Morningstar asset category
US Fund Real Estate
MSCI US REIT
Mid cap growth
|Ticker||NAV||NAV Change||Daily Return - Daily|
|MSCI US REIT Index (Gross)||
Performance data quoted represents past performance and is no guarantee of future results. Total return figures include the reinvestment of dividends and capital gains. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. For the most recent month end performance, please call (800) 207-7108. Returns showing less than one year are cumulative. The gross operating expense ratio for the Class A, C, and Institutional Shares are 1.61%, 2.36%, and 1.36%, respectively. The net operating expenses after fee waiver and/or expense reimbursements are 1.35%, 2.10%, and 1.10% for the Class A, C, and Institutional Shares, respectively. The contractual agreement between the Fund and the Advisor for fee waiver and/or expense reimbursement is in effect until April 30, 2022. Without the contractual agreement, performance would have been lower. Performance results with load reflect the deduction for Class A Shares of the 5.75% maximum front-end sales charge. Class C Shares are subject to a contingent deferred sales charge of 1.00% when redeemed within 12 months of purchase. Performance presented without the load would be lower if this charge was reflected. Fund performance may be subject to substantial short-term changes. *ITD represents inception-to-date data; Inception 12/31/2013.
The MSCI US REIT Index is a free float-adjusted market capitalization weighted index that is comprised of equity REITs that are included in the MSCI US Investable Market 2500 Index, with the exception of specialty equity REITs that do not generate a majority of their revenue and income from real estate rental and leasing operations. The index represents approximately 85% of the US REIT universe. One cannot invest directly in an index.
Share Class Information
|As of 5/1/2021||Class A |
|Class C |
|Class I |
|Maximum Sales Charge||5.75%||None||None||2.50%|
|Gross Expense Ratio||1.61%||2.36%||1.36%||1.61%|
|Fee Waiver and/or Expense Reimbursement||-0.26%||-0.26%||-0.26%||-0.26%|
|Net Expense Ratio*||1.35%||2.10%||1.10%||1.35%|
*Net expenses based on the Advisor’s contractual agreement to waive its fees and/or pay operating expenses until 4/30/22. The net expense ratio is applicable to investors.
|As of 9/30/2021||% of Net Assets (Excluding Cash)|
|Crown Castle International Corp||6.93%
|SBA Communications Corp||5.30%
|Invitation Homes Inc||4.60%
|American Homes 4 Rent||4.29%
|Camden Property Trust||4.24%
|American Tower Corp||3.98%
Schedule of Distributions
|Sep 28, 2021||$0.0279||-||$0.0392|
|Jun 28, 2021||$0.0334||$0.0029||$0.0437|
|Mar 29, 2021||$0.0322||$0.0043||$0.0411|
|Dec 30, 2020||$0.1046||$0.0783||$0.1137|
|Sep 28, 2020||$0.0241||$0.0000||$0.0331|
|Jun 30, 2020||$0.0298||$0.0054||$0.0387|
|Mar 27, 2020||$0.0273||$0.0000||$0.0362|
|Dec 30, 2019||$0.0424||$0.0134||$0.0523|
|Sep 26, 2019||$0.0474||$0.0191||$0.0569|
|Jun 26, 2019||$0.0423||$0.0154||$0.0515|
|Mar 31, 2019||$0.0428||$0.0180||$0.0520|
|Dec 28, 2018||0.0410||0.0111||0.0495|
|Sep 26, 2018||0.0406||0.0135||0.0491|
|Jun 27, 2018||0.0500||0.0249||0.0582|
|Mar 27, 2018||0.0336||0.0075||0.0417|
|Dec 31, 2017||$0.0543||$0.0316||$0.0630|
|Sep 27, 2017||$0.0445||$0.0183||$0.0532|
|Jun 28, 2017||$0.0633||$0.0382||$0.0715|
|Mar 29, 2017||$0.0393||$0.0131||$0.0473|
|Dec 29, 2016||$0.021||$0.000||$0.029|
|Sep 28, 2016||$0.026||$0.000||$0.034|
|Jun 28, 2016||$0.028||$0.004||$0.036|
|Mar 29, 2016||$0.022||$0.000||$0.029|
|Dec 16, 2015||$0.1242 (Long-Term Cap Gain)||$0.1242 (Long-Term Cap Gain)||$0.1242 (Long-Term Cap Gain)|
|Dec 16, 2015||$0.1985 (Short-term Cap Gain)||$0.1985 (Short-term Cap Gain)||$0.1985 (Short-term Cap Gain)|
|Dec 16, 2015||$0.0390 (Income)||$0.0150 (Income)||$0.0468 (Income)|
|Sep 28, 2015||$0.0320||$0.0087||$0.0397|
|Jun 26, 2015||$0.0352||$0.0148||$0.0429|
|Mar 27, 2015||$0.0183||$0.00||$0.0249|
|Dec 16, 2014||$0.0344 (Long-Term Cap Gain)||$0.0344 (Long-Term Cap Gain)||$0.0344 (Long-Term Cap Gain)|
|Dec 16, 2014||$0.1151 (Short-term Cap Gain)||$0.1151 (Short-term Cap Gain)||$0.1151 (Short-term Cap Gain)|
|Dec 16, 2014||$0.0271 (Income)||$0.0105 (Income)||$0.0339 (Income)|
|Sep 29, 2014||$0.0118||$0.00||$0.0187|
|Jun 27, 2014||$0.0301||$0.0040||$0.0319|
|Mar 28, 2014||$0.0353||$0.0329||$0.0372|
Important Risks and Disclosures:
Before investing you should carefully consider the West Loop Realty Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus and summary prospectus, a copy of which may be obtained by calling 800-207-7108. Please read the Fund’s prospectus or summary prospectus carefully before investing.
