The fund seeks long-term capital appreciation and income by providing exposure to companies from around the world that are tied to real estate assets. The fund mainly invests in securities with potential for increased value from the ownership, management, or investments in real estate, as well as those related to the real estate industry. The adviser constructs a portfolio based on fundamental analysis that assesses growth and value potential by evaluating the financial conditions, quality of management of each company, industry, and the overall economy. The fund may also invest in real estate related closed-end funds and REITs, as well as in cash and cash equivalents. As an actively managed fund, the fund manager has full discretion to make buy, sell, and hold decisions at any time.