Fund Description

The fund uses an integrated approach combining research, portfolio design, management, and trading to achieve exposure to a broad portfolio of securities of U.S. and non-U.S. companies in the real estate industry, focusing on REITs and REIT-like entities and investing across company sizes. It may invest through underlying portfolios and/or directly, with allocations reviewed and adjustable without shareholder notice. It generally uses market-cap weighting, with discretion to adjust or exclude issuers based on factors including free float, momentum, liquidity, relative price, and profitability, and may limit country or issuer exposure. Under normal circumstances, at least 80% of net assets are invested in real estate industry securities, and it concentrates in the real estate industry. It targets exposure to at least three countries, including the U.S., may purchase or sell futures contracts and options on futures contracts for equity securities and indices to increase or decrease equity market exposure based on actual or expected cash inflows to or outflows, and may enter into foreign currency exchange transactions, including foreign currency forward contracts, in connection with settlement of foreign securities or to transfer cash balances between currencies. It may lend securities.