AEW Real Estate Income Fund as of June 30, 2005.BOSTON Boston, town, England Boston, town (1991 pop. 26,495), E central England, on the Witham River. Boston's fame as a port dates from the 13th cent., when it was a Hanseatic port trading wool and wine. Having recovered from a decline in the 18th and 19th cent. -- 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 Rif (rĭf) or Rif Atlas, range of the Atlas Mts., NE Morocco, NW Africa, curving along the Mediterranean coast from Ceuta to Melilla. Tidighin (8,056 ft/2,455 m) is the highest peak. ) had the following portfolio characteristics as of June 30, 2005:
Portfolio Composition(a):
-- Common shares - 71.8%
-- Preferred shares - 27.6%
-- Cash - 0.6%
Top 10 Holdings(a):
1. Healthcare Realty Trust, Inc. - 4.1%
2. Camden Property Trust - 3.9%
3. HRPT Properties Trust - 3.4%
4. Senior Housing Properties Trust - 3.2%
5. iStar Financial Inc. - 3.1%
6. Heritage Property Investment Trust - 2.9%
7. Mack Cali Realty Corp. - 2.7%
8. Gables Residential Trust - 2.7%
9. Liberty Property Trust - 2.7%
10.Urstadt Biddle Properties, Inc.- 2.6%
Percentage of Total Assets in Top 10 Holdings - 31.3%
Sector Allocation (includes investments in common & preferred
shares)(a):
Office & Industrial - 31.3%
Retail - 22.5%
Residential - 14.5%
Healthcare - 13.3%
Net Lease - 9.2%
Hotel - 7.4%
Other - 1.2%
Cash - 0.6%
(a)Note: Percentages above based on gross assets.
Issuer Allocation (includes investments in common and preferred
shares):
-- 52 Issuers/66 Securities
-- No single security represents over 4.1% of gross assets
-- Only five securities represent over 3.0% of gross assets
Portfolio Statistics:
Inception Date: November 29, 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
shares leverage shareholders' investments in the
common shares.
Total Net Assets: $ 85,124,504 (as of 6/30/05)
Total Gross Assets: $ 114,381,604 (as of 6/30/05)
Market Price: $ 18.80 (as of 6/30/05)
NAV: $ 22.21 (as of 6/30/05)
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 assistant 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 North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , L.P. AEW is a real estate investment manager, providing advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal 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 $20 billion of capital, which is invested in $32.2 billion of real estate and securities in North America and Europe. For further information, visit www.aew.com or www.ixisag.com/aew_rif/. |
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