Investment Objective: The Fund seeks high current income as a primary objective and capital appreciation as a secondary objective.

  Portfolio Composition:*                                                         Common Stocks:                                     51.7%                        Preferred Stocks:                                  46.5%                        Cash:                                              1.8%                                                                                                         Total Number of Common Stocks:                     27                           Total Number of Preferred Stocks:                  27                                                                                                           Total Number of Securities:                        54                           Total Number of Issuers:                           42                                                                                                           Industry Allocations (%)                                                                                                  Common   Preferred          Total     Office & Industrial                       16.7     9.4                26.1      Retail                                    9.4      13.6               23.0      Residential                               5.8      3.6                9.4       Net Lease                                 7.5      3.3                10.8      Healthcare                                9.0      3.2                12.2      Hotel                                     0.2      4.8                5.0       Other                                     3.2      8.5                11.7      Cash                                                                  1.8                                                                                       Top 10 Holdings                                                                 Urstadt Biddle Properties Series C PFD             5.64                         Kimco Realty Series G PFD                          4.54                         Public Storage Series L PFD                        4.23                         National Retail Properties                         3.47                         Camden Property Trust                              3.34                         Omega Healthcare Investors                         3.14                         Mack Cali Realty Corp.