AEW Real Estate Income Fund as of December 31, 2006.BOSTON -- AEW AEW Airborne Early Warning AEW Air Expeditionary Wing AEW Airborne Electronic Warfare AEW Agr' Eau' Wat (Canadian agricultural consultant) AEW Amckerns Explosion Wars (Half Life community) Real Estate Income Fund (AMEX AMEX See: American Stock Exchange : RIF) had the following portfolio characteristics as of December 31, 2006: Portfolio Composition(a): * Common shares - 69.3% * Preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. - 29.2% * Cash & Other - 1.5% Top 10 Holdings(a): 1. Healthcare Realty Trust, Inc. - 3.89% 2. Senior Housing Properties Trust - 3.79% 3. Camden Property Trust - 3.78% 4. iStar Financial, Inc. - 3.50% 5. HRPT HRPT High-Resolution Picture Transmission HRPT High Rate Picture Transmission HRPT Hyperparathyroidism HRPT Highway Regulating Point Team Properties Trust - 3.13% 6. Urstadt Biddle Properties, Inc. - 3.07% 7. Liberty Property Trust - 2.82% 8. Kilroy Realty Corp. - 2.73% 9. Highwoods Properties, Inc. - 2.65% 10. Macerich Co. (The) - 2.46% Percentage of Total Assets in Top 10 Holdings - 31.82% Sector Allocation Sector allocation Investment of certain proportions of a portfolio in certain sectors. See: Industry allocation. (includes investments in common & preferred shares)(a): Office - 18.7% Healthcare - 16.5% Triple Net Lease - 12.3% Apartments - 11.3% Shopping Centers - 9.5% Industrial - 8.8% Regional Malls - 8.3% Hotels - 7.8% Diversified - 3.2% Outlet Centers - 1.1% Cash & Other - 1.5% Storage - 1.0% (a)Note: Percentages above based on gross assets. Issuer Allocation (includes investments in common and preferred shares): * 49 Issuers/64 Securities * No single security represents over 4.0% of gross assets * Only six securities represent over 3.0% of gross assets Portfolio Statistics: Inception Date: November 26, 2002 Leverage: The Fund has issued one series of auction market preferred shares of $28,000,000. The preferred shares represented approximately 35% of the fund's capital immediately after their issuance. The preferred shares leverage shareholders' investments in the common shares. Total Net Assets Net assets The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand. net assets See owners' equity. : $ 94,440,829 (as of 12/31/06) Total Gross Assets: $ 122,963,397 (as of 12/31/06) Market Price: $ 21.70 (as of 12/31/06) NAV See navigation system and navigation bar. : $ 24.64 (as of 12/31/06) The AEW Real Estate Income Fund's primary investment objective is high current income; its secondary investment objective is capital appreciation. The Fund currently seeks to achieve its investment objectives by investing primarily in common and preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. issued by real estate investment trusts and other real estate companies. The Fund's portfolio manager is Matthew A. Troxell, CFA (Computer Fraud and Abuse Act of 1986) Signed into law in 1986, the CFA was a significant step forward in criminalizing unauthorized access to computer systems and networks. The Act applies to "federal interest computers" that include any system used by the U.S. . Jeffrey P. Caira, J. Hall Jones, Jr., CFA, and Roman Ranocha, CFA, are co-portfolio managers of the Fund. The AEW Real Estate Income Fund, a non-diversified closed-end investment Closed-End Investment When an investment company issues a fixed number of shares in an actively managed portfolio of securities. The shares are traded in the market just like common stock. Notes: Most mutual funds are open-end funds, not closed-end. management company, is advised by AEW Management and Advisors, L.P., an affiliate of AEW Capital Management, L.P. (AEW), which is a subsidiary of IXIS Asset Management US Group, L.P. AEW is a real estate investment manager, providing advisory services to investors worldwide, focusing on directly held real estate assets, real estate equity securities, real estate opportunity funds and international investment. AEW and its affiliates currently manage over $30 billion1 of capital, which is invested in $41.5 billion1 of real estate and securities in North America, Europe and Asia. For further information, visit www.aew.com or www.ixisag.com/aew_rif/. 1As of 12/31/06 |
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