Phocas Real Estate  PHREX
  Morningstar Report
Overall Morningstar
Rating™
What is this?
As of 2009-10-31
Out of
Real Estate Funds
Rating derived from a weighted average of the fund's 3, 5, 10-year rating which are based on risk-adjusted performance.
Morningstar®
Style Box™
What is this?
   Medium
   Value
  
  
As of 2009-09-30
Day Change
$ -0.12
  
NAV (2009-11-20)
$ 14.55
  
YTD Return % (2009-11-20)
22.47%
  
Total Assets ($ mil)
3
View Data Definitions
  Performance    
Growth of $10,000 Fund: Phocas Real Estate
(from 2006-09-29 to 2009-10-31) Category: Real Estate
Index: S&P 500 TR
Total Annualized Returns % 1yr, 3yr and 5yr Returns as of 2009-11-20
Inception date: 2006-09-29 10yr and Inception Returns as of 2009-10-31
YTD Returns as of 2009-11-20
YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Fund 22.47 89.18 -11.39 --- --- -10.50
+/- Category 7.22 86.36 4.96 --- --- ---
+/- S&P 500 TR -1.05 40.38 -5.49 --- --- ---
Standardized Annual Returns %   more on standardized returns
Quarter-End (as of 2009-09-30) 18.77 -22.31 -9.75 --- --- -9.74
Month-End (as of 2009-10-31) 14.73 6.33 -12.67 --- --- -10.50
After Tax Returns % (as of 2009-09-30 )  
On Distribution --- 5.71 -13.07 --- --- ---
On Distribution & Sale of Shares --- 4.06 -10.72 --- --- ---
Morningstar Rating --- --- --- --- ---
# of compared funds covered (3 yrs : out of 232 funds), (5 yrs : out of funds), (10 yrs : out of funds). Ratings are based on risk-adjusted performance. The maximum initial sales fee is none, the maximum deferred sales fee is none, and the maximum redemption sales fee is 1.00%.
The performance quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate thus an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted herein.
  Portfolio Profile    
Sector Breakdown %
Information 0.00
Software 0.00
Hardware 0.00
Media 0.00
Telecommunications 0.00
Service 100.00
Healthcare 0.00
Consumer Services 0.00
Business Services 0.00
Financial Services 100.00
Manufacturing 0.00
Consumer Goods 0.00
Industrial Materials 0.00
Energy 0.00
Utilities 0.00
Asset Allocation
% of Net Assets
Cash 2.2
Stocks 97.8
Bonds 0.0
Other 0.0
Foreign Stocks 0.0
(as a % of Assets)
Data through 2009-09-30 Data through 2009-09-30
 
Holding Status
Total Number of Stock Holdings 25 Turnover % 99
Total Number of Bond Holdings 0 30 Day SEC Yield % ---
% of Assets in Top 10 Holdings 62.02 ending as of 2009-09-30
View Data Definitions
Top 10 Holdings Sector P/E YTD
Return %		 % of Net
Assets
Simon Property Group, Inc. 28.41 40.50 11.37
Alexandria Real Estate Equities, Inc. 23.20 -2.39 7.52
Boston Properties, Inc. 53.48 22.15 6.93
Digital Realty Trust, Inc. 80.00 47.06 6.14
ProLogis Trust --- 0.79 5.78
SL Green Realty Corporation --- 75.89 5.42
Ventas, Inc. 25.84 28.92 4.97
Macerich Company 14.08 100.90 4.96
Kimco Realty Corporation 23.42 -29.10 4.56
Vornado Realty Trust 52.08 21.25 4.37
Data through 2009-09-30
YTD Return through 2009-11-20
  Other Information
Fund Inception: 2006-09-29
Portfolio Manager  (Start Date)
James Murray  (2006-09-29)
Murray was one of three original partners at Phocas Financial Corporation starting in June 2005.Prior to this, he was the senior REIT analyst for Bay Isle Financial Institutional REIT portfolios and mutual fund and institutional trader (1999 to 2005). He is a member of the Security Analysts of San Francisco. He holds the Chartered Financial Analyst designation.
William Schaff  (2006-09-29)
Schaff funded Phocas Financial Corporation in June 2005. For the last twenty years (1986 to 2005), he was president and chief investment officer of Bay Isle Financial LLC. before it became a fully-owned subsidiary of Janus Capital Management, and was president of Bay Isle Financial LLC and Portfolio Manager at Janus Capital Management. He is a member of the Security Analysts of San Francisco. He holds the Chartered Financial Analyst designation.
Sales Charge %
(taken from prospectus dated 2009-04-30)
Front: None
Deferred: None
Expense Ratio % 1.50
based on net assets
(taken from annual report dated 2008-12-31)
Correspondence Information
U.S Bancorp Fund Services, LLC
615 E Michigan Street
Milwaukee,  WI  53202
United States
Telephone:
866-746-2271
Data on this page does not include the fund's short positions (if any).
Show Data Definitions

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Past performance is no guarantee of future results.
Returns will vary and shares may be worth more or less than their original cost when sold.