Westcore Small-Cap Value Fund focuses on dividend paying small-cap companies with unrecognized potential whose stocks appear to be undervalued. The Fund seeks to maximize long-term capital appreciation through a bottom-up process of selecting the most attractive undervalued and more liquid small companies with market caps within the range of small-cap indices. Our fundamental research-driven process identifies companies with improving returns that trade at significant discounts to their intrinsic values.
Investing in small-cap funds can be more volatile and loss of principal could be greater than investing in large-cap funds.

See our online glossary for definitions of the terms above.

(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 Small-Cap Value 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 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.

Average Annual Total Returns
for the periods ended 3/31/2009

Fund Name

Quarter

YTD

1-Year

3-Year

5-Year

10-Year

Since
Inception
(12/13/2004)

Fund
Expense¹
Gross/Net

Morningstar Rating ^TM as of 3/31/2009

Overall

3-Year

5-Year

10-Year

(of 349 funds)

(of 349 funds)

NA

NA

Top Ten Holdings as of 3/31/2009(updated quarterly upon availability)

% of Portfolio

Kris B. Herrick, CFA
Co-Portfolio Manager, Westcore Small-Cap Value 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.

Mark M. Adelmann, CFA, CPA
Co-Portfolio Manager, Westcore Small-Cap Value Fund

Mark M. Adelmann, CFA, CPA, a Vice President of Denver Investment Advisors is a Senior Research Analyst with the Equity Value Research Team 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. Mark joined the Value Strategies Group in 1995 in order to expand the capabilities of the department. Prior to joining Denver Investment Advisors, Mark worked with Deloitte & Touche for 14 years in auditing and financial reporting. He received his B.S. from Oral Roberts University and is a Certified Public Accountant. Mark is a Chartered Financial Analyst and a member of AIMR and the CFA Society of Colorado.

Derek R. Anguilm, CFA
Co-Portfolio Manager, Westcore Small-Cap Value Fund

Derek R. Anguilm, CFA, a Vice President of Denver Investment Advisors, is a Senior Research Analyst with the Equity Value Research Team 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. Derek joined the Value Research Team in December 2002. He started at Denver Investment Advisors as a Research Analyst to Wealth Management and Growth investing style in 2000, after interning as a research assistant on the MIDCO product. His previous experience includes an internship as a research assistant at Everen Securities. Derek earned a B.S. in Finance at Metropolitan State College of Denver and was President of the Finance Club while there. Derek is a member of the Association for Investment Management and Research as well as an affiliate member of the CFA Society of Colorado.

Troy Dayton, CFA           
Co-Portfolio Manager, Westcore Small-Cap Value Fund

Troy Dayton, CFA, a Vice President of Denver Investment Advisors, is a Senior Research Analyst with the Equity Value Research Team 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. Troy joined Denver Investment Advisors as a Research Analyst with the Value Strategies Group in 2002. Prior to joining the firm, he was an Equity Research Analyst with Jurika and Voyles, as well as an Analyst at Dresdner RCM Global Investors. He also worked as a Trading Support Officer for Citibank's Global Asset Management Department in London, England. Troy earned his B.S. degree from Colorado State University. Troy is a Chartered Financial Analyst.

Lisa Z. Ramirez, CFA
Co-Portfolio Manager, Westcore Small-Cap Value Fund

Lisa Z. Ramirez, CFA has been a co-portfolio manager of the Westcore Blue Chip Fund, Westcore Mid-Cap Value Fund, Westcore Small-Cap Opportunity Fund and Westcore Small-Cap Value Fund since April 30, 2009. She is also a research analyst on the value team and a vice president at Denver Investments. Prior to joining the value team in 2005, Ms. Ramirez was with the mid-cap growth equity team for eight years. Prior to that Ms. Ramirez started her career at Denver Investments as a portfolio administrator. She received a BS from the University of Colorado at Denver and an MBA from Regis University. Ms. Ramirez is a CFA charterholder and a member of the CFA Institute and the CFA Society of Colorado.

