<PAGE>
Table of Contents
Message to Shareholders
Page 1
Statement of Assets and Liabilities
Page 3
Statement of Operations
Page 4
Statement of Changes in Net Assets
Page 5
Schedule of Portfolio Investments
Page 7
Notes to Financial Statements
Page 16
Financial Highlights
Page 19
<PAGE>
WILLAMETTE ASSET MANAGERS
WILLAMETTE FAMILY OF FUNDS
220 NW 2nd Avenue, Suite 940
Portland, Oregon 97209
October 1, 2000
Dear Valued Shareholders:
Since the successful launch of the Willamette Value Fund (WILVX), just over 2
years ago, the Willamette Family of Funds has received wide acceptance among
investors. In keeping with our goal to provide long-term investment services,
we believe it is important to keep our shareholders informed of events
surrounding the Willamette Family of Funds.
This has been a very exciting year for the Willamette Family of Funds. We saw
the introduction of two new mutual funds, the Willamette Technology Fund
(WILTX) and the Willamette Global Health Sciences Fund (WILRX), bringing our
total fund offerings to four.
We are pleased with the acceptance the Funds have experienced. As of September
30, 2000, the Willamette Family of Funds had total net assets in excess of
$116 million. Our asset base has continued to grow in spite of the recent
difficult market conditions. This is important because as total assets under
management continue to increase, the average expense ratios of these Funds
should decline accordingly.
Willamette Asset Managers continues to be focused on providing a group of
specialty funds and presenting alliances with some of the country's premier
asset managers. Currently, we are working with the Bank of New York, Credit
Suisse and First American Asset Managers as sub-advisors on our Funds. Our
growing mix of specialty funds is giving shareholders additional choices for
their investment dollars within specific segments of the market. We offer
choices both by industry and market capitalization. Because our four Funds
invest in different sectors of the market, Fund shareholders are provided the
opportunity to diversify their portfolios through a Fund Family they know and
trust. To build on this relationship and meet the different needs of Fund
shareholders, we will continue adding additional specialty funds. Look for
more information on these as well as our existing Funds in the near future.
1
<PAGE>
We thank you for your continued support of the Willamette Family of Funds.
Sincerely,
/s/ Tim Phillips
Tim Phillips
Willamette Asset Managers
For more complete information on the Willamette Family of Funds, including
fees, expenses and sales charges please call 1-877-945-3863 for a free
prospectus. Please read the prospectus carefully before investing or sending
money.
The views expressed in this report reflect those of the investment adviser only
through the end of the period of the report as stated on the cover. The
manager's views are subject to change at any time based on the market and other
conditions.
Past performance is no guarantee of future results. Investment return and net
asset value will fluctuate so that an investor's shares, when redeemed may be
worth more or less than the original cost.
The Willamette Family of Funds is distributed by BISYS Fund Services.
2
<PAGE>
WILLAMETTE FAMILY OF FUNDS
Statements of Assets and Liabilities
September 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Willamette
Global
Willamette Willamette Willamette Health
Value Small Cap Technology Sciences
Fund Growth Fund Fund Fund
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
ASSETS:
Investments, at value (cost
$14,127,375; $28,047,745;
$34,685,885; and $21,114,443,
respectively)................. $13,570,899 $41,463,763 $35,056,143 $25,409,635
Receivable for investments
sold........................... -- 234,583 23,510 762,965
Interest and dividends
receivable..................... 32,744 22,287 8,789 4,411
Receivable for capital shares
sold........................... 2,378 26,770 1,006,620 128,249
Unamortized organizational
costs.......................... 17,288 -- -- --
Prepaid expenses and other
assets......................... 7,367 6,189 18,138 11,389
----------- ----------- ----------- -----------
Total assets............... 13,630,676 41,753,592 36,113,200 26,316,649
----------- ----------- ----------- -----------
LIABILITIES:
Payable for capital shares
redeemed....................... 4,284 72,335 36,169 28,888
Payable for investments
purchased...................... -- 129,744 374,861 13,809
Accrued expenses and other
payables:
Investment advisory fees..... 11,628 40,583 35,705 23,876
Administration fees.......... 448 1,353 1,166 841
Distribution and shareholder
service fees................. 5,814 16,910 14,877 9,948
Other........................ 8,584 7,111 501 1,000
----------- ----------- ----------- -----------
Total liabilities.......... 30,758 268,036 463,279 78,362
----------- ----------- ----------- -----------
Net assets................. $13,599,918 $41,485,556 $35,649,921 $26,238,287
=========== =========== =========== ===========
NET ASSETS:
Capital........................ $14,935,068 $23,997,851 $46,236,211 $20,854,068
Undistributed (distribution in
excess of) net investment
income........................ (13,023) (354,825) (380,810) (133,279)
Undistributed net realized
gains/(losses) from investment
and foreign currency
transactions.................. (765,651) 4,426,512 (10,575,738) 1,222,306
Unrealized
appreciation/(depreciation)
from investments and foreign
currency transactions......... (556,476) 13,416,018 370,258 4,295,192
----------- ----------- ----------- -----------
Net assets................. $13,599,918 $41,485,556 $35,649,921 $26,238,287
=========== =========== =========== ===========
Outstanding units of beneficial
interest (shares).............. 1,484,441 2,031,164 5,021,754 2,054,483
=========== =========== =========== ===========
Net asset value--redemption
price per share................ $ 9.16 $ 20.42 $ 7.10 $ 12.77
=========== =========== =========== ===========
Maximum Sales Charge........... 4.50% 4.50% 5.75% 5.75%
=========== =========== =========== ===========
Maximum Offering Price per
share (100%/(100%-maximum
sales charge) of net asset
value adjusted to the nearest
cent)......................... $ 9.59 $ 21.38 $ 7.53 $ 13.55
=========== =========== =========== ===========
</TABLE>
See notes to financial statements.
3
<PAGE>
WILLAMETTE FAMILY OF FUNDS
Statements of Operations
Six Months Ended September 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Willamette
Willamette Global
Willamette Small Cap Willamette Health
Value Growth Technology Sciences
Fund Fund Fund Fund (a)
---------- ---------- ----------- ----------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest income................. $ 27,901 $ 93,694 $ 53,777 $ 30,000
Dividend income (Net of foreign
withholding tax of $541; $0;
$0; and $0, respectively)...... 193,634 14,040 1,150 9,136
--------- ---------- ----------- ----------
Total Income.................. 221,535 107,734 54,927 39,136
--------- ---------- ----------- ----------
EXPENSES:
Investment advisory fees........ 74,705 217,999 198,204 72,703
Administration fees............. 14,941 36,333 33,034 12,117
Distribution and shareholder
service fees.................... 37,353 90,833 82,585 30,293
Fund accounting fees............ 19,034 20,288 20,310 11,667
Legal fees...................... 3,544 12,697 12,290 10,953
Organization fees............... 3,276 -- -- --
Transfer agent fees............. 42,570 55,313 55,839 24,050
Trustees fees................... 586 1,497 839 212
Other........................... 20,923 27,599 32,636 16,775
--------- ---------- ----------- ----------
Total expenses before
waivers/reimbursements........ 216,932 462,559 435,737 178,770
Fees waived by the investment
advisor......................... -- -- -- (6,355)
--------- ---------- ----------- ----------
Net expenses.................. 216,932 462,559 435,737 172,415
--------- ---------- ----------- ----------
Net investment income/(loss).... 4,603 (354,825) (380,810) (133,279)
--------- ---------- ----------- ----------
REALIZED/UNREALIZED
GAINS/(LOSSES) ON INVESTMENTS:
Net realized gains/(losses) on
investment and foreign currency
transactions................... (786,065) 2,294,284 (10,343,457) 1,222,306
Net change in unrealized
appreciation/(depreciation)
from investments and foreign
currency transactions.......... 842 (889,674) 3,955,025 4,295,192
--------- ---------- ----------- ----------
Net realized/unrealized
gains/(losses) from investments
and foreign currency
transactions................... (785,223) 1,404,610 (6,388,432) 5,517,498
--------- ---------- ----------- ----------
Change in net assets resulting
from operations................. $(780,620) $1,049,785 $(6,769,242) $5,384,219
========= ========== =========== ==========
</TABLE>
----------
(a) For the period from June 19, 2000 (commencement of operations) to September
30, 2000.
