Can't say that IGR didn't warn us. The Annual Report dated 12/31/07 and released in early March 2008 had the following paragraph:

"The board is reviewing the sustainability of our regular monthly dividend in light of the substantial dividends that have been paid out over the last two years and the difficult market environment. The Fund made substantial total distributions in each of the last two years which were well above the regular dividend level of $1.38 per year. The total payouts, $3.22 per share in 2007 and $3.265 per share in 2006, were necessary given the high level of income and capital gains achieved. The payouts have been a boon to our shareholders but have been a drain on the Fund’s assets which affects its ability to generate income for future dividends. In past years, a rising market has restored the capital value of the fund even as we made large special distributions and paid out the income we received on our investments. The sharp declines last year in REIT stock prices and REIT preferred stock prices have created a more difficult environment for funds focused on delivering consistent income payments to shareholders"

I almost made an incremental buy on IGR this afternoon but decided to wait for the dividend declaration.

Best,

Steve