| Name of Bond | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| $200,000 MACERICH CO. CV NOTE 3.25% 3-15-12 | 199,750 | 199,750 |
| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| 12,780.944 SH. THIRD AVENUE REAL ESTATE VALUE FUND | 296,007 | 296,007 |
| 123,000 SH. DYNASIL CORPORATION OF AMERICA | 607,620 | 607,620 |
| 14,785 SH. UMH PROPERTIES, INC. | 150,807 | 150,807 |
| 195,000 SH. KIMCO REALTY CORPORATION | 3,517,800 | 3,517,800 |
| 227,107 SH. GETTY REALTY CORPORATION | 7,103,907 | 7,103,907 |
| 29,708 SH. BLUE RIDGE REAL ESTATE CO./BIG BOULDER CORP. | 178,248 | 178,248 |
| 3,584.266 SH. DELAFIELD FUND | 105,341 | 105,341 |
| 35,000 SH. A.C.MOORE ARTS & CRAFTS INC. | 87,850 | 87,850 |
| 4,000 SH. CAPLEASE INC. | 23,280 | 23,280 |
| 4,000 SH. REGENCY CENTERS CORP. 6.7% PFD. | 99,440 | 99,440 |
| 4,000 SH. VORNADO REALTY TRUST 6.625% PFD. | 92,800 | 92,800 |
| 5,000 SH. COHEN & STEERS REIT & PFD INCOME FUND | 71,450 | 71,450 |
| 600 SH. UNITED CAPITAL CORPORATION | 19,500 | 19,500 |
| Category/ Item | Listed at Cost or FMV | Book Value | End of Year Fair Market Value |
|---|---|---|---|
| STATE OF ISRAEL BONDS | FMV | 15,000 | 15,000 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| NEW YORK STATE FILING FEE | 250 | 0 | 250 | |
| BANK CHARGES | 120 | 120 | 0 | |
| ADVERTISEMENT | 125 | 0 | 125 | |
| LEGAL FEES | 667 | 0 | 667 |
| Description | Revenue And Expenses Per Books | Net Investment Income | Adjusted Net Income |
|---|---|---|---|
| FEDERAL EXCISE TAX REFUND | 189 | 0 | 189 |
| Description | Amount |
|---|---|
| INCREASE IN UNREALIZED APPRECIATION | 2,952,555 |