Westcore Global Large-Cap Dividend Fund

Quantitative Equity

Style: World Stock Retail Class: WTMVX Institutional Class: WIMVX

Investment Strategy

The Westcore Global Large-Cap Dividend Fund invests primarily in large well-established, dividend-paying companies, both in the United States and in developed foreign markets.

We combine our proprietary quantitative screening and independent fundamental research to identify and thoroughly assess the ability of companies to pay and consistently grow their dividends. We build this portfolio of 25 to 30 stocks with an emphasis on achieving a balance between current yield, dividend-growth and capital preservation.

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

Management Team

We build this portfolio with the goal of helping investors preserve their capital while also growing income over time. – Alex A. Ruehle, CFA

Derek R. Anguilm, CFA

Derek R. Anguilm, CFA

Partner, Co-Director of Value Research, Portfolio Manager

Troy Dayton, CFA

Troy Dayton, CFA

Partner, Co-Director of Value Research, Portfolio Manager

Mark M. Adelmann, CFA, CPA

Mark M. Adelmann, CFA, CPA

Partner, Portfolio Manager, Analyst

Lisa Z. Ramirez, CFA

Lisa Z. Ramirez, CFA

Partner, Portfolio Manager, Analyst

Paul A. Kuppinger, CFA

Paul A. Kuppinger, CFA

Vice President, Portfolio Manager, Quantitative Analyst

Alex A. Ruehle, CFA

Alex A. Ruehle, CFA

Partner, Portfolio Manager, Analyst

Fund Information & Investment Minimums

Retail Class Institutional Class2
Ticker WTMVX WIMVX
CUSIP 957904881 957904527
Inception Date 6/1/1988 9/28/2007
Distribution Frequency Quarterly Quarterly
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 WTMVX
CUSIP 957904881
Inception Date 6/1/1988
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 WIMVX
CUSIP 957904527
Inception Date 9/28/2007
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
Formerly the Westcore Blue Chip Dividend Fund.
Investments in foreign companies are subject to special risks, including currency fluctuations, social, economic, and political uncertainties, which could increase volatility.
Dividends are not guaranteed. A company’s future abilities to pay dividends may be limited and a company may cease paying dividends at any time.

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.
Lisa Z. Ramirez, CFA is a registered representative of ALPS Distributors, Inc.
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.
© 2016 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

Derek R. Anguilm, CFA
Derek R. Anguilm, CFA

Partner, Co-Director of Value Research, Portfolio Manager

2000 to Present: Denver Investments
1999: Everen Securities, Research Assistant
Education:

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

Troy Dayton, CFA
Troy Dayton, CFA

Partner, Co-Director of Value Research, Portfolio Manager

2002 to Present: Denver Investments
2001 to 2002: Jurika and Voyles, Equity Research Analyst
1998 to 2001: Dresdner RCM Global Investors, Equity Research Associate
1996 to 1998: Jurika and Voyles, Equity Research Associate
1996: Citibank, Trading Support Officer
Education:

BSBA – Colorado State University
Member of CFA Institute and CFA Society Colorado

Mark M. Adelmann, CFA, CPA
Mark M. Adelmann, CFA, CPA

Partner, Portfolio Manager, Analyst

1995 to Present: Denver Investments
1979 to 1995: Deloitte & Touche, Senior Manager
Education:

BS – Oral Roberts University
Member of CFA Institute and CFA Society Colorado
Member of the American Institute of CPAs and the Colorado Society of CPAs

Lisa Z. Ramirez, CFA
Lisa Z. Ramirez, CFA

Partner, Portfolio Manager, Analyst

1989 to Present: Denver Investments
Education:

BS – University of Colorado; MBA – Regis University
Member of CFA Institute and CFA Society Colorado

Paul A. Kuppinger, CFA
Paul A. Kuppinger, CFA

Vice President, Portfolio Manager, Quantitative Analyst

2006 to Present: Denver Investments
2003 to 2006: Rocky Mountain Wealth Advisors, Principal
2002 to 2003: Curian Capital, Vice President of Research
1998 to 2002: Prima Capital, Director of Research
1997 to 1998: KPMG, Research Analyst
1993 to 1995: Westcap Investors, Trader
1990 to 1993: Wilshire Associates, Supervisor of Performance Measurement
Education:

BA – The Colorado College; MBA – University of Colorado
Member of CFA Institute and CFA Society Colorado

Alex A. Ruehle, CFA
Alex A. Ruehle, CFA

Partner, Portfolio Manager, Analyst

2008 to Present: Denver Investments
2006 to 2007: First Western Financial Services, Inc., Intern
Education:

