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Real Return Fund - A (RRNAX)

Real Return Fund - A (RRNAX)
Overview Performance and Ratings Holdings and Details Management Dividends and Capital Gains Fees and Expenses Sales Resources

Objective

The Fund seeks to maximize inflation protected return.

Strategy/Investment process

  • Invests primarily in Treasury Inflation Protected Securities (TIPS).
  • May invest in derivatives to provide inflation-protection, maintain interest rate, sector and yield curve exposure, to manage interest rate risk and duration, and to gain exposure to the TIPS markets.
Performance basics
  Annualized returns (as of 6/30/2015)
  1 Year 3 Year 5 Year Incept
at NAV -3.17% -1.62% 2.51% 2.79%
With 3.75% max. sales charge -6.85% -2.88% 1.73% 2.39%
Barclays U.S. TIPS Index -1.73% -0.76% 3.29% 4.13%**
Lipper Inflation-Protected Bond Funds Index -2.55% -1.04% 2.76% 3.59%**

Performance Inception Date:9/1/05

**Returns are calculated starting from the month end previous to the performance inception date. The performance quoted is past performance and is not a guarantee of future results.

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Current performance may be higher or lower than the performance data shown. For performance current to the most recent month-end, please call 1-800-480-4111.

Lipper Index since inception returns are as of month-end. The performance quoted is past performance and is not a guarantee of future results.

Annual operating expenses (%)
Expense cap expiration date 06/30/2016
Expense cap 0.75%
Total annual operating expenses 1.24%
Fee waivers and/or expense reimbursements 0.48%
Net expenses 0.76%

Fee waivers and/or expense reimbursements,Net Expenses
The Investment Advisor, Administrator and Distributor (the "Service Providers") have contractually agreed to waive fees and/or reimburse expenses to the extent that Total Annual Operating Expenses (excluding Acquired Fund Fees and Expenses, dividend expenses relating to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees' deferred compensation plan) exceed the expense cap of the average daily net assets through the expense cap expiration date. This contract continues through that date, at which time the Service Providers will determine whether or not to renew or revise it.

Ratings (as of 6/30/2015)
Morningstar overall rating: (198 funds)
Morningstar category: Inflation-Protected Bond

Overall rating A Shares; Inflation-Protected Bond Category; 198 funds. Three year rating 1 stars; 198 funds. Five year rating 2 stars; 176 funds. 10 year period not yet rated.

2015, Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its providers; (2) may not be copied or distributed; (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damage or losses arising from any use of this information. Past performance is not a guarantee of future results. For each fund with a three-year history, Morningstar calculates a Morningstar Rating™ metric each month by subtracting the return on a 90-day U.S. Treasury Bill from the fund's load-adjusted return for the same period, and then adjusting this excess return for risk. The top 10% of funds in each broad asset class receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Past performance is no guarantee of future results. Different share classes may have different ratings.

The ranking information is provided by Lipper Analytical Services. Past performance is no guarantee of future results. Rankings are calculated based upon the total returns of multiple share classes within their respective Lipper category. Different share classes may have different rankings.

Minimum investments
Minimum investments Minimum subsequent investments
Regular $1000 Regular $50
IRA $1000 IRA $50
Daily stats (as of 7/31/2015)
NAV YTD
$9.75 0.00%
$0.02 | 0.21%  
 
