globlreifnd_486b.htm

The Fund	Global Real Estate Investments Fund (the “Fund”) is a continuously offered, diversified, closed-end management investment company. See “The Fund.” The Fund is an interval fund that will offer to make quarterly repurchases of shares at net asset value. See “Quarterly Repurchases of Shares.”

The Offering	The Fund is offering to sell, through its distributor, Ascent Real Estate Securities, LLC (the “Distributor”), under the terms of this prospectus, common shares of beneficial interest, at net asset value plus the applicable sales load. Initial and subsequent purchases of shares may be made in $1,000 increments. The minimum investment by a shareholder is $1,000. The Fund is offering to sell its shares, on a continual basis, through its distributor. The Distributor is not required to sell any specific number or dollar amount of the Fund’s shares, but will use its best efforts to sell the shares. Shares are sold at the net asset value of the Fund next determined plus the applicable sales load. See “Plan of Distribution.” The Fund’s continuous offering is expected to continue in reliance on Rule 415 until the Fund has sold shares in an amount equal to approximately $5,000,000,000.

Investment Objective and Policies	The Fund’s investment objective is total return through a combination of current income and capital appreciation. The Fund pursues its investment objective by investing indirectly in a diversified portfolio of high quality, income-producing real estate properties. The Fund invests its net assets globally in publicly-traded real estate investment trusts (collectively with their foreign equivalents, “REITs”) and other real estate securities that are included in the FTSE EPRA/NAREIT Global Real Estate Index. The Fund also seeks to achieve capital appreciation for its shareholders by encouraging long-term investment by marketing the Fund’s shares for which no secondary market will exist. Under normal circumstances, the Fund invests at least 80% of its net assets in REITs and other real estate securities. This policy is fundamental and may not be changed without shareholder approval. REITs are pooled investment vehicles that invest primarily in income-producing real estate or real estate-related loans or interests. “Real estate securities” include the securities of any issuer that derives at least 50% of its gross revenues or net profits from either (i) the ownership, development, construction, financing, management or sale of commercial real estate or (ii) products or services related to the real estate industry, like building supplies or mortgage servicing. Under normal circumstances, the Fund invests at least 40% of its net assets in the securities of issuers located in at least three foreign countries. This policy is fundamental and may not be changed without shareholder approval. The Fund may invest without limitation in foreign REITs and other foreign real estate securities, including direct investments in securities of foreign issuers and investments in depositary receipts (such as American Depositary Receipts and Global Depositary Receipts) that represent indirect interests in securities of foreign issuers of real estate securities; provided, however, that the Fund will limit its investments in issuers located in any single foreign country to no more than 25% of its net assets.

Table of Contents - Prospectus

	There is no assurance that the Fund will achieve its investment objective. The Fund’s investment objective and some of its investment policies are considered fundamental policies and may not be changed without shareholder approval. The Statement of Additional Information contains a list of the fundamental and non-fundamental investment policies of the Fund under the heading “Investment Policies.” During periods of adverse market or economic conditions, the Fund may temporarily invest all or a substantial portion of its net assets in cash or cash equivalents.

Investment Strategy	Under normal market conditions, the Fund’s strategy is to invest its net assets in publicly-traded REITs and other publicly-traded real estate securities that are included in the FTSE EPRA/NAREIT Global Real Estate Index (the “Index”). The Adviser uses both a quantitative screening process and a qualitative stock selection process when selecting Index securities for investment by the Fund in connection with its strategy. The Index is designed to track the performance of publicly-traded real estate companies and REITs worldwide. Inclusion in the Index requires that each issuer meets certain financial criteria in its particular region, demonstrating that the bulk of the company’s earnings or assets are derived from commercial real estate, which is defined as the ownership, trading and development of income-producing real estate. Quantitative Screening Process: The Adviser and Green Street Advisors of Newport Beach, California, an independent research and consulting firm concentrating on publicly-traded real estate securities, have designed a proprietary quantitative screening process, the Global Real Estate Investment Model (the “Model”), which the Adviser uses to screen for the securities in which the Fund may invest. The Model identifies qualifying securities exclusively from among those contained in the Index for evaluation by the Adviser (“Qualifying Securities”). The Model considers several criteria when selecting such securities including, but not limited to, free-float market capitalization, insider ownership, total return, leverage, price to earnings ratio, dividend yield, dividend growth, historical earnings growth and projected earnings growth. The Model’s process results in a selection of 80 Qualifying Securities from the Index, weighted to match the geographic and property type weightings of the Index. The Adviser may alter the weightings of the parameters used by the Model based on the Adviser’s perceptions of the global market and economy. Qualitative Stock Selection Process: All Qualifying Securities are evaluated by the Adviser in determining appropriate investments for the Fund. The Adviser selects the top 40 to 50 securities from among the 80 Qualifying Securities based on its assessment of certain factors including, but not limited to, management quality, balance sheet strength, debt structure and maturities, lease term and renewal schedule, tenant credit quality, regional macroeconomic conditions and trends and projected demand drivers and supply constraints for space. The Adviser may sell a security held in the Fund’s portfolio when it no longer qualifies under the parameters established by the Model. In addition, from time to time, as securities qualify under the Model’s parameters, such securities may be added to the Fund’s portfolio. The Fund’s portfolio holdings are continuously monitored and evaluated by the Adviser, based upon its assessment of current market conditions, changes in company-specific prospects and stock price valuations, and other circumstances that the Adviser deems relevant. The active management of the Fund’s portfolio also includes quarterly updates of the data used to identify the Qualifying Securities by Green Street Advisors.

Table of Contents - Prospectus

	To enhance income, the Fund may write (sell) covered call options, which are limited to a notional value of up to 30% of the Fund’s net assets. The Fund will write call options only on individual securities (“underlying securities”) held in the Fund’s portfolio (i.e., covered calls). The Fund may not sell "naked" call options (i.e., options representing more securities than are held in the portfolio). The Fund's covered call option writing program will seek to achieve a high level of net option premiums (covered call option premiums received minus transaction costs), while maintaining the potential for some capital appreciation on each underlying security on which call options are written.

Investment Adviser and Fee	Ascent Investment Advisors, LLC (the “Adviser”), the investment adviser of the Fund, is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). The Adviser was formed in December of 2007 and commenced operations in January of 2008. Currently, all membership interests in the Adviser are owned by Real Estate Securities Partners, LLC. Real Estate Securities Partners, LLC has entered into an agreement pursuant to which, subject to certain conditions, all of its membership interests in the Adviser would be transferred to Ascent Investment Partners, LLC (the “Proposed Transaction”). Ascent Investment Partners, LLC is a newly formed entity 61% of the interests of which will be owned by James Alpha Management. If consummated, the Proposed Transaction would result in an assignment of the advisory agreement between the Fund and the Adviser. Therefore, the Fund is currently preparing to seek shareholder approval of the investment advisory agreement with the Adviser after giving effect to the Proposed Transaction. The Adviser is entitled to receive a monthly fee at the annual rate of 1.20%-0.80% of the Fund's daily net assets, depending upon the net assets in the Fund. The Adviser and the Fund have entered into an expense limitation and reimbursement agreement (the "Expense Limitation Agreement") under which the Adviser has agreed contractually to waive its fees and to pay or absorb the ordinary operating expenses of the Fund (including all organization and offering expenses, but excluding interest, brokerage commissions and extraordinary expenses), to the extent that they exceed 2.75% per annum of the Fund’s average daily net assets (the "Expense Limitation"). In consideration of the Adviser's agreement to limit the Fund's expenses, the Fund has agreed to repay the Adviser in the amount of any fees waived and Fund expenses paid or absorbed, subject to the limitations that: (1) the reimbursement for fees and expenses will be made only if payable not more than three years from the end of the fiscal year in which they were incurred; and (2) the reimbursement may not be made if it would cause the Expense Limitation to be exceeded. The Expense Limitation Agreement will remain in effect unless and until the Board approves its modification or termination. See “Management of the Fund.”

Administrator, Accounting Agent and Transfer Agent	U.S. Bancorp Fund Services, LLC (“U.S. Bancorp”) serves as the administrator, accounting agent and transfer agent of the Fund. See “Management of the Fund.”

Closed-End Fund Structure	Closed-end funds differ from open-end management investment companies (commonly referred to as mutual funds) in that closed-end funds do not redeem their shares at the option of the shareholder. In addition, unlike many closed-end funds, the Fund’s shares will not be listed on a national stock exchange. An investment in the Fund is suitable only for investors who can bear the risks associated with the limited liquidity of the shares and should be viewed as a long-term investment.

Table of Contents - Prospectus

	The Fund, similar to a mutual fund, is subject to continuous asset in-flows, although not subject to the continuous out-flows, that can complicate portfolio management of mutual funds. Closed-end funds generally can stay more fully invested in securities consistent with the closed-end fund’s investment objective and policies. The Board of Trustees will consider the conversion of the Fund to an open-end investment company or the listing of the Fund’s shares on a national stock exchange by December 31, 2016. The determination to convert to an open-end management investment company, list the shares on a national stock exchange or liquidate the Fund will be made at the discretion of the Board before the end of 2016.

Investor Suitability	An investment in the Fund involves a considerable amount of risk. It is possible that you will lose money. An investment in the Fund is suitable only for investors who can bear the risks associated with the limited liquidity of the shares and should be viewed as a long-term investment. Before making your investment decision, you should (i) consider the suitability of this investment with respect to your investment objectives and personal financial situation and (ii) consider factors such as your personal net worth, income, age, risk tolerance and liquidity needs.

Repurchases of Shares	The Fund is an interval fund and, as such, has adopted a fundamental policy that it will make quarterly repurchase offers for no less than 5% of the shares outstanding at net asset value. There is no guarantee that shareholders will be able to sell all of the shares they desire in a quarterly repurchase offer, although each shareholder will have the right to require the Fund to purchase up to and including 5% of such shareholder’s shares in each quarterly repurchase. Limited liquidity will be provided to shareholders only through the Fund’s quarterly repurchases. See “Quarterly Repurchases of Shares.”

Summary of Risks	Investing in the Fund involves risks, including the risk that you may receive little or no return on your investment or that you may lose part or all of your investment. Therefore, before investing you should consider carefully the following risks that you assume when you invest in the Fund’s shares. Limited Operating History of the Adviser. The Adviser was formed in Colorado as a limited liability company in December of 2007 and commenced operations in January of 2008. The Portfolio Manager and the other principals of the Adviser have no experience managing a closed-end fund other than the Fund. Liquidity Risk. The Fund is a closed-end investment company structured as an “interval fund” and designed for long-term investors. The shares are not intended to be used for trading purposes and are restricted from resale by the shareholder. Unlike many closed-end investment companies, the Fund’s shares are not listed on any securities exchange and are not publicly traded. There is currently no secondary market for the shares and the Fund expects that no secondary market will develop. Limited liquidity is provided to shareholders only through the Fund’s quarterly repurchase offers for no less than 5% of the shares outstanding at net asset value. There is no guarantee that shareholders will be able to sell all of the shares they desire in a quarterly repurchase offer. Investment and Market Risk. An investment in the Fund’s common shares is subject to investment risk, including the possible loss of the entire principal amount invested. An investment in the Fund’s common shares represents an indirect investment in the securities owned by the Fund, which are generally traded on a securities exchange or in the over-the-counter markets. The value of these securities, like other market investments, may move up or down, sometimes rapidly and unpredictably. The Fund’s common shares at any point in time may be worth less than the original investment, even after taking into account any reinvestment of dividends and distributions.

Table of Contents - Prospectus

Issuer Risk. The value of an issuer’s securities that are held in the Fund’s portfolio may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods and services.

Real Estate Securities Risks. The Fund does not invest in real estate directly, but because the Fund concentrates its investments in REITs and the securities of any issuer that derives at least 50% of its gross revenues or net profits from either (i) the ownership, development, construction, financing, management or sale of commercial real estate or (ii) products or services related to the real estate industry, like building supplies or mortgage servicing, its portfolio will be significantly impacted by the performance of the real estate market and may experience more volatility and be exposed to greater risk than a more diversified portfolio. Although the Fund will not invest in real estate directly, the Fund may be subject to risks similar to those associated with direct ownership in real property. The value of the Fund’s common shares will be affected by factors affecting the value of real estate and the earnings of companies engaged in the real estate industry. These factors include, among others: (i) changes in general economic and market conditions; (ii) changes in the value of real estate properties; (iii) risks related to local economic conditions, overbuilding and increased competition; (iv) increases in property taxes and operating expenses; (v) changes in zoning laws; (vi) casualty and condemnation losses; (vii) variations in rental income, neighborhood values or the appeal of property to tenants; (viii) the availability of financing and (ix) changes in interest rates. Many real estate companies utilize leverage, which increases investment risk and could adversely affect a company’s operations and market value in periods of rising interest rates. The value of securities of companies in the real estate industry may go through cycles of relative under-performance and over-performance in comparison to equity securities markets in general.

There are also special risks associated with particular sectors of real estate investments:

·Retail Properties. Retail properties are affected by the overall health of the economy and may be adversely affected by, among other things, the growth of alternative forms of retailing, bankruptcy, departure or cessation of operations of a tenant, a shift in consumer demand due to demographic changes, changes in spending patterns and lease terminations.

·Office Properties. Office properties are affected by the overall health of the economy, and other factors such as a downturn in the businesses operated by their tenants, obsolescence and non-competitiveness.

·Hotel Properties. The risks of hotel properties include, among other things, the necessity of a high level of continuing capital expenditures, competition, increases in operating costs which may not be offset by increases in revenues, dependence on business and commercial travelers and tourism, increases in fuel costs and other expenses of travel, and adverse effects of general and local economic conditions. Hotel properties tend to be more sensitive to adverse economic conditions and competition than many other commercial properties.

· Healthcare Properties. Healthcare properties and healthcare providers are affected by several significant factors, including federal, state and local laws governing licenses, certification, adequacy of care, pharmaceutical distribution, rates, equipment, personnel and other factors regarding operations, continued availability of revenue from government reimbursement programs and competition on a local and regional basis. The failure of any healthcare operator to comply with governmental laws and regulations may affect its ability to operate its facility or receive government reimbursements.

Table of Contents - Prospectus

·Multifamily Properties. The value and successful operation of a multifamily property may be affected by a number of factors such as the location of the property, the ability of the management team, the level of mortgage rates, the

presence of competing properties, adverse economic conditions in the locale, oversupply and rent control laws or other laws affecting such properties.

·Community Centers. Community center properties are dependent upon the successful operations and financial condition of their tenants, particularly certain of their major tenants, and could be adversely affected by bankruptcy of those tenants. In some cases a tenant may lease a significant portion of the space in one center, and the filing of bankruptcy could cause significant revenue loss. Like others in the commercial real estate industry, community centers are subject to environmental risks and interest rate risk. They also face the need to enter into new leases or renew leases on favorable terms to generate rental revenues. Community center properties could be adversely affected by changes in the local markets where their properties are located, as well as by adverse changes in national economic and market conditions.

·Self-Storage Properties. The value and successful operation of a self-storage property may be affected by a number of factors, such as the ability of the management team, the location of the property, the presence of competing properties, changes in traffic patterns and effects of general and local economic conditions with respect to rental rates and occupancy levels.

Other factors may contribute to the risk of real estate investments:

·Development Issues. Certain real estate companies may engage in the development or construction of real estate properties. These companies in which the Fund invests (“portfolio companies”) are exposed to a variety of risks inherent in real estate development and construction, such as the risk that there will be insufficient tenant demand to occupy newly developed properties, and the risk that prices of construction materials or construction labor may rise materially during the development.

