asset value -- beginning of
the period $ 20.03 $ 20.54 $ 20.92 $ 22.90
-------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss) (0.09) (0.23) (0.17) (0.15)
Net realized and unrealized
gain/(loss) on investments 4.72 2.22 3.03 1.19
-------- -------- -------- --------
Total income/(loss) from
investment operations 4.63 1.99 2.86 1.04
-------- -------- -------- --------
DISTRIBUTIONS
Dividends from net investment
income (0.00) (0.00) (0.00) (0.00)
Distributions from net realized
gain on investments (0.00) (2.50) (3.24) (3.02)
-------- -------- -------- --------
Total distributions (0.00) (2.50) (3.24) (3.02)
-------- -------- -------- --------
Net asset value -- end of period $ 24.66 $ 20.03 $ 20.54 $ 20.92
======== ======== ======== ========
Total return 23.05% 11.87% 15.10% 5.27%
======== ======== ======== ========
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in
thousands) $260,252 $277,924 $565,293 $590,008
======== ======== ======== ========
Ratio of expenses to average net
assets 1.15%(2) 1.15% 1.13% 1.14%
======== ======== ======== ========
Ratio of expenses to average net
assets without fee waivers 1.31%(2) 1.19% 1.13% 1.14%
======== ======== ======== ========
Ratio of net investment
income/(loss) to average net
assets (0.74)%(2) (0.63)% (0.71)% (0.70)%
======== ======== ======== ========
Ratio of net investment
income/(loss) to average net
assets without fee waivers (0.89)%(2) (0.68)% (0.71)% (0.71)%
======== ======== ======== ========
Portfolio turnover rate(1) 53.81% 116.46% 75.79% 60.78%
======== ======== ======== ========
<CAPTION>
WESTCORE MIDCO GROWTH FUND
--------------------------------------------
INSTITUTIONAL SHARES RETAIL SHARES
-------------------- --------------------
FOR THE YEAR ENDED FOR THE PERIOD ENDED
MAY 31, MAY 31,
-------------------- --------------------
1996 1995 1996* 1995
-------- -------- ------- -------
<S> <C> <C> <C> <C>
Net asset value -- beginning of
the period $ 17.12 $ 16.09 $ 17.10 $ 16.10
-------- -------- ------- -------
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss) (0.08) 0.00 (0.01) (0.03)
Net realized and unrealized
gain/(loss) on investments 6.58 1.56 3.12 1.56
-------- -------- ------- -------
Total income/(loss) from
investment operations 6.50 1.56 3.11 1.53
-------- -------- ------- -------
DISTRIBUTIONS
Dividends from net investment
income (0.00) (0.00) (0.00) (0.00)
Distributions from net realized
gain on investments (0.72) (0.53) (0.00) (0.53)
-------- -------- ------- -------
Total distributions (0.72) (0.53) (0.00) (0.53)
-------- -------- ------- -------
Net asset value -- end of period $ 22.90 $ 17.12 $ 20.21 $ 17.10
======== ======== ======= =======
Total return 38.62% 10.05% 18.19% 9.78%
======== ======== ======= =======
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in
thousands) $656,490 $401,760 $30,827 $25,677
======== ======== ======= =======
Ratio of expenses to average net
assets 1.08% 0.94% 1.16%(2) 1.19%
======== ======== ======= =======
Ratio of expenses to average net
assets without fee waivers 1.10% 0.96% 1.17%(2) 1.21%
======== ======== ======= =======
Ratio of net investment
income/(loss) to average net
assets (0.42)% (0.03)% (0.24)%(2) (0.28)%
======== ======== ======= =======
Ratio of net investment
income/(loss) to average net
assets without fee waivers (0.44)% (0.05)% (0.26)%(2) (0.30)%
======== ======== ======= =======
Portfolio turnover rate(1) 62.83% 50.19% 62.83% 50.19%
======== ======== ======= =======
</TABLE>
- ---------------
(1) A portfolio turnover rate is, in general, the percentage computed by taking
the lesser of purchases or sales of portfolio securities (excluding
securities with a maturity date of one year or less at the time of
acquisition) for a period and dividing it by the monthly average of the
market value of such securities during the period. Purchases and sales of
investment securities (excluding short-term securities) for the period ended
November 30, 1999 were $124,044,583 and $163,069,951, respectively.
(2) Annualized.
* For the period June 1, 1995 to September 30, 1995.
see notes to financial statements
94
<PAGE> 96
WESTCORE FUNDS SEMI-ANNUAL REPORT
FINANCIAL HIGHLIGHTS -- (CONTINUED)
NOVEMBER 30, 1999 (UNAUDITED)
Selected data for a share of beneficial interest outstanding throughout the
period indicated:
<TABLE>
<CAPTION>
WESTCORE GROWTH AND INCOME FUND
----------------------------------------------------------------------------------------------------
INSTITUTIONAL SHARES RETAIL SHARES
-------------------- ------------------
FOR THE FOR THE FOR THE FOR THE FOR THE FOR THE
SIX MONTHS ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED PERIOD ENDED
NOVEMBER 30, MAY 28, MAY 29, MAY 30, MAY 31, MAY 31,
---------------- ---------- ---------- ---------- -------------------- ------------------
1999 1999(3) 1998 1997 1996 1995 1996* 1995
---------------- ---------- ---------- ---------- -------- -------- ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset
value -- beginning of the
period $ 12.30 $ 13.74 $ 13.03 $ 12.32 $ 10.50 $ 10.62 $10.51 $10.63
------- ------- ------- ------- ------- ------- ------ ------
INCOME FROM INVESTMENT
OPERATIONS
Net investment
income/(loss) (0.06) (0.00)(4) 0.01 0.07 0.15 0.20 0.05 0.19
Net realized and
unrealized gain/(loss)
on investments 2.47 0.66 2.54 2.19 2.57 0.15 0.72 0.14
------- ------- ------- ------- ------- ------- ------ ------
Total income/(loss) from
investment operations 2.41 0.66 2.55 2.26 2.72 0.35 0.77 0.33
------- ------- ------- ------- ------- ------- ------ ------
DISTRIBUTIONS
Dividends from net
investment income (0.00) (0.01) (0.07) (0.11) (0.24) (0.21) (0.06) (0.19)
Distributions from net
realized gain on
investments (0.00) (2.09) (1.77) (1.44) (0.66) (0.26) (0.00) (0.26)
------- ------- ------- ------- ------- ------- ------ ------
Total distributions (0.00) (2.10) (1.84) (1.55) (0.90) (0.47) (0.06) (0.45)
