UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-3373

Westcore Trust

(exact name of registrant as specified in charter)

1290 Broadway, Suite 1100, Denver, Colorado 80203

(Address of principal executive offices) (Zip code)

JoEllen L. Legg, Secretary

Westcore Trust

1290 Broadway, Suite 1100

Denver, Colorado 80203

(Name and address of agent for service)

Registrant’s telephone number, including area code: 303-623-2577

Date of fiscal year end:     December 31

Date of reporting period:  January 1, 2009 - December 31, 2009

Item 1.  Reports to Stockholders.

2009 ANNUAL REPORT DECEMBER 31, 2009 WESTCORE EQUITY FUNDS WESTCORE GROWTH FUND WESTCORE MIDCO GROWTH FUND WESTCORE SELECT FUND WESTCORE BLUE CHIP FUND WESTCORE MID-CAP VALUE FUND WESTCORE SMALL-CAP OPPORTUNITY FUND WESTCORE SMALL-CAP VALUE FUND WESTCORE MICRO-CAP OPPORTUNITY FUND WESTCORE INTERNATIONAL FRONTIER FUND WESTCORE BOND FUNDS WESTCORE FLEXIBLE INCOME FUND WESTCORE PLUS BOND FUND WESTCORE COLORADO TAX-EXEMPT FUND Westcore Funds are managed by Denver Investments

TABLE OF CONTENTS

SHAREHOLDER LETTER	2
FUND OVERVIEWS
Westcore Growth Fund	3
Westcore MIDCO Growth Fund	5
Westcore Select Fund	7
Westcore Blue Chip Fund	9
Westcore Mid-Cap Value Fund	11
Westcore Small-Cap Opportunity Fund	13
Westcore Small-Cap Value Fund	15
Westcore Micro-Cap Opportunity Fund	17
Westcore International Frontier Fund	19
Westcore Flexible Income Fund	21
Westcore Plus Bond Fund	23
Westcore Colorado Tax-Exempt Fund	25
FUND EXPENSES	27
IMPORTANT DISCLOSURES	29
TRUSTEES AND OFFICERS	32
FINANCIAL STATEMENTS	35
Statements of Investments	36
Statements of Assets and Liabilities	73
Statements of Operations	75
Statements of Changes in Net Assets	77
Financial Highlights	81
Notes to Financial Statements	89
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	106
SHAREHOLDER TAX INFORMATION	107
OTHER IMPORTANT INFORMATION	108

PAGE 1

SHAREHOLDER LETTER

DEAR FELLOW SHAREHOLDERS:

The economy appears to be on the road to recovery.  However we believe it will be a number of years before the stock market returns to the levels seen before the 2008-2009 financial crisis.

In the bear market of 1973-1974, equities suffered declines comparable to 2008-2009 and it took five years to recover.  We believe we are facing a similarly long recovery period today.  However we also believe that now, as then, patient, long-term investors will achieve the best results.

For all of us, the question now is – what’s next?  We believe it is a gradual return to economic growth, higher stock prices and higher interest rates.  In our opinion, the road will likely be bumpy.  Globally, economic and business crosscurrents are currently making investment decisions challenging.

Every market environment has its challenges and our seasoned investment professionals work collaboratively to leverage knowledge gained from years of work in the industry.  As a Westcore Funds shareholder, you have access to the experience and dedication of our investment professionals.  Additionally our team approach is designed to offer specialization as well as collaboration in the management of each Westcore Fund.

While we cannot guarantee what the future holds, for many investors, we believe maintaining a well thought out asset mix of mutual funds in your portfolio may help in reaching your financial goals.  For building your portfolio, the Westcore Family of Funds offers growth, value and international equity as well as fixed income funds.

The following report includes manager commentaries for each Westcore Fund to provide you a better understanding of how each portfolio performed in 2009 and how it is positioned for the future.  We hope you find this information useful.

As always, thank you for your investment in the Westcore Funds.

Jack D. Henderson Chairman	Todger Anderson, CFA President

CFA is a trademark owned by the CFA Institute.

The Shareholder Letter and the Manager Commentaries included in this shareholder report contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

The recent growth rate in the stock market has helped to produce short-term returns for some asset classes that are not typical and may not continue in the future. Ongoing market volatility may subject fund performance to substantial short-term changes.

PAGE 2

WESTCORE GROWTH FUND (WTEIX, WILGX)

Fund Strategy

Investing primarily in equity securities of large companies with growth potential.

Fund Management

Ross G. Moscatelli, CFA Lead Portfolio Manager

Craig W. Juran, CFA Co-Portfolio Manager

CFA is a trademark owned by the CFA Institute.

Cumulative Returns

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past 10 years (or for the life of the Fund if shorter). Performance calculations are as of the end of December each year. Past performance does not guarantee future results. This chart does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Russell Investments is the source and owner of the Russell Index data. See page 30 for additional disclosure.

Lipper Index data provided by Lipper, Inc. See page 30 for additional disclosure.

Please see pages 29 and 30 for index definitions.

Average Annual Total Returns

	1 Year			3 Years			5 Years			10 Years			Since Inception			Inception Date
Retail Class (WTEIX)		39.54	%		-2.24	%		0.75	%		0.35	%		8.13	%	6/1/88
Institutional Class (WILGX)		39.64			-2.18			0.79			0.37			8.14		9/28/07
Russell 1000® Growth Index		37.21			-1.88			1.64			-3.98			8.84
Lipper Large-Cap Growth Index		38.50			-2.28			1.01			-4.51			8.08

Retail Class Annual Expense Ratio (per the current prospectus) — Gross: 1.04%, Net: 1.04%

Institutional Class Annual Expense Ratio(per the current prospectus) — Gross: 1.91%, Net: 0.93%

The performance data quoted represents past performance and does not guarantee future results. Performance information for the institutional class shares prior to their inception date is based on the performance of the retail class. Since inception performance for the benchmark indices are calculated using the retail class inception date. Current performance may be lower or higher than the performance quoted. To obtain current performance as of the most recent month-end, please call 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 90 calendar days from their date of purchase. If imposed, the fee would reduce the performance quoted. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. 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.

The 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 for the retail class until at least April 29, 2010. For the institutional class, the Advisor has contractually agreed to waive and/or reimburse its proportionate share of the retail class waiver and/or reimbursement plus the ongoing class-specific expenses until at least April 29, 2010. Without fee waivers and expense reimbursements, total return and yield figures would have been lower.

Craig W. Juran is a registered representative of ALPS Distributors, Inc.

Manager Commentary

§ Investors have not seen a decade so futile since the 1930s, with the broad domestic equity markets flat to down for the ten year period ended December 31, 2009.  Marred by the terrorists’ attacks on September 11, a war in the Middle East, the collapse of the housing market, two major bear markets, a broken banking system, and the Bernie Madoff scandal, it was a period we all shall not soon forget.

§ Much like the last decade, 2009 had tremendous peaks and valleys, with a great deal of volatility and speculation thrown into the mix. The market went from predicting the next “Great Depression” during March 2009 to igniting one of the most powerful rallies in the last fifty years as economic data started to stabilize.

§ The information technology sector was the Westcore Growth Fund’s main driver of outperformance relative to the benchmark in 2009 and included four of the Fund’s top five performing stocks for the year.  The consumer staples and health care sectors were also strong relative contributors.

§ Within information technology, Apple Inc. continued to create new and exciting products for enhancing the digital media experience.  Another information technology sector holding, Google Inc., is the proverbial 800-pound gorilla of search engines.  However, we believe its growth prospects reach far beyond  paid search, including its new Droid phone, its mobile ad platform, YouTube, local search, and emerging ad agency business, just to name a few.

§ The largest detractors from the Fund’s performance relative to the benchmark in 2009 were the financials, consumer discretionary and industrials sectors.  We believe the financials sector was under pressure due to uncertainty surrounding potential government control, fears of a “second stress test” and the short-term dilution of shares issued by several large institutions in order to pay back Troubled Asset Relief Program “TARP” funding.  In both the consumer discretionary and industrials sectors, our stock selection hindered the Fund’s returns as more conservative investments lagged riskier ones.  Although we believe Fund holdings such as Norfolk Southern Corp., Raytheon Co., AFLAC Inc. and McDonald’s Corp. are solid franchises with strong competitive positions, they hurt the Fund’s return during 2009.

§ It is easy for investors to be pessimistic about the equity markets and the U.S. economy in light of the challenges of the past ten years.  However, as we begin a new year and a new decade, we believe large-cap growth companies are well positioned for the future.  During the downturn, many of the companies held in the Fund streamlined their businesses.  We believe they are entering a period of tremendous growth opportunity both within the U.S. and, potentially even more importantly, globally.

PAGE 3

WESTCORE GROWTH FUND (continued)

Stock Performance

(for the year ended 12/31/09)

	Average			Contribution
Top 5 Stocks	Weight			to Return
Apple Inc.		4.75	%		5.58	%
Google Inc.		4.73			3.85
Broadcom Corp.		2.21			2.40
Amazon.com Inc.		1.77			2.18
Cisco Systems Inc.		3.76			2.09

Bottom 5 Stocks

McDonald’s Corp.	1.35	%	-0.53	%
AFLAC Inc.	0.07		-0.69
Raytheon Co.	0.40		-0.79
Gilead Sciences Inc.	2.90		-0.79
Norfolk Southern Corp.	0.96		-1.01

Past performance does not guarantee future results. These stocks do not represent all of the securities purchased, sold or recommended by the Funds’ Adviser. To request a complete list of the contribution of each Fund holding to overall Fund performance during the period, please call 800.392.CORE (2673) or email invest@westcore.com.

Please see page 30 for a description of the methodology used to construct this chart.

Top Ten Holdings

(as of 12/31/09)

Apple Inc.	5.0	%
Google Inc.	4.9
Microsoft Corp.	4.0
Cisco Systems, Inc.	3.5
Hewlett-Packard Co.	3.4
United Technologies Corp.	2.8
Medco Health Solutions Inc.	2.6
MasterCard Inc. - Class A	2.4
Marvell Technology Group Ltd.	2.3
PepsiCo Inc.	2.3
Total (% of Net Assets)	33.2	%

Top ten holdings do not include any cash, cash equivalents or exchange traded fund investments and are subject to change. There are no guarantees that the Fund will continue to remain invested in any particular holding.

Morningstar Ratings

	Morningstar Rating™ as of 12/31/09	Number of Funds in Large Growth Category
Overall	««««	1,548
3 Year	«««	1,548
5 Year	«««	1,276
10 Year	««««	698

Morningstar Ratings shown represent both the Retail and Institutional Classes. Morningstar proprietary ratings reflect historical risk-adjusted performance as of 12/31/09 and are subject to change every month.

Please see page 30 for more detail regarding Morningstar Ratings.

Portfolio Characteristics

(as of 12/31/09)

	Westcore Growth Fund	Russell 1000® Growth Index
Weighted Average Market Capitalization ($ Bil)	$67.0	$76.3
Price/Earnings (1 year trailing)	27.3x	22.9x
EPS Growth (3 year historical)	15.1%	13.4%
Number of Holdings	60	623
Portfolio Turnover Rate	83%	—

Please see page 31 for definition of terms.

Sector Allocation

(as of 12/31/09)

	Westcore			Russell 1000®			Relative Weights
	Growth Fund			Growth Index			Under		Over
Consumer Discretionary		12.2	%		10.5					1.7	%
Consumer Staples		2.3			15.7			-13.4
Energy		8.1			4.1					4.0
Financials		6.5			5.0					1.5
Healthcare		12.2			15.9			-3.7
Industrials		12.0			10.2					1.8
Information Technology		39.1			33.2					5.9
Materials		4.9			3.9					1.0
Telecommunication Services		2.2			0.6					1.6
Utilities		0.0			0.9			-0.9
ST Investments/Net Other Assets		0.5			0.0					0.5
Total (% of Net Assets)		100.0	%		100.0	%

Sector classifications presented herein are based on the sector categorization methodology of the Adviser to the Funds which may result in the sector designations for one Fund being different than another Fund’s sector designations.

Market Capitalization

(as of 12/31/09)

Market Cap Range ($ Bil)	Percent of Total Investments*	Number of Holdings
$0 - $10	11.9%	11
$10 - $50	46.3	32
$50 - $100	16.8	9
Over $100	25.0	8

* Total Investments for this chart reflects the value of such investments and excludes short-term investments, including money market mutual funds.

Market capitalization ranges were determined by the Adviser to the Fund and are for presentation purposes only. These market capitalization ranges do not necessarily correlate to the benchmark’s market capitalization ranges.

PAGE 4

WESTCORE MIDCO GROWTH FUND (WTMGX, WIMGX)

Fund Strategy

Investing in a diversified portfolio of equity securities of primarily medium-sized companies with growth potential.

Fund Management

William S. Chester, CFA Lead Portfolio Manager Mitch S. Begun, CFA Co-Portfolio Manager Adam C. Bliss Co-Portfolio Manager Jeffrey J. Loehr, CFA Co-Portfolio Manager F. Wiley Reed, CFA Co-Portfolio Manager

CFA is a trademark owned by the CFA Institute.

Cumulative Returns

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past 10 years (or for the life of the Fund if shorter). Performance calculations are as of the end of December each year. Past performance does not guarantee future results. This chart does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Russell Investments is the source and owner of the Russell Index data. See page 30 for additional disclosure.

Lipper Index data provided by Lipper, Inc. See page 30 for additional disclosure.

Please see pages 29 and 30 for index definitions.

Average Annual Total Returns

	1 Year			3 Years			5 Years			10 Years			Since Inception			Inception Date
Retail Class (WTMGX)		46.48	%		-3.51	%		1.07	%		0.15	%		10.07	%	8/1/86
Institutional Class (WIMGX)		46.63			-3.40			1.13			0.18			10.08		9/28/07
Russell MidcapTM Growth Index		46.29			-3.18			2.40			-0.52			9.39
Lipper Mid-Cap Growth Index		42.65			-1.04			3.35			-1.47			8.87

Retail Class Annual Expense Ratio (per the current prospectus) — Gross: 1.04%, Net: 1.04%

Institutional Class Annual Expense Ratio(per the current prospectus) — Gross: 0.98%, Net: 0.94%

The performance data quoted represents past performance and does not guarantee future results. Performance information for the institutional class shares prior to their inception date is based on the performance of the retail class. Since inception performance for the benchmark indices are calculated using the retail class inception date. Current performance may be lower or higher than the performance quoted. To obtain current performance as of the most recent month-end, please call 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 90 calendar days from their date of purchase. If imposed, the fee would reduce the performance quoted. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. 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.

The 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 for the retail class until at least April 29, 2010. For the institutional class, the Advisor has contractually agreed to waive and/or reimburse its proportionate share of the retail class waiver and/or reimbursement plus the ongoing class-specific expenses until at least April 29, 2010. Without fee waivers and expense reimbursements, total return and yield figures would have been lower.

Manager Commentary

§ Investors will likely remember 2009 as a year of extremes.  It began with investors still reeling from the financial debacle in the fall of 2008 and the economy in steep decline.  Profits for 2009 and beyond looked bleak and stock prices reflected this pessimism.  However by the second quarter, investors found themselves echoing Federal Reserve Bank Chairman Ben Bernanke, noting the emergence of “green shoots” and an economy beginning to stabilize.  These early signs of strength turned to real economic growth in the second half of 2009.

§ As a result of an overweight position and strong stock selection, the Westcore MIDCO Growth Fund’s best performing sector relative to the benchmark in 2009 was consumer discretionary.  Fund holding TJX Companies Inc., an off-price apparel and home fashions retailer, was the top performer in the sector, as consumers exhibited more value-based behavior.  Another outstanding performer in the sector was Fund holding Netflix Inc., an online movie rental subscription service provider.  Netflix generated strong subscriber growth propelling profits.

§ The information technology sector was another strong contributor to the Fund’s performance relative to the benchmark.  In the sector, Marvell Technology Group Ltd. was the Fund’s best performer for the year.  This designer and developer of semiconductors benefitted from cost restructuring and its innovative solutions for storage and communications devices.  Another strong performer in the sector was Fund holding Western Digital Corp.  This electronic hard drive manufacturer exhibited a strong financial position and introduced novel new products capable of taking share from competitors.

§ The Fund’s absence of investments in the utilities sector was a positive contributor to performance relative to the benchmark as the sector significantly underperformed.

§ The sectors that detracted from the Fund’s performance relative to the benchmark were industrials, healthcare and energy.  In industrials, Fund holdings Delta Air Lines Inc. and Continental Airlines Inc. significantly underperformed, experiencing a moderation in air travel demand for much of the year.  Within the healthcare sector, debate regarding reform of the U.S. healthcare system contributed to the underperformance of Fund holding Humana Inc. a provider of health benefit plans to employer groups and government benefit programs.  Although the majority of the Fund’s energy sector holdings performed well for the year, energy did detract from performance relative to the benchmark as Fund investments in North American natural gas and exploration companies did not keep pace with the benchmark.

§ The economy appears to be on the mend, and we expect this to translate into higher equity prices.  As of December 31, 2009, the Fund was overweight in the industrials, materials, energy, financials, and consumer discretionary sectors.  We are excited about the prospects that lie ahead and are confident in our disciplined investment approach.  We would like to thank you for your continued investment.

PAGE 5

WESTCORE MIDCO GROWTH FUND (continued)

Stock Performance

(for the year ended 12/31/09)

	Average			Contribution
Top 5 Stocks	Weight			to Return
Marvell Technology Group Ltd.		1.78	%		3.13	%
Western Digital Corp.		1.04			2.50
Celanese Corp. - Series A		1.41			2.11
TJX Companies Inc.		2.14			1.92
Netflix, Inc.		1.10			1.84

Bottom 5 Stocks

Amedisys, Inc.	0.29	%	-0.72	%
Cephalon Inc.	1.69		-0.92
Humana Inc.	0.36		-1.11
Continental Airlines Inc.	0.56		-1.57
Delta Air Lines Inc.	0.76		-3.16

Past performance does not guarantee future results. These stocks do not represent all of the securities purchased, sold or recommended by the Funds’ Adviser. To request a complete list of the contribution of each Fund holding to overall Fund performance during the period, please call 800.392.CORE (2673) or email invest@westcore.com.

Please see page 30 for a description of the methodology used to construct this chart.

Top Ten Holdings

(as of 12/31/09)

Goodrich Corp.	2.4	%
T. Rowe Price Group Inc.	2.3
Cabot Oil & Gas Corp.	2.2
Silicon Laboratories Inc.	2.2
Coach Inc.	2.1
Dolby Laboratories Inc.	2.1
Cooper Industries PLC	2.0
CF Industries Holdings Inc.	2.0
Sybase Inc.	2.0
Marvell Technology Group Ltd.	1.9
Total (% of Net Assets)	21.2	%

Top ten holdings do not include any cash, cash equivalents or exchange traded fund investments and are subject to change. There are no guarantees that the Fund will continue to remain invested in any particular holding.

Morningstar Ratings

		Number
	Morningstar	of Funds in
	Rating™	Mid-Cap Growth
	as of 12/31/09	Category
Overall	«««	727
3 Year	«««	727
5 Year	«««	631
10 Year	«««	338

Morningstar Ratings shown represent both the Retail and Institutional Classes. Morningstar proprietary ratings reflect historical risk-adjusted performance as of 12/31/09 and are subject to change every month.

Please see page 30 for more detail regarding Morningstar Ratings.

Portfolio Characteristics

(as of 12/31/09)

	Westcore MIDCO	Russell MidcapTM
	Growth Fund	Growth Index
Weighted Average Market Capitalization ($ Bil)	$5.5	$6.6
Price/Earnings (1 year trailing)	24.1x	22.9x
EPS Growth (3 year historical)	12.3%	12.5%
Number of Holdings	67	492
Portfolio Turnover Rate	121%	—

Please see page 31 for definition of terms.

Sector Allocation

(as of 12/31/09)

	Westcore MIDCO			Russell MidcapTM			Relative Weights
	Growth Fund			Growth Index			Under		Over
Consumer Discretionary		18.2	%		17.6	%				0.6	%
Consumer Staples		2.6			7.3			-4.7
Energy		7.5			5.4					2.1
Financials		10.4			8.7					1.7
Healthcare		10.5			13.5			-3.0
Industrials		18.4			14.7					3.7
Information Technology		22.4			24.0			-1.6
Materials		6.8			4.7					2.1
Telecommunication Services		1.3			1.1					0.2
Utilities		0.0			3.0			-3.0
ST Investments/Net Other Assets		1.9			0.0					1.9
Total (% of Net Assets)		100.0	%		100.0	%

Sector classifications presented herein are based on the sector categorization methodology of the Adviser to the Funds which may result in the sector designations for one Fund being different than another Fund’s sector designations.

Market Capitalization

(as of 12/31/09)

Market Cap Range ($ Bil)	Percent of Total Investments*	Number of Holdings
$0 - $1	0.0%	0
$1 - $5	56.3	41
$5- $10	30.6	19
Over $10	13.1	7

* Total Investments for this chart reflects the value of such investments and excludes short-term investments, including money market mutual funds.

Market capitalization ranges were determined by the Adviser to the Fund and are for presentation purposes only. These market capitalization ranges do not necessarily correlate to the benchmark’s market capitalization ranges.

PAGE 6

WESTCORE SELECT FUND (WTSLX)

Fund Strategy

Investing primarily in the common stock of a limited number of medium-sized companies selected for their growth potential.

Fund Management

William S. Chester, CFA Lead Portfolio Manager

CFA is a trademark owned by the CFA Institute.

Cumulative Returns

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past 10 years (or for the life of the Fund if shorter). Performance calculations are as of the end of December each year. Past performance does not guarantee future results. This chart does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Russell Investments is the source and owner of the Russell Index data. See page 30 for additional disclosure.

Lipper Index data provided by Lipper, Inc. See page 30 for additional disclosure.

Please see pages 29 and 30 for index definitions.

Average Annual Total Returns

	1 Year			3 Years			5 Years			10 Years			Since Inception			Inception Date
Retail Class (WTSLX)		41.08	%		2.20	%		6.47	%		5.45	%		12.91	%	10/1/99
Russell MidcapTM Growth Index		46.29			-3.18			2.40			-0.52			2.77
Lipper Mid-Cap Growth Index		42.65			-1.04			3.35			-1.47			2.41

Retail Class Annual Expense Ratio (per the current prospectus) — Gross: 1.22%, Net: 1.16%

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance quoted. To obtain current performance as of the most recent month-end, please call 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 90 calendar days from their date of purchase. If imposed, the fee would reduce the performance quoted. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. 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.

The 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 for the retail class until at least April 29, 2010. Without fee waivers and expense reimbursements, total return and yield figures would have been lower.

Westcore Select Fund is a non-diversified fund and investing in non-diversified funds generally will be more volatile and a loss of principal could be greater than investing in more diversified funds.

Westcore Select Fund may participate in the initial public offering (“IPO”) market, and a significant portion of the Fund’s since inception return is attributable to its investments in IPOs, which in turn have had a magnified impact due to the Fund’s relatively small asset base. As the Fund’s assets continue to grow, it will be increasingly less likely to experience substantially similar performance by investing in IPOs.

Manager Commentary

§ Investors will likely remember 2009 as a year of extremes.  It began with investors still reeling from the financial debacle in the fall of 2008 and the economy in steep decline.  Profits for 2009 and beyond looked bleak and stock prices reflected this pessimism.  However by the second quarter, investors found themselves echoing Federal Reserve Bank Chairman Ben Bernanke, noting the emergence of “green shoots” and an economy beginning to stabilize.  These early signs of strength turned to real economic growth in the second half of 2009.

§ Consumer staples was one of the Westcore Select Fund’s top contributing sectors relative to the benchmark in 2009.  In the sector, Herbalife Ltd., an international distributor of nutritional supplements, produced strong results due to robust demand across global markets and a strong adoption of the company’s single-serve product offering.

§ Although the information technology sector was not among the top three performers relative to the benchmark, it was a strong contributor for the year.  Four of the Fund’s top five performing stocks in 2009 were information technology holdings.  In the sector, Marvell Technology Group Ltd., a designer and developer of semiconductors, performed well benefitting from cost restructuring and its innovative solutions for storage and communications devices.  Another strong performer in the sector was Fund holding Western Digital Corp.  This electronic hard drive manufacturer exhibited a strong financial position and introduced novel new products capable of taking share from competitors.

§ The Fund’s absence of investments in the utilities sector was a positive contributor to performance relative to the benchmark as the sector significantly underperformed.

