Fund Description

The fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of U.S. and non-U.S. companies principally engaged in the real estate industry, defined as having at least 50% of assets, income, or profits tied to real estate-related products or services. It invests across all market capitalizations and in both value and growth equities. The portfolio invests a significant percentage in REITs and foreign REIT-like entities. Under normal market conditions, it holds investments tied economically to at least three countries and invests a percentage of its net assets in securities of foreign issuers equal to at least the lesser of 40% or the percentage of foreign issuers in the FTSE EPRA/NAREIT Developed Index minus 10%. It concentrates in real estate.