Westcore Small-Cap Value Dividend Fund

Value Equity

Style: Small-Cap Value Retail Class: WTSVX Institutional Class: WISVX

Investment Strategy

The Westcore Small-Cap Value Dividend Fund invests primarily in the stocks of small, dividend-paying companies that appear to be undervalued.

We combine our independent fundamental research with strict adherence to our style and risk controls to help us uncover small dividend-paying companies whose future cash flow and return on invested capital appear to be undervalued by the market. Through analyzing business models, evaluating products, management and competitive sustainability, we build this diversified small-cap value portfolio with what we believe are high-quality companies with the most attractive risk reward characteristics.

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

Management Team

We look for dividend-paying, cash-flow generating businesses at attractive prices. We believe our process creates a powerful approach that may preserve capital in down markets while also participating in up markets. – – Derek R. Anguilm, 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

Alex A. Ruehle, CFA

Alex A. Ruehle, CFA

Partner, Portfolio Manager, Analyst

Fund Information & Investment Minimums

Retail Class Institutional Class2
Ticker WTSVX WISVX
CUSIP 957904535 957904493
Inception Date 12/13/2004 9/28/2007
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 WTSVX
CUSIP 957904535
Inception Date 12/13/2004
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 WISVX
CUSIP 957904493
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
Click here for information regarding the 2013 merger of the Westcore Small-Cap Opportunity Fund into the Westcore Small-Cap Value Dividend Fund.
Investing in small-cap funds generally will be more volatile and loss of principal could be greater than investing in large-cap funds.
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

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

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 Small-Cap Value Dividend Fund -3.65 -4.19 -5.11 15.00 6.53 12.16 4.96 7.01
Westcore Small-Cap Value Dividend Fund Institutional -3.64 -4.19 -5.03 15.24 6.74 12.38 5.10 7.12
Russell 2000® Value Index -3.11 -3.56 -2.86 21.00 7.34 13.67 5.31 7.10
  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 Small-Cap Value Dividend Fund -1.61 -2.56 -2.56 21.88 7.65 11.30 5.78 7.34
Westcore Small-Cap Value Dividend Fund Institutional -1.61 -2.47 -2.47 22.13 7.84 11.51 5.92 7.45
Russell 2000® Value Index -0.85 -0.13 -0.13 29.37 7.62 12.54 6.09 7.44
Westcore Small-Cap Value Dividend Fund
Monthly Returns(%) as of 5/31/2017
1 Month -3.65
3 Months -4.19
YTD -5.11
Annualized Returns(%) as of 5/31/2017
1 Year 15.00
3 Years 6.53
5 Years 12.16
10 Years 4.96
Since Inception 7.01
Westcore Small-Cap Value Dividend Fund Institutional
Monthly Returns(%) as of 5/31/2017
1 Month -3.64
3 Months -4.19
YTD -5.03
Annualized Returns(%) as of 5/31/2017
1 Year 15.24
3 Years 6.74
5 Years 12.38
10 Years 5.10
Since Inception 7.12
Russell 2000® Value Index
Monthly Returns(%) as of5/31/2017
1 Month -3.11
3 Months -3.56
YTD -2.86
Annualized Returns(%) as of 5/31/2017
1 Year 21.00
3 Years 7.34
5 Years 13.67
10 Years 5.31
Since Inception 7.10
Westcore Small-Cap Value Dividend Fund
Monthly Returns(%) as of 3/31/2017
1 Month -1.61
3 Months -2.56
YTD -2.56
Annualized Returns(%) as of3/31/2017
1 Year 21.88
3 Years 7.65
5 Years 11.30
10 Years 5.78
Since Inception 7.34
Westcore Small-Cap Value Dividend Fund Institutional
Monthly Returns(%) as of 3/31/2017
1 Month -1.61
3 Months -2.47
YTD -2.47
Annualized Returns(%) as of 3/31/2017
1 Year 22.13
3 Years 7.84
5 Years 11.51
10 Years 5.92
Since Inception 7.45
Russell 2000® Value Index
Monthly Returns(%) as of 3/31/2017
1 Month -0.85
3 Months -0.13
YTD -0.13
Annualized Returns(%) as of 3/31/2017
1 Year 29.37
3 Years 7.62
5 Years 12.54
10 Years 6.09
Since Inception 7.44
Retail Class Annual Expense Ratio -- Gross: 1.46%, Net: 1.31%
Institutional Class Annual Expense Ratio -- Gross: 1.25%, Net: 1.09%

Calendar Year Returns (%)

2016 2015 2014 2013 2012 2011 2010 2009 2008 2007
Westcore Small-Cap Value Dividend Fund 29.72 -8.13 6.46 36.49 9.69 -0.31 27.03 22.08 -33.57 -3.38
Westcore Small-Cap Value Dividend Fund Institutional 29.98 -7.98 6.62 36.86 9.78 -0.31 27.15 22.16 -33.51 -3.32
Russell 2000® Value Index 31.74 -7.47 4.22 34.52 18.05 -5.50 24.52 20.57 -28.92 -9.78
Westcore Small-Cap Value Dividend Fund
2016 29.72
2015 -8.13
2014 6.46
2013 36.49
2012 9.69
2011 -0.31
2010 27.03
2009 22.08
2008 -33.57
2007 -3.38
Westcore Small-Cap Value Dividend Fund Institutional
2016 29.98
2015 -7.98
2014 6.62
2013 36.86
2012 9.78
2011 -0.31
2010 27.15
2009 22.16
2008 -33.51
2007 -3.32
Russell 2000® Value Index
2016 31.74
2015 -7.47
2014 4.22
2013 34.52
2012 18.05
2011 -5.50
2010 24.52
2009 20.57
2008 -28.92
2007 -9.78
Investing in small-cap funds generally will be more volatile and loss of principal could be greater than investing in large-cap funds.
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.
FTSE Russell is the source and owner of the Russell 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