See notes to financial statements.
4
<PAGE>
WILLAMETTE FAMILY OF FUNDS
Statements of Changes in Net Assets
(Unaudited)
<TABLE>
<CAPTION>
Willamette
Willamette Value Fund Small Cap Growth Fund
------------------------- -------------------------
Six Months Six Months Period
Ended Year Ended Ended Ended
September 30, March 31, September 30, March 31,
2000 2000 2000 2000(a)
------------- ----------- ------------- -----------
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income
(loss)...................... $ 4,603 $ 5,924 $ (354,825) $ (489,280)
Net realized gains/(losses)
from investment
transactions................ (786,065) 637,228 2,294,284 2,925,801
Net change in unrealized
appreciation/(depreciation)
from investments........... 842 (1,100,067) (889,674) 14,305,692
----------- ----------- ----------- -----------
Change in net assets
resulting fom operations..... (780,620) (456,915) 1,049,785 16,742,213
----------- ----------- ----------- -----------
DISTRIBUTIONS TO
SHAREHOLDERS:
From net investment income.. (17,626) (6,510) -- --
In excess of net investment
income...................... -- (7,876) -- --
From net realized gain on
investment.................. -- (615,282) -- (323,769)
----------- ----------- ----------- -----------
Change in net assets from
shareholder distributions.... (17,626) (629,668) -- (323,769)
----------- ----------- ----------- -----------
CAPITAL TRANSACTIONS:
Proceeds from shares issued. 859,299 8,322,096 4,452,249 26,268,710
Dividends reinvested........ 17,023 609,630 -- 316,464
Cost of shares redeemed..... (2,350,200) (6,938,055) (2,650,259) (4,369,837)
----------- ----------- ----------- -----------
Change in net assets from
capital transactions......... (1,473,878) 1,993,671 1,801,990 22,215,337
----------- ----------- ----------- -----------
Change in net assets........ (2,272,124) 907,088 2,851,775 38,633,781
NET ASSETS:
Beginning of period......... 15,872,042 14,964,954 38,633,781 --
----------- ----------- ----------- -----------
End of period............... $13,599,918 $15,872,042 $41,485,556 $38,633,781
=========== =========== =========== ===========
SHARE TRANSACTIONS:
Issued...................... 88,838 772,077 237,227 2,220,979
Reinvested.................. 1,900 61,837 -- 19,215
Redeemed.................... (250,273) (670,489) (143,633) (302,624)
----------- ----------- ----------- -----------
Change in shares............. (159,535) 163,425 93,594 1,937,570
=========== =========== =========== ===========
</TABLE>
--------
(a) For the period from April 5, 1999 (commencement of operations) to March 31,
2000.
See notes to financial statements.
5
<PAGE>
WILLAMETTE FAMILY OF FUNDS
Statements of Changes in Net Assets
(Unaudited)
<TABLE>
<CAPTION>
Willamette
Willamette Global Health
Technology Fund Sciences Fund
-------------------------- -------------
Six Months Period
Ended Ended Period Ended
September 30, March 31, September 30,
2000 2000(a) 2000(b)
------------- ----------- -------------
(Unaudited) (Unaudited)
<S> <C> <C> <C>
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment loss................. $ (380,810) $ (42,480) $ (133,279)
Net realized gains/(losses) from
investment
and foreign currency transactions.. (10,343,457) (189,801) 1,222,306
Net change in unrealized
appreciation/(depreciation) from
investments and foreign currency
transactions....................... 3,955,025 (3,584,767) 4,295,192
------------ ----------- -----------
Change in net assets resulting from
operations........................... (6,769,242) (3,817,048) 5,384,219
------------ ----------- -----------
CAPITAL TRANSACTIONS:
Proceeds from shares issued......... 12,153,137 38,158,931 23,648,599
Cost of shares redeemed............. (2,452,795) (1,623,062) (2,794,531)
------------ ----------- -----------
Change in net assets from capital
transactions......................... 9,700,342 36,535,869 20,854,068
------------ ----------- -----------
Change in net assets................ 2,931,100 32,718,821 26,238,287
NET ASSETS:
Beginning of period................. 32,718,821 -- --
------------ ----------- -----------
End of period....................... $ 35,649,921 $32,718,821 $26,238,287
============ =========== ===========
SHARE TRANSACTIONS:
Issued.............................. 1,703,798 3,820,329 2,316,903
Redeemed............................ (336,770) (165,603) (262,420)
------------ ----------- -----------
Change in shares..................... 1,367,028 3,654,726 2,054,483
============ =========== ===========
</TABLE>
----------
(a) For the period from March 2, 2000 (commencement of operations) to March 31,
2000.
(b) For the period from June 19, 2000 (commencement of operations) to September
30, 2000.
See notes to financial statements.
