Mutual Fund Summary Prospectus (497k)
July 01 2013 - 3:29PM
Edgar (US Regulatory)
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Summary Prospectus
April 30, 2013
as amended July 1, 2013
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Westcore
Small-Cap Value Dividend Fund
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RETAIL
SHARE CLASS:
WTSVX
| INSTITUTIONAL SHARE CLASS:
WISVX
Before you invest, you may want to review the
Funds prospectus, which contains more information about the Fund and its
risks. You can find the Funds prospectus and other information about the Fund
online at http://www.westcore.com/LiteratureForms/ReportsProspectuses.aspx. You
can also get this information at no cost by calling 800.392.CORE (2673), by
sending an email request to WestcoreInvest@westcore.com,
or by contacting your financial intermediary. The Funds prospectus and
statement of additional information, each dated April 30, 2013, along with the Funds
most recent annual report dated December 31, 2012, are incorporated by
reference into this summary prospectus and may be obtained, free of charge, at
the website, phone number or e-mail address noted above.
Investment Objective
Westcore
Small-Cap Value Dividend Fund (the Fund, formerly the Westcore Small-Cap
Value Fund) seeks to achieve long-term capital appreciation primarily through
investments in dividend-paying companies with small capitalizations whose
stocks appear to be undervalued.
Fees and Expenses of the Fund
This
table describes the fees and expenses that you may pay if you buy and hold
shares of the Fund.
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Retail Class
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Institutional Class
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Shareholder
Fees (fees paid directly from your investment)
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Annual
Account Maintenance Fee (for Retail Class accounts under $750)
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$12.00
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Annual
Fund Operating Expenses (expenses that you pay each year as a percentage
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of
the value of your investment)
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Management
Fees
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1.00%
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1.00%
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Distribution
(12b-1) Fees
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None
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None
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Other
Expenses
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0.39%
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0.24%
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Acquired
Fund Fees and Expenses
(1)
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0.01%
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0.01%
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Total
Annual Fund Operating Expenses
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1.40%
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1.25%
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Fee
Waiver and Expense Reimbursement
(2)
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(0.09)%
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(0.10)%
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Total
Annual Fund Operating Expenses After Fee Waiver and
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Expense
Reimbursement
(1)
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1.31%
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1.15%
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(1)
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The
Funds 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 ratio in the Financial Highlights in this Funds
prospectus, because the Financial Highlights include only the operating
expenses incurred by the Fund, not the indirect costs of investing in the
Acquired Funds.
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(2)
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Denver
Investments (the Adviser) contractually agreed to waive the investment
advisory and/or administration fees and/or to reimburse Fund level other
expenses from April 30, 2013 until at least April 30, 2014, so that the ratio
of expenses to average net assets as reported in the Funds Financial
Highlights will be no more than 1.30% for the Funds Retail Class for such
period. In addition, the Adviser has contractually agreed to waive the
investment advisory and/or administration fees and/or to reimburse Fund level
Other Expenses for the Institutional Class in the same proportion as the Retail
Class waivers/reimbursements as well as reimburse the Institutional
class-specific Other Expenses until at least April 30, 2014. This agreement may
not be terminated or modified prior to this date except with the approval of
the Board of Trustees.
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Example
This Example is intended to help you compare the cost of
investing in the Fund with the cost of investing in other mutual funds. The
Example assumes that you invest $10,000 in either the Retail Class or the
Institutional Class shares of the Fund for the time periods indicated and then
redeem all of your shares at the end of those periods. The Example also assumes
that your investment has a 5% return each year and that the Funds total annual
operating expenses remain the same. This Example reflects the net operating
expenses with expense waivers for the one-year contractual period and the total
operating expenses without expense waivers for years two through ten. Although
your costs may be higher or lower, based on these assumptions your actual costs
would be:
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One Year
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Three Years
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Five Years
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Ten Years
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Retail
Class
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$133
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$434
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$757
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$1,670
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Institutional
Class
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$117
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$387
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$676
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$1,501
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PAGE 1
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p: 800.392.CORE (2673) | www.westcore.com April
30, 2013
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Westcore
Small-Cap Value Dividend Fund
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Portfolio Turnover
The Fund pays transaction costs, such as
commissions, when it buys and sells securities (or turns over its portfolio).
A higher portfolio turnover rate may indicate higher transaction costs and may
result in higher taxes when Fund shares are held in a taxable account. These
costs, which are not reflected in annual fund operating expenses or in the
example, affect the Funds performance. During the most recent fiscal year, the
Funds portfolio turnover rate was 35% of the average value of its portfolio.
Principal Investment Strategies of the Fund
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The
Fund emphasizes investments in dividend-paying, small-cap companies that the
team believes to be undervalued based on various financial measures/ratios with
improving business prospects due to strong company and industry dynamics.
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Under normal circumstances, at least eighty percent (80%)
of the value of the Funds net assets, plus any borrowings for investment
purposes, is invested in small-cap dividend-paying companies.
