Fund Description

The fund, under normal circumstances, invests at least 80% of net assets plus any borrowings for investment purposes in equity investments of issuers primarily engaged in or related to the real estate industry, including REITs, REIT-like structures, and real estate operating companies. The strategy emphasizes property market fundamentals and focuses on companies with sustainable cash-flow growth and dividend-paying capability over time. The Investment Adviser attempts to purchase securities so that its underlying portfolio will be diversified geographically and by property type. It invests primarily in publicly traded U.S. securities, may invest up to 15% in foreign securities, and up to 20% in fixed income and other equities. The process may integrate ESG factors. It concentrates in real estate and is non-diversified. Performance is measured against the FTSE NAREIT All Equity REITs Index (Total Return, USD, Unhedged).