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 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.

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, BSBA, and MBA – 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 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.

View Performance as of:
Month-End   Quarter-End
  Monthly Returns (%)
Periods Ended: 6/30/2017
Annualized Returns (%)
Periods Ended: 6/30/2017
1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years Since Inception
Westcore International Small-Cap Fund 0.06 8.29 15.19 16.35 -0.20 5.40 3.76 5.21
Westcore International Small-Cap Fund Institutional 0.06 8.35 15.28 16.56 -0.12 5.45 3.78 5.22
MSCI ACWI ex USA Small Cap Index 0.42 6.24 15.56 20.32 3.31 10.02 2.91 7.08
MSCI EAFE Small Cap Index -0.02 8.10 16.72 23.18 5.60 12.94 3.41 7.77
  Monthly Returns (%)
Periods Ended: 6/30/2017
Annualized Returns (%)
Periods Ended: 6/30/2017
1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years Since Inception
Westcore International Small-Cap Fund 0.06 8.29 15.19 16.35 -0.20 5.40 3.76 5.21
Westcore International Small-Cap Fund Institutional 0.06 8.35 15.28 16.56 -0.12 5.45 3.78 5.22
MSCI ACWI ex USA Small Cap Index 0.42 6.24 15.56 20.32 3.31 10.02 2.91 7.08
MSCI EAFE Small Cap Index -0.02 8.10 16.72 23.18 5.60 12.94 3.41 7.77
Westcore International Small-Cap Fund
Monthly Returns(%) as of 6/30/2017
1 Month 0.06
3 Months 8.29
YTD 15.19
Annualized Returns(%) as of 6/30/2017
1 Year 16.35
3 Years -0.20
5 Years 5.40
10 Years 3.76
Since Inception 5.21
Westcore International Small-Cap Fund Institutional
Monthly Returns(%) as of 6/30/2017
1 Month 0.06
3 Months 8.35
YTD 15.28
Annualized Returns(%) as of 6/30/2017
1 Year 16.56
3 Years -0.12
5 Years 5.45
10 Years 3.78
Since Inception 5.22
MSCI ACWI ex USA Small Cap Index
Monthly Returns(%) as of6/30/2017
1 Month 0.42
3 Months 6.24
YTD 15.56
Annualized Returns(%) as of 6/30/2017
1 Year 20.32
3 Years 3.31
5 Years 10.02
10 Years 2.91
Since Inception 7.08
MSCI EAFE Small Cap Index
Monthly Returns(%) as of6/30/2017
1 Month -0.02
3 Months 8.10
YTD 16.72
Annualized Returns(%) as of 6/30/2017
1 Year 23.18
3 Years 5.60
5 Years 12.94
10 Years 3.41
Since Inception 7.77
Westcore International Small-Cap Fund
Monthly Returns(%) as of 6/30/2017
1 Month 0.06
3 Months 8.29
YTD 15.19
Annualized Returns(%) as of6/30/2017
1 Year 16.35
3 Years -0.20
5 Years 5.40
10 Years 3.76
Since Inception 5.21
Westcore International Small-Cap Fund Institutional
Monthly Returns(%) as of 6/30/2017
1 Month 0.06
3 Months 8.35
YTD 15.28
Annualized Returns(%) as of 6/30/2017
1 Year 16.56
3 Years -0.12
5 Years 5.45
10 Years 3.78
Since Inception 5.22
MSCI ACWI ex USA Small Cap Index
Monthly Returns(%) as of 6/30/2017
1 Month 0.42
3 Months 6.24
YTD 15.56
Annualized Returns(%) as of 6/30/2017
1 Year 20.32
3 Years 3.31
5 Years 10.02
10 Years 2.91
Since Inception 7.08
MSCI EAFE Small Cap Index
Monthly Returns(%) as of 6/30/2017
1 Month -0.02
3 Months 8.10
YTD 16.72
Annualized Returns(%) as of 6/30/2017
1 Year 23.18
3 Years 5.60
5 Years 12.94
10 Years 3.41
Since Inception 7.77
Retail Class Annual Expense Ratio -- Gross: 1.77%, Net: 1.50%
Institutional Class Annual Expense Ratio -- Gross: 1.65%, Net: 1.25%

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, 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.
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 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.

Manager Commentary as of 6/30/2017

 

Market Overview

Global equity markets, both developed and emerging, were generally strong in the second quarter. Despite headwinds created by geopolitical uncertainty in specific regions, earnings growth appeared to be leading stocks higher. Interestingly, volatility remained low, even as the risk of media coverage having an adverse impact on markets was highlighted on an almost daily basis. Stocks were exceptionally strong at the beginning of the quarter, but were showing weakness by quarter-end. This may be an indication that global geopolitical headlines are beginning to factor into investors’ appetite for global equities.

