The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ALEXANDRIA REAL ESTATE EQUIT COM 015271109 2,241 34,100 SH   SOLE   34,100 0 0
AMERICAN ASSETS TRUST INC COM 024013104 247 8,000 SH   SOLE   8,000 0 0
AMERICAN CAMPUS COMMUNITIES COM 024835100 1,053 25,900 SH   SOLE   25,900 0 0
AMERICAN REALTY CAPITAL PROP COM 02917T104 458 30,000 SH   SOLE   30,000 0 0
ANNALY CAPITAL MANAGEMENT IN COM 035710409 1,068 85,000 SH   SOLE   85,000 0 0
APARTMENT INVT + MGMT CO A CL A 03748R101 863 28,745 SH   SOLE   28,745 0 0
ARMOUR RESIDENTIAL REIT INC COM 042315101 565 120,000 SH   SOLE   120,000 0 0
ASHFORD HOSPITALITY TRUST COM SHS 044103109 630 55,000 SH   SOLE   55,000 0 0
ASHFORD HOSPITALITY TRUST 9% CUM PFD SER E 044103505 1,185 45,000 SH   SOLE   45,000 0 0
ASSOCIATED ESTATES REALTY CP COM 045604105 3,419 212,628 SH   SOLE   212,628 0 0
AVALONBAY COMMUNITIES INC COM 053484101 3,626 26,875 SH   SOLE   26,875 0 0
BEAZER HOMES USA INC COM NEW 07556Q881 123 7,000 SH   SOLE   7,000 0 0
BIOMED REALTY TRUST INC COM 09063H107 1,315 65,000 SH   SOLE   65,000 0 0
BLACKROCK CREDIT ALL INC TR COM 092508100 252 19,451 SH   SOLE   19,451 0 0
BOSTON PROPERTIES INC COM 101121101 2,162 20,500 SH   SOLE   20,500 0 0
BRANDYWINE REALTY TRUST SH BEN INT NEW 105368203 2,235 165,300 SH   SOLE   165,300 0 0
BRE PROPERTIES INC CL A 05564E106 1,240 24,800 SH   SOLE   24,800 0 0
CAMDEN PROPERTY TRUST SH BEN INT 133131102 346 5,000 SH   SOLE   5,000 0 0
CAMPUS CREST COMMUNITIES INC COM 13466Y105 289 25,000 SH   SOLE   25,000 0 0
CBL + ASSOCIATES PROPERTIES COM 124830100 1,799 84,000 SH   SOLE   84,000 0 0
CEDAR REALTY TRUST INC COM New 150602209 600 115,810 SH   SOLE   115,810 0 0
CHATHAM LODGING TRUST COM 16208T102 790 46,000 SH   SOLE   46,000 0 0
CHESAPEAKE LODGING TRUST SH BEN INT 165240102 1,491 71,700 SH   SOLE   71,700 0 0
COHEN + STEERS INFRASTRUCTURE COM 19248A109 572 30,278 SH   SOLE   30,278 0 0
COHEN + STEERS QUALITY RLTY COM 19247L106 1,126 100,297 SH   SOLE   100,297 0 0
CORPORATE OFFICE PROPERTIES SH BEN INT 22002T108 1,237 48,500 SH   SOLE   48,500 0 0
CUBESMART COM 229663109 400 15,000 SH   SOLE   15,000 0 0
DCT INDUSTRIAL TRUST INC COM 233153105 1,069 149,500 SH   SOLE   149,500 0 0
DDR CORP COM 23317H102 1,032 62,000 SH   SOLE   62,000 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 518 55,603 SH   SOLE   55,603 0 0
DIGITAL REALTY TRUST INC COM 253868103 2,196 36,000 SH   SOLE   36,000 0 0
DOUGLAS EMMETT INC COM 25960P109 981 39,322 SH   SOLE   39,322 0 0
DUKE REALTY CORP COM NEW 264411505 719 46,100 SH   SOLE   46,100 0 0
DUPONT FABROS TECHNOLOGY COM 26613Q106 386 16,000 SH   SOLE   16,000 0 0
EASTGROUP PROPERTIES INC COM 277276101 973 17,300 SH   SOLE   17,300 0 0
EATON VANCE ENHANCED EQUITY IN COM 278277108 407 35,388 SH   SOLE   35,388 0 0
