Westcore Small-Cap Growth Fund

Growth Equity

Style: Small-Cap Growth Retail Class: WTSGX Institutional Class: WISGX

Investment Strategy

The Westcore Small-Cap Growth Fund invests in a diversified portfolio of equity securities of primarily small-sized companies with growth potential.

Our approach is grounded in independent fundamental research, with the goal of uncovering what we believe are the next great growth companies. Using rigorous stock-by-stock research, we analyze a company’s financial information and the industry and markets in which it competes. We also have conversations with its management, competitors, customers and suppliers to evaluate its business. We build a diversified small-cap growth portfolio with what we believe are high-quality companies with enduring competitive advantages that are attractively-valued relative to their future growth potential.

This Fund is available in both the retail and institutional class.

 

Management Team

We seek to invest in growth companies with disruptive products or services, large market opportunities and strong competitive positions that are less sensitive to macroeconomic factors. – Brian C. Fitzsimons, CFA

Brian C. Fitzsimons, CFA

Brian C. Fitzsimons, CFA

Partner, Director of Small-Cap Growth Research, Portfolio Manager

Mitch S. Begun, CFA

Mitch S. Begun, CFA

Partner, Portfolio Manager, Analyst

Adam C. Bliss

Adam C. Bliss

Partner, Portfolio Manager, Analyst

Fund Information & Investment Minimums

Retail Class Institutional Class2
Ticker WTSGX WISGX
CUSIP 957904469 957904451
Inception Date 12/20/2013 12/20/2013
Distribution Frequency Annually Annually
Minimum to open a new regular account: $2,500 $250,000
Minimum to open a new retirement, education1 or UGMA/UTMA account: $1,000 $250,000
Minimum to open an Automatic Investment Plan Account: $1,000 $250,000
Automatic Investments: $25/month per Fund -
Minimum to add to any type of account: $25 -
Retail Class
Ticker WTSGX
CUSIP 957904469
Inception Date 12/20/2013
Minimum to open a new regular account: $2,500
Minimum to open a new retirement, education1 or UGMA/UTMA account: $1,000
Minimum to open an Automatic Investment Plan Account: $1,000
Automatic Investments: $25/month per Fund
Minimum to add to any type of account: $25
Institutional Class2
Ticker WISGX
CUSIP 957904451
Inception Date 12/20/2013
To open a new regular account: $250,000
To open a new retirement, education1 or UGMA/UTMA account: $250,000
To open an Automatic Investment Plan Account: $250,000
Investing in small-cap funds generally will be more volatile and loss of principal could be greater than investing in large-cap funds.
Investing in foreign securities entails special risks, such as currency fluctuations and political uncertainties.

The risk profile spectrum provides an approximate illustration of the relative volatility of the Westcore Family of Funds determined by using each fund’s 5-year annualized standard deviation as of 12/31/17. If the fund’s retail class has less than five years of operations as of that date, the standard deviation of the fund’s Morningstar category is used instead. Standard deviation is a statistical measure of the historical volatility of a fund, which we believe can assist in classifying a fund within a risk spectrum. The placement on the risk spectrum (Low to High) is based on the comparison of each Fund’s standard deviation measure, as described above, in relation to the universe of funds with a 5-year standard deviation measure as obtained from a third-party fund database. We believe those measures are accurate but have not independently verified them. Please refer to the prospectus for each fund’s specific risks. Also a fund’s measure of volatility is subject to change without notice as market or economic conditions change, and such changes may include significant and nonrecurring volatility events. Historical volatility is not necessarily indicative of future volatility and there is no guarantee that in any time period any one fund will be more or less volatile than any other fund.

