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 EQUITIES COM 015271109 2,474 34,100 SH   SOLE   34,100 0 0
AMERICAN ASSETS TRUST INC COM 024013104 270 8,000 SH   SOLE   8,000 0 0
AMERICAN CAMPUS COMMUNITIES COM 024835100 967 25,900 SH   SOLE   25,900 0 0
AMERICAN REALTY CAPITAL PROP COM 02917T104 1,875 133,716 SH   SOLE   133,716 0 0
ANNALY CAPITAL MANAGEMENT IN COM 035710409 932 85,000 SH   SOLE   85,000 0 0
APARTMENT INVT + MGMT CO A CL A 03748R101 869 28,745 SH   SOLE   28,745 0 0
ARMOUR RESIDENTIAL REIT INC COM 042315101 494 120,000 SH   SOLE   120,000 0 0
ASHFORD HOSPITALITY PRIME IN COM 044102101 166 11,000 SH   SOLE   11,000 0 0
ASHFORD HOSPITALITY TRUST COM SHS 044103109 620 55,000 SH   SOLE   55,000 0 0
ASHFORD HOSPITALITY TRUST 9% CUM PFD SER E 044103505 1,211 45,000 SH   SOLE   45,000 0 0
ASSOCIATED ESTATES REALTY CP COM 045604105 3,602 212,628 SH   SOLE   212,628 0 0
AVALONBAY COMMUNITIES INC COM 053484101 3,529 26,875 SH   SOLE   26,875 0 0
BEAZER HOMES USA INC COM NEW 07556Q881 141 7,000 SH   SOLE   7,000 0 0
BIOMED REALTY TRUST INC COM 09063H107 1,332 65,000 SH   SOLE   65,000 0 0
BLACKROCK CREDIT ALL INC TR COM 092508100 263 19,451 SH   SOLE   19,451 0 0
BOSTON PROPERTIES INC COM 101121101 2,348 20,500 SH   SOLE   20,500 0 0
BRANDYWINE REALTY TRUST SH BEN INT NEW 105368203 2,390 165,300 SH   SOLE   165,300 0 0
CAMDEN PROPERTY TRUST SH BEN INT 133131102 337 5,000 SH   SOLE   5,000 0 0
CAMPUS CREST COMMUNITIES INC COM 13466Y105 217 25,000 SH   SOLE   25,000 0 0
CBL + ASSOCIATES PROPERTIES COM 124830100 1,491 84,000 SH   SOLE   84,000 0 0
CEDAR REALTY TRUST INC COM New 150602209 708 115,810 SH   SOLE   115,810 0 0
CHATHAM LODGING TRUST COM 16208T102 930 46,000 SH   SOLE   46,000 0 0
CHESAPEAKE LODGING TRUST SH BEN INT 165240102 1,845 71,700 SH   SOLE   71,700 0 0
COHEN + STEERS QUALITY RLTY COM 19247L106 1,056 100,297 SH   SOLE   100,297 0 0
CORPORATE OFFICE PROPERTIES SH BEN INT 22002T108 1,292 48,500 SH   SOLE   48,500 0 0
CUBESMART COM 229663109 257 15,000 SH   SOLE   15,000 0 0
DCT INDUSTRIAL TRUST INC COM 233153105 1,178 149,450 SH   SOLE   149,450 0 0
DDR CORP COM 23317H102 1,022 62,000 SH   SOLE   62,000 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 653 55,603 SH   SOLE   55,603 0 0
DIGITAL REALTY TRUST INC COM 253868103 1,911 36,000 SH   SOLE   36,000 0 0
DOUGLAS EMMETT INC COM 25960P109 1,067 39,322 SH   SOLE   39,322 0 0
DUKE REALTY CORP COM NEW 264411505 778 46,100 SH   SOLE   46,100 0 0
DUPONT FABROS TECHNOLOGY COM 26613Q106 373 15,500 SH   SOLE   15,500 0 0
EASTGROUP PROPERTIES INC COM 277276101 711 11,300 SH   SOLE   11,300 0 0
EATON VANCE ENHANCED EQUITY IN COM 278277108 465 35,188 SH   SOLE   35,188 0 0
