Investment Company Act file number
|
811-21465 | |
(Address of principal executive offices) | (Zip code) |
Item 1. Schedule of Investments. | ||||||||
Item 2. Controls and Procedures. | ||||||||
Item 3. Exhibits. | ||||||||
SIGNATURES | ||||||||
EX-99.CERT |
U.S. $ | ||||||||
Shares | Value | |||||||
Common Stock - 123.4% |
||||||||
Real Estate Investment Trusts (REIT) - 123.4% |
||||||||
Australia - 15.2% |
||||||||
29,967,000 | DB RREEF Trust |
$ | 41,760,236 | |||||
34,035,794 | Investa Property Group |
66,814,810 | ||||||
14,384,178 | Macquarie CountryWide Trust |
24,053,926 | ||||||
11,059,530 | Macquarie Goodman Industrial Trust |
62,451,723 | ||||||
28,584,000 | Macquarie ProLogis Trust |
28,979,928 | ||||||
8,484,633 | Westfield Group |
140,993,123 | ||||||
365,053,746 | ||||||||
Canada - 10.1% |
||||||||
1,761,900 | Boardwalk Real Estate Investment Trust |
67,763,622 | ||||||
200,100 | Calloway Real Estate Investment Trust |
4,837,506 | ||||||
264,600 | Calloway Real Estate Investment Trust (a) |
6,396,822 | ||||||
500,000 | Crombie Real Estate Investment Trust (a) |
6,024,357 | ||||||
663,500 | Dundee Real Estate Investment Trust |
22,832,705 | ||||||
135,000 | Dundee Real Estate Investment Trust (a) |
4,645,690 | ||||||
884,800 | H&R Real Estate Investment Trust |
18,882,483 | ||||||
2,282,900 | InnVest Real Estate Investment Trust |
27,308,126 | ||||||
440,000 | InnVest Real Estate Investment Trust (a) |
5,263,295 | ||||||
700,000 | Primaris Retail Real Estate Investment Trust (a) |
12,329,563 | ||||||
2,447,000 | RioCan Real Estate Investment Trust |
52,687,973 | ||||||
1,040,300 | Sunrise Senior Living Real Estate Investment Trust (a) |
15,185,413 | ||||||
244,157,555 | ||||||||
Finland - 1.6% |
||||||||
2,012,400 | Citycon Oyj |
15,697,808 | ||||||
1,294,448 | Sponda Oyj |
22,314,207 | ||||||
38,012,015 | ||||||||
France - 9.3% |
||||||||
403,500 | Societe de la Tour Eiffel |
75,121,481 | ||||||
489,478 | Unibail |
147,827,920 | ||||||
222,949,401 | ||||||||
Hong Kong - 5.1% |
||||||||
37,700,000 | Agile Property Holdings Ltd. |
37,148,799 | ||||||
12,988,000 | China Overseas Land & Investment Ltd. |
16,321,740 | ||||||
8,133,000 | Hang Lung Properties Ltd. |
22,741,280 | ||||||
3,062,900 | Hongkong Land Holdings Ltd. |
14,273,114 | ||||||
2,500,000 | Sun Hung Kai Properties Ltd. |
28,921,522 | ||||||
1,153,000 | The Link REIT |
2,773,958 | ||||||
122,180,413 | ||||||||
Japan - 4.6% |
||||||||
2,388 | Japan Retail Fund Investment Corp. |
23,460,343 | ||||||
1,325,000 | Mitsubishi Estate Co., Ltd. |
43,427,906 | ||||||
968,000 | Mitsui Fudosan Co., Ltd. |
28,365,700 | ||||||
934 | Nippon Building Fund, Inc. |
15,424,942 | ||||||
110,678,891 | ||||||||
Netherlands - 13.2% |
||||||||
116,780 | Corio NV |
10,572,272 | ||||||
357,401 | Eurocommercial Properties NV |
20,937,952 | ||||||
1,136,730 | Nieuwe Steen Investments NV |
33,213,827 | ||||||
494,786 | Rodamco Europe NV |
68,530,920 | ||||||
417,161 | VastNed Retail NV |
42,369,693 | ||||||
934,400 | Wereldhave NV |
143,351,038 | ||||||
318,975,702 | ||||||||
New Zealand - 0.2% |
||||||||
3,500,000 | Macquarie Goodman Property Trust |
4,004,001 | ||||||
Singapore - 0.1% |
||||||||
500,000 | Capitalland Ltd |
