The fund seeks long-term capital appreciation by primarily investing in global REITs and equities of real estate operating companies or firms providing services to the real estate industry. The fund may also hold convertible debentures and fixed-income securities issued by related companies. The fund utilizes a fundamental approach, which includes reviewing company operations, quality of management, and research & development practices to assess growth potential. The fund adviser generally looks for REITs that trade below their intrinsic value and demonstrate superior earnings growth. The fund may invest without limit in foreign issuers and may allocate up to 30% of its assets in securities of funds managed by the issuer. The adviser may use derivatives for hedging and non-hedging purposes and may enter into securities lending, repurchase, and reverse purchase transactions for additional income. The adviser may also engage in short selling to manage volatility or enhance returns.