Investment objective & strategy
As of Feb. 27, 2026 · prospectusObjective. The Fund seeks to generate a total return.
Strategy. Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies principally engaged in the real estate industry. A real estate company has at least 50% of its assets, income, or profits derived from products or services related to the real estate industry. Real estate companies include real estate investment trusts (REITs) and companies with substantial real estate holdings such as paper, lumber, hotel, and entertainment companies, as well as those whose products and services relate to the real estate industry, including building supply manufacturers, mortgage lenders, and mortgage servicing companies. REITs are pooled investment vehicles that invest in income-producing real estate, real estate-related loans, or other … Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies principally engaged in the real estate industry. A real estate company has at least 50% of its assets, income, or profits derived from products or services related to the real estate industry. Real estate companies include real estate investment trusts (REITs) and companies with substantial real estate holdings such as paper, lumber, hotel, and entertainment companies, as well as those whose products and services relate to the real estate industry, including building supply manufacturers, mortgage lenders, and mortgage servicing companies. REITs are pooled investment vehicles that invest in income-producing real estate, real estate-related loans, or other types of real estate interests. REITs are corporations or business trusts that are permitted to eliminate corporate level federal income taxes by meeting certain requirements of the Internal Revenue Code. The Fund invests in equity securities regardless of market capitalization (small, medium, or large). The Fund invests in growth and value equity securities. The Fund concentrates its investments (invest more than 25% of its net assets) in securities in the real estate industry. The Fund is considered non-diversified, which means it can invest a higher percentage of assets in securities of individual issuers than a diversified fund. As a result, changes in the value of a single investment could cause greater fluctuations in the Funds share price than would occur in a more diversified fund.
Top holdings
As of Jan. 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| WELLTOWER INC | — | $568.46M | 9.20% |
| AMERICAN TOWER CORP | — | $542.25M | 8.77% |
| EQUINIX INC | — | $538.12M | 8.71% |
| VENTAS INC REIT | — | $415.81M | 6.73% |
| PROLOGIS INC REIT | — | $408.69M | 6.61% |
| EXTRA SPACE STORAGE INC | — | $304.40M | 4.92% |
| AVALONBAY COMMUNITIES INC REIT | — | $287.03M | 4.64% |
| REGENCY CENTERS CORP REIT | — | $245.63M | 3.97% |
| DIGITAL REALTY TRUST INC | — | $210.28M | 3.40% |
| SIMON PROPERTY | — | $172.91M | 2.80% |
Portfolio moves
Oct 31, 2025 → Jan 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| Real Estate Securities Account | 94% | 0.79% |
| Real Estate Portfolio | 87% | 0.79% |
| Neuberger Berman Real Estate Fund · NBRIX, NBRFX, NREAX, NRECX, NRERX, NRREX, NREEX | 69% | 0.08% |
Advisers
| Firm | Role |
|---|---|
| Principal Global Investors, LLC | Adviser |
| Principal Real Estate Investors LLC | Sub-adviser |
Footnotes
- Expense ratio as of February 27, 2026, from the fund's prospectus.
- Net assets and holdings count as of January 31, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. As reported in the fund's prospectus performance bar chart.
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