ColoradoTax-Exempt
Municipal Bonds


Make Your Investments a Lot Less Taxing with the Westcore Colorado Tax-Exempt Fund

Westcore Colorado Tax-Exempt Fund

Retail Class: WTCOX, Institutional Class: WICOX

Tax-sensitive? Want to reduce your tax bill? Need a quality-focused, conservative investment option to help you keep more of what you earn? Then the no-load Westcore Colorado Tax-Exempt Fund may be right for you. This Colorado municipal bond fund was created to help risk-sensitive investors keep more of their after-tax investment earnings.

The Westcore Colorado Tax-Exempt Fund focuses primarily on investment-grade quality bonds of intermediate maturity that provide federal and state tax-exempt income.

To identify attractive investments for the portfolio we thoroughly research the financial condition of various counties, public projects, school districts and taxing authorities within the state of Colorado to assess bond issuers’ ability to meet their obligations and provide a stable income stream. We construct the portfolio with bonds from many areas of the state in an effort to reduce the economic risk to the portfolio from any particular local economy within the state.

Colorado Tax-Free Income

A high-quality municipal bond portfolio managed to generate a potentially strong total return while providing income that is exempt from Federal and State Taxes. Learn More

Participate In A Growing Economy

The Colorado economy has been one of the fastest growing state economies over the last decade and continues to show promising signs for further growth. Learn More

Locally Managed by Experienced Team

Established in 1991, the Westcore Colorado Tax Exempt Fund is one of the longest running funds focused specifically on the state of Colorado and its portfolio managers have a combined 43 years of municipal bond investing expertise. Learn More

Opportunity for Attractive Yield Relative to Taxable Investments

Tax-exempt municipal bonds can offer an advantage over taxable investments, particularly for investors in higher tax brackets. For example, an investor in the Westcore Colorado Tax-Exempt Fund who is in the 48% tax bracket could potentially earn a tax-equivalent yield of 6.12%. This is significantly higher than the nominal yields of Treasury and Corporate (A-rated) index yields (as represented by the Bloomberg Barclays Single A Corporate Index and Bloomberg Barclays Treasury Index, respectively). The same holds true for investors in a lower tax bracket, such as a 29% bracket. An investor in this bracket could potentially earn a tax-equivalent yield of 4.52% by investing in the Westcore Colorado Tax-Exempt Fund, which is still higher than nominal yields of Treasury and Corporate index yields.

We Focus on Quality in the Selection of Securities

The Westcore Colorado Tax-Exempt Fund’s portfolio managers invest in high-quality, intermediate-maturity, tax-exempt municipal bonds with the goal of generating attractive income while preserving capital and decreasing volatility of portfolio returns. The portfolio managers employ a conservative investment approach and analyze the creditworthiness of each bond through a rigorous, proprietary fundamental research process. More specifically, they assess the financial strength of the issuing municipalities along with their ability to generate revenues or levy taxes in order to meet their obligations. As Colorado residents, the portfolio managers have “on the ground” access to local projects and issuers. This allows them to better evaluate a project’s long-term prospects for success. The portfolio managers seek to construct a portfolio through a bottom-up bond selection process. They select bonds from many areas of the state in an effort to reduce the economic risk to the portfolio from any particular local economy within the state. From a top-down perspective, the portfolio managers carefully manage interest rate risk to control price volatility.

Locally Managed by Experienced
Portfolio Management Team

The Fund’s investment manager, Denver Investments, brings nearly 60 years of experience to the Westcore Colorado Tax-Exempt Fund. The firm’s experience managing fixed income assets for large institutional clients, its consistently applied investment approach, and its extensive investment expertise in Colorado municipal securities all help in assembling a portfolio of low-risk, double tax-exempt bonds. The Fund’s portfolio managers, Ken Harris, CFA, and Nicholas Foley have a combined 43 years of municipal bond investing expertise. They are backed by Denver Investments’ entire Fixed Income team.

