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

Overview

Fund Type	Inception Date	Ticker Symbol	WSJ Abbreviation	CUSIP	Investment Style
Retail Class	6/1/1988	WTLTX	FlexInc	957904709	High Yield
Institutional Class	9/28/2007	WILTX	NA	957904519	High Yield

Our most aggressive fixed income fund, Westcore Flexible Income Fund seeks to provide above average current income along with potential for long term growth of your investment. This fund generally purchases higher yielding bonds and other securities issued by corporations rather than lower yielding government bonds. Our managers seek to maximize returns by thoroughly analyzing corporations and choosing only those that they believe offer solid fundamentals and long-term stability.

Downloadable Fact Sheet

Download and view the most recent Westcore Flexible Income Fund Quarterly Fact Sheet as a PDF file. This Fact Sheet contains complete information, including: Fund Strategy Portfolio Review and Outlook Investment Performance versus Benchmark Portfolio Characteristics Top Ten Holdings Sector Diversification Morningstar Ratings Fees and Expenses If you do not currently have Adobe Acrobat ReaderTM on your computer, you can download it for free now.

Portfolio Characteristics

Portfolio Characteristics as of 3/31/2008   Westcore Flexible Income Fund Lehman Brothers U.S. Corporate High Yield Ba Index Index Retail Class Net Assets $183.4 mil. N/A Institutional Class Net Assets $1.3 mil. N/A 30-Day SEC Yield1 7.48% N/A Coupon 6.80% 7.20% Effective Maturity 8.34 years 7.42 years Mod. Duration 4.42 years 4.81 years Average Credit Quality BBB- BB Yield to Maturity 7.04% 8.11% Annual Turnover Ratio for period ended 3/31/2008 18.3% N/A 1Without fee waiver and/or expense reimbursement for the Westcore Flexible Income Fund the yield figure would have been 7.39%. Total return and yield figures represent past performance. See our online glossary for definitions to the terms above.

Expense Information

Shareholder Fees (fees paid directly from your investment): Retail Class Institutional Class Redemption Fee (as a percentage of amount redeemed or exchanged within 90 calendar days from their date of purchase) 2.00% 2.00% Annual Account Maintenance Fee (for Retail Class accounts under $750 as further described in prospectus) $12.00 None Annual Fund Operating Expenses (expenses that are deducted from Fund assets): Retail Class Institutional Class Management Fees(1) 0.45% 0.45% Distribution (12b-1) Fees NONE NONE Other Expenses 0.47% 6.81% Acquired Fund Fees and Expenses (2) 0.02% 0.02% Acquired Fund Expense 0.02% 0.02% Total Annual Fund Operating Expenses 0.94% 7.28% Fee Waiver and Expense Reimbursement(1) (0.07)% (6.56)% Net Annual Fund Operating Expenses(1) 0.87% 0.72% (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 Flexible Income Fund from April 29, 2008 until at least April 29, 2009, so that Net Annual Fund Operating Expenses will be no more than 0.85% for theFund's Retail Class for such period. In addition, the Advisor has contractually agreed to waive and/or reimburse the Institutional Class its proportionate share of the Retail Class waiver and/or reimbursement plus the ongoing class-specific expenses until at least April 29, 2009. You will be notified if these waivers and/or reimbursements are discontinued after that date resulting in a material change in expense ratio. (2)Each Fund's shareholders indirectly bear the expenses of the other funds in which the Fund invests (Acquired Funds). The operating expenses in this fee table may not correlate to the expense ratios in the Fund's financial statements (or the financial highlights in the prospectus) because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in the Acquired Funds.

Investment Minimums

Westcore Funds requires a low minimum amount to open an account, relative to many other fund companies. We also offer flexibility with the Westcore Automatic Investment Plan.

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

Account Services

Automated Phone Access Online Account Access Wire and ACH Transmissions Individual, Joint, Traditional/Roth IRA, Education Savings, UGMA/UTMA, Corporate Accounts Available Automatic Exchanges

How to Start Investing with Westcore

Everything you need to start investing with Westcore is right here: Get the facts about Westcore with a Westcore Funds Prospectus. Open a new account with a Westcore Account Application. Learn more about Westcore IRAs with a Westcore IRA Brochure. Open an IRA account with a Westcore IRA Application and Transfer Form. Learn more about Westcore Education Savings with Coverdell Education Savings Account Information Open an Education Savings Account with a Coverdell Education Savings Account Application.

Performance

Average Annual Total Returns for the periods ended 6/30/2008
Fund Name	Quarter	YTD	1-Year	3-Year	5-Year	10-Year	Since Inception (6/1/1988)	30-Day SEC Yield*	Fund Expense1 Gross/Net
Westcore Flexible Income Fund Retail Class	(1.08)%	(5.24)%	(11.57)%	1.32%	4.99%	5.21%	7.91%	7.71%	0.98% / 0.87%
Westcore Flexible Income Fund Institutional Class	(1.05)%	(5.08)%	(11.47)%	1.36%	5.02%	5.22%	7.92%	7.84%	1.88% / 0.78%
Lehman Brothers U.S. Corporate High Yield Ba Index	(1.11)%	(0.14)%	0.39%	4.06%	6.15%	5.97%	8.56%
Flexible Income Fund Custom Index	(1.11)%	(0.14)%	0.39%	4.06%	6.15%	5.96%	8.69%

*Without fee waiver and/or expense reimbursements, yield would have been 7.67% and 5.84%, respectively.