EDUCATION REALTY TRUST INC COM 28140H104 165 16,737 SH   SOLE   16,737 0 0
EPR PROPERTIES COM SH BEN INT 26884U109 5,176 96,950 SH   SOLE   96,950 0 0
EPR PROPERTIES CONV PFD 9% SR E 26884U307 503 16,400 SH   SOLE   16,400 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 4,291 74,000 SH   SOLE   74,000 0 0
ESSEX PROPERTY TRUST INC COM 297178105 1,786 10,500 SH   SOLE   10,500 0 0
EXCEL TRUST INC COM 30068C109 1,440 113,568 SH   SOLE   113,568 0 0
FELCOR LODGING TRUST INC PFD CV A $1.95 31430F200 1,827 73,500 SH   SOLE   73,500 0 0
FIRST POTOMAC REALTY TRUST COM 33610F109 711 55,000 SH   SOLE   55,000 0 0
FRANKLIN STREET PROPERTIES C COM 35471R106 1,162 92,261 SH   SOLE   92,261 0 0
GENERAL GROWTH PROPERTIES COM 370023103 440 20,000 SH   SOLE   20,000 0 0
GETTY REALTY CORP COM 374297109 416 22,000 SH   SOLE   22,000 0 0
GLADSTONE COMMERCIAL CORP COM 376536108 394 22,742 SH   SOLE   22,742 0 0
GLIMCHER REALTY TRUST SH BEN INT 379302102 2,023 201,700 SH   SOLE   201,700 0 0
HCP INC COM 40414L109 4,520 116,530 SH   SOLE   116,530 0 0
HEALTH CARE REIT INC COM 42217K106 1,740 29,200 SH   SOLE   29,200 0 0
HEALTHCARE REALTY TRUST INC COM 421946104 611 25,300 SH   SOLE   25,300 0 0
HERSHA HOSPITALITY TRUST SH BEN INT A 427825104 2,277 390,583 SH   SOLE   390,583 0 0
HIGHWOODS PROPERTIES INC COM 431284108 1,921 50,000 SH   SOLE   50,000 0 0
HOME PROPERTIES INC COM 437306103 842 14,000 SH   SOLE   14,000 0 0
HOST HOTELS + RESORTS INC COM 44107P104 486 24,000 SH   SOLE   24,000 0 0
INDEPENDENCE REALTY TRUST IN COM 45378A106 1,813 203,514 SH   SOLE   203,514 0 0
INLAND REAL ESTATE CORP COM NEW 457461200 1,649 156,300 SH   SOLE   156,300 0 0
KILROY REALTY CORP COM 49427F108 1,675 28,600 SH   SOLE   28,600 0 0
KIMCO REALTY CORP COM 49446R109 2,407 110,000 SH   SOLE   110,000 0 0
KITE REALTY GROUP TRUST COM 49803T102 963 160,503 SH   SOLE   160,503 0 0
LASALLE HOTEL PROPERTIES COM SH BEN INT 517942108 313 10,000 SH   SOLE   10,000 0 0
LENNAR CORP A CL A 526057104 475 12,000 SH   SOLE   12,000 0 0
LEXINGTON REALTY TRUST COM 529043101 3,699 339,058 SH   SOLE   339,058 0 0
LIBERTY PROPERTY TRUST SH BEN INT 531172104 2,577 69,737 SH   SOLE   69,737 0 0
LTC PROPERTIES INC COM 502175102 2,216 58,897 SH   SOLE   58,897 0 0
MACERICH CO/THE COM 554382101 1,775 28,470 SH   SOLE   28,470 0 0
MACK CALI REALTY CORP COM 554489104 1,206 58,030 SH   SOLE   58,030 0 0
MEDICAL PROPERTIES TRUST INC COM 58463J304 4,442 347,320 SH   SOLE   347,320 0 0
MID AMERICA APARTMENT COMM COM 59522J103 1,229 18,000 SH   SOLE   18,000 0 0
MONMOUTH REIT CLASS A CL A 609720107 239 25,081 SH   SOLE   25,081 0 0
NATIONAL RETAIL PROPERTIES COM 637417106 4,324 126,000 SH   SOLE   126,000 0 0
