Fund Description

The fund normally invests at least 80% of net assets in equity securities of REITs and in common stocks and other securities of real estate companies, defined as those deriving at least 50% of revenue from, or holding at least 50% of assets in, real estate. Up to 20% may be invested in real estate company debt, including investment grade and below-investment-grade rated at least B (or comparable). The fund is non-diversified and concentrates in real estate, at times emphasizing specific sub-sectors. Managers use fundamental analysis, may trade actively, and consider financially material ESG factors where applicable. Some of the REITs and other real estate securities in which the fund invests may be preferred stock, which receives preference in the payment of dividends. Holdings may be sold as outlooks or opportunities change.