p class="Text_ind" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:36pt;widows:3;margin-top:8pt;"The Fund seeks to achieve its investment objective by investing primarily in real estate investment trusts (“REITs”) and other securities in the real estate industry. Under normal market conditions, the Fund will attempt to achieve its investment objective by investing, as a principal strategy, at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in publicly traded equity securities of real estate companies listed on a domestic or foreign exchange, throughout the world, including the United States (the “80% Policy”). As part of the 80% Policy, under normal market conditions, at least 35% of the Fund’s net assets (plus the amount of any borrowing for investment purposes) will be invested in publicly traded securities of real estate companies whose primary operations or principal trading market is in a foreign market, and that are not subject to the requirements of the U.S. securities laws, markets and accounting requirements (“Foreign Securities”), and the Fund will maintain exposure to securities of real estate companies in the United States and in at least three countries outside the United States. The Fund’s investments in Foreign Securities may be lower during unfavorable market conditions, which may continue for extended periods of time; provided, however, such investments will not be lower than 20% of the Fund’s net assets (plus the amount of any borrowing for investment purposes). In determining whether market conditions are unfavorable, the Fund may consider various factors, including, among other things, the percentage of Foreign Securities in the Fund’s primary benchmark index. The Fund considers an issuer’s “primary operations” to be in a foreign market if the issuer (i) is organized outside the United States, or (ii) derives at least 50% of its revenues or profits from goods produced or sold, investments made, services performed, or has at least 50% of its assets located outside the United States. The Fund may also invest up to 20% of its net assets (plus the amount of any borrowing for investment purposes) in fixed income securities of any maturity, including obligations of the U.S. Government, floating rate loans, moneyspan class="nobreak"-market/span instruments, and belowspan class="nobreak"-investment/span grade rated securities (“junk bonds”), as described in this Prospectus. As part of the 20% of the Fund’s net assets (plus the amount of any borrowing for investment purposes) that may be invested in fixed income securities, up to 10% of the Fund’s net assets (plus the amount of any borrowing for investment purposes) may be invested in below investment grade (“junk”) fixed income securities, of which 5% may be invested in fixed income securities rated “CCC” or lower by Samp;P Global Ratings (“Samp;P”) or “Caa” or lower by Moody’s Ratings (“Moody’s”) or nonspan class="nobreak"-rated/span securities of comparable quality. The Fund, however, may not invest in securities that are in default at the time of initial investment./pp class="Text_ind" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:36pt;widows:3;margin-top:8pt;"The Fund may change the 80% Policy without shareholder approval. The Fund will provide shareholders with written notice at least 60 days prior to the implementation of any such changes./p p class="Text_ind" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:36pt;widows:3;margin-top:8pt;"The Fund defines a real estate company as any company that (i) derives at least 50% of its revenues from the ownership, operation, development, construction, financing, management or sale of commercial, industrial or residential real estate and similar activities, or (ii) invests at least 50% of its assets in such real estate./p p class="Text_ind" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:36pt;widows:3;margin-top:8pt;"For purposes of selecting investments, the Fund defines the real estate industry broadly. It includes, but is not limited to, the following:/p p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:45pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-8pt;widows:3;margin-top:8pt;"span class="bullet" style="font-size:10pt;"•span style="width: 5px;display: inline-block;"        /span/spanREITs;/p p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:45pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-8pt;widows:3;margin-top:8pt;"span class="bullet" style="font-size:10pt;"•span style="width: 5px;display: inline-block;"        /span/spanreal estate operating companies (“REOCs”);/p p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:45pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-8pt;widows:3;margin-top:8pt;"span class="bullet" style="font-size:10pt;"•span style="width: 5px;display: inline-block;"        /span/spanbrokers, developers, and builders of residential, commercial, and industrial properties;/p p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:45pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-8pt;widows:3;margin-top:8pt;"span class="bullet" style="font-size:10pt;"•span style="width: 5px;display: inline-block;"        /span/spanproperty management firms;/p p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:45pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-8pt;widows:3;margin-top:8pt;"span class="bullet" style="font-size:10pt;"•span style="width: 5px;display: inline-block;"        /span/spanfinance, mortgage, and mortgage servicing firms;/p p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:45pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-8pt;widows:3;margin-top:8pt;"span class="bullet" style="font-size:10pt;"•span style="width: 5px;display: inline-block;"        /span/spanconstruction supply and equipment manufacturing companies; and/p p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:45pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-8pt;widows:3;margin-top:8pt;"span class="bullet" style="font-size:10pt;"•span style="width: 5px;display: