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

Overview

Inception Date	Ticker Symbol	WSJ Abbreviation	CUSIP	Investment Style
10/1/1999	WTSLX	Select	957904576	Concentrated Mid-Cap Growth

Investment Strategy

Westcore Select Fund seeks long-term growth of capital through investment in a limited number of medium-sized companies that are believed to be rapidly growing. The Fund maintains a concentrated portfolio, meaning it may invest a greater percentage of its assets in fewer companies than diversified funds. Normally, the Fund invests in 20-35 companies. Westcore Select Fund may add an aggressive edge to your investment portfolio.

Downloadable Fact Sheet

Download and view the most recent Westcore Select 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 Select Fund Russell Midcap Growth Index Fund Net Assets $34.0 mil. N/A Total Concentrated Assets Managed by Denver Investment Advisors $46.1 mil. N/A Number of holdings 23 543 Cash Position 3.7% N/A Weighted Market Capitalization $5.9 bil. $8.6 bil. Median Market Capitalization $5.0 bil. $3.9 bil. Estimated 1-Year Forward EPS Growth 12.7% 14.2% Average Dividend Yield of Portfolio Securities 0.4% 0.9% P/E Ratio (on 1-Year Fwd EPS) 15.8x 17.0x Beta (3-year) 1.41 1.25 Annual Turnover Ratio for period ended 3/31/2008 203.0% N/A See our online glossary for definitions of the terms above.

Expense Information

Shareholder Fees (fees paid directly from your investment): Redemption Fee (as a percentage of amount redeemed or exchanged within 90 calendar days from their date of purchase) 2.00% Annual Account Maintenance Fee (for accounts under $750 as further described in prospectus) $12.00 Annual Fund Operating Expenses (expenses that are deducted from Fund assets): Management Fees(1) 0.65% Distribtion (12b-1) Fees NONE Other Expenses 0.62% Acquired Fund Fees and Expenses (2) 0.01% Total Annual Fund Operating Expenses 1.28% Fee Waiver and Expense Reimbursement(1) (0.12)% Net Annual Fund Operating Expenses(1) 1.16% (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 Select 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 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.

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.

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

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 (10/1/1999)	Fund Expense1 Gross/Net
Westcore Select Fund	(3.08)%	(11.65)%	(10.52)%	9.79%	11.83%	N/A	14.67%	1.55% / 1.17%
Russell Midcap Growth Index	4.65%	(6.81)%	(6.42)%	8.19%	12.32%	N/A	4.86%

Annual Total Returns from 10/1/1999
Year	Westcore Select Fund	Russell Mid-Cap Growth Index
2007	15.25%	11.43%
2006	18.75%	10.66%
2005	7.92%	12.09%
2004	17.75%	15.48%
2003	19.87%	42.72%
2002	(23.38)%	27.40%
2001	(0.33)%	(20.15)%
2000	15.27%	(11.71)%
1999	104.20%	39.47%

Daily NAV
Fund Name	NAV as of 07/23/2008	$ Change in NAV	% Change in NAV
Westcore Select Fund	$15.69	$0.25	1.62%

Morningstar Rating TM as of 6/30/2008
Overall	3-Year	5-Year	10-Year
(of 813 funds)	(of 813 funds)	(of 684 funds)	N/A

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 Select Fund was rated against the following numbers of U.S.-domiciled Mid-Cap Growth funds over the following time periods: 813 funds in the last three years and 684 funds in the last five years. With respect to these Mid-Cap Growth funds, Westcore Select Fund received a Morningstar Rating of 4 star for the three-year period and 3 stars for the five-year period. 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.

