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Westcore Small-Cap Value Fund

Overview

Fund
Type		 Inception
Date		 Ticker
Symbol		 WSJ
Abbreviation		 CUSIP Investment
Style
Retail Class 12/13/2004 WTSVX SmCapVal 957904535 Small-Cap
Value
Institutional Class 9/28/2007 WISVX NA 957904493 Small-Cap
Value


Investment Strategy

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.



Downloadable Fact Sheet
Download and view the most recent Westcore Small-Cap Value 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 3/31/2008
 

Westcore Small-Cap Value Fund

Russell 2000 Value Index
Retail Class Net Assets $150.2 mil. NA
Institutional Class Net Assets $8.4 mil. NA
Total Small-Cap Value Assets
Managed by Denver Investment Advisors LLC		 $788.1 mil. N/A
Number of holdings 57 1284
Cash Position 0.9% NA
Weighted Market Capitalization $1.1 bil. $1.1 bil.
Median Market Capitalization $1.0 bil. $0.5 bil.
Estimated 1-Year Forward EPS Growth 13.2% 9.2%
Average Dividend Yield of Portfolio Securities 2.9% 1.9%
P/E Ratio (on 1-Year Fwd EPS) 12.8x 14.3x
Beta (3-year) 1.10 1.18
Annual Turnover Ratio for period ended 3/31/2008 45.5 NA

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) 1.00% 1.00%
Distribution (12b-1) Fees NONE NONE
Other Expenses 0.38% 3.50%
Acquired Fund Fees and Expenses (2) 0.01% 0.01%
Total Annual Fund Operating Expenses 1.39% 4.51%
Fee Waiver and Expense Reimbursement(1) (0.08)% (3.30)%
Net Annual Fund Operating Expenses(1) 1.31% 1.21%

(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.

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.
    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     3/31/2008

    Fund Name

    Quarter

    YTD

    1-Year

    3-Year

    5-Year

    10-Year

    Since
    Inception
    (12/13/2004)

    Fund
    Expense1
    Gross/Net
    Westcore Small-Cap Value Fund
    Retail Class    		 (8.54)% (8.54)% (15.56)% 5.21% NA NA 4.31% 1.54% /
    1.31%
    Westcore Small-Cap Value Fund
    Institutional Class    		 (8.54)% (8.54)% (15.51)% 5.23% NA NA 4.33% 1.71% /
    1.23%
    Russell 2000 Value Index (6.52)% (6.52)% (16.87)% 4.33% NA NA 3.08%  


    Annual Total Returns
    from 12/13/2004 (Retail Class) and 9/28/2007 (Institutional Class)
    Year
    Westcore Small-Cap
    Value Fund - Retail Class
    Westcore Small-Cap
    Value Fund - Inst'l Class
    Russell 2000 Value Index
    2007
    (3.38)%
    (3.32)
    (9.77)%
    2006
    23.54%
    NA
    23.48%
    2005
    4.45%
    NA
    4.70%
    2004
    0.80%
    NA
    2.92%


    Daily NAV
      Fund Name NAV
    as of 05/16/2008    		 $ Change
    in NAV    		 % Change
    in NAV
      Westcore Small-Cap Value Fund$12.26($-0.02)(-0.16%)


    Morningstar RatingTM as of 3/31/2008

    Overall

    3-Year

    5-Year

    10-Year


    (of 336 funds)


    (of 336 funds)

    NA

    NA


    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 3/31/08. 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 Small-Cap Value Fund - Retail Class was rated against the following numbers of U.S.-domiciled Small Value funds over the following time periods: 336 funds in the last three years. With respect to these Small Value funds, Westcore Small-Cap Value Fund received a Morningstar Rating of 4 stars for the three-year period. 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 3/31/2008 (updated quarterly upon availability)
    Company Name Ticker

    % of Portfolio
    Berry Petroleum Co. BRY 4.31%
    Belden Inc. BDC 3.66%
    Cash America International CSH 3.24%
    Gulf Island Fabrication Inc. GIFI 3.12%
    Lincoln Electric Holding Inc. LECO 2.81%
    Genco Shipping & Trading LTD GNK 2.74%
    Technitrol Inc. TNL 2.60%
    Eagle Bulk Shipping Inc. EGLE 2.47%
    Westamerica Bancorp. WABC 2.41%
    Albany International Corp. AIN 2.33%

