Board of Trustees
The business and affairs of each Fund are managed under the direction of the Trust's Board of Trustees. The SAI contains information about the Board of Trustees.

Investment Adviser
Denver Investment Advisors LLC, with principal offices at 1225 17th Street, 26th Floor, Denver, Colorado 80202, serves as the investment adviser to the Funds. The Adviser was organized in 1994. It is owned by the principal officers and employees of its predecessor firm. As of June 30, 2001, it had approximately $6.6 billion in assets under active management, including approximately $623 million for thirteen investment company portfolios.

Denver Investment Advisors provides a continuous investment program for the Funds, including investment research and management. The Adviser makes investment decisions for the Funds and places orders for all purchases and sales of the Funds' portfolio securities.

Management Expenses
For the fiscal year ended May 31, 2001, each Fund paid the Adviser an advisory fee. The fees are set forth below and are expressed as an annual percentage of a Fund's average daily net assets.

Investment Personnel

Todger Anderson, CFA, President of Denver Investment Advisors, has been primarily responsible for the day-to-day management of Westcore MIDCO Growth Fund since its inception (August 1, 1986). Mr. Anderson has been a portfolio manager with Denver Investment Advisors and its predecessor, Denver Investment Advisors, Inc., since 1975. Mr. Anderson works with other securities analysts of the Adviser who from time to time purchase and sell specific securities under his supervision.

Milford H. Schulhof, II, a Vice President of Denver Investment Advisors, has been primarily responsible for the day-to-day management of Westcore Growth and Income Fund since October 1995. Mr. Schulhof has been a Vice President and portfolio manager with Denver Investment Advisors and its predecessor, Denver Investment Advisors, Inc., since 1985. Mr. Schulhof works with other securities analysts of the Adviser who from time to time purchase and sell specific securities under his supervision.

John N. Karns, CFA, a Vice President of Denver Investment Advisors, has been primarily responsible for managing the portfolios of small-cap and large-cap institutional clients as well as managing Denver Investment Advisors' IPO investments. Mr. Karns has had primary responsibility for the day-to-day management of Westcore Small-Cap Growth Fund since its inception (October 1, 1999). Prior to joining Denver Investment Advisors in 1998, Mr. Karns worked as a vice president and co-portfolio manager at Salomon Smith Barney for three years and in institutional research for one year.

Gerald W. Peterson, CFA, a Vice President of Denver Investment Advisors, has been primarily responsible for analyzing a diverse set of industry sectors for the MIDCO style of investing. Upon becoming responsible for the day-to-day management for Westcore Select Fund at its inception (October 1, 1999), he expanded his focus to include all industry sectors. Prior to joining Denver Investment Advisors in 1982, Mr. Petersen served eight years as assistant vice president and portfolio manager at National Investment Services of America and six years as an investment officer at CNA Financial.

Michael W. Gerding, CFA, a Vice President of Denver Investment Advisors, has been primarily responsible for managing international portfolios and has been primarily responsible for the day-to-day management of Westcore International Frontier Fund since its inception (December 15, 1999) and of Westcore International Select Fund since its inception (November 1, 2000). Prior to joining Denver Investment Advisors in 1999, he was senior-vice president of investments for Founders Asset Management LLC where he served as the lead portfolio manager for Founders Passport Fund since its inception in 1993 and for Founders Worldwide Growth Fund since 1990. He also served as portfolio manager or co-portfolio manager for Founders International Equity Fund from its inception in 1995 until 1997. Mr. Gerding also served as a portfolio manager and research analyst with NCNB Texas from 1985 to 1990.

Charlotte Petersen, CFA, a Vice President of Denver Investment Advisors, has been primarily responsible for the day-to-day management of Westcore Blue Chip Fund since April 12, 2000, having been co-manager since January 18, 2000. Ms. Petersen's 15 years of research and portfolio management experience include working with both value and growth styles. She has also been primarily responsible for managing portfolios of large institutional clients for Denver Investment Advisors since 1993.

Christianna Wood, CFA, a Vice President and Director of Value Strategies with Denver Investment Advisors, has been primarily responsible for the day-to-day management of Westcore Mid-Cap Opportunity Fund since its inception and Westcore Small-Cap Opportunity Fund since April 12, 2000. Ms. Wood has been a portfolio manager of small- to mid-cap companies for over 18 years, and has been with Denver Investment Advisors since 1996.

Jerome R. Powers, CFA, a Vice President of Denver Investment Advisors, has been primarily responsible for the day-to-day management of Westcore Flexible Income and Plus Bond Funds (formerly the Westcore Long-Term and Intermediate-Term Bond Funds, respectively) since October 1, 1997 and has co-managed the Westcore Flexible Income Fund with Alex Lock and the Westcore Plus Bond Fund with Glen T. Cahill since October 1, 2000. He has been with the Adviser since 1997 and has been active in the management of fixed-income securities for 19 years.

Alex Lock, a Vice President of Denver Investment Advisors, has been primarily responsible for the day-to-day co-management of Westcore Flexible Income Fund with Jerome R. Powers since October 1, 2000. He has been with the Adviser since 1989 and has been active in the management of fixed-income securities for 12 years.

Glen T. Cahill, CFA, a Vice President of Denver Investment Advisors, has been primarily responsible for the day-to-day co-management of Westcore Plus Bond Fund with Jerome R. Powers since October 1, 2000. He has been with the Adviser since 1984 and has been active in the management of fixed-income securities for 17 years.

Thomas B. Stevens, CFA, a Vice President of Denver Investment Advisors, has been primarily responsible for the day-to-day management of the Westcore Colorado Tax-Exempt Fund since May 28, 1999. Mr. Stevens has 30 years' experience in the institutional bond market and has been with the Adviser
since 1986.

Co-Administrators
ALPS Mutual Fund Services, Inc. and Denver Investment Advisors serve as co-administrators to the Funds and receive fees in such capacity. Pursuant to a separate agreement, ALPS has agreed to maintain the financial accounts and records of each Fund and to compute the net asset value and certain other financial information relating to each Fund. Pursuant to another agreement, ALPS responds to certain shareholder inquiries and transaction requests received via telephone.

The Trust has agreed to reimburse Denver Investment Advisors for costs incurred by Denver Investment Advisors for providing recordkeeping and sub-accounting services to persons who beneficially own shares of a Fund through omnibus accounts ("Beneficial Shares"). The amount reimbursed with respect to a Fund will not exceed the lesser of the costs actually borne by Denver Investment Advisors or the effective rate for transfer agency services borne by a Fund without taking into account such Beneficial Shares and applying such rate to such Beneficial Shares. The Administrators are also authorized to make payments from their administrative fees or other sources to persons for providing services to a Fund or its shareholders.

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