Funds which predominantly invest in property. In order to invest "predominantly" in property, funds should either:
- invest at least 60% of their assets directly in property; or
- invest at least 80% of their assets in property securities; or
- when their direct property holdings fall below the 60% threshold for a period of more than 6 months, invest sufficient of the balance of their assets in property securities to ensure that at least 80% of the fund is invested in property, whereupon it becomes a hybrid fund.