------- ------- ------- ------- ------- ------- ------ ------
Net asset value -- end of
period $ 14.71 $ 12.30 $ 13.74 $ 13.03 $ 12.32 $ 10.50 $11.22 $10.51
======= ======= ======= ======= ======= ======= ====== ======
Total return 19.59% 6.25% 20.74% 19.71% 27.25% 3.73% 7.35% 3.48%
======= ======= ======= ======= ======= ======= ====== ======
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period
(in thousands) $13,488 $12,789 $15,160 $20,725 $25,387 $27,029 $3,921 $3,871
======= ======= ======= ======= ======= ======= ====== ======
Ratio of expenses to
average net assets 1.15%(2) 1.15% 1.15% 1.15% 1.22% 1.17% 1.58%(2) 1.41%
======= ======= ======= ======= ======= ======= ====== ======
Ratio of expenses to
average net assets
without fee waivers 1.85%(2) 1.75% 1.71% 1.56% 1.51% 1.22% 1.61%(2) 1.47%
======= ======= ======= ======= ======= ======= ====== ======
Ratio of net investment
income/(loss) to
average net assets (0.42)%(2) 0.02% 0.40% 0.75% 1.34% 2.09% 1.40%(2) 1.86%
======= ======= ======= ======= ======= ======= ====== ======
Ratio of net investment
income/(loss) to
average net assets
without fee waivers (1.12)%(2) (0.58)% (0.16)% 0.33% 1.05% 2.04% 1.37%(2) 1.80%
======= ======= ======= ======= ======= ======= ====== ======
Portfolio turnover
rate(1) 36.56% 72.59% 41.40% 39.80% 88.31% 81.14% 88.31% 81.14%
======= ======= ======= ======= ======= ======= ====== ======
</TABLE>
- ---------------
(1) A portfolio turnover rate is, in general, the percentage computed by taking
the lesser of purchases or sales of portfolio securities (excluding
securities with a maturity date of one year or less at the time of
acquisition) for a period and dividing it by the monthly average of the
market value of such securities during the period. Purchases and sales of
investment securities (excluding short-term securities) for the period ended
November 30, 1999 were $4,515,830 and $6,295,767, respectively.
(2) Annualized.
(3) Per share amounts calculated based on the average shares outstanding during
the period.
(4) Less than $.005 per share.
* For the period June 1, 1995 to September 30, 1995.
see notes to financial statements
95
<PAGE> 97
WESTCORE FUNDS SEMI-ANNUAL REPORT
FINANCIAL HIGHLIGHTS -- (CONTINUED)
NOVEMBER 30, 1999 (UNAUDITED)
Selected data for a share of beneficial interest outstanding throughout the
period indicated:
<TABLE>
<CAPTION>
WESTCORE SMALL-CAP
GROWTH FUND
------------------
FOR THE
PERIOD ENDED
NOVEMBER 30,
1999*
------------------
<S> <C>
Net asset value -- beginning of the period $ 10.00
-------
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss) 0.02
Net realized and unrealized gain/(loss) on investments 10.27
-------
Total income/(loss) from investment operations 10.29
-------
DISTRIBUTIONS
Dividends from net investment income (0.00)
Distributions from net realized gain on investments (0.00)
-------
Total distributions (0.00)
-------
Net asset value -- end of period $ 20.29
=======
Total return 102.90%
=======
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in thousands) $19,196
=======
Ratio of expenses to average net assets 1.30%(2)
=======
Ratio of expenses to average net assets without fee waivers 2.58%(2)
=======
Ratio of net investment income/(loss) to average net assets 1.37%(2)
=======
Ratio of net investment income/(loss) to average net assets
without fee waivers 0.09%(2)
=======
Portfolio turnover rate(1) 25.46%
=======
</TABLE>
- ---------------
(1) A portfolio turnover rate is, in general, the percentage computed by taking
the lesser of purchases or sales of portfolio securities (excluding
securities with a maturity date of one year or less at the time of
acquisition) for a period and dividing it by the monthly average of the
market value of such securities during the period. Purchases and sales of
investment securities (excluding short-term securities) for the period ended
November 30, 1999 were $7,250,722 and $1,992,408, respectively.
(2) Annualized.
* For the period October 1, 1999 (inception of offering) to November 30, 1999.
see notes to financial statements
96
<PAGE> 98
WESTCORE FUNDS SEMI-ANNUAL REPORT
FINANCIAL HIGHLIGHTS -- (CONTINUED)
NOVEMBER 30, 1999 (UNAUDITED)
Selected data for a share of beneficial interest outstanding throughout the
period indicated:
<TABLE>
<CAPTION>
WESTCORE SELECT FUND
--------------------
FOR THE
PERIOD ENDED
NOVEMBER 30,
1999*
------------
<S> <C>
Net asset value -- beginning of the period $ 10.00
-------
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss) 0.01
Net realized and unrealized gain/(loss) on investments 5.70
-------
Total income/(loss) from investment operations 5.71
-------
DISTRIBUTIONS
Dividends from net investment income (0.00)
Distributions from net realized gain on investments (0.00)
-------
Total distributions (0.00)
-------
Net asset value -- end of period $ 15.71
=======
Total return 57.10%
=======
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in thousands) $20,769
=======
Ratio of expenses to average net assets 1.15%(2)
=======
Ratio of expenses to average net assets without fee waivers 2.00%(2)
=======
Ratio of net investment income/(loss) to average net assets 0.93%(2)
=======
Ratio of net investment income/(loss) to average net assets
without fee waivers 0.08%(2)
=======
Portfolio turnover rate(1) 111.99%
=======
</TABLE>
- ---------------
(1) A portfolio turnover rate is, in general, the percentage computed by taking
the lesser of purchases or sales of portfolio securities (excluding
securities with a maturity date of one year or less at the time of
acquisition) for a period and dividing it by the monthly average of the
market value of such securities during the period. Purchases and sales of
investment securities (excluding short-term securities) for the period ended
November 30, 1999 were $21,481,430 and $11,178,162, respectively.
(2) Annualized.
