A CMBS Focused Fund Solution
Under normal market conditions, the Fund intends to invest at least 80% of its net assets in bonds. The Fund invests primarily in commercial mortgage-backed securities (CMBS) in an effort to deliver a combination of current income and capital preservation. Specifically, the Fund targets investment opportunities in senior mortgage loans on commercial real estate across:
The Fund is available on the Charles Schwab and Pershing FundVest platforms.
- CMBS issues in the Fund tend to be senior in nature and are secured by commercial real estate and diversified across property types
- While primarily invested in investment grade CMBS, in an effort to generate additional yield, the Fund can also invest in high-yield debt and other real estate related debt and structured finance securities
- The Fund has the flexibility to actively manage duration and interest rate risk depending on market conditions
As of 06/22/2020
|NAV||Daily $ Change||Daily % Change||YTD Performance|
|Ladder Select Bond Fund||$9.33||$-0.01||-0.11%||-4.93%|
|Bloomberg Barclays Intermediate Government/Credit Index||-||-||-0.03%||5.10%|
As of 05/31/2020
|Monthly||1 Month||3 Month||YTD||1 Year||3 Year||Since Inception*|
|Ladder Select Bond Fund||1.32%||-5.51%||-5.34%||-3.72%||0.42%||0.73%|
|Bloomberg Barclays Intermediate Government/Credit Index||0.76%||1.73%||4.63%||7.60%||4.15%||3.43%|
As of 03/31/2020
|Quarterly||3 Month||YTD||1 Year||3 Year||Since Inception*|
|Ladder Select Bond Fund||-9.14%||-9.14%||-6.96%||-0.75%||-0.42%|
|Bloomberg Barclays Intermediate Government/Credit Index||2.40%||2.40%||6.88%||3.79%||2.96%|
|Expense Ratios2||Institutional Class|
Performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than what is stated. Call 1-888-859-5867 for the most current month-end performance.
1The inception date of the Ladder Asset Management Advisor Institutional Class (I) was October 18, 2016. The investment returns and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The Fund’s benchmark is the Bloomberg Barclays Intermediate Government/Credit Index, which is an unmanaged index that tracks the performance of intermediate term US government and corporate bonds. Individuals cannot invest directly in an index.
Ladder Capital Asset Management LLC (“LCAM”) has contractually agreed, until July 31, 2021, to reduce Management Fees and reimburse Other Expenses to the extent necessary to limit Total Annual Fund Operating Expenses to an amount not exceeding 0.95% shares of average daily net assets of the applicable class of shares. Management Fee reductions and expense reimbursements by LCAM are subject to repayment by the Fund for a period of three years after such fees and expenses were incurred, provided that the repayments do not cause Total Annual Fund Operating Expenses to exceed the foregoing limitations. Prior to July 31, 2021, this agreement may not be modified or terminated without the approval of the Fund’s Board of Trustees. This agreement will terminate automatically if the Fund’s investment advisory agreement with LCAM is terminated.
2Expense ratios for the Institutional Class are reported as of the 6/28/2019 prospectus.
*Returns are annualized.
Distributions (as of 4/30/2020)
|Distribution Yield (I)3||1.711%|
|SEC Yield (I)4||2.740%|
|Unsubsidized SEC Yield (I)4||1.570%|
|Latest Dividend Distribution ($ I Share)5||$0.0131|
3The distribution yield for monthly paying Funds is calculated by annualizing actual dividends distributed for the monthly period ended on the date shown and dividing by the net asset value on the last business day for the same period. The distribution yield for quarterly paying Funds is calculated by taking the average of the prior four quarterly distribution yields. The quarterly distribution yields are calculated by annualizing actual dividends distributed for the quarterly period ended on the most recent quarterly distribution date and dividing by the net asset value for the same date. The distribution yield for annual paying Funds is calculated by taking the annual distribution divided by the Fund’s net asset value on ex-date. The yield is annualized if the Fund incepted less than a year ago. The yield does not include long- or short-term capital gains distributions.
4The 30-Day SEC yield is an annualized yield based on the most recent 30-day period.
5Data does not include special cash dividends.
Portfolio Statistics (as of 2/29/2020)
|Average Effective Maturity||N/A|
Top 10 Holdings (as of 02/29/2020)
|Security Description||CUSIP||% of Total Holdings|
|WF COMM MORT TRUST 2016-C34||95000DAG6||10.25%|
|BXMT 2017-SLCT C||05607DAJ6||8.13%|
|THARALDSON HOTEL PORT||88327HAL7||7.90%|
|HUDSON BAY JV TRUST 8/5/34||44422PAA0||5.50%|
|SHELTER GROWTH CRE||822867AA5||4.72%|
|CITIGROUP COMM MORT||17328HBD2||4.43%|
|WELLS FARGO COMM MORT FLT||94988LAJ1||4.18%|
|MARATHON CRE ISSUER LTD||565780AA1||4.07%|
|WELLS FARGO COMMERCIAL MORT||94988HAF8||3.78%|
|BX TRUST FLT||05607DAN7||3.75%|
Portfolio Statistics as of 02/29/2020
The portfolio is actively managed. Holdings and weightings are subject to change daily and are provided for informational purposes only and should not be deemed as a recommendation to buy or sell the securities mentioned. Fund composition is based on net assets. Please scroll down to see important information about the Fund.
“Duration” is a measure used to determine a debt security’s price sensitivity to changes in interest rates. The longer the duration of a particular debt security, such as CMBS, (or the Fund’s portfolio of debt securities), the more sensitive its market price and the Fund’s value will be to changes in interest rates.
|Share Class||Ticker||CUSIP||Inception Date||Gross Expenses2||Net Expenses2||Minimum Investment7|
7 The minimum investment requirement may be waived or reduced for any reason at the discretion of the Fund or LCAM.