Wc intro to westcore presentation 4 q12

Introduction to Westcore Funds
Fourth Quarter 2012

Why Westcore Funds
Independent research, institutional expertise

 100% no-load, no 12b-1 fee mutual fund family with retail and institutional share classes available1
 Managed by institutional money manager Denver Investments
 Disciplined investment strategies include growth, value and international equity as well as fixed income
 Independent research-driven approach
 Employee-owned advisory firm affords independence and helps align firm success to investor success

Westcore Funds
Total Assets Under Management: $3.1 Billion2

Growth Equity
$359 million

Core/Value
Equity
$438 million

Fixed Income
$1,926 million International
Equity
$327million

1Other fees and expenses may apply to a continued investment in the Funds and are described in the Funds’ current prospectus.
2Data as of 12/31/2012. Westcore Funds total assets are included in Denver Investments total assets under management figure.

For investment professional use only. | Introduction to Westcore Funds 1

Why Denver Investments
Singular focus on the investment success of our clients

 Independent: 100% employee-owned with sole focus on asset management
 Research-Driven: proprietary fundamental research is the cornerstone of our investment approach
 Team Approach: dedicated teams of investment specialists within collegial culture
 Experience: managing and servicing institutional portfolios for over 50 years

Denver Investments
Total Assets Under Management: $9.6 Billion*

Customized/
Balanced Equity Growth Equity
$646 million $1,034 million

Core/Value
Equity
$1,734 million
Fixed Income
$4,927 million

International
Equity
$1,224 million

*Data as of 12/31/2012. Numbers include a portion of assets where Denver Investments does not have discretionary trading authority. The assets consist of model portfolio
relationships with third party platforms and totaled $222.6 million as of 12/31/2012.


Firm Professionals

Years of Years Years of Years
Experience with Firm Experience with Firm

Business Management/Strategic Planning International Equity Team
Todger Anderson, CFA 44 37 Jeremy A. Duhon, CFA 11 9
John C. Fenley, CFA 23 12
Value Equity Team Jeremy Frenkel <1 <1
Mark M. Adelmann, CFA, CPA 34 17 Merrill Stillwell 3 3
Derek R. Anguilm, CFA 14 13
Troy Dayton, CFA 17 11
Dean A. Graves, CFA 37 19 Equity Trading
Kris B. Herrick, CFA 15 12 Mary Ellen Cox 43 30
Paul A. Kuppinger, CFA 24 7 Georgene L.A. Pedrie 26 11
Jennifer B. Oldland 7 7
Guangyan (Yan) Qin, CFA 6 5 Fixed Income Team
Lisa Z. Ramirez, CFA 19 24 Drew D. Conrad 10 2
Alex A. Ruehle, CFA 5 4 Nicholas J. Foley 6 <1
Jon K. Tesseo 25 5 Kenneth A. Harris, CFA 28 13
Darren G. Hewitson, CFA 6 4
Growth Equity Team Troy A. Johnson, CFA 20 6
Mitch S. Begun, CFA 13 10 Steven G. Kindred, CFA, CPA 8 3
Adam C. Bliss 15 8 Mark R. McKissick, CFA 21 14
Christopher H. Bouma, CFA 17 8 William S. Oh, CFA, FRM 12 1
William S. Chester, CFA 26 26 Gregory M. Shea, CFA 12 5
Brian C. Fitzsimons, CFA 13 8 Lisa M. Snyder, CFA 16 7
Craig W. Juran, CFA 18 8
Jeffrey J. Loehr, CFA 13 13 Advisor Services Team
Ross G. Moscatelli, CFA 18 13 Matthew Gunter 14 1
Oliver J. Pertuit 8 8 Ryan Johnston, CMFC 9 2
F. Wiley Reed, CFA 16 16 Paul Laffrenzen 17 9
Dan C. Starke 7 13 Kristine M. Saperstein, CMFC 17 17
Mark S. Truelsen, CFA 14 11 Kristian Schroder 11 1
Steven G. Wine, CFA 27 25

Average of 18 Years Investment Experience and 11 Years at
Data as of 12/31/2012. CFA is a trademark owned by the CFA Institute.
Denver Investments
Not all of Denver Investments’ professionals are listed.


