The prospectus states the Fund seeks to produce income and achieve capital appreciation with low to moderate volatility and correlation to broader equity markets. Under normal circumstances it invests at least 80% of Managed Assets in equity and debt of real estate industry companies: public REITs and REOCs, private real estate equity and credit funds, and non-traded REITs. It may hold up to 35% in CMBS and up to 60% in non-investment grade debt, sells call options on 0-30% of the portfolio, may invest up to 30% in non-U.S. issuers, and may use leverage.