Segall Bryant & Hamill Trust NCSRS Certified semi-annual shareholder report (management investment company)

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)

Richard C. Noyes, 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, 2017 – June 30, 2017

Item 1.

Reports to Stockholders.

Table of Contents

SHAREHOLDER LETTER	1
FUND OVERVIEWS
Westcore Small‐Cap Growth Fund	2
Westcore Small‐Cap Growth Fund II	4
Westcore Mid‐Cap Value Dividend Fund	6
Westcore Mid‐Cap Value Dividend Fund II	8
Westcore Smid‐Cap Value Dividend Fund	10
Westcore Small‐Cap Value Dividend Fund	12
Westcore Global Large‐Cap Dividend Fund	14
Westcore Large‐Cap Dividend Fund	16
Westcore Micro‐Cap Opportunity Fund	18
Westcore International Small‐Cap Fund	20
Westcore Flexible Income Fund	22
Westcore Plus Bond Fund	24
Westcore Municipal Opportunities Fund	26
Westcore Colorado Tax‐Exempt Fund	28
FUND EXPENSES	30
IMPORTANT DISCLOSURES	34
FINANCIAL STATEMENTS	39
Statements of Investments	39
Statements of Assets and Liabilities	86
Statements of Operations	89
Statements of Changes in Net Assets	92
Financial Highlights	97
Notes to Financial Statements	123

Semi-Annual Report | June 30, 2017 | (WESTCORE FUNDS LOGO)

Intentionally Left Blank

Westcore Funds

Shareholder Letter

June 30, 2017 (Unaudited)

Dear Fellow Shareholders,

Equity markets showed strength across the board in the first six months of 2017. The S&P 500® Index and the Dow Jones Industrial Average each rose more than 9%, the Nasdaq Composite Index gained 14.07%, and international stocks, as represented by the MSCI ACWI Index, gained 11.48%. Various factors contributed to the strong first half, including improving economies, strengthening corporate earnings, and low volatility in the U.S., European, and Asian stock markets.

Many sectors performed well on the domestic front. The health care, industrials, and financials sectors produced positive returns. Financial stocks in the S&P 500® Index have led all sectors since the Presidential election. Another positive sector was information technology, which fueled the Nasdaq. On the downside, energy and telecommunication services posted negative returns for both the second quarter and year‐to‐date. In the first half, stocks of larger companies performed better than stocks of smaller companies, and growth outperformed value.

U.S. bond yields declined even as the Federal Reserve increased the short‐term federal‐funds target rate two times this year. The second increase, which occurred in June, pushed the rate up another 0.25% and marked the fourth rate hike since the end of 2015. These rate increases reflect the Fed’s apparent view that economic growth will continue and inflation is likely to rise. However, skepticism remains in the markets. U.S. inflation measures dropped from 1.8% in February to 1.4% in June, both of which are short of the Federal Reserve’s desired goal of 2%. Weaker measures of inflation, such as these, can cause bond yields to decline, and when that occurs, bond prices rise. Given this environment in the first half of the year, U.S. bonds generally produced stable to slightly positive returns.

The municipal bond market saw yields decrease during the second quarter. The 10‐year AAA rated municipal bond yield fell from 2.25% to 1.96%.

As noted above, international markets performed well in the first six months of the year. Investors focused on signs of global economic recovery while keeping a watchful eye on the intentions signaled by central banks. Increased demand strengthened foreign currencies and as they grew stronger, the U.S. dollar weakened.

For more information on the first half of the year and how your Westcore Funds performed, please see the following pages. In addition, the Westcore Fund family is very proud of recent awards received by our value and fixed income funds. To learn more about these awards, please visit our website at www.westcore.com.

As we navigate these ever‐changing markets, you, our shareholders, are our priority.

Thank you for investing in the Westcore Funds.


Mary K. Anstine Chairman	Janice M. Teague President

The views of the author and information discussed in the shareholder letter and the manager commentaries are as of the date of publication, are subject to change, and may not reflect the writer’s current views. The views expressed represent an assessment of market conditions at a specific point in time, are opinions only and should not be relied upon as investment advice regarding a particular investment or markets in general. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. It should not be assumed that any investment will be profitable or will equal the performance of the fund or any securities or any sectors mentioned in this letter or the manager commentaries. The subject matter contained in this letter and the manager commentaries has been derived from several sources believed to be reliable and accurate at the time of compilation. Neither Denver Investments, Westcore Funds, nor any Westcore Fund accept any liability for losses either direct or consequential caused by the use of this information. Diversification cannot guarantee gain or prevent losses.

Semi-Annual Report | June 30, 2017 | (WESTCORE FUNDS LOGO)

Westcore Small-Cap Growth Fund

Fund Overview

June 30, 2017 (Unaudited)

Fund Strategy

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

Fund Management

Brian C. Fitzsimons, CFA Portfolio Manager

Mitch S. Begun, CFA Portfolio Manager

Adam C. Bliss Portfolio Manager

CFA is a trademark owned by 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 June 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.

Lipper Index data provided by Lipper, Inc.

Please see index definitions beginning on page 34.

Average Annual Total Returns

	6 Months	1 Year	3 Years	5 Years	10 Years	Since Inception	Inception Date
Retail Class (WTSGX)	15.89%	29.44%	6.86%	–	–	6.85%	12/20/2013
Institutional Class (WISGX)	15.88	29.64	7.25	–	–	7.21	12/20/2013
Russell 2000^® Growth Index	9.97	24.40	7.64	–	–	7.62
Lipper Small-Cap Growth Index	10.98	20.55	6.56	–	–	5.97

Retail Class Annual Expense Ratio (per the current prospectus) — Gross: 5.93%, Net: 1.24% Institutional Class Annual Expense Ratio (per the current prospectus) — Gross: 2.63%, Net: 0.99%

Sector Allocation(as of 6/30/17)

Information Technology	24.0%
Health Care	19.4
Consumer Discretionary	18.6
Industrials	13.3
Financials	8.9
Energy	4.0
Materials	2.8
Consumer Staples	2.5
Real Estate	1.9
Telecommunication Services	1.8

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. For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease. Industries are shown as a percentage of net assets.

The sector allocation table above does not include any cash or cash equivalents.

Top Ten Holdings (as of 6/30/17)

Advisory Board Co.	2.7%
Monolithic Power Systems, Inc.	2.6
Evercore Partners, Inc.	2.3
EPAM Systems, Inc.	2.2
Envestnet, Inc.	2.1
Acadia Healthcare Co., Inc.	2.1
Live Nation Entertainment, Inc.	2.0
PolyOne Corp.	2.0
Vail Resorts, Inc.	2.0
Globant SA	1.9
Total (% of Net Assets)	21.8%

Top ten holdings do not include any cash, cash equivalents or exchange traded fund investments. Holdings are subject to change and may not reflect the current or future position of the Fund.

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, visit www.westcore.com. Average annual total returns reflect the reinvestment of dividends, capital gains distributions, all fee waivers and expense reimbursements. Without the fee waivers and expense reimbursements, total return figures would have been lower. 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.

Denver Investments (the “Adviser”) has contractually agreed to waive certain investment advisory and/or administration fees and/or to reimburse other expenses from April 30, 2017 until at least April 30, 2018. The first waiver/reimbursement applies so that the ratio of expenses to average net assets, as reported in the Fund’s Financial Highlights, will be no more than 1.24% for the Fund’s Retail Class for such period. The second waiver/ reimbursement applies so that Fund level Other Expenses for the Institutional Class will be in the same proportion as the Retail Class waivers/ reimbursements. The third waiver/reimbursement applies so that the institutional class-specific Other Expenses are reimbursed. The Adviser has contractually agreed to waive/ reimburse all of these class-specific Other Expenses, but only to the extent that the difference between the net Institutional Class and net Retail Class expense ratios, after applying the waiver/reimbursement, does not exceed 25 basis points. These agreements may not be terminated or modified by the Adviser prior to April 30, 2018 without the approval of the Board of Trustees.

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

2	\| www.westcore.com

Westcore Small-Cap Growth Fund

Fund Overview

June 30, 2017 (Unaudited)

Manager Commentary

Market Overview

For the first six months of 2017, the Russell 2000® Growth Index returned 9.97%, while the Russell 2000® Value Index returned 0.54%. Looking back, the last twelve months have been quite a stylistic roller coaster and, interestingly, after the Russell 2000^® Value Index’s post-election rally in the fourth quarter of 2016, followed by the Russell 2000^® Growth Index’s rally in 2017, the two indexes have performed nearly identically for the last twelve months, returning approximately 25% each. Taking a step back, this has been a remarkable bull market for equities.

Fund Performance

For the first half of 2017, the Westcore Small-Cap Growth Fund outperformed its benchmark, returning 15.89% (retail class) compared to the Russell 2000^® Growth Index’s 9.97% return for the same period.

Contributors to Return

The three sectors that contributed most to the Fund’s performance relative to its benchmark in the first half of 2017 were information technology, health care, and industrials. The Fund’s best-performing stock in the period was Advisory Board Co., which provides performance improvement software and solutions to the health care and higher education industries. The stock outperformed largely based on speculation that the company would be acquired. Regardless of whether a transaction comes to fruition in the near term, we believe in the company’s long-term growth opportunities and its competitive positioning. Also outperforming in the first half of the year was Intersect ENT, Inc., a medical device company focused on therapies for patients suffering from chronic sinusitis. The stock outperformed during the first half as near-term reimbursement concerns abated. As the market for chronic sinusitis therapies continues to expand, we are excited about the potential for Intersect’s currently available and pipeline products. Another top contributor was LendingTree, Inc., the premier lead-generation company for the lending industry. LendingTree continued to gain market share in the industry and expand its product set.

Detractors from Return

The three sectors that detracted most from the Fund’s performance relative to its benchmark in the first half of 2017 were energy,

telecommunication services, and real estate. The Fund’s worst-performing stock in the period was PDC Energy, Inc., an exploration and production company focused on operations in the Niobrara Formation and Permian Basin. Regulatory concerns in Colorado drove the stock’s underperformance. We believe, however, that the issues will prove transitory and have limited impact on the company’s long-term growth prospects. PDC has, in our opinion, continued to execute well and grow production. IMAX Corp., a leader in film technologies, was also a significant drag on the Fund’s performance in the first half of 2017. Despite a strong growth rate for new IMAX installations, the company suffered as global box office sales for films have been consistently weak. We believe the growth opportunity for IMAX screens remains robust, especially in China. Recent cost reductions and stock buyback authorization should, in our opinion, help support the stock at its current valuation. Microsemi Corp., a provider of semiconductors to the aerospace and defense, communications, data center, and industrial markets, was also weak in the first half of the year. In particular, concerns regarding optical equipment spending in China hampered the stock. In our opinion, Microsemi remains attractive due to its robust growth profile, tailwinds across nearly all segments of its business, and significant cash-flow generation.

Outlook and Positioning

As of the end of the first half of 2017, the Fund was overweighted in the consumer discretionary and financials sectors and underweighted primarily in the health care and industrials sectors.

The current economic recovery remains one of the longest on record, now sitting at 96 months. We still believe that we are in the later innings of an economic cycle. Despite this, the economy has continued to chug along at a relatively low-growth rate and we believe this favors strong growth companies that are less dependent on economic growth or cyclical trends. However, in our opinion, valuations have become increasingly difficult to justify in some of the higher-growth areas of the market. As a result, we have been actively executing our risk management disciplines by trimming or exiting positions in some of the more expensive areas of the market as they achieve our price targets.

Stock Performance (for the six months ended 6/30/17)

5 Highest	Average Weight	Contribution to Return
Advisory Board Co.	2.35%	1.03%
Take-Two Interactive Software, Inc.	1.46	0.99
Intersect ENT, Inc.	0.98	0.96
RingCentral, Inc.	1.37	0.84
LendingTree, Inc.	1.38	0.81

5 Lowest	Average Weight	Contribution to Return
Microsemi Corp.	1.99%	-0.26%
RSP Permian, Inc.	0.97	-0.32
IMAX Corp.	1.57	-0.47
National CineMedia, Inc.	0.89	-0.54
PDC Energy, Inc.	1.35	-0.69

Past performance does not guarantee future results. These stocks do not represent all of the securities purchased, sold or recommended by the Fund’s 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 36 for a description of the methodology used to construct this chart.

Semi-Annual Report | June 30, 2017 |

Westcore Small-Cap Growth Fund II

Fund Overview

June 30, 2017 (Unaudited)

Fund Strategy

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

Fund Management

Brian C. Fitzsimons, CFA Portfolio Manager

Mitch S. Begun, CFA Portfolio Manager

Adam C. Bliss Portfolio Manager

CFA is a trademark owned by CFA Institute.

Cumulative Returns

Lipper Index data provided by Lipper, Inc.

Please see index definitions beginning on page 34.

Average Annual Total Returns

	6 Months	1 Year	3 Years	5 Years	10 Years	Since Inception	Inception Date
Institutional Class (WTSLX)*	21.29%	17.67%	-0.62%	7.18%	3.64%	9.84%	10/1/1999
Russell 2000^®Growth Index	9.97	24.40	7.64	13.98	7.82	6.47
Westcore Small-Cap Growth II Custom Index	9.97	15.55	7.37	13.90	7.73	7.15
Russell Midcap^®Growth Index	11.40	17.05	7.83	14.19	7.87	7.23
Lipper Small-Cap Growth Index	10.98	20.55	6.56	12.48	6.46	6.79

Institutional Class Annual Expense Ratio (per the current prospectus) — Gross: 1.24%, Net: 1.15%

Sector Allocation(as of 6/30/17)

Information Technology	23.1%
Health Care	18.7
Consumer Discretionary	17.9
Industrials	12.8
Financials	8.5
Energy	3.9
Materials	2.7
Consumer Staples	2.4
Real Estate	1.8
Telecommunication Services	1.7

The sector allocation table above does not include any cash or cash equivalents.

Top Ten Holdings (as of 6/30/17)

Advisory Board Co.	2.8%
Monolithic Power Systems, Inc.	2.6
Evercore Partners, Inc.	2.3
EPAM Systems, Inc.	2.2
Envestnet, Inc.	2.1
Acadia Healthcare Co., Inc.	2.1
Live Nation Entertainment, Inc.	2.0
Vail Resorts, Inc.	2.0
PolyOne Corp.	2.0
Globant SA	1.9
Total (% of Net Assets)	21.9%

Top ten holdings do not include any cash, cash equivalents or exchange traded fund investments. Holdings are subject to change and may not reflect the current or future position of the Fund.

*	Effective December 27, 2016 the Retail Class was designated Institutional Class.

Effective December 27, 2016, the Westcore Select Fund was renamed the Westcore Small-Cap Growth Fund II and was repositioned to focus on small growth companies.

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

4	\| www.westcore.com

Westcore Small-Cap Growth Fund II

Fund Overview

June 30, 2017 (Unaudited)

Manager Commentary

Market Overview

For the first six months of 2017, the Russell 2000^® Growth Index returned 9.97%, while the Russell 2000^® Value Index returned 0.54%. Looking back, the last twelve months have been quite a stylistic roller coaster and, interestingly, after the Russell 2000^® Value Index’s post-election rally in the fourth quarter of 2016, followed by the Russell 2000® Growth Index’s rally in 2017, the two indexes have performed nearly identically for the last twelve months, returning approximately 25% each. Taking a step back, this has been a remarkable bull market for equities.

Fund Performance

For the first half of 2017, the Westcore Small-Cap Growth Fund II outperformed its benchmark, returning 21.29% compared to the Russell 2000^® Growth Index’s 9.97% return over the same period. At the end of the period, the Westcore Small-Cap Growth Fund II received a settlement payment from a stock that was held in the Fund several years ago, prior to its change in investment strategy on December 27, 2016. This payment added 4.96% to the Fund’s return for the first six months of 2017.

Contributors to Return

Detractors from Return

The three sectors that detracted most from the Fund’s performance relative to its benchmark in the first half of 2017 were energy, telecommunication services, and real estate. The Fund’s worst-performing stock in the period was PDC Energy, Inc., an exploration and production company focused on operations in the Niobrara Formation and Permian Basin. Regulatory concerns in Colorado drove the stock’s underperformance, however, we believe the issues will prove transitory and have limited impact on the company’s long-term growth prospects. PDC has, in our opinion, continued to execute well and grow production. IMAX Corp., a leader in film technologies, was also a significant drag on the Fund’s performance in the first half of 2017. Despite a strong growth rate for new IMAX installations, the company suffered as global box office sales for films have been consistently weak. We believe the growth opportunity for IMAX screens remains robust, especially in China. Recent cost reductions and stock buyback authorization should, in our opinion, help support the stock at its current valuation. Microsemi Corp., a provider of semiconductors to the aerospace and defense, communications, data center, and industrial markets, was also weak in the first half of the year. In particular, concerns regarding optical equipment spending in China hampered the stock. In our opinion, Microsemi remains attractive due to its robust growth profile, tailwinds across nearly all segments of its business, and significant cash-flow generation.

Outlook and Positioning

As of the end of the first half of 2017, the Fund was overweighted in the consumer discretionary and energy sectors and underweighted primarily in the health care and industrials sectors.

Stock Performance (for the six months ended 6/30/17)

5 Highest	Average Weight	Contribution to Return
Advisory Board Co.	2.38%	1.05%
Take-Two Interactive Software, Inc.	1.47	1.01
Intersect ENT, Inc.	0.99	0.96
RingCentral, Inc.	1.38	0.85
LendingTree, Inc.	1.39	0.81

5 Lowest	Average Weight	Contribution to Return
Microsemi Corp.	2.01%	-0.26%
RSP Permian, Inc.	0.97	-0.32
IMAX Corp.	1.59	-0.48
National CineMedia, Inc.	0.90	-0.54
PDC Energy, Inc.	1.35	-0.69

Please see page 36 for a description of the methodology used to construct this chart.

Semi-Annual Report | June 30, 2017 |

Westcore Mid-Cap Value Dividend Fund

Fund Overview

June 30, 2017 (Unaudited)

Fund Strategy

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

Fund Management

Derek R. Anguilm, CFA Portfolio Manager	Mark M. Adelmann, CFA, CPA Portfolio Manager
Troy Dayton, CFA Portfolio Manager	Lisa Z. Ramirez, CFA Portfolio Manager
CFA is a trademark owned by CFA Institute.	Alex A. Ruehle, CFA Portfolio Manager

Cumulative Returns

Lipper Index data provided by Lipper, Inc.

Please see index definitions beginning on page 34.

Average Annual Total Returns

	6 Months	1 Year	3 Years	5 Years	10 Years	Since Inception	Inception Date
Retail Class (WTMCX)	0.95%	13.88%	8.87%	14.29%	5.45%	9.46%	10/1/1998
Institutional Class (WIMCX)	1.08	14.14	8.98	14.36	5.48	9.48	4/29/2016
Russell Midcap^® Value Index	5.18	15.93	7.46	15.14	7.23	10.32
Lipper Mid-Cap Value Index	3.15	15.90	5.37	13.71	6.39	9.59

Retail Class Annual Expense Ratio (per the current prospectus) — Gross: 1.19%, Net: 1.16%

Institutional Class Annual Expense Ratio (per the current prospectus) — Gross: 1.06%, Net: 0.91%

Sector Allocation(as of 6/30/17)

Interest Rate Sensitive	20.4%
Consumer	15.5
REITs	12.7
Capital Goods	12.0
Medical / Healthcare	8.9
Utilities	8.8
Technology	8.3
Energy	7.8
Basic Materials	5.7

The sector allocation table above does not include any cash or cash equivalents.

Top Ten Holdings (as of 6/30/17)

Ingredion, Inc.	2.7%
Tyson Foods, Inc.	2.6
AmTrust Financial Services, Inc.	2.6
Public Service Enterprise Group, Inc.	2.5
Realogy Holdings Corp.	2.5
Xcel Energy, Inc.	2.3
Spire, Inc.	2.2
AmerisourceBergen Corp.	2.2
Uniti Group, Inc.	2.1
Range Resources Corp.	2.0
Total (% of Net Assets)	23.6%

Top ten holdings do not include any cash, cash equivalents or exchange traded fund investments. Holdings are subject to change and may not reflect the current or future position of the Fund.

Performance data quoted represents past performance and does not guarantee future results. Performance information for the institutional class shares prior to their inception is based on the performance of the retail class. Current performance may be lower or higher than the performance quoted. To obtain current performance as of the most recent month-end, visit www.westcore.com. Average annual total returns reflect the reinvestment of dividends, capital gains distributions, all fee waivers and expense reimbursements. Without the fee waivers and expense reimbursements, total return figures would have been lower. 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.

Denver Investments (the “Adviser”) has contractually agreed to waive the investment advisory and/or administration fees and/or to reimburse other expenses from April 30, 2017 until at least April 30, 2018, so that the ratio of expenses to average net assets as reported in the Fund’s Financial Highlights will be no more than 1.15% for the Fund’s Retail Class for such period. The second waiver/reimbursement applies so that Fund level Other Expenses for the Institutional Class will be in the same proportion as the Retail Class waivers/reimbursements. The third waiver/reimbursement applies so that the institutional class-specific Other Expenses are reimbursed. The Adviser has contractually agreed to waive/reimburse all of these class-specific Other Expenses, but only to the extent that the difference between the net Institutional Class and net Retail Class expense ratios, after applying the waiver/ reimbursement, does not exceed 25 basis points. This agreement may not be terminated or modified by the Adviser prior to April 30, 2018 without the approval of the Board of Trustees.

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

Dividends are not guaranteed. A company’s future abilities to pay dividends may be limited and a company may cease paying dividends at any time.

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

6	\| www.westcore.com

Westcore Mid-Cap Value Dividend Fund

Fund Overview

June 30, 2017 (Unaudited)

Manager Commentary

Market Overview

U.S. equity markets experienced a strong start to the year, driven by expectations of accelerated economic growth, but value stocks took a pause in the second quarter as reality did not meet those lofty near-term expectations. Excitement around the pro-business policies of the new administration took a back seat following the failure to pass the American Health Care Act of 2017 and the announced investigation into ties between President Trump’s campaign and Russian officials. These issues drove market fears that the new administration would be unable to implement policy changes. At the same time, the outlook for inflation dimmed and other economic indicators began to signal the potential for a slowdown, despite the Federal Reserve’s apparent optimism as it raised rates for the fourth time since December 2015. As a result of a more subdued outlook for U.S. economic growth, growth stocks (which have historically been less economically sensitive than value stocks) outperformed value stocks year-to-date. Additionally, investors shifted assets to larger capitalization companies and to more defensive sectors, such as health care and utilities, and away from more cyclical sectors, such as energy and basic materials.

Fund Performance

The Westcore Mid-Cap Value Dividend Fund returned 0.95% (retail class) for the six months ended June 30, 2017, underperforming its benchmark, the Russell Midcap® Value Index, which returned 5.18% for the same period. The Fund was positioned more heavily in the smaller capitalization portion of the mid-cap universe where we have found more value over the past few years. As investors’ preferences shifted toward larger capitalization companies, this created a headwind for the Fund. However, the primary driver of underperformance year-to-date was stock selection.

Contributors to Return

The sectors that contributed most to the Fund’s performance relative to its benchmark were medical/healthcare and REITs. The Fund’s individual top performers were led by CyrusOne, Inc., a provider of mission-critical data center facilities. As it logged one of its strongest leasing quarters on record, the company announced solid financial results, which included increased full-year guidance for earnings estimates. Lam Research Corp. was also among the Fund’s strongest contributors. This semiconductor equipment company, benefited from robust demand for its 3D NAND flash storage technology, which helped drive strong financial results. Grifols SA, is a pharmaceutical company that primarily provides plasma-based therapeutics. The company reported continued improvement in the financial

performance of its bioscience division and improving margins following a period of significant capacity expansion investment. Pharmaceutical distribution company AmerisourceBergen Corp. was a solid contributor due to better-than-expected industry pricing dynamics. PVH Corp., a designer and marketer of branded dress shirts, produced strong financial results despite the backdrop of a difficult retail environment. The company revised guidance for earnings estimates up given the strength of its global brands and corresponding business momentum.

Detractors from Return

The Fund’s weakest sectors relative to its benchmark were interest rate sensitive, consumer, and technology. AmTrust Financial Services, Inc., a provider of insurance services primarily to small businesses, was the Fund’s largest individual detractor. During the second quarter, the Wall Street Journal published a story involving alleged accounting issues at AmTrust in 2013 and 2014. Although this information had been revealed previously, investors reacted anew and the stock underperformed. Noble Energy, Inc., an oil and gas exploration and production company, succumbed to market uncertainty about oil prices. This was coupled with a competitor incident in Colorado that heightened sensitivity to regulatory risk. Another energy holding, oil and gas producer SM Energy Co., also faced continued pressure from the uncertain oil price environment. We believe the market is overly penalizing the company and we are optimistic given its recent Permian Basin asset purchase. Foot Locker, Inc., a global retailer of athletic shoes and apparel, was the Fund’s largest detractor in the consumer sector. The retail environment continued to be challenging and Foot Locker was no exception. After missing quarterly financial estimates, news that Nike had decided to go direct through Amazon further pressured Footlocker’s shares. Avnet, Inc. was the Fund’s weakest performer in the technology sector. This electronics and components distributor posted sales shortfalls that were caused by consolidation of its suppliers. Additionally, increased costs associated with implementation of its process management software system contributed to the company’s disappointing financial results.

Outlook and Positioning

Looking ahead, we are excited about the opportunities that market and sector volatility may produce. As political, economic and market uncertainty continue, we will remain focused on finding dividend-paying stocks that we believe have sound fundamentals and are currently mispriced by the markets.

Stock Performance (for the six months ended 6/30/17)

5 Highest	Average Weight	Contribution to Return
CyrusOne, Inc.	2.28%	0.60%
Lam Research Corp.	1.43	0.59
Grifols SA	1.67	0.44
AmerisourceBergen Corp.	1.93	0.39
PVH Corp.	1.44	0.37

5 Lowest	Average Weight	Contribution to Return
Avnet, Inc.	1.88%	-0.35%
Foot Locker, Inc.	1.30	-0.41
SM Energy Co.	0.82	-0.53
Noble Energy, Inc.	2.05	-0.57
AmTrust Financial Services, Inc.	2.04	-1.06

Please see page 36 for a description of the methodology used to construct this chart.

Semi-Annual Report | June 30, 2017 |

Westcore Mid-Cap Value Dividend Fund II

Fund Overview

June 30, 2017 (Unaudited)

Fund Strategy

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

Fund Management
Derek R. Anguilm, CFA Portfolio Manager Troy Dayton, CFA Portfolio Manager CFA is a trademark owned by CFA Institute.	Mark M. Adelmann, CFA, CPA Portfolio Manager Lisa Z. Ramirez, CFA Portfolio Manager Alex A. Ruehle, CFA Portfolio Manager

Cumulative Returns

Please see index definitions beginning on page 34.

Average Annual Total Returns

	6 Months	1 Year	3 Years	5 Years	10 Years	Since Inception	Inception Date
Retail Class
(WTMGX)	1.12%	1.16%	-3.63%	7.40%	3.43%	9.44%	8/1/1986
Institutional Class
(WIMGX)	1.09	1.35	-3.44	7.61	3.60	9.50	9/28/2007
Russell Midcap^®
Value Index	5.18	15.93	7.46	15.14	7.23	11.83
Westcore Mid-Cap
Value Dividend
II Custom Index	5.18	10.51	5.78	12.89	7.26	10.19
Russell Midcap^®
Growth Index	11.40	17.05	7.83	14.19	7.87	10.40
Lipper Mid-Cap
Value Index	3.15	15.90	5.37	13.71	6.39	10.46

Retail Class Annual Expense Ratio (per the current prospectus) — Gross: 1.12%, Net: 1.12%

Institutional Class Annual Expense Ratio (per the current prospectus) — Gross: 1.08%, Net: 0.93%

Sector Allocation (as of 6/30/17)

Interest Rate Sensitive	19.9%
Consumer	15.1
REITs	12.4
Capital Goods	11.6
Medical / Healthcare	8.6
Utilities	8.5
Technology	8.0
Energy	7.6
Basic Materials	5.5

The sector allocation table above does not include any cash or cash equivalents.

Top Ten Holdings (as of 6/30/17)

Ingredion, Inc.	2.6%
Tyson Foods, Inc.	2.6
AmTrust Financial Services, Inc.	2.5
Public Service Enterprise Group, Inc.	2.5
Realogy Holdings Corp.	2.4
Xcel Energy, Inc.	2.2
Uniti Group, Inc.	2.1
AmerisourceBergen Corp.	2.1
Spire, Inc.	2.1
Range Resources Corp.	2.0
Total (% of Net Assets)	23.1%

Top ten holdings do not include any cash, cash equivalents or exchange traded fund investments. Holdings are subject to change and may not reflect the current or future position of the Fund.

Effective December 27, 2016, the Westcore MIDCO Growth Fund was renamed the Westcore Mid-Cap Value Dividend Fund II and was repositioned to focus on medium-sized dividend-paying companies whose stocks appear undervalued.

Denver Investments (the “Adviser”) has contractually agreed to waive certain investment advisory and/or administration fees and/or to reimburse other expenses from April 30, 2017 until at least April 30, 2018. The first waiver/reimbursement applies so that the ratio of expenses to average net assets, as reported in the Fund’s Financial Highlights, will be no more than 1.15% for the Fund’s Retail Class for such period. The second waiver/reimbursement applies so that Fund level Other Expenses for the Institutional Class will be in the same proportion as the Retail Class waivers/reimbursements. The third waiver/reimbursement applies so that the institutional class-specific Other Expenses are reimbursed. The Adviser has contractually agreed to waive/ reimburse all of these class-specific Other Expenses, but only to the extent that the difference between the net Institutional Class and net Retail Class expense ratios, after applying the waiver/reimbursement, does not exceed 25 basis points. These agreements may not be terminated or modified by the Adviser prior to April 30, 2018 without the approval of the Board of Trustees.

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

Dividends are not guaranteed. A company’s future abilities to pay dividends may be limited and a company may cease paying dividends at any time.

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

8	\| www.westcore.com

Westcore Mid-Cap Value Dividend Fund II

Fund Overview

June 30, 2017 (Unaudited)

Manager Commentary

Market Overview

Fund Performance

The Westcore Mid-Cap Value Dividend Fund II returned 1.12% (retail class) for the six months ended June 30, 2017, underperforming its benchmark, the Russell Midcap® Value Index, which returned 5.18% over the same period. The Fund was positioned more heavily in the smaller capitalization portion of the mid-cap universe where we have found more value over the past few years. As investors’ preference shifted toward larger capitalization companies, this created a headwind for the Fund. However, the primary driver of underperformance year-to-date was stock selection.

Contributors to Return

Detractors from Return

Outlook and Positioning

Stock Performance (for the six months ended 6/30/17)

5 Highest	Average Weight	Contribution to Return
CyrusOne, Inc.	2.29%	0.60%
Lam Research Corp.	1.44	0.60
Grifols SA	1.67	0.45
AmerisourceBergen Corp.	1.93	0.38
PVH Corp.	1.44	0.37

5 Lowest	Average Weight	Contribution to Return
Avnet, Inc.	1.89%	-0.36%
Foot Locker, Inc.	1.30	-0.40
SM Energy Co.	0.82	-0.53
Noble Energy, Inc.	2.06	-0.57
AmTrust Financial Services, Inc.	2.04	-1.07

Please see page 36 for a description of the methodology used to construct this chart.

Semi Annual Report | June 30, 2017 |

Westcore Smid-Cap Value Dividend Fund

Fund Overview

June 30, 2017 (Unaudited)

Fund Strategy

Investing in small- and medium-sized, dividend-paying companies whose stocks appear to be undervalued.

Fund Management
Derek R. Anguilm, CFA Portfolio Manager	Mark M. Adelmann, CFA, CPA Portfolio Manager
Troy Dayton, CFA Portfolio Manager	Lisa Z. Ramirez, CFA Portfolio Manager
	Alex A. Ruehle, CFA Portfolio Manager

CFA is a trademark owned by CFA Institute.

Cumulative Returns

Lipper Index data provided by Lipper, Inc.

Please see index definitions beginning on page 34.

Average Annual Total Returns

	6 Months	1 Year	3 Years	5 Years	10 Years	Since Inception	Inception Date
Retail Class (WTSDX)	-0.70%	—	—	—	—	-1.40%	12/16/2016
Institutional Class (WISDX)	-0.60	—	—	—	—	-1.30	12/16/2016
Russell 2500™ Value Index	1.95	—	—	—	—	1.82
Lipper Mid-Cap Value Index	3.15	—	—	—	—	2.23

Retail Class Annual Expense Ratio (per the current prospectus) — Gross: 42.04%, Net: 1.22%

Institutional Class Annual Expense Ratio (per the current prospectus) — Gross: 34.19%, Net: 1.09%

Sector Allocation (as of 6/30/17)

Interest Rate Sensitive	27.1%
Consumer	13.2
Capital Goods	12.7
REITs	12.1
Technology	8.8
Medical / Healthcare	8.3
Basic Materials	6.0
Energy	5.9
Utilities	4.7

The sector allocation table above does not include any cash or cash equivalents.

Top Ten Holdings (as of 6/30/17)
Phibro Animal Health Corp.	2.4%
TiVo Corp.	2.3
Spire, Inc.	2.2
Realogy Holdings Corp.	2.1
Enerplus Corp.	2.1
Ingredion, Inc.	2.1
Greenbrier Cos., Inc.	2.0
AmTrust Financial Services, Inc.	2.0
Fifth Third Bancorp	1.9
Radian Group, Inc.	1.9
Total (% of Net Assets)	20.9%

Top ten holdings do not include any cash, cash equivalents or exchange traded fund investments. Holdings are subject to change and may not reflect the current or future position of the Fund.

NEW FUND RISK: There can be no assurance that the Fund will grow to or maintain an economically viable size. There may be limited or no performance history for investors to evaluate.

Denver Investments (the “Adviser”) has contractually agreed to waive certain investment advisory and/or administration fees and/or to reimburse other expenses until at least April 30, 2018, so that the ratio of expenses to average net assets as reported in the Fund’s Financial Highlights will be no more than 1.20% for the Fund’s Retail Class for such period. Subsequent to any such waivers or reimbursements with respect to the Fund’s Retail Class, the Adviser will waive or reimburse Fund level Other Expenses for the Institutional Class in the same proportion as the Retail Class waivers/ reimbursements and also waive or reimburse Institutional class-specific Other Expenses, but only to the extent that the difference between the net Institutional Class and net Retail Class expense ratios does not exceed 25 basis points, after applying the waiver/reimbursement. These agreements may not be terminated or modified by the Adviser prior to April 30, 2018 without the approval of the Board of Trustees.

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

Dividends are not guaranteed. A company’s future abilities to pay dividends may be limited and a company may cease paying dividends at any time.

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

10	\| www.westcore.com

Westcore Smid-Cap Value Dividend Fund

Fund Overview

June 30, 2017 (Unaudited)

Manager Commentary

Market Overview

Fund Performance

The Westcore Smid-Cap Value Dividend Fund returned -0.70% (retail class) for the six months ended June 30, 2017, underperforming its benchmark, the Russell 2500TM Value Index, which returned 1.95% over the same period.

Contributors to Return

The sectors that contributed most to the Fund’s performance relative to its benchmark were energy, REITs, and medical/healthcare. The Fund’s individual top performers were led by CyrusOne, Inc., a provider of mission-critical data center facilities. The company logged one of its strongest leasing quarters on record and announced solid financial results, which included increased full-year guidance for earnings estimates. Animal health and mineral nutrition company Phibro Animal Health Corp. posted better-than-expected results, driven by strong performance in its nutritional products and vaccines business units. GEO Group, Inc., a developer, owner, and operator of prisons and post-release services, was another strong contributor. Its solid performance was driven by a favorable outlook for Federal use of private prisons and by solid financial results. Realogy Holdings Corp.

is a residential real estate and brokerage company. It posted strong financial results due to recent improvements in technology solutions and talent retention, which resulted in share price appreciation. Lam Research Corp. was also among the Fund’s strongest performers. This semiconductor equipment company benefited from robust demand for its 3D NAND flash storage technology, which helped drive strong financial results.

Detractors from Return

The Fund’s weakest sectors relative to its benchmark were consumer, interest rate sensitive, and technology. AmTrust Financial Services, Inc., a provider of insurance services primarily to small businesses, was the Fund’s largest individual detractor. During the second quarter, the Wall Street Journal published a story involving alleged accounting issues at AmTrust in 2013 and 2014. Although this information had been revealed previously, investors reacted anew and the stock underperformed. Oil and gas producer SM Energy Co. continued to face pressure from the uncertain oil price environment. We believe the market is overly penalizing the company and are optimistic given its recent Permian Basin asset purchase. Specialty fashion retailer Cato Corp. was another detractor. It experienced share price weakness as the company continued its effort to fix past merchandising missteps against the backdrop of a difficult retail environment. Dairy processor and distributor Dean Foods Co. also detracted from performance. Its financial results missed consensus expectations and concerns around potential competitive industry pricing with new retail grocery entrants into the U.S. market pressured the stock. AMC Entertainment Holdings, Inc., an owner and operator of movie theaters, was another drag on the Fund’s performance. Difficult box office sales and ongoing negotiations around Premium Video on Demand (PVOD) pricing led to its underperformance.

Outlook and Positioning

Stock Performance (for the six months ended 6/30/17)

5 Highest	Average Weight	Contribution to Return
CyrusOne, Inc.	2.28%	0.57%
Phibro Animal Health Corp.	1.95	0.53
GEO Group, Inc.	1.46	0.49
Realogy Holdings Corp.	2.00	0.47
Lam Research Corp.	1.11	0.42

5 Lowest	Average Weight	Contribution to Return
AMC Entertainment Holdings, Inc.	1.13%	-0.40%
Dean Foods Co.	2.11	-0.49
Cato Corp.	1.03	-0.50
SM Energy Co.	1.54	-1.07
AmTrust Financial Services, Inc.	1.93	-1.12

Please see page 36 for a description of the methodology used to construct this chart.

Semi-Annual Report | June 30, 2017 | (WESTCORE FUNDS LOGO)

Westcore Small-Cap Value Dividend Fund

Fund Overview

June 30, 2017 (Unaudited)

Fund Strategy

Investing primarily in small, dividend-paying companies whose stocks appear to be undervalued.

Fund Management

Derek R. Anguilm, CFA Portfolio Manager

Troy Dayton, CFA Portfolio Manager

Mark M. Adelmann, CFA, CPA Portfolio Manager

Lisa Z. Ramirez, CFA Portfolio Manager

Alex A. Ruehle, CFA Portfolio Manager

CFA is a trademark owned by CFA Institute.

Cumulative Returns

Lipper Index data provided by Lipper, Inc.

Please see index definitions beginning on page 34.

Average Annual Total Returns

	6 Months	1 Year	3 Years	5 Years	10 Years	Since Inception	Inception Date
Retail Class (WTSVX)	-2.56%	19.15%	6.42%	11.83%	5.37%	7.19%	12/13/2004
Institutional Class (WISVX)	-2.47	19.29	6.61	12.04	5.51	7.30	9/28/2007
Russell 2000^® Value Index	0.54	24.86	7.02	13.39	5.92	7.34
Lipper Small-Cap Value Index	0.79	22.99	5.35	12.53	6.05	7.59

Retail Class Annual Expense Ratio (per the current prospectus) — Gross: 1.46%, Net: 1.31%

Institutional Class Annual Expense Ratio (per the current prospectus) — Gross: 1.25%, Net: 1.09%

Sector Allocation (as of 6/30/17)

Interest Rate Sensitive	28.8%
Technology	13.5
Consumer	13.2
Capital Goods	12.5
REITs	10.2
Medical / Healthcare	6.7
Utilities	4.7
Energy	4.2
Basic Materials	4.1

The sector allocation table above does not include any cash or cash equivalents.

Top Ten Holdings (as of 6/30/17)

Enerplus Corp.	2.8%
Dean Foods Co.	2.8
TiVo Corp.	2.6
AmTrust Financial Services, Inc.	2.5
CBL & Associates Properties, Inc.	2.5
Spire, Inc.	2.4
Sinclair Broadcast Group, Inc.	2.4
Radian Group, Inc.	2.2
Realogy Holdings Corp.	2.2
Umpqua Holdings Corp.	2.1
Total (% of Net Assets)	24.5%

Top ten holdings do not include any cash, cash equivalents or exchange traded fund investments. Holdings are subject to change and may not reflect the current or future position of the Fund.

Denver Investments (the “Adviser”) has contractually agreed to waive certain investment advisory and/or administration fees and/or to reimburse other expenses from April 30, 2017 until at least April 30, 2018. The first waiver/reimbursement applies so that the ratio of expenses to average net assets, as reported in the Fund’s Financial Highlights, will be no more than 1.30% for the Fund’s Retail Class for such period. The second waiver/ reimbursement applies so that Fund level Other Expenses for the Institutional Class will be in the same proportion as the Retail Class waivers/ reimbursements. The third waiver/reimbursement applies so that the institutional class-specific Other Expenses are reimbursed. The Adviser has contractually agreed to waive/ reimburse all of these class-specific Other Expenses, but only to the extent that the difference between the net Institutional Class and net Retail Class expense ratios, after applying the waiver/reimbursement, does not exceed 25 basis points. These agreements may not be terminated or modified by the Adviser prior to April 30, 2018 without the approval of the Board of Trustees.

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

Dividends are not guaranteed. A company’s future abilities to pay dividends may be limited and a company may cease paying dividends at any time.

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

12	\| www.westcore.com

Westcore Small-Cap Value Dividend Fund

Fund Overview

June 30, 2017 (Unaudited)

Manager Commentary

Market Overview

Fund Performance

The Westcore Small-Cap Value Dividend Fund returned -2.56% (retail class) for the six months ended June 30, 2017, underperforming its benchmark, the Russell 2000^® Value Index, which returned 0.54% for the same period.

Contributors to Return

The sectors that contributed most to the Fund’s performance relative to its benchmark were REITs, energy, and utilities. The Fund’s individual top performers were led by REIT sector holdings CyrusOne, Inc. and GEO Group, Inc. CyrusOne is a provider of mission-critical data center facilities. The company logged one of its strongest leasing quarters on record and announced solid financial results, which included increased full-year guidance for earnings estimates. GEO Group is a developer, owner, and operator of prisons and post-release services. Its strong performance was driven by a favorable outlook for Federal use of private prisons and by solid financial results. National food supplier AdvancePierre Foods Holdings, Inc. is a producer of ready-to-eat sandwiches, sandwich components, and other entrees and snacks. The company’s strong return and cash-flow improvement potential caught the attention of Tyson Foods, Inc. and in the second quarter

it was announced that Tyson would acquire AdvancePierre. Animal health and mineral nutrition company Phibro Animal Health Corp. posted better-than-expected results, driven by strong performance in its nutritional products and vaccines business units. Realogy Holdings Corp. is a residential real estate and brokerage company. It posted strong financial results due to recent improvements in technology solutions and talent retention, which resulted in share price appreciation.

Detractors from Return

The Fund’s weakest sectors relative to its benchmark were capital goods, interest rate sensitive, and consumer. From an individual stock perspective, SM Energy Co. detracted most from the Fund’s performance. This oil and gas producer continued to face pressure from the uncertain oil price environment. We believe the market is overly penalizing the company and are optimistic given its recent Permian Basin asset purchase. The Fund’s largest detractor within the interest rate sensitive sector was AmTrust Financial Services, Inc., a provider of insurance services primarily to small businesses. During the second quarter, the Wall Street Journal published a story involving alleged accounting issues at AmTrust in 2013 and 2014. Although this information had been revealed previously, investors reacted anew and the stock underperformed. Dairy processor and distributor Dean Foods Co. also detracted from performance. Its financial results missed consensus expectations and concerns around potential competitive industry pricing with new retail grocery entrants into the U.S. market pressured the stock. Engineering and construction company Chicago Bridge & Iron Co. was another drag on performance. A continuation of project cost overruns resulted in disappointing quarterly results. This, coupled with a dearth of new project awards, led to share price weakness. AMC Entertainment Holdings, Inc., an owner and operator of movie theaters, was another detractor in the period. Difficult box office sales and ongoing negotiations around Premium Video on Demand (PVOD) pricing led to its underperformance.

Outlook and Positioning

Looking ahead, we are excited about the opportunities that market and sector volatility may produce. As political, economic, and market uncertainty continue, we will remain focused on finding dividend-paying stocks that we believe have sound fundamentals and are currently mispriced by the markets.

Stock Performance (for the six months ended 6/30/17)

5 Highest	Average Weight	Contribution to Return
CyrusOne, Inc.	2.44%	0.64%
GEO Group, Inc	1.99	0.55
AdvancePierre Foods Holdings, Inc.	0.91	0.49
Phibro Animal Health Corp.	1.71	0.46
Realogy Holdings Corp.	1.81	0.43

5 Lowest	Average Weight	Contribution to Return
AMC Entertainment Holdings, Inc.	1.64%	-0.60%
Chicago Bridge & Iron Co. NV	1.15	-0.71
Dean Foods Co.	3.23	-0.75
AmTrust Financial Services, Inc.	2.12	-1.16
SM Energy Co.	1.61	-1.18

Please see page 36 for a description of the methodology used to construct this chart.

Semi-Annual Report | June 30, 2017 | (WESTCORE FUNDS LOGO)

Westcore Global Large-Cap Dividend Fund

Fund Overview

June 30, 2017 (Unaudited)

Fund Strategy

Investing in large, well-established, dividend-paying companies both in the United States and in developed foreign markets.

Fund Management

Derek R. Anguilm, CFA Portfolio Manager

Troy Dayton, CFA Portfolio Manager

Mark M. Adelmann, CFA, CPA Portfolio Manager

CFA is a trademark owned by CFA Institute.

Paul A. Kuppinger, CFA Portfolio Manager

Lisa Z. Ramirez, CFA Portfolio Manager

Alex A. Ruehle, CFA Portfolio Manager

Cumulative Returns

Lipper Index data provided by Lipper, Inc.

Please see index definitions beginning on page 34.

Average Annual Total Returns

	6 Months	1 Year	3 Years	5 Years	10 Years	Since Inception	Inception Date
Retail Class (WTMVX)	10.16%	13.34%	5.63%	10.45%	4.40%	8.57%	6/1/1988
Institutional Class (WIMVX)	10.39	13.57	5.81	10.67	4.57	8.63	9/28/2007
Russell Developed Large-Cap Index	10.63	18.28	5.30	11.64	4.17	—
Westcore Global Large-Cap Dividend Custom Index	10.63	18.28	5.30	11.19	5.55	9.77
S&P 500^® Index	9.34	17.90	9.61	14.63	7.18	10.35
Lipper Large-Cap Core Index	8.90	18.73	8.25	13.73	6.40	9.30

Retail Class Annual Expense Ratio (per the current prospectus) — Gross: 1.23%, Net: 1.00%

Institutional Class Annual Expense Ratio (per the current prospectus) — Gross: 1.23%, Net: 0.82%

Sector Allocation (as of 6/30/17)

Consumer Discretionary	15.1%
Consumer Staples	13.6
Health Care	13.5
Financials	12.9
Information Technology	12.3
Industrials	10.7
Energy	9.2
Utilities	3.3
Materials	3.2
Telecommunication Services	2.2

The sector allocation table above does not include any cash or cash equivalents.

Top Ten Holdings (as of 6/30/17)

CSX Corp.	4.4%
Apple, Inc.	3.8
Bayer AG	3.8
Nestle SA	3.6
British American Tobacco PLC	3.6
McDonald's Corp.	3.6
US Bancorp	3.5
Novartis AG	3.4
Broadridge Financial Solutions Inc.	3.4
Whitbread PLC	3.4
Total (% of Net Assets)	36.4%

Top ten holdings do not include any cash, cash equivalents or exchange traded fund investments. Holdings are subject to change and may not reflect the current or future position of the Fund.

Denver Investments (the “Adviser”) has contractually agreed to waive certain investment advisory and/or administration fees and/or to reimburse other expenses from April 30, 2017 until at least April 30, 2018. The first waiver/reimbursement applies so that the ratio of expenses to average net assets, as reported in the Fund’s Financial Highlights, will be no more than 0.99% for the Fund’s Retail Class for such period. The second waiver/reimbursement applies so that Fund level Other Expenses for the Institutional Class will be in the same proportion as the Retail Class waivers/reimbursements. The third waiver/reimbursement applies so that the institutional class-specific Other Expenses are reimbursed. The Adviser has contractually agreed to waive/ reimburse all of these class-specific Other Expenses, but only to the extent that the difference between the net Institutional Class and net Retail Class expense ratios, after applying the waiver/reimbursement, does not exceed 25 basis points. These agreements may not be terminated or modified by the Adviser prior to April 30, 2018 without the approval of the Board of Trustees.

Investments in foreign companies are subject to special risks, including currency fluctuations, social, economic, and political uncertainties, which could increase volatility.

Dividends are not guaranteed. A company’s future abilities to pay dividends may be limited and a company may cease paying dividends at any time.

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

14	\| www.westcore.com

Westcore Global Large-Cap Dividend Fund

Fund Overview

June 30, 2017 (Unaudited)

Manager Commentary

Market Overview

U.S. equity markets experienced a strong start to the year, driven by expectations of accelerated economic growth, while other global markets played catch-up in the second quarter. In the United States, excitement around the pro-business policies of the new administration took a backseat following the failure to pass the American Health Care Act of 2017 and the announced investigation into ties between President Trump’s campaign and Russian officials. These issues drove market fears that the new administration would be unable to implement policy changes. At the same time, European markets began to see greater policy certainty through the arrival of long-anticipated election results in France and the United Kingdom.

Fund Performance

The Westcore Global Large-Cap Dividend Fund returned 10.16% (retail class) for the six months ended June 30, 2017, underperforming its benchmark, the Russell Developed Large-Cap Index, which returned 10.63% for the same period.

