See our online glossary for definitions of the terms above.

(1)The Fund's Adviser and Administrators have contractually agreed to waive a portion of the investment advisory and/or administration fees and/or to reimburse other expenses for the Westcore Micro-Cap Opportunity Fund from April 29, 2008 until at least April 29, 2009, so that Net Annual Fund Operating Expenses will be no more than 1.30% for the current fiscal year. You will be notified if these waivers and/or reimbursements are discontinued after that date resulting in a material change in expense ratio.

(2)Each Fund's shareholders indirectly bear the expenses of the other funds in which the Fund invests (Acquired Funds). The operating expenses in this fee table may not correlate to the expense ratios in the Fund's financial statements (or the financial highlights in the prospectus) because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in the Acquired Funds.

Average Annual Total Returns
for the periods ended 3/31/2009

Fund Name

Quarter

YTD

1-Year

3-Year

5-Year

10-Year

Since
Inception
(6/23/2008)

Fund
Expense¹
Gross/Net

Morningstar Rating ^TM as of 3/31/2009

Overall

3-Year

5-Year

10-Year

N/A

N/A

N/A

N/A

Top Ten Holdings as of 3/31/2009(updated quarterly upon availability)

% of Portfolio

Kris B. Herrick, CFA
Co-Portfolio Manager, Westcore Micro-Cap Opportunity Fund

Kris B. Herrick, CFA, a Vice President of Denver Investment Advisors is Director of Value Research and is responsible for co-managing Westcore Blue Chip Fund, Westcore Mid-Cap Value Fund, Westcore Small-Cap Opportunity Fund and Westcore Small-Cap Value Fund. Kris joined Denver Investment Advisors as a Research Analyst in 2000. His previous experience includes working as an analyst with Jurika and Voyles. Kris earned both a B.A. and a B.S. from the University of Northern Colorado. He is a Chartered Financial Analyst and a member of the CFA Society of Colorado.

Paul Kuppinger, CFA
Co-Portfolio Manager, Westcore Micro-Cap Opportunity Fund

Paul Kuppinger, CFA, a Vice President of Denver Investment Advisors, is a Quantitative Analyst with the Equity Value Research Team responsible for co-managing the Westcore Micro- Cap Opportunity Fund since its inception. Prior to joining Denver Investment Advisors in 2006, Mr. Kuppinger was a principal at Rocky Mountain Wealth Advisors since 2004 following a year of consulting as a self-proprietor in 2003. Prior to this he has held various positions in the wealth 24 management business at CPFA, Curian Capital, Prima Capital and KPMG Investment Advisory Practice. Mr. Kuppinger has a total of 18 years of professional experience.

Jon Tesseo
Co-Portfolio Manager, Westcore Micro-Cap Opportunity Fund

Jon Tesseo, a Vice President of Denver Investment Advisors, is a Quantitative Analyst with the Equity Value Research Team responsible for co-managing the Westcore Micro-Cap Opportunity Fund since its inception. Prior to joining Denver Investment Advisors in 2008, he was an Investment Director at OmniWealth Ltd. since June 2007. Prior to that, he held Portfolio Manager/research positions at Oak Research, Inc. (April 2004-June 2007), Harris Investment Management (August 1999-April 2004) and Navellier & Associates (April 1991-August 1999). He began his career with Lotus Development, Inc. Mr. Tesseo has a total of 20 years of professional experience.

Manager Commentary/Current Issues

• The first quarter of this year started much the way 2008 ended with broad based declines in January and February, while March showed a nice bounce. For the quarter, the Russell Microcap Index was off -15.21%, the Russell Microcap Growth Index was off -8.83%, and the Russell Microcap Value Index was off -20.48%. In this environment the Fund was off -18.22%. Some of our underperformance versus the Russell Microcap Index was caused by having a slight value tilt.
  
  
• Bigger influences on the portfolio than the difference between growth and value, were the difference between low priced and higher priced stocks, and the difference between smaller market cap stocks, and larger market cap stocks. Stocks in the bottom 20% of a price sort (those with a price below $2.60) were up 1% for the quarter, while stocks in the top 20% of a price sort lost 23.48% this quarter. In conjunction with this, the smallest stocks in the universe were off 1% while the largest stocks in the universe were off 22%. In an effort to maintain an appropriate level of liquidity in the portfolio, we tend to hold larger, higher priced stocks. This is prudent given our view that smaller, lower price stocks are generally less liquid.
  
  
• We remain relatively close to the Russell Microcap Index market weight in each of the industrial sectors, so allocation has a much smaller effect on the portfolio versus our benchmark than individual stock selection or other characteristics. That being said, it can have an impact on our performance relative to other micro-cap funds that do make large sector bets. Consumer cyclical and consumer staples were our best performing sectors. Banks and other finance sector companies were the biggest draw on our portfolio this past quarter. Last year they were among our largest contributors to performance. Our investment process is designed to not make sector timing bets but rather maintain comparable weightings to the benchmark which we believe helps us to not miss large scale sector rotations.

  Stock Performance (3 months ended 3/31/09)
  Top 5 Stocks -- Average Weight -- Contribution To Return
  Pegasystems Inc. 0.88 0.39
  Asiainfo Holdings Inc. 0.68 0.34
  America Service Group Inc. 0.64 0.23
  Diamond Foods Inc. 0.58 0.22
  Immunogen Inc. 0.11 0.17

  Bottom 5 Stocks -- Average Weight -- Contribution To Return
  Emergent Biosolutions Inc. 0.81 -0.54
  Stoneridge Inc. 0.43 -0.55
  BancTrust Financial Group Inc. 0.71 -0.58
  Synta Pharmaceuticals Corp. 0.69 -0.72
  Hutchinson Technology Inc. 0.60 -0.72

Past performance does not guarantee future results. These stocks do not represent all of the securities purchased, sold or recommended by the Funds' Adviser. The methodology used to construct this chart took into account the weighting of every holding in the Fund that contributed to the Fund's performance during the measurement period. The contribution of each Fund holding was consistently determined by calculating the weight of each holding multiplied by the rate of return for that holding during the measurement period. To request a complete list of the contribution of each Fund holding to overall Fund performance, please call 1-800-392-CORE (2673) or email invest@westcore.com.

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

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View current performance.