CFA is a trademark owned by CFA Institute.
Please see the prospectus for more detailed information regarding investment minimums. The Funds reserve the right to change the amount of these minimums from time to time or to waive them in whole or in part, including the right to waive the Institutional Class minimums, if in the Advisor’s sole opinion, the investor has adequate intent and availability of assets to reach a future level of investment in the Fund that is equal to or greater than the minimum.
1 A description of the retirement and education accounts available for investment in the Westcore Funds may be found in the SAI for the Funds. Please call 800.392.CORE (2673) to request a free copy of the SAI or click here to download.
2 The minimum investment in the Institutional Class shares is $250,000. Investors generally may meet the minimum investment amount by aggregating multiple accounts with common ownership within the Fund. Common ownership includes individual and joint accounts as well as accounts where an investor has beneficial ownership through acting as a custodian for a minor account or as a beneficiary to a trust account. In addition, Institutional Class accounts offered through a financial intermediary may meet the $250,000 minimum investment amount by aggregating multiple accounts within the Fund, however each separate account must meet a minimum investment requirement of $10,000. Exceptions to the Institutional Class minimums may apply for qualified requirement plans and other account types with lower or no networking and/or omnibus fees charged to the Funds.
The Morningstar Rating for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed end funds, and separate accounts) with at least a three-year history. Exchange–traded funds and open ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product 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 managed product is derived from a weighted average of the performance figures associated with its three-,five-,and 10 year (if applicable) Morningstar Rating metrics. The weights are 100% three-year rating for 36-59 months of total returns, 60% five year rating/40% three-year rating for 60-119 months of total returns, and 50% 10 year rating/30% five-year rating/20% three year rating for 120 or more months of total returns. While the 10 year overall rating formula seems to give the most weight to the 10 year period, the most recent three–year period actually has the greatest impact because it is included in all three rating periods.
© 2017 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (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.

 

Investment Team

Brian C. Fitzsimons, CFA
Brian C. Fitzsimons, CFA

Partner, Director of Small-Cap Growth Research, Portfolio Manager

2005 to Present: Denver Investments
2004 to 2005: Newmont Capital Ltd., Finance Manager
2002 to 2004: A.G. Edwards & Sons, Inc., Equity Analyst
2002: Berger Financial Group, Equity Analyst
1999 to 2002: Women’s Pro Softball League, Director of Finance/Controller
2000 to 2001: Marsico Endowment Fund, Portfolio Manager
Education:

BS – Metropolitan State College of Denver; MBA – University of Denver
Member of CFA Institute and CFA Society Colorado

Mitch S. Begun, CFA
Mitch S. Begun, CFA

Partner, Portfolio Manager, Analyst

2003 to Present: Denver Investments
2000 to 2002: Raymond James & Associates, Equity Research Associate
Education:

BSBA – University of North Carolina at Chapel Hill
Member of CFA Institute and CFA Society Colorado

Adam C. Bliss
Adam C. Bliss

Partner, Portfolio Manager, Analyst

2004 to Present: Denver Investments
1997 to 2003: Berger Funds, Co-Portfolio Manager and Equity Analyst
Education:

BSBA – Saint Mary’s College of California; MBA – University of Denver

Mark S. Truelsen, CFA
Mark S. Truelsen, CFA

Vice President, Analyst

2001 to Present: Denver Investments
2000 to 2001: RJ Falkner & Co., Junior Research Analyst
1999: Skyline Asset Management, Marketing Assistant
1998 to 1999 Scudder Kemper Investments, Investment Representative
Education:

BA – University of Illinois at Urbana-Champaign
Member of CFA Institute and CFA Society Colorado

Georgene L.A. Pedrie
Georgene L.A. Pedrie

Vice President, Senior Equity Trader

2002 to Present: Denver Investments
1987 to 2002: NDB Capital Market, Sales Trader
Education:

BA and MA – University of Northern Colorado

CFA is a trademark owned by CFA Institute.
Mark Truelsen, CFA and Georgene L.A. Pedrie are registered representatives of ALPS Distributors, Inc.

The risk profile spectrum provides an approximate illustration of the relative volatility of the Westcore Family of Funds determined by using each fund’s 5-year annualized standard deviation as of 12/31/17. If the fund’s retail class has less than five years of operations as of that date, the standard deviation of the fund’s Morningstar category is used instead. Standard deviation is a statistical measure of the historical volatility of a fund, which we believe can assist in classifying a fund within a risk spectrum. The placement on the risk spectrum (Low to High) is based on the comparison of each Fund’s standard deviation measure, as described above, in relation to the universe of funds with a 5-year standard deviation measure as obtained from a third-party fund database. We believe those measures are accurate but have not independently verified them. Please refer to the prospectus for each fund’s specific risks. Also a fund’s measure of volatility is subject to change without notice as market or economic conditions change, and such changes may include significant and nonrecurring volatility events. Historical volatility is not necessarily indicative of future volatility and there is no guarantee that in any time period any one fund will be more or less volatile than any other fund.

