Fund Description

The fund seeks investments whose prices will increase over time and that will pay dividends and other income. It normally invests at least 80% of investable assets in equity-related securities of real estate companies, principally REITs, and other real estate securities, and concentrates in real estate securities (at least 25% of total assets). It invests globally with no limit on foreign real estate companies; under normal circumstances it invests in at least three countries and at least 40% of investable assets in foreign securities, including emerging markets, with a minimum of 30% when conditions are unfavorable. Equity-related securities may include common stock, convertibles, preferreds, ADRs, warrants, and similar securities. The subadviser uses a value-oriented approach grounded in real estate fundamentals, emphasizing quantitative and qualitative analysis, company research, and assessments of cash flows, dividends, strategy, and management.