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 292 10,000 SH   SOLE   10,000 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 2,982 34,100 SH   SOLE   34,100 0 0
AMERICAN CAMPUS COMMUNITIES INC COM 024835100 976 25,900 SH   SOLE   25,900 0 0
AMERICAN REALTY CAPITAL PROP INC COM 02917T104 1,778 218,716 SH   SOLE   218,716 0 0
ANNALY CAPITAL MANAGEMENT INC COM 035710409 781 85,000 SH   SOLE   85,000 0 0
APARTMENT INVT + MGMT CO CL A 03748R101 1,062 28,745 SH   SOLE   28,745 0 0
ARMOUR RESIDENTIAL REIT INC COM 042315101 759 270,000 SH   SOLE   270,000 0 0
ASHFORD HOSPITALITY PRIME IN COM 044102101 165 11,000 SH   SOLE   11,000 0 0
ASHFORD HOSPITALITY TRUST INC COM SHS 044103109 888 105,000 SH   SOLE   105,000 0 0
ASHFORD HOSPITALITY TRUST INC 9% CUM PFD SER E 044103505 1,185 45,000 SH   SOLE   45,000 0 0
ASSOCIATED ESTATES REALTY CORP COM 045604105 3,614 126,231 SH   SOLE   126,231 0 0
AVALONBAY COMMUNITIES INC COM 053484101 4,297 26,875 SH   SOLE   26,875 0 0
BEAZER HOMES USA INC COM NEW 07556Q881 140 7,000 SH   SOLE   7,000 0 0
BIOMED REALTY TRUST INC COM 09063H107 1,257 65,000 SH   SOLE   65,000 0 0
BLACKROCK CREDIT ALL INC TR COM 092508100 246 19,451 SH   SOLE   19,451 0 0
BLUEROCK RESIDENTIAL GROWTH REIT IN COM CL A 09627J102 3,418 270,000 SH   SOLE   270,000 0 0
BOSTON PROPERTIES INC COM 101121101 2,917 24,100 SH   SOLE   24,100 0 0
BRANDYWINE REALTY TRUST SH BEN INT NEW 105368203 2,195 165,300 SH   SOLE   165,300 0 0
CAMDEN PROPERTY TRUST SH BEN INT 133131102 371 5,000 SH   SOLE   5,000 0 0
CAMPUS CREST COMMUNITIES INC COM 13466Y105 181 32,628 SH   SOLE   32,628 0 0
CBL + ASSOCIATES PROPERTIES INC COM 124830100 1,361 84,000 SH   SOLE   84,000 0 0
CEDAR REALTY TRUST INC COM New 150602209 663 103,627 SH   SOLE   103,627 0 0
CHAMBERS STREET PROPERTIES COM 157842105 1,154 145,172 SH   SOLE   145,172 0 0
CHATHAM LODGING TRUST COM 16208T102 1,218 46,000 SH   SOLE   46,000 0 0
CHESAPEAKE LODGING TRUST SH BEN INT 165240102 2,161 70,900 SH   SOLE   70,900 0 0
CITY OFFICE REIT INC COM 178587101 1,239 99,900 SH   SOLE   99,900 0 0
COHEN + STEERS QUALITY RLTY COM 19247L106 1,072 100,297 SH   SOLE   100,297 0 0
CORPORATE OFFICE PROPERTIES TR SH BEN INT 22002T108 1,612 68,500 SH   SOLE   68,500 0 0
CUBESMART COM 229663109 347 15,000 SH   SOLE   15,000 0 0
CYRUSONE INC COM 23283R100 442 15,000 SH   SOLE   15,000 0 0
DCT INDUSTRIAL TRUST INC COM NEW 233153204 750 23,862 SH   SOLE   23,862 0 0
DDR CORP COM 23317H102 959 62,000 SH   SOLE   62,000 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 712 55,603 SH   SOLE   55,603 0 0
DIGITAL REALTY TRUST INC COM 253868103 2,400 36,000 SH   SOLE   36,000 0 0
DOUGLAS EMMETT INC COM 25960P109 1,059 39,322 SH   SOLE   39,322 0 0
DUKE REALTY CORP COM NEW 264411505 856 46,100 SH   SOLE   46,100 0 0
DUPONT FABROS TECHNOLOGY INC COM 26613Q106 604 20,500 SH   SOLE   20,500 0 0