2,634,352 | ||||||
United Kingdom - 10.7% |
||||||||
1,367,200 | British Land Co. Plc |
40,974,194 | ||||||
945,400 | Great Portland Estates Plc |
14,389,057 | ||||||
1,209,242 | Hammerson Plc |
41,102,364 | ||||||
1,902,400 | Land Securities Group Plc |
79,849,211 | ||||||
753,400 | Liberty International Plc |
18,426,680 | ||||||
45,000 | Mapeley Ltd. |
3,433,343 | ||||||
3,923,700 | Slough Estates Plc |
60,334,661 | ||||||
258,509,510 | ||||||||
U.S. $ | ||||||||
Shares | Value | |||||||
United States - 53.3% |
||||||||
197,300 | AMB Property Corp. |
11,599,267 | ||||||
115,300 | Acadia Realty Trust |
3,005,871 | ||||||
898,200 | American Campus Communities, Inc. |
27,206,478 | ||||||
259,800 | Apartment
Investment & Management Co. - Class A |
14,987,862 | ||||||
1,213,100 | Archstone-Smith Trust |
65,847,068 | ||||||
104,600 | AvalonBay Communities, Inc. |
13,598,000 | ||||||
285,800 | BioMed Realty Trust, Inc. |
7,516,540 | ||||||
505,200 | Boston Properties, Inc. |
59,310,480 | ||||||
1,215,230 | Brandywine Realty Trust |
40,600,834 | ||||||
1,198,300 | Camden Property Trust |
84,252,473 | ||||||
1,231,800 | Cedar Shopping Centers, Inc. |
19,955,160 | ||||||
402,900 | Colonial Properties Trust |
18,400,443 | ||||||
419,300 | Developers Diversified Realty Corp. |
26,373,970 | ||||||
219,900 | Douglas Emmett, Inc. (b) |
5,614,047 | ||||||
1,208,500 | Extra Space Storage, Inc. |
22,888,990 | ||||||
146,900 | Federal Realty Investment Trust |
13,312,078 | ||||||
1,211,100 | First Industrial Realty Trust, Inc. |
54,862,830 | ||||||
1,655,400 | GMH Communities Trust |
16,537,446 | ||||||
675,000 | Gramercy Capital Corp. |
20,709,000 | ||||||
941,484 | HRPT Properties Trust |
11,580,253 | ||||||
856,200 | Health Care REIT, Inc. |
37,587,180 | ||||||
371,000 | Hersha Hospitality Trust |
4,370,380 | ||||||
425,000 | Highwoods Properties, Inc. |
16,783,250 | ||||||
308,000 | Hospitality Properties Trust |
14,414,400 | ||||||
755,400 | iStar Financial, Inc. |
35,375,382 | ||||||
1,580,990 | Liberty Property Trust |
77,025,833 | ||||||
2,508,400 | Maguire Properties, Inc. |
89,198,704 | ||||||
637,700 | Mid-America Apartment Communities, Inc. |
35,877,002 | ||||||
570,700 | National Retail Properties, Inc. |
13,805,233 | ||||||
2,650,300 | Nationwide Health Properties, Inc. |
82,848,378 | ||||||
215,000 | Newcastle Investment Corp. |
5,961,950 | ||||||
1,994,070 | OMEGA Healthcare Investors, Inc. |
34,198,301 | ||||||
994,000 | Pennsylvania Real Estate Investment Trust |
44,064,020 | ||||||
325,000 | ProLogis |
21,102,250 | ||||||
364,700 | Regency Centers Corp. |
30,470,685 | ||||||
617,735 | SL Green Realty Corp. |
84,740,887 | ||||||
171,100 | Sovran Self Storage, Inc. |
9,480,651 | ||||||
1,144,100 | Spirit Finance Corp. |
17,047,090 | ||||||
770,000 | Strategic Hotels & Resorts, Inc. |
17,609,900 | ||||||
738,900 | The Macerich Co. |
68,244,804 | ||||||
200,000 | U-Store-It Trust |
4,024,000 | ||||||
1,282,389,370 | ||||||||
Total Common Stock |
||||||||
(cost $1,873,487,835) |
2,969,544,956 | |||||||
Master
Limited Partnerships - 0.8% |
||||||||
United States - 0.8% |
||||||||
603,351 | Verde Realty MLP (b) |
|||||||
(cost $19,910,583) |
