[Overview]   [Performance]   [Holdings]   [Management/Commentary]   [Distributions]  

Overview

Inception Date	Ticker Symbol	WSJ Abbreviation	CUSIP	Investment Style
6/1/1991	WTCOX	ColoTE	957904782	High Quality- Intermediate Muni

Investment Strategy

The Fund seeks to provide income exempt from both federal and Colorado state personal income taxes by emphasizing insured Colorado municipal bonds with intermediate maturities.

An income fund designed to give Colorado investors a tax break, Westcore Colorado Tax-Exempt Fund invests in high-quality, intermediate-term Colorado municipal bonds. The Fund owns bonds issued by a wide range of Colorado cities, counties, school districts, and special projects. The income earned on this investment is predominently double tax-exempt: exempt from both federal and Colorado state income taxes, but may be subject to federal alternative minimum taxation.

Downloadable Fact Sheet

Download and view the most recent Westcore Colorado Tax-Exempt Fund Quarterly Fact Sheet as a PDF file. This Fact Sheet contains complete information, including: Fund Strategy Portfolio Review and Outlook Investment Performance versus Benchmark Portfolio Characteristics Top Ten Holdings Sector Diversification Morningstar Ratings Fees and Expenses If you do not currently have Adobe Acrobat ReaderTM on your computer, you can download it for free now.

Portfolio Characteristics

Portfolio Characteristics as of 9/30/2008   Westcore Colorado Tax-Exempt Fund Lehman Brothers 10-Year Municipal Bond Index Index Net Assets $60.2 mil. N/A 30-Day SEC Yield1 3.94% N/A Number of Holdings 133 N/A Effective Maturity 5.75 years 9.91 years Modified Duration 4.37 years 7.31 years Average Credit Quality AA3/AA- AA2/AA3 Colorado Double Tax-Exempt Percentage 100.00% N/A Percentage of Holdings Subject to AMT 0.00% N/A Annual Turnover Ratio for period ended 9/30/2008 11.5% N/A 1Without fee waiver and/or expense reimbursement for the Westcore Colorado Tax-Exempt Fund the yield figure would have been 3.67%. Total return and yield figures represent past performance. See our online glossary for definitions to the terms above.

Expense Information

Shareholder Fees (fees paid directly from your investment): Redemption Fee (as a percentage of amount redeemed or exchanged within 90 calendar days from their date of purchase) 2.00% Annual Account Maintenance Fee (for accounts under $750 as further described in prospectus) $12.00 Annual Fund Operating Expenses (expenses that are deducted from Fund assets): Management Fees(1) 0.50% Distribtion (12b-1) Fees NONE Other Expenses 0.45% Acquired Fund Fees and Expenses (2) 0.00% Total Annual Fund Operating Expenses 0.95% Fee Waiver and Expense Reimbursement(1) (0.30)% Net Annual Fund Operating Expenses(1) 0.65% (1)The Fund's Adviser and Administrators have contractually agreed to waive a portion of the investment advisory and/or administration fees and/or to reimburse other expenses for the Westcore Colorado Tax-Exempt Fund from April 29, 2008 until at least April 29, 2009, so that Net Annual Fund Operating Expenses will be no more than 0.65% for the current fiscal year. You will be notified if these waivers and/or reimbursements are discontinued after that date resulting in a material change in expense ratio. (2)Each Fund's shareholders indirectly bear the expenses of the other funds in which the Fund invests (Acquired Funds). The operating expenses in this fee table may not correlate to the expense ratios in the Fund's financial statements (or the financial highlights in the prospectus) because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in the Acquired Funds.

Investment Minimums

Westcore Funds requires a low minimum amount to open an account, relative to many other fund companies. We also offer flexibility with the Westcore Automatic Investment Plan.

To open a new account	$2,500
To open a new Retirement Account, Education Savings Account or UGMA/UTMA Account	$1,000
To open a new account with the Westcore Automatic Investment Plan	$1,000
Automatic Investments	Equivalent to $100 per month
To add to any type of account	$100

Account Services

Automated Phone Access Online Account Access Wire and ACH Transmissions Individual, Joint, Traditional/Roth IRA, Education Savings, UGMA/UTMA, Corporate Accounts Available Automatic Exchanges

How to Start Investing with Westcore

Everything you need to start investing with Westcore is right here: Get the facts about Westcore with a Westcore Funds Prospectus. Open a new account with a Westcore Account Application. Learn more about Westcore IRAs with a Westcore IRA Brochure. Open an IRA account with a Westcore IRA Application and Transfer Form. Learn more about Westcore Education Savings with Coverdell Education Savings Account Information Open an Education Savings Account with a Coverdell Education Savings Account Application.

