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 3/31/17. 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.
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. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Morningstar Rating are for the share class specified only; rankings for other share classes will vary. Past performance is no guarantee of future results.
© 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

Tara Stacy
Tara Stacy

Equity Trader

2009 to Present: Denver Investments
1999 to 2009: LGC Management, Accountant
Education:

BA – University of Colorado Denver; CFA Institute Claritas certificate

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 3/31/17. 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.

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. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Morningstar Rating are for the share class specified only; rankings for other share classes will vary. Past performance is no guarantee of future results.
© 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: 4/30/2017
Annualized Returns (%)
Periods Ended: 4/30/2017
1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years Since Inception
Westcore Small-Cap Growth Fund 1.99 7.80 12.95 28.93 8.76 - - 6.38
Westcore Small-Cap Growth Fund Institutional 1.97 7.89 12.89 29.18 9.17 - - 6.74
Russell 2000® Growth Index 1.84 5.57 7.29 24.06 9.27 - - 7.23
  Monthly Returns (%)
Periods Ended: 3/31/2017
Annualized Returns (%)
Periods Ended: 3/31/2017
1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years Since Inception
Westcore Small-Cap Growth Fund 2.64 10.74 10.74 28.30 5.16 - - 5.91
Westcore Small-Cap Growth Fund Institutional 2.69 10.71 10.71 28.69 5.60 - - 6.28
Russell 2000® Growth Index 1.18 5.35 5.35 23.03 6.72 - - 6.83
Westcore Small-Cap Growth Fund
Monthly Returns(%) as of 4/30/2017
1 Month 1.99
3 Months 7.80
YTD 12.95
Annualized Returns(%) as of 4/30/2017
1 Year 28.93
3 Years 8.76
5 Years -
10 Years -
Since Inception 6.38
Westcore Small-Cap Growth Fund Institutional
Monthly Returns(%) as of 4/30/2017
1 Month 1.97
3 Months 7.89
YTD 12.89
Annualized Returns(%) as of 4/30/2017
1 Year 29.18
3 Years 9.17
5 Years -
10 Years -
Since Inception 6.74
Russell 2000® Growth Index
Monthly Returns(%) as of4/30/2017
1 Month 1.84
3 Months 5.57
YTD 7.29
Annualized Returns(%) as of 4/30/2017
1 Year 24.06
3 Years 9.27
5 Years -
10 Years -
Since Inception 7.23
Westcore Small-Cap Growth Fund
Monthly Returns(%) as of 3/31/2017
1 Month 2.64
3 Months 10.74
YTD 10.74
Annualized Returns(%) as of3/31/2017
1 Year 28.30
3 Years 5.16
5 Years -
10 Years -
Since Inception 5.91
Westcore Small-Cap Growth Fund Institutional
Monthly Returns(%) as of 3/31/2017
1 Month 2.69
3 Months 10.71
YTD 10.71
Annualized Returns(%) as of 3/31/2017
1 Year 28.69
3 Years 5.60
5 Years -
10 Years -
Since Inception 6.28
Russell 2000® Growth Index
Monthly Returns(%) as of 3/31/2017
1 Month 1.18
3 Months 5.35
YTD 5.35
Annualized Returns(%) as of 3/31/2017
1 Year 23.03
3 Years 6.72
5 Years -
10 Years -
Since Inception 6.83
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 (%)

2016 2015 2014 2013 2012 2011 2010 2009 2008 2007
Westcore Small-Cap Growth Fund 8.79 -4.77 3.85 1.30* - - - - - -
Westcore Small-Cap Growth Fund Institutional 9.22 -4.37 4.24 1.30* - - - - - -
Russell 2000® Growth Index 11.32 -1.38 5.60 1.67* - - - - - -
Westcore Small-Cap Growth Fund
2016 8.79
2015 -4.77
2014 3.85
2013 1.30*
2012 -
2011 -
2010 -
2009 -
2008 -
2007 -
Westcore Small-Cap Growth Fund Institutional
2016 9.22
2015 -4.37
2014 4.24
2013 1.30*
2012 -
2011 -
2010 -
2009 -
2008 -
2007 -
Russell 2000® Growth Index
2016 11.32
2015 -1.38
2014 5.60
2013 1.67*
2012 -
2011 -
2010 -
2009 -
2008 -
2007 -
*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 3/31/17. 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.

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. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Morningstar Rating are for the share class specified only; rankings for other share classes will vary. Past performance is no guarantee of future results.
© 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 3/31/2017

 

Market Overview

Equity markets were mixed in the first quarter, with growth stocks bouncing back relative to value stocks after a significant divergence in 2016. To recap, the Russell 2000® Growth Index was up 11.32% versus a 31.74% increase by the Russell 2000® Value Index last year. The first quarter of 2017 saw the Russell 2000® Growth Index up 5.35%, as compared to a 0.13% decrease by the Russell 2000® Value Index. We believe the cyclical rally in the fourth quarter of 2016, driven by rising economic prospects post-election, was excessive. In our opinion, it presented an excellent opportunity to invest in strong, growth companies that are less dependent on economic growth to thrive. 

