Quarterly Portfolio Holdings


Portfolio holdings sorted by percent of assets
as of March 31, 2008

Security Description

Symbol

Forest City Enterprises - A
FCE A
Alexandria Real Estate Equities, Inc.
ARE
Ventas, Inc.
VTR
Digital Realty Trust, Inc.
DLR
General Growth Properties Inc.
GGP
Cousins Properties, Inc.
CUZ
Boston Properties, Inc.
BXP
Derwent London Plc
DLN LN
Corporate Office Properties Trust
OFC
Essex Property Trust, Inc.
ESS
Taubman Centers, Inc.
TCO
American Campus Communities
ACC
ProLogis - Conv. Bond
743410AP7
Cogdell Spencer, Inc.
CSA
AvalonBay Communities, Inc.
AVB
Gramercy Capital Corp.
GKK
DCT Industrial Trust, Inc.
DCT
AMB Property Corporation
AMB
Kimco Realty Corp.
KIM
Regency Centers Corporation
REG
Federal Realty Investment Trust
FRT
Alexander & Baldwin, Inc.
ALEX
First Potomac Realty Trust
FPO
Burlington Northern Santa Fe Co.
BNI
Minerva Plc
MNR LN
Brixton Plc
BXTN LN
Mitsubishi Estate Co., Ltd.
8802 JP
Mitsui Fudosan Co., Ltd.
8801 JP
U-Store-It Trust
YSI
Ambac Financial Group, Inc.
ABK
Equity Residential Pfd - Series E
EQR E
SL Green Realty Corp. - Conv. Bond
78444FAA4

Portfolio holdings are subject to change. The holdings above may not represent the entire portfolio. For a complete listing of portfolio holdings review the most recent Annual Report, Semi-Annual report, or Form N-Q.