§ The healthcare, industrials and energy sectors were the Fund’s largest detractors relative to the benchmark.  In healthcare, debate regarding reform of the U.S. healthcare system contributed to the underperformance of Fund holdings Humana Inc., a provider of health benefit plans and programs and Amedisys Inc., a provider of home health services.  In the industrials sector, Fund holding Delta Air Lines Inc., significantly underperformed, experiencing a moderation in air travel demand for much of the year.  Although the majority of the Fund’s energy sector holdings performed well for the year, energy did detract from performance relative to the benchmark as Fund investments in North American natural gas and exploration companies did not keep pace with the benchmark.

§ The economy appears to be on the mend, and we expect this to translate into higher equity prices.  As of December 31, 2009, the Fund was overweight positions in the industrial and consumer discretionary sectors while having underweight positions in the consumer staples, utilities and healthcare sectors.  Also as of December 31, the five largest stock positions in the Fund were Silicon Laboratories Inc., Analog Devices Inc., Goodrich Corp., Xilinx Inc., and Cooper Industries PLC.  We are excited about the prospects that lie ahead and are confident in our disciplined investment approach.  We would like to thank you for your continued investment.

PAGE 7

WESTCORE SELECT FUND (continued)

Stock Performance

(for the year ended 12/31/09)

	Average			Contribution
Top 5 Stocks	Weight			to Return
Herbalife Ltd.		3.55	%		6.23	%
Marvell Technology Group Ltd.		3.56			6.01
Western Digital Corp.		2.46			5.81
Lam Research Corp.		3.82			3.89
Broadcom Corp.		2.56			3.73
Bottom 5 Stocks
DISH Network Corp.		0.23	%		-2.61	%
Amedisys Inc.		1.21			-2.74
Humana Inc.		0.83			-3.29
NCR Corp.		0.66			-4.10
Delta Air Lines Inc.		1.97			-4.85

Past performance does not guarantee future results. These stocks do not represent all of the securities purchased, sold or recommended by the Funds’ Adviser. To request a complete list of the contribution of each Fund holding to overall Fund performance during the period, please call 800.392.CORE (2673) or email invest@westcore.com.

Please see page 30 for a description of the methodology used to construct this chart.

Top Ten Holdings

(as of 12/31/09)

Silicon Laboratories Inc.	4.5	%
Analog Devices Inc.	4.5
Goodrich Corp.	4.4
Xilinx Inc.	4.4
Cooper Industries PLC	4.4
T. Rowe Price Group Inc.	4.3
King Pharmaceuticals Inc.	4.3
Sybase Inc.	4.1
CF Industries Holdings Inc.	4.1
Dolby Laboratories Inc.	4.0
Total (% of Net Assets)	43.0	%

Top ten holdings do not include any cash, cash equivalents or exchange traded fund investments and are subject to change. There are no guarantees that the Fund will continue to remain invested in any particular holding.

Morningstar Ratings

		Number
	Morningstar	of Funds in
	Rating™	Mid-Cap Growth
	as of 12/31/09	Category
Overall	«««««	727
3 Year	«««««	727
5 Year	«««««	631
10 Year	««««	338

Morningstar proprietary ratings reflect historical risk-adjusted performance as of 12/31/09 and are subject to change every month.

Please see page 30 for more detail regarding Morningstar Ratings.

Portfolio Characteristics

(as of 12/31/09)

	Westcore	Russell MidcapTM
	Select Fund	Growth Index
Weighted Average Market Capitalization ($ Bil)	$5.0	$6.6
Price/Earnings (1 year trailing)	24.6x	22.9x
EPS Growth (3 year historical)	9.6%	12.5%
Number of Holdings	26	492
Portfolio Turnover Rate	217%	—

Please see page 31 for definition of terms.

Sector Allocation

(as of 12/31/09)

	Westcore			Russell MidcapTM			Relative Weights
	Select Fund			Growth Index			Under		Over
Consumer Discretionary		20.4	%		17.6	%				2.8	%
Consumer Staples		0.0			7.3			-7.3
Energy		3.8			5.4			-1.6
Financials		7.7			8.7			-1.0
Healthcare		11.1			13.5			-2.4
Industrials		25.4			14.7					10.7
Information Technology		24.5			24.0					0.5
Materials		4.1			4.7			-0.6
Telecommunication Services		0.0			1.1			-1.1
Utilities		0.0			3.0			-3.0
ST Investments/Net Other Assets		3.0			0.0					3.0
Total (% of Net Assets)		100.0	%		100.0	%

Sector classifications presented herein are based on the sector categorization methodology of the Adviser to the Funds which may result in the sector designations for one Fund being different than another Fund’s sector designations.

Market Capitalization

(as of 12/31/09)

Market Cap Range ($ Bil)	Percent of Total Investments*	Number of Holdings
$0 - $1	3.5%	1
$1 - $5	52.8	14
$5 - $10	36.2	9
Over $10	7.5	2

* Total Investments for this chart reflects the value of such investments and excludes short-term investments, including money market mutual funds.

Market capitalization ranges were determined by the Adviser to the Fund and are for presentation purposes only. These market capitalization ranges do not necessarily correlate to the benchmark’s market capitalization ranges.

PAGE 8

WESTCORE BLUE CHIP FUND (WTMVX, WIMVX)

Fund Strategy

Investing in large, well-established companies whose stocks appear to be undervalued.

Fund Management

Kris B. Herrick, CFA Co-Portfolio Manager Derek R. Anguilm, CFA Co-Portfolio Manager Mark M. Adelmann, CFA, CPA Co-Portfolio Manager Troy Dayton, CFA Co-Portfolio Manager Lisa Z. Ramirez, CFA Co-Portfolio Manager

CFA is a trademark owned by the CFA Institute.

Cumulative Returns

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past 10 years (or for the life of the Fund if shorter). Performance calculations are as of the end of December each year. Past performance does not guarantee future results. This chart does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Standard & Poor’s is the source and owner of the S&P Index data. See page 30 for additional disclosure.

Lipper Index data provided by Lipper, Inc. See page 30 for additional disclosure.

Please see pages 29 and 30 for index definitions.

Average Annual Total Returns

	1 Year			3 Years			5 Years			10 Years			Since Inception			Inception Date
Retail Class (WTMVX)		29.87	%		-5.13	%		0.64	%		1.27	%		8.40	%	6/1/88
Institutional Class (WIMVX)		30.10			-4.98			0.74			1.31			8.42		9/28/07
S&P 500 Index		26.47			-5.63			0.42			-0.95			9.13
Lipper Large-Cap Core Index		28.15			-4.91			0.61			-1.20			8.42

Retail Class Annual Expense Ratio (per the current prospectus) — Gross: 1.13%, Net: 1.13%

Institutional Class Annual Expense Ratio (per the current prospectus) — Gross: 1.03%, Net: 0.98%

The performance data quoted represents past performance and does not guarantee future results. Performance information for the institutional class shares prior to their inception date is based on the performance of the retail class. Since inception performance for the benchmark indices are calculated using the retail class inception date. Current performance may be lower or higher than the performance quoted. To obtain current performance as of the most recent month-end, please call 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 90 calendar days from their date of purchase. If imposed, the fee would reduce the performance quoted. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. 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.

The 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 for the retail class until at least April 29, 2010. For the institutional class, the Advisor has contractually agreed to waive and/or reimburse its proportionate share of the retail class waiver and/or reimbursement plus the ongoing class-specific expenses until at least April 29, 2010. Without fee waivers and expense reimbursements, total return and yield figures would have been lower.

Lisa Z. Ramirez is a registered representative of ALPS Distributors, Inc.

Manager Commentary

§ The first decade of the 21st century was filled with events that altered the economic landscape – the shock and tragedy of 9/11, two recessions, exposure of numerous Ponzi schemes, and the near collapse of the international banking system are but a few.  Early in 2009, markets were still grappling with the financial crisis that erupted in the fall of 2008. However, economic indicators continued to improve prompting a strong market rally beginning in March.

§ The Fund’s best-performing sectors relative to the benchmark in 2009 were consumer cyclicals, energy and basic materials.  In consumer cyclicals, Fund holding Expedia Inc. delivered earnings and cash flow that exceeded expectations.  This online travel agency benefitted as investors predicted better prospects for travel booking amidst the improving economic outlook.  While energy was one of the weaker sectors in the S&P 500, the Fund’s energy holdings outperformed the benchmark, led by Transocean Ltd.  This provider of long-term contracts for offshore drilling rigs to oil and gas companies, struggled in 2008 as investors seemed to disregard the stability that long-term contracts can provide.  Results reported in 2009 appear to have given investors confidence in the value of these long-term contracts.

§ The Fund’s largest detractors relative to the benchmark were the technology, capital goods and transportation sectors.  While the Fund’s technology holdings all posted positive returns, they did not keep pace with the benchmark’s holdings in the sector.  Within capital goods, Fund holding Raytheon Co. was up modestly, but underperformed more economically sensitive companies in the sector.  We believe this aerospace and defense company has a strong balance sheet and a durable business, but sustainability of defense spending appears to have concerned investors in 2009.  Although the medical/healthcare sector was not a detractor from Fund performance in 2009, Fund holding Amgen Inc. struggled.  Amgen, a biotechnology company, released favorable trial data for two products, but investors apparently remained concerned with potential government healthcare reform and possible impacts that product bundling and usage could have on the company.

§ The financial crisis of 2008-2009 appears to have abated.  We believe 2010 should be a year of progress with many things in place, including monetary and fiscal stimulus programs, which should accelerate economic growth.  While the low-quality, low share-price rally that began on March 9 defined much of 2009, these “junk” rallies have historically lasted months, not years.  It appears to us that company fundamentals will be much more relevant in 2010 and we believe this environment should favor our disciplined, research-driven investment process.  As always, we thank you for your continued investment and confidence.

PAGE 9

WESTCORE BLUE CHIP FUND (continued)

Stock Performance

(for the year ended 12/31/09)
	Average			Contribution
Top 5 Stocks	Weight			to Return
Expedia Inc.		1.81	%		2.25	%
Cisco Systems Inc.		4.17			2.03
International Business
Machines Corp.		3.17			1.83
Transocean Ltd.		2.82			1.80
International Paper Co.		1.58			1.75
Bottom 5 Stocks
Amgen Inc.		2.95	%		-0.28	%
Exxon Mobil Corp.		1.27			-0.28
Bank of America Corp.		1.21			-0.35
Raytheon Co.		1.65			-0.39
Abbott Laboratories		2.83			-0.49

Past performance does not guarantee future results. These stocks do not represent all of the securities purchased, sold or recommended by the Funds’ Adviser. To request a complete list of the contribution of each Fund holding to overall Fund performance during the period, please call 800.392.CORE (2673) or email invest@westcore.com.

Please see page 30 for a description of the methodology used to construct this chart.

Top Ten Holdings

(as of 12/31/09)

Cisco Systems Inc.	4.3	%
Occidental Petroleum Corp.	4.0
QUALCOMM Inc.	3.2
International Paper Co.	3.1
International Business Machines Corp.	3.1
JPMorgan Chase & Co.	3.0
Transocean Ltd.	3.0
Altera Corp.	2.9
Symantec Corp.	2.8
Amgen Inc.	2.6
Total (% of Net Assets)	32.0	%

Top ten holdings do not include any cash, cash equivalents or exchange traded fund investments and are subject to change. There are no guarantees that the Fund will continue to remain invested in any particular holding.

Morningstar Ratings

		Number
	Morningstar	of Funds in
	Rating™	Large Blend
	as of 12/31/09	Category
Overall	«««	1,757
3 Year	«««	1,757
5 Year	«««	1,376
10 Year	««««	710

Morningstar Ratings shown represent both the Retail and Institutional Classes. Morningstar proprietary ratings reflect historical risk-adjusted performance as of 12/31/09 and are subject to change every month.

Please see page 30 for more detail regarding Morningstar Ratings.

Portfolio Characteristics

(as of 12/31/09)
	Westcore Blue	S&P 500
	Chip Fund	Index
Weighted Average Market Capitalization ($ Bil)	$55.4	$80.5
Price/Cash Flow (1 year trailing)	9.6x	10.4x
Price/Book Value	2.8x	3.1x
Price/Earnings (1 year trailing)	20.6x	22.1x
Number of Holdings	49	500
Portfolio Turnover Rate	21%	—

Please see page 31 for definition of terms.

Sector Allocation

(as of 12/31/09)

	Westcore Blue			S&P 500			Relative Weights
	Chip Fund			Index			Under		Over
Basic Materials		6.6	%		3.1	%				3.5	%
Capital Goods		4.5			7.3			-2.8
Commercial Services		4.7			2.3					2.4
Communications		8.2			8.1					0.1
Consumer Cyclical		12.8			12.7					0.1
Consumer Staples		7.0			10.5			-3.5
Energy		10.5			11.1			-0.6
Interest Rate Sensitive		12.5			12.7			-0.2
Medical & Healthcare		10.6			11.8			-1.2
REITs		0.0			1.2			-1.2
Technology		15.0			13.4					1.6
Transportation		3.6			2.1					1.5
Utilities		3.1			3.7			-0.6
ST Investments/Net Other Assets		0.9			0.0					0.9
Total (% of Net Assets)		100.0	%		100.0	%

Sector classifications presented herein are based on the sector categorization methodology of the Adviser to the Funds which may result in the sector designations for one Fund being different than another Fund’s sector designations.

Market Capitalization

(as of 12/31/09)

Market Cap Range ($ Bil)	Percent of Total Investments*	Number of Holdings
$0 - $10	18.5%	9
$10 - $50	47.2	27
$50 - $100	14.8	5
Over $100	19.5	8

* Total Investments for this chart reflects the value of such investments and excludes short-term investments, including money market mutual funds.

Market capitalization ranges were determined by the Adviser to the Fund and are for presentation purposes only. These market capitalization ranges do not necessarily correlate to the benchmark’s market capitalization ranges.

PAGE 10

WESTCORE MID-CAP VALUE FUND (WTMCX)

Fund Strategy

Investing in medium-sized companies whose stocks appear to be undervalued.

Kris B. Herrick, CFA Co-Portfolio Manager Derek R. Anguilm, CFA Co-Portfolio Manager Mark M. Adelmann, CFA, CPA Co-Portfolio Manager Troy Dayton, CFA Co-Portfolio Manager Lisa Z. Ramirez, CFA Co-Portfolio Manager  

CFA is a trademark owned by the CFA Institute.

Cumulative Returns

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past 10 years (or for the life of the Fund if shorter). Performance calculations are as of the end of December each year. Past performance does not guarantee future results. This chart does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Russell Investments is the source and owner of the Russell Index data. See page 30 for additional disclosure.

Lipper Index data provided by Lipper, Inc. See page 30 for additional disclosure.

Please see pages 29 and 30 for index definitions.

Average Annual Total Returns

	1 Year			3 Years			5 Years			10 Years			Since Inception			Inception Date
Retail Class (WTMCX)		31.95	%		-8.23	%		0.10	%		5.40	%		7.46	%	10/1/98
Russell MidcapTM Value Index		34.21			-6.62			1.98			7.58			7.91
Lipper Mid-Cap Value Index		39.74			-4.43			1.89			6.28			7.83

Retail Class Annual Expense Ratio (per the current prospectus) — Gross: 1.19%, Net: 1.19%

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance quoted. To obtain current performance as of the most recent month-end, please call 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 90 calendar days from their date of purchase. If imposed, the fee would reduce the performance quoted. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. 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.

The 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 for the retail class until at least April 29, 2010. Without fee waivers and expense reimbursements, total return and yield figures would have been lower.

Lisa Z. Ramirez is a registered representative of ALPS Distributors, Inc.

Manager Commentary

§ The first decade of the 21st century was filled with events that altered the economic landscape – the shock and tragedy of 9/11, two recessions, exposure of numerous Ponzi schemes, and the near collapse of the international banking system are but a few.  Over the past ten years, the Fund’s investment team and our investment processes have evolved, but our goal of providing strong risk-adjusted returns for our shareholders has remained.  There have been challenges along the way and 2009 was no exception as early in the year markets continued to grapple with the financial crisis that erupted in the fall of 2008. However, economic indicators continued to improve prompting a strong market rally beginning in March.

§ The sectors that contributed most significantly to the Westcore Mid-Cap Value Fund’s performance relative to the benchmark in 2009 were interest-rate sensitive, consumer staples and transportation.  Assured Guaranty Ltd. became the last remaining highly rated financial guarantor in 2009, having completed a merger with its primary competitor in the second quarter.  Improving financial markets, recognition of the attractive financial attributes of the acquisition and confirmation by the rating agencies led to this interest rate sensitive sector holding’s strong performance for the year.  Although the medical/healthcare sector was not one of the Fund’s top contributors, Life Technologies Corp., a holding in the sector, was one of the Fund’s best performers.  This manufacturer of medical tools and consumables introduced new products that allow for faster genetic discovery which drove an increase in demand.  At the same time, increased research funding for its customers helped drive solid revenue growth.

§ The Fund’s weakest contributing sectors relative to the benchmark came from medical/healthcare, technology and basic materials in 2009.  Cephalon Inc., a specialty pharmaceutical manufacturer, was the main detractor within the medical/healthcare sector.  Cephalon came under pressure as concerns arose regarding the company’s new product portfolio.  Although these setbacks were disappointing, we believe multiple product opportunities position Cephalon well moving forward.  Pactiv Corp., a consumer and foodservice food packaging producer, underperformed despite beating earnings estimates throughout the year.  This basic materials holding struggled as investors appeared to seek more cyclical stocks with greater leverage in an economic recovery.

§ Current economic data indicates that the economy is moving out of recession.  We believe many things are in place, including monetary and fiscal stimulus programs, which will accelerate economic growth in 2010.  While the low-quality, low share-price rally that began on March 9 defined much of 2009, these “junk” rallies have historically lasted months, not years.  We believe company fundamentals will be much more relevant in 2010 and this should favor our disciplined, research-driven investment process.  As always, we thank you for your continued investment and confidence.

PAGE 11

WESTCORE MID-CAP VALUE FUND (continued)

Stock Performance

(for the year ended 12/31/09)

	Average			Contribution
Top 5 Stocks	Weight			to Return
International Paper Co.		1.60	%		2.16	%
Life Technologies Corp.		1.94			1.89
Assured Guaranty Ltd.		1.80			1.85
Invesco Ltd.		2.60			1.83
General Cable Corp.		2.14			1.64
Bottom 5 Stocks
Pactiv Corp.		1.82	%		-0.45	%
Omnicare Inc.		2.12			-0.52
Zions Bancorporation		1.03			-0.72
Cephalon Inc.		2.08			-0.93
Marshall & Ilsley Corp.		0.14			-1.69

Past performance does not guarantee future results. These stocks do not represent all of the securities purchased, sold or recommended by the Funds’ Adviser. To request a complete list of the contribution of each Fund holding to overall Fund performance during the period, please call 800.392.CORE (2673) or email invest@westcore.com

Please see page 30 for a description of the methodology used to construct this chart.

Top Ten Holdings

(as of 12/31/09)

International Paper Co.	3.2	%
Reinsurance Group of America Inc.	2.8
Autoliv Inc.	2.6
Westar Energy Inc.	2.4
Quanta Services Inc.	2.4
Crown Holdings Inc.	2.3
PartnerRe Ltd.	2.2
CommScope Inc.	2.2
Life Technologies Corp.	2.2
CenterPoint Energy Inc.	2.2
Total (% of Net Assets)	24.5	%

Top ten holdings do not include any cash, cash equivalents or exchange traded fund investments and are subject to change. There are no guarantees that the Fund will continue to remain invested in any particular holding.

Morningstar Ratings

		Number
	Morningstar	of Funds in
	Rating™	Mid-Cap Blend
	as of 12/31/09	Category
Overall	««	369
3 Year	««	369
5 Year	««	303
10 Year	«««	152

Morningstar proprietary ratings reflect historical risk-adjusted performance as of 12/31/09 and are subject to change every month.

Please see page 30 for more detail regarding Morningstar Ratings.

Portfolio Characteristics

(as of 12/31/09)

	Westcore Mid-Cap	Russell MidcapTM
	Value Fund	Value Index
Weighted Average Market Capitalization ($ Bil)	$5.3	$5.9
Price/Cash Flow (1 year trailing)	8.3x	8.9x
Price/Book Value	1.9x	1.7x
Price/Earnings (1 year trailing)	17.7x	20.8x
Number of Holdings	61	553
Portfolio Turnover Rate	27%	—

Please see page 31 for definition of terms.

Sector Allocation

(as of 12/31/09)

	Westcore Mid-Cap			Russell MidcapTM			Relative Weights
	Value Fund			Value Index			Under		Over
Basic Materials		8.8	%		8.1	%				0.7	%
Capital Goods		3.0			7.0			-4.0
Commercial Services		5.9			3.8					2.1
Communications		3.6			3.9			-0.3
Consumer Cyclical		11.4			11.6			-0.2
Consumer Staples		4.8			7.1			-2.3
Energy		8.4			8.8			-0.4
Interest Rate Sensitive		18.0			19.0			-1.0
Medical & Healthcare		7.7			4.1					3.6
REITs		5.3			8.6			-3.3
Technology		8.3			5.0					3.3
Transportation		0.7			1.1			-0.4
Utilities		13.2			11.9					1.3
ST Investments/Net Other Assets		0.9			0.0					0.9
Total (% of Net Assets)		100.0	%		100.0	%

Sector classifications presented herein are based on the sector categorization methodology of the Adviser to the Funds which may result in the sector designations for one Fund being different than another Fund’s sector designations.

Market Capitalization

(as of 12/31/09)

Market Cap Range ($ Bil)	Percent of Total Investments*	Number of Holdings
$0 - $1	0.0%	0
$1 - $5	60.9	38
$5 - $10	26.8	17
Over $10	12.3	6

* Total Investments for this chart reflects the value of such investments and excludes short-term investments, including money market mutual funds.

Market capitalization ranges were determined by the Adviser to the Fund and are for presentation purposes only. These market capitalization ranges do not necessarily correlate to the benchmark’s market capitalization ranges.

PAGE 12

WESTCORE SMALL-CAP OPPORTUNITY FUND (WTSCX, WISCX)

Fund Strategy

Investing in small-company stocks that appear to be undervalued.

Fund Management

Kris B. Herrick, CFA Co-Portfolio Manager Derek R. Anguilm, CFA Co-Portfolio Manager Mark M. Adelmann, CFA, CPA Co-Portfolio Manager Troy Dayton, CFA Co-Portfolio Manager Lisa Z. Ramirez, CFA Co-Portfolio Manager  

CFA is a trademark owned by the CFA Institute.

Cumulative Returns

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past 10 years (or for the life of the Fund if shorter). Performance calculations are as of the end of December each year. Past performance does not guarantee future results. This chart does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Russell Investments is the source and owner of the Russell Index data. See page 30 for additional disclosure.

Lipper Index data provided by Lipper, Inc. See page 30 for additional disclosure.

Please see pages 29 and 30 for index definitions.

Average Annual Total Returns

	1 Year			3 Years			5 Years			10 Years			Since Inception			Inception Date
Retail Class (WTSCX)		28.49	%		-7.32	%		-0.55	%		6.36	%		7.85	%	12/28/93
Institutional Class (WISCX)		28.73			-7.17			-0.46			6.41			7.88		9/28/07
Russell 2000® Index		27.17			-6.06			0.51			3.51			7.11
Lipper Small-Cap Core Index		34.50			-4.06			1.55			5.24			8.46

Retail Class Annual Expense Ratio (per the current prospectus) — Gross: 1.71%, Net: 1.31%

Institutional Class Annual Expense Ratio (per the current prospectus) — Gross: 2.39%, Net: 1.09%

The performance data quoted represents past performance and does not guarantee future results. Performance information for the institutional class shares prior to their inception date is based on the performance of the retail class. Since inception performance for the benchmark indices are calculated using the retail class inception date. Current performance may be lower or higher than the performance quoted. To obtain current performance as of the most recent month-end, please call 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 90 calendar days from their date of purchase. If imposed, the fee would reduce the performance quoted. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. 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.

The 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 for the retail class until at least April 29, 2010. For the institutional class, the Advisor has contractually agreed to waive and/or reimburse its proportionate share of the retail class waiver and/or reimbursement plus the ongoing class-specific expenses until at least April 29, 2010. Without fee waivers and expense reimbursements, total return and yield figures would have been lower.

Lisa Z. Ramirez is a registered representative of ALPS Distributors, Inc.

Manager Commentary

§ The first decade of the 21st century was filled with events that altered the economic landscape – the shock and tragedy of 9/11, two recessions, exposure of numerous Ponzi schemes, and the near collapse of the international banking system are but a few. In those ten years, the Westcore Small-Cap Opportunity Fund’s investment team and processes have evolved, but our goal of providing strong risk-adjusted returns has remained. There have been challenges along the way and 2009 was no exception as early in the year markets continued to grapple with the financial crisis that erupted in the fall of 2008. However, economic indicators continued to improve prompting a strong market rally beginning in March.