Contributors to Return

The sectors that contributed most to the Fund’s performance relative to the benchmark were consumer staples, industrials, and health care. The Fund’s top performers were led by CSX Corp., a provider of rail-based transportation services in the United States and Canada. The company generated strong network and customer performance metrics and management raised its outlook on productivity objectives. Mobile device and personal computer manufacturer Apple, Inc. posted solid financial results supported by robust demand for iPhone 7 models and strength in its services business. This, coupled with growing excitement around the iPhone 8 launch, led to the stock’s outperformance. Global health and nutrition manufacturer Bayer AG contributed to performance as the company announced strong results that were driven by each of its business segments. McDonald’s Corp., a global fast food retailer, posted solid financial results that highlighted market share gains in key markets and underscored its global footprint. Also among the Fund’s top contributors was global

tobacco company, British American Tobacco PLC. The company posted steady sales and earnings results, coupled with the announced acquisition of Reynolds American Inc., which should provide plenty of opportunities for synergy.

Detractors from Return

The Fund’s weakest sectors relative to the benchmark were information technology, consumer discretionary and telecommunication services. The Fund’s largest detractor was Brambles, Ltd. a global provider of pallet and other container solutions for companies to transport goods. Performance was weighed down by pricing pressure and higher costs resulting from network inefficiencies. Mattel, Inc., a manufacturer and marketer of a broad variety of toy products, was another significant detractor. After two consecutive quarters of weak results driven by too much inventory, new management updated forward earnings expectations and reduced its dividend payout to fund growth initiatives. Digital telecommunications company QUALCOMM, Inc. was negatively impacted by legal issues with two large customers. Although risk remains as QUALCOMM navigates remaining litigation with one customer, we believe the company retains a defendable intellectual property portfolio, with a durable royalty base. BT Group PLC, a British telecommunications provider, weighed on performance as increased pension liabilities created by a change in accounting methodology and a decrease in its dividend growth outlook pressured the share price. Exploration and production company Occidental Petroleum Corp. was another headwind to performance in the period. The outlook for oil prices remained uncertain as a recent recovery of supply output from Africa and unrelenting growth of supply from U.S. shale undermined OPEC-orchestrated output reductions.

Outlook and Positioning

Stock Performance (for the six months ended 6/30/17)

5 Highest	Average Weight	Contribution to Return
CSX Corp.	4.09%	1.75%
Apple, Inc.	3.88	0.92
Bayer AG	3.64	0.88
McDonald's Corp.	3.30	0.84
British American Tobacco PLC	3.63	0.83

5 Lowest	Average Weight	Contribution to Return
Occidental Petroleum Corp.	2.85%	-0.42%
BT Group PLC	2.49	-0.48
QUALCOMM, Inc.	2.81	-0.50
Mattel, Inc.	2.42	-0.54
Brambles, Ltd.	2.91	-0.56

Please see page 36 for a description of the methodology used to construct this chart.

Semi-Annual Report | June 30, 2017 | (WESTCORE FUNDS LOGO)

Westcore Large-Cap Dividend Fund

Fund Overview

June 30, 2017 (Unaudited)

Fund Strategy

Investing in large, well-established, dividend-paying domestic companies.

Fund Management

Derek R. Anguilm, CFA Portfolio Manager	Paul A. Kuppinger, CFA Portfolio Manager
Troy Dayton, CFA Portfolio Manager	Lisa Z. Ramirez, CFA Portfolio Manager
Mark M. Adelmann, CFA, CPA Portfolio Manager	Alex A. Ruehle, CFA Portfolio Manager

CFA is a trademark owned by CFA Institute.

Cumulative Returns

Lipper Index data provided by Lipper, Inc.

Please see index definitions beginning on page 34.

Average Annual Total Returns

	6 Months	1 Year	3 Years	5 Years	10 Years	Since Inception	Inception Date
Retail Class (WTEIX)	5.90%	9.78%	5.04%	10.16%	5.71%	8.65%	6/1/1988
Institutional Class (WILGX)	6.01	10.07	5.30	10.40	5.89	8.71	9/28/2007
Russell 1000^® Index	9.27	18.03	9.26	14.67	7.29	10.47
Westcore Large-Cap Dividend Custom Index	9.27	15.43	9.55	14.33	8.45	10.00
Russell 1000^® Growth Index	13.99	20.42	11.11	15.30	8.91	10.16
Lipper Large-Cap Growth Index	8.90	18.73	8.25	13.73	6.40	9.30

Retail Class Annual Expense Ratio (per the current prospectus) — Gross: 1.30%, Net: 0.89%

Institutional Class Annual Expense Ratio (per the current prospectus) — Gross: 1.49%, Net: 0.67%

Sector Allocation (as of 6/30/17)

Information Technology	18.5%
Consumer Discretionary	17.8
Consumer Staples	16.1
Health Care	15.9
Financials	8.3
Industrials	8.0
Utilities	7.7
Materials	3.9
Energy	3.3

The sector allocation table above does not include any cash or cash equivalents.

Top Ten Holdings (as of 6/30/17)

CSX Corp.	4.4%
Wal-Mart Stores Inc.	4.4
Chubb Ltd.	4.4
Nestle SA	4.2
Cardinal Health Inc.	4.2
Pfizer, Inc.	4.0
Yum! Brands, Inc.	4.0
Kimberly-Clark Corp.	4.0
US Bancorp	4.0
Broadridge Financial Solutions Inc.	3.9
Total (% of Net Assets)	41.4%

Top ten holdings do not include any cash, cash equivalents or exchange traded fund investments. Holdings are subject to change and may not reflect the current or future position of the Fund.

Effective December 27, 2016, the Westcore Growth Fund was renamed the Westcore Large-Cap Dividend Fund and was repositioned to focus on large, dividend-paying companies.

Denver Investments (the “Adviser”) has contractually agreed to waive certain investment advisory and/or administration fees and/or to reimburse other expenses from April 30, 2017 until at least April 30, 2018. The first waiver/reimbursement applies so that the ratio of expenses to average net assets, as reported in the Fund’s Financial Highlights, will be no more than 0.89% for the Fund’s Retail Class for such period. The second waiver/reimbursement applies so that Fund level Other Expenses for the Institutional Class will be in the same proportion as the Retail Class waivers/reimbursements. The third waiver/reimbursement applies so that the institutional class-specific Other Expenses are reimbursed. The Adviser has contractually agreed to waive/ reimburse all of these class-specific Other Expenses, but only to the extent that the difference between the net Institutional Class and net Retail Class expense ratios, after applying the waiver/reimbursement, does not exceed 25 basis points. These agreements may not be terminated or modified by the Adviser prior to April 30, 2018 without the approval of the Board of Trustees.

Dividends are not guaranteed. A company’s future abilities to pay dividends may be limited and a company may cease paying dividends at any time.

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

16	\| www.westcore.com

Westcore Large-Cap Dividend Fund

Fund Overview

June 30, 2017 (Unaudited)

Manager Commentary

Market Overview

U.S. equity markets experienced a strong start to the year, driven by expectations of accelerated economic growth, but value stocks took a pause in the second quarter as reality did not meet those lofty near-term expectations. Excitement around the pro-business policies of the new administration took a back seat following the failure to pass the American Health Care Act of 2017, and the announced investigation into ties between President Trump’s campaign and Russian officials. These issues drove market fears that the new administration would be unable to implement policy changes. At the same time, the outlook for inflation dimmed and other economic indicators began to signal the potential for a slowdown, despite the Federal Reserve’s apparent optimism as it raised rates for the fourth time since December 2015. As a result of a more subdued outlook for U.S. economic growth, growth stocks (which have historically been less economically sensitive than value stocks) outperformed value stocks. Additionally, investors shifted assets to larger capitalization companies and to more defensive sectors, such as health care and utilities, and away from more cyclical sectors, such as energy and basic materials.

Fund Performance

The Westcore Large-Cap Dividend Fund returned 5.90% (retail class) for the six months ended June 30, 2017, underperforming its benchmark, the Russell 1000^® Index, which returned 9.27% over the same period.

Contributors to Return

The sectors that contributed most to the Fund’s performance relative to its benchmark were industrials, energy, and telecommunications services. The Fund’s top performers were led by CSX Corp., a provider of rail-based transportation services in the United States and Canada. The company generated strong network and customer performance metrics and management raised its outlook on productivity objectives. McDonald’s Corp., a global fast food retailer, posted solid financial results that highlighted market share gains in key markets and underscored its strong global footprint. Mobile device and personal computer manufacturer Apple, Inc. posted solid financial results supported by robust demand for iPhone 7 models and strength in its services business. This, coupled with growing excitement around the iPhone 8 launch, led to the stock’s outperformance. Global consumer goods company Nestle SA was another strong performer

in the period. The company announced slightly better-than-expected financial results under the leadership of a new CEO. These results were driven by improved growth, and the continued recovery in Asia and Europe. Global biopharmaceutical company AbbVie, Inc. added to the Fund’s performance with solid financial results that exhibited continued strong growth from its lead product, Humira.

Detractors from Return

The Fund’s weakest sectors relative to its benchmark were consumer discretionary, information technology, and health care. The Fund’s three largest detractors in the period were consumer discretionary sector holdings Target Corp., Mattel, Inc., and Ralph Lauren Corp. Target, owner and operator Target stores, is in the early stages of a transformation strategy that requires significant investment across all areas of the business. This had a downward effect on earnings. Mattel, a manufacturer and marketer of a broad variety of toy products, reported two consecutive quarters of weak results attributable to too much inventory. New management updated forward earnings expectations and reduced its dividend payout to fund growth initiatives. Ralph Lauren, a designer, marketer, and distributor of premium lifestyle products, also detracted from performance in the period. The surprise departure of its CEO, Stefan Larsson, who was the architect behind recent turnaround plans presented by the company led to share price weakness. Digital telecommunications company QUALCOMM, Inc. was negatively impacted by legal issues with two large customers. Although risk remains as QUALCOMM navigates remaining litigation with one customer, we believe the company retains a defendable intellectual property portfolio, with a durable royalty base. Exploration and production company, Occidental Petroleum Corp. was another headwind to performance in the period. The outlook for oil prices remained uncertain as a recent recovery of supply output from Africa and unrelenting growth of supply from U.S. shale undermining OPEC-orchestrated output reductions.

Outlook and Positioning

Stock Performance (for the six months ended 6/30/17)

5 Highest	Average Weight	Contribution to Return
CSX Corp.	4.17%	1.85%
McDonald's Corp.	3.94	1.01
Apple, Inc.	4.00	0.97
Nestle SA	3.82	0.86
AbbVie, Inc.	3.78	0.67

5 Lowest	Average Weight	Contribution to Return
Occidental Petroleum Corp.	3.27%	-0.52%
QUALCOMM, Inc.	3.18	-0.53
Ralph Lauren Corp.	3.15	-0.65
Mattel, Inc.	3.10	-0.90
Target Corp.	2.96	-0.95

Please see page 36 for a description of the methodology used to construct this chart.

Semi-Annual Report | June 30, 2017 | (WESTCORE FUNDS LOGO)

Westcore Micro-Cap Opportunity Fund

Fund Overview

June 30, 2017 (Unaudited)

Fund Strategy

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

Fund Management

Paul A. Kuppinger, CFA Portfolio Manager

CFA is a trademark owned by CFA Institute.

Cumulative Returns

Lipper Index data provided by Lipper, Inc.

Please see index definitions beginning on page 34.

Average Annual Total Returns

	6 Months	1 Year	3 Years	5 Years	10 Years	Since Inception	Inception Date
Retail Class (WTMIX)	0.11%	25.33%	6.73%	13.72%	—	9.71%	6/23/2008
Russell Microcap^®Index	4.23	27.60	6.69	13.73	—	8.95
Lipper Small-Cap Core Index	3.90	21.96	6.93	13.52	—	9.02

Retail Class Annual Expense Ratio (per the current prospectus) — Gross: 2.09%, Net: 1.30%

Sector Allocation (as of 6/30/17)

Financials	24.1%
Health Care	22.9
Information Technology	13.3
Consumer Discretionary	10.7
Industrials	10.2
Energy	4.8
Materials	3.2
Consumer Staples	2.9
Real Estate	2.1
Utilities	1.1
Telecommunication Services	0.9

The sector allocation table above does not include any cash or cash equivalents.

Top Ten Holdings (as of 6/30/17)

Renewable Energy Group, Inc.	1.0%
Phibro Animal Health Corp.	1.0
Lantheus Holdings, Inc.	1.0
Bassett Furniture Industries, Inc.	1.0
Repligen Corp.	1.0
Resource Capital Corp.	1.0
Schnitzer Steel Industries, Inc.	0.9
Neff Corp.	0.9
Exactech, Inc.	0.9
LHC Group, Inc.	0.9
Total (% of Net Assets)	9.7%

Top ten holdings do not include any cash, cash equivalents or exchange traded fund investments. Holdings are subject to change and may not reflect the current or future position of the Fund.

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

18	\| www.westcore.com

Westcore Micro-Cap Opportunity Fund

Fund Overview

June 30, 2017 (Unaudited)

Manager Commentary

Market Overview

Micro-cap stocks got off to a rocky start in 2017 as the post-election euphoria that drove performance at the end of 2016 wavered a bit. For the first three months of 2017, the Russell Microcap^® Index returned a meager 0.38%. In the second quarter, however, micro-cap stocks rebounded with the Russell Microcap® Index returning 3.83% for the three months ended June 30. In the first half of the year, stocks that we view as expensive generally outperformed, while companies with high cash flow to price and other positive valuation metrics underperformed. Stocks with high return on equity also underperformed. From a trading standpoint, stocks with higher volatility and higher historical trading volume outperformed less-volatile and less-liquid stocks. Additionally, companies that have historically grown revenues, or are forecasted to do so over the next two years, outperformed slower-growth companies.

Fund Performance

The Westcore Micro-Cap Opportunity Fund returned 0.11% for the first half of the year, underperforming the 4.23% return over the same period of its benchmark, the Russell Microcap^® Index. The models used to help manage and select stocks for the Fund provided mixed results for the first six months of 2017. On an absolute basis only 3 of the 11 sectors in the Fund provided positive returns for the period. The Fund outperformed the benchmark in 4 out of 11 sectors.

Contributors to Return

The Fund’s best-performing sectors relative to the benchmark were energy, health care, and materials. Pennsylvania-based OraSure Technologies, Inc. was the Fund’s top contributor in the period. This medical device company landed a major new customer, Helix, which allowed the firm to gain additional traction in its DNA Genotek, Inc. business. Also among the Fund’s best-performing holdings was Fortress Biotech, Inc., a biopharmaceutical company dedicated to creating a portfolio of novel pharmaceutical and biotechnology products. The company reported better-than-expected annual results for 2016. MiMedx Group, Inc., a biopharmaceutical company that

delivers innovative bioactive healing products for tissue regeneration, was another strong performer. The company reported better-than-expected results for the first quarter.

Detractors from Return

The Fund’s weakest sectors relative to the benchmark were information technology, financials, and telecommunications services. The Fund’s largest individual detractor in the first half of 2017 was Bristow Group, Inc. Bristow is a provider of industrial aviation services, including helicopter transportation, search and rescue, and aircraft support services, primarily to the offshore oil and gas industry. The company reported disappointing earnings for its fiscal fourth quarter and, with oil prices down and the offshore market showing few signs of near-term recovery, management forecast little improvement for fiscal year 2018. Another holding impacted by low oil prices was Atwood Oceanics, Inc. This offshore drilling contractor headquartered in Houston, Texas struggled in the first half of the year as offshore drillers continued to be hampered by low oil prices. DHI Group, Inc., a leading provider of data, insights, and employment connections to specialized professional communities also underperformed during the first half of the year. The stock struggled after the company announced that it had concluded its exploration of alternative ownership options and would continue to operate independently.

Outlook and Positioning

Despite the uncertainty around the timing of pro-growth policy changes proposed by the new administration, stock market volatility remains at extremely low levels. Additionally, we see continued signs of optimism for small companies. Non-residential fixed investment spending increased by 11% in the second quarter of 2017. This suggests that increased optimism among CEOs and CFOs is translating into actual activity. U.S. consumer confidence also remains high. While it certainly does not appear to be a low-risk environment for stocks, particularly as valuations have increased in recent years, we are still finding some micro-cap stocks that we believe are reasonably priced.

Stock Performance (for the six months ended 6/30/17)

5 Highest	Average Weight	Contribution to Return
OraSure Technologies, Inc.	0.99%	0.72%
Extreme Networks, Inc.	0.59	0.42
Fortress Biotech, Inc.	0.66	0.40
MiMedx Group, Inc.	0.68	0.40
LHC Group, Inc.	0.84	0.36

5 Lowest	Average Weight	Contribution to Return
Zumiez Inc.	0.39%	-0.23%
Atwood Oceanics, Inc.	0.48	-0.24
Libbey, Inc.	0.29	-0.24
DHI Group, Inc.	0.39	-0.32
Bristow Group, Inc.	0.46	-0.39

Please see page 36 for a description of the methodology used to construct this chart.

Semi-Annual Report | June 30, 2017 | (WESTCORE FUNDS LOGO)

Westcore International Small-Cap Fund

Fund Overview

June 30, 2017 (Unaudited)

Fund Strategy

Investing in the stocks of small international companies that we believe are poised for growth.

Fund Management

John C. Fenley, CFA Portfolio Manager

Jeremy A. Duhon, CFA Portfolio Manager

CFA is a trademark owned by CFA Institute.

Cumulative Returns

Lipper Index data provided by Lipper, Inc.

Please see index definitions beginning on page 34.

Average Annual Total Returns

	6 Months	1 Year	3 Years	5 Years	10 Years	Since Inception	Inception Date
Retail Class (WTIFX)	15.19%	16.35%	-0.20%	5.40%	3.76%	5.21%	12/15/1999
Institutional Class (WIIFX)	15.28	16.56	-0.12	5.45	3.78	5.22	4/29/2016
MSCI ACWI ex USA Small-Cap Index	15.56	20.32	3.31	10.02	2.91	7.08
MSCI EAFE Small-Cap Index	16.72	23.18	5.60	12.94	3.41	7.77
Lipper International Small-Cap Index	17.73	21.24	4.16	11.68	3.46	7.42

Retail Class Annual Expense Ratio (per the current prospectus) — Gross: 1.77%, Net: 1.50%

Institutional Class Annual Expense Ratio (per the current prospectus) — Gross: 1.65%, Net: 1.25%

Sector Allocation(as of 6/30/17)

Information Technology	38.0%
Consumer Discretionary	25.5
Health Care	10.5
Financials	10.4
Industrials	7.8
Real Estate	3.3
Consumer Staples	3.1

The sector allocation table above does not include any cash or cash equivalents.

Top Ten Holdings (as of 6/30/17)

Corporate Travel Management, Ltd.	4.4%
Constellation Software, Inc.	3.7
Webjet, Ltd.	3.6
CTS Eventim AG & Co. KGaA	3.4
SMS Co. Ltd.	3.3
Japan Property Management Center Co., Ltd.	3.3
Boyd Group Income Fund	3.2
Azimut Holding S.p.A.	3.2
Credit Corp. Group, Ltd.	3.1
Tsuruha Holdings, Inc.	3.1
Total (% of Net Assets)	34.2%

Top ten holdings do not include any cash, cash equivalents or exchange traded fund investments. Holdings are subject to change and may not reflect the current or future position of the Fund.

Denver Investments (the “Adviser”) has contractually agreed to waive the investment advisory and/or administration fees and/or to reimburse other expenses from April 30, 2017 until at least April 30, 2018, so that the ratio of expenses to average net assets as reported in the Fund’s Financial Highlights will be no more than 1.50% for the Fund’s Retail Class for such period. The second waiver/reimbursement applies so that Fund level Other Expenses for the Institutional Class will be in the same proportion as the Retail Class waivers/reimbursements. The third waiver/reimbursement applies so that the institutional class-specific Other Expenses are reimbursed. The Adviser has contractually agreed to waive/reimburse all of these class-specific Other Expenses, but only to the extent that the difference between the net Institutional Class and net Retail Class expense ratios, after applying the waiver/ reimbursement, does not exceed 25 basis points. This agreement may not be terminated or modified by the Adviser prior to April 30, 2018 without the approval of the Board of Trustees.

The Adviser has also agreed to voluntarily waive a portion of the investment advisory and/or administration fees and/or reimburse additional Trust expenses commencing April 29, 2016 so that the ratio of expenses to average net assets of the Westcore International Small-Cap Fund (the “Fund”) Retail Class of the Trust as reported in the Funds Financial Highlights do not exceed 1.44%. The second and third sentences of footnote (2) above otherwise remain in full force and effect. The Adviser may discontinue this voluntary waiver at any time upon notice to the Trust.

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.

20	\| www.westcore.com

Westcore International Small-Cap Fund

Fund Overview

June 30, 2017 (Unaudited)

Manager Commentary

Market Overview

Global equity markets, both developed and emerging, were generally strong in the first half of 2017. Despite headwinds created by geopolitical uncertainty in specific regions, earnings growth appeared to be leading stocks higher. Interestingly, volatility remained low, even as the risk of media coverage having an adverse impact on markets was highlighted on an almost daily basis. Generally, stocks were exceptionally strong at the beginning of the second quarter but were showing weakness by quarter-end. This may be an indication that global geopolitical headlines are beginning to factor into investors’ appetite for global equities.

Fund Performance

The Westcore International Small-Cap Fund participated in the favorable global equity environment and returned 15.19% (retail class) for the first half of the year. This, however, underperformed its benchmark, the MSCI ACWI ex USA Index, which was up 15.56% over the same period. From a geographic perspective, companies in Japan and Sweden were the strongest contributors to the Fund’s performance for the half, while stocks in the United Kingdom and Israel were its most significant detractors.

Contributors to Return

At the company level, Arcland Service Holdings Co., Ltd. and Qualicorp SA were among the Fund’s largest contributors relative to its benchmark. Arcland is a Japan-based operator of mostly fast casual deep-fried tonkatsu (pork cutlet) restaurants. Profits have been growing at a double-digit rate as it offers quality meals at a reasonable price through its low-cost operating structure. Using state-of-the-art deep fryers, Arcland can produce consistent quality tonkatsu at a fast rate with fewer employees than its competitors. We anticipate that store openings, same-store sales growth, and new restaurant formats should continue to drive growth. Brazil-based Qualicorp, an intermediary between health and dental insurers and companies offering these benefits to employees, was another contributor to performance. It benefited from being one of the first companies to serve the affinity market, which are companies or organizations

that have common interests and have partnered to create a larger consumer base. This has given Qualicorp scale that can benefit its clients when negotiating with insurers. We believe that the company will continue to prosper from the growing affinity market.

Detractors from Return

Stocks that detracted from the Fund’s performance for the period include Sapiens International Corp. and Utilitywise PLC. Sapiens, headquartered in Israel, is a global provider of software solutions for the insurance industry. In addition to software development, Sapiens has distinguished itself from major competitors by also managing the delivery and implementation of its software. During the half, Sapiens trimmed its guidance for 2017 earnings estimates following the loss of a major client. We have spoken to management about this client loss and have conducted additional research. The company’s business model remains intact and we believe demand for its software and services should continue to grow over the medium to long term. Utilitywise is a United Kingdom-based consultant to businesses regarding energy and water consumption. It focuses on helping small and medium-sizes enterprise businesses procure better utility rates as its negotiating power with the utility companies is often stronger than these companies could get on their own. Recently, shares have been under pressure due to management changes and the prospect of weakening consumption by some clients. The management changes, along with deteriorating working capital, led us to exit the position.

Outlook and Positioning

Despite the negative news from a couple of detractors, we are quite optimistic about the Fund’s positioning based on the number of holdings that have grown revenue and earnings over the past quarter. In our experience, companies rarely grow consistently quarter after quarter or year after year. We monitor the revenue and earnings evolution of all of the Fund’s holdings and are encouraged that the majority are experiencing meaningful growth in both areas. Our hope is that the Fund’s holdings will continue to post operational strength, which we expect will translate into performance success.

Stock Performance (for the six months ended 6/30/17)

5 Highest	Average Weight	Contribution to Return
Cellavision AB	2.39%	1.82%
Arcland Service Holdings Co., Ltd.	3.31	1.35
Corporate Travel Management, Ltd.	3.82	1.20
CTS Eventim AG & Co. KGaA	2.95	1.14
Qualicorp SA	2.28	1.01

5 Lowest	Average Weight	Contribution to Return
3P Learning Ltd.	0.51%	-0.19%
Domino's Pizza Group PLC	2.82	-0.39
Kakaku.com, Inc.	2.09	-0.57
Utilitywise PLC	0.82	-0.59
Sapiens International Corp. NV	2.94	-0.74

Please see page 36 for a description of the methodology used to construct this chart.

Semi-Annual Report | June 30, 2017 |

Westcore Flexible Income Fund

Fund Overview

June 30, 2017 (Unaudited)

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

Troy A. Johnson, CFA Portfolio Manager

Gregory M. Shea, CFA Portfolio Manager

CFA is a trademark owned by CFA Institute.

Cumulative Returns

Lipper Index data provided by Lipper, Inc.

Please see index definitions beginning on page 34.

Average Annual Total Returns

	6 Months	1 Year	3 Years	5 Years	10 Years	Since Inception	30-Day SEC Yield	Inception Date
Retail Class (WTLTX)	4.09%	8.75%	5.10%	5.89%	4.54%	7.48%	3.87%	6/1/1988
Institutional Class (WILTX)	4.19	9.15	5.36	6.09	4.69	7.53	4.04	9/28/2007
Bloomberg Barclays U.S. Corporate High Yield Ba Index	4.79	9.83	5.21	6.80	8.20	8.72	—
Lipper High Current Yield Index	4.72	12.30	3.48	6.28	6.06	6.96	—

Retail Class Annual Expense Ratio (per the current prospectus) — Gross: 0.96%, Net: 0.86%

Institutional Class Annual Expense Ratio (per the current prospectus) — Gross: 0.85%, Net: 0.64%

Asset Allocation (as of 6/30/17)

Corporate Bonds	89.7%
Commercial Mortgage-Backed Securities	3.7
Money Market Mutual Funds	3.2
Preferred Stocks	1.7
Residential Mortgage-Backed Securities	0.9
Exchange Traded Funds	0.8

Percentages are based on Total Net Assets.

Top Ten Corporate Credit Exposure (as of 6/30/17)

Goodyear Tire & Rubber Co.	2.8%
Range Resources Corp.	2.6
FMG RES AUG	2.5
MPLX LP	2.5
Potlatch Corp.	2.1
Concho Resources Inc	2.1
CCO Holdings LLC	2.1
Tuckahoe Credit Lease Trust	2.0
United Rental	2.0
Tesoro Corp.	2.0
Total (% of Net Assets)	22.6%

Percentages represent the Fund’s aggregate holdings in the same corporate issuer and its affiliates. Holdings are subject to change and may not reflect the current or future position of the Fund.

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 3.74% for the retail class and 3.94% for the institutional class.

Denver Investments (the “Adviser”) has contractually agreed to waive certain investment advisory and/or administration fees and/or to reimburse other expenses from April 30, 2017 until at least April 30, 2018. The first waiver/reimbursement applies so that the ratio of expenses to average net assets, as reported in the Fund’s Financial Highlights, will be no more than 0.85% for the Fund’s Retail Class for such period. The second waiver/reimbursement applies so that Fund level Other Expenses for the Institutional Class will be in the same proportion as the Retail Class waivers/reimbursements. The third waiver/reimbursement applies so that the institutional class-specific Other Expenses are reimbursed. The Adviser has contractually agreed to waive/ reimburse all of these class-specific Other Expenses, but only to the extent that the difference between the net Institutional Class and net Retail Class expense ratios, after applying the waiver/reimbursement, does not exceed 25 basis points. These agreements may not be terminated or modified by the Adviser prior to April 30, 2018 without the approval of the Board of Trustees.

Westcore Flexible Income Fund may invest in high-yield/high-risk bonds which are subject to greater levels of liquidity risk. Additionally, investing in bonds entails interest rate risk and credit risk.

Gregory M. Shea is a registered representative of ALPS Distributors, Inc.

22	\| www.westcore.com

Westcore Flexible Income Fund

Fund Overview

June 30, 2017 (Unaudited)

Manager Commentary

Market Overview

The rally in higher risk securities that began in the fourth quarter of 2016 continued in the first six months of 2017. The stock market, as measured by the Russell 3000® Index, generated a solid return of 8.93%. The Federal Reserve increased the Fed Funds rate twice in the first half of the year. The first was a 0.25% increase in March and was followed by another widely anticipated 0.25% increase in June. The interest rate market was seemingly less bullish than the Federal Reserve and equity investors. This was evidenced by the yield curve continuing to flatten as short-term rates (i.e. the Fed Funds rate) moved higher and long-term rates moved lower. For example, the 10-year U.S. Treasury was down from 2.44% on December 31, 2016, to 2.30% on June 30, 2017. Oil prices, which continued to be a barometer of the high-yield market, fell another 14.3% during the first half of 2017. The trailing twelve-month high-yield default rate continued to move lower from 6.90% at December 31, 2016, to 4.43% as of June 30, 2017, indicative of improving issuer fundamentals and a supportive market for new high-yield issues. Against this backdrop, the Bloomberg Barclays U.S. Corporate High Yield Index posted positive returns in five of the first six months of the year and outperformed investment grade corporate bonds. At the sector level, health care and financials outperformed. Underperforming sectors included retail, which had a particularly challenging first quarter in which high-yield retailer bonds fell 1.27%, and energy, which fell 1.16% in the second quarter. From a quality perspective, risk was in vogue as the Bloomberg Barclays U.S. Corporate High Yield Caa Index posted a 6.59% return for the first half, while the Bloomberg Barclays U.S. Corporate High Yield Ba Index was up 4.79%.

Fund Performance

The Westcore Flexible Income Fund’s 4.09% (retail class) return for the first half lagged the 4.79% return recorded by its benchmark, the Bloomberg Barclays U.S. Corporate High Yield Ba Index, over the same period. The Fund benefited as several of its holdings received upgrades from high-yield credit ratings to investment-grade credit

ratings in the first half. Unfortunately, these benefits were more than offset by the Fund’s shorter duration and its energy sector positions, which ultimately led to its underperformance.

Outlook and Positioning

High-yield credit spreads (the additional yield over Treasuries offered by high-yield bonds) continued to tighten during the first half of 2017 and again approached the post-2008 lows established in mid-2014. Issuer fundamentals showed improvement when first quarter results were finalized, but overall leverage levels in the high-yield market currently remain elevated. In our view, we’ve passed the peak in balance sheet improvement for high-yield securities, except for a few commodity sectors and one-off situations. Increased political uncertainty has had a mild positive impact on bond markets as corporate America has started to take a “wait and see” approach while awaiting details regarding tax reform, regulatory reform, etc. We believe the key drivers of market valuations will likely be (1) the speed with which the Federal Reserve normalizes policy, (2) global investor appetite for fixed income assets, (3) results out of Washington D.C, and (4) the pace at which corporate America re-leverages balance sheets. We generally expect moderate outcomes on each of these fronts, but believe we have positioned the Fund appropriately if dislocations occur and the situation warrants.

We position the Fund with a longer-term investment orientation and an emphasis on higher-quality high-yield bonds. The goal of which is reducing the Fund’s volatility while providing solid risk-adjusted returns over time. Our process entails intensive credit analysis by which we evaluate yield versus risk through business cycles, and it follows that a larger weighting of higher-rated, high-yield issues is a logical result. Most importantly, we believe this strategy is suitable over the long term for shareholders who want comparative yield from a high-yield fund, but who are also more sensitive to volatility and more focused on capital preservation.

Semi-Annual Report | June 30, 2017 |

Westcore Plus Bond Fund

Fund Overview

June 30, 2017 (Unaudited)

Fund Strategy

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

Fund Management

Kenneth A. Harris, CFA Portfolio Manager

Troy A. Johnson, CFA Portfolio Manager

CFA is a trademark owned by CFA Institute.

Cumulative Returns

Lipper Index data provided by Lipper, Inc.

Please see index definitions beginning on page 34.

Average Annual Total Returns

	6 Months	1 Year	3 Years	5 Years	10 Years	Since Inception	30-Day SEC Yield	Inception Date
Retail Class (WTIBX)	3.04%	1.13%	2.79%	2.76%	4.42%	6.10%	2.84%	6/1/1988
Institutional Class (WIIBX)	3.05	1.29	2.93	2.91	4.55	6.14	2.99	9/28/2007
Bloomberg Barclays U.S. Aggregate Bond Index	2.27	-0.31	2.48	2.21	4.48	6.43	—
Lipper Core Plus Bond Index*	3.06	2.04	2.62	3.12	5.18	—	—

Retail Class Annual Expense Ratio (per the current prospectus) — Gross: 0.78%, Net: 0.55%

Institutional Class Annual Expense Ratio (per the current prospectus) — Gross: 0.56%, Net: 0.38%

Asset Allocation (as of 6/30/17)
Corporate Bonds	38.0%
Mortgage-Backed Securities Passthrough	25.5
U.S. Treasury Bonds & Notes	11.2
Municipal Bonds	9.4
Asset Backed Securities	6.4
Commercial Mortgage-Backed Securities	3.7
Money Market Mutual Funds	2.0
Residential Mortgage-Backed Securities	1.8
Collateralized Loan Obligations	1.5
Preferred Stocks	0.8

Percentages are based on Total Net Assets.

Top Ten Corporate Credit Exposure
(as of 6/30/17)
San Diego Airport	2.0%
Washington State	1.7
Washington REIT	1.4
Crown Castle Towers LLC	1.3
AMXCA	1.3
General Electric	1.3
North Texas Tollway Authority	1.3
San Francisco City and County CA Public Utilities	1.2
Pacific Gas & Electric	1.2
JP Morgan Chase & Co.	1.2
Total (% of Net Assets)	13.8%

Percentages represent the Fund’s aggregate holdings in the same corporate issuer and its affiliates. Holdings are subject to change and may not reflect the current or future position of the Fund.

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 2.63% for the retail class and 2.84% for the institutional class.

Denver Investments (the “Adviser”) has contractually agreed to waive certain investment advisory and/or administration fees and/or to reimburse other expenses from April 30, 2017 until at least April 30, 2018. The first waiver/reimbursement applies so that the ratio of expenses to average net assets, as reported in the Fund’s Financial Highlights, will be no more than 0.55% for the Fund’s Retail Class for such period. The second waiver/reimbursement applies so that Fund level Other Expenses for the Institutional Class will be in the same proportion as the Retail Class waivers/reimbursements. The third waiver/reimbursement applies so that the institutional class-specific Other Expenses are reimbursed. The Adviser has contractually agreed to waive/ reimburse all of these class-specific Other Expenses, but only to the extent that the difference between the net Institutional Class and net Retail Class expense ratios, after applying the waiver/reimbursement, does not exceed 25 basis points. These agreements may not be terminated or modified by the Adviser prior to April 30, 2018 without the approval of the Board of Trustees.

*	A since inception calculation is not provided as the December 31, 1997 inception of the Lipper Core Plus Bond Index followed the June 1, 1988 inception of the Westcore Plus Bond Fund.

Westcore Plus Bond Fund may invest in high-yield/high risk bonds which are subject togreater levels of liquidity risk. Additionally, investing in bonds entails interest rate risk and credit risk.

24	\| www.westcore.com

Westcore Plus Bond Fund

Fund Overview

June 30, 2017 (Unaudited)

Manager Commentary

Market Overview

While the Federal Reserve was busy raising short-term interest rates in both March and June of this year, the market was equally busy lowering long-term interest rates. The result was a much flatter yield curve and a new emerging bond market conundrum. While we are not yet close to the dreaded inverted yield curve, which would signal an impending recession, it is quite remarkable that long-term rates continued to fall during the initial stages of a Federal Reserve rate-hiking cycle. The Federal Reserve appeared focused on a strengthening economy and the likelihood of rising inflation. Markets, however, remained skeptical as hopes faded that the new administration would produce imminent and meaningful tax reform or the anticipated fiscal stimulus from infrastructure spending. Meanwhile, stocks continued to reach new all-time highs and corporate bonds performed very well as investors embraced additional risk in anticipation of better returns and higher income levels. To us, it is a bit of a conundrum that optimism has led stocks to all-time highs and tighter spreads for high-yield corporate bonds (spreads are the additional yield over Treasuries offered by bonds) while, at the same time, the interest rate market seems to be forecasting slowing growth and continued low inflation. Investors seem more and more comfortable accepting the longevity of the current low-rate environment, with its minimal volatility that rewards risk takers of all forms. Perhaps we really are in the Goldilocks days where all indicators are “just right” and there is nothing to worry about.

Fund Performance

The Westcore Plus Bond Fund’s return of 3.04% (retail class) for the first six months of 2017, outperformed its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index, which generated 2.27% for the same period. The excess return was a result of the enhanced income-oriented positioning of the Fund relative to the benchmark. The Fund continued to benefit from its overweighted exposure to corporate and taxable municipal bonds through the accompanying yield advantage, as well as the spread tightening throughout the first half of the year. The strong relative performance of the Fund’s high-yield holdings, while limited in allocation, also augmented performance.

Outlook and Positioning

The prevailing economic outlook is for modest, but positive growth, and slowly rising inflation. At June 30, unemployment remained at cycle lows even as the labor force increased, with displaced workers

slowly returning to the workforce. The lack of strong wage increases remains a mystery as a scarcity of skilled workers in specific industries becomes more pronounced and unfilled positions accumulate. The Federal Reserve appears to believe that tight labor markets will imminently lead to rising real wages and then quickly into rising inflation as those cost pressures are pushed through to consumers. This strength in the U.S. economy is also evident in European, Asian and emerging markets, in what many are calling a synchronized global expansion. The appearance of tranquility and calm pervading the markets has us on high alert for the inflection point that would alter this outlook. Much will depend on the actions of central banks as they reduce their support of financial conditions through the unwinding of the unprecedented quantitative easing and bond buying of recent years. U.S. fixed income securities continue to look attractive versus those available elsewhere in today’s global marketplace, particularly the significantly lower and even negative rates offered in European and Japanese bond markets.

We believe the Fund is positioned to perform well over time and within the volatile environments that often arise across financial markets. The Fund is constructed with overweighted positions in shorter maturity “spread” sectors and a duration that is slightly shorter than the benchmark. This positioning is intended to capture higher income levels, while also being slightly more protective if we do see modest interest rate increases. We are also cognizant that a fall in interest rates is plausible if the pendulum of economic data swings back to the weaker side, a flight to quality is caused by another global crisis, or there is a sudden decline in stock prices. Recognizing that we are late in an already extended positive credit cycle, we have positioned the Fund with overweighted positions in carefully selected income-producing securities, including mortgage-backed securities as well as corporate and municipal bonds. These tactics are designed to enable performance over multiple interest rate and economic scenarios. We have increased our focus on quality and liquidity in an effort to mitigate negative credit events and market dislocations that could adversely impact portfolios. We believe our rigorous credit selection process is particularly valuable at this point in the credit cycle when it is critically important to assess valuations, as well as differentiate creditworthiness and long-term stability of each of our holdings. While we are concerned about the volatility and the recent spike in short-term rates, we are not convinced the market is quickly headed to significantly higher long-term interest rates.

Semi-Annual Report | June 30, 2017 |

Westcore Municipal Opportunities Fund

Fund Overview

June 30, 2017 (Unaudited)

Fund Strategy

A fixed income fund focusing primarily on investment-grade quality bonds of intermediate maturity which provide income exempt from federal taxation.

Fund Management

Kenneth A. Harris, CFA Portfolio Manager

Nicholas J. Foley Portfolio Manager

CFA is a trademark owned by CFA Institute.

Cumulative Returns

Lipper Index data provided by Lipper, Inc.

Please see index definitions beginning on page 34.

Average Annual Total Returns

	6 Months	1 Year	3 Years	5 Years	10 Years	Since Inception	30-Day SEC Yield	Inception Date
Retail Class (WTTAX)	4.91%	—	—	—	—	6.49%	2.70%	12/16/2016
Institutional Class (WITAX)	5.06	—	—	—	—	6.64	2.96	12/16/2016
Bloomberg Barclays U.S. 1-15 Year Municipal Bond Index	3.21	—	—	—	—	3.94	—
Lipper Intermediate Municipal Debt Index	3.01	—	—	—	—	3.69	—

Retail Class Annual Expense Ratio (per the current prospectus) — Gross: 19.19%, Net: 0.73%

Institutional Class Annual Expense Ratio (per the current prospectus) — Gross: 19.56%, Net: 0.69%

Asset Allocation (as of 6/30/17)

General Obligation	22.7%
Transportation	14.9
General	14.5
Development	11.4
Nursing Homes	10.0
Higher Education	5.1
Short-Term Investments/Net Other Assets	4.8
Housing	4.3
Build America Bonds	3.8
Education	3.1
Airport	2.5
Medical	2.2
Facilities	0.7

Percentages are based on Total Net Assets.

Top Ten Corporate Credit Exposure
(as of 6/30/17)
City of Coralville	6.9%
Colorado Health Facilities Authority	6.5
Desert Hot Redevelopment	5.9
Pima CO Development	5.8
Papio	5.4
Commonwealth of Puerto Rico	5.1
High Plains	4.7
Baltimore Convention	4.6
CO High Performance	4.4
MD Econ Development	4.3
Total (% of Net Assets)	53.5%

Percentages represent the Fund’s aggregate holdings in the same corporate issuer and its affiliates. Holdings are subject to change and may not reflect the current or future position of the Fund.

NEW FUND RISK: There can be no assurance that the Fund will grow to or maintain an economically viable size. There may be limited or no performance history for investors to evaluate.

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 0.85% for the retail class and 0.94% for the institutional class.

Denver Investments (the “Adviser”) has contractually agreed to waive certain investment advisory and/or administration fees and/or to reimburse other expenses until at least April 30, 2018, so that the ratio of expenses to average net assets as reported in the Fund’s Financial Highlights will be no more than 0.65% for the Fund’s Retail Class for such period. Subsequent to any such waivers or reimbursements with respect to the Fund’s Retail Class, the Adviser will waive or reimburse Fund level Other Expenses for the Institutional Class in the same proportion as the Retail Class waivers/reimbursements and also waive or reimburse Institutional class-specific Other Expenses, but only to the extent that the difference between the net Institutional Class and net Retail Class expense ratios does not exceed 25 basis points, after applying the waiver/reimbursement. These agreements may not be terminated or modified by the Adviser prior to April 30, 2018 without the approval of the Board of Trustees.

Municipal bond fund income may be subject to state and local income taxes and the alternative minimum tax. Capital gains, if any, will be subject to capital gains tax.

Investments in municipal bonds are subject to interest rate risk, or the risk that the bonds will decline in value because of changes in market interest rates.

26	\| www.westcore.com

Westcore Municipal Opportunities Fund

Fund Overview

June 30, 2017 (Unaudited)

Manager Commentary

Market Overview

Apart from a couple of starts and stops, the 10-year AAA municipal rate moved steadily lower over the first half of the year. Perhaps the most startling takeaway from the last six months was the disappearance of volatility within the municipal markets. One likely reason for the relative calm was a lack of supply of municipal bonds as issuance of new bonds has not kept up with the quantity of maturing and called bonds. Additionally, it is becoming apparent that many of the large initiatives that were anticipated after the November elections will come to fruition only slowly and in more diluted forms, if at all. This lack of political initiatives also supported lower volatility.

Rates and Ratios: The 10-year AAA rated municipal bond yield fell to 1.96% as of June 30, 2017. The low for the first half of the year was 1.82% and would likely have finished there if not for a bit of a selloff in the final days of June.

Municipal Bond Fund Flows: Flows into the municipal market were strong as political initiatives were delayed and performance was positive. Thomson Reuters Lipper reported inflows of $5.3 billion into municipal bond funds for the year-to-date through June 30. This represents an increase of approximately 0.78% in total assets in municipal bond funds in the United States.

Municipal Credit Events: Illinois’ credit rating was downgraded to within one notch of “junk” bond status by Moody’s Investors Service and S&P Global Ratings. We could be entering uncharted waters. If Illinois’ credit rating is further downgraded, it would be the first instance in which the credit of a U.S. state was junk rated. Currently

states, unlike nearly all other municipal entities, do not have the ability to enter bankruptcy. Illinois, however, may be the first to challenge this, as the state certainly appears to be in need of relief.

Connecticut’s credit rating was also downgraded by multiple credit agencies in the quarter. This may come as a surprise to many as the state has one of the highest earnings per capita in the United States. It is another example of how years and years of underfunding pensions and other long-term liabilities can stack up.

Fund Performance

The Westcore Municipal Opportunities Fund returned 4.91% (retail class) for the first half of the year. This compares to a return of 3.21% by its benchmark, the Bloomberg Barclays U.S. 1-15 Year Municipal Bond Index, over the same period.

Outlook and Positioning

Credit Positioning: Our outlook for municipal bonds remains positive as slow, steady growth since the 2008 recession has made its way into municipal revenues. We remain more bullish on revenue bonds and issuers who have limited exposure to long-term liabilities.

Duration: The Fund’s effective duration as of June 30, 2017 was 6.5 years and its average maturity was 13.5 years. This is a longer effective duration and maturity than the benchmark had as of June 30, 2017.

As of June 30, 2017, no individual holdings within the Fund were taxable to those shareholders subject to the Alternative Minimum Tax (AMT).

Semi-Annual Report | June 30, 2017 |

Westcore Colorado Tax-Exempt Fund

Fund Overview

June 30, 2017 (Unaudited)

Fund Strategy

A Colorado municipal bond fund focused on investment-grade quality bonds of intermediate maturity that provide federal and state tax-exempt income.

Fund Management

Kenneth A. Harris, CFA Portfolio Manager

Nicholas J. Foley Portfolio Manager

CFA is a trademark owned by CFA Institute.

Cumulative Returns

Lipper Index data provided by Lipper, Inc.

Please see index definitions beginning on page 34.

Average Annual Total Returns

	6 Months	1 Year	3 Years	5 Years	10 Years	Since Inception	30-Day SEC Yield	Inception Date
Retail Class (WTCOX)	3.06%	-0.67%	2.82%	2.62%	3.82%	4.60%	2.76%	6/1/1991
Institutional Class WICOX)	3.20	-0.53	2.87	2.65	3.83	4.61	2.92	4/29/2016
Bloomberg Barclays U.S. 10-Year Municipal Bond Index	4.18	-0.41	3.56	3.40	5.13	5.85	—
Lipper Intermediate Municipal Debt Index	3.01	-0.61	2.48	2.49	3.79	4.63	—

Retail Class Annual Expense Ratio (per the current prospectus) — Gross: 0.85%, Net: 0.66%

Institutional Class Annual Expense Ratio (per the current prospectus) — Gross: 0.69%, Net: 0.50%

Asset Allocation (as of 6/30/17)

General	20.1%
Medical	17.3
Development	12.7
Education	11.8
General Obligation	9.4
Transportation	4.3
Build America Bonds	4.1
Short-Term Investments/Net Other Assets	3.9
Higher Education	3.8
Airport	3.1
Multifamily Hsg	2.5
School District	2.5
Facilities	1.8
Water	1.3
Power	0.8
Nursing Homes	0.7

Percentages are based on Total Net Assets.

Top Ten Credit Exposure (as of 6/30/17)
Colorado Education & Cultural Facilities Authority	24.1%
Colorado Health Facilities Authority	13.0
University of Colorado Hospital Authority	6.4
Colorado High Performance	3.5
City & County of Denver Co Airport System Revenue	2.6
Aurora Cops	2.4
Denver Convention Center Hotel Authority	2.4
Central Platte Valley Metropolitan District	2.4
Regional Transportation District	2.2
Colorado Housing & Finance Authority	1.9
Total (% of Net Assets)	60.9%

Top ten holdings do not include any cash, cash equivalents or exchange traded fund investments. Holdings are subject to change and may not reflect the current or future position of the Fund.

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 2.59% for the retail class and 2.79% for the institutional class.

Denver Investments (the “Adviser”) has contractually agreed to waive the investment advisory and/or administration fees and/or to reimburse other expenses from April 30, 2017 until at least April 30, 2018, so that the ratio of expenses to average net assets as reported in the Fund’s Financial Highlights will be no more than 0.65% for the Fund’s Retail Class for such period. The second waiver/reimbursement applies so that Fund level Other Expenses for the Institutional Class will be in the same proportion as the Retail Class waivers/reimbursements. The third waiver/reimbursement applies so that the institutional class-specific Other Expenses are reimbursed. The Adviser has contractually agreed to waive/reimburse all of these class-specific Other Expenses, but only to the extent that the difference between the net Institutional Class and net Retail Class expense ratios, after applying the waiver/reimbursement, does not exceed 25 basis points. This agreement may not be terminated or modified by the Adviser prior to April 30, 2018 without the approval of the Board of Trustees.

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.

28	\| www.westcore.com

Westcore Colorado Tax-Exempt Fund

Fund Overview

June 30, 2017 (Unaudited)

Manager Commentary

Market Overview

Colorado Issuance: Through the second quarter of 2017, issuance of new Colorado municipal bonds totaled approximately $1.6 billion across 59 offerings. The largest of which was a $188 million offering for further development and expansion of the Centerra Metropolitan

District between Greely and Loveland. The second largest offering was by the Colorado Highway Performance Transportation Authority. This $162 million issuance will finance the building of managed lanes along C-470 where it connects with I-25. As many of us living in metro Denver can attest, this is an area of major congestion, so we will be interested to see the project develop.

Fund Performance

The Westcore Colorado Tax-Exempt Fund returned 3.06% (retail class) for the six months ended June 30, 2017. This compares to a return of 4.18% by its benchmark, the Bloomberg Barclays U.S. 10-Year Municipal Bond Index for the same period.

Outlook & Positioning

Duration: The Fund’s effective duration as of June 30, 2017 was 5.7 years and its average maturity was 11.4 years. This is a shorter effective duration and maturity than the benchmark as of June 30, 2017.

As of June 30, 2017, no individual holdings within the Fund were taxable to those shareholders subject to the Alternative Minimum Tax (AMT).

