Philosophy
Forward Uniplan Advisor seeks to provide REIT investors with superior long-term, risk-adjusted returns and one of the longest real estate track records in the industry. Strong quantitative research, combined with exhaustive bottom-up fundamental analysis, attempts to form a portfolio with lower risk (standard deviation) than the benchmark and stronger returns during a market cycle.

The firm's focus is on making real estate investments in publicly traded companies through Real Estate Investment Trusts (REITs) and Real Estate Operating Companies (REOCs).

Investment Process
In addition to "location, location, location", the REIT Portfolio employs a unique investment process.

We attempt to control investment risk by:

• Remaining sector neutral to the benchmark
• Balancing investments across sectors

We seek to add alpha to the portfolio by:

• Electing the best property locations
• Identifying the strongest management teams poised to take advantage of supply and demand factors in the marketplace
• Employing a proprietary database based on local market analysis

Our portfolio remains sector neutral to the NAREIT Equity REIT Index, as we do not make large sector bets. We add value by identifying and investing in the best properties and best REIT management teams geographically. Through our strong understanding of the local real estate markets and face-to-face meetings with management teams, we are able to determine the top investments within a real estate sector at any given time.

REIT Portfolio Fact Sheet
For portfolio details and performance, click here.

Philosophy
Forward Uniplan Advisors Micro Cap Portfolio provides investors with superior long-term, risk-adjusted returns by focusing on companies with market capitalizations under $500 million. Beginning with a universe of over 4,000 companies, strong quantitative research combined with exhaustive bottom-up fundamental analysis is employed to screen and form the investment portfolio. The portfolio is designed to provide a low correlation alternative to large capitalization equities and seeks to provide venture capital-like returns.

Investment Process
The Micro Cap portfolio is managed with deep quantitative and qualitative screening.

Quantitative screening:

• Identify companies with a market cap below $500 million (SEC Reporting)
• Low relative P/E
• Low relative price-to-free cash flow
• Low leverage relative to its peers

Qualitative Factors:

• Identify patterns of "smart buying"
• Internal Catalysts, such as new management, expanding product lines, acquisitions or dispositions
• External Catalysts, such as new Legislation, recovery within an industry or industry consolidators
• Meeting with management and owners

Micro Cap Portfolio Fact Sheet
For portfolio details and performance, click here.

Investment Objective
The Forward Uniplan High Income Total Return Portfolio's goal is to provide a solution for investors' ever-increasing demand for income. By investing in various income producing asset classes, we create a portfolio that attempts to earn an attractive risk-adjusted current return, along with a consistent and superior long-term total return.

Investment Process
We utilize disciplined aspects of both top-down and bottom-up methodology in our portfolio construction process.

• Look at the overall relative valuations among the four asset classes to determine optimal asset class allocation.
• Dividend-paying common stock
• REITs
• MLPs
• Preferreds, Convertibles and Fixed Income
• Quantitative screens applied to each asset class to create working universes within each of those asset classes.

• Extensive qualitative analysis performed on each universe to form a portfolio of 40-50 securities.

High Income Total Return Fact Sheet
For portfolio details and performance, click here.