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 (70.53%)
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REAL ESTATE INVESTMENT TRUSTS (70.53%)
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Diversified (9.17%)
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United Kingdom (0.45%)
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19,900 |
British Land Company plc ADR (a)
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$ | 151,441 | $ | 164,971 | ||||||
United States (8.72%)
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19,000 |
Douglas Emmett, Inc.
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424,737 | 438,330 | ||||||||
15,000 |
PS Business Parks, Inc.
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964,567 | 1,002,300 | ||||||||
8,500 |
Public Storage
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1,141,295 | 1,182,945 | ||||||||
7,000 |
Vornado Realty Trust
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581,904 | 567,350 | ||||||||
3,112,503 | 3,190,925 | ||||||||||
Total Diversified
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3,263,944 | 3,355,896 | |||||||||
Healthcare Facilities (6.45%)
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United States (6.45%)
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13,000 |
HCP, Inc.
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532,938 | 578,240 | ||||||||
19,000 |
Health Care REIT, Inc.
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1,036,008 | 1,097,250 | ||||||||
11,000 |
Ventas, Inc.
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648,239 | 684,750 | ||||||||
2,217,185 | 2,360,240 | ||||||||||
Industrial (12.41%)
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United States (12.41%)
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75,000 |
CubeSmart
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895,972 | 965,250 | ||||||||
37,000 |
Extra Space Storage Inc.
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1,038,162 | 1,230,250 | ||||||||
29,000 |
ProLogis, Inc.
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997,864 | 1,015,870 | ||||||||
23,000 |
Sovran Self Storage, Inc.
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1,175,323 | 1,330,550 | ||||||||
4,107,321 | 4,541,920 | ||||||||||
Mortgage Investment (1.85%)
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United States (1.85%)
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90,000 |
Newcastle Investment Corp.
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665,514 | 677,700 | ||||||||
Office (6.10%)
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United States (6.10%)
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7,000 |
Boston Properties Inc.
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734,002 | 774,270 | ||||||||
22,000 |
Kilroy Realty Corp.
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999,440 | 985,160 | ||||||||
13,000 |
Liberty Property Trust
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453,805 | 471,120 | ||||||||
2,187,247 | 2,230,550 | ||||||||||
Residential (12.53%)
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United States (12.53%)
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15,000 |
Apartment Investment and Management Company
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389,893 | 389,850 | ||||||||
4,000 |
AvalonBay Communities, Inc.
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554,230 | 543,960 | ||||||||
22,000 |
Education Realty Trust, Inc.
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231,461 | 239,800 | ||||||||
9,000 |
Equity Residential
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536,562 | 517,770 | ||||||||
6,500 |
Essex Property Trust, Inc.
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968,299 | 963,560 | ||||||||
12,000 |
Post Properties, Inc.
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562,802 | 575,520 | ||||||||
19,000 |
Senior Housing Properties Trust
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419,689 | 413,820 | ||||||||
38,000 |
UDR, Inc.
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991,711 | 943,160 | ||||||||
4,654,647 | 4,587,440 | ||||||||||
Retail (22.02%)
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Australia (0.47%)
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8,200 |
Westfield Group ADR (a)
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151,352 | 172,938 | ||||||||
United States (21.55%)
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55,000 |
CBL & Associates Properties, Inc.
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993,870 | 1,173,700 | ||||||||
25,000 |
DDR Corp.
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373,470 | 384,000 | ||||||||
10,500 |
Federal Realty Investment Trust
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1,016,314 | 1,105,650 | ||||||||
15,000 |
General Growth Properties, Inc.
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247,913 | 292,200 | ||||||||
55,000 |
Kimco Realty Corp.
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1,018,929 | 1,114,850 | ||||||||
11,000 |
Regency Centers Corp.
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487,338 | 536,030 | ||||||||
9,000 |
SL Green Realty Corp.
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702,435 | 720,630 | ||||||||
7,000 |
Simon Property Group, Inc.
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999,187 | 1,062,670 | ||||||||
14,000 |
Taubman Centers, Inc.