Annual Total Returns from 6/1/1988 (Retail Class) and 9/28/2007 (Institutional Class)
Year	Westcore Flexible Income Fund - Retail Class	Westcore Flexible Income Fund - Inst'l Class	Lehman Brothers U.S. Corporate High Yield Ba Index	Flexible Income Fund Custom Index
2007	(3.45)%	(3.51)	1.74%	1.74%
2006	14.26%	NA	10.07%	10.07%
2005	(0.35)%	NA	3.04%	3.04%
2004	10.39%	NA	9.62%	9.62%
2003	27.95%	NA	19.95%	19.95%
2002	(0.04)%	NA	(1.79)%	(1.79)%
2001	6.19%	NA	11.90%	11.90%
2000	10.70%	NA	3.97%	9.80%
1999	(7.89)%	NA	1.88%	(7.65)%
1998	10.21%	NA	5.90%	11.77%
1997	13.95%	NA	12.64%	14.52%
1996	0.74%	NA	8.92%	0.14%
1995	26.69%	NA	21.84%	29.95%
1994	(7.13)%	NA	(0.39)%	(7.10)%
1993	15.91%	NA	15.86%	16.16%
1992	8.93%	NA	12.07%	8.53%
1991	19.44%	NA	25.03%	19.53%
1990	5.14%	NA	0.07%	6.45%
1989	15.69%	NA	7.81%	17.54%
1988	6.15%	NA	6.91%	8.20%

Daily NAV
Fund Name	NAV as of 07/23/2008	$ Change in NAV	% Change in NAV
Westcore Flexible Income Fund	$8.42	$0.04	0.48%

Morningstar Rating TM as of 6/30/2008
Overall	3-Year	5-Year	10-Year
(of 476 funds)	(of 476 funds)	(of 413 funds)	(of 214 funds)

2007 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Morningstar proprietary ratings reflect historical risk-adjusted performance as of 6/30/08. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five-, ten-year (if applicable) Morningstar Rating metrics. During periods on which ratings are based, service providers of the Fund waived fees. This waiver had a material impact on the funds' average annual returns. In the absence of fee waivers, performance would have been reduced.

Westcore Flexible Income Fund - Retail Class was rated against the following numbers of U.S.-domiciled Hi Yield Bond funds over the following time periods: 476 funds in the last three years, 413 funds in the last five years, and 214 funds in the last ten years. With respect to these Multisector Bond funds, Westcore Flexible Income Fund - Retail Class received a Morningstar Rating of 1 star, 2 stars and 4 stars for the three-, five- and ten-year periods, respectively. Past performance is no guarantee of future results.

Click here for the most recent month-end Morningstar Ratings information.

$10,000 Hypothetical Investment Graph

The performance data quoted represents past performance. Past performance does not guarantee future results and current performance may be lower or higher than the performance quoted. To obtain current performance as of the most recent month-end, please call 1-800-392-CORE (2673) or visit us online at www.westcore.com. Average annual total returns and yield figures reflect the reinvestment of dividends, capital gains distributions, all fee waivers and expense reimbursements. Without the fee waivers and expense reimbursements, total return and yield figures would have been lower. The performance data quoted does not reflect the deduction of the 2% redemption fee imposed if shares are redeemed or exchanged within three months of purchase. If imposed, the fee would reduce the performance quoted. Total return and yield figures represent past performance. Investment return and principal value will vary, and shares, when redeemed, may be worth more or less than their original cost. Westcore fund shares are not insured by the FDIC, the Federal Reserve Board or any other agency and are subject to investment risk.

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

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

Holdings/Sectors

Top Ten Holdings as of 3/31/2008 (updated quarterly upon availability)
Company Name	% of Portfolio
Ford Motor Co.	5.00%
MGM Mirage Inc.	4.00%
Leucadia National Corp.	3.81%
General Motors Acceptance Corp.	3.25%
Qwest Communications	2.47%
Aramark	2.31%
Freddie Mac	2.29%
Royal Caribbean	2.10%
Host Marriott	1.73%
Fontainebleau Las Vegas	1.71%

Top ten holdings are subject to change, and there are no guarantees that the Fund will continue to remain invested in any particular company or holding.

Download and view the most recent Westcore Flexible Income Fund Composition Sheet as a PDF file. This Composition Sheet contains complete holdings for the Fund. Updated monthly upon availability. If you do not currently have Adobe Acrobat ReaderTM on your computer, you can download it for free now.