* For the period October 1, 1999 (inception of offering) to November 30, 1999.
see notes to financial statements
97
<PAGE> 99
WESTCORE FUNDS SEMI-ANNUAL REPORT
FINANCIAL HIGHLIGHTS -- (CONTINUED)
NOVEMBER 30, 1999 (UNAUDITED)
Selected data for a share of beneficial interest outstanding throughout the
period indicated:
<TABLE>
<CAPTION>
WESTCORE BLUE CHIP FUND
-----------------------------------------------------------------------------
FOR THE FOR THE FOR THE FOR THE FOR THE
SIX MONTHS ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
NOVEMBER 30, MAY 28, MAY 29, MAY 30, MAY 31,
---------------- ---------- ---------- ---------- -------------------
1999 1999 1998 1997 1996 1995
---------------- ---------- ---------- ---------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
Net asset value -- beginning of the period $ 17.23 $ 18.81 $ 18.15 $ 17.41 $ 14.70 $ 12.70
------- ------- ------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss) (0.01) 0.04 0.13 0.19 0.25 0.23
Net realized and unrealized gain/(loss) on
investments (0.52) 1.07 4.66 3.65 4.03 2.12
------- ------- ------- ------- ------- -------
Total income/(loss) from investment operations (0.53) 1.11 4.79 3.84 4.28 2.35
------- ------- ------- ------- ------- -------
DISTRIBUTIONS
Dividends from net investment income (0.00) (0.07) (0.14) (0.22) (0.27) (0.16)
Distributions from net realized gain on
investments (0.00) (2.62) (3.99) (2.88) (1.30) (0.19)
------- ------- ------- ------- ------- -------
Total distributions (0.00) (2.69) (4.13) (3.10) (1.57) (0.35)
------- ------- ------- ------- ------- -------
Net asset value -- end of period $ 16.70 $ 17.23 $ 18.81 $ 18.15 $ 17.41 $ 14.70
======= ======= ======= ======= ======= =======
Total return (3.08)% 7.42% 29.53% 24.28% 30.48% 19.03%
======= ======= ======= ======= ======= =======
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in thousands) $61,784 $69,354 $72,477 $66,450 $68,286 $52,545
======= ======= ======= ======= ======= =======
Ratio of expenses to average net assets 1.15%(2) 1.15% 1.15% 1.15% 1.10% 1.01%
======= ======= ======= ======= ======= =======
Ratio of expenses to average net assets without
fee waivers 1.27%(2) 1.25% 1.23% 1.21% 1.25% 1.06%
======= ======= ======= ======= ======= =======
Ratio of net investment income/(loss) to average
net assets (0.07)%(2) 0.19% 0.60% 1.02% 1.52% 1.78%
======= ======= ======= ======= ======= =======
Ratio of net investment income/(loss) to average
net assets without fee waivers (0.19)%(2) 0.09% 0.52% 0.97% 1.38% 1.73%
======= ======= ======= ======= ======= =======
Portfolio turnover rate(1) 29.24% 73.39% 48.50% 43.47% 65.11% 61.72%
======= ======= ======= ======= ======= =======
</TABLE>
- ---------------
(1) A portfolio turnover rate is, in general, the percentage computed by taking
the lesser of purchases or sales of portfolio securities (excluding
securities with a maturity date of one year or less at the time of
acquisition) for a period and dividing it by the monthly average of the
market value of such securities during the period. Purchases and sales of
investment securities (excluding short-term securities) for the period ended
November 30, 1999 were $18,674,379 and $22,832,588, respectively.
(2) Annualized.
see notes to financial statements
98
<PAGE> 100
WESTCORE FUNDS SEMI-ANNUAL REPORT
FINANCIAL HIGHLIGHTS -- (CONTINUED)
NOVEMBER 30, 1999 (UNAUDITED)
Selected data for a share of beneficial interest outstanding throughout the
period indicated:
<TABLE>
<CAPTION>
WESTCORE MID-CAP OPPORTUNITY FUND
----------------------------------
FOR THE FOR THE
SIX MONTHS ENDED PERIOD ENDED
NOVEMBER 30, MAY 28,
1999 1999*
----------------- -------------
<S> <C> <C>
Net asset value -- beginning of the period $11.05 $10.00
------ ------
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss) (0.00) (0.01)
Net realized and unrealized gain/(loss) on investments 1.68 1.06
------ ------
Total income/(loss) from investment operations 1.68 1.05
------ ------
DISTRIBUTIONS
Dividends from net investment income (0.00) (0.00)
Distributions from net realized gain on investments (0.00) (0.00)
------ ------
Total distributions (0.00) (0.00)
------ ------
Net asset value -- end of period $12.73 $11.05
====== ======
Total return 15.20% 10.50%
====== ======
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in thousands) $2,587 $2,585
====== ======
Ratio of expenses to average net assets 1.25%(2) 1.25%(2)
====== ======
Ratio of expenses to average net assets without fee waivers 3.47%(2) 5.33%(2)
====== ======
Ratio of net investment income/(loss) to average net assets (0.01)%(2) (0.11)%(2)
====== ======
Ratio of net investment income/(loss) to average net assets
without
fee waivers (2.22)%(2) (4.19)%(2)
====== ======
Portfolio turnover rate(1) 46.76% 71.65%
====== ======
</TABLE>
- ---------------
(1) A portfolio turnover rate is, in general, the percentage computed by taking
the lesser of purchases or sales of portfolio securities (excluding
securities with a maturity date of one year or less at the time of
acquisition) for a period and dividing it by the monthly average of the
market value of such securities during the period. Purchases and sales of
investment securities (excluding short-term securities) for the period
ended November 30, 1999 were $1,101,428 and $1,395,463, respectively.
(2) Annualized.
* For the period October 1, 1998 (inception of offering) to May 28, 1999.