·Lack of Insurance. Certain of the portfolio companies may fail to carry comprehensive liability, fire, flood, earthquake extended coverage and rental loss insurance, or insurance in place may be subject to various policy specifications, limits and deductibles. Should any type of uninsured loss occur, the portfolio company could lose its investment in, and anticipated profits and cash flows from, a number of properties and, as a result, adversely affect the Fund’s investment performance.

·Dependence on Tenants. The value of the Fund’s portfolio companies’ properties and the ability to make distributions to their shareholders depend upon the ability of the tenants at their properties to generate enough income in excess of their operating expenses to make their lease payments. Changes beyond the control of our portfolio companies may adversely affect their tenants’ ability to make their lease payments and, in such event, would substantially reduce both their income from operations and ability to make distributions to our portfolio companies and, consequently, the Fund.

·Financial Leverage. Real estate companies may be highly leveraged and financial covenants may affect the ability of real estate companies to operate effectively.

Table of Contents - Prospectus

	·Environmental Issues. In connection with the ownership (direct or indirect), operation, management and development of real properties that may contain hazardous or toxic substances, a portfolio company may be considered an owner, operator or responsible party of such properties and, therefore, may be potentially liable for removal or remediation costs, as well as certain other costs, including governmental fines and liabilities for injuries to persons and property. The existence of any such material environmental liability could have a material adverse effect on the results of operations and cash flow of any such portfolio company and, as a result, the amount available to make distributions on common shares of the Fund could be reduced. ·REIT Issues. REITs are subject to a highly technical and complex set of provisions in the Code. It is possible that the Fund may invest in a real estate company which purports to be a REIT but which fails to qualify as a REIT. In the event of any such unexpected failure to qualify as a REIT, the purported REIT would be subject to corporate level taxation, significantly reducing the return to the Fund on its investment in such company. See “REIT Risk” below. ·Financing Issues. Financial institutions in which the Fund may invest are subject to extensive government regulation. This regulation may limit both the amount and types of loans and other financial commitments a financial institution can make, and the interest rates and fees it can charge. In addition, interest and investment rates are highly sensitive and are determined by many factors beyond a financial institution’s control, including general and local economic conditions (such as inflation, recession, money supply and unemployment) and the monetary and fiscal policies of various governmental agencies such as the Federal Reserve Board. These limitations may have a significant impact on the profitability of a financial institution since profitability is attributable, at least in part, to the institution’s ability to make financial commitments such as loans. Profitability of a financial institution is largely dependent upon the availability and cost of the institution’s funds, and can fluctuate significantly when interest rates change.

	REIT Risk. Investments in REITs subject the Fund to various risks. REIT share prices may decline because of adverse developments affecting the real estate industry and real property values. In general, real estate values can be affected by a variety of factors, including supply and demand for properties, the economic health of the country or of different regions, and the strength of specific industries that rent properties. REITs often invest in highly leveraged properties. Returns from REITs, which typically are small or medium capitalization stocks, may trail returns from the overall stock market. In addition, changes in interest rates may hurt real estate values or make REIT shares less attractive than other income-producing investments. REITs are also subject to heavy cash flow dependency, defaults by borrowers and self-liquidation. Qualification as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”) in any particular year is a complex analysis that depends on a number of factors. There can be no assurance that the entities in which the Fund invests with the expectation that they will be taxed as a REIT will qualify as a REIT. An entity that fails to qualify as a REIT would be subject to a corporate level tax, would not be entitled to a deduction for dividends paid to its shareholders and would not pass through to its shareholders the character of income earned by the entity. If the Fund were to invest in an entity that failed to qualify as a REIT, such failure could significantly reduce the Fund’s yield on that investment. REITs can be classified as equity REITs, mortgage REITs and hybrid REITs. Equity REITs invest primarily in real property and earn rental income from leasing those properties. They may also realize gains or losses from the sale of properties. Equity REITs will be affected by conditions in the real estate rental market and by changes in the value of the properties they own. Mortgage REITs invest primarily in mortgages and similar real estate interests and receive interest payments from the owners of the mortgaged properties. Mortgage REITs will be affected by changes in creditworthiness of borrowers and changes in interest rates. Hybrid REITs invest both in real property and in mortgages. Equity and mortgage REITs are dependent upon management skills, may not be diversified and are subject to the risks of financing projects.

Table of Contents - Prospectus

Dividends paid by REITs will not generally qualify for the reduced U.S. federal income tax rates applicable to qualified dividends under the Code. See “U.S. Federal Income Tax Matters.” The Fund’s investments in REITs may include an additional risk to shareholders. Some or all of a REIT’s annual distributions to its investors may constitute a non-taxable return of capital. Any such return of capital will generally reduce the Fund’s basis in the REIT investment, but not below zero. To the extent the distributions from a particular REIT exceed the Fund’s basis in such REIT, the Fund will generally recognize gain. In part because REIT distributions often include a nontaxable return of capital, Fund distributions to shareholders may also include a nontaxable return of capital. Shareholders that receive such a distribution will also reduce their tax basis in their common shares of the Fund, but not below zero. To the extent the distribution exceeds a shareholder’s basis in the Fund’s common shares, such shareholder will generally recognize a capital gain. The Fund does not have any investment restrictions with respect to investments in REITs.

Current Conditions. Recent instability in the United States, European and other credit markets also has made it more difficult for borrowers to obtain financing or refinancing on attractive terms or at all. In particular, because of the current conditions in the credit markets, borrowers may be subject to increased interest expenses for borrowed money and tightening underwriting standards. There is also a risk that a general lack of liquidity or other adverse events in the credit markets may adversely affect the ability of issuers in whose securities the Fund invests to finance real estate developments and projects or refinance completed projects. For example, adverse developments relating to sub-prime mortgages have been adversely affecting the willingness of some lenders to extend credit, in general, which may make it more difficult for companies to obtain financing on attractive terms or at all so that they may commence or complete real estate development projects, refinance completed projects or purchase real estate. It also may adversely affect the price at which companies can sell real estate, because purchasers may not be able to obtain financing on attractive terms or at all. These developments also may adversely affect the broader economy, which in turn may adversely affect the real estate markets. Such developments could, in turn, reduce the number of real estate funds publicly-traded during the investment period and reduce the Fund’s investment opportunities.

Table of Contents - Prospectus

	Common Stock Risk. The Fund may invest a significant portion of its net assets in common stocks. Common stocks represent an ownership interest in a company. The Fund may also invest in securities that can be exercised for or converted into common stocks (such as convertible preferred stock). Common stocks and similar equity securities are more volatile and more risky than some other forms of investment. Therefore, the value of your investment in the Fund may sometimes decrease instead of increase. Common stock prices fluctuate for many reasons, including changes in investors’ perceptions of the financial condition of an issuer, the general condition of the relevant stock market or when political or economic events affecting the issuers occur. In addition, common stock prices may be sensitive to rising interest rates, as the costs of capital rise for issuers. Because convertible securities can be converted into equity securities, their values will normally increase or decrease as the values of the underlying equity securities increase or decrease. The common stocks in which the Fund invests are structurally subordinated to preferred securities, bonds and other debt instruments in a company’s capital structure in terms of priority to corporate income and assets and, therefore, will be subject to greater risk than the preferred securities or debt instruments of such issuers.

	Foreign Securities Risk. The Fund may invest without limitation in foreign securities; provided, however, that the Fund limits its investments in issuers located in any single foreign country to no more than 25% of its net assets. Investments in foreign securities involve certain risks not generally associated with investments in the securities of United States issuers. Public information available concerning foreign issuers may be more limited than would be with respect to domestic issuers. Different accounting standards may be used by foreign issuers, and foreign trading markets may not be as liquid as U.S. markets. Foreign securities also involve such risks as currency fluctuation risk, possible imposition of withholding or confiscatory taxes, possible currency transfer restrictions, expropriation or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. These risks may be greater in emerging markets and in less developed countries. For example, prior governmental approval for foreign investments may be required in some emerging market countries, and the extent of foreign investment may be subject to limitation in other emerging countries. Dividends paid on foreign securities may not qualify for the reduced federal income tax rates applicable to qualified dividends under the Code. As a result, there can be no assurance as to what portion of the Fund’s distributions attributable to foreign securities will be designated as qualified dividend income. See “U.S. Federal Income Tax Matters.”
	Emerging Market Securities Risk. Because of less developed markets and economies and, in some countries, less mature governments and governmental institutions, the risks of investing in foreign securities can be intensified in the case of investments in issuers domiciled or operating in emerging market countries. These risks include high concentration of market capitalization and trading volume in a small number of issuers representing a limited number of industries, as well as a high concentration of investors and financial intermediaries; lack of liquidity and greater price volatility due to the smaller size of the market for such securities and lower trading volume; political and social uncertainties; national policies that may restrict the Fund’s investment opportunities including restrictions on investing in issuers or industries deemed sensitive to relevant national interests; greater risks of expropriation, confiscatory taxation and nationalization; over-dependence on exports, especially with respect to primary commodities, making these economies vulnerable to changes in commodities prices; overburdened infrastructure and obsolete or unseasoned financial systems; environmental problems; less developed legal systems; and less reliable custodial services and settlement practices. Dividends paid by issuers in emerging market countries will generally not qualify for the reduced U.S. federal income tax rates applicable to qualified dividends under the Code. See “U.S. Federal Income Tax Matters.”

Table of Contents - Prospectus

Options Related Risk. There are numerous risks associated with transactions in options on securities. A decision as to whether, when and how to use covered call options involves the exercise of skill and judgment, and even a well-conceived transaction may be unsuccessful to some degree because of market behavior or unexpected events. As the writer of a covered call option, the Fund forgoes, during the life of the covered call option, the opportunity to profit from increases in the market value of the security covering the call option above the sum of the option premium received and the exercise price of the covered call option, but has retained the risk of loss, minus the option premium received, should the price of the underlying security decline. The writer of an "American-style" option has no control over when, during the exercise period of the option, it may be required to fulfill its obligation as a writer of the option. This does not apply for "European-style" options, which may only be exercised at termination. Once an option writer has received an exercise notice for an American-style option, it cannot effect a closing purchase transaction in order to terminate its obligation under the option and must either close out the position with a cash settlement or deliver the underlying security at the exercise price. Thus, the use of options may require the Fund to sell portfolio securities at inopportune times or for prices other than current market values, will limit the amount of appreciation the Fund can realize above the exercise price of an option, or may cause the Fund to hold a security that it might otherwise sell. The Fund's ability to terminate over-the-counter options may be more limited than with exchange-traded options and may involve the risk that banks, broker-dealers or other financial institutions participating in such transactions will not fulfill their obligations. If the Fund were unable to close out a covered call option that it had written, it would not be able to sell the underlying portfolio security unless the option expired without exercise. The value of options may also be adversely affected if the market for such options becomes less liquid or smaller. There can be no assurance that a liquid market will exist when the Fund seeks to close out a covered call option by buying such covered call option.

Risk of Limitation on Call Option Writing. The number of call options the Fund can write is limited by the securities held by the Fund, and further limited by the fact that call options represent 100 share lots of the underlying securities. The Fund does not write "naked" or uncovered call options. Furthermore, the Fund's options transactions are subject to limitations established by each of the exchanges, boards of trade or other trading facilities on which such options are traded. These limitations govern the maximum number of options in each class which may be written by a single investor or group of investors acting in concert, regardless of whether the options are written on the same or different exchanges, boards of trade or other trading facilities or written in one or more accounts or through one or more brokers. Thus, the number of options which the Fund may write may be affected by options written by other investment advisory clients of the Adviser. An exchange, board of trade or other trading facility may order the liquidation of positions found to be in excess of these limits, and it may impose certain other sanctions.

Foreign Currency Risk. Although the Fund reports its net asset value and pays expenses and distributions in U.S. dollars, the Fund invests in foreign securities denominated or quoted in currencies other than the U.S. dollar. Therefore, changes in foreign currency exchange rates affect the U.S. dollar value of the Fund’s investment securities and net asset value. For example, even if the securities prices are unchanged on their primary foreign stock exchange, the Fund’s net asset value may change because of a change in the rate of exchange between the U.S. dollar and the trading currency of that primary foreign stock exchange. Certain currencies are more volatile than those of other countries and Fund investments related to those countries may be more affected. Generally, if a foreign currency depreciates against the dollar (i.e., if the dollar strengthens), the value of the existing investment in the securities denominated in that currency will decline. When a given currency appreciates against the dollar (i.e., if the dollar weakens), the value of the existing investment in the securities denominated in that currency will rise. Certain foreign countries may impose restrictions on the ability of foreign securities issuers to make payments of principal and interest to investors located outside of the country, due to a blockage of foreign currency exchanges or otherwise.

Table of Contents - Prospectus

Medium Capitalization Company Risk. Compared to investment companies that focus only on large capitalization companies, the Fund's net asset value may be more volatile because it also invests in medium capitalization companies. Compared to larger companies, medium capitalization companies are more likely to have (i) more limited product lines or markets and less mature businesses, (ii) fewer capital resources, (iii) more limited management depth and (iv) shorter operating histories. Further, compared to larger companies, the securities of small and medium capitalization companies are more likely to experience more significant changes in market values, be harder to sell at times and at prices that the Adviser believes appropriate, and offer greater potential for gains and losses.

Management Risk. The Adviser’s securities selections and other investment decisions might produce losses or cause the Fund to underperform when compared to other funds with similar investment goals. If one or more key individuals leave the employ of the Adviser, the Adviser may not be able to hire qualified replacements, or may require an extended time to do so. This could prevent the Fund from achieving its investment objective.

Repurchase Policy Consequences. Quarterly repurchases by the Fund of its shares typically will be funded from available cash or sales of portfolio securities. However, payment for repurchased shares may require the Fund to liquidate portfolio holdings earlier than the Adviser otherwise would liquidate such holdings, potentially resulting in losses, and may increase the Fund’s portfolio turnover. The Adviser intends to take measures to attempt to avoid or minimize such potential losses and turnover, and instead of liquidating portfolio holdings, may borrow money to finance repurchases of shares. If the Fund borrows to finance repurchases, interest on any such borrowing will negatively affect shareholders who do not tender their shares in a repurchase offer by increasing the Fund’s expenses and reducing any net investment income. To the extent the Fund finances repurchase proceeds by selling investments, the Fund may hold a larger proportion of its net assets in less liquid securities. Also, the sale of securities to fund repurchases could reduce the market price of those securities, which in turn would reduce the Fund’s net asset value.

Repurchases of shares reduce the amount of outstanding shares and, depending upon the Fund’s investment performance, its net assets. A reduction in the Fund’s net assets may increase the Fund’s expense ratio, to the extent that additional shares are not sold. In addition, the repurchase of shares by the Fund may be a taxable event to shareholders.

Portfolio Turnover Risk. The techniques and strategies contemplated by the Fund might result in a high degree of portfolio turnover. The Fund cannot accurately predict its securities portfolio turnover rate, but anticipates that its annual portfolio turnover rate will ordinarily be between 80% and 120% under normal market conditions, although it could vary materially under certain conditions. Higher portfolio turnover rates could result in corresponding increases in brokerage commissions and may generate short-term capital gains taxable as ordinary income.

Table of Contents - Prospectus

	Defensive Positions. During periods of adverse market or economic conditions, the Fund may temporarily invest all or a substantial portion of its net assets in cash or cash equivalents. The Fund will not be pursuing its investment objective in these circumstances and could miss favorable market developments.

Leverage	The Fund does not intend to use leverage through borrowing for investment purposes or issuing preferred shares. However, the Board may decide to issue preferred shares in the future, subject to the asset coverage requirements of the 1940 Act, and may borrow money for emergency purposes or to finance the repurchase of shares. In addition, the Fund may be deemed to incur economic leverage embedded in instruments in which it may invest.