Semi-Annual Report | June 30, 2017 |

Westcore Funds

Fund Expenses

June 30, 2017 (Unaudited)

Disclosure of Fund Expenses

As a shareholder of a Fund, you may incur two types of costs: (1) transaction costs; 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 January 1, 2017 and held until June 30, 2017.

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.

30	\| www.westcore.com

Westcore Funds

Fund Expenses

June 30, 2017 (Unaudited)

	Beginning Account Value January 1, 2017	Ending Account Value June 30, 2017	Expense Ratio^(a)		Expenses Paid During period January 1, 2017 - June 30, 2017^(b)
Westcore Small-Cap Growth Fund
Retail
Actual	$1,000.00	$1,158.90	1.27	%^(c)	$6.80
Hypothetical (5% return before expenses)	$1,000.00	$1,018.50	1.27	%^(c)	$6.36
Institutional
Actual	$1,000.00	$1,159.90	1.23	%	$6.59
Hypothetical (5% return before expenses)	$1,000.00	$1,018.70	1.23	%	$6.16

Westcore Small-Cap Growth Fund II
Institutional
Actual	$1,000.00	$1,213.40	1.08	%	$5.93
Hypothetical (5% return before expenses)	$1,000.00	$1,019.44	1.08	%	$5.41

Westcore Mid-Cap Value Dividend Fund
Retail
Actual	$1,000.00	$1,009.50	1.19	%^(d)	$5.93
Hypothetical (5% return before expenses)	$1,000.00	$1,018.89	1.19	%^(d)	$5.96
Institutional
Actual	$1,000.00	$1,010.80	1.00	%	$4.99
Hypothetical (5% return before expenses)	$1,000.00	$1,019.84	1.00	%	$5.01

Westcore Mid-Cap Value Dividend Fund II
Retail
Actual	$1,000.00	$1,015.60	1.15	%	$5.75
Hypothetical (5% return before expenses)	$1,000.00	$1,019.09	1.15	%	$5.76
Institutional
Actual	$1,000.00	$1,013.00	1.10	%	$5.49
Hypothetical (5% return before expenses)	$1,000.00	$1,019.34	1.10	%	$5.51

Westcore Smid-Cap Value Dividend Fund
Retail
Actual	$1,000.00	$993.00	1.20	%	$5.93
Hypothetical (5% return before expenses)	$1,000.00	$1,018.84	1.20	%	$6.01
Institutional
Actual	$1,000.00	$994.00	0.95	%	$4.70
Hypothetical (5% return before expenses)	$1,000.00	$1,020.08	0.95	%	$4.76

Westcore Small-Cap Value Dividend Fund
Retail
Actual	$1,000.00	$974.40	1.30	%	$6.36
Hypothetical (5% return before expenses)	$1,000.00	$1,018.35	1.30	%	$6.51
Institutional
Actual	$1,000.00	$975.30	1.11	%	$5.44
Hypothetical (5% return before expenses)	$1,000.00	$1,019.29	1.11	%	$5.56

Westcore Global Large-Cap Dividend Fund
Retail
Actual	$1,000.00	$1,101.60	0.99	%	$5.16
Hypothetical (5% return before expenses)	$1,000.00	$1,019.89	0.99	%	$4.96
Institutional
Actual	$1,000.00	$1,103.90	0.90	%	$4.69
Hypothetical (5% return before expenses)	$1,000.00	$1,020.33	0.90	%	$4.51

Semi-Annual Report | June 30, 2017 | WESTCORE FUNDS LOGO

Westcore Funds

Fund Expenses

June 30, 2017 (Unaudited)

	Beginning Account Value January 1, 2017	Ending Account Value June 30, 2017	Expense Ratio^(a)		Expenses Paid During period January 1, 2017 - June 30, 2017^(b)
Westcore Large-Cap Dividend Fund
Retail
Actual	$1,000.00	$1,059.00	1.06	%^(e)	$5.41
Hypothetical (5% return before expenses)	$1,000.00	$1,019.54	1.06	%^(e)	$5.31
Institutional
Actual	$1,000.00	$1,058.50	0.97	%	$4.95
Hypothetical (5% return before expenses)	$1,000.00	$1,019.98	0.97	%	$4.86

Westcore Micro-Cap Opportunity Fund
Retail
Actual	$1,000.00	$1,001.10	1.30	%	$6.45
Hypothetical (5% return before expenses)	$1,000.00	$1,018.35	1.30	%	$6.51

Westcore International Small-Cap Fund
Retail
Actual	$1,000.00	$1,151.90	1.44	%	$7.68
Hypothetical (5% return before expenses)	$1,000.00	$1,017.65	1.44	%	$7.20
Institutional
Actual	$1,000.00	$1,152.80	1.29	%	$6.89
Hypothetical (5% return before expenses)	$1,000.00	$1,018.40	1.29	%	$6.46

Westcore Flexible Income Fund
Retail
Actual	$1,000.00	$1,040.90	0.85	%	$4.30
Hypothetical (5% return before expenses)	$1,000.00	$1,020.58	0.85	%	$4.26
Institutional
Actual	$1,000.00	$1,041.90	0.68	%	$3.44
Hypothetical (5% return before expenses)	$1,000.00	$1,021.42	0.68	%	$3.41

Westcore Plus Bond Fund
Retail
Actual	$1,000.00	$1,030.40	0.55	%	$2.77
Hypothetical (5% return before expenses)	$1,000.00	$1,022.07	0.55	%	$2.76
Institutional
Actual	$1,000.00	$1,030.50	0.40	%	$2.01
Hypothetical (5% return before expenses)	$1,000.00	$1,022.81	0.40	%	$2.01

Westcore Municipal Opportunities Fund
Retail
Actual	$1,000.00	$1,049.10	0.65	%	$3.30
Hypothetical (5% return before expenses)	$1,000.00	$1,021.57	0.65	%	$3.26
Institutional
Actual	$1,000.00	$1,050.60	0.40	%	$2.03
Hypothetical (5% return before expenses)	$1,000.00	$1,022.81	0.40	%	$2.01

Westcore Colorado Tax-Exempt Fund
Retail
Actual	$1,000.00	$1,030.60	0.65	%	$3.27
Hypothetical (5% return before expenses)	$1,000.00	$1,021.57	0.65	%	$3.26
Institutional
Actual	$1,000.00	$1,031.10	0.49	%	$2.47
Hypothetical (5% return before expenses)	$1,000.00	$1,022.36	0.49	%	$2.46

32	\| www.westcore.com

Westcore Funds

Fund Expenses

June 30, 2017 (Unaudited)

^(a)	The Fund's expense ratios have been annualized based on the Fund's most recent fiscal half-year expenses.

^(b)	Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year 181/365 (to reflect the half-year period).

^(c)	Contractual expense limitation change from 1.30% to 1.24% effective April 30, 2017.

^(d)	Contractual expense limitation change from 1.25% to 1.15% effective April 30, 2017.

^(e)	Contractual expense limitation change from 1.15% to 0.89% effective April 30, 2017.

Semi-Annual Report | June 30, 2017 | WESTCORE FUNDS LOGO

Westcore Funds

Important Disclosures

June 30, 2017 (Unaudited)

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 Bloomberg Barclays U.S. 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 Bloomberg Barclays U.S. 1-15 Year Municipal Bond Index measures the performance of investment grade (Moody’s Investor Services Aaa to Baa, Standard and Poor’s Corporation AAA to BBB) general obligation and revenue bonds with maturities ranging from 1 to 17 years. It is a broad index that is representative of the tax-exempt bond market.

The Bloomberg Barclays U.S. 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 Bloomberg Barclays 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 Bloomberg Barclays U.S. Corporate High Yield Index measures the performance of the high-yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody’s, Fitch and S&P is Ba1/BB+/BB+ or below.

The Dow Jones Industrial Average is a price-weighted average of 30 significant stocks traded on the New York Stock Exchange and the NASDAQ.

The Lipper Core Plus Bond Index tracks the performance of funds that invest at least 65% in domestic investment-grade debt issues (rated in the top four grades) with any remaining investment in non-benchmark sectors such as high-yield, global and emerging market debt. These funds maintain dollar-weighted average maturities of five to ten years.

The Lipper High Current Yield Index tracks the performance of funds that aim at high (relative) current yield from fixed income securities, have no quality or maturity restrictions, and tend to invest in lower-grade debt issues.

The Lipper Intermediate Municipal Debt Index tracks the performance of funds that invest in municipal debt issues with dollar-weighted average maturities of five to ten years.

The Lipper International Small-Cap Index tracks the performance of funds that, by portfolio practice, invest at least 75% of their equity assets in companies strictly outside of the U.S. with market capitalizations (on a three-year weighted basis) below Lipper’s international large-cap floor.

The Lipper Large-Cap Core Index tracks the performance of funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) above Lipper’s USDE large-cap floor.

The Lipper Large-Cap Growth Index tracks the performance of funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) above Lipper’s USDE large-cap floor.

The Lipper Mid-Cap Growth Index tracks the performance of funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) below Lipper’s USDE large-cap floor.

The Lipper Mid-Cap Value Index tracks the performance of funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) below Lipper’s USDE large-cap floor.

The Lipper Small-Cap Core Index tracks the performance of funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) below Lipper’s USDE small-cap ceiling.

The Lipper Small-Cap Growth Index tracks the performance of funds that invest at least 75% of their equity assets in companies with market capitalization (on a three-year weighted basis) below Lipper’s USDE Small-cap ceiling.

34	\| www.westcore.com

Westcore Funds

Important Disclosures

June 30, 2017 (Unaudited)

The Lipper Small-Cap Value Index tracks the performance of funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) below Lipper’s USDE small-cap ceiling.

The MSCI ACWI Index captures large and mid cap representation across 23 Developed Market and 23 Emerging Market countries. With 2,470 constituents, the index covers approximately 85% of the global investable equity opportunity set.

The MSCI ACWI ex USA Small Cap Index captures small cap representation across 22 of 23 Developed Market countries (excluding the U.S.) and 23 Emerging Market countries. With 4,233 constituents, the index covers approximately 14% of the global equity opportunity set outside the U.S. MSCI Inc. launched the MSCI ACWI ex USA Small Cap Index on June 1, 2007. Data prior to the launch date is back-tested data provided and derived by MSCI (i.e. calculations of how the index might have performed over that time period had the index existed). There may be material differences between back-tested performance and actual results. Past performance, whether actual or back-tested, is no indication or guarantee of
future performance.

The MSCI EAFE Small-Cap Index is an unmanaged market-capitalization-weighted index that represents the performance of smaller capitalization companies in developed stock markets outside of North America. The index targets all companies with market capitalization below that of the companies in the MSCI EAFE Index and up to 99% coverage of the free-float adjusted market capitalization in each market.

The NASDAQ Composite Index measures all NASDAQ domestic and international based common type stocks listed on The NASDAQ Stock Market.

The Russell 1000^® Index measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000^® Index and includes approximately 1000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000^® Index represents approximately 92% of the U.S. market.

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 small-cap segment of the U.S. equity universe. The Russell 2000^® Index is a subset of the Russell 3000^® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership.

The Russell 2000^® Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000^® Index companies with higher price-to-value ratios and higher forecasted growth values.

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 U.S. equity market.

The Russell 2500^TM Value Index measures the performance of the small- to mid-cap segment of the U.S. equity universe. It includes those Russell 2500^TM Index companies with lower price-to-book ratios and lower forecasted growth values.

The Russell 3000^® Index measures the performance of the 3,000 largest U.S. stocks.

The Russell Developed Large-Cap Index is constructed to provide a comprehensive and unbiased barometer for the large-cap segment of the developed equity universe.

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 Russell Midcap^® 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 Midcap^® 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.

Semi-Annual Report | June 30, 2017 | (WESTCORE FUND LOGO)

Westcore Funds

Important Disclosures

June 30, 2017 (Unaudited)

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 Westcore Small-Cap Growth Fund II Custom Index is comprised of Russell Midcap^® Growth Index from the Fund’s inception to 12/31/2016 and the Russell 2000^® Growth Index for the time period 1/1/2017 to the most recent period end to reflect the change in the Fund’s investment strategy on 12/27/2016. The Adviser believes that the Custom Index is the best benchmark measurement for periods prior to 12/31/2016.

The Westcore Mid-Cap Value Dividend Fund II Custom Index is comprised of Russell Midcap^® Growth Index from the Fund’s inception to 12/31/2016 and the Russell Midcap^® Value Index for the time period 1/1/2017 to the most recent period end to reflect the change in the Fund’s investment strategy on 12/27/2016. The Adviser believes that the Custom Index is the best benchmark measurement for periods prior to 12/31/2016.

The Westcore Global Large-Cap Dividend Fund Custom Index is comprised of the S&P 500^® Index from the Fund’s inception to 4/30/2013 and the Russell Developed Large-Cap Index for the time period 5/1/2013 to the most recent period end to reflect the change in the Fund’s investment strategy on 4/30/2013. The Adviser believes that the Custom Index is the best benchmark measurement for periods prior to 4/30/2013.

The Westcore Large-Cap Dividend Fund Custom Index is comprised of the Russell 1000^® Growth Index from the Fund’s inception to 12/31/2016 and the Russell 1000^® Index for the time period 1/1/2017 to the most recent period end to reflect the change in the Fund’s investment strategy on 12/27/2016. The Adviser believes that the Custom Index is the best benchmark measurement for periods prior to 12/31/2016.

Bloomberg Barclays U.S. 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.

MSCI Inc. 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.

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.

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 the first six months of 2017.

DEFINITION OF TERMS

Beta: A measure of a fund’s sensitivity to market movements. The beta of the market is 1.00 by definition. A beta above 1 is more volatile than the overall market, while a beta below 1 is less volatile.

Bond Rating Categories:

•

AAA: An obligation rated “AAA” has the highest rating assigned by Standard & Poor’s. The obligor’s capacity to meet its financial commitment on the obligation is extremely strong.

36	\| www.westcore.com

Westcore Funds

Important Disclosures

June 30, 2017 (Unaudited)

•

AA+: An obligation rated “AA+” differs from the highest rated obligations only in small degree. The obligor’s capacity to meet its financial commitment on the obligation is very strong.

•

AA: An obligation rated “AA” differs from the highest rated obligations only in small degree. The obligor’s capacity to meet its financial commitment on the obligation is very strong.

•

A: An obligation rated “A” is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor’s capacity to meet its financial commitment on the obligation is still strong.

•

BBB: An obligation rated “BBB” exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation.

•

Below BBB: Obligations rated “BB,” “B,” “CCC,” “CC” and “C” are regarded as having significant speculative characteristics. “BB” indicates the least degree of speculation and “C” the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposures to adverse conditions. Bonds rated “BB” or below are commonly referred to as “junk” bonds.

•

Non-Rated: These bonds are not rated.

Credit Quality Rating: A rating of an individual bond as determined by a nationally recognized statistical rating organization (NRSRO) such as Standard & Poor’s or Moody’s. Credit quality ratings range from highest, “AAA ” to lowest, “D”. For more information regarding rating methodologies for Standard & Poor’s, visit www.standardandpoors.com and for Moody’s, visit www.moodys.com.

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 Small-Cap Fund considers emerging market countries to be those countries that are neither U.S. nor developed countries.

Federal Reserve (the Fed): The central banking system of the United States.

Free Cash Flow to Total Enterprise Value (FCF/TEV): A valuation metric used to compare the amount of cash a firm generates to the total value of the resources used to generate that cash.

Gross Domestic Product (GDP): The market value of all officially recognized goods and services produced within a country in a given period of time. 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.

OPEC: Is the Organization of the Petroleum Exporting Countries.

Operating Cash Flow to Price (OCF/P): A valuation metric used to compare the amount of cash a firm generates per share from operations to the price of the stock.

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.

Semi-Annual Report | June 30, 2017 | (WESTCORE FUND LOGO)

Westcore Funds

Important Disclosures

June 30, 2017 (Unaudited)

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.

REIT: A REIT is a real estate investment trust. REITs are securities that sell like a stock on a major exchange. REITs invest directly in real estate, either through properties or mortgages.

Return on Equity (ROE): A measure of how well a company used reinvested earnings to generate additional earnings. It is used as a general indication of a company’s efficiency; in other words, how much profit is a company able to generate given the resources provided by its stockholders.

Risk-Adjusted Return: Is a measure of return that incorporates the value of risk involved in the return of an investment. It is intended to help investors compare the returns of investments with varying levels of risk. Risk-adjusted return can be applied to individual securities, mutual funds and portfolios.

Risk On, Risk Off: A concept that describes market sentiment as either “risk on” or “risk off”. During a market sentiment of “risk on”, the market is optimistic and more willing to take on risk in exchange for possibly better returns. When market sentiment is “risk off”, the market is pessimistic and will favor investments with perceived lower risk.

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.

Tax-Adjusted Return: Is the return on an investment after taxes.

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

38	\| www.westcore.com

Westcore Small-Cap Growth Fund

Statement of Investments

June 30, 2017 (Unaudited)

	Shares		Value
Common Stocks (97.06%)
Consumer Discretionary (18.60%)
Diversified Consumer Services (2.54%)
Bright Horizons Family Solutions, Inc.^**		1,035	$	79,912
Grand Canyon Education, Inc.^**		661		51,829
				131,741
Hotels Restaurants & Leisure (5.24%)
Jack in the Box, Inc.		660		65,010
Sonic Corp.		1,925		50,993
Vail Resorts, Inc.		498		101,010
Wingstop, Inc.		1,760		54,384
				271,397
Internet & Direct Marketing Retail (1.12%)
Duluth Holdings, Inc. - Class B^**		1,015		18,483
Nutrisystem, Inc.		760		39,558
				58,041
Leisure Products (0.81%)
Callaway Golf Co.		3,265		41,727

Media (5.67%)
IMAX Corp. (Canada)^**		2,825		62,150
Lions Gate Entertainment Corp. - Class B^**		1,827		48,014
Lions Gate Entertainment Corp. - Class A^**		1,782		50,288
Live Nation Entertainment, Inc.^**		2,930		102,110
National CineMedia, Inc.		4,215		31,275
				293,837
Multiline Retail (0.70%)
Big Lots, Inc.		755		36,467

Specialty Retail (2.52%)
Burlington Stores, Inc.^**		745		68,533
Party City Holdco, Inc.^**		3,950		61,817
				130,350
Total Consumer Discretionary				963,560

Consumer Staples (2.51%)
Beverages (1.31%)
MGP Ingredients, Inc.		1,330		68,056

Food & Staples Retailing (1.20%)
PriceSmart, Inc.		707		61,933

Total Consumer Staples				129,989

Energy (4.04%)
Energy Equipment & Services (1.22%)
US Silica Holdings, Inc.		1,785		63,350

Oil Gas & Consumable Fuels (2.82%)
PDC Energy, Inc.^**		1,605		69,191

	Shares		Value
Oil Gas & Consumable Fuels (continued)
RSP Permian, Inc.^**		1,330	$	42,919
SRC Energy, Inc.^**		5,026		33,825
				145,935
Total Energy				209,285

Financials (8.87%)
Banks (3.32%)
Bank of the Ozarks, Inc.		1,583		74,195
Eagle Bancorp, Inc.^**		1,540		97,482
				171,677
Capital Markets (3.47%)
Evercore Partners, Inc. - Class A		1,676		118,158
MarketAxess Holdings, Inc.		306		61,537
				179,695
Insurance (0.87%)
AMERISAFE, Inc.		795		45,275

Thrift & Mortgage Finance (1.21%)
LendingTree, Inc.^**		365		62,853

Total Financials				459,500

Health Care (19.38%)
Biotechnology (3.66%)
Ironwood Pharmaceuticals, Inc.^**		2,365		44,651
Prothena Corp. PLC (Ireland)^**		805		43,566
Sage Therapeutics, Inc.^**		473		37,670
Veracyte, Inc.^**		7,633		63,583
				189,470
Health Care Equipment & Supplies (5.79%)
Glaukos Corp.^**		2,110		87,501
Globus Medical, Inc. - Class A^**		2,040		67,626
K2M Group Holdings, Inc.^**		2,605		63,458
Nevro Corp.^**		1,095		81,501
				300,086
Health Care Providers & Services (5.17%)
Acadia Healthcare Co., Inc.^**		2,172		107,254
Amedisys, Inc.^**		900		56,529
HealthEquity, Inc.^**		1,230		61,291
LHC Group, Inc.^**		625		42,431
				267,505
Health Care Technology (1.66%)
Medidata Solutions, Inc.^**		1,100		86,020

Pharmaceuticals (3.10%)
Catalent, Inc.^**		1,785		62,653
Intersect ENT, Inc.^**		2,250		62,888
Pacira Pharmaceuticals, Inc.^**		735		35,060
				160,601
Total Health Care				1,003,682

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2017 | (WESTCORE FUNDS LOGO)

Westcore Small-Cap Growth Fund

Statement of Investments

June 30, 2017 (Unaudited)

	Shares		Value
Industrials (13.29%)
Aerospace & Defense (2.54%)
Aerovironment, Inc.^**		935	$	35,717
Hexcel Corp.		1,810		95,550
				131,267
Commercial Services & Supplies (0.93%)
Ritchie Bros Auctioneers, Inc. (Canada)		1,678		48,226

Construction & Engineering (1.03%)
Valmont Industries, Inc.		355		53,108

Electrical Equipment (1.56%)
Generac Holdings, Inc.^**		2,235		80,751

Machinery (1.65%)
Proto Labs, Inc.^**		1,270		85,407

Professional Services (4.43%)
Advisory Board Co.^**		2,756		141,934
Huron Consulting Group, Inc.^**		2,028		87,610
				229,544
Road & Rail (1.15%)
Saia, Inc.^**		1,165		59,764

Total Industrials				688,067

Information Technology (24.00%)
Internet Software & Services (4.35%)
2U, Inc.^**		965		45,278
Envestnet, Inc.^**		2,780		110,088
GoDaddy, Inc. - Class A^**		1,645		69,781
				225,147
IT Services (2.20%)
EPAM Systems, Inc.^**		1,355		113,942

Semiconductors & Semiconductor (7.80%)
Inphi Corp.^**		1,388		47,608
MACOM Technology Solutions Holdings, Inc.^**		910		50,751
Microsemi Corp.^**		1,980		92,664
Monolithic Power Systems, Inc.		1,410		135,924
Silicon Laboratories, Inc.^**		1,130		77,235
				404,182
Software (9.65%)
Everbridge, Inc.^**		1,910		46,527
Fortinet, Inc.^**		1,690		63,274
Globant SA (Luxembourg)^**		2,288		99,391
Guidewire Software, Inc.^**		687		47,204
RingCentral, Inc. - Class A^**		1,764		64,474
Tyler Technologies, Inc.^**		525		92,227

	Shares		Value
Software (continued)
Zendesk, Inc.^**		3,127	$	86,868
				499,965
Total Information Technology				1,243,236

Materials (2.75%)
Chemicals (2.75%)
Flotek Industries, Inc.^**		4,630		41,392
PolyOne Corp.		2,608		101,034
				142,426
Total Materials				142,426

Real Estate (1.85%)
Equity Real Estate Investment (1.85%)
QTS Realty Trust, Inc. - Class A		1,834		95,973

Total Real Estate				95,973

Telecommunication Services (1.77%)
Diversified Telecommunication (1.77%)
Cogent Communications Holdings, Inc.		2,285		91,629

Total Telecommunication Services				91,629

Total Common Stocks (Cost $4,087,873)				5,027,347

	Shares		Value
Money Market Mutual Funds (3.00%)
Goldman Sachs Financial Square - Government Fund, (7 Day Yield 0.834%)		155,226		155,226
Total Money Market Mutual Funds (Cost $155,226)				155,226

Total Investments (100.06%) (Cost $4,243,099)			$	5,182,573

Liabilities Less Other Assets (-0.06%)				(2,850	)

Net Assets (100.00%)			$	5,179,723

See Notes to Financial Statements.

40	\| www.westcore.com

Westcore Small-Cap Growth Fund

Statement of Investments

June 30, 2017 (Unaudited)

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. For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease. Industries are shown as a percentage of net assets.

^**	Non-income producing security.

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2017 | (WESTCORE FUNDS LOGO)

Westcore Small-Cap Growth Fund II

Statement of Investments

June 30, 2017 (Unaudited)

	Shares		Value
Common Stocks (93.53%)
Consumer Discretionary (17.92%)
Diversified Consumer Services (2.44%)
Bright Horizons Family Solutions, Inc.^**		7,320	$	565,177
Grand Canyon Education, Inc.^**		4,665		365,783
				930,960
Hotels Restaurants & Leisure (5.05%)
Jack in the Box, Inc.		4,665		459,502
Sonic Corp.		13,620		360,794
Vail Resorts, Inc.		3,530		715,990
Wingstop, Inc.		12,485		385,787
				1,922,073
Internet & Direct Marketing Retail (1.08%)
Duluth Holdings, Inc. - Class B^**		7,175		130,657
Nutrisystem, Inc.		5,395		280,810
				411,467
Leisure Products (0.77%)
Callaway Golf Co.		23,130		295,601

Media (5.47%)
IMAX Corp. (Canada)^**		20,010		440,220
Lions Gate Entertainment Corp. - Class B^**		12,952		340,378
Lions Gate Entertainment Corp. - Class A^**		12,630		356,419
Live Nation Entertainment, Inc.^**		20,768		723,765
National CineMedia, Inc.		29,870		221,635
				2,082,417
Multiline Retail (0.68%)
Big Lots, Inc.		5,340		257,922

Specialty Retail (2.43%)
Burlington Stores, Inc.^**		5,280		485,707
Party City Holdco, Inc.^**		28,000		438,200
				923,907
Total Consumer Discretionary				6,824,347

Consumer Staples (2.42%)
Beverages (1.27%)
MGP Ingredients, Inc.		9,420		482,022

Food & Staples Retailing (1.15%)
PriceSmart, Inc.		4,995		437,562

Total Consumer Staples				919,584

Energy (3.89%)
Energy Equipment & Services (1.18%)
US Silica Holdings, Inc.		12,630		448,239

Oil Gas & Consumable Fuels (2.71%)
PDC Energy, Inc.^**		11,375		490,376

	Shares		Value
Oil Gas & Consumable Fuels (continued)
RSP Permian, Inc.^**		9,420	$	303,983
SRC Energy, Inc.^**		35,615		239,689
				1,034,048
Total Energy				1,482,287

Financials (8.54%)
Banks (3.19%)
Bank of the Ozarks, Inc.		11,203		525,085
Eagle Bancorp, Inc.^**		10,910		690,603
				1,215,688
Capital Markets (3.33%)
Evercore Partners, Inc. - Class A		11,810		832,605
MarketAxess Holdings, Inc.		2,160		434,376
				1,266,981
Insurance (0.84%)
AMERISAFE, Inc.		5,630		320,628

Thrifts & Mortgage Finance (1.18%)
LendingTree, Inc.^**		2,595		446,859

Total Financials				3,250,156

Health Care (18.68%)
Biotechnology (3.53%)
Ironwood Pharmaceuticals, Inc.^**		16,770		316,617
Prothena Corp. PLC (Ireland)^**		5,690		307,943
Sage Therapeutics, Inc.^**		3,355		267,192
Veracyte, Inc.^**		54,075		450,445
				1,342,197
Health Care Equipment & Supplies (5.58%)
Glaukos Corp.^**		14,965		620,599
Globus Medical, Inc. - Class A^**		14,465		479,515
K2M Group Holdings, Inc.^**		18,465		449,807
Nevro Corp.^**		7,740		576,088
				2,126,009
Health Care Providers & Services (4.98%)
Acadia Healthcare Co., Inc.^**		15,400		760,452
Amedisys, Inc.^**		6,390		401,356
HealthEquity, Inc.^**		8,720		434,518
LHC Group, Inc.^**		4,435		301,092
				1,897,418
Health Care Technology (1.60%)
Medidata Solutions, Inc.^**		7,790		609,178

Pharmaceuticals (2.99%)
Catalent, Inc.^**		12,660		444,366
Intersect ENT, Inc.^**		15,925		445,104
Pacira Pharmaceuticals, Inc.^**		5,220		248,994
				1,138,464
Total Health Care				7,113,266

See Notes to Financial Statements.

42	\| www.westcore.com

Westcore Small-Cap Growth Fund II

Statement of Investments

June 30, 2017 (Unaudited)

	Shares		Value
Industrials (12.81%)
Aerospace & Defense (2.45%)
Aerovironment, Inc.^**		6,620	$	252,884
Hexcel Corp.		12,835		677,560
				930,444
Commercial Services & Supplies (0.90%)
Ritchie Bros Auctioneers, Inc. (Canada)		11,900		342,006

Construction & Engineering (0.99%)
Valmont Industries, Inc.		2,510		375,496

Electrical Equipment (1.50%)
Generac Holdings, Inc.^**		15,840		572,299

Machinery (1.59%)
Proto Labs, Inc.^**		9,015		606,259

Professional Services (4.27%)
Advisory Board Co.^**		19,515		1,005,022
Huron Consulting Group, Inc.^**		14,380		621,216
				1,626,238
Road & Rail (1.11%)
Saia, Inc.^**		8,255		423,482

Total Industrials				4,876,224

Information Technology (23.12%)
Internet Software & Services (4.19%)
2U, Inc.^**		6,825		320,229
Envestnet, Inc.^**		19,690		779,724
GoDaddy, Inc. - Class A^**		11,665		494,829
				1,594,782
IT Services (2.12%)
EPAM Systems, Inc.^**		9,595		806,844

Semiconductors & Semiconductor (7.52%)
Inphi Corp.^**		9,830		337,169
MACOM Technology Solutions Holdings, Inc.^**		6,445		359,438
Microsemi Corp.^**		14,030		656,604
Monolithic Power Systems, Inc.		9,975		961,590
Silicon Laboratories, Inc.^**		8,020		548,167
				2,862,968
Software (9.29%)
Everbridge, Inc.^**		13,535		329,712
Fortinet, Inc.^**		11,960		447,782
Globant SA (Luxembourg)^**		16,215		704,380
Guidewire Software, Inc.^**		4,871		334,686
RingCentral, Inc. - Class A^**		12,485		456,327
Tyler Technologies, Inc.^**		3,703		650,506

	Shares		Value
Software (continued)
Zendesk, Inc.^**		22,170	$	615,883
				3,539,276
Total Information Technology				8,803,870

Materials (2.65%)
Chemicals (2.65%)
Flotek Industries, Inc.^**		32,815		293,366
PolyOne Corp.		18,465		715,334
				1,008,700
Total Materials				1,008,700

Real Estate (1.79%)
Equity Real Estate Investment Trusts (REITs) (1.79%)
QTS Realty Trust, Inc. - Class A		13,010		680,813

Total Real Estate				680,813

Telecommunication Services (1.71%)
Diversified Telecommunication (1.71%)
Cogent Communications Holdings, Inc.		16,190		649,219

Total Telecommunication Services				649,219

Total Common Stocks (Cost $32,832,981)				35,608,466

	Shares		Value
Money Market Mutual Funds (6.94%)
Goldman Sachs Financial Square - Government Fund, (7 Day Yield 0.834%)		2,643,776		2,643,776

Total Money Market Mutual Funds (Cost $2,643,776)				2,643,776

Total Investments (100.47%) (Cost $35,476,757)			$	38,252,242

Liabilities Less Other Assets (-0.47%)				(178,245	)

Net Assets (100.00%)			$	38,073,997

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2017 | (WESTCORE FUNDS LOGO)

Westcore Small-Cap Growth Fund II

Statement of Investments

June 30, 2017 (Unaudited)

^**	Non-income producing security.

See Notes to Financial Statements.

44	\| www.westcore.com

Westcore Mid-Cap Value Dividend Fund

Statement of Investments

June 30, 2017 (Unaudited)

	Shares		Value
Common Stocks (99.92%)
Basic Materials (5.65%)
Chemicals (2.03%)
Compass Minerals International, Inc.		12,830	$	837,799
Eastman Chemical Co.		10,300		865,097
				1,702,896
Forestry & Paper (1.50%)
WestRock Co.		22,132		1,253,999

Other Materials (Rubber & Plastic) (1.14%)
Westlake Chemical Corp.		14,450		956,734

Specialty Chemicals (0.98%)
Mosaic Co.		35,960		820,967

Total Basic Materials				4,734,596

Capital Goods (12.02%)
Aerospace / Defense Suppliers (1.10%)
CAE, Inc. (Canada)		53,445		921,392

Agricultural Products (5.30%)
Ingredion, Inc.		19,000		2,264,990
Tyson Foods, Inc. - Class A		34,790		2,178,898
				4,443,888
Environmental / Pollution Control (1.65%)
Republic Services, Inc.		21,650		1,379,754

Farm Equipment (1.75%)
AGCO Corp.		21,797		1,468,900

Railroads (1.24%)
Kansas City Southern		9,950		1,041,267

Transportation Equipment & Parts (0.98%)
Oshkosh Corp.		11,850		816,228

Total Capital Goods				10,071,429

Consumer (15.45%)
Apparel & Footware Manufacturing (1.07%)
Carter's, Inc.		10,100		898,395

Beverages: Non-Alcoholic (0.98%)
Dr Pepper Snapple Group, Inc.		9,033		822,997

Clothing & Accessories (2.78%)
Foot Locker, Inc.		23,150		1,140,832

	Shares		Value
Clothing & Accessories (continued)
PVH Corp.		10,409	$	1,191,830
				2,332,662
Consumer Durables (1.35%)
Whirlpool Corp.		5,883		1,127,300

Consumer Products (1.24%)
Estee Lauder Cos., Inc. - Class A		10,829		1,039,367

Food Products (1.64%)
Lamb Weston Holdings, Inc.		31,225		1,375,149

General Merchandise (1.55%)
Dollar General Corp.		17,985		1,296,539

Motor Vehicle Parts (1.29%)
Goodyear Tire & Rubber Co.		31,005		1,083,935

Publishing & Media (1.44%)
Sinclair Broadcast Group, Inc. - Class A		36,600		1,204,140

Recreation & Leisure (1.14%)
Mattel, Inc.		44,203		951,691

Specialty Retail (0.97%)
Dick's Sporting Goods, Inc.		20,494		816,276

Total Consumer				12,948,451

Energy (7.79%)
Exploration & Production (6.48%)
EQT Corp.		23,050		1,350,499
Noble Energy, Inc.		52,700		1,491,410
Range Resources Corp.		72,975		1,690,831
SM Energy Co.		54,200		895,926
				5,428,666
Refining & Marketing (1.31%)
Marathon Petroleum Corp.		21,000		1,098,930

Total Energy				6,527,596

Interest Rate Sensitive (20.36%)
Insurance / Real Estate Brokers (2.48%)
Realogy Holdings Corp.		64,050		2,078,423

Integrated Financial Services (1.81%)
Voya Financial, Inc.		41,165		1,518,577

Life & Health Insurance (1.72%)
UNUM Group		30,995		1,445,297

Other Banks (2.90%)
BOK Financial Corp.		14,085		1,184,971

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2017 | WESTCORE FUNDS LOGO

Westcore Mid-Cap Value Dividend Fund

Statement of Investments

June 30, 2017 (Unaudited)

	Shares		Value
Other Banks (continued)
FNB Corp.		87,820	$	1,243,531
				2,428,502
Property Casualty Insurance (5.65%)
AmTrust Financial Services, Inc.		142,406		2,156,027
Radian Group, Inc.		74,700		1,221,345
Validus Holdings, Ltd. (Bermuda)		26,145		1,358,755
				4,736,127
Regional Banks (4.58%)
Fifth Third Bancorp		45,700		1,186,372
Investors Bancorp, Inc.		121,385		1,621,704
KeyCorp		54,950		1,029,763
				3,837,839
Specialty Finance (1.22%)
Navient Corp.		61,400		1,022,310

Total Interest Rate Sensitive				17,067,075

Medical / Healthcare (8.85%)
Healthcare Services (3.46%)
AmerisourceBergen Corp.		19,105		1,805,996
Cardinal Health, Inc.		14,085		1,097,503
				2,903,499
Medical Products & Supplies (1.06%)
DENTSPLY SIRONA, Inc.		13,750		891,550

Medical Technology (1.28%)
PerkinElmer, Inc.		15,700		1,069,798

Pharmaceuticals (3.05%)
Grifols SA ADR (Spain)		76,650		1,619,614
Perrigo Co. PLC (Ireland)		12,400		936,448
				2,556,062
Total Medical / Healthcare				7,420,909

REITs (12.73%)
Diversified And Specialty REITs (3.59%)
CyrusOne, Inc.		22,010		1,227,057
Uniti Group, Inc.		70,950		1,783,683
				3,010,740
Hotel & Resort REITs (1.12%)
Park Hotels & Resorts, Inc.		34,700		935,512

Multi Family REITs (3.41%)
Equity Residential		20,000		1,316,600
Mid-America Apartment Communities, Inc.		14,590		1,537,494
				2,854,094
Office REITs (1.46%)
Gramercy Property Trust		41,250		1,225,538

Retail REITs (3.15%)
Retail Properties of America, Inc. - Class A		91,250		1,114,163

	Shares		Value
Retail REITs (continued)
Tanger Factory Outlet Centers, Inc.		58,845	$	1,528,793
				2,642,956
Total REITs				10,668,840

Technology (8.25%)
Cable/Satellite/Telecommunication Services (1.63%)
TELUS Corp. (Canada)		39,650		1,368,718

Computer Software (1.60%)
Dolby Laboratories, Inc. - Class A		27,450		1,343,952

IT Services (3.24%)
Amdocs, Ltd.		22,190		1,430,368
CSRA, Inc.		40,323		1,280,255
				2,710,623
Technology Resellers / Distributors (1.78%)
Avnet, Inc.		38,450		1,494,936

Total Technology				6,918,229

Utilities (8.82%)
Gas Utilities (2.17%)
Spire, Inc.		26,000		1,813,500

Independent Power (2.53%)
Public Service Enterprise Group, Inc.		49,300		2,120,393

Integrated Gas & Electric (2.25%)
Xcel Energy, Inc.		41,165		1,888,650

Regulated Electric (1.87%)
Edison International		20,049		1,567,632

Total Utilities				7,390,175

Total Common Stocks (Cost $77,004,567)				83,747,300

	Shares		Value
Money Market Mutual Funds (0.49%)
Goldman Sachs Financial Square - Government Fund, (7 Day Yield 0.834%)		413,817		413,816

Total Money Market Mutual Funds (Cost $413,816)				413,816

See Notes to Financial Statements.

46	\| www.westcore.com

Westcore Mid-Cap Value Dividend Fund

Statement of Investments

June 30, 2017 (Unaudited)

	Shares		Value
Short Term Investments (0.00%)^(a)
Bank of New York Cash Reserve, (7 Day Yield 0.007%)		720	$	720

Total Short Term Investments (Cost $720)				720

Total Investments (100.41%) (Cost $77,419,103)			$	84,161,836

Liabilities Less Other Assets (-0.41%)				(343,429	)

Net Assets (100.00%)			$	83,818,407

^(a)	Less than 0.005%

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2017 | WESTCORE FUNDS LOGO

Westcore Mid-Cap Value Dividend Fund II

Statement of Investments

June 30, 2017 (Unaudited)

	Shares		Value
Common Stocks (97.14%)
Basic Materials (5.51%)
Chemicals (1.98%)
Compass Minerals International, Inc.		4,930	$	321,929
Eastman Chemical Co.		3,920		329,241
				651,170
Forestry & Paper (1.47%)
WestRock Co.		8,503		481,780

Other Materials (Rubber & Plastic) (1.10%)
Westlake Chemical Corp.		5,460		361,507

Specialty Chemicals (0.96%)
Mosaic Co.		13,815		315,396

Total Basic Materials				1,809,853

Capital Goods (11.63%)
Aerospace / Defense Suppliers (1.07%)
CAE, Inc. (Canada)		20,360		351,006

Agricultural Products (5.15%)
Ingredion, Inc.		7,160		853,544
Tyson Foods, Inc. - Class A		13,365		837,050
				1,690,594
Environmental / Pollution Control (1.58%)
Republic Services, Inc.		8,140		518,762

Farm Equipment (1.70%)
AGCO Corp.		8,270		557,315

Railroads (1.19%)
Kansas City Southern		3,750		392,438

Transportation Equipment & Parts (0.94%)
Oshkosh Corp.		4,480		308,582

Total Capital Goods				3,818,697

Consumer (15.06%)
Apparel & Footwear Manufacturer (1.04%)
Carter's, Inc.		3,850		342,458

Beverages: Non-Alcoholic (0.95%)
Dr Pepper Snapple Group, Inc.		3,435		312,963

Clothing & Accessories (2.73%)
Foot Locker, Inc.		8,895		438,346

	Shares		Value
Clothing & Accessories (continued)
PVH Corp.		3,999	$	457,885
				896,231
Consumer Durables (1.30%)
Whirlpool Corp.		2,226		426,546

Consumer Products (1.19%)
Estee Lauder Cos., Inc. - Class A		4,078		391,406

Food Products (1.61%)
Lamb Weston Holdings, Inc.		11,995		528,260

General Merchandise (1.52%)
Dollar General Corp.		6,910		498,142

Motor Vehicle Parts (1.25%)
Goodyear Tire & Rubber Co.		11,686		408,543

Publishing & Media (1.42%)
Sinclair Broadcast Group, Inc. - Class A		14,200		467,180

Recreation & Leisure (1.10%)
Mattel, Inc.		16,816		362,048

Specialty Retail (0.95%)
Dick's Sporting Goods, Inc.		7,776		309,718

Total Consumer				4,943,495

Energy (7.56%)
Exploration & Production (6.29%)
EQT Corp.		8,720		510,905
Noble Energy, Inc.		19,990		565,717
Range Resources Corp.		28,035		649,571
SM Energy Co.		20,572		340,055
				2,066,248
Refining & Marketing (1.27%)
Marathon Petroleum Corp.		7,950		416,023

Total Energy				2,482,271

Interest Rate Sensitive (19.87%)
Insurance / Real Estate Brokers (2.43%)
Realogy Holdings Corp.		24,605		798,432

Integrated Financial Services (1.78%)
Voya Financial, Inc.		15,815		583,415

Life & Health Insurance (1.67%)
Unum Group		11,741		547,483

Other Banks (2.83%)
BOK Financial Corp.		5,360		450,937

See Notes to Financial Statements.

48	\| www.westcore.com

Westcore Mid-Cap Value Dividend Fund II

Statement of Investments

June 30, 2017 (Unaudited)

	Shares		Value
Other Banks (continued)
FNB Corp.		33,740	$	477,758
				928,695
Property Casualty Insurance (5.52%)
AmTrust Financial Services, Inc.		54,740		828,764
Radian Group, Inc.		28,700		469,245
Validus Holdings, Ltd. (Bermuda)		9,870		512,944
				1,810,953
Regional Banks (4.46%)
Fifth Third Bancorp		17,350		450,406
Investors Bancorp, Inc.		46,633		623,017
KeyCorp		20,890		391,479
				1,464,902
Specialty Finance (1.18%)
Navient Corp.		23,300		387,945

Total Interest Rate Sensitive				6,521,825

Medical / Healthcare (8.56%)
Healthcare Services (3.35%)
AmerisourceBergen Corp.		7,240		684,398
Cardinal Health, Inc.		5,310		413,755
				1,098,153
Medical Products & Supplies (1.03%)
DENTSPLY SIRONA, Inc.		5,225		338,789

Medical Technology (1.23%)
PerkinElmer, Inc.		5,950		405,433

Pharmaceuticals (2.95%)
Grifols SA ADR (Spain)		29,020		613,192
Perrigo Co. PLC (Ireland)		4,690		354,189
				967,381
Total Medical / Healthcare				2,809,756

REITs (12.44%)
Diversified & Specialty REITs (3.54%)
CyrusOne, Inc.		8,540		476,105
Uniti Group, Inc.		27,260		685,316
				1,161,421
Hotel & Resort REITs (1.08%)
Park Hotels & Resorts, Inc.		13,100		353,176

Multi Family-REITs (3.34%)
Equity Residential		7,685		505,904
Mid-America Apartment Communities, Inc.		5,606		590,760
				1,096,664
Office REITs (1.43%)
Gramercy Property Trust		15,863		471,290

Retail REITs (3.05%)
Retail Properties of America, Inc. - Class A		33,880		413,675

	Shares		Value
Retail REITs (continued)
Tanger Factory Outlet Centers, Inc.		22,610	$	587,408
				1,001,083
Total REITs				4,083,634

Technology (8.01%)
Cable / Satellite / Telecommunication Services (1.58%)
TELUS Corp. (Canada)		14,990		517,455

Computer Software (1.55%)
Dolby Laboratories, Inc. - Class A		10,380		508,205

IT Services (3.16%)
Amdocs, Ltd.		8,455		545,009
CSRA, Inc.		15,492		491,871
				1,036,880
Technology Resellers / Distributors (1.72%)
Avnet, Inc.		14,530		564,926

Total Technology				2,627,466

Utilities (8.50%)
Gas Utilities (2.08%)
Spire, Inc.		9,800		683,550

Independent Power (2.45%)
Public Service Enterprise Group, Inc.		18,680		803,427

Integrated Gas and Electric (2.17%)
Xcel Energy, Inc.		15,520		712,058

Regulated Electric (1.80%)
Edison International		7,550		590,334

Total Utilities				2,789,369

Total Common Stocks
(Cost $32,339,808)				31,886,366

Money Market Mutual Funds (2.67%)	Shares		Value

Goldman Sachs Financial Square - Government Fund, (7 Day Yield 0.834%)		875,254		875,254
Total Money Market Mutual Funds (Cost $875,254)				875,254

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2017 |

Westcore Mid-Cap Value Dividend Fund II

Statement of Investments

June 30, 2017 (Unaudited)

	Shares		Value
Short Term Investments (0.00%)^(a)
Bank of New York Cash Reserve, (7 Day Yield 0.007%)		274	$	274

Total Short Term Investments (Cost $274)				274

Total Investments (99.81%) (Cost $33,215,336)			$	32,761,894

Other Assets Less Liabilities (0.19%)				62,135

Net Assets (100.00%)			$	32,824,029

^(a)	Less than 0.005%

See Notes to Financial Statements.

50	\| www.westcore.com

Westcore Smid-Cap Value Dividend Fund

Statement of Investments

June 30, 2017 (Unaudited)

	Shares		Value
Common Stocks (98.83%)
Basic Materials (6.00%)
Chemicals (2.60%)
Compass Minerals International, Inc.		130	$	8,489
Eastman Chemical Co.		108		9,071
				17,560
Forestry & Paper (1.04%)
WestRock Co.		124		7,026

Other Materials (Rubber & Plastic) (1.07%)
Westlake Chemical Corp.		109		7,217

Specialty Chemicals (1.29%)
Mosaic Co.		381		8,698

Total Basic Materials				40,501

Capital Goods (12.65%)
Agricultural Products (5.46%)
Dean Foods Co.		752		12,784
Ingredion, Inc.		116		13,829
Tyson Foods, Inc. - Class A		164		10,271
				36,884
Farm Equipment (1.75%)
AGCO Corp.		175		11,793

Industrial Products (2.37%)
Global Brass & Copper Holdings, Inc.		201		6,140
Regal Beloit Corp.		121		9,868
				16,008
Transportation Equipment & Parts (3.07%)
Greenbrier Cos., Inc.		294		13,597
Oshkosh Corp.		104		7,164
				20,761
Total Capital Goods				85,446

Consumer (13.23%)
Clothing & Accessories (3.30%)
Caleres, Inc.		294		8,168
Cato Corp. - Class A		361		6,350
Foot Locker, Inc.		158		7,786
				22,304
Food Products (1.23%)
Lamb Weston Holdings, Inc.		188		8,279

General Merchandise (1.47%)
Big Lots, Inc.		206		9,950

Motor Vehicle Parts (1.00%)
Goodyear Tire & Rubber Co.		193		6,747

	Shares		Value
Publishing & Media (2.92%)
AMC Entertainment Holdings, Inc. - Class A		296		$	6,734
Sinclair Broadcast Group, Inc. - Class A		394			12,963
					19,697
Recreation & Leisure (1.24%)
Mattel, Inc.		389			8,375

Restaurants (1.26%)
Bloomin' Brands, Inc.		401			8,513

Specialty Retail (0.81%)
Dick's Sporting Goods, Inc.		138			5,497

Total Consumer					89,362

Energy (5.93%)
Exploration & Production (5.93%)
Enerplus Corp. (Canada)		1,706			13,853
EQT Corp.		113			6,620
Range Resources Corp.		446			10,334
SM Energy Co.		560			9,257
					40,064
Total Energy					40,064

Interest Rate Sensitive (27.11%)
Insurance / Real Estate Brokers (2.11%)
Realogy Holdings Corp.		440			14,278

Integrated Financial Services (1.46%)
Voya Financial, Inc.		268			9,886

Life & Health Insurance (1.40%)
Unum Group		203			9,466

Other Banks (6.41%)
BOK Financial Corp.		128			10,768
FNB Corp.		830			11,753
Glacier Bancorp, Inc.		285			10,434
Independent Bank Corp.		155			10,331
					43,286
Property Casualty Insurance (5.00%)
AmTrust Financial Services, Inc.		871			13,187
Radian Group, Inc.		793			12,965
Validus Holdings, Ltd. (Bermuda)		146			7,588
					33,740
Regional Banks (6.53%)
Fifth Third Bancorp		504			13,084
First Horizon National Corp.		474			8,257
Investors Bancorp, Inc.		745			9,953
KeyCorp		685			12,837
					44,131

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2017 | (GRAPHIC)

Westcore Smid-Cap Value Dividend Fund

Statement of Investments

June 30, 2017 (Unaudited)

	Shares		Value
Securities & Asset Management (1.84%)
Artisan Partners Asset Management, Inc. - Class A		404	$	12,403

Specialty Finance (1.18%)
Navient Corp.		478		7,959

Thrifts (1.18%)
IBERIABANK Corp.		98		7,987

Total Interest Rate Sensitive				183,136

Medical / Healthcare (8.34%)
Healthcare Services (3.59%)
Aceto Corp.		449		6,937
AmerisourceBergen Corp.		106		10,020
Ensign Group, Inc.		335		7,293
				24,250
Pharmaceuticals (4.75%)
Grifols SA ADR (Spain)		327		6,910
Perrigo Co. PLC (Ireland)		118		8,911
Phibro Animal Health Corp. - Class A		440		16,302
				32,123
Total Medical / Healthcare				56,373

REITs (12.08%)
Diversified & Specialty REITs (4.48%)
CyrusOne, Inc.		195		10,871
GEO Group, Inc.		280		8,280
Uniti Group, Inc.		443		11,137
				30,288
Multi-Family REITs (1.51%)
Mid-America Apartment Communities, Inc.		97		10,222

Office REITs (2.74%)
Gramercy Property Trust		283		8,408
Lexington Realty Trust		1,017		10,078
				18,486
Retail REITs (3.35%)
CBL & Associates Properties, Inc.		1,457		12,283
Tanger Factory Outlet Centers, Inc.		397		10,314
				22,597
Total REITs				81,593

Technology (8.83%)
Computer Software (2.27%)
TiVo Corp.		822		15,330

Electronic Equipment (1.39%)
MTS Systems Corp.		182		9,428

IT Services (3.52%)
Amdocs, Ltd.		117		7,542

	Shares		Value
IT Services (continued)
CSRA, Inc.		225		$	7,143
EVERTEC, Inc. (Puerto Rico)		526			9,100
					23,785
Technology Resellers & Distributors (1.65%)
Avnet, Inc.		286			11,120

Total Technology					59,663

Utilities (4.66%)
Gas Utilities (2.20%)
Spire, Inc.		213			14,857

Independent Power (0.99%)
Public Service Enterprise Group, Inc.		155			6,666

Integrated Gas and Electric (1.47%)
NorthWestern Corp.		163			9,946

Total Utilities					31,469

Total Common Stocks
(Cost $682,436)					667,607

	Shares		Value
Money Market Mutual Funds (0.86%)
Goldman Sachs Financial Square - Government Fund, (7 Day Yield 0.834%)		5,781		5,781
Total Money Market Mutual Funds
(Cost $5,781)				5,781

Total Investments (99.69%)
(Cost $688,217)			$	673,388

Other Assets Less Liabilities (0.31%)				2,094

Net Assets (100.00%)			$	675,482

See Notes to Financial Statements.

