WESTCORE BOND FUNDS

The Westcore Bond Funds are designed for long-term investors seeking current income who can tolerate the risks associated with investing in bonds.

What are the investment objectives of the Westcore Bond Funds?

• Westcore Flexible Income Fund ? long-term total rate of return, primarily through investments in bonds, and to a lesser extent through convertible securities and high-yielding equities consistent with preservation of capital.
  
  
• Westcore Plus Bond Fund ? long-term total rate of return, consistent with preservation of capital, by investing primarily in investment-grade bonds of varying maturities.
  
  
• Westcore Colorado Tax-Exempt Fund ? income exempt from both federal and Colorado state personal income taxes by emphasizing insured Colorado municipal bonds with intermediate maturities.
  

Upon notice to shareholders, each Fund's investment objective may be changed by the Trust's Board of Trustees without the approval of shareholders.

What are the main investment strategies of the Westcore Bond Funds?

Westcore Flexible Income Fund invests primarily in a wide variety of income-producing securities such as corporate bonds and notes, government securities and high-yielding equity securities. Under normal circumstances, the Fund will invest at least 80% of the value of its total net assets in income-producing securities.* The Fund may invest up to 20% of its assets in common stocks, primarily dividend paying. The Fund may own an unlimited amount of high-yield/high-risk bonds and securities denominated in foreign currencies.

Westcore Plus Bond Fund invests primarily in investment-grade debt securities ? those rated in the top four rating categories by nationally recognized rating agencies such as Moody's or Standard and Poor's. Under normal circumstances, the Fund will invest at least 80% of the value of its total net assets in fixed income securities of varying maturities.* The dollar-weighted average quality is expected to be "Baa" or better. A "Baa" rating typically is the lowest of the four investment-grade categories, and includes medium-grade bonds where interest and principal payments appear adequate presently, but certain protective elements may be lacking or may be unreliable over any great length of time. Westcore Plus Bond Fund maintains an average dollar-weighted maturity of between 4 and 10 years. The Fund may invest up to 25% of its assets in high-yield/high-risk bonds and up to 10% in securities denominated in foreign currencies, and may invest beyond this limit in U.S. dollar-denominated securities of foreign issuers.

The Funds emphasize corporate bonds, which may generate more income than government securities. Corporate bonds also provide opportunities for the portfolio manager and analysts' research to identify companies with stable or improving credit characteristics, which may result in price appreciation. In addition, the Funds may invest in other securities, including debt issued by REITs and mortgage-backed and asset-backed bonds, which may also offer higher interest yield than government bonds. The attractiveness of REIT debt and corporate, mortgage- and asset-backed bonds relative to government bonds is monitored to determine the target weightings for each sector. The combination of valuation and a disciplined credit research process is the basis for buy/sell decisions.

Westcore Colorado Tax-Exempt Fund invests, under normal circumstances, at least 80% of its assets in bonds issued by or on behalf of the state of Colorado, other states, territories and possessions of the United States, the District of Columbia and their respective authorities, instrumentalities and political subdivisions. Under normal circumstances, the Fund will invest at least 80% of the value of its total net assets in investments, the income from which is exempt from both federal and Colorado state income tax, including securities of issuers not located in Colorado if the income from such securities is so exempt. The Fund maintains an average dollar-weighted maturity of between 7 and 10 years.

The investment adviser invests in Colorado municipal bonds that are rated in one of the three highest investment-grade categories at the time of purchase by one or more rating agencies. The Fund may invest up to 10% of its total assets in Colorado municipal bonds rated at the time of purchase in the fourth highest investment-grade category. The fourth category is the lowest investment-grade category, and these obligations have speculative characteristics. The Fund may invest in unrated bonds if the portfolio manager determines they are comparable in quality to instruments that meet the Fund's rating requirements.

The portfolio manager's strategy emphasizes quality. To fully understand the issuers' ability to generate revenues or levy taxes in order to meet their obligations, the portfolio manager and a team of analysts researches the financial condition of various counties, public projects, school districts and taxing authorities whose bonds the Fund owns or may purchase. The Fund holds bonds from all areas of the state to reduce the risk to the portfolio of any one local economy that is suffering. The portfolio manager enhances the quality of the Fund by investing at least 75% of the assets in bonds where the risk of interest and principal payment default is protected by a third-party insurer or the issue is secured by U.S. Government securities as collateral.

All Westcore Bond Funds
If the rating on an obligation held by a Fund is reduced below the Fund's rating requirements, the investment adviser will sell the obligation if and when the investment adviser determines it is in the Fund's best interest to do so.

What are the principal risks of investing in the Westcore Bond Funds?

Although bond funds may fluctuate less in value than equity funds, bond fund returns and yields will vary. Therefore, you could lose money by investing in the Bond Funds.

A principal risk of investing in bond funds is that the value of these securities will fall if interest rates rise (interest rate risk). Generally, the value of a fixed-income portfolio will decrease when interest rates rise, which means the Fund's net asset value (NAV) will likewise decrease. Another principal risk associated with bond funds is credit risk, which is the risk that an issuer will be unable to make principal and interest payments when due. Corporate bonds are generally subject to higher levels of credit risk than government bonds.

A general decline in interest rates may result in prepayments of certain obligations the Funds will acquire. These prepayments may require the Fund to reinvest at a lower rate of return. They may also reduce the Fund's share price, because the value of those securities may depreciate or may not appreciate as rapidly as debt securities, which cannot be prepaid.

Westcore Flexible Income and Plus Bond Funds are subject to additional risks in that each may invest in high-yield/high-risk bonds (commonly referred to as "junk" bonds). These are bonds rated below investment grade by the primary rating agencies such as Standard & Poor's and Moody's or are unrated and determined to be of comparable quality by the Adviser, and may include bonds that are already in default. Lower quality bonds may be more difficult or impossible to sell at the time and price that a Fund would like, making these Funds subject to greater levels of liquidity risk than funds that do not invest in such securities. In addition, lower quality bonds may also make these Funds subject to greater levels of interest rate and credit risk than funds that do not invest in such securities. High-yield securities are considered predominantly speculative with respect to the issuer's continuing ability to make principal and interest payments. In addition, there may be less of a market for these securities, which could make it harder to sell them at an acceptable price. This type of investment is therefore subject to higher volatility in prices which can result in a corresponding high volatility in the value of these Funds' NAV.

Westcore Flexible Income and Plus Bond Funds' exposure to foreign markets can regularly affect the net asset value (NAV) and total return of these Funds due to fluctuations in currency exchange rates or changing political or economic conditions in a particular country (foreign risk). Emerging market securities are particularly subject to foreign risks. Therefore, the value of these Funds may be more volatile than bond funds investing only in domestic companies. The Funds may use a variety of currency-hedging techniques to manage the exchange rate component of foreign risk. If utilized, the manager believes these techniques will benefit the Funds, however, the Funds' performance could be worse if the manager's judgement proves incorrect.

Westcore Colorado Tax-Exempt Fund is subject to the additional risk that it concentrates its investments in instruments issued by or on behalf of the state of Colorado (state specific risk). Due to the level of investment in municipal obligations issued by the state of Colorado and its political subdivisions, the performance of the Fund will be closely tied to the economic and political conditions in the state of Colorado. Therefore, an investment in the Fund may be riskier than an investment in other types of municipal bond funds. Also, the Fund's performance may be dependent upon fewer securities than is the case with a less concentrated portfolio, such as a national tax-exempt fund. The Westcore Colorado Tax-Exempt Fund is not diversified.

An investment in these Funds is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.

*Shareholders will receive notice 60 days prior to any change in this policy.

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