see notes to financial statements
99
<PAGE> 101
WESTCORE FUNDS SEMI-ANNUAL REPORT
FINANCIAL HIGHLIGHTS -- (CONTINUED)
NOVEMBER 30, 1999 (UNAUDITED)
Selected data for a share of beneficial interest outstanding throughout the
period indicated:
<TABLE>
<CAPTION>
WESTCORE SMALL-CAP OPPORTUNITY FUND
-------------------------------------------------------------------------------------------------
INSTITUTIONAL SHARES RETAIL SHARES
FOR THE -------------------- --------------------
SIX MONTHS FOR THE FOR THE FOR THE FOR THE FOR THE
ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED PERIOD ENDED
NOVEMBER 30, MAY 28, MAY 29, MAY 30, MAY 31, MAY 31,
------------ ---------- ---------- ---------- -------------------- --------------------
1999 1999 1998 1997 1996 1995 1996* 1995
------------ ---------- ---------- ---------- --------- -------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset
value -- beginning of the
period $ 20.18 $ 26.71 $ 23.87 $ 21.35 $ 15.95 $14.97 $15.95 $ 14.96
------- ------- ------- ------- ------- ------ ------ -------
INCOME FROM INVESTMENT
OPERATIONS
Net investment
income/(loss) 0.04 0.08 0.01 0.03 0.04 0.09 0.01 0.06
Net realized and
unrealized gain/(loss)
on investments (1.21) (5.35) 6.83 3.37 5.86 1.11 2.25 1.11
------- ------- ------- ------- ------- ------ ------ -------
Total income/(loss) from
investment operations (1.17) (5.27) 6.84 3.40 5.90 1.20 2.26 1.17
------- ------- ------- ------- ------- ------ ------ -------
DISTRIBUTIONS
Dividends from net
investment income (0.04) (0.05) (0.03) (0.02) (0.06) (0.10) (0.02) (0.06)
Distributions from net
realized gain on
investments (0.00) (1.21) (3.97) (0.86) (0.44) (0.12) (0.00) (0.12)
------- ------- ------- ------- ------- ------ ------ -------
Total distributions (0.04) (1.26) (4.00) (0.88) (0.50) (0.22) (0.02) (0.18)
------- ------- ------- ------- ------- ------ ------ -------
Net asset value -- end of
period $ 18.97 $ 20.18 $ 26.71 $ 23.87 $ 21.35 $15.95 $18.19 $ 15.95
======= ======= ======= ======= ======= ====== ====== =======
Total return (5.79)% (19.72)% 30.40% 16.28% 37.49% 8.15% 14.14% 7.96%
======= ======= ======= ======= ======= ====== ====== =======
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period
(in thousands) $67,802 $88,635 $61,069 $35,962 $23,951 $9,703 $1,072 $ 934
======= ======= ======= ======= ======= ====== ====== =======
Ratio of expenses to
average net assets 1.30%(2) 1.30% 1.30% 1.30% 1.30% 1.27% 1.48%(2) 1.51%
======= ======= ======= ======= ======= ====== ====== =======
Ratio of expenses to
average net assets
without fee waivers 1.64%(2) 1.63% 1.66% 1.69% 2.20% 2.77% 2.53%(2) 3.10%
======= ======= ======= ======= ======= ====== ====== =======
Ratio of net investment
income/(loss) to
average net assets 0.38%(2) 0.37% 0.03% 0.11% 0.24% 0.61% 0.16%(2) 0.37%
======= ======= ======= ======= ======= ====== ====== =======
Ratio of net investment
income/(loss) to
average net assets
without fee waivers 0.05%(2) 0.04% (0.33)% (0.28)% (0.67)% (0.89)% (0.89)%(2) (1.22)%
======= ======= ======= ======= ======= ====== ====== =======
Portfolio turnover
rate(1) 30.23% 82.47% 78.48% 77.73% 47.83% 59.17% 47.83% 59.17%
======= ======= ======= ======= ======= ====== ====== =======
</TABLE>
- ---------------
(1) A portfolio turnover rate is, in general, the percentage computed by taking
the lesser of purchases or sales of portfolio securities (excluding
securities with a maturity date of one year or less at the time of
acquisition) for a period and dividing it by the monthly average of the
market value of such securities during the period. Purchases and sales of
investment securities (excluding short-term securities) for the period ended
November 30, 1999 were $23,985,211 and $36,817,507, respectively.
(2) Annualized.
* For the period June 1, 1995 to September 30, 1995.
see notes to financial statements
100
<PAGE> 102
WESTCORE FUNDS SEMI-ANNUAL REPORT
FINANCIAL HIGHLIGHTS -- (CONTINUED)
NOVEMBER 30, 1999 (UNAUDITED)
Selected data for a share of beneficial interest outstanding throughout the
period indicated:
<TABLE>
<CAPTION>
WESTCORE LONG-TERM BOND FUND
---------------------------------------------------------------------------
FOR THE FOR THE FOR THE FOR THE FOR THE
SIX MONTHS ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
NOVEMBER 30, MAY 28, MAY 29, MAY 30, MAY 31,
---------------- ---------- ---------- ---------- -----------------
1999 1999 1998 1997 1996 1995
---------------- ---------- ---------- ---------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
Net asset value -- beginning of the
period $ 9.87 $ 10.36 $ 9.67 $ 9.59 $ 9.87 $ 9.22
------- ------- ------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss) 0.29 0.57 0.60 0.62 0.61 0.59
Net realized and unrealized gain/(loss)
on investments (0.48) (0.43) 0.96 0.26 (0.27) 0.66
------- ------- ------- ------- ------- -------
Total income/(loss) from investment
operations (0.19) 0.14 1.56 0.88 0.34 1.25
------- ------- ------- ------- ------- -------
DISTRIBUTIONS
Dividends from net investment income (0.29) (0.57) (0.60) (0.63) (0.62) (0.60)
Distributions from net realized gain on
investments (0.00) (0.06) (0.27) (0.17) (0.00) (0.00)
------- ------- ------- ------- ------- -------
Total distributions (0.29) (0.63) (0.87) (0.80) (0.62) (0.60)
------- ------- ------- ------- ------- -------
Net asset value -- end of period $ 9.39 $ 9.87 $ 10.36 $ 9.67 $ 9.59 $ 9.87
======= ======= ======= ======= ======= =======
Total return (1.95)% 1.21% 16.63% 9.40% 3.41% 14.37%
======= ======= ======= ======= ======= =======
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in
thousands) $21,266 $21,798 $18,466 $20,160 $25,070 $33,440
======= ======= ======= ======= ======= =======
Ratio of expenses to average net assets 0.95%(2) 0.95% 0.95% 0.95% 0.90% 0.94%
======= ======= ======= ======= ======= =======
Ratio of expenses to average net assets
without fee waivers 1.24%(2) 1.22% 1.23% 1.15% 1.07% 0.99%
======= ======= ======= ======= ======= =======
Ratio of net investment income/(loss)
to average net assets 6.00%(2) 5.47% 5.87% 6.37% 6.07% 6.54%
======= ======= ======= ======= ======= =======
Ratio of net investment income/(loss)
to average net assets without fee
waivers 5.72%(2) 5.21% 5.58% 6.18% 5.90% 6.49%
======= ======= ======= ======= ======= =======
Portfolio turnover rate(1) 13.93% 15.97% 11.05% 27.76% 33.10% 25.09%
======= ======= ======= ======= ======= =======
</TABLE>
- ---------------
(1) A portfolio turnover rate is, in general, the percentage computed by taking
the lesser of purchases or sales of portfolio securities (excluding
securities with a maturity date of one year or less at the time of
acquisition) for a period and dividing it by the monthly average of the
market value of such securities during the period. Purchases and sales of
investment securities (excluding short-term securities) for the period ended
November 30, 1999 were $4,127,255 and $2,996,540, respectively.
