Westcore International Small-Cap Fund

International Equity

Style: International Small-Cap Retail Class: WTIFX Institutional Class: WIIFX

Investment Strategy

The Westcore International Small-Cap Fund invests primarily in the stocks of small, international companies that we believe are poised for growth.

We screen the universe of small international companies, primarily in developed countries, to identify those we believe are attractively valued, cash-generative and have strong long-term growth characteristics. Utilizing a bottom-up approach grounded in independent fundamental research, the team constructs a diversified portfolio designed to achieve long-term positive returns.

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

Management Team

We seek to invest in international small-cap companies we believe are high quality and growing rapidly that are also trading at attractive valuations. – John C. Fenley, CFA

John C. Fenley, CFA

John C. Fenley, CFA

Partner, Director of International Portfolio Management, Portfolio Manager

Jeremy A. Duhon, CFA

Jeremy A. Duhon, CFA

Partner, Director of International Research, Portfolio Manager

Fund Information & Investment Minimums

Retail Class Institutional Class2
Ticker WTIFX WIIFX
CUSIP 957904550 957904428
Inception Date 12/15/1999 4/29/2016
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 WTIFX
CUSIP 957904550
Inception Date 12/15/1999
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 WIIFX
CUSIP 957904428
Inception Date 4/29/2016
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 foreign securities entails special risks, such as currency fluctuations and political uncertainties.
Investing in small-cap funds generally will be more volatile and loss of principal could be greater than investing in large-cap funds.

The risk profile spectrum provides an approximate illustration of the relative volatility of the Westcore Family of Funds determined by using each fund’s 5-year annualized standard deviation as of 12/31/16. 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.

Investment Team

John C. Fenley, CFA
John C. Fenley, CFA

Partner, Director of International Portfolio Management, Portfolio Manager

2000 to Present: Denver Investments
1997 to 2000: Hansberger Global Investors, Inc., Vice President of Research
1995 to 1997: Sun Trust Bank, Vice President and Portfolio Manager
1990 to 1995: Fifth Third Bank, Portfolio Manager and Equity Analyst
Education:

BA – Vanderbilt University; MBA – Duke University
Member of CFA Institute and CFA Society Colorado

Jeremy A. Duhon, CFA
Jeremy A. Duhon, CFA

Partner, Director of International Research, Portfolio Manager

2004 to Present: Denver Investments
2002 to 2004: El Pomar Foundation, Senior Investment Fellow
Education:

BA – Pomona College
Member of CFA Institute and CFA Society Colorado

Masha Carey, CFA
Masha Carey, CFA

Analyst

2017 to Present: Denver Investments
2011 to 2016: Eaton Vance, Senior Research Associate
Education:

BA – New York University
Member of CFA Institute and CFA Society Boston

Ryan J. Deliefde, CFA, CPA
Ryan J. Deliefde, CFA, CPA

Analyst

2014 to Present: Denver Investments
2012 to 2014: PricewaterhouseCoopers, Senior Associate
Education:

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

Sean P. Dixon
Sean P. Dixon

Analyst

2016 to Present: Denver Investments
2008 to 2016: Madison Street Partners, Analyst
Education:

BS – University of Denver

Rico Fung
Rico Fung

Analyst

2016 to Present: Denver Investments
2015: Pendant, Co-founder
Education:

BA – University of Chicago

Andrea Gerdes
Andrea Gerdes

Analyst

2017 to Present: Denver Investments
Education:

BS – University of Denver, BSBA – University of Denver

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.
Georgene L.A. Pedrie is a registered representative of ALPS Distributors, Inc.

The risk profile spectrum provides an approximate illustration of the relative volatility of the Westcore Family of Funds determined by using each fund’s 5-year annualized standard deviation as of 12/31/16. 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.