§ The Fund’s best-performing sectors relative to the benchmark in 2009 were the communications, capital goods and interest rate sensitive sectors.  On an absolute basis, the Fund’s top contributing sectors were consumer cyclicals and technology.

§ One of the Fund’s best performing holdings was Veeco Instruments Inc.  This technology sector holding experienced strong demand for its LED tools.  We think Veeco is well positioned to take advantage of continued growth in LED usage.  Another top contributor was consumer cyclical holding Steven Madden Ltd.  This designer, marketer and retailer of fashion footwear for women, men and children benefitted from strong boot sales, attractively-priced innovative products and tightly controlled inventory levels.

§ For the year, the sectors that detracted most from the Fund’s performance relative to the benchmark were commercial services, technology and utilities.  On an absolute basis, the largest detractors were the interest rate sensitive and commercial services sectors.

§ The turbulent interest rate sensitive sector produced three of the Fund’s bottom five performers.  An example is PacWest Bancorp, a community bank operator with multiple branch offices in California.  While we believe the company generally remained sound, concerns over commercial real estate in southern California weighed on stock performance.  Medical/healthcare holding Kendle International Inc. was the largest detractor in the sector.  This global clinical research organization struggled as merger activity within its customer base, coupled with a renewed focus on terminating low probability drug candidates, pressured revenue and profitability.  We believe a focus on cutting costs and demand for more efficient research and development bodes well for Kendle’s future.

§ Current economic data indicates that the economy is moving out of recession.  We believe many things are in place, including monetary and fiscal stimulus programs, which will accelerate economic growth in 2010.  While the low-quality, low share-price rally that began on March 9 defined much of 2009, these “junk” rallies have historically lasted months, not years.  We believe company fundamentals will be much more relevant in 2010 and this should favor our disciplined, research-driven investment process.  As always, we thank you for your continued investment and confidence.

PAGE 13

WESTCORE SMALL-CAP OPPORTUNITY FUND (continued)

Stock Performance

(for the year ended 12/31/09)

	Average			Contribution
Top 5 Stocks	Weight			to Return
NewMarket Corp.		2.12	%		3.20	%
Veeco Instruments Inc.		1.31			2.71
Aeropostale Inc.		1.80			2.44
Steven Madden Ltd.		2.36			2.09
Casey’s General Stores Inc.		2.84			1.99
Bottom 5 Stocks
Boston Private Financial
Holdings Inc.		1.12	%		-0.56	%
Headwaters Inc.		0.09			-0.56
Kendle International Inc.		0.68			-0.70
PacWest Bancorp.		1.36			-0.85
UCBH Holdings Inc.		0.19			-2.71

Past performance does not guarantee future results. These stocks do not represent all of the securities purchased, sold or recommended by the Funds’ Adviser. To request a complete list of the contribution of each Fund holding to overall Fund performance during the period, please call 800.392.CORE (2673) or email invest@westcore.com.

Please see page 30 for a description of the methodology used to construct this chart.

Top Ten Holdings

(as of 12/31/09)

NewMarket Corp.	3.0	%
Orthofix International N.V.	2.7
STERIS Corp.	2.6
Veeco Instruments Inc.	2.5
South Jersey Industries Inc.	2.5
EnPro Industries Inc.	2.4
Waste Connections Inc.	2.3
EMCOR Group Inc.	2.3
Syniverse Holdings Inc.	2.2
Steiner Leisure Ltd.	2.1
Total (% of Net Assets)	24.6	%

Top ten holdings do not include any cash, cash equivalents or exchange traded fund investments and are subject to change. There are no guarantees that the Fund will continue to remain invested in any particular holding.

Morningstar Ratings

		Number
	Morningstar	of Funds in
	Rating™	Small Blend
	as of 12/31/09	Category
Overall	«««	566
3 Year	«««	566
5 Year	«««	467
10 Year	«««	243

Morningstar Ratings shown represent both the Retail and Institutional Classes. Morningstar proprietary ratings reflect historical risk-adjusted performance as of 12/31/09 and are subject to change every month.

Please see page 30 for more detail regarding Morningstar Ratings.

Portfolio Characteristics

(as of 12/31/09)

	Westcore Small-Cap	Russell 2000®
	Opportunity Fund	Index
Weighted Average Market Capitalization ($ Mil)	$1,177	$1,012
Price/Cash Flow (1 year trailing)	8.2x	10.5x
Price/Book Value	2.0x	2.3x
Price/Earnings (1 year trailing)	19.2x	23.6x
Number of Holdings	67	2,006
Portfolio Turnover Rate	24%	—

Please see page 31 for definition of terms.

Sector Allocation

(as of 12/31/09)

	Westcore Small-Cap			Russell 2000®			Relative Weights
	Opportunity Fund			Index			Under		Over
Basic Materials		6.1	%		5.0	%				1.1	%
Capital Goods		7.7			6.4					1.3
Commercial Services		5.0			8.3			-3.3
Communications		4.4			4.3					0.1
Consumer Cyclical		16.0			14.2					1.8
Consumer Staples		3.9			4.4			-0.5
Energy		5.4			5.5			-0.1
Interest Rate Sensitive		13.9			15.2			-1.3
Medical & Healthcare		13.1			13.7			-0.6
REITs		3.6			5.2			-1.6
Technology		11.5			11.9			-0.4
Transportation		2.9			2.6					0.3
Utilities		3.9			3.3					0.6
ST Investments/Net Other Assets		2.6			0.0					2.6
Total (% of Net Assets)		100.0	%		100.0	%

Sector classifications presented herein are based on the sector categorization methodology of the Adviser to the Funds which may result in the sector designations for one Fund being different than another Fund’s sector designations.

Market Capitalization

(as of 12/31/09)

Market Cap Range ($ Mil)	Percent of Total Investments*	Number of Holdings
$0 - $500	13.7%	14
$500 - $1,000	37.8	24
$1,000 - $2,000	34.4	20
Over $2,000	14.1	9

* Total Investments for this chart reflects the value of such investments and excludes short-term investments, including money market mutual funds.

Market capitalization ranges were determined by the Adviser to the Fund and are for presentation purposes only. These market capitalization ranges do not necessarily correlate to the benchmark’s market capitalization ranges.

PAGE 14

WESTCORE SMALL-CAP VALUE FUND (WTSVX, WISVX)

Fund Strategy

Investing primarily in small-cap, dividend paying stocks that appear to be undervalued.

Fund Management

Kris B. Herrick, CFA Co-Portfolio Manager Derek R. Anguilm, CFA Co-Portfolio Manager Mark M. Adelmann, CFA, CPA Co-Portfolio Manager Troy Dayton, CFA Co-Portfolio Manager Lisa Z. Ramirez, CFA Co-Portfolio Manager

CFA is a trademark owned by the CFA Institute.

Cumulative Returns

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past 10 years (or for the life of the Fund if shorter). Performance calculations are as of the end of December each year. Past performance does not guarantee future results. This chart does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Russell Investments is the source and owner of the Russell Index data. See page 30 for additional disclosure.

Lipper Index data provided by Lipper, Inc. See page 30 for additional disclosure.

Please see pages 29 and 30 for index definitions.

Average Annual Total Returns

	1 Year			3 Years			5 Years			10 Years		Since Inception			Inception Date
Retail Class (WTSVX)		22.08	%		-7.81	%		0.22	%		N/A		0.38	%	12/13/04
Institutional Class (WISVX)		22.16			-7.74			0.26			N/A		0.42		9/28/07
Russell 2000® Value Index		20.57			-8.22			-0.01			N/A		0.28
Lipper Small-Cap Value Index		33.00			-5.17			1.42			N/A		2.07

Retail Class Annual Expense Ratio (per the current prospectus) —Gross: 1.39%, Net: 1.31%

Institutional Class Annual Expense Ratio (per the current prospectus) — Gross: 1.52%, Net: 1.22%

The performance data quoted represents past performance and does not guarantee future results. Performance information for the institutional class shares prior to their inception date is based on the performance of the retail class. Since inception performance for the benchmark indices are calculated using the retail class inception date. Current performance may be lower or higher than the performance quoted. To obtain current performance as of the most recent month-end, please call 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 90 calendar days from their date of purchase. If imposed, the fee would reduce the performance quoted. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. 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.

The 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 for the retail class until at least April 29, 2010. For the institutional class, the Advisor has contractually agreed to waive and/or reimburse its proportionate share of the retail class waiver and/or reimbursement plus the ongoing class-specific expenses until at least April 29, 2010. Without fee waivers and expense reimbursements, total return and yield figures would have been lower.

Investing in small-cap funds generally will be more volatile and loss of principal could be greater than investing in larger-cap funds.

Lisa Z. Ramirez is a registered representative of ALPS Distributors, Inc.

Manager Commentary

§ The first decade of the 21st century was filled with events that altered the economic landscape – the shock and tragedy of 9/11, two recessions, exposure of numerous Ponzi schemes, and the near collapse of the international banking system are but a few.  In the five years since we launched the Westcore Small-Cap Value Fund, the investment team and processes have evolved, but our goal of providing strong risk-adjusted returns has remained. There have been challenges along the way and 2009 was no exception as early in the year markets continued to grapple with the financial crisis that erupted in the fall of 2008. However, economic indicators continued to improve prompting a strong market rally beginning in March.

§ The interest-rate sensitive, consumer staples and energy sectors provided the greatest contribution to the Fund’s return relative to the benchmark in 2009.  Within consumer staples, the standout contributor was Tupperware Brands Corp., a direct seller of food storage, beauty, and personal care products.  Results proved greater than expected, driven by strong sales and margin improvement.  The Fund’s top performer in 2009 was basic materials sector holding Temple-Inland Inc.  We believe this packaging and building products manufacturer acted swiftly and rationally during the downturn, resulting in margins and cash flow holding up better than in any previous downturn.  Additionally, Temple-Inland, along with its competitors, announced price increases in containerboard due to tight inventory and stable volumes.

§ The Fund’s biggest detractors from performance relative to the benchmark were the consumer cyclical, technology and commercial services sectors.  However, there were no individual securities within these sectors that had a meaningful impact on the Fund’s absolute performance.  Rather, the interest rate sensitive sector produced four of the Fund’s bottom five performers.  An example is PacWest Bancorp, a community bank operator with multiple branch offices in California.  While we believe the company generally remained sound, concerns over commercial real estate in southern California weighed on stock performance.  Within the basic materials sector, Ferro Corp., a global producer of specialty materials and chemicals, was significantly impacted by the economic downturn.  As customers decreased inventories, demand for Ferro’s products dropped, and reduced its revenues.  This combined with what we believe are relatively high debt levels led us to sell the position.

§ Current economic data indicates that the economy is moving out of recession.  We believe many things are in place, including monetary and fiscal stimulus programs, which will accelerate economic growth in 2010.  While the low-quality, low share-price rally that began on March 9 defined much of 2009, these “junk” rallies have historically lasted months, not years.  We believe company fundamentals will be much more relevant in 2010 and this should favor our disciplined, research-driven investment process.  As always, we thank you for your continued investment and confidence.

PAGE 15

WESTCORE SMALL-CAP VALUE FUND (continued)

Stock Performance

(for the year ended 12/31/09)

	Average			Contribution
Top 5 Stocks	Weight			to Return
Temple-Inland Inc.		1.76	%		3.15	%
Casey’s General Stores Inc.		3.11			2.18
Adtran Inc.		3.03			2.03
Tupperware Brands Corp.		2.31			2.02
Stage Stores Inc.		2.33			1.94
Bottom 5 Stocks
Ferro Corp.		0.08	%		-1.00	%
SWS Group Inc.		1.33			-1.12
PacWest Bancorp.		1.47			-1.21
Sterling Financial Corp.		0.05			-1.24
Central Pacific Financial Corp.		0.53			-1.28

Past performance does not guarantee future results. These stocks do not represent all of the securities purchased, sold or recommended by the Funds’ Adviser. To request a complete list of the contribution of each Fund holding to overall Fund performance during the period, please call 800.392.CORE (2673) or email invest@westcore.com.

Please see page 30 for a description of the methodology used to construct this chart.

Top Ten Holdings

(as of 12/31/09)

Belden Inc.	3.1	%
Tupperware Brands Corp.	3.0
Adtran Inc.	2.8
Temple-Inland Inc.	2.7
Owens & Minor Inc.	2.6
Blackbaud Inc.	2.3
Bob Evans Farms Inc.	2.2
Cash America International Inc.	2.2
South Jersey Industries Inc.	2.2
Triumph Group Inc.	2.2
Total (% of Net Assets)	25.3	%

Top ten holdings do not include any cash, cash equivalents or exchange traded fund investments and are subject to change. There are no guarantees that the Fund will continue to remain invested in any particular holding.

Morningstar Ratings

		Number
	Morningstar	of Funds in
	Rating™	Small Value
	as of 12/31/09	Category
Overall	«««	310
3 Year	««	310
5 Year	«««	245

Morningstar Ratings shown represent both the Retail and Institutional Classes. Morningstar proprietary ratings reflect historical risk-adjusted performance as of 12/31/09 and are subject to change every month.

Please see page 30 for more detail regarding Morningstar Ratings.

Portfolio Characteristics

(as of 12/31/09)

	Westcore Small-Cap	Russell 2000®
	Value Fund	Value Index
Weighted Average Market Capitalization ($ Mil)	$1,326	$939
Price/Cash Flow (1 year trailing)	8.6x	8.6x
Price/Book Value	2.1x	1.5x
Price/Earnings (1 year trailing)	20.5x	22.0x
Number of Holdings	66	1,392
Portfolio Turnover Rate	33%	—

Please see page 31 for definition of terms.

Sector Allocation

(as of 12/31/09)

	Westcore Small-Cap			Russell 2000®			Relative Weights
	Value Fund			Value Index			Under		Over
Basic Materials		8.1	%		7.2	%				0.9	%
Capital Goods		4.9			7.5			-2.6
Commercial Services		4.3			5.3			-1.0
Communications		2.8			2.5					0.3
Consumer Cyclical		13.3			12.9					0.4
Consumer Staples		6.3			3.6					2.7
Energy		5.7			5.9			-0.2
Interest Rate Sensitive		24.3			25.0			-0.7
Medical & Healthcare		8.1			4.8					3.3
REITs		7.5			9.0			-1.5
Technology		7.5			6.9					0.6
Transportation		1.1			3.1			-2.0
Utilities		5.0			6.3			-1.3
ST Investments/Net Other Assets		1.1			0.0					1.1
Total (% of Net Assets)		100.0	%		100.0	%

Sector classifications presented herein are based on the sector categorization methodology of the Adviser to the Funds which may result in the sector designations for one Fund being different than another Fund’s sector designations.

Market Capitalization

(as of 12/31/09)

Market Cap Range ($ Mil)	Percent of Total Investments*	Number of Holdings
$0 - $500	9.8%	9
$500 - $1,000	24.2	18
$1,000 - $2,000	48.6	28
Over $2,000	17.4	11

* Total Investments for this chart reflects the value of such investments and excludes short-term investments, including money market mutual funds.

Market capitalization ranges were determined by the Adviser to the Fund and are for presentation purposes only. These market capitalization ranges do not necessarily correlate to the benchmark’s market capitalization ranges.

PAGE 16

WESTCORE MICRO-CAP OPPORTUNITY FUND (WTMIX)

Investing primarily in micro-cap companies whose stocks appear to be undervalued.

Fund Management

Kris B. Herrick, CFA Co-Portfolio Manager

Paul A. Kuppinger, CFA Co-Portfolio Manager

Jon K. Tesseo, Co-Portfolio Manager

CFA is a trademark owned by the CFA Institute.

Cumulative Returns

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past 10 years (or for the life of the Fund if shorter). Performance calculations are as of the end of December each year. Past performance does not guarantee future results. This chart does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Russell Investments is the source and owner of the Russell Index data. See page 30 for additional disclosure.

Lipper Index data provided by Lipper, Inc. See page 30 for additional disclosure.

Please see pages 29 and 30 for index definitions.

Average Annual Total Returns

1 Year

3 Years

5 Years

10 Years

Since Inception

Inception Date

Retail Class (WTMIX)

15.40

%

N/A

N/A

N/A

-8.52

%

6/23/08

Russell Microcap® Index

27.48

N/A

N/A

N/A

-11.76

Lipper Small-Cap Core Index

34.50

N/A

N/A

N/A

-7.22

Retail Class Annual Expense Ratio (per the current prospectus) — Gross: 9.64%, Net: 1.31%

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance quoted. To obtain current performance as of the most recent month-end, please call 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 90 calendar days from their date of purchase. If imposed, the fee would reduce the performance quoted. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. 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.

The 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 for the retail class until at least April 29, 2010. Without fee waivers and expense reimbursements, total return and yield figures would have been lower.

Investing in small-cap funds generally will be more volatile and loss of principal could be greater than investing in larger-cap funds.

Jon K. Tesseo is a registered representative of ALPS Distributors, Inc.

Manager Commentary

§ For investors, 2009 was a relatively dramatic year, but it felt like it came to an anti-climactic end.  The first quarter of the year looked much like a continuation of the end of 2008 with the economy in steep decline – until early March.  March 9 marked the beginning of one of the strongest market rallies in the last fifty years.

§ Within the Fund’s benchmark, the Russell Microcap Index, lower quality companies, which are frequently excluded from the Fund by our screening processes, saw the strongest recovery in terms of stock price appreciation.  Our models did well at selecting strong performers within the Fund’s investable universe; however, the Fund lagged the benchmark in 2009 primarily due to its lack of exposure to these smaller, lower priced stocks.  For the year ended December 31, 2009, the Westcore Micro-Cap Opportunity Fund returned 15.40%.  This compares with a 27.48% return by the Fund’s benchmark.

§ It was not until the fourth quarter that signs of change began.  It was the only quarter in 2009 in which our underweight position in the lowest priced stocks in Russell Microcap Index did not have a large negative effect on our relative performance.  This was also true regarding our underweight position in the lowest market cap, least liquid stocks.  For the quarter, the lowest price stocks in the index contributed -0.11% while the highest price stocks in the index contributed 0.40%.  At the same time, the largest most liquid stocks contributed 1.90%, and the smallest least liquid stocks lost 1.61%.  This provides us optimism that the performance of lower quality companies relative to higher quality companies is nearing, if not already at, its end.

§ In 2009, the Fund’s best performing sectors relative to the benchmark were financials, materials and energy.  The Fund’s biggest detractors relative to the benchmark were the consumer discretionary, information technology and healthcare sectors.

§ The market appears to have returned to more normal conditions where valuation factors, timing factors and long-term growth factors are predictive.  Investors seemed to be looking forward to future growth.  As analyst expectations for the next fiscal year were revised, companies with the best revised analyst expectations provided the best returns, while those with the worst revised analyst expectations underperformed.  We believe this return to an emphasis on fundamental factors should bode well for the Fund’s investment strategy.

PAGE 17

WESTCORE MICRO-CAP OPPORTUNITY FUND (continued)

Stock Performance

(for the year ended 12/31/09)

	Average			Contribution
Top 5 Stocks	Weight			to Return
Hi-Tech Pharmacal Co. Inc.		0.87	%		1.70	%
Volterra Semiconductor Corp.		0.74			0.95
Spartech Corp.		0.35			0.90
Pegasystems Inc.		0.38			0.85
PolyOne Corp.		0.37			0.79
Bottom 5 Stocks
Emergent Biosolutions Inc.		0.41	%		-0.67	%
Stoneridge Inc.		0.11			-0.80
BancTrust Financial Group Inc.		0.25			-1.01
Synta Pharmaceuticals Corp.		0.18			-1.03
Hutchinson Technology Inc.		0.15			-1.04

Past performance does not guarantee future results. These stocks do not represent all of the securities purchased, sold or recommended by the Funds’ Adviser. To request a complete list of the contribution of each Fund holding to overall Fund performance during the period, please call 800.392.CORE (2673) or email invest@westcore.com.

Please see page 30 for a description of the methodology used to construct this chart.

Top Ten Holdings

(as of 12/31/09)

Dawson Geophysical Co.	0.8	%
ModusLink Global Solutions Inc.	0.8
Panhandle Oil and Gas Inc.	0.8
Barrett Business Services Inc.	0.8
ICO Inc.	0.8
Steak N Shake Co.	0.8
Centerstate Banks Inc	0.8
Genesis Lease Ltd.	0.8
CEVA Inc.	0.8
NorthStar Realty Finance Corp.	0.8
Total (% of Net Assets)	8.0	%

Top ten holdings do not include any cash, cash equivalents or exchange traded fund investments and are subject to change. There are no guarantees that the Fund will continue to remain invested in any particular holding.

Morningstar Ratings

Morningstar does not yet rate this Fund as it is less than 3 years old.

Portfolio Characteristics

(as of 12/31/09)

	Westcore Micro-Cap	Russell
	Opportunity Fund	Microcap® Index
Weighted Average Market Capitalization ($ Mil)	$331	$302
Price/Cash Flow (1 year trailing)	8.4x	9.7x
Price/Book Value	2.1x	2.1x
Price/Earnings (1 year trailing)	20.9x	21.7x
Number of Holdings	177	1,554
Portfolio Turnover Rate	130%	—

Please see page 31 for definition of terms.

Sector Allocation

(as of 12/31/09)

	Westcore Micro-Cap			Russell			Relative Weights
	Opportunity Fund			Microcap® Index			Under		Over
Basic Materials		4.9	%		4.0	%				0.9	%
Capital Goods		4.6			5.5			-0.9
Commercial Services		8.5			7.9					0.6
Communications		5.7			4.3					1.4
Consumer Cyclical		14.8			14.7					0.1
Consumer Staples		4.4			3.9					0.5
Energy		6.3			3.7					2.6
Interest Rate Sensitive		17.2			19.6			-2.4
Medical & Healthcare		14.7			16.6			-1.9
REITs		1.1			2.5			-1.4
Technology		13.8			14.1			-0.3
Transportation		0.4			2.0			-1.6
Utilities		0.5			1.2			-0.7
ST Investments/Net Other Assets		3.1			0.0					3.1
Total (% of Net Assets)		100.0	%		100.0	%

Sector classifications presented herein are based on the sector categorization methodology of the Adviser to the Funds which may result in the sector designations for one Fund being different than another Fund’s sector designations.

Market Capitalization

(as of 12/31/09)

Market Cap Range ($ Mil)	Percent of Total Investments*	Number of Holdings
$0 - $200	24.9%	47
$200 - $400	48.2	82
$400 - $600	19.1	35
Over $600	7.8	13

* Total Investments for this chart reflects the value of such investments and excludes short-term investments, including money market mutual funds.

Market capitalization ranges were determined by the Adviser to the Fund and are for presentation purposes only. These market capitalization ranges do not necessarily correlate to the benchmark’s market capitalization ranges.

PAGE 18

WESTCORE INTERNATIONAL FRONTIER FUND (WTIFX)

Fund Strategy

Investing in equity securities of international small-cap companies that are poised for growth.

Fund Management

John C. Fenley, CFA Lead Portfolio Manager

Jeremy A. Duhon, CFA Co-Portfolio Manager

CFA is a trademark owned by the CFA Institute.

Cumulative Returns

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past 10 years (or for the life of the Fund if shorter). Performance calculations are as of the end of December each year. Past performance does not guarantee future results. This chart does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

MSCI Barra is the source and owner of the MSCI Index data. See page 30 for additional disclosure.

Lipper Index data provided by Lipper, Inc. See page 30 for additional disclosure.

Please see pages 29 and 30 for index definitions.

Average Annual Total Returns

	1 Year			3 Years			5 Years			10 Years			Since Inception			Inception Date
Retail Class (WTIFX)		64.17	%		-4.75	%		4.17	%		2.34	%		2.67	%	12/15/99
MSCI EAFE Small-Cap Index®		46.80			-7.59			3.51			6.45			6.53
Lipper International Small-Cap Index		48.74			-5.82			5.77			5.56			5.52

Retail Class Annual Expense Ratio (per the current prospectus) — Gross: 1.98%, Net: 1.50%

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance quoted. To obtain current performance as of the most recent month-end, please call 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 90 calendar days from their date of purchase. If imposed, the fee would reduce the performance quoted. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. 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.

The 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 for the retail class until at least April 29, 2010. Without fee waivers and expense reimbursements, total return and yield figures would have been lower.

Investing in small-cap funds generally will be more volatile and loss of principal could be greater than investing in larger-cap funds.

