Strategy. Under normal circumstances, the Fund invests at least 80% of its assets in equity securities (including common, convertible and preferred stocks) of U.S. Realty Companies (as defined below), and synthetic instruments related to U.S. Realty Companies. Such synthetic instruments are investments that have economic characteristics similar to the Funds direct investments in U.S. Realty Companies and include warrants, rights, options and shares of exchange-traded funds (ETFs). The portfolio managers conduct their own research to select the Funds investments, based on an analysis of macroeconomic factors, real estate sectors, and individual company attributes. Research on company level attributes may include analysis using numerical or financial measures such as earnings growth potential, price to net asset value (NAV) ratios, dividend yield, price … Show more… Under normal circumstances, the Fund invests at least 80% of its assets in equity securities (including common, convertible and preferred stocks) of U.S. Realty Companies (as defined below), and synthetic instruments related to U.S. Realty Companies. Such synthetic instruments are investments that have economic characteristics similar to the Funds direct investments in U.S. Realty Companies and include warrants, rights, options and shares of exchange-traded funds (ETFs). The portfolio managers conduct their own research to select the Funds investments, based on an analysis of macroeconomic factors, real estate sectors, and individual company attributes. Research on company level attributes may include analysis using numerical or financial measures such as earnings growth potential, price to net asset value (NAV) ratios, dividend yield, price to earnings ratios, among others. More qualitative factors at the company level may also include an assessment of the companys overall business, growth strategy, quality of management, and quality of owned properties. Realty Companies are real estate-related companies of any size and include real estate investment trusts (REITs), real estate operating or service companies and companies in the home building, lodging and hotel industries, as well as companies engaged in the natural resources and utility industries, and other companies whose investments, balance sheets or income statements are real estate-intensive ( i.e. , the companys actual or anticipated revenues, profits, assets, services or products are related to real estate). The Fund may invest in issuers of any market capitalization and securities of any maturity, and the Funds investments also may include securities purchased in initial public offerings (IPOs). The Fund also may invest up to 20% of its assets in equity and fixed income and debt securities and instruments of companies or entities (which need not be U.S. Realty Companies), including, but not limited to, securities of non-U.S. companies and other investment companies. The Funds investments in preferred stock and convertible and fixed income and debt securities may include securities which, at the time of purchase, are rated below investment grade by a nationally recognized statistical rating organization, or the unrated equivalent as determined by the portfolio managers (junk bonds). In addition to purchasing options, the Fund may, but is not required to, write put and covered call options on securities and indexes, for hedging purposes or to seek to increase returns. The Fund is classified as non-diversified under the Investment Company Act of 1940, as amended (the 1940 Act), which means that it may invest a relatively high percentage of its assets in a limited number of issuers, when compared to a diversified fund. Show less