52	\| www.westcore.com

Westcore Small-Cap Value Dividend Fund

Statement of Investments

June 30, 2017 (Unaudited)

	Shares		Value
Common Stocks (97.88%)
Basic Materials (4.10%)
Chemicals (1.26%)
Compass Minerals International, Inc.		39,200	$	2,559,760

Forestry & Paper (1.24%)
PH Glatfelter Co.		129,480		2,530,039

Non-Ferrous Metals (1.13%)
Materion Corp.		61,550		2,301,970

Specialty Chemicals (0.47%)
Minerals Technologies, Inc.		13,086		957,895

Total Basic Materials				8,349,664

Capital Goods (12.52%)
Agricultural Products (2.80%)
Dean Foods Co.		335,025		5,695,425

Electrical Equipment (1.10%)
Watts Water Technologies, Inc. - Class A		35,460		2,241,072

Engineering & Construction (1.61%)
Tetra Tech, Inc.		71,714		3,280,916

Industrial Products (5.08%)
Global Brass & Copper Holdings, Inc.		75,130		2,295,221
ITT, Inc.		52,000		2,089,360
Regal Beloit Corp.		43,346		3,534,866
The Timken Co.		52,650		2,435,063
				10,354,510
Transportation Equipment & Parts (1.93%)
Greenbrier Cos., Inc.		85,100		3,935,875

Total Capital Goods				25,507,798

Consumer (13.19%)
Clothing & Accessories (2.26%)
Caleres, Inc.		92,690		2,574,928
Cato Corp. - Class A		115,320		2,028,479
				4,603,407
Food Products (0.98%)
Flowers Foods, Inc.		115,560		2,000,343

General Merchandise (1.53%)
Big Lots, Inc.		64,500		3,115,350

	Shares		Value
Publishing & Media (5.47%)
AMC Entertainment Holdings, Inc. - Class A		184,420		$	4,195,555
Graham Holdings Co. - Class B		3,525			2,113,766
Sinclair Broadcast Group, Inc. - Class A		146,955			4,834,820
					11,144,141
Restaurants (1.79%)
Bloomin' Brands, Inc.		172,405			3,660,158

Specialty Retail (1.16%)
Big 5 Sporting Goods Corp.		180,954			2,361,450

Total Consumer					26,884,849

Energy (4.17%)
Exploration & Production (4.17%)
Enerplus Corp. (Canada)		712,585			5,786,190
SM Energy Co.		163,930			2,709,763
					8,495,953
Total Energy					8,495,953

Interest Rate Sensitive (28.79%)
Insurance / Real Estate Brokers (2.16%)
Realogy Holdings Corp.		135,400			4,393,730

Life & Health Insurance (1.24%)
CNO Financial Group, Inc.		120,615			2,518,441

Other Banks (13.88%)
First Midwest Bancorp, Inc.		85,980			2,004,194
FNB Corp.		222,740			3,153,998
Glacier Bancorp, Inc.		83,620			3,061,328
Hancock Holding Co.		47,335			2,319,415
Independent Bank Corp.		45,970			3,063,901
Umpqua Holdings Corp.		229,050			4,205,358
United Community Banks, Inc.		74,300			2,065,540
Valley National Bancorp		260,355			3,074,793
Westamerica Bancorporation		35,426			1,985,273
Wintrust Financial Corp.		43,862			3,352,811
					28,286,611
Property Casualty Insurance (4.73%)
AmTrust Financial Services, Inc.		341,335			5,167,812
Radian Group, Inc.		273,811			4,476,810
					9,644,622
Regional Banks (2.15%)
First Horizon National Corp.		112,975			1,968,025
Great Western Bancorp, Inc.		59,210			2,416,360
					4,384,385
Securities & Asset Management (1.74%)
Artisan Partners Asset Management, Inc. - Class A		115,500			3,545,850

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2017 | (GRAPHIC)

Westcore Small-Cap Value Dividend Fund

Statement of Investments

June 30, 2017 (Unaudited)

	Shares		Value
Thrifts (2.89%)
IBERIABANK Corp.		35,695		$	2,909,142
Northwest Bancshares, Inc.		190,765			2,977,842
					5,886,984
Total Interest Rate Sensitive					58,660,623

Medical / Healthcare (6.70%)
Healthcare Services (3.03%)
Aceto Corp.		145,600			2,249,520
Ensign Group, Inc.		180,080			3,920,342
					6,169,862
Medical Technology (1.62%)
Bio-Techne Corp.		28,135			3,305,862

Pharmaceuticals (2.05%)
Phibro Animal Health Corp. - Class A		112,624			4,172,719

Total Medical / Healthcare					13,648,443

REITs (10.19%)
Diversified & Specialty REITs (3.47%)
CyrusOne, Inc.		52,890			2,948,617
GEO Group, Inc.		139,279			4,118,480
					7,067,097
Multi-Family REITs (1.29%)
Education Realty Trust, Inc.		67,973			2,633,954

Office REITs (2.91%)
Gramercy Property Trust		101,059			3,002,463
Lexington Realty Trust		295,220			2,925,630
					5,928,093
Retail REITs (2.52%)
CBL & Associates Properties, Inc.		610,290			5,144,745

Total REITs					20,773,889

Technology (13.48%)
Computer Software (4.38%)
Monotype Imaging Holdings, Inc.		77,610			1,420,263
Progress Software Corp.		71,200			2,199,368
TiVo Corp.		284,620			5,308,163
					8,927,794
Electronic Equipment (3.20%)
Methode Electronics, Inc.		62,432			2,572,199
MTS Systems Corp.		76,165			3,945,347
					6,517,546
IT Services (4.76%)
Convergys Corp.		121,500			2,889,270
EVERTEC, Inc. (Puerto Rico)		208,175			3,601,427
ManTech International Corp. - Class A		77,252			3,196,688
					9,687,385

	Shares		Value
Semiconductors (0.43%)
Silicon Motion Technology Corp. ADR (Taiwan)		18,156		$	875,664

Telecommunication Equipment & Solutions (0.71%)
Plantronics, Inc.		27,688			1,448,359

Total Technology					27,456,748

Utilities (4.74%)
Gas Utilities (2.42%)
Spire, Inc.		70,615			4,925,396

Integrated Gas and Electric (1.35%)
NorthWestern Corp.		44,890			2,739,188

Regulated Electric (0.97%)
Portland General Electric Co.		43,445			1,985,002

Total Utilities					9,649,586

Total Common Stocks
(Cost $179,489,741)					199,427,553

	Shares		Value
Money Market Mutual Funds (2.66%)
Goldman Sachs Financial Square - Government Fund, (7 Day Yield 0.834%)		5,423,562			5,423,562
Total Money Market Mutual Funds
(Cost $5,423,562)					5,423,562

Total Investments (100.54%)
(Cost $184,913,303)				$	204,851,115

Liabilities Less Other Assets (-0.54%)					(1,108,672	)

Net Assets (100.00%)				$	203,742,443

See Notes to Financial Statements.

54	\| www.westcore.com

Westcore Global Large-Cap Dividend Fund

Statement of Investments

June 30, 2017 (Unaudited)

	Shares		Value
Common Stocks (96.04%)
Consumer Discretionary (15.09%)
Automobiles (2.98%)
Toyota Motor Corp. (Japan)		30,300	$	1,587,534

Hotels Restaurants & Leisure (6.94%)
McDonald's Corp.		12,435		1,904,545
Whitbread PLC (United Kingdom)		34,748		1,795,367
				3,699,912
Leisure Products (1.99%)
Mattel, Inc.		49,240		1,060,137

Specialty Retail (3.18%)
Lowe's Cos, Inc.		21,900		1,697,907

Total Consumer Discretionary				8,045,490

Consumer Staples (13.57%)
Food & Staples Retailing (3.31%)
Wal-Mart Stores, Inc.		23,327		1,765,387

Food Products (3.62%)
Nestle SA ADR (Switzerland)		22,145		1,931,044

Household Products (3.03%)
Kimberly Clark Corp.		12,514		1,615,683

Tobacco (3.61%)
British American Tobacco PLC ADR (United Kingdom)		28,030		1,921,176

Total Consumer Staples				7,233,290

Energy (9.16%)
Oil Gas & Consumable Fuels (9.16%)
Koninklijke Vopak N.V. (Netherlands)		36,073		1,672,753
Occidental Petroleum Corp.		28,583		1,711,264
TOTAL SA ADR (France)		30,202		1,497,717
				4,881,734
Total Energy				4,881,734

Financials (12.87%)
Banks (3.48%)	��
US Bancorp		35,806		1,859,048

Insurance (9.39%)
Chubb, Ltd. (Switzerland)		11,800		1,715,484
Helvetia Holding AG (Switzerland)		2,949		1,686,856
Power Financial Corp. (Canada)		62,500		1,603,466
				5,005,806
Total Financials				6,864,854

	Shares		Value
Health Care (13.53%)
Biotechnology (3.29%)
AbbVie, Inc.		24,189	$	1,753,945

Pharmaceuticals (10.24%)
Bayer AG (Germany)		15,500		2,004,018
Novartis AG ADR (Switzerland)		21,910		1,828,828
Roche Holding AG (Switzerland)		6,400		1,629,867
				5,462,713
Total Health Care				7,216,658

Industrials (10.72%)
Commercial Services & Supplies (3.08%)
Brambles, Ltd. (Australia)		219,389		1,640,696

Professional Services (3.25%)
Adecco Group AG (Switzerland)		22,800		1,733,361

Road & Rail (4.39%)
CSX Corp.		42,900		2,340,624

Total Industrials				5,714,681

Information Technology (12.32%)
IT Services (3.38%)
Broadridge Financial Solutions, Inc.		23,900		1,805,884

Semiconductors & Semiconductor (2.57%)
QUALCOMM, Inc.		24,837		1,371,499

Software (2.56%)
Sage Group PLC (United Kingdom)		152,152		1,363,413

Technology Hardware Storage & Peripherals (3.81%)
Apple, Inc.		14,100		2,030,682

Total Information Technology				6,571,478

Materials (3.21%)
Chemicals (3.21%)
Koninklijke DSM N.V. (Netherlands)		23,559		1,712,421

Total Materials				1,712,421

Telecommunication Services (2.24%)
Diversified Telecommunication Services (2.24%)
BT Group PLC (United Kingdom)		311,500		1,195,840

Total Telecommunication Services				1,195,840

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2017 |

Westcore Global Large-Cap Dividend Fund

Statement of Investments

June 30, 2017 (Unaudited)

	Shares		Value
Utilities (3.33%)
Multi Utilities (3.33%)

Canadian Utilities, Ltd. Class A (Canada)		55,235	$	1,774,863

Total Utilities				1,774,863

Total Common Stocks (Cost $42,985,739)				51,211,309

	Shares		Value
Money Market Mutual Funds (3.75%)
Goldman Sachs Financial Square - Government Fund, (7 Day Yield 0.834%)		2,001,614		2,001,614

Total Money Market Mutual Funds (Cost $2,001,614)				2,001,614

Total Investments (99.79%) (Cost $44,987,353)			$	53,212,923

Other Assets Less Liabilities (0.21%)				112,179

Net Assets (100.00%)			$	53,325,102

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. For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub- classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease. Industries are shown as a percentage of net assets.

Country Breakdown as of June 30, 2017 (Unaudited)
Country	Market Value		%
United States	$	22,918,219		42.96	%
Switzerland		10,525,440		19.73	%
United Kingdom		6,275,796		11.78	%
Netherlands		3,385,174		6.35	%
Canada		3,378,329		6.34	%
Germany		2,004,018		3.76	%
Australia		1,640,696		3.08	%
Japan		1,587,534		2.98	%
France		1,497,717		2.81	%
Total Investments		53,212,923		99.79	%
Other Assets in Excess of Liabilities		112,179		0.21	%
Net Assets	$	53,325,102		100.00	%

The country breakdown is based on the company headquarters.

See Notes to Financial Statements.

56	\| www.westcore.com

Westcore Large-Cap Dividend Fund

Statement of Investments

June 30, 2017 (Unaudited)

	Shares		Value
Common Stocks (99.46%)
Consumer Discretionary (17.79%)
Hotels Restaurants & Leisure (7.90%)
McDonald's Corp.		2,825	$	432,677
Yum! Brands, Inc.		6,071		447,797
				880,474
Multiline Retail (2.85%)
Target Corp.		6,074		317,610

Specialty Retail (3.85%)
Lowe's Cos., Inc.		5,525		428,353

Textiles Apparel & Luxury Goods (3.19%)
Ralph Lauren Corp.		4,809		354,904

Total Consumer Discretionary				1,981,341

Consumer Staples (16.06%)
Food & Staples Retailing (4.36%)
Wal Mart, Stores Inc.		6,412		485,260

Food Products (7.72%)
General Mills, Inc.		7,088		392,675
Nestle SA ADR (Switzerland)		5,365		467,828
				860,503
Household Products (3.98%)
Kimberly-Clark Corp.		3,430		442,848

Total Consumer Staples				1,788,611

Energy (3.30%)
Oil Gas & Consumable Fuels (3.30%)
Occidental Petroleum Corp.		6,144		367,841

Total Energy				367,841

Financials (8.33%)
Banks (3.97%)
US Bancorp		8,523		442,514

Insurance (4.36%)
Chubb, Ltd. (Switzerland)		3,337		485,133

Total Financials				927,647

Health Care (15.89%)
Biotechnology (7.70%)
AbbVie, Inc.		5,952		431,580
Gilead Sciences, Inc.		6,012		425,529
				857,109
Health Care Providers & Services (4.15%)
Cardinal Health, Inc.		5,939		462,767

	Shares		Value
Pharmaceuticals (4.04%)
Pfizer, Inc.		13,400	$	450,106

Total Health Care				1,769,982

Industrials (8.01%)
Aerospace & Defense (3.65%)
L-3 Communications Holdings, Inc.		2,435		406,840

Road & Rail (4.36%)
CSX Corp.		8,904		485,802

Total Industrials				892,642

Information Technology (18.49%)
IT Services (7.59%)
Broadridge Financial Solutions, Inc.		5,805		438,626
International Business Machines Corp.		2,644		406,726
				845,352
Semiconductors & Semiconductor (7.00%)
QUALCOMM, Inc.		6,689		369,367
Xilinx, Inc.		6,382		410,490
				779,857
Technology Hardware Storage &
Peripherals (3.90%)
Apple, Inc.		3,016		434,364

Total Information Technology				2,059,573

Materials (3.88%)
Chemicals (3.88%)
Eastman Chemical Co.		5,141		431,793

Total Materials				431,793

Utilities (7.71%)
Electric Utilities (3.93%)
Edison International		5,591		437,161

Independent Power and Renewable
Electricity Producers (3.78%)
AES Corp.		37,938		421,491

Total Utilities				858,652

Total Common Stocks
(Cost $10,313,638)				11,078,082

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2017 |

Westcore Large-Cap Dividend Fund

Statement of Investments

June 30, 2017 (Unaudited)

	Shares		Value
Money Market Mutual Funds (0.34%)
Goldman Sachs Financial Square -
Government Fund,
(7 Day Yield 0.834%)		38,418	$	38,418

Total Money Market Mutual Funds
(Cost $38,418)				38,418

Total Investments (99.80%)
(Cost $10,352,056)			$	11,116,500

Other Assets Less Liabilities (0.20%)				22,290

Net Assets (100.00%)			$	11,138,790

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. For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub- classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease. Industries are shown as a percentage of net assets.

See Notes to Financial Statements.

58	\| www.westcore.com

Westcore Micro-Cap Opportunity Fund

Statement of Investments

June 30, 2017 (Unaudited)

	Shares		Value
Common Stocks (96.23%)
Consumer Discretionary (10.71%)
Auto Components (0.34%)
Tower International, Inc.		2,073	$	46,539

Diversified Consumer Services (1.51%)
American Public Education, Inc.^**		4,062		96,066
Capella Education Co.		1,255		107,428
				203,494
Hotels Restaurants & Leisure (0.37%)
Drive Shack, Inc.		15,900		50,085

Household Durables (3.66%)
Bassett Furniture Industries, Inc.		3,596		136,468
Libbey, Inc.		11,808		95,173
Lifetime Brands, Inc.		5,056		91,767
M/I Homes, Inc.^**		2,384		68,063
NACCO Industries, Inc. - Class A		1,464		103,724
				495,195
Leisure Products (0.54%)
American Outdoor Brands Corp.^**		3,278		72,641

Media (0.50%)
tronc, Inc.^**		5,242		67,569

Specialty Retail (2.32%)
Big 5 Sporting Goods Corp.		6,880		89,784
Francesca's Holdings Corp.^**		7,387		80,814
Haverty Furniture Cos., Inc.		2,540		63,754
Kirkland's, Inc.^**		7,663		78,775
				313,127
Textiles Apparel & Luxury Goods (1.47%)
Unifi, Inc.^**		3,170		97,636
Vera Bradley, Inc.^**		10,378		101,497
				199,133
Total Consumer Discretionary				1,447,783

Consumer Staples (2.93%)
Food & Staples Retailing (1.60%)
Ingles Markets, Inc. - Class A		3,191		106,260
SpartanNash Co.		4,234		109,915
				216,175
Food Products (0.64%)
John B Sanfilippo & Son, Inc.		1,377		86,902

Personal Products (0.69%)
Medifast, Inc.		2,255		93,515

Total Consumer Staples				396,592

Energy (4.82%)
Energy Equipment & Services (1.04%)
Bristow Group, Inc.		11,102		84,930

	Shares		Value
Energy Equipment & Services (continued)
Unit Corp.^**		2,986	$	55,928
				140,858
Oil Gas & Consumable Fuels (3.78%)
Evolution Petroleum Corp.		5,860		47,466
Green Plains Renewable Energy, Inc.		4,486		92,187
Pacific Ethanol, Inc.^**		13,923		87,019
Panhandle Oil and Gas, Inc. - Class A		2,259		52,183
Renewable Energy Group, Inc.^**		10,833		140,287
REX American Resources Corp.^**		943		91,056
				510,198
Total Energy				651,056

Financials (24.11%)
Banks (13.06%)
American National Bankshares, Inc.		2,811		103,866
Arrow Financial Corp.		3,027		95,805
Bancorp, Inc.^**		15,255		115,633
Central Pacific Financial Corp.		3,659		115,149
CoBiz Financial, Inc.		5,700		99,180
ConnectOne Bancorp, Inc.		5,103		115,073
Farmers Capital Bank Corp.		2,669		102,890
First Business Financial Services, Inc.		4,082		94,213
First Interstate BancSystem, Inc. - Class A		2,776		103,267
Horizon Bancorp		4,423		116,546
Independent Bank Corp.		4,494		97,745
Lakeland Bancorp, Inc.		6,184		116,568
Macatawa Bank Corp.		9,421		89,876
OFG Bancorp (Puerto Rico)		7,703		77,030
Republic Bancorp, Inc. - Class A		3,261		116,418
Sandy Spring Bancorp, Inc.		2,396		97,421
West Bancorporation, Inc.		4,622		109,310
				1,765,990
Capital Markets (2.00%)
Diamond Hill Investment Group, Inc.		587		117,048
Greenhill & Co., Inc		5,704		114,650
Westwood Holdings Group, Inc.		680		38,549
				270,247
Insurance (3.43%)
EMC Insurance Group, Inc.		2,323		64,533
HCI Group, Inc.		1,316		61,826
Heritage Insurance Holdings, Inc.		6,873		89,487
National Western Life Group, Inc. - Class A		286		91,411
United Fire Group, Inc.		1,503		66,222
Universal Insurance Holdings, Inc.		3,607		90,896
				464,375
Mortgage Real Estate Investment Trust (REITs) (0.95%)
Resource Capital Corp.		12,622		128,366

Thrifts & Mortgage Finance (4.67%)
BankFinancial Corp.		7,575		113,019
Charter Financial Corp.		5,243		94,374

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2017 |

Westcore Micro-Cap Opportunity Fund

Statement of Investments

June 30, 2017 (Unaudited)

	Shares		Value
Thrifts & Mortgage Finance (continued)
Flagstar Bancorp, Inc.^**		3,123	$	96,251
TrustCo Bank Corp.		12,907		100,029
United Financial Bancorp, Inc.		6,802		113,525
Waterstone Financial, Inc.		6,069		114,401
				631,599
Total Financials				3,260,577

Health Care (22.94%)
Biotechnology (8.44%)
AMAG Pharmaceuticals, Inc.^**		3,688		67,859
BioSpecifics Technologies Corp.^**		2,004		99,218
Cytokinetics, Inc.^**		7,868		95,203
Emergent BioSolutions, Inc.^**		2,694		91,354
Fortress Biotech, Inc.^**		25,106		119,253
Genomic Health, Inc.^**		1,526		49,671
MiMedx Group, Inc.^**		8,124		121,616
Natera, Inc.^**		7,279		79,050
Repligen Corp.^**		3,245		134,473
Spectrum Pharmaceuticals, Inc.^**		16,340		121,733
Veracyte, Inc.^**		11,215		93,421
Xencor, Inc.^**		3,245		68,502
				1,141,353
Health Care Equipment & Supplies (3.98%)
Anika Therapeutics, Inc.^**		2,297		113,334
Exactech, Inc.^**		4,153		123,759
Lantheus Holdings, Inc.^**		7,863		138,782
Meridian Bioscience, Inc.		3,126		49,235
OraSure Technologies, Inc.^**		6,579		113,554
				538,664
Health Care Providers & Services (3.95%)
Aceto Corp.		2,459		37,992
Addus HomeCare Corp.^**		2,587		96,236
Civitas Solutions, Inc.^**		6,126		107,205
Ensign Group, Inc.		4,255		92,631
LHC Group, Inc.^**		1,804		122,474
RadNet, Inc.^**		9,990		77,422
				533,960
Health Care Technology (1.52%)
Computer Programs & Systems, Inc.		3,469		113,783
Quality Systems, Inc.^**		5,299		91,196
				204,979
Life Sciences Tools & Services (0.46%)
Enzo Biochem, Inc.^**		5,695		62,873

Pharmaceuticals (4.59%)
ANI Pharmaceuticals Inc.^**		2,075		97,110
Lannett Co., Inc.^**		4,707		96,023
Phibro Animal Health Corp. - Class A		3,766		139,530
SciClone Pharmaceuticals, Inc.^**		9,963		109,593
Sucampo Pharmaceuticals, Inc. - Class A^**		8,996		94,458

	Shares		Value
Pharmaceuticals (continued)
Teligent, Inc.^**		9,201	$	84,189
				620,903
Total Health Care				3,102,732

Industrials (10.19%)
Aerospace & Defense (0.90%)
National Presto Industries, Inc.		605		66,853
Vectrus, Inc.^**		1,713		55,364
				122,217
Building Products (0.83%)
Continental Building Products, Inc.^**		4,812		112,120

Commercial Services & Supplies (1.76%)
McGrath RentCorp		3,340		115,664
SP Plus Corp.^**		1,843		56,304
Viad Corp.		1,397		66,008
				237,976
Electrical Equipment (0.90%)
Allied Motion Technologies, Inc.		4,483		122,027

Machinery (1.78%)
Blue Bird Corp.^**		3,074		52,258
Chart Industries, Inc.^**		2,404		83,491
Greenbrier Cos., Inc.		2,272		105,080
				240,829
Professional Services (1.70%)
ICF International, Inc.^**		2,462		115,960
RPX Corp.^**		8,181		114,125
				230,085
Road & Rail (0.87%)
Roadrunner Transportation Systems, Inc.^**		16,164		117,512

Trading Companies & Distributors (1.45%)
H&E Equipment Services, Inc.		3,505		71,537
Neff Corp. - Class A^**		6,540		124,260
				195,797
Total Industrials				1,378,563

Information Technology (13.27%)
Communications Equipment (1.23%)
ADTRAN, Inc.		3,045		62,879
Ituran Location and Control, Ltd. (Israel)		3,309		103,572
				166,451
Electronic Equipment Instruments & Components (3.92%)
Bel Fuse, Inc. - Class B		3,212		79,336
Daktronics, Inc.		10,870		104,678
Insight Enterprises, Inc.^**		2,020		80,780
Kimball Electronics, Inc.^**		4,561		82,326
Methode Electronics, Inc.		2,138		88,086

See Notes to Financial Statements.

60	\| www.westcore.com

Westcore Micro-Cap Opportunity Fund

Statement of Investments

June 30, 2017 (Unaudited)

	Shares		Value
Electronic Equipment Instruments & Components (continued)
Park Electrochemical Corp.		5,155	$	94,955
				530,161
Internet Software & Services (1.79%)
DHI Group, Inc.^**		39,500		112,575
LivePerson, Inc.^**		4,024		44,264
Reis, Inc.		4,015		85,319
				242,158
IT Services (3.34%)
Hackett Group, Inc.		3,370		52,235
ManTech International Corp. - Class A		2,547		105,395
NCI, Inc. - Class A^**		3,306		69,757
Net 1 UEPS Technologies, Inc. (South Africa)^**		7,754		76,454
Perficient, Inc.^**		3,613		67,346
Unisys Corp.^**		6,257		80,090
				451,277
Semiconductors & Equipment (1.38%)
IXYS Corp.		6,939		114,147
Photronics, Inc.^**		7,763		72,972
				187,119
Software (1.61%)
American Software, Inc. - Class A		3,207		33,000
Monotype Imaging Holdings, Inc.		2,867		52,466
Rubicon Project, Inc.^**		14,187		72,921
VASCO Data Security International, Inc.^**		4,091		58,706
				217,093
Total Information Technology				1,794,259

Materials (3.21%)
Chemicals (0.84%)
Core Molding Technologies, Inc.^**		5,284		114,187

Construction Materials (0.67%)
United States Lime & Minerals, Inc.		1,152		90,398

Metals & Mining (0.93%)
Schnitzer Steel Industries, Inc. - Class A		5,002		126,050

Paper & Forest Products (0.77%)
PH Glatfelter Co.		5,322		103,992

Total Materials				434,627

Real Estate (2.06%)
Equity Real Estate Investment Trust (REITs) (2.06%)
Ashford Hospitality Prime, Inc.		3,401		34,996
Ashford Hospitality Trust, Inc.		12,439		75,629
CorEnergy Infrastructure Trust, Inc.		3,155		105,977

	Shares		Value
Equity Real Estate Investment Trust (REITs) (continued)
Hersha Hospitality Trust		3,361	$	62,212
				278,814
Total Real Estate				278,814

Telecommunication Services (0.88%)
Diversified Telecommunication Services (0.88%)
FairPoint Communications, Inc^**		7,586		118,721

Total Telecommunication Services				118,721

Utilities (1.11%)
Multi-Utilities (0.41%)
Unitil Corp.		1,147		55,411

Water Utilities (0.70%)
SJW Group		1,920		94,426

Total Utilities				149,837

Total Common Stocks
(Cost $10,895,573)				13,013,561

Rights and Warrants (0.03%)
Health Care (0.03%)
Pharmaceuticals (0.03%)
Valeant Pharmaceuticals International, Inc.^(a)		22,951		4,361

Total Rights and Warrants
(Cost $–)				4,361

	Shares		Value
Money Market Mutual Funds (5.14%)
Goldman Sachs Financial Square - Government Fund, (7 Day Yield 0.834%)		694,419		694,419

Total Money Market Mutual Funds (Cost $694,419)				694,419

Total Investments (101.40%) (Cost $11,589,992)			$	13,712,341

Liabilities Less Other Assets (-1.40%)				(189,425	)

Net Assets (100.00%)			$	13,522,916

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2017 |

Westcore Micro-Cap Opportunity Fund

Statement of Investments

June 30, 2017 (Unaudited)

^**	Non-income producing security.

^(a)

This security has been valued in good faith by or under the direction of the Board of Trustees. As of June 30, 2017 these securities represented 0.03% of the Fund's net assets.

See Notes to Financial Statements.

62	\| www.westcore.com

Westcore International Small-Cap Fund

Statement of Investments

June 30, 2017 (Unaudited)

	Shares		Value
Common Stocks (98.55%)
Consumer Discretionary (25.49%)
Diversified Consumer Services (4.10%)
G8 Education, Ltd. (Australia)		638,096	$	1,770,491
IBJ, Inc. (Japan)		183,825		1,217,601
				2,988,092
Hotels Restaurants & Leisure (12.04%)
Arcland Service Holdings Co., Ltd. (Japan)		112,608		2,007,371
Corporate Travel Management, Ltd. (Australia)		181,097		3,193,046
Domino's Pizza Group PLC (United Kingdom)		466,695		1,786,463
MTY Food Group, Inc. (Canada)		49,839		1,781,721
				8,768,601
Internet & Direct Marketing Retail (3.56%)
Webjet, Ltd. (Australia)		272,909		2,590,510

Media (3.35%)
CTS Eventim AG & Co. KGaA (Germany)		55,145		2,438,737

Specialty Retail (2.44%)
Vertu Motors PLC (United Kingdom)		2,811,600		1,776,055

Total Consumer Discretionary				18,561,995

Consumer Staples (3.13%)
Food & Staples Retailing (3.13%)
Tsuruha Holdings, Inc. (Japan)		21,480		2,278,341

Total Consumer Staples				2,278,341

Financials (10.37%)
Capital Markets (5.19%)
Azimut Holding S.p.A. (Italy)		115,550		2,316,171
M&A Capital Partners Co., Ltd. (Japan)^**		31,700		1,462,751
				3,778,922
Consumer Finance (3.14%)
Credit Corp. Group, Ltd. (Australia)		168,159		2,288,965

Thrifts & Mortgage Finance (2.04%)
Mortgage Advice Bureau Holdings, Ltd. (United Kingdom)		281,400		1,484,364

Total Financials				7,552,251

Health Care (10.53%)
Health Care Equipment & Supplies (2.20%)
Cellavision AB (Sweden)		88,686		1,600,089

	Shares		Value
Health Care Providers & Services (2.97%)
Qualicorp SA (Brazil)		248,500	$	2,164,033

Life Science Tools & Services (2.28%)
Eurofins Scientific SE (Luxembourg)		2,950		1,661,593

Pharmaceuticals (3.08%)
China Medical System Holdings, Ltd. (China)		1,296,265		2,241,395

Total Health Care				7,667,110

Industrials (7.79%)
Commercial Services & Supplies (3.22%)
Boyd Group Income Fund (Canada)		31,639		2,345,844

Professional Services (2.53%)
Nihon M&A Center, Inc. (Japan)		50,379		1,840,922

Trading Companies & Distributors (2.04%)
Diploma PLC (United Kingdom)		103,345		1,487,349

Total Industrials				5,674,115

Information Technology (37.97%)
Electronic Equipment Instruments & Components (5.80%)
Ingenico Group SA (France)		24,740		2,246,134
PAX Global Technology, Ltd. (Hong Kong)		3,081,492		1,977,378
				4,223,512
Internet Software & Services (11.04%)
iomart Group PLC (United Kingdom)		449,634		1,794,944
Just Eat PLC (United Kingdom)^**		197,100		1,681,470
Rightmove PLC (United Kingdom)		38,799		2,147,686
SMS Co., Ltd. (Japan)		79,687		2,415,938
				8,040,038
IT Services (6.37%)
Econocom Group SA (Belgium)		222,446		1,860,024
Keywords Studios PLC (Ireland)		173,140		1,683,404
Softcat PLC (United Kingdom)		213,600		1,096,956
				4,640,384
Software (14.76%)
Constellation Software, Inc. (Canada)		5,140		2,688,948
Descartes Systems Group, Inc. (Canada)^**		59,400		1,445,149
Linx SA (Brazil)		269,250		1,414,154
Logo Yazilim Sanayi Ve Ticaret AS (Turkey)^**		95,500		1,601,415
Magic Software Enterprises, Ltd. (Israel)		225,966		1,796,430

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2017 | (WESTCORE FUNDS LOGO)

Westcore International Small-Cap Fund

Statement of Investments

June 30, 2017 (Unaudited)

	Shares		Value
Software (continued)
Sapiens International Corp. NV (Israel)^**		161,130	$	1,803,045
				10,749,141
Total Information Technology				27,653,075

Real Estate (3.27%)
Real Estate Management & Development (3.27%)
Japan Property Management Center Co., Ltd. (Japan)		193,501		2,384,462

Total Real Estate				2,384,462

Total Common Stocks (Cost $47,322,360)				71,771,349

	Shares		Value
Money Market Mutual Funds (1.06%)
Goldman Sachs Financial Square - Government Fund, (7 Day Yield 0.834%)		773,232		773,232
Total Money Market Mutual Funds (Cost $773,232)				773,232

Total Investments (99.61%) (Cost $48,095,592)			$	72,544,581

Other Assets Less Liabilities (0.39%)				284,416

Net Assets (100.00%)			$	72,828,997

Country Breakdown as of June 30, 2017 (Unaudited)

Country	Market Value		%
Japan	$	13,607,386		18.69	%
United Kingdom		13,255,287		18.20	%
Australia		9,843,012		13.51	%
Canada		8,261,662		11.34	%
Israel		3,599,475		4.95	%
Brazil		3,578,187		4.91	%
Germany		2,438,737		3.35	%
Italy		2,316,171		3.18	%
France		2,246,134		3.08	%
China		2,241,395		3.08	%
Hong Kong		1,977,378		2.72	%
Belgium		1,860,024		2.55	%
Ireland		1,683,404		2.31	%
Luxembourg		1,661,593		2.28	%
Turkey		1,601,415		2.20	%
Sweden		1,600,089		2.20	%
United States		773,232		1.06	%
Total Investments		72,544,581		99.61	%
Other Assets in Excess of Liabilities		284,416		0.39	%
Net Assets	$	72,828,997		100.00	%

The country breakdown is based on the company headquarters.

^**	Non-income producing security.

See Notes to Financial Statements.

64	\| www.westcore.com

Westcore International Small-Cap Fund

Statement of Investments

June 30, 2017 (Unaudited)

OUTSTANDING FORWARD FOREIGN CURRENCY CONTRACTS ^(a)

Contract Description	Contracted Amount		Purchase/Sale Contract	Expiration Date	Value On Settlement Date		Current Value		Unrealized Appreciation/ (Depreciation)
BRL		10,070,611	Sale	09/20/2017	$	3,005,175	$	2,991,726	$	13,449
CHF		2,424,212	Purchase	09/20/2017		2,504,760		2,540,852		36,092
CZK		513,638	Purchase	09/20/2017		22,127		22,575		448
DKK		5,915,677	Purchase	09/20/2017		895,202		912,666		17,464
EUR		2,654,601	Purchase	09/20/2017		2,989,186		3,044,512		55,326
HKD		2,046,899	Sale	09/20/2017		262,869		262,738		131
HUF		6,027,606	Purchase	09/20/2017		22,025		22,364		339
ILS		2,053,506	Purchase	09/20/2017		584,330		590,510		6,180
NOK		6,920,767	Purchase	09/20/2017		818,704		830,236		11,532
NZD		787,168	Purchase	09/20/2017		570,685		576,012		5,327
PEN		47,677	Purchase	09/20/2017		14,567		14,571		4
PLN		718,755	Purchase	09/20/2017		191,061		193,895		2,834
QAR		319,788	Purchase	09/20/2017		86,744		87,244		500
SEK		8,878,475	Purchase	09/20/2017		1,026,544		1,058,568		32,024
SGD		1,095,955	Purchase	09/20/2017		793,277		797,020		3,743
									$	185,393

AED		320,477	Purchase	09/20/2017	$	87,272	$	87,220	$	(52	)
AUD		8,925,372	Sale	09/20/2017		6,790,610		6,853,299		(62,689	)
CAD		4,535,376	Sale	09/20/2017		3,432,477		3,501,708		(69,231	)
CLP		116,101,737	Purchase	09/20/2017		174,526		174,501		(25	)
COP		171,760,523	Purchase	09/20/2017		57,469		55,783		(1,686	)
GBP		3,812,715	Sale	09/20/2017		4,898,166		4,977,933		(79,767	)
IDR		5,216,685,854	Purchase	09/20/2017		387,851		387,756		(95	)
INR		143,841,347	Purchase	09/20/2017		2,207,689		2,202,897		(4,792	)
JPY		216,436,625	Purchase	09/20/2017		1,964,736		1,930,903		(33,833	)
KRW		3,007,738,880	Purchase	09/20/2017		2,657,213		2,631,832		(25,381	)
MXN		8,566,890	Purchase	09/20/2017		470,968		466,238		(4,730	)
MYR		2,234,126	Purchase	09/20/2017		521,052		518,748		(2,304	)
PHP		8,662,716	Purchase	09/20/2017		173,527		171,015		(2,512	)
RUB		4,201,941	Purchase	09/20/2017		71,433		70,089		(1,344	)
THB		20,257,227	Purchase	09/20/2017		597,036		596,351		(685	)
TRY		4,956,670	Sale	09/20/2017		1,375,586		1,377,668		(2,082	)
TWD		83,745,720	Purchase	09/20/2017		2,762,799		2,760,804		(1,995	)
ZAR		11,138,802	Purchase	09/20/2017		854,834		840,262		(14,572	)
									$	(307,775	)

^(a)	As of June 30, 2017 BNY Mellon is the counter party for all Forward Foreign Currency Contracts.

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2017 | (WESTCORE FUNDS LOGO)

Westcore Flexible Income Fund

Statement of Investments

June 30, 2017 (Unaudited)

	Shares		Value
Preferred Stocks (1.68%)
Financial Institutions (1.68%)
Banking (1.68%)
ING Group NV (Netherlands), 6.13%		29,000	$	751,390
Royal Bank of Scotland Group PLC (United Kingdom), 6.60%		21,800		564,402
				1,315,792
Total Financial Institutions				1,315,792

Total Preferred Stocks (Cost $1,285,548)				1,315,792

Exchange Traded Funds (0.81%)
SPDR^® Barclays High Yield Bond ETF		17,000		632,400

Total Exchange Traded Funds (Cost $588,710)				632,400

	Principal Amount		Value
Corporate Bonds (89.65%)
Financial Institutions (4.00%)
Banking (1.05%)
Emigrant Capital Trust II - 144A:
3.78%, 04/14/34^(a)(b)	$	500,000	$	368,750
Washington Mutual Bank:
5.55%, 06/16/10^(c)		2,000,000		453,750
				822,500
Finance Companies (1.77%)
Aircastle, Ltd.:
5.00%, 04/01/23		650,000		695,500
Provident Funding Associates LP / PFG Finance Corp. - 144A:
6.38%, 06/15/25^(a)		675,000		693,563
				1,389,063
Real Estate Investment Trusts (REITs) (1.18%)
CBL & Associates LP:
4.60%, 10/15/24		1,000,000		921,884

Total Financial Institutions				3,133,447

Industrial (83.88%)
Basic Industry (10.77%)
CF Industries, Inc.:
3.45%, 06/01/23		750,000		710,625
5.38%, 03/15/44		500,000		449,375
Compass Minerals International, Inc. - 144A:
4.88%, 07/15/24^(a)		1,400,000		1,386,000
FMG Resources August 2006 Pty, Ltd. - 144A (Australia):
4.75%, 05/15/22^(a)		750,000		754,688
9.75%, 03/01/22^(a)		1,075,000		1,229,531

	Principal Amount		Value
Basic Industry (continued)
Potlatch Corp.:
7.50%, 11/01/19	$	1,500,000	$	1,650,000
Teck Resources, Ltd. - 144A (Canada):
8.50%, 06/01/24^(a)		1,000,000		1,157,500
West Fraser Timber Co., Ltd. - 144A (Canada):
4.35%, 10/15/24^(a)		1,150,000		1,112,544
				8,450,263
Capital Goods (11.25%)
Ball Corp.:
5.25%, 07/01/25		700,000		775,250
CNH Industrial N.V. (United Kingdom):
4.50%, 08/15/23		1,250,000		1,331,250
Huntington Ingalls Industries, Inc. - 144A:
5.00%, 11/15/25^(a)		1,000,000		1,076,250
James Hardie International Finance - 144A (Ireland):
5.88%, 02/15/23^(a)		1,450,000		1,526,125
Masco Corp.:
6.50%, 08/15/32		366,000		448,944
Moog, Inc. - 144A:
5.25%, 12/01/22^(a)		750,000		783,750
Orbital ATK, Inc.:
5.50%, 10/01/23		500,000		528,750
Oshkosh Corp.:
5.38%, 03/01/25		750,000		791,250
United Rentals North America, Inc.:
4.63%, 07/15/23		1,500,000		1,563,000
				8,824,569
Communications (14.63%)
AMC Networks, Inc.:
4.75%, 12/15/22		975,000		1,008,442
CCO Holdings LLC / CCO Holdings Capital Corp. - 144A:
5.88%, 04/01/24^(a)		1,500,000		1,605,000
DISH DBS Corp.:
5.88%, 07/15/22		1,250,000		1,346,875
Lamar Media Corp.:
5.00%, 05/01/23		1,250,000		1,306,250
Lions Gate Entertainment Corp. - 144A:
5.88%, 11/01/24^(a)		1,000,000		1,057,500
Nexstar Broadcasting, Inc. - 144A:
5.63%, 08/01/24^(a)		1,000,000		1,015,000
Nielsen Co. Luxembourg SARL - 144A (Luxembourg):
5.00%, 02/01/25^(a)		500,000		513,750
Sirius XM Radio, Inc. - 144A:
4.63%, 05/15/23^(a)		1,000,000		1,031,250

See Notes to Financial Statements.

66	\| www.westcore.com

Westcore Flexible Income Fund

Statement of Investments

June 30, 2017 (Unaudited)

	Principal Amount		Value
Communications (continued)
T-Mobile USA, Inc.:
6.50%, 01/15/24	$	1,250,000	$	1,346,875
Virgin Media Secured Finance PLC (United Kingdom):
5.25%, 01/15/21		1,160,000		1,245,550
				11,476,492
Consumer Cyclical (18.82%)
Allison Transmission, Inc. - 144A:
5.00%, 10/01/24^(a)		1,375,000		1,412,812
Cinemark USA, Inc.:
4.88%, 06/01/23		1,250,000		1,283,200
CoreCivic, Inc.:
4.13%, 04/01/20		750,000		774,375
DriveTime Automotive Group, Inc. / Bridgecrest Acceptance Corp. - 144A:
8.00%, 06/01/21^(a)		750,000		755,625
General Motors Co.:
4.88%, 10/02/23		575,000		616,960
General Motors Financial Co., Inc.:
4.25%, 05/15/23		425,000		445,320
Goodyear Tire & Rubber Co.:
4.88%, 03/15/27		250,000		254,375
8.75%, 08/15/20		1,644,000		1,939,920
Hanesbrands, Inc. - 144A:
4.63%, 05/15/24^(a)		1,000,000		1,020,000
L Brands, Inc.:
5.63%, 02/15/22		500,000		537,500
Meritor, Inc.:
6.25%, 02/15/24		1,250,000		1,309,375
MGM Growth Properties Operating Partnership LP / MGP Finance Co.-Issuer, Inc.:
5.63%, 05/01/24		750,000		821,250
Royal Caribbean Cruises, Ltd.:
7.50%, 10/15/27		1,050,000		1,374,219
Speedway Motorsports, Inc.:
5.13%, 02/01/23		1,425,000		1,453,500
Tenneco, Inc.:
5.00%, 07/15/26		750,000		760,313
				14,758,744
Consumer Non-Cyclical (6.65%)
Aramark Services, Inc. - 144A:
5.00%, 04/01/25^(a)		750,000		794,062
Hill-Rom Holdings, Inc. - 144A:
5.00%, 02/15/25^(a)		500,000		512,500
Quintiles IMS, Inc. - 144A:
4.88%, 05/15/23^(a)		1,500,000		1,543,125
Tesco PLC - 144A (United Kingdom):
6.15%, 11/15/37^(a)		1,265,000		1,331,815
Vista Outdoor, Inc.:
5.88%, 10/01/23		1,000,000		1,032,500

	Principal Amount		Value
Consumer Non-Cyclical (continued)
Winn-Dixie Stores, Inc.:
Series Escrow Units, 04/01/08^(c)(d)	$	2,150,000		0
				5,214,002
Energy - Independent (9.77%)
Concho Resources, Inc.:
5.50%, 04/01/23		1,575,000		1,626,187
Diamondback Energy, Inc. - 144A:
4.75%, 11/01/24^(a)		1,500,000		1,500,000
Kerr-McGee Corp.:
6.95%, 07/01/24		250,000		293,631
Range Resources Corp.:
4.88%, 05/15/25		2,100,000		2,005,500
RSP Permian, Inc. - 144A:
5.25%, 01/15/25^(a)		400,000		402,500
6.63%, 10/01/22		400,000		417,000
Whiting Petroleum Corp.:
5.75%, 03/15/21		1,500,000		1,417,500
				7,662,318
Energy - Midstream (6.07%)
AmeriGas Partners LP / AmeriGas Finance Corp.:
5.63%, 05/20/24		1,500,000		1,556,250
Boardwalk Pipelines LP:
3.38%, 02/01/23		1,250,000		1,241,503
MPLX LP:
4.88%, 06/01/25		1,850,000		1,965,040
				4,762,793
Energy - Oil Field Services (0.39%)
Gulfmark Offshore, Inc.:
6.38%, 03/15/22^(c)		1,000,000		305,000

Energy - Refining (1.99%)
Tesoro Corp.:
5.38%, 10/01/22		1,500,000		1,560,000

Technology (3.53%)
Amkor Technology, Inc.:
6.63%, 06/01/21		1,250,000		1,275,000
Iron Mountain, Inc.:
6.00%, 08/15/23		1,400,000		1,494,500
				2,769,500
Transportation (0.01%)
Continental Airlines, Inc.:
Pass-Through Certificates, Series 1999-1B, Class B, 6.80%, 08/02/18		3,627		3,754

Total Industrial				65,787,435

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2017 | (WESTCORE FUNDS LOGO)

Westcore Flexible Income Fund

Statement of Investments

June 30, 2017 (Unaudited)

	Principal Amount		Value
Utility (1.77%)
Electric (1.77%)
Calpine Corp Escrow:
8.75%, 12/29/49^(c)(d)	$	200,000		0
NRG Energy, Inc.:
7.88%, 05/15/21		1,340,000		1,390,250
				1,390,250
Total Utility				1,390,250

Total Corporate Bonds (Cost $70,569,055)				70,311,132

Commercial Mortgage-Backed Securities (3.67%)
InSite Issuer LLC - 144A
Series 2016-1A, Class C,
6.41%, 11/15/23^(a)		250,000		258,470
Tuckahoe Credit Lease Trust - 144A
9.31%, 10/20/25^(a)(d)		1,402,115	$	1,585,792
VB-S1 Issuer LLC - 144A
Series 2016-1A, Class F,
6.90%, 06/15/21^(a)		1,000,000		1,037,625

Total Commercial Mortgage-Backed Securities (Cost $2,548,488)				2,881,887

Residential Mortgage-Backed Securities (0.86%)
Citigroup Mortgage Loan Trust, Inc.
Series 2003-UST1, Class A1,
5.50%, 12/25/18		292,941		294,042

Countrywide Asset-Backed Certificates - 144A Series 2005-SD2, Class M3,
5.50%, 08/25/35^(a)(e)		382,805		379,157

Total Residential Mortgage-Backed Securities (Cost $675,630)				673,199

	Shares		Value
Money Market Mutual Funds (3.20%)
Goldman Sachs Financial Square - Government Fund, (7 Day Yield 0.834%)		2,513,647		2,513,647
Total Money Market Mutual Funds (Cost $2,513,647)				2,513,647

Total Investments (99.87%) (Cost $78,181,078)	$	78,328,057

Other Assets Less Liabilities (0.13%)		105,442

Net Assets (100.00%)	$	78,433,499

^(a)

This security is restricted. See the table on the following page for additional information regarding each security. Included in the table are certain securities exempt from registration under Rule 144A of the Securities Act of 1933, which may be resold in transactions, normally to qualified institutional buyers.

