Fund Description

The fund invests at least 80% of net assets (including borrowings for investment purposes) in securities of real estate companies and companies related to the real estate industry, and does not invest directly in real estate. It may invest a significant portion in REITs and REIT-like structures, and may also invest in real estate operating companies. Holdings are primarily equity securities, including common and preferred stocks, convertibles, rights or warrants, and ETFs. It may use derivatives tied to real estate for hedging and to seek returns on uninvested cash, and may use short sales, reverse repurchase agreements, and securities lending. It invests across countries and regions, primarily developed markets, with up to 15% in emerging markets, may have high turnover, and can hold up to 100% in cash or short-term investments for temporary or defensive purposes.