| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| 52932 SHRS VORNADO REALTY TRUST | 1,869,483 | 5,291,083 |
| 1171 ALCATEL & LUCENT | ||
| 3000 PFIZER | 97,125 | 96,840 |
| 4000 LOWES | 59,438 | 304,160 |
| 354 LSI CORP | ||
| 9900 FOREST CITY ENTERPRISES | 242,250 | 217,107 |
| 6000 LOEWS | 98,600 | 230,400 |
| 5000 TAUBMAN CENTER | 168,900 | 383,600 |
| 10416 AQUA AMERICA | 224,574 | 310,397 |
| 5170 AVALON BAY COMMUNITIES | 284,320 | 951,952 |
| 2169 GENERAL MOTORS | 265,000 | 73,768 |
| 1974 GENERAL MOTORS WARRANTS 16 | 140,000 | 48,008 |
| 1974 GENERAL MOTORS WARRANTS 19 | 95,000 | 32,165 |
| 505 UTS MOTORS LIQUIDATION | 7,348 | |
| 1160 APARTMENT INVESTMENT & MGMT | 43,686 | 46,435 |
| 3000 HOME PROPERTIES | ||
| 1000 IBM | 160,940 | 137,620 |
| 26466 URBAN EDGE PROPERTIES | 196,150 | 620,628 |
| Category/ Item | Listed at Cost or FMV | Book Value | End of Year Fair Market Value |
|---|---|---|---|
| BLACKROCK CORPORATE HI YIELD FUNDIII | AT COST | 128,546 | 54,788 |
| BLACKROCK EUROFUND-CLASS A | AT COST | 183,593 | 175,533 |
| RAMCO GERSHENSON PROPERTIES | AT COST | ||
| JP MORGAN | AT COST | 1,310,907 | 1,310,907 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| EXPENSES | ||||
| SERVICE CHARGES |
| Description | Beginning of Year - Book Value | End of Year - Book Value |
|---|---|---|
| FEDERAL EXCISE TAX |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| FEDERAL EXCISE TAX | 7,307 |