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Overcoming rising interest rateswith Salient Select Income Fund |
The fund invests in a portfolio of senior securities and high-income equities primarily issued by real estate investment companies. While the fund’s focus is on real estate investment trust (REIT) preferred securities, its allocation among preferred stocks, common stocks and bonds may shift in response to market conditions.
Objective: The fund seeks high current income and potential for modest long-term growth of capital.
| Aug'171 | Q22 | YTD2 | 1 YR2 | 3 YR2 | 5 YR2 | 10 YR2 |
SINCE INCEPTION2 |
|
|---|---|---|---|---|---|---|---|---|
| Institutional NAV | -1.22 | 1.04 | 2.08 | 6.72 | 6.33 | 8.77 | 5.92 | 6.33 |
| Investor NAV | -1.26 | 0.96 | 1.87 | 6.33 | 5.95 | 8.38 | — | 10.00 |
| Class A NAV* | -1.21 | 0.98 | 1.91 | 6.32 | 5.90 | 8.33 | 5.55 | 8.93 |
| Class A MOP** | -6.90 | -4.81 | -3.97 | 0.20 | 3.82 | 7.06 | 4.93 | 8.53 |
| Class C NAV† | -1.29 | 0.83 | 1.60 | 5.74 | 5.32 | 7.73 | 4.84 | 8.16 |
| Class C MOP‡ | -2.28 | -0.17 | 0.61 | 4.74 | 5.32 | 7.73 | 4.84 | 8.16 |
| BofA Merrill Lynch Preferred Index | 0.42 | 3.35 | 8.73 | 5.86 | 7.23 | 6.72 | 3.59 | — |
1. As of 08/31/2017
2. As of 06/30/2017
On March 29, 2017, Advisor Class shares were closed and outstanding shares were exchanged for Institutional Class shares.
Returns for periods greater than one year are annualized.
* Excludes sales charge.
** Reflects effects of the fund’s maximum sales charge of 5.75%.
† Excludes the effects of the 1% contingent deferred sales charge.
‡ Includes the effects of the 1% contingent deferred sales charge.
The performance quoted represents past performance, does not guarantee future results and current performance may be lower or higher than the data quoted. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance data current to the most recent month end may be obtained on this website. Investment performance reflects fee waivers in effect. In the absence of fee waivers, total return would be lower. Total return is based on NAV, assuming reinvestment of all distributions. Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
| 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Institutional | 14.09 | -0.75 | 17.16 | 4.71 | 19.66 | 3.31 | 26.74 | 76.04 | -40.43 | -24.02 |
| Investor | 13.66 | -1.09 | 16.75 | 4.33 | 19.23 | — | — | — | — | — |
| Class A | 13.56 | -1.12 | 13.36 | 4.26 | 19.22 | 0.13 | 26.41 | 74.98 | -40.49 | -24.21 |
| Class C | 12.96 | -1.67 | 15.57 | 3.68 | 18.47 | 1.82 | 25.46 | 73.59 | -40.99 | -24.80 |
| BofA Merrill Lynch Preferred Index | 2.32 | 7.57 | 15.44 | -3.65 | 13.59 | 4.11 | 13.66 | 20.07 | -25.24 | -11.31 |
*** This chart illustrates the performance of a hypothetical $10,000 investment made in the fund on the commencement of its operations and assumes no additional deposits or withdrawals were made to the fund and assumes reinvestment of dividends and capital gains. This chart is not intended to imply any future performance of the fund. The chart does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
| Investor | DIVIDEND YIELD | 3.77 |
| Investor | 30-DAY SEC YIELD (%) | 5.08 |
| Investor | 30-DAY SEC YIELD (UNSUBSIDIZED) (%) | — |
| Class A | DIVIDEND YIELD | 3.73 |
| Class A | 30-DAY SEC YIELD (%) | 4.73 |
| Class A | 30-DAY SEC YIELD (UNSUBSIDIZED) (%) | — |
| Class C | DIVIDEND YIELD | 3.28 |
| Class C | 30-DAY SEC YIELD (%) | 4.47 |
| Class C | 30-DAY SEC YIELD (UNSUBSIDIZED) (%) | — |
| Institutional | DIVIDEND YIELD | 4.16 |
| Institutional | 30-DAY SEC YIELD (%) | 5.43 |
| Institutional | 30-DAY SEC YIELD (UNSUBSIDIZED) (%) | — |
Past performance does not guarantee future results.
| Gross |
Net Including Investment-Related Expenses |
Net Excluding Investment-Related Expenses |
|
|---|---|---|---|
| Investor | 2.30% | 2.30% | 1.70% |
| Class A | 2.35% | 2.35% | 1.75% |
| Class C | 2.90% | 2.90% | 2.30% |
| Institutional | 1.95% | 1.95% | 1.35% |
| A | Ashford Hospitality Prime, Inc. (Preferred Stock) | 5.57 |
|---|---|---|
| B | Chatham Lodging Trust (Common Stock) | 3.84 |
| C | Colony NorthStar, Inc. (Common Stock) | 3.78 |
| D | FelCor Lodging Trust, Inc. (Convertible Preferred Stock) | 2.90 |
| E | Jernigan Capital, Inc. (Common Stock) | 2.89 |
| F | Sabra Health Care REIT, Inc. (Common Stock) | 2.66 |
| G | Colony NorthStar, Inc. (Preferred Stock) | 2.62 |
| H | MedEquities Realty Trust, Inc. (Common Stock) | 2.49 |
| I | American Homes 4 Rent (Preferred Stock) | 2.38 |
| J | EPR Properties (Preferred Stock) | 2.35 |
These holdings may not reflect the current or future positions in the portfolio.
| A | Retail | 23.70 |
|---|---|---|
| B | Mortgage | 17.35 |
| C | Hotels | 16.22 |
| D | Diversified | 11.00 |
| E | Residential | 7.93 |
| F | Health Care | 7.44 |
| G | Specialized | 6.67 |
| H | Office | 4.42 |
| I | Warehouse/Industrial | 3.86 |
| J | Other | 1.41 |
These allocations may not reflect the current or future positions in the portfolio. Percentages may not add to 100% due to rounding.
