<SEC-DOCUMENT>0001193125-18-077537.txt : 20180309
<SEC-HEADER>0001193125-18-077537.hdr.sgml : 20180309
<ACCEPTANCE-DATETIME>20180309171259
ACCESSION NUMBER:		0001193125-18-077537
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20171231
FILED AS OF DATE:		20180309
DATE AS OF CHANGE:		20180309
EFFECTIVENESS DATE:		20180309

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			COHEN & STEERS REIT & PREFERRED INCOME FUND INC
		CENTRAL INDEX KEY:			0001224450
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21326
		FILM NUMBER:		18680999

	BUSINESS ADDRESS:	
		STREET 1:		280 PARK AVENUE
		STREET 2:		10TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		2128323232

	MAIL ADDRESS:	
		STREET 1:		280 PARK AVENUE
		STREET 2:		10TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COHEN & STEERS REIT & PREFERRED BALANCED INCOME FUND INC
		DATE OF NAME CHANGE:	20030325
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR
<SEQUENCE>1
<FILENAME>d494170dncsr.htm
<DESCRIPTION>COHEN & STEERS REIT & PREFERRED INCOME FUND, INC.
<TEXT>
<HTML><HEAD>
<TITLE>Cohen &amp;amp; Steers REIT &amp;amp; Preferred Income Fund, Inc.</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13.5pt; font-family:Times New Roman" ALIGN="center">Washington, D.C. 20549 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B><FONT
STYLE="white-space:nowrap">FORM&nbsp;N-CSR</FONT> </B></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>INVESTMENT COMPANIES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Investment Company Act File Number: <FONT STYLE="white-space:nowrap">811-21326</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>Cohen&nbsp;&amp; Steers REIT and Preferred Income Fund, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">(Exact name of registrant as specified in charter) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">280 Park Avenue, New York, NY 10017 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">(Address of principal executive offices) (Zip code) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Francis C. Poli </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Cohen&nbsp;&amp;
Steers Capital Management, Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">280 Park Avenue </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">New York, New York 10017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">(Name and
address of agent for service) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Registrant&#146;s telephone number, including area code: (212)
<FONT STYLE="white-space:nowrap">832-3232</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Date of fiscal year end: December&nbsp;31 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Date of reporting period: December&nbsp;31, 2017 </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Item&nbsp;1. Reports to Stockholders. </B></P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">OHEN</FONT>
&amp; S<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">TEERS</FONT> REIT <FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">AND</FONT>
P<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">REFERRED</FONT> I<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NCOME</FONT> F<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">UND</FONT>, I<FONT
STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NC</FONT>. </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT
 COLOR="#3e3935">To Our Shareholders: </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">We would like to share with you our report for the year ended December 31, 2017.
The total returns for the Fund and its comparative benchmarks were: </FONT></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="49%"></TD>
<TD VALIGN="bottom" WIDTH="21%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="22%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">Six&nbsp;Months&nbsp;Ended<BR>December&nbsp;31,&nbsp;2017</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">Year&nbsp;Ended<BR>December&nbsp;31,&nbsp;2017</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Cohen&nbsp;&amp; Steers REIT and Preferred Income Fund at Net Asset Value<SUP
STYLE="font-size:85%; vertical-align:top">a</SUP></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3.80</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">%&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">12.65</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">%&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Cohen&nbsp;&amp; Steers REIT and Preferred Income Fund at Market Value<SUP
STYLE="font-size:85%; vertical-align:top">a</SUP></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">6.01</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">%&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">19.58</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">FTSE NAREIT Equity REIT
Index<SUP STYLE="font-size:85%; vertical-align:top">b</SUP></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2.46</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">%&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">5.23</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">%&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">ICE BofAML Fixed-Rate Preferred Securities Index<SUP
STYLE="font-size:85%; vertical-align:top">b</SUP></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1.71</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">%&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">10.58</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Blended Benchmark&#151;50% FTSE NAREIT Equity REIT Index/50% ICE BofAML Fixed-Rate
Preferred Securities Index<SUP STYLE="font-size:85%; vertical-align:top">b</SUP></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2.09</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">%&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">7.92</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">%&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">S&amp;P&nbsp;500
Index<SUP STYLE="font-size:85%; vertical-align:top">b</SUP></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">11.42</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">%&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">21.83</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">%&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><I>The performance data quoted represent past performance. Past performance is no guarantee of
future results. The investment return and the principal value of an investment will fluctuate and shares, if sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.
Performance results reflect the effects of leverage, resulting from borrowings under a credit agreement. Current total returns of the Fund can be obtained by visiting our website at cohenandsteers.com. The Fund&#146;s returns assume the reinvestment
of all dividends and distributions at prices obtained under the Fund&#146;s dividend reinvestment plan. Index performance does not reflect the deduction of any fees, taxes or expenses. An investor cannot invest directly in an index. Performance
figures for periods shorter than one year are not annualized. </I></FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Managed Distribution Policy </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Through November 30, 2017, Cohen &amp; Steers REIT and Preferred Income Fund, Inc. (the Fund) made regular monthly distributions at
a level rate (the Policy). As a result of the Policy, the Fund paid distributions in excess of the Fund&#146;s investment company taxable income and realized gains. </FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="line-height:12.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #3e3935;width:21%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top">a</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">As a closed-end investment company, the price of the Fund&#146;s exchange-traded shares will be set by market forces and can deviate from the net asset value (NAV) per share of the Fund.
</FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top">b</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">The FTSE NAREIT Equity REIT Index contains all tax-qualified Real Estate Investment Trusts (REITs) except timber and infrastructure REITs with more than 50% of total assets in qualifying real
estate assets other than mortgages secured by real property that also meet minimum size and liquidity criteria. The ICE BofAML Fixed-Rate Preferred Securities Index tracks the performance of fixed-rate U.S. dollar-denominated preferred securities
issued in the U.S. domestic market. The S&amp;P&nbsp;500 Index is an unmanaged index of 500 large-capitalization stocks that is frequently used as a general measure of U.S. stock market performance. Benchmark returns are shown for comparative
purposes only and may not be representative of the Fund&#146;s portfolio. The Fund&#146;s benchmarks do not include below-investment-grade securities. </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="right"><FONT COLOR="#3e3935"><B>1
</B></FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">OHEN</FONT>
&amp; S<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">TEERS</FONT> REIT <FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">AND</FONT>
P<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">REFERRED</FONT> I<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NCOME</FONT> F<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">UND</FONT>, I<FONT
STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NC</FONT>. </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">On December 5, 2017 the Board of Directors of the Fund, acting in accordance with an exemptive order received from the U.S.
Securities and Exchange Commission (SEC), approved the adoption of a managed distribution policy under which the Fund intends to include long-term capital gains, where applicable, as part of the regular monthly cash distributions to its shareholders
(the Plan). The Plan will give the Fund greater flexibility to realize long-term capital gains and to distribute those gains on a regular monthly basis. In accordance with the Plan, the Fund currently distributes $ 0.124 per share on a monthly
basis. </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">The Fund may pay distributions in excess of the Fund&#146;s investment company taxable income and net realized
gains. This excess would be a return of capital distributed from the Fund&#146;s assets. Distributions of capital decrease the Fund&#146;s total assets and, therefore, could have the effect of increasing the Fund&#146;s expense ratio. In addition,
in order to make these distributions, the Fund may have to sell portfolio securities at a less than opportune time. </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Shareholders should not draw any conclusions about the Fund&#146;s investment performance from the amount of these distributions or
from the terms of the Fund&#146;s Plan. The Fund&#146;s total return based on NAV is presented in the table above as well as in the Financial Highlights table. </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">The Plan provides that the Board of Directors may amend or terminate the Plan at any time without prior notice to Fund
shareholders; however, at this time, there are no reasonably foreseeable circumstances that might cause the termination. The termination of the Plan could have the effect of creating a trading discount (if the Fund&#146;s stock is trading at or
above NAV) or widening an existing trading discount. </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL"><FONT COLOR="#3e3935"><B>2 </B></FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">OHEN</FONT>
&amp; S<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">TEERS</FONT> REIT <FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">AND</FONT>
P<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">REFERRED</FONT> I<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NCOME</FONT> F<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">UND</FONT>, I<FONT
STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NC</FONT>. </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT
 COLOR="#3e3935">Market Review </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">The year was defined by a broad-based acceleration in global growth, subdued inflation,
low interest rates and a high investor appetite for income. In this environment, preferred securities delivered strong returns in 2017 and outperformed most other classes of fixed income, while U.S. real estate benefited from an improving economy,
although returns trailed the broad stock market by a wide margin amid concerns over rising interest rates and the growing challenges facing retail landlords. </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Supported by economic growth, central banks took measures to tighten highly accommodative monetary policy conditions. The U.S.
Federal Reserve hiked overnight rates three times to end the year at 1.5%, and also laid out plans for slowly shrinking its balance sheet in late 2017. The Bank of England and the Bank of Canada also raised rates, while the European Central Bank
announced plans to reduce its quantitative easing program by cutting its monthly bond purchases in half to <FONT STYLE="font-family:Times New Roman" COLOR="#3e3935">&#128;</FONT>30&nbsp;billion ($36 billion) per month for the first nine months of
2018. </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">While the passage of the Tax Cut and Jobs Act in late December added fuel to an already healthy U.S. economy,
REITs are expected to see little direct benefit from a lower corporate tax rate because they pay little to no taxes. However, we believe REITs held outside of U.S. <FONT STYLE="white-space:nowrap">open-end</FONT> funds, <FONT
STYLE="white-space:nowrap">closed-end</FONT> funds, exchange-traded funds (ETFs) and unit investment trusts gained additional investor appeal due to a new 20% deduction on pass-through income, reducing the effective tax rate on REIT income
distributions. Lower taxes also offer the prospect of a stronger business environment and increased consumer spending that could benefit overall demand for real estate. </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><I>Fund Performance </I></FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT
 COLOR="#3e3935">The Fund had a positive total return in 2017 and outperformed its blended benchmark on both a NAV and market price basis. In real estate, performance varied significantly among different property sectors, with <FONT
STYLE="white-space:nowrap">e-commerce</FONT> trends having a major influence on REIT returns, lifting sectors that provide infrastructure for the digital ecosystem, while weighing on retail sectors. </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Data centers were among the strongest performers, as the continued adoption of <FONT STYLE="white-space:nowrap">e-commerce,</FONT>
cloud computing and rising digital media consumption increased the need for data storage and computing power. Our overweight in data centers was an important contributor to the Fund&#146;s relative performance. The Fund also had an <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-index</FONT></FONT> allocation to cell tower REITs, which enjoyed substantial gains due to demand for faster mobile networks and more bandwidth. </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Regional malls struggled amid soft year-over-year sales comparisons for major <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">brick-and-mortar</FONT></FONT> retailers, department store closings and tenant bankruptcies. The Fund&#146;s underweight allocation and favorable stock selection in the sector aided relative performance. The Fund&#146;s
modest exposure was concentrated in owners of high-quality regional malls that ended the year largely unchanged. We chose not to own lower-tier mall companies, which lagged far behind on continuing concerns about future occupancy rates and capital
expenditure requirements. </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Shopping center landlords also declined on tenant bankruptcies, increasing vacancies and
downward pressure on rents. Investors were also concerned that grocery store anchor tenants may face competition from Amazon&#146;s entry into the space. Our underweight in the sector contributed to relative performance. </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="right"><FONT COLOR="#3e3935"><B>3
</B></FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">OHEN</FONT>
&amp; S<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">TEERS</FONT> REIT <FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">AND</FONT>
P<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">REFERRED</FONT> I<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NCOME</FONT> F<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">UND</FONT>, I<FONT
STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NC</FONT>. </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Apartment owners generally benefited from an improving job market and expensive coastal housing markets. Healthy gains in several
companies were partly offset by weakness in student housing landlords that reported underwhelming results. Our stock selection and overweight in the sector detracted from relative performance, due in part to our overweight in a student housing REIT.
</FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">In preferreds, we sought to own securities with meaningful call protection in both the retail and <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">over-the-counter</FONT></FONT> (OTC) markets, with the aim of limiting redemption risk and allowing more room for a security&#146;s price to appreciate. With credit spreads compressing and
sovereign yields generally relatively steady over the year, this had an overall positive effect on performance. </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">U.S.
and European banks&#151;the largest issuers of preferreds&#151;enjoyed strong earnings growth, benefiting from higher net interest margins, as well as improved trading and investment banking income&#151;all of which contributed to improving credit
fundamentals. Security selection in the banking sector contributed to relative performance. We were overweight European contingent capital securities (CoCos), which were among the strongest performers in the period, as economic fundamentals and a
better political backdrop in Europe continued to support credit spread compression amid improvements in banking markets. </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">In August, we reduced our allocation to property&nbsp;&amp; casualty and reinsurance companies as the outlook for hurricane damage
in the U.S. worsened. While these companies have strong capital positions, the large accumulated losses from hurricane activity raised near-term earnings concerns. Security selection in the insurance sector also contributed to performance.
</FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><I>Impact of Leverage on Fund Performance </I></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">The Fund employs leverage as part of a yield-enhancement strategy. Leverage, which can increase total return in rising markets
(just as it can have the opposite effect in declining markets), significantly contributed to the Fund&#146;s performance for the <FONT STYLE="white-space:nowrap">12-month</FONT> period ended December&nbsp;31, 2017. </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><I>Impact of Derivatives on Fund Performance </I></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">The Fund used derivatives in the form of forward foreign currency exchange contracts for managing currency risk on certain Fund
positions denominated in foreign currencies. These contracts did not have a material effect on the Fund&#146;s total return for the <FONT STYLE="white-space:nowrap">12-month</FONT> period ended December&nbsp;31, 2017. </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL"><FONT COLOR="#3e3935"><B>4 </B></FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">OHEN</FONT>
&amp; S<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">TEERS</FONT> REIT <FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">AND</FONT>
P<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">REFERRED</FONT> I<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NCOME</FONT> F<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">UND</FONT>, I<FONT
STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NC</FONT>. </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT
 COLOR="#3e3935">Sincerely, </FONT></P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="44%"></TD></TR>


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<IMG SRC="g494170g54e74.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.30em">


<IMG SRC="g494170g63p90.jpg" ALT="LOGO">
</P></TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">T<SMALL>HOMAS</SMALL> N. B<SMALL>OHJALIAN</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">W<SMALL>ILLIAM</SMALL> F. S<SMALL>CAPELL</SMALL></FONT></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><I>Portfolio Manager</I></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><I>Portfolio Manager</I></FONT></P></TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt; margin-left:2%" ALIGN="center">