EASTGROUP PROPERTY INC COM 277276101 291 5,179 SH   SOLE   5,179 0 0
EATON VANCE ENHANCED EQUITY INC FD COM 278277108 489 35,188 SH   SOLE   35,188 0 0
EPR PROPERTIES COM SH BEN INT 26884U109 5,366 97,950 SH   SOLE   97,950 0 0
EPR PROPERTIES CONV PFD 9% SR E 26884U307 533 16,400 SH   SOLE   16,400 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 5,193 74,000 SH   SOLE   74,000 0 0
ESSEX PROPERTY TRUST INC COM 297178105 2,231 10,500 SH   SOLE   10,500 0 0
EXTRA SPACE STORAGE INC COM 30225T102 326 5,000 SH   SOLE   5,000 0 0
FARMLAND PARTNERS INC COM 31154R109 536 45,000 SH   SOLE   45,000 0 0
FELCOR LODGING TRUST INC PFD CV A $1.95 31430F200 1,813 73,500 SH   SOLE   73,500 0 0
FELCOR LODGING TRUST INC COM 31430F101 148 15,000 SH   SOLE   15,000 0 0
FIRST POTOMAC REALTY TRUST COM 33610F109 1,013 98,364 SH   SOLE   98,364 0 0
FRANKLIN STREET PROPERTIES CORP COM 35471R106 452 40,000 SH   SOLE   40,000 0 0
GENERAL GROWTH PROPERTIES INC NEW COM 370023103 513 20,000 SH   SOLE   20,000 0 0
GETTY REALTY CORP NEW COM 374297109 360 22,000 SH   SOLE   22,000 0 0
GLADSTONE COMMERCIAL CORP COM 376536108 377 22,742 SH   SOLE   22,742 0 0
GRAMERCY PROPERTY TRUST INC COM NEW 38489R605 292 12,500 SH   SOLE   12,500 0 0
HCP INC COM 40414L109 4,615 126,530 SH   SOLE   126,530 0 0
HEALTH CARE REIT INC COM 42217K106 1,916 29,200 SH   SOLE   29,200 0 0
HEALTHCARE REALTY TRUST COM 421946104 1,184 50,897 SH   SOLE   50,897 0 0
HERSHA HOSPITALITY TRUST PR SHS BEN INT 427825500 2,504 97,646 SH   SOLE   97,646 0 0
HIGHWOODS PROPERTIES INC COM 431284108 1,998 50,000 SH   SOLE   50,000 0 0
HILTON WORLDWIDE HOLDINGS INC COM 43300A104 276 10,000 SH   SOLE   10,000 0 0
HOME PROPERTIES INC COM 437306103 862 11,800 SH   SOLE   11,800 0 0
HOST HOTELS + RESORTS INC COM 44107P104 476 24,000 SH   SOLE   24,000 0 0
INDEPENDENCE REALTY TRUST INC COM 45378A106 2,942 390,709 SH   SOLE   390,709 0 0
INLAND REAL ESTATE CORP COM NEW 457461200 1,472 156,300 SH   SOLE   156,300 0 0
INVESTORS REAL ESTATE TRUST SH BEN INT 461730103 448 62,810 SH   SOLE   62,810 0 0
KILROY REALTY CORP COM 49427F108 1,920 28,600 SH   SOLE   28,600 0 0
KIMCO REALTY CORP COM 49446R109 2,479 110,000 SH   SOLE   110,000 0 0
KITE REALTY GROUP TRUST COM NEW 49803T300 982 40,125 SH   SOLE   40,125 0 0
LASALLE HOTEL PROPERTIES COM SH BEN INT 517942108 355 10,000 SH   SOLE   10,000 0 0
LEXINGTON REALTY TRUST COM 529043101 2,875 339,058 SH   SOLE   339,058 0 0
LIBERTY PROPERTY TRUST SH BEN INT 531172104 2,086 64,737 SH   SOLE   64,737 0 0
LTC PROPERTIES INC COM 502175102 2,450 58,897 SH   SOLE   58,897 0 0
MACERICH CO COM 554382101 2,124 28,470 SH   SOLE   28,470 0 0
MACK CALI REALTY CORP COM 554489104 1,069 58,030 SH   SOLE   58,030 0 0
MEDICAL PROPERTIES TRUST INC COM 58463J304 4,855 370,320 SH   SOLE   370,320 0 0
MID.AMERICA APARTMENT COMM INC COM 59522J103 1,311 18,000 SH   SOLE   18,000 0 0
MONMOUTH REAL ESTATE INV CO CL A 609720107 719 73,962 SH   SOLE   73,962 0 0