U.S. Federal Income Tax Matters	The Fund intends to elect to be treated and to qualify each year for taxation as a regulated investment company under Subchapter M of the Code. In order for the Fund to qualify as a regulated investment company, it must meet an income and asset diversification test each year. If the Fund so qualifies and satisfies certain distribution requirements, the Fund (but not its shareholders) will not be subject to federal income tax to the extent it distributes its investment company taxable income and net capital gains (the excess of net long-term capital gains over net short-term capital loss) in a timely manner to its shareholders in the form of dividends or capital gain distributions. The Code imposes a 4% nondeductible excise tax on regulated investment companies, such as the Fund, to the extent they do not meet certain distribution requirements by the end of each calendar year. The Fund anticipates meeting these distribution requirements.

Dividend Reinvestment Plan	Unless a shareholder elects otherwise, the shareholder’s distributions will be reinvested in additional shares under the Fund’s dividend reinvestment plan. Shareholders who elect not to participate in the Fund’s dividend reinvestment plan will receive all distributions in cash paid to the shareholder of record (or, if the common shares are held in street or other nominee name, then to such nominee). See “Dividend Reinvestment Plan.”

Custodian	U.S. Bank, N.A. (“U.S. Bank”) serves as the Fund’s custodian. See “Management of the Fund.”

This Statement of Additional Information is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.

STATEMENT OF ADDITIONAL INFORMATION

January 21, 2011

Global Real Estate Investments Fund

10901 West Toller Drive, Suite 304

Littleton, Colorado 80127

This Statement of Additional Information (“SAI”) is not a prospectus. This SAI should be read in conjunction with the prospectus of Global Real Estate Investments Fund (the “Fund”), dated January 21, 2011 (the “Prospectus”), as it may be supplemented from time to time. Capitalized terms used but not defined in this SAI have the meanings given to them in the Prospectus. This SAI does not include all information that a prospective investor should consider before purchasing the Fund’s securities.

You should obtain and read the Prospectus and any related Prospectus supplement prior to purchasing any of the Fund’s securities. A copy of the Prospectus may be obtained without charge by calling the Fund toll-free at (866) 622-3864 or by visiting the Fund’s Internet web site at www.ascentre.com. Information on the Fund’s website is not incorporated herein by reference. The registration statement of which the Prospectus is a part can be reviewed and copied at the Public Reference Room of the Securities and Exchange Commission (“SEC”) at 100 F Street NE, Washington, D.C. You may obtain information on the operation of the Public Reference Room by calling the SEC at (202) 551-8090. The Fund’s filings with the SEC are also available to the public on the SEC’s Internet web site at www.sec.gov. Copies of these filings may be obtained, after paying a duplicating fee, by electronic request at the following E-mail address: publicinfo@sec.gov, or by writing the SEC’s Public Reference Section, 100 F Street NE, Washington, D.C. 20549-0102.

Table of Contents - SAI

TABLE OF CONTENTS

Investment Policies	B-2
Management	B-4
Code of Ethics	B-11
Proxy Voting Policies and Procedures	B-11
Investment Advisory and Other Services	B-12
Portfolio Manager	B-15
Allocation of Brokerage	B-16
U.S. Taxes	B-18
Other Information	B-22
Independent Registered Public Accounting Firm	B-23
Financial Statements	B-24

B-1

INVESTMENT POLICIES

Fundamental Policies

The Fund’s investment objective is fundamental and, therefore, may not be changed without the approval of a majority of the Fund’s outstanding common shares. In addition, the Fund has adopted a fundamental policy that it will make quarterly repurchases offers for no less than for 5% of the shares outstanding at net asset value (“NAV”), unless suspended or postponed in accordance with regulatory requirements, and each repurchase pricing shall occur on the 14th day after the Repurchase Request Deadline, or the next business day if the 14th is not a business day. See “Quarterly Repurchases of Shares” in the Fund’s Prospectus.

In addition to the Fund’s investment objective and repurchase policy, the following investment restrictions of the Fund are designated as fundamental policies and as such may not be changed without the approval of a majority of the Fund’s outstanding common shares.

Concentration in the Real Estate Industry. Under normal circumstances, the Fund will invest at least 80% of its net assets in publicly-traded real estate investment trusts (collectively with their foreign equivalents, “REITs”) and other real estate securities. For purposes of this 80% policy, “real estate securities” means the securities of any issuer that derives at least 50% of its gross revenues or net profits from either (i) the ownership, development, construction, financing, management or sale of commercial real estate or (ii) products or services related to the real estate industry, like building supplies or mortgage servicing.

Concentration in Any One Industry Other than Real Estate. Other than as set forth above in “Concentration in the Real Estate Industry,” the Fund may not invest 25% or more of its net assets in the securities of issuers conducting their principal business activities in any one industry. This restriction does not apply to U.S. Government securities.

Global Investment. Under normal circumstances, the Fund will invest at least 40% of its net assets in the securities of issuers located in at least three foreign countries.

Diversification. With respect to 75% of its net assets, the Fund may not purchase a security, other than securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities, if as a result of such purchase, more than 5% of the value of the Fund’s net assets would be invested in the securities of any one issuer, or the Fund would own more than 10% of the voting securities of any one issuer.

Underwriting. The Fund will not underwrite any issue of securities except as it may be deemed an underwriter under the 1933 Act in connection with the sale of securities in accordance with its investment objective, policies and limitations.

Interests in Oil, Gas or Other Mineral Exploration or Development Programs. The Fund may not purchase, sell or invest in interests in oil, gas or other mineral exploration or development programs.

Borrow Money. The Fund may borrow money from banks or other financial institutions for extraordinary or emergency purposes or to finance repurchases of its shares to the extent permitted by the Investment Company Act of 1940 (the “1940 Act”).

Senior Securities. The Fund may not issue senior securities as defined by the 1940 Act, other than preferred shares, which immediately after issuance will have asset coverage of at least 200%.

Short Sales. The Fund may not sell a security short if, as a result of such sale, the current value of securities sold short by the Fund would exceed 20% of the value of the Fund’s net assets; provided, however, if the Fund owns or has the right to obtain securities equivalent in kind and amount to the securities sold short (i.e., short sales “against the box”), this limitation is not applicable. The Fund will maintain sufficient segregated liquid assets to cover any short positions it takes. The Fund has no current intention to sell securities short. The sale of a covered call option is not considered a short sale for purposes of this policy.

Table of Contents - SAI

B-2

Lending of Funds and Securities. To generate additional income, the Fund may lend up to 33% of its net assets. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn interest on the investment of cash collateral. Loans are subject to termination by the Fund or the borrower at any time, and are, therefore, not considered to be illiquid investments. Loans of securities are required at all times to be secured by collateral equal to at least 100% of the market value of securities on loan. However, in the event of default or bankruptcy of the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings. In the event that the borrower fails to return securities, and collateral maintained by the lender is insufficient to cover the value of loaned securities, the borrower is obligated to pay the amount of the shortfall (and interest thereon) to the Fund. However, there can be no assurance the Fund can recover this amount. The Fund has no current intention to participate in securities lending or otherwise lend its assets.

Commodities. The Fund may not purchase, sell or invest in commodities, provided that this restriction shall not prohibit the Fund from purchasing and selling financial futures contracts and related options, including but not limited to, currency futures contracts. The Fund has no current intention to purchase or sell financial futures contracts or related options.

Real Estate. The Fund may not purchase or sell real estate or real estate mortgage loans, but will invest in REITs and the securities of real estate industry companies and other companies that deal in real estate, and in securities secured by real estate or interests therein. In addition, the Fund may hold and sell real estate acquired through default, liquidation or other distributions of an interest in real estate as a result of the Fund’s ownership of such securities.

Pledging Assets. Other than as set forth above in “Lending of Funds and Securities” and except to secure permitted borrowing and to implement collateral and similar arrangements incident to permitted investment activities, the Fund may not pledge, mortgage, hypothecate or otherwise encumber its assets.

Non-Fundamental Policies

The following policies of the Fund are non-fundamental and may be changed by the Fund’s Board of Trustees (the “Board”) without the approval of the Fund’s shareholders.

Purchase of Securities on Margin. The Fund may not purchase securities on margin, except that it may obtain such short-term credits as may be necessary for the clearance of transactions. A deposit or payment by the Fund of initial or variation margin in connection with financial futures contracts or related options transactions is not considered the purchase of a security on margin.

Joint Trading. The Fund may not participate on a joint or joint and several basis in any trading account in any securities. (The “bunching” of orders for the purchase or sale of portfolio securities with the Adviser or accounts under its management to reduce brokerage commissions, to average prices among them or to facilitate such transactions is not considered a trading account in securities for purposes of this restriction.)

Investing in Securities of Other Investment Companies. The Fund may invest in securities of other investment companies provided that the Fund will limit its investment in securities issued by other investment companies so that not more than 3% of the outstanding voting stock of any one investment company will be owned by the Fund, or its affiliated persons, as a whole in accordance with the 1940 Act and applicable federal securities laws. The Fund has no current intention to purchase securities of other investment companies, other than investment in money market funds for cash management purposes.

Options. The Fund may write (sell) covered call options as set forth in the Prospectus. Although it currently has no intent to do so, the Fund, with respect to up to 5% of its net assets, may purchase put options, write (sell) put options on securities and purchase call options on securities.

Futures Contracts. The Fund may purchase financial futures contracts and related options for speculative or for “bona fide hedging” purposes, provided that aggregate initial margin deposits plus premiums paid by the Fund for open futures options positions, less the amount by which any such positions are “in-the-money,” may not exceed 5% of the Fund’s net assets. The Fund has no current intention to purchase for financial futures contracts and related options.

Table of Contents - SAI

B-3

If a percentage limitation set forth in an investment policy or restriction of the Fund is adhered to at the time of investment or at the time the Fund engages in a transaction, a subsequent increase or decrease in percentage resulting from a change in value of an investment or position, or a change in the net assets of the Fund, will not result in a violation of such restriction, provided, however, that the asset coverage requirement applicable to borrowings and the limitation on investment in illiquid securities shall each be maintained in the manner contemplated by applicable law.

For purposes of its policies and limitations, the Fund considers certificates of deposit and demand and time deposits issued by a domestic or foreign bank or savings and loan association having capital, surplus, and undivided profits in excess of $100,000,000 at the time of investment to be “cash items.”

MANAGEMENT

The Board has the responsibility for the overall management of the Fund, including general supervision and review of the Fund’s investment activities and its conformity with Delaware law and the policies of the Fund. The Board elects the officers of the Fund, who are responsible for administering the Fund’s day-to-day operations.

The trustees, including the members of the Board who are not “interested persons” of the Fund, as that term is defined in the 1940 Act (“Independent Trustees”), and executive officers of the Fund, their ages and principal occupations during the past five years are set forth below. The address of each trustee and officer is 10901 West Toller Drive, Suite 304, Littleton, Colorado 80127.

Independent Trustees

# of

Position(s)

Portfolios

Held with

Principal Occupation

in Fund

Other Directorships

Name and Age

the Fund

During Past Five Years

Complex*

Held by Trustee

Anthony J. Hertl (60)

Trustee since 2009 (Class II)

Consultant to small and emerging businesses.

Satuit Capital Management Trust – 1 fund overseen; Northern Lights Fund Trust – 73 funds overseen; AdviserOne Funds – 10 funds overseen; Greenwich Advisors India Select Fund – 1 fund overseen; The Z-Seven Fund, Inc. (2007-2010); World Funds Trust – 4 funds overseen; Ladenburg Thalmann Alternative Strategies Fund – 1 fund overseen.

William C. Steward (57)

Trustee since 2011 (Class III)

Chief Financial Officer, Imperium Partners Group, LLC (specialty finance firm), 2010-present; Chief Operating Officer, New Stream Commercial Finance, 2005-2009.

None

Walter S. Schacht (73)

Trustee since 2009 (Class III)

Private Investor; Partner, Courtland Development (real estate investment and development), 1998-2008.

International Diagnostic Systems Corp.

*	Fund Complex includes only the Fund.

Table of Contents - SAI

B-4

Interested Trustees

Name and Age

Position(s)

Held with

the Fund

Principal Occupation

During Past Five Years

# of

Portfolios

in Fund

Complex*

Other Directorships

Held by Trustee

Randolph S. Lewis (47)

Trustee since 2009 (Class II) and Chairman of the Board since 2010, Secretary, Treasurer and Chief Compliance Officer

Senior Vice President, Ascent Investment Advisors, LLC (the Fund’s investment adviser), 2008-present; President and Chief Executive Officer, Ascent Real Estate Securities, LLC (the Fund’s Distributor), 2007-present; Consultant, Frederick Ross Company (commercial real estate investment and brokerage), 2004-2008; Registered Representative, Welton Street Investments (securitized real estate investments), 2005-2008.

None

James S. Vitalie (51)

Trustee since 2009 (Class I)

President, James Alpha Management, 2008-present; Group Head Institutional, Old Mutual Capital, 2005-2007; President, Curian Capital, a subsidiary of Jackson National Life, 2001-2005.

None

*	Fund Complex includes only the Fund.

The Board believes that the significance of each trustee’s experience, qualifications, attributes or skills is an individual matter (meaning that experience that is important for one trustee may not have the same value for another) and that these factors are best evaluated at the Board level, with no single trustee, or particular factor, being indicative of the Board’s effectiveness. The Board determined that each of the trustees is qualified to serve as a trustee of the Fund based on a review of the experience, qualifications, attributes and skills of each trustee. In reaching this determination, the Board has considered a variety of criteria, including, among other things: character and integrity; ability to review critically, evaluate, question and discuss information provided, to exercise effective business judgment in protecting shareholder interests and to interact effectively with the other trustees, the Adviser, other service providers, counsel and the independent registered accounting firm; and willingness and ability to commit the time necessary to perform the duties of a trustee. Each trustee’s ability to perform his duties effectively is evidenced by his experience or achievements in the following areas: management or board experience in the investment management industry or companies in other fields, educational background and professional training; and experience as a trustee of the Fund. Information as of December 31, 2010 indicating the specific experience, skills, attributes and qualifications of each trustee, which led to the Board’s determination that the trustee should serve in this capacity, is provided below.

Table of Contents - SAI

B-5


Anthony J. Hertl		Mr. Hertl has been a Trustee since 2009. He holds a certified public accounting certificate and has over 10 years of audit experience, including extensive experience with equity securities, with a “Big Four” accounting firm. In addition, he has over 13 years of experience in the financial services industry, having held positions as the chief financial officer of financial services companies and investment management companies and is presently a consultant to small and emerging business. In addition, Mr. Hertl served as Vice President of Finance and Administration of Marymount College from 1996-2000. Furthermore, Mr. Hertl is an experienced investment company trustee, serving on additional boards of investment companies, including as chairman of certain of such boards’ audit committees, including Northern Lights Fund Trust, AdviserOne Funds, Greenwich Advisors India Select Fund, Satuit Capital Management Trust, World Funds Trust and Ladenburg Thalmann Alternative Strategies Fund.

Randolph S. Lewis		Mr.Mr. Lewis has been a Trustee since 2009 and Chairman of the Board since 2010. He is also the Secretary, Treasurer and Chief Compliance Officer of the Fund and a Senior Vice President of the Adviser. A graduate of the University of California at Santa Barbara with a Bachelors of Arts in Business Economics, Mr. Lewis has over 25 years of sales and sales management experience, most recently in the commercial real estate industry with Frederick Ross Real Estate, assisting investors in generating income from the ownership of high quality, income-producing real estate assets. Formerly, Mr. Lewis worked with Welton Street Investments, LLC (member FINRA) assisting investors with the acquisition of 1031 exchange properties in the form of tenant-in-common investments. Mr. Lewis holds his series 22, 63, 6 and 26 securities licenses and is the managing principal of the distributor of the Fund.