Investing in foreign securities entails special risks, such as currency fluctuations and political uncertainties, which are described in more detail in the prospectus.

Manager Commentary

§ Early in 2009, markets appeared to factor in extremely negative assumptions about global growth.  We believe this fact, combined with our emphasis on earnings growth, cash generation and valuation, led to the Fund’s strong performance in 2009, as Fund holdings achieved fairly resilient operating results.

§ Companies within the industrials, consumer discretionary and financials sectors drove the Fund’s performance relative to the benchmark for the year.   

§ The Fund’s biggest contributor to performance in 2009 was Andritz Ag, an Austrian-based company.  This industrials sector holding is a manufacturer of production facilities for the pulp and metals industries and in recent years diversified into the hydropower plant business.  Despite the global downturn, Andritz continued to receive large orders throughout the world for its renewable energy solutions.  Additionally, Andritz reported a resumption in orders within its pulp and metals divisions toward the end of 2009.  Another industrials sector holding that provided strong results is SAI Global Ltd., an Australia-based standards company that provides organizations worldwide with information services and solutions for risk management, compliance and business improvement.  The company delivered a positive interim financial report and continued to build out its compliance offering with a strategic acquisition.

§ Subpar performance in the energy and telecommunications services sectors along with a lack of exposure to the materials sector detracted from the Fund’s performance relative to the benchmark in 2009.

§ Although the financial sector was one of the Fund’s largest contributors relative to the benchmark, financial holding London Capital Group Holdings PLC was the Fund’s biggest detractor in 2009.  London Capital Group is an internet-based financial services company that specializes in trading financial instruments.  Reduced market volatility and increased operating costs led the company to reduce full-year expectations during 2009.  However, key performance indicators, such as new account openings, were strong at the end of the year leading us to believe that the company can provide long-term success.  Another drag on Fund performance came from healthcare sector holding Omega Pharma N.V.  The company offers a range of over-the-counter healthcare products across Europe.  The weakening economy, particularly in Europe, led to slower consumer spending and stagnant growth for Omega Pharma.  However, sales have recently shown signs of improvement and we believe successful cost cutting should allow for a profitable recovery.

§ We expect the global economy to strengthen in 2010 relative to 2009.  While we believe a full recovery will take considerable time, we are optimistic about 2010.  The Fund continues to trade at what appear to be attractive valuations, especially when considering the growth and return profile of its holdings.  We remain focused on monitoring the fundamentals of each holding, as we believe operational success at the company level should lead to performance success over time.

PAGE 19

WESTCORE INTERNATIONAL FRONTIER FUND (continued)

Stock Performance

(for the year ended 12/31/09)

	Average			Contribution
Top 5 Stocks	Weight			to Return
Andritz Ag		4.82	%		6.63	%
Wirecard Ag		4.34			6.27
Indutrade AB		4.43			6.07
SAI Global Ltd.		4.01			4.70
Maisons France Confort		2.61			4.55
Bottom 5 Stocks
Omega Pharma N.V.		1.25	%		-0.35	%
Okinawa Cellular
Telephone Co.		0.46			-0.40
Unicharm PetCare Corp.		0.22			-0.44
Kenedix Inc.		0.11			-1.18
London Capital Group
Holdings PLC		4.26			-1.97

Past performance does not guarantee future results. These stocks do not represent all of the securities purchased, sold or recommended by the Funds’ Adviser. To request a complete list of the contribution of each Fund holding to overall Fund performance during the period, please call 800.392.CORE (2673) or email invest@westcore.com.

Please see page 30 for a description of the methodology used to construct this chart.

Top Ten Holdings

(as of 12/31/09)

IG Group Holdings PLC [United Kingdom]	5.1	%
Morgan Sindall PLC [United Kingdom]	5.1
Cardno Ltd. [Australia]	5.0
Diploma PLC [United Kingdom]	4.4
Slater & Gordon Ltd. [Australia]	4.2
Rightmove PLC [United Kingdom]	4.0
Mears Group PLC [United Kingdom]	3.9
Prosafe Production PLC [Norway]	3.5
Home Capital Group Inc. [Canada]	3.4
CTS Eventim AG [Germany]	3.3
Total (% of Net Assets)	41.9	%

Top ten holdings do not include any cash, cash equivalents or exchange traded fund investments and are subject to change. There are no guarantees that the Fund will continue to remain invested in any particular holding.

Morningstar Ratings

		Number of Funds
	Morningstar	in Foreign
	Rating™	Small/Mid
	as of 12/31/09	Growth Category
Overall	««	103
3 Year	«««	103
5 Year	««	78
10 Year	««	39

Morningstar proprietary ratings reflect historical risk-adjusted performance as of  12/31/09 and are subject to change every month.

Please see page 30 for more detail regarding Morningstar Ratings.

Portfolio Characteristics

(as of 12/31/09)	Westcore International	MSCI EAFE
	Frontier Fund	Small-CapIndex®
Weighted Average Market Capitalization ($ Mil)	$825	$1,447
Number of Countries Represented	17	27
Price/Earnings (1 year trailing)	15.1x	24.3x
Price/Book Value	2.9x	2.0x
Number of Holdings	40	2,256
Portfolio Turnover Rate	65%	—

Please see page 31 for definitions of terms.

Sector Allocation

(as of 12/31/09)

	Westcore
	International			MSCI EAFE			Relative Weights
	Frontier Fund			Small-Cap Index®			Under		Over
Consumer Discretionary		19.0	%		17.6	%				1.4	%
Consumer Staples		3.8			6.0			-2.2
Energy		3.5			5.1			-1.6
Financials		13.1			19.3			-6.2
Healthcare		7.2			6.1					1.1
Industrials		40.3			25.3					15.0
Information Technology		7.2			8.7			-1.5
Materials		0.0			9.3			-9.3
Telecommunication Services		0.0			0.7			-0.7
Utilities		0.0			1.9			-1.9
ST Investments/Net Other Assets		5.9			0.0					5.9
Total (% of Net Assets)		100.0	%		100.0	%

Sector classifications presented herein are based on the sector categorization methodology of the Adviser to the Funds which may result in the sector designations for one Fund being different than another Fund’s sector designations.

Regional Allocation

(as of 12/31/09)

	Westcore
	International			MSCI EAFE			Relative Weights
	Frontier Fund			Small-Cap Index®			Under		Over
United Kingdom		28.8	%		20.2	%				8.6	%
Europe		27.7			39.7			-12.0
Japan		11.2			25.4			-14.2
Asia (excluding Japan)		18.8			14.2					4.6
Emerging Markets		4.4			0.5					3.9
North America		3.4			0.0					3.4
ST Investments/Net Other Assets		5.7			0.0					5.7

Percentages are based on Total Net Assets

Please see page 31 for definitions of terms.

Market Capitalization

(as of 12/31/09)

Market Cap Range ($ Mil)	Percent of Total Investments*	Number of Holdings
$0 - $500	42.1%	16
$500 - $1,000	28.8	13
$1,000 - $2,000	20.3	9
Over $2,000	8.8	2

* Total Investments for this chart reflects the value of such investments and excludes short-term investments, including money market mutual funds.

Market capitalization ranges were determined by the Adviser to the Fund and are for presentation purposes only. These market capitalization ranges do not necessarily correlate to the benchmark’s market capitalization ranges.

PAGE 20

WESTCORE FLEXIBLE INCOME FUND (WTLTX, WILTX)

Fund Strategy

A fixed-income fund investing in a wide variety of income-producing securities, primarily bonds and to a lesser extent convertible bonds, and equity securities.

Fund Management

Mark R. McKissick, CFA Lead Portfolio Manager

Troy A. Johnson, CFA Co-Portfolio Manager

CFA is a trademark owned by the CFA Institute.

Cumulative Returns

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past 10 years (or for the life of the Fund if shorter). Performance calculations are as of the end of December each year. Past performance does not guarantee future results. This chart does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Barclays Capital is the source and owner of the Barclays Capital Index data. See page 30 for additional disclosure.

Lipper Index data provided by Lipper, Inc. See page 30 for additional disclosure.

Please see pages 29 and 30 for index definitions.

Average Annual Total Returns

	1 Year			3 Years			5 Years			10 Years			Since Incep.			30-Day SEC Yield			Incep. Date
Retail Class (WTLTX)		40.09	%		-1.79	%		1.52	%		5.99	%		7.52	%		6.53	%	6/1/88
Institutional Class (WILTX)		40.30			-1.73			1.56			6.02			7.53			6.68		9/28/07
Barclays Capital U.S. Corporate High Yield Ba Index		46.08			7.02			6.78			7.63			8.88			N/A
Westcore Flexible Income Fund Custom Index		46.08			7.02			6.78			8.21			9.00			N/A
Lipper High Current Yield Index		49.49			2.80			4.27			4.13			6.80			N/A

Retail Class Annual Expense Ratio (per the current prospectus) — Gross: 0.94%, Net: 0.87%

Institutional Class Annual Expense Ratio (per the current prospectus) — Gross: 3.23%, Net: 0.76%

30-Day SEC Yield figures reflect all fee waivers and expense reimbursements. Without the absorption of these fee waivers and/or expense reimbursements, the figures would have been 6.48% for the retail class and 3.95% for the institutional class.

The performance data quoted represents past performance and does not guarantee future results. Performance information for the institutional class shares prior to their inception date is based on the performance of the retail class. Since inception performance for the benchmark indices are calculated using the retail class inception date. Current performance may be lower or higher than the performance quoted. To obtain current performance as of the most recent month-end, please call 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 90 calendar days from their date of purchase. If imposed, the fee would reduce the performance quoted. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. 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.

The 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 for the retail class until at least April 29, 2010. For the institutional class, the Advisor has contractually agreed to waive and/or reimburse its proportionate share of the retail class waiver and/or reimbursement plus the ongoing class-specific expenses until at least April 29, 2010. Without fee waivers and expense reimbursements, total return and yield figures would have been lower.

Westcore Flexible Income Fund may invest in high-yield/high-risk bonds which are subject to greater levels of liquidity risk.

Mark R. McKissick is a registered representative of ALPS Distributors, Inc.

Manager Commentary

§ The high yield market shifted from concerns of multi-year double digit default rates at the beginning of 2009 towards a largely accepted view that defaults had peaked in the fourth quarter with a burgeoning economic recovery underway.  As a result, high yield bond spreads tightened towards more normalized levels from unprecedented spreads witnessed at the start of the year.  This tightening produced record returns for the asset class despite a likewise record amount of new issuance.  The additional liquidity that came into the market due to the renewed outlook for economic recovery promoted the ease of refinancing and in turn limited the expected default rate for high yield.

§ The Westcore Flexible Income Fund’s 40.09% return underperformed the 46.08% posted by its benchmark, the Barclays Capital U.S. Corporate High Yield Ba Index.  This was largely driven by our focus on what we believe are “higher quality” securities.  While the Fund’s “higher quality” holdings were steady and positive contributors to performance, they failed to keep pace with BB rated credits during the dramatic and unprecedented upward move of high yield valuations over the course of the year.  

§ The Fund’s high yield positions in general performed well due to our focus on credit risk and underlying asset protection.  In particular, we had a number of issues within gaming and the REIT space that rebounded from depressed valuations at the beginning of the year.  The Fund’s lower-rated credits across industries, which ranged from preferred stock to distressed bonds, benefitted given the market environment.  They also gained from certain issue specific credit enhancing events that resulted from the strong underlying asset value or covenant protection that was identified through our research efforts at the time of purchase.

§ While we are cautious of the overall corporate credit market ahead of receiving more definitive signs of a typical economic recovery, we do anticipate a reduction in volatility through the next year.  We believe this environment presents us with an opportunity to target specific high yield issues based on fundamental research.  We are currently focused on asset rich issuers within the upper tier level of the high yield market, which is an area we feel presently offers the most compelling value within the corporate bond market.

PAGE 21

WESTCORE FLEXIBLE INCOME FUND (continued)

Top Ten Corporate Credit Exposure

(as of 12/31/09)
Qwest Corp.	5.8	%
Forest Oil Corp.	4.0
Las Vegas Sands	3.5
Host Hotels	3.4
Tennessee Gas Pipeline	3.3
Valero Energy	3.3
Omega Healthcare	3.1
Aramark Corp.	3.1
Transcontinental Gas Pipeline	3.1
Freeport-McMoran C&G	2.6
Total (% of Net Assets)	35.2	%

Percentages represent the Fund’s aggregate holdings in the same corporate issuer and its affiliates. Top Ten Corporate Credit Exposure are subject to change. There are no guarantees that the Fund will continue to remain invested in any particular security or issuer.

Morningstar Ratings

		Number
		of Funds in
	Morningstar	High Yield
	Rating™	Bond
	as of 12/31/09	Category
Overall	««	475
3 Year	«	475
5 Year	«	411
10 Year	««««	258

Morningstar Ratings shown represent both the Retail and Institutional Classes. Morningstar proprietary ratings reflect historical risk-adjusted performance as of 12/31/09 and are subject to change every month.

Please see page 30 for more detail regarding Morningstar Ratings.

Portfolio Characteristics

(as of 12/31/09)

		Barclays Capital U.S.
	Westcore Flexible	Corporate High
	Income Fund	Yield Ba Index
Modified Duration	4.2 years	4.9 years
Effective Maturity	6.3 years	8.2 years
Average Credit Quality	BB	BB
Number of Holdings	104	598
Portfolio Turnover Rate	30%	—

Please see page 31 for definitions of terms.

Asset Allocation

(as of 12/31/09)

				Barclays Capital U.S.
	Westcore Flexible			Corporate High			Relative Weights
	Income Fund			Yield Ba Index			Under	Over
Treasuries		0.0	%		0.0	%			0.0	%
Agencies		0.0			0.0				0.0
Agency Mortgage-Backed Securities		0.0			0.0				0.0
Commercial Mortgage-Backed Securities		3.4			0.0				3.4
Collateralized Debt Obligations		0.6			0.0				0.6
Asset-Backed Securities		4.3			0.0				4.6
Common Stock		0.7			0.0				0.7
Preferred Stock		6.3			0.0				6.3
Corporate Bonds		79.3			100.0		-20.7
ST Investments/Net Other Assets		5.4			0.0				5.4

Percentages are based on Total Net Assets.

Ratings Allocation

(as of 12/31/09)

		Barclays Capital U.S.
	Westcore Flexible	Corporate High	Relative Weights
	Income Fund	Yield Ba Index	Under	Over
Treasuries	0.0%	0.0%		0.0%
Agencies	0.0	0.0		0.0
AAA	0.0	0.0		0.0
AA	0.0	0.0		0.0
A	3.7	0.0		3.7
BBB	32.9	0.0		32.9
Below BBB	53.6	100.0	-46.4
Non-Rated	5.4	0.0		5.4
ST Investments/Net Other Assets	4.4	0.0		4.4

Percentages are based on Total Investments. The Ratings allocation reflects the Standard & Poor’s equivalent ratings category for the highest credit-quality rating assigned by either Standard & Poor’s or Moody’s.

Maturity Allocation

(as of 12/31/09)

				Barclays Capital U.S.
	Westcore Flexible			Corporate High			Relative Weights
	Income Fund			Yield Ba Index			Under		Over
<  1 year		12.3	%		0.0	%				12.3	%
1 - 3 years		7.6			13.6			-6.0
3 - 5 years		13.4			24.3			-10.9
5 - 10 years		41.9			52.1			-10.2
10 - 20 years		14.0			5.3					8.7
20+ years		10.8			4.7					6.1

Percentages are based on Total Investments. The Adviser to the Funds utilizes the expected maturity in presenting this information.

PAGE 22

WESTCORE PLUS BOND FUND (WTIBX, WIIBX)

Fund Strategy

A fixed-income fund focusing on investment quality bonds of varying maturities.

Fund Management

Mark R. McKissick, CFA Lead Portfolio Manager

Lisa M. Snyder, CFA Co-Portfolio Manager

CFA is a trademark owned by the CFA Institute.

Cumulative Returns

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past 10 years (or for the life of the Fund if shorter). Performance calculations are as of the end of December each year. Past performance does not guarantee future results. This chart does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Barclays Capital is the source and owner of the Barclays Capital Index data. See page 30 for additional disclosure.

Lipper Index data provided by Lipper, Inc. See page 30 for additional disclosure.

Please see pages 29 and 30 for index definitions.

Average Annual Total Returns

	1 Year			3 Years			5 Years			10 Years			Since Incep.			30-Day SEC Yield			Incep. Date
Retail Class (WTIBX)		10.42	%		4.54	%		4.30	%		6.35	%		6.76	%		3.74	%	6/1/88
Institutional Class (WIIBX)		10.56			4.63			4.35			6.38			6.77			3.86		9/28/07
Barclays Capital Aggregate Bond Index		5.93			6.04			4.97			6.33			7.41		NA
Lipper Intermediate Investment Grade Index		14.30			4.72			4.18			5.74			6.62		NA

Retail Class Annual Expense Ratio (per the current prospectus) — Gross: 0.82%, Net: 0.56%

Institutional Class Annual Expense Ratio (per the current prospectus) — Gross: 0.74%, Net: 0.47%

30-Day SEC Yield figures reflect all fee waivers and expense reimbursements. Without the absorption of these fee waivers and/or expense reimbursements, the figures would have been 3.49% for the retail class and 3.58% for the institutional class.

The performance data quoted represents past performance and does not guarantee future results. Performance information for the institutional class shares prior to their inception date is based on the performance of the retail class. Since inception performance for the benchmark indices are calculated using the retail class inception date. Current performance may be lower or higher than the performance quoted. To obtain current performance as of the most recent month-end, please call 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 90 calendar days from their date of purchase. If imposed, the fee would reduce the performance quoted. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. 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.

The 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 for the retail class until at least April 29, 2010. For the institutional class, the Advisor has contractually agreed to waive and/or reimburse its proportionate share of the retail class waiver and/or reimbursement plus the ongoing class-specific expenses until at least April 29, 2010. Without fee waivers and expense reimbursements, total return and yield figures would have been lower.

Westcore Plus Bond Fund may invest in high-yield/high-risk bonds which are subject to greater levels of liquidity risk.

Mark R. McKissick is a registered representative of ALPS Distributors, Inc.

Manager Commentary

§ In 2009, the more risky sectors of the bond market outperformed U.S. Treasuries as investors responded favorably to the Federal government’s attempts to stabilize financial markets. While the U.S. Treasury component of the index fell -3.57% in 2009, the mortgage-backed sector returned 5.89% and corporate bonds in the index returned 18.68%.

§ Throughout the credit crisis, the Fund maintained a high quality bias in its corporate credit exposure but was not underweight in the sector relative to the benchmark. By maintaining exposure to corporate credit and increasing the Fund’s holdings throughout 2009, the Fund was able to participate meaningfully in the overall improvement in corporate bond pricing.  Our concern about the tenor of the economic recovery, however, kept our credit exposure of relatively higher quality.

§ We maintained an underweight position in mortgage backed securities in the Fund during 2009 as the federal government’s influence on the sector made its long-term fundamental value difficult to assess.  This position was taken hand-in-hand with our overweight in corporate bonds that performed relatively better.

§ We monitored the interest rate environment closely in 2009. The Federal Reserve’s intervention in certain markets resulted in a large increase in the base money supply, which can be inflationary. However, given its capital constraints and a very uncertain economic outlook, the banking system has not significantly increased loans and the broader money supply has grown more modestly.  We continue to monitor developments in money supply, the Fed’s proposed exit strategies, the deficit, and other key drivers of interest rates. Currently the Fund has slightly less interest rate exposure than the benchmark.

§ Now that the spread between corporate yields and Treasury yields has narrowed to historical ranges, we anticipate that 2010 outperformance will be driven more by security selection and less by merely overweighting the corporate sector. We feel our ability to select credits which offer outsized yield relative to their risk will serve the portfolio well in this environment. We continue to see good value in bonds from corporate issuers who we believe possess a long-term competitive advantage.

PAGE 23

WESTCORE PLUS BOND FUND (continued)

Top Ten Corporate Credit Exposure

(as of 12/31/09)

Anheuser-Busch	1.4	%
The Coca-Cola Company	1.2
Walmart Stores, Inc.	1.1
Wea Finance/WCI Finance	1.1
Kimco Realty	1.0
PNC Funding	1.0
Potash Corp.	1.0
Prologis Trust	1.0
L-3 Communications Corp.	1.0
Oracle Corp.	1.0
Total (% of Net Assets)	10.8	%

Percentages represent the Fund’s aggregate holdings in the same corporate issuer and its affiliates. Top Ten Corporate Credit Exposure are subject to change. There are no guarantees that the Fund will continue to remain invested in any particular security or issuer.

Morningstar Ratings

		Number
		of Funds in
	Morningstar	Intermediate-
	Rating™	Term Bond
	as of 12/31/09	Category
Overall	««««	978
3 Year	«««	978
5 Year	«««	866
10 Year	««««	496

Morningstar Ratings shown represent both the Retail and Institutional Classes. Morningstar proprietary ratings reflect historical risk-adjusted performance as of 12/31/09 and are subject to change every month.

Please see page 30 for more detail regarding Morningstar Ratings.

Portfolio Characteristics

(as of 12/31/09)

	Westcore Plus	Barclays Capital
	Bond Fund	Aggregate Bond Index
Modified Duration	4.4 years	4.6 years
Effective Maturity	7.4 years	6.8 years
Average Credit Quality	AA-	AA
Number of Holdings	261	8,413
Portfolio Turnover Rate	36%	—

Please see page 31 for definitions of terms.

Asset Allocation

(as of 12/31/09)

	Westcore Plus			Barclays Capital			Relative Weights
	Bond Fund			Aggregate Bond Index			Under			Over
Treasuries		13.5	%		27.6	%		-14.1	%
Agencies		4.7			9.0			-4.3
Agency Mortgage-Backed Securities		24.8			36.8			-12.0
Commercial Mortgage-Backed Securities		2.4			3.2			-0.8
Residential Mortgage-Backed Securities		0.2			0.0						0.2
Asset-Backed Securities		4.6			0.4						4.2
Collateralized Debt Obligations		0.1			0.0						0.1
Preferred Stock		0.3			0.0						0.3
Corporate Bonds		45.8			23.0						22.8
ST Investments/Net Other Assets		3.6			0.0						3.6

Percentages are based on Total Net Assets.

Ratings Allocation

(as of 12/31/09)

	Westcore Plus			Barclays Capital			Relative Weights
	Bond Fund			AggregateBond Index			Under			Over
Treasuries		13.6	%		27.6	%		-14.0	%
Agencies		29.6			45.7			-16.1
AAA		4.6			5.6			-1.0
AA		6.9			3.8						3.1
A		17.6			9.3						8.3
BBB		17.8			8.0						9.8
Below BBB		6.5			0.0						6.5
Non-Rated		0.7			0.0						0.7
ST Investments/Net Other Assets		2.7			0.0						2.7

Percentages are based on Total Investments. The Ratings allocation reflects the Standard & Poor’s equivalent ratings category for the highest credit-quality rating assigned by either Standard & Poor’s or Moody’s.

Maturity Allocation

(as of 12/31/09)

	Westcore Plus			Barclays Capital			Relative Weights
	Bond Fund			Aggregate Bond Index			Under		Over
< 1 year		7.2	%		0.0	%				7.2	%
1 - 3 years		16.1			22.9			-6.8
3 - 5 years		32.0			29.6					2.4
5 - 10 years		35.1			33.9					1.2
10 - 20 years		6.9			3.8					3.1
20+ years		2.7			9.8			-7.1

Percentages are based on Total Investments. The Adviser to the Funds utilizes the expected maturity in presenting this information.

PAGE 24

WESTCORE COLORADO TAX-EXEMPT FUND (WTCOX)

Fund Strategy

A Colorado municipal bond fund focusing on federal and state tax-exempt income primarily through investments in investment-grade quality bonds of intermediate maturity.

Fund Management

Thomas B. Stevens, CFA Lead Portfolio Manager

Kenneth A. Harris, CFA Co-Portfolio Manager

CFA is a trademark owned by the CFA Institute.

Cumulative Returns

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past 10 years (or for the life of the Fund if shorter). Performance calculations are as of the end of December each year. Past performance does not guarantee future results. This chart does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Barclays Capital is the source and owner of the Barclays Capital Index data. See page 30 for additional disclosure.

Lipper Index data provided by Lipper, Inc. See page 30 for additional disclosure.

Please see pages 29 and 30 for index definitions.