EDUCATION REALTY TRUST INC COM 28140H104 171 16,737 SH   SOLE   16,737 0 0
EPR PROPERTIES COM SH BEN INT 26884U109 4,472 88,950 SH   SOLE   88,950 0 0
EQUITY ONE INC COM 294752100 894 39,500 SH   SOLE   39,500 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 4,296 74,000 SH   SOLE   74,000 0 0
ESSEX PROPERTY TRUST INC COM 297178105 1,669 10,500 SH   SOLE   10,500 0 0
EXCEL TRUST INC COM 30068C109 1,455 113,568 SH   SOLE   113,568 0 0
FELCOR LODGING TRUST INC COM 31430F101 59 10,000 SH   SOLE   10,000 0 0
FELCOR LODGING TRUST INC PFD CV A $1.95 31430F200 1,796 73,000 SH   SOLE   73,000 0 0
FIRST POTOMAC REALTY TRUST COM 33610F109 718 55,000 SH   SOLE   55,000 0 0
FRANKLIN STREET PROPERTIES C COM 35471R106 826 62,595 SH   SOLE   62,595 0 0
GENERAL GROWTH PROPERTIES COM 370023103 397 20,000 SH   SOLE   20,000 0 0
GETTY REALTY CORP COM 374297109 454 22,000 SH   SOLE   22,000 0 0
GLADSTONE COMMERCIAL CORP COM 376536108 238 12,742 SH   SOLE   12,742 0 0
GLIMCHER REALTY TRUST SH BEN INT 379302102 2,203 201,700 SH   SOLE   201,700 0 0
HCP INC COM 40414L109 5,295 116,530 SH   SOLE   116,530 0 0
HEALTH CARE REIT INC COM 42217K106 1,957 29,200 SH   SOLE   29,200 0 0
HEALTHCARE REALTY TRUST INC COM 421946104 645 25,300 SH   SOLE   25,300 0 0
HERSHA HOSPITALITY TRUST SH BEN INT A 427825104 2,203 390,583 SH   SOLE   390,583 0 0
HIGHWOODS PROPERTIES INC COM 431284108 1,781 50,000 SH   SOLE   50,000 0 0
HOME PROPERTIES INC COM 437306103 523 8,000 SH   SOLE   8,000 0 0
HOST HOTELS + RESORTS INC COM 44107P104 405 24,000 SH   SOLE   24,000 0 0
HYATT HOTELS CORP CL A COM CL A 448579102 505 12,500 SH   SOLE   12,500 0 0
INLAND REAL ESTATE CORP COM NEW 457461200 1,597 156,300 SH   SOLE   156,300 0 0
INVESTORS REAL ESTATE TRUST SH BEN INT 461730103 479 55,700 SH   SOLE   55,700 0 0
KILROY REALTY CORP COM 49427F108 1,516 28,600 SH   SOLE   28,600 0 0
KIMCO REALTY CORP COM 49446R109 2,357 110,000 SH   SOLE   110,000 0 0
KITE REALTY GROUP TRUST COM 49803T102 968 160,503 SH   SOLE   160,503 0 0
LAS VEGAS SANDS CORP COM 517834107 265 5,000 SH   SOLE   5,000 0 0
LASALLE HOTEL PROPERTIES COM SH BEN INT 517942108 247 10,000 SH   SOLE   10,000 0 0
LENNAR CORP A CL A 526057104 432 12,000 SH   SOLE   12,000 0 0
LEXINGTON REALTY TRUST COM 529043101 3,376 289,058 SH   SOLE   289,058 0 0
LIBERTY PROPERTY TRUST SH BEN INT 531172104 2,577 69,737 SH   SOLE   69,737 0 0
LTC PROPERTIES INC COM 502175102 2,300 58,897 SH   SOLE   58,897 0 0
MACERICH CO/THE COM 554382101 1,736 28,470 SH   SOLE   28,470 0 0
MACK CALI REALTY CORP COM 554489104 1,421 58,030 SH   SOLE   58,030 0 0
MEDICAL PROPERTIES TRUST INC COM 58463J304 4,644 324,320 SH   SOLE   324,320 0 0
MID AMERICA APARTMENT COMM COM 59522J103 1,220 18,000 SH   SOLE   18,000 0 0
MPG OFFICE TRUST INC COM 553274101 75 24,000 SH   SOLE   24,000 0 0
