Randy Newsome managed two income funds at Heitman that aimed to provide high monthly yields: the Nomura US High Income Fund and the Sumishin Global REIT Income Fund. Both funds consistently outperformed 90% of their peers over various time periods. In 2009, Heitman closed both funds to focus on their total return strategy, despite the funds' superior performance and against Newsome's view that income will become increasingly important to investors like retiring baby boomers. The two funds had combined assets of $130 million when closed.

1. Randy Newsome
Performance Track Record – US and Global Income Strategies
Part of my overall responsibilities while at Heitman included managing two income strategies whose investment
objectives were to maintain a high targeted yield to be distributed in cash on a monthly basis. The two strategies
included the Nomura US High Income Fund and the Sumishin Global REIT Income Fund.
The following pages present the actual performance for each fund along with a peer comparison for various time
periods since the inception of each fund.
The performance analysis shows that both funds consistently out-performed 90% of its peers.
Despite the superior performance of both income strategies, in July 2009 Heitman made the decision to close both
funds in order to focus 100% of their effort on improving the performance of their flagship total return strategy. It
was also Heitman’s view that the income strategies had limited growth potential.
Obviously, I disagree strongly with Heitman’s view, as I believe that there is likely to be a secular shift among
investors, who currently have almost four times invested in equities versus bonds and other income producing
securities. As 76 million baby boomers begin to retire, I believe that income is going to become an increasingly
important consideration in investor investment decisions.
At the time of Heitman’s decision, combined AUM for the two income funds totaled approximately $130 million.
1

2. Nomura US REIT High Income Fund
Comparative Analysis of Performance vs. Analysis of Total Return
Other Funds Offering Similar Strategy
September 2004 through July 2009
Annual Total Return*
Y-T-D Since
Bloomberg 2009 1 Year 2 Year 3 Year 4 Year Inception
Fund Name Ticker (7/31/09) Trailing Trailing Trailing Trailing (09/30/2004)
Nomura US REIT High Income Fund 01311049 JP 22.97% -18.89% -13.58% -9.83% -7.30% -3.70%
AIG U.S. REIT Income Fund - Hedged Objective 40311042 JP 5.86% -23.38% -19.96% -15.55% -9.61% -1.37%
AIG U.S. REIT Income Fund - Non-Hedged Objective 40312042 JP 15.61% -43.60% -28.48% -19.73% -11.60% -5.97%
AIM Select Real Estate Income Fund ASRIX 12.93% -22.28% -13.52%
Cohen & Steers Advantage Income Realty Fund XRLFX 1.98% -56.74% -37.69% -28.61% -20.07% -11.98%
Cohen & Steers Premium Income Realty Fund XRPFX 3.10% -60.57% -41.25% -31.47% -22.49% -13.90%
Cohen & Steers Quality Income Realty Fund XRQIX 0.19% -58.16% -39.00% -29.84% -21.48% -13.17%
Cohen & Steers Realty Income Fund CSDIX 1.12% -34.26% -21.94% -16.14% -10.10% -4.17%
Daiwa U.S. REIT Fund - Monthly Dividend 04312045 JP 10.10% -32.03% -19.43% -15.06% -9.93% -4.44%
Fidelity Advisor Real Estate Fund FHEIX -1.18% -40.12% -24.78% -17.39% -9.56% -2.04%
Forward Select Income Fund KIFYX 39.30% -9.99% -17.44% -11.78%
Forward Strategic Realty Fund - High Income KSRBX 14.93% -47.88% -33.74% -25.46% -18.29% -10.69%
Grubb & Ellis AGA Realty Income Fund GBEIX 30.82% -17.29%
ING Clarion Real Estate Income Fund XIIAX 10.68% -48.92% -34.16% -27.09% -18.21% -10.91%
JP Morgan Realty Income Fund JRIRX -0.91% -42.59% -25.34% -17.49%
LMP Real Estate Income Fund XRITX 18.06% -40.51% -28.09% -21.76% -14.82% -8.52%
Morgan Stanley Real Estate Fund - High Income REFAX 0.75% -38.67% -24.59% -15.86% -8.49% -0.97%
Neuberger Berman R.E. Securities Income Fund XNROX 13.23% -62.84% -47.08% -36.08% -26.57% -18.45%
Nuveen Real Estate Income Fund XJRSX 10.25% -48.67% -35.34% -26.89% -19.04% -11.88%
RMR Real Estate Income Fund XRIFX 8.92% -62.23% -43.64% -32.40% -24.26% -16.76%
Seligman LaSalle Monthly Dividend Real Esate Fund SREAX -6.78% -48.42% -32.02% -23.78% -16.45% -9.26%
Stratton Monthly Dividend REIT Shares STMDX 4.47% -29.09% -15.28% -11.30% -6.70% -1.72%
Morgan Stanley REIT Index RMS G -3.11% -39.66% -23.78% -16.68% -9.56% -2.64%
Source: Bloomberg 2
* Annualized performance - all returns presented based on US $

