Westcore Smid-Cap Value Dividend Fund

Value Equity

Style: Smid-Cap Value Retail Class: WTSDX Institutional Class: WISDX

Investment Strategy

The Westcore Smid-Cap Value Dividend Fund invests primarily in the stocks of small- to medium-sized dividend-paying companies that appear to be undervalued. We build the portfolio with what we believe are the “best ideas” generated from our small- and mid-cap value portfolios.

We combine our independent fundamental research with strict adherence to our style and risk controls to help us uncover small- and medium-sized 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 smid-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. By combining the ‘best ideas’ from our Small-Cap and Mid-Cap strategies, we believe we create 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 WTSDX WISDX
CUSIP 957904378 957904360
Inception Date 12/16/2016 12/16/2016
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 -
Minimum to add to any type of account: $25 -
Retail Class
Ticker WTSDX
CUSIP 957904378
Inception Date 12/16/2016
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
Minimum to add to any type of account: $25
Institutional Class2
Ticker WISDX
CUSIP 957904360
Inception Date 12/16/2016
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
Portions of the Westcore Smid-Cap Value Dividend Fund’s 2017 distributions were return of capital. Click here for tax information regarding these distributions.
NEW FUND RISK: There can be no assurance that the Fund will grow to or maintain an economically viable size. There may be limited or no performance history for investors to evaluate.
Investing in small- and mid-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 12/31/17. 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.

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
2002 to Present: Denver Investments
1987 to 2002: NDB Capital Market, Sales Trader
Education:

BA and MA – University of Northern Colorado

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 12/31/17. 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: 1/31/2018
Annualized Returns (%)
Periods Ended: 1/31/2018
1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years Since Inception
Westcore Smid-Cap Value Dividend Fund 1.11 3.40 1.11 2.36 - - - 1.73
Westcore Smid-Cap Value Dividend Fund - Institutional 1.11 3.50 1.11 2.57 - - - 1.91
Russell 2500TM Value Index 1.26 4.99 1.26 11.14 - - - 10.27
  Monthly Returns (%)
Periods Ended: 12/31/2017
Annualized Returns (%)
Periods Ended: 12/31/2017
1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years Since Inception
Westcore Smid-Cap Value Dividend Fund 0.13 2.05 1.54 1.54 - - - 0.80
Westcore Smid-Cap Value Dividend Fund - Institutional 0.13 2.05 1.75 1.75 - - - 0.99
Russell 2500TM Value Index 0.40 4.25 10.36 10.36 - - - 9.81
Westcore Smid-Cap Value Dividend Fund
Monthly Returns(%) as of 1/31/2018
1 Month 1.11
3 Months 3.40
YTD 1.11
Annualized Returns(%) as of 1/31/2018
1 Year 2.36
3 Years -
5 Years -
10 Years -
Since Inception 1.73
Westcore Smid-Cap Value Dividend Fund - Institutional
Monthly Returns(%) as of 1/31/2018
1 Month 1.11
3 Months 3.50
YTD 1.11
Annualized Returns(%) as of 1/31/2018
1 Year 2.57
3 Years -
5 Years -
10 Years -
Since Inception 1.91
Russell 2500TM Value Index
Monthly Returns(%) as of1/31/2018
1 Month 1.26
3 Months 4.99
YTD 1.26
Annualized Returns(%) as of 1/31/2018
1 Year 11.14
3 Years -
5 Years -
10 Years -
Since Inception 10.27
Westcore Smid-Cap Value Dividend Fund
Monthly Returns(%) as of 12/31/2017
1 Month 0.13
3 Months 2.05
YTD 1.54
Annualized Returns(%) as of12/31/2017
1 Year 1.54
3 Years -
5 Years -
10 Years -
Since Inception 0.80
Westcore Smid-Cap Value Dividend Fund - Institutional
Monthly Returns(%) as of 12/31/2017
1 Month 0.13
3 Months 2.05
YTD 1.75
Annualized Returns(%) as of 12/31/2017
1 Year 1.75
3 Years -
5 Years -
10 Years -
Since Inception 0.99
Russell 2500TM Value Index
Monthly Returns(%) as of 12/31/2017
1 Month 0.40
3 Months 4.25
YTD 10.36
Annualized Returns(%) as of 12/31/2017
1 Year 10.36
3 Years -
5 Years -
10 Years -
Since Inception 9.81
Retail Class Annual Expense Ratio -- Gross: 42.04%, Net: 1.22%
Institutional Class Annual Expense Ratio -- Gross: 34.19%, Net: 1.09%

Calendar Year Returns (%)

