Fund Description

The fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of real estate investment trusts (REITs) and real estate companies, and may invest without limitation in companies principally engaged in the real estate industry. A real estate company is one that portfolio management believes derives at least 50% of revenues or asset market value from real estate ownership, construction, management or sales. It may also hold short-term securities, bonds, notes, and securities of companies not principally in real estate. Management combines top-down sector allocation and bottom-up security selection using valuation analysis, financial and property factors, liquidity, and ESG considerations. The fund may lend securities (up to one-third of total assets) against liquid collateral and may trade actively, potentially resulting in high portfolio turnover.