Small-cap value stocks took a breather in the first quarter and the “risk-on” trade lost steam as investors became more defensive, 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, while more defensive sectors, such as medical/healthcare and utilities, took the lead. Within the interest rate sensitive sector, 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. The markets’ excitement around potential policy changes, such as infrastructure spending, de-regulation, and tax reform, appeared to fade. At the same time, concerns around policy uncertainty and signs of a peaking domestic economy weighed on various industries and sectors. 

Fund Performance

For the first quarter of 2017, the Westcore Small-Cap Value Dividend Fund returned -2.56%, underperforming the -0.13% return of its benchmark, the Russell 2000® Value Index.

Contributors to Return

The sectors that contributed to the Fund’s return relative to its benchmark in the quarter were REITs and consumer. Within REITs, the Fund’s standout performer was prison owner and operator, GEO Group Inc. The stock continued a strong post-election run as the outlook for Federal use of private prisons improved. Performance was also driven by solid fourth quarter results as well as announcements of several pending opportunities. We look for further positive announcements over the next few months as government budgets are appropriated and new leases are able to be signed. Sinclair Broadcast Group Inc., a diversified media broadcasting operator, was the primary driver of the Fund’s outperformance in the consumer sector. Despite a slight miss on revenues and earnings, the company’s quarterly financial results exhibited continued solid growth in its core advertising and digital businesses. These results, along with growing optimism around industry deregulation, helped to propel the share price higher during the quarter. Another strong contributor in the quarter was Realogy Holdings Corp., a provider of real estate brokerage services. The company reported fourth quarter results that were slightly above our expectations and demonstrated signs that internal initiatives are gaining traction.

Detractors from Return

The medical/healthcare, technology, and interest rate sensitive sectors were the Fund’s largest detractors relative to the benchmark in the quarter. Generic pharmaceutical and ingredient producer, Aceto Corp. was the Fund’s main detractor in the medical/healthcare sector. The market’s downward revision of expectations for generic drug pricing along with Aceto’s financial results missing expectations, led to the company’s underperformance. We believe little has changed within its product filing pipeline with the FDA and think the market is giving very little credit to the company’s stable base business. AmTrust Financial Services Inc., a provider of insurance services primarily to small businesses, was the Fund’s largest detractor within the interest rate sensitive sector. The company reported 2016 results that were in line with our expectations, but it disappointed the market by announcing the delay of its annual report filing. The delay was due to questions regarding the timing of recognition of certain revenues and expenses. We expect this to have a relatively limited impact on reported earnings. Dairy processor and distributor Dean Foods Co. was another detractor from the Fund’s performance this quarter. The company posted quarterly financial results that missed consensus and released weaker-than-expected guidance for earnings estimates. We believe that management is taking the right steps to prudently invest in the business, which, in our opinion, will drive a more diversified and less cyclical cash flow profile over time.

Outlook and Positioning

We believe uncertainty regarding the outlook for 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
GEO Group Inc 1.96% 0.61%
CyrusOne Inc 2.79 0.41
Sinclair Broadcast Group Inc 1.96 0.40
Realogy Holdings Corp 1.57 0.24
MKS Instruments Inc 1.23 0.18
Bottom 5 Stocks Average Weight Contribution to Return
Caleres Inc 1.39% -0.29%
Dean Foods Co 3.30 -0.31
Aceto Corp 1.24 -0.42
SM Energy Co 1.59 -0.54
AmTrust Financial Services Inc 2.27 -0.84
Top 5 Stocks
GEO Group Inc
Average Weight 1.96%
Contribution to Return 0.61%
CyrusOne Inc
Average Weight 2.79
Contribution to Return 0.41
Sinclair Broadcast Group Inc
Average Weight 1.96
Contribution to Return 0.40
Realogy Holdings Corp
Average Weight 1.57
Contribution to Return 0.24
MKS Instruments Inc
Average Weight 1.23
Contribution to Return 0.18
Bottom 5 Stocks
Caleres Inc
Average Weight 1.39%
Contribution to Return -0.29%
Dean Foods Co
Average Weight 3.30
Contribution to Return -0.31
Aceto Corp
Average Weight 1.24
Contribution to Return -0.42
SM Energy Co
Average Weight 1.59
Contribution to Return -0.54
AmTrust Financial Services Inc
Average Weight 2.27
Contribution to Return -0.84
Investing in small-cap funds generally will be more volatile and loss of principal could be greater than investing in large-cap funds.
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 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 Small-Cap Value Dividend 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.

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.
3-star Morningstar Overall Rating out of 353 Small Value Funds based upon risk adjusted returns as of 3/31/2017.
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