The Morningstar Rating for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed end funds, and separate accounts) with at least a three-year history. Exchange–traded funds and open ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product 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 managed product is derived from a weighted average of the performance figures associated with its three-,five-,and 10 year (if applicable) Morningstar Rating metrics. The weights are 100% three-year rating for 36-59 months of total returns, 60% five year rating/40% three-year rating for 60-119 months of total returns, and 50% 10 year rating/30% five-year rating/20% three year rating for 120 or more months of total returns. While the 10 year overall rating formula seems to give the most weight to the 10 year period, the most recent three–year period actually has the greatest impact because it is included in all three rating periods.
© 2017 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (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.

View Performance as of:
Month-End   Quarter-End
  Monthly Returns (%)
Periods Ended: 1/31/2018
Annualized Returns (%)
Periods Ended: 1/31/2018
1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years Since Inception
Westcore Small-Cap Growth Fund 5.42 6.04 5.42 26.76 12.30 - - 9.41
Westcore Small-Cap Growth Fund Institutional 5.43 6.03 5.43 26.91 12.56 - - 9.71
Russell 2000® Growth Index 3.90 7.00 3.90 24.90 12.56 - - 10.29
  Monthly Returns (%)
Periods Ended: 12/31/2017
Annualized Returns (%)
Periods Ended: 12/31/2017
1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years Since Inception
Westcore Small-Cap Growth Fund -0.22 2.38 25.98 25.98 9.29 - - 8.19
Westcore Small-Cap Growth Fund Institutional -0.23 2.42 25.94 25.94 9.57 - - 8.50
Russell 2000® Growth Index 0.12 4.59 22.17 22.17 10.28 - - 9.47
Westcore Small-Cap Growth Fund
Monthly Returns(%) as of 1/31/2018
1 Month 5.42
3 Months 6.04
YTD 5.42
Annualized Returns(%) as of 1/31/2018
1 Year 26.76
3 Years 12.30
5 Years -
10 Years -
Since Inception 9.41
Westcore Small-Cap Growth Fund Institutional
Monthly Returns(%) as of 1/31/2018
1 Month 5.43
3 Months 6.03
YTD 5.43
Annualized Returns(%) as of 1/31/2018
1 Year 26.91
3 Years 12.56
5 Years -
10 Years -
Since Inception 9.71
Russell 2000® Growth Index
Monthly Returns(%) as of1/31/2018
1 Month 3.90
3 Months 7.00
YTD 3.90
Annualized Returns(%) as of 1/31/2018
1 Year 24.90
3 Years 12.56
5 Years -
10 Years -
Since Inception 10.29
Westcore Small-Cap Growth Fund
Monthly Returns(%) as of 12/31/2017
1 Month -0.22
3 Months 2.38
YTD 25.98
Annualized Returns(%) as of12/31/2017
1 Year 25.98
3 Years 9.29
5 Years -
10 Years -
Since Inception 8.19
Westcore Small-Cap Growth Fund Institutional
Monthly Returns(%) as of 12/31/2017
1 Month -0.23
3 Months 2.42
YTD 25.94
Annualized Returns(%) as of 12/31/2017
1 Year 25.94
3 Years 9.57
5 Years -
10 Years -
Since Inception 8.50
Russell 2000® Growth Index
Monthly Returns(%) as of 12/31/2017
1 Month 0.12
3 Months 4.59
YTD 22.17
Annualized Returns(%) as of 12/31/2017
1 Year 22.17
3 Years 10.28
5 Years -
10 Years -
Since Inception 9.47
Retail Class Annual Expense Ratio -- Gross: 5.93%, Net: 1.24%
Institutional Class Annual Expense Ratio -- Gross: 2.63%, Net: 0.99%

Calendar Year Returns (%)

2017 2016 2015 2014 2013 2012 2011 2010 2009 2008
Westcore Small-Cap Growth Fund 25.98 8.79 -4.77 3.85 1.30* - - - - -
Westcore Small-Cap Growth Fund Institutional 25.94 9.22 -4.37 4.24 1.30* - - - - -
Russell 2000® Growth Index 22.17 11.32 -1.38 5.60 1.67* - - - - -
Westcore Small-Cap Growth Fund
2017 25.98
2016 8.79
2015 -4.77
2014 3.85
2013 1.30*
2012 -
2011 -
2010 -
2009 -
2008 -
Westcore Small-Cap Growth Fund Institutional
2017 25.94
2016 9.22
2015 -4.37
2014 4.24
2013 1.30*
2012 -
2011 -
2010 -
2009 -
2008 -
Russell 2000® Growth Index
2017 22.17
2016 11.32
2015 -1.38
2014 5.60
2013 1.67*
2012 -
2011 -
2010 -
2009 -
2008 -