19,910,583 | |||||||
Preferred Stock - 15.3% |
||||||||
Real Estate Investment Trusts (REIT) - 15.3% |
||||||||
United States - 15.3% |
||||||||
450,000 | Alexandria Real Estate Corp., Series C |
12,199,500 | ||||||
80,500 | Apartment Investment & Management Co., Series U |
2,055,165 | ||||||
400,000 | Apartment Investment & Management Co., Series V |
10,516,000 | ||||||
400,000 | Apartment Investment & Management Co., Series Y |
10,462,520 | ||||||
174,000 | Associated Estates Realty Corp. |
4,537,920 | ||||||
400,000 | Biomed Realty Trust, Inc., Series A |
10,080,000 | ||||||
207,700 | Cedar Shopping Centers, Inc. |
5,450,048 | ||||||
125,000 | Digital Realty Trust, Inc., Series B |
3,212,500 | ||||||
200,800 | Duke Realty Corp., Series M |
5,080,240 | ||||||
126,800 | Eagle Hospitality Properties Trust, Inc., Series A |
3,106,600 | ||||||
337,500 | Equity Inns, Inc., Series C |
9,291,375 | ||||||
20,000 | FelCor Lodging Trust, Inc. |
508,800 | ||||||
430,700 | Glimcher Realty Trust, Series G |
10,896,710 | ||||||
520,000 | Health Care REIT, Inc., Series F |
13,390,000 | ||||||
905,600 | Host Marriot Corp, Series E |
24,451,200 |
U.S. $ | ||||||||
Shares | Value | |||||||
222,600 | Innkeepers USA Trust, Series C |
5,589,486 | ||||||
1,015,000 | iStar Financial, Inc., Series I |
25,816,525 | ||||||
200,000 | LaSalle Hotel Properties, Series D |
5,068,000 | ||||||
523,200 | LaSalle Hotel Properties, Series E |
14,210,112 | ||||||
520,000 | LaSalle Hotel Properties, Series G |
13,130,000 | ||||||
36,000 | LBA Realty Fund II WBP, Inc., Series A |
1,762,877 | ||||||
170,000 | LBA Realty Fund II WBP, Inc., Series B |
3,463,750 | ||||||
1,000,000 | LTC Properties, Inc., Series F |
25,500,000 | ||||||
351,800 | Maguire Properties, Inc., Series A |
8,689,460 | ||||||
200,000 | Mid-America
Apartment Communities, Inc., Series H |
5,136,000 | ||||||
237,100 | National Retail Properties, Inc., Series C |
6,057,905 | ||||||
120,000 | NorthStar Realty Finance Corp., Series A |
3,101,256 | ||||||
240,000 | NorthStar Realty Finance Corp., Series B |
5,820,000 | ||||||
120,000 | OMEGA Healthcare Investors, Inc., Series D |
3,096,000 | ||||||
320,000 | PS Business Parks, Inc., Series O |
8,150,400 | ||||||
320,000 | Public Storage, Inc., Series K |
8,281,600 | ||||||
360,000 | Public Storage, Inc., Series M |
8,910,000 | ||||||
240,000 | RAIT Investment Trust, Series A |
5,640,000 | ||||||
160,000 | RAIT Investment Trust, Series B |
4,000,000 | ||||||
192,500 | SL Green Realty Corp., Series C |
4,885,650 | ||||||
200,000 | SL Green Realty Corp., Series D |
5,178,000 | ||||||
275,000 | Strategic Hotels & Resorts, Inc. (a) |
6,978,125 | ||||||
400,000 | Strategic Hotels & Resorts, Inc., Series B |
10,162,520 | ||||||
363,600 | Strategic Hotels & Resorts, Inc., Series C |
9,300,888 | ||||||
368,000 | Sunstone Hotel Investors, Inc., Series A |
9,464,518 | ||||||
342,600 | Taubman Centers, Inc., Series G |
8,819,381 | ||||||
573,500 | Taubman Centers, Inc., Series H |
14,606,357 | ||||||
464,400 | Winston Hotels, Inc., Series B |
10,866,960 | ||||||
Total Preferred Stock |
||||||||
(cost $359,529,294) |
366,924,348 | |||||||
Convertible Preferred Stock - 1.6% |
||||||||