View Performance as of:
Month-End   Quarter-End
  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 International Small-Cap Fund 1.33 6.37 6.37 7.45 -3.19 3.08 3.46 4.80
Westcore International Small-Cap Fund Institutional 1.28 6.39 6.39 7.64 -3.13 3.12 3.48 4.81
MSCI ACWI ex USA Small Cap Index 2.07 8.78 8.78 12.26 2.46 6.68 3.04 6.81
MSCI EAFE Small Cap Index 2.00 7.97 7.97 10.99 3.60 9.20 3.03 7.41
  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 International Small-Cap Fund 1.33 6.37 6.37 7.45 -3.19 3.08 3.46 4.80
Westcore International Small-Cap Fund Institutional 1.28 6.39 6.39 7.64 -3.13 3.12 3.48 4.81
MSCI ACWI ex USA Small Cap Index 2.07 8.78 8.78 12.26 2.46 6.68 3.04 6.81
MSCI EAFE Small Cap Index 2.00 7.97 7.97 10.99 3.60 9.20 3.03 7.41
Westcore International Small-Cap Fund
Monthly Returns(%) as of 3/31/2017
1 Month 1.33
3 Months 6.37
YTD 6.37
Annualized Returns(%) as of 3/31/2017
1 Year 7.45
3 Years -3.19
5 Years 3.08
10 Years 3.46
Since Inception 4.80
Westcore International Small-Cap Fund Institutional
Monthly Returns(%) as of 3/31/2017
1 Month 1.28
3 Months 6.39
YTD 6.39
Annualized Returns(%) as of 3/31/2017
1 Year 7.64
3 Years -3.13
5 Years 3.12
10 Years 3.48
Since Inception 4.81
MSCI ACWI ex USA Small Cap Index
Monthly Returns(%) as of3/31/2017
1 Month 2.07
3 Months 8.78
YTD 8.78
Annualized Returns(%) as of 3/31/2017
1 Year 12.26
3 Years 2.46
5 Years 6.68
10 Years 3.04
Since Inception 6.81
MSCI EAFE Small Cap Index
Monthly Returns(%) as of3/31/2017
1 Month 2.00
3 Months 7.97
YTD 7.97
Annualized Returns(%) as of 3/31/2017
1 Year 10.99
3 Years 3.60
5 Years 9.20
10 Years 3.03
Since Inception 7.41
Westcore International Small-Cap Fund
Monthly Returns(%) as of 3/31/2017
1 Month 1.33
3 Months 6.37
YTD 6.37
Annualized Returns(%) as of3/31/2017
1 Year 7.45
3 Years -3.19
5 Years 3.08
10 Years 3.46
Since Inception 4.80
Westcore International Small-Cap Fund Institutional
Monthly Returns(%) as of 3/31/2017
1 Month 1.28
3 Months 6.39
YTD 6.39
Annualized Returns(%) as of 3/31/2017
1 Year 7.64
3 Years -3.13
5 Years 3.12
10 Years 3.48
Since Inception 4.81
MSCI ACWI ex USA Small Cap Index
Monthly Returns(%) as of 3/31/2017
1 Month 2.07
3 Months 8.78
YTD 8.78
Annualized Returns(%) as of 3/31/2017
1 Year 12.26
3 Years 2.46
5 Years 6.68
10 Years 3.04
Since Inception 6.81
MSCI EAFE Small Cap Index
Monthly Returns(%) as of 3/31/2017
1 Month 2.00
3 Months 7.97
YTD 7.97
Annualized Returns(%) as of 3/31/2017
1 Year 10.99
3 Years 3.60
5 Years 9.20
10 Years 3.03
Since Inception 7.41
Retail Class Annual Expense Ratio -- Gross: 1.62%, Net: 1.50%
Institutional Class Annual Expense Ratio -- Gross: 1.77%, Net: 1.32%

Calendar Year Returns (%)