Performance

Average Annual Total Returns for the periods ended 9/30/2008
Fund Name	Quarter	YTD	1-Year	3-Year	5-Year	10-Year	Since Inception (6/1/1991)	30-Day SEC Yield*	Fund Expense1 Gross/Net
Westcore Colorado Tax-Exempt Fund	(2.28)%	(1.83)%	(0.69)%	1.82%	1.92%	3.26%	4.76%	3.94%	0.99% / 0.66%
Lehman Brothers 10-Year Municipal Bond Index	(1.53)%	(1.18)%	0.55%	2.84%	3.20%	4.47%	6.02%

*Without fee waiver and/or expense reimbursements, yield would have been 3.67%

Annual Total Returns from 6/1/1991
Year	Westcore Colorado Tax- Exempt Fund	Lehman Brothers 10-Year Municipal Bond Index
2007	2.84%	4.29%
2006	4.02%	4.71%
2005	1.53%	2.75%
2004	2.54%	4.15%
2003	4.49%	5.70%
2002	7.95%	10.17%
2001	4.37%	4.62%
2000	9.02%	10.76%
1999	(2.22)%	(1.25)%
1998	5.59%	6.76%
1997	7.35%	9.26%
1996	4.29%	4.54%
1995	13.03%	17.17%
1994	(3.24)%	(4.77)%
1993	9.89%	12.77%
1992	8.08%	8.92%
1991	6.31%	6.92%

Daily NAV
Fund Name	NAV as of N/A	$ Change in NAV	% Change in NAV
Westcore Colorado Tax-Exempt Fund	$N/A	N/A	N/A

Morningstar Rating TM as of 9/30/2008
Overall	3-Year	5-Year	10-Year
(of 282 funds)	(of 282 funds)	(of 272 funds)	(of 216 funds)

2007 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Morningstar proprietary ratings reflect historical risk-adjusted performance as of 9/30/08. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five-, ten-year (if applicable) Morningstar Rating metrics. During periods on which ratings are based, service providers of the Fund waived fees. This waiver had a material impact on the funds' average annual returns. In the absence of fee waivers, performance would have been reduced.

Westcore Colorado Tax-Exempt Fund was rated against the following numbers of U.S.-domiciled Muni Single State Interm funds over the following time periods: 282 funds in the last three years, 272 funds in the last five years, and 216 funds in the last ten years. With respect to these Muni Single State Interm funds, Westcore Colorado Tax-Exempt Fund received a Morningstar Rating of 4 stars, 3 stars and 2 stars for the three-, five- and ten-year periods, respectively. Past performance is no guarantee of future results.

Click here for the most recent month-end Morningstar Ratings information.

$10,000 Hypothetical Investment Graph

The performance data quoted represents past performance. Past performance does not guarantee future results and current performance may be lower or higher than the performance quoted. To obtain current performance as of the most recent month-end, please call 1-800-392-CORE (2673) or visit us online at www.westcore.com. Average annual total returns and yield figures reflect the reinvestment of dividends, capital gains distributions, all fee waivers and expense reimbursements. Without the fee waivers and expense reimbursements, total return and yield figures would have been lower. The performance data quoted does not reflect the deduction of the 2% redemption fee imposed if shares are redeemed or exchanged within three months of purchase. If imposed, the fee would reduce the performance quoted. Total return and yield figures represent past performance. Investment return and principal value will vary, and shares, when redeemed, may be worth more or less than their original cost. Westcore fund shares are not insured by the FDIC, the Federal Reserve Board or any other agency and are subject to investment risk.

¹The Funds' Adviser and Administrators have contractually agreed to waive a portion of the investment advisory and/or administration fees and/or to reimburse other expenses from April 29, 2008 until at least April 29, 2009, so that Net Annual Fund Operating Expenses will be no more than quoted for the current fiscal year. You will be notified if these waivers and/or reimbursements are discontinued after that date resulting in a material change in expense ratio. The waivers are described in more detail in the prospectus.

Holdings

Top Ten Holdings as of 9/30/2008 (updated quarterly upon availability)
Company Name	% of Portfolio
Larimer County, Poudre School District R-1, 6.000%, 12/15/2017 Optional 12/15/2010 @ 100.00, FGIC	1.83%
Douglas & Elbert Counties School District Re-1, 5.250%, 12/15/2017 Optional 12/15/2011 @ 100.00. MBIA	1.83%
El Paso County School District 12, 5.00%, 09/15/2013 Optional 09/15/2012 @ 100.00	1.81%
Fort Collins CO Lease	1.72%
University of Colorado Hospital Authority, 5.25%, 11/15/2022	1.72%
Jefferson County School District R-1, 5.00%, 12/15/2024 Optional 12/15/2014 @ 100.00, FSA	1.69%
Denver City & County, 5.00%, 11/15/2018	1.68%
Aurora County Hospital, 5.00%, 12/01/2022	1.66%
Regional Transportation District CO CTFS Partnership, 5.000%, 12/01/2022	1.64%
Arkansas River Power Authority, 5.875%, 10/01/2026	1.59%

Top ten holdings are subject to change, and there are no guarantees that the Fund will continue to remain invested in any particular company or holding.

Download and view the most recent Westcore Colorado Tax-Exempt Fund Composition Sheet as a PDF file. This Composition Sheet contains complete holdings for the Fund. Updated monthly upon availability. If you do not currently have Adobe Acrobat ReaderTM on your computer, you can download it for free now.

S & P Bond Quality Ratings as of 10/31/2008
AAA	19.44%	BBB	12.44%
AA	51.38%	Non-Rated	2.45%
A	11.61%	Cash	2.68%