Real Estate Investment Trusts (REIT) - 1.6% |
||||||||
United States - 1.6% |
||||||||
974,000 | FelCor Lodging Trust, Inc., Series A |
25,119,460 | ||||||
200,000 | Health Care REIT, Inc., 7.50%, Series G |
6,352,000 | ||||||
200,000 | Ramco-Gershenson Properties Trust, 7.95%, Series C |
7,296,000 | ||||||
Total Convertible Preferred Stock |
||||||||
(cost $31,700,171) |
38,767,460 | |||||||
Investment Companies - 3.4% |
||||||||
United Kingdom - 3.4% |
||||||||
399,119 | Eurocastle Investment Ltd. |
20,720,207 | ||||||
15,495,600 | ING UK Real Estate Income Trust, Ltd. + |
36,774,670 | ||||||
4,620,000 | Insight Foundation Property Trust, Ltd. |
12,255,591 | ||||||
547,200 | ProLogis European Properties |
11,326,704 | ||||||
Total Investment Companies |
||||||||
(cost $55,701,613) |
81,077,172 | |||||||
Purchased Options (b) - 0.1% |
||||||||
Brazil - 0.1% |
||||||||
438,400 | Brascan
Residential Properties SA expiring 10/22/07 @ $0 |
|||||||
(cost $3,285,288) |
2,764,106 | |||||||
Warrants (b) - 0.0% |
||||||||
Hong Kong - 0.0% |
||||||||
1,623,500 | China Overseas Land & Investment Ltd. expiring 7/18/07 |
|||||||
(cost $0) |
1,074,127 | |||||||
Total Investments - 144.6% |
||||||||
(cost $2,343,614,784) |
3,480,062,752 | |||||||
Liabilities
in Excess of Other Assets - (6.8%) |
(164,254,454 | ) | ||||||
Preferred
shares, at redemption value - (37.8%) |
(910,000,000 | ) | ||||||
Net Assets Applicable to |
||||||||
Common Shares - 100% (c) |
$ | 2,405,808,298 | ||||||
(a) | Securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. At March 31, 2007, the securities amounted to $56,823,265 or 2.4% of net assets. | |
(b) | Non-income producing security. | |
(c) | Portfolio percentages are calculated based on net assets applicable to Common Shares. | |
+ | Investments in companies considered to be an affiliate of the Trust (such companies are defined as Affiliated Companies in Section 2(a)(3) of the Investment Company Act of 1940) were as follows: |
Gross | Gross | Dividend | ||||||||||
Affiliate | Additions | Reductions | Income | |||||||||
ING UK Real Estate Income Trust, Ltd. |
$ | | $ | | $ | 474,783 |
Notional | ||||||||||||||||||||
Termination | Amount | Fixed | Floating | Unrealized | ||||||||||||||||
Counterparty | Date | (000) | Rate | Rate | Appreciation | |||||||||||||||
Citigroup |
7/01/2007 | $ | 200,000 | 3.68 | % | 1 Month LIBOR | $ | 1,118,680 | ||||||||||||
Royal Bank of Canada |
7/01/2009 | 200,000 | 4.32 | % | 1 Month LIBOR | 2,414,753 | ||||||||||||||
$ | 3,533,433 | |||||||||||||||||||
(a) | The Trusts principal executive officer and principal financial officer have evaluated the Trusts disclosure controls and procedures within 90 days of this filing and have concluded that the Trusts disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the Trust in this Form N-Q was recorded, processed, summarized, and reported timely. | ||
(b) | The Trusts principal executive officer and principal financial officer are aware of no changes in the Trusts internal control over financial reporting that occurred during the Trusts most recent quarter that has materially affected, or is reasonably likely to materially affect, the Trusts internal control over financial reporting. |