Average Annual Total Returns

	1 Year			3 Years			5 Years			10 Years			Since Incep.			30-Day SEC Yield			Incep. Date
Retail Class (WTCOX)		10.71	%		3.95	%		3.47	%		4.55	%		5.04	%		3.41	%	6/1/91
Barclays Capital 10-Year Municipal Bond Index		9.85			5.16			4.58			5.81			6.29			N/A
Lipper Intermediate Municipal Debt Index		11.36			3.95			3.54			4.66			5.07			N/A

Retail Class Annual Expense Ratio (per the current prospectus) — Gross: 0.92%, Net: 0.66%

30-Day SEC Yield figure reflects all fee waivers and expense reimbursements. Without the absorption of these fee waivers and/or expense reimbursements, the figure would have been 3.17%.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance quoted. To obtain current performance as of the most recent month-end, please call 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 90 calendar days from their date of purchase. If imposed, the fee would reduce the performance quoted. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. 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.

The 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 for the retail class until at least April 29, 2010. Without fee waivers and expense reimbursements, total return and yield figures would have been lower.

Westcore Colorado Tax-Exempt Fund invests primarily in instruments issued by or on behalf of one state and generally will be more volatile and loss of principal could be greater due to state specific risk.

Manager Commentary

§ Encouraged by prospects the economic recession was ending, and aided by supply/demand technical factors, municipal bond yields declined during 2009.  As examples, the 30-Day SEC Yield on the Westcore Colorado Tax-Exempt Fund declined from 3.87% on December 31, 2008 to 3.41% on December 31, 2009, and the average yield of the Municipal 20 Bond Buyer Index, a group of AAA-rated general obligation debt securities, ended 2009 yielding 4.21%, down from 5.46% a year earlier.

§ Perceptions that credit markets were recovering from the illiquidity constraints during 2008, in part promulgated by massive doses of Federal stimulus and historically low short-term interest rates, helped to buoy investor confidence in the municipal debt markets. This occurred amidst a backdrop of widening budget gap shortfalls for state and local governmental entities, including Colorado.

§ As we stated in our semi-annual report to shareholders in June, Colorado budget constraints remain a significant challenge.  The State Legislature is currently wrestling with reducing the budget shortfall, which is projected to be approximately $600 million for the current fiscal year.  Despite efforts to reduce expenditures, economic forecasters are predicting Colorado will still amass a deficit of roughly $385 million in the ensuing fiscal year, as revenues are anticipated to decline by approximately 6%.

§ Fund performance during the year was aided by narrowing yield spread differentials between BBB-rated credits and AAA-rated securities.  Securities and sectors which underperformed the general market during the dark days of 2008 became the primary generators of return in 2009.  Specifically, charter school obligations, not-for-profit healthcare facilities and special metropolitan districts whose revenue is tied to specific retail projects, such as Park Meadows Business Improvement District, helped to propel returns during the year.

§ New issuance of Colorado municipal debt obligations remains sparse.  As such, we are focusing on seasoned securities with solid financial balance sheets that meet our coupon, credit quality and maturity criteria.

PAGE 25

WESTCORE COLORADO TAX-EXEMPT FUND (continued)

Top Ten Holdings

(as of 12/31/09)	% of Net Assets
Denver Health & Hospital Auth Rev
6.00%, 12/1/2031	2.1%
Denver City & County School District #1
5.25%, 12/1/2025	1.6
Douglas County School District Re1
5.25%, 12/15/2017	1.6
Brighton Water Activity Ent Rev
5.00%, 12/1/2029	1.5
Adams & Arapahoe Counties JT
School District 28J, 6.25%,12/1/2026	1.4
Colorado Springs Utility Rev
5.00%, 11/15/2027	1.3
Gunnison Watershed School District
Re-001J, 5.25%, 12/1/2024	1.2
Adams County CTFS Partn
5.00%, 12/1/2025	1.2
Greeley Water Revenue
4.20%, 8/1/2024	1.1
Adams 12 Five Star Schools
0.00%, 12/15/2024	1.1
Total (% of Net Assets)	14.1%

Top ten holdings do not include any cash, cash equivalents or exchange traded fund investments and are subject to change. There are no guarantees that the Fund will continue to remain invested in any particular holding.

Morningstar Ratings

		Number
		of Funds in
	Morningstar	Muni Single
	Rating™	State Interm
	as of 12/31/09	Category
Overall	«««	245
3 Year	«««	245
5 Year	«««	234
10 Year	««	192

Morningstar proprietary ratings reflect historical risk-adjusted performance as of 12/31/09 and are subject to change every month.

Please see page 30 for more detail regarding Morningstar Ratings.

Portfolio Characteristics

(as of 12/31/09)

	Westcore Colorado	Barclays Capital 10-Year
	Tax-Exempt Fund	Municipal Bond Index
Modified Duration	5.1 years	7.4 years
Effective Maturity	6.8	10.0
Average Credit Quality	AA-	AAA
Colorado Double Tax-Exempt Percentage    (excludes cash & cash equivalents)	100.0	—
Percentage of Holdings Subject to AMT	0	—
Number of Holdings	167	—
Portfolio Turnover Rate	8%	—

Please see page 31 for definition of terms.

Ratings Allocation

(as of 12/31/09)

	Westcore			Barclays Capital
	Colorado			10-Year
	Tax-Exempt			Municipal			Relative Weights
	Fund			Bond Index			Under		Over
Treasuries		0.0	%		0.0	%				0.0	%
Agencies		0.0			0.0					0.0
AAA		14.1			25.8			-11.7
AA		45.0			43.0					2.0
A		22.9			21.5					1.4
BBB		6.7			9.7			-3.0
Below BBB		0.0			0.0					0.0
Non-Rated		3.9			0.0					3.9
ST Investments/Net Other Assets		7.4			0.0					7.4

Percentages are based on Total Investments. The Ratings allocation reflects the Standard & Poor’s equivalent ratings category for the highest credit-quality rating assigned by either Standard & Poor’s or Moody’s.

Maturity Allocation

(as of 12/31/09)

	Westcore			Barclays Capital
	Colorado			10-Year
	Tax-Exempt			Municipal			Relative Weights
	Fund			Bond Index			Under		Over
< 1 year		9.8	%		0.0	%				9.8	%
1 - 3 years		9.3			0.0					9.3
3 - 5 years		7.8			0.0					7.8
5 - 10 years		53.8			51.3					2.5
10 - 20 years		18.3			48.7			-30.4
20+ years		1.0			0.0					1.0

Percentages are based on Total Investments. The Adviser to the Funds utilizes the expected maturity in presenting this information.

PAGE 26

FUND EXPENSES

Disclosure of Fund Expenses (Unaudited)

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs (such as the 2% fee on redemption of Fund shares made within 90 days of purchase); and (2) ongoing costs, including management fees and other Fund expenses. The examples on the next page are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested on July 1, 2009 and held until December 31, 2009.

Actual Expenses. The first line of the table on the next page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes. The second line of the table on the next page provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Expenses shown in the table on the next page are meant to highlight ongoing Fund costs only and do not reflect transaction costs, such as redemption fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and may not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Expenses Paid During Period

With respect to Expenses Paid During the Period, as shown in the table on the next page, expenses are equal to the Fund’s annualized expense ratio, as shown below, multiplied by the average account value over the period, multiplied by the number of days in the last six months of the fiscal half-year, 184/365 (to reflect the half-year period). The annualized expense ratios for the last six months were as follows:

Fund	Retail Class	Institutional Class
Westcore Growth Fund	1.07%	0.93%
Westcore MIDCO Growth Fund	1.07%	0.94%
Westcore Select Fund	1.15%	N/A
Westcore Blue Chip Fund	1.15%	0.95%
Westcore Mid-Cap Value Fund	1.25%	N/A
Westcore Small-Cap Opportunity Fund	1.30%	1.17%
Westcore Small-Cap Value Fund	1.30%	1.19%
Westcore Micro-Cap Opportunity Fund	1.30%	N/A
Westcore International Frontier Fund	1.50%	N/A
Westcore Flexible Income Fund	0.85%	0.71%
Westcore Plus Bond Fund	0.55%	0.43%
Westcore Colorado Tax-Exempt Fund	0.65%	N/A

PAGE 27

FUND EXPENSES

Fund		Beginning Account Value 7/1/09	Ending Account Value 12/31/09	Expenses Paid During the Period 7/1/09 to 12/31/09
Westcore Growth Fund
Retail Class	Actual	$    1,000.00	$    1,271.55	$    6.13
	Hypothetical (5% return before expenses)	$    1,000.00	$    1,019.81	$    5.45
Institutional Class	Actual	$    1,000.00	$    1,271.04	$    5.32
	Hypothetical (5% return before expenses)	$    1,000.00	$    1,020.52	$    4.73
Westcore MIDCO Growth Fund
Retail Class	Actual	$    1,000.00	$    1,280.79	$    6.15
	Hypothetical (5% return before expenses)	$    1,000.00	$    1,019.81	$    5.45
Institutional Class	Actual	$    1,000.00	$    1,282.56	$    5.38
	Hypothetical (5% return before expenses)	$    1,000.00	$    1,010.25	$    4.76
Westcore Select Fund
Retail Class	Actual	$    1,000.00	$    1,294.31	$    6.65
	Hypothetical (5% return before expenses)	$    1,000.00	$    1,019.62	$    5.85
Westcore Blue Chip Fund
Retail Class	Actual	$    1,000.00	$    1,195.27	$    6.36
	Hypothetical (5% return before expenses)	$    1,000.00	$    1,019.41	$    5.85
Institutional Class	Actual	$    1,000.00	$    1,196.06	$    5.26
	Hypothetical (5% return before expenses)	$    1,000.00	$    1,020.42	$    4.84
Westcore Mid-Cap Value Fund
Retail Class	Actual	$    1,000.00	$    1,209.43	$    6.96
	Hypothetical (5% return before expenses)	$    1,000.00	$    1,018.90	$    6.36
Westcore Small-Cap Opportunity Fund
Retail Class	Actual	$    1,000.00	$    1,223.71	$    7.29
	Hypothetical (5% return before expenses)	$    1,000.00	$    1,018.65	$    6.61
Institutional Class	Actual	$    1,000.00	$    1,225.10	$    6.56
	Hypothetical (5% return before expenses)	$    1,000.00	$    1,019.31	$    5.96
Westcore Small-Cap Value Fund
Retail Class	Actual	$    1,000.00	$    1,244.52	$    7.35
	Hypothetical (5% return before expenses)	$    1,000.00	$    1,018.65	$    6.61
Institutional Class	Actual	$    1,000.00	$    1,245.40	$    6.73
	Hypothetical (5% return before expenses)	$    1,000.00	$    1,019.21	$    6.06
Westcore Micro-Cap Opportunity Fund
Retail Class	Actual	$    1,000.00	$    1,174.23	$    7.12
	Hypothetical (5% return before expenses)	$    1,000.00	$    1,018.65	$    6.61
Westcore International Frontier Fund
Retail Class	Actual	$    1,000.00	$    1,243.81	$    8.48
	Hypothetical (5% return before expenses)	$    1,000.00	$    1,017.64	$    7.63
Westcore Flexible Income Fund
Retail Class	Actual	$    1,000.00	$    1,160.24	$    4.63
	Hypothetical (5% return before expenses)	$    1,000.00	$    1,020.92	$    4.33
Institutional Class	Actual	$    1,000.00	$    1,160.94	$    3.85
	Hypothetical (5% return before expenses)	$    1,000.00	$    1,021.64	$    3.60
Westcore Plus Bond Fund
Retail Class	Actual	$    1,000.00	$    1,050.99	$    2.84
	Hypothetical (5% return before expenses)	$    1,000.00	$    1,022.43	$    2.80
Institutional Class	Actual	$    1,000.00	$    1,051.90	$    2.22
	Hypothetical (5% return before expenses)	$    1,000.00	$    1,023.04	$    2.19
Westcore Colorado Tax-Exempt Fund
Retail Class	Actual	$    1,000.00	$    1,048.81	$    3.36
	Hypothetical (5% return before expenses)	$    1,000.00	$    1,021.93	$    3.31

PAGE 28

IMPORTANT DISCLOSURES

Index Definitions and Disclosures

All indices are unmanaged and index performance figures include reinvestment of dividends but do not reflect any fees, expenses or taxes. Investors cannot invest directly in an index.

The S&P 500 Index is comprised of 500 common stocks chosen for market size, liquidity, and industry group representation. It is a market-value weighted index (stock price times number of shares outstanding), with each stock’s weight in the Index proportionate to its market value.

The Russell MidcapTM Growth Index measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values than the threshold determined by the Frank Russell Company. The Russell Midcap companies are comprised of the 800 smallest companies in the Russell 1000 Index. The Russell 1000 Index consists of the 1,000 largest U.S. Incorporated companies based on total market capitalization.

The Russell MidcapTM Value Index measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values. The stocks are also members of the Russell 1000 Value index.

The Russell 1000® Growth Index measures the performance of the largest 1,000 firms in the Russell 3000 Index, which represents approximately 98% of the investable U.S. equity market.

The Russell 2000® Index measures the performance of the smallest 2,000 companies in the Russell 3000 Index. The Russell 3000 Index consists of the 3,000 largest U.S. incorporated companies based on total market capitalization.

The Russell 2000® Value Index measures the performance of companies within the Russell 2000 Index having lower price-to-book ratios and lower forecasted growth values. The Russell 2000 Index includes the 2000 firms from the Russell 3000 Index with the smallest market capitalizations. The Russell 3000 Index represents 98% of the investable US equity market.

The Russell Microcap® Index measures the performance of the microcap segment of the U.S. equity market. It makes up less than 3% of the U.S. equity market. It includes 1,000 of the smallest securities in the Russell 2000 Index based on a combination of their market cap and current index membership and it includes the next 1,000 securities.

The MSCI EAFE Small-Cap Index® is a free float-adjusted market capitalization index that is designed to measure the performance of securities of small cap companies listed on the stock exchanges of 21 developed markets outside of North America with a full market capitalization range of US $200 million-$1.5 billion.

The Westcore Flexible Income Fund Custom Index is comprised of the Barclays Capital Long-Term Government/Corporate Bond Index from the Fund’s inception to 9/30/00 and the Barclays Capital U.S. Corporate High Yield Ba Index for the time period 10/1/00 to the most recent period end to reflect the change in the Fund’s investment strategy on 10/1/00. The Adviser believes that the Custom Index is the best benchmark measurement for historical performance over eight years.

The Barclays Capital U.S. Corporate High Yield Ba Index measures the performance of intermediate (1 to 10 year) U.S. high yield issues. It includes fixed-rate, noninvestment grade debt issues rated Ba1 or lower by Moody’s, rated BB+ or lower by S&P, rated below investment grade by Fitch Investor’s Service or if unrated previously held a high yield rating or have been associated with a high yield issuer, and must trade accordingly.

The Barclays Capital Aggregate Bond Index is a fixed income, market-value-weighted index generally representative of investment grade fixed-rate debt issues, including government, corporate, asset-backed, and mortgage-backed securities with maturities of at least one year.

The Barclays Capital 10-Year Municipal Bond Index includes investment grade (Moody’s Investor Services Aaa to Baa, Standard and Poor’s Corporation AAA to BBB) tax-exempt bonds with maturities between eight and twelve years.

The Municipal 20 Bond Buyer Index is comprised of yields of 20 general obligation municipal bonds published weekly by The Bond Buyer.

The Municipal 25 Bond Buyer Revenue Index is comprised of yields of 25 revenue bonds with 30-year maturities published weekly by The Bond Buyer.

The Lipper Large-Cap Growth Index is comprised of the 30 largest mutual funds in the Lipper Large-Cap Growth Funds classification.

The Lipper Mid-Cap Growth Index is comprised of the 30 largest mutual funds in the Lipper Mid-Cap Growth Funds classification.

The Lipper Large-Cap Core Index is comprised of the 30 largest mutual funds in the Lipper Large-Cap Core Funds classification.

PAGE 29

IMPORTANT DISCLOSURES (continued)

The Lipper Mid-Cap Value Index is comprised of the 30 largest mutual funds in the Lipper Mid-Cap Value Funds classification.

The Lipper Small-Cap Core Index is comprised of the 30 largest mutual funds in the Lipper Small-Cap Core Funds classification.

The Lipper Small-Cap Value Index is comprised of the 30 largest mutual funds in the Lipper Small-Cap Value Funds classification.

The Lipper International Small-Cap Index is comprised of the 30 largest mutual funds in the Lipper International Small-Cap Funds classification.

The Lipper High Current Yield Index is comprised of the 30 largest mutual funds in the Lipper High Current Yield Funds classification.

The Lipper Intermediate Investment Grade Index is comprised of the 30 largest mutual funds in the Lipper Intermediate Investment Grade Debt Funds classification.

The Lipper Intermediate Municipal Debt Index is comprised of the 30 largest mutual funds in the Lipper Intermediate Municipal Debt Funds classification.

Russell Investments is the source and owner of the Russell Index data contained in this material and all trademarks and copyrights related thereto. Any further dissemination or redistribution is strictly prohibited. Russell Investments is not responsible for the formatting or configuration of this material or for any inaccuracy in Denver Investments’ presentation thereof.

Standard & Poor’s is the source and owner of the S&P Index data contained in this material and all trademarks and copyrights related thereto. Any further dissemination or redistribution is strictly prohibited. Standard & Poor’s is not responsible for the formatting or configuration of this material or for any inaccuracy in Denver Investments’ presentation thereof.

MSCI Barra is the source and owner of the MSCI Index data contained in this material and all trademarks and copyrights related thereto. Any further dissemination or redistribution is strictly prohibited. MSCI Barra is not responsible for the formatting or configuration of this material or for any inaccuracy in Denver Investments’ presentation thereof.

Barclays Capital is the source and owner of the Barclays Capital Index data contained in this material and all trademarks and copyrights related thereto. Any further dissemination or redistribution is strictly prohibited. Barclays Capital is not responsible for the formatting or configuration of this material or for any inaccuracy in Denver Investments’ presentation thereof.

Lipper Inc. is the source and owner of the Lipper Index data contained in this material and all trademarks and copyrights related thereto. Any further dissemination or redistribution is strictly prohibited. Lipper Inc. is not responsible for the formatting or configuration of this material or for any inaccuracy in Denver Investments’ presentation thereof.

Top 5/Bottom 5 Stock Performance Calculation Methodology

The Calculation methodology used to construct this chart took into account consistently the weighting of every holding in the Fund that contributed to the Fund’s performance during the Measurement Period, and the Chart reflects consistently the results of the Calculation. The Calculation determined the contribution of each Fund holding by calculating the weight (i.e., percentage of the Total Investments) of each holding multiplied by the rate of return for that holding during 2009.

Morningstar Disclosures

©2009 Morningstar, Inc. All Rights Reserved. The information contained herein is: (1) 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 12/31/09 and are subject to change every month. For each fund with at least a 3-year history, Morningstar calculates a 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 and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive a Morningstar RatingTM of 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. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-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.

PAGE 30

IMPORTANT DISCLOSURES (continued)

Definitions of Terms

Average Credit Quality – A measure of the quality and safety of a bond, based on the issuer’s financial condition. More specifically, an evaluation from a rating service (Standard & Poor’s Rating Group) indicating the likelihood that a debt issuer will be able to meet scheduled interest and principal repayments. Typically, AAA is highest (best), and D is lowest (worst).

Duration – A generic description of the sensitivity of a bond’s price (as a percentage of initial price) to a change in yield.

EPS (Earnings per Share) Growth – Earnings per share is the portion of a company’s profit allocated to each outstanding share of common stock. EPS growth serves as an indicator of a company’s profitability.

Effective Maturity – A weighted average of the maturities of the bonds in a portfolio.

Emerging Markets – Westcore International Frontier Fund considers emerging market countries to be those countries that are neither U.S. nor developed countries.

Market Capitalization – The market capitalization represents the total value of a company or stock. It is calculated by multiplying the number of shares outstanding by the current price of one share.

Modified Duration – A duration measure in which it is assumed that yield changes do not change the expected cash flows.

Number of Holdings – The Number of Holdings presented excludes short-term investments including money market mutual funds.

Portfolio Turnover Rate – A percentage computed by taking the lesser of purchases or sales of portfolio securities (excluding short-term investments) for the year and dividing it by the monthly average of the market value of the portfolio securities during the year.

Price to Book Value (P/B) Ratio – The P/B ratio is used to compare a company’s book value to its current market price. This ratio compares the market’s valuation of a company to the value of that company as indicated on its financial statements. The higher the ratio, the higher the premium the market is willing to pay for the company above its hard assets.

Price to Cash (P/C) Flow Ratio – The P/C flow ratio is a measure of a firm’s stock price relative to its financial performance. For a fund, the P/C flow ratio is the weighted average of all stocks held in the fund. It represents the amount an investor is willing to pay for a dollar generated from a particular company’s operations.

Price to Earnings (P/E) Ratio – The P/E ratio is a stock’s per share price divided by its per share earnings over a 12-month period. For a fund, the P/E ratio is the weighted average of all stocks held in the fund. The higher the P/E ratio, the more the market is willing to pay for each dollar of annual earnings.

SEC Yield – The SEC Yield is a standardized method of computing return on investment that the U.S. Securities and Exchange Commission (SEC) requires mutual funds to use when advertising their yields. Its objective is to allow a confusion-free comparison of the performance of different funds.

Weighted Average – An average that takes into account the proportional relevance of each component, rather than treating each component equally.

PAGE 31

TRUSTEES AND OFFICERS

The business and affairs of the Funds are managed under the direction of the Trust’s Board of Trustees in accordance with the laws of the Commonwealth of Massachusetts and the Trust’s Amended and Restated Declaration of Trust. Information pertaining to the trustees and officers of the Trust is set forth below. Trustees who are not deemed to be “interested persons” of the Trust as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), are referred to as “Independent Trustees.” Trustees who are deemed to be interested persons of the Trust as defined in the 1940 Act are referred to as “Interested Trustees.” The Trust’s Statement of Additional Information includes additional information about the trustees and is available, without charge, upon request by calling toll free 800.392.CORE (2673).

Name, Address and age (1)	Position(s) Held with the Trust	Term of Office and Length of Time Served (2)	Principal Occupation(s)	Number of Funds in Fund Complex Overseen by Trustee (3)	Other Directorships Held by Trustee (4)
INTERESTED TRUSTEE
John A. DeTore, CFA (5) Age 51	Trustee	Since Dec. 31, 2009	§  CIO, Denver Alternatives, (an investment management division of Denver Investments) 2009-present §  CEO/Founder, United Alpha, LLC, (investment management) 2003-present §  CIO, GRT United Alpha, LLC, (investment management) 2006-present §  Managing Director/Director of Strategic R&D, Putnam Investments, (investment management) 1999-2000 §  Managing Director/Director of Quantitative Analysis & Equity Product Development, Putnam Investments, (investment management) 1994-1999.	12	None
INDEPENDENT TRUSTEES
Jack D. Henderson Age 82	Chairman and Trustee	Since Dec. 12, 1985	§  Attorney, Jack D. Henderson, Self-Employed Attorney-at-Law, 1952-present.	12	None
Mary K. Anstine Age 69	Trustee	Since Feb. 22, 2006	§  Retired, September 2004-present §  President/Chief Executive Officer, HealthOne Alliance (hospitals) 1994-2004 §  Various positions leading to Executive Vice President, First Interstate Bank Corporation and predecessors (banking) 1961-1994.	12	Ms. Anstine is a Trustee of ALPS ETF Trust (9 funds); ALPS  Variable Insurance Trust (1 fund); Financial Investors Trust (7 funds); Financial Investors Variable Insurance Trust (5 funds); and Reaves Utility Income Fund (1 fund).
Rick A. Pederson(6) Age 57	Trustee	Since Feb. 13, 2007	§Principal, The Pauls Corporation (real estate development) 2008-present §President, Partner, Bow River Capital Partners (investment manager) 2003-present §President, Foundation Properties, Inc. (a real estate investment management company) 1994-present §Chairman, Ross Consulting Group (real estate advisory services) 1982-present §Partner, Western Capital Partners (a private lending company) 2000-present	12	Mr. Pederson is a Trustee of ALPS ETF Trust (9 funds).