3. Nomura US REIT High Income Fund
Comparative Analysis of Performance vs.
Other Funds Offering Similar Strategy Percentile Ranking of Total Return Performance
September 2004 through July 2009
% Rank % Rank
Y-T-D % Rank % Rank % Rank % Rank Since
Bloomberg 2009 1 Year 2 Year 3 Year 4 Year Inception
Fund Name Ticker (7/31/09) Trailing Trailing Trailing Trailing (09/30/2004)
Nomura US REIT High Income Fund 01311049 JP 90.40% 90.40% 95.00% 100.00% 94.10% 76.40%
AIG U.S. REIT Income Fund - Hedged Objective 40311042 JP 42.80% 80.90% 75.00% 78.90% 76.40% 94.10%
AIG U.S. REIT Income Fund - Non-Hedged Objective 40312042 JP 80.90% 42.80% 45.00% 52.60% 58.80% 58.80%
AIM Select Real Estate Income Fund ASRIX 66.60% 85.70% 100.00%
Cohen & Steers Advantage Income Realty Fund XRLFX 28.50% 19.00% 20.00% 21.00% 23.50% 23.50%
Cohen & Steers Premium Income Realty Fund XRPFX 33.30% 9.50% 10.00% 10.50% 11.70% 11.70%
Cohen & Steers Quality Income Realty Fund XRQIX 14.20% 14.20% 15.00% 15.70% 17.60% 17.60%
Cohen & Steers Realty Income Fund CSDIX 23.80% 66.60% 70.00% 68.40% 64.70% 70.50%
Daiwa U.S. REIT Fund - Monthly Dividend 04312045 JP 52.30% 71.40% 80.00% 84.20% 70.50% 64.70%
Fidelity Advisor Real Estate Fund FHEIX 4.70% 57.10% 60.00% 63.10% 82.30% 82.30%
Forward Select Income Fund KIFYX 100.00% 100.00% 85.00% 89.40%
Forward Strategic Realty Fund - High Income KSRBX 76.10% 38.00% 35.00% 36.80% 35.20% 41.10%
Grubb & Ellis AGA Realty Income Fund GBEIX 95.20% 95.20%
ING Clarion Real Estate Income Fund XIIAX 61.90% 23.80% 30.00% 26.30% 41.10% 35.20%
JP Morgan Realty Income Fund JRIRX 9.50% 47.60% 55.00% 57.80%
LMP Real Estate Income Fund XRITX 85.70% 52.30% 50.00% 47.30% 52.90% 52.90%
Morgan Stanley Real Estate Fund - High Income REFAX 19.00% 61.90% 65.00% 73.60% 88.20% 100.00%
Neuberger Berman R.E. Securities Income Fund XNROX 71.40% 0.00% 0.00% 0.00% 0.00% 0.00%
Nuveen Real Estate Income Fund XJRSX 57.10% 28.50% 25.00% 31.50% 29.40% 29.40%
RMR Real Estate Income Fund XRIFX 47.60% 4.70% 5.00% 5.20% 5.80% 5.80%
Seligman LaSalle Monthly Dividend Real Esate Fund SREAX 0.00% 33.30% 40.00% 42.10% 47.00% 47.00%
Stratton Monthly Dividend REIT Shares STMDX 38.00% 76.10% 90.00% 94.70% 100.00% 88.20%
3

