The investment seeks long-term total investment return through a combination of capital appreciation and current income.
Under normal market conditions, the fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in the common and preferred stock of equity real estate investment trusts ("REITs") and companies of any size market capitalization which own, manage and invest in underlying real estate assets, such as offices, industrial properties, retail, malls, shopping centers, apartments, lodging, storage and specialty and health care facilities. The fund is non-diversified.
The investment seeks to provide high current income and long-term capital appreciation by investing principally in companies in the real estate industry.
The fund will invest, under normal circumstances, at least 80% of its net assets in securities of companies that are principally engaged in the real estate industry. These companies include those directly engaged in the real estate industry as well as in industries serving and/or related to the real estate industry. The fund's investment in debt securities is subject to a limit of 20% of the series' assets (measured at the time of purchase).