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'201||Q22||YTD2||1 YR2||3 YR2||5 YR2||10 YR2||
|Class A NAV*||6.10||19.97||-17.95||-14.10||-4.16||0.06||5.60||6.77|
|Class A MOP**||0.00||13.09||-22.67||-19.03||-6.04||-1.11||4.98||6.45|
|Class C NAV†||6.00||19.87||-18.19||-14.58||-4.77||-0.53||4.95||6.04|
|Class C MOP‡||5.00||18.87||-18.99||-15.39||-4.77||-0.53||4.95||6.04|
|ICE BofAML Fixed Rate Preferred Securities Index||1.57||6.95||-2.49||2.50||3.75||5.51||6.68||—|
1. As of 08/31/2020
2. As of 06/30/2020
Total Annual Fund Operating Expenses by Share Class as of 05/01/20: Investor Class: 1.70%; Institutional Class: 1.35%; Class A: 1.75%; Class C: 2.30%. The fund’s investment advisor is contractually obligated to waive 0.25% of the fund’s management fee so that until April 30, 2021, the fund’s management fee will be 0.75%. Additionally, under an expense limitation agreement, the investment advisor has contractually agreed to waive its management fee and/or reimburse or pay operating expenses of the fund to the extent necessary to maintain the fund’s total operating expenses at 1.50% for Investor Class, 1.15% for Institutional Class, 1.55% for Class A and 2.10% for Class C shares, excluding certain expenses, such as taxes, brokerage commissions, interest, short dividend expense, any acquired fund fees and expenses, litigation and extraordinary expenses. This expense limitation agreement expires on April 30, 2021, and may only be modified or terminated by a majority vote of the independent trustees. The advisor is permitted to recover waived expenses for a period of up to three years.
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.
|ICE BofAML Fixed Rate Preferred Securities Index||17.71||-4.34||10.58||2.32||7.57||15.44||-3.65||13.59||4.11||13.66|
*** This chart illustrates the performance of a hypothetical $10,000 investment made in the fund on the commencement of its operations and assumes no additional deposits or withdrawals were made to the fund and assumes reinvestment of dividends and capital gains. This chart is not intended to imply any future performance of the fund. The chart does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
Past performance does not guarantee future results.
|A||UMH Properties, Inc. (Preferred Stock)||4.43|
|B||Lexington Realty Trust (Preferred Stock)||4.27|
|C||Farmland Partners, Inc. (Preferred Stock)||4.10|
|D||RLJ Lodging Trust (Preferred Stock)||3.91|
|E||National Storage Affiliates Trust (Preferred Stock)||3.68|
|F||Sabra Health Care REIT, Inc. (Common Stock)||3.38|
|G||Monmouth Real Estate Investment Corp. (Preferred Stock)||3.35|
|H||VEREIT, Inc. (Preferred Stock)||3.19|
|I||iStar Financial, Inc (Preferred Stock)||3.11|
|J||QTS Realty Trust, Inc. (Preferred Stock)||2.88|
These holdings may not reflect the current or future positions in the portfolio.
These allocations may not reflect the current or future positions in the portfolio. Percentages may not add to 100% due to rounding.
Source: Morningstar. Data since inception (03/30/01 through 8/31/20).
Large Cap Stocks- S&P 500 Index; Government Bonds- Bloomberg Barclays U.S. Treasury Bond Index; Corporate Bonds- Citigroup U.S. BIG Bond Index; High Yield Bonds- ICE BofAML U.S. High Yield Master II Index
|Annual Portfolio turnover||49%|
|# of holdings||63|
|# of Senior Securities (ex-cash)||75|
|% Common Stock (ex-cash)||25%|
|Share Class||Type||Record Date||Distribution
Per Share ($)
A final determination of the tax character of distributions paid by the fund will not be known until the completion of the fund’s fiscal year and there can be no assurance as to the portions of the fund’s distributions that will constitute return of capital and/or dividend income. The final determination of the tax character of distributions paid by the fund will be reported to shareholders in the January after fiscal year-end on form 1099-DIV. Please consult your tax advisor for proper treatment on your tax return.
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.
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.
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.
Bloomberg 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 is a revenue or expense stream that changes a cash account over a given period.
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.
ICE BofAML Fixed Rate Preferred Securities Index is a capitalization-weighted index of preferred stock issues that is generally representative of the market for preferred securities.
ICE BofAML 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.
Source ICE Data Indices, LLC (“ICE DATA”), is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY PROVIDERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN “AS IS” BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND FORWARD MANAGEMENT, LLC, OR ANY OF ITS PRODUCTS OR SERVICES.
S&P 500 Index is an unmanaged index of 500 common stocks chosen to reflect the industries in the U.S. economy.
Standard deviation measures the degree to which a fund’s return varies from its previous returns or from the average of all similar funds.
One cannot invest directly in an index.