Fund Description

The fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in investments tied to companies principally engaged in the real estate industry, generally those deriving at least 50% of gross income or net profits from owning, constructing, managing, or selling real estate. Eligible issuers may include REITs, master limited partnerships, owners, managers, brokers, dealers, and companies with substantial real estate holdings, across any market capitalization. It may invest in other investment companies, including ETFs. It uses derivatives, including contracts for differences, to obtain long and short exposures and express relative value views, creating leverage; it generally targets about 130% long and about 30% short exposure, with long and short exposures approximately balanced, including positions in equity, mortgage, and hybrid REITs. The fund is non-diversified, may trade frequently, and may lend securities up to 33 1/3% of total assets.