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

Overview

Fund Type	Inception Date	Ticker Symbol	WSJ Abbreviation	CUSIP	Investment Style
Retail Class	6/1/1988	WTMVX	BluChip	957904881	Large-Cap Value
Institutional Class	9/28/2007	WIMVX	NA	957904527	Large-Cap Value

Investment Strategy

The Fund seeks to maximize long-term total return by investing in stocks of large, well-established companies whose stock appears to be undervalued.

A cornerstone for building your investment portfolio, Westcore Blue Chip Fund invests in large well-established companies whose stocks appear to be undervalued. Our investment style is designed to uncover stocks of larger companies that are mispriced and have improving growth prospects, while avoiding stocks of companies that are mature. Investing in large companies has the added benefit of potentially providing above-average performance with lower volatility than smaller companies, because they may benefit from such attributes as market dominance, substantial financial resources, and global leadership in their industries.

Downloadable Fact Sheet

Download and view the most recent Westcore Blue Chip 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 6/30/2008   Westcore Blue Chip Fund S & P 500 Index Retail Class Net Assets $26.4 mil. N/A Institutional Class Net Assets $26.7 mil. N/A Total Large-Cap Core Assets Managed by Denver Investment Advisors LLC $202.2 mil. N/A Number of holdings 46 500 Cash Position 0.8% N/A Weighted Market Capitalization $50.7 bil. $88.9 bil. Median Market Capitalization $26.8 bil. $10.8 bil. Estimated 1-Year Forward EPS Growth 13.7% 13.0% Average Dividend Yield of Portfolio Securities 1.7% 2.3% P/E Ratio (on 1-Year Fwd EPS) 14.1x 14.5x Beta (3-year) 1.02 1.00 Annual Turnover Ratio for period ended 6/30/2008 37.2% N/A See our online glossary for definitions of the terms above.

Expense Information

Shareholder Fees (fees paid directly from your investment): Retail Class Institutional Class Redemption Fee (as a percentage of amount redeemed or exchanged within 90 calendar days from their date of purchase) 2.00% 2.00% Annual Account Maintenance Fee (for Retail Class accounts under $750 as further described in prospectus) $12.00 None Annual Fund Operating Expenses (expenses that are deducted from Fund assets): Retail Class Institutional Class Management Fees(1) 0.65% 0.65% Distribution (12b-1) Fees NONE NONE Other Expenses 0.40% 1.20% Acquired Fund Fees and Expenses (2) 0.01% 0.01% Total Annual Fund Operating Expenses 1.06% 1.86% Fee Waiver and Expense Reimbursement(1) 0.00% (0.87)% Net Annual Fund Operating Expenses(1) 1.06% 0.99% ((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 Blue Chip Fund from April 29, 2008 until at least April 29, 2009, so that Net Annual Fund Operating Expenses will be no more than 1.15% for theFund's Retail Class for such period. In addition, the Advisor has contractually agreed to waive and/or reimburse the Institutional Class its proportionate share of the Retail Class waiver and/or reimbursement plus the ongoing class-specific expenses until at least April 29, 2009. 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.

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

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 6/30/2008
Fund Name	Quarter	YTD	1-Year	3-Year	5-Year	10-Year	Since Inception (6/1/1988)	Fund Expense1 Gross/Net
Westcore Blue Chip Fund Retail Class	(1.21)%	(7.13)%	(10.12)%	4.79%	8.88%	3.09%	9.68%	1.09% / 1.09%
Westcore Blue Chip Fund Institutional Class	(1.21)%	(7.06)%	(9.99)%	4.84%	8.91%	3.11%	9.68%	1.07% / 1.03%
S & P 500 Index	(2.73)%	(11.91)%	(13.12)%	4.41%	7.58%	2.88%	10.40%

Annual Total Returns from 6/1/1988 (Retail Class) and 9/28/2007 (Institutional Class)
Year	Westcore Blue Chip Fund - Retail Class	Westcore Blue Chip Fund - Inst'l Class	S & P 500 Index
2007	3.13%	3.19%	5.49%
2006	12.19%	NA	15.79%
2005	7.76%	NA	4.88%
2004	12.65%	NA	10.87%
2003	26.68%	NA	28.69%
2002	(21.12)%	NA	(22.10)%
2001	(2.96)%	NA	(11.88)%
2000	0.56%	NA	(9.10)%
1999	4.98%	NA	21.04%
1998	17.88%	NA	25.58%
1997	30.92%	NA	33.36%
1996	21.24%	NA	22.96%
1995	36.43%	NA	37.58%
1994	0.36%	NA	1.32%
1993	12.43%	NA	10.08%
1992	2.04%	NA	7.62%
1991	34.48%	NA	30.47%
1990	(0.26)%	NA	NA
1989	20.55%	NA	NA
1988	0.71%	NA	NA

