99
Park Avenue - 8th
Floor, New York, N.Y.
|
|
10016
|
(Address
of principal executive offices)
|
|
(Zip
Code)
|
|
|
Date
of fiscal year end:
|
December
31
|
Date
of reporting period:
|
March
31, 2007
|
Worldwide
Real Estate Fund
|
||||||
Schedule
of Investments
|
||||||
March
31, 2007 (unaudited)
|
Number
|
||||||||||
of
Shares
|
|
Value
|
||||||||
COMMON
STOCKS: 90.7%
|
||||||||||
Australia:
8.5%
|
||||||||||
61,324
|
Lend
Lease Corp. Ltd. #
|
$
990,093
|
||||||||
500,000
|
Multiplex
Group @ #
|
1,807,165
|
||||||||
2,797,258
|
||||||||||
Canada:
7.9%
|
||||||||||
22,250
|
Brookfield
Properties Corp. (USD)
|
896,675
|
||||||||
13,200
|
Killam
Properties, Inc.
|
29,384
|
||||||||
270,000
|
Killam
Properties, Inc. R
|
601,039
|
||||||||
36,800
|
Mainstreet
Equity Corp. *
|
589,055
|
||||||||
19,400
|
Timberwest
Forest Corp.
|
|||||||||
(Stapled
Units)
|
309,022
|
|||||||||
10,000
|
Timberwest
Forest Corp.
|
|||||||||
(Stapled
Units) R
|
159,290
|
|||||||||
2,584,465
|
||||||||||
China:
1.7%
|
||||||||||
2,250,000
|
Shanghai
Real Estate Ltd. #
|
560,789
|
||||||||
France:
1.2%
|
||||||||||
1,250
|
Unibail
#
|
380,032
|
||||||||
Germany:
2.2%
|
||||||||||
15,000
|
IVG
Immobilien AG #
|
720,207
|
||||||||
Hong
Kong: 5.9%
|
||||||||||
30,000
|
Cheung
Kong Holdings Ltd. #
|
379,267
|
||||||||
200,000
|
Hang
Lung Properties Ltd. #
|
555,248
|
||||||||
20,000
|
Sun
Hung Kai Properties Ltd. #
|
231,131
|
||||||||
1,000,000
|
Tian
An China Investment #
|
766,539
|
||||||||
1,932,185
|
||||||||||
India:
0.7%
|
||||||||||
28,000
|
Hirco
PLC (GBP) *
|
222,603
|
||||||||
Indonesia:
2.9%
|
||||||||||
40,000,000
|
Kawasan
Industri Jababeka
|
|||||||||
Tbk
PT #
|
956,736
|
|||||||||
Italy:
1.0%
|
||||||||||
200,000
|
Beni
Stabili S.p.A. #
|
333,431
|
||||||||
Japan:
16.6%
|
||||||||||
12,000
|
Goldcrest
Co. Ltd. @ #
|
656,237
|
||||||||
54,000
|
Mitsubishi
Estate Co. Ltd. #
|
1,766,018
|
||||||||
52,000
|
Mitsui
Fudosan Co. Ltd. @ #
|
1,520,135
|
||||||||
40,000
|
Sumitomo
Realty & Development
|
|||||||||
Co.
Ltd. @ #
|
1,510,808
|
|||||||||
5,453,198
|
||||||||||
Philippines:
2.1%
|
||||||||||
10,000,000
|
Megaworld
Corp. * #
|
690,787
|
||||||||
Thailand:
0.5%
|
||||||||||
305,600
|
Ticon
Industrial Connection PCL #
|
155,197
|
||||||||
Ukraine:
0.7%
|
||||||||||
15,000
|
XXI
Century Investments Public Ltd. (GBP) * #
|
234,129
|
||||||||
United
Kingdom: 2.8%
|
||||||||||
16,160
|
British
Land Co. PLC #
|
487,444
|
||||||||
10,562
|
Land
Securities Group PLC #
|
446,365
|
||||||||
933,809
|
||||||||||
United
States: 36.0%
|
||||||||||
110,000
|
Annaly
Capital Management, Inc. @
|
1,702,800
|
||||||||
10,000
|
Apartment
Investment &
|
|
||||||||
Management
Co. (Class A) @
|
576,900
|
|||||||||
9,000
|
Boston
Properties, Inc.
|
1,056,600
|
||||||||
225,000
|
Denny’s
Corp. @ *
|
1,102,500
|
||||||||
30,000
|
Equity
Inns, Inc. @
|
491,400
|
||||||||
10,000
|
General
Growth Properties, Inc.
|
645,700
|
||||||||
20,300
|
Hilton
Hotels Corp. @
|
729,988
|
||||||||
3,061
|
Host
Hotels & Resorts, Inc.
|
80,535
|
||||||||
10,000
|
Liberty
Property Trust @
|
487,200
|
||||||||
84,400
|
Lodgian,
Inc. @ *
|
1,127,584
|
||||||||
11,500
|
Mesabi
Trust @
|
270,250
|
||||||||
20,000
|
MVC
Capital, Inc.
|
313,000
|
||||||||
20,000
|
Post
Properties, Inc. @
|
914,600
|
||||||||
12,000
|
Prologis
@
|
779,160
|
||||||||
5,500
|
Public
Storage, Inc.
|
520,685
|
||||||||
5,000
|
SL
Green Realty Corp. @
|
685,900
|
||||||||
5,000
|
Starwood
Hotels & Resorts
|
|||||||||
Worldwide,
Inc.