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The Fund currently considers small-cap companies to be
those included in, or similar in size to those included in its benchmark index,
the Russell 2000
®
Value Index, at the time of
purchase. As of the most recent reconstitution of the benchmark index on May
31, 2012, the benchmark capitalization range was $101 million to $2.6 billion.
As of March 31, 2013, the weighted average market capitalization of the
benchmark index was approximately $1.3 billion as compared to approximately
$1.8 billion for the companies within the Funds portfolio. Please note that
these market capitalization measures will fluctuate over time.
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The Funds portfolio management team implements an
investment strategy that is based on the belief that the market rewards
companies over time for their free cash flow rather than their reported
earnings. The strategy utilizes a bottom-up approach, which is grounded in
independent fundamental research. The team seeks to invest in companies where
the future free cash flow and return-on-invested-capital appear to be
undervalued by the market. The team constructs a diversified portfolio designed
to generate alpha (i.e., the risk adjusted excess return relative to the Funds
benchmark) primarily through stock selection.
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The team believes that the combination of proprietary,
sector-specific quantitative screening and independent fundamental analysis
provides an information advantage that is critical to exploiting market
inefficiencies. Through this approach, the team seeks to identify and
thoroughly assess the key value-creating drivers for a company.
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The team researches companies where the early fundamental
improvement in free cash flow appears sustainable and not yet recognized by the
market. It seeks to develop an in-depth understanding of the economics of the
business and sustainability of a companys competitive advantage by speaking to
sources that touch the product(s) or service(s) including customers,
suppliers, competitors and other industry contacts.
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Investing in cash-generative companies at attractive
valuations is the goal of the teams process. The team values companies based
primarily on a proprietary discounted cash flow model using estimates derived
from its proprietary research. The team seeks to manage risk through its
valuation discipline and through in-depth fundamental research and portfolio
structure.
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With respect to portfolio structure, the team maintains
exposure to most sectors within the benchmark, however, with an active
management process, there will be variances in sector exposure relative to the
benchmark index. The team maintains guidelines to monitor this variance.
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The Fund expects to only invest in securities of
companies whose stock is traded on U.S. markets, including depository receipts
or shares issued by companies incorporated outside of the United States (e.g.,
ADRs).
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Stocks may be sold when conditions have changed and the
companys prospects are no longer attractive, its stock price has achieved the
teams valuation target or better relative investment opportunities have been
identified.
Principal Risks of Investment in the Fund
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Risk of Loss.
You could lose money
by investing in the Fund.
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Market Risk.
As
with any equity fund, the value of your investment will fluctuate over time in
response to overall movements in the
stock
market. Further, investments in common stocks tend to be more volatile than
many other investment choices. The financial crisis in the U.S. and many
foreign economies over the past several years has resulted, and may continue to
result, in an unusually high degree of volatility in the financial markets,
both domestic and foreign.
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Portfolio Management Risk.
The
Fund is subject to the risk that the securities held by the Fund will
underperform other securities
and/or may decline in value.
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Small
Company Risk.
The
Fund is also subject to the general risk that the stocks of smaller and newer
companies can involve greater
risks than those associated with larger, more established
companies. Small-cap company stocks may be subject to more abrupt or erratic
price movements due to a number of reasons, including that the stocks are
traded in lower volume and that the issuers are more sensitive to changing
conditions and have less certain growth prospects. Small-cap companies in which
the Fund may invest typically lack the financial resources, product
diversification and competitive strengths of larger companies which may cause
the value of the Fund to be more volatile.
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Indirect Foreign Exposure Risk.
Investments
in U.S. traded securities that are organized under the laws of a foreign country
or have
significant business operations abroad
may be impacted by certain foreign exposure risks indirectly. This includes
securities in the form of sponsored and unsponsored depositary receipts.
Unsponsored depositary receipts may be created without the participation of the
foreign issuer. Holders of these depositary receipts generally bear all of the
costs of the depositary facility, and the bank or trust company depositary of
an unsponsored depositary receipt may be under no obligation to distribute
shareholder communications from the foreign issuer or to pass through voting
rights.
PAGE 2
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Westcore Summary Prospectus
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Westcore
Small-Cap Value Dividend Fund
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Risk/Return Bar Chart and Table
The following bar chart and table provide an indication
of the risk of investing in the Fund by showing changes in the Funds Retail
Class performance from year to year and by showing how the Funds average
annual returns for one year, five years and since inception for the Retail
Class, and one year and since inception for the Institutional Class, compared
with those of an unmanaged index of securities. The Funds past performance
(before and after taxes) does not necessarily indicate how it will perform in
the future. Updated performance information is available on www.westcore.com or
call toll-free 800.392.CORE (2673).
Retail Class - Calendar Year Total Returns
as of December 31 (%)
Highest
Quarterly Return:
9/30/2009
20.98%
Lowest Quarterly Return:
12/31/2008 (27.89)%
The returns above are for
the Retail Class of the Fund. The Institutional Class would have substantially
similar annual returns to the Retail Class because the classes are invested in
the same portfolio securities. The Institutional Class returns will be higher
over the long-term when compared to the Retail Class returns to the extent
that the Retail Class has higher expenses.
