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Overview

Fund Type	Inception Date	Ticker Symbol	WSJ Abbreviation	CUSIP	Investment Style
Retail Class	8/1/1986	WTMGX	Midco	957904717	Mid-Cap Growth
Institutional Class	9/28/2007	WIMGX	NA	957904204	Mid-Cap Growth

Investment Strategy

This Fund seeks to maximize long-term capital appreciation by investing primarily in medium-sized growth companies.

A more aggressive approach to your portfolio, Westcore MIDCO Growth Fund invests in a diversified portfolio of medium-sized companies that exhibit rapid earnings growth. Although medium-sized companies are generally more volatile than large companies, they have historically shown better returns with less risk than small companies. Westcore MIDCO Growth Fund emphasizes fundamental research and bottom-up stock selection. We build the portfolio one company at a time, investigating all aspects of the company and the environment in which it operates, rather than follow industry trends and sector requirements.

Downloadable Fact Sheet

Download and view the most recent Westcore MIDCO 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 9/30/2008   Westcore MIDCO Growth Fund Russell Mid-Cap Growth Index Retail Class Net Assets $94.8 mil. N/A Institutional Class Net Assets $31.9 mil. N/A Total Mid-Cap Growth Assets Managed by Denver Investment Advisors LLC $1,182.6 mil. N/A Number of holdings 70 505 Cash Position 3.1% N/A Weighted Market Capitalization $5.5 bil. $7.0 bil. Median Market Capitalization $3.6 bil. $3.5 bil. Estimated 1-Year Forward EPS Growth 17.8% 14.6% Average Dividend Yield of Portfolio Securities 0.4% 1.0% P/E Ratio (on 1-Year Fwd EPS) 16.9x 15.7x Beta (5-year) 1.27 1.26 Annual Turnover Ratio for period ended 9/30/2008 152.6% 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 0.38% 1.43% Acquired Fund Fees and Expenses (2) 0.01% 0.01% Total Annual Fund Operating Expenses 1.04% 2.09% Fee Waiver and Expense Reimbursement(1) 0.00% (1.10)% Net Annual Fund Operating Expenses(1) 1.04% 0.99% (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 MIDCO 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 (Retail and Institutional Class). Open a new account with a Westcore Account Application (Retail and Institutional Class). Learn more about Westcore IRAs with a Westcore IRA Brochure. Open an IRA account with a Westcore IRA Application and Transfer Form (Retail and Institutional Class). 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 9/30/2008
Fund Name	Quarter	YTD	1-Year	3-Year	5-Year	10-Year	Since Inception (8/1/1986)	Fund Expense1 Gross/Net
Westcore MIDCO Growth Fund Retail Class	(17.61)%	(26.51)%	(28.69)%	(1.34)%	3.53%	6.31%	10.20%	1.08% / 1.08%
Westcore MIDCO Growth Fund Institutional Class	(17.74)%	(26.62))%	(28.70)%	(1.34)%	3.53%	6.31%	10.20%	1.09% / 1.00%
Russell Mid-Cap Growth Index	(17.75)%	(23.35)%	(24.65)%	(0.75)%	6.53%	5.51%	9.64%

Annual Total Returns from 8/1/1986 (Retail Class) and from 9/28/2007 (Institutional Class)
Year	Westcore MIDCO Growth Fund - Retail Class	Westcore MIDCO Growth Fund - Inst'l Class	Russell Mid-Cap Growth Index
2007	11.37%	11.50%	11.43%
2006	12.15%	NA	10.66%
2005	4.64%	NA	12.09%
2004	12.48%	NA	15.48%
2003	41.19%	NA	42.72%
2002	(17.94)%	NA	(27.40)%
2001	(10.45)%	NA	(20.15)%
2000	(17.51)%	NA	(11.75)%
1999	59.31%	NA	51.30%
1998	10.40%	NA	17.87%
1997	14.89%	NA	22.54%
1996	16.99%	NA	17.48%
1995	27.42%	NA	33.98%
1994	(1.01)%	NA	(2.16)%
1993	17.47%	NA	11.19%
1992	6.45%	NA	8.71%
1991	67.04%	NA	47.03%
1990	4.42%	NA	NA
1989	29.17%	NA	NA
1988	7.52%	NA	NA
1987	2.92%	NA	NA