*2013 calendar year returns for the Fund and benchmark are for the period 12/20/2013 through 12/31/2013.
Investing in small-cap funds generally will be more volatile and loss of principal could be greater than investing in large-cap funds.
Investing in foreign securities entails special risks, such as currency fluctuations and political uncertainties.
Performance data quoted represents past performance and does not guarantee future results. Performance information for the institutional class shares prior to their inception is based on the performance of the retail class. Current performance may be lower or higher than the performance quoted. To obtain current performance as of the most recent month-end, please call 800.392.CORE(2673). Average annual total returns reflect the reinvestment of dividends, capital gains distributions, all fee waivers and expense reimbursements. If imposed, the fee would reduce the performance quoted. 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.
Denver Investments (the “Adviser”) has contractually agreed to waive certain investment advisory and/or administration fees and/or to reimburse other expenses from April 30, 2017 until at least April 30, 2018. The first waiver/reimbursement applies so that the ratio of expenses to average net assets, as reported in the Fund’s financial statements, will be no more than a fixed percentage for the Fund’s Retail Class for such period. Please see the Fund’s Prospectus for more information. The second waiver/reimbursement applies so that Fund level Other Expenses (as defined in the Fund’s financial statements) for the Institutional Class will be in the same proportion as the Retail Class waivers/reimbursements. The third waiver/reimbursement applies so that the institutional class-specific Other Expenses are reimbursed. The Adviser has contractually agreed to waive/reimburse all of these class-specific Other Expenses, but only to the extent that the difference between the net Institutional Class and net Retail Class expense ratios, after applying the waiver/reimbursement, does not exceed 25 basis points. These agreements may not be terminated or modified prior to April 30, 2018 without the approval of the Board of Trustees.
All indices are unmanaged and investors cannot invest directly in an index. View index descriptions.
FTSE Russell is the source and owner of the Russell Index data. See Terms of Use for additional disclosure.

The risk profile spectrum provides an approximate illustration of the relative volatility of the Westcore Family of Funds determined by using each fund’s 5-year annualized standard deviation as of 12/31/17. If the fund’s retail class has less than five years of operations as of that date, the standard deviation of the fund’s Morningstar category is used instead. Standard deviation is a statistical measure of the historical volatility of a fund, which we believe can assist in classifying a fund within a risk spectrum. The placement on the risk spectrum (Low to High) is based on the comparison of each Fund’s standard deviation measure, as described above, in relation to the universe of funds with a 5-year standard deviation measure as obtained from a third-party fund database. We believe those measures are accurate but have not independently verified them. Please refer to the prospectus for each fund’s specific risks. Also a fund’s measure of volatility is subject to change without notice as market or economic conditions change, and such changes may include significant and nonrecurring volatility events. Historical volatility is not necessarily indicative of future volatility and there is no guarantee that in any time period any one fund will be more or less volatile than any other fund.

The Morningstar Rating for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed end funds, and separate accounts) with at least a three-year history. Exchange–traded funds and open ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product 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 managed product is derived from a weighted average of the performance figures associated with its three-,five-,and 10 year (if applicable) Morningstar Rating metrics. The weights are 100% three-year rating for 36-59 months of total returns, 60% five year rating/40% three-year rating for 60-119 months of total returns, and 50% 10 year rating/30% five-year rating/20% three year rating for 120 or more months of total returns. While the 10 year overall rating formula seems to give the most weight to the 10 year period, the most recent three–year period actually has the greatest impact because it is included in all three rating periods.
© 2017 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (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.

Manager Commentary as of 12/31/2017

 

Market Overview

Equity markets continued to push higher in the fourth quarter, with nearly all broad U.S. indexes closing 2017 at, or near, all-time highs. Underneath the strength of the overall markets, there was significant divergence in the type of stock that performed well in 2017. The Russell 2000® Growth Index’s return was 22.17% in 2017 (up 4.59% for the fourth quarter) versus the Russell 2000® Value Index’s 7.84% return in 2017 (up 2.05% for the fourth quarter). This was the mirror opposite of 2016 when small-cap value stocks trounced small-cap growth stocks by over 20%. Taking a step back, the Russell 2000® Growth Index has outperformed the Russell 2000® Value Index by over 2% annualized for the last five years and over 1% annualized during the last decade. 