(2) Annualized.
see notes to financial statements
101
<PAGE> 103
WESTCORE FUNDS SEMI-ANNUAL REPORT
FINANCIAL HIGHLIGHTS -- (CONTINUED)
NOVEMBER 30, 1999 (UNAUDITED)
Selected data for a share of beneficial interest outstanding throughout the
period indicated:
<TABLE>
<CAPTION>
WESTCORE INTERMEDIATE-TERM BOND FUND
----------------------------------------------------------------------------------------------------
INSTITUTIONAL SHARES RETAIL SHARES
-------------------- ------------------
FOR THE FOR THE FOR THE FOR THE FOR THE FOR THE
SIX MONTHS ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED PERIOD ENDED
NOVEMBER 30, MAY 28, MAY 29, MAY 30, MAY 31, MAY 31,
---------------- ---------- ---------- ---------- -------------------- ------------------
1999 1999 1998 1997 1996 1995 1996* 1995
---------------- ---------- ---------- ---------- -------- -------- ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset
value -- beginning of the
period $ 10.27 $ 10.51 $ 10.23 $ 10.10 $ 10.27 $ 10.02 $10.27 $10.03
------- ------- ------- ------- ------- ------- ------ ------
INCOME FROM INVESTMENT
OPERATIONS
Net investment
income/(loss) 0.30 0.61 0.61 0.60 0.60 0.58 0.20 0.56
Net realized and unrealized
gain/(loss) on investments (0.21) (0.24) 0.28 0.13 (0.17) 0.27 0.04 0.26
------- ------- ------- ------- ------- ------- ------ ------
Total income/(loss) from
investment operations 0.09 0.37 0.89 0.73 0.43 0.85 0.24 0.82
------- ------- ------- ------- ------- ------- ------ ------
DISTRIBUTIONS
Dividends from net
investment income (0.30) (0.61) (0.61) (0.60) (0.60) (0.60) (0.21) (0.58)
Distributions from net
realized gain on
investments (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00)
------- ------- ------- ------- ------- ------- ------ ------
Total distributions (0.30) (0.61) (0.61) (0.60) (0.60) (0.60) (0.21) (0.58)
------- ------- ------- ------- ------- ------- ------ ------
Net asset value -- end of
period $ 10.06 $ 10.27 $ 10.51 $ 10.23 $ 10.10 $ 10.27 $10.30 $10.27
======= ======= ======= ======= ======= ======= ====== ======
Total return 0.93% 3.54% 8.88% 7.43% 4.26% 8.93% 2.34% 8.53%
======= ======= ======= ======= ======= ======= ====== ======
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period
(in thousands) $37,417 $41,155 $50,159 $63,169 $83,039 $97,619 $2,781 $2,571
======= ======= ======= ======= ======= ======= ====== ======
Ratio of expenses to
average net assets 0.85%(2) 0.85% 0.85% 0.85% 0.81% 0.77% 0.95%(2) 0.99%
======= ======= ======= ======= ======= ======= ====== ======
Ratio of expenses to
average net assets without
fee waivers 1.08%(2) 1.01% 0.98% 0.97% 0.92% 0.80% 0.97%(2) 1.02%
======= ======= ======= ======= ======= ======= ====== ======
Ratio of net investment
income/(loss) to average
net assets 6.01%(2) 5.72% 5.77% 5.81% 5.78% 5.86% 5.74%(2) 5.64%
======= ======= ======= ======= ======= ======= ====== ======
Ratio of net investment
income/(loss) to average
net assets without fee
waivers 5.78%(2) 5.57% 5.65% 5.68% 5.67% 5.83% 5.72%(2) 5.61%
======= ======= ======= ======= ======= ======= ====== ======
Portfolio turnover rate(1) 16.74% 24.68% 23.45% 27.47% 71.97% 60.86% 71.97% 60.86%
======= ======= ======= ======= ======= ======= ====== ======
</TABLE>
- ---------------
(1) A portfolio turnover rate is, in general, the percentage computed by taking
the lesser of purchases or sales of portfolio securities (excluding
securities with a maturity date of one year or less at the time of
acquisition) for a period and dividing it by the monthly average of the
market value of such securities during the period. Purchases and sales of
investment securities (excluding short-term securities) for the period ended
November 30, 1999 were $6,326,608 and $8,786,163, respectively.
(2) Annualized.
* For the period June 1, 1995 to September 30, 1995.
see notes to financial statements
102
<PAGE> 104
WESTCORE FUNDS SEMI-ANNUAL REPORT
FINANCIAL HIGHLIGHTS -- (CONTINUED)
NOVEMBER 30, 1999 (UNAUDITED)
Selected data for a share of beneficial interest outstanding throughout the
period indicated:
<TABLE>
<CAPTION>
WESTCORE COLORADO TAX-EXEMPT FUND
---------------------------------------------------------------------------
FOR THE FOR THE FOR THE FOR THE FOR THE
SIX MONTHS ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
NOVEMBER 30, MAY 28, MAY 29, MAY 30, MAY 31,
---------------- ---------- ---------- ---------- -----------------
1999 1999 1998 1997 1996 1995
---------------- ---------- ---------- ---------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
Net asset value -- beginning
of the period $ 11.01 $ 11.06 $ 10.78 $ 10.61 $ 10.70 $ 10.52
------- ------- ------- ------- ------- -------
INCOME FROM INVESTMENT
OPERATIONS
Net investment income/(loss) 0.23 0.47 0.50 0.50 0.52 0.52
Net realized and unrealized
gain/(loss) on investments (0.40) (0.05) 0.28 0.17 (0.10) 0.20
------- ------- ------- ------- ------- -------
Total income/(loss) from
investment operations (0.17) 0.42 0.78 0.67 0.42 0.72
------- ------- ------- ------- ------- -------
DISTRIBUTIONS
Dividends from net
investment income (0.23) (0.47) (0.50) (0.50) (0.51) (0.54)
Distributions from net
realized gain on
investments (0.00) (0.00) (0.00) (0.00) (0.00) (0.00)
------- ------- ------- ------- ------- -------
Total distributions (0.23) (0.47) (0.50) (0.50) (0.51) (0.54)
------- ------- ------- ------- ------- -------
Net asset value -- end of
period $ 10.61 $ 11.01 $ 11.06 $ 10.78 $ 10.61 $ 10.70
======= ======= ======= ======= ======= =======
Total return (1.57)% 3.80% 7.32% 6.46% 3.97% 7.16%
======= ======= ======= ======= ======= =======
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period
(in thousands) $40,429 $45,506 $31,501 $21,348 $13,922 $10,792
======= ======= ======= ======= ======= =======
Ratio of expenses to average
net assets 0.62%(2) 0.53% 0.50% 0.50% 0.44% 0.42%
======= ======= ======= ======= ======= =======
Ratio of expenses to average
net assets without fee
waivers 1.09%(2) 1.09% 1.17% 1.21% 1.43% 1.62%
======= ======= ======= ======= ======= =======
Ratio of net investment
income/(loss) to average
net assets 4.23%(2) 4.21% 4.54% 4.73% 4.87% 5.03%
======= ======= ======= ======= ======= =======
Ratio of net investment
income/(loss) to average
net assets without fee
waivers 3.76%(2) 3.65% 3.87% 4.02% 3.88% 3.83%
======= ======= ======= ======= ======= =======
Portfolio turnover rate(1) 3.91% 12.12% 24.94% 30.78% 10.23% 3.15%
======= ======= ======= ======= ======= =======
</TABLE>
- ---------------
(1) A portfolio turnover rate is, in general, the percentage computed by taking
the lesser of purchases or sales of portfolio securities (excluding
securities with a maturity date of one year or less at the time of
acquisition) for a period and dividing it by the monthly average of the
market value of such securities during the period. Purchases and sales of
investment securities (excluding short-term securities) for the period ended
November 30, 1999 were $1,609,533 and $5,241,150, respectively.
