The Harbor Group International Real Estate Securities Fund employs a long/short strategy with a focus on publicly traded real estate and real estate related securities. The Fund seeks to generate absolute, risk adjusted returns with minimal volatility over the full market cycle by employing a multi‐factor approach to stock selection described as follows: 1. "Top Down Approach" ‐ the Fund, utilizing HGI's expertise, seeks to identify macro themes or events that will impact the various sub sectors within its investable universe and determine which securities will be most impacted by those events; 2. "Bottom Up Approach" ‐ the Fund seeks to capitalize on event driven situations by identifying companies that, in the opinion of the Manager, are both trading at a discount to their intrinsic value and have specific catalysts that will unlock shareholder value; 3. "Margin of Safety" ‐ the Fund invests in companies that are trading at meaningful discounts to NAV, which provide a margin of safety, and where the Manager believes that the valuation itself will be the catalyst to unlock value. The above referenced strategies are also utilized to identify short positions. Further, risks in the portfolio are hedged through the implementation of these short positions, pair trades, and select sector hedges.