6
<PAGE>
WILLAMETTE FAMILY OF FUNDS
WILLAMETTE VALUE FUND
Schedule of Portfolio Investments
September 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Security Market
Shares Description Value
------- --------------------------------------------------------- -----------
<C> <S> <C>
Common Stocks (97.9%):
Aerospace & Military Technology (2.6%):
4,000 Honeywell International, Inc............................. $ 142,500
3,000 United Technologies Corp................................. 207,750
-----------
350,250
-----------
Automotive (5.5%):
3,695 Ford Motor Co............................................ 93,530
9,982 General Motors Corp...................................... 648,830
-----------
742,360
-----------
Automotive Parts (0.8%):
2,700 TRW, Inc................................................. 109,688
-----------
Banking & Financial Services (13.8%):
4,656 ABN Amro Holding N.V..................................... 107,670
4,500 Citigroup, Inc........................................... 243,281
1,500 DIAMONDS Trust, Series I................................. 159,938
5,291 J.P. Morgan & Co......................................... 864,416
5,265 KeyCorp.................................................. 133,270
5,000 National City Corp....................................... 110,625
4,250 PNC Financial Corp....................................... 276,250
-----------
1,895,450
-----------
Chemicals (4.1%):
13,375 Du Pont (E.I.) de Nemours & Co........................... 554,227
-----------
Computer Software, Peripherals & Internet (1.8%):
2,500 Hewlett-Packard Co....................................... 242,500
-----------
Consumer Products (5.6%):
11,383 Procter & Gamble Co...................................... 762,661
-----------
Diversified Operation (7.7%):
3,000 Agilent Technologies, Inc. (b)........................... 146,813
9,939 Minnesota Mining & Manufacturing Co...................... 905,691
-----------
1,052,504
-----------
Drugs & Pharmaceuticals (7.8%):
2,500 American Home Products Corp.............................. 141,406
4,000 Bristol-Myers Squibb Co.................................. 228,500
1,800 Johnson & Johnson, Inc................................... 169,088
7,000 Merck & Co., Inc......................................... 521,062
-----------
1,060,056
-----------
</TABLE>
<TABLE>
<CAPTION>
Security Market
Shares Description Value
------- --------------------------------------------------------- -----------
<C> <S> <C>
Common Stocks, continued:
Energy (1.3%):
2,700 Florida Power & Light, Inc............................... $ 177,525
-----------
Insurance (1.8%):
3,368 XL Capital Ltd.--Class A................................. 247,548
-----------
Machinery & Equipment (4.4%):
17,562 Caterpillar, Inc......................................... 592,718
-----------
Oil--Integrated Companies (13.9%):
3,140 BP Amoco Co. PLC--ADR.................................... 166,420
7,858 Conoco, Inc.--Class B.................................... 211,675
4,500 Exxon Mobile Corp........................................ 401,062
8,000 Grant Prideco, Inc. (b).................................. 175,500
3,306 Phillips Petroleum Co.................................... 207,452
2,169 Royal Dutch Petroleum Co., NY Shares--ADR................ 130,004
5,231 Shell Transport & Trading Co.--ADR....................... 255,991
2,650 Texaco, Inc.............................................. 139,125
4,750 Weatherford International, Inc. (b)...................... 204,250
-----------
1,891,479
-----------
Paper Products (4.8%):
19,139 International Paper Co................................... 549,050
6,500 Xerox Corp............................................... 97,906
-----------
646,956
-----------
Photo Equipment & Supplies (3.2%):
10,603 Eastman Kodak Co......................................... 433,398
-----------
Retail (1.2%):
4,750 Costco Wholesale Corp. (b)............................... 165,953
-----------
Semiconductors (1.5%):
4,820 Intel Corp. (b).......................................... 200,633
-----------
Telecommunications (8.4%):
18,901 AT&T Corp................................................ 555,217
8,448 Global Crossing Ltd. (b)................................. 261,888
5,000 Motorola, Inc............................................ 141,250
3,911 Qwest Communications International, Inc. (b)............. 187,972
-----------
1,146,327
-----------
Tobacco (5.4%):
24,719 Philip Morris Companies, Inc............................. 727,666
-----------
</TABLE>
Continued
7
<PAGE>
WILLAMETTE FAMILY OF FUNDS
WILLAMETTE VALUE FUND
Schedule of Portfolio Investments
September 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Security Market
Shares Description Value
------- --------------------------------------------------------- -----------
<C> <S> <C>
Common Stocks, continued:
Transportation (2.3%):
4,200 CSX Corp................................................. $ 91,613
5,000 GulfMark Offshore, Inc. (b).............................. 146,874
5,500 Norfolk Southern Corp.................................... 80,438
-----------
318,925
-----------
Total COMMON STOCKS (Cost $13,875,300).......................... 13,318,824
-----------
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------- -----------
<C> <S> <C>
Short-Term Investments (1.9%):
Cash Sweep Account (1.9%):
$252,075 UBOC Sweep Account..................................... $ 252,075
-----------
Total Short-Term Investments
(Cost $252,075)................................................ 252,075
-----------
Total Investments (Cost $14,127,375)
(a)--99.8%..................................................... 13,570,899
Other assets in excess of liabilities--0.2%..................... 29,019
-----------
Total Net Assets--100.0%........................................ $13,599,918
===========
</TABLE>
------
ADR--American Depository Receipt
PLC--Public Limited Company
(a) Represents cost for federal income tax and financial reporting purposes
and differs from market value by net unrealized depreciation of securities
as follows:
<TABLE>
<S> <C>
Unrealized appreciation. $ 1,133,112
Unrealized depreciation. (1,689,587)
-----------
Net unrealized
depreciation............ $ (556,475)
===========
</TABLE>
(b)Represents non-income producing securities.
See notes to financial statements.
8
<PAGE>
WILLAMETTE FAMILY OF FUNDS
WILLAMETTE SMALL CAP GROWTH FUND
Schedule of Portfolio Investments
September 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Security Market
Shares Description Value
------ ---------------------------------------------------------- -----------
<C> <S> <C>
Common Stocks (90.0%):
Banking & Financial Services (9.0%):
11,300 Astoria Financial Corp.................................... $ 436,463
2,700 Bank United Corp.--Class A................................ 136,856
35,000 Banknorth Group, Inc...................................... 625,624
7,100 Commerce Bancorp, Inc..................................... 413,131
9,100 Dime Bancorp, Inc......................................... 196,219
21,000 Golden State Bancorp, Inc................................. 496,124
5,000 Greater Bay Bancorp....................................... 347,188
2,605 Legg Mason, Inc........................................... 151,416
11,400 UCBH Holdings, Inc........................................ 408,263
7,237 Waddell & Reed Financial, Inc.--Class A................... 224,347
5,800 Wilmington Trust Corp..................................... 311,025
-----------
3,746,656
-----------
Broadcasting--Radio & Cable TV (1.2%):
5,800 Emmis Communications Corp.--Class A....................... 143,550
2,850 Hispanic Broadcasting Corp. (b)........................... 79,444
11,860 Radio One, Inc.--Class A (b).............................. 98,586
23,720 Radio One, Inc.--Class D (b).............................. 167,523
-----------
489,103
-----------
Commercial Services (0.7%):
7,360 Iron Mountain, Inc. (b)................................... 272,320
-----------
Computer Software, Peripherals & Internet (21.1%):
8,800 Commerce One, Inc. (b).................................... 690,800
774 Cybear Group.............................................. 1,016
4,190 Digex, Inc. (b)........................................... 196,406
5,820 DoubleClick, Inc. (b)..................................... 186,240
3,550 Entrust Technologies, Inc. (b)............................ 98,069
7,900 Informatica Corp. (b)..................................... 736,675
6,750 Mercury Interactive Corp. (b)............................. 1,058,062
4,950 Micromuse, Inc. (b)....................................... 994,640
8,585 Netcentives, Inc. (b)..................................... 65,729
6,900 Network Appliance, Inc. (b)............................... 878,887
5,860 Phone.com, Inc. (b)....................................... 665,843