2016 2015 2014 2013 2012 2011 2010 2009 2008 2007
Westcore International Small-Cap Fund 1.60 1.05 -18.82 22.36 24.84 -5.75 35.25 64.17 -48.86 2.94
Westcore International Small-Cap Fund Institutional 1.76 1.05 -18.82 22.36 24.84 -5.75 35.25 64.17 -48.86 2.94
MSCI ACWI ex USA Small Cap Index 3.91 2.60 -4.03 20.13 18.96 -18.21 25.58 63.50 -50.01 -
MSCI EAFE Small Cap Index 2.18 9.59 -4.95 29.30 20.00 -15.94 22.05 46.80 -47.01 1.45
Westcore International Small-Cap Fund
2016 1.60
2015 1.05
2014 -18.82
2013 22.36
2012 24.84
2011 -5.75
2010 35.25
2009 64.17
2008 -48.86
2007 2.94
Westcore International Small-Cap Fund Institutional
2016 1.76
2015 1.05
2014 -18.82
2013 22.36
2012 24.84
2011 -5.75
2010 35.25
2009 64.17
2008 -48.86
2007 2.94
MSCI ACWI ex USA Small Cap Index
2016 3.91
2015 2.60
2014 -4.03
2013 20.13
2012 18.96
2011 -18.21
2010 25.58
2009 63.50
2008 -50.01
2007 -
MSCI EAFE Small Cap Index
2016 2.18
2015 9.59
2014 -4.95
2013 29.30
2012 20.00
2011 -15.94
2010 22.05
2009 46.80
2008 -47.01
2007 1.45
Effective August 29, 2016, the Westcore Board of Trustees approved a benchmark change for the Westcore International Small-Cap Fund from the MSCI EAFE Small-Cap Index to the MSCI ACWI ex USA Small-Cap Index. The MSCI ACWI ex USA Small-Cap Index currently better represents the Fund’s investable universe. We will continue to present the MSCI EAFE Small-Cap Index for historical comparison purposes to the extent required.
Investing in foreign securities entails special risks, such as currency fluctuations and political uncertainties.
Investing in small-cap funds generally will be more volatile and loss of principal could be greater than investing in large-cap funds.
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, 2016 until at least April 30, 2017. 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, 2017 without the approval of the Board of Trustees.
All indices are unmanaged and investors cannot invest directly in an index. View index descriptions.
MSCI Barra is the source and owner of the MSCI Index data. See Terms of Use for additional disclosure.
MSCI Inc. launched the MSCI ACWI ex USA Small Cap Index on June 1, 2007. Data prior to the launch date is back-tested data provided and derived by MSCI (i.e. calculations of how the index might have performed over that time period had the index existed). There may be material differences between back-tested performance and actual results. Past performance, whether actual or back-tested, is no indication or guarantee of future performance. MSCI Inc. is the source and owner of the MSCI ACWI ex USA Small Cap Index data.

The risk profile spectrum provides an approximate illustration of the relative volatility of the Westcore Family of Funds determined by using each fund’s 5-year annualized standard deviation as of 12/31/16. 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.

Manager Commentary as of 3/31/2017

 

Market Overview

Global equities made respectable progress in the first quarter of 2017, with international developed and emerging markets as a whole outpacing U.S. equity markets. Much of this can be attributed to an improving growth outlook for global economies coupled with attractive valuations of international equities, which have lagged U.S. equities for the past several years. Despite all of the headlines regarding Brexit, business and consumer confidence in Europe are at post-crisis highs. Emerging markets have also enjoyed a resurgence in investor interest as signs of improving growth have been increasing.

Fund Performance

The tailwinds of an improving global financial backdrop helped boost the Westcore International Small-Cap Fund to a 6.37% return for the quarter. Unfortunately, the Fund trailed its benchmark, the MSCI ACWI ex USA Small Cap Index, which was up 8.78%.

Contributors to Return

The Fund’s largest individual contributor for the quarter was Sweden-based Cellavision AB. This medical technology company develops software and manufactures hardware used for the digital analysis of blood cells or hematology microscopy. Cellavision has a global presence and has benefited from labs migrating from manual blood testing to digital microscopy. The company reported decent revenue growth from all of its global markets, which translated to strong profit growth and solid free cash flow generation. German-based CTS Eventim AG & Co. KGaA was another strong contributor for the quarter. CTS is a global concert promoter and ticket sales company with leading market share throughout Europe. The company benefitted from strong concert growth and the move from box office ticket sales to online sales. In general, CTS receives six Euros for every ticket sold online, versus one Euro for a box office sale. During the quarter, it reported better-than-expected earnings and profit growth driven by strong online ticket volume.

