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
AGREE REALTY CORP COM 008492100 581 19,216 SH   SOLE   19,216 0 0
ALEXANDRIA REAL ESTATE EQUIT COM 015271109 2,648 34,100 SH   SOLE   34,100 0 0
AMERICAN CAMPUS COMMUNITIES COM 024835100 990 25,900 SH   SOLE   25,900 0 0
AMERICAN REALTY CAPITAL PROP COM 02917T104 2,365 188,716 SH   SOLE   188,716 0 0
ANNALY CAPITAL MANAGEMENT IN COM 035710409 972 85,000 SH   SOLE   85,000 0 0
APARTMENT INVT + MGMT CO A CL A 03748R101 928 28,745 SH   SOLE   28,745 0 0
ARMOUR RESIDENTIAL REIT INC COM 042315101 520 120,000 SH   SOLE   120,000 0 0
ASHFORD HOSPITALITY PRIME IN COM 044102101 189 11,000 SH   SOLE   11,000 0 0
ASHFORD HOSPITALITY TRUST COM SHS 044103109 635 55,000 SH   SOLE   55,000 0 0
ASHFORD HOSPITALITY TRUST 9% CUM PFD SER E 044103505 1,240 45,000 SH   SOLE   45,000 0 0
ASSOCIATED ESTATES REALTY CP COM 045604105 3,831 212,600 SH   SOLE   212,600 0 0
AVALONBAY COMMUNITIES INC COM 053484101 3,821 26,875 SH   SOLE   26,875 0 0
BEAZER HOMES USA INC COM NEW 07556Q881 147 7,000 SH   SOLE   7,000 0 0
BIOMED REALTY TRUST INC COM 09063H107 1,419 65,000 SH   SOLE   65,000 0 0
BLACKROCK CREDIT ALL INC TR COM 092508100 267 19,451 SH   SOLE   19,451 0 0
BOSTON PROPERTIES INC COM 101121101 2,423 20,500 SH   SOLE   20,500 0 0
BRANDYWINE REALTY TRUST SH BEN INT NEW 105368203 2,579 165,300 SH   SOLE   165,300 0 0
BRIXMOR PROPERTY GROUP INC COM 11120U105 115 5,000 SH   SOLE   5,000 0 0
CAMDEN PROPERTY TRUST SH BEN INT 133131102 356 5,000 SH   SOLE   5,000 0 0
CAMPUS CREST COMMUNITIES INC COM 13466Y105 291 33,628 SH   SOLE   33,628 0 0
CBL + ASSOCIATES PROPERTIES COM 124830100 1,596 84,000 SH   SOLE   84,000 0 0
CEDAR REALTY TRUST INC COM New 150602209 689 110,316 SH   SOLE   110,316 0 0
CHAMBERS STREET PROPERTIES COM 157842105 321 39,900 SH   SOLE   39,900 0 0
CHATHAM LODGING TRUST COM 16208T102 1,007 46,000 SH   SOLE   46,000 0 0
CHESAPEAKE LODGING TRUST SH BEN INT 165240102 2,167 71,700 SH   SOLE   71,700 0 0
CITY OFFICE REIT INC COM 178587101 1,014 80,000 SH   SOLE   80,000 0 0
COHEN + STEERS QUALITY RLTY COM 19247L106 1,128 100,297 SH   SOLE   100,297 0 0
CORPORATE OFFICE PROPERTIES SH BEN INT 22002T108 1,349 48,500 SH   SOLE   48,500 0 0
CUBESMART COM 229663109 275 15,000 SH   SOLE   15,000 0 0
DCT INDUSTRIAL TRUST INC COM 233153105 1,227 149,450 SH   SOLE   149,450 0 0
DDR CORP COM 23317H102 1,093 62,000 SH   SOLE   62,000 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 713 55,603 SH   SOLE   55,603 0 0
DIGITAL REALTY TRUST INC COM 253868103 2,391 41,000 SH   SOLE   41,000 0 0
DOUGLAS EMMETT INC COM 25960P109 1,110 39,322 SH   SOLE   39,322 0 0
DUKE REALTY CORP COM NEW 264411505 837 46,100 SH   SOLE   46,100 0 0
DUPONT FABROS TECHNOLOGY COM 26613Q106 1,092 40,500 SH   SOLE   40,500 0 0
