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ASTON/Harrison Street Real Estate Fund

CUSIP 00078H62000080Y108
Share Class Inception 12/30/19979/20/2005
Gross Exp Ratio (%) 2.201.95
Net Exp Ratio (%) 1.371.12
NAV Change (%) 0.59 0.59
Dividend Frequency Annual
Benchmarks MSCI U.S. REIT Gross TR Index
Morningstar Category Real Estate

Overall Morningstar Rating

ASTON/Harrison Street Real Estate  Shares received a Morningstar rating.

Among 241 Real Estate funds derived from a weighted average of the Fund’s 3-, 5- and 10-year risk-adjusted returns as of 4/30/16.

Portfolio Manager

James  Kammert, CFA
James Kammert, CFA

James Kammert, CFA

Mr. Kammert is a Principal and member of the Board of Managers of Harrison Street Securities, LLC., and has been Co-Portfolio Manager of the Fund since June 2011. Prior to co-founding the firm with Mr. Pratt in 2005, he was Director of Research for European Investors, Inc. Previously, he was Vice President and co-head of Goldman Sachs & Co.’s U.S. REIT research team for more than four years. He graduated from Lafayette College with a BA in Economics & Business and earned his MBA from the University of Chicago, and holds the Certified Public Accountant and Chartered Financial Analyst designations.

Investment Strategy

The ASTON/Harrison Street Real Estate Fund focuses on finding attractive investment opportunities in public real estate securities using proprietary bottom-up research and a blend of two valuation techniques.

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The Fund seeks total return through a combination of growth and income.

Risk Considerations

The Fund is classified as non-diversified and may be more susceptible to risk than funds that invest more broadly. In addition REITs may decline from deteriorating economic conditions, changes in the value of the underlying property, and defaults by borrowers. Small- and mid-cap equities are considered riskier than large-cap equities due to greater potential volatility and less liquidity.

Fund Stats (as of 3/31/16) N SharesI Shares
Origin Of Information FactsetFactset
Sales Load NoneNone
Total Net Assets (5/27/16)$9,731,940.68$544,444.59
Turnover N/AN/A
Minimum Investment 2,5001,000,000
Alpha (3 yr.) -2.39-2.12
Beta (3 yr.) 1.001.00
R-Squared (3 yr.) 98.5998.61
Standard Dev (3 yr.) 14.9814.95
Sharpe Ratio (3 yr.) 0.540.56
Current Wtd Average P/E (trailing) 41.4741.47
Current Wtd Average P/B (trailing) 2.642.64
Median Mkt Cap ($Mil) 4,9704,970
Average Wtd Coupon N/AN/A
Effective Maturity N/AN/A
Top 10 Holdings (as of 4/30/16)
CompanyTickerCUSIPNumber of SharesMarket Value% of Net Assets
Simon Property Group Inc SPG 828806109 4,448 $894,804.16 8.73%
American Tower Corp AMT 03027X100 6,605 $692,732.40 6.76%
AvalonBay Communities Inc AVB 53484101 2,905 $513,574.95 5.01%
Equinix Inc EQIX 29444U700 1,464 $483,632.40 4.72%
Welltower Inc HCN 95040Q104 6,433 $446,578.86 4.36%
Essex Property Trust Inc ESS 297178105 1,922 $423,704.90 4.13%
Extra Space Storage Inc EXR 30225T102 4,392 $373,100.40 3.64%
Prologis Inc PLD 74340W103 7,763 $352,517.83 3.44%
Boston Properties Inc BXP 101121101 2,690 $346,633.40 3.38%
Acadia Realty Trust AKR 4239109 9,283 $312,837.10 3.05%
Past performance does not guarantee future results. Investment return and principal value of mutual funds will vary with market conditions, so that shares, when redeemed, may be worth more or less than their original cost.

As the fund is actively managed, the securities as presented may not represent the current or future composition of the portfolio.

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