11 Hanover Square, 12th Floor
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New York, NY
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10005
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(Address of principal executive offices)
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(Zip Code)
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Shares
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Cost
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Value
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COMMON STOCKS (55.30%)
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REAL ESTATE (1.79%)
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Property Management (1.79%)
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United States (1.79%)
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33,000 |
CBRE Group, Inc.
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$ | 665,511 | $ | 658,680 | ||||||
REAL ESTATE INVESTMENT TRUSTS (53.51%)
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Diversified (7.44%)
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United Kingdom (0.41%)
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19,900 |
British Land Company plc ADR (a)
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151,441 | 151,240 | ||||||||
United States (7.03%)
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25,000 |
Annaly Capital Management, Inc.
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389,938 | 395,500 | ||||||||
55,000 |
Chimera Investment Corp.
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157,713 | 155,650 | ||||||||
19,000 |
Douglas Emmett, Inc.
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424,737 | 433,390 | ||||||||
33,000 |
MFA Financial, Inc.
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248,408 | 246,510 | ||||||||
5,500 |
Public Storage
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720,926 | 759,935 | ||||||||
7,000 |
Vornado Realty Trust
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581,904 | 589,400 | ||||||||
2,523,626 | 2,580,385 | ||||||||||
Total Diversified
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2,675,067 | 2,731,625 | |||||||||
Healthcare Facilities (4.59%)
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United States (4.59%)
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13,000 |
HCP, Inc.
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532,938 | 512,980 | ||||||||
12,000 |
Health Care REIT, Inc.
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659,514 | 659,520 | ||||||||
9,000 |
Ventas, Inc.
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513,344 | 513,900 | ||||||||
1,705,796 | 1,686,400 | ||||||||||
Hotel/Motel (0.98%)
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United States (0.98)
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22,000 |
Host Hotels & Resorts, Inc.
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351,943 | 361,240 | ||||||||
Industrial (7.34%)
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United States (7.34%)
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45,000 |
CubeSmart
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530,356 | 535,500 | ||||||||
27,000 |
Extra Space Storage Inc.
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735,639 | 777,330 | ||||||||
19,000 |
ProLogis
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658,547 | 684,380 | ||||||||
14,000 |
Sovran Self Storage, Inc.
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682,549 | 697,620 | ||||||||
2,607,091 | 2,694,830 | ||||||||||
Mortgage Investment (0.53%)
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United States (0.53%)
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11,100 |
Invesco Mortgage Capital Inc.
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193,327 | 195,915 | ||||||||
Office (5.17%)
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United States (5.17%)
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7,000 |
Boston Properties Inc.
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734,002 | 734,930 | ||||||||
15,000 |
Kilroy Realty Corp.
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673,849 | 699,150 | ||||||||
13,000 |
Liberty Property Trust
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453,805 | 464,360 | ||||||||
1,861,656 | 1,898,440 | ||||||||||
Residential (10.77%)
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United States (10.77%)
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15,000 |
Apartment Investment and Management Company
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389,893 | 396,150 | ||||||||
4,000 |
AvalonBay Communities, Inc.
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554,230 | 565,400 | ||||||||
22,000 |
Education Realty Trust, Inc.
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231,461 | 238,480 | ||||||||
9,000 |
Equity Residential
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536,562 | 563,580 | ||||||||
4,500 |
Essex Property Trust, Inc.
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663,284 | 681,795 | ||||||||
9,000 |
Post Properties, Inc.
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407,770 | 421,740 | ||||||||
19,000 |
Senior Housing Properties Trust
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419,689 | 418,950 | ||||||||
25,000 |
UDR, Inc.
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649,237 | 667,750 | ||||||||
3,852,126 | 3,953,845 | ||||||||||
Retail (16.69%)
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Australia (0.41%)
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8,200 |
Westfield Group ADR (a)
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151,352 | 150,017 | ||||||||
United States (16.28%)
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35,000 |
CBL & Associates Properties, Inc.
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621,320 | 662,200 | ||||||||
25,000 |
DDR Corp.
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373,470 | 365,000 | ||||||||
7,000 |
Federal Realty Investment Trust
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677,453 | 677,530 | ||||||||
15,000 |
General Growth Properties, Inc.
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247,913 | 254,850 | ||||||||
35,000 |
Kimco Realty Corp.
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653,509 | 674,100 | ||||||||
11,000 |
PS Business Parks, Inc.
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697,380 | 720,940 | ||||||||
11,000 |
Regency Centers Corp.
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487,338 | 489,280 | ||||||||
9,000 |
SL Green Realty Corp.
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702,435 | 697,950 | ||||||||
4,500 |
Simon Property Group, Inc.
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632,329 | 655,560 | ||||||||
5,300 |
Taubman Centers, Inc.
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374,337 | 386,635 | ||||||||
15,000 |
Weingarten Realty Investors
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394,980 | 396,450 | ||||||||
5,862,464 | 5,980,495 | ||||||||||
Total Retail
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6,013,816 | 6,130,512 | |||||||||
Total real estate investment trusts
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19,260,822 | 19,652,807 | |||||||||
Total common stocks
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19,926,333 | 20,311,487 | |||||||||
CLOSED END FUNDS (8.17%)
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United States (8.17%)
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8,716 |
AllianceBernstein Income Fund, Inc.