<IMG SRC="g494170g25p48.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:39%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">J<SMALL>ASON</SMALL> Y<SMALL>ABLON</SMALL> </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:39%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><I>Portfolio Manager </I></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><I>The views and opinions in the preceding commentary are subject to change without notice and are as of the date of the report.
There is no guarantee that any market forecast set forth in the commentary will be realized. This material represents an assessment of the market environment at a specific point in time, should not be relied upon as investment advice and is not
intended to predict or depict performance of any investment. </I></FONT></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><div style="max-width:100%;margin-left:0%; margin-right:0%;border:solid 1px #3e3935;background-color:;;padding-top:2pt;padding-bottom:3pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; padding-top:6pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Visit Cohen&nbsp;&amp; Steers online at cohenandsteers.com </FONT></P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; margin-left:2%; margin-right:2%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">For more information about the Cohen&nbsp;&amp; Steers family of mutual funds, visit cohenandsteers.com. Here you
will find fund net asset values, fund fact sheets and portfolio highlights, as well as educational resources and timely market updates. </FONT></P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; padding-bottom:6pt; margin-left:2%; margin-right:2%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Our website also provides comprehensive information about Cohen&nbsp;&amp; Steers, including
our most recent press releases, profiles of our senior investment professionals and their investment approach to each asset class. The Cohen&nbsp;&amp; Steers family of mutual funds invests in major real asset categories including real estate
securities, listed infrastructure, commodities and natural resource equities, as well as preferred securities and other income solutions. </FONT></P></div>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="right"><FONT COLOR="#3e3935"><B>5
</B></FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">OHEN</FONT>
&amp; S<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">TEERS</FONT> REIT <FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">AND</FONT>
P<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">REFERRED</FONT> I<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NCOME</FONT> F<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">UND</FONT>, I<FONT
STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NC</FONT>. </B></FONT></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P><div style="max-width:100%;margin-left:0%; margin-right:0%;border:solid 1px #3e3935;background-color:;;padding-top:2pt;padding-bottom:3pt">
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Our Leverage Strategy </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT
 COLOR="#3e3935">(Unaudited) </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:2%; margin-right:2%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Our current leverage strategy utilizes borrowings up to the maximum
permitted by the Investment Company Act of 1940 to provide additional capital for the Fund, with an objective of increasing net income available for shareholders. As of December 31, 2017, leverage represented 24% of the Fund&#146;s managed assets.
</FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:2%; margin-right:2%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Through a combination of variable and fixed rate financing, the Fund has locked in interest rates on a
significant portion of this additional capital for periods expiring in 2020, 2021 and 2022<SUP STYLE="font-size:85%; vertical-align:top">a </SUP>(where we effectively reduce our variable rate obligation and lock in our fixed rate obligation over
various terms). Locking in a significant portion of our leveraging costs is designed to protect the dividend-paying ability of the Fund. The use of leverage increases the volatility of the Fund&#146;s NAV in both up and down markets. However, we
believe that locking in portions of the Fund&#146;s leveraging costs for the various terms partially protects the Fund&#146;s expenses from an increase in short-term interest rates. </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Leverage Facts<SUP STYLE="font-size:85%; vertical-align:top">b,c</SUP> </FONT></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="83%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Leverage (as a % of managed assets)</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;&nbsp;&nbsp;&nbsp;24%</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">% Fixed Rate</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;&nbsp;&nbsp;&nbsp;85%</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">% Variable Rate</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;&nbsp;&nbsp;&nbsp;15%</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Weighted Average Rate on Financing</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;&nbsp;&nbsp;2.4%<SUP STYLE="font-size:85%; vertical-align:top">a</SUP></FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Weighted Average Term on Financing</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;&nbsp;&nbsp;3.6&nbsp;years<SUP STYLE="font-size:85%; vertical-align:top">a</SUP></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:2%; margin-right:2%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">The Fund seeks to enhance its dividend yield through leverage. The use of leverage
is a speculative technique and there are special risks and costs associated with leverage. The NAV of the Fund&#146;s shares may be reduced by the issuance and ongoing costs of leverage. So long as the Fund is able to invest in securities that
produce an investment yield that is greater than the total cost of leverage, the leverage strategy will produce higher current net investment income for shareholders. On the other hand, to the extent that the total cost of leverage exceeds the
incremental income gained from employing such leverage, shareholders would realize lower net investment income. In addition to the impact on net income, the use of leverage will have an effect of magnifying capital appreciation or depreciation for
shareholders. Specifically, in an up market, leverage will typically generate greater capital appreciation than if the Fund were not employing leverage. Conversely, in down markets, the use of leverage will generally result in greater capital
depreciation than if the Fund had been unlevered. To the extent that the Fund is required or elects to reduce its leverage, the Fund may need to liquidate investments, including under adverse economic conditions which may result in capital losses
potentially reducing returns to shareholders. There can be no assurance that a leveraging strategy will be successful during any period in which it is employed. </FONT></P></div>
<P STYLE="line-height:12.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #3e3935;width:21%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top">a</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">On February&nbsp;24, 2015, the Fund amended its credit agreement to extend the fixed rate financing terms, originally expiring in 2017, 2018 and 2019, by three years, now expiring in 2020, 2021 and
2022. The weighted average rate on financing does not include the three year extension for the 2021 and 2022 fixed-rate tranches and will increase as the extended fixed-rate tranches become effective. The weighted average term on financing includes
the three year extension. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top">b</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">Data as of December 31, 2017. Information is subject to change. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top">c</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">See Note&nbsp;7 in Notes to Financial Statements. </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL"><FONT COLOR="#3e3935"><B>6 </B></FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">OHEN</FONT>
&amp; S<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">TEERS</FONT> REIT <FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">AND</FONT>
P<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">REFERRED</FONT> I<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NCOME</FONT> F<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">UND</FONT>, I<FONT
STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NC</FONT>. </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">December&nbsp;31, 2017 </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT
 COLOR="#3e3935">Top Ten Holdings<SUP STYLE="font-size:85%; vertical-align:top">a</SUP> </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">(Unaudited) </FONT></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="72%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000; width:33.30pt; display:inline; font-size:10pt; font-family:ARIAL; "><FONT COLOR="#3e3935">Security</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">Value</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">% of<BR>Managed<BR>Assets</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Simon Property Group</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">43,888,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3.1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Prologis</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">41,158,412</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2.9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Equinix</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">38,060,056</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2.7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Equity Residential</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">30,939,737</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2.2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Extra Space Storage</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">27,219,425</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1.9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Essex Property Trust</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">26,848,068</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1.9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">UDR</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">25,929,044</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1.8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Digital Realty Trust</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">24,056,363</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1.7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Crown Castle International Corp.</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">22,763,489</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1.6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">SL Green Realty Corp.</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">22,205,811</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1.5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="line-height:12.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #3e3935;width:21%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top">a</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">Top ten holdings are determined on the basis of the value of individual securities held. The Fund may also hold positions in other types of securities issued by the companies listed above. See the
Schedule of Investments for additional details on such other positions. </FONT></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Sector Breakdown </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">(Based on Managed Assets) </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">(Unaudited) </FONT></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g494170g97l27.jpg" ALT="LOGO">
 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="right"><FONT COLOR="#3e3935"><B>7
</B></FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">OHEN</FONT>
&amp; S<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">TEERS</FONT> REIT <FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">AND</FONT>
P<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">REFERRED</FONT> I<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NCOME</FONT> F<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">UND</FONT>, I<FONT
STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NC</FONT>. </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">SCHEDULE OF INVESTMENTS </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT
 COLOR="#3e3935">December&nbsp;31, 2017 </FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="65%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">Number&nbsp;of<BR>Shares</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">Value</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">C<SMALL>OMMON</SMALL> S<SMALL>TOCK</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">65.3%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.40em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">C<SMALL>OMMUNICATIONS</SMALL>&#151;T<SMALL>OWERS</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2.1%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Crown Castle International Corp.<SUP
STYLE="font-size:85%; vertical-align:top">a</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">205,058</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">22,763,489</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.40em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">R<SMALL>EAL</SMALL> E<SMALL>STATE</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">63.2%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">D<SMALL>ATA</SMALL> C<SMALL>ENTERS</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">7.7%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">CyrusOne<SUP STYLE="font-size:85%; vertical-align:top">a,b</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">163,314</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">9,722,082</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Digital Realty
Trust<SUP STYLE="font-size:85%; vertical-align:top">a,b</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">211,206</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">24,056,363</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Equinix<SUP STYLE="font-size:85%; vertical-align:top">a,b</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">83,977</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">38,060,056</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">QTS Realty Trust,
Class&nbsp;A<SUP STYLE="font-size:85%; vertical-align:top">a,b</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">224,353</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">12,150,959</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">83,989,460</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">D<SMALL>IVERSIFIED</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">0.5%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">American Assets
Trust<SUP STYLE="font-size:85%; vertical-align:top">a</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">150,222</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">5,744,489</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">H<SMALL>EALTH</SMALL> C<SMALL>ARE</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">4.8%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">HCP<SUP STYLE="font-size:85%; vertical-align:top">a,b</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">681,392</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">17,770,703</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Healthcare Trust of America, Class&nbsp;A<SUP
STYLE="font-size:85%; vertical-align:top">a,b</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">689,491</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">20,712,310</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Physicians Realty
Trust<SUP STYLE="font-size:85%; vertical-align:top">a,b</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">740,460</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">13,320,875</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">51,803,888</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">H<SMALL>OTEL</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">4.0%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Host Hotels&nbsp;&amp;
Resorts<SUP STYLE="font-size:85%; vertical-align:top">a,b</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">952,766</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">18,912,405</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Pebblebrook Hotel
Trust<SUP STYLE="font-size:85%; vertical-align:top">a,b</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">283,625</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">10,542,341</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Sunstone Hotel
Investors<SUP STYLE="font-size:85%; vertical-align:top">a,b</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">856,730</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">14,161,747</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">43,616,493</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">I<SMALL>NDUSTRIALS</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3.8%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Prologis<SUP STYLE="font-size:85%; vertical-align:top">a,b</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">638,016</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">41,158,412</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">N<SMALL>ET</SMALL> L<SMALL>EASE</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2.5%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Four Corners Property Trust</FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">214,456</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">5,511,519</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Gaming and Leisure
Properties<SUP STYLE="font-size:85%; vertical-align:top">a</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">264,452</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">9,784,724</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Gramercy Property
Trust<SUP STYLE="font-size:85%; vertical-align:top">a,b</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">426,267</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">11,364,279</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">26,660,522</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">O<SMALL>FFICE</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">10.7%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Alexandria Real Estate Equities<SUP
STYLE="font-size:85%; vertical-align:top">a,b</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">125,046</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">16,329,757</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Boston Properties</FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">62,842</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">8,171,345</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Douglas
Emmett<SUP STYLE="font-size:85%; vertical-align:top">a,b</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">308,082</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">12,649,847</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Highwoods
Properties<SUP STYLE="font-size:85%; vertical-align:top">a,b</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">269,384</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">13,714,340</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">See accompanying notes to financial statements. </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL"><FONT COLOR="#3e3935"><B>8 </B></FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">OHEN</FONT>
&amp; S<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">TEERS</FONT> REIT <FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">AND</FONT>
P<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">REFERRED</FONT> I<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NCOME</FONT> F<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">UND</FONT>, I<FONT
STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NC</FONT>. </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">SCHEDULE OF INVESTMENTS&#151;(Continued) </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">December&nbsp;31, 2017 </FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="63%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">Number&nbsp;of<BR>Shares</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">Value</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Hudson Pacific
Properties<SUP STYLE="font-size:85%; vertical-align:top">a</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">285,889</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">
&#036;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">9,791,698</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Kilroy Realty
Corp.<SUP STYLE="font-size:85%; vertical-align:top">a,b</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">241,457</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">18,024,765</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">SL Green Realty
Corp.<SUP STYLE="font-size:85%; vertical-align:top">a,b</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">220,012</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">22,205,811</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Vornado Realty
Trust<SUP STYLE="font-size:85%; vertical-align:top">a,b</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">194,861</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">15,234,233</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">116,121,796</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">R<SMALL>ESIDENTIAL</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">15.7%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.40em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">A<SMALL>PARTMENT</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">10.5%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Apartment Investment&nbsp;&amp; Management Co., Class&nbsp;A<SUP
STYLE="font-size:85%; vertical-align:top">a,b</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">231,507</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">10,119,171</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Equity
Residential<SUP STYLE="font-size:85%; vertical-align:top">a,b</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">485,177</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">30,939,737</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Essex Property
Trust<SUP STYLE="font-size:85%; vertical-align:top">a,b</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">111,232</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">26,848,068</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><FONT STYLE="white-space:nowrap">Mid-America</FONT> Apartment Communities<SUP
STYLE="font-size:85%; vertical-align:top">a,b</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">196,053</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">19,715,090</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">UDR<SUP STYLE="font-size:85%; vertical-align:top">a,b</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">673,132</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">25,929,044</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">113,551,110</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.40em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">M<SMALL>ANUFACTURED</SMALL> H<SMALL>OME</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1.8%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Sun
Communities<SUP STYLE="font-size:85%; vertical-align:top">a,b</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">213,633</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">19,820,870</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.40em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">S<SMALL>INGLE</SMALL> F<SMALL>AMILY</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1.8%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">American Homes 4 Rent, Class&nbsp;A</FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">104,435</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2,280,860</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Invitation
Homes<SUP STYLE="font-size:85%; vertical-align:top">a,b</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">729,598</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">17,196,625</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">19,477,485</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.40em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">S<SMALL>TUDENT</SMALL> H<SMALL>OUSING</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1.6%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">American Campus
Communities<SUP STYLE="font-size:85%; vertical-align:top">a,b</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">428,760</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">17,592,023</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">T<SMALL>OTAL</SMALL> R<SMALL>ESIDENTIAL</SMALL></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SMALL></SMALL><SMALL></SMALL>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">170,441,488</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">S<SMALL>ELF</SMALL> S<SMALL>TORAGE</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">4.3%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">CubeSmart<SUP STYLE="font-size:85%; vertical-align:top">a</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">281,601</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">8,143,901</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Extra Space
Storage<SUP STYLE="font-size:85%; vertical-align:top">a,b</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">311,257</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">27,219,425</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Life Storage</FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">129,987</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">11,577,942</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">46,941,268</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">S<SMALL>HOPPING</SMALL> C<SMALL>ENTERS</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">8.0%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.40em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">C<SMALL>OMMUNITY</SMALL> C<SMALL>ENTER</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2.7%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Brixmor Property
Group<SUP STYLE="font-size:85%; vertical-align:top">a,b</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">584,432</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">10,905,501</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Regency Centers
Corp.<SUP STYLE="font-size:85%; vertical-align:top">a,b</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">156,608</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">10,834,142</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Weingarten Realty Investors</FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">226,214</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">7,435,654</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">29,175,297</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT
 COLOR="#3e3935">See accompanying notes to financial statements. </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="right"><FONT COLOR="#3e3935"><B>9
</B></FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">OHEN</FONT>
&amp; S<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">TEERS</FONT> REIT <FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">AND</FONT>
P<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">REFERRED</FONT> I<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NCOME</FONT> F<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">UND</FONT>, I<FONT
STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NC</FONT>. </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">SCHEDULE OF INVESTMENTS&#151;(Continued) </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">December&nbsp;31, 2017 </FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="65%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">Number&nbsp;of<BR>Shares</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">Value</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.40em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">R<SMALL>EGIONAL</SMALL> M<SMALL>ALL</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">5.3%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">GGP<SUP STYLE="font-size:85%; vertical-align:top">a,b</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">585,538</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">
&#036;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">13,695,734</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Simon Property
Group<SUP STYLE="font-size:85%; vertical-align:top">a,b</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">255,552</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">43,888,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">57,584,234</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">T<SMALL>OTAL</SMALL> S<SMALL>HOPPING</SMALL>
C<SMALL>ENTERS</SMALL></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SMALL></SMALL><SMALL></SMALL><SMALL></SMALL>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">86,759,531</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">S<SMALL>PECIALTY</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1.2%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">CoreCivic</FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">206,790</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">4,652,775</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Lamar Advertising Co., Class&nbsp;A</FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">108,307</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">8,040,712</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">12,693,487</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">T<SMALL>OTAL</SMALL> R<SMALL>EAL</SMALL>
E<SMALL>STATE</SMALL></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SMALL></SMALL><SMALL></SMALL><SMALL></SMALL>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">685,930,834</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:8.40em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">T<SMALL>OTAL</SMALL> C<SMALL>OMMON</SMALL>
S<SMALL>TOCK<BR></SMALL>(Identified cost&#151;$503,317,154)</FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:8.40em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SMALL></SMALL><SMALL></SMALL><SMALL></SMALL>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">708,694,323</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">P<SMALL>REFERRED</SMALL> S<SMALL>ECURITIES</SMALL>&#151;$25 P<SMALL>AR</SMALL>
V<SMALL>ALUE</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">19.5%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.40em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">B<SMALL>ANKS</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">5.2%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Bank of America Corp., 6.20%, Series CC<SUP
STYLE="font-size:85%; vertical-align:top">a,c</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">134,575</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3,692,738</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Bank of America Corp., 6.00%, Series EE<SUP
STYLE="font-size:85%; vertical-align:top">c</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">153,877</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">4,183,916</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Bank of America Corp., 6.50%, Series Y<SUP
STYLE="font-size:85%; vertical-align:top">a,c</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">63,268</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1,709,501</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Citigroup, 6.30%, Series
S<SUP STYLE="font-size:85%; vertical-align:top">a,c</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">139,006</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3,743,431</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">GMAC Capital Trust I, 7.201% , due 2/15/40, Series 2 (TruPS) (FRN) (3
Month US LIBOR + 5.785%)<SUP STYLE="font-size:85%; vertical-align:top">a,b,d</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">324,847</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">8,429,780</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Huntington Bancshares, 6.25%, Series D<SUP
STYLE="font-size:85%; vertical-align:top">a,c</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">108,437</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3,051,417</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">JPMorgan Chase&nbsp;&amp; Co., 6.10%, Series AA<SUP
STYLE="font-size:85%; vertical-align:top">a,c</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">43,750</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1,179,937</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">JPMorgan Chase&nbsp;&amp; Co., 6.15%, Series BB<SUP
STYLE="font-size:85%; vertical-align:top">a,c</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">78,600</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2,116,698</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">JPMorgan Chase&nbsp;&amp; Co., 6.125%, Series Y<SUP
STYLE="font-size:85%; vertical-align:top">a,c</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">90,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2,398,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">New York Community Bancorp, 6.375% to 3/7/27, Series&nbsp;A<SUP
STYLE="font-size:85%; vertical-align:top">c,e</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">143,450</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">4,102,670</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">People&#146;s United Financial, 5.625% to 12/15/26, Series&nbsp;A<SUP
STYLE="font-size:85%; vertical-align:top">a,c,e</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">104,699</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2,965,076</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Regions Financial Corp., 6.375% to 9/15/24, Series B<SUP
STYLE="font-size:85%; vertical-align:top">c,e</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">113,497</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3,226,720</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">TCF Financial Corp., 5.70%, Series C<SUP
STYLE="font-size:85%; vertical-align:top">c</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">73,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1,878,290</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Wells Fargo&nbsp;&amp; Co., 5.85% to 9/15/23, Series Q<SUP
STYLE="font-size:85%; vertical-align:top">a,b,c,e</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">192,386</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">5,194,422</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Wells Fargo&nbsp;&amp; Co., 5.70%, Series W<SUP
STYLE="font-size:85%; vertical-align:top">a,c</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">117,835</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3,062,532</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Wells Fargo&nbsp;&amp; Co., 5.625%, Series Y<SUP
STYLE="font-size:85%; vertical-align:top">c</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">184,825</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">4,794,360</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">55,729,988</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT
 COLOR="#3e3935">See accompanying notes to financial statements. </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL"><FONT COLOR="#3e3935"><B>10 </B></FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">OHEN</FONT>
&amp; S<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">TEERS</FONT> REIT <FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">AND</FONT>
P<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">REFERRED</FONT> I<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NCOME</FONT> F<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">UND</FONT>, I<FONT
STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NC</FONT>. </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">SCHEDULE OF INVESTMENTS&#151;(Continued) </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">December&nbsp;31, 2017 </FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="65%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">Number&nbsp;of<BR>Shares</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">Value</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.40em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">E<SMALL>LECTRIC</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1.8%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">I<SMALL>NTEGRATED</SMALL> E<SMALL>LECTRIC</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1.0%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Alabama Power Co., 5.00%, Series A<SUP
STYLE="font-size:85%; vertical-align:top">c</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">72,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">
&#036;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1,913,760</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">DTE Energy Co., 5.375%, due 6/1/76, Series B</FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">116,388</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2,964,403</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Georgia Power Co., 5.00%, due 10/1/77, Series 2017</FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">60,825</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1,557,728</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Integrys Holdings, 6.00% to 8/1/23, due 8/1/73<SUP
STYLE="font-size:85%; vertical-align:top">e</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">162,977</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">4,418,714</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">10,854,605</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">R<SMALL>EGULATED</SMALL> E<SMALL>LECTRIC</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">0.8%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Southern Co./The, 6.25%, due 10/15/75</FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">238,165</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">6,428,073</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Southern Co./The, 5.25%, due 12/1/77</FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">70,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1,781,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">8,209,573</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">T<SMALL>OTAL</SMALL> E<SMALL>LECTRIC</SMALL></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SMALL></SMALL><SMALL></SMALL>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">19,064,178</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.40em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">F<SMALL>INANCIAL</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3.2%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">D<SMALL>IVERSIFIED</SMALL> F<SMALL>INANCIAL</SMALL>
S<SMALL>ERVICES</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">0.7%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">KKR&nbsp;&amp; Co. LP, 6.75%, Series A<SUP
STYLE="font-size:85%; vertical-align:top">c</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">140,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3,781,400</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">State Street Corp., 5.35% to 3/15/26, Series G<SUP
STYLE="font-size:85%; vertical-align:top">c,e</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">126,525</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3,431,358</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">7,212,758</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">I<SMALL>NVESTMENT</SMALL> A<SMALL>DVISORY</SMALL>
S<SMALL>ERVICES</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">0.3%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Ares Management LP, 7.00%, Series A<SUP
STYLE="font-size:85%; vertical-align:top">c</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">136,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3,604,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">I<SMALL>NVESTMENT</SMALL> B<SMALL>ANKER</SMALL>/B<SMALL>ROKER</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2.2%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Carlyle Group LP/The, 5.875%, Series A<SUP
STYLE="font-size:85%; vertical-align:top">c</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">176,675</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">4,482,245</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Charles Schwab Corp./The, 5.95%, Series D<SUP
STYLE="font-size:85%; vertical-align:top">c</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">122,400</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3,304,800</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Morgan Stanley, 6.875% to 1/15/24, Series F<SUP
STYLE="font-size:85%; vertical-align:top">a,c,e</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">254,714</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">7,244,066</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Morgan Stanley, 6.375% to 10/15/24, Series I<SUP
STYLE="font-size:85%; vertical-align:top">a,c,e</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">164,338</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">4,576,813</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Morgan Stanley, 5.85% to 4/15/27, Series K<SUP
STYLE="font-size:85%; vertical-align:top">c,e</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">166,775</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">4,519,603</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">24,127,527</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">T<SMALL>OTAL</SMALL> F<SMALL>INANCIAL</SMALL></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SMALL></SMALL><SMALL></SMALL>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">34,944,285</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.40em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">I<SMALL>NDUSTRIALS</SMALL>&#151;C<SMALL>HEMICALS</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1.0%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">CHS, 7.10% to 3/31/24, Series II<SUP
STYLE="font-size:85%; vertical-align:top">a,c,e</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">193,453</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">5,292,874</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">CHS, 6.75% to 9/30/24, Series III<SUP
STYLE="font-size:85%; vertical-align:top">a,c,e</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">130,453</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3,453,091</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">CHS, 7.50%, Series
IV<SUP STYLE="font-size:85%; vertical-align:top">c</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">74,495</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2,097,034</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">10,842,999</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT
 COLOR="#3e3935">See accompanying notes to financial statements. </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="right"><FONT COLOR="#3e3935"><B>11
</B></FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">OHEN</FONT>
&amp; S<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">TEERS</FONT> REIT <FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">AND</FONT>
P<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">REFERRED</FONT> I<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NCOME</FONT> F<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">UND</FONT>, I<FONT
STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NC</FONT>. </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">SCHEDULE OF INVESTMENTS&#151;(Continued) </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">December&nbsp;31, 2017 </FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="65%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">Number&nbsp;of<BR>Shares</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">Value</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.40em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">I<SMALL>NSURANCE</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3.0%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">M<SMALL>ULTI</SMALL>-L<SMALL>INE</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1.0%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">American Financial Group, 6.00%, due 11/15/55</FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">99,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">
&#036;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2,595,780</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">American Financial Group, 6.25%, due 9/30/54</FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">89,041</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2,334,655</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Hanover Insurance Group/The, 6.35%, due 3/30/53</FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">98,400</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2,491,488</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">WR Berkley Corp., 5.75%, due 6/1/56</FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">139,375</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3,613,994</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">11,035,917</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">M<SMALL>ULTI</SMALL>-L<SMALL>INE</SMALL>&#151;F<SMALL>OREIGN</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">0.2%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">PartnerRe Ltd., 6.50%, Series G (Bermuda)<SUP
STYLE="font-size:85%; vertical-align:top">c</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">74,903</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2,014,891</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">P<SMALL>ROPERTY</SMALL>
C<SMALL>ASUALTY</SMALL>&#151;F<SMALL>OREIGN</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">0.6%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Axis Capital Holdings Ltd., 5.50%, Series E<SUP
STYLE="font-size:85%; vertical-align:top">c</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">160,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">4,027,200</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Validus Holdings Ltd., 5.80%, Series B<SUP
STYLE="font-size:85%; vertical-align:top">c</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">105,871</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2,712,415</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">6,739,615</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">R<SMALL>EINSURANCE</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">0.4%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Reinsurance Group of America, 5.75% to 6/15/26,<BR>due 6/15/56<SUP
STYLE="font-size:85%; vertical-align:top">a,e</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">138,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3,862,620</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">R<SMALL>EINSURANCE</SMALL>&#151;F<SMALL>OREIGN</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">0.8%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Arch Capital Group Ltd., 5.25%, Series E<SUP
STYLE="font-size:85%; vertical-align:top">c</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">241,762</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">6,073,061</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Arch Capital Group Ltd., 5.45%, Series F<SUP
STYLE="font-size:85%; vertical-align:top">c</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">120,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3,040,800</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">9,113,861</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">T<SMALL>OTAL</SMALL> I<SMALL>NSURANCE</SMALL></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SMALL></SMALL><SMALL></SMALL>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">32,766,904</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.40em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">P<SMALL>IPELINES</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">0.3%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">NuStar Energy LP, 7.625% to 6/15/22, Series B<SUP
STYLE="font-size:85%; vertical-align:top">c,e</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">113,604</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2,573,131</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.40em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">R<SMALL>EAL</SMALL> E<SMALL>STATE</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3.7%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">D<SMALL>IVERSIFIED</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1.3%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Colony NorthStar, 8.50%, Series D<SUP
STYLE="font-size:85%; vertical-align:top">c</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">90,426</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2,311,289</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Lexington Realty Trust, 6.50%, Series C ($50 Par Value)<SUP
STYLE="font-size:85%; vertical-align:top">a,c</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">76,536</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3,928,210</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">VEREIT, 6.70%, Series
F<SUP STYLE="font-size:85%; vertical-align:top">a,c</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">254,902</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">6,517,844</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Wells Fargo Real Estate Investment Corp., 6.375%, Series&nbsp;A<SUP
STYLE="font-size:85%; vertical-align:top">c</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">60,862</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1,612,234</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">14,369,577</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT
 COLOR="#3e3935">See accompanying notes to financial statements. </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL"><FONT COLOR="#3e3935"><B>12 </B></FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">OHEN</FONT>
&amp; S<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">TEERS</FONT> REIT <FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">AND</FONT>
P<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">REFERRED</FONT> I<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NCOME</FONT> F<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">UND</FONT>, I<FONT
STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NC</FONT>. </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">SCHEDULE OF INVESTMENTS&#151;(Continued) </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">December&nbsp;31, 2017 </FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="65%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">Number&nbsp;of<BR>Shares</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">Value</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">H<SMALL>OTEL</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">0.5%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Hersha Hospitality Trust, 6.875%, Series C<SUP
STYLE="font-size:85%; vertical-align:top">a,c</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">134,345</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">
&#036;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3,376,761</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Sunstone Hotel Investors, 6.95%, Series E<SUP
STYLE="font-size:85%; vertical-align:top">c</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">65,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1,702,350</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">5,079,111</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">I<SMALL>NDUSTRIALS</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">0.5%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Monmouth Real Estate Investment Corp., 6.125%, Series&nbsp;C<SUP
STYLE="font-size:85%; vertical-align:top">c</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">140,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3,505,600</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">STAG Industrial, 6.875%, Series C<SUP
STYLE="font-size:85%; vertical-align:top">c</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">96,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2,513,280</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">6,018,880</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">N<SMALL>ET</SMALL> L<SMALL>EASE</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">0.4%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Gramercy Property Trust, 7.125%, Series A<SUP
STYLE="font-size:85%; vertical-align:top">c</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">151,270</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">4,049,498</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">S<SMALL>HOPPING</SMALL> C<SMALL>ENTERS</SMALL>&#151;C<SMALL>OMMUNITY</SMALL>
C<SMALL>ENTER</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">0.7%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Cedar Realty Trust, 7.25%, Series B<SUP
STYLE="font-size:85%; vertical-align:top">a,b,c</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">78,560</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1,984,426</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">DDR Corp., 6.50%, Series
J<SUP STYLE="font-size:85%; vertical-align:top">a,c</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">120,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3,012,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Saul Centers, 6.875%, Series
C<SUP STYLE="font-size:85%; vertical-align:top">a,c</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">84,140</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2,124,535</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">7,120,961</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">S<SMALL>PECIALTY</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">0.3%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Digital Realty Trust, 6.35%, Series I<SUP
STYLE="font-size:85%; vertical-align:top">c</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">140,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3,851,400</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">T<SMALL>OTAL</SMALL> R<SMALL>EAL</SMALL>
E<SMALL>STATE</SMALL></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SMALL></SMALL><SMALL></SMALL><SMALL></SMALL>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">40,489,427</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.40em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">T<SMALL>ECHNOLOGY</SMALL>&#151;S<SMALL>OFTWARE</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">0.3%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">eBay, 6.00%, due 2/1/56</FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">133,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3,583,020</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.40em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">U<SMALL>TILITIES</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1.0%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">NextEra Energy Capital Holdings, 5.25%, due 6/1/76,
Series&nbsp;K</FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">116,605</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2,981,590</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">SCE Trust IV, 5.375% to 9/15/25, Series J<SUP
STYLE="font-size:85%; vertical-align:top">c,e</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">86,165</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2,223,057</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">SCE Trust V, 5.45% to 3/15/26, Series K<SUP
STYLE="font-size:85%; vertical-align:top">a,b,c,e</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">93,469</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2,470,386</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">SCE Trust VI,
5.00%<SUP STYLE="font-size:85%; vertical-align:top">c</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">142,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3,410,840</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">11,085,873</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:8.40em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">T<SMALL>OTAL</SMALL> P<SMALL>REFERRED</SMALL>
S<SMALL>ECURITIES</SMALL>&#151;$25 P<SMALL>AR</SMALL> V<SMALL>ALUE<BR></SMALL>(Identified cost&#151;$196,652,839)</FONT></P></TD>
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:8.40em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SMALL></SMALL><SMALL></SMALL><SMALL></SMALL><SMALL></SMALL><SMALL></SMALL>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">211,079,805</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT
 COLOR="#3e3935">See accompanying notes to financial statements. </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="right"><FONT COLOR="#3e3935"><B>13
</B></FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">OHEN</FONT>
&amp; S<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">TEERS</FONT> REIT <FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">AND</FONT>
P<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">REFERRED</FONT> I<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NCOME</FONT> F<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">UND</FONT>, I<FONT
STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NC</FONT>. </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">SCHEDULE OF INVESTMENTS&#151;(Continued) </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">December&nbsp;31, 2017 </FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="61%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">Principal<BR>Amount</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">Value</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">P<SMALL>REFERRED</SMALL> S<SMALL>ECURITIES</SMALL>&#151;C<SMALL>APITAL</SMALL>
S<SMALL>ECURITIES</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">46.0%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.40em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">B<SMALL>ANKS</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">8.3%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Bank of America Corp., 6.30% to 3/10/26, Series DD<SUP
STYLE="font-size:85%; vertical-align:top">a,c,e</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">4,900,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">
&#036;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">5,549,250</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Bank of America Corp., 6.50% to 10/23/24, Series Z<SUP
STYLE="font-size:85%; vertical-align:top">a,c,e</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">6,113,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">6,953,537</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Citigroup, 6.125% to 11/15/20, Series R<SUP
STYLE="font-size:85%; vertical-align:top">c,e</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">4,806,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">5,118,390</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Citigroup, 6.25% to 8/15/26, Series T<SUP
STYLE="font-size:85%; vertical-align:top">c,e</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">4,425,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">4,886,306</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Citigroup Capital III, 7.625%, due 12/1/36<SUP
STYLE="font-size:85%; vertical-align:top">a</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">4,700,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">6,197,233</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">CoBank ACB, 6.25% to 10/1/22, Series F, 144A<SUP
STYLE="font-size:85%; vertical-align:top">a,c,e,f</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">33,000<SUP STYLE="font-size:85%; vertical-align:top"></SUP></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"><FONT STYLE="font-size:7pt" COLOR="#3e3935">&#134;</FONT></SUP>&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3,588,750</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">CoBank ACB, 6.125%, Series
G<SUP STYLE="font-size:85%; vertical-align:top">a,c</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">46,500<SUP STYLE="font-size:85%; vertical-align:top"></SUP></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"><FONT STYLE="font-size:7pt" COLOR="#3e3935">&#134;</FONT></SUP>&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">4,748,813</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">CoBank ACB, 6.25% to 10/1/26, Series I<SUP
STYLE="font-size:85%; vertical-align:top">c,e</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">4,334,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">4,775,743</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Farm Credit Bank of Texas, 6.75% to 9/15/23, 144A<SUP
STYLE="font-size:85%; vertical-align:top">a,c,e,f</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">63,000<SUP STYLE="font-size:85%; vertical-align:top"></SUP></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"><FONT STYLE="font-size:7pt" COLOR="#3e3935">&#134;</FONT></SUP>&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">6,930,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Farm Credit Bank of Texas, 10.00%, 144A, Series I<SUP
STYLE="font-size:85%; vertical-align:top">a,c,f</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">6,000<SUP STYLE="font-size:85%; vertical-align:top"></SUP></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"><FONT STYLE="font-size:7pt" COLOR="#3e3935">&#134;</FONT></SUP>&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">7,170,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Goldman Sachs Group/The, 5.70% to 5/10/19, Series&nbsp;L<SUP
STYLE="font-size:85%; vertical-align:top">c,e</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1,520,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1,569,172</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Goldman Sachs Group/The, 5.00% to 11/10/22, Series&nbsp;P<SUP
STYLE="font-size:85%; vertical-align:top">c,e</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2,900,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2,860,850</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">JPMorgan Chase&nbsp;&amp; Co., 7.90% to 4/30/18, Series I<SUP
STYLE="font-size:85%; vertical-align:top">a,b,c,e</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3,041,250</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">JPMorgan Chase&nbsp;&amp; Co., 6.75% to 2/1/24, Series S<SUP
STYLE="font-size:85%; vertical-align:top">a,c,e</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">6,650,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">7,539,437</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">JPMorgan Chase&nbsp;&amp; Co., 5.30% to 5/1/20, Series Z<SUP
STYLE="font-size:85%; vertical-align:top">c,e</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2,500,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2,599,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">PNC Financial Services Group, 6.75% to 8/1/21<SUP
STYLE="font-size:85%; vertical-align:top">c,e</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2,775,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3,083,858</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">SunTrust Banks, 5.125% to 12/15/27, Series H<SUP
STYLE="font-size:85%; vertical-align:top">c,e</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3,500,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3,437,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Wells Fargo&nbsp;&amp; Co., 5.875% to 6/15/25, Series U<SUP
STYLE="font-size:85%; vertical-align:top">c,e</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">5,270,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">5,843,376</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Wells Fargo Capital X, 5.95%, due 12/1/36, (TruPS)<SUP
STYLE="font-size:85%; vertical-align:top">a</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3,700,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">4,218,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">90,109,965</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.40em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">B<SMALL>ANKS</SMALL>&#151;F<SMALL>OREIGN</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">16.2%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Australia&nbsp;&amp; New Zealand Banking Group Ltd./United&nbsp;Kingdom,
6.75% to 6/15/26, 144A (Australia)<SUP STYLE="font-size:85%; vertical-align:top">c,e,f</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3,200,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3,648,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Banco Bilbao Vizcaya Argentaria SA, 6.125% to 11/16/27 (Spain)<SUP
STYLE="font-size:85%; vertical-align:top">c,e</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3,600,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3,721,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Banco Bilbao Vizcaya Argentaria SA, 8.875% to 4/14/21 (EUR) (Spain)<SUP
STYLE="font-size:85%; vertical-align:top">c,e</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">4,600,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">6,556,473</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Banco Santander SA, 6.75% to 4/25/22 (EUR) (Spain)<SUP
STYLE="font-size:85%; vertical-align:top">c,e</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2,600,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3,550,152</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Barclays PLC, 7.875% to 3/15/22 (United Kingdom)<SUP
STYLE="font-size:85%; vertical-align:top">c,e</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3,400,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3,735,750</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Barclays PLC, 8.25% to 12/15/18 (United Kingdom)<SUP
STYLE="font-size:85%; vertical-align:top">a,c,e</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3,370,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3,539,764</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">BNP Paribas, 7.195% to 6/25/37, 144A (France)<SUP
STYLE="font-size:85%; vertical-align:top">a,c,e,f</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">5,300,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">6,134,750</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">BNP Paribas SA, 7.375% to 8/19/25, 144A (France)<SUP
STYLE="font-size:85%; vertical-align:top">c,e,f</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2,312,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">BNP Paribas SA, 7.625% to 3/30/21, 144A (France)<SUP
STYLE="font-size:85%; vertical-align:top">a,c,e,f</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">8,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">8,820,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">See accompanying notes to financial statements. </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL"><FONT COLOR="#3e3935"><B>14 </B></FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">OHEN</FONT>
&amp; S<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">TEERS</FONT> REIT <FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">AND</FONT>
P<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">REFERRED</FONT> I<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NCOME</FONT> F<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">UND</FONT>, I<FONT
STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NC</FONT>. </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">SCHEDULE OF INVESTMENTS&#151;(Continued) </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">December&nbsp;31, 2017 </FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="70%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">Principal<BR>Amount</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">Value</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Credit Agricole SA, 8.125% to 12/23/25, 144A (France)<SUP
STYLE="font-size:85%; vertical-align:top">a,c,e,f</SUP></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">
&#036;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">7,300,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">
&#036;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">8,773,549</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Credit Suisse Group AG, 7.125% to 7/29/22 (Switzerland)<SUP
STYLE="font-size:85%; vertical-align:top">c,e</SUP></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">4,800,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">5,259,600</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Credit Suisse Group AG, 7.50% to 12/11/23, 144A (Switzerland)<SUP
STYLE="font-size:85%; vertical-align:top">a,c,e,f</SUP></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1,605,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1,837,645</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Danske Bank A/S, 6.125% to 3/28/24 (Denmark)<SUP
STYLE="font-size:85%; vertical-align:top">c,e</SUP></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3,500,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3,739,312</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">DNB Bank ASA, 6.50% to 3/26/22 (Norway)<SUP
STYLE="font-size:85%; vertical-align:top">c,e</SUP></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">4,700,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">5,064,250</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Dresdner Funding Trust I, 8.151%, due 6/30/31, 144A (Germany)<SUP
STYLE="font-size:85%; vertical-align:top">a,b,f</SUP></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">4,835,906</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">6,428,747</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">HSBC Capital Funding LP, 10.176% to 6/30/30, 144A (United Kingdom)<SUP
STYLE="font-size:85%; vertical-align:top">a,c,e,f</SUP></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">6,192,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">10,000,080</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">HSBC Holdings PLC, 6.00% to 5/22/27 (United&nbsp;Kingdom)<SUP
STYLE="font-size:85%; vertical-align:top">c,e</SUP></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3,500,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3,688,125</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">HSBC Holdings PLC, 6.375% to 3/30/25 (United&nbsp;Kingdom)<SUP
STYLE="font-size:85%; vertical-align:top">c,e</SUP></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1,800,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1,939,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">HSBC Holdings PLC, 6.875% to 6/1/21 (United&nbsp;Kingdom)<SUP
STYLE="font-size:85%; vertical-align:top">c,e</SUP></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">5,200,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">5,616,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">ING Groep N.V., 6.875% to 4/16/22 (Netherlands)<SUP
STYLE="font-size:85%; vertical-align:top">c,e</SUP></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">4,200,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">4,599,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Intesa Sanpaolo SpA, 7.00% to 1/19/21, Series EMTN (EUR) (Italy)<SUP
STYLE="font-size:85%; vertical-align:top">c,e</SUP></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1,200,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1,596,091</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Itau Unibanco Holding SA/Cayman Island, 6.125% to 12/12/22, 144A (Brazil)<SUP
STYLE="font-size:85%; vertical-align:top">c,e,f</SUP></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2,400,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2,401,772</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Lloyds Banking Group PLC, 7.50% to 6/27/24 (United&nbsp;Kingdom)<SUP
STYLE="font-size:85%; vertical-align:top">a,c,e</SUP></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">5,866,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">6,665,242</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Macquarie Bank Ltd./London, 6.125% to 3/8/27, 144A (Australia)<SUP
STYLE="font-size:85%; vertical-align:top">c,e,f</SUP></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">4,800,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">4,998,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Nationwide Building Society, 10.25% (GBP) (United&nbsp;Kingdom)<SUP
STYLE="font-size:85%; vertical-align:top">c,e</SUP></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">4,215,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">8,956,031</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Rabobank Nederland, 11.00% to 6/30/19, 144A (Netherlands)<SUP
STYLE="font-size:85%; vertical-align:top">a,c,e,f</SUP></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">12,375,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">13,875,469</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Royal Bank of Scotland Group PLC, 7.648% to 9/30/31 (United Kingdom)<SUP
STYLE="font-size:85%; vertical-align:top">a,c,e</SUP></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2,241,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2,935,710</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Royal Bank of Scotland Group PLC, 8.00% to 8/10/25 (United Kingdom)<SUP
STYLE="font-size:85%; vertical-align:top">c,e</SUP></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2,292,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Royal Bank of Scotland Group PLC, 8.625% to 8/15/21 (United Kingdom)<SUP
STYLE="font-size:85%; vertical-align:top">c,e</SUP></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">8,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">9,030,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">See accompanying notes to financial statements. </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="right"><FONT COLOR="#3e3935"><B>15
</B></FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">OHEN</FONT>
&amp; S<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">TEERS</FONT> REIT <FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">AND</FONT>
P<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">REFERRED</FONT> I<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NCOME</FONT> F<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">UND</FONT>, I<FONT
STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NC</FONT>. </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">SCHEDULE OF INVESTMENTS&#151;(Continued) </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">December&nbsp;31, 2017 </FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="61%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">Principal<BR>Amount</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">Value</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Societe Generale SA, 7.375% to 9/13/21, 144A (France)<SUP
STYLE="font-size:85%; vertical-align:top">c,e,f</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">
&#036;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">4,200,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">
&#036;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">4,562,460</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Swedbank AB, 6.00% to 3/17/22 (Sweden)<SUP
STYLE="font-size:85%; vertical-align:top">c,e</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">4,200,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">4,451,236</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">UBS Group AG, 6.875% to 3/22/21 (Switzerland)<SUP
STYLE="font-size:85%; vertical-align:top">c,e</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2,148,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">UBS Group AG, 6.875% to 8/7/25 (Switzerland)<SUP
STYLE="font-size:85%; vertical-align:top">c,e</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2,218,130</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">UBS Group AG, 7.00% to 2/19/25 (Switzerland)<SUP
STYLE="font-size:85%; vertical-align:top">c,e</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1,600,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1,816,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">UBS Group AG, 7.125% to 2/19/20 (Switzerland)<SUP
STYLE="font-size:85%; vertical-align:top">c,e</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3,191,985</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">UBS Group AG, 7.125% to 8/10/21 (Switzerland)<SUP
STYLE="font-size:85%; vertical-align:top">c,e</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">5,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">5,453,860</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">175,557,683</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.40em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">C<SMALL>OMMUNICATIONS</SMALL>&#151;T<SMALL>OWERS</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">0.4%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Crown Castle International Corp., 6.875%,<BR>due 8/1/20, Series&nbsp;A
(Convertible)</FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3,900<SUP STYLE="font-size:85%; vertical-align:top"></SUP></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"><FONT STYLE="font-size:7pt" COLOR="#3e3935">&#134;</FONT></SUP>&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">4,409,633</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.40em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">F<SMALL>OOD</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1.9%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Dairy Farmers of America, 7.875%, Series A, 144A<SUP
STYLE="font-size:85%; vertical-align:top">c,f</SUP><SUP STYLE="font-size:85%; vertical-align:top">,g</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP><SUP
STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">52,100<SUP STYLE="font-size:85%; vertical-align:top"></SUP></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"><FONT STYLE="font-size:7pt" COLOR="#3e3935">&#134;</FONT></SUP>&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">5,471,630</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Dairy Farmers of America, 7.875%, Series B, 144A<SUP
STYLE="font-size:85%; vertical-align:top">c,f</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">82,000<SUP STYLE="font-size:85%; vertical-align:top"></SUP></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"><FONT STYLE="font-size:7pt" COLOR="#3e3935">&#134;</FONT></SUP>&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">9,463,366</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Land O&#146; Lakes, 7.25%, 144A<SUP
STYLE="font-size:85%; vertical-align:top">c,f</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">5,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">5,462,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">T<SMALL>OTAL</SMALL> F<SMALL>OOD</SMALL></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SMALL></SMALL><SMALL></SMALL>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">20,397,496</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.40em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">I<SMALL>NDUSTRIALS</SMALL>&#151;D<SMALL>IVERSIFIED</SMALL>
M<SMALL>ANUFACTURING</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1.2%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">General Electric Co., 5.00% to 1/21/21, Series D<SUP
STYLE="font-size:85%; vertical-align:top">a,b,c,e</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">12,236,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">12,625,717</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.40em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">I<SMALL>NSURANCE</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">11.0%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">L<SMALL>IFE</SMALL>/H<SMALL>EALTH</SMALL> I<SMALL>NSURANCE</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">4.4%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">MetLife, 10.75%, due 8/1/69</FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3,592,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">6,016,600</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">MetLife, 9.25%, due 4/8/38, 144A<SUP
STYLE="font-size:85%; vertical-align:top">a,f</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">9,265,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">13,689,037</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">MetLife, 5.25% to 6/15/20, Series C<SUP
STYLE="font-size:85%; vertical-align:top">c,e</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">5,266,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">5,488,436</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">MetLife Capital Trust IV, 7.875%, due 12/15/37, 144A<SUP
STYLE="font-size:85%; vertical-align:top">f</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2,881,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3,853,338</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Prudential Financial, 5.20% to 3/15/24, due 3/15/44<SUP
STYLE="font-size:85%; vertical-align:top">e</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2,132,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Prudential Financial, 5.625% to 6/15/23, due 6/15/43<SUP
STYLE="font-size:85%; vertical-align:top">a,b,e</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">9,464,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">10,261,342</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Voya Financial, 5.65% to 5/15/23, due 5/15/53<SUP
STYLE="font-size:85%; vertical-align:top">e</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">5,550,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">5,924,625</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">47,365,878</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">L<SMALL>IFE</SMALL>/H<SMALL>EALTH</SMALL>
I<SMALL>NSURANCE</SMALL>&#151;F<SMALL>OREIGN</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">4.3%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><FONT STYLE="white-space:nowrap">Dai-ichi</FONT> Life Insurance Co. Ltd.,
4.00% to 7/24/26, 144A (Japan)<SUP STYLE="font-size:85%; vertical-align:top">c,e,f</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">6,100,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">5,991,420</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><FONT STYLE="white-space:nowrap">Dai-ichi</FONT> Life Insurance Co. Ltd.,
5.10% to 10/28/24, 144A (Japan)<SUP STYLE="font-size:85%; vertical-align:top">a,c,e,f</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3,400,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3,604,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">See accompanying notes to financial statements. </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL"><FONT COLOR="#3e3935"><B>16 </B></FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">OHEN</FONT>
&amp; S<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">TEERS</FONT> REIT <FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">AND</FONT>
P<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">REFERRED</FONT> I<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NCOME</FONT> F<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">UND</FONT>, I<FONT
STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NC</FONT>. </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">SCHEDULE OF INVESTMENTS&#151;(Continued) </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">December&nbsp;31, 2017 </FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="63%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">Principal<BR>Amount</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">Value</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Demeter BV (Swiss Re Ltd.), 5.625% to 8/15/27, due&nbsp;8/15/52
(Netherlands)<SUP STYLE="font-size:85%; vertical-align:top">e</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">
&#036;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">4,200,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">
&#036;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">4,576,929</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">La Mondiale Vie, 7.625% to 4/23/19 (France)<SUP
STYLE="font-size:85%; vertical-align:top">c,e</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">4,500,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">4,774,207</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Legal&nbsp;&amp; General Group PLC, 5.25% to 3/21/27, due&nbsp;3/21/47,
Series EMTN (United Kingdom)<SUP STYLE="font-size:85%; vertical-align:top">e</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2,400,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2,546,520</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Meiji Yasuda Life Insurance Co., 5.20% to 10/20/25, due&nbsp;10/20/45,
144A (Japan)<SUP STYLE="font-size:85%; vertical-align:top">a,e,f</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">7,350,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">7,882,875</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Nippon Life Insurance Co., 4.70% to 1/20/26,<BR>due 1/20/46,&nbsp;144A
(Japan)<SUP STYLE="font-size:85%; vertical-align:top">a,e,f</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">10,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">10,350,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Phoenix Group Holdings, 5.375%, due 7/6/27, Series EMTN (United
Kingdom)</FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3,600,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3,790,501</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Sumitomo Life Insurance Co., 4.00% to 9/14/27,<BR>due 9/14/77, 144A
(Japan)<SUP STYLE="font-size:85%; vertical-align:top">e,f</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3,400,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3,339,223</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">46,855,675</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">P<SMALL>ROPERTY</SMALL> C<SMALL>ASUALTY</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">0.8%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Liberty Mutual Group, 7.80% to 3/15/37, due 3/7/87, 144A<SUP
STYLE="font-size:85%; vertical-align:top">a,e,f</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">7,077,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">9,026,714</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">P<SMALL>ROPERTY</SMALL>
C<SMALL>ASUALTY</SMALL>&#151;F<SMALL>OREIGN</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1.5%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Direct Line Insurance Group PLC, 4.75% to 12/7/27 (GBP) (United Kingdom)<SUP
STYLE="font-size:85%; vertical-align:top">c,e</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1,400,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1,906,684</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">QBE Insurance Group Ltd., 6.75% to 12/2/24, due 12/2/44 (Australia)<SUP
STYLE="font-size:85%; vertical-align:top">e</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">6,003,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">6,828,413</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">QBE Insurance Group Ltd., 5.25% to 5/16/25, Series EMTN (Australia)<SUP
STYLE="font-size:85%; vertical-align:top">c,e</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1,800,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1,842,696</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">QBE Insurance Group Ltd., 5.875% to 6/17/26,<BR>due 6/17/46, Series EMTN
(Australia)<SUP STYLE="font-size:85%; vertical-align:top">e</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2,800,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3,054,545</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">VIVAT NV, 6.25% to 11/16/22 (Netherlands)<SUP
STYLE="font-size:85%; vertical-align:top">c,e</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2,500,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2,509,415</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">16,141,753</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">T<SMALL>OTAL</SMALL> I<SMALL>NSURANCE</SMALL></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SMALL></SMALL><SMALL></SMALL>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">119,390,020</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.40em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">I<SMALL>NTEGRATED</SMALL> T<SMALL>ELECOMMUNICATIONS</SMALL> S<SMALL>ERVICES</SMALL>
&#151;F<SMALL>OREIGN</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1.1%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Centaur Funding Corp., 9.08%, due 4/21/20, 144A (Cayman Islands)<SUP
STYLE="font-size:85%; vertical-align:top">a,f</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3,254<SUP STYLE="font-size:85%; vertical-align:top"></SUP></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"><FONT STYLE="font-size:7pt" COLOR="#3e3935">&#134;</FONT></SUP>&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3,719,191</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">SoftBank Group Corp., 6.00% to 7/19/23 (Japan)<SUP
STYLE="font-size:85%; vertical-align:top">c,e</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3,600,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3,566,466</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">SoftBank Group Corp., 6.875% to 7/19/27 (Japan)<SUP
STYLE="font-size:85%; vertical-align:top">c,e</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">4,800,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">4,868,976</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">12,154,633</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT
 COLOR="#3e3935">See accompanying notes to financial statements. </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="right"><FONT COLOR="#3e3935"><B>17
</B></FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">OHEN</FONT>
&amp; S<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">TEERS</FONT> REIT <FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">AND</FONT>
P<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">REFERRED</FONT> I<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NCOME</FONT> F<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">UND</FONT>, I<FONT
STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NC</FONT>. </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">SCHEDULE OF INVESTMENTS&#151;(Continued) </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">December&nbsp;31, 2017 </FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="65%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">Principal<BR>Amount</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">Value</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.40em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">M<SMALL>ATERIAL</SMALL>&#151;M<SMALL>ETALS</SMALL>&nbsp;&amp;
M<SMALL>INING</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1.0%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">BHP Billiton Finance USA Ltd., 6.75% to 10/20/25,<BR>due 10/19/75, 144A
(Australia)<SUP STYLE="font-size:85%; vertical-align:top">a,b,e,f</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">
&#036;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">9,600,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">
&#036;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">11,232,864</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.40em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">M<SMALL>EDIA</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">0.2%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Viacom, 6.25% to 2/28/27, due 2/28/57<SUP
STYLE="font-size:85%; vertical-align:top">e</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2,500,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2,444,933</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.40em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">P<SMALL>IPELINES</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2.1%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Enbridge, 5.50% to 7/15/27, due 7/15/77 (Canada)<SUP
STYLE="font-size:85%; vertical-align:top">e</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">5,050,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">5,031,063</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Enterprise Products Operating LLC, 5.25% to 8/16/27, due&nbsp;8/16/77,
Series E<SUP STYLE="font-size:85%; vertical-align:top">e</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2,662,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2,642,035</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Transcanada Trust, 5.30% to 3/15/27, due 3/15/77 (Canada)<SUP
STYLE="font-size:85%; vertical-align:top">e</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">4,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">4,132,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Transcanada Trust, 5.625% to 5/20/25, due 5/20/75 (Canada)<SUP
STYLE="font-size:85%; vertical-align:top">e</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2,700,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2,848,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Transcanada Trust, 5.875% to 8/15/26, due 8/15/76, <FONT
STYLE="white-space:nowrap">Series&nbsp;16-A</FONT> (Canada)<SUP STYLE="font-size:85%; vertical-align:top">e</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">7,002,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">7,597,170</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">22,251,268</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.40em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">R<SMALL>EAL</SMALL> E<SMALL>STATE</SMALL>&#151;S<SMALL>ELF</SMALL>
S<SMALL>TORAGE</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">0.3%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">National Storage Affiliates Trust, 6.00% to 10/11/22, Series&nbsp;A<SUP
STYLE="font-size:85%; vertical-align:top">c</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">115,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&#134;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2,994,600</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.40em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">U<SMALL>TILITIES</SMALL>&#151;E<SMALL>LECTRIC</SMALL>
U<SMALL>TILITIES</SMALL>&#151;F<SMALL>OREIGN</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2.3%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Emera, 6.75% to 6/15/26, due 6/15/76,
<FONT STYLE="white-space:nowrap">Series&nbsp;16-A</FONT> (Canada)<SUP STYLE="font-size:85%; vertical-align:top">a,b,e</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">13,450,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">15,198,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Enel SpA, 8.75% to 9/24/23, due 9/24/73, 144A (Italy)<SUP
STYLE="font-size:85%; vertical-align:top">a,e,f</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">8,110,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">10,107,087</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">25,305,587</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:8.40em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">T<SMALL>OTAL</SMALL> P<SMALL>REFERRED</SMALL>
S<SMALL>ECURITIES</SMALL>&#151;C<SMALL>APITAL</SMALL> S<SMALL>ECURITIES<BR></SMALL>(Identified cost&#151;$447,853,739)</FONT></P></TD>
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:8.40em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SMALL></SMALL><SMALL></SMALL><SMALL></SMALL><SMALL></SMALL><SMALL></SMALL>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">498,874,399</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT
 COLOR="#3e3935">See accompanying notes to financial statements. </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL"><FONT COLOR="#3e3935"><B>18 </B></FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">OHEN</FONT>
&amp; S<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">TEERS</FONT> REIT <FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">AND</FONT>
P<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">REFERRED</FONT> I<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NCOME</FONT> F<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">UND</FONT>, I<FONT
STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NC</FONT>. </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">SCHEDULE OF INVESTMENTS&#151;(Continued) </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">December&nbsp;31, 2017 </FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="64%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">Number&nbsp;of<BR>Shares</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">Value</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">S<SMALL>HORT</SMALL>-T<SMALL>ERM</SMALL> I<SMALL>NVESTMENTS</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">0.6%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.40em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">M<SMALL>ONEY</SMALL> M<SMALL>ARKET</SMALL> F<SMALL>UNDS</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">State Street Institutional Treasury Money Market Fund, Premier Class,
1.15%<SUP STYLE="font-size:85%; vertical-align:top">h</SUP></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">6,215,937</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">
&#036;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">6,215,937</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="4" VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:8.40em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">T<SMALL>OTAL</SMALL> S<SMALL>HORT</SMALL>-T<SMALL>ERM</SMALL>
I<SMALL>NVESTMENTS<BR></SMALL>(Identified cost&#151;$6,215,937)</FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:8.40em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><SMALL></SMALL><SMALL></SMALL><SMALL></SMALL><SMALL></SMALL>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">6,215,937</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">T<SMALL>OTAL</SMALL> I<SMALL>NVESTMENTS</SMALL> <SMALL>IN</SMALL>
S<SMALL>ECURITIES<BR></SMALL>(Identified cost&#151;$1,154,039,669)</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">131.4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">%&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1,424,864,464</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">L<SMALL>IABILITIES</SMALL> <SMALL>IN</SMALL> E<SMALL>XCESS</SMALL> <SMALL>OF</SMALL>
O<SMALL>THER</SMALL> A<SMALL>SSETS</SMALL></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">(31.4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">(340,160,009</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">N<SMALL>ET</SMALL> A<SMALL>SSETS</SMALL> (Equivalent to $22.80 per share based on
47,566,736 shares of common stock outstanding)</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">100.0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">%&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1,084,704,455</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:127pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:12.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #3e3935;width:21%">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Note: Percentages indicated are
based on the net assets of the Fund. </FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"><FONT STYLE="font-size:7pt" COLOR="#3e3935">&#134;</FONT></SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">Represents shares. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top">a</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">All or a portion of the security is pledged as collateral in connection with the Fund&#146;s credit agreement. $723,341,799 in aggregate has been pledged as collateral. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top">b</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">A portion of the security has been rehypothecated in connection with the Fund&#146;s credit agreement. $321,374,687 in aggregate has been rehypothecated. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top">c</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer. The date indicated, if any, represents the next call date.
</FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top">d</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">Variable rate. Rate shown is in effect at December&nbsp;31, 2017. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top">e</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">Security converts to floating rate after the indicated fixed-rate coupon period. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top">f</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">Resale is restricted to qualified institutional investors. Aggregate holdings amounted to $194,674,967 or 17.9% of the net assets of the Fund, of which 0.5% are illiquid. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top">g</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">Security value is determined based on significant unobservable inputs (Level 3). </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top">h</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">Rate quoted represents the annualized <FONT STYLE="white-space:nowrap">seven-day</FONT> yield of the fund. </FONT></TD></TR></TABLE>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">See accompanying notes to financial statements. </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="right"><FONT COLOR="#3e3935"><B>19
</B></FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">OHEN</FONT>
&amp; S<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">TEERS</FONT> REIT <FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">AND</FONT>
P<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">REFERRED</FONT> I<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NCOME</FONT> F<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">UND</FONT>, I<FONT
STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NC</FONT>. </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">SCHEDULE OF INVESTMENTS&#151;(Continued) </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">December&nbsp;31, 2017 </FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Forward Foreign Currency Exchange Contracts </FONT></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="38%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #3e3935; BORDER-BOTTOM:1px solid #3e3935"><FONT COLOR="#3e3935">Counterparty</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #3e3935; BORDER-BOTTOM:1px solid #3e3935">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="4" ALIGN="center" STYLE="BORDER-TOP:1px solid #3e3935; BORDER-BOTTOM:1px solid #3e3935"><FONT COLOR="#3e3935">Contracts&nbsp;to<BR>Deliver</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #3e3935; BORDER-BOTTOM:1px solid #3e3935">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #3e3935; BORDER-BOTTOM:1px solid #3e3935">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="4" ALIGN="center" STYLE="BORDER-TOP:1px solid #3e3935; BORDER-BOTTOM:1px solid #3e3935"><FONT COLOR="#3e3935">In&nbsp;Exchange<BR>For</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #3e3935; BORDER-BOTTOM:1px solid #3e3935">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #3e3935; BORDER-BOTTOM:1px solid #3e3935">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-TOP:1px solid #3e3935; BORDER-BOTTOM:1px solid #3e3935"><FONT COLOR="#3e3935">Settlement<BR>Date</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #3e3935; BORDER-BOTTOM:1px solid #3e3935">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #3e3935; BORDER-BOTTOM:1px solid #3e3935">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-TOP:1px solid #3e3935; BORDER-BOTTOM:1px solid #3e3935"><FONT COLOR="#3e3935">Unrealized<BR>Appreciation<BR>(Depreciation)</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #3e3935; BORDER-BOTTOM:1px solid #3e3935">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Brown Brothers Harriman</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">EUR</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">9,758,373</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">USD</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">11,657,450</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1/3/18</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">(51,127</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">)&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Brown Brothers Harriman</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">GBP</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">7,414,337</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">USD</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">10,050,727</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1/3/18</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">40,254</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Brown Brothers Harriman</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">USD</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">10,027,743</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">GBP</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">7,414,337</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1/3/18</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">(17,270</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">)&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Brown Brothers Harriman</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">USD</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">11,720,196</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">EUR</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">9,758,373</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1/3/18</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">(11,619</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Brown Brothers Harriman</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">EUR</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">9,754,481</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">USD</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">11,734,738</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2/2/18</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">10,597</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #3e3935"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Brown Brothers Harriman</FONT></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #3e3935">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #3e3935"><FONT COLOR="#3e3935">GBP</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #3e3935">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #3e3935"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #3e3935" ALIGN="right"><FONT COLOR="#3e3935">8,045,764</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #3e3935"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #3e3935">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #3e3935"><FONT COLOR="#3e3935">USD</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #3e3935">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #3e3935"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #3e3935" ALIGN="right"><FONT COLOR="#3e3935">10,890,827</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #3e3935"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #3e3935">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #3e3935"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #3e3935" ALIGN="right"><FONT COLOR="#3e3935">2/2/18</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #3e3935"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #3e3935">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #3e3935"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #3e3935" ALIGN="right"><FONT COLOR="#3e3935">17,314</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #3e3935"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">(11,851</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="20" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">The total amount of all forward foreign currency exchange contracts as presented in the table above is
representative of the volume of activity for this derivative type during the year ended December&nbsp;31, 2017. </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Glossary of Portfolio Abbreviations </FONT></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><div style="max-width:100%;margin-left:0%; margin-right:0%;border:solid 1px #3e3935;background-color:;;padding-top:2pt;padding-bottom:3pt">
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="70%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="79%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">EUR</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">Euro Currency</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">FRN</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">Floating Rate Note</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">GBP</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">Great British Pound</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">LIBOR</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">London Interbank Offered Rate</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">TruPS</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">Trust Preferred Securities</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">USD</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">United States Dollar</FONT></TD></TR>
</TABLE> </div> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">See accompanying notes
to financial statements. </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL"><FONT COLOR="#3e3935"><B>20 </B></FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">OHEN</FONT>
&amp; S<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">TEERS</FONT> REIT <FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">AND</FONT>
P<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">REFERRED</FONT> I<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NCOME</FONT> F<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">UND</FONT>, I<FONT
STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NC</FONT>. </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">STATEMENT OF ASSETS AND LIABILITIES </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">December 31, 2017 </FONT></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="83%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">ASSETS:</FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">&nbsp;</FONT></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Investments in securities, at value<SUP STYLE="font-size:85%; vertical-align:top">
a</SUP> (Identified cost&#151;$1,154,039,669)</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1,424,864,464</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Foreign currency, at value (Identified cost&#151;$289,080)</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">291,658</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Receivable for dividends and interest</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">10,949,145</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Unrealized appreciation on forward foreign currency exchange contracts</FONT></P></TD>

