dougemarsh --
Thanks for the clarification.
Here, for your convenient reference, is return information for the Van
Kampen UIF U.S. Real Estate Class 1 Fund, current through the second
quarter of 2004, as summarized by Morningstar:
Nonstandardized Return:
Year-to-date (June 30, 2004) 7.19%
One year 29.26%
Three year 14.12%
Five year 13.53%
Since inception (1997) 11.03%
Standardized Return:
One year 13.94%
Since inception 2.94%
A table comparing these returns with the averages of its fund category
and with the REIT index, along with other Morningstar data about the
fund's portfolio, risk profile, etc. can be found at the following
link:
Best of America/Nationwide FInancial: Van Kampen UIF US Real Estate CL1
https://secure.nwservicecenter.com/profile/C1_VNKPNUSRE.pdf
This page is a PDF document, so you will need Adobe Reader to access
it. In the unlikely event that this tool is not installed on your
computer, it can be downloaded quickly, conveniently and at no cost
from the following linked site:
Adobe Reader: Download
http://www.adobe.com/products/acrobat/readstep2.html
Additional Information:
As you may know, this fund is apparently not available for purchase
for the general public, but rather is designed as a product offered by
insurance companies as a component of variable annutities. Here is a
disclosure statement to that effect from the "Best in America" Web
page relating to this fund:
"The underlying investment options described are available only as investment
options in variable life insurance policies and variable annuity contracts issued
by life insurance companies. They are NOT offered or made available to
the general public directly."
Best in America/Nationwide Financial: Van Kampen UIF U.S. Real Estate Portfolio
https://secure.nwservicecenter.com/profile/commentary/vkuifusrealestate.pdf
The nature of this investment product appears to explain why the
"nonstandardized" return for the fund is significantly higher that the
"standardized" return that is provided for one year and for the life
of the fund.
According to this disclosure from Morningstar, variable annuities are
subject to an array of charges that are only reflected in the (lower)
standardized return figure:
"For VA/VLs [i.e, Variable Annuties], standardized total return is
total return adjusted to reflect policy level charges such as
surrender, contract and sales charges, and subaccount level expenses
including M&E expenses, administration fees, and actual ongoing fund
level expenses. For mutual funds, VA/VLs, and stocks, standardized
returns do not include the impact of taxes, and all dividends and
capital gains are assumed to be reinvested."
Morningstar.com: NASD Snapshot: Disclosure Statement: "Standardized
Returns" (page 4)
http://www.morningstar.com/products/PDF/NASD/Submitted%20VA%20Snapshot.pdf
Although this answer has turned to be more complex than I initially
expected, I hope that it gives you the information you need for your
present purposes. If anything is unclear, please ask for
clarification before rating the answer.
markj-ga |
