Performance Recaps of 2007 and Regional Outlook 19

Global Top Picks 28

North America 29

Asia 30

Australia and New Zealand 34

Europe 35

Latin America 37

2008 Outlook - Asia 43

2008 Outlook - Australia and New Zealand 59

2008 Outlook - Europe 63

2008 Outlook - Latin America 69

REIT Structure Continues to Spread 79

Valuation and Performance Charts 82

Emerging Markets Global Hunter 104

Investment Strategy 115