Walter S. Schacht		Mr. Schacht has been a Trustee since 2009. He currently serves on the board of directors of International Diagnostic Systems Corp., which develops, manufactures, and markets patented Nano-Biology surfaces for microarray diagnostic slides. Formerly, Mr. Schacht was a partner of Courtland Development, a Los Angeles, California-based real estate investment and development company with a wide array of commercial and residential projects. A life-long equity investor, Mr. Schacht directs the investments for the Schacht Family Trust as managing trustee.
William C. Steward		Mr. Steward has been a Trustee since 2011. He is currently the Chief Financial Officer of Imperium Partners Group, LLC, an investment firm managing hedge funds and separate accounts with a focus on capital preservation, where he oversees over $30 million in assets. Mr. Steward also served as Chief Operating Officer of New Stream Commercial Finance from 2005 to 2009, where he was involved in all aspects of the business operations and helped to generate a portfolio of over $110 million in transactions. From 1994 to 2004, Mr. Steward worked for GE Commercial Finance, where he spent several years as Senior Vice President, Enterprise Architecture.
James S. Vitalie		Mr. Vitalie has been a Trustee since 2009. He has over 20 years of experience successfully building financial services firms and is currently the President of James Alpha Management, a hedge fund seeding and distribution company. Formerly, Mr. Vitalie was the Institutional Group Head of Old Mutual Capital serving on the Executive and Product Development Committees, where he was responsible for distribution and marketing of mutual funds, separate accounts and registered hedge fund of fund products. Prior to Old Mutual, Mr. Vitalie was the President of Curian Capital, an industry leading managed account platform. Mr. Vitalie created the infrastructure of the asset management firm, and the development and execution of its strategic plan. Mr. Vitalie also served as the Chairman of the Investment Policy Committee. Mr. Vitalie holds a B.A. in Political Science (with distinction) from the University of Pittsburgh and a Juris Doctor from Syracuse University College of Law.

Table of Contents - SAI

B-6

Specific details regarding each trustee’s principal occupations during the past five years are included in the table above. The summaries set forth above as to the experience, qualifications, attributes and/or skills of the trustees do not constitute holding out the Board or any trustee as having any special expertise or experience, and do not impose any greater responsibility or liability on any such person or on the Board as a whole than would otherwise be the case.

Board Composition and Leadership Structure

The Board is responsible for the overall management of the Fund, including supervision of the duties performed by the Adviser. The Board also elects the Company’s officers who conduct the daily business of the Fund. The Board meets at least four times during the year to review the investment performance of the Fund and other operational matters, including policies and procedures with respect to compliance with regulatory and other requirements.

The Board is comprised of five trustees, two of whom, Mr. Lewis and Mr. Vitalie, are “interested persons” (as defined in the 1940 Act) of the Fund (“Interested Trustees”). Mr. Lewis is also Chairman of the Board, Secretary, Treasurer and Chief Compliance Officer of the Fund. In December of 2010, James Alpha Management entered into a material business relationship with the Adviser and the parent company of the Adviser. As a result of such relationship, Mr. Vitalie, who is the President of James Alpha Management, became an Interested Trustee. If the Proposed Transaction (described under “Investment Advisory and Other Services” below) is consummated, Mr. Lewis intends to resign from the Board, but continue as Secretary, Treasurer and Chief Compliance Officer of the Fund. Under those circumstances, the Board would be comprised of four Trustees, one of whom, Mr. Vitalie, would be an Interested Trustee. The Board does not have a lead independent director.

The Board believes that its structure facilitates the orderly and efficient flow of information to the trustees from the Adviser and other service providers with respect to services provided to the Fund, potential conflicts of interest that could arise from these relationships and other risks that the Fund may face. The Board further believes that its structure allows all of the trustees to participate in the full range of the Board’s oversight responsibilities. The Board believes that the orderly and efficient flow of information and the ability to bring each trustee’s talents to bear in overseeing the Fund’s operations is important, in light of the size and complexity of the Fund and the risks that the Fund faces. The Board and its committees review their structure regularly, to help ensure that it remains appropriate as the business and operations of the Fund, and the environment in which the Fund operates, changes.

Currently, the Board has an Audit Committee, Nominating and Corporate Governance Committee and Valuation Committee. The responsibilities of each committee and its members are described below.

The Board’s Role in Risk Oversight of the Fund

The Board oversees risk management for the Fund directly and, as to certain matters, through its committees. The Board exercises its oversight in this regard primarily through requesting and receiving reports from and otherwise working with the Fund’s senior officers (including the Fund’s President, Chief Compliance Officer and Treasurer), portfolio management and other personnel of the Adviser, the Fund’s independent auditors, legal counsel and personnel from the Fund’s other service providers. The Board has adopted, on behalf of the Fund, and periodically reviews with the assistance of the Fund’s Chief Compliance Officer, policies and procedures designed to address certain risks associated with the Fund’s activities. In addition, the Adviser and the Fund’s other service providers also have adopted policies, processes and procedures designed to identify, assess and manage certain risks associated with the Fund’s activities, and the Board receives reports from service providers with respect to the operation of these policies, processes and procedures as required and/or as the Board deems appropriate.

Table of Contents - SAI

B-7

In addition to Mr. Lewis, the table below identifies the Fund’s executive officer(s).

Officers
			# of
	Position(s)		Portfolios
	Held with	Principal Occupation	in Fund	Other Directorships
Name and Age	the Fund	During Past Five Years	Complex*	Held by Trustee
Andrew J. Duffy (53)	President	President and Portfolio Manager, Ascent Investment Advisors, LLC (the Fund’s investment adviser), 2009-present; Portfolio Manager, Citigroup Principal Strategies, 2008-2009; Co-Portfolio Manager, Hunter Global Investors, LP, 2006-2008; Portfolio Manager, TIAA-CREF, 1999-2006.	1	N/A

*	Fund Complex includes only the Fund.

Board Committees

The Board has three standing committees: the Audit Committee, the Nominating and Corporate Governance Committee and the Valuation Committee.

During the fiscal year ended December 31, 2010, the Audit Committee was comprised of Messrs. Hertl and Schacht, and, prior to his becoming an Interested Trustee in December of 2010, Mr. Vitalie. Mr. Steward joined the Audit Committee upon his election to the Board of Trustees in January of 2011. The Audit Committee is responsible for advising the full Board with respect to accounting, auditing, ethics and financial matters affecting the Fund. During the fiscal year ended December 31, 2010, there were two Audit Committee meetings.

During the fiscal year ended December 31, 2010, the Nominating and Corporate Governance Committee (the “Nominating Committee”) was comprised of Messrs. Hertl and Schacht, and prior to his becoming an Interested Trustee in December of 2010, Mr. Vitalie. Mr. Steward joined the Nominating Committee upon his election to the Board of Trustees in January of 2011. The Nominating Committee is responsible for seeking and reviewing candidates for consideration as nominees for trustees as is considered necessary from time to time. The Nominating Committee is also responsible for corporate governance compliance. The Nominating Committee did not meet during the fiscal year ended December 31, 2010.

The Fund does not have a formal policy regarding shareholder nominations because the Board of Trustees believes that such a policy is unnecessary in light of the leadership structure of the Fund, and the fact that the Nominating Committee is comprised entirely of Independent Trustees. Although the Nominating Committee does not have a formal policy regarding shareholder nominations, it may review shareholders’ nominations to fill vacancies on the Board. While the Nominating Committee will consider candidates timely recommended by shareholders to serve as a trustee, the Nominating Committee may only act upon such recommendations if there is a vacancy on the Board or the Nominating Committee determines that the selection of a new or additional Independent Trustee is in the best interests of the Fund. In the event that a vacancy arises or a change in Board membership is determined to be advisable, the Nominating Committee will, in addition to any timely submitted shareholder recommendations, consider candidates identified by other means, including candidates proposed by members of the Nominating Committee or other Independent Trustees. For shareholder recommendations to be considered, a shareholder must provide contact information for the candidate, including all the information about a candidate that would be required to be included in a proxy statement seeking approval of that candidate, and a notarized letter executed by that candidate which states his or her willingness to serve on the Board if elected. Such recommendation must be received a reasonable time before the Fund begins to print and send its proxy materials for any planned meeting of shareholders.

Table of Contents - SAI

B-8

In evaluating nominees to the Board, the Nominating Committee seeks to ensure that the Board of Trustees possess, in the aggregate, the strategic, managerial and financial skills and experience necessary to fulfill its duties and to achieve its objectives, and also seeks to ensure that the Board of Trustees is comprised of trustees who have broad and diverse backgrounds. The Nominating Committee looks at each nominee on a case-by-case basis. In looking at the qualification of each candidate to determine if his or her election would further the goals described above, the Nominating Committee takes into account all factors it considers appropriate, which may include strength of character, mature judgment, career specialization, relevant technical skills or financial acumen, diversity of viewpoint and industry knowledge. However, the Board of Trustees believes that to be recommended as a nominee, each candidate must: (1) display the highest personal and professional ethics, integrity and values; (2) have the ability to exercise sound business judgment; (3) must be highly accomplished in his or her respective field; (4) have a relevant expertise and experience; (5) be able to represent all shareholders and be committed to enhancing long-term shareholder value; and (6) have sufficient time available to devote to activities of the Board of Trustees and to enhance his or her knowledge of the Fund’s business.

During the fiscal year ended December 31, 2010, the Valuation Committee was comprised of Messrs. Hertl and Schacht, and, prior to becoming an Interested Trustee in December of 2010, Mr. Vitalie. Mr. Steward joined the Valuation Committee upon his election to the Board of Trustees in January of 2011. The Valuation Committee is responsible for (i) monitoring the valuation of the Fund’s securities and other investments; and (ii) as required, when the Board is not in session, determining the fair value of illiquid and other holdings after consideration of all relevant factors, which determinations are reported to the Board. During the fiscal year ended December 31, 2010, there was one Valuation Committee meeting.

The Board may from time to time establish additional committees as deemed in the best interest of the Fund.

Trustee Ownership of Fund Shares; Control Persons

The following table provides the name and address of any person who owned of record or beneficially 5% or more of the outstanding shares of the Fund as of December 31, 2010. A control person is one who owns beneficially either directly or through controlled companies more than 25% of the voting securities of a company or who acknowledges or asserts the existence of control.

Name and Address	Parent Company	Jurisdiction	% Ownership	Type of Ownership
First Clearing LLC 2801 Market St. St. Louis, MO 63103-2523	Wells Fargo & Company	CA	39.56%	Record

Wedbush Morgan Securities 1000 Wilshire Blvd. Los Angeles, CA 90017-2457	WEDBUSH, Inc.	CA	15.82%	Record

U.S. Bank NA Cust Mark J. Winkler IRA 10901 West Toller Drive, Suite 304 Littleton, CO 80127	N/A	N/A	7.23%	Beneficial

Community National Bank Cust PO Box 210 Seneca, KS 66538-0210	N/A	N/A	6.71%	Record

Table of Contents - SAI

B-9

Set forth below is the dollar range of equity securities of the Fund beneficially owned by each trustee of the Fund, which is the only registered investment company in the family of investment companies currently overseen by the trustees, as of December 31, 2010:

Amount Invested Key
	A.	$1-$10,000
	B.	$10,001-$50,000
	C.	$50,001-$100,000
	D.	over $100,000

	Dollar Range of	Aggregate Dollar Range of Equity Securities in all Registered
	Fund Shares	Investment Companies Overseen by Trustee in Fund
Name	Owned	Complex*
Independent Trustees
Anthony J. Hertl	None	None
Walter S. Schacht	None	None
William C. Steward	None	None
Interested Trustees
Randolph S. Lewis	B	B
James S. Vitalie	None	None

*	Fund Complex includes only the Fund.

As of December 31, 2010, none of the Independent Trustees (or any of their immediate family members) owned beneficially or of record any class of securities of the Adviser or Distributor of the Fund or any person controlling, controlled by or under common control with the Adviser or Distributor of the Fund.

During the calendar years ended December 31, 2009 and December 31, 2010, none of the Independent Trustees (or their immediate family members) had:

	1.	Any direct or indirect interest in the Adviser or the Distributor of the Fund or any person controlling, controlled by or under common control with the Adviser or the Distributor of the Fund;

	2.	Any direct or indirect material interest, in which the amount involved exceeds $120,000, in any transaction or series of similar transactions with (i) the Fund; (ii) another fund managed by the Adviser, or distributed by the Distributor of the Fund or a person controlling, controlled by or under common control with the Adviser or the Distributor of the Fund; (iii) the Adviser or the Distributor of the Fund; (iv) a person controlling, controlled by or under common control with the Adviser or the Distributor of the Fund; or (v) an officer of any of the above; or

	3.	Any direct or indirect relationship, in which the amount exceeds $120,000, with (i) the Fund; (ii) another fund managed by the Adviser, or distributed by the Distributor of the Fund or a person controlling, controlled by or under common control with the Adviser or the Distributor of the Fund; (iii) the Adviser or the Distributor of the Fund; (iv) a person controlling, controlled by or under common control with the Adviser or the Distributor of the Fund; or (v) an officer of any of the above.

During the calendar years ended December 31, 2009 and December 31, 2010, no officer of the Adviser or the Distributor of the Fund or any person controlling, controlled by or under common control with the Adviser or the Distributor of the Fund served on the board of directors of a company where an Independent Trustee of the Fund or any of their immediate family members served as an officer.

Compensation

The Fund pays an annual fee in the amount of $10,000 to each trustee who is not an officer or employee of the Adviser (or any affiliated company of the Adviser), plus $500 for each Board meeting attended (by telephone or in person). All trustees are reimbursed by the Fund for all reasonable out-of-pocket expenses incurred relating to attendance at meetings of the Board or committee meetings.

Table of Contents - SAI

B-10

The table set forth below includes information regarding compensation from the Fund for each of the trustees. None of the officers of the Fund receive compensation from the Fund, nor does any person affiliated with the Fund receive compensation in excess of $60,000 from the Fund.

		Pension or Retirement	Estimated	Total Compensation
	Aggregate	Benefits Accrued As	Annual Benefits	from Fund and
	Compensation	Part of Fund	Upon	Fund Complex Paid
Name	from Fund*	Expenses	Retirement	to Trustees**
Interested Trustees
Randolph S. Lewis	$0	$0	$0	$0
James S. Vitalie	$8,000	$0	$0	$8,000

Independent Trustees
Anthony J. Hertl	$11,500	$0	$0	$11,500
Walter S. Schacht	$11,500	$0	$0	$11,500
William C. Steward*	N/A	N/A	N/A	N/A

*	The amounts set forth in this column are the payments made to each trustee for the fiscal year ended December 31, 2010. Mr. Steward was not a trustee during the fiscal year ended December 31, 2010.
**	The amounts set forth in this column include the amounts paid to each trustee by the Fund Complex for the fiscal year ended December 31, 2010. The Fund Complex includes only the Fund.

CODE OF ETHICS

The Fund and the Adviser each have adopted a Code of Ethics pursuant to Rule 17j-1 under the 1940 Act and Section 204A and Rule 204A-1 of the Investment Advisers Act, respectively. The Code of Ethics applies to the personal investing activities of the trustees, directors, officers and certain employees of the Fund or the Adviser (“Access Persons”), as applicable. The Code of Ethics is designed to prevent unlawful practices in connection with the purchase or sale of securities by Access Persons. The Code of Ethics permits Access Persons to trade securities for their own accounts, including securities that may be purchased or held by the Fund, and generally requires them to report their personal securities. The Code of Ethics will be included as an exhibit to the Fund’s registration statement, which will be on file with the SEC, and available as described on the cover page of this SAI.