(1)	Each trustee may be contacted by writing to the trustee, c/o Westcore Trust, 1290 Broadway, Suite 1100, Denver, Colorado 80203.
(2)	Each trustee holds offices for an indefinite term until the earliest of: (a) the election of his successor; (b) the date a trustee dies, resigns, or is removed, adjudged incompetent, or, having become incapacitated by illness or injury, is retired by the Board of Trustees in accordance with the Trust’s Amended and Restated Declaration of Trust; or (c) the Trust terminates.
(3)	The Fund Complex includes funds with a common investment adviser or an adviser which is an affiliated person. There are currently fifteen Funds in the Fund Complex, including twelve Westcore Funds, Blue Chip Value Fund, Inc., Dunham Small-Cap Value Fund and RiverSource Partners Variable Portfolio Small-Cap Value Fund (formerly, RiverSource Variable Portfolio Small-Cap Value Fund), which are also advised by Denver Investments.
(4)	Directorships of companies required to report to the SEC under the 1934 Act (i.e., “public companies”) or other investment companies registered under the 1940 Act.
(5)	Mr. DeTore is deemed an “Interested Trustee” by virtue of serving as an officer of a division of Denver Investments.
(6)	Mr. Pederson also served as a director of ALPS Holdings, Inc., parent of ALPS Fund Services, Inc. and of ALPS Distributors, Inc., until September 30, 2005.

PAGE 32

TRUSTEES AND OFFICERS (continued)

Name, Address and age (1)	Position(s) Held with the Trust	Term of Office and Length of Time Served (2)	Principal Occupation(s)	Number of Funds in Fund Complex Overseen by Trustee (3)	Other Directorships Held by Trustee (4)
INDEPENDENT TRUSTEES (continued)
James A. Smith Age 57	Trustee	Since Dec. 31, 2009	§Private Equity Consultant, 2003-present §Trustee, the Nature Conservancy, (non profit) July 2007-present §Chairman, Yellow Pages Group of New Zealand (yellow pages) May 2007-May 2009 §Chairman and CEO, StellarOne Corp., (software development company) 2003 §Executive VP – Consumer Markets, Qwest Communications, (telecommunications industry) 2001-2002 §President and CEO Qwest Dex, (yellow pages) 1997-2001 §Various positions leading to Vice President with US West and affiliated and predecessor entities (telecommunications industry) 1979-1997.	12	None
Douglas M. Sparks CPA (Inactive) Age 66	Trustee	Since Dec. 31, 2009	§Retired, 2000-present §General Manager, Mister Remo of California, Inc., (apparel manufacturing) 1998-2000 §Partner, Ernst & Young LLP, (public accounting) 1981-1995 §Senior Manager, Ernst & Young LLP, (public accounting) 1977-1981 §Staff Professional, Ernst & Young LLP, (public accounting) 1968-1977.	12	None
Robert L. Stamp CPA (Inactive) Age 77	Trustee, Vice Chairman	Since Dec. 12, 1985	§ Retired, 1995-Present §Gates Corporation, (rubber manufacturer and supplier) 1967-1995 Vice President of Finance and Treasurer 1978-1985 Chief Financial Officer 1985-1995 §Financial Executive Institute, (professional association) 1968-present Director 1981-1984 Western Area Vice President 1983-1984 §Director Colorado Public Expenditures Council, (professional association) 1981-1991 Chairman 1986-1989 §Member US Chamber of Commercial Economic Policy Comm., (professional association) 1992-1995	12	None
Janice  M. Teague, CPA Age 56	Trustee	Since Feb. 13, 2007	§Retired, June 2003-present §Vice President, Secretary and Assistant Secretary, Berger Financial Group LLC, (investment management) October 1996-May 2003 §Vice President, Secretary and Assistant Secretary, Berger Funds, (investment management) September 1996-May 2003 §Vice President and Secretary, Berger Distributors, LLC, (investment management) August 1998-May 2003.	12	None

(1)	Each trustee may be contacted by writing to the trustee, c/o Westcore Trust, 1290 Broadway, Suite 1100, Denver, Colorado 80203.
(2)	Each trustee holds offices for an indefinite term until the earliest of: (a) the election of his successor; (b) the date a trustee dies, resigns, or is removed, adjudged incompetent, or, having become incapacitated by illness or injury, is retired by the Board of Trustees in accordance with the Trust’s Amended and Restated Declaration of Trust; or (c) the Trust terminates.
(3)	The Fund Complex includes funds with a common investment adviser or an adviser which is an affiliated person. There are currently fifteen Funds in the Fund Complex, including twelve Westcore Funds, Blue Chip Value Fund, Inc., Dunham Small-Cap Value Fund and RiverSource Partners Variable Portfolio Small-Cap Value Fund (formerly, RiverSource Variable Portfolio Small-Cap Value Fund), which are also advised by Denver Investments.
(4)	Directorships of companies required to report to the SEC under the 1934 Act (i.e., “public companies”) or other investment companies registered under the 1940 Act.

PAGE 33

TRUSTEES AND OFFICERS (continued)

Name, Address and age (1)	Position(s) Held with the Trust	Term of Office and Length of Time Served (2)	Principal Occupation(s)	Number of Funds in Fund Complex Overseen by Trustee (3)	Other Directorships Held by Trustee (4)
OFFICERS
Todger Anderson, CFA Age 65 Denver Investments 1225 17th Street-26th Fl. Denver, Colorado 80202	President	Since Feb. 18, 2005	§  Chairman, Denver Investments, January 2005-present; prior thereto, President and Director of Portfolio Management, Denver Investment Advisors, Inc. §  Portfolio Manager, Westcore MIDCO Growth Fund, August 1986-May 2005 §  Portfolio Co-Manager, Westcore Select Fund, December 2001-May 2005.	N/A	N/A
Jasper R. Frontz, CPA, CFA Age 41 Denver Investments 1225 17th Street-26th Fl. Denver, Colorado 80202	Treasurer Chief Compliance Officer	Since Feb. 12, 1997 Sep. 29, 2004	§Treasurer, November 1997-present and Chief Compliance Officer September 2004-present, Blue Chip Value Fund, Inc. (mutual fund) §Vice President, May 2000-present, and Director of Mutual Fund Administration, June 1997-present, Denver Investments §Registered Representative, ALPS Distributors, Inc., 1995-present.	N/A	N/A
Patrick D. Buchanan Age 38 ALPS Fund Services, Inc. 1290 Broadway, Suite 1100 Denver, CO 80203	Assistant Treasurer	Since May 21, 2008	§Senior Fund Controller, ALPS Fund Services, Inc. since October 2007 §Director of Accounting, Madison Capital Management LLC, (investment management) February 2005-October 2007 §Manager of Fund Accounting, Janus Capital Group, (investment management) August 2003-February 2005.	N/A	N/A
JoEllen L. Legg Age 48 ALPS Fund Services, Inc. 1290 Broadway, Suite 1100 Denver, CO 80203	Secretary	Since Nov. 15, 2007	§Associate Counsel, ALPS Fund Services, Inc. since October 2007 §Senior Counsel, Adelphia Communications Corporation, (cable industry) 2005-2007 §Associate Counsel, Patton Boggs LLP, (law firm) 2004-2005 §Associate Counsel, Fried, Frank, Harris, Shriver & Jacobson LLP, (law firm) 1998-2004.	N/A	N/A

(1)	Each trustee may be contacted by writing to the trustee, c/o Westcore Trust, 1290 Broadway, Suite 1100, Denver, Colorado 80203.
(2)	Each trustee holds offices for an indefinite term until the earliest of: (a) the election of his successor; (b) the date a trustee dies, resigns, or is removed, adjudged incompetent, or, having become incapacitated by illness or injury, is retired by the Board of Trustees in accordance with the Trust’s Amended and Restated Declaration of Trust; or (c) the Trust terminates.
(3)	The Fund Complex includes funds with a common investment adviser or an adviser which is an affiliated person. There are currently fifteen Funds in the Fund Complex, including twelve Westcore Funds, Blue Chip Value Fund, Inc., Dunham Small-Cap Value Fund and RiverSource Partners Variable Portfolio Small-Cap Value Fund (formerly, RiverSource Variable Portfolio Small-Cap Value Fund), which are also advised by Denver Investments.
(4)	Directorships of companies required to report to the SEC under the 1934 Act (i.e., “public companies”) or other investment companies registered under the 1940 Act.

PAGE 34

FINANCIAL STATEMENTS TABLE OF CONTENTS

STATEMENTS OF INVESTMENTS
Westcore Growth Fund	36
Westcore MIDCO Growth Fund	38
Westcore Select Fund	40
Westcore Blue Chip Fund	41
Westcore Mid-Cap Value Fund	43
Westcore Small-Cap Opportunity Fund	45
Westcore Small-Cap Value Fund	47
Westcore Micro-Cap Opportunity Fund	49
Westcore International Frontier Fund	52
Westcore Flexible Income Fund	54
Westcore Plus Bond Fund	59
Westcore Colorado Tax-Exempt Fund	67
Common Abbreviations	72
STATEMENTS OF ASSETS AND LIABILITIES	73
STATEMENTS OF OPERATIONS	75
STATEMENTS OF CHANGES IN NET ASSETS	77
FINANCIAL HIGHLIGHTS	81
NOTES TO FINANCIAL STATEMENTS	89
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	106
SHAREHOLDER TAX INFORMATION	107
OTHER IMPORTANT INFORMATION	108

PAGE 35

STATEMENTS OF INVESTMENTS

WESTCORE GROWTH FUND AS OF DECEMBER 31, 2009

	Shares		Market Value
COMMON STOCKS			99.39%
Consumer Discretionary			12.18%
Hotels, Restaurants & Leisure			2.17%
Las Vegas Sands Corp.**		94,330	$	1,409,290
Royal Caribbean Cruises Ltd.**		49,950		1,262,736
				2,672,026
Internet & Catalog Retail			3.86%
Amazon.com Inc.**		15,205		2,045,377
priceline.com Inc.**		12,390		2,707,215
				4,752,592
Multiline Retail			2.83%
Nordstrom Inc.		38,690		1,453,970
Target Corp.		41,980		2,030,573
				3,484,543
Specialty Retail			2.09%
Guess? Inc.		29,190		1,234,737
Tiffany & Co.		31,140		1,339,020
				2,573,757
Textiles, Apparel & Luxury Goods			1.23%
Coach Inc.		41,310		1,509,054
Total Consumer Discretionary
(Cost $11,017,645)				14,991,972
Consumer Staples			2.27%
Beverages			2.27%
PepsiCo Inc.		45,912		2,791,450
Total Consumer Staples
(Cost $2,510,152)				2,791,450
Energy			8.05%
Energy Equipment & Services			4.71%
Halliburton Co.		47,522		1,429,937
Schlumberger Ltd.		33,560		2,184,421
Transocean Ltd.  (Switzerland)**		26,320		2,179,296
				5,793,654
Oil Gas & Consumable Fuels			3.34%
EOG Resources Inc.		13,046		1,269,376
Occidental Petroleum Corp.		22,587		1,837,452
Southwestern Energy Co.**		20,780		1,001,596
				4,108,424
Total Energy
(Cost $8,143,752)				9,902,078
Financials			6.52%
Capital Markets			4.15%
Goldman Sachs Group Inc.		11,720		1,978,805
Invesco Ltd.		59,405		1,395,423
Morgan Stanley		27,120		802,752
T. Rowe Price Group Inc.		17,540		934,005
				5,110,985
Commercial Banks			0.86%
Wells Fargo & Co.		39,110		1,055,579
Diversified Financial Services			1.51%
JPMorgan Chase & Co.		44,630		1,859,732
Total Financials
(Cost $5,858,356)				8,026,296
Healthcare			12.18%
Biotechnology			3.13%
Celgene Corp.**		34,310		1,910,381
Gilead Sciences Inc.**		19,820		857,810
United Therapeutics Corp.**		20,680		1,088,802
				3,856,993
Healthcare Equipment & Supplies			2.83%
Baxter International Inc.		35,730		2,096,637
Covidien PLC (Ireland)		28,890		1,383,542
				3,480,179
Healthcare Providers & Services			2.56%
Medco Health Solutions Inc.**		49,240		3,146,928
Life Sciences Tools & Services			1.06%
Thermo Fisher Scientific Inc.**		27,390		1,306,229
Pharmaceuticals			2.60%
Abbott Laboratories		35,130		1,896,668
Teva Pharmaceutical Industries Ltd. - ADR  (Israel)		23,159		1,301,073
				3,197,741
Total Healthcare
(Cost $11,727,603)				14,988,070
Industrials			11.98%
Aerospace & Defense			4.31%
Precision Castparts Corp.		16,399		1,809,630
United Technologies Corp.		50,307		3,491,809
				5,301,439
Air Freight & Logistics			1.06%
FedEx Corp.		15,660		1,306,827
Electrical Equipment			0.74%
Cooper Industries PLC		21,430		913,775
Machinery			4.56%
Caterpillar Inc.		17,090		973,959
Danaher Corp.		22,491		1,691,323
Illinois Tool Works Inc.		39,540		1,897,524
Parker Hannifin Corp.		19,410		1,045,811
				5,608,617
Road & Rail			1.31%
Union Pacific Corp.		25,310		1,617,309
Total Industrials
(Cost $12,445,372)				14,747,967
Information Technology			39.11%
Communications Equipment			4.93%
Cisco Systems Inc.**		181,282		4,339,891
QUALCOMM Inc.		37,390		1,729,661
				6,069,552
Computers & Peripherals			12.66%
Apple Inc.**		28,877		6,089,005
EMC Corp.**		149,340		2,608,970
Hewlett-Packard Co.		80,871		4,165,665
Network Appliance Inc.**		79,130		2,721,281
				15,584,921
Electronic Equipment Instruments & Components			1.07%
Agilent Technologies Inc.**		42,550		1,322,029
Internet Software & Services			4.90%
Google Inc. - Class A**		9,726		6,029,925
IT Services			4.50%
MasterCard Inc. - Class A		11,460		2,933,530
Visa Inc.		29,747		2,601,673
				5,535,203
Semiconductors & Semiconductor Equipment			5.30%
Broadcom Corp.**		73,771		2,320,098
Lam Research Corp.**		35,800		1,403,718

PAGE 36

STATEMENTS OF INVESTMENTS

WESTCORE GROWTH FUND AS OF DECEMBER 31, 2009 (continued)

	Shares		Market Value
Marvell Technology Group Ltd. (Bermuda)**		134,830	$	2,797,722
				6,521,538
Software			5.75%
Microsoft Corp.		161,170		4,914,074
Oracle Corp.		87,970		2,158,784
				7,072,858
Total Information Technology
(Cost $31,609,284)				48,136,026
Materials			4.88%
Chemicals			2.43%
The Mosaic Co.		20,340		1,214,908
Praxair Inc.		22,080		1,773,245
				2,988,153
Metals & Mining			2.45%
Allegheny Technologies Inc.		15,840		709,157
Freeport-McMoRan Copper & Gold Inc.**		28,650		2,300,308
				3,009,465
Total Materials
(Cost $4,556,333)				5,997,618
Telecommunication Services			2.22%
Wireless Telecommunication Services			2.22%
Crown Castle International Corp.**		70,080		2,735,923
Total Telecommunication Services
(Cost $2,270,817)				2,735,923
Total Common Stocks
(Cost $90,139,314)				122,317,400
MONEY MARKET MUTUAL FUNDS			0.44%
Fidelity Institutional Money Market Government Portfolio - Class I (7 Day Yield 0.040%)		544,032		544,032
Total Money Market Mutual Funds
(Cost $544,032)				544,032
Total Investments
(Cost $90,683,346)	99.83%		$	122,861,432
Other Assets in Excess of Liabilities	0.17%			213,647
Net Assets	100.00%		$	123,075,079

Westcore Growth Fund
Country Breakdown as of December 31, 2009
Country	Market Value		%
United States	$	115,199,799	93.60%
Bermuda		2,797,722	2.27%
Switzerland		2,179,296	1.77%
Ireland		1,383,542	1.13%
Israel		1,301,073	1.06%
Total Investments		122,861,432	99.83%
Other Assets in Excess of Liabilities		213,647	0.17%
Net Assets	$	123,075,079	100.00%

Please note the country classification is based on the company headquarters and is unaudited.

All of the Fund’s investments are traded on U.S. exchanges.

Sector and industry classifications presented herein are based on the sector and industry categorization methodology of the Adviser to the Funds which may result in the designations for one Fund being different from another.  Sector and industry classifications are unaudited.

** Non-income producing security.

See Notes to Financial Statements.

PAGE 37

STATEMENTS OF INVESTMENTS

WESTCORE MIDCO GROWTH FUND AS OF DECEMBER 31, 2009

	Shares		Market Value
COMMON STOCKS			98.10%
Consumer Discretionary			18.18%
Auto Components			1.06%
WABCO Holdings Inc.		49,100	$	1,266,289
Hotels, Restaurants & Leisure			3.42%
Bally Technologies Inc.**		52,400		2,163,596
Darden Restaurants Inc.		55,100		1,932,357
				4,095,953
Household Durables			0.85%
Garmin Ltd.		33,100		1,016,170
Internet & Catalog Retail			2.91%
NetFlix Inc.**		26,800		1,477,752
priceline.com Inc.**		9,200		2,010,200
				3,487,952
Specialty Retail			4.52%
American Eagle Outfitters Inc.		82,300		1,397,454
Ross Stores Inc.		41,400		1,768,194
TJX Companies Inc.		61,600		2,251,480
				5,417,128
Textiles, Apparel & Luxury Goods			5.42%
Coach Inc.		68,600		2,505,958
Phillips-Van Heusen Corp.		31,800		1,293,624
Polo Ralph Lauren Corp.		18,700		1,514,326
The Warnaco Group Inc.**		27,700		1,168,663
				6,482,571
Total Consumer Discretionary
(Cost $16,382,795)				21,766,063
Consumer Staples			2.63%
Food & Staples Retailing			1.18%
BJ’s Wholesale Club Inc.**		43,100		1,409,801
Personal Products			1.45%
Herbalife Ltd. (Cayman Islands)		42,800		1,736,396
Total Consumer Staples
(Cost $2,916,913)				3,146,197
Energy			7.48%
Energy Equipment & Services			1.71%
Cameron International Corp.**		49,100		2,052,380
Oil Gas & Consumable Fuels			5.77%
Bill Barrett Corp.**		41,400		1,287,954
Cabot Oil & Gas Corp.		60,000		2,615,400
Comstock Resources Inc.**		31,200		1,265,784
Consol Energy Inc.		34,900		1,738,020
				6,907,158
Total Energy
(Cost $7,304,715)				8,959,538
Financials			10.35%
Capital Markets			5.19%
Invesco Ltd.		71,700		1,684,233
Janus Capital Group Inc.		128,900		1,733,705
T. Rowe Price Group Inc.		52,500		2,795,625
				6,213,563
Insurance			1.20%
Axis Capital Holdings Ltd. (Bermuda)		50,400		1,431,864
Real Estate Investment Trusts (REITs)			1.09%
Alexandria Real Estate Equities Inc.		20,400		1,311,516
Thrifts & Mortgage Finance			2.87%
Hudson City Bancorp Inc.		159,000		2,183,070
Washington Federal Inc.		64,700		1,251,298
				3,434,368
Total Financials
(Cost $10,108,168)				12,391,311
Healthcare			10.51%
Biotechnology			1.00%
Human Genome Sciences Inc.**		38,900		1,190,340
Healthcare Equipment & Supplies			1.04%
Immucor Inc.**		61,300		1,240,712
Healthcare Providers & Services			2.50%
DaVita Inc.**		24,650		1,447,941
Laboratory Corporation of America Holdings**		20,700		1,549,188
				2,997,129
Life Sciences Tools & Services			1.43%
Waters Corp.**		27,600		1,710,096
Pharmaceuticals			4.54%
King Pharmaceuticals Inc.**		157,300		1,930,071
Perrigo Co.		42,500		1,693,200
Shire Pharmaceuticals - ADR (Ireland)		30,900		1,813,830
				5,437,101
Total Healthcare
(Cost $9,144,275)				12,575,378
Industrials			18.37%
Aerospace & Defense			2.41%
Goodrich Corp.		44,900		2,884,825
Air Freight & Logistics			0.96%
UTi Worldwide Inc. (Virgin Islands)		80,000		1,145,600
Building Products			1.40%
Lennox International Inc.		43,000		1,678,720
Electrical Equipment			3.61%
Cooper Industries PLC		55,700		2,375,048
Rockwell Automation Inc.		41,500		1,949,670
				4,324,718
Machinery			7.10%
Lincoln Electric Holdings Inc.		36,100		1,929,906
Pall Corp.		37,100		1,343,020
Parker Hannifin Corp.		41,800		2,252,184
Pentair Inc.		33,600		1,085,280
SPX Corp.		34,500		1,887,150
				8,497,540
Professional Services			1.17%
Robert Half International Inc.		52,200		1,395,306
Road & Rail			0.83%
Knight Transportation Inc.		51,700		997,293
Trading Companies & Distributors			0.89%
WESCO International Inc.**		39,500		1,066,895
Total Industrials
(Cost $18,463,151)				21,990,897
Information Technology			22.44%
Computer & Peripherals			1.74%
Network Appliance Inc.**		60,500		2,080,595

PAGE 38

STATEMENTS OF INVESTMENTS

WESTCORE MIDCO GROWTH FUND AS OF DECEMBER 31, 2009 (continued)

	Shares		Market Value
Electronic Equipment Instruments & Components			2.07%
Dolby Laboratories Inc. - Class A**		51,900	$	2,477,187
Internet Software & Services			1.70%
VeriSign Inc.**		83,800		2,031,312
IT Services			1.51%
Global Payments Inc.		33,600		1,809,696
Office Electronics			1.08%
Zebra Technologies Corp. – Class A**		45,500		1,290,380
Semiconductors & Semiconductor Equipment			9.63%
Analog Devices Inc.		68,300		2,156,914
Lam Research Corp.**		29,900		1,172,379
Marvell Technology Group Ltd. (Bermuda)**		110,800		2,299,100
Novellus Systems Inc.**		52,100		1,216,014
Silicon Laboratories Inc.**		54,000		2,610,360
Xilinx Inc.		82,900		2,077,474
				11,532,241
Software			4.71%
Check Point Software Technologies Ltd.**		45,500		1,541,540
NICE Systems Ltd. (Israel)**		56,000		1,738,240
Sybase Inc.**		54,300		2,356,620
				5,636,400
Total Information Technology
(Cost $19,919,981)				26,857,811
Materials			6.84%
Chemicals			5.41%
Celanese Corp. - Series A		62,500		2,006,250
CF Industries Holdings Inc.		26,000		2,360,280
FMC Corp.		37,900		2,113,304
				6,479,834
Metals & Mining			1.43%
Compass Minerals International Inc.		25,400		1,706,626
Total Materials
(Cost $5,945,029)				8,186,460
Telecommunication Services			1.30%
Diversified Telecommunication Services			1.30%
tw telecom Inc. - Class A**		90,800		1,556,312
Total Telecommunication Services
(Cost $900,802)				1,556,312
Total Common Stocks
(Cost $91,085,829)				117,429,967
MONEY MARKET MUTUAL FUNDS			2.53%
Fidelity Institutional Money Market Government Portfolio - Class I (7 Day Yield 0.040%)		3,034,499		3,034,499
Total Money Market Mutual Funds
(Cost $3,034,499)				3,034,499
Total Investments
(Cost $94,120,328)	100.63%			120,464,466
Liabilities in Excess of Other Assets	(0.63%)			(757,373	)
Net Assets	100.00%		$	119,707,093

Westcore MIDCO Growth Fund
Country Breakdown as of December 31, 2009
Country	Market Value			%
United States	$	110,299,436		92.14%
Bermuda		3,730,964		3.12%
Ireland		1,813,830		1.51%
Israel		1,738,240		1.45%
Cayman Islands		1,736,396		1.45%
Virgin Islands		1,145,600		0.96%
Total Investments		120,464,466		100.63%
Liabilities in Excess of Other Assets		(757,373	)	(0.63%)
Net Assets	$	119,707,093		100.00%

Please note the country classification is based on the company headquarters and is unaudited.

All of the Fund’s investments are traded on U.S. exchanges.

Sector and industry classifications presented herein are based on the sector and industry categorization methodology of the Adviser to the Funds which may result in the designations for one Fund being different from another.  Sector and industry classifications are unaudited.

** Non-income producing security.

See Notes to Financial Statements.