An investment in the West Loop Realty Fund is subject to risk, including the possible loss of principal amount invested and including, but not limited to, the following risks, which are more fully described in the prospectus:
Market Risk: The market price of a security may decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular issuer, company, or asset class. Local, regional or global events such as the spread of infectious illness or other events could have a significant impact on a security or instrument.
Real Estate Market: The Real Estate industry is subject to certain market risks such as property revaluations, interest rate fluctuations, rental rate fluctuations and operating expenses, increasing vacancies, rising construction costs and potential modifications to government regulations.
REITs: REITS involve additional risks compared to those from common stock. REITs are dependent upon management skills; generally may not be diversified; and are subject to heavy cash flow dependency, defaults by borrowers, self-liquidation, and tax risks.
COVID-19 Related Market Events. The outbreak of COVID-19 has caused major disruptions to the worldwide economy, including the U.S. The future impact of COVID-19 is currently unknown, and it may exacerbate other risks that apply to the Fund.
Sector Concentration: The focus of the Fund’s portfolio on the real estate sector may present more risks than if the portfolio were broadly diversified over numerous sectors.
Management and Strategy: The evaluation and selection of the Fund’s investments depend on the judgment of the Fund’s Sub-Advisor about the quality, relative yield, value or market trends affecting a particular security, industry, sector or region, which may prove to be incorrect.
Equity: The value of the equity securities held by the Fund may fall due to general market and economic conditions, perceptions regarding the real estate industry, or factors relating to specific companies.
Market Capitalization: Real estate companies tend to be small- to medium-sized companies in relation to the equity markets as a whole. Small- to medium-sized real estate company shares can be more volatile than large company stocks. The securities of small-capitalization and mid-capitalization companies may be subject to more abrupt or erratic market movements.
Growth-Oriented Investment Strategy: Growth securities typically are very sensitive to market movements. When revenues do not meet expectations, the prices of growth securities typically fall.
Non-Diversification: As a non-diversified fund, the Fund may focus its assets in the securities of fewer issuers, which exposes the Fund to greater market risk than if its assets were diversified among a greater number of issuers.
Interest Rate: Rising interest rates may impact the prices of REITS, and could increase operating costs and reduce the ability of REITs and other real estate companies to carry out acquisitions or expansions in a cost-effective manner.
Tax: In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification requirements. The Fund’s strategy of investing in a relatively small number of securities may cause it inadvertently to fail to satisfy the diversification requirements. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.
Liquidity: The Fund may not be able to sell some or all of the investments that it holds due to a lack of demand in the marketplace or other factors such as market turmoil, or it may only be able to sell those investments at a loss. Liquid investments may become illiquid or less liquid after purchase by the Fund, particularly during periods of market turmoil.
Convertible Securities: Convertible securities are subject to market and interest rate risk and credit risk.
Fixed Income Securities: Generally fixed income securities decrease in value if interest rates rise and increase in value if interest rates fall, and longer-term and lower rated securities are more volatile than shorter-term and higher rated securities.
Preferred Stock: The market value of preferred stock is subject to company-specific and market risks applicable generally to equity securities and is also sensitive to changes in the company’s creditworthiness, and changes in interest rates.
Warrants and Rights: Warrants and rights can provide a greater potential for profit or loss than an equivalent investment in the underlying security, may lack a liquid secondary market for resale, and their prices may fluctuate as a result of speculation or other factors.
Foreign investment: These risks include currency fluctuations, economic or financial instability, lack of timely or reliable financial information or unfavorable political or legal developments. Foreign companies are generally subject to different legal and accounting standards than U.S. companies.
The Fund may not be suitable for all investors. We encourage you to consult with appropriate financial professionals before considering an investment in the Fund.