(2) Annualized.
see notes to financial statements
103
<PAGE> 105
WESTCORE FUNDS SEMI-ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS
NOVEMBER 30, 1999 (UNAUDITED)
1. SIGNIFICANT ACCOUNTING POLICIES
Westcore Trust (the "Trust") is registered under the Investment Company Act
of 1940, as amended, as an open-ended management investment company. Interests
in the Westcore MIDCO Growth, Westcore Growth and Income, Westcore Small-Cap
Growth, Westcore Select, Westcore Blue Chip, Westcore Mid-Cap Opportunity,
Westcore Small-Cap Opportunity, Westcore Long-Term Bond, Westcore Intermediate-
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 Growth and Income, Westcore Small-Cap Opportunity 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 for
investment companies.
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 (the "NYSE"), currently 4:00
p.m. (Eastern time), on each day that the NYSE is open. Listed and unlisted
securities for which such information is regularly reported are valued at the
last sales price of the day or, in the absence of sales, at values based on the
average closing bid and asked price. Securities for which market quotations are
not readily available are valued under procedures established by the Board of
Trustees to determine fair value in good faith. Short-term securities having a
remaining maturity of 60 days or less are valued at amortized cost which
approximates market value.
FEDERAL INCOME TAXES -- It is the Funds' policy to continue to comply with
the provisions of the Internal Revenue Code applicable to regulated investment
companies and to distribute all of their taxable income to shareholders.
Therefore, no federal income tax provision is required. At May 28, 1999 the
Westcore Mid-Cap Opportunity, Westcore Small-Cap Opportunity, Westcore
Intermediate-Term Bond and Westcore Colorado Tax-Exempt Funds had available for
federal income tax purposes unused capital loss carryovers of $53,504,
$2,328,989, $1,115,999 and $35,421, respectively, which will expire through
2007.
The Westcore Mid-Cap Opportunity and Westcore Small-Cap Opportunity Funds
intend to elect to defer to their fiscal year ending May 31, 2000, $150,778 and
$7,427,671 of losses, respectively, recognized during the period November 1,
1998 to May 28, 1999.
During the year ended May 28, 1999, the Westcore MIDCO Growth Fund had
redemption-in-kind transactions in the amounts of $163,612,554, based on the
fair market value of the individual securities within the portfolio. These
transactions resulted in short-term and long-term gains of $15,506,744 and
$28,537,817, respectively, which will be recognized as permanent differences for
tax purposes.
CLASSIFICATION OF DISTRIBUTIONS TO SHAREHOLDERS -- Net investment income
(loss) and net realized gain (loss) may differ for financial statement and tax
purposes. The character of distributions made during the year from net
investment income or net realized gains may differ from its ultimate
characterization for federal income tax purposes. Also, due to the timing of
dividend distributions, the fiscal year in which amounts are distributed may
differ from the fiscal year in which the income or realized gain was recorded by
the Funds.
104
<PAGE> 106
WESTCORE FUNDS SEMI-ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
NOVEMBER 30, 1999 (UNAUDITED)
DISTRIBUTIONS -- Distributions of net investment income, if any, are
distributed annually for the Westcore MIDCO Growth, Westcore Small-Cap Growth
and Westcore Select Funds, quarterly for the Westcore Growth and Income,
Westcore Blue Chip, Westcore Mid-Cap Opportunity and Westcore Small-Cap
Opportunity Funds and monthly for the Westcore Long-Term Bond, Westcore
Intermediate-Term Bond, and Westcore Colorado Tax-Exempt Funds. Distributions of
net realized gains, if any, are declared at least once each year for each of the
Funds. 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 expensed as incurred.
SECURITIES LENDING -- The Westcore Funds may loan securities to certain
brokers who pay 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.
The risks to the Funds of securities lending are that the borrower may not
provide additional collateral when required or return the securities when due.
As of November 30, 1999, the value of securities loaned of the Westcore MIDCO
Growth, Westcore Blue Chip, Westcore Small-Cap Opportunity and Westcore Long-
Term Bond Funds amount to $59,972,880, $2,727,094, $703,113 and $525,320,
respectively. The value of collateral of the Westcore MIDCO Growth, Westcore
Blue Chip, Westcore Small-Cap Opportunity and Westcore Long-Term Bond Funds
amounts to $62,040,962, $2,875,001, $747,485 and $540,000, respectively.
ALLOCATION OF INCOME, EXPENSES AND GAINS AND LOSSES -- Trust expenses,
which are not series specific, are allocated to each series based upon its
relative proportion of net assets and/or open accounts to the Trust's totals.
From October 11, 1993 to September 30, 1995 the Westcore MIDCO Growth, Westcore
Growth and Income, Westcore Small-Cap Opportunity, 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.