4,025 PLX Technology, Inc. (b).................................. 108,172
2,600 RealNetworks, Inc. (b).................................... 103,350
6,440 Research in Motion Ltd. (b)............................... 635,044
4,200 SanDisk Corp. (b)......................................... 280,350
3,250 SeaChange International, Inc. (b)......................... 108,469
</TABLE>
<TABLE>
<CAPTION>
Security Market
Shares Description Value
------ ---------------------------------------------------------- -----------
<C> <S> <C>
Common Stocks, continued:
Computer Software, Peripherals & Internet, continued:
9,876 TranSwitch Corp. (b)...................................... $ 629,595
5,250 VERITAS Software Corp. (b)................................ 745,500
10,880 Vitria Technology, Inc. (b)............................... 507,280
3,700 Xircom, Inc. (b).......................................... 93,425
-----------
8,783,552
-----------
Consumer Products (1.4%):
17,950 The Scotts Co. (b)........................................ 601,325
-----------
Diversified Electronics (12.0%):
2,860 Applied Micro Circuits Corp. (b).......................... 592,199
7,800 EMCORE Corp. (b).......................................... 324,309
10,328 Flextronics International Ltd. (b)........................ 848,186
8,200 Gemstar-TV Guide International, Inc. (b).................. 714,938
3,800 II-VI, Inc. (b)........................................... 70,953
8,400 Jabil Circuit, Inc. (b)................................... 476,700
2,800 Lattice Semiconductor Corp. (b)........................... 150,500
4,100 Newport Corp.............................................. 652,989
1,060 PMC-Sierra, Inc. (b)...................................... 228,165
7,343 QLogic Corp. (b).......................................... 646,206
7,600 Sawtek, Inc. (b).......................................... 292,719
-----------
4,997,864
-----------
Drugs & Pharmaceuticals (10.0%):
6,500 Alkermes, Inc. (b)........................................ 251,063
10,200 Alpharma, Inc.--Class A................................... 623,475
7,400 AmeriSource Health Corp.--Class A (b)..................... 347,800
5,200 Andrx Group (b)........................................... 485,550
11,775 Celgene Corp. (b)......................................... 700,612
5,400 Cephalon, Inc. (b)........................................ 261,900
6,400 MedImmune, Inc. (b)....................................... 494,400
5,000 Sepracor, Inc. (b)........................................ 613,438
7,053 Shire Pharmaceuticals Group PLC (b)....................... 364,111
-----------
4,142,349
-----------
Education, Entertainment & Training (4.0%):
17,100 Apollo Group, Inc. (b).................................... 681,862
12,630 DeVry, Inc. (b)........................................... 475,204
18,705 ITT Educational Services, Inc. (b)........................ 507,373
-----------
1,664,439
-----------
</TABLE>
Continued
9
<PAGE>
WILLAMETTE FAMILY OF FUNDS
WILLAMETTE SMALL CAP GROWTH FUND
Schedule of Portfolio Investments
September 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Security Market
Shares Description Value
------ ---------------------------------------------------------- -----------
<C> <S> <C>
Common Stocks, continued:
Food Products & Services (0.5%):
4,300 Dean Foods Co............................................. $ 142,975
1,650 Performance Food Group Co. (b)............................ 62,081
-----------
205,056
-----------
Industrial Goods & Services (2.7%):
12,780 Waters Corp. (b).......................................... 1,137,420
-----------
Medical & Health Care Products/Services (4.6%):
14,200 Community Health Systems (b).............................. 456,175
12,750 ORATEC Interventions, Inc. (b)............................ 156,188
8,500 Patterson Dental Co. (b).................................. 191,250
11,100 Province Healthcare Co. (b)............................... 443,306
2,100 Quest Diagnostics, Inc. (b)............................... 240,975
4,800 Universal Health Services (b)............................. 411,000
-----------
1,898,894
-----------
Oil & Gas Exploration, Equipments & Services (6.8%):
1,600 BJ Services Co. (b)....................................... 97,800
7,500 Cal Dive International, Inc. (b).......................... 428,906
3,700 Core Laboratories N.V. (b)................................ 90,881
36,000 Grey Wolf, Inc. (b)....................................... 207,000
2,300 Maverick Tube Corp. (b)................................... 61,956
9,200 National-Oilwell, Inc. (b)................................ 287,500
5,700 Newfield Exploration Co. (b).............................. 266,119
7,100 Patterson Energy, Inc. (b)................................ 244,063
14,500 Precision Drilling Corp. (b).............................. 516,562
1,800 Stolt Comex Seaway S.A.--ADR (b).......................... 26,775
2,250 Stolt Comex Seaway S.A.--Class A, ADR (b)................. 28,688
6,600 Stone Energy Corp. (b).................................... 363,000
11,000 Superior Energy Services, Inc. (b)........................ 115,500
4,075 Varco International, Inc. (b)............................. 84,811
-----------
2,819,561
-----------
Publishing (2.0%):
8,350 Houghton Mifflin Co....................................... 327,738
6,100 Scholastic Corp. (b)...................................... 485,331
-----------
813,069
-----------
Recruitment Services (1.1%):
12,050 Korn/Ferry International (b).............................. 455,641
-----------
</TABLE>
<TABLE>
<CAPTION>
Security Market
Shares Description Value
------ ---------------------------------------------------------- -----------
<C> <S> <C>
Common Stocks, continued:
Retail Stores (4.3%):
7,715 BJ's Wholesale Club, Inc. (b)............................. $ 263,274
5,000 Children's Place Retail Stores, Inc. (b).................. 128,750
5,435 Duane Reade, Inc. (b)..................................... 131,799
13,770 Linens 'n Things, Inc. (b)................................ 351,134
7,400 Men's Wearhouse, Inc. (b)................................. 209,513
4,860 Tiffany & Co.............................................. 187,414
14,600 Venator Group, Inc. (b)................................... 180,675
9,400 Williams-Sonoma, Inc. (b)................................. 326,650
-----------
1,779,209
-----------
Semiconductors (0.2%):
2,700 Microchip Technology, Inc. (b)............................ 89,269
-----------
Telecommunications (8.2%):
16,000 C-COR.net Corp. (b)....................................... 245,000
8,630 Clearnet Communications, Inc.--Class A (b)................ 382,417
5,800 Digital Lightwave, Inc. (b)............................... 421,225
3,050 Efficient Networks, Inc. (b).............................. 113,803
7,530 Finisar Corp. (b)......................................... 364,264
10,060 Metromedia Fiber Network, Inc.--Class A (b)............... 244,584
17,100 Motient Corp. (b)......................................... 241,538
3,050 Next Level Communication, Inc. (b)........................ 201,681
7,978 NEXTLINK Communications, Inc.--Class A (b)................ 280,726
1,700 Powertel, Inc. (b)........................................ 129,306
4,975 VoiceStream Wireless Corp. (b)............................ 577,411
5,375 Western Wireless Corp. (b)................................ 191,484
-----------
3,393,439
-----------
Transportation (0.2%):
1,900 Swift Transportation Co., Inc. (b)........................ 24,819
4,500 Werner Enterprises, Inc................................... 52,875
-----------
77,694
-----------
Total COMMON STOCKS (Cost $23,950,842)......................... 37,366,860
-----------
</TABLE>
Continued
10
<PAGE>
WILLAMETTE FAMILY OF FUNDS
WILLAMETTE SMALL CAP GROWTH FUND
Schedule of Portfolio Investments
September 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------ -----------
<C> <S> <C>
Short-Term Investments (9.9%):
Cash Sweep Account (9.9%):
$4,096,903 UBOC Sweep Account.................................... $ 4,096,903
-----------
Total Short-Term Investments (Cost $4,096,903)................. 4,096,903
-----------
Total Investments (Cost $28,047,745) (a)--99.9%................ 41,463,763
Other assets in excess of liabilities--0.1%.................... 21,793
-----------
Total Net Assets--100.0%....................................... $41,485,556
===========
</TABLE>
------
ADR--American Depository Receipt
PLC--Public Limited Company
(a) Represents cost for federal income tax and financial reporting purposes
and differs from market value by net unrealized appreciation of securities
as follows:
<TABLE>
<S> <C>
Unrealized appreciation. $15,734,924
Unrealized depreciation. (2,318,905)
-----------
Net unrealized
appreciation............ $13,416,018
===========
</TABLE>
(b) Represents non-income producing securities.
See notes to financial statements.
