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

Overview

Fund Type	Inception Date	Ticker Symbol	WSJ Abbreviation	CUSIP	Investment Style
Retail Class	6/1/1988	WTEIX	N/A	957904667	Growth
Institutional Class	9/28/2007	WILGX	N/A	957904634	Growth

Investment Strategy

The Westcore Growth Fund’s objective is to maximize long-term capital appreciation by investing primarily in a well-diversified portfolio of large companies with growth potential.

We use a research-intensive approach to equity investing to create a well-diversified portfolio with a bias towards established companies that have attractive revenue and earnings growth prospects. We believe a combination of core and tactical holdings of larger companies should position the portfolio to excel in all market environments.

Downloadable Fact Sheet

Download and view the most recent Westcore Growth 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 6/30/2008   Westcore Growth Fund Russell 1000 Growth Index Retail Class Net Assets $246.2 mil. N/A Institutional Class Net Assets $3.1 mil. N/A Total Large Growth Assets Managed by Denver Investment Advisors LLC $433.9 mil. N/A Number of holdings 66 647 Cash Position 4.8% N/A Weighted Market Capitalization $70.4 bil. $65.1 bil. Median Market Capitalization $33.1 bil. $5.4 bil. Estimated 1-Year Forward EPS Growth 19.8% 16.3% Average Dividend Yield of Portfolio Securities 0.8% 1.2% P/E Ratio (on 1-Year Fwd EPS) 19.2x 17.3x Beta (3-year) 1.17 1.10 Annual Turnover Ratio for period ended 6/30/2008 157.6% N/A See our online glossary for definitions of 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) 0.65% 0.65% Distribution (12b-1) Fees NONE NONE Other Expenses 0.40% 3.99% Acquired Fund Fees and Expenses (2) 0.00% 0.00% Total Annual Fund Operating Expenses 1.05% 4.64% Fee Waiver and Expense Reimbursement(1) 0.00% (3.66)% Net Annual Fund Operating Expenses(1) 1.05% 0.98% (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 Growth Fund from April 29, 2008 until at least April 29, 2009, so that Net Annual Fund Operating Expenses will be no more than 1.15% 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)	Fund Expense1 Gross/Net
Westcore Growth Fund Retail Class	0.83%	(13.40)%	(4.02)%	6.68%	9.22%	5.51%	9.46%	1.11% / 1.11%
Westcore Growth Fund Institutional Class	0.83%	(13.33)%	(3.96)%	6.70%	9.24%	5.52%	9.46%	2.02% / 1.02%
Russell 1000 Growth Index	1.26%	(9.06)%	(5.96)%	5.92%	7.33%	0.96%	9.94%

Annual Total Returns from 6/1/1988 (Retail Class) and 9/28/2007 (Institutional Class)
Year	Westcore Growth Fund Retail Class	Westcore Growth Fund Institutional Class	Russell 1000 Growth Index
2007	22.48%	22.48%	11.82%
2006	4.60%	NA	9.09%
2005	6.23%	NA	5.27%
2004	11.18%	NA	6.30%
2003	30.07%	NA	29.76%
2002	(23.12)%	NA	(27.89)%
2001	(13.49)%	NA	(20.42)%
2000	3.75%	NA	(22.43)%
1999	46.16%	NA	33.16%
1998	6.63%	NA	38.70%
1997	27.25%	NA	30.48%
1996	23.25%	NA	23.12%
1995	22.45%	NA	37.19%
1994	(8.39)%	NA	2.66%
1993	11.33%	NA	2.89%
1992	4.96%	NA	5.01%
1991	31.21%	NA	41.17%
1990	(2.80)%	NA	(0.27)%
1989	26.36%	NA	35.93%
1988	1.06%	NA	8.16%

Daily NAV
Fund Name	NAV as of 08/28/2008	$ Change in NAV	% Change in NAV
Westcore Growth Fund	$12.97	$0.12	0.93%

Morningstar Rating TM as of 6/30/2008
Overall	3-Year	5-Year	10-Year
(of 1488 funds)	(of 1488 funds)	(of 1215 funds)	(of 589 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 Growth Fund - Retail Class was rated against the following numbers of U.S.-domiciled Large Growth funds over the following time periods: 1488 funds in the last three years, 1215 funds in the last five years, and 589 funds in the last ten years. With respect to these Large Growth funds, Westcore Growth Fund - Retail Class received a Morningstar Rating of 3 stars, 4 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 6/30/2008 (updated quarterly upon availability)
Company Name	Ticker	% of Portfolio
Apple Inc.	AAPL	4.52%
Google Inc.	GOOG	4.49%
Research in Motion	RIMM	3.13%
Mastercard Inc.	MA	3.03%
Cisco Systems Inc.	CSCO	2.52%
Monsanto Co.	MON	2.51%
Gilead Sciences Inc.	GILD	2.41%
Microsoft Corp.	MSFT	2.39%
Visa Inc.	V	2.32%
Exxon Mobile Corp.	XOM	2.17%

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 Growth 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 6/30/2008
Information Technology	32.5%
Healthcare	15.2%
Financials	4.5%
Consumer Discretionary	4.8%
Energy	13.2%
Materials	7.9%
Industrials	10.2%
Consumer Staples	5.3%
Cash	4.8%
Telecommunication Services	1.6%

