Thus far, the index is beating the Dow Jones Industrial Average(down 1.7%) by more than 10% for the year. It is much farther aheadof the S&P 500 (-7.2%) and the Nasdaq (-17.6%).

Investors added $25 million to real estate mutual funds for theweek ending June 20, raising total assets to $11.3 billion whencoupled with a $70 million increase in market value.

Over the last month, large cap REITs have been outperformingtheir small cap counterparts. In early 2001, the small caps wereleading the way. The Monitor believes this turnabout is sustainablebecause of evidence that investors and pension funds now regard thelarger, more liquid firms as more attractive.

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