Daily NAV
Fund Name	NAV as of 11/20/2008	$ Change in NAV	% Change in NAV
Westcore MIDCO Growth Fund	$3.00	$-0.19	-5.96%

Morningstar Rating TM as of 9/30/2008
Overall	3-Year	5-Year	10-Year
(of 835 funds)	(of 835 funds)	(of 687 funds)	(of 334 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 9/30/08. 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 MIDCO Growth Fund - Retail Class was rated against the following numbers of U.S.-domiciled Mid-Cap Growth funds over the following time periods: 835 funds in the last three years, 687 funds in the last five years, and 334 funds in the last ten years. With respect to these Mid-Cap Growth funds, Westcore MIDCO Growth Fund - Retail Class received a Morningstar Rating of 3 stars, 2 stars and 3 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 9/30/2008 (updated quarterly upon availability)
Company Name	Ticker	% of Portfolio
Cephalon Inc.	CEPH	3.46%
TJX Companies Inc.	TJX	2.77%
Humana Inc.	HUM	2.57%
FTI Consulting Inc.	FCN	2.54%
Netflix Inc.	NFLX	2.40%
HUB Group Inc.	HUBG	2.35%
Pentair Inc.	PNR	2.14%
Lazard Ltd. Class A	LAZ	2.14%
ArvinMeritor Inc.	ARM	2.10%
Invesco Ltd.	IVZ	2.03%

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 MIDCO 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 9/30/2008
HealthCare	18.6%
Consumer Discretionary	17.0%
Information Technology	19.0%
Telecommunication Services	4.1%
Financials	9.0%
Energy	7.6%
Consumer Staples	0.1%
Cash	3.1%
Materials	0.9%
Industrials	20.6%

