Fund Description

The fund is non-diversified and, under normal circumstances, invests at least 80% of net assets in equity securities, real estate income-producing securities and other real estate securities of any market capitalization, debt securities, non-U.S. real estate income-producing securities, and other real estate-related yield securities. Non-U.S. investments are limited to 35% of total assets at purchase. It may invest in debt securities rated at least BBB/Baa (or, if unrated, judged by the Adviser to be of comparable quality); some debt securities purchased by the fund may have very long maturities, and the remaining time until maturity is one factor the Adviser considers when purchasing a particular debt security. It is likely to maintain significant exposure to REITs, generally equity REITs. The Adviser targets businesses with sustainable competitive advantages, exceptional management, growth opportunities, and attractive valuation.