Strategy. The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in the equity securities of real estate companies throughout the world, including the U.S. The funds definition of real estate companies is broad and includes any company that derives at least 50% of its revenues or profits from, or commits at least 50% of assets to, real estate activities. Any derivatives that provide exposure to the investment focus suggested by the funds name, or to one or more market risk factors associated with the investment focus suggested by the funds name, are counted (as applicable) toward compliance with the funds 80% investment policy. The fund typically invests in at least five countries, including … Show more… The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in the equity securities of real estate companies throughout the world, including the U.S. The funds definition of real estate companies is broad and includes any company that derives at least 50% of its revenues or profits from, or commits at least 50% of assets to, real estate activities. Any derivatives that provide exposure to the investment focus suggested by the funds name, or to one or more market risk factors associated with the investment focus suggested by the funds name, are counted (as applicable) toward compliance with the funds 80% investment policy. The fund typically invests in at least five countries, including the U.S., and the amount of the funds assets invested outside the U.S. will vary depending on the advisers outlook for market conditions and opportunities overseas versus those in the U.S. However, the fund typically invests at least 25% of its net assets in securities of foreign issuers. The fund relies on MSCI Inc., a third-party provider of benchmark indexes and data services, or another unaffiliated data provider to determine the country assigned to a security. For purposes of selecting investments, the funds investments in the real estate industry may include (but are not limited to) the following: ? Real estate investment trusts (REITs); ? real estate operating companies; ? brokers, developers, and builders of residential, commercial, and industrial properties; ? property management firms; ? finance, mortgage, and mortgage servicing firms; ? construction supply and equipment manufacturing companies; and ? firms dependent on real estate holdings for revenues and profits, including lodging, leisure, timber, mining, and agriculture companies. A significant portion of the funds U.S. investments is expected to be in REITs. REITs pool money to invest in properties (equity REITs) or mortgages (mortgage REITs). The funds investments in REITs are generally made in equity REITs. The fund will not own real estate directly and will have no restrictions on the size of companies selected for investment. Up to 20% of the funds total assets may be invested in assets that are unrelated to the real estate business. Stock selection is based on fundamental, bottom-up analysis that generally seeks to identify high-quality companies with both good appreciation prospects and income-producing potential. Factors considered by the portfolio manager in selecting real estate companies include one or more of the following: relative valuation; free cash flow; undervalued assets; quality and experience of management; type of real estate owned; and the nature of a companys real estate activities. Show less