Management/Commentary

	William S. Chester, CFA Westcore MIDCO Growth 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.
	Jeffrey S. Payne, CFA Westcore MIDCO Growth Fund
Effective June 1, 2005, Jeffrey S. Payne is Co-Portfolio Manager for Westcore MIDCO Growth Fund. Jeff is a Vice President of Denver Investment Advisors. He joined our firm in 1998 and has been a member of our Equity Growth research team since 2000. Jeff was previously with GE Financial Assurance for five years where he managed a variety of fixed-income securities and was also the manager of the Public-Corporate Bond Department. Prior to that he spent five years with the Oregon State Treasury as an Investment Officer where he performed fixed income trading, credit research and portfolio analysis for the Oregon State Public Employees Retirement Fund. Additionally, he was the Portfolio Manager for the Oregon State Veterans Fund. Jeff has his B.A. from Western Washington University. He holds the Chartered Financial Analyst designation and is a member of the CFA Society of Colorado.
	F. Wiley Reed, CFA Westcore MIDCO Growth Fund
Effective June 1, 2005, F. Wiley Reed is Co-Portfolio Manager for Westcore MIDCO Growth Fund. Wiley is a Vice President of Denver Investment Advisors. He joined our firm in 1996 to co-manage small-cap growth investments for high net worth accounts with Todger Anderson. In 1998, he moved to the Equity Growth research team. He is responsible for small- and mid-cap growth investments in the technology, media and aerospace/defense sectors. Prior to Denver Investment Advisors, he co-managed a micro-cap fund at the Graduate School of Industrial Administration (GSIA) at Carnegie Mellon University. He was also a pension analyst for Jefferson-Pilot Corporation. He received a M.S. in Industrial Administration from Carnegie Mellon University and a B.S. in Business from Wake Forest University. He is a Chartered Financial Analyst charter holder and is a member of the CFA Society of Colorado.
	Mitch S. Begun, CFA Westcore MIDCO Growth Fund
Effective April 29, 2008, Mitch is Co-Portfolio Manager for Westcore MIDCO Growth Fund. He joined Denver Investment Advisors as an Associate Analyst in 2003. Prior to joining the firm, he worked as an Equity Research Associate at Raymond James & Associates for two years. Mitch also interned with a financial advisor at Wheat First Union. He earned his B.S. degree from the University of North Carolina at Chapel Hill. He holds the Chartered Financial Analyst designation and a current member of the CFA Society of Colorado.
	Adam C. Bliss Westcore MIDCO Growth Fund
Effective April 29, 2008, Adam is Co-Portfolio Manager for Westcore MIDCO Growth Fund. He joined Denver Investment Advisors as a Research Analyst for the growth team in 2004. Prior to joining the firm, he worked as an Equity Research Analyst at Berger Funds where he entered the investment field at the beginning of his career. He earned his B.S.B.A. from Saint Mary's College of California and his M.B.A. from the Daniels College of Business, University of Denver.
	Jeffrey J. Loehr, CFA Westcore MIDCO Growth Fund
Effective April 29, 2008, Jeff is Co-Portfolio Manager for Westcore MIDCO Growth Fund. He joined our Mid-Cap Growth Research Team in 2001. He started with Denver Investment Advisors in 2000 as an intern and research assistant for the Growth Investing style. Jeff's current areas of focus include retail and consumer related, staples and commerical services. He earned his B.A. from The University of South Florida and his M.B.A. from the University of Denver. He is also a CFA charterholder and a member of the CFA Society of Colorado.
"Our research gives us a real understanding of the investment - not just how the company works - but what factors, unique to the situation, will drive performance." Those individuals listed as CFAs have earned the right to use the Chartered Financial Analyst designation.

Manager Commentary/Current Issues

As of 9/30/08 While the absolute returns in the Fund were distressing, there were some silver linings during the quarter. We did make up some ground relative to our benchmark, the Russell Mid-cap Growth Index, in September and finished slightly ahead of the benchmark in the quarter by returning -17.61% versus -17.75%. The level of market volatility and intra-day swings were unprecedented as even the savviest of traders were hard-pressed to navigate these markets. The industrials sector was our largest contributor during the quarter due to strong stock selection within the group. Hub Group (2.4% of the portfolio as of 9/30/08), Continental Airlines (1.3%), Delta Airlines (1.4%) and FTI Consulting (2.5%) all performed well. The airlines performed particularly well-they benefited from lower fuel costs as oil prices declined and their overall capacity cuts allowed pricing to stay strong. The utilities sector was very weak this quarter, and since we had no exposure, our underweight versus the benchmark helped performance. The well-publicized financial sector was under significant pressure overall, but the mid-cap growth benchmark financials were only down about 6.5% in the quarter. Most of our exposure was in asset management companies. This helped as our financial stocks like Lazard (2.2%), T. Rowe Price (2.0%) and Eaton Vance (1.8%) were only down about 3.2% in aggregate. Even with all of the backstops that have been put in place during this crisis, we remain cautious on this sector as the financial and regulatory landscape for this industry has changed with little clarity at this point. The technology sector negatively impacted our results primarily due to stock selection. Higher valuation growth stocks were hit hardest in anticipation of a deceleration of growth prospects in the near future. Companies like Marvell Technology (1.5%), Akamai Technologies and THQ (1.0%) all declined materially. We have been selectively adding to various technology positions on this weakness believing that we will be rewarded over time by purchasing at the current compelling valuations. *Percent of portfolio as of 9/30/08.

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 ST Cap Gains $0.4431 12/26/2007 12/27/2007 12/31/2007 LT Cap Gains $0.9179 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.