^(b)	The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

^(c)	Income is not being accrued on this security due to the issuer’s default or expected default on interest payments. Security deemed to be illiquid under procedures approved by the Fund's Board of Trustees.

^(d)	This security has been valued in good faith by or under the direction of the Board of Trustees. As of June 30, 2017 these securities represented 2.02% of the Fund's net assets.

^(e)	Step bond. Coupon increases periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect at June 30, 2017.

See Notes to Financial Statements.

68	\| www.westcore.com

Westcore Flexible Income Fund

Statement of Investments

June 30, 2017 (Unaudited)

Restricted Securities
Issuer Description	Coupon			Maturity Date	Acquisition Date(s)	Cost		Value		Value as Percentage of Net Assets
Allison Transmission, Inc. - 144A		5.000	%	10/01/2024	9/14/2016 - 5/1/2017	$	1,395,845	$	1,412,812		1.80	%^{^}
Aramark Services, Inc. - 144A		5.000	%	04/01/2025	3/9/2017		750,000		794,062		1.01	%^{^}
CCO Holdings LLC / CCO Holdings Capital Corp. - 144A		5.875	%	04/01/2024	6/10/2016 - 8/5/2016		1,575,410		1,605,000		2.05	%^{^}
Compass Minerals International, Inc. - 144A		4.875	%	07/15/2024	10/23/2014 - 3/18/2015		1,388,444		1,386,000		1.77	%^{^}
Countrywide Asset-Backed Certificates - 144A		5.500	%	08/25/2035	9/23/2016		382,104		379,157		0.48	%
Diamondback Energy, Inc. - 144A		4.750	%	11/01/2024	10/20/2016		1,500,000		1,500,000		1.91	%^{^}
DriveTime Automotive Group, Inc. / Bridgecrest Acceptance Corp. - 144A		8.000	%	06/01/2021	3/10/2016 - 5/26/2016		682,911		755,625		0.96	%^{^}
Emigrant Capital Trust II - 144A		3.783	%	04/14/2034	8/11/2004		498,311		368,750		0.47	%
FMG Resources August 2006 Pty, Ltd. - 144A		4.750	%	05/15/2022	6/15/2017		751,741		754,688		0.96	%^{^}
FMG Resources August 2006 Pty, Ltd. - 144A		9.750	%	03/01/2022	12/21/2016 - 4/18/2017		1,231,051		1,229,531		1.57	%^{^}
Hanesbrands, Inc. - 144A		4.625	%	05/15/2024	5/3/2016		1,000,000		1,020,000		1.30	%^{^}
Hill-Rom Holdings, Inc. - 144A		5.000	%	02/15/2025	2/9/2017		500,000		512,500		0.65	%^{^}
Huntington Ingalls Industries, Inc. - 144A		5.000	%	11/15/2025	11/2/2015 - 10/7/2016		1,028,542		1,076,250		1.37	%^{^}
InSite Issuer LLC - 144A		6.414	%	11/15/2023	10/25/2016 - 10/28/2016		250,651		258,470		0.33	%
James Hardie International Finance - 144A		5.875	%	02/15/2023	10/6/2015 - 3/3/2017		1,479,866		1,526,125		1.95	%^{^}
Lions Gate Entertainment Corp. - 144A		5.875	%	11/01/2024	10/13/2016		1,002,912		1,057,500		1.35	%^{^}
Moog, Inc. - 144A		5.250	%	12/01/2022	3/20/2017 - 4/19/2017		768,645		783,750		1.00	%^{^}
Nexstar Broadcasting, Inc. - 144A		5.625	%	08/01/2024	7/13/2016 - 7/14/2016		1,008,764		1,015,000		1.29	%^{^}
Nielsen Co. Luxembourg SARL - 144A		5.000	%	02/01/2025	6/7/2017		513,671		513,750		0.65	%^{^}
Provident Funding Associates LP / PFG Finance Corp. - 144A		6.375	%	06/15/2025	11/5/2014 - 5/24/2017		675,000		693,563		0.88	%^{^}
Quintiles IMS, Inc. - 144A		4.875	%	05/15/2023	10/20/2016 - 2/8/2017		1,531,935		1,543,125		1.97	%^{^}
RSP Permian, Inc. - 144A		5.250	%	01/15/2025	6/28/2017		400,000		402,500		0.52	%^{^}
Sirius XM Radio, Inc. - 144A		4.625	%	05/15/2023	9/15/2016 - 11/29/2016		1,000,172		1,031,250		1.31	%^{^}
Teck Resources, Ltd. - 144A		8.500	%	06/01/2024	12/11/2009 - 5/25/2017		1,157,180		1,157,500		1.47	%^{^}
Tesco PLC - 144A		6.150	%	11/15/2037	10/7/2014 - 6/27/2017		1,315,283		1,331,815		1.70	%^{^}
Tuckahoe Credit Lease Trust - 144A		9.310	%	10/20/2025	12/11/2009		1,279,389		1,585,792		2.02	%
VB-S1 Issuer LLC - 144A		6.901	%	06/15/2021	6/8/2016 - 12/2/2016		1,018,448		1,037,625		1.32	%
West Fraser Timber Co., Ltd. - 144A		4.350	%	10/15/2024	6/14/2016 - 12/2/2016		1,086,308		1,112,544		1.42	%
						$	27,172,583	$	27,844,684		35.48	%

^{^}

144A securities with a liquid trading market as determined by the Advisor under the supervision of the Board of Trustees. Such securities represent 29.44% of the Fund's net assets as of June 30, 2017.

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2017 | (WESTCORE FUNDS LOGO)

Westcore Plus Bond Fund

Statement of Investments

June 30, 2017 (Unaudited)

	Shares		Value
Preferred Stocks (0.75%)
Financial Institutions (0.75%)
Banking (0.75%)
First Tennessee Bank NA - 144A, 3.75%^(a)(b)		1,500	$	1,152,844
ING Group NV (Netherlands), 6.13%		161,818		4,192,704
Royal Bank of Scotland Group PLC (United Kingdom), 6.60%		146,000		3,779,940
				9,125,488
Total Financial Institutions				9,125,488

Total Preferred Stocks
(Cost $9,289,428)				9,125,488

	Principal Amount		Value
Corporate Bonds (37.98%)
Financial Institutions (14.15%)
Banking (6.08%)
Bank of America Corp.:
5.00%, 05/13/21	$	5,950,000	$	6,497,358
BB&T Corp.:
6.85%, 04/30/19		4,150,000		4,503,929
Citigroup, Inc.:
2.75%, 04/25/22		9,625,000		9,636,223
Emigrant Capital Trust II - 144A:
3.78%, 04/14/34^(a)(b)		850,000		626,875
First Tennessee Bank NA:
2.95%, 12/01/19		10,975,000		11,101,454
JPMorgan Chase & Co.:
4.40%, 07/22/20		13,300,000		14,168,543
PNC Financial Services Group, Inc.:
4.38%, 08/11/20		6,300,000		6,707,950
RBC USA Holdco Corp.:
5.25%, 09/15/20		1,900,000		2,067,508
UBS AG:
Series GMTN, 2.38%, 08/14/19		12,075,000		12,189,181
Wells Fargo & Co.:
3.00%, 10/23/26		6,550,000		6,386,479
				73,885,500
Broker/Asset Managers/Exchanges (1.45%)
CBOE Holdings, Inc.:
3.65%, 01/12/27		11,900,000		12,027,116
FMR LLC - 144A:
7.49%, 06/15/19^(a)		5,000,000		5,512,625
				17,539,741
Finance Companies (2.53%)
Aircastle, Ltd.:
5.00%, 04/01/23		4,900,000		5,243,000
General Electric Co.:
Series D, 5.00%, Perpetual Maturity^(b)		14,596,000		15,510,439

	Principal Amount		Value
Finance Companies (continued)
International Lease Finance Corp.:
5.88%, 08/15/22	$	6,200,000	$	7,014,271
Provident Funding Associates LP / PFG Finance Corp. - 144A:
6.38%, 06/15/25^(a)		2,825,000		2,902,688
				30,670,398
Insurance (1.74%)
Massachusetts Mutual Life Insurance Co. - 144A:
8.88%, 06/01/39^(a)		1,414,000		2,323,636
Northwestern Mutual Life Insurance Co. - 144A:
6.06%, 03/30/40^(a)		6,025,000		7,862,812
PartnerRe Finance B LLC:
5.50%, 06/01/20		3,200,000		3,480,304
Validus Holdings, Ltd. (Bermuda):
8.88%, 01/26/40		5,175,000		7,515,212
				21,181,964
Real Estate Investment Trust (REITs) (2.35%)
Ventas Realty LP / Ventas Capital Corp.:
4.75%, 06/01/21		10,500,000		11,240,744
Washington Real Estate Investment Trust:
3.95%, 10/15/22		2,025,000		2,058,898
4.95%, 10/01/20		13,825,000		14,598,827
Weingarten Realty Investors:
6.64%, 07/15/26		545,000		633,476
				28,531,945
Total Financial Institutions				171,809,548

Industrial (19.99%)
Basic Industry (2.81%)
CF Industries, Inc. - 144A:
4.50%, 12/01/26^(a)		4,325,000		4,455,726
FMG Resources August 2006 Pty, Ltd. - 144A (Australia):
9.75%, 03/01/22^(a)		7,725,000		8,835,469
Potlatch Corp.:
7.50%, 11/01/19		9,571,000		10,528,100
West Fraser Timber Co., Ltd. - 144A (Canada):
4.35%, 10/15/24^(a)		10,675,000		10,327,315
				34,146,610
Capital Goods (2.08%)
Airbus Group Finance BV - 144A (Netherlands):
2.70%, 04/17/23^(a)		1,950,000		1,962,172
Boeing Co.:
1.88%, 06/15/23		3,075,000		2,960,739
CNH Industrial NV (United Kingdom):
4.50%, 08/15/23		3,275,000		3,487,875

See Notes to Financial Statements.

70	\| www.westcore.com

Westcore Plus Bond Fund

Statement of Investments

June 30, 2017 (Unaudited)

	Principal Amount		Value
Capital Goods (continued)
Hexcel Corp.:
4.70%, 08/15/25	$	3,781,000	$	4,077,869
Masco Corp.:
4.45%, 04/01/25		3,875,000		4,158,263
United Rentals North America, Inc.:
4.63%, 07/15/23		6,850,000		7,137,700
7.63%, 04/15/22		1,358,000		1,422,505
				25,207,123
Communications (4.01%)
America Movil SAB de CV (Mexico):
5.00%, 10/16/19		6,975,000		7,450,186
American Tower Corp.:
5.90%, 11/01/21		3,575,000		4,031,284
AT&T, Inc.:
4.45%, 04/01/24		2,150,000		2,266,659
4.55%, 03/09/49		3,577,000		3,379,793
Series WI, 5.35%, 09/01/40		344,000		365,920
Cox Communications, Inc. - 144A:
9.38%, 01/15/19^(a)		2,500,000		2,754,670
Historic TW, Inc.:
9.15%, 02/01/23		2,410,000		3,094,515
Lions Gate Entertainment Corp. - 144A:
5.88%, 11/01/24^(a)		4,700,000		4,970,250
Nexstar Broadcasting, Inc. - 144A:
5.63%, 08/01/24^(a)		6,750,000		6,851,250
Verizon Communications, Inc.:
5.15%, 09/15/23		12,200,000		13,567,900
				48,732,427
Consumer Cyclical (2.09%)
DriveTime Automotive Group, Inc. / Bridgecrest Acceptance Corp. - 144A:
8.00%, 06/01/21^(a)		7,720,000		7,777,900
General Motors Co.:
4.88%, 10/02/23		4,200,000		4,506,491
General Motors Financial Co., Inc.:
4.25%, 05/15/23		3,200,000		3,352,995
Royal Caribbean Cruises, Ltd.:
5.25%, 11/15/22		4,200,000		4,674,264
7.50%, 10/15/27		3,850,000		5,038,803
				25,350,453
Consumer Non-Cyclical (4.07%)
Anheuser-Busch InBev Finance, Inc.:
3.65%, 02/01/26		12,300,000		12,696,220
Fomento Economico Mexicano SAB de CV (Mexico):
2.88%, 05/10/23		6,700,000		6,685,605
Mead Johnson Nutrition Co.:
4.13%, 11/15/25		12,100,000		13,061,430

	Principal Amount		Value
Consumer Non-Cyclical (continued)
Tesco PLC - 144A (United Kingdom):
6.15%, 11/15/37^(a)	$	11,425,000	$	12,028,445
WhiteWave Foods Co.:
5.38%, 10/01/22		4,400,000		4,968,282
				49,439,982
Energy - Independent (2.23%)
Anadarko Finance Co.:
Series B, 7.50%, 05/01/31		5,050,000		6,325,873
Apache Corp.:
3.25%, 04/15/22		1,450,000		1,472,524
Burlington Resources, Inc.:
6.88%, 02/15/26		1,000,000		1,203,030
Concho Resources, Inc.:
5.50%, 04/01/23		7,050,000		7,279,125
Devon Energy Corp.:
3.25%, 05/15/22		4,750,000		4,725,490
Range Resources Corp.:
4.88%, 05/15/25		6,400,000		6,112,000
				27,118,042
Energy - Midstream (1.40%)
Boardwalk Pipelines LP:
3.38%, 02/01/23		3,925,000		3,898,318
MPLX LP:
4.88%, 06/01/25		6,700,000		7,116,632
Tennessee Gas Pipeline Co. LLC:
8.38%, 06/15/32		4,775,000		5,954,831
				16,969,781
Energy - Refining (0.48%)
Tesoro Corp.:
4.25%, 10/01/17		5,875,000		5,893,359

Transportation (0.82%)
American Airlines 2013-2 Class A Pass Through Trust:
4.95%, 01/15/23		7,897,207		8,440,140
CSX Transportation, Inc.:
9.75%, 06/15/20		1,250,000		1,507,965
				9,948,105
Total Industrial				242,805,882

Utility (3.84%)
Electric (3.84%)
Consumers Energy Co.:
Series B, 6.88%, 03/01/18		1,564,000		1,619,115
Duke Energy Carolinas LLC:
3.90%, 06/15/21		4,275,000		4,540,576
Series C, 7.00%, 11/15/18		4,285,000		4,590,362
Nevada Power Co.:
Series R, 6.75%, 07/01/37		2,850,000		3,858,492
Oncor Electric Delivery Co. LLC:
4.10%, 06/01/22		4,730,000		5,040,609
7.00%, 09/01/22		5,800,000		6,989,035

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2017 | (WESTCORE FUNDS LOGO)

Westcore Plus Bond Fund

Statement of Investments

June 30, 2017 (Unaudited)

	Principal Amount		Value
Electric (continued)
Pacific Gas & Electric Co.:
5.63%, 11/30/17	$	14,225,000	$	14,459,471
PPL UK Distribution Holdings, Ltd. / Western Power Distribution, Ltd. - 144A (United Kingdom):
7.25%, 12/15/17^(a)		875,000		894,412
San Diego Gas & Electric Co.:
6.00%, 06/01/26		3,550,000		4,292,277
Tenaska Alabama II Partners LP - 144A:
6.13%, 03/30/23^(a)		141,440		149,176
Tenaska Virginia Partners LP - 144A:
6.12%, 03/30/24^(a)		133,848		147,318
				46,580,843
Total Utility				46,580,843

Total Corporate Bonds
(Cost $444,277,652)				461,196,273

	Principal Amount		Value
Municipal Bonds (9.39%)
California (3.34%)
City of San Francisco CA Public Utilities Commission Water Revenue:
6.00%, 11/01/40^(c)	$	11,750,000	$	14,777,857
San Diego County Regional Airport Authority:
5.59%, 07/01/43^(c)		9,135,000		10,155,197
6.63%, 07/01/40^(c)		8,430,000		9,420,356
University of California:
6.27%, 05/15/31^(c)		5,875,000		6,264,278

Total California				40,617,688

District Of Columbia (1.03%)
Metropolitan Washington Airports Authority Dulles Toll Road Revenue:
7.46%, 10/01/46^(c)		8,600,000		12,520,310

Total District Of Columbia				12,520,310

Texas (2.35%)
Dallas Independent School District:
6.45%, 02/15/35^(c)		8,700,000		9,954,627

	Principal Amount		Value
Texas (continued)
North Texas Tollway Authority:
8.41%, 02/01/30^(c)	$	4,350,000	$	5,677,533
8.91%, 02/01/30^(c)		8,350,000		9,565,676
University of Texas System:
6.28%, 08/15/41^(c)		3,026,000		3,286,206

Total Texas				28,484,042

Washington (2.67%)
Port of Seattle WA:
7.00%, 05/01/36^(c)		10,520,000		11,451,441
State of Washington:
Series AD VALOREM PROPERTY TAX, 5.48%, 08/01/39^(c)		8,400,000		10,526,628
Washington State Convention Center Public Facilities District:
Series HOTEL OCCUPANCY TAX, 6.79%, 07/01/40^(c)		8,125,000		10,491,650

Total Washington				32,469,719

Total Municipal Bonds
(Cost $114,100,990)				114,091,759

Asset Backed Securities (6.44%)
American Express Credit Account Master Trust
Series 2017-1, Class A,
1.93%, 02/18/20		15,550,000		15,592,248
Capital One Multi-Asset Execution Trust
Series 2017-A1, Class A1,
2.00%, 03/16/20		10,325,000		10,372,743
Chase Issuance Trust
Series 2015-A2, Class A2,
1.59%, 02/18/20		12,225,000		12,237,068
Drive Auto Receivables Trust 2016-B - 144A
Series 2016-BA, Class B,
2.56%, 04/15/18^(a)		4,200,000		4,214,239
Drive Auto Receivables Trust 2017-A - 144A
Series 2017-AA, Class B,
2.51%, 01/15/21^(a)		3,600,000		3,614,557
Honda Auto Receivables Owner Trust
Series 2017-1, Class A2,
1.42%, 08/21/18		3,900,000		3,899,932

See Notes to Financial Statements.

72	\| www.westcore.com

Westcore Plus Bond Fund

Statement of Investments

June 30, 2017 (Unaudited)

	Principal Amount		Value
Asset Backed Securities (continued)
Marriott Vacation Club Owner Trust - 144A
Series 2010-1A, Class A,
3.54%, 10/20/32^(a)	$	1,196,938	$	1,203,921
NextGear Floorplan Master Owner Trust - 144A
Series 2015-2A, Class A,
2.38%, 10/15/18^(a)		7,905,000		7,943,387
Santander Drive Auto Receivables Trust
Series 2016-2, Class B,
2.08%, 02/16/21		10,450,000		10,473,866
Sierra Receivables Funding Co. LLC - 144A
Series 2017-1A, Class A,
2.91%, 07/20/24^(a)		3,618,093		3,652,233
Toyota Auto Receivables Owner Trust
Series 2017-A, Class A3,
1.73%, 02/16/21		5,000,000		5,007,583

Total Asset Backed Securities
(Cost $77,967,706)				78,211,777

Collateralized Loan Obligations (1.53%)
Madison Park Funding XIV, Ltd. - 144A
Series 2017-14A, Class A1R,
2.28%, 07/20/26^(a)(b)		6,000,000		6,014,010
Seneca Park CLO, Ltd. 2014-1 - 144A
Series 2017-1A, Class AR,
2.28%, 07/17/26^(a)(b)		12,500,000		12,524,413

Total Collateralized Loan Obligations
(Cost $18,510,462)				18,538,423

Commercial Mortgage-Backed Securities (3.65%)
Crown Castle Towers LLC - 144A

4.88%, 08/15/20^(a)		5,900,000		6,300,054

6.11%, 01/15/20^(a)		8,975,000		9,654,880
Freddie Mac Multifamily Structured Pass Through Certificates
Series 2013-K031, Class A2,
3.30%, 04/25/23		3,000,000		3,148,036
GTP Acquisition Partners I LLC - 144A

3.48%, 06/16/25^(a)		10,800,000		11,028,852

	Principal Amount		Value
Commercial Mortgage-Backed Securities (continued)
InSite Issuer LLC - 144A
Series 2016-1A, Class C,
6.41%, 11/15/23^(a)	$	2,250,000	$	2,326,231
Tuckahoe Credit Lease Trust - 144A
9.31%, 10/20/25^(a)(d)		3,583,184	$	4,052,581
VB-S1 Issuer LLC - 144A
Series 2016-1A, Class F,
6.90%, 06/15/21^(a)		7,500,000		7,782,186

Total Commercial Mortgage-Backed Securities
(Cost $41,944,724)				44,292,820

Mortgage-Backed Securities Passthrough (25.52%)
Fannie Mae Pool
Pool #889579,
6.00%, 05/01/38		1,465,363		1,657,020
Pool #889108,
6.00%, 02/01/38		915,253		1,038,003
Pool #907772,
6.00%, 12/01/36		197,025		206,425
Pool #995373, Series 2009,
4.50%, 02/01/39		7,706,694		8,305,306
Pool #910881,
5.00%, 02/01/37		420,266		433,153
Pool #888405,
5.00%, 12/01/36		244,068		268,118
Pool #BC2663, Series 2016,
3.50%, 02/01/46		8,752,230		8,994,753
Pool #850582,
5.50%, 01/01/36		365,521		409,112
Pool #BC1873, Series 2016,
2.50%, 06/01/31		4,085,278		4,113,786
Pool #888016,
5.50%, 05/01/36		1,589,572		1,770,717
Pool #BC6086, Series 2016,
2.50%, 06/01/31		5,831,545		5,870,568
Pool #MA2354, Series 2015,
3.50%, 08/01/35		13,190,281		13,735,590
Pool #MA2145, Series 2014,
4.00%, 01/01/45		13,638,815		14,356,347
Pool #AD4268,
4.50%, 03/01/25		2,249,086		2,368,340
Pool #AE0949,
4.00%, 02/01/41		3,731,662		3,942,700
Pool #AE0395,
4.50%, 10/01/40		5,705,897		6,171,757
Pool #MA2005, Series 2014,
4.50%, 08/01/44		1,154,840		1,241,098
Pool #AB4853,
3.00%, 04/01/32		12,746,556		13,036,440
Pool #995838,
5.50%, 05/01/39		1,177,046		1,314,103

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2017 | (WESTCORE FUNDS LOGO)

Westcore Plus Bond Fund

Statement of Investments

June 30, 2017 (Unaudited)

	Principal Amount		Value
Mortgage-Backed Securities Passthrough (continued)
Pool #AC8938,
4.50%, 01/01/25	$	3,575,159	$	3,784,883
Pool #MA1917, Series 2014,
4.50%, 06/01/44		841,575		904,479
Pool #MA1700, Series 2013,
4.50%, 12/01/43		3,973,893		4,282,291
Pool #AL9242, Series 2016,
3.00%, 08/01/43		11,658,420		11,708,954
Pool #AL7911, Series 2015,
3.50%, 12/01/45		10,106,778		10,428,346
Pool #AS5823, Series 2015,
3.50%, 09/01/45		15,896,543		16,337,035
Pool #AS7367, Series 2016,
3.00%, 06/01/41		11,886,939		11,942,208
Pool #AS6548, Series 2016,
2.50%, 01/01/31		10,005,878		10,077,478
Pool #AL5315, Series 2014,
4.00%, 06/01/42		2,829,230		2,998,000
Pool #256526,
6.00%, 12/01/36		668,485		701,669
Pool #190377,
5.00%, 11/01/36		1,210,950		1,330,016
Pool #255706,
5.50%, 05/01/35		1,225,224		1,360,919
Pool #AL3287, Series 2013,
4.50%, 09/01/41		3,975,889		4,301,452
Pool #AL0933, Series 2011,
5.00%, 10/01/41		1,480,989		1,619,345
Pool #735288,
5.00%, 03/01/35		1,258,651		1,382,281
Pool #725705,
5.00%, 08/01/34		235,801		258,228
Pool #735897,
5.50%, 10/01/35		948,105		1,056,293
Pool #845471,
5.00%, 05/01/36		135,510		141,985
Pool #745275,
5.00%, 02/01/36		1,274,688		1,399,993
Pool #AY3374, Series 2015,
3.50%, 04/01/45		15,562,126		16,057,425
Pool #AS7887, Series 2016,
3.00%, 09/01/41		12,173,523		12,230,124
Pool #AS7732, Series 2016,
3.00%, 08/01/41		11,920,532		11,975,958
Pool #AS8327, Series 2016,
4.00%, 11/01/46		4,706,018		4,951,357
Pool #AX2530, Series 2014,
4.00%, 11/01/44		8,425,542		8,878,494
Pool #AU1628, Series 2013,
3.00%, 07/01/43		3,474,429		3,488,972
Freddie Mac Gold Pool
Gold Pool #A92533,
4.50%, 06/01/40		2,576,320		2,772,807

	Principal Amount		Value
Mortgage-Backed Securities Passthrough (continued)
Gold Pool #A93505,
4.50%, 08/01/40	$	3,606,100	$	3,884,951
Gold Pool #A91161,
4.50%, 02/01/40		2,540,794		2,731,635
Gold Pool #G08607, Series 2014,
4.50%, 09/01/44		2,436,456		2,609,616
Gold Pool #C03789,
4.00%, 03/01/42		5,129,610		5,418,510
Gold Pool #Q05168,
4.00%, 12/01/41		10,937,282		11,553,064
Gold Pool #G67700, Series 2016-,
3.50%, 08/01/46		9,108,022		9,414,945
Gold Pool #Q05601,
4.00%, 01/01/42		6,286,582		6,640,590
Gold Pool #A97047,
4.50%, 02/01/41		3,126,474		3,368,259
Gold Pool #A97620,
4.50%, 03/01/41		5,597,198		6,030,494
Gold Pool #G08079,
5.00%, 09/01/35		1,254,639		1,370,262
Gold Pool #G02064,
5.00%, 02/01/36		649,621		708,402
Gold Pool #G02252,
5.50%, 07/01/36		1,160,479		1,296,794
Gold Pool #G01960,
5.00%, 12/01/35		416,903		454,697
Gold Pool #A41748,
5.00%, 01/01/36		558,035		610,493
Gold Pool #A42128,
5.50%, 01/01/36		489,369		543,627
Gold Pool #G07961, Series 2015,
3.50%, 03/01/45		10,816,657		11,160,811
Gold Pool #G08061,
5.50%, 06/01/35		115,050		128,109
Gold Pool #G05200,
5.00%, 05/01/36		2,115,541		2,306,778
Gold Pool #G02386,
6.00%, 11/01/36		786,656		888,132
Gold Pool #G03189,
6.50%, 09/01/37		1,537,300		1,767,045
Freddie Mac Non Gold Pool
Pool #781958,
2.56%, 09/01/34^(b)		106,345		112,113
Ginnie Mae I Pool
Pool #550656,
5.00%, 09/15/35		209,570		228,673

See Notes to Financial Statements.

74	\| www.westcore.com

Westcore Plus Bond Fund

Statement of Investments

June 30, 2017 (Unaudited)

	Principal Amount		Value
Mortgage-Backed Securities Passthrough (continued)
Ginnie Mae II Pool
Pool #G24496,
5.00%, 07/20/39	$	994,778	$	1,087,857

Total Mortgage-Backed Securities Passthrough
(Cost $309,884,709)				309,920,185

Residential Mortgage-Backed Securities (1.82%)
American Home Mortgage Investment Trust
Series 2004-4, Class 6A1,
6.00%, 02/25/45^(e)		3,560,932		3,616,812
Banc of America Funding Trust
Series 2005-4, Class 1A4,
5.50%, 08/25/35		113,823		113,923
Class 2A4,
5.50%, 08/25/35		229,138		227,740
Banc of America Mortgage Securities Inc.
Series 2005-8, Class A14,
5.50%, 09/25/35		28,648		1,757
Bear Stearns Co Asset Backed Securities Trust
Series 2003-AC4, Class A,
5.50%, 09/25/33^(e)		5,430,596		5,486,543
CHL Mortgage Pass-Through Trust
Series 2004-HYB2, Class 5A,
3.49%, 07/20/34^(b)		2,508,980		2,512,723
CWABS Asset-Backed Certificates Trust
Series 2005-1, Class AF6,
5.03%, 07/25/35^(b)		507,855		519,702
GSR Mortgage Loan Trust
Series 2005-3F, Class 2A3,
6.00%, 03/25/35		1,234,254		1,267,146
MASTR Alternative Loan Trust
Series 2005-3, Class 3A1,
6.50%, 04/25/35		3,644,231		3,852,587
PHHMC Trust
Series 2007-2, Class A2,
5.75%, 05/18/37^(b)		1,516,761		1,561,196
Renaissance Home Equity Loan Trust
Series 2005-2, Class AF6,
4.78%, 08/25/35^(e)		2,894,462		2,974,938

Total Residential Mortgage-Backed Securities
(Cost $22,194,962)				22,135,067

	Principal Amount		Value
U.S. Treasury Bonds & Notes (11.15%)
United States Treasury Note/Bond
2.88%, 05/15/43	$	31,600,000	$	31,951,803
3.00%, 05/15/42		3,275,000		3,396,659
2.38%, 05/15/27		29,000,000		29,191,458
2.50%, 02/15/45		13,375,000		12,505,103
4.38%, 11/15/39		15,000,000		19,143,750
4.38%, 02/15/38		1,050,000		1,339,693
3.13%, 11/15/41		6,300,000		6,680,709
4.75%, 02/15/41		14,350,000		19,345,881
				123,555,056
United States Treasury Inflation Indexed Bonds
0.38%, 07/15/25		11,959,832		11,874,439

Total U.S. Treasury Bonds & Notes
(Cost $125,860,524)				135,429,495

	Shares		Value
Money Market Mutual Funds (2.04%)
Goldman Sachs Financial Square - Government Fund, (7 Day Yield 0.834%)		24,738,098		24,738,098
Total Money Market Mutual Funds
(Cost $24,738,098)				24,738,098

Total Investments (100.27%)
(Cost $1,188,769,255)			$	1,217,679,385

Liabilities Less Other Assets (-0.27%)				(3,275,747	)

Net Assets (100.00%)			$	1,214,403,638

^(a)

^(b)	The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

^(c)	Security can be called and redeemed at the option of the issuer prior to the stated maturity date which is included in the Statement of Investments.

^(d)	This security has been valued in good faith by or under the direction of the Board of Trustees. As of June 30, 2017 these securities represented 0.33% of the Fund's net assets.

^(e)	Step bond. Coupon increases periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect at June 30, 2017.

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2017 | (WESTCORE FUNDS LOGO)

Westcore Plus Bond Fund

Statement of Investments

June 30, 2017 (Unaudited)

Restricted Securities
Issuer Description	Coupon			Maturity Date	Acquisition Date(s)	Cost		Value		Value as Percentage of Net Assets
Airbus Group Finance BV - 144A		2.700	%	04/17/2023	8/16/2016 - 6/13/2017	$	1,986,188	$	1,962,172		0.16	%^{^}
CF Industries, Inc. - 144A		4.500	%	12/01/2026	11/10/2016		4,299,696		4,455,726		0.36	%^{^}
Cox Communications, Inc. - 144A		9.375	%	01/15/2019	5/27/2015 - 5/29/2015		2,758,874		2,754,670		0.23	%^{^}
Crown Castle Towers LLC - 144A		6.113	%	01/15/2020	1/8/2010		8,975,000		9,654,880		0.80	%^{^}
Crown Castle Towers LLC - 144A		4.883	%	08/15/2020	7/29/2010		5,900,000		6,300,054		0.52	%^{^}
Drive Auto Receivables Trust 2016-B - 144A		2.560	%	04/15/2018	5/18/2016		4,199,891		4,214,239		0.35	%^{^}
Drive Auto Receivables Trust 2017-A - 144A		2.510	%	01/15/2021	1/24/2017		3,599,869		3,614,557		0.30	%^{^}
DriveTime Automotive Group, Inc. / Bridgecrest Acceptance Corp. - 144A		8.000	%	06/01/2021	4/20/2016 - 5/26/2016		7,170,083		7,777,900		0.64	%^{^}
Emigrant Capital Trust II - 144A		3.783	%	04/14/2034	8/11/2004		847,129		626,875		0.05	%
First Tennessee Bank NA - 144A		3.750	%		3/16/2005		1,500,000		1,152,844		0.09	%
FMG Resources August 2006 Pty, Ltd. - 144A		9.750	%	03/01/2022	12/22/2016 - 4/18/2017		8,859,671		8,835,469		0.73	%^{^}
FMR LLC - 144A		7.490	%	06/15/2019	3/6/2007		5,188,212		5,512,625		0.46	%^{^}
GTP Acquisition Partners I LLC - 144A		3.482	%	06/16/2025	5/20/2015 - 5/27/2015		10,820,972		11,028,852		0.91	%^{^}
InSite Issuer LLC - 144A		6.414	%	11/15/2023	10/25/2016 - 10/28/2016		2,255,862		2,326,231		0.19	%
Lions Gate Entertainment Corp. - 144A		5.875	%	11/01/2024	10/13/2016 - 11/3/2016		4,712,275		4,970,250		0.41	%^{^}
Madison Park Funding XIV, Ltd. - 144A		2.276	%	07/20/2026	4/13/2017		6,000,000		6,014,010		0.50	%^{^}
Marriott Vacation Club Owner Trust - 144A		3.540	%	10/20/2032	11/5/2010		1,196,826		1,203,921		0.10	%
Massachusetts Mutual Life Insurance Co. - 144A		8.875	%	06/01/2039	3/23/2015		2,292,519		2,323,636		0.19	%^{^}
Nexstar Broadcasting, Inc. - 144A		5.625	%	08/01/2024	7/13/2016 - 7/14/2016		6,809,087		6,851,250		0.56	%^{^}
NextGear Floorplan Master Owner Trust - 144A		2.380	%	10/15/2018	10/23/2015		7,904,524		7,943,387		0.65	%^{^}
Northwestern Mutual Life Insurance Co. - 144A		6.063	%	03/30/2040	7/16/2015 - 8/10/2015		7,159,208		7,862,812		0.65	%^{^}
PPL UK Distribution Holdings, Ltd. / Western Power Distribution, Ltd. - 144A		7.250	%	12/15/2017	10/15/2003 - 6/30/2006		873,533		894,412		0.08	%^{^}
Provident Funding Associates LP / PFG Finance Corp. - 144A		6.375	%	06/15/2025	11/4/2014 - 5/24/2017		2,825,000		2,902,688		0.24	%^{^}
Seneca Park CLO, Ltd. 2014-1 - 144A		2.278	%	07/17/2026	5/2/2017		12,510,462		12,524,413		1.03	%^{^}
Sierra Receivables Funding Co. LLC - 144A		2.910	%	07/20/2024	3/13/2017		3,617,850		3,652,233		0.30	%^{^}
Tenaska Alabama II Partners LP - 144A		6.125	%	03/30/2023	10/9/2003 - 9/4/2009		142,181		149,176		0.01	%^{^}
Tenaska Virginia Partners LP - 144A		6.119	%	03/30/2024	4/29/2004 - 6/26/2014		133,808		147,318		0.01	%^{^}
Tesco PLC - 144A		6.150	%	11/15/2037	10/7/2014 - 10/16/2014		12,121,516		12,028,445		0.99	%^{^}
Tuckahoe Credit Lease Trust - 144A		9.310	%	10/20/2025	12/11/2009		3,269,549		4,052,581		0.33	%
VB-S1 Issuer LLC - 144A		6.901	%	06/15/2021	6/8/2016 - 10/26/2016		7,560,851		7,782,186		0.64	%
West Fraser Timber Co., Ltd. - 144A		4.350	%	10/15/2024	10/7/2014		10,675,000		10,327,315		0.85	%
						$	158,165,636	$	161,847,127		13.33	%

^{^}

144A securities with a liquid trading market as determined by the Advisor under the supervision of the Board of Trustees. Such securities represent 11.08% of the Fund's net assets as of June 30, 2017.

See Notes to Financial Statements.

76	\| www.westcore.com

Westcore Municipal Opportunities Fund

Statement of Investments

June 30, 2017 (Unaudited)

	Principal Amount		Value
Municipal Bonds (95.22%)
Certificate Participation (0.44%)
Build America Bonds (0.44%)
San Joaquin Regional Rail Commission:
7.64%, 05/01/30^(a)	$	20,000	$	21,707

Total Certificate Participation				21,707

General Obligation Ltd (7.09%)
General Obligation (7.09%)
City of North Las Vegas NV:
4.25%, 10/01/33 NATL^(a)(b)		50,000		50,016
Dallas County Hospital District:
5.00%, 08/15/27^(a)		30,000		34,658
Papio‐Missouri River Natural Resource District:
4.00%, 12/15/31^(a)		250,000		265,532
				350,206
Total General Obligation Ltd				350,206

General Obligation Unltd (15.69%)
Development (2.33%)
Eagle Bend Metropolitan District No 2:
5.00%, 12/01/37 BAM^(a)(b)		100,000		114,952

General Obligation (13.36%)
Commonwealth of Puerto Rico (Puerto Rico):
5.25%, 07/01/24 AGM^(a)(b)		150,000		159,473
5.38%, 07/01/25 AGM^(a)(b)		85,000		90,273
High Plains Metropolitan District:
5.00%, 12/01/29 NATL^(a)(b)		200,000		232,983
Vista Ridge Metropolitan District:
5.00%, 12/01/28 BAM^(a)(b)		150,000		177,248
				659,977
Total General Obligation Unltd				774,929

Government Related (1.74%)
Local Authority (1.74%)
North Texas Tollway Authority:
8.91%, 02/01/30^(a)		75,000		85,919

Total Government Related				85,919

Revenue Bonds (57.60%)
Airport (2.46%)
Chicago O'Hare International Airport:
5.63%, 01/01/35^(a)		25,000		28,073
County of Clark Department of Aviation:
5.00%, 07/01/28^(a)		55,000		63,877

	Principal Amount		Value
Airport (continued)
Dallas/Fort Worth International
Airport:
5.25%, 11/01/32^(a)	$	25,000	$	29,524
				121,474
Build America Bonds (3.38%)
Arapahoe County Water & Wastewater Authority:
6.68%, 12/01/39^(a)		30,000		32,565
University of Colorado:
6.26%, 06/01/36^(a)		125,000		134,464
				167,029
Development (5.31%)
Brooklyn Arena Local Development Corp.:
5.00%, 07/15/25		30,000		35,759
City of Baltimore MD:
5.00%, 09/01/34^(a)		200,000		226,720
				262,479
Education (3.14%)
Colorado Educational & Cultural Facilities Authority:
4.00%, 06/15/20		15,000		15,343
New Hope Cultural Education Facilities Finance Corp.:
5.00%, 08/15/19		140,000		139,781
				155,124
Facilities (0.66%)
City of Irving TX:
7.25%, 08/15/53^(a)		30,000		32,430

General (8.63%)
City of Coralville IA:
5.00%, 05/01/33^(a)		250,000		272,767
Mississippi State University
Educational Building Corp.:
4.25%, 08/01/30^(a)		25,000		27,116
Tennessee Energy Acquisition Corp.:
5.25%, 09/01/26^(a)		105,000		126,204
				426,087
General Obligation (2.24%)
City of Coralville IA:
4.00%, 05/01/27^(a)		65,000		66,805
Fairburn Development Authority:
4.75%, 07/01/33 AGM^(a)(b)		40,000		43,760
				110,565
Higher Education (5.05%)
County of Douglas NE:
5.88%, 07/01/40^(a)		15,000		16,806
Miami‐Dade County Educational Facilities Authority:
5.00%, 04/01/33^(a)		15,000		17,191

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2017 |

Westcore Municipal Opportunities Fund

Statement of Investments

June 30, 2017 (Unaudited)

	Principal Amount		Value
Higher Education (continued)
Washington Higher Education
Facilities Authority:
5.00%, 10/01/27^(a)	$	35,000	$	39,240
5.25%, 04/01/43^(a)		120,000		135,950
Washington State University:
5.00%, 04/01/39^(a)		10,000		11,322
Wisconsin Health & Educational Facilities Authority:
5.00%, 10/01/30^(a)		25,000		28,710
				249,219
Housing (4.30%)
Maryland Economic Development
Corp.:
5.00%, 07/01/37^(a)		200,000		212,370

Medical (2.24%)
Colorado Health Facilities Authority:
4.63%, 09/01/39^(a)		30,000		30,034
5.00%, 01/01/20		15,000		15,943
5.00%, 01/01/22		30,000		32,805
5.00%, 01/01/25^(a)		30,000		31,904
				110,686
Nursing Homes (6.99%)
Colorado Health Facilities Authority:
5.00%, 12/01/33^(a)		35,000		36,894
5.00%, 12/01/42^(a)		90,000		93,886
5.00%, 05/15/19		75,000		79,266
Industrial Development Authority of the County of Pima:
5.00%, 12/15/19		125,000		135,355
				345,401
Transportation (13.20%
Central Texas Turnpike System:
5.00%, 08/15/28^(a)		95,000		108,648
5.00%, 08/15/30^(a)		25,000		28,281
5.00%, 08/15/31^(a)		25,000		28,162
Colorado High Performance Transportation Enterprise:
5.00%, 12/31/56^(a)		200,000		217,955
Metropolitan Washington Airports Authority:
6.50%, 10/01/41 AGC^(a)(b)		80,000		103,335
North Texas Tollway Authority:
6.20%, 01/01/42 AGC^(a)(b)		20,000		24,977
Regional Transportation District:
6.00%, 01/15/26^(a)		20,000		22,181
Texas Private Activity Bond Surface Transportation Corp.:
7.00%, 06/30/40^(a)		105,000		118,760
				652,299
Total Revenue Bonds				2,845,163

	Principal Amount		Value
Revenue Notes (3.03%)
Nursing Homes (3.03%)
Industrial Development Authority of the County of Pima:
2.15%, 12/15/17	$	150,000	$	149,864

Total Revenue Notes				149,864

Special Assessment (3.74%)
Development (3.74%)
Village Community Development
District No 5:
3.13%, 05/01/22		180,000		184,909

Total Special Assessment				184,909

Tax Allocation (5.89%)
General (5.89%)
Desert Hot Springs Redevelopment
Agency Successor Agency:
5.00%, 09/01/32 BAM^(a)(b)		250,000		290,858

Total Tax Allocation				290,858

Total Municipal Bonds
(Cost $4,655,271)				4,703,555

	Shares		Value
Money Market Mutual Funds (4.71%)
Goldman Sachs Financial Square ‐
Government Fund,
(7 Day Yield 0.834%)		232,401		232,401
Total Money Market Mutual Funds (Cost $232,401)				232,401

Total Investments (99.93%) (Cost $4,887,672)			$	4,935,956

Other Assets Less Liabilities (0.07%)				3,371

Net Assets (100.00%)			$	4,939,327

See Notes to Financial Statements.

78	\| www.westcore.com

Westcore Municipal Opportunities Fund

Statement of Investments

June 30, 2017 (Unaudited)

^(a)	Security can be called and redeemed at the option of the issuer prior to the stated maturity date which is included in the Statement of Investments.

^(b)	This security is insured. In the event of a default by the bond issuer, the insurer, as noted in the security description, guarantees scheduled principal and interest payments will be made when due.

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2017 |

Westcore Colorado Tax-Exempt Fund

Statement of Investments

June 30, 2017 (Unaudited)

	Principal Amount		Value
Municipal Bonds (96.11%)
Certificate Participation (17.46%)
Build America Bonds (0.22%)
State of Colorado:
4.99%, 03/15/19	$	500,000	$	526,460

Education (3.21%)
Adams 12 Five Star Schools:
2.00%, 12/15/17		500,000		502,395
2.00%, 12/15/18		200,000		202,682
3.00%, 12/15/20		1,830,000		1,928,033
Douglas County School District No Re-1 Douglas & Elbert Counties:
4.00%, 01/15/28^(a)		1,675,000		1,855,967
5.00%, 01/15/25^(a)(b)		1,000,000		1,059,440
El Paso County School District No 49 Falcon:
3.00%, 12/15/18		300,000		307,521
Pueblo County School District No 70:
1.50%, 01/15/18		175,000		175,310
1.88%, 01/15/19		180,000		181,366
2.10%, 01/15/20		215,000		218,560
2.38%, 01/15/21^(a)		270,000		274,955
State of Colorado:
5.00%, 03/15/24^(a)		1,000,000		1,122,150
				7,828,379
General (14.03%)
Aspen Public Facilities Authority:
5.88%, 09/01/32 AGM^(a)(c)		880,000		882,050
Auraria Higher Education Center:
6.00%, 05/01/24^(a)		499,000		548,666
City & County of Broomfield CO:
4.00%, 12/01/17		655,000		663,115
City & County of Denver CO:
5.25%, 12/01/24^(a)		625,000		661,631
City of Aurora CO:
5.00%, 12/01/30^(a)		875,000		948,947
5.00%, 12/01/34^(a)		450,000		524,052
5.00%, 12/01/35^(a)		615,000		714,015
5.00%, 12/01/42^(a)		3,235,000		3,718,697
City of Glendale CO:
5.00%, 12/01/25 AGM^(c)		2,000,000		2,386,720
City of Longmont CO:
5.00%, 12/01/28^(a)		1,500,000		1,768,170
City of Pueblo CO:
5.50%, 08/15/18 AGC^(c)		500,000		524,845
Colorado Higher Education:
5.25%, 11/01/23^(a)(b)		1,280,000		1,350,758
County of Eagle CO:
5.00%, 12/01/25		250,000		303,858
5.00%, 12/01/27^(a)		495,000		587,842
5.25%, 12/01/23^(a)(b)		500,000		529,305

	Principal Amount		Value
General (continued)
County of El Paso CO:
2.00%, 12/01/20 AGM^(c)	$	1,615,000	$	1,649,787
County of Pueblo CO:
5.00%, 09/15/19 AGM^(c)		750,000		809,925
Rangeview Library District:
5.00%, 12/15/22 AGC^(a)(b)(c)		1,815,000		1,917,838
Regional Transportation District:
5.00%, 12/01/22 AMBAC^(a)(c)		1,000,000		1,016,400
5.00%, 06/01/20		1,200,000		1,323,168
5.00%, 06/01/28^(a)		2,000,000		2,337,740
State of Colorado Department of Transportation:
5.00%, 06/15/41^(a)		2,680,000		2,836,030
Town of Breckenridge CO:
5.00%, 12/01/35^(a)		2,425,000		2,837,056
Town of Erie CO:
5.00%, 11/01/27^(a)		1,735,000		2,069,473
Town of Parker CO:
5.00%, 11/01/30^(a)		1,150,000		1,347,858
				34,257,946
Total Certificate Participation				42,612,785

General Obligation Ltd (4.69%)
Development (3.21%)
Cherry Creek Corporate Center Metropolitan District:
5.00%, 06/01/37^(a)		1,070,000		1,072,129
Cornerstar Metropolitan District:
3.50%, 12/01/21		500,000		507,640
4.50%, 12/01/27^(a)		500,000		521,665
5.13%, 12/01/37^(a)		1,000,000		1,039,030
Sierra Ridge Metropolitan District No 2:
5.50%, 12/01/46^(a)		1,000,000		1,026,210
Southglenn Metropolitan District:
3.00%, 12/01/21		1,960,000		1,950,357
Tallyns Reach Metropolitan District No 3:
6.75%, 11/01/38^(a)		1,720,000		1,722,718
				7,839,749
General Obligation (1.48%)
Eaton Area Park & Recreation District:
5.50%, 12/01/30^(a)		470,000		512,267
Fossil Ridge Metropolitan District No 3:
5.00%, 12/01/44^(a)		1,000,000		1,028,280
5.00%, 12/01/36^(a)		2,000,000		2,079,740
				3,620,287
Total General Obligation Ltd				11,460,036

See Notes to Financial Statements.