<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">68,165</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Other assets</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">29,129</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Total Assets</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1,436,202,561</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">LIABILITIES:</FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">&nbsp;</FONT></P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Unrealized depreciation on forward foreign currency exchange contracts</FONT></P></TD>

<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">80,016</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Payable for:</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.80em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Credit agreement</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">350,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.80em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Investment management fees</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">792,203</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.80em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Dividends declared</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">230,617</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.80em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Interest expense</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">94,423</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.80em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Administration fees</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">73,126</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.80em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Directors&#146; fees</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">141</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Other liabilities</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">227,580</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Total Liabilities</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">351,498,106</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">NET ASSETS</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1,084,704,455</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">NET ASSETS consist of:</FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">&nbsp;</FONT></P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><FONT STYLE="white-space:nowrap">Paid-in</FONT> capital</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">804,854,753</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Accumulated undistributed net investment income</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3,521,453</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Accumulated undistributed net realized gain</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">5,509,107</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Net unrealized appreciation</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">270,819,142</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1,084,704,455</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">NET ASSET VALUE PER SHARE:</FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">&nbsp;</FONT></P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">($1,084,704,455 &divide; 47,566,736 shares outstanding)</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">22.80</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">MARKET PRICE PER SHARE</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">21.27</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">MARKET PRICE PREMIUM (DISCOUNT) TO NET ASSET VALUE PER SHARE</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">(6.71</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">)%&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:30pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:12.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #3e3935;width:21%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top">a</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">Includes $723,341,799 pledged, of which $321,374,687 has been rehypothecated, in connection with the fund&#146;s credit agreement, as describe in Note 7. </FONT></TD></TR></TABLE>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">See accompanying notes to financial statements. </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="right"><FONT COLOR="#3e3935"><B>21
</B></FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">OHEN</FONT>
&amp; S<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">TEERS</FONT> REIT <FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">AND</FONT>
P<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">REFERRED</FONT> I<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NCOME</FONT> F<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">UND</FONT>, I<FONT
STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NC</FONT>. </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">STATEMENT OF OPERATIONS </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT
 COLOR="#3e3935">For the Year Ended December&nbsp;31, 2017 </FONT></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="85%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Investment Income:</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Dividend income</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">35,933,748</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Interest income<SUP STYLE="font-size:85%; vertical-align:top"> </SUP></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">26,808,107</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Rehypothecation income<SUP STYLE="font-size:85%; vertical-align:top">
</SUP></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">73,254</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Total Investment Income</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">62,815,109</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Expenses:</FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">&nbsp;</FONT></P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Investment management fees</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">9,240,022</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Interest expense</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">7,093,912</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Administration fees</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">961,719</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Shareholder reporting expenses</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">158,559</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Custodian fees and expenses</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">108,847</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Professional fees</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">93,233</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Directors&#146; fees and expenses</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">77,948</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Transfer agent fees and expenses</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">24,264</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Miscellaneous</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">114,705</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Total Expenses</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">17,873,209</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Net Investment Income (Loss)</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">44,941,900</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Net Realized and Unrealized Gain (Loss):</FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">&nbsp;</FONT></P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Net realized gain (loss) on:</FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">&nbsp;</FONT></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.80em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Investments in securities</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">27,381,563</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.80em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Foreign currency transactions<SUP STYLE="font-size:85%; vertical-align:top">
</SUP></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">(3,286</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">)&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.80em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Forward foreign currency exchange contracts<SUP
STYLE="font-size:85%; vertical-align:top"> </SUP></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">(1,893,995</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Net realized gain (loss)</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">25,484,282</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Net change in unrealized appreciation (depreciation) on:</FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">&nbsp;</FONT></P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.80em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Investments in securities</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">50,603,605</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.80em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Foreign currency translations<SUP STYLE="font-size:85%; vertical-align:top">
</SUP></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">8,162</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.80em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Forward foreign currency exchange contracts<SUP
STYLE="font-size:85%; vertical-align:top"> </SUP></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">(182,313</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Net change in unrealized appreciation (depreciation)</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">50,429,454</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Net Realized and Unrealized Gain (Loss)</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">75,913,736</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Net Increase (Decrease) in Net Assets Resulting from Operations</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">120,855,636</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">See accompanying notes to
financial statements. </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL"><FONT COLOR="#3e3935"><B>22 </B></FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">OHEN</FONT>
&amp; S<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">TEERS</FONT> REIT <FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">AND</FONT>
P<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">REFERRED</FONT> I<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NCOME</FONT> F<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">UND</FONT>, I<FONT
STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NC</FONT>. </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">STATEMENT OF CHANGES IN NET ASSETS </FONT></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="54%"></TD>
<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">For the<BR>Year Ended<BR>December&nbsp;31,&nbsp;2017</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">For the<BR>Year Ended<BR>December&nbsp;31,&nbsp;2016</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Change in Net Assets:</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">From Operations:</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Net investment income (loss)</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">44,941,900</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">48,850,479</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Net realized gain (loss)</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">25,484,282</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">45,633,671</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Net change in unrealized appreciation (depreciation)</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">50,429,454</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">(18,354,595</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:8.40em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Net increase (decrease) in net assets resulting from operations</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">120,855,636</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">76,129,555</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Dividends and Distributions to Shareholders from:</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Net investment income</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">(43,787,460</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">(46,173,805</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Net realized gain</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">(26,991,844</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">(24,320,098</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:8.40em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Total dividends and distributions to shareholders</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">(70,779,304</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">(70,493,903</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:8.40em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Total increase (decrease) in net assets</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">50,076,332</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">5,635,652</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Net Assets:</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Beginning of year</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1,034,628,123</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1,028,992,471</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">End of year<SUP STYLE="font-size:85%; vertical-align:top">a</SUP></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1,084,704,455</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1,034,628,123</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:181pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:12.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #3e3935;width:21%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top">a</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">Includes accumulated undistributed net investment income of $3,521,453 and $2,634,064, respectively. </FONT></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">See accompanying notes to financial statements. </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="right"><FONT COLOR="#3e3935"><B>23
</B></FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">OHEN</FONT>
&amp; S<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">TEERS</FONT> REIT <FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">AND</FONT>
P<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">REFERRED</FONT> I<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NCOME</FONT> F<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">UND</FONT>, I<FONT
STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NC</FONT>. </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">STATEMENT OF CASH FLOWS </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT
 COLOR="#3e3935">For the Year Ended December&nbsp;31, 2017 </FONT></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="84%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Increase (Decrease) in Cash:</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Cash Flows from Operating Activities:</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Net increase (decrease) in net assets resulting from operations</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">120,855,636</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Adjustments to reconcile net increase (decrease) in net assets resulting from
operations to net cash provided by operating activities:</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Purchases of long-term investments</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">(366,093,927</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">)&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Proceeds from sales and maturities of long-term investments</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">368,873,600</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Net purchases, sales and maturities of short-term investments</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">8,584,063</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Net amortization of premium on investments</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1,157,119</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Net decrease in dividends and interest receivable and other assets</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">463,973</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Net increase in interest expense payable, accrued expenses and other
liabilities</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">70,488</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Net change in unrealized appreciation on investments in securities</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">(50,603,605</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">)&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Net change in unrealized depreciation on forward foreign currency exchange
contracts</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">182,313</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Net realized gain on investments in securities</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">(27,381,563</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Cash provided by operating activities</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">56,108,097</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Cash Flows from Financing Activities:</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Dividends paid</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">(70,790,109</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Increase (decrease) in cash</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">(14,682,012</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">)&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Cash at beginning of year</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">14,973,670</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Cash at end of year (including foreign currency)</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">291,658</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Supplemental Disclosure of Cash Flow Information and Non-Cash Activities: </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">During the year ended December&nbsp;31, 2017, interest paid was $7,056,115. </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">During the year ended December&nbsp;31, 2017, as part of exchange offers from two of the Fund&#146;s investments, the Fund received shares of new
securities valued at $8,757,291. </FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">See accompanying
notes to financial statements. </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL"><FONT COLOR="#3e3935"><B>24 </B></FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">OHEN</FONT>
&amp; S<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">TEERS</FONT> REIT <FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">AND</FONT>
P<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">REFERRED</FONT> I<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NCOME</FONT> F<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">UND</FONT>, I<FONT
STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NC</FONT>. </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">FINANCIAL HIGHLIGHTS </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT
 COLOR="#3e3935">The following table includes selected data for a share outstanding throughout each year and other </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">performance
information derived from the financial statements. It should be read in conjunction with the financial statements and notes thereto. </FONT></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">For the Year Ended December&nbsp;31,</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000; width:123.45pt; display:inline; font-size:8pt; font-family:ARIAL; "><FONT COLOR="#3e3935">Per Share Operating Performance:</FONT></P></TD>