4. Sumishin Global REIT Income Fund
Comparative Analysis of Performance vs. Analysis of Total Return
Other Funds Offering Similar Strategy
November 2007 through July 2009
Annual Total Return*
Y-T-D Since
Bloomberg 2009 1 Year 18 Month Inception
Fund Name Ticker (7/31/09) Trailing Trailing 2008 (11/30/2007)
Sumishin Global REIT Income Fund - Monthly Dividend 6431107B JP 25.70% -19.21% -18.83% -42.48% -18.65%
Cohen & Steers Worldwide Realty Income Fund XRWFX 19.76% -52.66% -45.25% -67.68% -45.70%
Daiwa SB Global REIT Income Fund 22313077 JP 24.03% -31.97% -28.04% -49.02% -29.00%
Daiwa World REIT Fund - Monthly Dividend 04312076 JP 25.51% -28.59% -25.63% -45.47% -25.47%
Daiwa World REIT Income Open Fund 47311044 JP 18.99% -35.72% -28.73% -49.28% -30.44%
Fortis High Income Property Fund AAHIP 7.69% -42.59% -32.01% -49.53% -33.24%
Goldman Sachs Global REIT Portfolio - Monthly Dividend 35311072 JP 16.02% -29.92% -25.38% -46.93% -25.84%
ING Clarion G;pba; Real Estate Income Fund XIGRX 22.43% -47.70% -40.74% -61.11% -41.15%
Invesco Global Real Estate Securities Fund INGRESI ID 30.93% -34.75% -30.69% -52.57% -32.19%
Mitsubishi UFJ World 3 Region REIT Fund 03314078 JP 16.03% -30.19% -25.69% -47.64% -26.81%
RREEF Global Real Estate Income Fund RRGIIQU LX 7.03% -33.34% -28.62% -47.18% -31.52%
Russell Real Estate Securities Fund RRESX 0.28% -36.57% -26.37% -37.20% -26.70%
iShares FTSE EPRA/NAREIT Dvlpd. Mkts. Propery Yield Fund IWDP IM 15.97% -32.44% -25.17% -47.16% -27.87%
Source: Bloomberg
* Annualized performance - all returns presented based on US $
4

5. Sumishin Global REIT Income Fund
Comparative Analysis of Performance vs.
Other Funds Offering Similar Strategy Percentile Ranking of Total Return Performance
November 2007 through July 2009
% Rank % Rank
Y-T-D % Rank % Rank % Rank Since
Bloomberg 2009 1 Year 18 Month Inception
Fund Name Ticker (7/31/09) Trailing Trailing 2008 (11/30/2007)
Sumishin Global REIT Income Fund - Monthly Dividend 6431107B JP 90.90% 100.00% 100.00% 90.90% 100.00%
Cohen & Steers Worldwide Realty Income Fund XRWFX 54.50% 0.00% 0.00% 0.00% 0.00%
Daiwa SB Global REIT Income Fund 22313077 JP 72.70% 63.60% 54.50% 45.40% 54.50%
Daiwa World REIT Fund - Monthly Dividend 04312076 JP 81.80% 90.90% 81.80% 81.80% 90.90%
Daiwa World REIT Income Open Fund 47311044 JP 45.40% 36.30% 36.30% 36.30% 45.40%
Fortis High Income Property Fund AAHIP 18.10% 18.10% 18.10% 27.20% 18.10%
Goldman Sachs Global REIT Portfolio - Monthly Dividend 35311072 JP 27.20% 81.80% 90.90% 72.70% 81.80%
ING Clarion G;pba; Real Estate Income Fund XIGRX 63.60% 9.00% 9.00% 9.00% 9.00%
Invesco Global Real Estate Securities Fund INGRESI ID 100.00% 45.40% 27.20% 18.10% 27.20%
Mitsubishi UFJ World 3 Region REIT Fund 03314078 JP 36.30% 72.70% 72.70% 54.50% 63.60%
RREEF Global Real Estate Income Fund RRGIIQU LX 9.00% 54.50% 45.40% 63.60% 36.30%
Russell Real Estate Securities Fund RRESX 0.00% 27.20% 63.60% 100.00% 72.70%
5