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.
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 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.

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: 11/30/2017
Annualized Returns (%)
Periods Ended: 11/30/2017
1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years Since Inception
Westcore Small-Cap Growth Fund 0.81 8.10 26.26 24.21 10.39 - - 8.43
Westcore Small-Cap Growth Fund Institutional 0.80 8.08 26.23 24.31 10.71 - - 8.75
Russell 2000® Growth Index 2.87 10.15 22.03 23.69 11.32 - - 9.66
  Monthly Returns (%)
Periods Ended: 9/30/2017
Annualized Returns (%)
Periods Ended: 9/30/2017
1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years Since Inception
Westcore Small-Cap Growth Fund 5.35 6.18 23.05 23.73 11.64 - - 8.08
Westcore Small-Cap Growth Fund Institutional 5.28 6.11 22.96 23.74 11.97 - - 8.40
Russell 2000® Growth Index 5.45 6.22 16.81 20.98 12.17 - - 8.82
Westcore Small-Cap Growth Fund
Monthly Returns(%) as of 11/30/2017
1 Month 0.81
3 Months 8.10
YTD 26.26
Annualized Returns(%) as of 11/30/2017
1 Year 24.21
3 Years 10.39
5 Years -
10 Years -
Since Inception 8.43
Westcore Small-Cap Growth Fund Institutional
Monthly Returns(%) as of 11/30/2017
1 Month 0.80
3 Months 8.08
YTD 26.23
Annualized Returns(%) as of 11/30/2017
1 Year 24.31
3 Years 10.71
5 Years -
10 Years -
Since Inception 8.75
Russell 2000® Growth Index
Monthly Returns(%) as of11/30/2017
1 Month 2.87
3 Months 10.15
YTD 22.03
Annualized Returns(%) as of 11/30/2017
1 Year 23.69
3 Years 11.32
5 Years -
10 Years -
Since Inception 9.66
Westcore Small-Cap Growth Fund
Monthly Returns(%) as of 9/30/2017
1 Month 5.35
3 Months 6.18
YTD 23.05
Annualized Returns(%) as of9/30/2017
1 Year 23.73
3 Years 11.64
5 Years -
10 Years -
Since Inception 8.08
Westcore Small-Cap Growth Fund Institutional
Monthly Returns(%) as of 9/30/2017
1 Month 5.28
3 Months 6.11
YTD 22.96
Annualized Returns(%) as of 9/30/2017
1 Year 23.74
3 Years 11.97
5 Years -
10 Years -
Since Inception 8.40
Russell 2000® Growth Index
Monthly Returns(%) as of 9/30/2017
1 Month 5.45
3 Months 6.22
YTD 16.81
Annualized Returns(%) as of 9/30/2017
1 Year 20.98
3 Years 12.17
5 Years -
10 Years -
Since Inception 8.82
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.

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 9/30/2017

 

Market Overview

Equity markets performed well in the third quarter of 2017 and small-cap growth stocks performed particularly well. The Russell 2000® Growth Index was up 6.22% for the quarter, leaving it up 16.81% year-to-date. This compares to the Russell 2000® Value Index’s 5.11% return for the quarter and 5.68% return year-to-date. The economy continued to exhibit steady, albeit sluggish, growth while at the same time, volatility in the equity market has collapsed. 

Fund Performance

For the third quarter of 2017, the Westcore Small-Cap Growth Fund slightly underperformed its benchmark, returning 6.18% compared to the Russell 2000® Growth Index’s 6.22% return.

Contributors to Return

The three sectors that contributed most to the Fund’s performance relative to its benchmark in the quarter were consumer discretionary, information technology, and financials. The Fund’s best-performing stock in the quarter was Envestnet Inc., a leading financial software and services company that focuses on providing platforms for registered investment advisors. The company has experienced traction in advisor growth and benefited from investments in its platform. We are encouraged by the Envestnet’s growth opportunity and believe the recently announced transaction to acquire FolioDynamix should further enhance the product suite for advisors and brokers. Live Nation Entertainment Inc., a leading concert and ticketing company, was also a significant contributor in the quarter as the company reported very strong results. Live Nation has continued to execute its strategy of improving the profitability of each event through better monetization of patrons, strong advertising sponsorships, and integrating its primary and secondary ticketing platform. Cogent Communications Holdings Inc., a leading provider of low-cost, high-speed Internet and communication services for enterprises, was also a strong performer in the quarter. The company reported results that showed stabilization in its core business after a period of weakness. Video streaming services and cloud computing growth continued to provide a solid backdrop for consistent demand growth. Cogent’s total return potential remains attractive, in our opinion, as the greater than 3% dividend yield, stock repurchases, and significant free cash flow all provide valuation support with an end market that has grown fairly consistently.