inline-block;"        /span/spanfirms dependent on real estate holdings for revenues and profits, including lodging, leisure, timber, mining, and agriculture companies./p p class="Text_ind" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:36pt;widows:3;margin-top:8pt;"REITs are companies that own interests in real estate or in real estate related loans or other interests, and their revenue primarily consists of rent derived from owned, income producing real estate properties and capital gains from the sale of such properties. A REIT in the United States is generally not taxed on income distributed to shareholders so long as it meets taxspan class="nobreak"-related/span requirements, including the requirement that it distribute substantially all of its taxable income to its shareholders. REITspan class="nobreak"-like/span entities are organized outside the United States and maintain operations and receive tax treatment similar to that of U.S. REITs./p p class="Text_ind" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:36pt;widows:3;margin-top:8pt;"REOCs are real estate companies that have not elected to be taxed as REITs and therefore are not required to distribute taxable income and have fewer restrictions on what they can invest in./p p class="Text_ind" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:36pt;widows:3;margin-top:8pt;"The Fund may use futures and options on securities, indices and currencies, forward foreign currency exchange contracts, swaps and other derivatives. A derivative is a security or instrument whose value is determined by reference to the value or the change in value of one or more securities, currencies, indices or other financial instruments. The Fund may use derivatives for a variety of purposes, including:/p p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:45pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-8pt;widows:3;margin-top:8pt;"span class="bullet" style="font-size:10pt;"•span style="width: 5px;display: inline-block;"        /span/spanas a hedge against adverse changes in the market prices of securities, interest rates or currency exchange rates;/p p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:45pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-8pt;widows:3;margin-top:8pt;"span class="bullet" style="font-size:10pt;"•span style="width: 5px;display: inline-block;"        /span/spanas a substitute for purchasing or selling securities;/p p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:45pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-8pt;widows:3;margin-top:8pt;"span class="bullet" style="font-size:10pt;"•span style="width: 5px;display: inline-block;"        /span/spanto increase the Fund’s return as a nonspan class="nobreak"-hedging/span strategy that may be considered speculative; and/p p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:45pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-8pt;widows:3;margin-top:8pt;"span class="bullet" style="font-size:10pt;"•span style="width: 5px;display: inline-block;"        /span/spanto manage the Fund’s portfolio characteristics./p p class="Text_ind" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:36pt;widows:3;margin-top:8pt;"The Fund may invest up to 25% of its net assets (plus the amount of any borrowing for investment purposes) in publicly traded securities of real estate companies, whose primary operations or principal trading market is in an “emerging market.” The Fund may invest in securities of foreign companies in the form of American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) and European Depositary Receipts (“EDRs”). In addition, the Fund may invest up to 15% of its net assets in securities deemed illiquid and may make short sales of securities in an amount not to exceed 10% of the Fund’s net assets (plus the amount of any borrowing for investment purposes). Securities in which the Fund may invest include, but are not limited to, common equity shares, preferred equity shares, and units of beneficial interest in real estate companies. The Fund retains the ability to invest in real estate companies of any market size capitalization. The Fund does not invest in real estate directly./pp class="Text_ind" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:36pt;widows:3;margin-top:8pt;"The Adviser utilizes a fundamental, bottomspan class="nobreak"-up/span, valuespan class="nobreak"-based/span selection methodology, taking into account shortspan class="nobreak"-term/span considerations, such as temporary market mispricing, and longspan class="nobreak"-term/span considerations, such as values of assets and cash flows. The Adviser also draws upon the expertise and knowledge within Brookfield Asset Management ULC and its affiliates, which provide extensive owner/operator insights into industry drivers and trends. The Adviser takes a balanced approach to investing, seeking to mitigate risk through diversification, credit analysis, economic analysis and review of sector and industry trends. The Adviser uses proprietary research to select individual securities that it believes can add value from income and/or the potential for capital appreciation. The proprietary research may include an assessment of a company’s general financial condition, its competitive positioning and management strength, as well as industry characteristics and other factors. The Fund may sell a security that becomes overvalued or no longer offers an attractive risk/reward profile. A security may also be sold due to changes in portfolio strategy or cash flow needs./p p class="Text_ind" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:36pt;widows:3;margin-top:8pt;"No assurance can be given that the Fund’s investment objective will be achieved. The Fund’s policy of concentration in companies in the real estate industry is a fundamental policy of the Fund. This fundamental policy may not be changed without the approval of the holders of a majority of the Fund’s outstanding voting securities, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”)./p