Fund Description

The fund seeks to achieve its objective by investing, under normal circumstances, in real estate-linked derivative instruments backed by a portfolio of inflation-indexed securities and other fixed income instruments, including bonds and debt issued by U.S. and non-U.S. public- or private-sector entities. It typically gains real estate exposure through REIT total return swap agreements, and may also invest in REITs and common, preferred, and convertible securities of real estate-related issuers. The average portfolio duration of the fixed income portion will vary based on the manager's market forecasts and, under normal market conditions, is not expected to exceed 10 years. It may invest up to 10% in high yield securities, up to 30% in foreign-currency securities, normally limits net foreign currency exposure to 20%, and may allocate up to 10% to emerging market-tied instruments. It may use derivatives without limitation, buybacks or dollar rolls, invest in mortgage- or asset-backed securities, trade when-issued, delayed delivery or forward, and engage in short sales.