COMBINED NOTES TO FINANCIAL STATEMENTS
NOTE 4 -- SHARES OF BENEFICIAL INTEREST -- continued
* For Class A, Class B and Class C shares, the Fund share transaction activity reflects the periods from
commencement of class operations, March 10, 1995, March 7, 1995 and July 12, 1995, respectively, through
September 30, 1995.
48
SIX MONTHS ENDED
MARCH 31, 1996
(UNAUDITED) S
SHARES AMOUNT SHA
U.S. REAL ESTATE
CLASS A
Shares sold............................................................. 35,279 $ 417,024 1
Shares issued on reinvestment of distributions.......................... 352 4,163
Shares redeemed......................................................... (29,173) (346,355) (1
Net increase............................................................ 6,458 74,832
CLASS B
Shares sold............................................................. 13,326 158,486 14
Shares issued on reinvestment of distributions.......................... 459 5,421
Shares redeemed......................................................... (1,197) (14,442)
Net increase............................................................ 12,588 149,465 14
CLASS C
Shares sold............................................................. 2,794 33,009
Shares issued on reinvestment of distributions.......................... 22 258
Net increase............................................................ 2,816 33,267
CLASS Y
Shares sold............................................................. 4