Fund Description

The fund normally invests at least 80% of net assets (plus any borrowings for investment purposes) in equity securities of real estate companies, broadly defined as firms deriving at least 50% of revenues or profits from, or committing at least 50% of assets to, real estate activities; qualifying derivatives may count toward this policy. Its real estate universe includes REITs, operating companies, developers, builders, brokers, property managers, mortgage and servicing firms, construction suppliers, and real estate-dependent businesses such as lodging, leisure, timber, mining, and agriculture. It will not own real estate directly, has no company-size limits, may invest up to 20% in non-real-estate assets, and is nondiversified. Stock selection uses fundamental bottom-up analysis focused on quality, appreciation prospects, and income potential.