PAGE 39

STATEMENTS OF INVESTMENTS

WESTCORE SELECT FUND AS OF DECEMBER 31, 2009

	Shares		Market Value
COMMON STOCKS			96.93%
Consumer Discretionary			20.36%
Hotels Restaurants & Leisure			3.46%
Bally Technologies Inc.**		56,300	$	2,324,627
Specialty Retail			13.32%
American Eagle Outfitters Inc.		119,000		2,020,620
Gymboree Corp.**		55,600		2,418,044
JOS. A. Bank Clothiers Inc.**		53,500		2,257,165
Ross Stores Inc.		52,769		2,253,764
				8,949,593
Textiles Apparel & Luxury Good			3.58%
Phillips-Van Heusen Corp.		59,198		2,408,175
Total Consumer Discretionary
(Cost $11,805,500)				13,682,395
Energy			3.83%
Oil Gas & Consumable Fuels			3.83%
Cabot Oil & Gas Corp.		59,100		2,576,169
Total Energy
(Cost $2,255,800)				2,576,169
Financials			7.68%
Capital Markets			4.34%
T. Rowe Price Group Inc.		54,700		2,912,775
Thrifts & Mortgage Finance			3.34%
Washington Federal Inc.		116,200		2,247,308
Total Financials
(Cost $5,127,046)				5,160,083
Healthcare			11.08%
Biotechnology			3.50%
Human Genome Sciences Inc.**		76,800		2,350,080
Healthcare Providers & Services			3.31%
DaVita Inc.**		37,900		2,226,246
Pharmaceuticals			4.27%
King Pharmaceuticals Inc.**		233,800		2,868,726
Total Healthcare
(Cost $5,559,033)				7,445,052
Industrials			25.36%
Aerospace & Defense			4.42%
Goodrich Corp.		46,249		2,971,498
Electrical Equipment			4.37%
Cooper Industries PLC		68,900		2,937,896
Machinery			9.90%
Pall Corp.		64,800		2,345,760
Parker Hannifin Corp.		41,300		2,225,244
SPX Corp.		38,000		2,078,600
				6,649,604
Professional Services			3.81%
Robert Half International Inc.		95,800		2,560,734
Trading Companies & Distributors			2.86%
WESCO International Inc.**		71,100		1,920,411
Total Industrials
(Cost $15,563,395)				17,040,143
Information Technology			24.49%
Computers & Peripherals			2.98%
Network Appliance Inc.**		58,200		2,001,498
Electronic Equipment Instruments & Components			3.96%
Dolby Laboratories Inc. - Class A**		55,800		2,663,334
Semiconductors & Semiconductor Equipment			13.41%
Analog Devices Inc.		95,270		3,008,627
Silicon Laboratories Inc.**		63,100		3,050,254
Xilinx Inc.		117,700		2,949,562
				9,008,443
Software			4.14%
Sybase Inc.**		64,100		2,781,940
Total Information Technology
(Cost $14,728,552)				16,455,215
Materials			4.13%
Chemicals			4.13%
CF Industries Holdings Inc.		30,589		2,776,869
Total Materials
(Cost $2,409,474)				2,776,869
Total Common Stocks
(Cost $57,448,800)				65,135,926
MONEY MARKET MUTUAL FUNDS			2.58%
Fidelity Institutional Money Market Government Portfolio - Class I (7 Day Yield 0.040%)		1,734,811		1,734,811
Total Money Market Mutual Funds
(Cost $1,734,811)				1,734,811
Total Investments
(Cost $59,183,611)	99.51%			66,870,737
Other Assets in Excess of Liabilities	0.49%			328,662
Net Assets	100.00%		$	67,199,399

Westcore Select Fund
Country Breakdown as of December 31, 2009
Country	Market Value		%
United States	$	66,870,737	99.51%
Total Investments		66,870,737	99.51%
Other Assets in Excess of Liabilities		328,662	0.49%
Net Assets	$	67,199,399	100.00%

Please note the country classification is based on the company headquarters and is unaudited.

All of the Fund’s investments are traded on U.S. exchanges.

Sector and industry classifications presented herein are based on the sector and industry categorization methodology of the Adviser to the Funds which may result in the designations for one Fund being different from another.  Sector and industry classifications are unaudited.

** Non-income producing security.

See Notes to Financial Statements.

PAGE 40

STATEMENTS OF INVESTMENTS

WESTCORE BLUE CHIP FUND AS OF DECEMBER 31, 2009

	Shares		Market Value
COMMON STOCKS			99.01%
Basic Materials			6.56%
Forestry & Paper			4.93%
Ball Corp.		13,450	$	695,365
International Paper Co.		44,350		1,187,693
				1,883,058
Specialty Chemicals			1.63%
The Mosaic Co.		10,450		624,179
Total Basic Materials
(Cost $1,822,486)				2,507,237
Capital Goods			4.50%
Aerospace & Defense			2.60%
General Dynamics Corp.		7,100		484,007
Raytheon Co.		9,900		510,048
				994,055
Industrial Products			1.90%
ITT Corp.		14,600		726,204
Total Capital Goods
(Cost $1,258,421)				1,720,259
Commercial Services			4.74%
Business Products & Services			1.97%
Quanta Services Inc. **		36,200		754,408
IT Services			1.49%
Computer Sciences Corp.**		9,900		569,547
Transaction Processing			1.28%
The Western Union Co.		25,950		489,158
Total Commercial Services
(Cost $1,917,745)				1,813,113
Communications			8.18%
Networking			4.26%
Cisco Systems Inc.**		68,000		1,627,920
Telecomm Equipment & Solutions			3.92%
Nokia Corp. - ADR  (Finland)		23,100		296,835
QUALCOMM Inc.		26,000		1,202,760
				1,499,595
Total Communications
(Cost $3,030,811)				3,127,515
Consumer Cyclical			12.79%
Apparel & Footwear Manufacturing			1.72%
Nike Inc. - Class B		9,950		657,397
Clothing & Accessories			0.96%
TJX Companies Inc.		10,100		369,155
Department Stores			1.88%
Macy’s Inc.		42,800		717,328
Other Consumer Services			2.42%
Expedia Inc.**		35,950		924,274
Publishing & Media			2.52%
Walt Disney Co.		29,900		964,274
Restaurants			1.76%
Darden Restaurants Inc.		19,200		673,344
Specialty Retail			1.53%
Best Buy Co. Inc.		14,800		584,008
Total Consumer Cyclical
(Cost $4,026,051)				4,889,780
Consumer Staples			6.95%
Consumer Products			2.52%
Colgate-Palmolive Co.		11,700		961,155
Food & Agricultural Products			4.43%
Campbell Soup Co.		21,700		733,460
Unilever N.V.  (Netherlands)		29,700		960,201
				1,693,661
Total Consumer Staples
(Cost $2,329,290)				2,654,816
Energy			10.54%
Exploration & Production			4.02%
Occidental Petroleum Corp.		18,900		1,537,515
Integrated Oils			3.54%
Exxon Mobil Corp.		5,800		395,502
Marathon Oil Corp.		30,600		955,332
				1,350,834
Oil Services			2.98%
Transocean Ltd.  (Switzerland)**		13,742		1,137,838
Total Energy
(Cost $2,127,299)				4,026,187
Interest Rate Sensitive			12.49%
Money Center Banks			5.51%
Bank of America Corp.		62,550	$	942,003
JPMorgan Chase & Co.		27,900		1,162,593
				2,104,596
Property Casualty Insurance			2.76%
ACE Ltd.  (Switzerland)		12,400		624,960
Travelers Cos. Inc.		8,650		431,289
				1,056,249
Regional Banks			0.98%
SunTrust Banks Inc.		18,400		373,336
Securities & Asset Management			3.24%
The Bank of New York Mellon Corp.		12,300		344,031
Invesco Ltd.		17,950		421,646
State Street Corp.		10,900		474,586
				1,240,263
Total Interest Rate Sensitive
(Cost $4,620,522)				4,774,444
Medical & Healthcare			10.57%
Medical Technology			2.42%
Zimmer Holdings Inc.**		15,650		925,072
Pharmaceuticals			8.15%
Abbott Laboratories		16,950		915,130
Amgen Inc.**		17,400		984,317
Forest Laboratories Inc.**		25,650		823,622
Pfizer Inc.		21,494		390,976
				3,114,045
Total Medical & Healthcare
(Cost $3,613,106)				4,039,117
Technology			15.00%
Computer Software			5.04%
Microsoft Corp.		28,300		862,867
Symantec Corp.**		59,400		1,062,666
				1,925,533
PC’s & Servers			4.83%
Dell Inc.**		47,500		682,100
International Business Machines Corp.		8,900		1,165,010
				1,847,110
Semiconductors			5.13%
Altera Corp.		49,300		1,115,658
Intel Corp.		41,300		842,520
				1,958,178

PAGE 41

STATEMENTS OF INVESTMENTS

WESTCORE BLUE CHIP FUND AS OF DECEMBER 31, 2009 (continued)

	Shares		Market Value
Total Technology
(Cost $4,885,562)			$	5,730,821
Transportation			3.64%
Railroads			3.64%
Norfolk Southern Corp.		15,950		836,099
Union Pacific Corp.		8,700		555,930
				1,392,029
Total Transportation
(Cost $1,102,082)				1,392,029
Utilities			3.05%
Independent Power			1.18%
PPL Corp.		13,900		449,109
Regulated Electric			1.87%
Edison International		20,600		716,468
Total Utilities
(Cost $1,225,118)				1,165,577
Total Common Stocks
(Cost $31,958,493)				37,840,895
MONEY MARKET MUTUAL FUNDS			0.95%
Fidelity Institutional Money Market Government Portfolio - Class I (7 Day Yield 0.040%)		361,713		361,713
Total Money Market Mutual Funds
(Cost $361,713)				361,713
Total Investments
(Cost $32,320,206)	99.96%			38,202,608
Other Assets in Excess of Liabilities	0.04%			14,905
Net Assets	100.00%		$	38,217,513

Westcore Blue Chip Fund
Country Breakdown as of December 31, 2009
Country	Market Value		%
United States	$	35,182,774	92.06%
Switzerland		1,762,798	4.61%
Netherlands		960,201	2.51%
Finland		296,835	0.78%
Total Investments		38,202,608	99.96%
Other Assets in Excess of Liabilities		14,905	0.04%
Net Assets	$	38,217,513	100.00%

Please note the country classification is based on the company headquarters and is unaudited.

All of the Fund’s investments are traded on U.S. exchanges.

Sector and industry classifications presented herein are based on the sector and industry categorization methodology of the Adviser to the Funds which may result in the designations for one Fund being different from another.  Sector and industry classifications are unaudited.

** Non-income producing security.

See Notes to Financial Statements.

PAGE 42

STATEMENTS OF INVESTMENTS

WESTCORE MID-CAP VALUE FUND AS OF DECEMBER 31, 2009

	Shares		Market Value
COMMON STOCKS			99.10%
Basic Materials			8.75%
Forestry & Paper			3.18%
International Paper Co.		57,800	$	1,547,884
Other Materials (Rubber & Plastic)			4.66%
Crown Holdings Inc.**		43,150		1,103,777
Owens-Illinois Inc.**		10,100		331,987
Pactiv Corp.**		34,250		826,795
				2,262,559
Steel			0.91%
Harsco Corp.		13,700		441,551
Total Basic Materials
(Cost $2,429,300)				4,251,994
Capital Goods			2.96%
Electrical Equipment			1.78%
General Cable Corp.**		29,500		867,890
Industrial Products			1.18%
ITT Corp.		11,500		572,010
Total Capital Goods
(Cost $2,178,092)				1,439,900
Commercial Services			5.96%
Business Products & Services			2.35%
Quanta Services Inc. **		54,875		1,143,595
Environmental & Pollution Control			2.06%
Waste Connections Inc. **		29,990		999,267
IT Services			1.55%
Affiliated Computer Services Inc. **		12,600		752,094
Total Commercial Services
(Cost $2,629,486)				2,894,956
Communications			3.57%
Telecomm Equipment & Solutions			3.57%
Adtran Inc.		29,250		659,588
CommScope Inc.**		40,400		1,071,812
				1,731,400
Total Communications
(Cost $1,778,838)				1,731,400
Consumer Cyclical			11.36%
Clothing & Accessories			2.94%
Abercrombie & Fitch Co. - Class A		19,400		676,090
Polo Ralph Lauren Corp.		9,300		753,113
				1,429,203
Department Stores			2.00%
Macy’s Inc.		58,000		972,080
Motor Vehicle Parts			2.57%
Autoliv Inc. (Sweden)		28,800		1,248,768
Restaurants			1.79%
Darden Restaurants Inc.		24,750		867,983
Specialty Retail			2.06%
Tiffany & Co.		23,260		1,000,180
Total Consumer Cyclical
(Cost $5,055,961)				5,518,214
Consumer Staples			4.85%
Food & Agricultural Products			4.85%
Dean Foods Co.**		46,800		844,272
The J.M. Smucker Co.		11,200		691,600
Tyson Foods Inc. - Class A		66,750		819,023
				2,354,895
Total Consumer Staples
(Cost $2,410,089)				2,354,895
Energy			8.45%
Exploration & Production			5.32%
Denbury Resources Inc.**		20,700		306,360
Encore Acquisition Co.**		19,000		912,380
Forest Oil Corp.**		31,700		705,325
Range Resources Corp.		13,250		660,513
				2,584,578
Oil Services			1.54%
Tidewater Inc.		15,600		748,020
Refining & Marketing			1.59%
Holly Corp.		30,200		774,026
Total Energy
(Cost $3,499,931)				4,106,624
Interest Rate Sensitive			17.95%
Life & Health Insurance			3.66%
Reinsurance Group of America Inc.		28,141		1,340,919
Unum Group		22,300		435,296
				1,776,215
Property Casualty Insurance			4.91%
Assured Guaranty Ltd.  (Bermuda)		27,400		596,224
Axis Capital Holdings Ltd. (Bermuda)		24,800		704,568
PartnerRe Ltd.  (Bermuda)		14,540		1,085,555
				2,386,347
Regional Banks			3.97%
Comerica Inc.		24,200		715,594
SunTrust Banks Inc.		37,700		764,933
Zions Bancorporation		34,900		447,767
				1,928,294
Securities & Asset Management			3.45%
Affiliated Managers Group Inc.**		9,850		663,398
Invesco Ltd.		43,200		1,014,768
				1,678,166
Thrifts			1.96%
Annaly Capital Management Inc.		54,800		950,780
Total Interest Rate Sensitive
(Cost $7,921,616)				8,719,802
Medical & Healthcare			7.69%
Healthcare Services			1.70%
Omnicare Inc.		34,100		824,879
Medical Technology			2.19%
Life Technologies Corp.**		20,330		1,061,836
Pharmaceuticals			3.80%
Cephalon Inc. **		13,300		830,053
Forest Laboratories Inc.**		31,700		1,017,887
				1,847,940
Total Medical & Healthcare
(Cost $3,058,574)				3,734,655
Real Estate Investment Trusts (REITs)			5.34%
Healthcare			2.25%
Senior Housing Properties Trust		25,000		546,750
Ventas Inc.		12,500		546,750
				1,093,500
Hotels			1.05%
Host Hotels & Resorts Inc.**		43,819		511,368

PAGE 43

STATEMENTS OF INVESTMENTS

WESTCORE MID-CAP VALUE FUND AS OF DECEMBER 31, 2009 (continued)

	Shares		Market Value
Multi-Family Housing			0.77%
Camden Property Trust		8,800	$	372,856
Office Properties			1.27%
Alexandria Real Estate Equities Inc.		9,600		617,184
Total Real Estate Investment Trusts (REITs)
(Cost $2,805,000)				2,594,908
Technology			8.34%
Computer Software			3.15%
Symantec Corp.**		52,500		939,225
Synopsys Inc.**		26,600		592,648
				1,531,873
Electronic Equipment			0.65%
Belden Inc.		14,400		315,648
Semiconductors			2.95%
Altera Corp.		44,680		1,011,108
Integrated Device Technology Inc.**		64,900		419,903
				1,431,011
Technology Resellers & Distributors			1.59%
Ingram Micro Inc. - Class A**		44,150		770,418
Total Technology
(Cost $4,224,311)				4,048,950
Transportation			0.67%
Trucking, Shipping & Air Freight			0.67%
Diana Shipping Inc.  (Greece)**		22,400		324,352
Total Transportation
(Cost $600,851)				324,352
Utilities			13.21%
Gas Utilities			2.01%
UGI Corp.		40,355		976,187
Independent Power			2.61%
NRG Energy Inc.**		24,700		583,167
PPL Corp.		21,230		685,941
				1,269,108
Integrated Gas & Electric			4.22%
CenterPoint Energy Inc.		71,935		1,043,777
NiSource Inc.		65,200		1,002,776
				2,046,553
Regulated Electric			4.37%
Edison International		27,600		959,928
Westar Energy Inc.		53,500		1,162,555
				2,122,483
Total Utilities
(Cost $6,678,813)				6,414,331
Total Common Stocks
(Cost $45,270,862)				48,134,981
MONEY MARKET MUTUAL FUNDS			0.10%
Fidelity Institutional Money Market Government Portfolio - Class I (7 Day Yield 0.040%)		47,476		47,476
Total Money Market Mutual Funds
(Cost $47,476)				47,476
Total Investments
(Cost $45,318,338)	99.20%			48,182,457
Other Assets in Excess of Liabilities	0.80%			390,035
Net Assets	100.00%		$	48,572,492

Westcore Mid-Cap Value Fund
Country Breakdown as of December 31, 2009
Country	Market Value		%
United States	$	44,222,990	91.05%
Bermuda		2,386,347	4.91%
Sweden		1,248,768	2.57%
Greece		324,352	0.67%
Total Investments		48,182,457	99.20%
Other Assets in Excess of Liabilities		390,035	0.80%
Net Assets	$	48,572,492	100.00%

Please note the country classification is based on the company headquarters and is unaudited.

All of the Fund’s investments are traded on U.S. exchanges.

Sector and industry classifications presented herein are based on the sector and industry categorization methodology of the Adviser to the Funds which may result in the designations for one Fund being different from another.  Sector and industry classifications are unaudited.

** Non-income producing security.

See Notes to Financial Statements.

PAGE 44

STATEMENTS OF INVESTMENTS

WESTCORE SMALL-CAP OPPORTUNITY FUND AS OF DECEMBER 31, 2009

	Shares		Market Value
COMMON STOCKS			97.42%
Basic Materials			6.13%
Precious Metals			1.26%
Thompson Creek Metals Co. Inc. (Canada)**		38,100	$	446,532
Specialty Chemicals			3.86%
NewMarket Corp.		9,150		1,050,146
OM Group Inc.**		10,300		323,317
				1,373,463
Steel			1.01%
Schnitzer Steel Industries Inc.		7,550		360,135
Total Basic Materials
(Cost $1,783,070)				2,180,130
Capital Goods			7.68%
Electrical Equipment			1.10%
General Cable Corp.**		13,295		391,139
Engineering & Construction			2.82%
EMCOR Group Inc.**		30,170		811,573
Integrated Electrical Services Inc.**		32,880		192,348
				1,003,921
Industrial Products			2.43%
EnPro Industries Inc.**		32,700		863,607
Machinery			1.33%
Columbus McKinnon Corp.**		34,470		470,860
Total Capital Goods
(Cost $3,061,746)				2,729,527
Commercial Services			4.96%
Business Products & Services			1.11%
CRA International Inc.**		14,800		394,420
Distributors & Wholesalers			1.53%
Central Garden & Pet Co. - Class A**		54,700		543,718
Environmental & Pollution Control			2.32%
Waste Connections Inc. **		24,810		826,669
Total Commercial Services
(Cost $1,674,661)				1,764,807
Communications			4.38%
Telecomm Equipment & Solutions			4.38%
CommScope Inc.**		19,840		526,355
Novatel Wireless Inc.**		31,355		249,899
Syniverse Holdings Inc.**		44,600		779,609
				1,555,863
Total Communications
(Cost $1,532,053)				1,555,863
Consumer Cyclical			15.96%
Apparel & Footwear Manufacturers			1.37%
Wolverine World Wide Inc.		17,860		486,149
Clothing & Accessories			6.73%
Aeropostale Inc.**		12,565		427,838
The Cato Corp. - Class A		26,800		537,608
The Children’s Place Retail Stores Inc.**		18,600		613,985
Kenneth Cole Productions Inc. - Class A**		25,600		247,040
Steven Madden Ltd.**		13,750		567,050
				2,393,521
Motor Vehicle Parts			1.30%
Autoliv Inc. (Sweden)		10,700		463,952
Motor Vehicles			1.50%
Group 1 Automotive Inc.**		18,800		532,980
Recreation & Leisure			3.71%
Steiner Leisure Ltd.**		18,400		731,584
WMS Industries Inc. **		14,685		587,400
				1,318,984
Restaurants			1.35%
CEC Entertainment Inc.**		15,000		478,800
Total Consumer Cyclical
(Cost $4,198,673)				5,674,386
Consumer Staples			3.95%
Consumer Products			1.20%
Elizabeth Arden Inc.**		29,410		424,680
Food & Agricultural Products			1.35%
Calavo Growers Inc.		28,320		481,440
Grocery & Convenience			1.40%
Casey’s General Stores Inc.		15,620		498,591
Total Consumer Staples
(Cost $1,289,321)				1,404,711
Energy			5.38%
Exploration & Production			1.03%
Carrizo Oil & Gas Inc.**		13,825		366,224
Oil Services			4.35%
Cal Dive International Inc.**		95,100		718,957
Oil States International Inc.**		13,660		536,701
T-3 Energy Services Inc.**		11,440		291,720
				1,547,378
Total Energy
(Cost $1,804,697)				1,913,602
Interest Rate Sensitive			13.91%
Other Banks			4.12%
Boston Private Financial Holdings Inc.		68,050		392,649
First Midwest Bancorp Inc.		46,800		509,652
PacWest Bancorp		27,910		562,386
				1,464,687
Property Casualty Insurance			3.90%
AMERISAFE Inc.**		19,800		355,806
The Hanover Insurance Group Inc.		10,100		448,743
Max Capital Group Ltd.  (Bermuda)		26,110		582,253
				1,386,802
Securities & Asset Management			3.14%
Investment Technology Group Inc.**		21,300		419,610
Piper Jaffray Cos. **		13,785		697,659
				1,117,269
Specialty Finance			1.28%
First Cash Financial Services Inc.**		20,460		454,007
Thrifts			1.47%
Anworth Mortgage Asset Corp.		74,800		523,600
Total Interest Rate Sensitive
(Cost $4,359,898)				4,946,365
Medical & Healthcare			13.14%
Healthcare Services			5.93%
Centene Corp.**		28,150		595,936
Kendle International Inc.**		12,300		225,213
LifePoint Hospitals Inc.**		18,400		598,184
Lincare Holdings Inc.**		18,600		690,432
				2,109,765

PAGE 45

STATEMENTS OF INVESTMENTS

WESTCORE SMALL-CAP OPPORTUNITY FUND AS OF DECEMBER 31, 2009 (continued)

	Shares		Market Value
Medical Products & Supplies			5.34%
Orthofix International N.V.  (Netherlands)**		30,950	$	958,522
STERIS Corp.		33,620		940,351
				1,898,873
Medical Technology			1.87%
SurModics Inc.**		10,520		238,383
ZOLL Medical Corp.**		15,900		424,848
				663,231
Total Medical & Healthcare
(Cost $4,543,712)				4,671,869
Real Estate Investment Trusts (REITs)			3.61%
Industrial Properties			0.95%
DCT Industrial Trust Inc.		67,500		338,850
Office			1.27%
BioMed Realty Trust Inc.		28,500		449,730
Office Industrial			1.39%
PS Business Parks Inc.		9,865		493,743
Total Real Estate Investment Trusts (REITs)
(Cost $1,163,348)				1,282,323
Technology			11.50%
Computer Software			2.84%
Manhattan Associates Inc.**		8,800		211,464
Parametric Technology Corp.**		22,900		374,186
Sybase Inc.**		9,750		423,150
				1,008,800
Electronic Equipment			3.38%
Belden Inc.		30,350		665,272
Rofin-Sinar Technologies Inc.**		22,750		537,128
				1,202,400
Semiconductor Capital Equipment			4.38%
Advanced Energy Industries Inc.**		43,640		658,091
Veeco Instruments Inc.**		27,160		897,366
				1,555,457
Semiconductors			0.90%
Integrated Device Technology Inc.**		49,700		321,559
Total Technology
(Cost $3,507,548)				4,088,216
Transportation			2.90%
Trucking, Shipping & Air Freight			2.90%
Marten Transport Ltd.**		29,200		524,140
Tsakos Energy Navigation Ltd.  (Greece)		17,800		260,948
Ultrapetrol Bahamas Ltd.  (Bahamas)**		51,270		244,045
				1,029,133
Total Transportation
(Cost $1,498,966)				1,029,133
Utilities			3.92%
Gas Utilities			2.51%
South Jersey Industries Inc.		23,320		890,358
Regulated Electric			1.41%
Westar Energy Inc.		23,130		502,615
Total Utilities
(Cost $1,288,721)				1,392,973
Total Common Stocks
(Cost $31,706,416)				34,633,905
MONEY MARKET MUTUAL FUNDS			5.27%
Fidelity Institutional Money Market Government Portfolio - Class I (7 Day Yield 0.040%)		1,873,738		1,873,738
Total Money Market Mutual Funds
(Cost $1,873,738)				1,873,738
Total Investments
(Cost $33,580,154)	102.69%			36,507,643
Liabilities in Excess of Other Assets	(2.69%)			(955,167	)
Net Assets	100.00%		$	35,552,476

Westcore Small-Cap Opportunity Fund
Country Breakdown as of December 31, 2009
Country	Market Value			%
United States	$	33,551,391		94.37%
Netherlands		958,522		2.70%
Bermuda		582,253		1.64%
Sweden		463,952		1.30%
Canada		446,532		1.26%
Greece		260,948		0.73%
Bahamas		244,045		0.69%
Total Investments		36,507,643		102.69%
Liabilities in Excess of Other Assets		(955,167	)	(2.69%)
Net Assets	$	35,552,476		100.00%

Please note the country classification is based on the company headquarters and is unaudited.

