Fund Description

The fund uses a bottom-up, relative value process to select publicly traded real estate securities, guided by a proprietary valuation model using price-to-NAV, cash flow multiple/growth ratios, and a dividend discount model, supported by quantitative and qualitative research on supply-demand dynamics, management, strategy, property quality, financial strength, and corporate structure, with attention to risk control, diversification, and liquidity. Under normal conditions it invests at least 80% of total assets in income-producing equity securities of real estate companies, including REITs, may invest without limit in REITs, and can invest across market capitalizations. It may invest up to 20% in debt (including high yield) and up to 20% in foreign issuers (including emerging markets) via ADRs, GDRs, and EDRs, and may sell index or security options to earn premiums to enhance current income. It does not seek specific ESG outcomes, though relevant ESG factors may be considered.