NATIONAL RETAIL PROPERTIES COM 637417106 4,623 134,400 SH   SOLE   134,400 0 0
NATL HEALTH INVESTORS INC COM 63633D104 3,230 53,958 SH   SOLE   53,958 0 0
NUVEEN REAL ESTATE INCOME FUND COM 67071B108 349 29,330 SH   SOLE   29,330 0 0
OMEGA HEALTHCARE INVESTORS COM 681936100 481 15,498 SH   SOLE   15,498 0 0
ONE LIBERTY PROPERTIES INC COM 682406103 982 44,712 SH   SOLE   44,712 0 0
PARKWAY PROPERTIES INC COM 70159Q104 335 20,000 SH   SOLE   20,000 0 0
PEBBLEBROOK HOTEL TRUST COM 70509V100 1,114 43,100 SH   SOLE   43,100 0 0
PENN REAL ESTATE INVEST TST SH BEN INT 709102107 1,645 87,118 SH   SOLE   87,118 0 0
POST PROPERTIES INC COM 737464107 723 14,600 SH   SOLE   14,600 0 0
PROLOGIS INC COM 74340W103 1,852 49,088 SH   SOLE   49,088 0 0
PUBLIC STORAGE COM 74460D109 2,668 17,400 SH   SOLE   17,400 0 0
RAMCO GERSHENSON PROPERTIES TR COM SH BEN INT 751452202 2,158 138,928 SH   SOLE   138,928 0 0
REALTY INCOME CORP COM 756109104 1,337 31,900 SH   SOLE   31,900 0 0
REGENCY CENTERS CORP COM 758849103 970 19,100 SH   SOLE   19,100 0 0
RETAIL OPPORTUNITY INVESTMEN COM 76131N101 278 20,000 SH   SOLE   20,000 0 0
RETAIL PROPERTIES OF AME A CL A 76131V202 714 50,000 SH   SOLE   50,000 0 0
RLJ LODGING TRUST COM 74965L101 886 39,400 SH   SOLE   39,400 0 0
RYMAN HOSPITALITY PROPERTIES COM 78377T107 234 6,000 SH   SOLE   6,000 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 1,606 61,500 SH   SOLE   61,500 0 0
SIMON PROPERTY GROUP INC COM 828806109 4,458 28,227 SH   SOLE   28,227 0 0
SL GREEN REALTY CORP COM 78440X101 2,020 22,900 SH   SOLE   22,900 0 0
SPIRIT REALTY CAPITAL INC COM 84860F109 195 11,000 SH   SOLE   11,000 0 0
ST JOE CO/THE COM 790148100 105 5,000 SH   SOLE   5,000 0 0
STAG INDUSTRIAL INC COM 85254J102 1,620 81,209 SH   SOLE   81,209 0 0
SUMMIT HOTEL PROPERTIES INC COM 866082100 550 58,203 SH   SOLE   58,203 0 0
SUN COMMUNITIES INC COM 866674104 2,600 52,256 SH   SOLE   52,256 0 0
SUNSTONE HOTEL INVESTORS CV 8% CUM PFD-D 867892507 2,854 108,739 SH   SOLE   108,739 0 0
SUPERTEL HOSPITALITY INC COM 868526104 79 84,642 SH   SOLE   84,642 0 0
TAUBMAN CENTERS INC COM 876664103 376 5,000 SH   SOLE   5,000 0 0
UDR INC COM 902653104 994 39,000 SH   SOLE   39,000 0 0
UMH PROPERTIES INC CV RED PFD A 903002202 991 37,500 SH   SOLE   37,500 0 0
UMH PROPERTIES INC COM 903002103 362 35,284 SH   SOLE   35,284 0 0
URSTADT BIDDLE PROPERTIES, INC. CL A 917286205 843 41,800 SH   SOLE   41,800 0 0
VENTAS INC COM 92276F100 5,862 84,397 SH   SOLE   84,397 0 0
VORNADO REALTY TRUST SH BEN INT 929042109 3,673 44,335 SH   SOLE   44,335 0 0
WASHINGTON REIT SH BEN INT 939653101 754 28,000 SH   SOLE   28,000 0 0
WEINGARTEN REALTY INVESTORS SH BEN INT 948741103 2,354 76,500 SH   SOLE   76,500 0 0
WHITESTONE REIT COM 966084204 37 2,329 SH   SOLE   2,329 0 0
WP CAREY INC COM 92936U109 331 5,000 SH   SOLE   5,000 0 0