<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">2017</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">2016</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">2015</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">2014</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">2013</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">Net asset value, beginning of year</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">21.75</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">21.63</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">21.62</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">17.88</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">18.37</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" COLSPAN="20"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">Income (loss) from investment operations:</FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">&nbsp;</FONT></P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">Net investment income
(loss)<SUP STYLE="font-size:85%; vertical-align:top">a</SUP></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">0.94</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1.03</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">0.91</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">0.96</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">0.83</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">Net realized and unrealized gain (loss)</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1.60</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">0.57</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">0.57</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">4.07<SUP STYLE="font-size:85%; vertical-align:top"></SUP></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top">b</SUP>&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">(0.13<SUP STYLE="font-size:85%; vertical-align:top"></SUP></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">)<SUP STYLE="font-size:85%; vertical-align:top">c</SUP>&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">Total from investment operations</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2.54</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1.60</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1.48</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">5.03</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">0.70</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" COLSPAN="20"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">Less dividends and distributions to shareholders from:</FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">&nbsp;</FONT></P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">Net investment income</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">(0.92</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">(0.97</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">(1.48</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">(1.29</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">(1.20</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">)&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">Net realized gain</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">(0.57</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">(0.51</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">Total dividends and distributions to shareholders</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">(1.49</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">(1.48</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">(1.48</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">(1.29</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">(1.20</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">Anti-dilutive effect from the repurchase of shares</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">0.01</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">0.01</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">Net increase (decrease) in net asset value</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1.05</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">0.12</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">0.01</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3.74</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">(0.49</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">Net asset value, end of year</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">22.80</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">21.75</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">21.63</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">21.62</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">17.88</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">Market value, end of year</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">21.27</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">19.12</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">18.44</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">18.99</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">15.70</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="20" VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #3e3935">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #3e3935">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">Total net asset value
return<SUP STYLE="font-size:85%; vertical-align:top">d</SUP></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">12.65</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">%&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">8.43</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">%&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">8.45</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">%&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">29.87</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">%&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">4.48</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">%&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">Total market value
return<SUP STYLE="font-size:85%; vertical-align:top">d</SUP></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">19.58</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">%&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">11.79</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">%&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">5.26</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">%&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">29.91</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">%&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">&#150;0.80</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">%&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #3e3935">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #3e3935">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #3e3935">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #3e3935">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #3e3935">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #3e3935">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #3e3935">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #3e3935">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #3e3935">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #3e3935">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #3e3935">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #3e3935">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #3e3935">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #3e3935">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #3e3935">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #3e3935">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #3e3935">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #3e3935">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #3e3935">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #3e3935">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #3e3935">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; ">
<TD COLSPAN="20" VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT
 COLOR="#3e3935">See accompanying notes to financial statements. </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="right"><FONT COLOR="#3e3935"><B>25
</B></FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">OHEN</FONT>
&amp; S<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">TEERS</FONT> REIT <FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">AND</FONT>
P<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">REFERRED</FONT> I<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NCOME</FONT> F<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">UND</FONT>, I<FONT
STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NC</FONT>. </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">FINANCIAL HIGHLIGHTS&#151;(Continued) </FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="font-size:36pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>
<TD WIDTH="47%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">For the Year Ended December&nbsp;31,</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000; width:95.15pt; display:inline; font-size:8pt; font-family:ARIAL; "><FONT COLOR="#3e3935">Ratios/Supplemental Data:</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">2017</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">2016</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">2015</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">2014</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">2013</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">Net assets, end of year (in&nbsp;millions)</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1,084.7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1,034.6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1,029.0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1,032.7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">854.3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">Ratio of expenses to average daily net assets</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1.67</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">%&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1.65</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">%&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1.67</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">%&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1.71</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">%&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1.82</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">%&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">Ratio of expenses to average daily net assets (excluding interest
expense)</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1.01</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">%&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1.01</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">%&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1.03</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">%&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1.03</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">%&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1.10</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">%&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">Ratio of net investment income (loss) to average daily net assets</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">4.19</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">%&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">4.64</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">%&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">4.18</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">%&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">4.76</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">%&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">4.38</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">%&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">Ratio of expenses to average daily managed assets<SUP
STYLE="font-size:85%; vertical-align:top">e</SUP></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1.26</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">%&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1.24</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">%&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1.25</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">%&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1.26</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">%&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1.31</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">%&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">Portfolio turnover rate</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">26</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">%&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">46</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">%&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">42</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">%&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">54</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">%&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">51</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">%&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><FONT COLOR="#3e3935"><U>Credit Agreement</U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">Asset coverage ratio for credit agreement</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">410</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">%&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">396</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">%&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">394</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">%&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">395</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">%&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">344</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">%&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">Asset coverage per $1,000 for credit agreement</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">4,099</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3,956</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3,940</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3,951</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">3,441</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:110pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:12.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #3e3935;width:21%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top">a</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">Calculation based on average shares outstanding. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top">b</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">Includes gains resulting from class action litigation payments on securities owned in prior years. Without these gains, the net realized and unrealized gains (losses) on investments per share would
have been $3.99 and the total return on a net asset value basis would have been 29.58%. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top">c</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">Includes gains resulting from class action litigation payments on securities owned in prior years. Without these gains, the net realized and unrealized gains (losses) on investments per share would
have been $(0.17) and the total return on a net asset value basis would have been 4.33%. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top">d</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">Total net asset value return measures the change in net asset value per share over the period indicated. Total market value return is computed based upon the Fund&#146;s market price per share and
excludes the effects of brokerage commissions. Dividends and distributions are assumed, for purposes of these calculations, to be reinvested at prices obtained under the Fund&#146;s dividend reinvestment plan. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top">e</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">Average daily managed assets represent net assets plus the outstanding balance of the credit agreement. </FONT></TD></TR></TABLE>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">See accompanying notes to financial statements. </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL"><FONT COLOR="#3e3935"><B>26 </B></FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">OHEN</FONT>
&amp; S<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">TEERS</FONT> REIT <FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">AND</FONT>
P<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">REFERRED</FONT> I<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NCOME</FONT> F<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">UND</FONT>, I<FONT
STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NC</FONT>. </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">NOTES TO FINANCIAL STATEMENTS </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT
 COLOR="#3e3935">Note 1. Organization and Significant Accounting Policies </FONT></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Cohen&nbsp;&amp; Steers REIT and Preferred
Income Fund, Inc. (the Fund) was incorporated under the laws of the State of Maryland on March&nbsp;25, 2003 and is registered under the Investment Company Act of 1940 (the 1940&nbsp;Act) as a diversified, closed-end management investment company.
The Fund&#146;s investment objective is high current income. </FONT></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">The following is a summary of significant accounting
policies consistently followed by the Fund in the preparation of its financial statements. The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards
Board Accounting Standards Codification (ASC) Topic 946&#151;Investment Companies. The accounting policies of the Fund are in conformity with accounting principles generally accepted in the United States of America (GAAP). The preparation of the
financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses
during the reporting period. Actual results could differ from those estimates. </FONT></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><I>Portfolio Valuation:</I> Investments
in securities that are listed on the New York Stock Exchange (NYSE) are valued, except as indicated below, at the last sale price reflected at the close of the NYSE on the business day as of which such value is being determined. If there has been no
sale on such day, the securities are valued at the mean of the closing bid and ask prices on such day or, if no ask price is available, at the bid price. Exchange-traded options are valued at their last sale price as of the close of options trading
on applicable exchanges on the valuation date. In the absence of a last sale price on such day, options are valued at the average of the quoted bid and ask prices as of the close of business. Over-the-counter (OTC) options are valued based upon
prices provided by a third-party pricing service or counterparty. Forward contracts are valued daily at the prevailing forward exchange rate. </FONT></P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Securities not listed on the NYSE but listed on other domestic or foreign securities exchanges (including NASDAQ) are valued in a
similar manner. Securities traded on more than one securities exchange are valued at the last sale price reflected at the close of the exchange representing the principal market for such securities on the business day as of which such value is being
determined. If after the close of a foreign market, but prior to the close of business on the day the securities are being valued, market conditions change significantly, certain non-U.S. equity holdings may be fair valued pursuant to procedures
established by the Board of Directors. </FONT></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Readily marketable securities traded in the OTC market, including listed
securities whose primary market is believed by Cohen&nbsp;&amp; Steers Capital Management, Inc. (the investment manager) to be OTC, are valued on the basis of prices provided by a third-party pricing service or third-party broker-dealers when such
prices are believed by the investment manager, pursuant to delegation by the Board of Directors, to reflect the fair value of such securities. </FONT></P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Fixed-income securities are valued on the basis of prices provided by a third-party pricing service or third-party broker-dealers
when such prices are believed by the investment manager, pursuant to delegation by the Board of Directors, to reflect the fair market value of such securities. The pricing services or broker-dealers use multiple valuation techniques to determine
fair value. In instances where sufficient market activity exists, the pricing services or broker-dealers may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances
</FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="right"><FONT COLOR="#3e3935"><B>27
</B></FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">OHEN</FONT>
&amp; S<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">TEERS</FONT> REIT <FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">AND</FONT>
P<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">REFERRED</FONT> I<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NCOME</FONT> F<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">UND</FONT>, I<FONT
STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NC</FONT>. </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">NOTES TO FINANCIAL STATEMENTS&#151;(Continued) </FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">where sufficient market activity may not exist or is limited, the pricing services or broker-dealers also utilize proprietary valuation models
which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated
default rates, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features which are then used to calculate the fair values. </FONT></P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Short-term debt securities with a maturity date of 60 days or less are valued at amortized cost, which approximates fair value.
Investments in open-end mutual funds are valued at their closing net asset value (NAV). </FONT></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">The policies and procedures
approved by the Fund&#146;s Board of Directors delegate authority to make fair value determinations to the investment manager, subject to the oversight of the Board of Directors. The investment manager has established a valuation committee
(Valuation Committee) to administer, implement and oversee the fair valuation process according to the policies and procedures approved annually by the Board of Directors. Among other things, these procedures allow the Fund to utilize independent
pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value. </FONT></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT
 COLOR="#3e3935">Securities for which market prices are unavailable, or securities for which the investment manager determines that the bid and/or ask price or a counterparty valuation does not reflect market value, will be valued at fair value, as
determined in good faith by the Valuation Committee, pursuant to procedures approved by the Fund&#146;s Board of Directors. Circumstances in which market prices may be unavailable include, but are not limited to, when trading in a security is
suspended, the exchange on which the security is traded is subject to an unscheduled close or disruption or material events occur after the close of the exchange on which the security is principally traded. In these circumstances, the Fund
determines fair value in a manner that fairly reflects the market value of the security on the valuation date based on consideration of any information or factors it deems appropriate. These may include, but are not limited to, recent transactions
in comparable securities, information relating to the specific security and developments in the markets. </FONT></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">The
Fund&#146;s use of fair value pricing may cause the NAV of Fund shares to differ from the NAV that would be calculated using market quotations. Fair value pricing involves subjective judgments and it is possible that the fair value determined for a
security may be materially different than the value that could be realized upon the sale of that security. </FONT></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Fair value
is defined as the price that the Fund would expect to receive upon the sale of an investment or expect to pay to transfer a liability in an orderly transaction with an independent buyer in the principal market or, in the absence of a principal
market, the most advantageous market for the investment or liability. The hierarchy of inputs that are used in determining the fair value of the Fund&#146;s investments is summarized below. </FONT></P>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">Level 1&#151;quoted prices in active markets for identical investments </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">Level 2&#151;other significant observable inputs (including quoted prices for similar investments, interest rates, credit risk, etc.) </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">Level 3&#151;significant unobservable inputs (including the Fund&#146;s own assumptions in determining the fair value of investments) </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL"><FONT COLOR="#3e3935"><B>28 </B></FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">OHEN</FONT>
&amp; S<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">TEERS</FONT> REIT <FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">AND</FONT>
P<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">REFERRED</FONT> I<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NCOME</FONT> F<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">UND</FONT>, I<FONT
STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NC</FONT>. </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">NOTES TO FINANCIAL STATEMENTS&#151;(Continued) </FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">The inputs or methodology used for valuing investments may or may not be an indication of the risk associated with those
investments. </FONT></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">For movements between the levels within the fair value hierarchy, the Fund has adopted a policy of
recognizing the transfer at the end of the period in which the underlying event causing the movement occurred. Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. There were no
transfers between Level 1 and Level 2 as of December 31, 2017. </FONT></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">The following is a summary of the inputs used as of
December 31, 2017 in valuing the Fund&#146;s investments carried at value: </FONT></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="43%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">Total</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">Quoted&nbsp;Prices<BR>in Active<BR>Markets for<BR>Identical<BR>Investments<BR>(Level&nbsp;1)</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">Other<BR>Significant<BR>Observable<BR>Inputs<BR>(Level&nbsp;2)</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">Significant<BR>Unobservable<BR>Inputs<BR>(Level&nbsp;3)</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Common Stock</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">708,694,323</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">708,694,323</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Preferred Securities&#151;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">$25 Par Value:</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.40em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Electric&#151;Integrated Electric</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">10,854,605</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">6,435,891</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">4,418,714</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.40em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Other Industries</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">200,225,200</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">200,225,200</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Preferred Securities&#151;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Capital Securities:</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.40em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Communications&#151;Towers</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">4,409,633</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">4,409,633</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.40em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Food</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">20,397,496</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">14,925,866</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">5,471,630</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.40em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Real Estate&#151;Self Storage</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2,994,600</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">2,994,600</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.40em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Other Industries</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">471,072,670</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">471,072,670</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Short-Term Investments</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">6,215,937</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">6,215,937</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.40em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Total Investments in
Securities<SUP STYLE="font-size:85%; vertical-align:top">a</SUP></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1,424,864,464</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">922,759,647</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">496,633,187</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$<SUP STYLE="font-size:85%; vertical-align:top"></SUP></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">5,471,630<SUP STYLE="font-size:85%; vertical-align:top"></SUP></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top">b</SUP>&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Forward Foreign Currency<BR>Exchange Contracts</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">68,165</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">68,165</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.40em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Total Unrealized Appreciation in</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.40em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Other Financial Instruments<SUP STYLE="font-size:85%; vertical-align:top">a</SUP></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">68,165</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">68,165</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Forward Foreign Currency<BR>Exchange Contracts</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">(80,016</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">(80,016</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.40em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Total Unrealized Depreciation in</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.40em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Other Financial Instruments<SUP STYLE="font-size:85%; vertical-align:top">a</SUP></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">(80,016</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT><BR> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" ALIGN="right"><BR> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:ARIAL" ALIGN="right"><FONT COLOR="#3e3935">(80,016</FONT></P></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT><BR> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">)&nbsp;</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:12.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #3e3935;width:21%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top">a</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">Portfolio holdings are disclosed individually on the Schedule of Investments. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top">b</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">Level&nbsp;3 investments are valued by a third-party pricing service. The inputs for these securities are not readily available or cannot be reasonably estimated. A change in the significant
unobservable inputs could result in a significantly lower or higher value in such Level&nbsp;3 investments. </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="right"><FONT COLOR="#3e3935"><B>29
</B></FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">OHEN</FONT>
&amp; S<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">TEERS</FONT> REIT <FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">AND</FONT>
P<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">REFERRED</FONT> I<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NCOME</FONT> F<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">UND</FONT>, I<FONT
STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NC</FONT>. </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">NOTES TO FINANCIAL STATEMENTS&#151;(Continued) </FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">The following is a reconciliation of investments for which significant unobservable inputs (Level&nbsp;3) were used in determining
fair value: </FONT></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="76%"></TD>
<TD VALIGN="bottom" WIDTH="14%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">Preferred<BR>Securities&#151;Capital<BR>Securities&#151;Food</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Balance as of December&nbsp;31, 2016</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">4,194,211</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Purchases</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1,282,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Change in unrealized appreciation (depreciation)</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">(5,081</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Balance as of December&nbsp;31, 2017</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">5,471,630</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">The change in unrealized appreciation (depreciation) attributable to securities owned on
December&nbsp;31, 2017 which were valued using significant unobservable inputs (Level 3) amounted to $(5,081). </FONT></P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><I>Security Transactions and Investment Income:</I> Security transactions are recorded on trade date. Realized gains and losses on
investments sold are recorded on the basis of identified cost. Interest income, which includes the amortization of premiums and accretion of discounts, is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date, except for
certain dividends on foreign securities, which are recorded as soon as the Fund is informed after the ex-dividend date. Distributions from REITs are recorded as ordinary income, net realized capital gain or return of capital based on information
reported by the REITs and management&#146;s estimates of such amounts based on historical information. These estimates are adjusted when the actual source of distributions is disclosed by the REITs and actual amounts may differ from the estimated
amounts. </FONT></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><I>Foreign Currency Translation:</I> The books and records of the Fund are maintained in U.S. dollars.
Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and
expense items denominated in foreign currencies are translated into U.S. dollars based upon prevailing exchange rates on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from
fluctuations in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments. </FONT></P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Net realized foreign exchange gains or losses arise from sales of foreign currencies, including gains and losses on forward foreign
currency exchange contracts, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the
Fund&#146;s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, other than investments in securities, on the date
of valuation, resulting from changes in exchange rates. Pursuant to U.S. federal income tax regulations, certain foreign currency gains/losses included in realized and unrealized gains/losses are included in or are a reduction of ordinary income for
federal income tax purposes. </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL"><FONT COLOR="#3e3935"><B>30 </B></FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">OHEN</FONT>
&amp; S<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">TEERS</FONT> REIT <FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">AND</FONT>
P<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">REFERRED</FONT> I<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NCOME</FONT> F<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">UND</FONT>, I<FONT
STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NC</FONT>. </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">NOTES TO FINANCIAL STATEMENTS&#151;(Continued) </FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><I>Options:</I> The Fund may purchase and write exchange-listed and OTC put or call options on securities, stock indices,
currencies and other financial instruments for hedging purposes, to enhance portfolio returns and reduce overall volatility. </FONT></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT
 COLOR="#3e3935">When the Fund writes (sells) an option, an amount equal to the premium received by the Fund is recorded on the Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to
reflect the current market value of the option written. When an option expires, the Fund realizes a gain on the option to the extent of the premium received. Premiums received from writing options which are exercised or closed are added to or offset
against the proceeds or amount paid on the transaction to determine the realized gain or loss. If a put option on a security is exercised, the premium reduces the cost basis of the security purchased by the Fund. If a call option is exercised, the
premium is added to the proceeds of the security sold to determine the realized gain or loss. The Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the underlying investment. Other risks include the
possibility of an illiquid options market or the inability of the counterparties to fulfill their obligations under the contracts. </FONT></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT
 COLOR="#3e3935">Put and call options purchased are accounted for in the same manner as portfolio securities. Premiums paid for purchasing options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised
or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss when the underlying transaction is executed. The risk associated with purchasing an option is that
the Fund pays a premium whether or not the option is exercised. Additionally, the Fund bears the risk of loss of the premium and change in market value should the counterparty not perform under the contract. </FONT></P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">At December&nbsp;31, 2017, the Fund did not have any option contracts outstanding. </FONT></P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><I>Forward Foreign Currency Exchange Contracts:</I> The Fund enters into forward foreign currency exchange contracts to hedge the
currency exposure associated with certain of its non-U.S. dollar denominated securities. A forward foreign currency exchange contract is a commitment between two parties to purchase or sell foreign currency at a set price on a future date. The
market value of a forward foreign currency exchange contract fluctuates with changes in foreign currency exchange rates. These contracts are marked to market daily and the change in value is recorded by the Fund as unrealized appreciation and/or
depreciation on forward foreign currency exchange contracts. Realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed are included in net realized gain or
loss on forward foreign currency exchange contracts. For federal income tax purposes, the Fund has made an election to treat gains and losses from forward foreign currency exchange contracts as capital gains and losses. </FONT></P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Forward foreign currency exchange contracts involve elements of market risk in excess of the amounts reflected on the Statement of
Assets and Liabilities. The Fund bears the risk of an unfavorable change in the foreign exchange rate underlying the contract. Risks may also arise upon entering these contracts from the potential inability of the counterparties to meet the terms of
their contracts. In connection with these contracts, securities may be identified as collateral in accordance with the terms of the respective contracts. </FONT></P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><I>Dividends and Distributions to Shareholders:</I> Dividends from net investment income and capital gain distributions are
determined in accordance with U.S. federal income tax regulations, which may </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="right"><FONT COLOR="#3e3935"><B>31
</B></FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">OHEN</FONT>
&amp; S<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">TEERS</FONT> REIT <FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">AND</FONT>
P<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">REFERRED</FONT> I<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NCOME</FONT> F<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">UND</FONT>, I<FONT
STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NC</FONT>. </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">NOTES TO FINANCIAL STATEMENTS&#151;(Continued) </FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">differ from GAAP. Dividends from net investment income, if any, are declared quarterly and paid monthly. Net realized capital gains, unless offset
by any available capital loss carryforward, are typically distributed to shareholders at least annually. Dividends and distributions to shareholders are recorded on the ex-dividend date and are automatically reinvested in full and fractional shares
of the Fund in accordance with the Fund&#146;s Reinvestment Plan, unless the shareholder has elected to have them paid in cash. </FONT></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT
 COLOR="#3e3935">On December 5, 2017, the Board of Directors of the Fund approved the implementation of a managed distribution policy in accordance with exemptive relief issued by the U.S. Securities and Exchange Commission (SEC). The Plan gives the
Fund greater flexibility to realize long-term capital gains throughout the year and to distribute those gains on a more regular basis to shareholders. Therefore, regular monthly distributions throughout the year may include a portion of estimated
realized long-term capital gains, along with net investment income, short-term capital gains and return of capital, which is not taxable. In accordance with the Plan, the Fund is required to adhere to certain conditions in order to distribute
long-term capital gains during the year. For the year ended December 31, 2017, the Fund paid distributions from both net investment income and net realized gain. </FONT></P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><I>Income Taxes:</I> It is the policy of the Fund to continue to qualify as a regulated investment company (RIC), if such
qualification is in the best interest of the shareholders, by complying with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies, and by distributing substantially all of its taxable earnings to
its shareholders. Also, in order to avoid the payment of any federal excise taxes, the Fund will distribute substantially all of its net investment income and net realized gains on a calendar year basis. Accordingly, no provision for federal income
or excise tax is necessary. Dividend and interest income from holdings in non-U.S. securities is recorded net of non-U.S. taxes paid. Management has analyzed the Fund&#146;s tax positions taken on federal and applicable state income tax returns as
well as its tax positions in non-U.S. jurisdictions in which it trades for all open tax years and has concluded that as of December&nbsp;31, 2017, no additional provisions for income tax are required in the Fund&#146;s financial statements. The
Fund&#146;s tax positions for the tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service, state departments of revenue and by foreign tax authorities. </FONT></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Note 2. Investment Management Fees, Administration Fees and Other Transactions with Affiliates </FONT></P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><I>Investment Management Fees:</I> Cohen &amp; Steers Capital Management, Inc. serves as the Fund&#146;s investment manager
pursuant to an investment management agreement (the investment management agreement). Under the terms of the investment management agreement, the investment manager provides the Fund with day-to-day investment decisions and generally manages the
Fund&#146;s investments in accordance with the stated policies of the Fund, subject to the supervision of the Board of Directors. </FONT></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT
 COLOR="#3e3935">For the services provided to the Fund, the investment manager receives a fee, accrued daily and paid monthly, at the annual rate of 0.65% of the average daily managed assets of the Fund. Managed assets are equal to the net assets
plus the amount of any borrowings, used for leverage, outstanding. </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL"><FONT COLOR="#3e3935"><B>32 </B></FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">OHEN</FONT>
&amp; S<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">TEERS</FONT> REIT <FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">AND</FONT>
P<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">REFERRED</FONT> I<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NCOME</FONT> F<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">UND</FONT>, I<FONT
STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NC</FONT>. </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">NOTES TO FINANCIAL STATEMENTS&#151;(Continued) </FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><I>Administration Fees:</I> The Fund has entered into an administration agreement with the investment manager under which the
investment manager performs certain administrative functions for the Fund and receives a fee, accrued daily and paid monthly, at the annual rate of 0.06% of the average daily managed assets of the Fund up to $1 billion, 0.04% of the average daily
managed assets of the Fund in excess of $1 billion and up to $1.5 billion and 0.02% of the average daily managed assets of the Fund in excess of $1.5 billion. On June&nbsp;13, 2017, the Board of Directors of the Fund approved an amendment to the
Fund&#146;s administration agreement with the investment manager effective October&nbsp;1, 2017, to eliminate breakpoints and increase the administration fee to an annual rate of 0.06% of the average daily managed assets of the Fund. For the year
ended December&nbsp;31, 2017, the effective administration fee paid by the Fund was 0.056% of the average daily managed assets and the Fund incurred $790,660 in fees under this administration agreement. Additionally, the Fund pays State Street Bank
and Trust Company as co-administrator under a fund accounting and administration agreement. </FONT></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><I>Directors&#146; and
Officers&#146; Fees:</I> Certain directors and officers of the Fund are also directors, officers and/or employees of the investment manager. The Fund does not pay compensation to directors and officers affiliated with the investment manager except
for the Chief Compliance Officer, who received compensation from the investment manager, which was reimbursed by the Fund, in the amount of $16,195 for the year ended December&nbsp;31, 2017. </FONT></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Note 3. Purchases and Sales of Securities </FONT></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT
 COLOR="#3e3935">Purchases and sales of securities, excluding short-term investments, for the year ended December&nbsp;31, 2017, totaled $365,101,987 and $356,961,421, respectively. </FONT></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Note 4. Derivative Investments </FONT></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT
 COLOR="#3e3935">The following tables present the value of derivatives held at December&nbsp;31, 2017 and the effect of derivatives held during the year ended December&nbsp;31, 2017, along with the respective location in the financial statements.
</FONT></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Statement of Assets and Liabilities </FONT></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="24%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="23%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="4" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Assets</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="4" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Liabilities</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Derivatives</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Location</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">Fair&nbsp;Value</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Location</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">Fair&nbsp;Value</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Foreign Exchange Risk:</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.40em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Forward Foreign Currency Exchange Contracts<SUP
STYLE="font-size:85%; vertical-align:top">a</SUP></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">Unrealized appreciation</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">68,165</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">Unrealized depreciation</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">80,016</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="line-height:12.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #3e3935;width:21%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top">a</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">Forward foreign currency exchange contracts executed with Brown Brothers Harriman are not subject to a master netting arrangement or another similar agreement. </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="right"><FONT COLOR="#3e3935"><B>33
</B></FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">OHEN</FONT>
&amp; S<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">TEERS</FONT> REIT <FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">AND</FONT>
P<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">REFERRED</FONT> I<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NCOME</FONT> F<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">UND</FONT>, I<FONT
STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NC</FONT>. </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">NOTES TO FINANCIAL STATEMENTS&#151;(Continued) </FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Statement of Operations </FONT></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="31%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="39%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Derivatives</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Location</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">Realized<BR>Gain&nbsp;(Loss)</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">Change in<BR>Unrealized<BR>Appreciation<BR>(Depreciation)</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Foreign Exchange Risk:</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.40em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Forward Foreign Currency Exchange Contracts</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">Net Realized and Unrealized Gain (Loss)</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">(1,893,995</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">(182,313</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">)&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Note 5. Income Tax Information </FONT></P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">The tax character of dividends and distributions paid was as follows: </FONT></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="63%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">For the Year Ended<BR>December&nbsp;31,</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">2017</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">2016</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Ordinary income</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">43,787,460</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">46,173,805</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Long-term capital gain</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">26,991,844</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">24,320,098</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Total dividends and distributions</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">70,779,304</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">70,493,903</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">As of December&nbsp;31, 2017, the <FONT STYLE="white-space:nowrap">tax-basis</FONT> components of
accumulated earnings, the federal tax cost and net unrealized appreciation (depreciation) in value of investments held were as follows: </FONT></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="78%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Cost of investments in securities for federal income tax purposes</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">1,153,829,665</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Gross unrealized appreciation on investments</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">279,500,325</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Gross unrealized depreciation on investments</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">(8,471,179</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Net unrealized appreciation (depreciation) on investments</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">271,029,146</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Undistributed ordinary income</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">750,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Undistributed long-term capital gains</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">5,628,996</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">As of December&nbsp;31, 2017, the Fund had temporary book/tax differences primarily attributable to
wash sales on portfolio securities, certain REIT dividends and certain fixed income securities, and permanent book/tax differences primarily attributable to certain fixed income securities and foreign currency transactions. To reflect
reclassifications arising from the permanent differences, <FONT STYLE="white-space:nowrap">paid-in</FONT> capital was credited $1,554,495, accumulated undistributed net realized gain was charged $1,287,444 and accumulated undistributed net
investment income was charged $267,051. Net assets were not affected by this reclassification. </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL"><FONT COLOR="#3e3935"><B>34 </B></FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">OHEN</FONT>
&amp; S<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">TEERS</FONT> REIT <FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">AND</FONT>
P<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">REFERRED</FONT> I<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NCOME</FONT> F<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">UND</FONT>, I<FONT
STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NC</FONT>. </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">NOTES TO FINANCIAL STATEMENTS&#151;(Continued) </FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Note 6. Capital Stock </FONT></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT
 COLOR="#3e3935">The Fund is authorized to issue 100&nbsp;million shares of common stock at a par value of $0.001 per share. </FONT></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT
 COLOR="#3e3935">During the years ended December 31, 2017 and December&nbsp;31, 2016, the Fund did not issue shares of common stock for the reinvestment of dividends. </FONT></P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">On December&nbsp;5, 2017, the Board of Directors approved the continuation of the delegation of its authority to management to
effect repurchases, pursuant to management&#146;s discretion and subject to market conditions and investment considerations, of up to 10% of the Fund&#146;s common shares outstanding from January&nbsp;1, 2018, through the fiscal year ended
December&nbsp;31, 2018. </FONT></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">During the years ended December 31, 2017 and December&nbsp;31, 2016, the Fund did not effect
any repurchases. </FONT></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Note 7. Borrowings </FONT></P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">The Fund has entered into an amended and restated credit agreement (the credit agreement) with BNP Paribas Prime Brokerage
International, Ltd. (BNPP) in which the Fund pays a monthly financing charge based on a combination of LIBOR-based variable and fixed rates. The commitment amount of the credit agreement is $350,000,000. On April&nbsp;7, 2017, the Fund entered into
an amended and restated credit agreement with BNPP, which reduced the fee on any unused portion of the credit agreement from 0.55%&nbsp;per annum to 0.45%&nbsp;per annum. BNPP may not change certain terms of the credit agreement except upon 360
days&#146; notice. Also, if the Fund violates certain conditions, the credit agreement may be terminated. The Fund is required to pledge portfolio securities as collateral in an amount up to two times the loan balance outstanding (or more depending
on the terms of the credit agreement) and has granted a security interest in the securities pledged to, and in favor of, BNPP as security for the loan balance outstanding. If the Fund fails to meet certain requirements, or maintain other financial
covenants required under the credit agreement, the Fund may be required to repay immediately, in part or in full, the loan balance outstanding under the credit agreement, necessitating the sale of portfolio securities at potentially inopportune
times. The Fund may, upon prior written notice to BNPP, prepay all or a portion of the fixed and variable rate portions of the credit facility. The Fund may have to pay a breakage fee with respect to a prepayment of all or a portion of the fixed
rate financing under the credit facility. The credit agreement also permits, subject to certain conditions, BNPP to rehypothecate portfolio securities pledged by the Fund up to the amount of the loan balance outstanding and the Fund will receive a
portion of the fees earned by BNPP in connection with the rehypothecated securities. The Fund continues to receive dividends and interest on rehypothecated securities. The Fund also has the right under the credit agreement to recall the
rehypothecated securities from BNPP on demand. If BNPP fails to deliver the recalled security in a timely manner, the Fund will be compensated by BNPP for any fees or losses related to the failed delivery or, in the event a recalled security will
not be returned by BNPP, the Fund, upon notice to BNPP, may reduce the loan balance outstanding by the amount of the recalled security failed to be returned. </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="right"><FONT COLOR="#3e3935"><B>35
</B></FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">OHEN</FONT>
&amp; S<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">TEERS</FONT> REIT <FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">AND</FONT>
P<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">REFERRED</FONT> I<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NCOME</FONT> F<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">UND</FONT>, I<FONT
STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NC</FONT>. </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">NOTES TO FINANCIAL STATEMENTS&#151;(Continued) </FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">On February&nbsp;24, 2015, the Fund entered into an amendment to the credit agreement in order to extend the term length of the
5-year, 6-year and 7-year fixed rate tranches of the credit agreement by three years to 2020, 2021 and 2022, respectively. The new rates will increase and become effective upon maturity date of the current fixed rate tranches. In connection with the
extension, the Fund paid an arrangement fee based on the aggregate fixed rate financing amount. </FONT></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">As of December 31,
2017, the Fund had outstanding borrowings of $350,000,000 at a weighted average rate of 2.4%. During the year ended December 31, 2017, the Fund borrowed an average daily balance of $350,000,000 at a weighted average borrowing cost of 2.0%.
</FONT></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Note 8. Other Risks </FONT></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT
 COLOR="#3e3935"><I>Common Stock Risk:</I> While common stocks have historically generated higher average returns than fixed income securities over the long-term, common stock has also experienced significantly more volatility in those returns,
although under certain market conditions, fixed-income investments may have comparable or greater price volatility. An adverse event, such as an unfavorable earnings report, may depress the value of common stock held by the Fund. Also, the price of
common stock is sensitive to general movements in the stock market. A drop in the stock market may depress the price of common stock held by the Fund. </FONT></P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><I>Real Estate Market Risk:</I> Since the Fund concentrates its assets in companies engaged in the real estate industry, an
investment in the Fund will be closely linked to the performance of the real estate markets. Risks of investing in real estate securities include falling property values due to increasing vacancies, declining rents resulting from economic, legal,
tax, political or technological developments, lack of liquidity, limited diversification, and sensitivity to certain economic factors such as interest-rate changes and market recessions. Real estate company prices also may drop because of the
failure of borrowers to pay their loans and poor management, and residential developers, in particular, could be negatively impacted by falling home prices, slower mortgage origination and rising construction costs. The risks of investing in REITs
are similar to those associated with direct investments in real estate securities. </FONT></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><I>REIT Risk:</I> In addition to the
risks of securities linked to the real estate industry, REITs are subject to certain other risks related to their structure and focus. REITs are dependent upon management skills and generally may not be diversified. REITs are also subject to heavy
cash flow dependency, defaults by borrowers and self-liquidation. In addition, REITs could possibly fail to (i)&nbsp;qualify for pass-through of income under applicable tax law, or (ii)&nbsp;maintain their exemptions from registration under the
1940&nbsp;Act. The above factors may also adversely affect a borrower&#146;s or a lessee&#146;s ability to meet its obligations to the REIT. In the event of a default by a borrower or lessee, the REIT may experience delays in enforcing its rights as
a mortgagee or lessor and may incur substantial costs associated with protecting its investments. </FONT></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><I>Small- and
Medium-Sized Companies Risk:</I> Real estate companies in the industry tend to be small- to medium-sized companies in relation to the equity markets as a whole. There may be less trading in a smaller company&#146;s stock, which means that buy and
sell transactions in that stock could have a larger impact on the stock&#146;s price than is the case with larger company stocks. Smaller companies also may have fewer lines of business so that changes in any one line of business may have
</FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL"><FONT COLOR="#3e3935"><B>36 </B></FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">OHEN</FONT>
&amp; S<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">TEERS</FONT> REIT <FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">AND</FONT>
P<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">REFERRED</FONT> I<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NCOME</FONT> F<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">UND</FONT>, I<FONT
STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NC</FONT>. </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">NOTES TO FINANCIAL STATEMENTS&#151;(Continued) </FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">a greater impact on a smaller company&#146;s stock price than is the case for a larger company. Further, smaller company stocks may perform
differently in different cycles than larger company stocks. Accordingly, real estate company shares can, and at times will, perform differently than large company stocks. </FONT></P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><I>Preferred Securities Risk:</I> Preferred securities are subject to credit risk, which is the risk that a security will decline
in price, or the issuer of the security will fail to make dividend, interest or principal payments when due, because the issuer experiences a decline in its financial status. Preferred securities are also subject to interest rate risk and may
decline in value because of changes in market interest rates. The Fund may be subject to a greater risk of rising interest rates than would normally be the case in an environment of low interest rates and the effect of potential government fiscal
policy initiatives and resulting market reaction to those initiatives. In addition, an issuer may be permitted to defer or omit distributions. Preferred securities are also generally subordinated to bonds and other debt instruments in a
company&#146;s capital structure. During periods of declining interest rates, an issuer may be able to exercise an option to redeem (call) its issue at par earlier than scheduled, and the Fund may be forced to reinvest in lower yielding securities.
Certain preferred securities may be substantially less liquid than many other securities, such as common stocks. Generally, preferred security holders have no voting rights with respect to the issuing company unless certain events occur. Certain
preferred securities may give the issuers special redemption rights allowing the securities to be redeemed prior to a specified date if certain events occur, such as changes to tax or securities laws. </FONT></P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><I>Credit and Below-Investment-Grade Securities Risk:</I> Preferred securities may be rated below investment grade or may be
unrated. Below-investment-grade securities, or equivalent unrated securities, which are commonly known as &#147;high-yield bonds&#148; or &#147;junk bonds,&#148; generally involve greater volatility of price and risk of loss of income and principal,
and may be more susceptible to real or perceived adverse economic and competitive industry conditions than higher grade securities. It is reasonable to expect that any adverse economic conditions could disrupt the market for lower-rated securities,
have an adverse impact on the value of those securities and adversely affect the ability of the issuers of those securities to repay principal and interest on those securities. </FONT></P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><I>Liquidity Risk:</I> Liquidity risk is the risk that particular investments of the Fund may become difficult to sell or purchase.
The market for certain investments may become less liquid or illiquid due to adverse changes in the conditions of a particular issuer or due to adverse market or economic conditions. In addition, dealer inventories of certain securities, which
provide an indication of the ability of dealers to engage in &#147;market making,&#148; are at, or near, historic lows in relation to market size, which has the potential to increase price volatility in the fixed income markets in which the Fund
invests. Federal banking regulations may also cause certain dealers to reduce their inventories of certain securities, which may further decrease the Fund&#146;s ability to buy or sell such securities. As a result of this decreased liquidity, the
Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on performance. Further, transactions in less liquid or illiquid
securities may entail transaction costs that are higher than those for transactions in liquid securities. </FONT></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><I>Foreign
(Non-U.S.) Securities Risk:</I> Risks of investing in foreign securities, include currency risks, future political and economic developments and possible imposition of foreign withholding taxes on
</FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="right"><FONT COLOR="#3e3935"><B>37
</B></FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">OHEN</FONT>
&amp; S<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">TEERS</FONT> REIT <FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">AND</FONT>
P<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">REFERRED</FONT> I<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NCOME</FONT> F<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">UND</FONT>, I<FONT
STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NC</FONT>. </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">NOTES TO FINANCIAL STATEMENTS&#151;(Continued) </FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">income or proceeds payable on the securities. In addition, there may be less publicly available information about a foreign issuer than about a
domestic issuer, and foreign issuers may not be subject to the same accounting, auditing and financial recordkeeping standards and requirements as domestic issuers. </FONT></P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Investing in securities of companies in emerging markets may entail special risks relating to potential economic, political or
social instability and the risks of expropriation, nationalization, confiscation, trade sanctions or embargoes or the imposition of restrictions on foreign investment, the lack of hedging instruments, and repatriation of capital invested. The
securities and real estate markets of some emerging market countries have in the past experienced substantial market disruptions and may do so in the future. </FONT></P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><I>Foreign Currency Risk:</I> Although the Fund will report its NAV and pay dividends in U.S. dollars, foreign securities often are
purchased with and make any dividend and interest payments in foreign currencies. Therefore, the Fund&#146;s investments in foreign securities will be subject to foreign currency risk, which means that the Fund&#146;s NAV could decline solely as a
result of changes in the exchange rates between foreign currencies and the U.S. dollar. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal, dividends and interest to
investors located outside the country, due to blockage of foreign currency exchanges or otherwise. The Fund may, but is not required to, engage in various investments that are designed to hedge the Fund&#146;s foreign currency risks, and such
investments are subject to the risks described under &#147;Derivatives and Hedging Transactions Risk&#148; below. </FONT></P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><I>Leverage Risk:</I> The use of leverage is a speculative technique and there are special risks and costs associated with
leverage. The NAV of the Fund&#146;s shares may be reduced by the issuance and ongoing costs of leverage. So long as the Fund is able to invest in securities that produce an investment yield that is greater than the total cost of leverage, the
leverage strategy will produce higher current net investment income for the shareholders. On the other hand, to the extent that the total cost of leverage exceeds the incremental income gained from employing such leverage, shareholders would realize
lower net investment income. In addition to the impact on net income, the use of leverage will have an effect of magnifying capital appreciation or depreciation for shareholders. Specifically, in an up market, leverage will typically generate
greater capital appreciation than if the Fund were not employing leverage. Conversely, in down markets, the use of leverage will generally result in greater capital depreciation than if the Fund had been unlevered. To the extent that the Fund is
required or elects to reduce its leverage, the Fund may need to liquidate investments, including under adverse economic conditions which may result in capital losses potentially reducing returns to shareholders. The use of leverage also results in
the investment management fees payable to the investment manager being higher than if the Fund did not use leverage and can increase operating costs, which may reduce total return. There can be no assurance that a leveraging strategy will be
successful during any period in which it is employed. </FONT></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><I>Derivatives and Hedging Transactions Risk:</I> The Fund&#146;s
use of derivatives, including for the purpose of hedging interest rate or foreign currency risks, presents risks different from, and possibly greater than, the risks associated with investing directly in traditional securities. Among the risks
presented are counterparty risk, financial leverage risk, liquidity risk, OTC trading risk and tracking risk. </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL"><FONT COLOR="#3e3935"><B>38 </B></FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">OHEN</FONT>
&amp; S<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">TEERS</FONT> REIT <FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">AND</FONT>
P<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">REFERRED</FONT> I<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NCOME</FONT> F<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">UND</FONT>, I<FONT
STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NC</FONT>. </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">NOTES TO FINANCIAL STATEMENTS&#151;(Continued) </FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">The use of derivatives can lead to losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be
magnified by certain features of the derivatives. </FONT></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><I>Options Risk:</I> Gains on options transactions depend on the
investment manager&#146;s ability to predict correctly the direction of stock prices, indexes, interest rates, and other economic factors, and unanticipated changes may cause poorer overall performance for the Fund than if it had not engaged in such
transactions. A rise in the value of the security or index underlying a call option written by the Fund exposes the Fund to possible loss or loss of opportunity to realize appreciation in the value of any portfolio securities underlying or otherwise
related to the call option. By writing a put option, the Fund assumes the risk of a decline in the underlying security or index. There can be no assurance that a liquid market will exist when the Fund seeks to close out an option position, and for
certain options not traded on an exchange no market usually exists. Trading could be interrupted, for example, because of supply and demand imbalances arising from a lack of either buyers or sellers, or an options exchange could suspend trading
after the price has risen or fallen more than the maximum specified by the exchange. </FONT></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Although the Fund may be able to
offset to some extent any adverse effects of being unable to liquidate an option position, that Fund may experience losses in some cases as a result of such inability, may not be able to close its position and, in such an event would be unable to
control its losses. </FONT></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><I>Geopolitical Risk:</I> Occurrence of global events similar to those in recent years, such as
war, terrorist attacks, natural disasters, country instability, infectious disease epidemics, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers and other governmental trade or market control
programs, the potential exit of a country from its respective union and related geopolitical events, may result in market volatility and may have long-lasting impacts on both the U.S. and global financial markets. Additionally, those events, as well
as other changes in foreign and domestic political and economic conditions, could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, secondary trading, credit ratings, inflation, investor sentiment
and other factors affecting the value of the Fund&#146;s investments. The decision of the United Kingdom (UK) to exit from the European Union following the June&nbsp;2016 vote on the matter (referred to as Brexit) may cause uncertainty and thus
adversely impact financial results of the Fund and the global financial markets. Growing tensions between the United States and other foreign powers, or among foreign powers, and possible diplomatic, trade or other sanctions could adversely impact
the markets and the Fund. The strengthening of the U.S. dollar relative to other currencies may, among other things, adversely affect the Fund&#146;s investments denominated in non-U.S. dollar currencies. It is difficult to predict when similar
events affecting the U.S. or global financial markets may occur, the effects that such events may have, and the duration of those effects. </FONT></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT
 COLOR="#3e3935"><I>Regulatory Risk:</I> The U.S. government has proposed and adopted multiple regulations that could have a long-lasting impact on the Fund and on the mutual fund industry in general. The Department of Labor&#146;s (DOL) final rule
on conflicts of interest on fiduciary investment advice, as well as the SEC&#146;s final rules and amendments to modernize reporting and disclosure could, among other things, restrict and/or increase the cost of the Fund&#146;s ability to engage in
transactions and/or increase overall expenses of the Fund. In addition, Congress, various exchanges and regulatory and self-regulatory authorities, both domestic and foreign, have undertaken reviews of options and futures trading in light of market
volatility. </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="right"><FONT COLOR="#3e3935"><B>39
</B></FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">OHEN</FONT>
&amp; S<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">TEERS</FONT> REIT <FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">AND</FONT>
P<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">REFERRED</FONT> I<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NCOME</FONT> F<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">UND</FONT>, I<FONT
STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NC</FONT>. </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">NOTES TO FINANCIAL STATEMENTS&#151;(Continued) </FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Among the actions that have been taken or proposed to be taken are new limits and reporting requirements for speculative positions, new or more
stringent daily price fluctuation limits for futures and options transactions, and increased margin requirements for various types of futures transactions. While the full extent of all of these regulations is still unclear, these regulations and
actions may adversely affect the instruments in which the Fund invests and its ability to execute its investment strategy. </FONT></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT
 COLOR="#3e3935"><I>U.S. Tax Reform Risk:</I> On December&nbsp;22, 2017, the Tax Cuts and Jobs Act of 2017 (Tax Reform) was enacted, making significant changes to the United States income tax rules applicable to both individuals and entities,
including the Fund and its shareholders. Starting in 2018, <FONT STYLE="white-space:nowrap">non-corporate</FONT> taxpayers are permitted to deduct a portion of any amounts received from a REIT that are &#147;qualified REIT dividends.&#148; This
deduction is currently not available in respect of such amounts paid by a REIT to the Fund, and distributed by the Fund to its shareholders. As a result, a <FONT STYLE="white-space:nowrap">non-corporate</FONT> shareholder will generally be subject
to a higher effective tax rate on any such amounts received from the Fund compared to the effective rate applicable to any qualified REIT dividends a shareholder would receive if the shareholder invested directly in a REIT. In addition, the Tax
Reform generally limits a corporation&#146;s deduction for net business interest expense to 30&nbsp;percent of a corporation&#146;s adjusted taxable income. The application of these interest limitations to the Fund are unclear and could result in
higher investment company taxable income to the Fund. </FONT></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><I>LIBOR Risk:</I> Many financial instruments use or may use a
floating rate based on the LIBOR which is the offered rate for short-term Eurodollar deposits between major international banks. On July&nbsp;27, 2017, the head of the UK&#146;s Financial Conduct Authority announced a desire to phase out the use of
LIBOR by the end of 2021. Due to the recency of this announcement, there remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate. As such, the potential effect of a transition away from LIBOR on the Fund
or the financial instruments in which the Fund invests cannot yet be determined. </FONT></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Note 9. Other </FONT></P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">In the normal course of business, the Fund enters into contracts that provide general indemnifications. The Fund&#146;s maximum
exposure under these arrangements is dependent on claims that may be made against the Fund in the future and, therefore, cannot be estimated; however, based on experience, the risk of material loss from such claims is considered remote. </FONT></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Note 10. New Accounting Guidance </FONT></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT
 COLOR="#3e3935">In August&nbsp;2016, the Financial Accounting Standards Board (FASB) issued a new Accounting Standards Update (ASU) No.&nbsp;2016-15, &#147;<I>Statement of Cash Flows (Topic 230)</I>, Classification of Certain Cash Receipts and Cash
Payments a consensus of the FASB&#146;s Emerging Issues Task Force&#148; (ASU 2016-15). ASU 2016-15 is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The issues addressed in
ASU&nbsp;2016-15 are: debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the
settlement of corporate-owned life insurance policies, including bank-owned life </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL"><FONT COLOR="#3e3935"><B>40 </B></FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">OHEN</FONT>
&amp; S<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">TEERS</FONT> REIT <FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">AND</FONT>
P<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">REFERRED</FONT> I<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NCOME</FONT> F<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">UND</FONT>, I<FONT
STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NC</FONT>. </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">NOTES TO FINANCIAL STATEMENTS&#151;(Continued) </FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">insurance policies, distributions received from equity method investments, beneficial interests in securitization transactions; and, separately
identifiable cash flows and application of the predominance principle. ASU&nbsp;2016-15 is effective for interim and annual reporting periods beginning after December&nbsp;15, 2017. The Fund does not expect the adoption of the new standard to have a
material effect on its financial statements and related disclosures. </FONT></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">In October&nbsp;2016, the SEC adopted new rules
and amended existing rules (together, the &#147;final rules&#148;) intended to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and require standardized, enhanced
disclosure about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X was for periods ending after August&nbsp;1, 2017. The adoption of these amendments,
effective with these financial statements for the year ended December 31, 2017, required amended and additional disclosures reflected herein, but had no effect on the Fund&#146;s net assets or results of operations. </FONT></P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">In November&nbsp;2016, the FASB issued a new Accounting Standards Update No.&nbsp;2016-18, &#147;<I>Statement of Cash Flows (Topic
230)</I>, Restricted Cash, a consensus of the FASB&#146;s Emerging Issues Task Force&#148; (ASU 2016-18). ASU 2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts
generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the
beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments in ASU&nbsp;2016-18 do not provide a definition of restricted cash or restricted cash equivalents. ASU&nbsp;2016-18 is effective for interim and
annual reporting periods beginning after December&nbsp;15, 2017. The Fund does not expect the adoption of the new standard to have a material effect on its financial statements and related disclosures. </FONT></P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">In March 2017, the FASB issued ASU <FONT STYLE="white-space:nowrap">No.&nbsp;2017-08,</FONT> Receivables&#151;Nonrefundable Fees
and Other Costs (Subtopic <FONT STYLE="white-space:nowrap">310-20):</FONT> Premium Amortization on Purchased Callable Debt Securities. The amendments in the ASU shorten the amortization period for certain callable debt securities, held at a premium,
to be amortized to the earliest call date. The ASU is effective for fiscal years and interim periods within those fiscal years beginning after December&nbsp;15, 2018. The adoption will have no effect on the Fund&#146;s net assets or results of
operations. </FONT></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Note 11. Subsequent Events </FONT></P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Management has evaluated events and transactions occurring after December&nbsp;31, 2017 through the date that the financial
statements were issued, and has determined that no additional disclosure in the financial statements is required. </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="right"><FONT COLOR="#3e3935"><B>41
</B></FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">OHEN</FONT>
&amp; S<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">TEERS</FONT> REIT <FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">AND</FONT>
P<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">REFERRED</FONT> I<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NCOME</FONT> F<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">UND</FONT>, I<FONT
STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NC</FONT>. </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </FONT></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">To the Board of Directors and Shareholders of </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT
 COLOR="#3e3935">Cohen&nbsp;&amp; Steers REIT and Preferred Income Fund, Inc. </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><I>Opinion on the Financial Statements </I></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Cohen&nbsp;&amp; Steers REIT and
Preferred Income Fund, Inc. (the &#147;Fund&#148;) as of December&nbsp;31, 2017, the related statements of operations and cash flows for the year ended December&nbsp;31, 2017, the statement of changes in net assets for each of the two years in the
period ended December&nbsp;31, 2017, including the related notes, and the financial highlights for each of the five years in the period ended December&nbsp;31, 2017 (collectively referred to as the &#147;financial statements&#148;). In our opinion,
the financial statements present fairly, in all material respects, the financial position of the Fund as of December&nbsp;31, 2017, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of
the two years in the period ended December&nbsp;31, 2017 and the financial highlights for each of the five years in the period ended December&nbsp;31, 2017 in conformity with accounting principles generally accepted in the United States of America.
</FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><I>Basis for Opinion </I></FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT
 COLOR="#3e3935">These financial statements are the responsibility of the Fund&#146;s management. Our responsibility is to express an opinion on the Fund&#146;s financial statements based on our audits. We are a public accounting firm registered
with the Public Company Accounting Oversight Board (United States) (&#147;PCAOB&#148;) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the
Securities and Exchange Commission and the PCAOB. </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">We conducted our audits of these financial statements in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud,
and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles
used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December&nbsp;31, 2017 by correspondence with the
custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion. </FONT></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">PricewaterhouseCoopers LLP </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">New
York, New York </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">February&nbsp;27, 2018 </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT
 COLOR="#3e3935">We have served as the auditor of one or more investment companies in the Cohen&nbsp;&amp; Steers family of mutual funds since 1991. </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL"><FONT COLOR="#3e3935"><B>42 </B></FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">OHEN</FONT>
&amp; S<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">TEERS</FONT> REIT <FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">AND</FONT>
P<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">REFERRED</FONT> I<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NCOME</FONT> F<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">UND</FONT>, I<FONT
STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NC</FONT>. </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">AVERAGE ANNUAL TOTAL RETURNS </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">(Periods ended December&nbsp;31, 2017) (Unaudited) </FONT></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="14" NOWRAP ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">Based on Net Asset Value</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">Based on Market Value</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000; width:42.80pt; display:inline; font-size:10pt; font-family:ARIAL; " ALIGN="center"><FONT COLOR="#3e3935">One&nbsp;Year</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">Five&nbsp;Years</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">Ten&nbsp;Years</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">Since&nbsp;Inception<BR>(6/27/03)</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">One&nbsp;Year</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">Five&nbsp;Years</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">Ten&nbsp;Years</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT COLOR="#3e3935">Since&nbsp;Inception<BR>(6/27/03)</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">12.65</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">%&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">12.45</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">%&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">9.85</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">%&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">10.04</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">%&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">19.58</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">%&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">12.64</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">%&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">10.70</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">%&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3e3935">9.17</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3e3935">%&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><I>The performance data quoted represent past performance. Past performance is no guarantee of
future results. The investment return will vary and the principal value of an investment will fluctuate and shares, if sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data
quoted. Performance results reflect the effect of leverage from utilization of borrowings under a credit agreement and/or from the issuance of preferred shares. Current total returns of the Fund can be obtained by visiting our website at
cohenandsteers.com. The Fund&#146;s returns assume the reinvestment of all dividends and distributions at prices obtained under the Fund&#146;s dividend reinvestment plan. </I></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">TAX INFORMATION&#151;2017 (Unaudited) </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Pursuant to the Jobs and Growth Relief Reconciliation Act of 2003, the Fund designates qualified dividend income of $27,821,763.
Additionally, 31.74% of the ordinary dividends qualified for the dividends received deduction available to corporations. Also, the Fund designates a long-term capital gain distribution of $26,991,844 at the 20% maximum rate. </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">REINVESTMENT PLAN </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT
 COLOR="#3e3935">The Fund has a dividend reinvestment plan commonly referred to as an <FONT STYLE="white-space:nowrap">&#147;opt-out&#148;</FONT> plan (the Plan). Each common shareholder who participates in the Plan will have all distributions of
dividends and capital gains (Dividends) automatically reinvested in additional common shares by Computershare as agent (the Plan Agent). Shareholders who elect not to participate in the Plan will receive all Dividends in cash paid by check mailed
directly to the shareholder of record (or if the shares are held in street or other nominee name, then to the nominee) by the Plan Agent, as dividend disbursing agent. Shareholders whose common shares are held in the name of a broker or nominee
should contact the broker or nominee to determine whether and how they may participate in the Plan. </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">The Plan Agent
serves as agent for the shareholders in administering the Plan. After the Fund declares a Dividend, the Plan Agent will, as agent for the shareholders, either: (i)&nbsp;receive the cash payment and use it to buy common shares in the open market, on
the NYSE or elsewhere, for the participants&#146; accounts or (ii)&nbsp;distribute newly issued common shares of the Fund on behalf of the participants. </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">The Plan Agent will receive cash from the Fund with which to buy common shares in the open market if, on the Dividend payment date,
the NAV per share exceeds the market price per share plus estimated brokerage commissions on that date. The Plan Agent will receive the Dividend in newly issued common shares of the Fund if, on the Dividend payment date, the market price per share
plus estimated brokerage commissions equals or exceeds the NAV per share of the Fund on that date. The number of shares to be issued will be computed at a per share rate equal to the greater of (i)&nbsp;the NAV or (ii) 95% of the closing market
price per share on the payment date. </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="right"><FONT COLOR="#3e3935"><B>43
</B></FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">OHEN</FONT>
&amp; S<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">TEERS</FONT> REIT <FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">AND</FONT>
P<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">REFERRED</FONT> I<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NCOME</FONT> F<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">UND</FONT>, I<FONT
STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NC</FONT>. </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">If the market price per share is less than the NAV on a Dividend payment date, the Plan Agent will have until the last business day
before the next <FONT STYLE="white-space:nowrap">ex-dividend</FONT> date for the common stock, but in no event more than 30 days after the Dividend payment date (as the case may be, the Purchase Period), to invest the Dividend amount in shares
acquired in open market purchases. If at the close of business on any day during the Purchase Period on which NAV is calculated the NAV equals or is less than the market price per share plus estimated brokerage commissions, the Plan Agent will cease
making open market purchases and the uninvested portion of such Dividends shall be filled through the issuance of new shares of common stock from the Fund at the price set forth in the immediately preceding paragraph. </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Participants in the Plan may withdraw from the Plan upon notice to the Plan Agent. Such withdrawal will be effective immediately if
received not less than ten days prior to a Dividend record date; otherwise, it will be effective for all subsequent Dividends. If any participant elects to have the Plan Agent sell all or part of his or her shares and remit the proceeds, the Plan
Agent is authorized to deduct a $15.00 fee plus $0.10 per share brokerage commissions. </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">The Plan Agent&#146;s fees for
the handling of reinvestment of Dividends will be paid by the Fund. However, each participant will pay a pro rata share of brokerage commissions incurred with respect to the Plan Agent&#146;s open market purchases in connection with the reinvestment
of Dividends. The automatic reinvestment of Dividends will not relieve participants of any income tax that may be payable or required to be withheld on such Dividends. </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">The Fund reserves the right to amend or terminate the Plan. All correspondence concerning the Plan should be directed to the Plan
Agent at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">800-432-8224.</FONT></FONT> </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">OTHER INFORMATION
</FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio
securities is available (i)&nbsp;without charge, upon request, by calling 800-330-7348, (ii)&nbsp;on our website at cohenandsteers.com or (iii)&nbsp;on the SEC&#146;s website at http://www.sec.gov. In addition, the Fund&#146;s proxy voting record
for the most recent <FONT STYLE="white-space:nowrap">12-month</FONT> period ended June&nbsp;30 is available by August&nbsp;31 of each year (i)&nbsp;without charge, upon request, by calling 800-330-7348 or (ii)&nbsp;on the SEC&#146;s website at
http://www.sec.gov. </FONT></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">The Fund files its complete schedule of portfolio holdings with the SEC for the first and third
quarters of each fiscal year on Form&nbsp;N-Q. The Fund&#146;s Forms N-Q are available (i)&nbsp;without charge, upon request, by calling 800-330-7348 or (ii)&nbsp;on the SEC&#146;s website at http://www.sec.gov. In addition, the Forms N-Q may be
reviewed and copied at the SEC&#146;s Public Reference Room&nbsp;in Washington, DC. Information on the operation of the Public Reference Room&nbsp;may be obtained by calling 800-SEC-0330. </FONT></P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Please note that distributions paid by the Fund to shareholders are subject to recharacterization for tax purposes and are taxable
up to the amount of the Fund&#146;s investment company taxable income and net realized gains. Distributions in excess of the Fund&#146;s investment company taxable income and net realized gains are a return of capital distributed from the
Fund&#146;s assets. To the extent this occurs, the Fund&#146;s shareholders of record will be notified of the estimated amount of capital returned to shareholders for each such distribution and this information will also be available at
cohenandsteers.com. The final tax treatment of all distributions is reported to shareholders on their 1099-DIV forms, which are mailed after the close of each calendar year. Distributions of capital
</FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL"><FONT COLOR="#3e3935"><B>44 </B></FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">OHEN</FONT>
&amp; S<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">TEERS</FONT> REIT <FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">AND</FONT>
P<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">REFERRED</FONT> I<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NCOME</FONT> F<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">UND</FONT>, I<FONT
STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NC</FONT>. </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT
 COLOR="#3e3935">decrease the Fund&#146;s total assets and, therefore, could have the effect of increasing the Fund&#146;s expense ratio. In addition, in order to make these distributions, the Fund may have to sell portfolio securities at a less
than opportune time. </FONT></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Notice is hereby given in accordance with Rule&nbsp;23c-1 under the 1940&nbsp;Act that the Fund
may purchase, from time to time, shares of its common stock in the open market. </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><I>Election of Additional Director </I></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Effective September 12, 2017, the Board of Directors voted to increase the number of directors on the Fund&#146;s Board of
Directors from twelve to thirteen and elected Daphne L. Richards as a Director of the Fund. </FONT></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">In addition to her tenure
as a Director of various Cohen &amp; Steers Funds, Ms.&nbsp;Richards has served as an Independent Director of Cartica Management, LLC since 2015. She has also been a Member of the Investment Committee of the Berkshire Taconic Community Foundation
since 2015, a Member of the Advisory Board of Northeast Dutchess Fund since 2016, a Member of the &#147;100 Women in Finance&#148; Global Association Board and Chair of its Advisory Council since 2012, and has been the President and CIO of Ledge
Harbor Management since 2016. Previously, Ms. Richards worked at Bessemer Trust Company from 1999 to 2014. Prior thereto, Ms. Richards held investment positions at Frank Russell Company from 1996 to 1999, Union Bank of Switzerland from 1993 to 1996,
Credit Suisse from 1990 to 1993, and Hambros International Venture Capital Fund from 1988 to 1989. </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><I>Change to the Board of Directors
</I></FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">On December 5, 2017, the Board of Directors voted to decrease the number of directors on the Fund&#146;s Board of
Directors from thirteen to ten, effective January 1, 2018. Directors Bonnie Cohen and Richard E. Kroon retired from the Board of Directors on December 31, 2017 pursuant to the Fund&#146;s mandatory retirement policy. Director Richard J. Norman
resigned from the Board of Directors effective December&nbsp;31, 2017. </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935"><I>Implementation of Asset Allocation Strategy Group
</I></FONT></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">The Asset Allocation Strategy Group (ASG) aggregates economic outlook, risk and relative value to develop views
across asset classes and makes recommendations on allocations among the asset classes. The portfolio managers of the Fund oversee the implementation of the ASG&#146;s asset allocation recommendations to the best degree possible. In consideration of
the portfolio objectives and constraints, the portfolio managers have discretion to adjust the ASG&#146;s recommended allocations. Each portfolio manager on the team then directs and supervises allocation decisions for their respective asset class,
and leads and guides the other members of their investment team. </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="right"><FONT COLOR="#3e3935"><B>45
</B></FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">OHEN</FONT>
&amp; S<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">TEERS</FONT> REIT <FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">AND</FONT>
P<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">REFERRED</FONT> I<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NCOME</FONT> F<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">UND</FONT>, I<FONT
STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NC</FONT>. </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">MANAGEMENT OF THE FUND </FONT></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT
 COLOR="#3e3935">The business and affairs of the Fund are managed under the direction of the Board of Directors. The Board of Directors approves all significant agreements between the Fund and persons or companies furnishing services to it,
including the Fund&#146;s agreements with its investment manager, administrator, <FONT STYLE="white-space:nowrap">co-administrator,</FONT> custodian and transfer agent. The management of the Fund&#146;s <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">day-to-day</FONT></FONT> operations is delegated to its officers, the investment manager, administrator and <FONT STYLE="white-space:nowrap">co-administrator,</FONT> subject always to the investment objective and policies
of the Fund and to the general supervision of the Board of Directors. </FONT></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">The Board of Directors and officers of the Fund
and their principal occupations during at least the past five years are set forth below. The statement of additional information (SAI) includes additional information about fund directors and is available, without charge, upon request by calling <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">800-330-7348.</FONT></FONT> </FONT></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="8%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="9%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Name,&nbsp;Address&nbsp;and</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00px solid #000000; width:53.50pt; display:inline; font-size:9pt; font-family:ARIAL; " ALIGN="center"><FONT COLOR="#3e3935">Year&nbsp;of&nbsp;Birth<SUP
STYLE="font-size:85%; vertical-align:top">1</SUP></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Position(s)&nbsp;Held</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00px solid #000000; width:41.00pt; display:inline; font-size:9pt; font-family:ARIAL; " ALIGN="center"><FONT COLOR="#3e3935">With&nbsp;Fund</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Term&nbsp;of</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00px solid #000000; width:27.00pt; display:inline; font-size:9pt; font-family:ARIAL; " ALIGN="center"><FONT COLOR="#3e3935">Office<SUP STYLE="font-size:85%; vertical-align:top">2</SUP></FONT>
</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Principal&nbsp;Occupation</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">During&nbsp;At&nbsp;Least</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT
 COLOR="#3e3935">The&nbsp;Past&nbsp;5&nbsp;Years</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">(Including&nbsp;Other</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00px solid #000000; width:76.50pt; display:inline; font-size:9pt; font-family:ARIAL; " ALIGN="center"><FONT COLOR="#3e3935">Directorships&nbsp;Held)</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Number&nbsp;of</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Funds&nbsp;Within</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT
 COLOR="#3e3935">Fund</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Complex</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Overseen&nbsp;by</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT
 COLOR="#3e3935">Director</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">(Including</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00px solid #000000; width:38.50pt; display:inline; font-size:9pt; font-family:ARIAL; " ALIGN="center"><FONT COLOR="#3e3935">the&nbsp;Fund)</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Length</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">of&nbsp;Time</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00px solid #000000; width:32.00pt; display:inline; font-size:9pt; font-family:ARIAL; " ALIGN="center"><FONT COLOR="#3e3935">Served<SUP STYLE="font-size:85%; vertical-align:top">3</SUP></FONT>
</P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"><FONT COLOR="#3e3935"><I>Interested Directors<SUP STYLE="font-size:85%; vertical-align:top">4</SUP></I></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">Robert H. Steers</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">Year of Birth: 1953</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">Director, Chairman</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">Until Next Election&nbsp;of Directors</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">Chief Executive Officer of Cohen&nbsp;&amp; Steers Capital Management, Inc. (CSCM or the Advisor) and its parent, Cohen&nbsp;&amp;
Steers, Inc. (CNS) since 2014. Prior to that, <FONT STYLE="white-space:nowrap">Co-Chairman</FONT> and <FONT STYLE="white-space:nowrap">Co-Chief</FONT> Executive Officer of the Advisor since 2003 and CNS since 2004. Prior to that, Chairman of the
Advisor; Vice President of Cohen&nbsp;&amp; Steers</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">Securities, LLC.</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">22</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">Since 1991</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">Joseph M. Harvey</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">Year of Birth: 1963</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">Director</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">Until Next Election&nbsp;of Directors</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">President and Chief Investment Officer of the Advisor (since 2003) and President of CNS (since 2004). Prior to that,
Senior</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">Vice President and Director of Investment Research of CSCM.</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">22</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">Since&nbsp;2014</FONT></TD></TR></TABLE> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="right"><FONT
 COLOR="#3e3935"><I>(table continued on next page) </I></FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL"><FONT COLOR="#3e3935"><B>46 </B></FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">OHEN</FONT>
&amp; S<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">TEERS</FONT> REIT <FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">AND</FONT>
P<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">REFERRED</FONT> I<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NCOME</FONT> F<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">UND</FONT>, I<FONT
STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NC</FONT>. </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT
 COLOR="#3e3935"><I>(table continued from previous page) </I></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TR>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="8%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="7%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Name,&nbsp;Address&nbsp;and</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00px solid #000000; width:53.50pt; display:inline; font-size:9pt; font-family:ARIAL; " ALIGN="center"><FONT COLOR="#3e3935">Year&nbsp;of&nbsp;Birth<SUP
STYLE="font-size:85%; vertical-align:top">1</SUP></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Position(s)&nbsp;Held</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00px solid #000000; width:41.00pt; display:inline; font-size:9pt; font-family:ARIAL; " ALIGN="center"><FONT COLOR="#3e3935">With&nbsp;Fund</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Term&nbsp;of</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00px solid #000000; width:27.00pt; display:inline; font-size:9pt; font-family:ARIAL; " ALIGN="center"><FONT COLOR="#3e3935">Office<SUP STYLE="font-size:85%; vertical-align:top">2</SUP></FONT>
</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Principal&nbsp;Occupation</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">During&nbsp;At&nbsp;Least</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT
 COLOR="#3e3935">The&nbsp;Past&nbsp;5&nbsp;Years</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">(Including&nbsp;Other</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00px solid #000000; width:76.50pt; display:inline; font-size:9pt; font-family:ARIAL; " ALIGN="center"><FONT COLOR="#3e3935">Directorships&nbsp;Held)</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Number&nbsp;of</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Funds&nbsp;Within</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT
 COLOR="#3e3935">Fund</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Complex</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Overseen&nbsp;by</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT
 COLOR="#3e3935">Director</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">(Including</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00px solid #000000; width:38.50pt; display:inline; font-size:9pt; font-family:ARIAL; " ALIGN="center"><FONT COLOR="#3e3935">the&nbsp;Fund)</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Length</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">of&nbsp;Time</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00px solid #000000; width:32.00pt; display:inline; font-size:9pt; font-family:ARIAL; " ALIGN="center"><FONT COLOR="#3e3935">Served<SUP STYLE="font-size:85%; vertical-align:top">3</SUP></FONT>
</P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="5" COLSPAN="3"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><FONT COLOR="#3e3935"><I>Disinterested Directors</I></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">Michael G. Clark</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">Year of Birth: 1965</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">Director</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">Until Next Election&nbsp;of Directors</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT COLOR="#3e3935">From 2006 to 2011, President and Chief Executive Officer of DWS Funds and Managing Director of Deutsche Asset Management.</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">22</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">Since 2011</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">Bonnie Cohen</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">Year of Birth: 1942</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">Director</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">&#151;<SUP STYLE="font-size:85%; vertical-align:top">5</SUP></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT COLOR="#3e3935">Consultant. Board Member, DC Public Library Foundation since 2012, President since 2014; Board member, Telluride Mountain Film Festival since 2010; Trustee, H. Rubenstein Foundation since 1996; Trustee,
District of Columbia Public Libraries from 2004 to 2014.</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">22</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">Since 2001</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">George Grossman</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">Year of Birth: 1953</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">Director</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">Until Next Election&nbsp;of Directors</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT COLOR="#3e3935"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Attorney-at-law.</FONT></FONT></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">22</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT COLOR="#3e3935">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">Since 1993</FONT></TD></TR></TABLE>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="right"><FONT COLOR="#3e3935"><I>(table continued on next page) </I></FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="right"><FONT COLOR="#3e3935"><B>47
</B></FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">OHEN</FONT>
&amp; S<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">TEERS</FONT> REIT <FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">AND</FONT>
P<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">REFERRED</FONT> I<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NCOME</FONT> F<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">UND</FONT>, I<FONT
STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NC</FONT>. </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT
 COLOR="#3e3935"><I>(table continued from previous page) </I></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="8%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="7%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Name,&nbsp;Address&nbsp;and</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00px solid #000000; width:53.50pt; display:inline; font-size:9pt; font-family:ARIAL; " ALIGN="center"><FONT COLOR="#3e3935">Year&nbsp;of&nbsp;Birth<SUP
STYLE="font-size:85%; vertical-align:top">1</SUP></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Position(s)&nbsp;Held</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00px solid #000000; width:41.00pt; display:inline; font-size:9pt; font-family:ARIAL; " ALIGN="center"><FONT COLOR="#3e3935">With&nbsp;Fund</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Term&nbsp;of</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00px solid #000000; width:27.00pt; display:inline; font-size:9pt; font-family:ARIAL; " ALIGN="center"><FONT COLOR="#3e3935">Office<SUP STYLE="font-size:85%; vertical-align:top">2</SUP></FONT>
</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Principal&nbsp;Occupation</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">During&nbsp;At&nbsp;Least</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT
 COLOR="#3e3935">The&nbsp;Past&nbsp;5&nbsp;Years</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">(Including&nbsp;Other</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00px solid #000000; width:76.50pt; display:inline; font-size:9pt; font-family:ARIAL; " ALIGN="center"><FONT COLOR="#3e3935">Directorships&nbsp;Held)</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Number&nbsp;of</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Funds&nbsp;Within</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT
 COLOR="#3e3935">Fund</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Complex</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Overseen&nbsp;by</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT
 COLOR="#3e3935">Director</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">(Including</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00px solid #000000; width:38.50pt; display:inline; font-size:9pt; font-family:ARIAL; " ALIGN="center"><FONT COLOR="#3e3935">the&nbsp;Fund)</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Length</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">of&nbsp;Time</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00px solid #000000; width:32.00pt; display:inline; font-size:9pt; font-family:ARIAL; " ALIGN="center"><FONT COLOR="#3e3935">Served<SUP STYLE="font-size:85%; vertical-align:top">3</SUP></FONT>
</P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">Dean Junkans</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">Year of Birth: 1959</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">Director</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">Until Next Election&nbsp;of Directors</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">C.F.A.; Adjunct Professor and Executive <FONT STYLE="white-space:nowrap">-In</FONT> -Residence, Bethel University since 2015;
Chief Investment Officer at Wells Fargo Private Bank from 2004 to 2014 and Chief Investment Officer of the Wealth, Brokerage and Retirement group at Wells Fargo&nbsp;&amp; Company from 2011 to 2014; Former member and Chair, Claritas Advisory
Committee at the CFA Institute from 2013 to 2015; Board Member and Investment Committee member, Bethel University Foundation since 2010; formerly Corporate</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL"><FONT
 COLOR="#3e3935">Executive Board Member of the National Chief Investment Officers Circle, 2010 to 2015; formerly, Member of the Board of Governors of the University of Wisconsin Foundation, River Falls, 1996 to 2004; U.S. Army Veteran, Gulf
War.</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">22</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">Since 2015</FONT></TD></TR></TABLE>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="right"><FONT COLOR="#3e3935"><I>(table continued on next page) </I></FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL"><FONT COLOR="#3e3935"><B>48 </B></FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">OHEN</FONT>
&amp; S<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">TEERS</FONT> REIT <FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">AND</FONT>
P<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">REFERRED</FONT> I<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NCOME</FONT> F<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">UND</FONT>, I<FONT
STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NC</FONT>. </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT
 COLOR="#3e3935"><I>(table continued from previous page) </I></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="8%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="7%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Name,&nbsp;Address&nbsp;and</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00px solid #000000; width:53.50pt; display:inline; font-size:9pt; font-family:ARIAL; " ALIGN="center"><FONT COLOR="#3e3935">Year&nbsp;of&nbsp;Birth<SUP
STYLE="font-size:85%; vertical-align:top">1</SUP></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Position(s)&nbsp;Held</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00px solid #000000; width:41.00pt; display:inline; font-size:9pt; font-family:ARIAL; " ALIGN="center"><FONT COLOR="#3e3935">With&nbsp;Fund</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Term&nbsp;of</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00px solid #000000; width:27.00pt; display:inline; font-size:9pt; font-family:ARIAL; " ALIGN="center"><FONT COLOR="#3e3935">Office<SUP STYLE="font-size:85%; vertical-align:top">2</SUP></FONT>
</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Principal&nbsp;Occupation</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">During&nbsp;At&nbsp;Least</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT
 COLOR="#3e3935">The&nbsp;Past&nbsp;5&nbsp;Years</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">(Including&nbsp;Other</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00px solid #000000; width:76.50pt; display:inline; font-size:9pt; font-family:ARIAL; " ALIGN="center"><FONT COLOR="#3e3935">Directorships&nbsp;Held)</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Number&nbsp;of</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Funds&nbsp;Within</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT
 COLOR="#3e3935">Fund</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Complex</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Overseen&nbsp;by</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT
 COLOR="#3e3935">Director</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">(Including</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00px solid #000000; width:38.50pt; display:inline; font-size:9pt; font-family:ARIAL; " ALIGN="center"><FONT COLOR="#3e3935">the&nbsp;Fund)</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Length</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">of&nbsp;Time</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00px solid #000000; width:32.00pt; display:inline; font-size:9pt; font-family:ARIAL; " ALIGN="center"><FONT COLOR="#3e3935">Served<SUP STYLE="font-size:85%; vertical-align:top">3</SUP></FONT>
</P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">Richard E. Kroon</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">Year of Birth: 1942</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">Director</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">&#151;<SUP STYLE="font-size:85%; vertical-align:top">5</SUP></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT COLOR="#3e3935">Former member of Investment Committee, Monmouth University from 2004 to 2016; Former Director, Retired Chairman and Managing Partner of Sprout Group venture capital funds, then an affiliate of Donaldson, Lufkin
and Jenrette Securities Corporation from 1981 to 2001. Former Director of the National Venture Capital Association from 1997 to 2000, and Chairman for the year 2000.</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">22</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">Since 2004</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">Gerald J. Maginnis</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">Year of Birth: 1955</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">Director</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">Until Next Election&nbsp;of Directors</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT COLOR="#3e3935">Philadelphia Office Managing Partner, KPMG LLP from 2006 to 2015; Partner in Charge, KPMG Pennsylvania Audit Practice from 2002 to 2008; President, Pennsylvania Institute of Certified Public Accountants (PICPA)
from 2014 to 2015; member, PICPA Board of Directors from 2012 to 2016; member, Council of the American Institute of Certified Public Accountants (AICPA) from 2014 to 2017; member, Board of Trustees of AICPA Foundation since 2015.</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">22</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">Since 2015</FONT></TD></TR></TABLE>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="right"><FONT COLOR="#3e3935"><I>(table continued on next page) </I></FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="right"><FONT COLOR="#3e3935"><B>49
</B></FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">OHEN</FONT>
&amp; S<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">TEERS</FONT> REIT <FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">AND</FONT>
P<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">REFERRED</FONT> I<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NCOME</FONT> F<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">UND</FONT>, I<FONT
STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NC</FONT>. </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT
 COLOR="#3e3935"><I>(table continued from previous page) </I></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="8%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="7%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Name,&nbsp;Address&nbsp;and</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00px solid #000000; width:53.50pt; display:inline; font-size:9pt; font-family:ARIAL; " ALIGN="center"><FONT COLOR="#3e3935">Year&nbsp;of&nbsp;Birth<SUP
STYLE="font-size:85%; vertical-align:top">1</SUP></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Position(s)&nbsp;Held</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00px solid #000000; width:41.00pt; display:inline; font-size:9pt; font-family:ARIAL; " ALIGN="center"><FONT COLOR="#3e3935">With&nbsp;Fund</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Term&nbsp;of</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00px solid #000000; width:27.00pt; display:inline; font-size:9pt; font-family:ARIAL; " ALIGN="center"><FONT COLOR="#3e3935">Office<SUP STYLE="font-size:85%; vertical-align:top">2</SUP></FONT>
</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Principal&nbsp;Occupation</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">During&nbsp;At&nbsp;Least</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT
 COLOR="#3e3935">The&nbsp;Past&nbsp;5&nbsp;Years</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">(Including&nbsp;Other</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00px solid #000000; width:76.50pt; display:inline; font-size:9pt; font-family:ARIAL; " ALIGN="center"><FONT COLOR="#3e3935">Directorships&nbsp;Held)</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Number&nbsp;of</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Funds&nbsp;Within</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT
 COLOR="#3e3935">Fund</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Complex</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Overseen&nbsp;by</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT
 COLOR="#3e3935">Director</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">(Including</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00px solid #000000; width:38.50pt; display:inline; font-size:9pt; font-family:ARIAL; " ALIGN="center"><FONT COLOR="#3e3935">the&nbsp;Fund)</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Length</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">of&nbsp;Time</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00px solid #000000; width:32.00pt; display:inline; font-size:9pt; font-family:ARIAL; " ALIGN="center"><FONT COLOR="#3e3935">Served<SUP STYLE="font-size:85%; vertical-align:top">3</SUP></FONT>
</P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">Jane F. Magpiong</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">Year of Birth: 1960</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">Director</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">Until Next Election&nbsp;of Directors</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT COLOR="#3e3935">President, Untap Potential since 2013; Board Member, Crespi High School, from 2014 to 2017; Senior Managing Director, TIAA-CREF, from 2011 to 2013; National Head of Wealth Management, TIAA-CREF, from 2008 to
2011; and prior to that, President, Bank of America Private Bank from 2005 to 2008.</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">22</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">Since 2015</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">Richard J. Norman</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">Year of Birth: 1943</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">Director</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">&#151;<SUP STYLE="font-size:85%; vertical-align:top">5</SUP></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT COLOR="#3e3935">Private Investor. Member, Montgomery County, Maryland Department of Corrections Volunteer Corps. since 2010; Liaison for Business Leadership, Salvation Army World Service Organization (SAWSO) since 2010;
Advisory Board Member, The Salvation Army since 1985; Prior thereto, Investment Representative of Morgan Stanley Dean Witter from 1966 to 2000.</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">22</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">Since 2001</FONT></TD></TR></TABLE>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="right"><FONT COLOR="#3e3935"><I>(table continued on next page) </I></FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL"><FONT COLOR="#3e3935"><B>50 </B></FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">OHEN</FONT>
&amp; S<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">TEERS</FONT> REIT <FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">AND</FONT>
P<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">REFERRED</FONT> I<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NCOME</FONT> F<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">UND</FONT>, I<FONT
STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NC</FONT>. </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT
 COLOR="#3e3935"><I>(table continued from previous page) </I></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="8%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="9%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Name,&nbsp;Address&nbsp;and</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00px solid #000000; width:53.50pt; display:inline; font-size:9pt; font-family:ARIAL; " ALIGN="center"><FONT COLOR="#3e3935">Year&nbsp;of&nbsp;Birth<SUP
STYLE="font-size:85%; vertical-align:top">1</SUP></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Position(s)&nbsp;Held</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00px solid #000000; width:41.00pt; display:inline; font-size:9pt; font-family:ARIAL; " ALIGN="center"><FONT COLOR="#3e3935">With&nbsp;Fund</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Term&nbsp;of</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00px solid #000000; width:27.00pt; display:inline; font-size:9pt; font-family:ARIAL; " ALIGN="center"><FONT COLOR="#3e3935">Office<SUP STYLE="font-size:85%; vertical-align:top">2</SUP></FONT>
</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Principal&nbsp;Occupation</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">During&nbsp;At&nbsp;Least</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT
 COLOR="#3e3935">The&nbsp;Past&nbsp;5&nbsp;Years</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">(Including&nbsp;Other</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00px solid #000000; width:76.50pt; display:inline; font-size:9pt; font-family:ARIAL; " ALIGN="center"><FONT COLOR="#3e3935">Directorships&nbsp;Held)</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Number&nbsp;of</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Funds&nbsp;Within</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT
 COLOR="#3e3935">Fund</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Complex</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Overseen&nbsp;by</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT
 COLOR="#3e3935">Director</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">(Including</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00px solid #000000; width:38.50pt; display:inline; font-size:9pt; font-family:ARIAL; " ALIGN="center"><FONT COLOR="#3e3935">the&nbsp;Fund)</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Length</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">of&nbsp;Time</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00px solid #000000; width:32.00pt; display:inline; font-size:9pt; font-family:ARIAL; " ALIGN="center"><FONT COLOR="#3e3935">Served<SUP STYLE="font-size:85%; vertical-align:top">3</SUP></FONT>
</P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">Daphne L. Richards</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">Year of Birth: 1966</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">Director</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">Until Next Election&nbsp;of Directors</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT COLOR="#3e3935">Independent Director of Cartica Management, LLC since 2015; Member of the Investment Committee of the Berkshire Taconic Community Foundation since 2015; Member of the Advisory Board of Northeast Dutchess Fund
since 2016; Member of the 100 Women in Finance Global Association Board and Chair of its Advisory Council since 2012; President and CIO of Ledge Harbor Management since 2016; Previously, worked at Bessemer Trust Company from 1999 to 2014; Prior
thereto, Ms. Richards held investment positions at Frank Russell Company from 1996 to 1999, Union Bank of Switzerland from 1993 to 1996; Credit Suisse from 1990 to 1993; and Hambros International Venture Capital Fund from 1988 to 1989.</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">22</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">Since September 2017</FONT></TD></TR></TABLE> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="right"><FONT
 COLOR="#3e3935"><I>(table continued on next page) </I></FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="right"><FONT COLOR="#3e3935"><B>51
</B></FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">OHEN</FONT>
&amp; S<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">TEERS</FONT> REIT <FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">AND</FONT>
P<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">REFERRED</FONT> I<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NCOME</FONT> F<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">UND</FONT>, I<FONT
STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NC</FONT>. </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT
 COLOR="#3e3935"><I>(table continued from previous page) </I></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="8%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="7%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Name,&nbsp;Address&nbsp;and</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00px solid #000000; width:53.50pt; display:inline; font-size:9pt; font-family:ARIAL; " ALIGN="center"><FONT COLOR="#3e3935">Year&nbsp;of&nbsp;Birth<SUP
STYLE="font-size:85%; vertical-align:top">1</SUP></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Position(s)&nbsp;Held</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00px solid #000000; width:41.00pt; display:inline; font-size:9pt; font-family:ARIAL; " ALIGN="center"><FONT COLOR="#3e3935">With&nbsp;Fund</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Term&nbsp;of</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00px solid #000000; width:27.00pt; display:inline; font-size:9pt; font-family:ARIAL; " ALIGN="center"><FONT COLOR="#3e3935">Office<SUP STYLE="font-size:85%; vertical-align:top">2</SUP></FONT>
</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Principal&nbsp;Occupation</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">During&nbsp;At&nbsp;Least</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT
 COLOR="#3e3935">The&nbsp;Past&nbsp;5&nbsp;Years</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">(Including&nbsp;Other</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00px solid #000000; width:76.50pt; display:inline; font-size:9pt; font-family:ARIAL; " ALIGN="center"><FONT COLOR="#3e3935">Directorships&nbsp;Held)</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Number&nbsp;of</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Funds&nbsp;Within</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT
 COLOR="#3e3935">Fund</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Complex</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Overseen&nbsp;by</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT
 COLOR="#3e3935">Director</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">(Including</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00px solid #000000; width:38.50pt; display:inline; font-size:9pt; font-family:ARIAL; " ALIGN="center"><FONT COLOR="#3e3935">the&nbsp;Fund)</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Length</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">of&nbsp;Time</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00px solid #000000; width:32.00pt; display:inline; font-size:9pt; font-family:ARIAL; " ALIGN="center"><FONT COLOR="#3e3935">Served<SUP STYLE="font-size:85%; vertical-align:top">3</SUP></FONT>
</P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">Frank K. Ross</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">Year of Birth: 1943</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">Director</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">Until Next Election&nbsp;of Directors</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT COLOR="#3e3935">Visiting Professor of Accounting and Director of the Center for Accounting Education at Howard University School of Business since 2004; Board member and member of Audit Committee (Chairman from 2007 to 2012)
and Human Resources and Compensation Committee Member, Pepco Holdings, Inc. (electric utility) from 2004 to 2014; Formerly, <FONT STYLE="white-space:nowrap">Mid-Atlantic</FONT> Area Managing Partner for Assurance Services at KPMG LLP and Managing
Partner of its Washington, DC offices from 1995 to 2003.</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">22</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">Since 2004</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">C. Edward Ward, Jr.</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">Year of Birth: 1946</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">Director</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">Until Next Election&nbsp;of Directors</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT COLOR="#3e3935">Member of The Board of Trustees of Manhattan College, Riverdale, New York from 2004 to 2014. Formerly, Director of <FONT STYLE="white-space:nowrap">closed-end</FONT> fund management for the NYSE where he worked
from 1979 to 2004.</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">22</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">Since 2004</FONT></TD></TR>
</TABLE> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:12.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #3e3935;width:21%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">The address for each director is 280 Park Avenue, New York, NY 10017. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top">2</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">On March 12, 2008, the Board of Directors adopted a mandatory retirement policy stating a Director must retire from the Board on December 31st of the year in which he or she turns 75 years of age.
</FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top">3</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">The length of time served represents the year in which the Director was first elected or appointed to any fund in the Cohen &amp; Steers fund complex. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top">4</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">&#147;Interested person&#148; as defined in the 1940 Act, of the Fund because of affiliation with CSCM (Interested Directors). </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top">5</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">Bonnie Cohen and Richard E. Kroon retired from the Board of Directors on December&nbsp;31, 2017 pursuant to the Fund&#146;s mandatory retirement policy. Richard J. Norman resigned from the Board of
Directors effective December&nbsp;31, 2017. </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL"><FONT COLOR="#3e3935"><B>52 </B></FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">OHEN</FONT>
&amp; S<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">TEERS</FONT> REIT <FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">AND</FONT>
P<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">REFERRED</FONT> I<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NCOME</FONT> F<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">UND</FONT>, I<FONT
STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NC</FONT>. </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">The officers of the Fund (other than Messrs. Steers and Harvey, whose biographies are provided above), their address, their year of
birth and their principal occupations for at least the past five years are set forth below. </FONT></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>
<TD WIDTH="22%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="15%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="9%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Name, Address and</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00px solid #000000; width:79.50pt; display:inline; font-size:9pt; font-family:ARIAL; " ALIGN="center"><FONT COLOR="#3e3935">Year&nbsp;of
Birth<SUP STYLE="font-size:85%; vertical-align:top">1</SUP></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Position(s)&nbsp;Held</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00px solid #000000; width:63.50pt; display:inline; font-size:9pt; font-family:ARIAL; " ALIGN="center"><FONT COLOR="#3e3935">With Fund</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000; width:214.00pt; display:inline; font-size:9pt; font-family:ARIAL; " ALIGN="center"><FONT COLOR="#3e3935">Principal&nbsp;Occupation&nbsp;During&nbsp;At&nbsp;Least&nbsp;
the&nbsp;Past&nbsp;5&nbsp;Years</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Length</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">of Time</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00px solid #000000; width:32.00pt; display:inline; font-size:9pt; font-family:ARIAL; " ALIGN="center"><FONT COLOR="#3e3935">Served<SUP STYLE="font-size:85%; vertical-align:top">2</SUP></FONT>
</P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">Adam M. Derechin</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">1964</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">President and Chief Executive Officer</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT COLOR="#3e3935">Chief Operating Officer of CSCM since 2003 and CNS since 2004.</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">Since&nbsp;2005</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">William F. Scapell</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">1968</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">Vice President</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT COLOR="#3e3935">Executive Vice President of CSCM since 2014. Prior to that, Senior Vice President of CSCM since 2003.</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">Since&nbsp;2003</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">Thomas N. Bohjalian</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">1965</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">Vice President</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT COLOR="#3e3935">Executive Vice President of CSCM since 2012. Prior to that, Senior Vice President of the CSCM since 2006.</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">Since&nbsp;2006</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">Yigal D. Jhirad</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">1964</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">Vice President</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT COLOR="#3e3935">Senior Vice President of CSCM since 2007.</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">Since&nbsp;2007</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">Francis C. Poli</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">1962</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">Secretary and Chief Legal Officer</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT COLOR="#3e3935">Executive Vice President, Secretary and General Counsel of CSCM and CNS since March 2007.</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">Since&nbsp;2007</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">James Giallanza</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">1966</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">Chief Financial Officer</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT COLOR="#3e3935">Executive Vice President of CSCM since 2014. Prior to that, Senior Vice President of CSCM since 2006.</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">Since&nbsp;2006</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">Albert Laskaj</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">1977</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">Treasurer</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT COLOR="#3e3935">Vice President of CSCM since 2015. Prior to that, Director of Legg Mason&nbsp;&amp; Co. since 2013. Vice President of Legg Mason from 2008 to 2013 and Treasurer of certain mutual funds since 2010.</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">Since&nbsp;2015</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">Lisa D. Phelan</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">1968</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">Chief&nbsp;Compliance Officer</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT COLOR="#3e3935">Executive Vice President of CSCM since 2015. Prior to that, Senior Vice President of CSCM since 2008. Chief Compliance Officer of CSCM, the Cohen&nbsp;&amp; Steers funds, Cohen&nbsp;&amp; Steers Asia Limited
and CSSL since 2007, 2006, 2005 and 2004, respectively.</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#3e3935">Since&nbsp;2006</FONT></TD></TR>
</TABLE> <P STYLE="font-size:100pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:12.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #3e3935;width:21%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">The address of each officer is 280 Park Avenue, New York, NY 10017. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935"><SUP STYLE="font-size:85%; vertical-align:top">2</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">Officers serve <FONT STYLE="white-space:nowrap">one-year</FONT> terms. The length of time served represents the year in which the officer was first elected as an officer of any fund in the
Cohen&nbsp;&amp; Steers fund complex. All of the officers listed above are officers of one or more of the other funds in the complex. </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="right"><FONT COLOR="#3e3935"><B>53
</B></FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">OHEN</FONT>
&amp; S<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">TEERS</FONT> REIT <FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">AND</FONT>
P<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">REFERRED</FONT> I<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NCOME</FONT> F<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">UND</FONT>, I<FONT
STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NC</FONT>. </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Cohen&nbsp;&amp; Steers Privacy Policy </FONT></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>
<TD WIDTH="30%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="69%"></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16" STYLE="BORDER-TOP:1.00pt solid #3e3935">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-TOP:1.00pt solid #3e3935">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #3e3935"><FONT COLOR="#3e3935">Facts</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #3e3935">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #3e3935"><FONT COLOR="#3e3935">What Does Cohen&nbsp;&amp; Steers Do With Your Personal Information?</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="middle" STYLE="BORDER-BOTTOM:1px solid #3e3935"><FONT COLOR="#3e3935">Why?</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #3e3935">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #3e3935"><FONT COLOR="#3e3935">Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires
us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="middle" STYLE="BORDER-BOTTOM:1px solid #3e3935"><FONT COLOR="#3e3935">What?</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #3e3935">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #3e3935"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">The types of personal information we collect and share depend on the product or service
you have with us. This information can include:</FONT></P> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.56em; text-indent:-1.56em; font-size:9pt; font-family:ARIAL"><FONT
 COLOR="#3e3935">&#149;&#8195;Social Security number and account balances</FONT></P> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.56em; text-indent:-1.56em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">&#149;&#8195;Transaction history and account transactions</FONT></P>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.56em; text-indent:-1.56em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">&#149;&#8195;Purchase history and wire
transfer instructions</FONT></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="middle" STYLE="BORDER-BOTTOM:1px solid #3e3935"><FONT COLOR="#3e3935">How?</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #3e3935">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #3e3935"><FONT COLOR="#3e3935">All financial companies need to share customers&#146; personal information to run their everyday business. In the section below, we list the reasons financial
companies can share their customers&#146; personal information; the reasons Cohen&nbsp;&amp; Steers chooses to share; and whether you can limit this sharing.</FONT></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>
<TD WIDTH="49%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD WIDTH="21%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD WIDTH="18%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-BOTTOM:1.00pt solid #3e3935"><FONT COLOR="#3e3935">Reasons we can share your personal information</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #3e3935">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1.00pt solid #3e3935"><FONT COLOR="#3e3935">Does Cohen&nbsp;&amp; Steers<BR>share?</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #3e3935">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1.00pt solid #3e3935"><FONT COLOR="#3e3935">Can you limit this<BR>sharing?</FONT></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #3e3935"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">For our everyday business purposes&#151;</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.33em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or reports to
credit bureaus</FONT></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #3e3935">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #3e3935"><FONT COLOR="#3e3935">Yes</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #3e3935">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #3e3935"><FONT COLOR="#3e3935">No</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #3e3935"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">For our marketing purposes&#151;</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.33em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">to offer our products and services to you</FONT></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #3e3935">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #3e3935"><FONT COLOR="#3e3935">Yes</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #3e3935">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #3e3935"><FONT COLOR="#3e3935">No</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #3e3935"><FONT COLOR="#3e3935">For joint marketing with other financial companies&#151;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #3e3935">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #3e3935"><FONT COLOR="#3e3935">No</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #3e3935">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #3e3935"><FONT COLOR="#3e3935">We don&#146;t share</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #3e3935"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">For our affiliates&#146; everyday business purposes&#151;</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.33em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">information about your transactions and experiences</FONT></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #3e3935">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #3e3935"><FONT COLOR="#3e3935">No</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #3e3935">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #3e3935"><FONT COLOR="#3e3935">We don&#146;t share</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #3e3935"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">For our affiliates&#146; everyday business purposes&#151;</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.33em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">information about your creditworthiness</FONT></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #3e3935">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #3e3935"><FONT COLOR="#3e3935">No</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #3e3935">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #3e3935"><FONT COLOR="#3e3935">We don&#146;t share</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #3e3935"><FONT COLOR="#3e3935">For our affiliates to market to you&#151;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #3e3935">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #3e3935"><FONT COLOR="#3e3935">No</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #3e3935">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #3e3935"><FONT COLOR="#3e3935">We don&#146;t share</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #3e3935"><FONT COLOR="#3e3935">For non-affiliates to market to you&#151;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #3e3935">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-BOTTOM:1.00pt solid #3e3935"><FONT COLOR="#3e3935">No</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #3e3935">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-BOTTOM:1.00pt solid #3e3935"><FONT COLOR="#3e3935">We don&#146;t share</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="2"></TD>
<TD HEIGHT="10" COLSPAN="2"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #3e3935">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #3e3935">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-BOTTOM:1.00pt solid #3e3935">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #3e3935">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-BOTTOM:1.00pt solid #3e3935">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #3e3935"><FONT COLOR="#3e3935">Questions?&nbsp;&nbsp;&nbsp;&nbsp; Call 800.330.7348</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #3e3935">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-BOTTOM:1.00pt solid #3e3935">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #3e3935">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-BOTTOM:1.00pt solid #3e3935">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL"><FONT COLOR="#3e3935"><B>54 </B></FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">OHEN</FONT>
&amp; S<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">TEERS</FONT> REIT <FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">AND</FONT>
P<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">REFERRED</FONT> I<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NCOME</FONT> F<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">UND</FONT>, I<FONT
STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NC</FONT>. </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935">Cohen&nbsp;&amp; Steers Privacy Policy&#151;(Continued) </FONT></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="69%"></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16" STYLE="BORDER-TOP:1.00pt solid #3e3935">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-TOP:1.00pt solid #3e3935">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #3e3935"><FONT COLOR="#3e3935">Who we are</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #3e3935">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #3e3935">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="middle" STYLE="BORDER-BOTTOM:1.00pt solid #3e3935"><FONT COLOR="#3e3935">Who is providing this notice?</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #3e3935">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #3e3935"><FONT COLOR="#3e3935">Cohen&nbsp;&amp; Steers Capital Management, Inc., Cohen&nbsp;&amp; Steers Asia Limited, Cohen&nbsp;&amp; Steers Japan, LLC, Cohen&nbsp;&amp; Steers UK Limited,
Cohen&nbsp;&amp; Steers Securities, LLC, Cohen&nbsp;&amp; Steers Private Funds and Cohen&nbsp;&amp; Steers Open and Closed-End Funds (collectively, Cohen&nbsp;&amp; Steers).</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #3e3935"><FONT COLOR="#3e3935">What we do</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #3e3935">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #3e3935">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="middle" STYLE="BORDER-BOTTOM:1.00pt solid #3e3935"><FONT COLOR="#3e3935">How does Cohen&nbsp;&amp; Steers protect my personal information?</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #3e3935">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #3e3935"><FONT COLOR="#3e3935">To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer
safeguards and secured files and buildings. We restrict access to your information to those employees who need it to perform their jobs, and also require companies that provide services on our behalf to protect your information.</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="middle" STYLE="BORDER-BOTTOM:1.00pt solid #3e3935"><FONT COLOR="#3e3935">How does Cohen&nbsp;&amp; Steers collect my personal information?</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #3e3935">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #3e3935"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">We collect your personal information, for example, when you:</FONT></P>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.56em; text-indent:-1.56em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">&#149;&#8195;Open an account or buy
securities from us</FONT></P> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.56em; text-indent:-1.56em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">&#149;&#8195;Provide account information or give us your contact information</FONT></P>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.56em; text-indent:-1.56em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">&#149;&#8195;Make deposits or
withdrawals from your account</FONT></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">We also collect your personal
information from other companies.</FONT></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="middle" STYLE="BORDER-BOTTOM:1.00pt solid #3e3935"><FONT COLOR="#3e3935">Why can&#146;t I limit all sharing?</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #3e3935">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #3e3935"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">Federal law gives you the right to limit only:</FONT></P>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.56em; text-indent:-1.56em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">&#149;&#8195;sharing for
affiliates&#146; everyday business purposes&#151;information about your creditworthiness</FONT></P> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.56em; text-indent:-1.56em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">&#149;&#8195;affiliates from using your information to market to you</FONT></P>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.56em; text-indent:-1.56em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">&#149;&#8195;sharing for
non-affiliates to market to you</FONT></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">State law and individual companies
may give you additional rights to limit sharing.</FONT></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #3e3935"><FONT COLOR="#3e3935">Definitions</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #3e3935">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #3e3935">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="middle" STYLE="BORDER-BOTTOM:1.00pt solid #3e3935"><FONT COLOR="#3e3935">Affiliates</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #3e3935">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #3e3935"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">Companies related by common ownership or control. They can be financial and
nonfinancial companies.</FONT></P> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.56em; text-indent:-1.56em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935"><I>&#149;&#8195;Cohen&nbsp;&amp; Steers does not share with affiliates.</I></FONT></P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="middle" STYLE="BORDER-BOTTOM:1.00pt solid #3e3935"><FONT COLOR="#3e3935">Non-affiliates</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #3e3935">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #3e3935"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">Companies not related by common ownership or control. They can be financial and
nonfinancial companies.</FONT></P> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.56em; text-indent:-1.56em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935"><I>&#149;&#8195;Cohen&nbsp;&amp; Steers does not share with non-affiliates.</I></FONT></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="middle" STYLE="BORDER-BOTTOM:1.00pt solid #3e3935"><FONT COLOR="#3e3935">Joint marketing</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #3e3935">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #3e3935"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><FONT COLOR="#3e3935">A formal agreement between non-affiliated financial companies that together market
financial products or services to you.</FONT></P> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.56em; text-indent:-1.56em; font-size:9pt; font-family:ARIAL"><FONT
 COLOR="#3e3935"><I>&#149;&#8195;Cohen&nbsp;&amp; Steers does not jointly market.</I></FONT></P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="right"><FONT COLOR="#3e3935"><B>55
</B></FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">OHEN</FONT>
&amp; S<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">TEERS</FONT> REIT <FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">AND</FONT>
P<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">REFERRED</FONT> I<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NCOME</FONT> F<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">UND</FONT>, I<FONT
STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NC</FONT>. </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B><I>Cohen&nbsp;&amp; Steers Investment Solutions </I></B></FONT></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P><DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<SMALL>OHEN</SMALL>&nbsp;&amp; S<SMALL>TEERS</SMALL> R<SMALL>EAL</SMALL>
A<SMALL>SSETS</SMALL> F<SMALL>UND</SMALL> </B></FONT></P> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">Designed for investors seeking total return and the maximization of real returns during inflationary environments by investing primarily in real assets </FONT></TD></TR></TABLE>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">Symbols: RAPAX, RAPCX, RAPIX, RAPRX, RAPZX </FONT></TD></TR></TABLE>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<SMALL>OHEN</SMALL>&nbsp;&amp; S<SMALL>TEERS</SMALL> </B></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>I<SMALL>NSTITUTIONAL</SMALL> G<SMALL>LOBAL</SMALL> R<SMALL>EALTY</SMALL> S<SMALL>HARES</SMALL> </B></FONT></P>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">Designed for institutional investors seeking total return, investing primarily in global real estate securities </FONT></TD></TR></TABLE>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">Symbol: GRSIX </FONT></TD></TR></TABLE> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<SMALL>OHEN</SMALL>&nbsp;&amp;
S<SMALL>TEERS</SMALL> G<SMALL>LOBAL</SMALL> R<SMALL>EALTY</SMALL> S<SMALL>HARES</SMALL> </B></FONT></P> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">Designed for investors seeking total return, investing primarily in global real estate equity securities </FONT></TD></TR></TABLE>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">Symbols: CSFAX, CSFCX, CSSPX, GRSRX, CSFZX </FONT></TD></TR></TABLE>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<SMALL>OHEN</SMALL>&nbsp;&amp; S<SMALL>TEERS</SMALL> R<SMALL>EALTY</SMALL> S<SMALL>HARES</SMALL> </B></FONT></P>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">Designed for investors seeking total return, investing primarily in U.S. real estate securities </FONT></TD></TR></TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">Symbol: CSRSX </FONT></TD></TR></TABLE> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<SMALL>OHEN</SMALL>&nbsp;&amp;
S<SMALL>TEERS</SMALL> R<SMALL>EAL</SMALL> E<SMALL>STATE</SMALL> S<SMALL>ECURITIES</SMALL> F<SMALL>UND</SMALL> </B></FONT></P> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">Designed for investors seeking total return, investing primarily in U.S. real estate securities </FONT></TD></TR></TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">Symbols: CSEIX, CSCIX, CREFX, CSDIX, CIRRX, CSZIX </FONT></TD></TR></TABLE>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<SMALL>OHEN</SMALL>&nbsp;&amp; S<SMALL>TEERS</SMALL> I<SMALL>NSTITUTIONAL</SMALL> R<SMALL>EALTY</SMALL> S<SMALL>HARES</SMALL>
</B></FONT></P> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">Designed for institutional investors seeking total return, investing primarily in U.S. real estate securities </FONT></TD></TR></TABLE>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">Symbol: CSRIX </FONT></TD></TR></TABLE> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<SMALL>OHEN</SMALL>&nbsp;&amp;
S<SMALL>TEERS</SMALL> I<SMALL>NTERNATIONAL</SMALL> R<SMALL>EALTY</SMALL> F<SMALL>UND</SMALL> </B></FONT></P> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">Designed for investors seeking total return, investing primarily in international <FONT STYLE="white-space:nowrap">(non-U.S.)</FONT> real estate securities </FONT></TD></TR></TABLE>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">Symbols: IRFAX, IRFCX, IRFIX, IRFRX, IRFZX
</FONT></TD></TR></TABLE></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<SMALL>OHEN</SMALL>&nbsp;&amp; S<SMALL>TEERS</SMALL> </B></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>A<SMALL>CTIVE</SMALL> C<SMALL>OMMODITIES</SMALL> S<SMALL>TRATEGY</SMALL> F<SMALL>UND</SMALL> </B></FONT></P>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">Designed for investors seeking total return, investing primarily in a diversified portfolio of exchange-traded commodity future contracts and other
<FONT STYLE="white-space:nowrap">commodity-related</FONT> derivative instruments </FONT></TD></TR></TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">Symbols: CDFAX, CDFCX, CDFIX, CDFRX, CDFZX </FONT></TD></TR></TABLE>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<SMALL>OHEN</SMALL>&nbsp;&amp; S<SMALL>TEERS</SMALL> G<SMALL>LOBAL</SMALL> I<SMALL>NFRASTRUCTURE</SMALL> F<SMALL>UND</SMALL>
</B></FONT></P> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">Designed for investors seeking total return, investing primarily in global infrastructure securities </FONT></TD></TR></TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">Symbols: CSUAX, CSUCX, CSUIX, CSURX, CSUZX </FONT></TD></TR></TABLE>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<SMALL>OHEN</SMALL>&nbsp;&amp; S<SMALL>TEERS</SMALL> </B></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>MLP&nbsp;&amp; E<SMALL>NERGY</SMALL> O<SMALL>PPORTUNITY</SMALL> F<SMALL>UND</SMALL> </B></FONT></P>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">Designed for investors seeking total return, investing primarily in midstream energy master limited partnership&nbsp;(MLP) units and related stocks </FONT></TD></TR></TABLE>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">Symbols: MLOAX, MLOCX, MLOIX, MLORX, MLOZX </FONT></TD></TR></TABLE>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<SMALL>OHEN</SMALL>&nbsp;&amp; S<SMALL>TEERS</SMALL> </B></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>L<SMALL>OW</SMALL> D<SMALL>URATION</SMALL> P<SMALL>REFERRED</SMALL> <SMALL>AND</SMALL> I<SMALL>NCOME</SMALL> F<SMALL>UND</SMALL>
</B></FONT></P> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">Designed for investors seeking high current income and&nbsp;capital preservation by investing in <FONT STYLE="white-space:nowrap">low-duration</FONT> preferred and other income securities issued by
U.S. and <FONT STYLE="white-space:nowrap">non-U.S.</FONT> companies </FONT></TD></TR></TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">Symbols: LPXAX, LPXCX, LPXIX, LPXRX, LPXZX </FONT></TD></TR></TABLE>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<SMALL>OHEN</SMALL>&nbsp;&amp; S<SMALL>TEERS</SMALL> </B></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>P<SMALL>REFERRED</SMALL> S<SMALL>ECURITIES</SMALL> <SMALL>AND</SMALL> I<SMALL>NCOME</SMALL> F<SMALL>UND</SMALL> </B></FONT></P>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">Designed for investors seeking total return (high current income and capital appreciation), investing primarily in preferred and debt securities issued by U.S. and
<FONT STYLE="white-space:nowrap">non-U.S.</FONT> companies </FONT></TD></TR></TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">Symbols: CPXAX, CPXCX, CPXFX, CPXIX, CPRRX, CPXZX </FONT></TD></TR></TABLE>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<SMALL>OHEN</SMALL>&nbsp;&amp; S<SMALL>TEERS</SMALL> D<SMALL>IVIDEND</SMALL> V<SMALL>ALUE</SMALL> F<SMALL>UND</SMALL>
</B></FONT></P> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">Designed for investors seeking long-term growth of income and capital appreciation, investing primarily in dividend paying common stocks and preferred stocks </FONT></TD></TR></TABLE>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">Symbols: DVFAX, DVFCX, DVFIX, DVFRX, DVFZX </FONT></TD></TR></TABLE></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1%; font-size:8pt; font-family:ARIAL"><FONT COLOR="#3e3935">Distributed by Cohen&nbsp;&amp; Steers Securities, LLC. </FONT></P>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #3e3935">&nbsp;</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P><DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<SMALL>OHEN</SMALL>&nbsp;&amp; S<SMALL>TEERS</SMALL> G<SMALL>LOBAL</SMALL>
R<SMALL>EALTY</SMALL> M<SMALL>AJORS</SMALL> ETF </B></FONT></P> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">Designed for investors who seek a relatively <FONT STYLE="white-space:nowrap">low-cost</FONT> passive approach for investing in a portfolio of global real&nbsp;estate equity securities of companies
in a specified&nbsp;index </FONT></TD></TR></TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">Symbol: GRI </FONT></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:1%; font-size:8pt; font-family:ARIAL"><FONT COLOR="#3e3935">Distributed by ALPS Distributors, Inc.
</FONT></P></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B><SMALL>I</SMALL>S<SMALL>HARES</SMALL> C<SMALL>OHEN</SMALL>&nbsp;&amp;
S<SMALL>TEERS</SMALL> </B></FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>R<SMALL>EALTY</SMALL> M<SMALL>AJORS</SMALL> I<SMALL>NDEX</SMALL> F<SMALL>UND</SMALL>
</B></FONT></P> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">Designed for investors who seek a relatively <FONT STYLE="white-space:nowrap">low-cost</FONT> passive approach for investing in a portfolio of U.S. real&nbsp;estate equity securities of companies
in a specified&nbsp;index </FONT></TD></TR></TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left"><FONT COLOR="#3e3935">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3e3935">Symbol: ICF </FONT></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:1%; font-size:8pt; font-family:ARIAL"><FONT COLOR="#3e3935">Distributed by SEI Investments
Distribution Co. </FONT></P></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3%; font-size:8.5pt; font-family:ARIAL"><FONT COLOR="#3e3935"><I>Please consider the investment objectives, risks, charges and expenses of any
Cohen &amp; Steers U.S. registered open-end fund carefully before investing. A summary prospectus and prospectus containing this and other information can be obtained by calling
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">800-330-7348</FONT></FONT> or by visiting cohenandsteers.com. Please read the summary prospectus and prospectus carefully&nbsp;before investing. </I></FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL"><FONT COLOR="#3e3935"><B>56 </B></FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3e3935"><B>C<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">OHEN</FONT>
&amp; S<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">TEERS</FONT> REIT <FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">AND</FONT>
P<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">REFERRED</FONT> I<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NCOME</FONT> F<FONT STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">UND</FONT>, I<FONT
STYLE="font-family:ARIAL; font-size:13.5pt" COLOR="#3e3935">NC</FONT>. </B></FONT></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P><DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">OFFICERS AND DIRECTORS </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Robert H. Steers </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Director and
Chairman </FONT></P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Joseph M. Harvey </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT
 COLOR="#3e3935">Director and Vice President </FONT></P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Michael G. Clark </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Director </FONT></P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Bonnie Cohen </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Director </FONT></P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">George Grossman
</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Director </FONT></P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Dean Junkans
</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Director </FONT></P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Richard E.
Kroon </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Director </FONT></P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Gerald
J. Maginnis </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Director </FONT></P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Jane F. Magpiong </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Director
</FONT></P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Richard J. Norman </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Director </FONT></P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Daphne L. Richards
</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Director </FONT></P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Frank K.
Ross </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Director </FONT></P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">C.
Edward Ward, Jr. </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Director </FONT></P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT
 COLOR="#3e3935">Adam M. Derechin </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">President and Chief Executive Officer </FONT></P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">William F. Scapell </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Vice President
</FONT></P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Thomas N. Bohjalian </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Vice President </FONT></P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Yigal D. Jhirad
</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Vice President </FONT></P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Francis C. Poli </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Secretary and
Chief Legal Officer </FONT></P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">James Giallanza </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT
 COLOR="#3e3935">Chief Financial Officer </FONT></P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Albert Laskaj </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Treasurer </FONT></P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Lisa D. Phelan
</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Chief Compliance Officer
</FONT></P></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">KEY INFORMATION </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Investment Manager </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Cohen&nbsp;&amp; Steers Capital Management, Inc. </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT
 COLOR="#3e3935">280 Park Avenue </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">New York, NY 10017 </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">(212) 832-3232 </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Co-administrator
and Custodian </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">State Street Bank and Trust Company </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">One Lincoln Street </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Boston, MA
02111 </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Transfer Agent </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Computershare </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">480 Washington
Boulevard </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Jersey City, NJ 07310 </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT
 COLOR="#3e3935">(866) 227-0757 </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Legal Counsel </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Ropes&nbsp;&amp; Gray LLP </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">1211
Avenue of the Americas </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">New York, NY 10036 </FONT></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="25%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"><FONT COLOR="#3e3935">New&nbsp;York&nbsp;Stock&nbsp;Exchange&nbsp;Symbol:</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT COLOR="#3e3935">RNP</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">Website: cohenandsteers.com </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#3e3935">This report is for shareholder information. This is not a prospectus intended for use in the purchase or sale of Fund shares. Performance data
quoted represent past performance. Past performance is no guarantee of future results and your investment may be worth more or less at the time you sell your shares.
</FONT></P></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="right"><FONT COLOR="#3e3935"><B>57
</B></FONT></P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL">C<SMALL>OHEN</SMALL>&nbsp;&amp; S<SMALL>TEERS</SMALL> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL">REIT <SMALL>AND</SMALL> P<SMALL>REFERRED</SMALL> I<SMALL>NCOME</SMALL> F<SMALL>UND</SMALL> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL">280 P<SMALL>ARK</SMALL> A<SMALL>VENUE</SMALL> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL">N<SMALL>EW</SMALL>
Y<SMALL>ORK</SMALL>, NY 10017 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:16pt; font-family:ARIAL"><B></B><B><I>eDelivery</I></B><B> AVAILABLE </B></P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL">Stop traditional mail delivery; </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL">receive your shareholder reports </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL">and prospectus online. </P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL"><B>Sign up at cohenandsteers.com </B></P>
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<IMG SRC="g494170g67j10.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Annual Report </B>December&nbsp;31, 2017 </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:34pt; font-family:Georgia">Cohen&nbsp;&amp; Steers </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:34pt; font-family:Georgia">REIT and </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:34pt; font-family:Georgia">Preferred </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:34pt; font-family:Georgia">Income Fund </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">RNPAR </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:3.00pt solid #000000">&nbsp;</P>

