Anlageziel PrivilEdge DPAM European Real Estate P USD Syst Hedged Dis Fonds

The Sub-Fund is actively managed in reference to a benchmark. The GPR European Real Estate Balanced (the "Benchmark") is used to define the initial investment universe for individual security selection, for performance comparison as well as for internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund's investments. The Sub-Fund’s securities will generally be similar to those of the Benchmark but the security weightings are expected to differ materially. The Investment Manager may also select securities not included in the Benchmark in order to take advantage of investment opportunities.