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68,526 | 71,384 | ||||||||
93,020 |
Alpine Global Premier Properties Fund
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578,359 | 604,630 | ||||||||
68,408 |
BlackRock Credit Allocation Income Trust I, Inc.
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619,817 | 677,923 | ||||||||
21,027 |
BlackRock Credit Allocation Income Trust II, Inc.
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216,273 | 220,994 | ||||||||
1,383 |
BlackRock Credit Allocation Income Trust III, Inc.
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15,735 | 15,531 | ||||||||
48,291 |
Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund
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601,266 | 772,656 | ||||||||
54,437 |
Nuveen Diversified Dividend and Income Fund
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541,844 | 638,546 | ||||||||
Total closed end funds
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2,641,820 | 3,001,664 | |||||||||
CLOSED END FUND BUSINESS DEVELOPMENT COMPANIES (5.13%)
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United States (5.13%)
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9,005 |
Capital Southwest Corp.
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840,996 | 851,423 | ||||||||
108,757 |
MCG Capital Corp.
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654,701 | 462,217 | ||||||||
87,203 |
NGP Capital Resources Co.
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672,148 | 571,180 | ||||||||
Total closed end fund business development companies
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2,167,845 | 1,884,820 | |||||||||
PREFERRED STOCKS (1.51%)
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United States (1.51%)
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4,000 |
BAC Capital Trust II, 7.00%
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100,000 | 99,760 | ||||||||
17,834 |
Corporate-Backed Trust Certificate, 8.20% (Motorola)
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445,850 | 452,984 | ||||||||
Total preferred stocks
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545,850 | 552,744 | |||||||||
TIME DEPOSIT (24.76%)
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Principal Amount
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United States (24.76%)
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9,093,070 |
State Street Euro Dollar Time Deposit 0.01%, 4/2/12
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9,093,070 | 9,093,070 | ||||||||
Total investments (94.87%)
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$ | 34,374,918 | 34,843,785 | ||||||||
Cash and other assets in excess of liabilities (5.13%)
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1,885,331 | ||||||||||
Net assets (100.00%)
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$ | 36,729,116 | |||||||||
(a) The company is organized as a real estate investment trust as defined by the laws of its country of domicile. | |||||||||||
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ADR American Depositary Receipt
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REIT Real Estate Investment Trust
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·
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Level 1 – unadjusted quoted prices in active markets for identical assets or liabilities including securities actively traded on a securities exchange.
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·
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Level 2 – observable inputs other than quoted prices included in level 1 that are observable for the asset or liability which may include quoted prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.
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·
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Level 3 – unobservable inputs for the asset or liability including the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability.
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Level 1
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Level 2
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Level 3
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Total
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Assets
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Investments, at value
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Common Stocks
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Real Estate - Property Management
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United States
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$ | 658,680 | $ | - | $ | - | $ | 658,680 | ||||||||
Real Estate Investment Trusts
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Diversified
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United Kingdom
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151,240 | - | - | 151,240 | ||||||||||||
United States
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2,580,385 | - | - | 2,580,385 | ||||||||||||
Healthcare Facilities
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United States
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1,686,400 | - | - | 1,686,400 | ||||||||||||
Hotel/Motel
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United States
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361,240 | - | - | 361,240 | ||||||||||||
Industrial
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United States
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2,694,830 | - | - | 2,694,830 | ||||||||||||
Mortgage Investment
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United States
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195,915 | - | - | 195,915 | ||||||||||||
Office
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United States
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1,898,440 | - | - | 1,898,440 | ||||||||||||
Residential
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United States
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3,953,845 | - | - | 3,953,845 | ||||||||||||
Retail
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Australia
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150,017 | - | - | 150,017 | ||||||||||||
United States
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5,980,495 | - | - | 5,980,495 | ||||||||||||
Closed End Funds
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United States
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3,001,664 | - | - | 3,001,664 | ||||||||||||
Closed End Fund Business Development Companies
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United States
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1,884,820 | - | - | 1,884,820 | ||||||||||||
Preferred Stocks
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United States
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552,744 | - | - | 552,744 | ||||||||||||
Time Deposit
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United States
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- | 9,093,070 | - | 9,093,070 | ||||||||||||
Total investments, at value
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$ | 25,750,715 | $ | 9,093,070 | $ | - | $ | 34,843,785 |
(a)
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The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.
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(b)
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There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
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(a)
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Certifications of the registrant's principal executive officer and principal financial officer as required by Rule 30a-2(a) under the 1940 Act.
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(a)
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Certifications of the registrant's principal executive and principal financial officer as required by Rule 30a-2(a) under the 1940 Act. (EX-99.CERT)
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Date: May 29, 2012
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/s/ Mark C. Winmill
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Mark C. Winmill
President
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Date: May 29, 2012
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/s/ Thomas O'Malley
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Thomas O'Malley
Chief Financial Officer
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