EASTGROUP PROPERTIES INC COM 277276101 333 5,179 SH   SOLE   5,179 0 0
EATON VANCE ENHANCED EQUITY IN COM 278277108 474 35,188 SH   SOLE   35,188 0 0
EDUCATION REALTY TRUST INC COM 28140H104 287 26,737 SH   SOLE   26,737 0 0
EPR PROPERTIES COM SH BEN INT 26884U109 5,417 96,950 SH   SOLE   96,950 0 0
EPR PROPERTIES CONV PFD 9% SR E 26884U307 513 16,400 SH   SOLE   16,400 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 4,662 74,000 SH   SOLE   74,000 0 0
ESSEX PROPERTY TRUST INC COM 297178105 1,942 10,500 SH   SOLE   10,500 0 0
EXCEL TRUST INC COM 30068C109 1,514 113,568 SH   SOLE   113,568 0 0
FARMLAND PARTNERS INC COM 31154R109 590 45,000 SH   SOLE   45,000 0 0
FELCOR LODGING TRUST INC PFD CV A $1.95 31430F200 1,919 73,500 SH   SOLE   73,500 0 0
FIRST POTOMAC REALTY TRUST COM 33610F109 722 55,000 SH   SOLE   55,000 0 0
FRANKLIN STREET PROPERTIES C COM 35471R106 792 62,990 SH   SOLE   62,990 0 0
GENERAL GROWTH PROPERTIES COM 370023103 471 20,000 SH   SOLE   20,000 0 0
GETTY REALTY CORP COM 374297109 420 22,000 SH   SOLE   22,000 0 0
GLADSTONE COMMERCIAL CORP COM 376536108 406 22,742 SH   SOLE   22,742 0 0
GLIMCHER REALTY TRUST SH BEN INT 379302102 2,184 201,700 SH   SOLE   201,700 0 0
GRAMERCY PROPERTY TRUST INC COM 38489R100 303 50,000 SH   SOLE   50,000 0 0
HCP INC COM 40414L109 4,822 116,530 SH   SOLE   116,530 0 0
HEALTH CARE REIT INC COM 42217K106 1,830 29,200 SH   SOLE   29,200 0 0
HEALTHCARE REALTY TRUST INC COM 421946104 1,024 40,300 SH   SOLE   40,300 0 0
HERSHA HOSPITALITY TRUST SH BEN INT A 427825104 2,621 390,583 SH   SOLE   390,583 0 0
HIGHWOODS PROPERTIES INC COM 431284108 2,098 50,000 SH   SOLE   50,000 0 0
HOME PROPERTIES INC COM 437306103 895 14,000 SH   SOLE   14,000 0 0
HOST HOTELS + RESORTS INC COM 44107P104 528 24,000 SH   SOLE   24,000 0 0
INDEPENDENCE REALTY TRUST IN COM 45378A106 1,925 203,514 SH   SOLE   203,514 0 0
INLAND REAL ESTATE CORP COM NEW 457461200 1,661 156,300 SH   SOLE   156,300 0 0
INVESTORS REAL ESTATE TRUST SH BEN INT 461730103 210 22,746 SH   SOLE   22,746 0 0
KILROY REALTY CORP COM 49427F108 1,781 28,600 SH   SOLE   28,600 0 0
KIMCO REALTY CORP COM 49446R109 2,528 110,000 SH   SOLE   110,000 0 0
KITE REALTY GROUP TRUST COM 49803T102 985 160,503 SH   SOLE   160,503 0 0
LASALLE HOTEL PROPERTIES COM SH BEN INT 517942108 353 10,000 SH   SOLE   10,000 0 0
LEXINGTON REALTY TRUST COM 529043101 3,733 339,058 SH   SOLE   339,058 0 0
LIBERTY PROPERTY TRUST SH BEN INT 531172104 2,645 69,737 SH   SOLE   69,737 0 0
LTC PROPERTIES INC COM 502175102 2,299 58,897 SH   SOLE   58,897 0 0
MACERICH CO/THE COM 554382101 1,900 28,470 SH   SOLE   28,470 0 0
MACK CALI REALTY CORP COM 554489104 1,246 58,030 SH   SOLE   58,030 0 0
MEDICAL PROPERTIES TRUST INC COM 58463J304 4,863 367,320 SH   SOLE   367,320 0 0
