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

Overview

Inception Date	Ticker Symbol	WSJ Abbreviation	CUSIP	Investment Style
12/15/1999	WTIFX	IntlFront	957904550	International Small-Cap

Investment Strategy

This Fund seeks long-term growth of capital primarily through investments in international small-cap companies.

Westcore International Frontier Fund invests primarily in the common stock of small-cap international companies that appear to have above average revenue and earnings potential. The Fund managers travel the world to research operations and organizations of small companies. Their research is focused on a bottom-up approach which also factors where the company is located.

Downloadable Fact Sheet

Download and view the most recent Westcore International Frontier 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 International Frontier Fund Fund Net Assets $34.2 mil. Total International Small-Cap Assets $61.7 mil. Number of holdings 40 Number of Countries Represented 15 Average Market Capitalization $876.2 mil. P/E Ratio 2006 Estimated Earnings 10.6x P/C Ratio 2006 Estimated Earnings 10.3x Annual Turnover Ratio for period ended 6/30/2008 71.2% 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) 1.20% Distribtion (12b-1) Fees NONE Other Expenses 0.67% Acquired Fund Fees and Expenses (2) 0.01% Total Annual Fund Operating Expenses 1.88% Fee Waiver and Expense Reimbursement(1) (0.37)% Net Annual Fund Operating Expenses(1) 1.51% (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 International Frontier Fund from April 29, 2008 until at least April 29, 2009, so that Net Annual Fund Operating Expenses will be no more than 1.50% 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 (12/15/1999)	Fund Expense1 Gross/Net
Westcore International Frontier Fund	(5.33)%	(13.67)%	(20.42)%	5.70%	11.67%	N/A	3.49%	2.27% / 1.51%
MSCI EAFE Small-Cap Index	(4.52)%	(10.49)%	(18.65)%	9.36%	18.89%	N/A	9.52%

Annual Total Returns from 12/15/1999
Year	Westcore International Frontier Fund	MSCI EAFE Small-Cap Index
2007	2.94%	1.45%
2006	18.79%	19.31%
2005	19.51%	26.19%
2004	3.24%	30.78%
2003	58.11%	61.35%
2002	(18.42)%	(7.82)%
2001	(20.92)%	(12.51)%
2000	(2.43)%	(7.56)%
1999	3.40%	NA

Daily NAV
Fund Name	NAV as of 08/28/2008	$ Change in NAV	% Change in NAV
Westcore International Frontier Fund	$11.18	$0.12	1.08%

Morningstar Rating TM as of 6/30/2008
Overall	3-Year	5-Year	10-Year
(of 86 funds)	(of 86 funds)	(of 76 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 International Frontier Fund was rated against the following numbers of Foreign Small/Mid Growth funds over the following time periods: 86 funds in the last three years and 76 funds in the last five years. With respect to these Foreign Small-Mid Growth funds, Westcore International Frontier Fund received a Morningstar Rating of 1 star for the three-year period and 1 star 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 6/30/2008 (updated quarterly upon availability)
Company Name	Country	% of Portfolio
KS Energy Services Ltd.	Singapore	5.03%
Cardno Ltd.	Australia	4.72%
CTS Eventim AG	Germany	4.35%
Savills Plc	United Kingdom	4.27%
En-Japan Inc.	Japan	4.21%
Kenedix Inc.	Japan	4.19%
Raffles Education Corp. Ltd.	Singapore	3.74%
Azimut Holding SpA	Italy	3.70%
Diploma Plc	United Kingdom	3.53%
IG Group	United Kingdom	3.45%

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 International Frontier 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
Electronic Technology	2.7%
Producer Manufacturing	11.9%
Consumer Services	2.7%
Health Technology	1.1%
Finance	17.9%
Process Industries	0.5%
Consumer Durables	2.5%
Consumer Non-Durables	5.3%
Industrial Services	7.3%
Commercial Services	26.8%
Transportation	2.5%
Retail Trade	2.6%
Cash	0.1%
Distribution Services	10.8%
Communications	0.8%
Technology Services	4.5%

Country Breakdown as of 6/30/2008

Country/Region % Weight Country % Weight Europe 38.2% United Kingdom 24.7% Asia Ex-Japan 19.9% Japan 16.7% Canada 0.4% Emerging Markets 0.0% Cash 0.1%

Management/Commentary

John C. Fenley, CFA Westcore International Frontier Fund John has been Lead Portfolio Manager for Westcore International Frontier Fund since November 27, 2006, and Co-Portfolio Manager since October 1, 2003. He joined Denver Investment Advisors in 2000 from Hansberger Global Investments where he was the Lead Portfolio Manager and Portfolio Team Member responsible for over $1.0 billion in assets of international, global and small-cap mandates for institutional clients and mutual funds. Prior to that he worked as a Portfolio Manager at Sun Trust Bank where he was responsible for $900 million in Personal and Institutional Trust assets. John worked at the Fifth Third Bank as a Portfolio Manager and Equity Analyst prior to joining Sun Trust Bank. John received his MBA from Duke University?s Fuqua School of Business and has a BA from Vanderbilt University. John is a Chartered Financial Analyst and a member of the CFA Society of Colorado and The Association for Investment Management & Research. * Lead Portfolio Manager since November 27, 2006

"The real opportunity in international small cap investing is to discover great companies at attractive prices before the rest of the world finds them." 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 Westcore International Frontier Fund could not avoid the market turmoil during the second quarter as it finished the period down 5.33%, falling short of the MSCI EAFE Small-Cap Index return of -4.52%. We may continue to see brief, unsustainable rallies as we enjoyed in April and May. But over the next few quarters, it is possible the markets will continue to suffer as investors continue to respond to the risks caused by the credit crisis and rapid inflation in energy and agricultural commodities. The Fund's strongest contributors to performance during the quarter were in the finance and technology services sectors. Interhyp is the leading online mortgage broker in Germany. Like many mortgage-related companies, its share price suffered through the current credit crisis. However, Interhyp has no balance sheet risk to the real estate industry and continued to show growth in revenues and profits by taking share from the large, traditional industry players-namely banks. Its growth profile and low valuation attracted the attention of the Dutch bank ING, which launched a public offer at a 36% premium to Interhyp's share price. Another fast growing company, e-commerce service provider D+S Europe, also saw its share price dwindle during the current market sell-off despite strong operational performance. This time, rather than an industrial buyer, a private equity firm, APAX, gained a controlling stake of D+S at a 29% premium. The underperformance for the quarter is due primarily to the distribution and commercial services sectors. Esprinet, a Southern European IT distributor, is struggling through the near-recessionary environments in Italy and Spain. Management recovered from a logistics integration problem a year ago but given the slowing end-demand in this region, Esprinet has not been able to translate the operational improvement into financial improvement. Rightmove is the largest UK web portal for residential properties. Thus, it has direct exposure to the UK housing market, which is suffering for the same reasons as our own mortgage markets here in the U.S. Savills is property transaction and property management company that is caught in the same storm. *Percent of portfolio as of 6/30/08.

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 Income $0.0861 12/26/2007 12/27/2007 12/31/2007 ST Cap Gain $0.1124 12/26/2007 12/27/2007 12/31/2007 LT Cap Gain $0.1993 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.