Daily NAV
Fund Name	NAV as of 08/28/2008	$ Change in NAV	% Change in NAV
Westcore Blue Chip Fund	$12.49	$0.13	1.05%

Morningstar Rating TM as of 6/30/2008
Overall	3-Year	5-Year	10-Year
(of 1715 funds)	(of 1715 funds)	(of 1325 funds)	(of 660 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 6/30/08. 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 Blue Chip Fund - Retail Class was rated against the following numbers of U.S.-domiciled Large Blend funds over the following time periods: 1715 funds in the last three years, 1325 funds in the last five years, and 660 funds in the last ten years. With respect to these Large Blend funds, Westcore Blue Chip Fund - Retail Class received a Morningstar Rating of 3 stars, 4 stars and 3 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.

Performance information for the Institutional Class shares prior to their inception date is based on the performance of the Retail Class.

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/Sectors

Top Ten Holdings as of 6/30/2008 (updated quarterly upon availability)
Company Name	Ticker	% of Portfolio
Transocean Inc.	RIG	4.38%
Cisco Systems Inc.	CSCO	4.05%
International Business Machines Corp.	IBM	3.95%
Abbott Laboratories	ABT	3.88%
Occidental Petroleum Corp.	OXY	3.84%
Teva Pharmaceutical Industries Ltd.	TEVA	3.56%
XTO Energy Inc.	XTO	3.45%
Qualcomm Inc.	QCOM	3.15%
Zimmer Holdings Inc.	ZMH	3.04%
Marathon Oil Corp.	MRO	2.99%

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 Blue Chip 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.

Sectors as of 6/30/2008
Interest Rate Sensitive	10.4%
Medical/HealthCare	12.3%
Consumer Cyclical	12.2%
Technology	10.7%
Energy	14.6%
Consumer Staples	8.0%
Capital Goods	9.6%
Commercial Services	5.2%
Communications	8.0%
Basic Materials	2.8%
Cash	0.8%
REIT's	0.0%
Transportation	2.7%
Utilities	2.7%

Management/Commentary

Kris B. Herrick, CFA Co-Portfolio Manager, Westcore Blue Chip Fund Kris B. Herrick, CFA, a Vice President of Denver Investment Advisors is Director of Value Research and is responsible for co-managing Westcore Blue Chip Fund, Westcore Mid-Cap Value Fund, Westcore Small-Cap Opportunity Fund and Westcore Small-Cap Value Fund. Kris joined Denver Investment Advisors as a Research Analyst in 2000. His previous experience includes working as an analyst with Jurika and Voyles. Kris earned both a B.A. and a B.S. from the University of Northern Colorado. He is a Chartered Financial Analyst and a member of the CFA Society of Colorado.   Mark M. Adelmann, CFA, CPA Co-Portfolio Manager, Westcore Blue Chip Fund Mark M. Adelmann, CFA, CPA, a Vice President of Denver Investment Advisors is a Senior Research Analyst with the Equity Value Research Team and is responsible for co-managing Westcore Blue Chip Fund, Westcore Mid-Cap Value Fund, Westcore Small-Cap Opportunity Fund and Westcore Small-Cap Value Fund. Mark joined the Value Strategies Group in 1995 in order to expand the capabilities of the department. Prior to joining Denver Investment Advisors, Mark worked with Deloitte & Touche for 14 years in auditing and financial reporting. He received his B.S. from Oral Roberts University and is a Certified Public Accountant. Mark is a Chartered Financial Analyst and a member of AIMR and the CFA Society of Colorado.   Derek R. Anguilm, CFA Co-Portfolio Manager, Westcore Blue Chip Fund Derek R. Anguilm, CFA, a Vice President of Denver Investment Advisors, is a Senior Research Analyst with the Equity Value Research Team and is responsible for co-managing Westcore Blue Chip Fund, Westcore Mid-Cap Value Fund, Westcore Small-Cap Opportunity Fund and Westcore Small-Cap Value Fund. Derek joined the Value Research Team in December 2002. He started at Denver Investment Advisors as a Research Analyst to Wealth Management and Growth investing style in 2000, after interning as a research assistant on the MIDCO product. His previous experience includes an internship as a research assistant at Everen Securities. Derek earned a B.S. in Finance at Metropolitan State College of Denver and was President of the Finance Club while there. Derek is a member of the Association for Investment Management and Research as well as an affiliate member of the CFA Society of Colorado. Troy Dayton, CFA            Co-Portfolio Manager, Westcore Blue Chip Fund Troy Dayton, CFA, a Vice President of Denver Investment Advisors, is a Senior Research Analyst with the Equity Value Research Team and is responsible for co-managing Westcore Blue Chip Fund, Westcore Mid-Cap Value Fund, Westcore Small-Cap Opportunity Fund and Westcore Small-Cap Value Fund. Troy joined Denver Investment Advisors as a Research Analyst with the Value Strategies Group in 2002. Prior to joining the firm, he was an Equity Research Analyst with Jurika and Voyles, as well as an Analyst at Dresdner RCM Global Investors. He also worked as a Trading Support Officer for Citibank's Global Asset Management Department in London, England. Troy earned his B.S. degree from Colorado State University. Troy is a Chartered Financial Analyst.
"We combine computer power with hands-on analysis to identify undervalued stocks with solid or improving businesses for Westcore Blue Chip Fund." Those individuals listed as CFAs have earned the right to use the Chartered Financial Analyst designation.

