Fund Description

The fund normally invests at least 80% of assets in debt and income-producing equity securities of companies principally engaged in the real estate industry and other real estate related investments. It normally invests primarily in preferred and common stocks of real estate investment trusts (REITs), debt securities of real estate entities, and commercial and other mortgage-backed securities, with an emphasis on lower-quality debt securities (those of less than investment-grade quality). It invests in domestic and foreign issuers. Derivative instruments that provide investment exposure to these investments or to market risk factors associated with them are included in the fund's 80% policy, consistent with the fund's investment policies and limitations with respect to investments in derivatives. Security selection uses fundamental analysis of issuers and market and economic conditions.