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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Item&nbsp;2. Code of Ethics. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">The Registrant has adopted an Amended and Restated Code of Ethics that applies to its Principal Executive Officer and Principal Financial Officer. The Code of
Ethics was in effect during the reporting period. The Registrant has not amended the Code of Ethics as described in Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> during the reporting period. The Registrant has not granted any waiver, including
an implicit waiver, from a provision of the Code of Ethics as described in Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> during the reporting period. A current copy of the Code of Ethics is available on the Registrant&#146;s website at
https://www.cohenandsteers.com/assets/content/uploads/Code_of_Ethics_for_Principal_Executive_and_Principal_Financial_Officers_of_the_Funds.pdf. Upon request, a copy of the Code of Ethics can be obtained free of charge by calling <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">800-330-7348</FONT></FONT> or writing to the Secretary of the Registrant, 280 Park Avenue, 10th floor, New York, NY 10017. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Item&nbsp;3. Audit Committee Financial Expert. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">The
registrant&#146;s board has determined that Gerald J. Maginnis and Frank K. Ross qualify as audit committee financial experts based on their years of experience in the public accounting profession.&nbsp;The registrant&#146;s board has determined
that Michael G. Clark qualifies as an audit committee financial expert based on his years of experience in the public accounting profession and the investment management and financial services industry.&nbsp;Each of Messrs. Clark, Maginnis and Ross
is a member of the board&#146;s audit committee, and each is &#147;independent&#148; as such term is defined in Form <FONT STYLE="white-space:nowrap">N-CSR.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Item&nbsp;4. Principal Accountant Fees and Services. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">(a) &#150; (d) Aggregate fees billed to the registrant for the last two fiscal years ended December&nbsp;31, 2017 and December&nbsp;31, 2016 for professional
services rendered by the registrant&#146;s principal accountant were as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="55%"></TD>
<TD VALIGN="bottom"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="14%"></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><U>2017</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><U>2016</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Audit Fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$45,440</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$54,300</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Audit-Related Fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$0</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$0</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Tax Fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$5,740</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$6,600</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">All Other Fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$0</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$0</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Tax fees were billed in connection with tax compliance services, including the preparation and review of federal and state tax
returns and the computation of corporate and franchise tax amounts. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">(e)(1) The registrant&#146;s audit committee is required to pre-approve audit and <FONT
STYLE="white-space:nowrap">non-audit</FONT> services performed for the registrant by the principal accountant. The audit committee also is required to pre-approve <FONT STYLE="white-space:nowrap">non-audit</FONT> services performed by the
registrant&#146;s principal accountant for the registrant&#146;s investment advisor (not including any <FONT STYLE="white-space:nowrap">sub-advisor</FONT> whose role is primarily portfolio management and is subcontracted with or overseen by another
investment advisor) and/or to any entity controlling, controlled by or under common control with the registrant&#146;s investment </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">
advisor that provides ongoing services to the registrant, if the engagement for services relates directly to the operations and financial reporting of the registrant. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">The audit committee may delegate pre-approval authority to one or more of its members who are independent members of the board of directors of the registrant.
The member or members to whom such authority is delegated shall report any pre-approval decisions to the audit committee at its next scheduled meeting. The audit committee may not delegate its responsibility to
<FONT STYLE="white-space:nowrap">pre-approve</FONT> services to be performed by the registrant&#146;s principal accountant to the investment advisor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-right:5%; font-size:12pt; font-family:Times New Roman">(e)(2) No services included in (b) &#150; (d) above were approved by the audit committee pursuant to paragraphs&nbsp;(c)(7)(i)(C) of Rule <FONT
STYLE="white-space:nowrap">2-01</FONT> of <FONT STYLE="white-space:nowrap">Regulation&nbsp;S-X.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">(f) Not applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">(g) For the fiscal years ended December&nbsp;31, 2017 and December&nbsp;31, 2016, the aggregate fees billed by the registrant&#146;s principal accountant for <FONT
STYLE="white-space:nowrap">non-audit</FONT> services rendered to the registrant and for <FONT STYLE="white-space:nowrap">non-audit</FONT> services rendered to the registrant&#146;s investment advisor (not including any
<FONT STYLE="white-space:nowrap">sub-advisor</FONT> whose role is primarily portfolio management and is subcontracted with or overseen by another investment advisor) and/or to any entity controlling, controlled by or under common control with the
registrant&#146;s investment advisor that provides ongoing services to the registrant were: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD></TD>
<TD VALIGN="bottom" WIDTH="14%"></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>2017</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>2016</U></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Registrant</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$5,740</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$6,600</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Investment Advisor</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$0</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$0</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">(h) The registrant&#146;s audit committee considered whether the provision of
<FONT STYLE="white-space:nowrap">non-audit</FONT> services that were rendered to the registrant&#146;s investment advisor (not including any <FONT STYLE="white-space:nowrap">sub-advisor</FONT> whose role is primarily portfolio management and is
subcontracted with or overseen by another investment advisor) and/or to any entity controlling, controlled by or under common control with the registrant&#146;s investment advisor that provides ongoing services to the registrant that were not
required to be <FONT STYLE="white-space:nowrap">pre-approved</FONT> pursuant to paragraph&nbsp;(c)(7)(ii) of Rule <FONT STYLE="white-space:nowrap">2-01</FONT> of Regulation <FONT STYLE="white-space:nowrap">S-X</FONT> was compatible with maintaining
the principal accountant&#146;s independence. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Item&nbsp;5. Audit Committee of Listed Registrants. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">The registrant has a separately-designated standing audit committee established in accordance with Section&nbsp;3(a)(58)(A) of the Securities Exchange Act of
1934. The members of the committee are Frank K. Ross (chairman), Bonnie Cohen, Michael G. Clark, George Grossman and Gerald J. Maginnis. Director Bonnie Cohen retired from the Board of Directors on December&nbsp;31, 2017 pursuant to the Fund&#146;s
mandatory retirement policy. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Item&nbsp;6. Schedule of Investments. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Included in Item 1 above. </P>