Denver Investments’ Representative Clients
Experience managing institutional assets since 1958

Corporate Public Taft-Hartley

Ameren Corporation Bay County Employees Ret. Sys. (MI) Arizona Sheet Metal Trades Trust Fund
Belk Stores Services California State Teachers’ Retirement Montana Contractors Association
Cox Enterprises Jefferson County Ret. Board (AL) Pipe Trades District Council #36
Hitachi Global Storage Technologies Kansas City Public School Ret. (MO) Sheet Metal Workers’ Local #19
IDEX Corporation Los Angeles County Deferred Comp. (CA) Tradeshow & Sign Crafts, Local 831
Kinder Morgan, Inc. New Jersey Transit UA Locals 63/353 Jt Pension Trust Fund
Outrigger Enterprises, Inc. Omaha Police & Fire Retirement (NE)
Siemens Corporation Tulsa County Retirement System (OK)
Valero Energy Corporation

Foundations & Endowments Health Care & Religious Insurance & Other

American College of Rheumatology California Hospital Medical Center Blue Cross & Blue Shield of Nebraska
A.V. Hunter Catholic Diocese of Arlington Brinker Manager of Managers Program
Roosevelt University Hawaii Medical Service Association Deutsche Bank Alex. Brown
San Jose State University Tower Fdn. Meridian Hospitals Corporation Envestnet Asset Management
The Valley Foundation Monroe Medical Associates Lawyers’ Mutual Insurance Company
University of No. Colorado Foundation Sisters of Saint Francis Northern Trust Global Inv. Services
Wells Fargo Family Wealth
Westcore Funds

As of 12/31/2012. Clients listed are a sampling of Denver Investments’ clients. Clients listed have not been chosen based on performance and accounts are not all managed in the
same strategy. It is not known whether the listed clients approve or disapprove of Denver Investments or the advisory services provided.


Westcore Funds

Growth Equity

Westcore Growth Fund (WTEIX) Westcore MIDCO Growth Fund (WTMGX)

 Invests in large growth companies with what we  Flagship portfolio for Denver Investments.
believe are sustainable competitive advantages.  Invests primarily in medium-sized growth companies.
 Rigorous independent fundamental research is used  Utilizes a research intensive, bottom-up stock
to identify potential opportunities ahead of the market. selection process.
 Managed with a team-based approach designed to  Highly experienced group of analysts and portfolio
take full advantage of individual insights as well as managers make team-based investment decisions.
the team’s collective expertise.
 Institutional Share Class Available (WIMGX)
 Institutional Share Class Available (WILGX)
Investing in mid-cap funds generally will be more volatile
and loss of principal could be greater than investing in large-
cap funds.

Westcore Select Fund (WTSLX)

 Invests in a focused list of companies selected from
our mid-cap growth equity portfolio (20-35
companies).
 Looks for companies in attractive industries with
above-average revenue and earnings growth
opportunities.
Investing in concentrated funds generally will be more
volatile and loss of principal could be greater than investing
in more diversified funds.


Westcore Funds

Value Equity

Westcore Blue Chip Fund (WTMVX) Westcore Small-Cap Opportunity Fund (WTSCX)
 Focuses on established, well-known large-cap  Focuses on small-cap company stocks that appear to be
company stocks that appear to be undervalued. undervalued.
 Combines unique quantitative screening and bottom-  Identifies undervalued companies that have solid or
up fundamental analysis to provide an information improving businesses that trade at significant discounts
advantage. to their intrinsic values.
 Maintains a diversified portfolio of stocks in a variety
 Institutional Share Class Available (WISCX)
of industries and sectors.
Investing in small-cap funds generally will be more volatile and
 Institutional Share Class Available (WIMVX) loss of principal could be greater than investing in large-cap
funds.

