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: 2/28/2017
Annualized Returns (%)
Periods Ended: 2/28/2017
1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years Since Inception
Westcore International Small-Cap Fund 1.21 5.50 4.97 13.80 -4.58 3.18 3.57 4.74
Westcore International Small-Cap Fund Institutional 1.29 5.54 5.05 14.07 -4.51 3.22 3.59 4.76
MSCI ACWI ex USA Small Cap Index 2.63 8.83 6.57 19.52 1.80 5.98 3.22 6.72
MSCI EAFE Small Cap Index 2.24 8.89 5.85 17.53 2.74 8.78 3.15 7.32
  Monthly Returns (%)
Periods Ended: 12/31/2016
Annualized Returns (%)
Periods Ended: 12/31/2016
1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years Since Inception
Westcore International Small-Cap Fund 0.50 -5.89 1.60 1.60 -5.90 4.95 3.44 4.49
Westcore International Small-Cap Fund Institutional 0.47 -5.85 1.76 1.76 -5.85 4.98 3.46 4.50
MSCI ACWI ex USA Small Cap Index 2.12 -3.52 3.91 3.91 0.76 7.74 2.90 6.39
MSCI EAFE Small Cap Index 2.87 -2.86 2.18 2.18 2.10 10.56 2.95 7.04
Westcore International Small-Cap Fund
Monthly Returns(%) as of 2/28/2017
1 Month 1.21
3 Months 5.50
YTD 4.97
Annualized Returns(%) as of 2/28/2017
1 Year 13.80
3 Years -4.58
5 Years 3.18
10 Years 3.57
Since Inception 4.74
Westcore International Small-Cap Fund Institutional
Monthly Returns(%) as of 2/28/2017
1 Month 1.29
3 Months 5.54
YTD 5.05
Annualized Returns(%) as of 2/28/2017
1 Year 14.07
3 Years -4.51
5 Years 3.22
10 Years 3.59
Since Inception 4.76
MSCI ACWI ex USA Small Cap Index
Monthly Returns(%) as of2/28/2017
1 Month 2.63
3 Months 8.83
YTD 6.57
Annualized Returns(%) as of 2/28/2017
1 Year 19.52
3 Years 1.80
5 Years 5.98
10 Years 3.22
Since Inception 6.72
MSCI EAFE Small Cap Index
Monthly Returns(%) as of2/28/2017
1 Month 2.24
3 Months 8.89
YTD 5.85
Annualized Returns(%) as of 2/28/2017
1 Year 17.53
3 Years 2.74
5 Years 8.78
10 Years 3.15
Since Inception 7.32
Westcore International Small-Cap Fund
Monthly Returns(%) as of 12/31/2016
1 Month 0.50
3 Months -5.89
YTD 1.60
Annualized Returns(%) as of12/31/2016
1 Year 1.60
3 Years -5.90
5 Years 4.95
10 Years 3.44
Since Inception 4.49
Westcore International Small-Cap Fund Institutional
Monthly Returns(%) as of 12/31/2016
1 Month 0.47
3 Months -5.85
YTD 1.76
Annualized Returns(%) as of 12/31/2016
1 Year 1.76
3 Years -5.85
5 Years 4.98
10 Years 3.46
Since Inception 4.50
MSCI ACWI ex USA Small Cap Index
Monthly Returns(%) as of 12/31/2016
1 Month 2.12
3 Months -3.52
YTD 3.91
Annualized Returns(%) as of 12/31/2016
1 Year 3.91
3 Years 0.76
5 Years 7.74
10 Years 2.90
Since Inception 6.39
MSCI EAFE Small Cap Index
Monthly Returns(%) as of 12/31/2016
1 Month 2.87
3 Months -2.86
YTD 2.18
Annualized Returns(%) as of 12/31/2016
1 Year 2.18
3 Years 2.10
5 Years 10.56
10 Years 2.95
Since Inception 7.04
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 12/31/2016

 

Market Overview

The fourth quarter was dominated by news of the incoming administration in the United States. Even international stocks were affected by the strengthening of the U.S. dollar that occurred after Donald Trump’s election. Regardless of what impact, if any, currency swings have on individual foreign companies, when an investor converts ownership of those stocks back into U.S. dollars, that strengthening actually decreases the value of the holdings. The U.S. presidential election also affected sentiment in certain sectors. For instance, cyclical companies that may benefit from the infrastructure boom promised by President-elect Trump outperformed the general market. Other commodity-related sectors, such as energy, also rallied as oil prices increased.