<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Item&nbsp;7. Disclosure of Proxy Voting Policies and Procedures for
<FONT STYLE="white-space:nowrap">Closed-End</FONT> Management Investment Companies. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">The registrant has delegated voting of proxies in respect of
portfolio holdings to Cohen&nbsp;&amp; Steers Capital Management, Inc., in accordance with the policies and procedures set forth below. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>COHEN&nbsp;&amp; STEERS CAPITAL MANAGEMENT, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>STATEMENT OF POLICIES AND PROCEDURES REGARDING THE VOTING OF SECURITIES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">This statement sets forth the policies and procedures that Cohen&nbsp;&amp; Steers, Inc. and its affiliated advisors (&#147;Cohen&nbsp;&amp; Steers&#148;,
&#147;we&#148; or &#147;us&#148;) follow in exercising voting rights with respect to securities held in its client portfolios. All proxy-voting rights that are exercised by Cohen&nbsp;&amp; Steers shall be subject to this Statement of Policy and
Procedures. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>A.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>General Proxy Voting Guidelines</B> </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:11pt; font-family:Times New Roman"><B>Objectives</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Voting rights are an important component of corporate governance. Cohen&nbsp;&amp; Steers has three overall objectives in exercising voting rights: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><U>Responsibility</U>. Cohen&nbsp;&amp; Steers shall seek to ensure that there is an effective means in place to hold companies accountable for their actions. While management must be accountable to its board, the board
must be accountable to a company&#146;s shareholders. Although accountability can be promoted in a variety of ways, protecting shareholder voting rights may be among our most important tools. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><U>Rationalizing Management and Shareholder Concerns</U>. Cohen&nbsp;&amp; Steers seeks to ensure that the interests of a company&#146;s management and board are aligned with those of the company&#146;s shareholders. In
this respect, compensation must be structured to reward the creation of shareholder value. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><U>Shareholder Communication</U>. Since companies are owned by their shareholders, Cohen&nbsp;&amp; Steers seeks to ensure that management effectively communicates with its owners about the company&#146;s business
operations and financial performance. It is only with effective communication that shareholders will be able to assess the performance of management and to make informed decisions on when to buy, sell or hold a company&#146;s securities.
</TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:11pt; font-family:Times New Roman"><B>General Principles </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">In
exercising voting rights, Cohen&nbsp;&amp; Steers shall conduct itself in accordance with the general principles set forth below. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The ability to exercise a voting right with respect to a security is a valuable right and, therefore, must be viewed as part of the asset itself. </TD></TR></TABLE>

