Easterly Global Real Estate Fund Class R6 JARSX

Todd Voigt’s departure increases Easterly Ranger Global Real Estate’s reliance on lead portfolio manager Andrew Duffy but does not change our overall assessment of the team. The strategy’s Average People rating remains unchanged. Voigt, who joined Ranger in 2016 and most recently managed the international sleeve of the portfolio, left effective June 30, 2026. Duffy has assumed responsibility for the international portfolio. Before Voigt's departure, the team completed an orderly transition of his coverage responsibilities, research models, and related duties. The firm has not made any related portfolio or process changes and does not plan to hire a replacement. The three-person team’s already lean structure now places greater responsibility with Duffy, who has led the strategy since its 2009 inception. However, senior portfolio manager Peter Zabierek brings substantial global real estate experience to this effort and manages the US sleeve, while senior trader Ryan Mannle supports research and implementation. Although the smaller team, increased demand on Duffy, and limited succession depth give us pause, the remaining squad has enough experience necessary to execute the strategy effectively. The orderly transition also reduces the risk of near-term disruption.