We believe that an emphasis on income and security selection rather than market timing of interest rates is the best way to consistently deliver strong risk-adjusted returns for our clients. – Kenneth A. Harris, CFA

Kenneth A. Harris, CFA

Kenneth A. Harris, CFA

Partner, Director of Fixed Income Portfolio Management, Portfolio Manager

Nicholas J. Foley

Nicholas J. Foley

Vice President, Portfolio Manager, Municipal Credit Analyst/Trader

4-star Morningstar Overall Rating out of 148 Muni Single State Interm Funds based upon risk adjusted returns as of 9/30/2017.
View all Ratings

Learn More About Our Fixed Income Funds:

 

Fixed Income

Westcore Flexible Income Fund

High Yield Bond

Retail class: WTLTX
Institutional class: WILTX

The Westcore Flexible Income Fund invests in a wide variety of income-producing securities – primarily bonds and to a lesser extent convertible bonds and equity securities.

Fund Info

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Fixed Income

Westcore Plus Bond Fund

Intermediate-Term Bond

Retail class: WTIBX
Institutional class: WIIBX

The Westcore Plus Bond Fund invests primarily in investment-quality bonds of varying maturities.

Fund Info

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Fixed Income

Westcore Municipal Opportunities Fund

Intermediate Municipal Bond

Retail class: WTTAX
Institutional class: WITAX

The Westcore Municipal Opportunities Fund focuses primarily on investment-grade quality bonds of intermediate maturity which provide income exempt from federal taxation.

Fund Info

Fund Link

Fixed Income

Westcore Colorado Tax-Exempt Fund

Municipal Single State

Retail class: WTCOX
Institutional class: WICOX

The Westcore Colorado Tax-Exempt Fund focuses primarily on investment-grade quality bonds of intermediate maturity that provide federal and state tax-exempt income.

Fund Info

Fund Link

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The Westcore Colorado Tax-Exempt Fund invests primarily in instruments issued by or on behalf of one state and generally will be more volatile and loss of principal could be greater due to state specific risk.

This material is not intended to be tax advice. The tax consequences may vary by individual taxpayer. Please consult your tax professional or financial advisor for more information with regard to your specific situation.

A portion of income may be subject to the alternative minimum tax. Income earned by non-Colorado residents will be subject to applicable state and local taxes.

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.

Quotations of yield reflect all fee waivers and/or expense reimbursements. Without the absorption of these fee waivers and/or expense reimbursements, the figures quoted would have been lower. The 30-Day SEC Yield for the period noted would have been as follows for the Westcore Colorado Tax-Exempt Fund: retail: 2.66%, institutional: 2.85%.

The Bloomberg Barclays A Corporate Index is the A component of the U.S. Credit index and includes investment grade (Moody’s Investor Services Aaa to Baa, Standard and Poor’s Corporation AAA to BBB), publicly issued U.S. corporate and specified bonds.

The Bloomberg Barclays Treasury Index includes public obligations of the U.S. Treasury with a remaining maturity of one year or more.

Source: Lipper, Inc. The Best Fixed Income—Small Fund Group award is granted to the fund family with the lowest average decile ranking for Consistent Return over the 3-year period. To qualify, a fund family must have at least three fixed income funds and less than $63.5 billion in assets under management for 2016. Westcore Funds Funds ranked 1 out of 74 eligible companies for 2016.

From Thomson Reuters Lipper Awards, ©2017 Thomson Reuters. All rights reserved. Used by permission and protected by the Copyright Laws of the United States. The printing, copying, redistribution, or retransmission of this Content without express written permission is prohibited.

Lipper, a wholly owned subsidiary of Thomson Reuters, is a leading global provider of mutual fund information and analysis to fund companies, financial intermediaries and media organizations.

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.

RISKS: Westcore Fixed Income Funds are subject to additional risk in that they may invest in high-yield/high-risk bonds and is subject to greater levels of liquidity risk. In addition, the exposure these funds have to foreign markets can regularly affect the net asset value (NAV) and total return of this Fund due to foreign risk.

An investor should consider investment objectives, risks, charges and expenses of the Fund(s) carefully before investing. Click here for a prospectus, which contains this and other important information. Please read the prospectus carefully before investing.

Westcore Funds are distributed by ALPS Distributors, Inc.

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