All of the Fund’s investments are traded on U.S. exchanges.

Sector and industry classifications presented herein are based on the sector and industry categorization methodology of the Adviser to the Funds which may result in the designations for one Fund being different from another.  Sector and industry classifications are unaudited.

** Non-income producing security.

See Notes to Financial Statements.

PAGE 46

STATEMENTS OF INVESTMENTS

WESTCORE SMALL-CAP VALUE FUND AS OF DECEMBER 31, 2009

	Shares		Market Value
COMMON STOCKS			98.92%
Basic Materials			8.10%
Forestry & Paper			3.69%
Albany International Corp. - Class A		111,870	$	2,512,600
Temple-Inland Inc.		308,300		6,508,213
				9,020,813
Specialty Chemicals			1.52%
Cabot Corp.		142,100		3,727,283
Steel			2.89%
Schnitzer Steel Industries Inc.		76,200		3,634,740
Worthington Industries Inc.		262,400		3,429,568
				7,064,308
Total Basic Materials
(Cost $16,261,903)				19,812,404
Capital Goods			4.94%
Aerospace & Defense Suppliers			2.19%
Triumph Group Inc.		110,900		5,350,925
Engineering & Construction			1.90%
Chicago Bridge & Iron Co. N.V. (Netherlands)**		229,700		4,644,534
Industrial Products			0.85%
Lincoln Electric Holdings Inc.		38,730		2,070,506
Total Capital Goods
(Cost $8,593,985)				12,065,965
Commercial Services			4.26%
Business Products & Services			4.26%
Brink’s Co.		147,000		3,577,980
CDI Corp.		209,335		2,710,888
Ennis Inc.		245,210		4,117,076
				10,405,944
Total Commercial Services
(Cost $12,073,211)				10,405,944
Communications			2.79%
Telecomm Equipment & Solutions			2.79%
Adtran Inc.		302,550		6,822,503
Total Communications
(Cost $6,259,407)				6,822,503
Consumer Cyclical			13.32%
Clothing & Accessories			6.46%
Columbia Sportswear Co.		90,700		3,540,928
The Finish Line Inc. - Class A		334,600		4,199,230
Foot Locker Inc.		371,800		4,141,852
Stage Stores Inc.		317,360		3,922,570
				15,804,580
Consumer Durables			2.51%
Knoll Inc.		262,050		2,706,977
Toro Co.		81,900		3,424,239
				6,131,216
Hard Goods Retail			1.06%
Aaron Rents Inc.		93,110		2,581,940
Other Consumer Services			1.06%
Regis Corp.		166,000		2,584,620
Restaurants			2.23%
Bob Evans Farms Inc.		188,655		5,461,562
Total Consumer Cyclical
(Cost $28,850,543)				32,563,918
Consumer Staples			6.31%
Food & Agriculture Products			1.87%
Lancaster Colony Corp.		91,940		4,569,418
Grocery & Convenience			1.40%
Casey’s General Stores Inc.		107,265		3,423,899
Home Products			3.04%
Tupperware Brands Corp.		159,350		7,420,929
Total Consumer Staples
(Cost $10,631,855)				15,414,246
Energy			5.73%
Alternative Energy			1.01%
EnergySolutions Inc.		290,200		2,463,798
Exploration & Production			1.88%
St. Mary Land & Exploration Co.		134,500		4,605,280
Oil Services			1.27%
Tidewater Inc.		64,700		3,102,365
Refining & Marketing			1.57%
Holly Corp.		149,900		3,841,937
Total Energy
(Cost $14,751,634)				14,013,380
Interest Rate Sensitive			24.33%
Life & Health Insurance			2.99%
American Equity Investment Life Holding Co.		510,250		3,796,260
StanCorp Financial Group Inc.		87,700		3,509,754
				7,306,014
Other Banks			8.54%
Bank of the Ozarks Inc.		42,300		1,238,121
Community Bank System Inc.		162,300		3,134,013
CVB Financial Corp.		145,100		1,253,664
Independent Bank Corp.		48,100		1,004,809
PacWest Bancorp		184,355		3,714,753
Westamerica Bancorp		68,920		3,816,100
Whitney Holding Corp.		284,100		2,588,151
Wintrust Financial Corp.		134,200		4,132,018
				20,881,629
Property Casualty Insurance			6.70%
Assured Guaranty Ltd.  (Bermuda)		88,260		1,920,538
Endurance Specialty Holdings Ltd. (Bermuda)		72,500		2,699,175
Infinity Property & Casualty Corp.		26,000		1,056,640
Max Capital Group Ltd.  (Bermuda)		188,365		4,200,540
Platinum Underwriters Holdings Ltd.  (Bermuda)		116,075		4,444,511
Safety Insurance Group Inc.		56,800		2,057,864
				16,379,268
Securities & Asset Management			0.75%
SWS Group Inc.		151,150		1,828,915
Specialty Finance			2.21%
Cash America International Inc.		154,760		5,410,410
Thrifts & Mortgage REITs			3.14%
Astoria Financial Corp.		293,200		3,644,476
MFA Financial Inc.		547,540		4,024,419
				7,668,895
Total Interest Rate Sensitive
(Cost $51,149,592)				59,475,131

PAGE 47

STATEMENTS OF INVESTMENTS

WESTCORE SMALL-CAP VALUE FUND AS OF DECEMBER 31, 2009 (continued)

	Shares		Market Value
Medical & Healthcare			8.06%
Healthcare Services			2.58%
Owens & Minor Inc.		146,910	$	6,306,846
Medical Products & Supplies			4.45%
Cooper Companies Inc.		105,750		4,031,190
Meridian Bioscience Inc.		168,675		3,634,946
STERIS Corp.		114,850		3,212,355
				10,878,491
Pharmaceuticals			1.03%
Biovail Corp. (Canada)		180,800		2,523,968
Total Medical & Healthcare
(Cost $17,711,640)				19,709,305
Real Estate Investment Trusts (REITs)			7.51%
Apartments			1.43%
American Campus Communities Inc.		123,900		3,481,590
Hotels			1.58%
DiamondRock Hospitality Co.		455,500		3,858,085
Manufactured Homes			1.12%
Equity Lifestyle Properties Inc.		54,400		2,745,568
Office Properties			3.38%
Brandywine Realty Trust		290,200		3,308,280
Mack-Cali Realty Corp.		71,000		2,454,470
Parkway Properties Inc.		119,995		2,498,296
				8,261,046
Total Real Estate Investment Trusts (REITs)
(Cost $17,202,564)				18,346,289
Technology			7.49%
Computer Software			2.33%
Blackbaud Inc.		241,245		5,700,619
Electronic Equipment			5.16%
Belden Inc.		343,100		7,520,752
Park Electrochemical Corp.		184,100		5,088,524
				12,609,276
Total Technology
(Cost $19,423,271)				18,309,895
Transportation			1.05%
Trucking, Shipping & Air Freight			1.05%
Arkansas Best Corp.		87,400		2,572,182
Total Transportation
(Cost $2,875,211)				2,572,182
Utilities			5.03%
Gas Utilities			3.85%
Northwest Natural Gas Co.		90,060		4,056,302
South Jersey Industries Inc.		140,575		5,367,154
				9,423,456
Regulated Electric			1.18%
UIL Holdings Corp.		102,500		2,878,200
Total Utilities
(Cost $12,020,847)				12,301,656
Total Common Stocks
(Cost $217,805,663)				241,812,818
MONEY MARKET MUTUAL FUNDS			1.41%
Fidelity Institutional Money Market Government Portfolio - Class I (7 Day Yield 0.040%)		3,455,632		3,455,632
Total Money Market Mutual Funds
(Cost $3,455,632)				3,455,632
Total Investments
(Cost $221,261,295)	100.33%			245,268,450
Liabilities in Excess of Other Assets	(0.33%)			(811,144	)
Net Assets	100.00%		$	244,457,306

Westcore Small-Cap Value Fund
Country Breakdown as of December 31, 2009
Country	Market Value			%
United States	$	224,835,184		91.97%
Bermuda		13,264,764		5.43%
Netherlands		4,644,534		1.90%
Canada		2,523,968		1.03%
Total Investments		245,268,450		100.33%
Liabilities in Excess of Other Assets		(811,144	)	(0.33%)
Net Assets	$	244,457,306		100.00%

Please note the country classification is based on the company headquarters and is unaudited.

All of the Fund’s investments are traded on U.S. exchanges.

Sector and industry classifications presented herein are based on the sector and industry categorization methodology of the Adviser to the Funds which may result in the designations for one Fund being different from another.  Sector and industry classifications are unaudited.

** Non-income producing security.

See Notes to Financial Statements.

PAGE 48

STATEMENTS OF INVESTMENTS

WESTCORE MICRO-CAP OPPORTUNITY FUND AS OF DECEMBER 31, 2009

	Shares		Market Value
COMMON STOCKS			96.86%
Basic Materials			4.85%
Chemicals			1.23%
Ferro Corp.		1,167	$	9,616
Innophos Holdings Inc.		611		14,047
				23,663
Forestry & Paper			0.36%
Buckeye Technologies Inc.**		716		6,988
Other Materials (Rubber & Plastic)			2.46%
A. Schulman Inc.		454		9,162
AEP Industries Inc.**		349		13,360
ICO Inc.		2,179		15,928
PolyOne Corp.**		1,185		8,852
				47,302
Specialty Chemicals			0.48%
Stepan Co.		142		9,203
Steel			0.32%
Universal Stainless & Alloy Products Inc.**		331		6,243
Total Basic Materials
(Cost $68,586)				93,399
Capital Goods			4.56%
Aerospace & Defense Suppliers			1.39%
Applied Signal Technology Inc.		454		8,758
Hawk Corp. - Class A**		463		8,153
Herley Industries Inc.**		700		9,723
				26,634
Electrical Equipment			1.40%
AAON Inc.		598		11,655
Houston Wire & Cable Co.		1,280		15,232
				26,887
Industrial Products			1.35%
Dynamic Materials Corp.		768		15,398
K-Tron International Inc.**		98		10,657
				26,055
Transportation Equipment & Parts			0.42%
Miller Industries Inc.**		718		8,149
Total Capital Goods
(Cost $79,678)				87,725
Commercial Services			8.53%
Business Products & Services			5.00%
Advisory Board Co.**		315		9,658
Barrett Business Services Inc.		1,297		15,940
Electro Rent Corp.		1,115		12,867
Ennis Inc.		586		9,839
On Assignment Inc.**		1,500		10,725
Rewards Network Inc.		982		12,412
S1 Corp.**		1,417		9,239
VSE Corp.		345		15,553
				96,233
Distributors & Wholesalers			0.81%
Genesis Lease Ltd. (Ireland)		1,749		15,619
IT Services			2.22%
iGate Corp.		1,112		11,120
Infospace Inc.**		1,409		12,075
NCI Inc.**		393		10,866
Ness Technologies Inc. (Israel)**		1,742		8,536
				42,597
Transaction Processing			0.50%
Cass Information Systems Inc.		315		9,576
Total Commercial Services
(Cost $138,192)				164,025
Communications			5.72%
Networking			1.25%
Acacia Research Corp. - Acacia Technologies**		1,639		14,932
FalconStor Software Inc.**		2,256		9,159
				24,091
Telecomm Equipment & Solutions			2.95%
Anaren Inc.**		496		7,465
Novatel Wireless Inc.**		775		6,177
Oplink Communications Inc.**		852		13,964
RADWARE Ltd. (Israel)**		969		14,651
Symmetricom Inc.**		2,765		14,378
				56,635
Telecomm Service Providers			1.52%
Atlantic Tele-Network Inc.		121		6,656
RCN Corp.**		841		9,125
USA Mobility Inc.		1,224		13,476
				29,257
Total Communications
(Cost $89,440)				109,983
Consumer Cyclical			14.81%
Apparel & Footwear Manufacturing			0.65%
Maidenform Brands Inc.**		750		12,518
Consumer Durables			0.78%
Knoll Inc.		779		8,048
Smith & Wesson Holding Corp.**		1,694		6,928
				14,976
Hard Goods Retail			0.78%
Haverty Furniture Cos. Inc.		1,090		14,966
Homebuilders & Suppliers			1.50%
Beazer Homes USA Inc.**		1,208		5,847
Brookfield Homes Corp.**		1,302		10,415
OMNOVA Solutions Inc.**		807		4,947
Standard Pacific Corp.**		2,067		7,731
				28,940
Motor Vehicle Parts			2.21%
American Axle & Manufacturing Holdings Inc.**		636		5,101
ArvinMeritor Inc.**		634		7,088
ATC Technology Corp.**		622		14,835
Modine Manufacturing Co.**		616		7,293
Standard Motor Products Inc.**		961		8,188
				42,505
Motor Vehicles			1.10%
America’s Car-Mart Inc.**		296		7,794
Group 1 Automotive Inc.**		475		13,466
				21,260
Other Consumer Services			1.59%
Dollar Thrifty Automotive Group Inc.**		295		7,555
MoneyGram International Inc.**		2,549		7,316
Pre-Paid Legal Services Inc.**		172		7,066
Stamps.com Inc.**		970		8,729
				30,666
Publishing & Media			0.64%
Belo Corp.		1,240		6,746
E.W. Scripps Co. - Class A**		798		5,554
				12,300
Recreation & Leisure			0.49%
Sturm Ruger & Co. Inc.		965		9,361

PAGE 49

STATEMENTS OF INVESTMENTS

WESTCORE MICRO-CAP OPPORTUNITY FUND AS OF DECEMBER 31, 2009 (continued)

	Shares		Market Value
Restaurants			2.78%
AFC Enterprises Inc.**		1,625	$	13,260
California Pizza Kitchen Inc.**		891		11,984
Luby’s Inc.**		1,768		6,506
Ruby Tuesday Inc.**		802		5,774
The Steak n Shake Co.**		49		15,881
				53,405
Specialty Retail			2.29%
Franklin Covey Co.**		1,085		6,836
Jo-Ann Stores Inc. **		303		10,980
PC Mall Inc.**		2,227		11,624
Pier 1 Imports Inc.**		1,318		6,709
West Marine Inc.**		977		7,875
				44,024
Total Consumer Cyclical
(Cost $266,837)				284,921
Consumer Staples			4.38%
Beverages: Non-Alcoholic			0.61%
National Beverage Corp.		847		11,739
Consumer Products			0.77%
Medifast Inc.**		485		14,831
Drug Stores			0.36%
PetMed Express Inc.		388		6,840
Food & Agricultural Products			0.43%
Reddy Ice Holdings Inc.**		1,933		8,293
Grocery & Convenience			1.28%
Great Atlantic & Pacific Tea Co.**		1,096		12,922
The Pantry Inc.**		864		11,742
				24,664
Home Products			0.61%
WD-40 Co.		362		11,714
Tobacco			0.32%
Alliance One International Inc.**		1,254		6,120
Total Consumer Staples
(Cost $80,045)				84,201
Energy			6.29%
Coal			0.55%
Westmoreland Coal Co.**		1,194		10,639
Exploration & Production			3.34%
Gulfport Energy Corp.**		529		6,057
Panhandle Oil and Gas Inc.		624		16,161
Rosetta Resources Inc.**		757		15,087
Swift Energy Co.**		645		15,454
Vaalco Energy Inc.		2,545		11,580
				64,339
Oil Services			1.77%
Bolt Technology Corp.**		587		6,469
Dawson Geophysical Co.**		700		16,177
PHI Inc.**		546		11,302
				33,948
Pipelines			0.63%
Crosstex Energy Inc.		2,001		12,106
Total Energy
(Cost $98,498)				121,032
Interest Rate Sensitive			17.19%
Life & Health Insurance			0.40%
American Equity Investment Life Holding Co.		1,033		7,686
Other Banks			6.14%
Capitol Bancorp Ltd.		2,812		5,512
First Busey Corp.		2,322		9,033
First Financial Corp.		423		12,910
First Merchants Corp.		1,810		10,751
First Place Financial Corp.		3,364		9,318
Heartland Financial USA Inc.		909		13,043
Lakeland Bancorp Inc.		1,224		7,821
Republic Bancorp Inc. - Class A		434		8,940
Simmons First National Corp. - Class A		437		12,149
Southside Bancshares Inc.		606		11,890
Sun Bancorp Inc.**		1,897		7,114
Tompkins Financial Corp.		239		9,680
				118,161
Property Casualty Insurance			2.83%
American Physicians Capital Inc.		422		12,795
American Safety Insurance Holdings Ltd. (Bermuda)**		698		10,086
AMERISAFE Inc.**		634		11,393
Hallmark Financial Services Inc.**		1,186		9,441
NYMAGIC Inc.		644		10,684
				54,399
Regional Banks			0.82%
Centerstate Banks Inc.		1,570		15,841
Securities & Asset Management			3.22%
Diamond Hill Investment Group Inc.		223		14,324
International Assets Holding Corp.**		808		11,748
MVC Capital Inc.		1,140		13,452
Oppenheimer Holdings Inc.		362		12,026
TradeStation Group Inc.**		1,314		10,367
				61,917
Specialty Finance			1.71%
Advance America Cash Advance Centers Inc.		1,224		6,805
Dollar Financial Corp.**		445		10,529
NorthStar Realty Finance Corp.		4,541		15,576
				32,910
Thrifts			2.07%
Dime Community Bancshares		1,001		11,731
Flushing Financial Corp.		995		11,204
Great Southern Bancorp Inc.		524		11,193
Webster Financial Corp.		482		5,721
				39,849
Total Interest Rate Sensitive
(Cost $336,074)				330,763
Medical & Healthcare			14.75%
Healthcare Services			4.30%
Alliance Health Care Services Inc.**		1,315		7,509
America Service Group Inc.		783		12,426
American Dental Partners Inc.**		1,188		15,325
American Physicians Service Group Inc.		463		10,681
Assisted Living Concepts Inc. - Class A**		351		9,256
Five Star Quality Care Inc.**		3,041		10,552
Kendle International Inc.**		449		8,221
National Healthcare Corp.		241		8,703
				82,673
Medical Products & Supplies			1.22%
Atrion Corp.		69		10,745
Young Innovations Inc.		518		12,836
				23,581
Medical Technology			2.83%
Delcath Systems Inc.**		2,192		11,267
Kensey Nash Corp.**		466		11,883
Quidel Corp.**		883		12,168

PAGE 50

STATEMENTS OF INVESTMENTS

WESTCORE MICRO-CAP OPPORTUNITY FUND AS OF DECEMBER 31, 2009 (continued)

	Shares		Market Value
Symmetry Medical Inc.**		1,429	$	11,518
Synovis Life Technologies Inc.**		587		7,578
				54,414
Pharmaceuticals			6.40%
Affymetrix Inc.**		1,628		9,508
Albany Molecular Research Inc.**		857		7,782
Ardea Biosciences Inc.**		908		12,712
Cambrex Corp.**		1,442		8,046
Hi-Tech Pharmacal Co. Inc.**		445		12,482
Neurocrine Biosciences Inc.**		4,903		13,336
NPS Pharmaceuticals Inc.**		3,126		10,628
OraSure Technologies Inc.**		1,695		8,611
Pain Therapeutics Inc.**		2,402		12,875
QLT Inc. (Canada)**		2,866		14,214
Questcor Pharmaceuticals Inc.**		1,842		8,750
Sinovac Biotech Ltd. (China)**		661		4,184
				123,128
Total Medical & Healthcare
(Cost $259,520)				283,796
Real Estate Investment Trusts (REITs)			1.08%
Multi-Family			0.66%
Associated Estates Realty Corp.		1,128		12,712
Regional Malls			0.42%
Ramco-Gershenson Properties Trust		853		8,138
Total Real Estate Investment Trusts (REITs)
(Cost $18,653)				20,850
Technology			13.78%
Computer Software			5.38%
DivX Inc.**		2,651		14,951
i2 Technologies Inc.**		750		14,340
Manhattan Associates Inc.**		584		14,034
ModusLink Global Solutions Inc.**		1,719		16,175
PC-Tel Inc.**		2,479		14,675
QAD Inc.		1,246		7,613
SeaChange International Inc.**		1,419		9,323
SonicWALL Inc.**		1,637		12,458
				103,569
Electronic Equipment			1.69%
CPI International Inc.**		638		8,447
NVE Corp.**		303		12,517
Spectrum Control Inc.**		1,208		11,440
				32,404
PC’s & Servers			0.33%
Cray Inc.**		1,002		6,433
Pheripherals			0.83%
STEC Inc.**		978		15,981
Semiconductor Capital Equipment			2.03%
Kulicke & Soffa Industries Inc.**		1,435		7,735
Newport Corp.**		1,169		10,743
Ultratech Inc.**		500		7,430
Veeco Instruments Inc.**		397		13,117
				39,025
Semiconductors			3.25%
Actel Corp.**		734		8,720
CEVA Inc.**		1,214		15,612
DSP Group Inc.**		1,314		7,398
Exar Corp.**		1,158		8,233
Silicon Image Inc.**		2,786		7,188
Volterra Semiconductor Corp.**		802		15,334
				62,485
Technology Resellers & Distributors			0.27%
Black Box Corp.		184		5,215
Total Technology
(Cost $237,982)				265,112
Transportation			0.39%
Trucking, Shipping & Air Freight			0.39%
Dynamex Inc.**		414		7,493
Total Transportation
(Cost $6,528)				7,493
Utilities			0.53%
Regulated Electric			0.53%
Central Vermont Public Service Corp.		487		10,130
Total Utilities
(Cost $10,531)				10,130
Total Common Stocks
(Cost $1,690,564)				1,863,430
MONEY MARKET MUTUAL FUNDS			1.39%
Fidelity Institutional Money Market Government Portfolio - Class I (7 Day Yield 0.040%)		26,638		26,638
Total Money Market Mutual Funds
(Cost $26,638)				26,638
Total Investments
(Cost $1,717,202)	98.25%			1,890,068
Other Assets in Excess of Liabilities	1.75%			33,713
Net Assets	100.00%		$	1,923,781

Westcore Micro-Cap Opportunity Fund
Country Breakdown as of December 31, 2009
Country	Market Value		%
United States	$	1,822,778	94.75%
Israel		23,187	1.21%
Ireland		15,619	0.81%
Canada		14,214	0.74%
Bermuda		10,086	0.52%
China		4,184	0.22%
Total Investments		1,890,068	98.25%
Other Assets in Excess of Liabilities		33,713	1.75%
Net Assets	$	1,923,781	100.00%

Please note the country classification is based on the company headquarters and is unaudited.

All of the Fund’s investments are traded on U.S. exchanges.

Sector and industry classifications presented herein are based on the sector and industry categorization methodology of the Adviser to the Funds which may result in the designations for one Fund being different from another.  Sector and industry classifications are unaudited.

** Non-income producing security.

See Notes to Financial Statements.

PAGE 51

STATEMENTS OF INVESTMENTS

WESTCORE INTERNATIONAL FRONTIER FUND AS OF DECEMBER 31, 2009

	Shares		Market Value
COMMON STOCKS			94.08%
Consumer Discretionary			19.03%
Diversified Consumer Services			5.52%
Raffles Education Corp. Ltd.  (Singapore)		1,525,900	$	439,897
Slater & Gordon Ltd. (Australia)		922,000		1,345,798
				1,785,695
Hotels Restaurants & Leisure			1.88%
Domino’s Pizza Group Ltd.  (United Kingdom)		126,600		609,362
Household Durables			1.57%
Maisons France Confort (France)		13,950		507,949
Leisure Equipment & Products			0.98%
Jumbo S.A.  (Greece)		24,800		315,346
Media			7.34%
CTS Eventim AG (Germany)		22,100		1,080,336
Rightmove PLC (United Kingdom)		158,800		1,294,007
				2,374,343
Specialty Retail			1.74%
Point Inc.  (Japan)		10,100		563,913