NAV as of:
  • Mon
    Jun 22
    2015
    $9.72
     
  • Tue
    Jun 23
    2015
    $9.70
     
  • Wed
    Jun 24
    2015
    $9.72
     
  • Thu
    Jun 25
    2015
    $9.71
     
  • Fri
    Jun 26
    2015
    $9.66
     
  • Mon
    Jun 29
    2015
    $9.73
     
  • Tue
    Jun 30
    2015
    $9.74
     
  • Wed
    Jul 01
    2015
    $9.68
     
  • Thu
    Jul 02
    2015
    $9.71
     
  • Mon
    Jul 06
    2015
    $9.77
     
  • Tue
    Jul 07
    2015
    $9.81
     
  • Wed
    Jul 08
    2015
    $9.80
     
  • Thu
    Jul 09
    2015
    $9.74
     
  • Fri
    Jul 10
    2015
    $9.68
     
  • Mon
    Jul 13
    2015
    $9.67
     
  • Tue
    Jul 14
    2015
    $9.68
     
  • Wed
    Jul 15
    2015
    $9.70
     
  • Thu
    Jul 16
    2015
    $9.71
     
  • Fri
    Jul 17
    2015
    $9.71
     
  • Mon
    Jul 20
    2015
    $9.69
     
  • Tue
    Jul 21
    2015
    $9.71
     
  • Wed
    Jul 22
    2015
    $9.72
     
  • Thu
    Jul 23
    2015
    $9.74
     
  • Fri
    Jul 24
    2015
    $9.72
     
  • Mon
    Jul 27
    2015
    $9.73
     
  • Tue
    Jul 28
    2015
    $9.72
     
  • Wed
    Jul 29
    2015
    $9.71
     
  • Thu
    Jul 30
    2015
    $9.73
     
  • Fri
    Jul 31
    2015
    $9.75
     
 
52 Week High $10.22
(8/15/2014)
52 Week Low $9.62
(6/10/2015)
YTD Total Return w/Load -3.75%
Net Asset Class $9,984,139.20
Net Asset Fund $199,934,724.90
Yields
  6/30/2015
30-Day SEC Yield 1.70%
30-Day SEC Yield (Unsubsidized) 1.38%
Basics
Ticker RRNAX
CUSIP 4812A2470
Share Class Inception Date 09/01/2005
Fund Number 1998
Asset Class Taxable Fixed Income
Cut-off time1 4:00 P.M.

The Fund's fixed income securities are subject to interest rate risk. If rates increase, the value of the Fund's investments generally declines.

The Fund primarily invests in inflation-linked securities and inflation and non-inflation lined derivatives. Unlike conventional bonds, the principal or interest of inflation-linked securities such as TIPS is adjusted periodically to a specific rate of inflation. These securities may lose value in the event that the actual rate of inflation is different than the rate of the inflation index. The Fund may be subject to the risk that its inflation-linked derivative contracts will be with a limited number of counterparties. This may result in certain concentration risk including counterparty liquidity, deflation and pricing risk.

The Fund may invest in securities that are below investment grade (i.e., "high yield" or "junk bonds") that are generally rated in the fifth or lower rating categories of Standard & Poor's and Moody's Investors Service. Although these securities tend to provide higher yields than higher-rated securities, there is a greater risk that the Fund's share price will decline.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.

The Fund may invest up to 30% of the Fund's total assets in foreign securities.

The Fund is designed to maximize inflation-protected return, which means maximizing the "real return." Real return is the total of a security less the actual rate of inflation.

The Fund may engage in short sales. There is no guarantee that the use of long and short positions will succeed in limiting the Fund's exposure to domestic stock market movements, capitalization, sector swings or other risk factors. Investment in a portfolio involved in long and short selling may have higher portfolio turnover rates. This will likely result in additional tax consequences. Short selling involves certain risks, including additional costs associated with covering short positions and a possibility of unlimited loss on certain short sale positions.

The Fund anticipates a very high degree of portfolio turnover. This will likely result in additional tax consequences.

The Fund may invest in futures contracts and derivatives. Many derivatives create leverage that can cause the Fund to be more volatile than it would be if it had not used derivatives.

The Fund has the ability to invest 10% of its total assets in high yield securities.

1Please refer to the prospectus for additional information about cut-off times.

Total return assumes reinvestment of income.

The Barclays U.S. TIPS Index is an unmanaged market index comprised of U.S. Treasury Inflation Protected Securities. The performance of the index does not reflect the deduction of expenses associated with a fund, such as investment management fees. By contrast, the performance of the Fund reflects the deduction of the fund expenses, including sales charges if applicable. An individual cannot invest directly in an index.

The performance of the Lipper Inflation-Protected Bond Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses charged by the Fund.

Total return assumes reinvestment of dividends and capital gains distributions and reflects the deduction of any sales charges, where applicable. Performance may reflect the waiver of a portion of the Fund's advisory or administrative fees and/or reimbursement of certain expenses for certain periods since the inception date. If fees had not been waived and/or certain expenses were not reimbursed, performance would have been less favorable.

©2015, American Bankers Association, CUSIP Database provided by the Standard & Poor's CUSIP Service Bureau, a division of The McGraw-Hill Companies, Inc. All rights reserved.