The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests significantly in the common stocks and depositary receipts that comprise the Index.

The Index is designed to measure the stock performance of companies engaged in specific real estate activities, including the ownership, trading and development of income-producing real estate, in the North American, European and Asian real estate markets.

Additionally, the team employs an indexing investment approach to replicate the performance of the Index.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund will be concentrated in an industry or a group of industries to the extent that the Index is so concentrated.
 

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

As part of its strategy, the fund employs a passive or indexing approach.

Next, the research team invests significantly in the component securities of its Underlying Index and in investments that have economic characteristics that are substantially identical to the component securities of its Underlying Index.

The Underlying Index measures the investable universe of publicly-traded property companies domiciled in developed countries outside of the U.S.

The team utilizes a representative sampling indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable underlying index.

Also, the team evaluates companies based on factors such as market capitalization and industry weightings.

In addition, the team also assesses a company’s return variability and yield, and liquidity characteristics.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may or may not hold all of the securities in the Underlying Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

Also, the fund may invest up to 20% of its net assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index.

Additionally, the fund may lend securities representing up to one-third of the value of its net assets.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

As part of its strategy, the fund employs a passive or indexing approach.

Next, the research team invests significantly in the component securities of its Underlying Index and in investments that have economic characteristics that are substantially identical to the component securities of its Underlying Index.

The Underlying Index measures the performance of companies engaged in the ownership and development of real estate markets in developed countries (except for the U.S.).

The team utilizes a representative sampling indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable underlying index.

Also, the team evaluates companies based on factors such as market capitalization and industry weightings.

In addition, the team also assesses a company’s return variability and yield, and liquidity characteristics.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may or may not hold all of the securities in the Underlying Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

Also, the fund may invest up to 20% of its net assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index.

Additionally, the fund may lend securities representing up to one-third of the value of its net assets.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests significantly in the securities comprising the Index and in depositary receipts (including American Depositary Receipts or Global Depositary Receipts) based on securities comprising the Index.

The Index is designed to measure the performance of publicly traded real estate securities in countries excluding the United States.

The research team employs a sampling strategy, which means that the fund will hold a portfolio of securities with generally the same risk and return characteristics of the Index.

Or, the fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

Also, the fund’s assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries.

In addition, the fund may invest in equity securities that are not included in the Index, cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

The process employs an indexing investment approach to track the performance of the S&P Global ex-U.S. Property Index.

The Index measures the equity market performance of international real estate stocks in both developed and emerging markets.

Also, the Index is composed of stocks of publicly traded equity real estate investment trusts and certain real estate management and development companies.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies outside the United States.

The fund employs a passive management or indexing investment approach to track the performance of the Index.

The sub-adviser’s investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests significantly in component securities of the Index and investments that have economic characteristics that are substantially identical to the economic characteristics of such component securities.

The Index is comprised of companies from developed and emerging markets outside of the United States that are classified as being part of the Global Real Estate sector.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

To the extent the Index concentrates in the securities of a particular industry or group of industries, the fund will concentrate its investments to approximately the same extent as the Index.

The fund employs a representative sampling strategy, which means that the fund will hold a portfolio of securities with generally the same risk and return characteristics of the Index.