2017 2016 2015 2014 2013 2012 2011 2010 2009 2008
Westcore Smid-Cap Value Dividend Fund 1.54 -0.70* - - - - - - - -
Westcore Smid-Cap Value Dividend Fund - Institutional 1.75 -0.70* - - - - - - - -
Russell 2500TM Value Index 10.36 -0.13* - - - - - - - -
Westcore Smid-Cap Value Dividend Fund
2017 1.54
2016 -0.70*
2015 -
2014 -
2013 -
2012 -
2011 -
2010 -
2009 -
2008 -
Westcore Smid-Cap Value Dividend Fund - Institutional
2017 1.75
2016 -0.70*
2015 -
2014 -
2013 -
2012 -
2011 -
2010 -
2009 -
2008 -
Russell 2500TM Value Index
2017 10.36
2016 -0.13*
2015 -
2014 -
2013 -
2012 -
2011 -
2010 -
2009 -
2008 -

*2016 calendar year returns for the Fund and benchmark are for the period 12/16/2016 through 12/31/2016.
NEW FUND RISK: There can be no assurance that the Fund will grow to or maintain an economically viable size. There may be limited or no performance history for investors to evaluate.
Investing in small- and mid-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 12/31/17. 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 12/31/2017

 

Market Overview

Markets climbed higher in the fourth quarter based on the passage of the tax bill and hopes that lower corporate and individual tax rates would accelerate economic growth. Value stocks underperformed growth stocks and small-cap and mid-cap stocks underperformed large-cap stocks, as was the case throughout the year, as valuation remained out of favor and the momentum-driven market continued. Investors focused on stocks that had the highest sales growth and best fundamental execution, regardless of valuation levels. In this environment, it was not surprising that dividend-paying and less volatile stocks underperformed.

Fund Performance

Our value-oriented, dividend-focused style tends to lag in momentum-driven markets and this quarter and year were consistent with that pattern. We exacerbated the downside with mistakes in fundamental projections for a handful of stocks and, unfortunately, the penalty for those mistakes was greater than it could have been in a valuation-driven market. The Westcore Smid-Cap Value Dividend Fund‘s fourth quarter return of 2.05% lagged the 4.25% return of its benchmark, the Russell 2500TM Value Index. 

Contributors to Return

The sectors that contributed most to the Fund’s return relative to its benchmark in the quarter were basic materials, utilities, and consumer. The Fund’s top performer for the quarter and top performer in the consumer sector was Sinclair Broadcasting Group Inc. This diversified television broadcaster experienced share price appreciation after the Federal Communications Commission took steps toward deregulating the broadcasting industry. An increase or elimination of the media ownership cap would allow Sinclair to combine with Tribune Media and divest fewer TV stations as a result. In addition, the stock reacted favorably to the passing of tax reform, as a lower cash tax rate should drive free cash flow higher for Sinclair and other cash-tax paying Broadcasting companies. WestLake Chemical Corp., a vertically integrated global manufacturer and marketer of basic chemicals, vinyls, polymers, and building products, outperformed in the fourth quarter. The market came to appreciate its ethylene positions and the reduced cyclicality of the company’s profit margin profile. Moreover, fears of a North American ethylene oversupply proved to be overblown due to delays in supply additions and Hurricane Harvey’s impact on competitor ethylene output. Also, WestLakes’s vinyls business continued to see strong pricing momentum as North American competitors suffered maintenance downtime, Chinese production capacity was halted due to increasing environmental actions, and capacity for European production of mercury cells, used in vinyl production, was permanently capped. Voya Financial Inc., a diversified financial services company, was the standout performer within the interest rate sensitive sector as the company announced the sale of its closed book variable annuity business. This action should reduce the company’s market and insurance risk. Additionally, it will allow Voya to focus on its higher-growth, higher-margin, and lower capital businesses, which include retirement, investment management, and employee benefits. Shares of Texas oil and gas exploration and production company SM Energy Co. performed well in the fourth quarter. Oil prices moved up due to strong global demand, international outages, reasonable U.S. shale production growth, and a November quota extension by OPEC. Further contributing to the Fund’s performance was Lamb Weston Holdings Inc., a producer and marketer of frozen potato products. The company reported solid first quarter sales and earnings driven by increased prices and improved product mix. News of positive contract renewals and early indications of an average potato crop year added to the tailwinds for the stock.