PROXY VOTING POLICIES AND PROCEDURES

The Board has delegated the voting of proxies with respect to securities owned by the Fund to the Adviser. The Adviser votes such proxies in a manner that it deems to be in the best interests of the Fund and its shareholders. In general, the Adviser believes that voting proxies in accordance with the policies described below will be in the best interests of the Fund and its shareholders. If an officer, analyst or trader of the Adviser believes that voting in accordance with stated proxy voting guidelines would not be in the best interests of the Fund or its shareholders, the proxy will be referred to the Adviser’s Compliance Committee for a determination of how such proxy should be voted.

Policies of the Adviser

It is the Adviser’s policy to vote all proxies received by the Fund in a timely manner. Upon receiving each proxy, the Adviser will review the issues presented and make a decision to vote for, against or abstain on each of the issues presented in accordance with the proxy voting guidelines that it has adopted. The Adviser will consider information from a variety of sources in evaluating the issues presented in a proxy. The Adviser generally supports policies, plans and structures that it believes give quality management teams appropriate latitude to run the business in a way that is likely to maximize value for owners. Conversely, the Adviser generally opposes proposals that clearly have the effect of restricting the ability of shareholders to realize the full potential value of their investment.

Table of Contents - SAI

B-11

Conflicts of Interest

The Adviser’s duty is to vote in the best interests of the Fund’s shareholders. Therefore, in situations where there is a conflict of interest between the Adviser’s interests and the Fund’s interests, the Adviser will take one of the following steps to resolve the conflict:

	1.	If a proposal is addressed by the guidelines, the Adviser will vote in accordance with those guidelines;

	2.	If the Adviser believes it is in the Fund’s best interest to depart from the guidelines provided, the Adviser will disclose the conflict to the Fund and obtain its consent to the proposed vote prior to voting the securities;

	3.	The Fund may direct the Adviser in writing to forward all proxy matters in which the Adviser has a conflict of interest regarding the securities to an identified independent third party for review and recommendation. The Adviser will vote in accordance with the third party’s recommendations as long as they are received on a timely basis. If the third party’s recommendations are not received in a timely manner, the Adviser will abstain from voting the securities.

More Information

The actual voting records relating to the Fund’s portfolio securities during the most recent 12-month period ended June 30 of each year commencing with June 30, 2011, will be available without charge, upon request, by calling toll-free (866) 622-3864 and in the Fund’s reports to be filed with the Securities and Exchange Commission and available on the Securities and Exchange Commission’s website at www.sec.gov. In addition, a copy of the Funds’ proxy voting policies and procedures is available by calling (866) 622-3864 and will be sent within three business days of receipt of a request.

INVESTMENT ADVISORY AND OTHER SERVICES

The management of the Fund is supervised by the trustees. Ascent Investment Advisors, LLC (the “Adviser”) provides investment advisory services to the Fund pursuant to an investment management agreement entered into with the Fund (the “Investment Management Agreement”).

The Adviser, located at 10901 West Toller Drive, Suite 304, Littleton, Colorado 80127, is a Colorado limited liability company formed in December 2007 for the purpose of providing investment advisory and management services to investment companies. Currently, all membership interests in the Adviser are owned by Real Estate Securities Partners, LLC. Randolph S. Lewis, who is an Interested Trustee, Chairman of the Board, Secretary and Treasurer of the Fund, and Andrew J. Duffy, the President of the Fund and the President and Portfolio Manager of the Adviser, are the managing members of Real Estate Securities Partners, LLC. However, Real Estate Securities Partners, LLC has entered into an agreement pursuant to which, subject to certain conditions, all of its membership interests in the Adviser would be transferred to Ascent Investment Partners, LLC (the “Proposed Transaction”). Ascent Investment Partners, LLC is a newly formed entity 61% of the interests of which will be owned by James Alpha Management. If consummated, the Proposed Transaction would result in an assignment of the advisory agreement between the Fund and the Adviser. Therefore, the Fund is currently preparing to seek shareholder approval of the investment advisory agreement with the Adviser after giving effect to the Proposed Transaction.

The Investment Management Agreement was approved by the trustees, including a majority of the Independent Trustees on June 18, 2009, and by the Fund’s initial shareholder on October 12, 2009. The Investment Management Agreement has an initial term of two years. The Investment Management Agreement may be continued in effect from year to year after its initial term, provided that its continuance is approved annually by the trustees or by a majority of the outstanding voting shares of the Fund, and in each case is also approved by a majority of the Independent Trustees by vote cast in person at a meeting duly called for the purpose of voting on such approval.

Under the Investment Management Agreement, the Adviser has agreed to furnish reports, statistical and research services and recommendations with respect to the Fund’s portfolio of investments. In addition, the Adviser performs a variety of administrative services for the Fund. The Fund bears all of its other expenses and liabilities, including expenses incurred in connection with maintaining its registration under the 1933 Act and the 1940 Act, state qualifications, if any, mailings, brokerage, custodian and stock transfer charges, printing, legal and auditing expenses, expenses of shareholders’ meetings, reports to shareholders and materials relating to the Fund’s quarterly repurchase offers.

Table of Contents - SAI

B-12

The annual percentage rate and method used in computing the investment advisory fee of the Fund is described in the Prospectus. The advisory fees paid by the Fund to the Adviser for the three most recent fiscal periods were as follows:

Investment Advisory Fees
		(Fees Waived)/
	Total Fees	Expenses
Year	Accrued by Adviser	Recovered	Balance Paid to Adviser
2010	$26,548	$(26,548)	$0
2009(1)	$655	$(655)	$0
2008	N/A	N/A	N/A
(1) The Fund commenced operations on October 26, 2009.

The Investment Management Agreement is terminable, without the payment of any penalty, on sixty days’ written notice, by a vote of the holders of a majority of the Fund’s outstanding shares, by a vote of a majority of the trustees of the Fund or by the Adviser. The Investment Management Agreement provides that it will automatically terminate in the event of its assignment. The Investment Management Agreement provides in substance that the Adviser shall not be liable for any action or failure to act in accordance with its duties thereunder in the absence of willful misfeasance, bad faith or gross negligence on the part of the Adviser or of reckless disregard of its obligations thereunder.

Approval of the Investment Management Agreement

A discussion regarding the basis for the approval of the Fund’s Investment Management Agreement by the Board is available in the Fund’s report to shareholders for the period ended June 30, 2009. The Board met on January 13, 2011 to consider and approved an investment advisory agreement between the Fund and the Adviser after giving effect to the Proposed Transaction. The Fund is currently preparing to seek shareholder approval of such investment advisory agreement through a proxy statement which sets for the Board’s considerations when approving the agreement. If approved by shareholders, such considerations will also be set forth in the Fund’s semi-annual report to shareholders for the period ending June 30, 2011.

Administrative and Custody Services

Under the Fund Administration Servicing, Fund Accounting Servicing, Transfer Agent Servicing and Custody Agreements, U.S. Bancorp Fund Services, LLC (the “Administrator”), located at 615 East Michigan Street, Milwaukee, Wisconsin 53202, is responsible for generally managing the administrative affairs, calculating the net asset value of the common shares of the Fund and providing custody and transfer agency services to the Fund. For its administration services, the Administrator is entitled to receive from the Fund an annual fee equal to 0.06% of the Fund’s average daily net assets up to $300,000,000 and 0.04% on Fund assets over $300 million, subject to a minimum annual fee equal to $45,000. For its custody services, the Administrator is entitled to receive from the Fund a fee that is based on the average daily net assets of the Fund and on portfolio transactions of the Fund according to a rate schedule determined by the types of securities in which the Fund invests and the countries of origin of the issuers of those securities. The Administrator will furnish to the Fund all office facilities, equipment and personnel for administration of the Fund. The Administrator will compensate all Administrator personnel who perform administrative services for the Fund. Administrative services provided by the Administrator include preparation and filing of documents required to comply with federal and state securities laws, providing custody and transfer agency services to the Fund, providing assistance in connection with the trustees and shareholders’ meetings, providing services in connection with repurchase offers and other administrative services necessary to conduct the Fund’s business.

Table of Contents - SAI

B-13

The servicing fees paid by the Fund to the Administrator for administration, custody, transfer agency and fund accounting services for the three most recent fiscal periods were as follows:

Transfer Agent, Fund Accountant and Administrator

Transfer Agent Fees

	Total Transfer Agent
Year	Fees Accrued
2010	$29,441
2009(1)	$11,492
2008	N/A
(1) The Fund commenced operations on October 26, 2009.

Fund Accounting Fees

	Total Fund Accounting
Year	Fees Accrued
2010	$27,472
2009(1)	$6,752
2008	N/A
(1) The Fund commenced operations on October 26, 2009.

Administration Fees

	Total Administrative
Year	Fees Accrued
2010	$27,824
2009(1)	$8,871
2008	N/A
(1) The Fund commenced operations on October 26, 2009.

Distributor

Information regarding the Fund’s distributor is described in the Prospectus. In addition, the total commission paid to and retained by the Distributor, as well as net underwriting discounts and commissions, for the three most recent fiscal periods were as follows:

Distributor

	Total Commissions Paid
Year	to Distributor
2010	$137,488
2009(1)	$22,497
2008	N/A
(1) The Fund commenced operations on October 26, 2009.

Table of Contents - SAI

B-14

Distributor

	Total Commissions Retained
Year	by Distributor
2010	$45,030
2009(1)	$8,185
2008	N/A
(1) The Fund commenced operations on October 26, 2009.

Distributor

	Net Underwriting Discounts
Year	and Commissions(2)
2010	$45,030
2009(1)	$8,185
2008	N/A
(1) The Fund commenced operations on October 26, 2009.
(2) Represents amounts received from front-end sales charges.

Independent Public Accounting Firm

Information regarding the Fund’s independent public accounting firm is described in the Prospectus.

PORTFOLIO MANAGER

Mr. Andrew J. Duffy is the portfolio manager responsible for the day-to-day management of the Fund (the “Portfolio Manager”). The following table shows the number of other accounts managed by Mr. Duffy and the total assets in the accounts managed within various categories as of January 3, 2011.

					with Advisory Fee based on performance
Type of Accounts	Number of Accounts		Total Assets ($ in millions)		Number of Accounts		Total Assets
Registered Investment Companies		-		-		-		-
Other Pooled Investments		1		$10.4		1		$10.4
Other Accounts		-		-		-		-

Material Conflicts of Interest

Where conflicts of interest arise between the Fund and other accounts managed by the Portfolio Manager, including unregistered funds, exchange-traded funds or separate accounts, the Portfolio Manager will proceed in a manner that ensures that the Fund will not be treated materially less favorably. There may be instances where similar portfolio transactions may be executed for the same security for more than one account managed by the Portfolio Manager. In such instances, securities will be allocated in accordance with the Adviser’s trade allocation policy.

Table of Contents - SAI

B-15

Compensation

Mr. Duffy receives compensation for his services as Portfolio Manager in the form of a salary paid by the Adviser plus an equity participation in the net income of the Adviser.

Securities Owned in the Fund by Portfolio Manager

As of the date of this SAI, the Portfolio Manager did not own any shares of the Fund.

ALLOCATION OF BROKERAGE

Decisions regarding the placement of orders to purchase and sell investments for the Fund are made by the Adviser, subject to the supervision of the trustees. A substantial portion of the transactions in equity securities for the Fund will occur on domestic stock exchanges. Transactions on stock exchanges involve the payment of brokerage commissions. In transactions on stock exchanges in the United States and some foreign exchanges, these commissions are negotiated. However, on many foreign stock exchanges these commissions are fixed. In the case of securities traded in the foreign and domestic over-the-counter markets, there is generally no stated commission, but the price usually includes an undisclosed commission or markup. Over-the-counter transactions will generally be placed directly with a principal market maker, although the Fund may place an over-the-counter order with a broker-dealer if a better price (including commission) and execution are available.

It is anticipated that most purchase and sale transactions involving fixed income securities, if any, will be with the issuer or an underwriter or with major dealers in such securities acting as principals. Such transactions are normally effected on a net basis and generally do not involve payment of brokerage commissions. However, the cost of securities purchased from an underwriter usually includes a commission paid by the issuer to the underwriter. Purchases or sales from dealers will normally reflect the spread between the bid and ask price.

The policy of the Fund regarding transactions for purchases and sales of securities is that primary consideration will be given to obtaining the most favorable prices and efficient executions of transactions under the circumstances. Consistent with this policy, when securities transactions are effected on a stock exchange, the Fund’s policy is to pay commissions which are considered fair and reasonable without necessarily determining that the lowest possible commissions are paid in all circumstances. The Board believes that a requirement always to seek the lowest commission cost could impede effective management and preclude the Fund and the Adviser from obtaining high-quality brokerage and research services. In seeking to determine the reasonableness of brokerage commissions paid in any transaction, the Adviser may rely on its experience and knowledge regarding commissions generally charged by various brokers and on their judgment in evaluating the brokerage and research services received from the broker effecting the transaction. Such determinations are necessarily subjective and imprecise, as in most cases an exact dollar value for those services is not ascertainable.

In seeking to implement the Fund’s policies, the Adviser will place transactions with those brokers and dealers who it believes provide the most favorable prices and which are capable of providing efficient executions consistent with the Adviser’s best execution policies. If the Adviser believes such price and execution are obtainable from more than one broker or dealer, it may give consideration to placing transactions with those brokers and dealers who also furnish research or research related services to the Fund or the Adviser. Such services may include, but are not limited to, any one or more of the following: information as to the availability of securities for purchase or sale; statistical or factual information or opinions pertaining to investments; appraisals or evaluations of securities; supplemental investment and market research; and security and economic analysis. While such services are useful and important in supplementing their own research and facilities, the Adviser believes the value of such services is not determinable and does not significantly reduce its expenses.

The Adviser expects to receive extensive research from Green Street Advisors, Newport Beach, California, and potentially from other firms active in generating real estate securities research. The Adviser further expects to execute a large percentage of the Fund’s portfolio transactions with these firms. The Adviser intends to pay for this research using "soft dollars" generated by the Fund’s portfolio transactions, provided that such services fall within the safe harbor provided by Section 28(e) of the United States Securities Exchange Act of 1934, as amended. This safe harbor permits investment managers who use soft dollars generated by their advised accounts to obtain investment research and brokerage services that provide lawful and appropriate assistance to the Adviser in the performance of investment decision-making responsibilities. The term "soft dollars" refers to the receipt by an investment manager of products and services provided by brokers without any cash payment by the investment manager, based on the volume of revenues generated from brokerage commissions for transactions executed for clients of the investment manager. The products and services available from brokers that fall within the safe harbor include both internally generated items (such as research reports prepared by employees of the broker) as well as items acquired by the broker from third parties (such as software that provides analyses of securities portfolios).

Table of Contents - SAI

B-16

The availability of these benefits may influence the Adviser to select one broker rather than another to perform services for the Fund. Nevertheless, the Adviser will seek to attempt to assure either that the fees and costs for services provided to the Fund by brokers offering these benefits are not materially greater than services that would be performed by equally capable brokers not offering such services or that the Fund also will benefit from the services.

In addition, the use of brokerage commissions to obtain investment research services may create a conflict of interest between the Adviser and the Fund, because the Fund will pay for such products and services that are not exclusively for the benefit of the Fund, but rather may be primarily for the benefit of the Adviser. To the extent that the Adviser is able to acquire these products and services without expending its own resources (including investment management fees paid by the Fund), the Adviser's use of "soft dollars" would tend to increase the Adviser's profitability. The availability of these non-monetary benefits may influence the Adviser to select one broker rather than another to perform services for the Fund.