80	\| www.westcore.com

Westcore Colorado Tax-Exempt Fund

Statement of Investments

June 30, 2017 (Unaudited)

	Principal Amount		Value
General Obligation Unltd (18.19%)
Development (6.43%)
Beacon Point Metropolitan District:
5.00%, 12/01/30 AGM^(a)(c)	$	1,000,000	$	1,134,830
Breckenridge Mountain Metropolitan District:
3.00%, 12/01/36 AGM^(a)(c)		250,000		228,292
Central Platte Valley Metropolitan District:
5.00%, 12/01/43^(a)		3,500,000		3,712,100
5.50%, 12/01/29^(a)		750,000		848,205
6.00%, 12/01/38^(a)		1,000,000		1,167,840
Copperleaf Metropolitan District No 2:
5.75%, 12/01/45^(a)		2,000,000		2,085,660
Eagle Bend Metropolitan District No 2:
5.00%, 12/01/37 BAM^(a)(c)		1,800,000		2,069,136
North Range Metropolitan District No 1:
5.00%, 12/01/38^(a)		3,000,000		3,308,970
Wheatlands Metropolitan District:
5.00%, 12/01/30 BAM^(a)(c)		1,000,000		1,139,580
				15,694,613
Facilities (1.43%)
Clear Creek Metropolitan Recreation District:
2.50%, 12/01/17		1,430,000		1,433,575
Tallyns Reach Metropolitan District No 3:
4.00%, 12/01/21		1,930,000		2,052,439
				3,486,014
General Obligation (7.87%)
Anthem West Metropolitan District:
5.00%, 12/01/35 BAM^(a)(c)		1,165,000		1,305,639
City of Sheridan CO:
5.00%, 12/01/34^(a)		1,425,000		1,621,635
5.00%, 12/01/36^(a)		1,575,000		1,784,869
Commonwealth of Puerto Rico (Puerto Rico):
5.25%, 07/01/20 AGM^(c)		1,635,000		1,751,412
5.25%, 07/01/24 AGM^(a)(c)		1,850,000		1,966,828
5.38%, 07/01/25 AGM^(a)(c)		1,400,000		1,486,842
5.50%, 07/01/17 AGM^(c)		1,285,000		1,285,000
5.50%, 07/01/18 AGM^(c)		735,000		758,314
5.50%, 07/01/19 AGM^(c)		1,260,000		1,335,814
High Plains Metropolitan District:
4.00%, 12/01/47 NATL^(a)(c)		2,425,000		2,433,124
5.00%, 12/01/35 NATL^(a)(c)		500,000		575,265
Vista Ridge Metropolitan District:
5.00%, 12/01/27 BAM^(a)(c)		485,000		577,519
5.00%, 12/01/28 BAM^(a)(c)		750,000		886,237
5.00%, 12/01/31 BAM^(a)(c)		1,250,000		1,450,138
				19,218,636

	Principal Amount		Value
School District (2.46%)
Arapahoe County School District No 1 Englewood:
5.00%, 12/01/29^(a)(b)	$	2,440,000	$	2,820,542
Boulder Larimer & Weld Counties St Vrain Valley School District Re1J:
4.00%, 12/15/17		1,400,000		1,419,208
Douglas County School District No Re-1 Douglas & Elbert Counties:
zero coupon, 12/15/22		1,660,000		1,500,906
Routt-Rio Blanco Counties School District Re-3 South Routt/CO:
1.50%, 12/01/17		255,000		255,653
				5,996,309
Total General Obligation Unltd				44,395,572

Revenue Bonds (51.43%)
Airport (3.09%)
City & County of Denver CO Airport System Revenue:
1.34%, 11/15/31^(a)(d)		5,135,000		5,155,335
5.25%, 11/15/28^(a)		1,000,000		1,085,100
Grand Junction Regional Airport Authority:
5.00%, 12/01/31 NATL^(a)(c)		1,155,000		1,304,607
				7,545,042
Build America Bonds (3.86%)
University of Colorado:
6.26%, 06/01/36^(a)		8,770,000		9,433,977

Development (2.37%)
Denver Convention Center Hotel Authority:
5.00%, 12/01/27^(a)		2,000,000		2,361,480
5.00%, 12/01/31^(a)		1,500,000		1,722,960
5.00%, 12/01/32^(a)		500,000		571,260
5.00%, 12/01/33^(a)		500,000		568,650
5.00%, 12/01/34^(a)		500,000		566,920
				5,791,270

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2017 | (GRAPHIC)

Westcore Colorado Tax-Exempt Fund

Statement of Investments

June 30, 2017 (Unaudited)

	Principal Amount		Value
Education (8.63%)
Colorado Educational & Cultural Facilities Authority:
4.00%, 04/01/22	$	160,000	$	166,077
4.13%, 07/01/26^(a)		630,000		642,247
5.00%, 10/01/19		115,000		124,772
5.00%, 05/01/35^(a)		3,145,000		3,369,364
5.00%, 05/15/29^(a)		2,600,000		3,032,588
5.00%, 11/01/30^(a)		500,000		565,035
5.00%, 07/01/36^(a)		1,000,000		1,075,570
5.00%, 12/15/31^(a)		715,000		829,893
5.00%, 08/01/36^(a)		805,000		905,448
5.00%, 06/01/36^(a)		1,580,000		1,751,351
5.00%, 08/15/30^(a)		750,000		819,735
5.00%, 11/15/24		435,000		492,968
5.00%, 11/15/31^(a)		1,000,000		1,115,060
5.00%, 07/01/36^(a)		1,000,000		1,018,110
5.00%, 09/01/36^(a)		1,000,000		1,000,680
5.00%, 12/01/31^(a)		1,500,000		1,680,870
5.00%, 09/01/46^(a)		500,000		498,445
5.00%, 10/01/32^(a)		1,340,000		1,462,074
5.63%, 01/15/44^(a)		490,000		522,002
				21,072,289
Facilities (0.35%)
City & County of Denver CO Golf Revenue:
5.00%, 09/01/18^(a)		350,000		350,889
5.00%, 09/01/19^(a)		500,000		501,220
				852,109
General (2.45%)
City & County of Denver CO:
5.25%, 09/01/18 AGM^(b)(c)		1,500,000		1,572,870
City of Commerce City CO:
5.00%, 08/01/28 AGM^(a)(c)		600,000		698,328
County of Boulder CO:
5.00%, 12/15/25^(a)(b)		1,000,000		1,056,660
Hyland Hills Park & Recreation District:
1.20%, 12/15/17		100,000		99,747
1.45%, 12/15/18		150,000		148,828
1.70%, 12/15/19		425,000		418,106
2.00%, 12/15/21		250,000		251,060
2.00%, 12/15/22		300,000		298,158
2.00%, 12/15/20		150,000		147,164
2.15%, 12/15/21		135,000		131,356
3.00%, 12/15/23		200,000		208,702
5.00%, 12/15/24		275,000		322,435
Puerto Rico Municipal Finance Agency (Puerto Rico):
5.00%, 08/01/17 AGM^(a)(c)		105,000		105,251
Town of Castle Rock CO:
6.00%, 06/01/23 AGC^(a)(b)(c)		500,000		522,590
				5,981,255

	Principal Amount		Value
Higher Education (3.78%)
Auraria Higher Education Center:
4.00%, 04/01/29 AGM^(a)(c)	$	2,500,000	$	2,669,575
Colorado Educational & Cultural Facilities Authority:
4.00%, 03/01/30^(a)		1,000,000		1,093,770
4.00%, 03/01/33^(a)		1,125,000		1,206,934
5.00%, 10/01/36^(a)		1,500,000		1,706,640
5.00%, 10/01/34^(a)		1,975,000		2,209,274
University of Colorado:
4.00%, 06/01/32^(a)		300,000		330,123
				9,216,316
Medical (17.30%)
Aspen Valley Hospital District:
5.00%, 10/15/30^(a)		1,650,000		1,788,022
City of Aurora CO:
5.00%, 12/01/22 AGM^(a)(b)(c)		1,000,000		1,036,220
Colorado Health Facilities Authority:
1.88%, 07/01/39^(d)		1,575,000		1,573,378
4.00%, 05/15/29^(a)		1,695,000		1,835,549
5.00%, 01/15/28^(a)		1,150,000		1,362,715
5.00%, 05/15/30^(a)		500,000		571,030
5.00%, 05/15/40^(a)		1,000,000		1,113,130
5.00%, 05/15/25		1,000,000		1,204,230
5.00%, 12/01/27^(a)		1,000,000		1,200,180
5.00%, 12/01/29^(a)		1,010,000		1,187,477
5.00%, 09/15/22^(a)		850,000		855,032
5.00%, 09/01/25^(a)		450,000		452,813
5.00%, 12/01/19		300,000		321,738
5.00%, 12/01/21		875,000		985,871
5.00%, 12/01/24^(a)		1,000,000		1,140,240
5.00%, 02/01/22		200,000		220,732
5.00%, 02/01/23		520,000		578,890
5.00%, 07/01/21^(a)		5,000,000		5,300,700
5.00%, 01/01/23^(a)		1,000,000		1,086,890
5.00%, 10/01/17		1,045,000		1,054,687
5.00%, 02/01/23^(a)		500,000		544,925
5.00%, 01/01/18		1,630,000		1,653,130
5.00%, 09/01/29^(a)		1,000,000		1,162,500
5.00%, 10/01/32^(a)		500,000		547,845
5.25%, 07/01/24^(a)		1,000,000		1,060,560
5.25%, 02/01/31^(a)		1,500,000		1,588,875
6.25%, 10/01/33^(a)		1,250,000		1,317,025
Denver Health & Hospital Authority:
1.91%, 12/01/33^(a)(d)		1,585,000		1,406,577
5.00%, 12/01/18^(a)		550,000		551,826
5.00%, 12/01/39^(a)		1,500,000		1,584,375
University of Colorado Hospital Authority:
4.00%, 11/15/47^(a)(d)		3,000,000		3,162,840
5.00%, 11/15/36^(a)		2,470,000		2,773,835
				42,223,837

See Notes to Financial Statements.

82	\| www.westcore.com

Westcore Colorado Tax-Exempt Fund

Statement of Investments

June 30, 2017 (Unaudited)

	Principal Amount		Value
Multifamily Housing (2.51%)
Colorado Housing & Finance Authority:
1.05%, 08/01/18 FHA	$	1,500,000	$	1,501,200
2.20%, 11/01/18 FHA		4,565,000		4,626,491
				6,127,691
Nursing Homes (0.74%)
Colorado Health Facilities Authority:
4.00%, 01/01/21		255,000		266,564
4.00%, 01/01/22		265,000		277,407
5.00%, 06/01/22		750,000		847,823
5.25%, 06/01/23^(a)		55,000		55,107
5.25%, 06/01/18^(a)		220,000		220,596
5.25%, 06/01/20^(a)		145,000		145,347
				1,812,844
Power (0.79%)
Colorado Water Resources & Power Development Authority:
5.65%, 09/01/30 AGM^(a)(c)		1,745,000		1,928,487

Transportation (4.27%)
Colorado High Performance Transportation Enterprise:
5.00%, 12/31/47^(a)		1,600,000		1,767,936
5.00%, 12/31/51^(a)		2,500,000		2,741,625
5.00%, 12/31/56^(a)		3,800,000		4,141,164
E-470 Public Highway Authority:
1.87%, 09/01/39^(a)(d)		1,000,000		1,008,330
Regional Transportation District:
6.00%, 01/15/34^(a)		700,000		773,962
				10,433,017
Water (1.29%)
City & County of Broomfield CO:
5.00%, 12/01/23^(a)		1,285,000		1,482,890
City of Brighton CO Water Activity Revenue:
5.00%, 12/01/29 AGC^(a)(b)(c)		1,515,000		1,652,819
				3,135,709
Total Revenue Bonds				125,553,843

Tax Allocation (4.34%)
Development (0.70%)
Denver Urban Renewal Authority:
5.00%, 12/01/24^(a)		500,000		577,555
5.00%, 12/01/25^(a)		1,000,000		1,141,880
				1,719,435
General (3.64%)
Centerra Metropolitan District No 1:
5.00%, 12/01/20		750,000		804,187
Fountain Urban Renewal Authority:
4.50%, 11/01/29^(a)		1,945,000		1,958,323
Park Creek Metropolitan District:
5.00%, 12/01/26^(a)		730,000		831,894
5.00%, 12/01/27^(a)		620,000		702,125

	Principal Amount		Value
General (continued)
Plaza Metropolitan District No 1:
5.00%, 12/01/22	$	1,000,000	$	1,095,910
Thornton Development Authority:
5.00%, 12/01/23		300,000		350,490
5.00%, 12/01/24		440,000		521,418
5.00%, 12/01/25^(a)		325,000		385,382
5.00%, 12/01/26^(a)		425,000		502,371
5.00%, 12/01/30^(a)		500,000		581,055
5.00%, 12/01/31^(a)		1,000,000		1,154,820
				8,887,975
Total Tax Allocation				10,607,410

Total Municipal Bonds (Cost $232,641,042)				234,629,646

	Shares		Value
Money Market Mutual Funds (3.28%)
Goldman Sachs Financial Square - Government Fund, (7 Day Yield 0.834%)		7,995,739		7,995,739

Total Money Market Mutual Funds (Cost $7,995,739)				7,995,739

Total Investments (99.39%) (Cost $240,636,781)			$	242,625,385

Other Assets Less Liabilities (0.61%)				1,495,792

Net Assets (100.00%)			$	244,121,177

Investment classifications presented herein are based on the categorization methodology of the Adviser to the Funds which may result in the designations for one Fund being different form another. Investment classifications are unaudited. For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease. Industries are shown as a percentage of net assets.

^(a)

Security can be called and redeemed at the option of the issuer prior to the stated maturity date which is included in the Statement of Investments.

^(b)

This security is prerefunded in advance of the next call date.

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2017 |

Westcore Colorado Tax-Exempt Fund

Statement of Investments

June 30, 2017 (Unaudited)

^(c)

This security is insured. In the event of a default by the bond issuer, the insurer, as noted in the security description, guarantees scheduled principal and interest payments will be made when due.

^(d)

The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

See Notes to Financial Statements.

84	\| www.westcore.com

Westcore Funds

Statement of Investments

June 30, 2017 (Unaudited)

COMMON ABBREVIATIONS
ADR	American Depositary Receipt.
AG	Aktiengesellschaft is a German term that refers to a corporation that is limited by shares, i.e., owned by shareholders.
AGC	Assured Guaranty Corporation
AGM	Assured Guaranty Municipal.
AMBAC	AmbacAssurance Corporation.
BAM	Build America Mutual
LLC	Limited Liability Company.
LP	Limited Partnership.
Ltd.	Limited.
MORAL OBLG	Charter School Moral Obligation Program. Moral Obligation bonds are revenue-backed, state issued municipal bonds, whose principal and interest is backed by the moral, but not legal, obligation of a state government.
NATL	National Public Finance Guarantee Corporation
NATL FGIC	National Public Finance Guarantee Corporation / Financial Guaranty Insurance Company
N.V.	Naamloze Vennootschap is the Dutch term for a public limited liability corporation.
PLC	Public Limited Company.
REIT(s)	Real Estate Investment Trust.
SA	Generally designates corporations in various countries, mostly those employing the civil law. This translates literally in all languages mentioned as anonymous company.
SE	SE Regulation. A European Company which can operate on a Europe-wide basis and be governed by Community law directly applicable in all Member States.
S.p.A.	Società Per Azioni is an Italian shared company.
XLCA	XL Capital Assurance Inc.

CURRENCY ABBREVIATIONS
AED	United Arab Emirates Dirham
AUD	Australian Dollar
BRL	Brazilian Dollar
CAD	Canadian Dollar
CHF	Swiss Franc
CLP	Chilean Peso
COP	Colombian Peso
CZK	Czech Republic Koruna
DKK	Danish Krone
EUR	Euro Currency
GBP	British Pound
HKD	Hong Kong Dollar
HUK	Hungarian Forint
IDR	Indonesian Rupiah
ILS	Israeli Shekel
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Peso
MYR	Malaysian Ringgit
NOK	Norwegian Krone
NZD	New Zealand Dollar
PEN	Peruvian Sol
PHP	Philippine Peso
PLN	Polish Zloty
QAR	Qatari Rial
RUB	Russian Ruble
SEK	Swedish Krona
SGD	Singapore Dollar
THB	Thai Baht
TRY	Turkish Lira
TWD	New Taiwan Dollar
ZAR	South African Rand

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2017 |

Westcore Funds

Statements of Assets and Liabilities

June 30, 2017 (Unaudited)

	Westcore Small-Cap Growth Fund			Westcore Small-Cap Growth Fund II			Westcore Mid-Cap Value Dividend Fund		Westcore Mid-Cap Value Dividend Fund II			Westcore Smid-Cap Value Dividend Fund
Assets
Investments, at cost	$	4,243,099		$	35,476,757		$	77,419,103	$	33,215,336		$	688,217
Investments, at value		5,182,573			38,252,242			84,161,836		32,761,894			673,388
Foreign currency, at value (Cost $–, $–, $2,802,$1,068 and $–, respectively)		–			–			2,802		1,068			–
Receivables:
Fund shares subscribed		4,484			409			17,686		150			–
Dividends and interest		2,401			16,391			238,498		90,351			1,821
Due from Adviser		2,207			–			–		–			6,606
Prepaid and other assets		12,374			8,864			15,105		15,234			9,197
Total assets		5,204,039			38,277,906			84,435,927		32,868,697			691,012

Liabilities
Payables:
Investment securities purchased		–			–			2,795		1,065			–
Fund shares redeemed		–			159,853			527,594		–			–
Investment advisory fee		–			19,631			45,326		13,430			–
Administration fee		4,497			6,559			12,297		6,610			2,546
Shareholder servicing reimbursements		89			–			8,227		1,504			34
Transfer agent fee		1,746			3,576			718		6,129			2,071
Audit fee		10,295			10,933			12,231		11,738			8,698
Printing fee		1,500			393			4,332		512			42
Trustee fee		98			1,348			2,598		1,209			16
Custody fee		4,469			1,206			379		1,754			2,113
Chief compliance officer fee		3			227			162		284			10
Other liabilities		1,619			183			861		433			–
Total liabilities		24,316			203,909			617,520		44,668			15,530
Net Assets	$	5,179,723		$	38,073,997		$	83,818,407	$	32,824,029		$	675,482

Net Assets Consists of
Paid‐in capital	$	3,974,391		$	118,758,909		$	66,871,645	$	33,057,049		$	678,522
Accumulated net investment income/(loss)		(16,277	)		(140,150	)		699,366		(16,207	)		5,296
Accumulated net realized gain/(loss)		282,135			(83,320,247	)		9,504,146		236,434			6,493
Net unrealized appreciation/(depreciation)		939,474			2,775,485			6,743,250		(453,247	)		(14,829	)
Net Assets	$	5,179,723		$	38,073,997		$	83,818,407	$	32,824,029		$	675,482

Net Assets
Retail		862,772			N/A			49,034,734		31,081,256			428,771
Institutional		4,316,951			38,073,997			34,783,673		1,742,773			246,711
Shares of Beneficial Interest Outstanding
Retail		68,343			N/A			1,768,983		6,833,611			43,474
Institutional		338,095			1,557,436			1,237,632		372,882			25,000
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Retail	$	12.62		$	N/A		$	27.72	$	4.55		$	9.86
Institutional	$	12.77		$	24.45		$	28.11	$	4.67		$	9.87

See Notes to Financial Statements.

86	\| www.westcore.com

Westcore Funds

Statements of Assets and Liabilities

June 30, 2017 (Unaudited)

	Westcore Small-Cap Value Dividend Fund		Westcore Global Large-Cap Dividend Fund		Westcore Large-Cap Dividend Fund			Westcore Micro-Cap Opportunity Fund		Westcore International Small-Cap Fund
Assets
Investments, at cost	$	184,913,303	$	44,987,353	$	10,352,056		$	11,589,992	$	48,095,592
Investments, at value		204,851,115		53,212,923		11,116,500			13,712,341		72,544,581
Unrealized gain on forward foreign currency contracts		–		–		–			–		185,393
Foreign currency, at value (Cost $–, $29,792, $ –,$– and $–, respectively)		–		29,792		–			–		–
Receivables:
Investment securities sold		567,144		1,154		–			2,939,910		151,619
Fund shares subscribed		39,615		12,848		–			3,510		156,798
Dividends and interest		601,778		149,234		25,475			14,192		326,017
Due from Adviser		–		–		2,271			–		–
Prepaid and other assets		15,125		13,107		15,837			13,307		22,809
Total assets		206,074,777		53,419,058		11,160,083			16,683,260		73,387,217

Liabilities
Unrealized loss on forward foreign currency contracts		–		–		–			–		307,775
Payables:
Investment securities purchased		1,769,392		–		–			3,126,210		123,007
Fund shares redeemed		332,217		10,869		208			2,186		9,583
Investment advisory fee		142,356		19,891		–			4,139		55,162
Administration fee		26,943		8,250		3,188			7,962		12,826
Shareholder servicing reimbursements		12,651		4,572		1,226			2,324		6,980
Transfer agent fee		5,467		9,305		2,274			1,695		5,643
Audit fee		13,014		12,191		11,815			10,311		14,047
Printing fee		14,034		4,341		15			2,512		7,108
Trustee fee		7,160		1,636		716			304		2,165
Custody fee		4,090		3,686		1,578			1,908		10,078
Chief compliance officer fee		851		160		225			28		318
Due to custodian		–		17,625		–			–		–
Other liabilities		4,159		1,430		48			765		3,528
Total liabilities		2,332,334		93,956		21,293			3,160,344		558,220
Net Assets	$	203,742,443	$	53,325,102	$	11,138,790		$	13,522,916	$	72,828,997

Net Assets Consists of
Paid‐in capital	$	154,375,051	$	42,972,338	$	8,718,984		$	9,060,023	$	60,705,447
Accumulated net investment income/(loss)		1,725,365		7,886		(15,121	)		732		(1,646,117	)
Accumulated net realized gain/(loss)		27,704,145		2,118,888		1,670,483			2,339,812		(10,523,931	)
Net unrealized appreciation/(depreciation)		19,937,882		8,225,990		764,444			2,122,349		24,293,598
Net Assets	$	203,742,443	$	53,325,102	$	11,138,790		$	13,522,916	$	72,828,997

Net Assets
Retail		74,572,806		49,072,877		10,613,816			13,522,916		46,594,542
Institutional		129,169,637		4,252,225		524,974			N/A		26,234,455
Shares of Beneficial Interest Outstanding
Retail		6,113,049		4,597,003		1,584,438			713,279		2,682,820
Institutional		10,567,764		401,225		75,778			N/A		1,454,847
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Retail	$	12.20	$	10.67	$	6.70		$	18.96	$	17.37
Institutional	$	12.22	$	10.60	$	6.93		$	N/A	$	18.03

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2017 |

Westcore Funds

Statements of Assets and Liabilities

June 30, 2017 (Unaudited)

	Westcore Flexible Income Fund			Westcore Plus Bond Fund			Westcore Municipal Opportunities Fund		Westcore Colorado Tax- Exempt Fund
Assets
Investments, at cost	$	78,181,078		$	1,188,769,255		$	4,887,672	$	240,636,781
Investments, at value		78,328,057			1,217,679,385			4,935,956		242,625,385
Receivables:
Investment securities sold		1,009			1,716,262			143		3,291
Fund shares subscribed		58,915			286,439			–		30,325
Dividends and interest		948,545			9,267,642			38,276		1,791,457
Due from Adviser		–			–			6,028		–
Prepaid and other assets		17,130			37,418			38,615		9,956
Total assets		79,353,656			1,228,987,146			5,019,018		244,460,414

Liabilities
Payables:
Investment securities purchased		816,000			12,801,206			59,835		–
Fund shares redeemed		30,412			1,097,574			–		169,922
Investment advisory fee		21,077			148,284			–		47,669
Administration fee		15,507			156,917			4,648		45,081
Shareholder servicing reimbursements		9,696			178,869			98		33,038
Transfer agent fee		3,386			12,269			1,930		1,406
Audit fee		13,930			22,248			11,517		14,570
Printing fee		4,174			76,279			124		11,155
Trustee fee		2,896			46,664			87		9,275
Custody fee		1,412			23,957			1,443		3,000
Chief compliance officer fee		364			7,182			9		1,168
Other Liabilities		1,303			12,059			–		2,953
Total liabilities		920,157			14,583,508			79,691		339,237
Net Assets	$	78,433,499		$	1,214,403,638		$	4,939,327	$	244,121,177

Net Assets Consists of
Paid‐in capital	$	96,233,911		$	1,185,255,645		$	4,858,278	$	242,330,194
Accumulated net investment income/(loss)		94,152			(1,311,756	)		695		(1,874	)
Accumulated net realized gain/(loss)		(18,041,543	)		1,549,619			32,070		(195,747	)
Net unrealized appreciation/(depreciation)		146,979			28,910,130			48,284		1,988,604
Net Assets	$	78,433,499		$	1,214,403,638		$	4,939,327	$	244,121,177

Net Assets
Retail		59,673,480			1,024,468,035			1,353,864		202,577,234
Institutional		18,760,019			189,935,603			3,585,463		41,543,943
Shares of Beneficial Interest Outstanding
Retail		6,612,385			95,543,141			128,899		17,593,374
Institutional		2,105,648			17,896,364			341,175		3,601,762
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Retail	$	9.02		$	10.72		$	10.50	$	11.51
Institutional	$	8.91		$	10.61		$	10.51	$	11.53

See Notes to Financial Statements.

88	\| www.westcore.com

Westcore Funds

Statements of Operations

For the Six Months Ended June 30, 2017 (Unaudited)

	Westcore Small-Cap Growth Fund				Westcore Small-Cap Growth Fund II			Westcore Mid-Cap Value Dividend Fund			Westcore Mid-Cap Value Dividend Fund II			Westcore Smid-Cap Value Dividend Fund
Investment Income
Dividends	$	12,369			$	92,537		$	1,090,643		$	434,754		$	7,589
Foreign taxes withheld		(75	)			(575	)		(7,831	)		(3,058	)		(24	)
Total income		12,294				91,962			1,082,812			431,696			7,565

Expenses
Investment advisory fee		23,831				117,873			305,277			112,333			2,035
Administrative fee		3,217				24,481			57,587			23,331			343
Shareholder servicing reimbursement - Retail Class		519				–			48,845			9,802			248
Transfer agent fees		7,820				14,057			9,277			22,584			6,730
Registration fees		14,372				7,855			16,663			14,416			3,552
Audit and tax preparation fees		7,647				8,291			9,649			9,095			5,630
Legal fees		88				750			1,563			783			185
Independent pricing service fees		3,607				2,189			2,915			2,502			2,387
Trustee fees and expenses		289				2,739			6,262			2,548			49
Insurance expense		81				775			1,423			871			–
Custodian fees		4,597				5,572			5,624			6,030			4,846
Printing fees		958				6,760			3,344			3,700			–
Chief compliance officer fee		143				1,271			2,741			1,237			14
Offering costs		–				–			4,882			–			12,530
Other		3,415				3,177			4,420			4,031			2,519
Total expenses before waivers/reimbursements		70,584				195,790			480,472			213,263			41,068
Expenses waived/reimbursed by investment advisor
Retail		(7,245	)			–			–			(14,402	)		(18,724	)
Institutional		(33,916	)			–			(4,926	)		(726	)		(19,592	)
Net expenses		29,423				195,790			475,546			198,135			2,752
Net Investment Income/(Loss)		(17,129	)			(103,828	)		607,266			233,561			4,813
				��
Realized and Unrealized Gain/(Loss)
Net realized gain/(loss) on:
Investments		475,053				3,955,727			6,568,574			870,176			6,508
Foreign currency		–				–			73			65			–
		475,053				3,955,727			6,568,647			870,241			6,508
Change in unrealized net appreciation/(depreciation) on:
Investments		235,493				3,219,394			(6,515,039	)		(616,803	)		(11,893	)
Translation of assets and liabilities denoted in foreign currencies		–				–			599			195			–
		235,493				3,219,394			(6,514,440	)		(616,608	)		(11,893	)
Net realized and unrealized gain/(loss)		710,546				7,175,121			54,207			253,633			(5,385	)
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	693,417			$	7,071,293		$	661,473		$	487,194		$	(572	)

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2017 |

Westcore Funds

Statements of Operations

For the Six Months Ended June 30, 2017 (Unaudited)

	Westcore Small-Cap Value Dividend Fund			Westcore Global Large-Cap Dividend Fund			Westcore Large-Cap Dividend Fund			Westcore Micro-Cap Opportunity Fund			Westcore International Small-Cap Fund
Investment Income
Dividends	$	2,680,890		$	929,309		$	179,863		$	86,127		$	765,916
Foreign taxes withheld		(5,502	)		(70,518	)		(2,297	)		(622	)		(114,463	)
Total income		2,675,388			858,791			177,566			85,505			651,453

Expenses
Investment advisory fee		1,032,016			163,491			39,066			64,520			423,095
Administrative fee		139,322			33,959			8,114			8,710			47,597
Shareholder servicing reimbursement - Retail Class		82,784			25,388			8,160			13,724			42,708
Transfer agent fees		23,270			33,709			10,171			7,703			20,594
Registration fees		17,193			11,731			13,858			8,645			11,733
Audit and tax preparation fees		10,511			9,566			9,156			7,673			11,411
Legal fees		4,125			946			312			252			1,406
Independent pricing service fees		3,951			2,148			1,778			6,176			4,386
Trustee fees and expenses		15,837			3,648			1,099			840			4,818
Insurance expense		3,797			921			485			215			1,430
Custodian fees		13,828			7,339			4,569			1,737			13,608
Printing fees		7,845			3,485			1,737			1,662			5,238
Chief compliance officer fee		7,174			1,634			496			419			2,324
Offering costs		–			–			–			–			4,882
Other		6,358			4,215			3,666			2,806			5,945
Total expenses before waivers/reimbursements		1,368,011			302,180			102,667			125,082			601,175
Expenses waived/reimbursed by investment advisor
Retail		(61,060	)		(50,856	)		(37,367	)		(41,197	)		(73,119	)
Institutional		(83,083	)		(3,926	)		(1,696	)		N/A			(37,992	)
Net expenses		1,223,868			247,398			63,604			83,885			490,064
Net Investment Income/(Loss)		1,451,520			611,393			113,962			1,620			161,389

Realized and Unrealized Gain/(Loss)
Net realized gain/(loss) on:
Investments		16,213,217			654,426			134,755			2,339,716			2,118,836
Foreign currency		40			(1,176	)		–			–			(21,661	)
Forward foreign currency contracts		–			–			–			–			399,017
		16,213,257			653,250			134,755			2,339,716			2,496,192
Change in unrealized net appreciation/(depreciation) on:
Investments		(23,032,939	)		3,632,179			443,592			(2,332,071	)		7,541,184
Forward foreign currency contracts		–			–			–			–			(145,727	)
Translation of assets and liabilities denoted in foreign currencies		70			4,105			–			–			17,148
		(23,032,869	)		3,636,284			443,592			(2,332,071	)		7,412,605
Net realized and unrealized gain/(loss)		(6,819,612	)		4,289,534			578,347			7,645			9,908,797
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	(5,368,092	)	$	4,900,927		$	692,309		$	9,265		$	10,070,186

See Notes to Financial Statements.

90	\| www.westcore.com

Westcore Funds

Statements of Operations

For the Six Months Ended June 30, 2017 (Unaudited)

	Westcore Flexible Income Fund			Westcore Plus Bond Fund			Westcore Municipal Opportunities Fund			Westcore Colorado Tax-Exempt Fund
Investment Income
Dividends	$	74,135		$	305,973		$	650		$	30,756
Interest		2,094,703			22,589,360			39,541			3,953,982
Total income		2,168,838			22,895,333			40,191			3,984,738

Expenses
Investment advisory fee		173,857			2,078,364			4,616			469,686
Administrative fee		52,157			801,655			1,554			158,519
Shareholder servicing reimbursement - Retail Class		57,161			1,090,099			764			197,877
Transfer agent fees		13,700			41,765			6,612			10,497
Registration fees		15,290			23,825			4,159			4,590
Audit and tax preparation fees		11,310			19,727			7,974			11,961
Legal fees		1,480			24,734			223			4,617
Independent pricing service fees		7,113			21,599			3,985			19,340
Trustee fees and expenses		5,957			90,802			166			18,163
Insurance expense		1,548			25,975			–			4,844
Custodian fees		5,068			46,280			2,447			9,056
Printing fees		4,965			57,029			14			6,189
Chief compliance officer fee		2,614			41,223			36			7,954
Offering costs		–			–			12,538			1,857
Other		4,607			23,492			2,560			6,936
Total expenses before waivers/reimbursements		356,827			4,386,569			47,648			932,086
Expenses waived/reimbursed by investment advisor
Retail		(35,200	)		(1,116,730	)		(18,520	)		(171,214	)
Institutional		(8,808	)		(119,935	)		(23,367	)		(23,993	)
Net expenses		312,819			3,149,904			5,761			736,879
Net Investment Income/(Loss)		1,856,019			19,745,429			34,430			3,247,859

Realized and Unrealized Gain/(Loss)
Net realized gain/(loss) on:
Investments		555,374			1,663,405			32,070			534,068
		555,374			1,663,405			32,070			534,068
Change in unrealized net appreciation/(depreciation) on:
Investments		744,604			14,394,441			37,683			3,494,549
		744,604			14,394,441			37,683			3,494,549
Net realized and unrealized gain/(loss)		1,299,978			16,057,846			69,753			4,028,617
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	3,155,997		$	35,803,275		$	104,183		$	7,276,476

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2017 |

Westcore Funds

Statements of Changes in Net Assets

	Westcore Small-Cap Growth Fund						Westcore Small-Cap Growth Fund II^(a)						Westcore Mid-Cap Value Dividend Fund
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016			Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016			Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Operations
Net investment income/(loss)	$	(17,129	)	$	(34,513	)	$	(103,828	)	$	(193,441	)	$	607,266		$	682,873
Net realized gain/(loss)		475,053			(73,972	)		3,955,727			(6,870,344	)		6,568,647			4,854,819
Change in unrealized net appreciation/(depreciation)		235,493			389,284			3,219,394			1,620,335			(6,514,440	)		8,303,334
Net increase/(decrease) in net assets resulting from operations		693,417			280,799			7,071,293			(5,443,430	)		661,473			13,841,026

Distributions to Shareholders (Note 2)
From net investment income
Retail		–			–			N/A			N/A			–			(613,443	)
Institutional		–			–			–			–			–			(136,683	)^(b)
From net realized gains
Retail		–			–			N/A			N/A			–			(1,432,308	)
Institutional		–			–			–			–			–			(1,201,077	)^(b)
Decrease in net assets from distributions to shareholders		–			–			–			–			–			(3,383,511	)

Beneficial Interest Transactions (Note 3)
Shares sold
Retail		20,244			219,775			N/A			N/A			15,869,907			27,536,668
Institutional		364,122			1,423,810			2,040,999			1,247,021			1,927,367			35,794,394	^(b)
Shares issued in reinvestment of distributions
Retail		–			–			N/A			N/A			–			1,977,573
Institutional		–			–			–			–			–			1,337,760	^(b)
Cost of shares redeemed
Retail		(19,525	)		(27,657	)		N/A			N/A			(11,146,427	)		(46,954,046	)
Institutional		(141,243	)		(4,146,248	)		(5,955,057	)		(19,391,204	)		(3,869,434	)		(1,516,354	)^(b)
Net increase/(decrease) resulting from beneficial interest transactions		223,598			(2,530,320	)		(3,914,058	)		(18,144,183	)		2,781,413			18,175,995
Redemption Fees		–			1,977			–			–			–			–
Total net increase/(decrease) in net assets		917,015			(2,247,544	)		3,157,235			(23,587,613	)		3,442,886			28,633,510

Net Assets
Beginning of period		4,262,708			6,510,252			34,916,762			58,504,375			80,375,521			51,742,011
End of period*	$	5,179,723		$	4,262,708		$	38,073,997		$	34,916,762		$	83,818,407		$	80,375,521

*Accumulated net investment income/(loss)	$	(16,277	)	$	852		$	(140,150	)	$	(36,322	)	$	699,366		$	92,100

^(a)

Prior to December 27, 2016 known as the Westcore Select Fund - Retail Class.

^(b)

The Fund added an institutional share class on April 29, 2016.

See Notes to Financial Statements.

92	\| wwww.westcore.com

Westcore Funds

Statements of Changes in Net Assets

	Westcore Mid-Cap Value Dividend Fund II^(a)						Westcore Smid-Cap Value Dividend Fund^(b)						Westcore Small-Cap Value Dividend Fund
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016			Six Months Ended June 30, 2017 (Unaudited)			Period Ended December 31, 2016			Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Operations
Net investment income/(loss)	$	233,561		$	(234,044	)	$	4,813		$	465		$	1,451,520		$	2,156,748
Net realized gain/(loss)		870,241			456,744			6,508			(15	)		16,213,257			20,103,819
Change in unrealized net appreciation/(depreciation)		(616,608	)		(4,439,249	)		(11,893	)		(2,936	)		(23,032,869	)		29,286,310
Net increase/(decrease) in net assets resulting from operations		487,194			(4,216,549	)		(572	)		(2,486	)		(5,368,092	)		51,546,877

Distributions to Shareholders (Note 2)
From net investment income
Retail		–			(13,996	)		–			–			–			(1,224,558	)
Institutional		–			(1,156	)		–			–			–			(2,025,232	)
From net realized gains
Retail		–			–			–			–			–			(6,333,468	)
Institutional		–			–			–			–			–			(8,962,910	)
Decrease in net assets from distributions to shareholders		–			(15,152	)		–			–			–			(18,546,168	)

Beneficial Interest Transactions (Note 3)
Shares sold
Retail		1,898,550			2,118,108			308,520			120,010			5,764,065			24,784,341
Institutional		1,674			1,467,835			–			250,010			21,687,426			44,803,603
Shares issued in reinvestment of distributions
Retail		–			13,685			–			–			–			5,757,955
Institutional		–			1,156			–			–			–			10,446,807
Cost of shares redeemed
Retail		(5,347,749	)		(28,426,035	)		–			–			(15,477,939	)		(36,226,778	)
Institutional		(7,093	)		(16,944,897	)		–			–			(19,478,632	)		(50,406,292	)
Net increase/(decrease) resulting from beneficial interest transactions		(3,454,618	)		(41,770,148	)		308,520			370,020			(7,505,080	)		(840,364	)
Total net increase/(decrease) in net assets		(2,967,424	)		(46,001,849	)		307,948			367,534			(12,873,172	)		32,160,345

Net Assets
Beginning of period		35,791,453			81,793,302			367,534			–			216,615,615			184,455,270
End of period*	$	32,824,029		$	35,791,453		$	675,482		$	367,534		$	203,742,443		$	216,615,615

*Accumulated net investment income/(loss)	$	(16,207	)	$	(249,768	)	$	5,296		$	483		$	1,725,365		$	273,845

^(a)

Prior to December 27, 2016 known as the Westcore MIDCO Growth Fund.

^(b)

Commenced operations on December 19, 2016.

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2017 | (Westcore Funds LOGO)

Westcore Funds

Statements of Changes in Net Assets

	Westcore Global Large-Cap Dividend Fund^(a)						Westcore Large-Cap Dividend Fund^(b)						Westcore Micro-Cap Opportunity Fund
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016			Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016			Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Operations
Net investment income/(loss)	$	611,393		$	783,310		$	113,962		$	42,211		$	1,620		$	45,563
Net realized gain/(loss)		653,250			1,507,936			134,755			5,072,246			2,339,716			178,621
Change in unrealized net appreciation/(depreciation)		3,636,284			1,167,374			443,592			(5,408,631	)		(2,332,071	)		1,879,897
Net increase/(decrease) in net assets resulting from operations		4,900,927			3,458,620			692,309			(294,174	)		9,265			2,104,081

Distributions to Shareholders (Note 2)
From net investment income
Retail		(513,461	)		(734,945	)		(92,612	)		–			–			(44,312	)
Institutional		(46,012	)		(68,202	)		(5,135	)		–			N/A			N/A
From net realized gains
Retail		–			(1,268,496	)		–			(3,723,393	)		–			(403,967	)
Institutional		–			(95,772	)		–			(773,092	)		N/A			N/A
Decrease in net assets from distributions to shareholders		(559,473	)		(2,167,415	)		(97,747	)		(4,496,485	)		–			(448,279	)

Beneficial Interest Transactions (Note 3)
Shares sold
Retail		3,260,584			9,128,468			240,603			1,100,614			1,614,724			2,341,447
Institutional		1,249,774			884,366			18,848			342,085			N/A			N/A
Shares issued in reinvestment of distributions
Retail		467,989			1,794,855			91,555			3,680,147			–			448,124
Institutional		45,541			162,654			5,135			773,092			N/A			N/A
Cost of shares redeemed
Retail		(2,958,317	)		(5,425,825	)		(2,347,092	)		(13,748,298	)		(1,412,544	)		(11,924,376	)
Institutional		(844,723	)		(1,077,539	)		(71,414	)		(4,709,139	)		N/A			N/A
Net increase/(decrease) resulting from beneficial interest transactions		1,220,848			5,466,979			(2,062,365	)		(12,561,499	)		202,180			(9,134,805	)
Redemption Fees		–			–			–			–			–			4,455
Total net increase/(decrease) in net assets		5,562,302			6,758,184			(1,467,803	)		(17,352,158	)		211,445			(7,474,548	)

Net Assets
Beginning of period		47,762,800			41,004,616			12,606,593			29,958,751			13,311,471			20,786,019
End of period*	$	53,325,102		$	47,762,800		$	11,138,790		$	12,606,593		$	13,522,916		$	13,311,471

*Accumulated net investment income/(loss)	$	7,886		$	(44,034	)	$	(15,121	)	$	(31,336	)	$	732		$	(888	)

^(a)

Prior to April 29, 2016 known as the Westcore Blue Chip Dividend Fund.

^(b)

Prior to December 27, 2016 known as the Westcore Growth Fund.

See Notes to Financial Statements.

94	\| wwww.westcore.com

Westcore Funds

Statements of Changes in Net Assets

	Westcore International Small-Cap Fund						Westcore Flexible Income Fund						Westcore Plus Bond Fund
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016			Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016			Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Operations
Net investment income/(loss)	$	161,389		$	440,526		$	1,856,019		$	3,173,030		$	19,745,429		$	40,288,624
Net realized gain/(loss)		2,496,192			(4,228,697	)		555,374			353,696			1,663,405			3,933,255
Change in unrealized net appreciation/(depreciation)		7,412,605			4,288,688			744,604			4,256,608			14,394,441			8,858,255
Net increase/(decrease) in net assets resulting from operations		10,070,186			500,517			3,155,997			7,783,334			35,803,275			53,080,134

Distributions to Shareholders (Note 2)
From net investment income
Retail		–			(2,394,450	)		(1,314,480	)		(2,468,840	)		(18,383,680	)		(40,035,547	)
Institutional		–			(283,367	^)(a)		(428,814	)		(695,466	)		(2,814,968	)		(3,885,093	)
From net realized gains
Retail		–			–			–			–			–			(301,101	)
Institutional		–			–	^(a)		–			–			–			(29,219	)
Decrease in net assets from distributions to shareholders		–			(2,677,817	)		(1,743,294	)		(3,164,306	)		(21,198,648	)		(44,250,960	)

Beneficial Interest Transactions (Note 3)
Shares sold
Retail		2,572,616			11,306,610			8,737,710			22,497,041			107,950,822			241,684,616
Institutional		4,391,657			21,928,969	^(a)		4,711,272			10,182,996			87,185,810			64,856,773
Shares issued in reinvestment of distributions
Retail		–			2,321,253			1,259,869			2,345,925			18,045,106			39,418,686
Institutional		–			283,367	^(a)		418,885			685,606			2,630,978			3,647,587
Cost of shares redeemed
Retail		(12,453,939	)		(62,490,978	)		(8,388,661	)		(18,195,608	)		(180,678,410	)		(533,005,393	)
Institutional		(1,856,131	)		(1,290,670	)^(a)		(5,203,909	)		(4,824,784	)		(23,755,288	)		(54,771,744	)
Net increase/(decrease) resulting from beneficial interest transactions		(7,345,797	)		(27,941,449	)		1,535,166			12,691,176			11,379,018			(238,169,475	)
Redemption Fees		–			–			–			15,224			–			–
Total net increase/(decrease) in net assets		2,724,389			(30,118,749	)		2,947,869			17,325,428			25,983,645			(229,340,301	)

Net Assets
Beginning of period		70,104,608			100,223,357			75,485,630			58,160,202			1,188,419,993			1,417,760,294
End of period*	$	72,828,997		$	70,104,608		$	78,433,499		$	75,485,630		$	1,214,403,638		$	1,188,419,993

*Accumulated net investment income/(loss)	$	(1,646,117	)	$	(1,807,506	)	$	94,152		$	(18,573	)	$	(1,311,756	)	$	141,463

^(a)

The Fund added an institutional share class on April 29, 2016.

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2017 | (Westcore Funds LOGO)

Westcore Funds

Statements of Changes in Net Assets

	Westcore Municipal Opportunities Fund^(a)					Westcore Colorado Tax-Exempt Fund
	Six Months Ended June 30, 2017 (Unaudited)			Period Ended December 31, 2016		Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Operations
Net investment income/(loss)	$	34,430		$	286	$	3,247,859		$	5,784,471
Net realized gain/(loss)		32,070			–		534,068			(132,085	)
Change in unrealized net appreciation/(depreciation)		37,683			10,601		3,494,549			(6,859,779	)
Net increase/(decrease) in net assets resulting from operations		104,183			10,887		7,276,476			(1,207,393	)

Distributions to Shareholders (Note 2)
From net investment income
Retail		(12,658	)		–		(2,726,148	)		(5,513,282	)
Institutional		(21,378	)		–		(490,908	)		(336,259	)^(b)
From net realized gains
Retail		–			–		–			(440,343	)
Institutional		–			–		–			(69,011	)^(b)
Decrease in net assets from distributions to shareholders		(34,036	)		–		(3,217,056	)		(6,358,895	)

Beneficial Interest Transactions (Note 3)
Shares sold
Retail		914,305			400,022		24,429,069			73,060,040
Institutional		3,183,994			350,010		17,145,957			35,576,527	^(b)
Shares issued in reinvestment of distributions
Retail		11,929			–		2,482,748			5,495,420
Institutional		21,378			–		472,359			395,641	^(b)
Cost of shares redeemed
Retail		(7,245	)		–		(24,041,044	)		(69,121,941	)
Institutional		(16,100	)		–		(6,221,665	)		(4,965,168	)^(b)
Net increase resulting from beneficial interest transactions		4,108,261			750,032		14,267,424			40,440,519
Total net increase in net assets		4,178,408			760,919		18,326,844			32,874,231

Net Assets
Beginning of period		760,919			–		225,794,333			192,920,102
End of period*	$	4,939,327		$	760,919	$	244,121,177		$	225,794,333

*Accumulated net investment income/(loss)	$	695		$	301	$	(1,874	)	$	(32,677	)

^(a)

Commenced operations on December 19, 2016.

^(b)

The Fund added an institutional share class on April 29, 2016.

See Notes to Financial Statements.

96	\| wwww.westcore.com

Westcore Small-Cap Growth Funds

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Retail	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			For the Period Ended December 31, 2013 ^(a)
Net asset value, beginning of period	$	10.89		$	10.01		$	10.52		$	10.13		$	10.00
Income/(loss) from investment operations:
Net investment income/(loss)^(b)		(0.05	)		(0.09	)		(0.11	)		(0.10	)		(0.00	^)(c)
Net realized and unrealized gains/(losses) on investments		1.78			0.97			(0.39	)		0.49			0.13
Total from investment operations		1.73			0.88			(0.50	)		0.39			0.13

Less dividends and distributions:
Distributions from net realized gains		–			–			(0.01	)		–			–
Total distributions		–			–			(0.01	)		–			–

Paid-in capital from redemption fees		–			–			–			0.00	^(c)		–
Net asset value, end of period	$	12.62		$	10.89		$	10.01		$	10.52		$	10.13

Total Return		15.89	%^(d)		8.79	%		(4.77	)%		3.85	%		1.30	%^(d)

Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	863		$	744		$	499		$	599		$	69

Ratio of expenses to average net assets
With fee waivers/reimbursements		1.27	%^(e)(f)		1.30	%		1.30	%		1.30	%		1.30	%^(e)
Without fee waivers/reimbursements		3.06	%^(e)		5.93	%		4.96	%^(g)		5.18	%^(g)		12.91	%^(e)(g)
Ratio of net investment income/(loss) to average net assets
With fee waivers/reimbursements		(0.76	)%^(e)		(0.87	)%		(1.03	)%		(1.01	)%		(0.98	)%^(e)
Without fee waivers/reimbursements		(2.55	)%^(e)		(5.50	)%		(4.69	)%		(4.89	)%^(g)		(12.60	)%^(e)(g)
Portfolio turnover rate		37	%^(d)		81	%		69	%		89	%		0	%^(d)

^(a)	Commenced operations on December 20, 2013.

^(b)	Calculated using the average shares method.

^(c)	Less than $0.005 and $(0.005) per share.

^(d)	Total return and portfolio turnover are not annualized for periods less than one full year.

^(e)	Annualized.

^(f)	Contractual expense limitation change from 1.30% to 1.24% effective April 30, 2017.

^(g)	Ratios before fee waivers for start up periods may not be representative of long-term operating results.

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2017 | (Westcore Funds LOGO)

Westcore Small-Cap Growth Funds

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Institutional	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			For the Period Ended December 31, 2013 ^(a)
Net asset value, beginning of period	$	11.01		$	10.09		$	10.56		$	10.13		$	10.00
Income/(loss) from investment operations:
Net investment income/(loss)^(b)		(0.04	)		(0.06	)		(0.07	)		(0.04	)		(0.00	^)(c)
Net realized and unrealized gains/(losses) on investments		1.80			0.98			(0.39	)		0.47			0.13
Total from investment operations		1.76			0.92			(0.46	)		0.43			0.13

Less dividends and distributions:
Distributions from net realized gains		–			–			(0.01	)		–			–
Total distributions		–			–			(0.01	)		–			–

Paid-in capital from redemption fees		–			0.00	(c)		–			0.00	^(c)		–
Net asset value, end of period	$	12.77		$	11.01		$	10.09		$	10.56		$	10.13

Total Return		15.99	%^(d)		9.12	%		(4.37	)%		4.24	%		1.30	%^(d)

Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	4,317		$	3,519		$	6,011		$	8,063		$	2,314

Ratio of expenses to average net assets
With fee waivers/reimbursements		1.23	%^(e)		1.05	%^(f)		0.88	%^(f)		0.76	%^(f)		1.06	%^(e)
Without fee waivers/reimbursements		2.94	%^(e)		2.63	%		2.21	%^(g)		3.61	%^(g)		12.52	%^(e)(g)
Ratio of net investment income/(loss) to average net assets
With fee waivers/reimbursements		(0.71	)%^(e)		(0.65	)%		(0.61	)%		(0.44	)%		(0.75	)%^(e)
Without fee waivers/reimbursements		(2.42	)%^(e)		(2.22	)%		(1.94	)%		(3.29	)%^(g)		(12.22	)%^(e)(g)
Portfolio turnover rate		37	%^(d)		81	%		69	%		89	%		0	%^(d)

^(a)	Commenced operations on December 20, 2013.

^(b)	Calculated using the average shares method.

^(c)	Less than $0.005 and $(0.005) per share.

^(d)	Total return and portfolio turnover are not annualized for periods less than one full year.

^(e)	Annualized.

^(f)

Net expense ratio is significantly less than expected rate in prospectus, effective for that period, of 1.15% due to the higher asset levels in the institutional class compared to the retail class. If the retail class assets increase relative to the institutional class assets it is expected that the net expense ratio will be closer to the 1.15% expected rate.

^(g)	Ratios before fee waivers for start up periods may not be representative of long term operating results.

See Notes to Financial Statements.

