Real Estate Securities Fund

Urdang employs a value-oriented investment process with two distinct and complementary components: bottom-up real estate research and the company's proprietary Relative Value Model (RVM) securities valuation process, which was designed to provide a uniform basis for evaluating the validity of a security's trading price. Combining real estate research and the RVM process has been central to Urdang's track record of delivering strong returns without incurring high levels of risk.

Ideal Company

The ideal company exhibits many of the following traits:

• Strong real estate and business fundamentals
• Quality earnings and balance-sheet strength
• Strategic vision of management

Portfolio Construction

Portfolio Management:

• Urdang's top-down research process begins with a global and macro-economic perspective
• From this global and macro-economic perspective, Urdang refines and builds a position on how each of these macro-level factors will impact different types of real estate, including office, apartment, retail, hotel, industrial, etc
• Fundamental Real Estate Analysis (NAV) is conducted for every REIT/REOC in Urdang's investment Universe
• Utilize proprietary Relative Value Model (RVM to accurately assess the relative value of a REIT security
  • Stocks are selected based on Urdang's assessment of relative value.

Sell Discipline

The investment team will make a sell decision when:

• The company reaches its target price
• The sector in which the company resides becomes overpriced
• There is a change in the fundamentals of the company
• Anticipated return is not sufficient compared to the risk of continued ownership

Investment Process Chart

Investors should carefully consider the fund's investment objectives, risks, charges, and expenses before investing. For this and other information, please call 800.835.3879 or download a free prospectus. Read it carefully before investing or sending money.

The performance shown represents past performance and is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. From time to time the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields on the Fund are net of expenses and the returns and yields on the indices exclude expenses. Current performance of the Fund may be lower or higher than the performance quoted.

There is no guarantee that these investment strategies will work under all market conditions, and each investor should evaluate their ability to invest for a long-term, especially during periods of downturns in the market.

The investment return and the principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.