BS and MBA – University of Denver
Member of CFA Institute and CFA Society Colorado

Jennifer B. Oldland
Jennifer B. Oldland

Vice President, Analyst

2006 to Present: Denver Investments
Education:

BS – Colorado State University

Guangyan (Yan) Qin, CFA
Guangyan (Yan) Qin, CFA

Vice President, Analyst

2008 to Present: Denver Investments
2007: Investment Protection Services, Wealth Management Intern
2007: First Data Corporation, Treasury Analyst Intern
2005: China Construction Bank, Intern
Education:

BS – University of International Business and Economics, Beijing, China; MS – University of Denver
Member of CFA Institute and CFA Society Colorado

Robbie A. Steiner, CFA
Robbie A. Steiner, CFA

Vice President, Analyst

2014 to Present: Denver Investments
2012 to 2013: BMO Capital Markets, Investment Banking Associate
2008 to 2010: Transamerica Investments, Mutual Fund Wholesaler
Education:

BBA – University of Georgia, MBA – Emory University
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

Formerly the Westcore Blue Chip Dividend Fund.
CFA is a trademark owned by CFA Institute.
Georgene L.A. Pedrie and Lisa Z. Ramirez, CFA 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.
© 2016 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: 5/31/2017
Annualized Returns (%)
Periods Ended: 5/31/2017
1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years Since Inception
Westcore Global Large-Cap Dividend Fund 3.35 7.18 11.01 14.80 5.91 11.51 4.36 8.63
Westcore Global Large-Cap Dividend Fund Institutional 3.37 7.14 11.11 14.87 6.09 11.68 4.52 8.68
Russell Developed Large‑Cap Index 2.04 4.67 10.18 16.36 5.80 12.63 4.04
S&P 500® Index 1.41 2.57 8.66 17.47 10.14 15.42 6.94 10.36
  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 Global Large-Cap Dividend Fund 1.53 5.16 5.16 11.23 5.01 8.81 4.60 8.47
Westcore Global Large-Cap Dividend Fund Institutional 1.65 5.42 5.42 11.60 5.24 9.04 4.78 8.54
Russell Developed Large‑Cap Index 1.02 6.33 6.33 14.72 5.53 9.59 4.43
S&P 500® Index 0.12 6.07 6.07 17.17 10.37 13.30 7.51 10.33
Westcore Global Large-Cap Dividend Fund
Monthly Returns(%) as of 5/31/2017
1 Month 3.35
3 Months 7.18
YTD 11.01
Annualized Returns(%) as of 5/31/2017
1 Year 14.80
3 Years 5.91
5 Years 11.51
10 Years 4.36
Since Inception 8.63
Westcore Global Large-Cap Dividend Fund Institutional
Monthly Returns(%) as of 5/31/2017
1 Month 3.37
3 Months 7.14
YTD 11.11
Annualized Returns(%) as of 5/31/2017
1 Year 14.87
3 Years 6.09
5 Years 11.68
10 Years 4.52
Since Inception 8.68
Russell Developed Large‑Cap Index
Monthly Returns(%) as of5/31/2017
1 Month 2.04
3 Months 4.67
YTD 10.18
Annualized Returns(%) as of 5/31/2017
1 Year 16.36
3 Years 5.80
5 Years 12.63
10 Years 4.04
Since Inception
S&P 500® Index
Monthly Returns(%) as of5/31/2017
1 Month 1.41
3 Months 2.57
YTD 8.66
Annualized Returns(%) as of 5/31/2017
1 Year 17.47
3 Years 10.14
5 Years 15.42
10 Years 6.94
Since Inception 10.36
Westcore Global Large-Cap Dividend Fund
Monthly Returns(%) as of 3/31/2017
1 Month 1.53
3 Months 5.16
YTD 5.16
Annualized Returns(%) as of3/31/2017
1 Year 11.23
3 Years 5.01
5 Years 8.81
10 Years 4.60
Since Inception 8.47
Westcore Global Large-Cap Dividend Fund Institutional
Monthly Returns(%) as of 3/31/2017
1 Month 1.65
3 Months 5.42
YTD 5.42
Annualized Returns(%) as of 3/31/2017
1 Year 11.60
3 Years 5.24
5 Years 9.04
10 Years 4.78
Since Inception 8.54
Russell Developed Large‑Cap Index
Monthly Returns(%) as of 3/31/2017
1 Month 1.02
3 Months 6.33
YTD 6.33
Annualized Returns(%) as of 3/31/2017
1 Year 14.72
3 Years 5.53
5 Years 9.59
10 Years 4.43
Since Inception
S&P 500® Index
Monthly Returns(%) as of 3/31/2017
1 Month 0.12
3 Months 6.07
YTD 6.07
Annualized Returns(%) as of 3/31/2017
1 Year 17.17
3 Years 10.37
5 Years 13.30
10 Years 7.51
Since Inception 10.33
Retail Class Annual Expense Ratio -- Gross: 1.23%, Net: 1.00%
Institutional Class Annual Expense Ratio -- Gross: 1.23%, Net: 0.82%