Westcore Mid-Cap Value Fund (WTMCX) Westcore Small-Cap Value Fund (WTSVX)*
 Seeks to maximize capital appreciation by investing in  Seeks to maximize long-term capital appreciation by
undervalued medium-sized companies with investing in dividend paying small-cap companies
unrecognized potential. whose stocks appear to be undervalued.
 Identifies undervalued companies that have solid or  The management team looks for companies with
improving businesses due to strong company and sustainable strong competitive advantages and
industry dynamics. fundamental improvement in free cash flow.
Investing in mid-cap funds generally will be more volatile  Institutional Share Class Available (WISVX)*
cap funds. Investing in small-cap funds generally will be more volatile
cap funds.
*This Fund is closed to new investors effective April 1, 2011.


Westcore Funds

Value Equity continued International Equity

Westcore Micro-Cap Opportunity Fund (WTMIX) Westcore International Small-Cap Fund (WTIFX)*
 Invests primarily in the common stock of micro-cap  Invests in small international companies primarily in
companies that appear to be undervalued. developed markets.
 Uses quantitative modeling combined with  Rigorous bottom-up, fundamental research is used to
fundamental research to identify financial ratios and capture value in what we believe is an under-exploited
risk measurements that we believe have predictive asset class.
value in determining which stocks will outperform over Investing in small-cap funds generally will be more volatile and
time. loss of principal could be greater than investing in large-cap
funds.
Investing in micro-cap funds generally will be more volatile
Investing in foreign securities entails special risks, such as
currency fluctuations and political uncertainties, which are
cap funds.
described in more detail in the prospectus.

*This Fund is closed to new investors effective February 2, 2013.


Westcore Funds

Fixed Income

Westcore Flexible Income Fund (WTLTX) Westcore Colorado Tax-Exempt Fund (WTCOX)
 Invests in bonds, and to a lesser extent, convertible  Concentrates on investment-grade quality Colorado
securities and high-yielding equities offering investors the municipal debt instruments with an emphasis on
opportunity for higher returns and income generation. intermediate maturity issues.
 A more aggressively managed portfolio of income  Offers Colorado clients double tax-exempt income.
producing securities.  Focuses on general obligation and revenue bonds that
 Benefits from extensive credit analysis. are not subject to the AMT.
 Portfolio duration is expected to be approximately 5 years  Managed to delivery extremely low volatility.
to decrease price volatility. The Westcore Colorado Tax-Exempt Fund invests primarily
 Institutional Share Class Available (WILTX) in instruments issued by or on behalf of one state and
generally will be more volatile and loss of principal could be
greater due to state specific risk.
Westcore Plus Bond Fund (WTIBX)

 Focus on investment-grade debt securities of varying
maturities in an effort to maximize long-term total rate of
return.
 Emphasis on credit analysis.
 Maintains an average dollar weighted portfolio maturity
of between 4 to 10 years.
 Institutional Share Class Available (WIIBX)

The Westcore Flexible Income Fund and Westcore Plus Bond Fund are
subject to additional risk in that they may invest in high-yield /high-risk
bonds and generally will be subject to greater levels of liquidity risk.
Additionally, investing in bond funds entails interest rate risk and credit risk.


