The investment seeks to maximize total return from capital appreciation and dividends; the secondary investment objective is to exceed, over the long-term, the total return available from direct ownership of real estate with less risk than direct ownership. The fund's sub-adviser seeks to achieve its investment objectives by investing primarily in income-producing equity securities of real estate companies. It normally invests at least 80% of its assets in equity securities of companies principally engaged in the real estate industry that are economically tied to different countries throughout the world, including the United States. It is non-diversified.