Fund Performance

The Westcore International Small-Cap Fund returned -5.89% for the quarter while its benchmark, the MSCI ACWI ex USA Small Cap Index returned -3.52%. The strengthening U.S. dollar was a major factor in these negative returns. Additionally, because the Fund generally focuses on companies with lower economic sensitivity, it did not participate in the rally in more cyclical companies that was prompted by the new administration’s pledge to rebuild infrastructure.

Contributors to Return

Among the Fund’s top performers in the quarter was Italy-based asset manager, Azimut Holding SpA. With solid performance, and acquisitions around the world, Azimut has been able to add new assets with consistency. In 2016, it added more than $5.7 billion in net assets to reach $34 billion under management. G8 Education Ltd., an Australian child-care provider, also contributed to the Fund’s performance during the quarter. Australia’s child care market is highly fragmented and G8 has been able to gain significant market share. The company has benefited from demographics as Australia’s child population continues to grow. Another positive for G8 is that low unemployment in Australia often leads both parents to work, and this option is made somewhat more appealing with the government subsidizing child care.

Detractors from Return

Caesarstone Ltd., the Israel-based manufacturer of engineered quartz used mainly for kitchen countertops, was a detractor to the Fund’s performance. During the quarter, Caesarstone reported disappointing earnings as sales in the United States declined. Some of the recent weakness in sales was caused by a general slowdown in the repair and remodel market towards the end of the year. Despite this disappointment, we are encouraged by Caesarstone’s long-term prospects. It has continued to benefit from quartz gaining popularity over granite and its brand maintains a high satisfaction rating from customers. Australia-based Webjet Ltd. operates one of the most heavily trafficked online travel booking websites. The site offers booking for domestic and international flights, hotels, and car rentals. Webjet also operates business to business hotel service in the Middle East and Africa called Lots of Hotels. The company has been growing earnings quickly and its longer-term share price reflects that success. During the fourth quarter, however, Webjet shares dropped as a competitor, Virgin Australia, reported that industry trading conditions were gloomy. We remain confident that Webjet will be able to deliver long-term earnings growth based on is proven business model and strong management team.

Outlook and Positioning

We believe the companies currently held in the Fund have the potential to grow earnings at a faster pace than market peers. Additionally, many of the Fund’s holdings are trading at significant discounts compared to the companies in the benchmark. Together, these factors give us optimism that the Fund is in a good position going into the New Year.

Stock Performance (3 months ended 12/31/2016)
Top 5 Stocks Average Weight Contribution to Return
Utilitywise PLC 1.35% 0.56%
Azimut Holding SpA 2.94 0.47
Sapiens International Corp NV 3.20 0.37
Diploma PLC 3.00 0.36
G8 Education Ltd 2.33 0.30
Bottom 5 Stocks Average Weight Contribution to Return
Webjet Ltd 3.06% -0.44%
SMS Co Ltd 2.85 -0.46
TSURUHA Holdings Inc 3.19 -0.60
Arcland Service Holdings Co Ltd 3.27 -0.68
Caesarstone Ltd 2.59 -0.72
Top 5 Stocks
Utilitywise PLC
Average Weight 1.35%
Contribution to Return 0.56%
Azimut Holding SpA
Average Weight 2.94
Contribution to Return 0.47
Sapiens International Corp NV
Average Weight 3.20
Contribution to Return 0.37
Diploma PLC
Average Weight 3.00
Contribution to Return 0.36
G8 Education Ltd
Average Weight 2.33
Contribution to Return 0.30
Bottom 5 Stocks
Webjet Ltd
Average Weight 3.06%
Contribution to Return -0.44%
SMS Co Ltd
Average Weight 2.85
Contribution to Return -0.46
TSURUHA Holdings Inc
Average Weight 3.19
Contribution to Return -0.60
Arcland Service Holdings Co Ltd
Average Weight 3.27
Contribution to Return -0.68
Caesarstone Ltd
Average Weight 2.59
Contribution to Return -0.72
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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