WHEN-ISSUED SECURITIES -- Each Fund may purchase or sell securities on a
"when issued" or "forward commitment" basis which involves a commitment by the
Fund to purchase or sell particular securities with payment and delivery taking
place at a future date. During this period, such securities do not earn
interest, are subject to market fluctuation and may increase or decrease in
value prior to their delivery. Each Fund maintains, in a segregated account with
its custodian, assets with a market value at least equal to the amount of its
purchase commitments. The purchase of securities on a when-issued or forward
commitment basis may increase the volatility of the Fund's net asset value to
the extent each Fund makes such purchases while remaining substantially fully
invested.
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,
accretion of discounts and income earned on money market funds, 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.
105
<PAGE> 107
WESTCORE FUNDS SEMI-ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
NOVEMBER 30, 1999 (UNAUDITED)
2. SHARES OF BENEFICIAL INTEREST
On November 30, 1999, there was an unlimited number of no par value shares
of beneficial interest authorized for each Fund. Transactions in shares of
beneficial interest were as follows:
<TABLE>
<CAPTION>
WESTCORE MIDCO GROWTH FUND
-------------------------------
FOR THE
SIX MONTHS ENDED FOR THE YEAR
NOVEMBER 30, ENDED
1999 MAY 28, 1999
---------------- ------------
<S> <C> <C>
Shares sold 6,834,340 43,718,217
Shares issued as reinvestment of dividends 0 3,448,682
----------- -----------
Total 6,834,340 47,166,899
Shares redeemed (10,152,866) (60,812,161)
----------- -----------
Net decrease in shares (3,318,526) (13,645,262)
=========== ===========
</TABLE>
<TABLE>
<CAPTION>
WESTCORE GROWTH AND INCOME FUND
-------------------------------
FOR THE
SIX MONTHS ENDED FOR THE YEAR
NOVEMBER 30, ENDED
1999 MAY 28, 1999
---------------- ------------
<S> <C> <C>
Shares sold 135,723 283,005
Shares issued as reinvestment of dividends 0 165,621
----------- -----------
Total 135,723 448,626
Shares redeemed (258,541) (512,077)
----------- -----------
Net decrease in shares (122,818) (63,451)
=========== ===========
</TABLE>
<TABLE>
<CAPTION>
WESTCORE SMALL-CAP GROWTH FUND
-------------------------------
FOR THE PERIOD
FROM OCTOBER 1,
1999 (INCEPTION)
TO NOVEMBER 30,
1999
----------------
<S> <C> <C>
Shares sold 961,060
Shares issued as reinvestment of dividends 0
-----------
Total 961,060
Shares redeemed (14,795)
-----------
Net increase in shares 946,265
===========
</TABLE>
<TABLE>
<CAPTION>
WESTCORE SELECT FUND
-------------------------------
FOR THE PERIOD
FROM OCTOBER 1,
1999 (INCEPTION)
TO NOVEMBER 30,
1999
----------------
<S> <C> <C>
Shares sold 1,341,860
Shares issued as reinvestment of dividends 0
-----------
Total 1,341,860
Shares redeemed (19,779)
-----------
Net increase in shares 1,322,081
===========
</TABLE>
106
<PAGE> 108
WESTCORE FUNDS SEMI-ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
NOVEMBER 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
WESTCORE BLUE CHIP FUND
----------------------------------
FOR THE FOR THE YEAR
SIX MONTHS ENDED ENDED
NOVEMBER 30, 1999 MAY 28, 1999
----------------- ------------
<S> <C> <C>
Shares sold 500,148 2,062,604
Shares issued as reinvestment of dividends 0 585,083
-------- ----------
Total 500,148 2,647,687
Shares redeemed (826,943) (2,474,945)
-------- ----------
Net increase (decrease) in shares (326,795) 172,742
======== ==========
</TABLE>
<TABLE>
<CAPTION>
WESTCORE MID-CAP OPPORTUNITY FUND
------------------------------------------
FOR THE PERIOD
FOR THE FROM OCTOBER 1, 1998
SIX MONTHS ENDED (INCEPTION) TO
NOVEMBER 30, 1999 MAY 28, 1999
----------------- --------------------
<S> <C> <C>
Shares acquired from separately managed investment
partnership 0 221,124
Shares sold 8,542 38,815
Shares issued as reinvestment of dividends 0 0
------- -------
Total 8,542 259,939
Shares redeemed (39,446) (25,907)
------- -------
Net increase (decrease) in shares (30,904) 234,032
======= =======
</TABLE>
<TABLE>
<CAPTION>
WESTCORE SMALL-CAP OPPORTUNITY FUND
------------------------------------
FOR THE FOR THE YEAR
SIX MONTHS ENDED ENDED
NOVEMBER 30, 1999 MAY 28, 1999
------------------ -------------
<S> <C> <C>
Shares sold 1,099,175 5,772,830
Shares issued as reinvestment of dividends 7,632 247,647
---------- ----------
Total 1,106,807 6,020,477
Shares redeemed (1,925,507) (3,913,368)
---------- ----------
Net increase (decrease) in shares (818,700) 2,107,109
========== ==========
</TABLE>
<TABLE>
<CAPTION>
WESTCORE LONG-TERM BOND FUND
----------------------------------
FOR THE FOR THE YEAR
SIX MONTHS ENDED ENDED
NOVEMBER 30, 1999 MAY 28, 1999
----------------- ------------
<S> <C> <C>
Shares sold 359,117 920,644
Shares issued as reinvestment of dividends 66,634 118,714
-------- ---------
Total 425,751 1,039,358
Shares redeemed (369,145) (613,980)
-------- ---------
Net increase in shares 56,606 425,378
======== =========
</TABLE>
107
<PAGE> 109
WESTCORE FUNDS SEMI-ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
NOVEMBER 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
WESTCORE INTERMEDIATE-TERM BOND FUND
---------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
NOVEMBER 30, 1999 MAY 28, 1999
------------------------ ------------------
<S> <C> <C>
Shares sold 896,521 2,029,671
Shares issued as reinvestment of dividends 101,613 215,203
---------- ----------
Total 998,134 2,244,874
Shares redeemed (1,284,052) (3,008,242)
---------- ----------
Net decrease in shares (285,918) (763,368)
========== ==========
</TABLE>
<TABLE>
<CAPTION>
WESTCORE COLORADO TAX-EXEMPT FUND
---------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
NOVEMBER 30, 1999 MAY 28, 1999
------------------------ ------------------
<S> <C> <C>
Shares sold 460,469 1,811,592
Shares issued as reinvestment of dividends 64,615 112,684
