Fund Description

Under normal market conditions, the fund invests at least 80% of net assets (plus any borrowings for investment purposes) in equity securities of REITs and real estate companies, including common and preferred stock and securities convertible into common stock. Real estate companies include those in the GICS Real Estate sector or the Hotels, Restaurants & Leisure industry or Homebuilding sub-industry. The manager uses bottom-up security analysis with top-down real estate market views, focusing on companies with the potential for stock price appreciation and a record of paying dividends; this may include companies of any market capitalization, including small and mid-sized companies. It may invest in other securities, use non-leveraged stock index futures, and invest up to 10% in foreign real estate companies. The fund is non-diversified and concentrates in real estate issuers.