11
<PAGE>
WILLAMETTE FAMILY OF FUNDS
WILLAMETTE TECHNOLOGY FUND
Schedule of Portfolio Investments
September 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Security Market
Shares Description Value
------ ---------------------------------------------------------- -----------
<C> <S> <C>
Common Stocks (92.3%):
Advertising (0.5%):
7,300 LifeMinders, Inc. (b)..................................... $ 167,444
-----------
Broadcasting--Radio & Cable TV (0.2%):
2,200 Crown Castle International Corp. (b)...................... 68,338
-----------
Computer Networking (7.5%):
4,150 Brocade Communications Systems, Inc. (b).................. 979,400
29,500 Cisco Systems, Inc. (b)................................... 1,629,875
3,100 NetScout Systems, Inc. (b)................................ 73,625
-----------
2,682,900
-----------
Computer Software, Peripherals & Internet (43.6%):
600 Aether Systems, Inc. (b).................................. 63,300
5,300 Amdocs Ltd. (b)........................................... 330,588
9,200 America Online, Inc. (b).................................. 494,500
3,800 Art Technology Group, Inc. (b)............................ 360,050
4,700 Ask Jeeves, Inc. (b)...................................... 90,181
6,100 Avantgo, Inc. (b)......................................... 122,000
4,200 BEA Systems, Inc. (b)..................................... 327,075
13,000 Broadbase Software, Inc. (b).............................. 176,313
20,000 BroadVision, Inc. (b)..................................... 513,750
4,000 Click Commerce, Inc. (b).................................. 171,000
9,700 Commerce One, Inc. (b).................................... 761,449
24,400 Compaq Computer Corp...................................... 672,952
9,400 Corio, Inc. (b)........................................... 71,969
11,200 Covad Communications Group, Inc. (b)...................... 149,800
6,600 DSET Corp. (b)............................................ 136,125
5,500 E.Piphany, Inc. (b)....................................... 423,844
6,700 Exodus Communications, Inc. (b)........................... 330,813
5,100 Handspring, Inc. (b)...................................... 352,219
6,000 InfoSpace, Inc. (b)....................................... 181,500
1,500 inSilicon Corp. (b)....................................... 21,750
10,000 InterNAP Network Services (b)............................. 323,125
15,800 Internet Pictures Corp. (b)............................... 85,913
6,500 Interwoven, Inc. (b)...................................... 734,905
15,000 Kana Communications, Inc. (b)............................. 333,750
6,600 Microsoft Corp. (b)....................................... 397,650
1,500 Natural MicroSystems Corp. (b)............................ 80,695
1,650 Netegrity, Inc. (b)....................................... 115,500
7,524 NetIQ Corp. (b)........................................... 494,233
700 Nuance Comunications, Inc. (b)............................ 85,181
600 Numerical Technologies, Inc. (b).......................... 17,288
14,700 Oracle Corp. (b).......................................... 1,157,624
</TABLE>
<TABLE>
<CAPTION>
Security Market
Shares Description Value
------ ---------------------------------------------------------- -----------
<C> <S> <C>
Common Stocks, continued:
Computer Software, Peripherals & Internet, continued:
15,475 Palm, Inc. (b)............................................ $ 819,207
8,300 Portal Software, Inc. (b)................................. 332,000
3,700 PurchasePro.com, Inc. (b)................................. 325,138
5,400 Resonate, Inc. (b)........................................ 213,300
3,600 ScreamingMedia, Inc. (b).................................. 33,750
6,800 Selectica, Inc. (b)....................................... 271,150
3,100 SERENA Software, Inc. (b)................................. 142,794
7,800 Siebel Systems, Inc. (b).................................. 868,237
500 SignalSoft Corp. (b)...................................... 20,313
6,600 SonicWall, Inc. (b)....................................... 188,100
1,400 Talarian Corp. (b)........................................ 26,863
14,100 Tricord Systems, Inc. (b)................................. 210,619
1,300 Vastera, Inc. (b)......................................... 28,600
4,100 VeriSign, Inc. (b)........................................ 830,505
2,700 VERITAS Software Corp. (b)................................ 383,400
13,016 Vignette Corp. (b)........................................ 388,853
12,400 Vitria Technology, Inc. (b)............................... 578,150
4,800 WatchGuard Technologies, Inc. (b)......................... 288,000
-----------
15,526,021
-----------
Diversified Electronics (7.5%):
4,125 Aeroflex, Inc. (b)........................................ 200,578
3,680 Gemstar-TV Guide International, Inc. (b).................. 320,850
5,760 JDS Uniphase Corp. (b).................................... 545,400
4,500 KLA-Tencor Corp. (b)...................................... 185,344
2,900 PMC-Sierra, Inc. (b)...................................... 624,225
500 SMTC Corp. (b)............................................ 10,750
6,500 Sony Corp.--ADR........................................... 656,094
4,000 Teradyne, Inc. (b)........................................ 140,000
-----------
2,683,241
-----------
Semiconductors (22.2%):
2,900 Actel Corp. (b)........................................... 104,219
6,645 Applied Materials, Inc. (b)............................... 394,132
10,000 ASM Lithography Holding N.V. (b).......................... 323,125
900 Bookham Technology PLC (b)................................ 38,588
1,700 Broadcom Corp. (b)........................................ 414,375
1,900 Caliper Technologies Corp. (b)............................ 110,081
5,600 Chartered Semiconductor Manufacturing Ltd.--ADR (b)....... 339,850
23,900 ChipPac, Inc. (b)......................................... 283,813
14,800 Conexant Systems, Inc. (b)................................ 619,749
3,700 Credence Systems Corp. (b)................................ 111,000
</TABLE>
Continued
12
<PAGE>
WILLAMETTE FAMILY OF FUNDS
WILLAMETTE TECHNOLOGY FUND
Schedule of Portfolio Investments
September 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Security Market
Shares Description Value
------ ---------------------------------------------------------- -----------
<C> <S> <C>
Common Stocks, continued:
Semiconductors, continued:
11,100 Cypress Semiconductor Corp. (b)........................... $ 461,344
3,800 GlobeSpan, Inc. (b)....................................... 463,600
14,700 Intel Corp. (b)........................................... 611,887
5,100 Marvell Technology Group Ltd. (b)......................... 393,338
5,000 Maxim Integrated Products, Inc. (b)....................... 402,188
5,200 Micron Technology, Inc. (b)............................... 239,200
5,700 Microtune, Inc. (b)....................................... 305,306
1,400 New Focus, Inc. (b)....................................... 110,688
500 OmniVision Technologies (b)............................... 18,094
24,480 Taiwan Semiconductor Manufacturing Co. Ltd.--ADR (b)...... 498,779
11,900 Tvia, Inc. (b)............................................ 213,456
600 Virage Logic Corp. (b).................................... 9,863
6,300 Virata Corp. (b).......................................... 416,588
7,600 Vitesse Semiconductor Corp. (b)........................... 675,924
4,200 Xilinx, Inc. (b).......................................... 359,625
-----------
7,918,812
-----------
Telecommunications (10.8%):
7,998 ADC Telecommunications, Inc. (b).......................... 215,071
11,250 Allegiance Telecom, Inc. (b).............................. 419,063
1,600 Comverse Technology, Inc. (b)............................. 172,800
800 Cosine Communications, Inc. (b)........................... 44,450
7,200 Efficient Networks, Inc. (b).............................. 268,650
2,400 Floware Wireless Systems Ltd. (b)......................... 59,775
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------ -----------
<C> <S> <C>
Common Stocks, continued:
Telecommunications, continued:
3,000 Juniper Networks, Inc. (b)............................ $ 656,812
17,900 NEXTLINK Communications, Inc.--Class A (b)............ 629,856
10,800 Nortel Networks Corp.................................. 643,275
7,500 Time Warner Telecom, Inc. (b)......................... 362,344
6,300 Turnstone Systems, Inc. (b)........................... 292,163
2,800 Vyyo, Inc. (b)........................................ 84,000
500 WJ Communications, Inc. (b)........................... 18,500
-----------
3,866,759
-----------
Total COMMON STOCKS (Cost $32,543,257)......................... 32,913,515
-----------
Short-Term Investments (6.0%):
Cash Sweep Account (6.0%):
$2,142,628 UBOC Sweep Account.................................... 2,142,628
-----------
Total Short-Term Investments
(Cost $2,142,628)............................................. 2,142,628
-----------
Total Investments (Cost $34,685,885) (a)--98.3%................ 35,056,143
Other assets in excess of liabilities--1.7%.................... 593,778
-----------
Total Net Assets--100.0%....................................... $35,649,921
===========
</TABLE>
------
ADR--American Depository Receipt
PLC--Public Limited Company
(a) Represents cost for federal income tax and financial reporting purposes
and differs from market value by net unrealized appreciation of securities
as follows:
<TABLE>
<S> <C>
Unrealized appreciation. $ 5,306,822
Unrealized depreciation. (4,936,565)
-----------
Net unrealized
appreciation............ $ 370,258
===========
</TABLE>
(b) Represents non-income producing securities.