98	\| wwww.westcore.com

Westcore Small-Cap Growth Funds II

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Institutional	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016 ^(a)			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
Net asset value, beginning of period	$	20.15		$	22.32		$	25.31		$	24.21		$	16.60		$	18.71
Income/(loss) from investment operations:
Net investment income/(loss)^(b)		(0.06	)		(0.09	)		(0.19	)		(0.17	)		(0.14	)		(0.09	)
Net realized and unrealized gains/(losses) on investments		4.36			(2.08	)		(2.80	)		1.27			7.75			(2.02	)
Total from investment operations		4.30			(2.17	)		(2.99	)		1.10			7.61			(2.11	)

Paid-in capital from redemption fees		–			–			–			–			–			0.00	^(c)
Net asset value, end of period	$	24.45		$	20.15		$	22.32		$	25.31		$	24.21		$	16.60

Total Return		21.34	%^(d)		(9.72	)%		(11.81	)%		4.54	%		45.84	%		(11.28	)%

Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	38,074		$	34,917		$	58,504		$	90,747		$	111,058		$	178,503

Ratio of expenses to average net assets
With fee waivers/reimbursements		1.08	%^(e)		1.15	%		1.09	%		1.09	%		1.08	%		1.06	%
Without fee waivers/reimbursements		1.08	%^(e)		1.24	%		1.09	%		1.09	%		1.08	%		1.06	%
Ratio of net investment income/(loss) to average net assets
With fee waivers/reimbursements		(0.57	)%^(e)		(0.43	)%		(0.76	)%		(0.68	)%		(0.70	)%		(0.50	)%
Without fee waivers/reimbursements		(0.57	)%^(e)		(0.52	)%		(0.76	)%		(0.68	)%		(0.70	)%		(0.50	)%
Portfolio turnover rate		33	%^(d)		182	%		67	%		115	%		106	%		167	%

^(a)	Prior to December 27, 2016 known as the Westcore Select Fund - Retail Class.

^(b)	Calculated using the average shares method.

^(c)	Less than $0.005 and $(0.005) per share.

^(d)	Total return and portfolio turnover are not annualized for periods less than one full year.

^(e)	Annualized.

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2017 | (Westcore Funds LOGO)

Westcore Mid-Cap Value Dividend Fund

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Retail	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013 ^(a)			Year Ended December 31, 2012
Net asset value, beginning of period	$	27.46		$	23.47		$	26.87		$	26.01		$	20.11		$	18.10
Income/(loss) from investment operations:
Net investment income/(loss)^(b)		0.19			0.24			0.26			0.26			0.23			0.19
Net realized and unrealized gains/(losses) on investments		0.07			5.11			(0.68	)		2.98			5.91			2.05
Total from investment operations		0.26			5.35			(0.42	)		3.24			6.14			2.24

Less dividends and distributions:
Dividends from net investment income		–			(0.41	)		(0.23	)		(0.30	)		(0.24	)		(0.23	)
Distributions from net realized gains		–			(0.95	)		(2.75	)		(2.08	)		–			–
Total distributions		–			(1.36	)		(2.98	)		(2.38	)		(0.24	)		(0.23	)

Paid-in capital from redemption fees		–			–			–			–			–			0.00	^(c)
Net asset value, end of period	$	27.72		$	27.46		$	23.47		$	26.87		$	26.01		$	20.11

Total Return		0.95	%^(d)		22.76	%		(1.50	)%		12.69	%		30.57	%		12.39	%

Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	49,035		$	44,021		$	51,742		$	58,402		$	53,282		$	40,341

Ratio of expenses to average net assets
With fee waivers/reimbursements		1.19	%^(e)(f)		1.25	%		1.20	%		1.19	%		1.24	%		1.25	%
Without fee waivers/reimbursements		1.19	%^(e)		1.28	%		1.20	%		1.19	%		1.24	%		1.26	%
Ratio of net investment income/(loss) to average net assets
With fee waivers/reimbursements		1.36	%^(e)		0.97	%		0.96	%		0.95	%		0.96	%		0.96	%
Without fee waivers/reimbursements		1.36	%^(e)		0.94	%		0.96	%		0.95	%		0.96	%		0.96	%
Portfolio turnover rate		40	%^(d)		78	%		62	%		51	%		51	%		21	%

^(a)	Prior to April 30, 2013 known as the Westcore Mid-Cap Value Fund.

^(b)	Calculated using the average shares method.

^(c)	Less than $0.005 and $(0.005) per share.

^(d)	Total return and portfolio turnover are not annualized for periods less than one full year.

^(e)	Annualized.

^(f)	Contractual expense limitation change from 1.25% to 1.15% effective April 30, 2017.

See Notes to Financial Statements.

100	\| wwww.westcore.com

Westcore Mid-Cap Value Dividend Fund

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Institutional	Six Months Ended June 30, 2017 (Unaudited)			For the Period Ended December 31, 2016 ^(a)
Net asset value, beginning of period	$	27.81		$	24.89
Income/(loss) from investment operations:
Net investment income/(loss)^(b)		0.21			0.31
Net realized and unrealized gains/(losses) on investments		0.09			3.67
Total from investment operations		0.30			3.98

Less dividends and distributions:
Dividends from net investment income		–			(0.11	)
Distributions from net realized gains		–			(0.95	)
Total distributions		–			(1.06	)
Net asset value, end of period	$	28.11		$	27.81

Total Return		1.08	%^(c)		15.96	%^(c)

Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	34,784		$	36,355

Ratio of expenses to average net assets
With fee waivers/reimbursements		1.00	%^(d)		1.00	%^(d)
Without fee waivers/reimbursements		1.03	%^(d)		1.15	%^(d)
Ratio of net investment income/(loss) to average net assets
With fee waivers/reimbursements		1.52	%^(d)		1.67	%^(d)
Without fee waivers/reimbursements		1.49	%^(d)		1.52	%^(d)
Portfolio turnover rate		40	%^(c)		78	%^(c)(e)

^(a)	The Fund added an institutional share class on April 29, 2016.

^(b)	Calculated using the average shares method.

^(c)	Total return and portfolio turnover are not annualized for periods less than one full year.

^(d)	Annualized.

^(e)	Porfolio turnover rate is calculated at the fund level and represents the year ended December 31, 2016.

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2017 | (Westcore Funds LOGO)

101

Westcore Mid-Cap Value Dividend Fund II

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Retail	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016 ^(a)			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
Net asset value, beginning of period	$	4.48		$	4.78		$	5.37		$	6.65		$	6.11		$	5.90
Income/(loss) from investment operations:
Net investment income/(loss)^(b)		0.03			(0.02	)		(0.03	)		(0.04	)		(0.05	)		(0.01	)
Net realized and unrealized gains/(losses) on investments		0.04			(0.28	)		(0.25	)		0.32			2.75			0.28
Total from investment operations		0.07			(0.30	)		(0.28	)		0.28			2.70			0.27

Less dividends and distributions:
Dividends from net investment income		–			(0.00	)(c)		–			–			–			–
Distributions from net realized gains		–			–			(0.31	)		(1.56	)		(2.16	)		(0.06	)
Total distributions		–			–			(0.31	)		(1.56	)		(2.16	)		(0.06	)

Paid-in capital from redemption fees		–			–			–			–			–			0.00	^(c)
Net asset value, end of period	$	4.55		$	4.48		$	4.78		$	5.37		$	6.65		$	6.11

Total Return		1.56	%^(d)		(6.24	)%		(5.08	)%		4.56	%		44.67	%		4.64	%

Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	31,081		$	34,069		$	63,675		$	74,747		$	83,008		$	74,221

Ratio of expenses to average net assets
With fee waivers/reimbursements		1.15	%^(e)		1.12	%		1.03	%		1.03	%		1.05	%		1.05	%
Without fee waivers/reimbursements		1.24	%^(e)		1.12	%		1.03	%		1.03	%		1.05	%		1.05	%
Ratio of net investment income/(loss) to average net assets
With fee waivers/reimbursements		1.35	%^(e)		(0.42	)%		(0.56	)%		(0.61	)%		(0.67	)%		(0.12	)%
Without fee waivers/reimbursements		1.26	%^(e)		(0.43	)%		(0.56	)%		(0.61	)%		(0.67	)%		(0.12	)%
Portfolio turnover rate		42	%^(d)		158	%		61	%		88	%		117	%		114	%

^(a)	Prior to December 27, 2016 known as the Westcore MIDCO Growth Fund

^(b)	Calculated using the average shares method.

^(c)	Less than $0.005 and $(0.005) per share.

^(d)	Total return and portfolio turnover are not annualized for periods less than one full year.

^(e)	Annualized.

See Notes to Financial Statements.

102	\| www.westcore.com

Westcore Mid-Cap Value Dividend Fund II

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Institutional	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016 ^(a)			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
Net asset value, beginning of period	$	4.61		$	4.89		$	5.48		$	6.74		$	6.16		$	5.93
Income/(loss) from investment operations:
Net investment income/(loss)^(b)		0.03			(0.01	)		(0.02	)		(0.03	)		(0.04	)		0.00	(c)
Net realized and unrealized gains/(losses) on investments		0.03			(0.27	)		(0.26	)		0.33			2.78			0.29
Total from investment operations		0.06			(0.28	)		(0.28	)		0.30			2.74			0.29

Less dividends and distributions:
Dividends from net investment income		–			(0.00	)^(c)		–			–			–			–
Distributions from net realized gains		–			–			(0.31	)		(1.56	)		(2.16	)		(0.06	)
Total distributions		–			–			(0.31	)		(1.56	)		(2.16	)		(0.06	)

Paid-in capital from redemption fees		–			–			–			–			–			0.00	^(c)
Net asset value, end of period	$	4.67		$	4.61		$	4.89		$	5.48		$	6.74		$	6.16

Total Return		1.30	%^(d)		(5.69	)%		(4.98	)%		4.79	%		44.94	%		4.96	%

Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	1,743		$	1,723		$	18,119		$	20,238		$	15,231		$	33,482

Ratio of expenses to average net assets
With fee waivers/reimbursements		1.10	%^(e)		0.93	%		0.89	%		0.89	%		0.88	%		0.87	%
Without fee waivers/reimbursements		1.18	%^(e)		1.08	%		0.97	%		0.98	%		0.95	%		0.93	%
Ratio of net investment income/(loss) to average net assets
With fee waivers/reimbursements		1.41	%^(e)		(0.28	)%		(0.43	)%		(0.46	)%		(0.53	)%		0.06	%
Without fee waivers/reimbursements		1.33	%^(e)		(0.43	)%		(0.51	)%		(0.55	)%		(0.60	)%		0.01	%
Portfolio turnover rate		42	%^(d)		158	%		61	%		88	%		117	%		114	%

^(a)	Prior to December 27, 2016 known as the Westcore MIDCO Growth Fund

^(b)	Calculated using the average shares method.

^(c)	Less than $0.005 and $(0.005) per share.

^(d)	Total return and portfolio turnover are not annualized for periods less than one full year.

^(e)	Annualized.

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2017 |

103

Westcore Smid-Cap Value Dividend Fund

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Retail	Six Months Ended June 30, 2017 (Unaudited)			For the Period Ended December 31, 2016^(a)
Net asset value, beginning of period	$	9.93		$	10.00
Income/(loss) from investment operations:
Net investment income/(loss)^(b)		0.09			0.01
Net realized and unrealized gains/(losses) on investments		(0.16	)		(0.08	)
Total from investment operations		(0.07	)		(0.07	)
Net asset value, end of period	$	9.86		$	9.93

Total Return		(0.70	)%^(c)		(0.70	)%^(c)

Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	429		$	119

Ratio of expenses to average net assets
With fee waivers/reimbursements		1.20	%^(d)		1.20	%^(d)
Without fee waivers/reimbursements		15.32	%^(d)(e)		42.02	%^(d)(f)
Ratio of net investment income/(loss) to average net assets
With fee waivers/reimbursements		1.91	%^(d)		3.44	%^(d)
Without fee waivers/reimbursements		(12.21	)%^(d)(e)		(37.38	)%^(d)(f)
Portfolio turnover rate		58	%^(c)		2	%^(c)

^(a)	Commenced operations on December 19, 2016.

^(b)	Calculated using the average shares method.

^(c)	Total return and portfolio turnover are not annualized for periods less than one full year.

^(d)	Annualized.

^(e)	Ratios before fee waivers for start up periods may not be representative of long term operating results.

^(f)	Ratios before fee waivers for start up periods may not be representative of long term operating results. For the purpose of the ratio, audit and tax preparation fees have not been annualized.

See Notes to Financial Statements.

104	\| www.westcore.com

Westcore Smid-Cap Value Dividend Fund

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Institutional	Six Months Ended June 30, 2017 (Unaudited)			For the Period Ended December 31, 2016^(a)
Net asset value, beginning of period	$	9.93		$	10.00
Income/(loss) from investment operations:
Net investment income/(loss)^(b)		0.09			0.01
Net realized and unrealized gains/(losses) on investments		(0.15	)		(0.08	)
Total from investment operations		(0.06	)		(0.07	)
Net asset value, end of period	$	9.87		$	9.93

Total Return		(0.60	)%^(c)		(0.70	)%^(c)

Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	247		$	248

Ratio of expenses to average net assets
With fee waivers/reimbursements		0.95	%^(d)		1.07	%^(d)
Without fee waivers/reimbursements		16.92	%^(d)(e)		34.17	%^(d)(f)
Ratio of net investment income/(loss) to average net assets
With fee waivers/reimbursements		1.86	%^(d)		3.59	%^(d)
Without fee waivers/reimbursements		(14.11	)%^(d)(e)		(29.51	)%^(d)(f)
Portfolio turnover rate		58	%^(c)		2	%^(c)

^(a)	Commenced operations on December 19, 2016.

^(b)	Calculated using the average shares method.

^(c)	Total return and portfolio turnover are not annualized for periods less than one full year.

^(d)	Annualized.

^(e)	Ratios before fee waivers for start up periods may not be representative of long term operating results.

^(f)	Ratios before fee waivers for start up periods may not be representative of long term operating results. For the purpose of the ratio, audit and tax preparation fees have not been annualized.

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2017 |

105

Westcore Small-Cap Value Dividend Fund

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Retail	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013^(a)			Year Ended December 31, 2012
Net asset value, beginning of period	$	12.52		$	10.52		$	13.45		$	14.38		$	12.65		$	11.82
Income/(loss) from investment operations:
Net investment income/(loss)^(b)		0.08			0.11			0.13			0.14			0.11			0.11
Net realized and unrealized gains/(losses) on investments		(0.40	)		3.02			(1.22	)		0.75			4.45			1.03
Total from investment operations		(0.32	)		3.13			(1.08	)		0.89			4.56			1.14

Less dividends and distributions:
Dividends from net investment income		–			(0.18	)		(0.10	)		(0.15	)		(0.13	)		(0.13	)
Distributions from net realized gains		–			(0.95	)		(1.75	)		(1.67	)		(2.70	)		(0.18	)
Total distributions		–			(1.13	)		(1.85	)		(1.82	)		(2.83	)		(0.31	)

Paid-in capital from redemption fees		–			–			–			0.00	^(c)		–			0.00	^(c)
Net asset value, end of period	$	12.20		$	12.52		$	10.52		$	13.45		$	14.38		$	12.65

Total Return		(2.56	)%^(d)		29.72	%		(8.13	)%		6.46	%		36.49	%		9.69	%

Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	74,573		$	86,518		$	79,038		$	141,445		$	169,821		$	189,858

Ratio of expenses to average net assets
With fee waivers/reimbursements		1.30	%^(e)		1.30	%		1.30	%		1.30	%		1.30	%		1.30	%
Without fee waivers/reimbursements		1.45	%^(e)		1.45	%		1.39	%		1.40	%		1.39	%		1.39	%
Ratio of net investment income/(loss) to average net assets
With fee waivers/reimbursements		1.26	%^(e)		0.99	%		0.99	%		0.97	%		0.76	%		0.87	%
Without fee waivers/reimbursements		1.11	%^(e)		0.84	%		0.90	%		0.87	%		0.67	%		0.78	%
Portfolio turnover rate		45	%^(d)		96	%		74	%		70	%		53	%		35	%

^(a)	Prior to April 30, 2013 known as the Westcore Small-Cap Value Fund.

^(b)	Calculated using the average shares method.

^(c)	Less than $0.005 and $(0.005) per share.

^(d)	Total return and portfolio turnover are not annualized for periods less than one full year.

^(e)	Annualized.

See Notes to Financial Statements.

106	\| www.westcore.com

Westcore Small-Cap Value Dividend Fund

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Institutional	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013^(a)			Year Ended December 31, 2012
Net asset value, beginning of period	$	12.53		$	10.53		$	13.47		$	14.40		$	12.64		$	11.80
Income/(loss) from investment operations:
Net investment income/(loss)^(b)		0.09			0.14			0.15			0.17			0.14			0.13
Net realized and unrealized gains/(losses) on investments		(0.40	)		3.02			(1.21	)		0.74			4.46			1.02
Total from investment operations		(0.31	)		3.16			(1.06	)		0.91			4.60			1.15

Less dividends and distributions:
Dividends from net investment income		–			(0.21	)		(0.13	)		(0.17	)		(0.14	)		(0.13	)
Distributions from net realized gains		–			(0.95	)		(1.75	)		(1.67	)		(2.70	)		(0.18	)
Total distributions		–			(1.16	)		(1.88	)		(1.84	)		(2.84	)		(0.31	)

Paid-in capital from redemption fees		–			–			–			0.00	^(c)		–			0.00	^(c)
Net asset value, end of period	$	12.22		$	12.53		$	10.53		$	13.47		$	14.40		$	12.64

Total Return		(2.47	)%^(d)		29.98	%		(7.98	)%		6.62	%		36.86	%		9.78	%

Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	129,170		$	130,098		$	105,418		$	190,166		$	147,374		$	124,052

Ratio of expenses to average net assets
With fee waivers/reimbursements		1.11	%^(e)		1.08	%		1.13	%		1.11	%		1.12	%		1.14	%
Without fee waivers/reimbursements		1.24	%^(e)		1.24	%		1.22	%		1.21	%		1.22	%		1.24	%
Ratio of net investment income/(loss) to average net assets
With fee waivers/reimbursements		1.50	%^(e)		1.24	%		1.15	%		1.20	%		0.94	%		1.07	%
Without fee waivers/reimbursements		1.37	%^(e)		1.08	%		1.06	%		1.10	%		0.84	%		0.96	%
Portfolio turnover rate		45	%^(d)		96	%		74	%		70	%		53	%		35	%

^(a)	Prior to April 30, 2013 known as the Westcore Small-Cap Value Fund.

^(b)	Calculated using the average shares method.

^(c)	Less than $0.005 and $(0.005) per share.

^(d)	Total return and portfolio turnover are not annualized for periods less than one full year.

^(e)	Annualized.

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2017 | (WESTCORE FUNDS LOGO)

107

Westcore Global Large-Cap Dividend Fund

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Retail	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016 ^(a)			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013 ^(b)			Year Ended December 31, 2012
Net asset value, beginning of period	$	9.79		$	9.45		$	10.57		$	10.91		$	12.00		$	11.49
Income/(loss) from investment operations:
Net investment income/(loss)^(c)		0.12			0.17			0.23			0.19			0.18			0.14
Net realized and unrealized gains/(losses) on investments		0.87			0.63			(0.30	)		0.28			2.68			1.40
Total from investment operations		0.99			0.80			(0.07	)		0.47			2.86			1.54

Less dividends and distributions:
Dividends from net investment income		(0.11	)		(0.18	)		(0.23	)		(0.19	)		(0.21	)		(0.16	)
Distributions from net realized gains		–			(0.28	)		(0.82	)		(0.62	)		(3.74	)		(0.87	)
Total distributions		(0.11	)		(0.46	)		(1.05	)		(0.81	)		(3.95	)		(1.03	)

Paid-in capital from redemption fees		–			–			–			–			–			0.00	^(d)
Net asset value, end of period	$	10.67		$	9.79		$	9.45		$	10.57		$	10.91		$	12.00

Total Return		10.16	%^(e)		8.58	%		(0.56	)%		4.43	%		24.53	%		13.39	%

Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	49,073		$	44,296		$	37,613		$	46,432		$	53,780		$	55,215

Ratio of expenses to average net assets
With fee waivers/reimbursements		0.99	%^(f)		0.99	%		0.99	%		0.99	%		1.10	%^(g)		1.15	%
Without fee waivers/reimbursements		1.21	%^(f)		1.22	%		1.17	%		1.14	%		1.14	%		1.17	%
Ratio of net investment income/(loss) to average net assets
With fee waivers/reimbursements		2.42	%^(f)		1.79	%		2.19	%		1.67	%		1.31	%		1.13	%
Without fee waivers/reimbursements		2.20	%^(f)		1.56	%		2.01	%		1.52	%		1.27	%		1.11	%
Portfolio turnover rate		7	%^(e)		61	%		65	%		18	%		91	%		9	%

^(a)	Prior to April 29, 2016 known as the Westcore Blue Chip Dividend Fund.

^(b)	Prior to April 30, 2013 known as the Westcore Blue Chip Fund.

^(c)	Calculated using the average shares method.

^(d)	Less than $0.005 and $(0.005) per share.

^(e)	Total return and portfolio turnover are not annualized for periods less than one full year.

^(f)	Annualized.

^(g)	Contractual expense limitation change from 1.15% to 0.99% effective September 1, 2013.

See Notes to Financial Statements.

108	\| www.westcore.com

Westcore Global Large-Cap Dividend Fund

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Institutional	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016 ^(a)			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013 ^(b)			Year Ended December 31, 2012
Net asset value, beginning of period	$	9.71		$	9.39		$	10.51		$	10.85		$	11.96		$	11.46
Income/(loss) from investment operations:
Net investment income/(loss)^(c)		0.13			0.20			0.25			0.21			0.20			0.17
Net realized and unrealized gains/(losses) on investments		0.88			0.60			(0.30	)		0.28			2.67			1.39
Total from investment operations		1.01			0.80			(0.05	)		0.49			2.87			1.56

Less dividends and distributions:
Dividends from net investment income		(0.12	)		(0.20	)		(0.25	)		(0.21	)		(0.24	)		(0.19	)
Distributions from net realized gains		–			(0.28	)		(0.82	)		(0.62	)		(3.74	)		(0.87	)
Total distributions		(0.12	)		(0.48	)		(1.07	)		(0.83	)		(3.98	)		(1.06	)

Paid-in capital from redemption fees		–			–			–			–			–			0.00	^(d)
Net asset value, end of period	$	10.60		$	9.71		$	9.39		$	10.51		$	10.85		$	11.96

Total Return		10.39	%^(e)		8.63	%		(0.42	)%		4.66	%		24.72	%		13.66	%

Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	4,252		$	3,466		$	3,391		$	4,746		$	6,021		$	6,612

Ratio of expenses to average net assets
With fee waivers/reimbursements		0.90	%^(f)		0.81	%		0.82	%		0.82	%		0.92	%		0.92	%
Without fee waivers/reimbursements		1.10	%^(f)		1.21	%		1.05	%		1.01	%		0.98	%		1.06	%
Ratio of net investment income/(loss) to average net assets
With fee waivers/reimbursements		2.54	%^(f)		2.01	%		2.38	%		1.88	%		1.49	%		1.35	%
Without fee waivers/reimbursements		2.34	%^(f)		1.61	%		2.15	%		1.69	%		1.43	%		1.21	%
Portfolio turnover rate		7	%^(e)		61	%		65	%		18	%		91	%		9	%

^(a)	Prior to April 29, 2016 known as the Westcore Blue Chip Dividend Fund.

^(b)	Prior to April 30, 2013 known as the Westcore Blue Chip Fund.

^(c)	Calculated using the average shares method.

^(d)	Less than $0.005 and $(0.005) per share.

^(e)	Total return and portfolio turnover are not annualized for periods less than one full year.

^(f)	Annualized.

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2017 |

109

Westcore Large-Cap Dividend Fund

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Retail	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016 ^(a)			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
Net asset value, beginning of period	$	6.38		$	8.96		$	12.72		$	15.98		$	14.07		$	12.46
Income/(loss) from investment operations:
Net investment income/(loss)^(b)		0.06			0.01			(0.04	)		(0.03	)		(0.03	)		0.05
Net realized and unrealized gains/(losses) on investments		0.32			(0.01	)		0.60			1.04			4.62			1.83
Total from investment operations		0.38			–			0.56			1.01			4.59			1.88

Less dividends and distributions:
Dividends from net investment income		(0.06	)		–			–			–			–			(0.05	)
Distributions from net realized gains		–			(2.58	)		(4.32	)		(4.27	)		(2.68	)		(0.22	)
Total distributions		(0.06	)		(2.58	)		(4.32	)		(4.27	)		(2.68	)		(0.27	)

Paid-in capital from redemption fees		–			–			–			–			–			0.00	^(c)
Net asset value, end of period	$	6.70		$	6.38		$	8.96		$	12.72		$	15.98		$	14.07

Total Return		5.90	%^(d)		(0.38	)%		4.43	%		6.79	%		32.93	%		15.13	%

Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	10,614		$	12,061		$	24,942		$	33,954		$	69,632		$	66,514

Ratio of expenses to average net assets
With fee waivers/reimbursements		1.06	%^(e)(f)		1.15	%		1.15	%		1.11	%		1.09	%		1.11	%
Without fee waivers/reimbursements		1.71	%^(e)		1.30	%		1.17	%		1.11	%		1.09	%		1.11	%
Ratio of net investment income/(loss) to average net assets
With fee waivers/reimbursements		1.90	%^(e)		0.14	%		(0.34	)%		(0.21	)%		(0.17	)%		0.36	%
Without fee waivers/reimbursements		1.25	%^(e)		(0.01	)%		(0.36	)%		(0.21	)%		(0.17	)%		0.36	%
Portfolio turnover rate		0	%^(d)		112	%		96	%		144	%		182	%		167	%

^(a)	Prior to December 27, 2016 known as the Westcore Growth Fund

^(b)	Calculated using the average shares method.

^(c)	Less than $0.005 and $(0.005) per share.

^(d)	Total return and portfolio turnover are not annualized for periods less than one full year.

^(e)	Annualized.

^(f)	Contractual expense limitation change from 1.15% to 0.89% effective April 30, 2017.

See Notes to Financial Statements.

110	\| www.westcore.com

Westcore Large-Cap Dividend Fund

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Institutional	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016 ^(a)			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
Net asset value, beginning of period	$	6.61		$	9.16		$	12.88		$	16.10		$	14.14		$	12.50
Income/(loss) from investment operations:
Net investment income/(loss)^(b)		0.07			0.03			(0.02	)		0.00	^(c)		0.01			0.04
Net realized and unrealized gains/(losses) on investments		0.32			(0.00	)^(c)		0.62			1.05			4.63			1.88
Total from investment operations		0.39			0.03			0.60			1.05			4.64			1.92

Less dividends and distributions:
Dividends from net investment income		(0.07	)		–			–			–			–			(0.06	)
Distributions from net realized gains		–			(2.58	)		(4.32	)		(4.27	)		(2.68	)		(0.22	)
Total distributions		(0.07	)		(2.58	)		(4.32	)		(4.27	)		(2.68	)		(0.28	)

Paid-in capital from redemption fees		–			–			–			–			–			0.00	^(c)
Net asset value, end of period	$	6.93		$	6.61		$	9.16		$	12.88		$	16.10		$	14.14

Total Return		5.85	%^(d)		0.01	%		4.68	%		6.98	%		33.13	%		15.37	%

Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	525		$	546		$	5,016		$	6,970		$	9,236		$	4,564

Ratio of expenses to average net assets
With fee waivers/reimbursements		0.97	%^(e)		0.91	%		0.95	%		0.91	%		0.89	%		0.92	%
Without fee waivers/reimbursements		1.57	%^(e)		1.49	%		1.28	%		1.05	%		1.15	%		1.32	%
Ratio of net investment income/(loss) to average net assets
With fee waivers/reimbursements		1.88	%^(e)		0.37	%		(0.15	)%		0.00	%		0.06	%		0.31	%
Without fee waivers/reimbursements		1.28	%^(e)		(0.21	)%		(0.48	)%		(0.14	)%		(0.20	)%		(0.09	)%
Portfolio turnover rate		0	%^(d)		112	%		96	%		144	%		182	%		167	%

^(a)	Prior to December 27, 2016 known as the Westcore Growth Fund

^(b)	Calculated using the average shares method.

^(c)	Less than $0.005 and $(0.005) per share.

^(d)	Total return and portfolio turnover are not annualized for periods less than one full year.

^(e)	Annualized.

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2017 |

111

Westcore Micro-Cap Opportunity Fund

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Retail	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
Net asset value, beginning of period	$	18.94		$	15.74		$	17.96		$	17.69		$	12.35		$	11.15
Income/(loss) from investment operations:
Net investment income/(loss)^(a)		0.00	^(b)		0.05			(0.01	)		(0.01	)		(0.00	)^(b)		0.11
Net realized and unrealized gains/(losses) on investments		0.02			3.80			(0.88	)		0.44			5.70			1.62
Total from investment operations		0.02			3.85			(0.89	)		0.43			5.70			1.73

Less dividends and distributions:
Dividends from net investment income		–			(0.06	)		–			–			(0.01	)		(0.14	)
Distributions from net realized gains		–			(0.59	)		(1.33	)		(0.16	)		(0.35	)		(0.39	)
Total distributions		–			(0.65	)		(1.33	)		(0.16	)		(0.36	)		(0.53	)

Paid-in capital from redemption fees		–			0.00	^(b)		0.00	^(b)		0.00	^(b)		–			0.00	^(b)
Net asset value, end of period	$	18.96		$	18.94		$	15.74		$	17.96		$	17.69		$	12.35

Total Return		0.11	%^(c)		24.49	%		(4.92	)%		2.49	%		46.20	%		15.60	%

Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	13,523		$	13,311		$	20,786		$	37,206		$	20,787		$	2,986

Ratio of expenses to average net assets
With fee waivers/reimbursements		1.30	%^(d)		1.30	%		1.30	%		1.30	%		1.30	%		1.30	%
Without fee waivers/reimbursements		1.94	%^(d)		2.09	%		1.66	%		1.60	%		1.95	%		4.71	%
Ratio of net investment income/(loss) to average net assets
With fee waivers/reimbursements		0.03	%^(d)		0.33	%		0.06	%		(0.05	)%		(0.01	)%		0.94	%
Without fee waivers/reimbursements		(0.61	)%^(d)		(0.46	)%		(0.42	)%		(0.35	)%		(0.66	)%		(2.47	)%
Portfolio turnover rate		53	%^(c)		43	%		105	%		72	%		52	%		132	%

^(a)	Calculated using the average shares method.

^(b)	Less than $0.005 and $(0.005) per share.

^(c)	Total return and portfolio turnover are not annualized for periods less than one full year.

^(d)	Annualized.

See Notes to Financial Statements.

112	\| www.westcore.com

Westcore International Small-Cap Fund

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Retail	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
Net asset value, beginning of period	$	15.08		$	15.59		$	16.71		$	21.26		$	17.94		$	14.55
Income/(loss) from investment operations:
Net investment income/(loss)^(a)		0.03			0.08			0.23			0.33			0.35			0.37
Net realized and unrealized gains/(losses) on investments		2.26			0.15			(0.09	)		(4.34	)		3.63			3.24
Total from investment operations		2.29			0.23			0.14			(4.01	)		3.98			3.61

Less dividends and distributions:
Dividends from net investment income		–			(0.74	)		(0.79	)		(0.01	)		(0.66	)		(0.22	)
Distributions from net realized gains		–			–			(0.47	)		(0.53	)		–			–
Total distributions		–			(0.74	)		(1.26	)		(0.54	)		(0.66	)		(0.22	)

Paid-in capital from redemption fees		–			–			–			–			0.00	^(b)		0.00	^(b)
Net asset value, end of period	$	17.37		$	15.08		$	15.59		$	16.71		$	21.26		$	17.94

Total Return		15.19	%^(c)		1.60	%		1.05	%		(18.82	)%		22.36	%		24.84	%

Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	46,595		$	49,746		$	100,223		$	294,657		$	480,789		$	327,825

Ratio of expenses to average net assets
With fee waivers/reimbursements		1.44	%^(d)		1.46	%^(e)		1.50	%		1.50	%		1.50	%		1.50	%
Without fee waivers/reimbursements		1.75	%^(d)		1.77	%		1.62	%		1.58	%		1.63	%		1.65	%
Ratio of net investment income/(loss) to average net assets
With fee waivers/reimbursements		0.39	%^(d)		0.51	%		1.35	%		1.65	%		1.82	%		2.22	%
Without fee waivers/reimbursements		0.08	%^(d)		0.20	%		1.23	%		1.57	%		1.69	%		2.07	%
Portfolio turnover rate		19	%^(c)		44	%		44	%		40	%		57	%		14	%

^(a)	Calculated using the average shares method.

^(b)	Less than $0.005 and $(0.005) per share.

^(c)	Total return and portfolio turnover are not annualized for periods less than one full year.

^(d)	Annualized.

^(e)	Contractual expense limitation change from 1.50% to 1.44% effective April 29, 2016.

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2017 |

113

Westcore International Small-Cap Fund

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Institutional	Six Months Ended June 30, 2017 (Unaudited)			For the Period Ended December 31, 2016 ^(a)
Net asset value, beginning of period	$	15.64		$	15.76
Income/(loss) from investment operations:
Net investment income/(loss)^(b)		0.05			0.11
Net realized and unrealized gains/(losses) on investments		2.34			(0.01	)
Total from investment operations		2.39			0.10

Less dividends and distributions:
Dividends from net investment income		–			(0.22	)
Total distributions		–			(0.22	)
Net asset value, end of period	$	18.03		$	15.64

Total Return		15.28	%^(c)		0.66	%^(c)

Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	26,234		$	20,358

Ratio of expenses to average net assets
With fee waivers/reimbursements		1.29	%^(d)		1.19	%^(d)
Without fee waivers/reimbursements		1.61	%^(d)		1.65	%^(d)
Ratio of net investment income/(loss) to average net assets
With fee waivers/reimbursements		0.60	%^(d)		1.06	%^(d)
Without fee waivers/reimbursements		0.28	%^(d)		0.60	%^(d)
Portfolio turnover rate		19	%^(c)		44	%^(c)(e)

^(a)	The Fund added an institutional share class on April 29, 2016.

^(b)	Calculated using the average shares method.

^(c)	Total return and portfolio turnover are not annualized for periods less than one full year.

^(d)	Annualized.

^(e)	Porfolio turnover rate is calculated at the fund level and represents the year ended December 31, 2016.

See Notes to Financial Statements.

114	\| www.westcore.com

Westcore Flexible Income Fund

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Retail	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
Net asset value, beginning of period	$	8.86		$	8.23		$	8.80		$	8.83		$	8.94		$	8.57
Income/(loss) from investment operations:
Net investment income/(loss)^(a)		0.21			0.40			0.42			0.46			0.49			0.50
Net realized and unrealized gains/(losses) on investments		0.15			0.63			(0.55	)		(0.02	)		(0.12	)		0.38
Total from investment operations		0.36			1.03			(0.13	)		0.44			0.37			0.88

Less dividends and distributions:
Dividends from net investment income		(0.20	)		(0.40	)		(0.44	)		(0.47	)		(0.48	)		(0.51	)
Return of capital		–			–			(0.00	) ^(b)		–			–			–
Total distributions		(0.20	)		(0.40	)		(0.44	)		(0.47	)		(0.48	)		(0.51	)

Paid-in capital from redemption fees		–			0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value, end of period	$	9.02		$	8.86		$	8.23		$	8.80		$	8.83		$	8.94

Total Return		4.09	%^(c)		12.75	%		(1.64	)%		5.01	%		4.31	%		10.49	%

Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	59,673		$	56,997		$	46,725		$	59,734		$	61,608		$	74,206

Ratio of expenses to average net assets
With fee waivers/reimbursements		0.85	%^(d)		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Without fee waivers/reimbursements		0.97	%^(d)		0.95	%		0.98	%		0.88	%		0.91	%		0.90	%
Ratio of net investment income/(loss) to average net assets
With fee waivers/reimbursements		4.76	%^(d)		4.63	%		4.86	%		5.16	%		5.49	%		5.69	%
Without fee waivers/reimbursements		4.64	%^(d)		4.53	%		4.73	%		5.13	%		5.43	%		5.65	%
Portfolio turnover rate		20	%^(c)		47	%		37	%		37	%		15	%		34	%

^(a)	Calculated using the average shares method.

^(b)	Less than $0.005 and $(0.005) per share.

^(c)	Total return and portfolio turnover are not annualized for periods less than one full year.

^(d)	Annualized.

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2017 |

115

Westcore Flexible Income Fund

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Institutional	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
Net asset value, beginning of period	$	8.75		$	8.12		$	8.68		$	8.71		$	8.82		$	8.43
Income/(loss) from investment operations:
Net investment income/(loss)^(a)		0.22			0.41			0.43			0.47			0.49			0.50
Net realized and unrealized gains/(losses) on investments		0.14			0.62			(0.55	)		(0.02	)		(0.11	)		0.38
Total from investment operations		0.36			1.03			(0.12	)		0.45			0.38			0.88

Less dividends and distributions:
Dividends from net investment income		(0.20	)		(0.41	)		(0.44	)		(0.48	)		(0.49	)		(0.49	)
Return of capital		–			–			(0.00	) ^(b)		–			–			–
Total distributions		(0.20	)		(0.41	)		(0.44	)		(0.48	)		(0.49	)		(0.49	)

Paid-in capital from redemption fees		–			0.01			0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value, end of period	$	8.91		$	8.75		$	8.12		$	8.68		$	8.71		$	8.82

Total Return		4.19	%^(c)		13.10	%		(1.51	)%		5.21	%		4.45	%		10.74	%

Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	18,760		$	18,488		$	11,435		$	5,135		$	4,507		$	6,468

Ratio of expenses to average net assets
With fee waivers/reimbursements		0.68	%^(d)		0.63	%		0.72	%		0.67	%		0.69	%		0.71	%
Without fee waivers/reimbursements		0.78	%^(d)		0.84	%		1.03	%		1.04	%		1.11	%		1.30	%
Ratio of net investment income/(loss) to average net assets
With fee waivers/reimbursements		4.92	%^(d)		4.85	%		5.06	%		5.36	%		5.64	%		5.76	%
Without fee waivers/reimbursements		4.82	%^(d)		4.64	%		4.75	%		4.99	%		5.22	%		5.16	%
Portfolio turnover rate		20	%^(c)		47	%		37	%		37	%		15	%		34	%

^(a)	Calculated using the average shares method.

^(b)	Less than $0.005 and $(0.005) per share.

^(c)	Total return and portfolio turnover are not annualized for periods less than one full year.

^(d)	Annualized.

See Notes to Financial Statements.

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Westcore Plus Bond Fund

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Retail	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
Net asset value, beginning of period	$	10.59		$	10.55		$	10.92		$	10.71		$	11.24		$	11.04
Income/(loss) from investment operations:
Net investment income/(loss)^(a)		0.17			0.33			0.31			0.34			0.34			0.40
Net realized and unrealized gains/(losses) on investments		0.15			0.07			(0.31	)		0.28			(0.48	)		0.21
Total from investment operations		0.32			0.40			–			0.62			(0.14	)		0.61

Less dividends and distributions:
Dividends from net investment income		(0.19	)		(0.36	)		(0.34	)		(0.35	)		(0.38	)		(0.40	)
Distributions from net realized gains		–			(0.00	)^(b)		(0.03	)		(0.06	)		(0.01	)		(0.01	)
Total distributions		(0.19	)		(0.36	)		(0.37	)		(0.41	)		(0.39	)		(0.41	)

Paid-in capital from redemption fees		–			–			–			–			–			0.00	^(b)
Net asset value, end of period	$	10.72		$	10.59		$	10.55		$	10.92		$	10.71		$	11.24

Total Return		3.04	%^(c)		3.82	%		0.01	%		5.90	%		(1.23	)%		5.67	%

Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	1,024,468		$	1,066,591		$	1,309,659		$	1,354,837		$	1,211,518		$	1,457,800

Ratio of expenses to average net assets
With fee waivers/reimbursements		0.55	%^(d)		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%
Without fee waivers/reimbursements		0.77	%^(d)		0.78	%		0.70	%		0.70	%		0.72	%		0.75	%
Ratio of net investment income/(loss) to average net assets
With fee waivers/reimbursements		3.30	%^(d)		3.03	%		2.87	%		3.08	%		3.12	%		3.61	%
Without fee waivers/reimbursements		3.08	%^(d)		2.80	%		2.72	%		2.93	%		2.95	%		3.41	%
Portfolio turnover rate		16	%^(c)		52	%		51	%		62	%		50	%		32	%

^(a)	Calculated using the average shares method.

^(b)	Less than $0.005 and $(0.005) per share.

^(c)	Total return and portfolio turnover are not annualized for periods less than one full year.

^(d)	Annualized.

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2017 |

117

Westcore Plus Bond Fund

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Institutional	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
Net asset value, beginning of period	$	10.48		$	10.43		$	10.79		$	10.59		$	11.11		$	10.92
Income/(loss) from investment operations:
Net investment income/(loss)^(a)		0.18			0.34			0.32			0.35			0.36			0.42
Net realized and unrealized gains/(losses) on investments		0.14			0.08			(0.29	)		0.28			(0.48	)		0.20
Total from investment operations		0.32			0.42			0.03			0.63			(0.12	)		0.62

Less dividends and distributions:
Dividends from net investment income		(0.19	)		(0.37	)		(0.36	)		(0.37	)		(0.39	)		(0.42	)
Distributions from net realized gains		–			(0.00	)^(b)		(0.03	)		(0.06	)		(0.01	)		(0.01	)
Total distributions		(0.19	)		(0.37	)		(0.39	)		(0.43	)		(0.40	)		(0.43	)

Paid-in capital from redemption fees		–			–			–			–			–			0.00	^(b)
Net asset value, end of period	$	10.61		$	10.48		$	10.43		$	10.79		$	10.59		$	11.11

Total Return		3.05	%^(c)		4.01	%		0.23	%		6.02	%		(1.05	)%		5.74	%

Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	189,936		$	121,829		$	108,101		$	151,986		$	227,245		$	241,714

Ratio of expenses to average net assets
With fee waivers/reimbursements		0.40	%^(d)		0.38	%		0.42	%		0.42	%		0.38	%		0.40	%
Without fee waivers/reimbursements		0.56	%^(d)		0.56	%		0.55	%		0.55	%		0.55	%		0.59	%
Ratio of net investment income/(loss) to average net assets
With fee waivers/reimbursements		3.48	%^(d)		3.20	%		2.99	%		3.22	%		3.29	%		3.76	%
Without fee waivers/reimbursements		3.32	%^(d)		3.02	%		2.86	%		3.09	%		3.12	%		3.57	%
Portfolio turnover rate		16	%^(c)		52	%		51	%		62	%		50	%		32	%

^(a)	Calculated using the average shares method.

^(b)	Less than $0.005 and $(0.005) per share.

^(c)	Total return and portfolio turnover are not annualized for periods less than one full year.

^(d)	Annualized.

See Notes to Financial Statements.

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Westcore Municipal Opportunities Fund

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Retail	Six Months Ended June 30, 2017 (Unaudited)			For the Period Ended December 31, 2016^(a)
Net asset value, beginning of period	$	10.15		$	10.00
Income/(loss) from investment operations:
Net investment income/(loss)^(b)		0.15			0.00	^(c)
Net realized and unrealized gains/(losses) on investments		0.35			0.15
Total from investment operations		0.50			0.15

Less dividends and distributions:
Dividends from net investment income		(0.15	)		–
Total distributions		(0.15	)		–
Net asset value, end of period	$	10.50		$	10.15

Total Return		4.91	%^(d)		1.50	%^(d)

Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	1,354		$	406

Ratio of expenses to average net assets
With fee waivers/reimbursements		0.65	%^(e)		0.65	%^(e)
Without fee waivers/reimbursements		4.86	%^(e)(f)		19.11	%^(e)(g)
Ratio of net investment income/(loss) to average net assets
With fee waivers/reimbursements		2.88	%^(e)		1.05	%^(e)
Without fee waivers/reimbursements		(1.33	)%^(e)(f)		(17.41	)%^(e)(g)
Portfolio turnover rate		178	%^(d)		0	%^(d)

^(a)	Commenced operations on December 19, 2016. (b) Calculated using the average shares method.

^(c)	Less than $0.005 and $(0.005) per share.

^(d)	Total return and portfolio turnover are not annualized for periods less than one full year.

^(e)	Annualized.

^(f)	Ratios before fee waivers for start up periods may not be representative of long term operating results.

^(g)	Ratios before fee waivers for start up periods may not be representative of long term operating results. For the purpose of the ratio, audit and tax preparation fees have not been annualized.

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2017 |

119

Westcore Municipal Opportunities Fund

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Institutional	Six Months Ended June 30, 2017 (Unaudited)			For the Period Ended December 31, 2016^(a)
Net asset value, beginning of period	$	10.15		$	10.00
Income/(loss) from investment operations:
Net investment income/(loss)^(b)		0.16			0.00	^(c)
Net realized and unrealized gains/(losses) on investments		0.35			0.15
Total from investment operations		0.51			0.15

Less dividends and distributions:
Dividends from net investment income		(0.15	)		–
Total distributions		(0.15	)		–
Net asset value, end of period	$	10.51		$	10.15

Total Return		5.06	%^(d)		1.50	%^(d)

Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	3,585		$	355

Ratio of expenses to average net assets
With fee waivers/reimbursements		0.40	%^(e)		0.61	%^(e)
Without fee waivers/reimbursements		3.62	%^(e)(f)		19.48	%^(e)(g)
Ratio of net investment income/(loss) to average net assets
With fee waivers/reimbursements		3.00	%^(e)		1.08	%^(e)
Without fee waivers/reimbursements		(0.22	)%^(e)(f)		(17.79	)%^(e)(g)
Portfolio turnover rate		178	%^(d)		0	%^(d)

^(a)	Commenced operations on December 19, 2016. (b) Calculated using the average shares method.

^(c)	Less than $0.005 and $(0.005) per share.

^(d)	Total return and portfolio turnover are not annualized for periods less than one full year.

^(e)	Annualized.

^(f)	Ratios before fee waivers for start up periods may not be representative of long term operating results.

^(g)	Ratios before fee waivers for start up periods may not be representative of long term operating results. For the purpose of the ratio, audit and tax preparation fees have not been annualized.

See Notes to Financial Statements.

120	\| www.westcore.com

Westcore Colorado Tax-Exempt Fund

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Retail	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
Net asset value, beginning of period	$	11.32		$	11.66		$	11.63		$	11.16		$	11.81		$	11.54
Income/(loss) from investment operations:
Net investment income/(loss)^(a)		0.16			0.31			0.32			0.33			0.35			0.37
Net realized and unrealized gains/(losses) on investments		0.18			(0.31	)		0.02			0.47			(0.65	)		0.27
Total from investment operations		0.34			–			0.34			0.80			(0.30	)		0.64

Less dividends and distributions:
Dividends from net investment income		(0.15	)		(0.31	)		(0.31	)		(0.33	)		(0.35	)		(0.37	)
Distributions from net realized gains		–			(0.03	)		–			–			–			–
Total distributions		(0.15	)		(0.34	)		(0.31	)		(0.33	)		(0.35	)		(0.37	)

Paid-in capital from redemption fees		–			–			–			–			–			0.00	^(b)
Net asset value, end of period	$	11.51		$	11.32		$	11.66		$	11.63		$	11.16		$	11.81

Total Return		3.06	%^(c)		(0.07	)%		3.02	%		7.23	%		(2.56	)%		5.57	%

Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	202,577		$	196,237		$	192,920		$	158,972		$	118,483		$	146,820

Ratio of expenses to average net assets
With fee waivers/reimbursements		0.65	%^(d)		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Without fee waivers/reimbursements		0.82	%^(d)		0.84	%		0.77	%		0.77	%		0.80	%		0.81	%
Ratio of net investment income/(loss) to average net assets
With fee waivers/reimbursements		2.74	%^(d)		2.62	%		2.73	%		2.87	%		3.05	%		3.12	%
Without fee waivers/reimbursements		2.57	%^(d)		2.43	%		2.61	%		2.75	%		2.90	%		2.96	%
Portfolio turnover rate		24	%^(c)		47	%		30	%		13	%		23	%		7	%

^(a)	Calculated using the average shares method.

^(b)	Less than $0.005 and $(0.005) per share.

^(c)	Total return and portfolio turnover are not annualized for periods less than one full year.

^(d)	Annualized.

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2017 |

121

Westcore Colorado Tax-Exempt Fund

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Institutional	Six Months Ended June 30, 2017 (Unaudited)			For the Period Ended December 31, 2016 ^(a)
Net asset value, beginning of period	$	11.34		$	11.79
Income/(loss) from investment operations:
Net investment income/(loss)^(b)		0.17			0.22
Net realized and unrealized gains/(losses) on investments		0.18			(0.44	)
Total from investment operations		0.35			(0.22	)

Less dividends and distributions:
Dividends from net investment income		(0.16	)		(0.20	)
Distributions from net realized gains		–			(0.03	)
Total distributions		(0.16	)		(0.23	)
Net asset value, end of period	$	11.53		$	11.34

Total Return		3.11	%^(c)		(1.93	)%^(c)

Ratios and Supplemental Data
Net assets, end of period (in 000s)	$	41,544		$	29,557

Ratio of expenses to average net assets
With fee waivers/reimbursements		0.49	%^(d)		0.49	%^(d)
Without fee waivers/reimbursements		0.63	%^(d)		0.68	%^(d)
Ratio of net investment income/(loss) to average net assets
With fee waivers/reimbursements		2.90	%^(d)		2.81	%^(d)
Without fee waivers/reimbursements		2.76	%^(d)		2.62	%^(d)
Portfolio turnover rate		24	%^(c)		47	%^(c)(e)

^(a)	The Fund added an institutional share class on April 29, 2016.

^(b)	Calculated using the average shares method.

^(c)	Total return and portfolio turnover are not annualized for periods less than one full year.

^(d)	Annualized.

^(e)	Porfolio turnover rate is calculated at the fund level and represents the year ended December 31, 2016.