<p Style='page-break-before:always'>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">In exercising voting rights, Cohen&nbsp;&amp; Steers shall engage in a careful evaluation of issues that may materially affect the rights of shareholders and the value of the security. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Consistent with general fiduciary principles, the exercise of voting rights shall always be conducted with reasonable care, prudence and diligence. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">In exercising voting rights on behalf of clients, Cohen&nbsp;&amp; Steers shall conduct itself in the same manner as if Cohen&nbsp;&amp; Steers were the constructive owner of the securities. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">To the extent reasonably possible, Cohen&nbsp;&amp; Steers shall participate in each shareholder voting opportunity. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Voting rights shall not automatically be exercised in favor of management-supported proposals. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Cohen&nbsp;&amp; Steers, and its officers and employees, shall never accept any item of value in consideration of a favorable proxy voting decision. </TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:11pt; font-family:Times New Roman"><B>General Guidelines </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Set forth below are
general guidelines that Cohen&nbsp;&amp; Steers shall follow in exercising proxy voting rights: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><U>Prudence</U>. In making a proxy voting decision, Cohen&nbsp;&amp; Steers shall give appropriate consideration to all relevant facts and circumstances, including the value of the securities to be voted and the likely
effect any vote may have on that value. Since voting rights must be exercised on the basis of an informed judgment, investigation shall be a critical initial step. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><U>Third Party Views</U>. While Cohen&nbsp;&amp; Steers may consider the views of third parties, Cohen&nbsp;&amp; Steers shall never base a proxy voting decision solely on the opinion of a third party. Rather, decisions
shall be based on a reasonable and good faith determination as to how best to maximize shareholder value. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><U>Shareholder Value</U>. Just as the decision whether to purchase or sell a security is a matter of judgment, determining whether a specific proxy resolution will increase the market value of a security is a matter of
judgment as to which informed parties may differ. In determining how a proxy vote may affect the economic value of a security, Cohen&nbsp;&amp; Steers shall consider both short-term and long-term views about a company&#146;s business and prospects,
especially in light of our projected holding period on the stock (e.g., Cohen&nbsp;&amp; Steers may discount long-term views on a short-term holding). </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><B>Specific Guidelines </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><B><I>Uncontested Director
Elections </I></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Votes on director nominees should be made on a
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">case-by-case</FONT></FONT> basis using a &#147;mosaic&#148; approach, where all factors are considered in director elections and where no single issue is deemed to be determinative.
For example, a nominee&#146;s experience and business judgment may be critical to the long-term success of the portfolio company, notwithstanding the fact that he or she may serve on the board of more than four public companies. In evaluating
nominees, we consider the following factors: </P>

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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Whether the nominee attended less than 75&nbsp;percent of the board and committee meetings without a valid excuse for the absences; </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Whether the nominee is an inside or affiliated outside director and sits on the audit, compensation, or nominating committees; </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Whether the board ignored a significant shareholder proposal that was approved by a majority of the votes cast in the previous year; </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Whether the board, without shareholder approval, to our knowledge instituted a new poison pill plan, extended an existing plan, or adopted a new plan upon the expiration of an existing plan during the past year;
</TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Whether the nominee is an insider or affiliated outside director and the full board serves as the audit, compensation, or nominating committee or the company does not have one of these committees; </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Whether the nominee is an insider or affiliated outsider on boards that are not at least majority independent; </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Whether the nominee is the CEO of a publicly-traded company who serves on more than two public boards; </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Whether the nominee is the chairperson of a publicly-traded company who serves on more than two public boards; </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Whether the nominee serves on more than four public company boards; </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Whether the nominee serves on the audit committee where there is evidence (such as audit reports or reports mandated under the Sarbanes Oxley Act) that there exists material weaknesses in the company&#146;s internal
controls; </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Whether the nominee serves on the compensation committee if that director was present at the time of the grant of backdated options or options the pricing or the timing of which we believe may have been manipulated to
provide additional benefits to executives; </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Whether the nominee has a material related party transaction or is believed by us to have a material conflict of interest with the portfolio company; </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Whether the nominee (or the overall board) in our view has a record of making poor corporate or strategic decisions or has demonstrated an overall lack of good business judgment, including, among other things, whether
the company&#146;s total shareholder return is in the bottom 25% of its peer group over the prior five years; </TD></TR></TABLE>

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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Material failures of governance, stewardship, risk oversight<SUP STYLE="font-size:85%; vertical-align:top">1</SUP>, or fiduciary responsibilities at the company; </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Failure to replace management as appropriate; and </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Egregious actions related to a director&#146;s service on other boards that raise substantial doubt about his or her ability to effectively oversee management and serve the best interests of shareholders at any company.
</TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><B><I>Proxy Access </I></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">We recognize the
importance of shareholder access to the ballot process as a means to ensure that boards do not become self-perpetuating and self-serving. However, we are also aware that some proposals may promote certain interest groups and could be disruptive to
the nomination process. We vote on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">case-by-case</FONT></FONT> basis considering the proxy access terms in light of a company&#146;s specific circumstances and we may support proxy
access proposals when management and boards have displayed a lack of shareholder accountability. Director candidates nominated pursuant to proxy access will be considered in accordance with the contested election guidelines below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><I>Proxy Contests </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Director Nominees in a Contested
Election </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">By definition, this type of board candidate or slate runs for the purpose of seeking a significant change in corporate policy or control.
Therefore, the economic impact of the vote in favor of or in opposition to that director or slate must be analyzed using a higher standard such as is normally applied to changes in control. Criteria for evaluating director nominees as a group or
individually should also include: the underlying reason why the new slate (or individual director) is being proposed; performance; compensation; corporate governance provisions and takeover activity; criminal activity; attendance at meetings;
investment in the company; interlocking directorships; inside, outside and independent directors; number of other board seats; and other experience. It is impossible to have a general policy regarding director nominees in a contested election. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Reimbursement of Proxy Solicitation Expenses </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Decisions to
provide full reimbursement for dissidents waging a proxy contest should be made on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">case-by-case</FONT></FONT> basis. In the absence of compelling reasons, Cohen&nbsp;&amp; Steers
will generally not support such proposals. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><B><I>Ratification of Auditors </I></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">We vote for proposals to ratify auditors, auditor remuneration and/or proposals authorizing the board to fix audit fees, unless: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">an auditor has a financial interest in or association with the company, and is therefore not independent; </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:21%">&nbsp;</P> <P STYLE="margin-top:2pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><SUP
STYLE="font-size:85%; vertical-align:top">1</SUP> Examples of failure of risk oversight include, but are not limited to: bribery; large or serial fines from regulatory bodies; significant adverse legal judgments or settlements; hedging of company
stock by the employees or directors of a company; or significant pledging of company stock in the aggregate by the officers and directors of a company. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">there is reason to believe that the independent auditor has rendered an opinion that is neither accurate nor indicative of the company&#146;s financial position; </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the name of the proposed auditor and/or fees paid to the audit firm are not disclosed by the company in a timely manner prior to the meeting; </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the auditors are being changed without explanation; or </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">fees paid for <FONT STYLE="white-space:nowrap">non-audit</FONT> related services are excessive and/or exceed limits set in local best practice recommendations or law. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">In circumstances where fees for <FONT STYLE="white-space:nowrap">non-audit</FONT> services include fees related to significant
<FONT STYLE="white-space:nowrap">one-time</FONT> capital structure events; initial public offerings; bankruptcy emergence, and spinoffs; and the company makes public disclosure of the amount and nature of those fees, then such fees may be excluded
from the <FONT STYLE="white-space:nowrap">non-audit</FONT> fees considered in determining whether <FONT STYLE="white-space:nowrap">non-audit</FONT> related fees are excessive. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">We vote on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">case-by-case</FONT></FONT> basis on auditor rotation proposals. Criteria for
evaluating the rotation proposal include, but are not limited to: tenure of the audit firm; establishment and disclosure of a renewal process whereby the auditor is regularly evaluated for both audit quality and competitive price; length of the
rotation period advocated in the proposal; and any significant audit related issues. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Generally, we vote against auditor indemnification and limitation of
liability; however we recognize there may be situations where indemnification and limitations on liability may be appropriate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><B><I>Takeover Defenses
</I></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">While we recognize that a takeover attempt can be a significant distraction for the board and management to deal with, the simple fact is that the
possibility of a corporate takeover keeps management focused on maximizing shareholder value. As a result, Cohen&nbsp;&amp; Steers opposes measures that are designed to prevent or obstruct corporate takeovers because they can entrench current
management. The following are our guidelines on change of control issues: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Shareholder Rights Plans </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">We acknowledge that there are arguments for and against shareholder rights plans, also known as &#147;poison pills.&#148; Companies should put their case for
rights plans to shareholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">We review on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">case-by-case</FONT></FONT> basis
management proposals to ratify a poison pill. We generally look for shareholder friendly features including a <FONT STYLE="white-space:nowrap">two-</FONT> to three-year sunset provision, a permitted bid provision and a 20&nbsp;percent or higher <FONT
STYLE="white-space:nowrap">flip-in</FONT> provision. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Greenmail </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">We vote for proposals to adopt anti-greenmail charter or bylaw amendments or otherwise restrict a company&#146;s ability to make greenmail payments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Unequal Voting Rights </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Generally, we vote against dual-class
recapitalizations as they offer an effective way for a firm to thwart hostile takeovers by concentrating voting power in the hands of management or other insiders. We support the <FONT STYLE="white-space:nowrap">one-share,</FONT> <FONT
STYLE="white-space:nowrap">one-vote</FONT> principle for voting. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Classified Boards </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">We generally vote in favor of shareholder proposals to declassify a board of directors, although we acknowledge that a classified board may be in the long-term
best interests of the shareholders of a company in certain situations, such as continuity of a strong board and management team or for certain types of companies. In voting on shareholder proposals to declassify a board of directors, we evaluate all
facts and circumstances surrounding such proposal, including whether: (i)&nbsp;the current management and board have a track record of making good corporate or strategic decisions, (ii)&nbsp;the shareholder proposing the <FONT
STYLE="white-space:nowrap">de-classification</FONT> has an agenda in making such proposal that may be at odds with the long-term best interests of the shareholders of the company, or (iii)&nbsp;it would be in the best interests of the company to
thwart a shareholder&#146;s attempt to control the board of directors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Cumulative Voting </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Having the ability to cumulate our votes for the election of directors &#150; that is, cast more than one vote for a director about whom they feel strongly
&#150; generally increases shareholders&#146; rights to effect change in the management of a corporation. However, we acknowledge that cumulative voting promotes special candidates who may not represent the interests of all, or even a majority, of
shareholders. In voting on proposals to institute cumulative voting, we therefore evaluate all facts and circumstances surrounding such proposal and we generally vote against cumulative voting where the company has good corporate governance
practices in place, including majority voting for board elections and <FONT STYLE="white-space:nowrap">de-classified</FONT> boards. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Shareholder Ability
to Call Special Meeting </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Cohen&nbsp;&amp; Steers votes on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">case-by-case</FONT></FONT>
basis for shareholder proposals requesting companies to amend their governance documents (bylaws and/or charter) in order to allow shareholders to call special meetings.&nbsp;&nbsp;&nbsp;&nbsp; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Shareholder Ability to Act by Written Consent </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">We generally vote
against proposals to allow or facilitate shareholder action by written consent. The requirement that all shareholders be given notice of a shareholders&#146; meeting and matters to be discussed therein seems to provide a reasonable protection of
minority shareholder rights. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Shareholder Ability to Alter the Size of the Board </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">We generally vote for proposals that seek to fix the size of the board and vote against proposals that give management the ability to alter the size of the
board without shareholder approval. While we recognize the importance of such proposals, we are however also aware that these proposals are sometimes put forth in order to promote the agenda(s) of certain special interest groups and could be
disruptive to the management of the company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><B><I>Miscellaneous Board Provisions </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Board Committees </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Boards should delegate key oversight
functions, such as responsibility for audit, nominating and compensation issues, to independent committees. The chairman and members of any committee should be clearly identified in the annual report. Any committee should have the authority to
engage independent advisors where appropriate at the company&#146;s expense. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Audit, nominating and compensation committees should consist solely of
<FONT STYLE="white-space:nowrap">non-employee</FONT> directors, who are independent of management. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Independent Chairman </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">We review on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">case-by-case</FONT></FONT> basis proposals requiring that the chairman&#146;s
position be filled by an independent director, taking into consideration the company&#146;s current board leadership and governance structure; company performance, and any other factors that may be applicable. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Separate Chairman and CEO Role </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">We will generally vote for
proposals looking to separate the CEO and Chairman roles. We do acknowledge, however, that under certain circumstances, it may be reasonable for the CEO and Chairman roles to be held by a single person. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Lead Directors and Executive Sessions </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">In cases where the CEO
and Chairman roles are combined or the Chairman is not independent, we will vote for the appointment of a lead independent director and for regular executive sessions (board meetings taking place without the CEO/Chairman present). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Majority of Independent Directors </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">We vote for proposals that
call for the board to be composed of a majority of independent directors. We believe that a majority of independent directors can be an important factor in facilitating objective decision making and enhancing accountability to shareholders. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Independent Committees </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">We vote for shareholder proposals
requesting that the board&#146;s audit, compensation, and nominating committees consist exclusively of independent directors. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Stock Ownership
Requirements </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">We support measures requiring senior executives to hold a minimum amount of stock in a company (often expressed as a percentage of annual
compensation), which may include restricted stock or restricted stock units. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Director and Officer Indemnification and Liability Protection </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">We generally support indemnification provisions that are consistent with the local jurisdiction in which the company has been formed. We vote in favor of
proposals providing indemnification for directors and officers with respect to acts conducted in the normal course of business. We also vote in favor of proposals that expand coverage for directors and officers where, despite an unsuccessful legal
defense, the director or officer acted in good faith and in the best interests of the company and the director or officers&#146; legal expenses are covered. We vote against proposals that would expand indemnification beyond coverage of legal
expenses to coverage of acts, such as gross negligence, that are more serious violations of fiduciary obligations. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Board Size </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">We
generally vote for proposals to limit the size of the board to 15 members or less. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Majority Vote Standard </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">We generally vote for proposals asking for the board to initiate the appropriate process to amend the company&#146;s governance documents (charter or bylaws)
to provide that director nominees shall be elected by the affirmative vote of the majority of votes cast at an annual meeting of shareholders. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Supermajority Vote Requirements </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">We generally support proposals
that seek to lower super-majority voting requirements </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Disclosure of Board Nominees </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">We generally vote against the election of directors at companies if the names of the director nominees are not disclosed in a timely manner prior to the
meeting. However, we recognize that companies in certain emerging markets may have a legitimate reason for not disclosing nominee names. In such a rare case, if a company discloses a legitimate reason why such nominee names should not be disclosed,
we may vote for the nominees even if nominee names are not disclosed in a timely manner. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Disclosure of Board Compensation </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">We generally vote against the election of directors at companies if the compensation paid to such directors is not disclosed in a timely manner prior to the
meeting. However, we recognize that companies in certain emerging markets may have a legitimate reason for not disclosing such compensation information. In such a rare case, if a company discloses a legitimate reason why such compensation should not
be disclosed, we may vote for the nominees even if compensation is not disclosed in a timely manner. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><B><I>Miscellaneous Governance Provisions
</I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Confidential Voting </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">We vote for
shareholder proposals requesting that companies adopt confidential voting, use independent tabulators, and use independent inspectors of election as long as the proposals include clauses for proxy contests as follows: in the case of a contested
election, management should be permitted to request that the dissident group honor its confidential voting policy. If the dissidents agree, the policy remains in place. If the dissidents do not agree, the confidential voting policy is waived. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">We also vote for management proposals to adopt confidential voting. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Bundled Proposals </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">We review on a
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">case-by-case</FONT></FONT> basis bundled or &#147;conditioned&#148; proxy proposals. In the case of items that are conditioned upon each other, we examine the benefits and costs of
the packaged items. In instances where the joint effect of the conditioned items is not in shareholders&#146; best interests, we vote against the proposals. If the combined effect is positive, we support such proposals. In the case of bundled
director proposals, we will vote for the entire slate only if we would have otherwise voted for each director on an individual basis. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Date/Location of Meeting </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">We vote against shareholder proposals to change the date or location of the shareholders&#146; meeting. No one site will meet the needs of all shareholders.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Adjourn Meeting if Votes are Insufficient. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><FONT
STYLE="white-space:nowrap">Open-end</FONT> requests for adjournment of a shareholder meeting generally will not be supported.&nbsp;However, where management specifically states the reason for requesting an adjournment and the requested adjournment
is necessary to permit a proposal that would otherwise be supported under this policy to be carried out, the adjournment request will be supported. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Disclosure of Shareholder Proponents </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">We vote for shareholder
proposals requesting that companies disclose the names of shareholder proponents. Shareholders may wish to contact the proponents of a shareholder proposal for additional information. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Other Business </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Cohen&nbsp;&amp; Steers will generally vote
against proposals to approve other business where we cannot determine the exact nature of the proposal to be voted on. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><B><I>Capital Structure
</I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Increase Additional Common Stock </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">We generally vote
for increases in authorized shares, provided that the increase is not greater than three times the number of shares outstanding and reserved for issuance (including shares reserved for stock-related plans and securities convertible into common
stock, but not shares reserved for any poison pill plan). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Votes generally are cast in favor of proposals to authorize additional shares of stock except
where the proposal: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">creates a blank check preferred stock; or </TD></TR></TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">establishes classes of stock with superior voting rights. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Blank Check Preferred Stock </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Votes generally are cast in opposition to management proposals authorizing the creation of new classes of preferred stock with unspecific voting, conversion,
distribution and other rights, and management proposals to increase the number of authorized blank check preferred shares. We may vote in favor of this type of proposal when we receive assurances to our reasonable satisfaction that (i)&nbsp;the
preferred stock was authorized by the board for the use of legitimate capital formation purposes and not for anti-takeover purposes, and (ii)&nbsp;no preferred stock will be issued with voting power that is disproportionate to the economic interests
of the preferred stock. These representations should be made either in the proxy statement or in a separate letter from the company to Cohen&nbsp;&amp; Steers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Pre-emptive</FONT> Rights </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">We
believe that the governance and regulation of public equity markets allow for adequate shareholder protection against dilution. Further, we believe that companies should have more flexibility to issue shares without costly and time constraining
rights offerings. As such, we do not believe that <FONT STYLE="white-space:nowrap">pre-emptive</FONT> </P>

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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">rights are necessary and as such, we generally vote for the issuance of equity shares without <FONT
STYLE="white-space:nowrap">pre-emptive</FONT> rights. On a limited basis, we will vote for shareholder <FONT STYLE="white-space:nowrap">pre-emptive</FONT> rights where such <FONT STYLE="white-space:nowrap">pre-emptive</FONT> rights are necessary,
taking into account the best interests of the company&#146;s shareholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">We acknowledge that international local practices typically call for
shareholder <FONT STYLE="white-space:nowrap">pre-emptive</FONT> rights when a company seeks authority to issue shares (e.g., UK authority for the issuance of only up to 5% of outstanding shares without
<FONT STYLE="white-space:nowrap">pre-emptive</FONT> rights). While we would prefer that companies be permitted to issue shares without <FONT STYLE="white-space:nowrap">pre-emptive</FONT> rights, in deference to international local practices, we will
approve issuance requests with <FONT STYLE="white-space:nowrap">pre-emptive</FONT> rights. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Dual Class&nbsp;Capitalizations </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Because classes of common stock with unequal voting rights limit the rights of certain shareholders, we vote against adoption of a dual or multiple class
capitalization structure. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Restructurings/Recapitalizations </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">We review proposals to increase common and/or preferred shares and to issue shares as part of a debt restructuring plan on a <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">case-by-case</FONT></FONT> basis. In voting, we consider the following issues: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">dilution&#151;how much will ownership interest of existing shareholders be reduced, and how extreme will dilution to any future earnings be? </TD></TR></TABLE>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">change in control&#151;will the transaction result in a change in control of the company? </TD></TR></TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">bankruptcy&#151;generally, approve proposals that facilitate debt restructurings unless there are clear signs of self-dealing or other abuses. </TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Share Repurchase Programs </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Boards may institute share repurchase
or stock <FONT STYLE="white-space:nowrap">buy-back</FONT> programs for a number of reasons. Cohen&nbsp;&amp; Steers will generally vote in favor of such programs where the repurchase would be in the long-term best interests of shareholders, and
where the company is not thought to be able to use the cash in a more useful way. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Targeted Share Placements </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">These shareholder proposals ask companies to seek stockholder approval before placing 10% or more of their voting stock with a single investor. The proposals
are typically in reaction to the placement by various companies of a large block of their voting stock in an ESOP, parent capital fund or with a single friendly investor, with the aim of protecting themselves against a hostile tender offer. These
proposals are voted on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">case-by-case</FONT></FONT> basis after reviewing the individual situation of the company receiving the proposal. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><B><I>Executive and Director Compensation </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Executive
Compensation (&#147;Say on Pay&#148;) </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Votes regarding shareholder &#147;say on pay&#148; are determined on a <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">case-by-case</FONT></FONT> basis. Generally, we believe that executive compensation should be tied to the long-term performance of the executive and the company both in absolute and relative to the peer group. We therefore
monitor the compensation practices of portfolio companies to determine whether compensation to these executives is commensurate </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">
to the company&#146;s total shareholder return (TSR) (<I>i.e.</I>, we generally expect companies that pay their executives at the higher end of the pay range to also be performing commensurately
well). </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Further, pay elements that are not directly based on performance are generally evaluated on a <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">case-by-case</FONT></FONT> basis considering the context of a company&#146;s overall pay program and demonstrated <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">pay-for-performance</FONT></FONT>
philosophy. The following list highlights certain negative pay practices that carry significant weight in this overall consideration and may result in adverse vote recommendations: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Repricing or replacing of underwater stock options/SARS without prior shareholder approval (including cash buyouts and voluntary surrender of underwater options); </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Excessive perquisites or tax <FONT STYLE="white-space:nowrap">gross-ups;</FONT> </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">New or extended agreements that provide for: </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><FONT STYLE="FONT-FAMILY:SYMBOL">&#111;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Change in Control (&#147;CIC&#148;) payments exceeding 3 times base salary and bonus; </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><FONT STYLE="FONT-FAMILY:SYMBOL">&#111;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">CIC severance payments without involuntary job loss or substantial diminution of duties (&#147;single&#148; or &#147;modified single&#148; triggers); </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><FONT STYLE="FONT-FAMILY:SYMBOL">&#111;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">CIC payments with excise tax <FONT STYLE="white-space:nowrap">gross-ups</FONT> (including &#147;modified&#148; <FONT STYLE="white-space:nowrap">gross-ups).</FONT> </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Also, we generally vote for shareholder proposals that seek additional disclosure of executive and director pay information. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Frequency of Advisory Vote on Executive Compensation (&#147;Say When on Pay&#148;) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">We generally vote for annual advisory votes on compensation as we note that executive compensation is also evaluated on an annual basis by the company&#146;s
compensation committee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Stock-based Incentive Plans </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Votes
with respect to compensation plans should be determined on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">case-by-case</FONT></FONT> basis depending on a combination of certain plan features and equity grant practices, where
positive factors may counterbalance negative factors, and vice versa, as evaluated in three pillars: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>Plan Cost:</B> The total estimated cost of the company&#146;s equity plans relative to industry/market cap peers, measured by the company&#146;s estimated Shareholder Value Transfer (SVT) in relation to peers and
considering both: </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><FONT STYLE="FONT-FAMILY:SYMBOL">&#111;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">SVT based on new shares requested plus shares remaining for future grants, plus outstanding unvested/unexercised grants; and </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><FONT STYLE="FONT-FAMILY:SYMBOL">&#111;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">SVT based only on new shares requested plus shares remaining for future grants. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>Plan Features:</B> </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><FONT STYLE="FONT-FAMILY:SYMBOL">&#111;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Automatic single-triggered award vesting upon CIC; </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><FONT STYLE="FONT-FAMILY:SYMBOL">&#111;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Discretionary vesting authority; </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><FONT STYLE="FONT-FAMILY:SYMBOL">&#111;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Liberal share recycling on various award types; </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><FONT STYLE="FONT-FAMILY:SYMBOL">&#111;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Minimum vesting period for grants made under the plan. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>Grant Practices:</B> </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><FONT STYLE="FONT-FAMILY:SYMBOL">&#111;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The company&#146;s three year burn rate relative to its industry/market cap peers; </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><FONT STYLE="FONT-FAMILY:SYMBOL">&#111;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Vesting requirements in most recent CEO equity grants <FONT STYLE="white-space:nowrap">(3-year</FONT> look-back); </TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><FONT STYLE="FONT-FAMILY:SYMBOL">&#111;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The estimated duration of the plan based on the sum of shares remaining available and the new shares requested, divided by the average annual shares granted in the prior three years; </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><FONT STYLE="FONT-FAMILY:SYMBOL">&#111;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The proportion of the CEO&#146;s most recent equity grants/awards subject to performance conditions; </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><FONT STYLE="FONT-FAMILY:SYMBOL">&#111;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Whether the company maintains a claw-back policy; </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><FONT STYLE="FONT-FAMILY:SYMBOL">&#111;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Whether the company has established post exercise/vesting share-holding requirements. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">We will generally vote
against the plan proposal if the combination of factors indicates that the plan is not, overall, in the shareholders&#146; interest, or if any of the following apply: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Awards may vest in connection with a liberal CIC; </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The plan would permit repricing or cash buyout of underwater options without shareholder approval; </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The plan is a vehicle for problematic pay practices or a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">pay-for-performance</FONT></FONT> disconnect; or </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Any other plan features that are determined to have a significant negative impact on shareholder interests. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Approval of Cash or <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Cash-and-Stock</FONT></FONT> Bonus Plans </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">We vote for cash or <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">cash-and-stock</FONT></FONT> bonus plans to exempt the compensation from
limits on deductibility under the provisions of Section&nbsp;162(m) of the Internal Revenue Code. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Reload/Evergreen Features </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">We will generally vote against plans that enable the issuance of reload options and that provide an automatic share replenishment (&#147;evergreen&#148;)
feature. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Golden Parachutes </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">In general, the guidelines call
for voting against &#147;golden parachute&#148; plans because they impede potential takeovers that shareholders should be free to consider. In particular, we oppose the use of employment contracts that result in cash grants of greater than three
times annual compensation (salary and bonus) and generally withhold our votes at the next shareholder meeting for directors who to our knowledge approved golden parachutes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Voting on Golden Parachutes in an Acquisition, Merger, Consolidation, or Proposed Sale </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">We vote on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">case-by-case</FONT></FONT> basis on proposals to approve the company&#146;s
golden parachute compensation. Features that may lead to a vote against include: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Potentially excessive severance payments (cash grants of greater than three times annual compensation (salary and bonus)); </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Agreements that include excessive excise tax <FONT STYLE="white-space:nowrap">gross-up</FONT> provisions; </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Single trigger payments that will happen immediately upon a change in control, including cash payment and such items as the acceleration of performance-based equity despite the failure to achieve performance measures;
</TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Single-trigger vesting of equity based on a definition of change in control that requires only shareholder approval of the transaction (rather than consummation); </TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Recent amendments or other changes that may make packages so attractive as to influence merger agreements that may not be in the best interests of shareholders; </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">In the case of a substantial <FONT STYLE="white-space:nowrap">gross-up</FONT> from <FONT STYLE="white-space:nowrap">pre-existing/grandfathered</FONT> contract: the element that triggered the <FONT
STYLE="white-space:nowrap">gross-up</FONT> (<I>i.e.</I>, option mega-grants at low point in stock price, unusual or outsized payments in cash or equity made or negotiated prior to the merger); or </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The company&#146;s assertion that a proposed transaction is conditioned on shareholder approval of the golden parachute advisory vote. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">401(k) Employee Benefit Plans </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">We vote for proposals to
implement a 401(k) savings plan for employees. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Employee Stock Purchase Plans </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">We support employee stock purchase plans, although we generally believe the discounted purchase price should be at least 85% of the current market price. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Option Expensing </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">We vote for shareholder proposals to expense
fixed-price options. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Vesting </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">We believe that restricted
stock awards normally should vest over at least a <FONT STYLE="white-space:nowrap">two-year</FONT> period.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Option Repricing </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Stock options generally should not be <FONT STYLE="white-space:nowrap">re-priced,</FONT> and never should be <FONT STYLE="white-space:nowrap">re-priced</FONT>
without shareholder approval. In addition, companies should not issue new options, with a lower strike price, to make up for previously issued options that are substantially underwater. Cohen&nbsp;&amp; Steers will vote against the election of any
slate of directors that, to its knowledge, has authorized a company to <FONT STYLE="white-space:nowrap">re-price</FONT> or replace underwater options during the most recent year without shareholder approval. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Stock Holding Periods </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Generally vote against all proposals
requiring executives to hold the stock received upon option exercise for a specific period of time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Transferable Stock Options </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Review on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">case-by-case</FONT></FONT> basis proposals to grant transferable stock options or
otherwise permit the transfer of outstanding stock options, including cost of proposal and alignment with shareholder interests. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Recoup Bonuses </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">We generally vote for shareholder proposals to recoup incentive bonuses or other incentive payments made to senior executives if it is later determined that
fraud, misconduct, or negligence significantly contributed to a restatement of financial results that led to the awarding of incentive compensation. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><B><I>Incorporation </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Reincorporation Outside of the United States </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Generally, we will
vote against companies looking to reincorporate outside of the U.S. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Voting on State Takeover Statutes </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">We review on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">case-by-case</FONT></FONT> basis proposals to opt in or out of state takeover
statutes (including control share acquisition statutes, control share <FONT STYLE="white-space:nowrap">cash-out</FONT> statutes, freezeout provisions, fair price provisions, stakeholder laws, poison pill endorsements, severance pay and labor
contract provisions, anti-greenmail provisions, and disgorgement provisions). In voting on these shareholder proposals, we evaluate all facts and circumstances surrounding such proposal, including whether the shareholder proposing such measure has
an agenda in making such proposal that may be at odds with the long-term best interests of the company or whether it would be in the best interests of the company to thwart a shareholder&#146;s attempt to control the board of directors. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Voting on Reincorporation Proposals </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Proposals to change a
company&#146;s state of incorporation are examined on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">case-by-case</FONT></FONT> basis. In making our decision, we review management&#146;s rationale for the proposal, changes to
the charter/bylaws, and differences in the state laws governing the companies. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><B><I>Mergers and Corporate Restructurings </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Mergers and Acquisitions </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Votes on mergers and acquisitions
should be considered on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">case-by-case</FONT></FONT> basis, taking into account factors including the following: anticipated financial and operating benefits; offer price (cost vs.
premium); prospects of the combined companies; how the deal was negotiated; and changes in corporate governance and their impact on shareholder rights. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">We vote against proposals that require a super-majority of shareholders to approve a merger or other significant business combination. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Nonfinancial Effects of a Merger or Acquisition </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Some companies
have proposed a charter provision which specifies that the board of directors may examine the nonfinancial effect of a merger or acquisition on the company. This provision would allow the board to evaluate the impact a proposed change in control
would have on employees, host communities, suppliers and/or others. We generally vote against proposals to adopt such charter provisions. We feel it is the directors&#146; fiduciary duty to base decisions solely on the financial interests of the
shareholders. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Corporate Restructuring </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Votes on corporate
restructuring proposals, including minority squeeze outs, leveraged buyouts, &#147;going private&#148; proposals, spin-offs, liquidations, and asset sales, should be considered on a
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">case-by-case</FONT></FONT> basis In </P>