Fund Performance

For the fourth quarter of 2017, the Westcore Small-Cap Growth Fund underperformed its benchmark, returning 2.38% compared to the Russell 2000® Growth Index’s 4.59% return.

Contributors to Return

The three sectors that contributed most to the Fund’s performance relative to its benchmark in the quarter were information technology, financials, and industrials. The Fund’s best-performing stock in the quarter was Globus Medical Inc., a medical device company that develops products to promote healing in patients with spinal disorders. The stock outperformed during the quarter primarily due to the prospects for the company’s recent Excelsius robot-assisted surgery platform launch. We remain excited about the opportunity for robotics in the spinal surgery products market. Another strong performer was MGP Ingredients Inc., a high-quality spirits producer. The company experienced strong demand for its products in the recent quarter and continues to build aged product inventory to satisfy future demand. We believe the growth outlook for MGP remains strong. Proto Labs Inc., a leading provider of rapid molding and printing technologies for prototypes and on-demand production parts, outperformed in the quarter as its industrial end markets remained healthy. We believe Proto Labs’ services offer significant efficiencies within the product development process.

Detractors from Return

The three sectors that detracted most from the Fund’s performance relative to its benchmark in the quarter were health care, consumer discretionary, and telecommunication services. The Fund’s worst performing stock in the quarter was Acadia Healthcare Co. Inc., a provider of behavioral healthcare services. The stock underperformed in the quarter after the company struggled with staffing issues in its U.K. segment. Although increased labor costs are likely to linger over the coming quarters, we believe that long-term growth trends remain intact, as evidenced by a solid U.S. outlook. Nevro Corp., a leading provider of spinal cord stimulation implants for the treatment of chronic pain, underperformed during the quarter due to a modestly slowing end market. We believe the slowdown to be more transient in nature and that growth should begin to accelerate based on the potential for new applications for Nevro’s products through 2018 and beyond. Glaukos Corp., an ophthalmic medical device company focused on the treatment of glaucoma, underperformed during the quarter over concerns surrounding the competitive environment. Although projections for the next two quarters have been reduced given competitive issues, we continue to be constructive on the company’s next generation offering scheduled to be launched later this year.

Outlook and Positioning

As of the end of 2017, the Fund was overweighted primarily in the information technology and financial sectors and underweighted primarily in the industrials and health care sectors.

The current economic expansion is the third longest ever recorded in the United States. It now sits a at eight and half years, setting the backdrop for what has been a remarkable bull market. While we believe we are in the later stages of the economic cycle, tax reform likely improves the short-term economic outlook in 2018. As always, we are focused on companies that we believe can thrive by offering innovative and disruptive products or services. Ultimately, we believe these companies are less sensitive to economic cycles and are a strong foundation for our growth portfolios. Happy New Year and we wish you a prosperous 2018.   

 

Stock Performance (3 months ended 12/31/2017)
Top 5 Stocks Average Weight Contribution to Return
Globus Medical Inc. 1.77% 0.58%
LendingTree Inc. 1.45 0.49
EPAM Systems Inc. 2.36 0.48
MGP Ingredients Inc. 1.65 0.38
Proto Labs Inc. 1.42 0.36
Bottom 5 Stocks Average Weight Contribution to Return
MACOM Technology Solutions Holdings Inc. 0.97% -0.33%
Prothena Corp. PLC 0.61 -0.36
Glaukos Corp. 1.42 -0.39
Nevro Corp. 1.55 -0.43
Acadia Healthcare Co. Inc. 1.33 -0.60
Top 5 Stocks
Globus Medical Inc.
Average Weight 1.77%
Contribution to Return 0.58%
LendingTree Inc.
Average Weight 1.45
Contribution to Return 0.49
EPAM Systems Inc.
Average Weight 2.36
Contribution to Return 0.48
MGP Ingredients Inc.
Average Weight 1.65
Contribution to Return 0.38
Proto Labs Inc.
Average Weight 1.42
Contribution to Return 0.36
Bottom 5 Stocks
MACOM Technology Solutions Holdings Inc.
Average Weight 0.97%
Contribution to Return -0.33%
Prothena Corp. PLC
Average Weight 0.61
Contribution to Return -0.36
Glaukos Corp.
Average Weight 1.42
Contribution to Return -0.39
Nevro Corp.
Average Weight 1.55
Contribution to Return -0.43
Acadia Healthcare Co. Inc.
Average Weight 1.33
Contribution to Return -0.60