Detractors from Return

The Fund’s weakest sectors relative to its benchmark for the quarter were REITs, technology, and energy. From an individual stock perspective, Fund holding CBL & Associates Properties, Inc., a mall developer and operator focused in the southeast, was the largest detractor from performance. The stock pulled back meaningfully following the company’s disappointing third quarter earnings announcement in which the dividend was cut by 25%. We were surprised by the magnitude of deterioration in the price of rent per square foot for new leases compared to previous rates. Increased uncertainty about the business, along with the decreased dividend, that emphasized management’s growing concern, led us to exit the position. TiVo Corp., a provider of entertainment technology and software offerings, also detracted from Fund performance. The stock struggled as a ruling in an intellectual property complaint filed by TiVo was delayed until late November. While certain intellectual property infringement was ultimately confirmed in December, the company charged with infringement has issued notice of appeal. We believe these issues will be resolved in the coming months. AmTrust Financial Services Inc., an insurer focused on small businesses in lower risk industries, was also among the Fund’s largest detractors during the quarter. The stock pulled back on lower-than-expected earnings that resulted from record-high catastrophe losses due to the severe hurricane season. In addition, the stock has been volatile while management repositions the company through a partial sale of the fee business and the strengthening of reserves and capital raises. We believe these actions position the company well to accelerate growth and improve returns in the coming quarters. Travelport Worldwide Ltd., a provider of global distribution systems for the travel industry, underperformed despite quarterly reporting that was in line with expectations. Investors were anticipating an increase to fourth quarter guidance for earnings estimates driven by new business contract wins, but management indicated that costs related to the launch of these new customers has been offsetting profitability in the near term. We believe Travelport is well positioned to benefit from continued growth in global travel and the emerging middle class in India and Asia. Realogy Holdings Corp., a leading owner and franchisor of residential real estate brokerages, as well as corporate relocation and title insurance, was another disappointing performer in the quarter. The company reported lower-than-expected earnings and reduced its guidance for future earnings estimates due to higher costs. The stock also pulled back on market concerns regarding the impact of tax reform on the sale of higher priced homes in high tax states. We see a very favorable outlook for housing and a significantly lower tax rate for Realogy as significant tailwinds to sales and cash flow growth going forward.

Outlook and Positioning

With the passing of tax reform, markets finally have a reason to believe that economic growth will accelerate. Such growth is necessary to support historically high equity valuation levels and fuel further stock price appreciation. The question remains whether tax reform will drive capital expenditures and consumer spending high enough to offset wage pressure and other inflation drivers. This could allow the Fed to normalize policy rates and accelerate the shrinkage of its balance sheet, thereby putting a damper on the economy’s growth rate. An accelerating economy is typically more beneficial to economically-sensitive, domestic-focused, and smaller-cap stocks, and tax reform should positively impact higher tax sectors, such as financials, consumer discretionary, and capital goods. We believe our strategy is well-positioned in this type of environment and we are working hard to improve our stock selection and bounce back, as we have in the past, from a tough year of performance.

Stock Performance (3 months ended 12/31/2017)
Top 5 Stocks Average Weight Contribution to Return
Sinclair Broadcast Group Inc. 2.26% 0.42%
Westlake Chemical Corp. 1.44 0.38
Voya Financial Inc. 1.67 0.37
SM Energy Co. 1.63 0.35
Lamb Weston Holdings Inc. 1.86 0.35
Bottom 5 Stocks Average Weight Contribution to Return
Realogy Holdings Corp. 1.34% -0.29%
Travelport Worldwide Ltd. 1.62 -0.30
AmTrust Financial Services Inc. 1.44 -0.44
TiVo Corp. 2.07 -0.49
CBL & Associates Properties Inc. 0.98 -0.62
Top 5 Stocks
Sinclair Broadcast Group Inc.
Average Weight 2.26%
Contribution to Return 0.42%
Westlake Chemical Corp.
Average Weight 1.44
Contribution to Return 0.38
Voya Financial Inc.
Average Weight 1.67
Contribution to Return 0.37
SM Energy Co.
Average Weight 1.63
Contribution to Return 0.35
Lamb Weston Holdings Inc.
Average Weight 1.86
Contribution to Return 0.35
Bottom 5 Stocks
Realogy Holdings Corp.
Average Weight 1.34%
Contribution to Return -0.29%
Travelport Worldwide Ltd.
Average Weight 1.62
Contribution to Return -0.30
AmTrust Financial Services Inc.
Average Weight 1.44
Contribution to Return -0.44
TiVo Corp.
Average Weight 2.07
Contribution to Return -0.49
CBL & Associates Properties Inc.
Average Weight 0.98
Contribution to Return -0.62

 

Investing in small- and mid-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 9/30/16. 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 Smid-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 12/31/17. 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.

Risk Profile

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Portfolio Manager Lisa Ramirez discusses how dividend-paying stocks allow investors to participate in up markets while preserving capital in down markets.

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