Detractors from Return

Just two sectors detracted from the from the Fund’s performance relative to its benchmark in the quarter – health care and materials. The Fund’s worst-performing stock in the quarter was Flotek Industries Inc., a specialty chemicals provider for the oil and gas industry. The company has struggled to gain the markets’ confidence in the long-term growth outlook for its products. Flotek’s fluid additives, designed for the oil and gas well completion process, have remained under scrutiny regarding their efficacy and investors have grown increasingly concerned about the potential for demand deterioration, despite current growth rates that are ahead of the industry. Huron Consulting Group Inc., a leading provider of operation and financial consulting services to both the health care and higher education markets, was also a significant drag to performance in the quarter. The company’s health care segment continued to experience choppy end demand; however, we believe that the recent weakness is transient in nature and that health care providers, now more than ever, require the help of consulting services to successfully navigate the increasingly complex reimbursement landscape. MACOM Technology Solutions Holdings Inc., a leading provider of semiconductors for the communications industry, was also a detractor in the quarter. Weakness in demand for chips used for networks in China drove a material reduction in future earnings estimates. The slowdown appears to be industry wide, as many peers reported similarly weak results. Ultimately, we believe the company maintains a strong competitive position and should benefit over the long term as networks are upgraded to next-generation technologies.

Outlook and Positioning

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

Despite the chaotic political news cycle, the economic backdrop appears to remain steady and the market is keenly focused on the potential for tax reform. We continue to believe we are in the later stages of the economic cycle; however, any significant tax reform could improve the short-term outlook for growth. Conversely, potential hiccups from the unwinding of quantitative easing and rising interest rates present real risks to the economy and equity markets. While equity volatility has remained low, valuations have expanded and we are focused on managing the risk within the Fund. As such, we continue to invest in companies that, we believe, have strong competitive positions and can weather economic volatility better than their peers.   

 

Stock Performance (3 months ended 9/30/2017)
Top 5 Stocks Average Weight Contribution to Return
Envestnet Inc. 2.25% 0.62%
LendingTree Inc. 1.49 0.51
Live Nation Entertainment Inc. 2.15 0.50
Generac Holdings Inc. 1.81 0.48
Cogent Communications Holdings Inc. 1.92 0.42
Bottom 5 Stocks Average Weight Contribution to Return
Party City Holdco Inc. 1.08% -0.17%
MACOM Technology Solutions Holdings Inc. 1.13 -0.18
Glaukos Corp. 1.53 -0.35
Huron Consulting Group Inc. 1.37 -0.37
Flotek Industries Inc. 0.59 -0.40
Top 5 Stocks
Envestnet Inc.
Average Weight 2.25%
Contribution to Return 0.62%
LendingTree Inc.
Average Weight 1.49
Contribution to Return 0.51
Live Nation Entertainment Inc.
Average Weight 2.15
Contribution to Return 0.50
Generac Holdings Inc.
Average Weight 1.81
Contribution to Return 0.48
Cogent Communications Holdings Inc.
Average Weight 1.92
Contribution to Return 0.42
Bottom 5 Stocks
Party City Holdco Inc.
Average Weight 1.08%
Contribution to Return -0.17%
MACOM Technology Solutions Holdings Inc.
Average Weight 1.13
Contribution to Return -0.18
Glaukos Corp.
Average Weight 1.53
Contribution to Return -0.35
Huron Consulting Group Inc.
Average Weight 1.37
Contribution to Return -0.37
Flotek Industries Inc.
Average Weight 0.59
Contribution to Return -0.40

 

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.

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 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.

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 597 Small Growth Funds based upon risk adjusted returns as of 9/30/2017.
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