Calendar Year Returns (%)

2016 2015 2014 2013 2012 2011 2010 2009 2008 2007
Westcore Global Large-Cap Dividend Fund 8.58 -0.56 4.43 24.53 13.39 5.19 3.99 29.87 -36.24 3.13
Westcore Global Large-Cap Dividend Fund Institutional 8.63 -0.42 4.66 24.83 13.56 5.34 4.05 30.10 -36.09 3.19
Russell Developed Large‑Cap Index 7.70 -0.87 5.16 27.38 16.16 -5.69 12.43 31.51 -41.19 9.23
S&P 500® Index 11.96 1.38 13.69 32.39 16.00 2.11 15.06 26.47 -37.00 5.49
Westcore Global Large-Cap Dividend Fund
2016 8.58
2015 -0.56
2014 4.43
2013 24.53
2012 13.39
2011 5.19
2010 3.99
2009 29.87
2008 -36.24
2007 3.13
Westcore Global Large-Cap Dividend Fund Institutional
2016 8.63
2015 -0.42
2014 4.66
2013 24.83
2012 13.56
2011 5.34
2010 4.05
2009 30.10
2008 -36.09
2007 3.19
Russell Developed Large‑Cap Index
2016 7.70
2015 -0.87
2014 5.16
2013 27.38
2012 16.16
2011 -5.69
2010 12.43
2009 31.51
2008 -41.19
2007 9.23
S&P 500® Index
2016 11.96
2015 1.38
2014 13.69
2013 32.39
2012 16.00
2011 2.11
2010 15.06
2009 26.47
2008 -37.00
2007 5.49
Formerly the Westcore Blue Chip Dividend Fund.
Effective June 30, 2015, the Westcore Board of Trustees approved a benchmark change for the Westcore Global Large-Cap Dividend Fund from the S&P 500® Index to the Russell Developed Large-Cap Index. The new benchmark index reflects the global investment objective of the Fund. We will continue to present the S&P 500® Index for historical comparison purposes to the extent required.
Investments in foreign companies are subject to special risks, including currency fluctuations, social, economic, and political uncertainties, which could increase volatility.
Dividends are not guaranteed. A company’s future abilities to pay dividends may be limited and a company may cease paying dividends at any time.
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.
Standard & Poor’s is the source and owner of the S&P 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.
© 2016 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

Global large-cap stocks continued their climb higher in the first quarter, even as market enthusiasm following the election waned, particularly in March. We witnessed a clear change in sector leadership in the quarter, as more cyclical sectors, such as energy and interest rate sensitive, underperformed in the quarter while more defensive sectors, such as medical/healthcare and consumer, were among the top-performing sectors. The energy sector’s drop coincided with West Texas Intermediate oil (a benchmark that refers to oil extracted from wells in the United States) falling 5.8% in the quarter. The top-performing sector was information technology, which showed broad-based strength driven in part by a recovery of large-cap growth stocks. Within interest rate sensitive, banks pulled back, reversing some of their fourth quarter gains. This occurred as the Federal Reserve raised rates during the quarter and suggested more near-term rate hikes might be appropriate. International stocks recovered from the pullback that was seen following the U.S. Presidential Election, as market participants reconsidered the new administration’s ability to enact protectionist trade policies. The market’s excitement around potential U.S. policy changes, such as infrastructure spending, de-regulation, and tax reform appeared to fade somewhat. At the same time, signs of an improving global economy began to take shape.

Fund Performance

For the quarter, the Westcore Global Large-Cap Dividend Fund returned 5.16%, underperforming its benchmark, the Russell Developed Large-Cap Index, which returned 6.33%. Our global large-cap strategy faced headwinds in the quarter as more volatile stocks and stocks that don’t pay a dividend did well.

