Portfolio Holdings as of 3/31/2012
| Security Description | % of Total Net Assets |
| Extra Space Storage | 5.3 |
| Equity Residential | 4.6 |
| James Hardie Inds Se | 4.5 |
| Lasalle Hotel | 3.8 |
| Boston Properties | 3.2 |
| Vornado Realty Trust | 3.2 |
| Hanson Australia Fdg | 3.2 |
| Host Hotels | 3.1 |
| Sl Green Realty Corp | 2.9 |
| W P Carey & Co Llc | 2.9 |
| Avalonbay | 2.7 |
| Home Inns & Hotels M | 2.7 |
| Alto Palermo S A | 2.5 |
| Kingfisher Plc | 2.4 |
| Marriott | 2.4 |
| Alexandria | 2.3 |
| Washington | 2.2 |
| Biomed Realty Trust | 2.1 |
| Saul Centers Inc | 2.0 |
| American Tower | 1.9 |
| Gaylord | 1.9 |
| Sba Communications | 1.9 |
| Eastgroup Ppty Inc | 1.9 |
| Autodesk Inc | 1.8 |
| Guggenheim China | 1.8 |
| Harleysville Svgs Fi | 1.8 |
| Health Care Reit Inc | 1.7 |
| Douglas Emmett Inc | 1.7 |
| Essex Property | 1.7 |
| Desarrolladora | 1.6 |
| Mdc Holdings Inc | 1.6 |
| Campus Crest Cmntys | 1.6 |
| Fifth Third Inst Gv | 1.4 |
| Pebblebrook Hotel Tr | 1.4 |
| Acadia Realty Trust | 1.4 |
| Cemex Sab-Spons Adr | 1.3 |
| National Retail Prop | 1.3 |
| Toll Brothers Inc | 1.3 |
| Pretoria Portland Ce | 1.3 |
| Corporate | 1.1 |
| Spdr Index Shs Fds | 1.1 |
| Grupo Aeroportuario | 1.1 |
| Crh Plc | 0.8 |
| Kajima Corp | 0.8 |
| Irsa Inversiones Y R | 0.8 |
| Lafarge Coppee S A | 0.7 |
| Gafisa S A | 0.7 |
| China Housing & Land | 0.7 |
| Intercontinental | 0.6 |
| St Joe Co Call Jan '13 C$10 | 0.5 |
| Kb Home | 0.4 |
| Marriott Vacations W | 0.2 |
* Holdings are subject to change since the date of this list. Quarter-end portfolio holding are shown here approximately 30 days after the end of each quarter.
Disclaimer: Portfolio holdings will change due to ongoing management of the Fund. Reference to specific securities or sectors should not be construed as recommendations by the Fund, the Advisor or the Distributor.
