Q: What are some of your top holdings? A: In the realty income fund, our top five are Simon Property Group [SPG], ProLogis [PLD], Public Storage [PSA], Boston Properties [BXP] and Kimco Realty [KIM].

Q: What are some of your top holdings? A: In the realty income fund, our top five are Simon Property Group [SPG], ProLogis [PLD], Public Storage [PSA], Boston Properties [BXP] and Kimco Realty [KIM].

Q: What are some of your top holdings? A: In the realty income fund, our top five are Simon Property Group [SPG], ProLogis [PLD], Public Storage [PSA], Boston Properties [BXP] and Kimco Realty [KIM].

Q: What are some of your top holdings? A: In the realty income fund, our top five are Simon Property Group [SPG], ProLogis [PLD], Public Storage [PSA], Boston Properties [BXP] and Kimco Realty [KIM].

Q: What are some of your top holdings? A: In the realty income fund, our top five are Simon Property Group [SPG], ProLogis [PLD], Public Storage [PSA], Boston Properties [BXP] and Kimco Realty [KIM].

Q: Are there any U.S. companies you like that may emerge not too scarred by the subprime fallout? A: There is one called Colonial Properties Trust [CLP] which has been completely beaten up, with the stock plunging from over 50 to a current 22 over the past 12 months. If you look at what is going on in the U.S., anything with a lot of debt has been pounded on pretty badly. And Colonial made a couple of mistakes. Their leverage is above-average, and they also made a disastrous foray into the condo- development business. But we think they put a line under that problem. It was never that big a piece of their business. Take that away, and you would be talking about a very solid Southeast apartment portfolio trading at a cheap multiple of 13 times.

Q: Your U.S. income fund has done well, especially this year, by buying names with less debt that have growth stories not affected by the domestic economy. Which stand out? A: Alexandria Real Estate Equities [ARE] , which has generated a return of 4.4% in a bad year in the U.S., has pioneered an interesting niche, developing lab space for biotechnology and drug-research companies. What makes them especially interesting is that they have successfully exported their business model overseas; they are doing similar development in Scotland. They are also looking at Canada and China as markets to develop.