Average Annual Total Returns (for the
Periods Ended December 31, 2012)
After-tax returns for the Retail Class are calculated
using the historical highest individual federal marginal income tax rates and
do not reflect the impact of state and local taxes. Actual after-tax returns
depend on an investors tax situation and may differ from those shown.
After-tax returns are shown only for the Retail Class, after-tax returns for
the Institutional Class will be different. After-tax returns shown are not
relevant to investors who hold their Fund shares through tax-deferred arrangements,
such as 401(k) plans or individual retirement accounts.
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Since Inception
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Westcore Small-Cap Value Dividend Fund
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1 Year
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5 Years
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Retail Class Only
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(December 13, 2004)
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Retail
Class
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Return
Before Taxes
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9.69%
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2.41%
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4.41%
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Return
After Taxes on Distributions
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9.29%
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2.19%
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4.19%
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Return
After Taxes on Distributions and Sale of Fund Shares
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6.82%
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2.03%
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3.80%
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Russell
2000
®
Value Index
(reflects no deduction for
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fees,
expenses, or taxes)
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18.05%
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3.55%
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4.33%
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PAGE 3
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p: 800.392.CORE (2673) | www.westcore.com April
30, 2013
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Westcore
Small-Cap Value Dividend Fund
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Since Inception
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1 Year
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5 Years
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Institutional Class
Only
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(September 28, 2007)
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Institutional
Class
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Return
Before Taxes
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9.78%
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2.48%
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0.62%
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Russell
2000
®
Value Index
(reflects no deduction for
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fees,
expenses, or taxes)
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18.05%
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3.55%
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1.90%
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Management
Investment Adviser
Denver
Investments
Portfolio Managers
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Name(s)
of Portfolio Manager(s) and Title(s)
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Date
Began Managing the Fund
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Troy Dayton, CFA
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Partner, Director of
Value Research Denver Investments; Portfolio Manager of the Fund
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December
13, 2004
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Mark
M. Adelmann, CFA, CPA
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Partner,
Value Research Analyst Denver Investments; Portfolio Manager of the Fund
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December
13, 2004
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Derek
R. Anguilm, CFA
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Partner,
Value Research Analyst Denver Investments; Portfolio Manager of the Fund
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December
13, 2004
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Lisa
Z. Ramirez, CFA
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Partner,
Value Research Analyst Denver Investments; Portfolio Manager of the Fund
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April 30, 2009
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Other Important Information Regarding Fund Shares
Purchase and Sale of Fund Shares
The Fund is closed to new investors, except as described
below. Shareholders of record of the Fund on March 31, 2011 may continue to add
to their existing accounts through the purchase of additional shares and
through the reinvestment of dividends and capital gain distributions. New
accounts may continue to be established under the following circumstances:
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A
financial advisor and/or financial intermediary whose clients have established
accounts in the Fund as of March 31, 2011 may continue to open new accounts in
the Fund for any of its existing or new clients.
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Existing or new participants in a qualified retirement
plan, such as a 401(k) plan, profit sharing plan, 403(b) plan or 457 plan, may
continue to open new accounts in the Fund. In addition, if such qualified
retirement plans have a related retirement plan formed in the future, this plan
may also open new accounts in the Fund.
The Board of Trustees reserves the right to re-open the
Fund to new investors at any time or to modify the extent to which future sales
of shares are limited, including closing the Fund to any subsequent purchases
by any investor. The Trust also reserves the right to permit the establishment
of new accounts under circumstances not identified above, and to reject any
purchase order or rescind any exception listed above that the Trustees
determine does not benefit the Fund and its shareholders.
The minimum initial purchase is $2,500 for the Retail
Class and $500,000 for the Institutional Class. The minimum subsequent purchase
is $25 for the Retail Class (or $25 per month for automatic investment). There
is no minimum subsequent purchase for the Institutional Class. You may redeem
shares of the Fund on any business day through the Funds website at
www.westcore.com, by telephone at 800.392.CORE (2673), by regular mail at
Westcore Funds, P.O. Box 44323, Denver, CO 80201-4323, or by a systematic
withdrawal plan (must be multiples of $50, and can be accomplished monthly,
quarterly, or annually).
Tax Information
The Fund intends to make distributions that
will be taxed as ordinary income or capital gains, unless you are investing
through a tax-deferred arrangement, such as a 401(k) plan or an individual
retirement account. Distributions of the Fund will be subject to federal income
tax.
Financial Intermediary Compensation - Payments to Broker Dealers
and other Financial Intermediaries
If you purchase the Fund through a broker-dealer or other
financial intermediary (such as a bank), the Fund and its related companies may
pay the intermediary for the sale of Fund shares and related services. These
payments may create a conflict of interest by influencing the broker-dealer or
other intermediary and your salesperson to recommend the Fund over another
investment. Ask your salesperson or visit your financial intermediarys website
for more information.
PAGE 4
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Westcore Summary Prospectus
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WC706
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