Glossary of Terms
Alpha – A measure of the difference between a degree of speculation and “C” the highest. While EV/EBITDA (Enterprise Value / Earnings Before
portfolio’s actual returns and its expected such obligations will likely have some quality and Interest, Taxes, Depreciation and Amortization) –
performance, given its level of risk as measured by protective characteristics, these may be outweighed An approximate measure of a company's operating
beta. A positive alpha figure indicates the portfolio has by large uncertainties or major exposures to adverse cash flow based on data from the company's income
performed better than would have been expected. In conditions. statement. It is calculated by looking at earnings
contrast, a negative alpha indicates the portfolio has before the deduction of interest expenses, taxes,
Non-Rated: These bonds are not rated depreciation, and amortization. This earnings measure
underperformed, given the expectations established by
beta. is of particular interest in cases where companies have
Coupon – The fixed percentage paid out on a fixed- large amounts of fixed assets which are subject to
income security on an annual basis. heavy depreciation charges (such as manufacturing
Beta – A measure of a fund’s sensitivity to market
companies) or in the case where a company has a
movements. The beta of the market is 1.00 by
Earnings per Share (EPS) – The portion of a large amount of acquired intangible assets on its
definition. A beta above 1 is more volatile than the company's profit allocated to each outstanding share books and is thus subject to large amortization
overall market, while a beta below 1 is less volatile. of common stock. EPS growth serves as an indicator charges (such as a company that has purchased a
of a company's profitability. brand or a company that has recently made a large
Bond Rating Categories – acquisition).
AAA: An obligation rated “AAA” has the highest Effective Maturity – A weighted average of the
rating assigned by Standard & Poor’s. The obligor’s maturities of the bonds in a portfolio. Information Ratio – A risk-adjusted performance
capacity to meet its financial commitment on the measure. It measures excess return and risk relative to
obligation is extremely strong. EV/FCF (Enterprise Value / Free Cash Flow) - A a specific benchmark index indicating how much a
ratio measuring the market value of a company to the portfolio outperformed the benchmark per unit of
AA: An obligation rated “AA” differs from the highest
value of its earnings. Enterprise Value (EV) is an additional risk taken.
rated obligations only in small degree. The obligor’s
economic measure reflecting the market value of the
capacity to meet its financial commitment on the whole business. EV is equal to the market Intrinsic Value – The actual value of a security, as
obligation is very strong. capitalization of a company plus its net debt position. opposed to its market price or book value. The intrinsic
A: An obligation rated “A” is somewhat more Free Cash Flow is equal to cash flow from operations value includes other variables such as brand name,
susceptible to the adverse effects of changes in minus capital expenditures and is used as an alternate trademarks, and copyrights that are often difficult to
circumstances and economic conditions than measure of a business's profits when it is believed that calculate and sometimes not accurately reflected in
obligations in higher-rated categories. However, the accrual accounting concepts do not represent the market price. One way to look at it is that the
obligor’s capacity to meet its financial commitment economic realities. market capitalization is the price (i.e. what investors
on the obligation is still strong. are willing to pay for the company) and intrinsic value
EV/EBIT (Enterprise Value / Earnings Before is the value (i.e. what the company is really worth).
BBB: An obligation rated “BBB” exhibits adequate Interest and Taxes) – A measure of a company's
protection parameters. However, adverse economic earning power from ongoing operations, equal to Long-Term Debt/Capital – A measurement of a
conditions or changing circumstances are more earnings before deduction of interest payments and company's financial leverage, calculated as the
likely to lead to a weakened capacity of the obligor income taxes. EBIT excludes income and expenditure company's debt divided by its total capital. This ratio is
to meet its financial commitment on the obligation. from unusual, non-recurring or discontinued activities. helpful in determining the degree of reliance by a firm
In the case of a company with minimal depreciation on long-term debt to finance its day-to-day operations.
Below BBB: Obligations rated “BB,” “B,” “CCC,” and amortization activities, EBIT is watched closely by
“CC” and “C” are regarded as having significant creditors, since it represents the amount of cash that
speculative characteristics. “BB” indicates the least such a company will be able to use to pay off creditors.


