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

Overview

Inception Date	Ticker Symbol	WSJ Abbreviation	CUSIP	Investment Style
6/23/2008	WTMIX	N/A	957904477	Micro-Cap Value

Investment Strategy

The Fund seeks to provide its shareholders with long-term capital appreciation by investing primarily in micro-cap companies whose stocks appear to be undervalued.

The Westcore Micro-Cap Opportunity Fund invests primarily in the common stock of microcap companies that appear to be undervalued. The portfolio management team uses a proprietary multi-factor quantitative investment model to identify such companies based on various financial measures and/or ratios.

Downloadable Fact Sheet

Download and view the most recent Westcore Micro-Cap Opportunity 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 Micro-Cap Opportunity Fund Russell Microcap Index Fund Net Assets $1.5 mil. N/A Number of holdings 162 N/A Cash Position 2.7% N/A Weighted Market Capitalization $0.4 bil. $0.3 bil. Median Market Capitalization $0.3 bil. $0.1 bil. Estimated 1-Year Forward EPS Growth 14.4% 21.1% Average Dividend Yield of Portfolio Securities 1.2% 1.1% P/E Ratio 2004 Estimated Earnings 16.0x 17.0x Beta (5-year) 1.03 1.10 Annual Turnover Ratio for period ended 9/30/2008 103.0% 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) 1.00% Distribtion (12b-1) Fees NONE Other Expenses 1.38% Acquired Fund Fees and Expenses (2) 0.00% Total Annual Fund Operating Expenses 2.38% Fee Waiver and Expense Reimbursement(1) (1.08)% Net Annual Fund Operating Expenses(1) 1.30% (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 Micro-Cap Opportunity Fund from April 29, 2008 until at least April 29, 2009, so that Net Annual Fund Operating Expenses will be no more than 1.30% 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 9/30/2008
Fund Name	Quarter	YTD	1-Year	3-Year	5-Year	10-Year	Since Inception (6/23/2008)	Fund Expense1 Gross/Net
Westcore Micro-Cap Opportunity Fund	3.49	N/A	N/A	N/A	N/A	N/A	(2.20)%	2.38% / 1.30%
Russell Microcap Index	(0.83)	N/A	N/A	N/A	N/A	N/A	(6.95)%

Annual Total Returns from 6/23/2008
Year	Westcore Micro-Cap Opportunity Fund	Russell Microcap Index
2008	N/A	N/A

Daily NAV
Fund Name	NAV as of 11/20/2008	$ Change in NAV	% Change in NAV
Westcore Micro-Cap Opportunity Fund	$6.01	($-0.35)	(-5.50%)

Morningstar Rating TM as of 9/30/2008
Overall	3-Year	5-Year	10-Year
N/A	N/A	N/A	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 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.

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.

Investing in micro-cap funds can be more volatile and loss of principal could be greater than investing in large-cap funds.

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
First Place Financial Corp.	FPFC	0.97%
Diamond Foods Inc.	DMND	0.95%
Southside Bancshares Inc.	SBSI	0.92%
CastlePoint Holdings Ltd.	CPHL	0.91%
USA Mobility Inc.	USMO	0.91%
Westmoreland Coal Co.	WLB	0.91%
Hersha Hospitality	HT	0.90%
Republic Bancorp Inc.	RBCAB	0.89%
Northstar Realty Finance	NRF	0.88%
Flushing Financial Corp.	FFIC	0.88%

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 Micro-Cap Opportunity 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
Interest Rate Sensitive	20.5%
Consumer Cyclical	11.6%
Energy	4.9%
Medical/Healthcare	16.9%
Utilities	2.0%
Technology	13.4%
Commercial Services	8.1%
Consumer Staples	3.4%
Basic Materials	3.0%
REIT's	2.7%
Capital Goods	6.5%
Transportation	2.7%
Communications	1.6%
Cash	2.7%

Management/Commentary

Kris B. Herrick, CFA Co-Portfolio Manager, Westcore Micro-Cap Opportunity Fund Kris B. Herrick, CFA, a Vice President of Denver Investment Advisors is Director of Value Research and is responsible for co-managing Westcore Blue Chip Fund, Westcore Mid-Cap Value Fund, Westcore Small-Cap Opportunity Fund and Westcore Small-Cap Value Fund. Kris joined Denver Investment Advisors as a Research Analyst in 2000. His previous experience includes working as an analyst with Jurika and Voyles. Kris earned both a B.A. and a B.S. from the University of Northern Colorado. He is a Chartered Financial Analyst and a member of the CFA Society of Colorado.   Paul Kuppinger, CFA Co-Portfolio Manager, Westcore Micro-Cap Opportunity Fund Paul Kuppinger, CFA, a Vice President of Denver Investment Advisors, is a Quantitative Analyst with the Equity Value Research Team responsible for co-managing the Westcore Micro- Cap Opportunity Fund since its inception. Prior to joining Denver Investment Advisors in 2006, Mr. Kuppinger was a principal at Rocky Mountain Wealth Advisors since 2004 following a year of consulting as a self-proprietor in 2003. Prior to this he has held various positions in the wealth 24 management business at CPFA, Curian Capital, Prima Capital and KPMG Investment Advisory Practice. Mr. Kuppinger has a total of 18 years of professional experience.   Jon Tesseo Co-Portfolio Manager, Westcore Micro-Cap Opportunity Fund Jon Tesseo, a Vice President of Denver Investment Advisors, is a Quantitative Analyst with the Equity Value Research Team responsible for co-managing the Westcore Micro-Cap Opportunity Fund since its inception. Prior to joining Denver Investment Advisors in 2008, he was an Investment Director at OmniWealth Ltd. since June 2007. Prior to that, he held Portfolio Manager/research positions at Oak Research, Inc. (April 2004-June 2007), Harris Investment Management (August 1999-April 2004) and Navellier & Associates (April 1991-August 1999). He began his career with Lotus Development, Inc. Mr. Tesseo has a total of 20 years of professional experience.   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 Despite weakness across most equity classes, we are pleased to report the Fund finished the quarter up 3.49% while the Russell Microcap Index was down -0.83%. The combination of valuation and momentum factors worked during the quarter and the portfolio was in the proper position to take advantage. The interaction between value and growth drove our outperformance while our reliance on broad diversification across both sectors and individual securities limited volatility when compared to the benchmark. Our best performing sector on a relative basis was communications, which was up 14.1% versus the benchmark which was down 5.62%. USA Mobility (USMO, 0.9%) led the way, up 48.9%. USMO, trades at 2.5 times cash flow. USMO provides one-way and two-way wireless messaging services through digital networks. USMO reported an outstanding second quarter beating estimates in operating cash flow, margins, and revenue. Basic materials was our second-best performing sector on a relative basis. The sector was only up 2.4% on an absolute basis, but the index was off 14.0%. This sector was lead by Gibraltar Industries (0.3% of the portfolio) up 41.4%. Gibraltar makes and sells building products and processed metal including everything from mailboxes to metal roofing. Calgon Carbon (0.4%) is a specialty chemical company up 31.7 % for the quarter. Calgon reported better-than-expected second quarter results driven by higher sales volumes and improving margins. Our worst performing sector on a relative basis was transportation which, while only off 0.1% on an absolute basis, trailed the index which returned 7.9%. The big drag here was our shipping companies. International Shipholding Corp. (0.7%) was off 6.57% and Marten Transport Ltd. (0.7%) was off 1.91%. 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 Income N/A N/A N/A N/A

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.