"We combine computer power with experienced, hands-on analysis to identify undervalued stocks or improving businesses for Westcore Small-Cap Value Fund."

Those individuals listed as CFAs have earned the right to use the Chartered Financial Analyst designation.

Manager Commentary/Current Issues

• As the saying goes, "You can't drive a car looking in the rearview mirror." In times like these, it is very easy to get caught up looking backwards. Over the last several months, the news has been a steady diet of negative announcements. Focusing solely on past events might cause one to be overly pessimistic and reluctant to look objectively at exciting new opportunities. While learning from history is important, it is imperative to remember to look out the windshield to see where you are going. Recently we have started to see some signs that things are "getting less worse", and in some cases actually getting better. While there are many things to be concerned about, it is still too early to say that we are out of the woods, although we are encouraged to see positive signs of life. As always, we are focused on structuring the portfolio to take advantage of future opportunities whatever they may be.
  
  
• The market rally at the end of the first quarter was a welcome reprieve from the decline of the past few months. While absolute returns were still negative for the quarter, we were pleased to have meaningfully outperformed the Russell 2000 Value Index.
  
  
• Casey's General Stores (4.1% of the portfolio as of 3/31/09) was the leader within staples and the top contributor to the portfolio in the first quarter. The company posted strong results in all business segments (gasoline, prepared foods and grocery products). It also benefited from lowered fuel costs, food ingredient costs and credit card fees. There were two strong performers within the energy sector, led by Energy Solutions (1.5%). An improving legislative environment alleviated some of the concerns over access to nuclear de-commissioning funds. Additionally, we believe Energy Solutions' long-term opportunities have been enhanced by the passage of the stimulus package, giving them an opportunity to bid on a portion of the $5 billion worth of nuclear clean-up funds.
  
  
• Belden (2.6%), a wire and cable manufacturer/distributor has been impacted, like many technology companies, by fears associated with the general economic weakness. However, we believe industry dynamics remain sound (pricing remains rational and supply is shrinking), and the thesis for owning Belden is intact. Fundamentals for sales and earnings of equity indexed annuities appear to be very strong. We see very limited balance sheet risk at American Equity Investment Life (1.2%). While we have trimmed this position and re-deployed the cash into another opportunity, we remain optimistic about the outlook for American Equity Investment Life.
  
  
• We are optimistic that investors are becoming more focused on valuation, and less on price momentum. Investor confidence is slowly improving, as the economic indicators are starting to show signs of stabilization. As this apparent transition from fear to rationality takes place, we are optimistic about our portfolio of cash-generating companies.

  Stock Performance (3 months ended 3/31/09)
  Top 5 Stocks -- Average Weight -- Contribution To Return
  Casey's General Stores Inc. 3.38% 0.98%
  Foot Locker Inc 1.54 0.71
  Stage Stores Inc. 2.20 0.70
  EnergySolutions Inc. 1.07 0.67
  Cooper Cos. 1.34 0.60

  Bottom 5 Stocks -- Average Weight -- Contribution To Return
  Lincoln Electric Holdings Inc. 1.77% -0.85%
  Cash America International Inc. 1.67 -1.00
  PacWest Bancorp. 1.59 -1.13
  American Equity Investment Life Holding Co. 1.97 -1.15
  Belden CDT Inc. 2.75 -1.50

Past performance does not guarantee future results. These stocks do not represent all of the securities purchased, sold or recommended by the Funds' Adviser. The methodology used to construct this chart took into account the weighting of every holding in the Fund that contributed to the Fund's performance during the measurement period. The contribution of each Fund holding was consistently determined by calculating the weight of each holding multiplied by the rate of return for that holding during the measurement period. To request a complete list of the contribution of each Fund holding to overall Fund performance, please call 1-800-392-CORE (2673) or email invest@westcore.com.

The Manager Commentaries contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management's predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

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View glossary of terms.

View current performance.