See Notes to Financial Statements.

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Westcore Funds

Notes to Financial Statements

June 30, 2017 (Unaudited)

1. ORGANIZATION

Westcore Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. Interests in the Westcore Small-Cap Growth Fund, Westcore Small-Cap Growth Fund II, , Westcore Mid-Cap Value Dividend Fund, Westcore Mid-Cap Value Dividend Fund II, Westcore Smid-Cap Value Dividend Fund, Westcore Small-Cap Value Dividend Fund, Westcore Global Large-Cap Dividend Fund, Westcore Large-Cap Dividend Fund, Westcore Micro-Cap Opportunity Fund, Westcore International Small-Cap Fund, Westcore Flexible Income Fund, Westcore Plus Bond Fund, Westcore Municipal Opportunities Fund and Westcore Colorado Tax-Exempt Fund (the “Funds”) are represented by separate classes of beneficial interest of the Trust, which is organized as a Massachusetts business trust. All of the Funds offer Retail Class shares except Westcore Small-Cap Growth Fund II. All of the Funds also offer Institutional Class shares except Westcore Micro-Cap Opportunity Fund. All classes of shares have identical rights to earnings, assets and voting privileges, except for class specific expenses and exclusive rights to vote on matters solely affecting such class.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by each Fund in the preparation of its financial statements. Each Fund is considered an investment company for financial reporting purposes, the following policies are in conformity with accounting principles generally accepted in the United States of America for investment companies.

Use of Estimates – The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. The actual results could differ from those estimates.

Investment Valuation – All securities of the Funds are valued as of the close of regular trading on the New York Stock Exchange (“NYSE”), currently 4:00 p.m. (Eastern Time), on each day that the NYSE is open, subject to provisions in the prospectus and/or Statement of Additional Information regarding pricing at other times in case of an emergency and optional pricing of the Funds in the event that the NYSE does not open for business because of an emergency.

Securities that are traded on a recognized domestic stock exchange are generally valued at the last sales price as of the valuation time on the principal stock exchange on which they are traded. Securities that are principally traded on the National Association of Securities Dealers Automated Quotation (“NASDAQ”) exchange are generally valued at the NASDAQ Official Closing Price (“NOCP”). Unlisted securities that are traded on the domestic over-the-counter market for which last sales prices are available, are generally valued at the last sales price as of the valuation time. In the absence of sales and NOCP, such securities are valued at the mean of the bid and asked prices.

Securities that are traded on a foreign stock exchange (and that are not listed on a recognized domestic stock exchange or traded on the NASDAQ exchange or the domestic over the counter market) are generally valued at the official closing price on the principal stock exchange on which they are traded. When an event occurs subsequent to the close of the foreign exchange and the close of the NYSE that was likely to have changed such value, the fair value of those securities are determined in good faith in accordance with procedures established by and under the general supervision of the Board of Trustees. The Funds will use a fair valuation model provided by an independent pricing service, which is intended to reflect fair value when a security’s value is believed to have been materially affected by an valuation event that has occurred between the close of the exchange or market on which the security is traded and the close of the regular trading day on the NYSE. In the event that closing prices are not available for such foreign securities, such securities are generally valued at the last sales price occurring prior to the closing of its principal exchange.

Forward foreign currency contracts have a fair value determined by an automated system that estimates rates on the basis of the current day foreign currency exchange rates and forward foreign currency exchange rates supplied by a pricing vendor. Foreign currency exchange rates and foreign currency exchange forward rates may generally be obtained at the close of the NYSE.

Redeemable securities issued by open-end registered investment companies are valued at the investment company’s applicable net asset value.

Fixed-income obligations, excluding municipal securities, having a remaining maturity of greater than 60 days, are typically valued at the mean between the evaluated bid and ask prices formulated by an independent pricing service. Municipal securities having a remaining maturity of greater than 60 days, are typically valued at the evaluated bid price formulated by an independent pricing service.

Semi-Annual Report | June 30, 2017 |

123

Westcore Funds

Notes to Financial Statements

June 30, 2017 (Unaudited)

When market quotations are not readily available or when events occur that make established valuation methods unreliable, securities of the Fund may be valued in good faith by or under the direction of the Board of Trustees. Factors which may be considered when determining the value of a security include (a) the fundamental data relating to the investment; (b) an evaluation of the forces which influence the market in which the security is sold, including the liquidity and depth of the market; (c) the market value at date of purchase; (d) information as to any transactions or offers with respect to the security or comparable securities; and (e) any other relevant matters.

Market, Credit and Counterparty Risk – In the normal course of business, the Funds invest in securities and enter into transactions where risks exist due to fluctuations in the market (market risk) or failure of the issuer of a security to meet all its obligations (issuer credit risk). The value of securities held by the Funds may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Funds; conditions affecting the general economy; overall market changes; local, regional, national or global political, social or economic instability; and currency and interest rate and price fluctuations. Similar to issuer credit risk, the Funds may be exposed to counterparty credit risk, or the risk that an entity with which the Funds have unsettled or open transactions may fail to or be unable to perform on its commitments. The Funds manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Securities Traded on Foreign Exchanges – All of the Funds, except the Westcore Colorado Tax-Exempt Fund, may invest at least a portion of their assets in foreign securities. As of June 30, 2017, all Funds were primarily invested in securities traded on U.S. exchanges, except Westcore International Small-Cap Fund and Westcore Global Large-Cap Dividend Fund. In the event that a Fund executes a security transaction on a foreign exchange, the Fund will generally enter into a foreign currency contract to settle the foreign security transaction. Foreign securities may carry more risk than U.S. securities, such as political, market and currency risks. The accounting records of the Funds are maintained in U.S. dollars. Prices of securities denominated in foreign currencies are translated into U.S. dollars at the closing rates of exchange at period end. Amounts related to the purchase and sale of foreign securities and investment income are translated at the rates of exchange prevailing on the respective dates of such transactions.

The portion of realized and unrealized gains or losses on investments due to fluctuations in foreign currency exchange rates is not separately disclosed and is included in realized and unrealized gains or losses on investments, when applicable.

Country Risk – As of June 30, 2017, the Westcore Global Large-Cap Dividend Fund invested a significant percentage of its assets in Switzerland and the United Kingdom and the Westcore International Small-Cap Fund invested a significant percentage of its assets in Japan, the United Kingdom, Australia, and Canada. Therefore, they may be more affected by economic developments and currency fluctuations in these countries.

Sector Concentration Risk – The Funds may concentrate investments in companies that are in a single sector or related sector. Concentrating investments in a single sector may make the Fund more susceptible to adverse economic, business, regulatory or other developments affecting that sector. If an economic downturn occurs in a sector in which the Fund’s investments are concentrated, the Fund may perform poorly during
that period.

Federal Income Taxes – No provision for income taxes is included in the accompanying financial statements, as the Funds intend to distribute to shareholders all taxable investment income and realized gains and otherwise comply with Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies.

As of and during the six months ended June 30, 2017, the Funds did not have a liability for any unrecognized tax benefits. The Funds file U.S. federal, state, and local tax returns as required. Each Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations which is generally three years after the filing of the tax return. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

Redemption Fee – Effective September 15, 2016, the Funds no longer impose a redemption fee. Prior to September 15, 2016, the Westcore Small-Cap Growth, Westcore Micro-Cap Opportunity and Westcore Flexible Income Funds imposed a two percent (2%) redemption fee (the “Redemption Fee”) on Fund shares if such Fund shares are redeemed (including in connection with an exchange) within ninety (90) calendar days from their date of purchase. The Redemption Fees, which are reflected in the Statement of Changes in Net Assets, were intended to encourage long-term investment in the Funds and, to the extent that frequent trading persists, to offset brokerage commissions, market impact, transaction costs and other expenses associated with frequent trading.

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Westcore Funds

Notes to Financial Statements

June 30, 2017 (Unaudited)

Offering Costs – The Westcore Mid-Cap Value Dividend Fund-Institutional Class, Westcore International Small-Cap Fund-Institutional Class and Westcore Colorado Tax-Exempt Fund-Institutional Class incurred offering costs which are being amortized over the first twelve months from the commencement date of the Institutional share class, April 29, 2016. The Westcore Smid-Cap Value Dividend and Westcore Municipal Opportunities Funds incurred offering costs which are being amortized over the first twelve months from the commencement date of the Funds, December 19, 2016. Offering costs include fees for preparing and printing initial prospectuses, legal and registration fees. Amounts amortized in the six months ended June 30, 2017 are shown on the Funds’ Statement of Operations.

When-Issued/Forward Commitment Securities – Each Fund may purchase or sell securities on a “when issued” or “forward commitment” basis which involves a commitment by the Fund to purchase or sell particular securities with payment and delivery taking place at a future date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. In accordance with SEC guidance, each Fund segregates liquid assets in an amount sufficient to satisfy the purchase price. The purchase of securities on a when-issued or forward commitment basis may increase the volatility of the Fund’s net asset value to the extent each Fund makes such purchases while remaining substantially fully invested. Settlements in the ordinary course of business, which may take substantially more than three business days for non-U.S. securities, are not treated by the Funds as “when-issued” or “forward commitment” transactions. As of June 30, 2017, none of the Funds held when-issued or forward commitment securities.

Other – For financial reporting purposes, the Funds’ investment transactions and shareholder transactions are recorded on trade date. Dividend income is recorded on the ex-dividend date. Foreign dividend income is recorded on the ex-dividend date or as soon as practical after the Funds determine the existence of a dividend declaration after exercising reasonable due diligence. Interest income, which includes amortization of premiums, accretion of discounts and income earned on money market funds, is accrued and recorded daily. Realized gains and losses from investment transactions and unrealized appreciation and depreciation of investments are reported on an identified cost basis.

3. SHARES OF BENEFICIAL INTEREST

On June 30, 2017, there was an unlimited number of no par value shares of beneficial interest authorized for each Fund. Transactions in shares of beneficial interest were as follows:

	For the Six Months Ended June 30, 2017			For the Year Ended December 31, 2016
Westcore Small-Cap Growth Fund
Retail
Shares Sold		1,704			21,131
Shares Issued in Reinvestment of Distributions		–			–
Total		1,704			21,131
Less Shares Redeemed		(1,660	)		(2,722	)
Net Increase		44			18,409
Institutional
Shares Sold		30,518			155,051
Shares Issued in Reinvestment of Distributions		–			–
Total		30,518			155,051
Less Shares Redeemed		(11,897	)		(431,382	)
Net Increase/(Decrease)		18,621			(276,331	)
Westcore Small-Cap Growth Fund II
Institutional
Shares Sold		93,543			61,242
Shares Issued in Reinvestment of Distributions		–			–
Total		93,543			61,242
Less Shares Redeemed		(269,309	)		(948,987	)
Net Decrease		(175,766	)		(887,745	)

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Westcore Funds

Notes to Financial Statements

June 30, 2017 (Unaudited)

	For the Period Ended June 30, 2017			For the Year Ended December 31, 2016
Westcore Mid-Cap Value Dividend Fund
Retail
Shares Sold		569,530			1,082,142
Shares Issued in Reinvestment of Distributions		–			71,781
Total		569,530			1,153,923
Less Shares Redeemed		(403,929	)		(1,754,745	)
Net Increase/(Decrease)		165,601			(600,822	)
Institutional
Shares Sold		68,287			1,314,600
Shares Issued in Reinvestment of Distributions		–			47,931
Total		68,287			1,362,531
Less Shares Redeemed		(137,896	)		(55,290	)
Net Increase/(Decrease)		(69,609	)		1,307,241
Westcore Mid-Cap Value Dividend Fund II
Retail
Shares Sold		416,418			503,752
Shares Issued in Reinvestment of Distributions		–			3,001
Total		416,418			506,753
Less Shares Redeemed		(1,181,983	)		(6,229,591	)
Net Decrease		(765,565	)		(5,722,838	)
Institutional
Shares Sold		357			336,642
Shares Issued in Reinvestment of Distributions		–			248
Total		357			336,890
Less Shares Redeemed		(1,522	)		(3,664,982	)
Net Decrease		(1,165	)		(3,328,092	)
Westcore Smid-Cap Value Dividend Fund
Retail
Shares Sold		31,473			12,001
Shares Issued in Reinvestment of Distributions		–			–
Total		31,473			12,001
Less Shares Redeemed		–			–
Net Increase		31,473			12,001
Institutional
Shares Sold		–			25,001
Shares Issued in Reinvestment of Distributions		–			–
Total		–			25,001
Less Shares Redeemed		(1	)		–
Net Increase/(Decrease)		(1	)		25,001
Westcore Small-Cap Value Dividend Fund
Retail
Shares Sold		468,264			2,285,219
Shares Issued in Reinvestment of Distributions		–			458,801
Total		468,264			2,744,020
Less Shares Redeemed		(1,268,253	)		(3,345,039	)
Net Decrease		(799,989	)		(601,019	)
Institutional
Shares Sold		1,774,984			4,086,728
Shares Issued in Reinvestment of Distributions		–			831,752
Total		1,774,984			4,918,480
Less Shares Redeemed		(1,591,198	)		(4,545,471	)
Net Increase		183,786			373,009

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Westcore Funds

Notes to Financial Statements

June 30, 2017 (Unaudited)

	For the Period Ended June 30, 2017			For the Year Ended December 31, 2016
Westcore Global Large-Cap Dividend Fund
Retail
Shares Sold		313,780			914,369
Shares Issued in Reinvestment of Distributions		44,469			183,233
Total		358,249			1,097,602
Less Shares Redeemed		(288,091	)		(550,383	)
Net Increase		70,158			547,219
Institutional
Shares Sold		121,670			90,085
Shares Issued in Reinvestment of Distributions		4,359			16,732
Total		126,029			106,817
Less Shares Redeemed		(81,634	)		(111,238	)
Net Increase/(Decrease)		44,395			(4,421	)
Westcore Large-Cap Dividend Fund
Retail
Shares Sold		36,855			129,226
Shares Issued in Reinvestment of Distributions		13,709			569,682
Total		50,564			698,908
Less Shares Redeemed		(356,103	)		(1,593,654	)
Net Decrease		(305,539	)		(894,746	)
Institutional
Shares Sold		2,796			39,560
Shares Issued in Reinvestment of Distributions		744			115,732
Total		3,540			155,292
Less Shares Redeemed		(10,353	)		(620,564	)
Net Decrease		(6,813	)		(465,272	)
Westcore Micro-Cap Opportunity Fund
Retail
Shares Sold		87,627			147,345
Shares Issued in Reinvestment of Distributions		–			23,635
Total		87,627			170,980
Less Shares Redeemed		(77,063	)		(788,705	)
Net Increase/(Decrease)		10,564			(617,725	)
Westcore International Small-Cap Fund
Retail
Shares Sold		158,625			734,530
Shares Issued in Reinvestment of Distributions		–			157,266
Total		158,625			891,796
Less Shares Redeemed		(774,915	)		(4,022,039	)
Net Decrease		(616,290	)		(3,130,243	)
Institutional
Shares Sold		263,447			1,362,878
Shares Issued in Reinvestment of Distributions		–			18,509
Total		263,447			1,381,387
Less Shares Redeemed		(109,975	)		(80,012	)
Net Increase		153,472			1,301,375

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127

Westcore Funds

Notes to Financial Statements

June 30, 2017 (Unaudited)

	For the Period Ended June 30, 2017			For the Year Ended December 31, 2016
Westcore Flexible Income Fund
Retail
Shares Sold		973,248			2,579,355
Shares Issued in Reinvestment of Distributions		140,396			271,729
Total		1,113,644			2,851,084
Less Shares Redeemed		(933,827	)		(2,094,879	)
Net Increase		179,817			756,205
Institutional
Shares Sold		529,829			1,182,044
Shares Issued in Reinvestment of Distributions		47,279			80,357
Total		577,108			1,262,401
Less Shares Redeemed		(584,994	)		(556,940	)
Net Increase/(Decrease)		(7,886	)		705,461
Westcore Plus Bond Fund
Retail
Shares Sold		10,124,141			22,332,747
Shares Issued in Reinvestment of Distributions		1,692,158			3,655,334
Total		11,816,299			25,988,081
Less Shares Redeemed		(16,958,758	)		(49,430,872	)
Net Decrease		(5,142,459	)		(23,442,791	)
Institutional
Shares Sold		8,272,142			6,059,595
Shares Issued in Reinvestment of Distributions		249,083			342,491
Total		8,521,225			6,402,086
Less Shares Redeemed		(2,253,390	)		(5,141,784	)
Net Increase		6,267,835			1,260,302
Westcore Municipal Opportunities Fund
Retail
Shares Sold		88,439			40,002
Shares Issued in Reinvestment of Distributions		1,149			–
Total		89,588			40,002
Less Shares Redeemed		(691	)		–
Net Increase		88,897			40,002
Institutional
Shares Sold		305,649			35,001
Shares Issued in Reinvestment of Distributions		2,049			–
Total		307,698			35,001
Less Shares Redeemed		(1,524	)		–
Net Increase		306,174			35,001
Westcore Colorado Tax-Exempt Fund
Retail
Shares Sold		2,140,366			6,213,627
Shares Issued in Reinvestment of Distributions		217,145			470,523
Total		2,357,511			6,684,150
Less Shares Redeemed		(2,102,351	)		(5,896,515	)
Net Increase		255,160			787,635
Institutional
Shares Sold		1,496,769			3,010,621
Shares Issued in Reinvestment of Distributions		41,214			34,293
Total		1,537,983			3,044,914
Less Shares Redeemed		(543,773	)		(437,362	)
Net Increase		994,210			2,607,552

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Westcore Funds

Notes to Financial Statements

June 30, 2017 (Unaudited)

4. TAX BASIS DISTRIBUTIONS AND TAX BASIS INFORMATION

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized in tax years beginning after December 22, 2010 may be carried forward indefinitely, and the character of the losses is retained as short-term and/or long-term. Under the law in effect prior to the Act, net capital losses were carried forward for eight years and treated as short-term. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

At December 31, 2016, the following Funds had available for federal income tax purposes unused pre-enactment capital loss carryforwards as follows:

Fund		Expiring in 2017				Expiring in 2018
Westcore Flexible Income Fund		$	9,408,999			$	1,064,911

Capital loss carryovers used during the year ended December 31, 2016 for Westcore Flexible Income Fund and Westcore Colorado Tax-Exempt Fund were $354,715 and $72,751, respectively.

At December 31, 2016, the following Funds had available for federal income tax purposes unused post-enactment capital loss carryforwards as follows:

Fund	Short-Term		Long-Term
Westcore Small-Cap Growth Fund	$	153,024	$	–
Westcore Small-Cap Growth Fund II		81,600,418		5,399,441
Westcore Mid-Cap Value Dividend Fund II		633,807		–
Westcore International Small-Cap Fund		–		11,976,236
Westcore Flexible Income Fund		–		8,042,669

The following Funds elect to defer to their fiscal year ending December 31, 2017, capital losses recognized during the period from November 1, 2016 to December 31, 2016 in the amounts of:

Fund	Capital Losses Recognized
Westcore Small-Cap Growth Fund II	$	236,305
Westcore International Small-Cap Fund		34,433
Westcore Flexible Income Fund		30,292
Westcore Colorado Tax-Exempt Fund		729,815

The following Funds elect to defer to their fiscal year ending December 31, 2017, late year ordinary losses recognized during the period from  November 1, 2016 to December 31, 2016 in the amounts of:

Fund	Ordinary Losses Recognized
Westcore Mid-Cap Value Dividend Fund	$	57
Westcore Global Large-Cap Dividend Fund		11,277
Westcore International Small-Cap Fund		594,556

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129

Westcore Funds

Notes to Financial Statements

June 30, 2017 (Unaudited)

Distributions – Distributions of net investment income, if any, are generally made annually for the Westcore Small-Cap Growth, Westcore Small-Cap Growth II, Westcore Mid-Cap Value Dividend, Westcore Mid-Cap Value Dividend II, Westcore Smid-Cap Value Dividend, Westcore Small-Cap Value Dividend, Westcore Micro-Cap Opportunity and Westcore International Small-Cap Funds; monthly for the Westcore Flexible Income, Westcore Plus Bond, Westcore Municipal Opportunities and Westcore Colorado Tax-Exempt Funds and quarterly for the Westcore Large-Cap Dividend and Westcore Global Large-Cap Dividend Funds. Distributions of net realized capital gains, if any, are declared at least once each year for each of the Funds. Distributions to shareholders are recorded on the ex-dividend date.

The tax character of the distributions paid in 2016 were as follows:

Fund	Ordinary Income		Long-Term Capital Gains		Tax-Exempt Income
Westcore Mid-Cap Value Dividend Fund	$	1,355,480	$	2,028,031		–
Westcore Mid-Cap Value Dividend Fund II		15,152		–		–
Westcore Small-Cap Value Dividend Fund		3,249,790		15,296,378		–
Westcore Global Large-Cap Dividend Fund		803,147		1,364,268		–
Westcore Large-Cap Dividend Fund		135,826		4,360,659		–
Westcore Micro-Cap Opportunity Fund		44,312		403,967		–
Westcore International Small-Cap Fund		2,677,817		–		–
Westcore Flexible Income Fund		3,164,306		–		–
Westcore Plus Bond Fund		43,920,640		330,320		–
Westcore Colorado Tax-Exempt Fund		334,063		509,266		5,515,566

For the year ended 2016 Westcore Small-Cap Growth Fund and Westcore Small-Cap Growth Fund II had no distributions. For the year ended 2016 both Westcore Smid-Cap Value Fund and Westcore Municipal Opportunities Fund had no distributions.

As of June 30, 2017, net unrealized appreciation/depreciation of investments based on federal tax cost were as follows:

Fund	Gross Appreciation (excess of value over tax cost)		Gross Depreciation (excess of tax cost over value)			Net Unrealized Appreciation/ (Depreciation)			Cost of Investments for Income Tax Purposes
Westcore Small-Cap Growth Fund	$	1,059,606	$	(151,305	)	$	908,301		$	4,274,272
Westcore Small-Cap Growth Fund II		4,302,407		(1,596,218	)		2,706,189			35,546,053
Westcore Mid-Cap Value Dividend Fund		10,880,524		(4,138,163	)		6,742,361			77,419,475
Westcore Mid-Cap Value Dividend Fund II		1,636,360		(2,123,785	)		(487,425	)		33,249,319
Westcore Smid-Cap Value Dividend Fund		24,509		(42,111	)		(17,602	)		690,990
Westcore Small-Cap Value Dividend Fund		29,831,776		(10,855,364	)		18,976,412			185,874,703
Westcore Global Large-Cap Dividend Fund		9,114,413		(916,400	)		8,198,013			45,014,910
Westcore Large-Cap Dividend Fund		1,261,683		(497,987	)		763,696			10,352,804
Westcore Micro-Cap Opportunity Fund		2,403,864		(285,332	)		2,118,532			11,593,809
Westcore International Small-Cap Fund		25,138,279		(917,447	)		24,220,832			48,323,749
Westcore Flexible Income Fund		2,681,129		(2,584,195	)		96,934			78,231,123
Westcore Plus Bond Fund		37,434,486		(8,972,231	)		28,462,255			1,189,217,130
Westcore Municipal Opportunities Fund		54,511		(6,227	)		48,284			4,887,672
Westcore Colorado Tax-Exempt Fund		3,613,598		(1,624,994	)		1,988,604			240,636,781

5. INVESTMENT ADVISORY FEES, ADMINISTRATIVE FEES AND OTHER RELATED PARTY TRANSACTIONS

The Trust has entered into an advisory agreement with Denver Investment Advisors LLC (the “Adviser” or “Denver Investments”) for all Funds. The advisory agreement has been approved by the Trust’s Board of Trustees.

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Westcore Funds

Notes to Financial Statements

June 30, 2017 (Unaudited)

Pursuant to its advisory agreement with the Trust, Denver Investments is entitled to an investment advisory fee, based on the average net assets of each Fund, computed daily and payable monthly as shown in the table below.

Westcore Small-Cap Growth Fund	1.00%
Westcore Small-Cap Growth Fund II	0.65%
Westcore Mid-Cap Value Dividend Fund	0.65%*
Westcore Mid-Cap Value Dividend Fund II	0.65%
Westcore Smid-Cap Value Dividend Fund	0.80%
Westcore Small-Cap Value Dividend Fund	1.00%
Westcore Global Large-Cap Dividend Fund	0.65%
Westcore Large-Cap Dividend Fund	0.65%
Westcore Micro-Cap Opportunity Fund	1.00%
Westcore International Small-Cap Fund	1.20%
Westcore Flexible Income Fund	0.45%
Westcore Plus Bond Fund	0.35%
Westcore Municipal Opportunities Fund	0.40%
Westcore Colorado Tax-Exempt Fund	0.40%

*	Prior to April 30, 2017, the advisory fee was 0.75%.

ALPS Fund Services, Inc. (“ALPS”) and Denver Investments serve as the Funds’ co-administrators (“Co-Administrators”). ALPS and Denver Investments are entitled to receive a total fee from each Fund for its administrative services computed daily and paid monthly based on the average daily net assets of the Trust. Denver Investments receives 0.10% on the first $3.5 billion in average daily net assets of the Trust and 0.05% for net assets greater than $3.5 billion. The administrative fees are allocated to each Fund based upon the Fund’s relative proportion of the Trust’s Net Assets and are disclosed in the Statement of Operations.

Each Fund has agreed to reimburse the Adviser for a portion of the payments it makes to certain Service Organizations for providing recordkeeping and sub-accounting services to persons who own Fund Retail Class shares through omnibus accounts (“Omnibus Accounts”). The amount reimbursed by the Fund, presented on the Statements of Operations as Shareholder servicing reimbursement - Retail Class, is intended to not exceed the estimated cost that would be incurred by the Fund if the shares held in the Omnibus Accounts were serviced directly by the Fund’s transfer agent.

To determine the Periodic Reimbursement Amount, each Fund’s effective cost for servicing shares directly by the Fund’s transfer agent is calculated on a periodic basis but no later than quarterly as follows (“Effective Rate”):

Fund Retail Class Transfer Agency Costs divided by Fund Retail Class Assets serviced directly by the Fund’s Transfer Agent.

This Effective Rate is then multiplied by the Retail Class assets in the Omnibus Accounts as of the most recent practical date (typically quarter end) to calculate the Periodic Reimbursement Amount.

Denver Investments as Adviser and Co-Administrator has contractually agreed, during the period ended June 30, 2017 and until at least April 30, 2018, that the Net Annual Fund Operating Expenses for the following shares of the Funds will not exceed the amounts shown in the table below.

Westcore Small-Cap Growth Fund – Retail Class	1.24%*
Westcore Small-Cap Growth Fund II – Institutional Class	1.15%
Westcore Mid-Cap Value Dividend Fund – Retail Class	1.15%*
Westcore Mid-Cap Value Dividend Fund II – Retail Class	1.15%
Westcore Smid-Cap Value Dividend Fund – Retail Class	1.20%
Westcore Small-Cap Value Dividend Fund – Retail Class	1.30%
Westcore Global Large-Cap Dividend Fund – Retail Class	0.99%
Westcore Large-Cap Dividend Fund – Retail Class	0.89%*
Westcore Micro-Cap Opportunity Fund – Retail Class	1.30%
Westcore International Small-Cap Fund – Retail Class	1.50%**
Westcore Flexible Income Fund – Retail Class	0.85%
Westcore Plus Bond Fund – Retail Class	0.55%
Westcore Municipal Opportunities Fund – Retail Class	0.65%
Westcore Colorado Tax-Exempt Fund – Retail Class	0.65%

Semi-Annual Report | June 30, 2017 |

131

Westcore Funds

Notes to Financial Statements

June 30, 2017 (Unaudited)

*	Prior to April 30, 2017, the expense caps for Westcore Small-Cap Growth Fund Retail Class, Westcore Large-Cap Dividend Fund Retail Class and Westcore Mid-Cap Value Dividend Fund Retail Class were 1.30%, 1.15% and 1.25%, respectively.

The Adviser has also agreed to voluntarily waive a portion of the investment advisory and/or administration fees and/or reimburse additional Trust expenses so that the ratio of expenses to average net assets of the Westcore International Small-Cap Fund (the “Fund”) Retail Class of the Trust as reported in the Funds’ Financial Highlights do not exceed 1.44%. The Adviser may discontinue this voluntary waiver at any time upon notice to the Trust.

Denver Investments has contractually agreed to waive certain investment advisory and/or administration fees and/or to reimburse other expenses from April 30, 2017 until at least April 30, 2018. Adviser reimbursements are paid monthly in arrears. The first waiver/reimbursement applies so that the ratio of expenses to average net assets, as reported in the Fund’s Financial Highlights, will be no more than the amount reported in the table above, for the Fund’s Retail Class for such period. The second waiver/reimbursement applies so that Fund level Other Expenses for the Institutional Class will be in the same proportion as the Retail Class waivers/reimbursements. The third waiver/reimbursement applies so that the institutional class-specific Other Expenses are reimbursed. The Adviser has contractually agreed to waive/reimburse all of these class-specific Other Expenses, but only to the extent that the difference between the net Institutional Class and net Retail Class expense ratios after applying the waiver/reimbursement does not exceed 25 basis points. Without such fee waivers, for the six months ended June 30, 2017, the Total Annualized Operating Expenses for the Institutional Class shares of the Funds are as follows:

Westcore Small-Cap Growth Fund	2.94%
Westcore Mid-Cap Value Dividend Fund	1.03%
Westcore Mid-Cap Value Dividend Fund II	1.18%
Westcore Smid-Cap Value Dividend Fund	16.92%
Westcore Small-Cap Value Dividend Fund	1.24%
Westcore Global Large-Cap Dividend Fund	1.10%
Westcore Large-Cap Dividend Fund	1.57%
Westcore International Small-Cap Fund	1.61%
Westcore Flexible Income Fund	0.78%
Westcore Plus Bond Fund	0.56%
Westcore Municipal Opportunities Fund	3.62%
Westcore Colorado Tax-Exempt Fund	0.63%

ALPS, pursuant to a Transfer Agency Agreement, serves as Transfer Agent for each of the Funds. As Transfer Agent, ALPS has, among other things, agreed to: (a) issue and redeem shares of the Funds; (b) make dividend and other distributions to shareholders of the Funds; (c) effect transfers of shares; (d) mail communications to shareholders of the Funds, including account statements, confirmations, and dividend and distribution notices; (e) facilitate the electronic delivery of shareholder statements and reports and (f) maintain shareholder accounts. Under the Transfer Agency Agreement, ALPS receives from the Trust an annual minimum fee per Fund, a fee based upon each shareholder account and is reimbursed for out-of-pocket expenses.

An officer of the Funds is also an officer of Denver Investments. All access persons of the Trust, as defined in the 1940 Act, and members, officers and employees of the Adviser, follow strict guidelines and policies on personal trading as outlined in the Trust’s and the Adviser’s respective Code of Ethics.

The Trustees have appointed a Chief Compliance Officer who is also the Treasurer of the Trust and a partner of the Adviser. The Trustees agreed to have the Funds pay the portion of his compensation attributable for services rendered as the Trust’s Chief Compliance Officer. The Trustees have also appointed a President of the Trust who is also a Trustee. In addition to Trustee compensation, the President receives a fee per each regularly scheduled Board meeting.

The Trust has a Trustee Deferred Compensation Plan (the “Deferral Plan”) which allows the Trustees to defer the receipt of all or a portion of Trustees fees. Under the Deferral Plan, Trustee fees are paid and invested directly into shares of the Funds elected by the Trustees in the Deferral Plan. There is no future liability related to the balance in the Deferral Plan as such amounts are paid directly out of the respective capital accounts of the elected Funds. The amount paid to the Trustees under the Deferral Plan will be determined based upon the performance of the elected funds. The balance in the Deferral Plan as of June 30, 2017 is $587,665.

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Westcore Funds

Notes to Financial Statements

June 30, 2017 (Unaudited)

6. FAIR VALUE MEASUREMENTS

A three-tier hierarchy has been established to measure fair value based on the extent of use of “observable inputs” as compared to “unobservable inputs” for disclosure purposes and requires additional disclosures about these valuation measurements. Inputs refer broadly to the assumptions that market participants would use in pricing a security. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the security developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the security developed based on the best information available in the circumstances.

The three-tier hierarchy is summarized as follows:

1)	Level 1 – Quoted & Unadjusted Prices in active markets for identical investments

2)	Level 2 – Other Significant Observable Inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

3)	Level 3 – Significant Unobservable Inputs (including the Fund’s own assumptions in determining the fair value of investments).

The following is a summary of the inputs used as of June 30, 2017 in valuing the Funds’ assets:

Westcore Small-Cap Growth Fund
Investments in Securities at Value*	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks	$	5,027,347	$	–	$	–	$	5,027,347
Money Market Mutual Funds		155,226		–		–		155,226
Total	$	5,182,573	$	–	$	–	$	5,182,573

Westcore Small-Cap Growth Fund II
Investments in Securities at Value*	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks	$	35,608,466	$	–	$	–	$	35,608,466
Money Market Mutual Funds		2,643,776		–		–		2,643,776
Total	$	38,252,242	$	–	$	–	$	38,252,242

Westcore Mid-Cap Value Dividend Fund
Investments in Securities at Value*	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks	$	83,747,300	$	–	$	–	$	83,747,300
Money Market Mutual Funds		413,816		–		–		413,816
Short Term Investments		–		720		–		720
Total	$	84,161,116	$	720	$	–	$	84,161,836

Westcore Mid-Cap Value Dividend Fund II
Investments in Securities at Value*	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks	$	31,886,366	$	–	$	–	$	31,886,366
Money Market Mutual Funds		875,254		–		–		875,254
Short Term Investments		–		274		–		274
Total	$	32,761,620	$	274	$	–	$	32,761,894

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Notes to Financial Statements

June 30, 2017 (Unaudited)

Westcore Smid-Cap Value Dividend Fund
Investments in Securities at Value*	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks	$	667,607	$	–	$	–	$	667,607
Money Market Mutual Funds		5,781		–		–		5,781
Total	$	673,388	$	–	$	–	$	673,388

Westcore Small-Cap Value Dividend Fund
Investments in Securities at Value*	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks	$	199,427,553	$	–	$	–	$	199,427,553
Money Market Mutual Funds		5,423,562		–		–		5,423,562
Total	$	204,851,115	$	–	$	–	$	204,851,115

Westcore Global Large-Cap Dividend Fund
Investments in Securities at Value*	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks	$	51,211,309	$	–	$	–	$	51,211,309
Money Market Mutual Funds		2,001,614		–		–		2,001,614
Total	$	53,212,923	$	–	$	–	$	53,212,923

Westcore Large-Cap Dividend Fund
Investments in Securities at Value*	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks	$	11,078,082	$	–	$	–	$	11,078,082
Money Market Mutual Funds		38,418		–		–		38,418
Total	$	11,116,500	$	–	$	–	$	11,116,500

Westcore Micro-Cap Opportunity Fund
Investments in Securities at Value*	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks	$	13,013,561	$	–	$	–	$	13,013,561
Rights and Warrants		–		–		4,361		4,361
Money Market Mutual Funds		694,419		–		–		694,419
Total	$	13,707,980	$	–	$	4,361	$	13,712,341

Westcore International Small-Cap Fund
Investments in Securities at Value*	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks	$	71,771,349	$	–	$	–	$	71,771,349
Money Market Mutual Funds		773,232		–		–		773,232
Total	$	72,544,581	$	–	$	–	$	72,544,581

Other Financial Instruments**
Assets
Forward Foreign Currency Contracts	$	–	$	185,393		$	–	$	185,393
Liabilities
Forward Foreign Currency Contracts		–		(307,775	)		–		(307,775	)
Total	$	–	$	(122,382	)	$	–	$	(122,382	)

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Westcore Funds

Notes to Financial Statements

June 30, 2017 (Unaudited)

Westcore Flexible Income Fund
Investments in Securities at Value*	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Preferred Stock	$	1,315,792	$	–	$	–	$	1,315,792
Exchange Traded Funds		632,400		–		–		632,400
Corporate Bonds		–		70,311,132		–		70,311,132
Commercial Mortgage-Backed Securities		–		1,296,095		1,585,792		2,881,887
Residential Mortgage-Backed Securities		–		673,199		–		673,199
Money Market Mutual Funds		2,513,647		–		–		2,513,647
Total	$	4,461,839	$	72,280,426	$	1,585,792	$	78,328,057

Westcore Plus Bond Fund
Investments in Securities at Value*	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Preferred Stock
Financial Institutions	$	7,972,644	$	1,152,844	$	–	$	9,125,488
Corporate Bonds		–		461,196,273		–		461,196,273
Municipal Bonds		–		114,091,759		–		114,091,759
Asset Backed Securities		–		78,211,777		–		78,211,777
Collateralized Loan Obligations		–		18,538,423		–		18,538,423
Commercial Mortgage-Backed Securities		–		40,240,239		4,052,581		44,292,820
Mortgage-Backed Securities Passthrough		–		309,920,185		–		309,920,185
Residential Mortgage-Backed Securities		–		22,135,067		–		22,135,067
U.S. Treasury Bonds & Notes		–		135,429,495		–		135,429,495
Money Market Mutual Funds		24,738,098		–		–		24,738,098
Total	$	32,710,742	$	1,180,916,062	$	4,052,581	$	1,217,679,385

Westcore Municipal Opportunities Fund
Investments in Securities at Value*	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Municipal Bonds	$	–	$	4,703,555	$	–	$	4,703,555
Money Market Mutual Funds		232,401		–		–		232,401
Total	$	232,401	$	4,703,555	$	–	$	4,935,956

Westcore Colorado Tax-Exempt Fund
Investments in Securities at Value*	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Municipal Bonds	$	–	$	234,629,646	$	–	$	234,629,646
Money Market Mutual Funds		7,995,739		–		–		7,995,739
Total	$	7,995,739	$	234,629,646	$	–	$	242,625,385

*	For detailed Industry descriptions, see the accompanying Statements of Investments.

**	Other financial instruments are derivative instruments not reflected in the Statements of Investments.

It is the Funds’ policy to recognize transfers into and out of all levels at the end of the reporting period.

The Westcore International Small-Cap Fund utilizes a fair value evaluation service with respect to international securities with an earlier market closing than the Fund’s net asset value computation cutoff. When events trigger the use of the fair value evaluation service on a reporting period date, it results in certain securities transferring from a Level 1 to a Level 2 classification. When the trigger is not met at a period end, it could result

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Westcore Funds

Notes to Financial Statements

June 30, 2017 (Unaudited)

in securities transferring from a Level 2 to a Level 1 classification. The transfer amount disclosed in the table below represents the value of the securities as of June 30, 2017 transferred in/(out) of Level 1 and Level 2 during the reporting period that were also held as of December 31, 2016.

The Westcore International Small-Cap Fund had the following transfers in/(out) of Level 1 and Level 2 at June 30, 2017:

	Level 1- Quoted and Unadjusted Prices				Level 2- Other Significant Observable Inputs
	Transfers In		Transfers (Out)		Transfers In		Transfers (Out)
Common Stock	$	3,578,187	$	–	$	–	$	(3,578,187	)
Total	$	3,578,187	$	–	$	–	$	(3,578,187	)

There were no significant Level 3 securities held in any of the Funds, except Westcore Flexible Income and Westcore Plus Bond Funds, as of June 30, 2017.

The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value:

Westcore Flexible Income Fund
Investments in Securities	Balance as of December 31, 2016		Accrued discount/premium		Return of Capital		Realized Gain/(Loss)*		Change in Unrealized Appreciation/ (Depreciation)		Purchases		Paydowns			Transfer into Level 3		Transfer out of Level 3		Balance as of June 30, 2017		Net change in unrealized appreciation/ (depreciation) included in the Statements of Operations attributable to Level 3 investments held at June 30, 2017
Commercial Mortgage-Backed Securities	$	1,603,359	$	9,344	$	–	$	–	$	27,447	$	–	$	(54,358	)	$	–	$	–	$	1,585,792	$	27,447
Total	$	1,603,359	$	9,344	$	–	$	–	$	27,447	$	–	$	(54,358	)	$	–	$	–	$	1,585,792	$	27,447

Westcore Plus Bond Fund
Investments in Securities	Balance as of December 31, 2016		Accrued discount/premium		Return of Capital		Realized Gain/(Loss)*			Change in Unrealized Appreciation/ (Depreciation)		Purchases		Paydowns			Transfer into Level 3		Transfer out of Level 3		Balance as of June 30, 2017		Net change in unrealized appreciation/ (depreciation) included in the Statements of Operations attributable to Level 3 investments held at June 30, 2017
Commercial Mortgage-Backed Securities	$	4,097,474	$	23,879	$	–	$	(16,675	)	$	70,144	$	–	$	(122,241	)	$	–	$	–	$	4,052,581	$	70,144
Total	$	4,097,474	$	23,879	$	–	$	(16,675	)	$	70,144	$	–	$	(122,241	)	$	–	$	–	$	4,052,581	$	70,144

*	Net realized gain/(loss) and net unrealized appreciation/(depreciation) are included in the related amounts in the Statement of Operations.

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

For fair value measurements using significant other observable inputs (Level 2), the Funds generally utilize an independent pricing service which utilizes evaluated pricing models that vary by asset class and incorporate available trade, bid and other market information, and for structured securities also incorporate cash flow and, when available, loan performance data. The independent pricing service’s evaluated pricing models apply available market information through processes such as benchmark curves, benchmarking of similar securities, and sector groupings. For certain securities, the independent pricing service uses model processes, such as the Option Adjusted Spread (benchmark driven) model, to assess interest rate impact and develop prepayment scenarios. With respect to trades and bids, the independent pricing service reviews the lot size to determine

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Westcore Funds

Notes to Financial Statements

June 30, 2017 (Unaudited)

whether the information is representative of an orderly trading market. If the independent pricing service determines that trade or bid information is not consistent with other information available, the trade or bid will not be reflected in the evaluated price.

Corporate bonds, Municipal bonds, U.S. Government & Agency Obligations, and U.S. Treasury bonds & Notes are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information. Mortgage-related and asset-backed securities are valued based on models that consider trade data, prepayment and default projections, benchmark yield and spread data and estimated cash flows of each tranche of the issuer. Forward foreign currency contracts are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services.

In the event the independent pricing service is unable to provide an evaluated price for a security or Denver Investments believes the price provided is not reliable, securities of the Funds may be valued in good faith as described above in Note 2. In these instances, the compliance department will typically seek input from the investment team of the Fund since they are typically the most knowledgeable of the relevant factors in valuing the securities. Denver Investments may seek to find an alternative independent source, such as a broker/dealer to provide a price quote, or by using evaluated pricing models similar to the techniques and models used by the independent pricing service. These fair value measurement techniques may utilize unobservable inputs (Level 3).

At least quarterly, Denver Investments receives a report on the pricing for all fair valued securities during the period along with any actual sales prices, broker quotes and/or pricing from the independent pricing service. Denver Investments uses this information to analyze changes in fair value measurements over the period and as a back test of pricing methods.

Then on at least a quarterly basis, Denver Investments presents the factors considered in determining the fair value measurements and presents that information to the Audit Committee of the Board of Trustees which meets at least quarterly. The Audit Committee of the Board of Trustees then will provide a recommendation to the Board of Trustees for approval of the fair value measurements.

The table below provides additional information about the Level 3 Fair Value Measurements as of June 30, 2017:

Westcore Flexible Income Fund

Quantitative Information about Level 3 Fair Value Measurements	Fair Value at 6/30/2017		Valuation Technique	Unobservable Input^(a)	Range
Commercial Mortgage-Backed Security	$	1,585,792	Adjusted Spread Pricing*	Comparability Adjustment Liquidity Adjustment		0.80 1.00	% %
Total	$	1,585,792

Westcore Plus Bond Fund

Quantitative Information about Level 3 Fair Value Measurements	Fair Value at 6/30/2017		Valuation Technique	Unobservable Input^(a)	Range
Commercial Mortgage-Backed Security	$	4,052,581	Adjusted Spread Pricing*	Comparability Adjustment Liquidity Adjustment		0.80 1.00	% %
Total	$	4,052,581

*	Denver Investments identifies comparable security(ies) and obtains market observable spreads to Treasuries, and then adjusts for appropriate comparability or liquidity adjustments.

^(a)	A change to the unobservable input may result in a significant change to the value of the investment as follows:

Unobservable Input	Impact to Value if Input Increases	Impact to Value if Input Decreases
Comparability Adjustment	Decrease	Increase
Liquidity Adjustment	Decrease	Increase

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Westcore Funds

Notes to Financial Statements

June 30, 2017 (Unaudited)

7. FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS

The Westcore International Small-Cap Fund may purchase or sell foreign currencies on a “spot” or cash basis at the prevailing rate in the foreign currency exchange market to settle investment transactions in the proper currency. In addition, this Fund may purchase or sell forward currency contracts to adjust the portfolio’s exposure to different currencies consistent with the investment team’s targets, which consider the currency weightings within the Fund’s benchmark index.

When entering into a spot or forward foreign currency contract, the Fund agrees to receive or deliver a fixed quantity of foreign currency for an agreed upon price on an agreed future date. These contracts are valued at each portfolio valuation, and the Fund’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the contractual rates at the dates of entry into the contracts and the spot or forward rates at the reporting date, is included in the Statement of Assets and Liabilities. Realized gains and losses and change in unrealized appreciation and depreciation are included in the Statement of Operations. These instruments involve credit risk and market risk in excess of the amount recognized in the Statement of Assets and Liabilities. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in currency exchange rates.

The Fund must segregate assets determined to be liquid in accordance with procedures established by the Board of Trustees, or otherwise cover its position in a permissible manner.

During the six months ended June 30, 2017, the Fund had average forward foreign currency contract values to buy and sell of $26,365,583 and $21,878,292, respectively.

The effect of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2017 is as follows:

Westcore International Small-Cap Fund	Asset Derivatives			Liability Derivatives
Risk Exposure	Statements of Assets and Liabilities Location	Fair Value		Statements of Assets and Liabilities Location	Fair Value
Forward Foreign Currency Contracts (Foreign Exchange Rate Risk)	Unrealized gain on forward foreign currency contracts	$	185,393	Unrealized loss on forward foreign currency contracts	$	307,775
Total		$	185,393		$	307,775

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2017 is as follows:

Westcore International Small-Cap Fund Risk Exposure	Statements of Operations Location	Realized Gain/(Loss) on Derivatives Recognized in Income		Change in Unrealized Appreciation/ (Depreciation) on Derivatives Recognized in Income
Forward Foreign Currency Contracts (Foreign Exchange Rate Risk)	Net realized gain/(loss) on forward foreign currency contracts/ Change in unrealized net appreciation/(depreciation) on forward foreign currency contracts	$	399,017	$	(145,727	)
Total		$	399,017	$	(145,727	)

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Notes to Financial Statements

June 30, 2017 (Unaudited)

8. PURCHASES AND SALES OF INVESTMENTS

Investment transactions for the six months ended June 30, 2017 excluding long-term U.S. government securities and short-term investments were as follows:

Fund	Purchases of Securities		Proceeds from Sales of Securities
Westcore Small-Cap Growth Fund	$	1,794,493	$	1,722,394
Westcore Small-Cap Growth Fund II		11,604,275		15,230,915
Westcore Mid-Cap Value Dividend Fund		40,019,356		32,971,835
Westcore Mid-Cap Value Dividend Fund II		14,329,401		17,332,465
Westcore Smid-Cap Value Dividend Fund		609,282		296,019
Westcore Small-Cap Value Dividend Fund		90,943,479		93,168,723
Westcore Global Large-Cap Dividend Fund		4,409,434		3,390,964
Westcore Large-Cap Dividend Fund		–		3,249,662
Westcore Micro-Cap Opportunity Fund		6,665,247		6,760,937
Westcore International Small-Cap Fund		13,530,086		21,476,917
Westcore Flexible Income Fund		16,596,005		15,223,200
Westcore Plus Bond Fund		193,739,860		185,428,040
Westcore Municipal Opportunities Fund		8,015,177		4,104,220
Westcore Colorado Tax-Exempt Fund		71,601,083		53,092,651

Purchases and sales of long-term U.S. Government securities for the six months ended June 30, 2017, were as follows:

Fund	Purchases of Long Term U.S. Government Obligations				Proceeds from Sales of Long Term U.S. Government Obligations
Westcore Plus Bond Fund		$	63,792,577			$	37,447,703

9. SEC REGULATIONS

On October 13, 2016, the SEC amended Regulation S-X, which will require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management is currently evaluating the impact to the financial statements and disclosures.

Semi-Annual Report | June 30, 2017 |

139

Item 2.

Code of Ethics.

Not applicable to semi-annual report.

Item 3.

Audit Committee Financial Expert.

Not applicable to semi-annual report.

Item 4.

Principal Accountant Fees and Services.

Not applicable to semi-annual report.

Item 5.

Audit Committee of Listed Registrants.

Not applicable.

Item 6.

Investments.

Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the Reports to Stockholders filed under Item 1 of this form.

Not applicable.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10.

Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

Item 11.

Controls and Procedures.

(a)

The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) (the “1940 Act”) (17 CFR 270.30a-3(e)) are effective based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)) as of a date within 90 days of the filing date of this report.

(b)

There was no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.

Exhibits.

(a)(1)

Not applicable to semi-annual report.

(a)(2)

The certifications required by Rule 30a-2(a) of the 1940 Act (17 CFR 270.30a-2(a)) and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.CERT.

(a)(3)

Not applicable.

(b)

The certifications required by Rule 30a-2(b) of the 1940 Act (17 CFR 270.30a-2(b)) and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

WESTCORE TRUST

By:	/s/ Janice M. Teague
	Janice M. Teague
	President/Principal Executive Officer

Date:	September 8, 2017

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Janice M. Teague
	Janice M. Teague
	President/Principal Executive Officer

Date:	September 8, 2017

By:	/s/ Jasper R. Frontz
	Jasper R. Frontz
	Treasurer/Principal Financial Officer

Date:	September 8, 2017

Segall Bryant & Hamill Trust N-CSRSCertified semi-annual shareholder report (management investment company)