 

Investing in small-cap funds generally will be more volatile and loss of principal could be greater than investing in large-cap funds.
Investing in foreign securities entails special risks, such as currency fluctuations and political uncertainties.
The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will vary, and shares, when redeemed, may be worth more or less than their original cost. To obtain current performance as of the most recent month-end, please call 800.392.CORE (2673) or visit the Performance tab.
The Top 5 and Bottom 5 performing 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 800-392-CORE (2673) or visit the Performance tab.
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.
All indices are unmanaged and investors cannot invest directly in an index. View index descriptions.

The risk profile spectrum provides an approximate illustration of the relative volatility of the Westcore Family of Funds determined by using each fund’s 5-year annualized standard deviation as of 12/31/17. If the fund’s retail class has less than five years of operations as of that date, the standard deviation of the fund’s Morningstar category is used instead. Standard deviation is a statistical measure of the historical volatility of a fund, which we believe can assist in classifying a fund within a risk spectrum. The placement on the risk spectrum (Low to High) is based on the comparison of each Fund’s standard deviation measure, as described above, in relation to the universe of funds with a 5-year standard deviation measure as obtained from a third-party fund database. We believe those measures are accurate but have not independently verified them. Please refer to the prospectus for each fund’s specific risks. Also a fund’s measure of volatility is subject to change without notice as market or economic conditions change, and such changes may include significant and nonrecurring volatility events. Historical volatility is not necessarily indicative of future volatility and there is no guarantee that in any time period any one fund will be more or less volatile than any other fund.

The Morningstar Rating for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed end funds, and separate accounts) with at least a three-year history. Exchange–traded funds and open ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product 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 managed product is derived from a weighted average of the performance figures associated with its three-,five-,and 10 year (if applicable) Morningstar Rating metrics. The weights are 100% three-year rating for 36-59 months of total returns, 60% five year rating/40% three-year rating for 60-119 months of total returns, and 50% 10 year rating/30% five-year rating/20% three year rating for 120 or more months of total returns. While the 10 year overall rating formula seems to give the most weight to the 10 year period, the most recent three–year period actually has the greatest impact because it is included in all three rating periods.
© 2017 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (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.

 

 

 

Distributions

The Westcore Small-Cap Growth Fund pays any income and capital gain distributions at least annually, generally in December.

To view the Fund’s most recent distributions click here.

To view historical distribution information for all of the Westcore Funds click here.

 

Past performance does not guarantee future results.
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. View the prospectus for more information.

The risk profile spectrum provides an approximate illustration of the relative volatility of the Westcore Family of Funds determined by using each fund’s 5-year annualized standard deviation as of 12/31/17. If the fund’s retail class has less than five years of operations as of that date, the standard deviation of the fund’s Morningstar category is used instead. Standard deviation is a statistical measure of the historical volatility of a fund, which we believe can assist in classifying a fund within a risk spectrum. The placement on the risk spectrum (Low to High) is based on the comparison of each Fund’s standard deviation measure, as described above, in relation to the universe of funds with a 5-year standard deviation measure as obtained from a third-party fund database. We believe those measures are accurate but have not independently verified them. Please refer to the prospectus for each fund’s specific risks. Also a fund’s measure of volatility is subject to change without notice as market or economic conditions change, and such changes may include significant and nonrecurring volatility events. Historical volatility is not necessarily indicative of future volatility and there is no guarantee that in any time period any one fund will be more or less volatile than any other fund.

The Morningstar Rating for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed end funds, and separate accounts) with at least a three-year history. Exchange–traded funds and open ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product 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 managed product is derived from a weighted average of the performance figures associated with its three-,five-,and 10 year (if applicable) Morningstar Rating metrics. The weights are 100% three-year rating for 36-59 months of total returns, 60% five year rating/40% three-year rating for 60-119 months of total returns, and 50% 10 year rating/30% five-year rating/20% three year rating for 120 or more months of total returns. While the 10 year overall rating formula seems to give the most weight to the 10 year period, the most recent three–year period actually has the greatest impact because it is included in all three rating periods.
© 2017 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (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.
3-star Morningstar Overall Rating out of 609 Small Growth Funds based upon risk adjusted returns as of 12/31/2017.
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