Subject to the requirement that the Adviser shall use its best efforts to seek and execute portfolio security transactions at advantageous prices and at reasonably competitive spreads or commission rates, the Adviser is authorized to consider as a factor in the selection of any broker-dealer firm with whom portfolio orders may be placed the fact that such firm has sold or is selling shares of the Fund or of other investment companies sponsored by the Adviser, if any. This policy is not inconsistent with a rule of the Financial Industry Regulatory Authority (“FINRA”), which provides that no firm which is a member of the FINRA shall favor or disfavor the distribution of shares of any particular investment company or group of investment companies on the basis of brokerage commissions received or expected by such firm from any source.

Aggregate broker commissions paid by the Fund for the three most recent fiscal periods were as follows:

Broker Commissions

	Total Broker
Year	Commissions Paid
2010	$12,699
2009(1)	$761
2008	N/A
(1) The Fund commenced operations on October 26, 2009.

Portfolio Turnover.

The frequency and amount of portfolio purchases and sales (known as the “portfolio turnover rate”) will vary from year to year. It is anticipated that the Fund’s portfolio turnover rate will ordinarily be between 80% and 120%. Although the portfolio turnover rate is generally not expected to exceed 120%, it may vary greatly from year to year and will not be a limiting factor when the Adviser deems portfolio changes appropriate. In 2010, which was the Fund's first full year of investment activity, portfolio turnover was elevated due to the impact of the Fund's income-enhancing investment activity, exacerbated by the heightened volatility in the market for REIT shares which created a higher-than-normal level of opportunities for the Fund to realize gains on the sale of portfolio holdings. For 2011, the Fund anticipates that the portfolio turnover rate will be between 200% and 400%, which is lower than it was during the Fund’s first full fiscal year of investment activity, but above the normalized range of 80% to 120% that it ultimately expects to maintain. Although the Fund generally does not intend to trade for short-term profits, the Fund may engage in short-term trading strategies, and securities may be sold without regard to the length of time held when, in the opinion of the Adviser, investment considerations warrant such action. These policies may have the effect of increasing the annual rate of portfolio turnover of the Fund. Higher rates of portfolio turnover (100% or more) would likely result in higher brokerage commissions and may generate short-term capital gains taxable as ordinary income. If securities are not held for the applicable holding periods, dividends paid on them will not qualify for the advantageous federal tax rates. See “U.S. Taxes” and “U.S. Federal Income Tax Matters” in the Prospectus.

Table of Contents - SAI

B-17

For the fiscal periods ended December 31, 2010 and December 31, 2009, the portfolio turnover rate for the Fund is presented in the table below.

	2010	2009
Turnover Rate(1)	745%	206%

(1) The Fund commenced operations on October 26, 2009.

U.S. TAXES

The following is a summary discussion of the material U.S. federal income tax consequences that may be relevant to a shareholder of acquiring, holding and disposing of shares of the Fund. This discussion does not address the special tax rules applicable to certain classes of investors, such as tax-exempt entities, foreign investors, insurance companies and financial institutions. This discussion addresses only U.S. federal income tax consequences to U.S. shareholders who hold their shares as capital assets and does not address all of the U.S. federal income tax consequences that may be relevant to particular shareholders in light of their individual circumstances. In addition, the discussion does not address any state, local or foreign tax consequences, and it does not address any U.S. federal tax consequences other than U.S. federal income tax consequences. The discussion is based upon present provisions of the Internal Revenue Code of 1986, as amended (the “Code”), the regulations promulgated thereunder, and judicial and administrative ruling authorities, all of which are subject to change or differing interpretations (possibly with retroactive effect). No attempt is made to present a detailed explanation of all U.S. federal income tax concerns affecting the Fund and its shareholders, and the discussion set forth herein does not constitute tax advice. Investors are urged to consult their own tax advisors to determine the specific tax consequences to them of investing in the Fund, including the applicable federal, state, local and foreign tax consequences to them and the effect of possible changes in tax laws.

The Fund intends to elect to be treated and to qualify each year as a regulated investment company (a “RIC”) under the Code. Accordingly, the Fund must, among other things, (i) derive in each taxable year at least 90% of its gross income (including tax-exempt interest) from (a) dividends, interest, payments with respect to certain securities loans, and gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including but not limited to gain from options, futures and forward contracts) derived with respect to its business of investing in such stock, securities or currencies; and (b) net income from interests in “qualified publicly traded partnerships” (as defined in the Code); (ii) diversify its holdings so that, at the end of each quarter of each taxable year (a) at least 50% of the value of the Fund’s net assets is represented by cash and cash items, U.S. government securities, the securities of other regulated investment companies and other securities, with such other securities limited, in respect of any one issuer, to an amount not greater than 5% of the value of the Fund’s net assets and not more than 10% of the outstanding voting securities of such issuer and (b) not more than 25% of the value of the Fund’s net assets is invested in the securities (other than U.S. government securities and the securities of other regulated investment companies) of (I) any one issuer; (II) any two or more issuers that the Fund controls and that are determined to be engaged in the same business or similar or related trades or businesses or (III) any one or more “qualified publicly traded partnerships” (as defined in the Code); and (iii) distribute at least 90% of its investment company taxable income (as defined in the Code, but without regard to the deduction for dividends paid) for such taxable year in accordance with the timing requirements imposed by the Code, so as to maintain its RIC status and to avoid paying any U.S. federal income tax. For purposes of the 90% of gross income requirement described above, the Code expressly provides the U.S. Treasury with authority to issue regulations that would exclude foreign currency gains from qualifying income if such gains are not directly related to the Fund’s business of investing in stock or securities (or options and futures with respect to stock or securities). While to date the U.S. Treasury has not exercised this regulatory authority, there can be no assurance that it will not issue regulations in the future (possibly with retroactive application) that would treat some or all of the Fund’s foreign currency gains as non-qualifying income. To the extent it qualifies for treatment as a RIC and satisfies the above-mentioned distribution requirements, the Fund will not be subject to U.S. federal income tax on income paid to its shareholders in the form of dividends or capital gain distributions.

In order to avoid incurring a U.S. federal excise tax obligation, the Code requires that the Fund distribute (or be deemed to have distributed) by December 31 of each calendar year an amount at least equal to the sum of (i) 98.2% of its ordinary income for such year and (ii) 98% of its capital gain net income (which is the excess of its realized capital gain over its realized capital loss), generally computed on the basis of the one-year period ending on October 31 of such year, after reduction by any available capital loss carryforwards, plus (iii) 100% of any ordinary income and capital gain net income from previous years (as previously computed) that were not paid out during such years and on which the Fund paid no U.S. federal income tax.

Table of Contents - SAI

B-18

If the Fund does not qualify as a RIC for any taxable year, the Fund’s taxable income will be subject to corporate income taxes, and all distributions from earnings and profits, including distributions of net capital gain (if any), will be taxable to the shareholder as ordinary income. Such distributions generally will be eligible (i) for the dividends received deduction in the case of corporate shareholders and (ii) for treatment as “qualified dividends” as discussed below, in the case of individual shareholders provided certain holding period and other requirements are met, as described below. In addition, in order to requalify for taxation as a RIC, the Fund may be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions.

Distributions from the Fund, except in the case of distributions of qualified dividend income or capital gain dividends, as described below, generally will be taxable to shareholders as ordinary dividend income to the extent of the Fund’s current and accumulated earnings and profits. Distributions of net capital gains (that is, the excess of net gains from the sale of capital assets held more than one year over net losses from the sale of capital assets held for not more than one year) properly designated as capital gain dividends will be taxable to shareholders as long-term capital gain, regardless of how long a shareholder has held the shares in the Fund.

If a shareholder’s distributions are automatically reinvested pursuant to the Plan and the Plan Administrator invests the distribution in shares acquired on behalf of the shareholder in open-market purchases, for U.S. federal income tax purposes, the shareholder will generally be treated as having received a taxable distribution in the amount of the cash dividend that the shareholder would have received if the shareholder had elected to receive cash. If a shareholder’s distributions are automatically reinvested pursuant to the Plan and the Plan Administrator invests the distribution in newly issued shares of the Fund, the shareholder will generally be treated as receiving a taxable distribution equal to the fair market value of the stock the shareholder receives.

Under current law, certain income distributions paid by the Fund to individual taxpayers are taxed at rates equal to those applicable to net long-term capital gains (generally 15% for individuals). Without future Congressional action, the maximum tax rate on long-term capital gains will return to 20% in 2013. This tax treatment applies only if certain holding period requirements and other requirements are satisfied by the shareholder and the dividends are attributable to qualified dividend income received by the Fund itself. For this purpose, “qualified dividend income” means dividends received by the Fund from certain United States corporations and qualifying foreign corporations, provided that the Fund satisfies certain holding period and other requirements in respect of the stock of such corporations. For these purposes, a “qualified foreign corporation” means any foreign corporation if (i) such corporation is incorporated in a possession of the United States, (ii) such corporation is eligible for benefits of a qualified comprehensive income tax treaty with the United States and which includes an exchange of information program, or (iii) the stock of such corporation with respect to which such dividend is paid is readily tradable on an established securities market in the United States. A “qualified foreign corporation” does not include any foreign corporation which for the taxable year of the corporation in which the dividend was paid, or the preceding taxable year, is a “passive foreign investment company” (as defined in the Code). In the case of securities lending transactions, payments in lieu of dividends are not qualified dividends. Dividends received by the Fund from REITs are qualified dividends eligible for this lower tax rate only in limited circumstances. These special rules relating to the taxation of ordinary income dividends from regulated investment companies generally apply to taxable years beginning before January 1, 2013. Thereafter, the Fund’s dividends, other than capital gain dividends, will be fully taxable at ordinary income tax rates unless further Congressional legislative action is taken.

A dividend will not be treated as qualified dividend income (whether received by the Fund or paid by the Fund to a shareholder) if (1) the dividend is received with respect to any share held for fewer than 61 days during the 121-day period beginning on the date which is 60 days before the date on which such share becomes ex-dividend with respect to such dividend, (or fewer than 91 days during the associated 181-day period in the case of certain preferred stocks), (2) to the extent that the recipient is under an obligation (whether pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property, or (3) if the recipient elects to have the dividend treated as investment income for purposes of the limitation on deductibility of investment interest. Distributions of income by the Fund, other than qualified dividend income and capital gains dividends, are taxed as ordinary income, at rates currently up to 35%.

Table of Contents - SAI

B-19

We cannot assure you as to what percentage of the dividends paid on the shares will consist of qualified dividend income or long-term capital gains, both of which are taxed at lower rates for individuals than are ordinary income and short-term capital gains.

Investments in lower rated or unrated securities may present special tax issues for the Fund to the extent that the issuers of these securities default on their obligations pertaining thereto. The Code is not entirely clear regarding the federal income tax consequences of the Fund’s taking certain positions in connection with ownership of such distressed securities.

Any recognized gain or income attributable to market discount on long-term debt obligations (i.e., obligations with a term of more than one year except to the extent of a portion of the discount attributable to original issue discount) purchased by the Fund is taxable as ordinary income. A long-term debt obligation is generally treated as acquired at a market discount if purchased after its original issue at a price less than (i) the stated principal amount payable at maturity, in the case of an obligation that does not have original issue discount or (ii) in the case of an obligation that does have original issue discount, the sum of the issue price and any original issue discount that accrued before the obligation was purchased, subject to a de minimis exclusion.

Under Section 988 of the Code, gains or losses attributable to fluctuations in exchange rates between the time the Fund accrues income or receivables or expenses or other liabilities denominated in a foreign currency and the time the Fund actually collects such income or receivables or pays such liabilities are generally treated as ordinary income or loss. Similarly, gains or losses on foreign currency forward contracts and the disposition of debt securities denominated in a foreign currency, to the extent attributable to fluctuations in exchange rates between the acquisition and disposition dates, are also treated as ordinary income or loss.

Dividends and interest received, and gains realized, by the Fund on foreign securities may be subject to income, withholding or other taxes imposed by foreign countries and U.S. possessions (collectively “foreign taxes”) that would reduce the return on its securities. Tax conventions between certain countries and the United States, however, may reduce or eliminate foreign taxes, and many foreign countries do not impose taxes on capital gains in respect of investments by foreign investors. If more than 50% of the value of the Fund’s net assets at the close of its taxable year consists of securities of foreign corporations, it will be eligible to, and may, file an election with the Internal Revenue Service (the “IRS”) that will enable its shareholders, in effect, to receive the benefit of the foreign tax credit with respect to any foreign taxes paid by the Fund. Pursuant to the election, the Fund would treat those taxes as dividends paid to its shareholders and each shareholder (1) would be required to include in gross income, and treat as paid by such shareholder, a proportionate share of those taxes, (2) would be required to treat such share of those taxes and of any dividend paid by the Fund that represents income from foreign or U.S. possessions sources as such shareholder’s own income from those sources, and, if certain conditions are met, (3) could either deduct the foreign taxes deemed paid in computing taxable income or, alternatively use the foregoing information in calculating the foreign tax credit against federal income tax (but IRA accounts may not be able to use the foreign tax credit). The Fund will report to its shareholders shortly after each taxable year their respective shares of foreign taxes paid and the income from sources within, and taxes paid to, foreign countries and U.S. possessions if it makes this election. The rules relating to the foreign tax credit are complex. Each shareholder should consult his own tax adviser regarding the potential application of foreign tax credits.

If the Fund acquires any equity interest in certain foreign corporations that receive at least 75% of their annual gross income from passive sources (such as interest, dividends, certain rents and royalties, or capital gains) or that hold at least 50% of their assets in investments producing such passive income (“passive foreign investment companies”), the Fund could be subject to U.S. federal income tax and additional interest charges on “excess distributions” received from such companies or on gain from the sale of stock in such companies, even if all income or gain actually received by the Fund is timely distributed to its shareholders. The Fund would not be able to pass through to its shareholders any credit or deduction for such a tax. An election may generally be available that would ameliorate these adverse tax consequences, but any such election could require the Fund to recognize taxable income or gain (subject to tax distribution requirements) without the concurrent receipt of cash and would require certain information to be furnished by the foreign corporation, which may not be provided. These investments could also result in the treatment of associated capital gains as ordinary income. The Fund may limit and/or manage its holdings in passive foreign investment companies to limit its tax liability or maximize its return from these investments. Dividends paid by passive foreign investment companies will not qualify as qualified dividend income eligible for taxation at reduced tax rates.

Table of Contents - SAI

B-20

If the Fund utilizes leverage through borrowing, it may be restricted by loan covenants with respect to the declaration of, and payment of, dividends in certain circumstances. Limits on the Fund’s payments of dividends may prevent the Fund from meeting the distribution requirements, described above, and may, therefore, jeopardize the Fund’s qualification for taxation as a RIC and possibly subject the Fund to the 4% excise tax. The Fund will endeavor to avoid restrictions on its ability to make dividend payments.

The sale, exchange or redemption of Fund shares may give rise to a gain or loss. Such gain or loss would generally be treated as capital gain or loss if the Fund shares are held as a capital asset. In general, any gain or loss realized upon a taxable disposition of shares will be treated as long-term capital gain or loss if the shares have been held for more than one year. Otherwise, the gain or loss on the taxable disposition of Fund shares will be treated as short-term capital gain or loss. Long-term capital gain rates applicable to individuals have been reduced, in general, to a maximum rate of 15%; however, such rate is set to expire for taxable years beginning after December 31, 2012 absent further legislation. Any loss realized upon the sale or exchange of Fund shares with a holding period of 6 months or less will be treated as a long-term capital loss to the extent of any capital gain distributions received with respect to such shares. The use of capital losses is subject to limitations. In addition, all or a portion of a loss realized on a redemption or other disposition of Fund shares may be disallowed under “wash sale” rules to the extent the shares disposed of are replaced with other substantially identical shares (whether through the reinvestment of distributions or otherwise) within a 61-day period beginning 30 days before the redemption of the loss shares and ending 30 days after such date. Any disallowed loss will result in an adjustment to the shareholder’s tax basis in some or all of the other shares acquired.