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	Ticker	% of Portfolio
DRS Technologies Inc.	DRS	6.23%
Herbalife LTD	HLF	5.44%
Millennium Pharmaceuticals Inc.	MLNM	5.35%
Invesco Ltd.	IVZ	5.08%
DaVita Inc.	DVA	4.92%
Lazard LTD	LAZ	4.91%
Broadcom Corp.	BRCM	4.63%
St. Jude Medical Inc.	STJ	4.61%
BioMarin Pharmaceautical Inc.	BMRN	4.58%
Cephalon Inc.	CEPH	4.51%

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 Select 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 3/31/2008
Consumer Discetionary	20.2%
Healthcare	28.4%
Consumer Staples	5.4%
Information Technology	14.5%
Telecommunication Services	0.0%
Energy	0.0%
Financials	10.0%
Materials	4.1%
Industrials	13.7%
Cash	3.7%

Management/Commentary

	William S. Chester, CFA Westcore Select Fund
Effective June 1, 2005, William S. Chester is Lead Portfolio Manager of Westcore MIDCO Growth Fund and Westcore Select Fund. Will is a Vice President of Denver Investment Advisors and Managing Director of the Equity Growth research team. Will was Co-Portfolio Manager of Westcore Select Fund from December 1, 2001 to May 31, 2005 and was Co-Portfolio Manager of Westcore MIDCO Growth Fund from October 1, 2002 to May 31, 2005. He has been conducting equity research for Denver Investment Advisors for 19 years. Prior to joining Denver Investment Advisors, Will gained economic experience at Centennial Precious Metals and the University of Denver. His educational background includes a B.A. form the University of Colorado and an M.B.A. form the University of Denver. He is a member of the CFA Society of Colorado and holds the Chartered Financial Analyst Designation.
"We're looking for the few best ideas in those sectors that are emerging as market leaders." 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 Amid a poor fundamental backdrop comprised of a lethal combination of decelerating economic growth, rising inflation and deteriorating earnings, the equity market suffered a broad-based decline where every sector in the Russell Midcap Growth Index posted a negative return. The Westcore Select Fund posted a return of -8.84% during the quarter, meaningfully ahead of the Index return of -10.95%. There weren't many places to hide, but we did manage to perform significantly better in the healthcare and technology sectors relative to the benchmark, mainly due to better stock selection. Healthcare was our second largest sector at about 28% of the total portfolio exceeding the benchmark's weight of 13%. The group was our top relative contributor this quarter due to strong stock performance from companies like St. Jude Medical and Millennium Pharmaceuticals. The technology group was a major contributor as well due largely to two video game developers, Take-Two Interactive Software and THQ, Inc. Both are benefiting from increasing growth prospects for their businesses, but Take-Two was especially strong due to an attractive buyout offer from Electronic Arts. We also owned Electronic Arts which as the acquirer was weaker on the news. We have since sold both Take-Two and Electronic Arts. We continue to hold THQ believing its growth prospects are favorable given its inventory of video gaming titles. The primary detractor of performance this quarter was the consumer discretionary sector. This group continues to be under pressure due to the slowing economy and weak housing market. Most of our stocks in the group did relatively well with the exception of Crocs. Crocs is a specialty footwear manufacturer and was hit hard after announcing a slowdown in both its domestic and international sales. We sold the stock from the portfolio in favor of investing the proceeds in better opportunities. In addition, we were able to largely avoid the crisis in financials by owning only a few asset managers and not having any exposure to commercial banks. It is clear the U.S. economy is slowing, but much speculation and debate remains over whether or not we'll enter an official recession. The Federal Reserve has taken unprecedented steps to try and stabilize the financial system and avoid any more collapses like Bear Stearns. The global deleveraging process can be long and painful to work through, and while the all-clear signal hasn't sounded yet, the equity market seems to have taken some comfort that the Fed's solutions are working. *Percent of portfolio as of 3/31/08.

Distributions

Recent Distributions

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

Type Amount Record Date Ex-Date Pay Date ST Cap Gains $1.3444 12/26/2007 12/27/2007 12/31/2007 LT Cap Gains $0.4338 12/26/2007 12/27/2007 12/31/2007

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.