Fund Description

The fund invests at least 80% of net assets in equity securities of REITs and other companies engaged in the real estate industry. A company is considered real estate-related if, at purchase, at least 50% of revenues or 50% of asset market value is tied to owning, constructing, managing, or selling real estate. Managers seek securities offering stock price appreciation and sustainable cash-flow growth, using top-down sector and geographic analysis, bottom-up research, and benchmark-sensitive construction aligned with the FTSE Nareit All Equity REITs Index, emphasizing sector research. The fund is nondiversified, may hold relatively few positions, and may trade frequently, potentially increasing transaction costs and capital gains distributions.