Sales charges paid upon a purchase of shares cannot be taken into account for purposes of determining gain or loss on a sale of the shares before the 91st day after their purchase to the extent a sales charge is reduced or eliminated in a subsequent acquisition of shares of the Fund, if such acquisition takes place prior to January 31 of the calendar year following the calendar year that includes the sale, pursuant to the reinvestment privilege. Any disregarded amounts will result in an adjustment to the shareholder’s tax basis in some or all of any other shares acquired.

Dividends and distributions on the Fund’s shares are generally subject to federal income tax as described herein to the extent they do not exceed the Fund’s realized income and gains, even though such dividends and distributions may economically represent a return of a particular shareholder’s investment. Such distributions are likely to occur in respect of shares purchased at a time when the Fund’s net asset value reflects gains that are either unrealized, or realized but not distributed. Such realized gains may be required to be distributed even when the Fund’s net asset value also reflects unrealized losses. Certain distributions declared in October, November or December and paid in the following January will be taxed to shareholders as if received on December 31 of the year in which they were declared. In addition, certain other distributions made after the close of a taxable year of the Fund may be “spilled back” and treated as paid by the Fund (except for purposes of the 4% excise tax) during such taxable year. In such case, shareholders will nevertheless be treated as having received such dividends in the taxable year in which the distributions were actually made.

Amounts paid by the Fund to individuals and certain other shareholders who have not provided the Fund with their correct taxpayer identification number (“TIN”) and certain certifications required by the Internal Revenue Service as well as shareholders with respect to whom the Fund has received certain information from the IRS or a broker may be subject to “backup” withholding of federal income tax arising from the Fund’s taxable dividends and other distributions as well as the gross proceeds of sales of shares, currently equal to 28%. An individual’s TIN is generally his or her social security number. Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules from payments made to a shareholder may be refunded or credited against such shareholder’s U.S. federal income tax liability, if any, provided that the required information is furnished to the IRS.

Under Treasury regulations, if a shareholder recognizes a loss on disposition of the Fund’s shares of $2 million or more for an individual shareholder or $10 million or more for a corporate shareholder, the shareholder generally must file with the IRS a disclosure statement on Form 8886 except to the extent such losses are from assets that have a qualifying basis and meet certain other requirements. Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a regulated investment company are not excepted. Future guidance may extend the current exception from this reporting requirement to shareholders of most or all regulated investment companies. In addition, significant penalties may be imposed for the failure to comply with the reporting requirements. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer’s treatment of the loss is proper. Shareholders should consult their tax advisers to determine the applicability of these regulations in light of their individual circumstances.

Table of Contents - SAI

B-21

The foregoing discussion does not address the special tax rules applicable to certain classes of investors, such as tax-exempt entities, foreign investors, insurance companies and financial institutions. Shareholders should consult their own tax advisers with respect to special tax rules that may apply in their particular situations, as well as the state, local, and, where applicable, foreign tax consequences of investing in the Fund.

The Fund will inform shareholders of the source and tax status of all distributions promptly after the close of each calendar year. The IRS currently requires that a RIC with a taxable year ending December 31 that has two or more classes of stock allocate to each such class proportionate amounts of each type of its income (such as ordinary income, capital gains, dividends qualifying for the dividends received deduction and qualified dividend income) based upon the percentage of total dividends paid out of earnings or profits to each class for the tax year. Accordingly, the Fund intends each year to allocate capital gain dividends, dividends qualifying for the dividends received deduction and dividends derived from qualified dividend income, if any, between its common shares and preferred shares, if any, in proportion to the total dividends paid out of earnings or profits to each class with respect to such tax year.

State and Local Taxes

Shareholders should consult their own tax advisers as to the state or local tax consequences of investing in the Fund.

OTHER INFORMATION

The Fund is an organization of the type commonly known as a “Delaware statutory trust.” Under Delaware law, shareholders of such a trust may, in certain circumstances, be held personally liable as partners for the obligations of the trust. The Agreement and Declaration of Trust (the “Declaration of Trust”) contains an express disclaimer of shareholder liability in connection with the Fund property or the acts, obligations or affairs of the Fund. The Fund has been advised by its counsel that the risk of any shareholder incurring any liability for the obligations of the Fund is remote.

The Declaration of Trust provides that the trustees will not be liable for actions taken in good faith in the reasonable belief that such actions were in the best interests of the Fund or, in the case of any criminal proceeding, as to which a trustee did not have reasonable cause to believe that such actions were unlawful; but nothing in the Declaration of Trust protects a trustee against any liability to the Fund or its shareholders to which he would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office. Voting rights are not cumulative, which means that the holders of more than 50% of the shares voting for the election of trustees can elect 100% of the trustees and, in such event, the holders of the remaining less than 50% of the shares voting on the matter will not be able to elect any trustees.

The Declaration of Trust provides that no person shall serve as a trustee if shareholders holding a majority of the outstanding shares have removed him from that office either by a written declaration filed with the Fund’s custodian or by votes cast at a meeting called for that purpose. Information about anti-takeover provisions in the Declaration of Trust is discussed in the Prospectus under “Anti-Takeover Provisions in the Declaration of Trust.” The Fund’s Prospectus and this SAI do not contain all of the information set forth in the Registration Statement that the Fund has filed with the SEC. The complete Registration Statement may be obtained as described on the cover page of this SAI.

Table of Contents - SAI

B-22

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Ernst & Young LLP is the independent registered public accounting firm for the Fund and will provide audit services, tax return preparation and assistance and consultation with respect to the preparation of filings with the SEC.

Table of Contents - SAI

B-23

FINANCIAL STATEMENTS

The Fund’s financial statements contained in the Fund’s most recent semi-annual report to shareholders, and the Fund’s financial statements contained in the Fund’s most recent annual report to shareholders and the report of Ernst & Young LLP, the Fund’s independent registered public accounting firm, appearing therein, are incorporated by reference in this Statement of Additional Information. The Fund’s semi-annual report and annual report to shareholders, which contain the referenced financial statements, are available upon request and without charge.

Table of Contents - SAI

B-24

PART C

OTHER INFORMATION

Item 25. Financial Statements and Exhibits

(1) Financial Statements:

Financial highlights of the Fund for the six month period ended June 30, 2010 and for the period from October 26, 2009 through December 31, 2009 are included in Part A of this Registration Statement in the section entitled “Financial Highlights.”

The Fund’s financial statements are incorporated into Part B of this Registration Statement by reference to the Fund’s semi-annual report to shareholders on Form N-CSRS for the six months ended June 30, 2010 filed on September 7, 2010 and the Fund’s annual report to shareholders on Form N-CSR for the year ended December 31, 2009 filed on March 10, 2010.

(2) Exhibits:

(a)(i)		Certificate of Trust*
(a)(ii)		Agreement and Declaration of Trust*
(b)		Bylaws*
(c)		Not applicable
(d)		Form of Share Certificate**
(e)		Dividend Reinvestment Plan**
(f)		Not applicable
(g)(i)		Investment Management Agreement***
(g)(ii)		Expense Limitation Agreement**
(h)		Distribution Agreement**
(i)		Not applicable
(j)		Custody Agreement between the Fund and U.S. Bank N.A. dated October 7, 2009***
(j)(i)		First Amendment dated August 16, 2010 to Custody Agreement between the Fund and U.S. Bank N.A. dated October 7, 2009****
(k)(i)		Fund Administration Servicing Agreement between the Fund and U.S. Bancorp Fund Services, LLC dated October 7, 2009***
(k)(i)(a)		First Amendment dated August 16, 2010 to Fund Administration Servicing Agreement between the Fund and U.S. Bancorp Fund Services, LLC dated October 7, 2009****
(k)(ii)		Fund Accounting Servicing Agreement between the Fund and U.S. Bancorp Services, LLC dated October 7, 2009***
(k)(ii)(a)		First Amendment dated August 16, 2010 to Fund Accounting Servicing Agreement between the Fund and U.S. Bancorp Fund Services, LLC dated October 7, 2009****
(k)(iii)		Transfer Agent Servicing Agreement between the Fund and U.S. Bancorp Fund Services, LLC dated October 7, 2009***
(k)(iii)(a)		First Amendment dated August 16, 2010 to Transfer Agent Servicing Agreement between the Fund and U.S. Bancorp Fund Services, LLC dated October 7, 2009****
(l)		Opinion and Consent of Blank Rome LLP*
(m)		Not applicable
(n)		Consent of Independent Auditor****
(o)		Not applicable
(p)		Initial Subscription Agreement**
(q)		Not applicable
(r)		Code of Ethics of the Fund and the Adviser**

*	Incorporated by reference to the Fund’s initial registration statement on Form N-2, SEC file no. 333-160919, filed on July 30, 2009.

C-1

**	Incorporated by reference to the first pre-effective amendment to the Fund’s registration statement on Form N-2, SEC file no. 333-160919, filed on October 13, 2009.

***

Incorporated by reference to the second pre-effective amendment to the Fund’s registration statement on Form N-2, SEC file no. 333-160919, filed on October 23, 2009 to correct the version previously filed as an exhibit to the first pre-effective amendment to the Fund’s registration statement on Form N-2, SEC file no. 333-160919, filed on October 13, 2009.

**** Filed herewith.

Item 26. Marketing Arrangements

See Distribution Agreement previously filed as an exhibit to the first pre-effective amendment to the Fund’s registration statement on Form N-2 filed on October 13, 2009.

Item 27. Other Expenses of Issuance and Distribution

Not applicable.

Item 28. Persons Controlled by or Under Common Control with the Fund

None.

Item 29. Number of Holders of Securities

Set forth below is the number of record holders as of December 31, 2010 of each class of securities of the Fund:

Title of Class		Number of Record Holders
Common Shares of Beneficial Interest		167

Item 30. Indemnification

Article IV of the Fund's Agreement and Declaration of Trust provides as follows:

4.1 No Personal Liability of Shareholders, Trustees, etc.

No Shareholder of the Trust shall be subject in such capacity to any personal liability whatsoever to any Person in connection with Trust Property or the acts, obligations or affairs of the Trust. Shareholders shall have the same limitation of personal liability as is extended to stockholders of a private corporation for profit incorporated under the General Corporation Law of the State of Delaware. No Trustee or officer of the Trust shall be subject in such capacity to any personal liability whatsoever to any Person in connection with Trust Property or the affairs of the Trust, save only liability to the Trust or its Shareholders arising from bad faith, willful misfeasance, gross negligence or reckless disregard for his duty to such Person; and, subject to the foregoing exception, all such Persons shall look solely to the Trust Property for satisfaction of claims of any nature arising in connection with the affairs of the Trust. If any Shareholder, Trustee or officer of the Trust, as such, is made a party to any suit or proceeding to enforce any such liability, subject to the foregoing exception, he shall not, on account thereof, be held to any personal liability.

C-2

4.2 Mandatory Indemnification.

(a) The Trust shall indemnify the Trustees and officers of the Trust (each such person being an “indemnitee”) against any liabilities and expenses, including amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and reasonable counsel fees reasonably incurred by such indemnitee in connection with the defense or disposition of any action, suit or other proceeding, whether civil or criminal, before any court or administrative or investigative body in which he may be or may have been involved as a party or otherwise (other than, except as authorized by the Trustees, as the plaintiff or complainant) or with which he may be or may have been threatened, while acting in any capacity set forth in this Section 4.2 by reason of his having acted in any such capacity, except with respect to any matter as to which he shall not have acted in good faith in the reasonable belief that his action was in the best interest of the Trust or, in the case of any criminal proceeding, as to which he shall have had reasonable cause to believe that the conduct was unlawful, provided, however, that no indemnitee shall be indemnified hereunder against any liability to any person or any expense of such indemnitee arising by reason of (i) willful misfeasance, (ii) bad faith, (iii) gross negligence (negligence in the case of Affiliated Indemnitees), or (iv) reckless disregard of the duties involved in the conduct of his position (the conduct referred to in such clauses (i) through (iv) being sometimes referred to herein as “disabling conduct”). Notwithstanding the foregoing, with respect to any action, suit or other proceeding voluntarily prosecuted by any indemnitee as plaintiff, indemnification shall be mandatory only if the prosecution of such action, suit or other proceeding by such indemnitee was authorized by a majority of the Trustees.

(b) Notwithstanding the foregoing, no indemnification shall be made hereunder unless there has been a determination (1) by a final decision on the merits by a court or other body of competent jurisdiction before whom the issue of entitlement to indemnification hereunder was brought that such indemnitee is entitled to indemnification hereunder or, (2) in the absence of such a decision, by (i) a majority vote of a quorum of those Trustees who are neither Interested Persons of the Trust nor parties to the proceeding (“Disinterested Non-Party Trustees”), that the indemnitee is entitled to indemnification hereunder, or (ii) if such quorum is not obtainable or even if obtainable, if such majority so directs, independent legal counsel in a written opinion conclude that the indemnitee should be entitled to indemnification hereunder.

All determinations to make advance payments in connection with the expense of defending any proceeding shall be authorized and made in accordance with the immediately succeeding paragraph (c) below.

(c) The Trust shall make advance payments in connection with the expenses of defending any action with respect to which indemnification might be sought hereunder if the Trust receives a written affirmation by the indemnitee of the indemnitee's good faith belief that the standards of conduct necessary for indemnification have been met and a written undertaking to reimburse the Trust unless it is subsequently determined that he is entitled to such indemnification and if a majority of the Trustees determine that the applicable standards of conduct necessary for indemnification appear to have been met. In addition, at least one of the following conditions must be met: (1) the indemnitee shall provide adequate security for his undertaking, (2) the Trust shall be insured against losses arising by reason of any lawful advances, or (3) a majority of a quorum of the Disinterested Non-Party Trustees, or if a majority vote of such quorum so direct, independent legal counsel in a written opinion, shall conclude, based on a review of readily available facts (as opposed to a full trial-type inquiry), that there is substantial reason to believe that the indemnitee ultimately will be found entitled to indemnification.

(d) The rights accruing to any indemnitee under these provisions shall not exclude any other right to which he may be lawfully entitled.

(e) Notwithstanding the foregoing, subject to any limitations provided by the 1940 Act and this Declaration, the Trust shall have the power and authority to indemnify Persons providing services to the Trust to the full extent provided by law provided that such indemnification has been approved by a majority of the Trustees.

Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Fund pursuant to the foregoing provisions, or otherwise, the Fund has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Fund of expenses incurred or paid by a director, officer or controlling person of the Fund in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Fund will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

4.3 No Duty of Investigation; Notice in Trust Instruments, etc.

No purchaser, lender, transfer agent or other person dealing with the Trustees or with any officer, employee or agent of the Trust shall be bound to make any inquiry concerning the validity of any transaction purporting to be made by the Trustees or by said officer, employee or agent or be liable for the application of money or property paid, loaned or delivered to or on the order of the Trustees or of said officer, employee or agent. Every obligation, contract, undertaking, instrument, certificate, Share, other security of the Trust, and every other act or thing whatsoever executed in connection with the Trust shall be conclusively taken to have been executed or done by the executors thereof only in their capacity as Trustees under this Declaration or in their capacity as officers, employees or agents of the Trust. The Trustees may maintain insurance for the protection of the Trust Property, its Shareholders, Trustees, officers, employees and agents in such amount as the Trustees shall deem adequate to cover possible liability, and such other insurance as the Trustees in their sole judgment shall deem advisable or is required by the 1940 Act.