NATIONAL RETAIL PROPERTIES COM 637417106 4,163 118,900 SH   SOLE   118,900 0 0
NATL HEALTH INVESTORS INC COM 63633D104 3,673 58,958 SH   SOLE   58,958 0 0
NORTHSTAR REALTY FINANCE COM NEW 66704R704 636 40,000 SH   SOLE   40,000 0 0
NUVEEN REAL ESTATE INCOME FUND COM 67071B108 131 12,861 SH   SOLE   12,861 0 0
OMEGA HEALTHCARE INVESTORS COM 681936100 820 23,898 SH   SOLE   23,898 0 0
ONE LIBERTY PROPERTIES INC COM 682406103 427 20,071 SH   SOLE   20,071 0 0
PEAK RESORTS INC COM 70469L100 358 50,000 SH   SOLE   50,000 0 0
PEBBLEBROOK HOTEL TRUST COM 70509V100 1,848 43,100 SH   SOLE   43,100 0 0
PENN REAL ESTATE INVEST TST SH BEN INT 709102107 2,724 127,628 SH   SOLE   127,628 0 0
PHYSICIANS REALTY TRUST COM 71943U104 2,181 141,990 SH   SOLE   141,990 0 0
POST PROPERTIES INC COM 737464107 794 14,600 SH   SOLE   14,600 0 0
PROLOGIS INC COM 74340W103 1,821 49,088 SH   SOLE   49,088 0 0
PUBLIC STORAGE COM 74460D109 2,102 11,400 SH   SOLE   11,400 0 0
QTS REALTY TRUST INC CL A CL A 74736A103 182 5,000 SH   SOLE   5,000 0 0
RAIT FINANCIAL TRUST COM NEW 749227609 632 103,419 SH   SOLE   103,419 0 0
REALTY INCOME CORP COM 756109104 1,860 41,900 SH   SOLE   41,900 0 0
REXFORD INDUSTRIAL REALTY INC COM 76169C100 146 10,000 SH   SOLE   10,000 0 0
RLJ LODGING TRUST COM 74965L101 1,248 41,900 SH   SOLE   41,900 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 1,989 77,254 SH   SOLE   77,254 0 0
SIMON PROPERTY GROUP INC NEW COM 828806109 5,697 32,927 SH   SOLE   32,927 0 0
SL GREEN REALTY CORP COM 78440X101 2,516 22,900 SH   SOLE   22,900 0 0
SOVRAN SELF STORAGE INC COM 84610H108 652 7,500 SH   SOLE   7,500 0 0
STAG INDUSTRIAL INC COM 85254J102 3,294 164,693 SH   SOLE   164,693 0 0
STARWOOD HOTELS + RESORTS WRLD COM 85590A401 405 5,000 SH   SOLE   5,000 0 0
STORE CAPITAL CORP COM 862121100 201 10,000 SH   SOLE   10,000 0 0
SUMMIT HOTEL PROPERTIES INC COM 866082100 1,278 98,203 SH   SOLE   98,203 0 0
SUN COMMUNITIES INC COM 866674104 4,196 67,856 SH   SOLE   67,856 0 0
SUNSTONE HOTEL INVESTORS INC CV 8% CUM PFD-D 867892507 2,860 108,739 SH   SOLE   108,739 0 0
SUPERTEL HOSPITALITY INC NEW COM 86852R108 49 21,160 SH   SOLE   21,160 0 0
UDR INC COM 902653104 1,249 39,000 SH   SOLE   39,000 0 0
UMH PROPERTIES INC CV RED PFD-A 903002202 979 37,500 SH   SOLE   37,500 0 0
UMH PROPERTIES INC COM 903002103 1,578 160,979 SH   SOLE   160,979 0 0
URSTADT BIDDLE PROPERTIES CL A 917286205 72 3,831 SH   SOLE   3,831 0 0
VENTAS INC COM 92276F100 5,122 82,500 SH   SOLE   82,500 0 0
VORNADO REALTY TRUST SH BEN INT 929042109 4,541 47,835 SH   SOLE   47,835 0 0
WASHINGTON REIT SH BEN INT 939653101 727 28,000 SH   SOLE   28,000 0 0
WEINGARTEN REALTY INVESTORS SH BEN INT 948741103 2,500 76,500 SH   SOLE   76,500 0 0
WHITESTONE REIT COM 966084204 1,152 88,502 SH   SOLE   88,502 0 0
WP GLIMCHER INC COM 92939N102 1,747 129,148 SH   SOLE   129,148 0 0