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

Overview

Inception Date	Ticker Symbol	WSJ Abbreviation	CUSIP	Investment Style
10/1/1998	WTMCX	N/A	957904584	Mid-Cap Value

Investment Strategy

This fund seeks to invest primarily in medium-sized companies whose stocks appear to be undervalued.

A more moderate choice for your portfolio, Westcore Mid-Cap Value Fund invests primarily in undervalued medium-sized companies. Our research process combines experienced qualitative judgment with quantitative evaluation of individual companies. Through comprehensive investigation of a company's business, we look for an underlying catalyst or event that we believe will unlock the value of a stock. We seek to uncover opportunities to invest in medium-sized companies that appear to be mispriced and have potential for future growth.

Downloadable Fact Sheet

Download and view the most recent Westcore Mid-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 Mid-Cap Value Fund Russell Mid-Cap Value Index Fund Net Assets $85.4 mil. N/A Number of holdings 52 484 Cash Position 0.6% N/A Weighted Market Capitalization $5.2 bil. $8.1 bil. Median Market Capitalization $4.1 bil. $3.4 bil. Estimated 1-Year Forward EPS Growth 11.3% 8.5% Average Dividend Yield of Portfolio Securities 1.7% 2.4% P/E Ratio 2004 Estimated Earnings 14.8x 13.8x Beta (3-year) 1.18 1.07 Annual Turnover Ratio for period ended 3/31/2008 44.5% 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) 0.75% Distribtion (12b-1) Fees NONE Other Expenses 0.42% Acquired Fund Fees and Expenses (2) 0.01% Total Annual Fund Operating Expenses 1.18% Fee Waiver and Expense Reimbursement(1) 0.00% Net Annual Fund Operating Expenses(1) 1.18% (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 Mid-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 1.25% 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 6/30/2008
Fund Name	Quarter	YTD	1-Year	3-Year	5-Year	10-Year	Since Inception (10/1/1998)	Fund Expense1 Gross/Net
Westcore Mid-Cap Value Fund	0.27%	(9.87)%	(16.93)%	3.99%	11.94%	N/A	10.57%	1.23% / 1.23%
Russell Mid-Cap Value Index	0.07%	(8.58)%	(17.09)%	4.97%	13.00%	N/A	10.32%

Annual Total Returns from 10/1/1998
Year	Westcore Mid-Cap Value Fund	Russell Mid-Cap Value Index
2007	1.66%	(1.42)%
2006	12.15%	20.22%
2005	15.97%	12.64%
2004	20.71%	23.70%
2003	38.51%	38.06%
2002	(19.15)%	(9.65)%
2001	7.05%	2.34%
2000	16.29%	19.19%
1999	18.20%	(0.10)%
1998	3.20%	13.57%

Daily NAV
Fund Name	NAV as of N/A	$ Change in NAV	% Change in NAV
Westcore Mid-Cap Value Fund	$N/A	N/A	N/A

Morningstar Rating TM as of 6/30/2008
Overall	3-Year	5-Year	10-Year
(of 410 funds)	(of 410 funds)	(of 323 funds)	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 6/30/08. 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.

Westcore Mid-Cap Value Fund was rated against the following numbers of U.S.-domiciled Mid-Cap Blend funds over the following time periods: 410 funds in the last three years, and 323 funds in the last five years. With respect to these Mid-Cap Blend funds, Westcore Mid-Cap Value Fund received a Morningstar Rating of 3 stars for the three-year and 3 stars for the five-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.

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
Crown Holdings Inc.	CCK	4.16%
Invesco LTD	IVZ	3.79%
General Cable Corp.	BGC	3.71%
Quanta Services Inc.	PWR	3.17%
Manitowoc Co.	MTW	2.91%
CommScope Inc.	CTV	2.89%
Darden Restaurants Inc.	DRI	2.80%
Tyson Foods Inc.	TSN	2.76%
CNH Global N.V.	CNH	2.72%
Affiliated Managers Group	AMG	2.63%

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 Mid-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	17.9%
Consumer Cyclical	11.8%
Energy	6.8%
Medical/Healthcare	6.2%
Utilities	11.1%
Technology	7.2%
Commercial Services	6.9%
Consumer Staples	5.7%
Basic Materials	5.7%
REIT's	4.9%
Capital Goods	10.4%
Transportation	1.0%
Communications	3.8%
Cash	0.6%

Management/Commentary

Kris B. Herrick, CFA Co-Portfolio Manager, Westcore Mid-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 Mid-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 Mid-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 Mid-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.
"Our use of qualitative and quantitative research helps us find opportunities in undervalued stocks of solid medium-sized companies." 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 Midcap 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 their intrinsic value. The three sectors that had the most positive impact on performance results relative to the Russell Midcap Value Index were consumer cyclical, energy, and commercial services. TJX, a top consumer cyclical contributor during the quarter, is well positioned in a slowing consumer spending environment due to its off-price strategy. Energy holding Range Resources was our best performing stock in the first quarter as investors are beginning to recognize the size and quality of its unbooked reserves in multiple shale fields. While there was no stellar performer within the commercial services sector, Waste Connections was a key contributor. Waste Connections reported solid quarterly results despite the negative effects of a brief strike and higher fuel costs. The three sectors that provided the greatest headwind in the first quarter were REITs, capital goods and medical/healthcare. General Cable has been a stellar capital goods performer for quite some time, but had a soft quarter due to concerns of an economic downturn. Mentor Corp., which develops, manufactures, and markets aesthetic medical products, had a soft quarter due to concerns that the consumer slowdown was broadening into the more affluent segment of the consumer market. We had mixed results in the REIT sector with a top-ten performer, Camden Property Trust, and a bottom-ten performer, Maguire Properties. Maguire's stock price has been on a rollercoaster ride this quarter as it announced it was exploring strategic alternatives and later indicated this effort was being halted. We are watching this situation closely. 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 the highest we have seen over the past five years. We believe this highlights our optimism for mid-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.

Type Amount Record Date Ex-Date Pay Date Income $0.0238 12/26/2007 12/27/2007 12/31/2007 ST Cap Gain $0.0389 12/26/2007 12/27/2007 12/31/2007 LT Cap Gain $0.1873 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.