The fund seeks total return by investing in companies across any size outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team focuses on securities of real estate companies listed on a domestic or foreign exchange, throughout the world, including the United States.

The team defines a real estate company as any company that derives at least 50% of its revenues from the ownership, operation, development, construction, financing, management or sale of commercial, industrial or residential real estate and similar activities, or invests at least 50% of its assets in such real estate.

The research process is driven by fundamental analysis of one stock at a time. Also, the research team focuses on companies that are mispriced for temporary reasons, as well as values of assets and cash flows of companies.

In selecting securities for the portfolio, the team relies on proprietary research which includes an assessment of a company’s general financial condition, its competitive positioning and management strength, as well as industry characteristics.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may invest up to 25% of its net assets in publicly traded securities of real estate companies, whose primary operations or principal trading market is in an emerging market.

Additionally, the fund may invest in securities of foreign companies in the form of American Depositary Receipts, Global Depositary Receipts and European Depositary Receipts.

The fund may invest up to 15% of its net assets in securities deemed illiquid.

In addition, the fund may also invest up to 20% of its net assets in fixed income securities, including obligations of the U.S. Government, floating rate loans, money-market instruments, and below-investment grade rated securities.

The fund seeks total return by investing in companies across any size outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team focuses on securities of real estate companies listed on a domestic or foreign exchange, throughout the world, including the United States.

The team defines a real estate company as any company that derives at least 50% of its revenues from the ownership, operation, development, construction, financing, More