    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 Small-Cap Value 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 3/31/2008
    Interest Rate Sensitive 21.2%
    Technology 11.4%
    Medical/Healthcare 9.6%
    Energy 8.5%
    Capital Goods 6.1%
    Consumer Cyclical 14.5%
    Basic Materials 3.3%
    Transportation 6.2%
    REIT's 3.6%
    Consumer Staples 4.6%
    Communications 2.0%
    Commercial Services 4.2%
    Cash 0.9%
    Utilities 3.9%

    Management/Commentary

    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.

     

    Jerry PowersDerek 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.

     

    "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 of 3/31/08

    • The first quarter continued the themes from the fourth quarter as negative news tied to subprime lending, declining home values, and rising commodity prices weighed on investors. While we are disappointed to report that we underperformed the Russell 2000 Value Index for the quarter, our focus is on delivering superior long-term risk-adjusted returns for our investors, and we believe that the current environment is providing us with some great opportunities to purchase stocks at significant discounts to our estimate of our estimate of their intrinsic value.

    • The three sectors that provided the most significant contribution to performance in the first quarter were communications, commercial services, and utilities. Our outperformance within communications came from a combination of stock picking and the fact that we were underweight the Index's worst performing sector for the quarter. Strong stock selection also drove our outperformance within commercial services. Collectively, our positions in Ennis Inc. and CDI Corp. outperformed the overall commercial services sector performance of the Russell 2000 Value Index. Within the utility sector, South Jersey Industries was the standout performer as the stock held up much better than the sector as a whole.

    • The sector with the greatest negative contribution to performance was consumer cyclical. Our biggest disappointment was Tempur-Pedic International. While we expected a slowdown in its business, we also believed the attractive valuation and significant long-term growth opportunities provided a margin of safety. The REIT sector rebounded to some degree in the first quarter and posted only a small negative return. Our holding in Associated Estates Realty was a top ten performer during the first quarter, up over 23%. However, this bright spot was not enough to overcome the negative impact from Maguire Properties. Consumer staples was the next challenging sector for us in the quarter. Casey's General Stores' weaker results were largely the result of higher-than-expected costs associated with severe weather conditions in the Midwest.

    • The volatility in the markets over the past few months has provided a difficult environment for investors. However, the market volatility has created attractive opportunities to add to existing holdings and to add several new names to the portfolio. One measure we track is the weighted average discount to our estimate of intrinsic value for the portfolio. The current discount is among the highest we have seen over the past five years. We believe this highlights our optimism for small-cap stocks. As in the past, this market downturn will pass, and we believe the portfolio is well positioned as we look ahead.

      Percent of portfolio as of 3/31/08.

    Distributions

    Recent Distributions
    The amounts shown below are paid per share. View our fund prospectus online for more information on distributions.


    Retail Class
    Type Amount Record Date Ex-Date Pay Date
    Income $0.1157 12/26/2007 12/27/2007 12/31/2007
    ST Capital Gain $0.0115 12/26/2007 12/27/2007 12/31/2007
    LT Capital Gain $0.0762 12/26/2007 12/27/2007 12/31/2007



    Institutional Class
    Type Amount Record Date Ex-Date Pay Date
    Income $0.1228 12/26/2007 12/27/2007 12/31/2007
    ST Capital Gain $0.0115 12/26/2007 12/27/2007 12/31/2007
    LT Capital Gain $0.0762 12/26/2007 12/27/2007 12/31/2007

    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.

    Investing in small-cap funds and/or concentrated funds can be more volatile and loss of principal could be greater than investing in large-cap or more diversified funds.

    An investor should consider investment objectives, risks, charges and expenses of the Fund(s) carefully before investing. Click here for a prospectus, which contains this and other important information. Please read the prospectus carefully before investing.

    Westcore Funds are distributed by ALPS Distributors, Inc.

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