Manager Commentary/Current Issues

As of 6/30/08 Stock selection made healthcare the Fund's strongest contributor. Holdings in Amgen, Inc., (biomed / biotech) and Zimmer Holdings, Inc., (orthopedic and other medical devices) both sustained improving profitability, and retain good prospects for continued improvement. Quanta Services, Inc., the leading provider of outsourced gas and power utility construction and maintenance, was among the best performers. It stands to benefit meaningfully from upgrades to power grids, and continues to win contracts and drive revenues and cash flows higher. As a result, commercial services was also a top performing sector. The consumer cyclical sector was a strong contributor. While it is clear that high energy prices and a difficult housing market are affecting consumer attitudes, our holdings of discounter TJX Companies and Darden Restaurants were both up in the first half, while the sector constituents in the S&P 500 were down nearly 10%. Our largest individual contributor to performance was XTO Energy (oil and gas exploration and development). Along with Occidental Petroleum (integrated oil and gas), our energy holdings outperformed the market. We remain somewhat cautious on the sustainability of the recent spike in energy prices and owned slightly less energy than the index, which resulted in energy being a nominal drag on the portfolio. Once again, interest-rate sensitive stocks were the worst performers in the index. While we believe there is significant value in the sector over time, the near-term uncertainties have led us to own less financials. The worst performer in our portfolio was Wachovia. However, our underweight offset the damage, and financials were neutral to performance overall. Although economic slowing is clearly being discounted in the market, we see growing opportunity to own companies with strong operations and balance sheets, at attractive valuations. Over the next several quarters, the concerns about the degree of slowing will be clarified, and we expect the market will begin to improve. *Percent of portfolio as of 6/30/08.

Distributions

Recent Distributions

The amounts shown below are paid per share. View our fund prospectus online for more information on distributions.

Retail Class Type Amount Record Date Ex-Date Pay Date Income $0.0931 12/26/2007 12/27/2007 12/31/2007 ST Capital Gain $0.0300 12/26/2007 12/27/2007 12/31/2007 LT Capital Gain $0.8636 12/26/2007 12/27/2007 12/31/2007 Institutional Class Type Amount Record Date Ex-Date Pay Date Income $0.1019 12/26/2007 12/27/2007 12/31/2007 ST Capital Gain $0.0300 12/26/2007 12/27/2007 12/31/2007 LT Capital Gain $0.8636 12/26/2007 12/27/2007 12/31/2007

A fund's income from dividends and interest and any net realized short-term capital gains are paid to shareholders as income dividends. A fund realizes capital gains whenever it sells securities for a higher price than it paid for them. Net realized long-term gains are paid to shareholders as capital gain dividends. A dividend will reduce the net asset value of a fund share by the amount of the dividend on the ex-dividend date.