Fund Performance

For the first quarter of 2017, the Westcore Small-Cap Growth Fund outperformed its benchmark, returning 10.74%, compared to the Russell 2000® Growth Index’s 5.35% 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, health care, and consumer discretionary. The Fund’s best-performing stock in the quarter was Glaukos Corp., a developer of micro-invasive glaucoma surgery products designed to reduce fluid pressure in the eye. The stock outperformed in the quarter on the back of better-than-expected estimates of future results for its flagship iStent® offering. We believe continued physician acceptance will be driven by quality clinical outcomes, few alternative treatment options for persistently high fluid pressure in the eye, and recent beneficial insurance reimbursement changes. Nevro Corp., a developer of innovative spinal cord stimulation devices for the treatment of chronic pain, was also a significant contributor during the first quarter. Investors became more comfortable with the competitive environment given the reported clinical delay for its primary competitor’s similar offering. We believe that Nevro’s patent-protected Senza device delivers best-in-class clinical outcomes with fewer side effects and creates an opportunity for the company to expand its market. Zendesk Inc., a leading provider of customer service software, outperformed in the quarter after reporting strong results and guidance for future earnings estimates due to improved execution. We remain bullish on its growth prospects as we believe the company is disrupting legacy technologies in the service market and continuing to expand its available market through new product innovation.

Detractors from Return

Only one sector, energy, detracted from the Fund’s performance relative to its benchmark in the quarter. The Fund’s worst-performing stock in the quarter was Albany Molecular Research Inc., a leading drug discovery, development, and manufacturing services provider for the pharmaceutical and biotechnology industries. The stock underperformed during the first quarter after the company reported weaker-than-expected fourth quarter results and guidance for 2017 earnings estimates. Although disappointing, these issues seem to be transient, largely driven by lower non-core revenues and near-term capital spending requirements, rather than weakness in the company’s base business. Longer term, we see the company as a beneficiary of the trend towards manufacturing service outsourcing. PDC Energy Inc., an exploration and production company, underperformed in the quarter due to concerns over commodity price weakness, which was driven by worries about excess oil supply in the market. From a company-specific standpoint, execution has remained very strong and better drilling results have improved returns. Envestnet Inc., a software provider for the asset management industry, was another detractor in the quarter. Concerns surrounding the Department of Labor fiduciary standards rule being delayed, which could likely cause customers to delay software upgrades, led to the weakness. In addition, the company had some tax-related questions that caused the delay of its regulatory filings, an issue that we believe to be temporary.

Outlook and Positioning

As of the end of the first quarter of 2017, the Fund was overweighted in the financials and consumer discretionary sectors and underweighted primarily in industrials and real estate sectors.

While overall economic growth rates have been lower than in prior expansion periods, the economic recovery is now the third longest on record, at 93 months. The likelihood that the United States is in the later stages of the business cycle, in our opinion, remains significant. While pro-growth policies may extend the length of the cycle, we do not foresee a rapid acceleration in the economy. Thus we believe that growth stocks remain relatively attractive as investors typically pay more for growth stocks when growth is scarce or questionable. More importantly, we continue to focus on identifying companies with strong fundamentals and solid growth prospects. We believe this is a winning strategy over time, regardless of the economic backdrop. 

 

Stock Performance (3 months ended 3/31/2017)
Top 5 Stocks Average Weight Contribution to Return
Glaukos Corp 2.61% 1.10%
Advisory Board Co 2.22 0.76
Nevro Corp 2.31 0.71
Zendesk Inc 1.89 0.57
RingCentral Inc 1.60 0.53
Bottom 5 Stocks Average Weight Contribution to Return
Generac Holdings Inc 1.31% -0.13%
Envestnet Inc 1.87 -0.13
National CineMedia Inc 1.06 -0.15
PDC Energy Inc 1.35 -0.19
Albany Molecular Research Inc 0.94 -0.27
Top 5 Stocks
Glaukos Corp
Average Weight 2.61%
Contribution to Return 1.10%
Advisory Board Co
Average Weight 2.22
Contribution to Return 0.76
Nevro Corp
Average Weight 2.31
Contribution to Return 0.71
Zendesk Inc
Average Weight 1.89
Contribution to Return 0.57
RingCentral Inc
Average Weight 1.60
Contribution to Return 0.53
Bottom 5 Stocks
Generac Holdings Inc
Average Weight 1.31%
Contribution to Return -0.13%
Envestnet Inc
Average Weight 1.87
Contribution to Return -0.13
National CineMedia Inc
Average Weight 1.06
Contribution to Return -0.15
PDC Energy Inc
Average Weight 1.35
Contribution to Return -0.19
Albany Molecular Research Inc
Average Weight 0.94
Contribution to Return -0.27
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 3/31/17. 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.

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. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Morningstar Rating are for the share class specified only; rankings for other share classes will vary. Past performance is no guarantee of future results.
© 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 3/31/17. 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.

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. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Morningstar Rating are for the share class specified only; rankings for other share classes will vary. Past performance is no guarantee of future results.
© 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 599 Small Growth Funds based upon risk adjusted returns as of 3/31/2017.
View all Ratings

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