APRIX : AAM/Phocas Real Estate Fund Class I Shares

Fund Summary

The investment seeks long-term total investment return through a combination of capital appreciation and current income. Under normal market conditions, the fund invests at least 80% of its net assets, plus borrowings for investment purposes, in securities of equity real estate investment trusts ("REITs") and companies of any size market capitalization which primarily own, manage and invest in underlying real estate assets. Therefore, it invests at least 25% of its net assets (i.e., concentrates) in the real estate industry. The fund is non-diversified.