Management/Commentary

	Ross G. Moscatelli, CFA* Westcore Growth Fund
* Co-manager since April 14, 2004 and Lead Manager since September 28, 2004
Ross G. Moscatelli, CFA, a Vice President of Denver Investment Advisors and Director of Large-Cap Growth Equity Research is a Lead Portfolio Manager of Westcore Growth Fund. Prior to rejoining Denver Investment Advisors in 2004, Ross was an Associate Portfolio Manager with Invesco Funds Group, Inc. beginning in 2001. From 1997 to 2001, Ross was a member of the equity growth research team at Denver Investment Advisors. From 1995 to 1997, he worked as an Investment Banking Financial Analyst/Associate with Morgan Keegan & Company, Inc. Ross received his Bachelor of Arts from Duke University. He holds the Chartered Financial Analyst designation.
	Derek J. Scarth** Westcore Growth Fund
** Co-manager since September 28, 2004
Derek joined Denver Investment Advisors as a Senior Research Analyst in 2004. Prior to joining the firm, he worked as an Investor Relations Manager at Newmont Mining Corporation and spent four years at Berger Financial Group as an Equity Analyst. Derek earned his B.A. from Regis University and his M.S.M. from the University of Denver.
	Craig W. Juran, CFA*** Westcore Growth Fund
*** Co-manager since November 1, 2004
Craig joined Denver Investment Advisors LLC as Co-Portfolio Manager of Westcore Growth Fund in 2004. Prior to joining the firm, he worked for Invesco Funds Group, Inc. where he was an Equity Analyst and Associate Partner since 2002. From 1998 to 2002, Craig was a Product Manager for Invesco Funds Group, Inc. and from 1997 to 1998, he worked as a Communications/Financial Writer with Invesco. From 1994 to 1997, Craig worked for Lipper Analytical Services, Inc. as a Research Analyst and Manager. He earned his B.A. and M.A. from Colorado State University. Craig holds the Chartered Financial Analyst designation and is a current member of the CFA Society of Colorado.
"The Westcore Growth Fund is flexible by design - we invest in large company stocks to reduce volatility and medium-sized company stocks for their higher growth potential." Those individuals listed as CFAs have earned the right to use the Chartered Financial Analyst designation.

Manager Commentary/Current Issues

As of 6/30/08 The market in the second quarter continued to digest the impact of higher commodity prices, slowing economic growth, lower corporate profits, and the catastrophic losses associated with mortgage-backed securities and their impact on the financial sector. These headwinds have pushed the broader markets towards the brink of a bear market as most indices are down approximately 20% from their highs established last October. However, even with the extreme volatility in the quarter, negative news flow, and tepid sentiment, we are encouraged that some of the market indices actually produced slightly positive quarterly returns despite the difficulties in June. During the quarter, the Fund produced positive returns in a volatile market, slightly underperforming its benchmark. The Fund's results were bolstered by underweight sector positions in consumer-related names, financials, and healthcare and our overweight position in materials vis-à-vis the Russell 1000 Growth Index. From a stock selection viewpoint, our holdings in the agriculture (Potash Corp of Saskatchewan and Monsanto), energy (Cameron International Corporation and Newfield Exploration Company), and technology (Apple and MasterCard, Inc.) sectors delivered strong results for the quarter. Offsetting those returns were companies that experienced negative headwinds due to high input costs (Owens Illinois and Deere & Co), had company specific news (Genentech), or by those names impacted from a slowdown in consumer spending related to high gasoline and food costs. All of these companies remain in our portfolio, and we remain optimistic about their longer term prospects. From time to time it is good to step back and look at historical results as a way to gauge current sentiment in the market. With most of the broader markets down almost 20% from their highs last October, the indexes are setting up to deliver the worst historical return for any decade. We acknowledge that there is nothing special about any ten-year period in the market. However, we thought it was interesting to note that the S&P 500 would have to be about up 14% in the next 18 months just to equal the returns produced in the decade of the Great Depression. Although it is difficult to predict where the market may go in the following weeks or months, we feel very confident that the markets' returns over the next decade should be better than what we have experienced this decade. *Percent of portfolio as of 6/30/08.

Distributions

Recent Distributions

Type Amount Record Date Ex-Date Pay Date ST Cap Gains $0.1334 12/26/2007 12/27/2007 12/31/2007 LT Cap Gains $0.7238 12/26/2007 12/27/2007 12/31/2007 *Please note that this information applies to both the retail class and institutional class. 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. This Fund participates in the Initial Public Offering ("IPO") market and a significant portion of the Fund's returns have been attributable to its investments in IPOs during certain periods, which in turn have had a magnified impact due to the Fund's relatively small asset base. There is no guarantee that as the Fund's assets grow, it will continue to experience substantially similar performance by investing in IPOs. See "Financial Highlights" within the prospectus. An investor should consider investment objectives, risks, charges and expenses of the Fund(s) carefully before investing. Click here for a prospectus, which contains this and other important information. Please read the prospectus carefully before investing. Westcore Funds are distributed by ALPS Distributors, Inc.