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evaluating these proposals and determining our votes, we are singularly focused on meeting our goal of maximizing long-term shareholder value. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Spin-offs </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Votes on spin-offs should be considered on a <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">case-by-case</FONT></FONT> basis depending on the tax and regulatory advantages, planned use of sale proceeds, market focus, and managerial incentives. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Asset Sales </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Votes on asset sales should be made on a <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">case-by-case</FONT></FONT> basis after considering the impact on the balance sheet/working capital, value received for the asset, and potential elimination of diseconomies. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Liquidations </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Votes on liquidations should be made on a <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">case-by-case</FONT></FONT> basis after reviewing management&#146;s efforts to pursue other alternatives, appraisal value of assets, and the compensation plan for executives managing the
liquidation. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Appraisal Rights </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">We vote for proposals to
restore, or provide shareholders with, rights of appraisal. Rights of appraisal provide shareholders who are not satisfied with the terms of certain corporate transactions the right to demand a judicial review in order to determine a fair value for
their shares. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Changing Corporate Name </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">We vote for changing
the corporate name. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><B><I>Shareholder Rights </I></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Our
position on the rights of shareholders is as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Shareholders should be given the opportunity to exercise their rights. Notification of opportunities for the exercise of voting rights should be given in good time. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Shareholders are entitled to submit questions to company management. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Minority shareholders should be protected as far as possible from the exercise of voting rights by majority shareholders. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Shareholders are entitled to hold company management as well as the legal person or legal entity accountable for any action caused by the company or company management for which the company, company management or legal
entity should bear responsibility. </TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><B><I>Environmental and Social Issues </I></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">We recognize that the companies in which we invest can enhance shareholder value and long-term profitability by adopting policies and procedures that promote
corporate social and environmental responsibility. Because of the diverse nature of environmental and social shareholder proposals and the myriad ways companies deal with them, these proposals should be considered on a
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">case-by-case</FONT></FONT> basis. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">All such proposals are scrutinized based on whether
they contribute to the creation of shareholder value, are reasonable and relevant, and provide adequate disclosure of key issues to shareholders. When </P>

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evaluating social and environmental shareholder proposals, we consider the following factors (in the order of importance as set forth below): </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The financial implications of the proposal, including whether adoption of the proposal is likely to have significant economic benefit for the company, such that shareholder value is enhanced or protected by the adoption
of the proposal; </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Whether the issues presented are more appropriately/effectively dealt with through governmental or company-specific action, as many social and environmental issues are more properly the province of government and broad
regulatory action; </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Whether the subject of the proposal is best left to the discretion of the board; </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Whether the company has already responded in some appropriate manner to the request embodied in the proposal; </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Whether the information requested concerns business issues that relate to a meaningful percentage of the company&#146;s business as measured by sales, assets, and earnings; </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The degree to which the company&#146;s stated position on the issues raised in the proposal could affect its reputation or sales, or leave it vulnerable to a boycott or selective purchasing; </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Whether implementation of the proposal&#146;s request would achieve the proposal&#146;s objectives; </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Whether the requested information is available to shareholders either from the company or from a publicly available source; and </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Whether providing this information would reveal proprietary or confidential information that would place the company at a competitive disadvantage. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Item&nbsp;8. Portfolio Managers of <FONT STYLE="white-space:nowrap">Closed-End</FONT> Investment Companies. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Information pertaining to the portfolio managers of the registrant, as of December&nbsp;31, 2017, is set forth below. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="47%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Thomas N. Bohjalian</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.50em; font-size:12pt; font-family:Times New Roman">&#9679;&#8194;&#8201;&#8201;Vice President</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-1.50em; font-size:12pt; font-family:Times New Roman">&#9679;&#8194;&#8201;&#8201;Portfolio manager since 2006</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Executive Vice President of C&amp;S since 2012. Prior to that, Senior Vice President of C&amp;S since 2006.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">William F. Scapell</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.50em; font-size:12pt; font-family:Times New Roman">&#9679;&#8194;&#8201;&#8201;Vice President</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-1.50em; font-size:12pt; font-family:Times New Roman">&#9679;&#8194;&#8201;&#8201;Portfolio manager since inception</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Executive Vice President of C&amp;S since 2014. Prior to that, Senior Vice President of C&amp;S since 2003.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Jason A. Yablon</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.50em; font-size:12pt; font-family:Times New Roman">&#9679;&#8194;&#8201;&#8201;Vice President</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-1.50em; font-size:12pt; font-family:Times New Roman">&#9679;&#8194;&#8201;&#8201;Portfolio manager since 2012</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Senior Vice President of C&amp;S since 2014. Prior to that, Vice President of C&amp;S since 2008.</TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">C&amp;S utilizes a team-based approach in managing the registrant. Mr.&nbsp;Bohjalian and Mr.&nbsp;Yablon
direct and supervise the execution of the registrant&#146;s investment strategy, and lead and </P>

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guide the other members of the team. Mr.&nbsp;Scapell manages the registrant&#146;s preferred securities investments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">Each portfolio manager listed above manages other investment companies and/or investment vehicles and accounts in addition to the registrant.
The following tables show, as of December&nbsp;31, 2017, the number of other accounts each portfolio manager managed in each of the listed categories and the total assets in the other accounts managed within each category. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="44%"></TD>
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<TD></TD>
<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD WIDTH="20%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Thomas Bohjalian</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><U>Number of accounts</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><U>Total assets</U></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.50em; font-size:12pt; font-family:Times New Roman">&#9679;&#8194;&#8201;&#8201;Registered investment companies</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">6</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$14,623,008,927</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.50em; font-size:12pt; font-family:Times New Roman">&#9679;&#8194;&#8201;&#8201;Other pooled investment vehicles</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">7</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$11,007,886,765</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.50em; font-size:12pt; font-family:Times New Roman">&#9679;&#8194;&#8201;&#8201;Other accounts</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">17</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">$2,927,584,680</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">William F. Scapell</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><U>Number&nbsp;of&nbsp;accounts</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><U>Total assets</U></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.50em; font-size:12pt; font-family:Times New Roman">&#9679;&#8194;&#8201;&#8201;Registered investment companies</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">8</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$15,912,163,233</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.50em; font-size:12pt; font-family:Times New Roman">&#9679;&#8194;&#8201;&#8201;Other pooled investment vehicles</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">6</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$9,622,652,966</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.50em; font-size:12pt; font-family:Times New Roman">&#9679;&#8194;&#8201;&#8201;Other accounts</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">17</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">$2,858,808,397</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Jason A. Yablon</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><U>Number of accounts</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><U>Total assets</U></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.50em; font-size:12pt; font-family:Times New Roman">&#9679;&#8194;&#8201;&#8201;Registered investment companies</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">8</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$14,940,091,165</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.50em; font-size:12pt; font-family:Times New Roman">&#9679;&#8194;&#8201;&#8201;Other pooled investment vehicles</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">$137,901,768</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.50em; font-size:12pt; font-family:Times New Roman">&#9679;&#8194;&#8201;&#8201;Other accounts</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">5</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">$2,665,092,055</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:36pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>Share Ownership.</U> The following table indicates the dollar range of securities of the registrant owned by the
registrant&#146;s portfolio managers as of December&nbsp;31, 2017: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Dollar Range of Securities Owned</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Thomas N. Bohjalian</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">None</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">William F. Scapell</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">$10,001&#150;$50,000</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Jason A. Yablon</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">None</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>Conflicts of Interest.</U> It is possible that conflicts of interest may arise in connection with the
portfolio manager&#146;s management of the registrant&#146;s investments on the one hand and the investments of other accounts or vehicles for which the portfolio managers are responsible on the other. For example, a portfolio manager may have
conflicts of interest in allocating management time, resources and investment opportunities among the registrant and the other accounts or vehicles he advises. In addition, due to differences in the investment strategies or restrictions among the
registrant and the other accounts, a portfolio manager may take action with respect to another account that differs from the action taken with respect to the registrant. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">In some cases, another account managed by a portfolio manager may provide more revenue to the Advisor. While this may appear to create additional conflicts of
interest for the portfolio manager in the allocation of management time, resources and investment opportunities, the Advisor strives to ensure that portfolio managers endeavor to exercise their discretion in a manner that is equitable to all
interested persons. In this regard, in the absence of specific account-related impediments (such as client-imposed restrictions or lack of available cash), it is the policy of the Advisor to allocate investment ideas pro rata to all accounts with
the same primary investment objective. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">In addition, certain of the portfolio managers may from time to time manage one or more accounts on behalf of the
Advisor and its affiliated companies (the &#147;CNS Accounts&#148;). Certain securities held and traded in the CNS Accounts also may be held and traded in one or more client accounts. It is the policy of the Advisor however not to put the interests
of the CNS Accounts ahead of the interests of client accounts. The Advisor may aggregate orders of client accounts with those of the CNS Accounts; however, under no circumstances will preferential treatment be given to the CNS Accounts. For all
orders involving the CNS Accounts, purchases or sales will be allocated prior to trade placement, and orders that are only partially filled will be allocated across all accounts in proportion to the shares each account, including the CNS Accounts,
was designated to receive prior to trading. As a result, it is expected that the CNS Accounts will receive the same average price as other accounts included in the aggregated order. Shares will not be allocated or
<FONT STYLE="white-space:nowrap">re-allocated</FONT> to the CNS Accounts after trade execution or after the average price is known. In the event so few shares of an order are executed that a <FONT STYLE="white-space:nowrap">pro-rata</FONT>
allocation is not practical, a rotational system of allocation may be used; however, the CNS Accounts will never be part of that rotation or receive shares of a partially filled order other than on a <FONT STYLE="white-space:nowrap">pro-rata</FONT>
basis. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Because certain CNS Accounts are managed with a cash management objective, it is possible that a security will be sold out of the CNS Accounts but
continue to be held for one or more client accounts. In situations when this occurs, such security will remain in a client account only if the portfolio manager, acting in its reasonable judgment and consistent with its fiduciary duties, believes
this is appropriate for, and consistent with the objectives and profile of, the client account. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>Advisor Compensation Structure.</U> Compensation of
the Advisor&#146;s portfolio managers and other investment professionals has three primary components: (1)&nbsp;a base salary, (2)&nbsp;an annual cash bonus and (3)&nbsp;annual stock-based compensation consisting generally of restricted stock units
of the Advisor&#146;s parent, CNS. The Advisor&#146;s investment professionals, including the portfolio managers, also receive certain retirement, insurance and other benefits that are broadly available
</P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">
to all of its employees. Compensation of the Advisor&#146;s investment professionals is reviewed primarily on an annual basis. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>Method to Determine Compensation.</U> The Advisor compensates its portfolio managers based primarily on the total return performance of
funds and accounts managed by the portfolio manager versus appropriate peer groups or benchmarks. C&amp;S uses a variety of benchmarks to evaluate each portfolio managers&#146; performance for compensation purposes, including the FTSE NAREIT Equity
REIT Index, the ICE BofAML <FONT STYLE="white-space:nowrap">1-5</FONT> Year US Corporate Index and other broad based indexes based on the asset classes managed by each portfolio manager. In evaluating the performance of a portfolio manager, primary
emphasis is normally placed on <FONT STYLE="white-space:nowrap">one-</FONT> and three-year performance, with secondary consideration of performance over longer periods of time. Performance is evaluated on a
<FONT STYLE="white-space:nowrap">pre-tax</FONT> and <FONT STYLE="white-space:nowrap">pre-expense</FONT> basis. In addition to rankings within peer groups of funds on the basis of absolute performance, consideration may also be given to risk-adjusted
performance. For funds and accounts with a primary investment objective of high current income, consideration will also be given to the fund&#146;s and account&#146;s success in achieving this objective. For portfolio managers responsible for
multiple funds and accounts, investment performance is evaluated on an aggregate basis. The Advisor has two funds or accounts with performance-based advisory fees. Portfolio managers are also evaluated on the basis of their success in managing their
dedicated team of analysts. Base compensation for portfolio managers of the Advisor varies in line with the portfolio manager&#146;s seniority and position with the firm. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Salaries, bonuses and stock-based compensation are also influenced by the operating performance of the Advisor and CNS. While the annual salaries of the
Advisor&#146;s portfolio managers are fixed, cash bonuses and stock based compensation may fluctuate significantly from year to year, based on changes in manager performance and other factors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Item&nbsp;9. Purchases of Equity Securities by <FONT STYLE="white-space:nowrap">Closed-End</FONT> Management Investment Company and Affiliated Purchasers.
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">None. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Item&nbsp;10. Submission of Matters to a
Vote of Security Holders. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant&#146;s
Board implemented after the registrant last provided disclosure in response to this Item. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Item&nbsp;11. Controls and Procedures. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">(a) The registrant&#146;s principal executive officer and principal financial officer have concluded that the registrant&#146;s disclosure controls and
procedures are reasonably designed to ensure that information required to be disclosed by the registrant in this Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> was recorded, processed, summarized and reported within the time periods specified in
the Securities and Exchange Commission&#146;s rules and forms, based upon such officers&#146; evaluation of these controls and procedures as of a date within 90 days of the filing date of this report. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">(b) There were no changes in the registrant&#146;s internal control over financial reporting that occurred during the period covered by this report that have
materially </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">
affected, or are reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Item&nbsp;12. Disclosure of Securities Lending Activities for <FONT STYLE="white-space:nowrap">Closed-End</FONT> Management Investment Companies. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">(a) For the fiscal year ended December&nbsp;31, 2017, the registrant had the following dollar amounts of income and fees/compensation related to its
securities lending activities: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>
<TD WIDTH="73%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="25%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Total</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt">Gross income from securities lending activities</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">$488,362</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt">Fees and/or compensation for securities lending activities and related services</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Fees paid to securities lending agent from a
revenue split</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">$415,108</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Fees paid for cash collateral management services (including fees
deducted from a pooled cash collateral reinvestment vehicle) that are not included in the revenue split</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&#151;&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Administrative fees that are not included in
the revenue split</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&#151;&nbsp;&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Indemnification fee not included in the revenue
split</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&#151;&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Rebates paid to borrowers;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&#151;&nbsp;&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Other fees relating to the securities lending program not included
in the revenue split</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&#151;&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:12pt; font-family:Times New Roman">Aggregate fees/compensation for securities
lending activities and related services</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">$415,108</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt">Net income from securities lending activities</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">$73,254</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">(b) During the registrants most recent fiscal year ended December&nbsp;31, 2017, BNP Paribas (&#147;BNPP&#148;) served as the
registrant&#146;s securities lending agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">As a securities lending agent, BNPP is responsible for the implementation and administration of the
registrant&#146;s securities lending program. Pursuant to its respective Securities Lending Agreement (&#147;Securities Lending Agreement&#148;) with the registrant, BNPP, as a general matter, performs various services, including the following: </P>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Locating borrowers; </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Monitoring daily the value of the loaned securities and collateral (i.e. the collateral posted by the party borrowing); </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Negotiation of loan terms; </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Selection of securities to be loaned; </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Recordkeeping and account servicing; </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Monitoring of dividend activity and material proxy votes relating to loaned securities, and; </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Arranging for return of loaned securities to the registrant at loan termination. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">BNPP is compensated for the
above-described services from its securities lending revenue split. The table above shows what the registrant earned and the fees and compensation it paid in connection with its securities lending activities during its most recent fiscal year. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Item&nbsp;13. Exhibits. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">(a)(1)<B> </B>Not applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">(a)&nbsp;(2)<B>
</B>Certifications of principal executive officer and principal financial officer as required by <FONT STYLE="white-space:nowrap">Rule&nbsp;30a-2(a)</FONT> under the Investment Company Act of 1940. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">(a)(3)&nbsp;Not applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">(b)&nbsp;Certifications of
principal executive officer and principal financial officer as required by <FONT STYLE="white-space:nowrap">Rule&nbsp;30a-2(b)</FONT> under the Investment Company Act of 1940. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">(c) Registrant&#146;s notices to shareholders pursuant to Registrant&#146;s exemptive order granting an exemption from Section 19(b) of the 1940 Act &amp;
Rule 19-1 thereunder regarding distributions pursuant to the Registrant&#146;s Managed Distribution Plan. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>COHEN&nbsp;&amp; STEERS REIT AND PREFERRED INCOME FUND, INC. </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="78%"></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="6"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="5"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">By: <U>/s/ Adam M. Derechin</U></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="5"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Adam M.
Derechin</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="5"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:
President and Chief Executive Officer</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="6"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="5"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Date: March&nbsp;9, 2018</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="7">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and
on the dates indicated.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="6"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="5"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">By: <U>/s/ Adam M. Derechin</U></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Adam M. Derechin</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">President and Chief Executive Officer</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3">(Principal Executive Officer)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="6"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="5"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">By: <U>/s/ James Giallanza</U></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">James Giallanza</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Chief Financial Officer</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3">(Principal Financial Officer)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="6"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="5"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Date: March&nbsp;9, 2018</P></TD></TR>
</TABLE>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>d494170dex99cert.htm
<DESCRIPTION>CERTIFICATIONS 302
<TEXT>
<HTML><HEAD>
<TITLE>Certifications 302</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B><FONT STYLE="white-space:nowrap">EX-99.CERT</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT 13 (a)(2) </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>RULE <FONT
STYLE="white-space:nowrap">30a-2(a)</FONT> CERTIFICATIONS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman">I, Adam M. Derechin, certify that: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top">I have reviewed this report on Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> of Cohen&nbsp;&amp; Steers REIT and Preferred Income Fund, Inc.; </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report; </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets,
and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top">The registrant&#146;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule <FONT STYLE="white-space:nowrap">30a-3(c)</FONT> under the
Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule <FONT STYLE="white-space:nowrap">30a-3(d)</FONT> under the Investment Company Act of 1940) for the registrant and have: </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top">evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within
90 days prior to the filing date of this report based on such evaluation; and </TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top">disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to
materially affect, the registrant&#146;s internal control over financial reporting; and </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top">The registrant&#146;s other certifying officer and I have disclosed to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent functions):
</TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record,
process, summarize, and report financial information; and </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting. </TD></TR></TABLE>
<P STYLE="font-size:36pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="49%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:4.00em; font-size:12pt; font-family:Times New Roman">Date: March&nbsp;9, 2018</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>/s/ Adam M. Derechin</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Adam M. Derechin</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Principal Executive Officer</TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT 13 (a)(2) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>RULE <FONT STYLE="white-space:nowrap">30a-2(a)</FONT> CERTIFICATIONS </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman">I, James Giallanza, certify that: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top">I have reviewed this report on Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> of Cohen&nbsp;&amp; Steers REIT and Preferred Income Fund, Inc.; </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report; </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets,
and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top">The registrant&#146;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule <FONT STYLE="white-space:nowrap">30a-3(c)</FONT> under the
Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule <FONT STYLE="white-space:nowrap">30a-3(d)</FONT> under the Investment Company Act of 1940) for the registrant and have: </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top">evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within
90 days prior to the filing date of this report based on such evaluation; and </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">disclosed in this report any change in the registrant&#146;s internal control over financial reporting that
occurred during the period covered by this report that </P></TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="15%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top">The registrant&#146;s other certifying officer and I have disclosed to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent functions):
</TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record,
process, summarize, and report financial information; and </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting. </TD></TR></TABLE>
<P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="49%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:4.00em; font-size:12pt; font-family:Times New Roman">Date: March&nbsp;9, 2018</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>/s/ James Giallanza</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">James Giallanza</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Principal Financial Officer</TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906CT
<SEQUENCE>3
<FILENAME>d494170dex99906ct.htm
<DESCRIPTION>CERTIFICATIONS 906
<TEXT>
<HTML><HEAD>
<TITLE>Certifications 906</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B><FONT STYLE="white-space:nowrap">EX-99.906CERT</FONT> </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT 13 (b) </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>RULE <FONT
STYLE="white-space:nowrap">30a-2(b)</FONT> CERTIFICATIONS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">In connection with the Report of Cohen&nbsp;&amp; Steers REIT and Preferred
Income Fund, Inc. (the &#147;Company&#148;) on <FONT STYLE="white-space:nowrap">Form&nbsp;N-CSR</FONT> as filed with the Securities and Exchange Commission on the date hereof (the &#147;Report&#148;), I, Adam M. Derechin, Principal Executive Officer
of the Company, certify, pursuant to 18 U.S.C. &#167;1350, as adopted pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002, that: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">(1) The
Report fully complies with the requirements of Section&nbsp;13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">(2) The information
contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. </P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><U>/s/ Adam M. Derechin</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Adam M. Derechin</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Principal Executive Officer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Date: March&nbsp;9, 2018</TD></TR>
</TABLE></DIV>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT 13 (b) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>RULE <FONT STYLE="white-space:nowrap">30a-2(b)</FONT> CERTIFICATIONS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">In connection with the Report of Cohen&nbsp;&amp; Steers REIT and Preferred Income Fund, Inc. (the &#147;Company&#148;) on Form <FONT
STYLE="white-space:nowrap">N-CSR</FONT> as filed with the Securities and Exchange Commission on the date hereof (the &#147;Report&#148;), I, James Giallanza, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. &#167;1350, as
adopted pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002, that: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">(1) The Report fully complies with the requirements of Section&nbsp;13(a)
or 15(d) of the Securities Exchange Act of 1934, as applicable; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">(2) The information contained in the Report fairly presents, in all material
respects, the financial condition and results of operations of the Company. </P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><U>/s/ James Giallanza</U></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">James Giallanza</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Principal Financial Officer</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Date: March&nbsp;9, 2018</P></TD></TR>
</TABLE></DIV>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.13(C)
<SEQUENCE>4
<FILENAME>d494170dex9913c.htm
<DESCRIPTION>NOTIFICATION OF SOURCES OF DISTRIBUTION
<TEXT>
<HTML><HEAD>
<TITLE>Notification of Sources of Distribution</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 13(c) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Notification of Sources of Distribution </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Section&nbsp;19(a) of the Investment Company Act of 1940 </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><B>Cohen&nbsp;&amp; Steers REIT and Preferred Income Fund, Inc. (RNP) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">Cohen&nbsp;&amp; Steers REIT and Preferred Income Fund, Inc. (NYSE: RNP) (the &#147;Fund&#148;), acting in accordance with an exemptive order
received from the Securities and Exchange Commission and with approval of its Board of Directors, adopted a managed distribution policy under which the Fund intends to include long-term capital gains, where applicable, as part of the regular monthly
cash distributions to its shareholders. This policy will give the Fund greater flexibility to realize long-term capital gains and to distribute those gains on a regular monthly basis. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">The Board of Directors of the Fund declared a monthly distribution per share for the month of December 2017. Please review the following
information and important disclosures set forth below. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>
<TD WIDTH="26%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="24%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="24%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="23%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="bottom" ALIGN="center"><B><U>Amount of Distribution</U></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B><U><FONT STYLE="white-space:nowrap">Ex-Dividend</FONT> Date</U></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B><U>Record Date</U></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B><U>Payable Date</U></B></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL" ALIGN="center">$0.1240</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">December&nbsp;19, 2017</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">December&nbsp;20, 2017</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">December&nbsp;29, 2017</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">The following table sets forth the estimated amounts of the current distribution and the cumulative
distributions paid this fiscal <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">year-to-date</FONT></FONT> from the sources indicated in the table. All amounts are expressed per common share. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="14%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="14%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="14%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="14%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="4" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="4" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"><B>DISTRIBUTION ESTIMATES</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><B>December 2017</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">YEAR-TO-DATE</FONT></FONT> (YTD)</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>December&nbsp;30, 2017*</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #e5e5e5">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #e5e5e5; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"><B>Source</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #e5e5e5; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>Per Share</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>Amount</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>% of Current<BR>Distribution</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>Per Share</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>Amount</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #e5e5e5; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><B>% of 2017<BR>Distributions</B></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #e5e5e5; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Net Investment
Income</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #e5e5e5">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #e5e5e5; BORDER-BOTTOM:1px solid #e5e5e5">$0.1240</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #e5e5e5">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #e5e5e5">100.00%</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #e5e5e5">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #e5e5e5">$0.9280</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #e5e5e5; BORDER-BOTTOM:1px solid #e5e5e5">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #e5e5e5; padding-right:2pt">62.37%</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #e5e5e5; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Net&nbsp;Realized&nbsp;Short-Term&nbsp;Capital&nbsp;Gains</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #e5e5e5">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #e5e5e5; BORDER-BOTTOM:1px solid #e5e5e5">$0.0000</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #e5e5e5">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #e5e5e5">0.00%</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #e5e5e5">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #e5e5e5">$0.0000</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #e5e5e5; BORDER-BOTTOM:1px solid #e5e5e5">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #e5e5e5; padding-right:2pt">0.00%</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #e5e5e5; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Net&nbsp;Realized&nbsp;Long-Term&nbsp;Capital&nbsp;Gains</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #e5e5e5">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #e5e5e5; BORDER-BOTTOM:1px solid #e5e5e5">$0.0000</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #e5e5e5">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #e5e5e5">0.00%</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #e5e5e5">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #e5e5e5">$0.5600</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #e5e5e5; BORDER-BOTTOM:1px solid #e5e5e5">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #e5e5e5; padding-right:2pt">37.63%</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Return&nbsp;of&nbsp;Capital&nbsp;(or&nbsp;other&nbsp;Capital&nbsp;Source)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #e5e5e5">$0.0000</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000">0.00%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$0.0000</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #e5e5e5">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:2pt">0.00%</TD></TR>
<TR BGCOLOR="#e5e5e5" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Total Current Distribution</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>$0.1240</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>100.00%</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>$1.4880</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><B>100.00%</B></TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="justify"><B>You should not draw any conclusions about the Fund&#146;s investment performance from the amount of this distribution
or from the terms of the Fund&#146;s managed distribution policy. The amounts and sources of distributions reported in this Notice are only estimates, are likely to change over time, and are not being provided for tax reporting purposes.&nbsp;The
actual amounts and sources of the amounts for accounting and tax reporting purposes will depend upon the Fund&#146;s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations.&nbsp;The
amounts and sources of distributions <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">year-to-date</FONT></FONT> may be subject to additional adjustments. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify"><B>*THE FUND WILL SEND YOU A FORM <FONT STYLE="white-space:nowrap">1099-DIV</FONT> FOR THE CALENDAR YEAR THAT WILL TELL YOU HOW TO REPORT THESE
DISTRIBUTIONS FOR FEDERAL INCOME TAX PURPOSES. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">The Fund&#146;s
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Year-to-date</FONT></FONT> Cumulative Total Return for fiscal year 2017 (January 1, 2016 through November&nbsp;30, 2017) is set forth below. Shareholders should take note of the
relationship between the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Year-to-date</FONT></FONT> Cumulative Total Return with the Fund&#146;s Cumulative Distribution Rate for 2017. In addition, the Fund&#146;s Average Annual
Total Return for the five-year period ending November&nbsp;30, 2017 is set forth below. Shareholders should note the relationship between the Average Annual Total Return with the Fund&#146;s Current Annualized Distribution Rate for 2017. The
performance and distribution rate information disclosed in the table is based on the Fund&#146;s net asset value per share (NAV). The Fund&#146;s NAV is calculated as the total market value of all the securities and other assets held by the Fund
minus the total liabilities, divided by the total number of shares outstanding. While NAV performance may be indicative of the Fund&#146;s investment performance, it does not measure the value of a shareholder&#146;s individual investment in the
Fund. The value of a shareholder&#146;s investment in the Fund is determined by the Fund&#146;s market price, which is based on the supply and demand for the Fund&#146;s shares in the open market. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman"><B><I>Fund Performance and Distribution Rate Information</I></B>: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="65%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt">


<TR>
<TD></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="83%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD></TR>


<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e5" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e5e5"><B><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Year-to-date</FONT></FONT> January&nbsp;1, 2017 to
November&nbsp;30, 2017</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e5" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e5e5">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e5e5">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt" BGCOLOR="#e5e5e5">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Year-to-date</FONT></FONT> Cumulative Total Return<SUP STYLE="font-size:85%; vertical-align:top"></SUP><SUP
STYLE="font-size:85%; vertical-align:top">1</SUP><SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">12.64%</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">Cumulative Distribution
Rate<SUP STYLE="font-size:85%; vertical-align:top"></SUP><SUP STYLE="font-size:85%; vertical-align:top">2</SUP><SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">6.49%</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e5" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e5e5"><B>Since-inception period ending November&nbsp;30, 2017</B></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e5" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e5e5">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e5e5">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt" BGCOLOR="#e5e5e5">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">Average Annual Total
Return<SUP STYLE="font-size:85%; vertical-align:top"></SUP><SUP STYLE="font-size:85%; vertical-align:top">3</SUP><SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">13.19%</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Current Annualized Distribution Rate<SUP
STYLE="font-size:85%; vertical-align:top"></SUP><SUP STYLE="font-size:85%; vertical-align:top">4</SUP><SUP STYLE="font-size:85%; vertical-align:top"></SUP></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">6.49%</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>1</I>.</TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Year-to-date</FONT></FONT> Cumulative Total Return is the percentage change in the Fund&#146;s NAV over the <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">year-to-date</FONT></FONT> time period including distributions paid and assuming reinvestment of those distributions. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I></I>2<I>.</I></TD>
<TD ALIGN="left" VALIGN="top"><I></I>Cumulative Distribution Rate for the Fund&#146;s current fiscal period (January 1, 2017 through November&nbsp;30, 2017) measured on the dollar value of distributions in the <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">year-to-date</FONT></FONT> period as a percentage of the Fund&#146;s NAV as of November&nbsp;30, 2017. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top">Average Annual Total Return represents the compound average of the Annual NAV Total Returns of the Fund for the five-year period ending November&nbsp;30, 2017. Annual NAV Total Return is the percentage change in the
Fund&#146;s NAV over a year including distributions paid and assuming reinvestment of those distributions. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top">The Current Annualized Distribution Rate is the current fiscal period&#146;s distribution rate annualized as a percentage of the Fund&#146;s NAV as of November&nbsp;30, 2017. </TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">This Fund has a managed distribution policy that seeks to deliver the Fund&#146;s long term total return potential through regular monthly
distributions declared at a fixed rate per share. Distributions may be paid in part or in full from net investment income, realized capital gains and by returning capital, or a combination thereof. Shareholders should note, however, that if the
Fund&#146;s aggregate net investment income and net realized capital gains are less than the amount of the distribution level, the difference will be distributed from the Fund&#146;s assets and will constitute a return of the shareholder&#146;s
capital. A return of capital is not taxable; rather it reduces a shareholder&#146;s tax basis in his or her shares of the Fund. The Board of Directors of the Fund may amend, terminate or suspend the managed distribution policy at any time, which
could have an adverse effect on the market price of the Fund&#146;s shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify"><I>Shareholders should not use the information provided in
preparing their tax returns. Shareholders will receive a Form <FONT STYLE="white-space:nowrap">1099-DIV</FONT> for the calendar year indicating how to report fund distributions for federal income tax purposes. </I></P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