Source: Morningstar. Data since inception (03/30/01 through 6/30/17).
Large Cap Stocks- S&P 500 Index; Government Bonds- Barclays U.S. Treasury Bond Index; Corporate Bonds- Citigroup U.S. BIG Bond Index; High Yield Bonds- BofA Merrill Lynch U.S. High-Yield Master II Index
| Annual Portfolio turnover | 46% |
|---|---|
| # of holdings | 82 |
| # of Senior Securities (ex-cash) | 70.4 |
| % Common Stock (ex-cash) | 38.55% |
| Beta | 0.79 |
|---|---|
| Correlation | 0.66 |
| Standard Deviation | 15.79 |
| Share Class | Type | Record Date | Distribution Rate |
Ex-Dividend / Reinvest / Payable Date |
|---|---|---|---|---|
| Institutional | Income Dividend | 06/26/2017 | $0.338 | 06/27/2017 |
| Institutional | Income Dividend | 03/27/2017 | $0.272 | 03/28/2017 |
You should consider a fund’s investment objectives, risks, charges and expenses carefully before investing. A prospectus with this and other information may be obtained by calling (800) 999-6809 or by downloading one from this website. It should be read carefully before investing.
RISKS
There are risks involved with investing, including loss of principal. Past performance does not guarantee future results, share prices will fluctuate and you may have a gain or loss when you redeem shares.
Borrowing for investment purposes creates leverage, which can increase the risk and volatility of a fund.
Concentration in a particular industry will involve a greater degree of risk than a more diversified portfolio.
Debt securities are subject to interest rate risk. If interest rates increase, the value of debt securities generally declines. Debt securities with longer durations tend to be more sensitive to changes in interest rates and more volatile than securities with shorter durations.
Derivative instruments involve risks different from those associated with investing directly in securities and may cause, among other things, increased volatility and transaction costs or a fund to lose more than the amount invested.
Investing in the real estate industry or in real estate-related securities involves the risks associated with direct ownership of real estate which include, among other things, changes in economic conditions (e.g., interest rates), the macro real estate development market, government intervention (e.g., property taxes) or environmental disasters. These risks may also affect the value of equities that service the real estate sector.
30-Day SEC Yield is based on a 30-day period and is computed by dividing the net investment income per share earned during the period by the maximum offering price per share on the last day of the period.
30-Day Unsubsidized SEC Yield is computed by dividing the net investment income per share earned during the period, excluding expense waivers or reimbursements, by the maximum offering price per share on the last day of the period.
BofA Merrill Lynch U.S. High Yield Master II Index tracks the performance of below-investment grade U.S. dollar-denominated corporate bonds issued in the U.S. domestic market.
BofA Merrill Lynch Preferred Index is a capitalization- weighted index of preferred stock issues that is generally representative of the market for preferred securities.
Barclays U.S. Treasury Bond Index measures the public obligations of the U.S. Treasury with a remaining maturity of one year or more.
Beta is a measure of risk which shows a fund’s volatility relative to its benchmark index.
Citigroup U.S. Broad Investment-Grade Bond Index is an unmanaged index generally representative of the performance of investment-grade corporate and U.S. government bonds.
Correlation is a statistical measure of the interdependence of two random variables that range in value from -1 to +1, indicating perfect negative correlation at -1, absence of correlation at zero and perfect positive correlation at +1.
S&P 500 Index is an unmanaged index of 500 common stocks chosen to reflect the industries in the U.S. economy.
One cannot invest directly in an index.
Standard deviation measures the degree to which a fund’s return varies from its previous returns or from the average of all similar funds.
Advisor Class shares are available only to fee-based advisory platforms and retirement plans via omnibus accounts.
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Check the background of Salient Capital, L.P. or an investment professional on FINRA’s BrokerCheck. |
Salient is the trade name for Salient Partners, L.P., which together with its subsidiaries provides asset management and advisory services. Insurance products offered through Salient Insurance Agency, LLC (Texas license #1736192). Trust services provided by Salient Trust Co., LTA. Securities offered through Salient Capital, L.P., a registered broker-dealer and Member FINRA, SIPC. Each of Salient Insurance Agency, LLC, Salient Trust Co., LTA, and Salient Capital, L.P., is a subsidiary of Salient Partners, L.P. The series of funds under Salient MF Trust are distributed by Foreside Fund Services, LLC. The series of funds under the Forward Funds trust (“Salient Funds”) are distributed by Forward Securities, LLC. Forward Management, LLC d/b/a Salient is the investment advisor to the Salient Funds.
Not FDIC Insured | No Bank Guarantee | May Lose Value
© 2017 Salient Partners, L.P. All Rights Reserved.
