The fund seeks total return by taking advantage of market inefficiencies and dislocations among public real estate investment trusts (REITs) and real estate operating companies. In evaluating candidates for long or short investment, the investment team assesses the skill of company management teams as well as firms’ relative valuations.
Objective: The fund seeks total return through a combination of high current income relative to equity investment alternatives, plus long-term growth of capital
|Mar'181||Q12||YTD2||1 YR2||3 YR2||5 YR2||10 YR2||
|Class A NAV*||2.37||-8.38||-8.38||-11.37||-1.45||2.99||2.60||8.80|
|Class A MOP**||-3.53||-13.66||-13.66||-16.46||-3.38||1.78||2.00||8.46|
|Class C NAV†||2.34||-8.50||-8.50||-11.87||-1.98||2.43||1.95||8.06|
|Class C MOP‡||1.34||-9.41||-9.41||-12.72||-1.98||2.43||1.95||8.06|
|FTSE NAREIT Composite Index||3.88||-6.51||-6.51||-0.80||3.17||6.36||6.88||—|
|FTSE NAREIT Equity REITs Index||3.81||-8.20||-8.20||-4.51||1.08||5.92||6.37||—|
1. As of 03/31/2018
2. As of 03/31/2018
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.
|FTSE NAREIT Composite Index||9.29||9.38||2.05||27.23||2.34||19.73||7.30||27.56||27.80||-37.84|
|FTSE NAREIT Equity REITs Index||5.23||8.52||3.20||30.14||2.47||18.06||8.29||27.96||27.99||-37.73|
*** 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.
|Class A||DIVIDEND YIELD||3.52|
|Class A||30-DAY SEC YIELD (%) (REIT ROC Adjusted)||1.13|
|Class A||30-DAY SEC YIELD (UNSUBSIDIZED) (%)||—|
|Class C||DIVIDEND YIELD||2.91|
|Class C||30-DAY SEC YIELD (%) (REIT ROC Adjusted)||0.66|
|Class C||30-DAY SEC YIELD (UNSUBSIDIZED) (%)||—|
|Institutional||30-DAY SEC YIELD (%) (REIT ROC Adjusted)||1.62|
|Institutional||30-DAY SEC YIELD (UNSUBSIDIZED) (%)||—|
|Investor||30-DAY SEC YIELD (%) (REIT ROC Adjusted)||1.26|
|Investor||30-DAY SEC YIELD (UNSUBSIDIZED) (%)||—|
Past performance does not guarantee future results.
Expenses stated as of the fund’s most recent prospectus. Investment dividend expense, interest expense, acquired fund fees and expenses and certain other fund expenses are included in the Net, Including Investment Related Expenses and excluded from the Net, Excluding Investment Related Expenses.
|B||AvalonBay Communities, Inc.||3.47|
|D||American Assets Trust, Inc.||3.36|
|E||Paramount Group, Inc.||3.35|
|F||Digital Realty Trust, Inc.||3.32|
|G||Acadia Realty Trust||3.18|
|H||Essex Property Trust, Inc.||3.11|
|I||Retail Opportunity Investments Corp.||2.53|
|J||Vornado Realty Trust||2.50|
These holdings may not reflect the current or future positions in the portfolio.
|Sector||% Long||% Short||Total Exposure||Net Exposure|
|Health Care Providers & Services||0.84||0.00||0.84||0.84|
|Hotels Restaurants & Leisure||2.53||0.00||2.53||2.53|
|Real Estate Operating/Development||2.47||0.00||2.47||2.47|
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 (09/15/99 through 3/31/18).
Corporate Bonds- Citi U.S. BIG Bond Index; Government Bonds- Barclays U.S. Treasury Bond Index; Large Cap Stocks- S&P 500 Index; Small Cap Stocks- Russell 2000 Index
|Annual Portfolio turnover||59%|
|# of holdings||46|
|Share Class||Type||Record Date||Distribution
Per Share ($)
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.
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.
Foreign securities, especially emerging or frontier markets, will involve additional risks including exchange rate fluctuations, social and political instability, less liquidity, greater volatility and less regulation.
Investing in lower-rated (“high yield”) debt securities involves special risks in addition to those associated with investments in higher-rated debt securities, including a high degree of credit risk.
Mortgage and asset-backed securities are debt instruments that are secured by interests in pools of mortgage loans or other financial instruments. Mortgage-backed securities are subject to, among other things, prepayment and extension risks.
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.
Short selling involves additional investment risks and transaction costs, and creates leverage, which can increase the risk and volatility of a fund.
Investing in smaller companies generally will present greater investment risks, including greater price volatility, greater sensitivity to changing economic conditions and less liquidity than investing in larger, more mature companies.
Alternative strategies typically are subject to increased risk and loss of principal. Consequently, investments such as mutual funds which focus on alternative strategies are not suitable for all investors.
Diversification does not assure profit or protect against risk.
30-Day SEC Yield (REIT ROC Adjusted) 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. The 30-Day SEC Yield has been adjusted for REIT investment return of capital.
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.
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.
Cash flow measures the cash generating capability of a company by adding non-cash charges (e.g., depreciation) and interest expense to pretax income
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.
FTSE NAREIT Composite Index is an unmanaged index consisting of approximately 200 Real Estate Investment Trust stocks.
FTSE NAREIT Equity REITs Index is representative of the tax-qualified REITs listed on the New York Stock Exchange, the American Stock Exchange and the NASDAQ National Market.
Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index. The Russell 3000 Index represents approximately 98% of the investable U.S. equity market.
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.
Valuation is the process of determining the value of an asset or company based on earnings and the market value of assets.
Volatility is a statistical measure of the dispersion of returns for a given security or market index.
Advisor Class shares are available only to fee-based advisory platforms and retirement plans via omnibus accounts.
Performance figures and other portfolio data shown for periods prior to June 15, 2009, do not reflect the current manager’s performance or strategy.