See notes to financial statements.
13
<PAGE>
WILLAMETTE FAMILY OF FUNDS
WILLAMETTE GLOBAL HEALTH SCIENCES FUND
Schedule of Portfolio Investments
September 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Security Market
Shares Description Value
------ ---------------------------------------------------------- -----------
<C> <S> <C>
Common Stocks (95.6%):
Drugs & Pharmaceuticals (68.6%):
5,800 Affymetrix, Inc. (b)...................................... $ 289,275
2,900 Allergan, Inc............................................. 244,869
8,600 Alpharma, Inc.--Class A................................... 525,675
6,100 ALZA Corp. (b)............................................ 527,650
4,300 American Home Products Corp............................... 243,219
5,900 Amgen, Inc. (b)........................................... 411,986
7,100 Angiotech Pharmaceuticals, Inc. (b)....................... 280,450
5,300 Biogen, Inc. (b).......................................... 323,300
16,900 BioMarin Pharmaceutical, Inc. (b)......................... 310,538
5,500 Biovail Corp.--ADR (b).................................... 447,906
8,900 Celgene Corp. (b)......................................... 529,550
5,100 Eli Lilly & Co............................................ 413,738
6,700 Forest Laboratories, Inc.--Class A (b).................... 768,406
4,900 Genentech, Inc. (b)....................................... 909,868
4,800 Gilead Sciences, Inc. (b)................................. 526,500
7,100 IDEC Pharmaceuticals Corp. (b)............................ 1,245,051
16,600 Inspire Pharmaceuticals, Inc. (b)......................... 498,000
19,000 IVAX Corp. (b)............................................ 874,000
21,825 King Pharmaceuticals, Inc. (b)............................ 729,773
4,600 Medarex, Inc. (b)......................................... 539,638
13,900 Medicines Co. (b)......................................... 475,206
7,700 MedImmune, Inc. (b)....................................... 594,825
1,300 Millennium Pharmaceuticals, Inc. (b)...................... 189,881
12,400 NeoRx Corp. (b)........................................... 303,800
5,100 PE Corp.--Celera Genomics Group (b)....................... 508,088
30,425 Pfizer, Inc............................................... 1,367,222
13,200 Pharmacia Corp............................................ 794,475
4,100 Progenics Pharmaceuticals, Inc. (b)....................... 112,494
8,900 QLT Phototherapeutics, Inc. (b)........................... 630,788
8,300 Ribozyme Pharmaceuticals, Inc. (b)........................ 240,700
3,600 Schering-Plough Corp...................................... 167,400
1,700 Sepracor, Inc. (b)........................................ 208,569
575 Serono S.A. (b)........................................... 701,934
3,400 United Therapeutics Corp. (b)............................. 297,075
12,000 Watson Pharmaceuticals, Inc. (b).......................... 778,500
-----------
18,010,349
-----------
Hospitals (5.1%):
3,200 HCA-The Healthcare Co..................................... 118,800
45,900 Health Management Associates, Inc.--Class A (b)........... 955,293
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------- -----------
<C> <S> <C>
Common Stocks, continued:
Hospitals, continued:
3,700 LifePoint Hospitals, Inc. (b).......................... $ 131,350
3,500 Tenet Healthcare Corp.................................. 127,313
-----------
1,332,756
-----------
Insurance (5.4%):
4,700 Aetna, Inc............................................. 272,894
6,300 Foundation Health Systems, Inc.--Class A (b)........... 104,738
49,400 Hooper Holmes, Inc..................................... 469,793
4,500 UnitedHealth Group, Inc................................ 444,375
1,300 Wellpoint Health Networks, Inc. (b).................... 124,800
-----------
1,416,600
-----------
Medical & Health Care Products/Services (16.5%):
8,200 ACLARA BioSciences, Inc. (b)........................... 249,075
6,300 Cardinal Health, Inc................................... 555,581
300 Ciphergen Biosystems, Inc. (b)......................... 9,600
31,600 Curon Medical, Inc. (b)................................ 363,400
12,500 Dyax Corp. (b)......................................... 546,875
3,900 Emisphere Technologies, Inc. (b)....................... 116,756
9,000 Genaissance Pharmaceuticals, Inc. (b).................. 186,188
5,700 Genzyme Corp.--General Division (b).................... 388,669
5,200 MiniMed, Inc. (b)...................................... 464,750
7,200 PE Corp--PE Biosystems Group........................... 838,800
39,500 Pharsight Corp. (b).................................... 365,375
16,200 WebMD Corp. (b)........................................ 247,050
-----------
4,332,119
-----------
Total COMMON STOCKS (Cost $20,796,632)......................... 25,091,824
-----------
Short-Term Investments (1.2%):
Cash Sweep Account (1.2%):
$317,811 UBOC Sweep Account..................................... 317,811
-----------
Total Short-Term Investments (Cost $317,811)................... 317,811
-----------
Total Investments (Cost $21,114,443) (a)--96.8%................ 25,409,635
Other assets in excess of liabilities--3.2%.................... 828,652
-----------
Total Net Assets--100.0%......................................... $26,238,287
===========
</TABLE>
Continued
14
<PAGE>
WILLAMETTE FAMILY OF FUNDS
WILLAMETTE GLOBAL HEALTH SCIENCES FUND
Schedule of Portfolio Investments, Continued
September 30, 2000
(Unaudited)
------
ADR--American Depository Receipt
(a) Represents cost for federal income tax purposes and differs from market
value by net unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation... $4,861,026
Unrealized depreciation... (565,834)
----------
Net unrealized
appreciation.............. $4,295,192
==========
</TABLE>
(b) Represents non-income producing securities.
See notes to financial statements.
15
<PAGE>
WILLIAMETTE FAMILY OF FUNDS
Notes to Financial Statements
September 30, 2000
(Unaudited)
1.Organization:
The Coventry Group (the "Group") was organized as a Massachusetts business
trust on January 8, 1992 and is registered under the Investment Company Act
of 1940, as amended (the "1940 Act"), as an open-end management investment
company. The Willamette Family of Funds currently offer four managed
investment portfolios, as a series of the Group, and are authorized to issue
an unlimited number of shares. The accompanying financial statements and
financial highlights are those of the Willamette Value Fund ("Value Fund"),
the Willamette Small Cap Growth Fund ("Growth Fund"), the Willamette
Technology Fund ("Technology Fund"), and the Willamette Global Health
Sciences Fund ("Health Sciences Fund") (individually referred to as a "Fund"
and collectively, the "Funds"). The Health Sciences Fund commenced
operations on June 19, 2000.
The investment objective of the Value Fund is to provide above average total
return through a combination of capital appreciation and dividend income.
The Growth Fund seeks to provide long-term capital appreciation. The
objective of both the Technology Fund and the Health Sciences Fund is to
provide long-term growth of capital.