---------- ----------
Total 525,084 1,924,276
Shares redeemed (850,041) (636,979)
---------- ----------
Net increase (decrease) in shares (324,957) 1,287,297
========== ==========
</TABLE>
3. UNREALIZED APPRECIATION AND DEPRECIATION ON INVESTMENTS (TAX BASIS)
<TABLE>
<CAPTION>
WESTCORE WESTCORE WESTCORE
MIDCO GROWTH SMALL-CAP WESTCORE WESTCORE
GROWTH AND INCOME GROWTH SELECT BLUE CHIP
FUND FUND FUND FUND FUND
------------ ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
As of November 30, 1999
Gross appreciation (excess
of value over tax cost) $106,770,874 $ 5,446,037 $ 4,950,603 $ 2,335,688 $14,990,289
Gross depreciation (excess
of tax cost over value) (5,944,123) (161,298) (195,450) (319,989) (2,128,819)
------------ ----------- ----------- ----------- -----------
Net unrealized appreciation $100,826,751 $ 5,284,739 $ 4,755,153 $ 2,015,699 $12,861,470
============ =========== =========== =========== ===========
Cost of investments for
income tax purposes $219,975,557 $ 8,217,300 $14,605,659 $17,964,278 $51,725,933
============ =========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
WESTCORE WESTCORE WESTCORE WESTCORE WESTCORE
MID-CAP SMALL-CAP LONG-TERM INTERMEDIATE- COLORADO
OPPORTUNITY OPPORTUNITY BOND TERM BOND TAX-EXEMPT
FUND FUND FUND FUND FUND
------------ ----------- ----------- ------------- -----------
<S> <C> <C> <C> <C> <C>
As of November 30, 1999
Gross appreciation (excess
of value over tax cost) $ 462,917 $ 8,043,530 $ 668,834 $ 204,523 $ 283,763
Gross depreciation (excess
of tax cost over value) (123,881) (9,456,749) (1,235,378) (741,207) (1,174,311)
------------ ----------- ----------- ----------- -----------
Net unrealized appreciation $ 339,036 $(1,413,219) $ (566,544) $ (536,684) $ (890,548)
============ =========== =========== =========== ===========
Cost of investments for
income tax purposes $ 2,239,472 $70,437,148 $22,067,854 $37,462,868 $39,935,897
============ =========== =========== =========== ===========
</TABLE>
108
<PAGE> 110
WESTCORE FUNDS SEMI-ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
NOVEMBER 30, 1999 (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 adviser to the Westcore Long-Term Bond
and the Westcore Colorado Tax-Exempt Funds on October 1, 1995. The advisory
agreement has been approved by the Trust's Board of Trustees and shareholders
and contains terms and conditions similar to those which were in these Funds'
former advisory agreement.
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%, 0.65%, 0.75%, 1.00%, 0.45%, 0.45% and 0.50% of the average net
assets for Westcore MIDCO Growth, Westcore Growth and Income, Westcore Small-Cap
Growth, Westcore Select, Westcore Blue Chip, Westcore Mid-Cap Opportunity,
Westcore Small-Cap Opportunity, Westcore Long-Term Bond, Westcore
Intermediate-Term Bond and Westcore Colorado Tax-Exempt Funds, respectively.
Effective October 1, 1995, ALPS Mutual Fund Services, Inc. ("ALPS") and DIA
entered into an administrative 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 Fund's 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 Growth and Income, Westcore Small-Cap Growth, Westcore Select,
Westcore Blue Chip, Westcore Mid-Cap Opportunity, Westcore Small-Cap
Opportunity, Westcore Long-Term Bond, Westcore Intermediate-Term Bond and
Westcore Colorado Tax-Exempt Funds will not exceed 1.15%, 1.15%, 1.30%, 1.15%,
1.15%, 1.25%, 1.30%, 0.95%, 0.85%, and 0.65%, respectively. Without such fee
waivers, for the period ended November 30, 1999, the Total Operating Expenses of
the Westcore MIDCO Growth, Westcore Growth and Income, Westcore Small-Cap
Growth, Westcore Select, Westcore Blue Chip, Westcore Mid-Cap Opportunity,
Westcore Small-Cap Opportunity, Westcore Long-Term Bond, Westcore
Intermediate-Term Bond, and Westcore Colorado Tax-Exempt Funds would be 1.31%,
1.85%, 2.58%, 2.00%, 1.27%, 3.47%, 1.64%, 1.24%, 1.08%, and 1.09%, 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.
The Trust has a Trustee Deferred Compensation Plan (the "Deferral Plan")
which allows the Trustees to defer the receipt of all or a portion of Trustees
Fees. The deferred fees are invested in certain Westcore Funds until
distribution in accordance with the Deferral Plan.
Shareholders holding more than 5% of the Funds' outstanding shares as of
November 30, 1999, constituted 22.05% of Westcore MIDCO Growth Fund, 35.33% of
Westcore Growth and Income Fund, 35.41% of Westcore Small-Cap Growth Fund,
43.65% of Westcore Select Fund, 47.43% of Westcore Blue Chip Fund, 63.52% of
Westcore Mid-Cap Opportunity Fund, 27.66% of Westcore Small-Cap Opportunity
Fund, 61.92% of Westcore Long-Term Bond Fund, 59.45% of Westcore
Intermediate-Term Bond Fund and 10.94% of Westcore Colorado Tax-Exempt Fund.
Included in the percentages above are holdings of DIA and/or certain officers of
DIA representing 7.66% of Westcore Select Fund, 63.52% of Westcore Mid-Cap
Opportunity Fund and 5.66% of Westcore Colorado Tax-Exempt Fund.
109
<PAGE> 111
WESTCORE FUNDS SEMI-ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
NOVEMBER 30, 1999 (UNAUDITED)
5. ACQUISITION OF ASSETS
On October 1, 1998, the Westcore Mid-Cap Opportunity Fund acquired all of
the assets of a separately managed investment partnership, managed by DIA, at
fair market value in a tax-free exchange for shares of the Fund, as stipulated
in the Conversion Agreement approved by the Trust's Board of Trustees. The
following is a summary of shares issued, net assets acquired, and unrealized
depreciation as of October 1, 1998:
<TABLE>
<S> <C>
Shares issued 221,124
Net assets acquired $2,211,243
Unrealized depreciation $ (255,667)
</TABLE>
110
<PAGE> 112
THIS PAGE INTENTIONALLY LEFT BLANK.
111
<PAGE> 113
THIS PAGE INTENTIONALLY LEFT BLANK.
112
<PAGE> 114
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
Lisa A. Bruckert, Asst. Treasurer
W. Bruce McConnel, III, Secretary
[LOGO TO COME]
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.