|
||||||||||
(Paired
Certificate)
|
324,250
|
|||||||||
11,809,052
|
||||||||||
Total
Common Stocks
|
||||||||||
(Cost:
$14,888,361)
|
29,763,878
|
|||||||||
Principal
|
|
|
|
|
|
|
||||
|
|
|
|
Amount
|
||||||
REPURCHASE
AGREEMENT: 9.2%
|
||||||||||
State
Street Bank & Trust Co.
|
||||||||||
4.30%
(dated 3/30/07, due 4/2/07,
|
||||||||||
repurchase
price $3,033,086,
|
||||||||||
collateralized
by $3,170,000 Federal
|
||||||||||
National
Mortgage Association, 3.250%,
|
||||||||||
due 2/15/09
with a value of $3,094,713)
|
||||||||||
(Cost:
$3,032,000)
|
$
3,032,000
|
3,032,000
|
||||||||
Total
Investments Before Collateral for Securities Loaned:
99.9%
|
||||||||||
(Cost:
$17,920,361)
|
32,795,878
|
|||||||||
Number
|
||||||||||
of
Shares
|
||||||||||
Short-Term
Investment Held As Collateral for Securities Loaned:
23.0%
|
||||||||||
(Cost:
$7,541,202)
|
||||||||||
7,541,202
|
State
Street Navigator Securities
|
|||||||||
Lending
Prime Portfolio
|
7,541,202
|
|||||||||
Total
Investments: 122.9%
|
||||||||||
(Cost:
$25,461,563)
|
40,337,080
|
|||||||||
Liabilities
in excess of other assets: (22.9)%
|
(7,507,173)
|
|||||||||
NET
ASSETS: 100.0%
|
$
32,829,907
|
|||||||||
Glossary:
|
||||||||||
GBP
British Pound
|
||||||||||
USD United
States Dollar
|
The
aggregate cost of investments owned for Federal income tax
purposes is
$25,410,945, and unrealized appreciation (depreciation) on
such
investments is:
|
||
Gross
Unrealized Appreciation
|
$
15,016,889
|
|
Gross
Unrealized Depreciation
|
(90,754)
|
|
Net
Unrealized Appreciation
|
$
14,926,135
|
|
@
Security
fully or partially on loan. Total market value of securities
loaned is
$7,293,697
|
|||||||||||||
*
Non-income
producing
|
|||||||||||||
#
|
Indicates
a fair valued security which has not been valued using an independent
quote, but has been valued pursuant to guidelines established by the
Board of Trustees. The aggregate value for fair valued securities
is
$15,147,760, which represented 46.1% of net assets.
|
||||||||||||
R
.
|
All or a portion of the security is exempt from registration
under
Rule 144A of the Securities Act of 1933, as amended, or otherwise
restricted. These securities may be resold in transactions exempt
from
registration, normally to qualified institutional buyers. At
March 31,
2007, these securities are considered liquid and the market value
amounted
to $760,329 or 2.3% of net assets.
|
||||||||||||
Restricted
securities held by the Fund are as follows:
|
Acquisition
|
Acquisition
|
%
of
|
|||||||||
Security
|
Date
|
Cost
|
Value
|
Net
Assets
|
|||||||
Killam
Properties, Inc.
|
11/11/2003
|
$
337,932
|
$601,039
|
1.80%
|
|||||||
Timberwest
Forest Corp.
|
1/24/2002
|
69,361
|
159,290
|
0.5
|
|||||||
$601,039
|
2.3%
|
||||||||||
Summary of Investments by Industry
Excluding Collateral for Securities
Loaned
|
%
of
Investments
|
Value
|
|||||||
Apartments
|
10.3%
|
$3,367,216
|
|||||||
Diversified
|
38.7
|
12,688,800
|
|||||||
Forest
Products
|
1.4
|
468,312
|
|||||||
Hotels
and Motels
|
10.5
|
|
3,444,544
|
|
|||||
Industrial
|
5.8
|
1,891,093
|
|||||||
Land
|
0.8
|
270,250
|
|||||||
Office
|
9.5
|
3,126,375
|
|||||||
Other
|
10.2
|
3,340,903
|
|||||||
Regional
Malls
|
2.0
|
645,700
|
|||||||
Storage
|
1.6
|
520,685
|
|||||||
Total
Common Stocks
|
90.8
|
29,763,878
|
|||||||
Repurchase
Agreement
|
9.2
|
3,032,000
|
|||||||
|
100.0%
|
$32,795,878
|
|||||||
ITEM
2. Controls and Procedures.
|
|
|
|
(a)
|
The
registrant's principal executive and principal financial officers,
or
persons performing similar functions, have concluded that the
registrant's
disclosure controls and procedures (as defined in Rule 30a-3(c)
under the
Investment Company Act of 1940, as amended (the "1940 Act")
(17 CFR
270.30a-3 (c))) are effective, as of a date within 90 days
of the filing
date of the report that includes the disclosure required by
this
paragraph, based on their evaluation of these controls and
procedures
required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b))
and
Rules 13a-15(b) or 15d-15(b) under the Securities Exchange
Act of 1934, as
amended (17 CFR 240.13a-15(b) or 240.15d-15 (b)).
|
|
|
(b)
|
There
were no changes in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the 1940 Act (17
CFR
270.30a-3(d)) that occurred during the registrant's last fiscal
quarter
that has materially affected, or is reasonably likely to materially
affect, the registrant's internal control over financial
reporting.
|