NATL HEALTH INVESTORS INC COM 63633D104 3,565 58,958 SH   SOLE   58,958 0 0
NUVEEN REAL ESTATE INCOME FUND COM 67071B108 314 29,330 SH   SOLE   29,330 0 0
OMEGA HEALTHCARE INVESTORS COM 681936100 519 15,498 SH   SOLE   15,498 0 0
PEBBLEBROOK HOTEL TRUST COM 70509V100 1,455 43,100 SH   SOLE   43,100 0 0
PENN REAL ESTATE INVEST TST SH BEN INT 709102107 2,114 117,118 SH   SOLE   117,118 0 0
PHYSICIANS REALTY TRUST COM 71943U104 1,189 85,400 SH   SOLE   85,400 0 0
POST PROPERTIES INC COM 737464107 717 14,600 SH   SOLE   14,600 0 0
PROLOGIS INC COM 74340W103 2,004 49,088 SH   SOLE   49,088 0 0
PUBLIC STORAGE COM 74460D109 1,921 11,400 SH   SOLE   11,400 0 0
RAMCO GERSHENSON PROPERTIES TR COM SH BEN INT 751452202 2,265 138,928 SH   SOLE   138,928 0 0
REALTY INCOME CORP COM 756109104 2,121 51,900 SH   SOLE   51,900 0 0
REGENCY CENTERS CORP COM 758849103 255 5,000 SH   SOLE   5,000 0 0
RETAIL PROPERTIES OF AME A CL A 76131V202 677 50,000 SH   SOLE   50,000 0 0
RLJ LODGING TRUST COM 74965L101 1,054 39,400 SH   SOLE   39,400 0 0
RYMAN HOSPITALITY PROPERTIES COM 78377T107 255 6,000 SH   SOLE   6,000 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 1,715 61,500 SH   SOLE   61,500 0 0
SIMON PROPERTY GROUP INC COM 828806109 4,793 29,227 SH   SOLE   29,227 0 0
SL GREEN REALTY CORP COM 78440X101 2,304 22,900 SH   SOLE   22,900 0 0
SPIRIT REALTY CAPITAL INC COM 84860W102 230 20,952 SH   SOLE   20,952 0 0
STAG INDUSTRIAL INC COM 85254J102 1,957 81,209 SH   SOLE   81,209 0 0
STARWOOD HOTELS + RESORTS COM 85590A401 796 10,000 SH   SOLE   10,000 0 0
SUMMIT HOTEL PROPERTIES INC COM 866082100 540 58,203 SH   SOLE   58,203 0 0
SUN COMMUNITIES INC COM 866674104 2,807 62,256 SH   SOLE   62,256 0 0
SUNSTONE HOTEL INVESTORS INC CV 8% CUM PFD-D 867892507 2,805 108,739 SH   SOLE   108,739 0 0
SUPERTEL HOSPITALITY INC COM NEW 868526401 19 10,580 SH   SOLE   10,580 0 0
TAUBMAN CENTERS INC COM 876664103 354 5,000 SH   SOLE   5,000 0 0
UDR INC COM 902653104 1,007 39,000 SH   SOLE   39,000 0 0
UMH PROPERTIES INC CV RED PFD A 903002202 971 37,500 SH   SOLE   37,500 0 0
UMH PROPERTIES INC COM 903002103 537 54,896 SH   SOLE   54,896 0 0
URSTADT BIDDLE PROPERTIES, INC. CL A 917286205 866 41,900 SH   SOLE   41,900 0 0
VENTAS INC COM 92276F100 5,270 87,000 SH   SOLE   87,000 0 0
VORNADO REALTY TRUST SH BEN INT 929042109 4,715 47,835 SH   SOLE   47,835 0 0
WASHINGTON REIT SH BEN INT 939653101 669 28,000 SH   SOLE   28,000 0 0
WEINGARTEN REALTY INVESTORS SH BEN INT 948741103 2,295 76,500 SH   SOLE   76,500 0 0
WHITESTONE REIT COM 966084204 845 58,502 SH   SOLE   58,502 0 0
WP CAREY INC COM 92936U109 299 5,000 SH   SOLE   5,000 0 0