Detractors from Return

The Fund’s largest detractor in the quarter was Japan-based Kakaku.com Inc. Kakaku manages websites used for restaurant reservations and consumer price comparison services. Despite reporting continued growth in its overall business and from its largest segment, restaurant reservation site Tabelog, Kakaku experienced some weakness in its price comparison segments, where consumer spending has been sluggish. This weakness drove management to revise down revenue and profit estimates for the year, which put pressure on shares. Longtime Fund holding Domino’s Pizza Group PLC also detracted from performance. This United Kingdom-based master franchise reported growth in revenue and profits, but investors took pause as the rate of growth in its primary U.K. market slowed. Management attributes the weaker growth to a sluggish consumer environment and aggressive promotions by its competitor, Pizza Hut. In a recent meeting with management, we explored these areas of weakness and are confident that they will not persist. Domino’s has the dominant pizza delivery business model in the United Kingdom and has weathered the storm of short-term pressures in the past.

Outlook and Positioning

With earnings season underway in many regions, our holdings have, so far, reported solid growth across the board. Over the past several months we have added analysts to our team in order to better support our research efforts. We believe our larger research team will help us in locating fast-growing, cash-generative companies with strong balance sheets and significant potential upside.

Stock Performance (3 months ended 3/31/2017)
Top 5 Stocks Average Weight Contribution to Return
CellaVision AB 2.34% 1.04%
CTS Eventim AG & Co KGaA 2.79 0.59
Magic Software Enterprises Ltd 3.31 0.56
Corporate Travel Management Ltd 3.54 0.55
Ingenico Group SA 3.11 0.54
Bottom 5 Stocks Average Weight Contribution to Return
3P Learning Ltd 1.01% -0.19%
Utilitywise PLC 1.51 -0.28
Sapiens International Corp NV 3.12 -0.34
Domino’s Pizza Group PLC 3.03 -0.37
Kakaku.com Inc 2.86 -0.55
Top 5 Stocks
CellaVision AB
Average Weight 2.34%
Contribution to Return 1.04%
CTS Eventim AG & Co KGaA
Average Weight 2.79
Contribution to Return 0.59
Magic Software Enterprises Ltd
Average Weight 3.31
Contribution to Return 0.56
Corporate Travel Management Ltd
Average Weight 3.54
Contribution to Return 0.55
Ingenico Group SA
Average Weight 3.11
Contribution to Return 0.54
Bottom 5 Stocks
3P Learning Ltd
Average Weight 1.01%
Contribution to Return -0.19%
Utilitywise PLC
Average Weight 1.51
Contribution to Return -0.28
Sapiens International Corp NV
Average Weight 3.12
Contribution to Return -0.34
Domino’s Pizza Group PLC
Average Weight 3.03
Contribution to Return -0.37
Kakaku.com Inc
Average Weight 2.86
Contribution to Return -0.55
Investing in foreign securities entails special risks, such as currency fluctuations and political uncertainties.
Investing in small-cap funds generally will be more volatile and loss of principal could be greater than investing in large-cap funds.
The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will vary, and shares, when redeemed, may be worth more or less than their original cost. To obtain current performance as of the most recent month-end, please call 800.392.CORE (2673) or visit the Performance tab.
The Top 5 and Bottom 5 performing stocks do not represent all of the securities purchased, sold or recommended by the Funds’ Adviser. The methodology used to construct this chart took into account the weighting of every holding in the Fund that contributed to the Fund’s performance during the measurement period. The contribution of each Fund holding was consistently determined by calculating the weight of each holding multiplied by the rate of return for that holding during the measurement period. To request a complete list of the contribution of each Fund holding to overall Fund performance, please call 800-392-CORE (2673) or visit the Performance tab.
The Manager Commentaries contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.
All indices are unmanaged and investors cannot invest directly in an index. View index descriptions.

The risk profile spectrum provides an approximate illustration of the relative volatility of the Westcore Family of Funds determined by using each fund’s 5-year annualized standard deviation as of 12/31/16. 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.

Distributions

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

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

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

Past performance does not guarantee future results.
A fund’s income from dividends and interest and any net realized short-term capital gains are paid to shareholders as income dividends. A fund realizes capital gains whenever it sells securities for a higher price than it paid for them. Net realized long-term gains are paid to shareholders as capital gain dividends. A dividend will reduce the net asset value of a fund share by the amount of the dividend on the ex-dividend date. View the prospectus for more information.

The risk profile spectrum provides an approximate illustration of the relative volatility of the Westcore Family of Funds determined by using each fund’s 5-year annualized standard deviation as of 12/31/16. 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.

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