C-3

4.4 Reliance on Experts, etc.

Each Trustee and officer or employee of the Trust shall, in the performance of its duties, be fully and completely justified and protected with regard to any act or any failure to act resulting from reliance in good faith upon the books of account or other records of the Trust, upon an opinion of counsel or upon reports made to the Trust by any of the Trust's officers or employees or by any adviser, administrator, manager, distributor, selected dealer, accountant, appraiser or other expert or consultant selected with reasonable care by the Trustees, officers or employees of the Trust, regardless of whether such counsel or other person may also be a Trustee.

Item 31. Business and Other Connections of Investment Adviser

Ascent Investment Advisors, LLC serves as investment adviser to the Fund (the “Adviser”). The Adviser is a Colorado limited liability company formed in December of 2007. A description of any other business, profession, vocation, or employment of a substantial nature in which the Adviser, and each member or executive officer of the Adviser is or has been during the past two fiscal years engaged in for his or her own account or in the capacity of director, officer, employee, partner or trustee, is set forth in the Statement of Additional Information contained in this Registration Statement in the section entitled “Management.”

Item 32. Location of Accounts and Records

All applicable accounts, books and documents required to be maintained by the Fund by Section 31(a) of the 1940 Act and the Rules promulgated thereunder are in the possession and custody of the Fund’s administrator, U.S. Bancorp Fund Services, LLC, 615 East Michigan Street, Milwaukee, Wisconsin 53202.

Item 33. Management Services

Not applicable.

Item 34. Undertakings

1.	The Fund undertakes to suspend the offering of its Common Shares of Beneficial Interest until the prospectus is amended if (1) subsequent to the effective date of this registration statement, the net asset value declines more than 10 percent from its net asset value as of the effective date of this registration statement or (2) the net asset value increases to an amount greater than its net proceeds as stated in the prospectus.

2.	Not applicable.

3.	Not applicable.

4.	The Fund undertakes:

	(a)	to file, during any period in which offers or sales are being made, a post-effective amendment to the registration statement: (1) to include any prospectus required by Section 10(a)(3) of the 1933 Act; (2) to reflect in the prospectus any facts or events after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement; and (3) to include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement.

C-4

	(b)	that, for the purpose of determining any liability under the 1933 Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered herein, and the offering of those securities at that time shall be deemed to be the initial bona fide offering thereof; and

	(c)	to remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering; and

	(d)	that, for the purpose of determining liability under the 1933 Act to any purchaser, if the Fund is subject to Rule 430C: Each prospectus filed pursuant to Rule 497(b), (c), (d) or (e) under the 1933 Act as part of a registration statement relating to an offering, other than prospectuses filed in reliance on Rule 430A under the 1933 Act, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

	(e)	that, for the purpose of determining liability of the Fund under the 1933 Act to any purchaser in the initial distribution of securities, the undersigned Fund undertakes that in a primary offering of securities of the undersigned Fund pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned Fund will be a seller to the purchaser and will be considered to offer or sell such securities to the purchaser: (1) any preliminary prospectus or prospectus of the undersigned Fund relating to the offering required to be filed pursuant to Rule 497 under the 1933 Act; (2) the portion of any advertisement pursuant to Rule 482 under the 1933 Act relating to the offering containing material information about the undersigned Fund or its securities provided by or on behalf of the undersigned Fund; and (3) any other communication that is an offer in the offering made by the undersigned Fund to the purchaser.

5.	The Fund undertakes that:

	(a)	for the purpose of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in the form of prospectus filed by the Fund pursuant to 497(h) under the Securities Act shall be deemed to be part of the registration statement as of the time it was declared effective; and

	(b)	for the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

6.	The Fund undertakes to send by first class mail or other means designed to ensure equally prompt delivery, within two business days of receipt of an oral or written request, its Statement of Additional Information.

C-5

SIGNATURES

Pursuant to requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Fund certifies that this Registration Statement meets all of the requirements for effectiveness under paragraph (b) of Rule 486 under the Securities Act of 1933, as amended, and has duly caused this Amendment to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Princeton, in the State of New Jersey, on the 21st day of January, 2011.

	GLOBAL REAL ESTATE INVESTMENTS FUND


	By:	/s/ andrew j. duffy
		Name: Andrew J. Duffy Title: President (Principal Executive Officer)

Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

Signature	Title	Date

/s/ randolph s. lewis	Trustee, Chairman of the Board, Secretary, Chief Compliance Officer and Treasurer (Principal Financial Officer)	January 21, 2011
Randolph S. Lewis

/s/*	Trustee	January 21, 2011
Anthony J. Hertl

/s/*	Trustee	January 21, 2011
Walter S. Schacht

/s/*	Trustee	January 21, 2011
William C. Steward

/s/*	Trustee	January 21, 2011
James S. Vitalie

*By: /s/ Andrew J. Duffy

Andrew J. Duffy,

as Attorney-In-Fact

INDEX TO EXHIBITS

Exhibit
No.		Description
(j)(i)		First Amendment dated August 16, 2010 to Custody Agreement between the Fund and U.S. Bank N.A. dated October 7, 2009
(k)(i)(a)		First Amendment dated August 16, 2010 to Fund Administration Servicing Agreement between the Fund and U.S. Bancorp Services, LLC dated October 7, 2009
(k)(ii)(a)		First Amendment dated August 16, 2010 to Fund Accounting Servicing Agreement between the Fund and U.S. Bancorp Services, LLC dated October 7, 2009
(k)(iii)(a)		First Amendment dated August 16, 2010 to Transfer Agent Servicing Agreement between the Fund and U.S. Bancorp Fund Services, LLC dated October 7, 2009
(n)		Consent of Independent Auditor

C-7

Title of Securities Being Registered		Proposed Maximum Aggregate Offering Price (1)		Amount of Registration Fee
Common shares, no par value		$225,000,000		$12,555(2)

					Total Maximum (2)
Offering Amount					$225,000,000
Sales Load (3)					$16,312,500
Proceeds to the Fund (4)					$208,687,500

SUMMARY	1
SUMMARY OF FUND EXPENSES	13
FINANCIAL HIGHLIGHTS	15
THE FUND	16
USE OF PROCEEDS	16
INVESTMENT OBJECTIVE, POLICIES AND STRATEGIES	16
RISK FACTORS	22
MANAGEMENT OF THE FUND	28
DETERMINATION OF NET ASSET VALUE	31
QUARTERLY REPURCHASES OF SHARES	32
DISTRIBUTION POLICY	35
DIVIDEND REINVESTMENT PLAN	36
U.S. FEDERAL INCOME TAX MATTERS	37
DESCRIPTION OF CAPITAL STRUCTURE	39
ANTI-TAKEOVER PROVISIONS IN THE DECLARATION OF TRUST	42
POTENTIAL CONVERSION TO OPEN-END FUND	43
PLAN OF DISTRIBUTION	43
LEGAL MATTERS	46
REPORTS TO SHAREHOLDERS	46
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	47
ADDITIONAL INFORMATION	47
TABLE OF CONTENTS OF THE STATEMENT OF ADDITIONAL INFORMATION	48
THE FUND’S PRIVACY POLICY	48

Shareholder Transaction Expenses (as a percentage of offering price) (1)
Sales load (2)				7.25%
Dividend Reinvestment Plan fees				None
Annual Expenses (as a percentage of net assets attributable to common shares) (3)
Management Fees (3)				1.20%
Other expenses (4)				11.02%
Total Annual Expenses (5)				12.22%
Fee and Expense Waiver (6)				9.46%
Total Annual Expenses After Fee and Expense Waiver				2.76%

			1 Year		3 Years		5 Years		10 Years
	You would pay the following expenses on a $1,000 investment, assuming a 5% annual return		$98		$152		$208		$359

(1)	This offering is not subject to any minimum purchase by the Fund’s distributor. However, minimum initial, and any subsequent, investment by each shareholder in the Fund is $1,000.
(2)	Ascent Real Estate Securities, LLC is serving as the Fund’s distributor on a best efforts basis, subject to various conditions. The Fund also distributes shares through other selected dealers.
(3)	Investments are subject to a sales load assessed at a rate of 7.25% to 3.25% depending upon the amount invested. See “Plan of Distribution.”
(4)	The Fund incurred offering expenses of approximately $368,670, which were amortized over the first twelve months of the Fund’s operations. Ascent Investment Advisors, LLC, the Fund’s investment adviser, has borne all of the organizational costs of the Fund. This amount assumes all shares currently registered are sole in the continuous offering.

(1)	Shareholders who choose to participate in repurchase offers by the Fund will incur a repurchase fee equal to 2% of the value of the shares the Fund repurchases from them. In addition, if shareholders request repurchase proceeds be paid by wire transfer, such shareholders will be assessed an outgoing wire transfer fee at prevailing rates charged by U.S. Bancorp, currently $15.

(2)	Investments are subject to a sales load assessed at a rate of 7.25% to 3.25% depending upon the amount invested. Assuming an investor purchases less than $100,000 worth of the Fund’s shares, the sales load would be 7.25%. The actual sales load payable by an investor would be lower if such investor purchases shares in an amount equal to or greater than $100,000. Investors will be assessed fees for returned checks and stop payment order at prevailing rates charged by U.S. Bancorp, which are currently $25. See “Plan of Distribution.”

(3)	The Investment Management Agreement between the Fund and the Adviser obligates the Fund to pay the Adviser a monthly investment management fee at the annual rate of 1.20% of the Fund's daily net assets (up to net assets of $250,000,000). This management fee rate is reduced as the Fund’s net assets increase on assets above $250,000,000, such that a blended rate results. See “Management of the Fund.”

(4)	“Other Expenses” are estimated to be 11.02% based on the Fund’s average net assets of $2,212,358 as of December 31, 2010. Such expenses include expenses associated with the Fund’s continuous offering and shareholder servicing, administration and fund accounting fees. The Fund will not sell securities short and has no current intent to borrow money for investment purposes. “Other Expenses” also includes Acquired Funds Fees and Expenses (the “AFFE”) incurred by the Fund as a result of its investment in money market funds or any other investment company. The Fund does not intend to invest in the securities of other investment companies, other than in money market funds for cash management purposes. The Fund estimates AFFE to be 0.01% of the Fund’s average daily net assets.

(5)	The Fund incurred offering costs in connection with the initial offering of the common shares estimated to be $368,670, which are not included in Total Annual Expenses above, but are subject to the 2.75% per annum limitation on expenses. These expenses were amortized over the first twelve months of the Fund’s operations.

(6)	The Adviser and the Fund have entered into an expense limitation and reimbursement agreement (the "Expense Limitation Agreement") under which the Adviser has agreed contractually to waive its fees and to pay or absorb the ordinary annual operating expenses of the Fund (including all organization and offering expenses, but excluding interest, brokerage commissions and extraordinary expenses), to the extent that they exceed 2.75% per annum of the Fund’s average daily net assets (the "Expense Limitation"). In consideration of the Adviser's agreement to limit the Fund's expenses, the Fund has agreed to repay the Adviser in the amount of any fees waived and Fund expenses paid or absorbed, subject to the limitations that: (1) the reimbursement for fees and expenses will be made only if payable not more than three years from the end of the fiscal year in which they were incurred; and (2) the reimbursement may not be made if it would cause the Expense Limitation to be exceeded. The Expense Limitation Agreement will remain in effect unless and until the Board approves its modification or termination. See “Management of the Fund.”

	For the Six Months			For the Period
	Ended June 30, 2010			from October 26, 2009^
	(Unaudited)			through December 31, 2009

Per Share Data(1):
Net Asset Value, beginning of period	$	19.89		$	18.55
Income from investment operations:
Net investment income(2)		0.49			0.12
Net realized and unrealized gains (losses) on investments		(1.02	)		1.32
Total from investment operations		(0.53	)		1.44
Less distributions:
From net investment income		(0.60	)		(0.10	)
Total distributions		(0.60	)		(0.10	)
Net asset value, end of period	$	18.76		$	19.89
Total return(3)(4)		(3.05	)%		7.76	%
Supplemental data and ratios(6):
Net assets, end of period	$	2,152,574		$	820,815
Ratio of expenses to average net assets:
Before expense reimbursement		45.75	% (5)		321.65	% (5)
After expense reimbursement		2.75	% (5)		2.75	% (5)
Ratio of net investment income (loss) to average net assets:
Before expense reimbursement		(38.02	)% (5)		(313.70	)% (5)
After expense reimbursement		4.98	% (5)		5.20	% (5)
Portfolio turnover rate		449	% (4)		206	% (4)


^ Commencement of operations.
(1) For a share outstanding throughout the period. Rounded to the nearest cent.
(2) Calculated based on average shares outstanding during the period.
(3) The total return calculation does not reflect the front end sales charge.
(4) Not annualized.
(5) Annualized.
(6) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

Daily Net Assets of the Fund	Annual Management Fee Rate (as a Percentage of Daily Net Assets)
Up to and including $250,000,000	1.20%
Next $249,999,999 (Assets from $250,000,001-$500,000,000)	1.10%
Next $499,999,999 (Assets from $500,000,001- $1,000,000,000)	1.00%
Next $999,999,999 (Assets from $1,000,000,001-$2,000,000,000)	0.90%
Assets over $2,000,000,000	0.80%

Amount Invested in the Fund by a Shareholder	Total Sales Load as a Percentage of Offering Price*	Total Sales Load as a Percentage of Net Amount Invested*	Selling Concession to Participating Broker Dealers	Reallowance to the Distributor
$1,000-24,999	7.25%	7.82%	4.75%	2.50%
$25,000-99,999	7.25%	7.82%	5.00%	2.25%
$100,000-249,999	6.25%	6.67%	4.25%	2.00%
$250,000-499,999	5.25%	5.54%	3.50%	1.75%
$500,000-999,999	4.25%	4.44%	2.75 %	1.50%
$1,000,000 and Over	3.25%	3.36%	2.00%	1.25%

	Page
Investment Policies	B-2
Management	B-4
Code of Ethics	B-11
Proxy Voting Policies and Procedures	B-11
Investment Advisory and Other Services	B-12
Portfolio Managers	B-15
Allocation of Brokerage	B-16
U.S. Taxes	B-18
Other Information	B-22
Independent Registered Public Accounting Firm	B-23
Financial Statements	B-24

FACTS	WHAT DOES GLOBAL REAL ESTATE INVESTMENTS FUND DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: · Social Security number · account balances · account transactions · transaction history · wire transfer instructions · checking account information When you are no longer our customer, we continue to share your information as described in this notice.
How?	All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers ' personal information; the reasons Global Real Estate Investments Fund chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does Global Real Estate Investments Fund share?	Can you limit this sharing?
For our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes – to offer our products and services to you	No	We don’t share

For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes – information about your transactions and experiences	Yes	No
For our affiliates’ everyday business purposes – information about your creditworthiness	No	We don’t share
For our affiliates to market to you	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

What we do
Who is providing this notice?	Global Real Estate Investments Fund.
How does Global Real Estate Investments Fund protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
How does Global Real Estate Investments Fund collect my personal information?	We collect your personal information, for example, when you ▪ open an account ▪ provide account information ▪ give us your contact information ▪ make a wire transfer ▪ tell us where to send the money We also collect your information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ▪ sharing for affiliates’ everyday business purposes – information about your creditworthiness ▪ affiliates from using your information to market to you ▪ sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ▪ Our affiliates include Ascent Investment Advisors, LLC, Ascent Real Estate Securities, LLC, Real Estate Securities Partners, LLC and Ascent Investment Partners, LLC.

Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ▪ Global Real Estate Investments Fund doesn’t share with nonaffiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ▪ Global Real Estate Investments Fund doesn’t jointly market.