Contributors to Return

Those sectors that contributed most to the Fund’s performance relative to the benchmark were the consumer staples, utilities, and materials. Specific individual top performers for the quarter were led by CSX Corp., a provider of rail-based transportation services in the United States. Its solid performance was driven by new CEO, E. Hunter Harrison, an industry veteran skilled in precision scheduled railroading, taking the helm. Under Mr. Harrison’s leadership and with his proven operating efficiency programs, expectations for operating ratio improvements, and thus improving cash flow and returns, have increased beyond original expectations. Mobile device and personal computer manufacturer Apple Inc. added to performance with a better-than-expected quarterly report. Its record results were attributable to strong iPhone and services sales, while improved expectations for the iPhone 8 product cycle helped support the move higher. Kimberly-Clark Corp., a paper-based products and cleaning solutions manufacturer, contributed to performance during the quarter. During the period, the company announced results that exceeded expectations despite effectively flat commodities, which was attributed to its sustainable cost savings program. We believe the company can continue to power through a challenging macroeconomic environment with the help of its increasingly robust cost savings platform.

Detractors from Return

The Fund’s most significant detractors relative to its benchmark in the quarter were the consumer discretionary, information technology, and telecommunication services sectors. QUALCOMM Inc., a provider of digital telecommunications products and services, was negatively impacted in the quarter following complaints issued in China alleging monopolistic practices and leading to a review of patent royalty terms. Despite the recent complaints, we believe in the durability of QUALCOMM’s royalties base, which, coupled with its recent diversification into growing markets, should support future sustainable dividend growth. Exploration and production company Occidental Petroleum Corp. provided a headwind to the Fund’s performance during the quarter. Oil prices dropped with the normal seasonal inventory build-up in the United States and the associated inventory boost from importers stocking up on OPEC crude prior to its production cuts. We believe we are entering the early innings of a global inventory rebalance that started in January and think that Occidental’s onshore program will prove to be rewarding. Within the consumer discretionary sector, Toyota Motor Corp. was the Fund’s most significant detractor. Numerous concerns weighed on the stock including peaking auto sales volumes in the United States, increased competition, falling used car prices, and concerns over potential trade policies under the new administration. While we do acknowledge the potential for flat to slowing auto demand in the United States, we believe Toyota’s globally balanced portfolio should support strong cash flows that could be returned to shareholders through dividend growth.

Outlook and Positioning

We believe uncertainty regarding the outlook for domestic and global economic growth will continue and that concerns around successful policy implementation will remain heightened. The uncertainty has resulted in a wavering of the post-election market euphoria, as questions regarding economic growth and policy changes remain unanswered. This, coupled with historically high valuations, in our opinion is a recipe for continued volatility. In this type of environment, we believe any company-specific disappointments are likely to be severely and often overly punished. This would create near-term pain, but also may offer opportunities to invest in companies at prices below what we believe they are worth.

Stock Performance (3 months ended 3/31/2017)
Top 5 Stocks Average Weight Contribution to Return
CSX Corp 3.96% 1.00%
Apple Inc 3.75 0.84
British American Tobacco PLC 3.51 0.67
Lowe’s Companies Inc 3.40 0.52
Kimberly-Clark Corp 3.20 0.49
Bottom 5 Stocks Average Weight Contribution to Return
Toyota Motor Corp 3.11% -0.23%
Occidental Petroleum Corp 2.74 -0.30
BT Group plc 2.65 -0.37
QUALCOMM Inc 2.95 -0.39
Brambles Ltd 2.87 -0.65
Top 5 Stocks
CSX Corp
Average Weight 3.96%
Contribution to Return 1.00%
Apple Inc
Average Weight 3.75
Contribution to Return 0.84
British American Tobacco PLC
Average Weight 3.51
Contribution to Return 0.67
Lowe’s Companies Inc
Average Weight 3.40
Contribution to Return 0.52
Kimberly-Clark Corp
Average Weight 3.20
Contribution to Return 0.49
Bottom 5 Stocks
Toyota Motor Corp
Average Weight 3.11%
Contribution to Return -0.23%
Occidental Petroleum Corp
Average Weight 2.74
Contribution to Return -0.30
BT Group plc
Average Weight 2.65
Contribution to Return -0.37
QUALCOMM Inc
Average Weight 2.95
Contribution to Return -0.39
Brambles Ltd
Average Weight 2.87
Contribution to Return -0.65
Formerly the Westcore Blue Chip Dividend Fund.
Dividends are not guaranteed. A company’s future abilities to pay dividends may be limited and a company may cease paying dividends at any time.
Investments in foreign companies are subject to special risks, including currency fluctuations, social, economic, and political uncertainties, which could increase volatility.
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.
© 2016 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 Global Large-Cap Dividend Fund pays income distributions quarterly and capital gains 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.

 

Formerly the Westcore Blue Chip Dividend Fund.
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.
© 2016 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.
4-star Morningstar Overall Rating out of 839 World Stock Funds based upon risk adjusted returns as of 3/31/2017.
View all Ratings

Risk Profile

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Preserving Capital While Growing Income Over Time

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