Fund Performance

The Westcore International Small-Cap Fund participated in the favorable global equity environment and returned 8.35% for the quarter. This outpaced its benchmark, the MSCI ACWI ex USA Index, which was up 6.24%. From a geographic perspective, companies in Japan and Brazil were the strongest contributors to the Fund’s performance for the quarter, while stocks in the United Kingdom and Israel were its most significant detractors.

Contributors to Return

At the company level, the largest contributors to performance were Arcland Service Holdings Co. Ltd. and Quailcorp SA. Arcland is a Japan-based operator of mostly fast casual deep-fried tonkatsu (pork cutlet) restaurants. Profits have been growing at a double-digit rate as it offers quality meals at a reasonable price through its low-cost operating structure. Using state-of-the-art deep fryers, Arcland can produce consistent quality tonkatsu at a fast rate with fewer employees than its competitors. We anticipate that store openings, same-store sales growth, and new restaurant formats should continue to drive growth. Brazil-based Qualicorp, an intermediary between health and dental insurers and companies offering these benefits to employees, was another contributor to performance. It benefited from being one of the first companies to serve the affinity market, which are companies or organizations that have common interests and have partnered to create a larger consumer base. This has given Qualicorp scale that can benefit its clients when negotiating with insurers. We believe that the company will continue to prosper from the growing affinity market.   .

Detractors from Return

Stocks that detracted from the Fund’s performance for the quarter include Sapiens International Corp. and Utilitywise Plc. Sapiens, headquartered in Israel, is a global provider of software solutions for the insurance industry. In addition to software development, Sapiens has distinguished itself from major competitors by also managing the delivery and implementation of its software. During the quarter, Sapiens trimmed its guidance for 2017 earnings estimates following the loss of a major client. We have spoken to management about this client loss and have conducted additional research. The company’s business model remains intact and we believe demand for its software and services should continue to grow over the medium to long term. Utilitywise is a United Kingdom-based consultant to businesses regarding energy and water consumption. It focuses on helping small and medium-sizes enterprise businesses procure better utility rates as its negotiating power with the utility companies is often stronger than these companies could get on their own. Recently, shares have been under pressure due to management changes and the prospect of weakening consumption by some clients. The management changes, along with deteriorating working capital, led us to exit the position.

Outlook and Positioning

Despite the negative news from a couple of detractors, we are quite optimistic about the Fund’s positioning based on the number of holdings that have grown revenue and earnings over the past quarter. In our experience, companies rarely grow consistently quarter after quarter or year after year. We monitor the revenue and earnings evolution of all of the Fund’s holdings and are encouraged that the majority are experiencing meaningful growth in both areas. Our hope is that the Fund’s holdings will continue to post operational strength, which we expect will translate into performance success.

Stock Performance (3 months ended 6/30/2017)
Top 5 Stocks Average Weight Contribution to Return
Arcland Service Holdings Co Ltd 3.26% 0.95%
Qualicorp SA 2.67 0.78
CellaVision AB 2.43 0.68
Azimut Holding SpA 3.16 0.64
Corporate Travel Management Ltd 4.10 0.59
Bottom 5 Stocks Average Weight Contribution to Return
MTY Food Group Inc 2.45% -0.13%
G8 Education Ltd 1.96 -0.14
M&A Capital Partners Co Ltd 1.17 -0.17
Utilitywise PLC 0.13 -0.29
Sapiens International Corp NV 2.75 -0.37
Top 5 Stocks
Arcland Service Holdings Co Ltd
Average Weight 3.26%
Contribution to Return 0.95%
Qualicorp SA
Average Weight 2.67
Contribution to Return 0.78
CellaVision AB
Average Weight 2.43
Contribution to Return 0.68
Azimut Holding SpA
Average Weight 3.16
Contribution to Return 0.64
Corporate Travel Management Ltd
Average Weight 4.10
Contribution to Return 0.59
Bottom 5 Stocks
MTY Food Group Inc
Average Weight 2.45%
Contribution to Return -0.13%
G8 Education Ltd
Average Weight 1.96
Contribution to Return -0.14
M&A Capital Partners Co Ltd
Average Weight 1.17
Contribution to Return -0.17
Utilitywise PLC
Average Weight 0.13
Contribution to Return -0.29
Sapiens International Corp NV
Average Weight 2.75
Contribution to Return -0.37
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 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.

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 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.

Request More Information

captcha

Are you an investment professional:YesNo