2.Significant Accounting Principles:
The following is a summary of significant accounting policies followed by
the Funds in the preparation of their financial statements. The policies are
in conformity with generally accepted accounting principles. The preparation
of financial statements requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at
the date of the financial statements and the reported amounts of income and
expenses for the period. Actual results could differ from those estimates.
Securities Valuation:
Securities are valued as of 4:00 p.m. on any day in which the New York Stock
Exchange is open for trading. Equity securities are valued at the last
reported sales price on the securities exchange or in the principal over-
the-counter market in which such securities are primarily traded. Listed
securities for which last sales prices are not available are valued at the
most recent bid. Securities for which recent market quotations are not
readily available are valued at their fair value in the best judgement of
the Adviser or Sub-Advisor under the guidelines established by the Group's
Board of Trustees. Debt securities with remaining maturities of 60 days or
less will be valued at their amortized cost. Other debt securities are
generally valued by pricing agents.
Securities Transactions and Related Income:
Security transactions are accounted for on the date the security is
purchased or sold (trade date). Interest income is recognized on the accrual
basis and includes, where applicable, the amortization of premium or
accretion of discount. Dividend income is recorded on the ex-dividend date.
Gains or losses realized
Continued
16
<PAGE>
WILLIAMETTE FAMILY OF FUNDS
Notes to Financial Statements
September 30, 2000
(Unaudited)
on sales of securities are determined by comparing the identified cost of
the security lot sold with the net sales proceeds.
Expenses:
Expenses directly attributable to a Fund are charged to that Fund. Other
expenses are allocated proportionately among the Funds or Group, as
applicable, in relation to the net assets of each Portfolio.
Organization Costs:
All expenses in connection with the Value Fund's organization and
registration under the 1940 Act and the Securities Act of 1933 were paid by
the Fund. Such expenses are amortized over a period of 5 years commencing
with the date of the initial public offering.
On June 30, 1998 the Funds adopted Statement of Position (SOP) 98-5,
"Reporting on the Costs of Start-Up Activities." Under the provisions of SOP
98-5, costs associated with organizing a fund which commences operating
subsequent to June 30, 1998, must be expensed as incurred and may not be
amortized over future periods. Accordingly, costs incurred in connection
with the organization of the Growth Fund, Technology Fund and Health
Sciences Fund were paid by Willamette Asset Managers, Inc.
Dividends to Shareholders:
The Value Fund intends to declare its net investment income, if any,
quarterly as a dividend. The Growth Fund, Technology Fund and Health
Sciences Fund intend to declare their net investment income, if any,
annually as dividends. Net realized capital gains for each fund, if any, are
declared and distributed at least annually, normally in December of each
year.
Dividends and distributions are recorded on the ex-dividend date.
Distributions from net investment income and from net realized gains are
determined in accordance with federal income tax regulations and may differ
from generally accepted accounting principles. These "book/tax" differences
are either considered temporary or permanent in nature. To the extent these
differences are permanent in nature, such amounts are reclassified within
the composition of net assets based on their federal tax basis treatment.
Temporary differences do not require reclassification.
3.Related Party Transactions:
Investment advisory services are provided by the Willamette Asset Managers,
Inc. (the "Adviser"). The Adviser is an affiliate of Phillips & Company
Securities, Inc. ("Phillips") and Willamette Securities, Inc., each a
registered broker-dealer. Under the terms of the investment advisory
agreement, the Adviser is entitled to receive a fee, computed daily and paid
monthly based upon each Fund's average daily net assets, at the annual rate
of 1.00% for the Value Fund and 1.20% for the Growth Fund, Technology Fund
and Health Sciences Fund.
Continued
17
<PAGE>
WILLIAMETTE FAMILY OF FUNDS
Notes to Financial Statements
September 30, 2000
(Unaudited)
For each of the Funds, the Adviser has retained a Sub-Adviser to provide
portfolio management services. The Adviser pays the fees of each Sub-
Adviser, at no additional cost to a Fund. The Sub-Adviser for each of the
Funds, are as follows: Value Fund and Growth Fund, Bank of New York;
Technology Fund, U.S. Bank National Association; Health Sciences Fund,
Credit Suisse Asset Management, LLC.
BISYS Fund Services Limited Partnership (the "Distributor"), an indirect,
wholly-owned subsidiary of The BISYS Group, Inc. ("BISYS") serves as the
distributor to the Funds. Pursuant to the Funds' Distribution and
Shareholder Service Plan (the "12b-1 Plan"), the Distributor may receive
fees computed at the annual rate of 0.50% of the average daily net assets of
each Fund for services provided under the 12b-1 plan. The Distributor is
entitled to receive commissions on sales of shares of the Funds. For the
period ended September 30, 2000, BISYS received $1,990,469 from commissions
earned on sales of shares of the Funds, of which $1,737,895 was re-allowed
to non-affiliates.
BISYS Fund Services Ohio, Inc. ("BISYS Ohio") serves the Funds as
Administrator, Transfer Agent and Fund Accountant. Under the terms of the
agreements, BISYS Ohio, receives a fee based on a percentage of each Funds
average daily net assets, plus certain out of pocket expenses.
Certain trustees and officers of the Group are affiliated with BISYS. Such
individuals are not paid any fees directly by the Funds or the Group for
serving as trustees and officers for the Group.
4.Purchases and Sales of Securities:
Purchases and sales of securities (excluding short-term securities) for the
six months ended September 30, 2000 were as follows:
<TABLE>
<CAPTION>
Purchases Sales
----------- -----------
<S> <C> <C>
Value Fund........................................... $ 5,468,403 $ 5,441,688
Growth Fund.......................................... 9,318,914 8,281,926
Technology Fund...................................... 31,379,848 23,088,023
Health Sciences Fund (a)............................. 24,780,774 4,787,007
</TABLE>
--------
(a) For the period from June 19, 2000 (commencement of operations) to
September 30, 2000.
5.Federal Income Taxes:
The Funds intend to qualify or continue to qualify annually and elect to be
treated as a regulated investment company under the Internal Revenue Code of
1986, as amended (the "Code"). To qualify, the Funds must meet certain
income, distribution and diversification requirements. In any year in which
the Funds qualify as a regulated investment company and distributes
substantially all of their income, the Funds generally will not pay any U.S.
federal income or excise tax.
Continued
18
<PAGE>
WILLAMETTE FAMILY OF FUNDS
WILLAMETTE VALUE FUND
Selected data for a share of beneficial interest outstanding throughout the
period indicated:
Financial Highlights
<TABLE>
<CAPTION>
Six Months Year Period
Ended Ended Ended
September 30, March 31, March 31,
2000 2000 1999(a)
------------- --------- ---------
(Unaudited)
<S> <C> <C> <C>
Net Asset Value, Beginning of Period... $ 9.65 $ 10.11 $ 10.00
------- ------- -------
Investment Activities
Net investment income................ -- 0.01 --
Net realized/unrealized gain/(losses)
on investments...................... (0.48) (0.10) 0.11
------- ------- -------
Total from investment activities... (0.48) (0.09) 0.11
------- ------- -------
Distributions
Net investment income................ (0.01) --** --**
In excess of net investment income... -- (0.01) --
Net realized gains................... -- (0.36) --
------- ------- -------
Total distributions................ (0.01) (0.37) --
------- ------- -------
Net Asset Value, End of Period......... $ 9.16 $ 9.65 $ 10.11
======= ======= =======
Total Return (excludes sales charge)... (4.96)%(b) (0.98)% 1.11%(b)
Ratios/Supplemental Data:
Net Assets, end of period (000)...... $13,600 $15,872 $14,965
Ratio of net expenses to average net
assets.............................. 2.90%(c) 2.75% 2.90%(c)
Ratio of net investment income to
average net assets.................. 0.06%(c) 0.03% 0.02%(c)
Ratio of gross expenses to average
net assets*......................... 2.90%(c) 3.02% 3.20%(c)
Portfolio turnover................... 39.87% 79.63% 0.39%
</TABLE>
--------
<TABLE>
<C> <S>
* During the period, certain fees were voluntarily reimbursed. If such
voluntary fee reimbursements had not occurred, the ratio would have been
as indicated.