Sectors as of 3/31/08 Industrial Bonds 40.7% Finance Bonds 8.8% REITs 4.2% Transportation Bonds 3.4% Utility Bonds 0.6% Preferred Stock 13.2% Common Stock 4.1% Convertible Preferred Stock 3.4% Convertible Bonds 0.1% Asset Backed Securities 5.0% Muni Bond Securities 1.1% Cash and Equivalents 15.4%

S & P Bond Quality Ratings as of 6/30/08 AAA 0.76% AA 1.63% A 2.95% BBB 25.24% BB 26.45% B 23.03% Below B 5.06% Non-Rated 9.52% Cash 5.36%

Management/Commentary

	Mark R. McKissick, CFA, Lead Portfolio Manager, Westcore Flexible Income Fund Mark R. McKissick, CFA, a Vice President of Denver Investment Advisors is responsible for managing the Westcore Plus Bond Fund and Westcore Flexible Income Fund. He has been a fixed income research analyst with Denver Investment Advisors since 1999. His previous experience includes work with Hotchkis & Wiley, Payden & Rygel Investment Council, and Salomon Brothers. He also worked as a Senior Accountant with Ernst & Young with his CPA (although he is non-practicing now). Mark earned a B.S. from Oklahoma State University and an M.B.A. from the University of Chicago. He is a Chartered Financial Analyst and a member of the CFA Society of Colorado.
"Intensive industry and credit research combined with relative value analysis are the driving forces behind our fixed-income strategy. The philosophy continues to overweight corporate bonds due to their yield advantage." Those individuals listed as CFAs have earned the right to use the Chartered Financial Analyst designation.

Manager Commentary/Current Issues

As of 3/31/08 The first quarter of 2008 was one of the more newsworthy in the last thirty years-unfortunately, most of the news was negative for the economy. The Federal Government reacted by taking unprecedented and extraordinary steps to intervene in the markets. The Fed opened itself to lending to primary dealers in addition to commercial banks. They also established new lending programs in an attempt to alleviate the severe illiquidity in the credit markets. The Treasury Department also stepped in with a massive plan directed at overhauling and restructuring the regulatory process of the United States financial system. While the federal government has effectively stabilized the markets through this extremely volatile period, it is not clear that the underlying problems themselves have been addressed. The asset deflation in the housing sector appears to have further to go. At the same time, we are facing the collapse of a pervasive credit bubble due to weak underlying quality and reduced debt-servicing capability. We believe this combination will continue to exert downward pressure on the economy as a whole. Finally, with oil prices over $100/barrel, gold near $1,000/ounce, and a weakening U.S. dollar, inflation may be a concern in the not too distant future. We have let the cash balance of the Fund increase as overall market risk re-prices the high-yield market downward, but we also have been selectively reinvesting cash and repositioning the Fund as we see opportunities to buy attractive securities. We continue to see securities we find promising in the energy, utility, global technology and cost competitive consumer staple industries. As with all episodes like the market is currently experiencing, many solid long-term investments are categorically discounted to attractive long-term values as less patient, objective-constrained, market participants choose to sell securities at what we believe is the most inopportune time.

Distributions

Recent Distributions

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

Retail Class Type Amount Record Date Ex-Date Pay Date Income $0.0403 6/25/2008 6/26/2008 6/30/2008 Income $0.0393 5/27/2008 5/28/2008 5/30/2008 Income $0.0474 4/25/2008 4/28/2008 4/30/2008 Income $0.0564 3/26/2008 3/27/2008 3/31/2008 Income $0.0511 2/26/2008 2/27/2008 2/29/2008 Income $0.0480 1/28/2008 1/29/2008 1/31/2008 Income $0.0333 12/26/2007 12/27/2007 12/31/2007 LT Cap Gain $0.0201 12/26/2007 12/27/2007 12/31/2007 Income $0.0521 11/27/2007 11/28/2007 11/30/2007 Income $0.0453 10/26/2007 10/29/2007 10/31/2007 Income $0.0577 9/25/2007 9/26/2007 9/27/2007 Income $0.0554 8/28/2007 8/29/2007 8/31/2007 Income $0.0654 7/26/2007 7/27/2007 7/31/2007 Institutional Class Type Amount Record Date Ex-Date Pay Date Income $0.0409 6/25/2008 6/26/2008 6/30/2008 Income $0.0408 5/27/2008 5/28/2008 5/30/2008 Income $0.0478 4/25/2008 4/28/2008 4/30/2008 Income $0.0564 3/26/2008 3/27/2008 3/31/2008 Income $0.0522 2/26/2008 2/27/2008 2/29/2008 Income $0.0506 1/28/2008 1/29/2008 1/31/2008 Income $0.0346 12/26/2007 12/27/2007 12/31/2007 LT Cap Gain $0.0201 12/26/2007 12/27/2007 12/31/2007 Income $0.0536 11/27/2007 11/28/2007 11/30/2007 Income $0.0466 10/26/2007 10/29/2007 10/31/2007

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