Fund Description

The fund uses an integrated approach combining research, portfolio design, portfolio management, and trading. Using a market capitalization weighted approach, it buys readily marketable equity securities of companies whose principal activities include ownership, management, development, construction, or sale of residential, commercial, or industrial real estate; the fund will make equity investments in securities listed on a securities exchange in the United States deemed appropriate by the Advisor. It focuses on certain REITs, residential construction companies, and firms (except partnerships) that develop commercial property, and invests in companies of all sizes. The Advisor may adjust the representation of an eligible company, or exclude a company, after considering factors such as free float, price momentum, short-run reversals, trading strategies, liquidity, size, relative price, profitability, and other factors the Advisor determines to be appropriate. Under normal circumstances, at least 80% of net assets are in real estate industry companies, and it concentrates in that industry. It may use futures and options on futures to manage equity exposure and may lend securities.