+0.02
Performance
Information as of December 31, 2011 unless otherwise indicated
Share Class Information
| Class A Shares | Class C Shares | Class I Shares | |
| Symbol | LSHAX | LSHCX | LSHUX |
|---|---|---|---|
| Minimum | $2,500 | $2,500 | $1,000,000 |
| Maximum Sales Charge | 4.75% | None | None |
| 12b-1 | 0.25% | 0.75% | 0.00% |
| Expense Ratio (Gross) | 1.74% | 2.24% | 1.49% |
| Expense Ratio (Net*) | 1.54% | 2.04% | 1.29% |
| *The Fund's advisor has contractually agreed to waive its fees and/or absorb expenses of the Fund to ensure that total annual fund operating expenses (excluding taxes, interest, portfolio transaction expenses, and extraordinary expenses) do not exceed 1.50%, 2.00% and 1.25% of average daily net assets of the A shares, C shares, and Institutional shares, respectively. This agreement is in effect until August 31, 2012, and may be terminated by the Trust's Board of Trustees at any time. | |||
Sales Charge Schedule
Click here to see the Fund's Sales Charge Schedule.
Performance
| Q4 2011 | 1 Year | ITD* (a) | ITD* (c) | ||
| Class A Shares w/load | 0.88% | -17.56% | -10.74% | -41.11% | |
| Class A Shares w/out load | 4.04% | -13.43% | -9.80% | -38.17% | |
| Class C Shares w/out load | 4.02% | -13.78% | -10.48% | -39.94% | |
| Class I Shares | 4.29% | -13.17% | -11.55% | -44.62% | |
| *Inception LSHAX 5/4/2007; Inception LSHCX 5/24/2007; Inception LSHUX 7/11/2007. Inception to date (ITD) returns are stated separately as annualized (a) or cumulative (c). | |||||
|
Performance data quoted represents past performance and is no guarantee of future results. 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. Shares redeemed or exchanged within 90 days will be charged a 1.00% redemption fee. Class C shares contingent deferred sales charge of .75% on purchases redeemed within 12 months of purchase is not reflected in the performance figures. If it had, performance would be lower. |
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Portfolio
Fund Assets
| 12/31/2011 | |
| All Classes | $66,786,422 |
|---|---|
| Class A Shares | $8,375,326 |
| Class C Shares | $9,390,487 |
| Institutional Class | $49,020,609 |
Top Ten Equity Holdings
| % of Portfolio | |
| Liberty Media Corp - Capital | 7.00% |
|---|---|
| Howard Hughes Corp. | 6.64% |
| Leucadia National Corp. | 6.46% |
| Bank of Japan | 5.69% |
| Mastercard | 4.47% |
| AutoNation Inc | 4.27% |
| Franco-Nevada Corp. | 4.16% |
| Jarden Corp | 4.06% |
| Link REIT Invest | 3.86% |
| Sears Holdings Corp | 3.51% |
| Total Holdings 75 | |
Industry Representation as a % of Total Investments
| % of Fund | |
| Real Estate Oper/Develop | 12.05% |
|---|---|
| Diversified Operations | 9.26% |
| Broadcast Serv/Program | 8.10% |
| Central Bank | 5.82% |
| Gold Mining | 5.46% |
| Oil Comp-Integrated | 4.69% |
| Commercial Serv-Finance | 4.57% |
| Consumer Products-Misc | 4.38% |
| Retail-Automobile | 4.37% |
| Invest Mgmnt/Advis Serv | 3.99% |
| REITS-Shopping Centers | 3.95% |
| Casino Hotels | 3.90% |
| Retail-Major Dept Store | 3.64% |
| Auto/Trk Prts&Equip-Orig | 3.26% |
| E-Commerce/Services | 2.61% |
| Multimedia | 2.51% |
| Oil-US Royalty Trusts | 1.75% |
| Television | 1.59% |
| REITS-Manufactured Homes | 1.53% |
| Airport Develop/Maint | 1.46% |
| Oil Comp-Explor&Prodtn | 1.43% |
| REITS-Diversified | 1.33% |
| Commer Banks-Central | US 1.06% |
| Reinsurance | 0.94% |
| Closed End Fund | 0.85% |
| Motion Pictures&Services | 0.76% |
| Cable/Satellite TV | 0.72% |
| Satellite Telecom | 0.66% |
| Commercial Services | 0.51% |
| Retail-Apparel/Shoe | 0.45% |
| Gaming & Entertainment | 0.39% |
| REITS-Regional Malls | 0.31% |
| Retail-Auto Parts | 0.30% |
| Finance-Leasing Compan | 0.28% |
| Chemicals-Specialty | 0.22% |
| Private Equity | 0.20% |
| Finance-Other Services | 0.14% |
| Diversified Manufact Op | 0.13% |
| Web Portals/ISP | 0.10% |
| Bldg-Residential/Commer | 0.10% |
| Commer Banks-Southern US | 0.06% |
| Distribution/Wholesale | 0.04% |
| Retail-Building Products | 0.03% |
| Beverages-Wine/Spirits | 0.02% |
| Tobacco | 0.02% |
| Auction House/Art Dealer | 0.02% |
| Professional Sports | 0.01% |
| Growth & Income | 0.01% |
Advisor:
Liberty Street Advisors
125 Maiden Lane, Floor 6
NY, NY 10038
Founded 2007
Sub Advisor:
Horizon Asset Management
470 Park Ave South
NY, NY 10016
Founded 1994
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