Glossary of Terms
Market Capitalization – The market capitalization Price to Earnings (P/E) Ratio – The P/E ratio is a SEC Yield – The SEC Yield is a standardized method
represents the total value of a company or stock. It is stock's per share price divided by its per share of computing return on investment that the U.S.
calculated by multiplying the number of shares earnings over a 12-month period. For a fund, the P/E Securities and Exchange Commission (SEC) requires
outstanding by their current price of one share. ratio is the weighted average of all stocks held in the mutual funds to use when advertising their yields. Its
fund. The higher the P/E ratio, the more the market is objective is to allow a confusion-free comparison of
Weighted Average Market Capitalization – An willing to pay for each dollar of annual earnings. the performance of different funds.
average that takes into account the proportional
relevance of each component, rather than treating REIT – A REIT is a real estate investment Sharpe Ratio – A measure of the excess return
each component equally. trust. REITs are securities that sell like a stock on a achieved for a certain level of risk. The higher the
major exchange. REITs invest directly in real estate, Sharpe Ratio, the better the portfolio’s historical risk-
Median Market Capitalization – The median is one either through properties or mortgages. adjusted performance. The Sharpe Ratio was
type of average, found by arranging the values in developed by William Sharpe.
order and then selecting the one in the middle. Return on Assets – A measure of a company's
profitability relative to its total assets. This number Standard Deviation – Standard deviation is a
Modified Duration – A time measure of a bond’s tells you "what the company can do with what it's got". statistical measure of the historical volatility of a
interest-rate sensitivity, based on the weighted portfolio. More generally, it’s a measure of the extent
average of the time periods over which a bond’s cash Return on Equity (ROE) – A measure of how well a to which numbers are spread around their average. It
flows accrue to the bondholder. A bond’s duration will company used reinvested earnings to generate depicts how widely a portfolio returns varied over a
almost always be shorter than its maturity, with the additional earnings. It is used as a general indication certain period of time. A high standard deviation
exception of zero-coupon bonds, for which maturity of the company's efficiency; in other words, how much implies greater volatility.
and duration are equal. profit it is able to generate given the resources
provided by its stockholders. Tracking Error – A measure of how closely a portfolio
Price to Book (P/B) Ratio – The P/B ratio is used to follows the index to which it is benchmarked. Some
compare a company’s book value to its current market Return on Invested Capital (ROIC) - A calculation portfolios are expected to replicate the returns of an
price. This ratio compares the market's valuation of a used to measure a company's efficiency at allocating index exactly (an index portfolio), while others are
company to the value of that company as indicated on the capital under its control to profitable investments. expected to be actively managed by deviating slightly
its financial statements. The higher the ratio, the The return on invested capital measure gives a sense from the index in an effort to generate greater returns.
higher the premium the market is willing to pay for the of how well a company is using its money to generate
company above its hard assets. A low ratio may signal returns. Comparing a company's return on capital Yield to Maturity – Yield that would be realized on a
a good investment opportunity. (ROIC) with its cost of capital (WACC) reveals bond or other fixed income security if the bond was
whether invested capital was used effectively. held until the maturity date. It is greater than the
Price to Cash (P/C) Flow Ratio – The P/C flow ratio current yield if the bond is selling at a discount and
is a measure of a firm's stock price relative to its R-Squared – A measurement of how closely a fund’s less than the current yield if the bond is selling at a
financial performance. For a fund, the P/C flow ratio is performance correlates with the performance of a premium.
the weighted average of all stocks held in the fund. It benchmark index. An R-squared of 100 indicates that
represents the amount an investor is willing to pay for all movements of a fund can be explained by
a dollar generated from a particular company's movements in the index. Conversely, a low R-squared
operations. indicates that very few of the fund’s movements can
be explained by movements in its benchmark index.


Important Disclosure Information

CFA is a trademark owned by the CFA Institute.

Dean A. Graves, Matthew Gunter, Ryan Johnston, Craig W. Juran, Paul Laffrenzen, Mark R. McKissick, Georgene L.A. Pedrie, Lisa Z. Ramirez, Kristine
Saperstein, Kristian Schroder, Gregory M. Shea, Jon K. Tesseo, Mark S. Truelsen, and Steven G. Wine are registered representatives of ALPS Distributors
Inc.

An investment in the Funds involves risk, including loss of principle. An investor should consider investment objectives, risks,
charges and expenses of the Fund(s) carefully before investing. To obtain a prospectus, which contains this and other important
information about the Fund(s), please call 800.734.WEST (9378) or visit us online at www.westcore.com. Please read the prospectus
carefully before investing.

Westcore Funds are distributed by ALPS Distributors, Inc.

The mountain logo together with "Westcore Funds Denver Investments" is a registered service mark of Denver Investments.

WES001964 04302013

Wc intro to westcore presentation 4 q12

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