JULY 31, 2007 (UNAUDITED)
SCHEDULE OF INVESTMENTS Real Estate Income Fund Inc.
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NUMBER OF SHARES MARKET VALUE(+) NUMBER OF SHARES MARKET VALUE(+)
($000'S OMITTED) ($000'S OMITTED)
COMMON STOCKS (123.9%) 84,990 Brandywine Realty Trust 2,050
APARTMENTS (20.0%) 69,800 Highwoods Properties 2,271
57,500 Apartment Investment & 86,700 Kilroy Realty 5,586
Management 2,429(E) 89,900 Mack-Cali Realty 3,470
73,000 Archstone-Smith Trust 4,191 30,400 Maguire Properties 870
18,900 AvalonBay Communities 2,041 ----------
69,500 Camden Property Trust 3,820 19,409
46,000 Education Realty Trust 605 OFFICE - INDUSTRIAL (4.2%)
38,800 Home Properties 1,796 36,500 Duke Realty 1,193
61,200 Mid-America Apartment 76,300 Liberty Property Trust 2,862
Communities 2,762(E) ----------
70,900 UDR, Inc. 1,637(E) 4,055
-----------
19,281 REGIONAL MALLS (6.2%)
COMMERCIAL FINANCING (14.0%) 30,000 CBL & Associates Properties 957(OO)
127,500 Capital Trust 3,943 195,600 Glimcher Realty Trust 4,158(E)
12,200 CBRE Realty Finance 113 21,100 Pennsylvania REIT 822
146,100 Crystal River Capital 2,541 ----------
158,400 Gramercy Capital 3,832(E) 5,937
301,400 NorthStar Realty Finance 3,041(E) SELF STORAGE (1.0%)
----------- 23,100 Sovran Self Storage 996
13,470
COMMUNITY CENTERS (7.0%) TOTAL COMMON STOCKS 119,461
26,600 Cedar Shopping Centers 334 (COST $87,613) ----------
191,400 Tanger Factory Outlet Centers 6,399(E)
----------- PREFERRED STOCKS (14.3%)
6,733 APARTMENTS (0.7%)
27,000 Apartment Investment
DIVERSIFIED (20.8%) & Management, Ser. T 675
99,600 Colonial Properties Trust 3,445
2,700 Crescent Real Estate Equities 61 COMMERCIAL FINANCING (0.9%)
143,500 iStar Financial 5,214 20,000 Newcastle Investment, Ser. B 442
98,640 Lexington Realty Trust 1,861(E) 25,300 Newcastle Investment, Ser. D 442
29,300 Macquarie Infrastructure 1,166 ----------
78,000 Vornado Realty Trust 8,348 884
----------- COMMUNITY CENTERS (1.6%)
20,095 10,000 Developers Diversified Realty,
HEALTH CARE (19.6%) Ser. I 249
106,300 Health Care Property Investors 2,896(E) 13,100 Ramco-Gershenson Properties
84,700 Health Care REIT 3,109(E) Trust, Ser. B 328(E)
76,800 Nationwide Health Properties 1,830 17,000 Saul Centers, Ser. A 425
95,700 OMEGA Healthcare Investors 1,238 21,000 Tanger Factory Outlet Centers,
301,200 Ventas, Inc. 9,825 Ser. C 519
----------- ----------
18,898 1,521
INDUSTRIAL (9.1%) DIVERSIFIED (0.5%)
394,700 DCT Industrial Trust 3,868 19,500 Crescent Real Estate Equities, 495(OO)
42,800 EastGroup Properties 1,765 Ser. B
81,900 First Industrial Realty Trust 3,170(E) HEALTH CARE (2.5%)
----------- 56,000 LTC Properties, Ser. E 2,429
8,803
LODGING (1.9%) LODGING (3.7%)
54,500 Ashford Hospitality Trust 557 22,800 Eagle Hospitality Properties
32,000 Hospitality Properties Trust 1,227 Trust, Ser. A 433
----------- 20,400 Felcor Lodging Trust, Ser. A 488
1,784 14,600 Hersha Hospitality Trust, Ser. A 364
13,000 LaSalle Hotel Properties, Ser. D 302
OFFICE (20.1%) 21,000 LaSalle Hotel Properties, Ser. E 518
588,600 American Financial Realty Trust 20,000 Strategic Hotels & Resorts, Ser. B 504
Trust 5,162(E)
See Notes to Schedule of Investments
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