MID AMERICA APARTMENT COMM COM 59522J103 1,315 18,000 SH   SOLE   18,000 0 0
NATIONAL RETAIL PROPERTIES COM 637417106 4,686 126,000 SH   SOLE   126,000 0 0
NATL HEALTH INVESTORS INC COM 63633D104 3,688 58,958 SH   SOLE   58,958 0 0
NUVEEN REAL ESTATE INCOME FUND COM 67071B108 565 50,529 SH   SOLE   50,529 0 0
OMEGA HEALTHCARE INVESTORS COM 681936100 571 15,498 SH   SOLE   15,498 0 0
ONE LIBERTY PROPERTIES INC COM 682406103 243 11,391 SH   SOLE   11,391 0 0
PEBBLEBROOK HOTEL TRUST COM 70509V100 1,593 43,100 SH   SOLE   43,100 0 0
PENN REAL ESTATE INVEST TST SH BEN INT 709102107 2,402 127,628 SH   SOLE   127,628 0 0
PHYSICIANS REALTY TRUST COM 71943U104 1,398 97,148 SH   SOLE   97,148 0 0
POST PROPERTIES INC COM 737464107 781 14,600 SH   SOLE   14,600 0 0
PROLOGIS INC COM 74340W103 2,017 49,088 SH   SOLE   49,088 0 0
PUBLIC STORAGE COM 74460D109 1,953 11,400 SH   SOLE   11,400 0 0
RAMCO GERSHENSON PROPERTIES TR COM SH BEN INT 751452202 1,994 120,000 SH   SOLE   120,000 0 0
REALTY INCOME CORP COM 756109104 2,305 51,900 SH   SOLE   51,900 0 0
RETAIL OPPORTUNITY INVESTMEN COM 76131N101 236 15,000 SH   SOLE   15,000 0 0
RETAIL PROPERTIES OF AME A CL A 76131V202 377 24,500 SH   SOLE   24,500 0 0
RLJ LODGING TRUST COM 74965L101 1,283 44,400 SH   SOLE   44,400 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 1,766 61,500 SH   SOLE   61,500 0 0
SIMON PROPERTY GROUP INC COM 828806109 4,860 29,227 SH   SOLE   29,227 0 0
SL GREEN REALTY CORP COM 78440X101 2,505 22,900 SH   SOLE   22,900 0 0
SPIRIT REALTY CAPITAL INC COM 84860W102 590 51,952 SH   SOLE   51,952 0 0
STAG INDUSTRIAL INC COM 85254J102 1,950 81,209 SH   SOLE   81,209 0 0
SUMMIT HOTEL PROPERTIES INC COM 866082100 1,041 98,203 SH   SOLE   98,203 0 0
SUN COMMUNITIES INC COM 866674104 3,103 62,256 SH   SOLE   62,256 0 0
SUNSTONE HOTEL INVESTORS INC CV 8% CUM PFD-D 867892507 2,878 108,739 SH   SOLE   108,739 0 0
SUPERTEL HOSPITALITY INC COM NEW 868526401 33 21,160 SH   SOLE   21,160 0 0
TAUBMAN CENTERS INC COM 876664103 379 5,000 SH   SOLE   5,000 0 0
UDR INC COM 902653104 1,117 39,000 SH   SOLE   39,000 0 0
UMH PROPERTIES INC CV RED PFD-A 903002202 992 37,500 SH   SOLE   37,500 0 0
UMH PROPERTIES INC COM 903002103 751 74,896 SH   SOLE   74,896 0 0
URSTADT BIDDLE PROPERTIES, INC. CL A 917286205 4 200 SH   SOLE   200 0 0
VENTAS INC COM 92276F100 5,256 82,000 SH   SOLE   82,000 0 0
VORNADO REALTY TRUST SH BEN INT 929042109 5,105 47,835 SH   SOLE   47,835 0 0
WASHINGTON PRIME GROUP COM 939647103 274 14,613 SH   SOLE   14,613 0 0
WASHINGTON REIT SH BEN INT 939653101 1,028 39,580 SH   SOLE   39,580 0 0
WEINGARTEN REALTY INVESTORS SH BEN INT 948741103 2,512 76,500 SH   SOLE   76,500 0 0
WHITESTONE REIT COM 966084204 872 58,502 SH   SOLE   58,502 0 0
WP CAREY INC COM 92936U109 709 11,000 SH   SOLE   11,000 0 0