** Amount is less than $0.005.
(a) For the period May 26, 1998 (commencement of operations) through March 31,
1999.
(b) Not Annualized.
(c) Annualized.
</TABLE>
See notes to financial statements.
19
<PAGE>
WILLAMETTE FAMILY OF FUNDS
WILLAMETTE SMALL CAP GROWTH FUND
Selected data for a share of beneficial interest outstanding throughout the
period indicated:
Financial Highlights
<TABLE>
<CAPTION>
Six Months Period
Ended Ended
September 30, March 31,
2000 2000(a)
------------- ---------
(Unaudited)
<S> <C> <C>
Net Asset Value, Beginning of Period............. $ 19.94 $ 10.00
------- -------
Investment Activities
Net investment loss............................ (0.17) (0.25)
Net realized/unrealized gain on investments.... 0.65 10.38
------- -------
Total from investment activities............. 0.48 10.13
------- -------
Distributions
Net realized gains............................. -- (0.19)
------- -------
Net Asset Value, End of Period................... $ 20.42 $ 19.94
======= =======
Total Return (excludes sales charge)............. 2.46%(b) 101.67%(b)
Ratios/Supplemental Data:
Net Assets, end of period (000)................ $41,486 $38,634
Ratio of net expenses to average net assets.... 2.55%(c) 2.82%(c)
Ratio of net investment loss to average net
assets........................................ (1.95)%(c) (2.26)%(c)
Ratio of gross expenses to average net assets*. 2.55%(c) 2.93%(c)
Portfolio turnover............................. 24.53% 55.15%
</TABLE>
--------
<TABLE>
<C> <S>
* During the period, certain fees were voluntarily reimbursed. If such
voluntary fee reimbursements had not occurred, the ratio would have been
as indicated.
(a) For the period April 5, 1999 (commencement of operations) through March
31, 2000.
(b) Not Annualized.
(c) Annualized.
</TABLE>
See notes to financial statements.
20
<PAGE>
WILLAMETTE FAMILY OF FUNDS
WILLAMETTE TECHNOLOGY FUND
Selected data for a share of beneficial interest outstanding throughout the
period indicated:
Financial Highlights
<TABLE>
<CAPTION>
Six Months Period
Ended Ended
September 30, March 31,
2000 2000(a)
------------- ---------
(Unaudited)
<S> <C> <C>
Net Asset Value, Beginning of Period............. $ 8.95 $ 10.00
------- -------
Investment Activities
Net investment loss............................ (0.08) (0.01)
Net realized/unrealized losses on investments.. (1.77) (1.04)
------- -------
Total from investment activities............. (1.85) (1.05)
------- -------
Net Asset Value, End of Period................... $ 7.10 $ 8.95
======= =======
Total Return (excludes sales charge)............. (20.67)%(b) (10.50)%(b)
Ratios/Supplemental Data:
Net Assets, end of period (000)................ $35,650 $32,719
Ratio of net expenses to average net assets.... 2.64%(c) 2.77%(c)
Ratio of net investment loss to average net
assets........................................ (2.30)%(c) (1.51)%(c)
Ratio of gross expenses to average net assets*. 2.64%(c) 2.97%(c)
Portfolio turnover............................. 73.90% 11.14%
</TABLE>
--------
<TABLE>
<C> <S>
* During the period, certain fees were voluntarily reimbursed. If such
voluntary fee reimbursements had not occurred, the ratio would have been
as indicated.
(a) For the period March 2, 2000 (commencement of operations) through March
31, 2000.
(b) Not Annualized.
(c) Annualized.
</TABLE>
See notes to financial statements.
21
<PAGE>
WILLAMETTE FAMILY OF FUNDS
WILLAMETTE GLOBAL HEALTH SCIENCES FUND
Selected data for a share of beneficial interest outstanding throughout the
period indicated:
Financial Highlights
<TABLE>
<CAPTION>
Period
Ended
September 30,
2000(a)
-------------
(Unaudited)
<S> <C>
Net Asset Value, Beginning of Period............................ $ 10.00
-------
Investment Activities
Net investment loss........................................... (0.06)
Net realized/unrealized gains on investments
and foreign currency transactions............................ 2.83
-------
Total from investment activities............................ 2.77
-------
Net Asset Value, End of Period.................................. $ 12.77
=======
Total Return (excludes sales charge)............................ 27.70%(b)
Ratios/Supplemental Data:
Net Assets, end of period (000)............................... $26,238
Ratio of net expenses to average net assets................... 2.84%(c)
Ratio of net investment income to average net assets.......... (2.20)%(c)
Ratio of gross expenses to average net assets*................ 2.95%(c)
Portfolio turnover............................................ 23.28%
</TABLE>
--------
<TABLE>
<C> <S>
* During the period, certain fees were voluntarily reimbursed. If such
voluntary fee reimbursements had not occurred, the ratio would have been
as indicated.
(a) For the period June 19, 2000 (commencement of operations) through March
31, 2000.
(b) Not Annualized.
(c) Annualized.
</TABLE>
See notes to financial statements.
22
<PAGE>
WILLAMETTE FAMILY OF FUNDS
SUPPLEMENTAL INFORMATION
Results of Shareholder Meeting
(Unaudited)
Proxy:
On May 9, 2000, a special meeting of the shareholders of The Willamette Value
Fund (a Series of the Coventry Group) was held to consider various proposals.
The actual vote tabulations for the various proposals are as follows:
Willamette Value Fund
Proposal 1. Approval of the amendment to the Investment Advisory Agreement
between The Coventry Group, with respect to Willamette Value
Fund, and Willamette Asset Managers, Inc.
<TABLE>
<S> <C>
For 1,089,985
Against 4,171
Abstain 17,151
</TABLE>
Proposal 2. Approval of a new sub-investment agreement among The Coventry
Group, with respect to Willamette Value Fund, Willamette Asset
Managers, Inc. and The Bank of New York.
<TABLE>
<S> <C>
For 1,089,855
Against 3,878
Abstain 17,574
</TABLE>
<PAGE>
INVESTMENT ADVISER
Willamette Asset Managers, Inc.
One Pacific Square
220 N.W. 2nd Avenue, Suite 940
Portland, Oregon 97209
ADMINISTRATOR
BISYS Fund Services Ohio, Inc
3435 Stelzer Road
Columbus, Ohio 43219
DISTRIBUTOR
BISYS Fund Services Limited Partnership
3435 Stelzer Road
Columbus, Ohio 43219
LEGAL COUNSEL
Dechert Price & Rhoads
1775 Eye Street, N.W.
Washington, D.C. 20006
INDEPENDENT AUDITORS
Ernst & Young LLP
10 West Broad Street
Suite 2300
Columbus, Ohio 43215
CUSTODIAN
Union Bank of California
475 Sansome Street, 125th Floor
San Francisco, California 94111
11/00
WILLAMETTE
FAMILY
OF FUNDS
[LOGO OF WILLAMETTE]
Investment Adviser
SEMI-ANNUAL REPORT
September 30, 2000
This material must be preceded
or
accompanied by a current
prospectus.
