The investment seeks long-term total return.
The fund normally invests at least 80% of the fund's net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities of issuers that are principally engaged in the real estate industry. Under normal market conditions, it invests at least 40% of its assets (or, if conditions are not favorable, at least 30% of its assets) in non-U.S. issuers directly or through depositary receipts. The sub-adviser may engage in frequent and active trading of fund investments. The fund is non-diversified.