JULY 31, 2007 (UNAUDITED)
SCHEDULE OF INVESTMENTS Realty Income Fund Inc.
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NUMBER OF SHARES MARKET VALUE(+) NUMBER OF SHARES MARKET VALUE(+)
($000's omitted) ($000's omitted)
COMMON STOCKS (113.1%) 80,000 Mack-Cali Realty 3,088
APARTMENTS (14.3%) 935,400 Maguire Properties 26,762
502,800 Apartment Investment & ---------
Management 21,243(E) 98,159
410,500 Archstone-Smith Trust 23,567 OFFICE - INDUSTRIAL (1.8%)
458,800 Camden Property Trust 25,216 272,200 Liberty Property Trust 10,210(E)
249,900 Education Realty Trust 3,286
171,100 Home Properties 7,922 REGIONAL MALLS (9.0%)
---------- 111,000 CBL & Associates Properties 3,540
81,234 452,700 Glimcher Realty Trust 9,624(E)
COMMERCIAL FINANCING (11.0%) 104,700 Macerich Co. 7,659
442,000 Capital Trust 13,671(00) 177,600 Pennsylvania REIT 6,916(E)
67,300 CBRE Realty Finance 624 266,576 Simon Property Group 23,067(E)
885,300 Crystal River Capital 15,395 ---------
635,200 Gramercy Capital 15,366 50,806
1,726,500 NorthStar Realty Finance 17,420 SELF STORAGE (2.1%)
--------- 175,100 Extra Space Storage 2,458
62,476 119,700 Public Storage, Depositary
COMMUNITY CENTERS (13.7%) Shares 3,080
331,100 Ramco-Gershenson Properties 131,500 Sovran Self Storage 5,668
Trust 10,661 61,200 U-Store-It Trust 876
619,603 Regency Centers 40,194(E) ---------
809,400 Tanger Factory Outlet 12,082
Centers 27,058(E) TOTAL COMMON STOCKS
--------- (COST $486,115) 641,180
77,913 ---------
DIVERSIFIED (15.7%) PREFERRED STOCKS (24.1%)
644,800 Colonial Properties Trust 22,304(E)
6,900 Crescent Real Estate APARTMENTS (3.6%)
Equities 156 138,000 Apartment Investment &
822,400 iStar Financial 29,878(OO) Management, Ser. T 3,450(OO)
629,800 Lexington Realty Trust 11,884(E) 377,800 Mid-America Apartment
168,500 Macquarie Infrastructure 6,704 Communities, Ser. H 9,469
167,100 Vornado Realty Trust 17,885(E) 151,300 Post Properties, Ser. A 7,565
--------- ---------
88,811 20,484
HEALTH CARE (16.7%) COMMERCIAL FINANCING (2.4%)
642,800 Health Care Property 156,000 Anthracite Capital, Ser. C 3,136
Investors 17,510(E) 200,000 Anthracite Capital, Ser. D 3,292
382,400 Health Care REIT 14,038(E) 146,500 Newcastle Investment,
37,300 Healthcare Realty Trust 866 Ser. D 2,556
563,700 Nationwide Health 240,000 NorthStar Realty Finance,
Properties 13,433 Ser. B 4,872
451,700 OMEGA Healthcare Investors 5,840 ---------
1,312,900 Ventas, Inc. 42,827 13,856
--------- COMMUNITY CENTERS (1.4%)
94,514 66,000 Developers Diversified
INDUSTRIAL (11.3%) Realty, Ser. I 1,644
2,274,400 DCT Industrial Trust 22,289 49,600 Ramco-Gershenson Properties
628,000 EastGroup Properties 25,899 Trust, Ser. B 1,240
403,400 First Industrial Realty 85,500 Saul Centers, Ser. A 2,137
Trust 15,615(E) 115,000 Tanger Factory Outlet
--------- Centers, Ser. C 2,844(E)
63,803 ---------
LODGING (0.2%) 7,865
114,700 Ashford Hospitality Trust 1,172(E) DIVERSIFIED (5.2%)
398,600 Crescent Real Estate
OFFICE (17.3%) Equities, Ser. B 10,125
3,317,000 American Financial Realty 200,000 iStar Financial, Ser. E 4,868
Trust 29,090
461,379 Brandywine Realty Trust 11,129(E)
408,600 Highwoods Properties 13,292(E)
341,000 HRPT Properties Trust 3,188
180,200 Kilroy Realty 11,610
See Notes to Schedule of Investments
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