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1,010,418 | 1,074,220 | ||||||||
15,000 |
Weingarten Realty Investors
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394,980 | 421,650 | ||||||||
7,244,854 | 7,885,600 | ||||||||||
Total retail
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7,396,206 | 8,058,538 | |||||||||
Total common stocks
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24,492,064 | 25,812,284 | |||||||||
PREFERRED STOCKS (8.50%)
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REAL ESTATE INVESTMENT TRUSTS (8.50%)
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Diversified (3.10%)
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United States (3.10%)
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15,000 |
PS Business Parks, Inc., 6.70%, Series P
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380,700 | 375,300 | ||||||||
15,000 |
Public Storage, 6.125%, Series A
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391,839 | 383,250 | ||||||||
15,000 |
Public Storage, 6.45%, Series F
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380,685 | 375,750 | ||||||||
1,153,224 | 1,134,300 | ||||||||||
Industrial (2.19%)
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United States (2.19%)
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15,000 |
CubeSmart 7.75%, Series A
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389,806 | 404,400 | ||||||||
15,000 |
Monmouth Real Estate Investment Corp., 7.875%, Series B
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402,042 | 397,500 | ||||||||
791,848 | 801,900 | ||||||||||
Office (1.04%)
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United States (1.04%)
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15,000 |
Duke Realty Corp. 6.50%, Series K
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373,313 | 379,500 | ||||||||
Retail (2.17%)
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United States (2.17%)
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15,000 |
Pennsylvania Real Estate Investment Trust, 8.25%, Series A
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380,663 | 395,550 | ||||||||
15,000 |
Realty Income Corp., 6.625%, Series F
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396,285 | 399,300 | ||||||||
776,948 | 794,850 | ||||||||||
Total preferred stocks
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3,095,333 | 3,110,550 | |||||||||
SHORT-TERM INVESTMENT (21.31%)
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Principal Amount
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United States (21.31%)
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$ | 7,798,833 |
State Street Bank and Trust Company Euro Time Deposit 0.01%, 10/01/12
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7,798,833 | 7,798,833 | |||||||
WHOLLY-OWNED SUBSIDIARY (0.12%)
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REAL ESTATE INVESTMENT TRUST (0.12%)
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Member Equity Interest
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United States (0.12%)
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100% |
Self Storage Group I LLC (b) (c) (d)
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50,000 | 42,500 | ||||||||
Total investments (100.46%)
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$ | 35,436,230 | 36,764,167 | ||||||||
Liabilities in excess of other assets (-0.46%)
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(167,961 | ) | |||||||||
Net assets (100.00%)
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$ | 36,596,206 | |||||||||
(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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(b) Controlled affiliate.
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(c) Non-income producing.
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(d) Illiquid and/or restricted secuirity that has been fair valued.
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ADR
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American Depositary Receipt
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LLC
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Limited Liability Company
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REIT
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Real Estate Investment Trust
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plc
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Public limited company
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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 Investment Trusts
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Diversified
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United Kingdom
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$ | 164,971 | $ | - | $ | - | $ | 164,971 | ||||||||
United States
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3,190,925 | - | - | 3,190,925 | ||||||||||||
Healthcare Facilities
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United States
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2,360,240 | - | - | 2,360,240 | ||||||||||||
Industrial
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United States
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4,541,920 | - | - | 4,541,920 | ||||||||||||
Mortgage Investment
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United States
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677,700 | - | - | 677,700 | ||||||||||||
Office
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United States
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2,230,550 | - | - | 2,230,550 | ||||||||||||
Residential
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United States
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4,587,440 | - | - | 4,587,440 | ||||||||||||
Retail
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Australia
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172,938 | - | - | 172,938 | ||||||||||||
United States
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7,885,600 | - | - | 7,885,600 | ||||||||||||
Preferred Stocks
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Real Estate Investment Trusts
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Diversified
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United States
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1,134,300 | - | - | 1,134,300 | ||||||||||||
Industrial
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United States
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801,900 | - | - | 801,900 | ||||||||||||
Office
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United States
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379,500 | - | - | 379,500 | ||||||||||||
Retail
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United States
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794,850 | - | - | 794,850 | ||||||||||||
Short-term investment
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United States
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- | 7,798,833 | - | 7,798,833 | ||||||||||||
Wholly-owned subsidiary
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United States
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- | - | 42,500 | 42,500 | ||||||||||||
Total investments, at value
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$ | 28,922,834 | $ | 7,798,833 | $ | 42,500 | $ | 36,764,167 |
Wholly-Owned
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Subsidiary
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Balance at December 31, 2011
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$ | - | ||
Cost of purchases
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50,000 | |||
Change in unrealized depreciation
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(7,500 | ) | ||
Balance at September 30, 2012
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$ | 42,500 | ||
Net change in unrealized depreciation attributable
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to assets held as level 3 at September 30, 2012
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$ | (7,500 | ) |
Fair Value
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Unobservable
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September 30, 2012
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Valuation Technique
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Input
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Amount
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Wholly-owned subsidiary
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Real estate investment trust
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$ | 42,500 |
Analysis of financial condition, operating results, and tangible net worth
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Discount rate for lack of marketability
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15 | % |
Beginning
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Membership Equity
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Ending
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Value
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Equity Interest
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Gross
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Gross
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Equity Interest
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Dividend
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September 30,
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Percentage
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Additions
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Reductions
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Percentage
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Income
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2012
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Self Storage Group I LLC
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0 | % | $ | 50,000 | $ | - | 100 | % | $ | - | $ | 42,500 | ||||||||||||
Acquisition
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Date
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Cost
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Value
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Self Storage Group I LLC
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7/9/12
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$ | 50,000 | $ | 42,500 | ||||
Percent of net assets
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0.14 | % | 0.12 | % |
(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: November 29, 2012
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/s/ Mark C. Winmill
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Mark C. Winmill
President
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Date: November 29, 2012
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/s/ Thomas O'Malley
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Thomas O'Malley
Chief Financial Officer
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