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
ACADIA REALTY TRUST COM SH BEN INT 004239109 451 15,000 SH   SOLE   15,000 0 0
AGREE REALTY CORP COM 008492100 719 15,000 SH   SOLE   15,000 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 3,879 35,100 SH   SOLE   35,100 0 0
AMERICAN CAMPUS COMMUNITIES INC COM 024835100 1,280 26,900 SH   SOLE   26,900 0 0
ANNALY CAPITAL MANAGEMENT INC COM 035710409 500 45,000 SH   SOLE   45,000 0 0
ANNALY CAPITAL MGMT PFD 035710888 257 10,200 SH   SOLE   10,200 0 0
APARTMENT INVT & MGMT CO CL A 03748R101 1,718 38,745 SH   SOLE   38,745 0 0
APPLE HOSPITALITY REIT INC COM NEW 03784Y200 191 10,000 SH   SOLE   10,000 0 0
ARBOR REALTY TRUST INC PFD 038923702 85 3,373 SH   SOLE   3,373 0 0
ARMADA HOFFLER PROPERTIES INC COM 04208T108 972 70,000 SH   SOLE   70,000 0 0
ARMOUR RESIDENTIAL REIT PFD 042315408 708 30,000 SH   SOLE   30,000 0 0
ASHFORD HOSPITALITY PRIME Inc COM 044102101 348 32,797 SH   SOLE   32,797 0 0
ASHFORD HOSPITALITY TRST PFD 044103208 1,795 70,482 SH   SOLE   70,482 0 0
ASHFORD HOSPITALITY TRUS PFD 044103406 3,933 155,756 SH   SOLE   155,756 0 0
ASHFORD HOSPITALITY TRUS PFD 044103604 1,443 58,600 SH   SOLE   58,600 0 0
ASHFORD HOSPITALITY TRUS PFD 044103703 5,990 250,000 SH   SOLE   250,000 0 0
ASHFORD HOSPITALITY TRUST INC COM SHS 044103109 669 105,000 SH   SOLE   105,000 0 0
AVALONBAY COMMUNITIES INC COM 053484101 5,301 28,875 SH   SOLE   28,875 0 0
BLACKROCK CR ALLCTN INC TR COM 092508100 256 19,451 SH   SOLE   19,451 0 0
BLUEROCK RESIDENTIAL GROWTH REIT IN COM CL A 09627J102 3,693 300,000 SH   SOLE   300,000 0 0
BLUEROCK RSDTL GR REIT PFD 09627J508 4,680 180,000 SH   SOLE   180,000 0 0
BLUEROCK RSDTL GR REIT PFD 09627J656 293 11,900 SH   SOLE   11,900 0 0
BLUEROCK RSDTL GR REIT PFD 09627J748 964 37,645 SH   SOLE   37,645 0 0
BOSTON PROPERTIES INC COM 101121101 3,191 24,100 SH   SOLE   24,100 0 0
BRANDYWINE REALTY TRUST SH BEN INT NEW 105368203 2,683 165,300 SH   SOLE   165,300 0 0
BRANDYWINE REALTY TRUST PFD 105368609 576 23,000 SH   SOLE   23,000 0 0
BRIXMOR PROPERTY GROUP INC COM 11120U105 317 15,000 SH   SOLE   15,000 0 0
CAMDEN PROPERTY TRUST SH BEN INT 133131102 402 5,000 SH   SOLE   5,000 0 0
CBL & ASSOCIATES PROP PFD 124830605 1,457 60,761 SH   SOLE   60,761 0 0
CBL & ASSOCIATES PROP PFD 124830803 350 15,000 SH   SOLE   15,000 0 0
CBL & ASSOCIATES PROPERTIES INC COM 124830100 801 84,000 SH   SOLE   84,000 0 0
CEDAR REALTY TRUST INC COM NEW 150602209 520 103,627 SH   SOLE   103,627 0 0
CEDAR REALTY TRUST INC PFD 150602407 3,300 133,029 SH   SOLE   133,029 0 0
CHATHAM LODGING TRUST COM 16208T102 909 46,000 SH   SOLE   46,000 0 0
CHESAPEAKE LODGING TRUST SH BEN INT 165240102 1,699 70,900 SH   SOLE   70,900 0 0
CITY OFFICE REIT INC COM 178587101 1,676 137,915 SH   SOLE   137,915 0 0
COHEN & STEERS QUALITY REALTY COM 19247L106 1,233 100,297 SH   SOLE   100,297 0 0
COLONY NORTHSTAR INC CLASS A COM 19625W104 710 54,980 SH   SOLE   54,980 0 0
CONDOR HOSPITALITY TRUST INC COM NEW 20676Y403 618 58,255 SH   SOLE   58,255 0 0
CORPORATE OFFICE PROPERTIES TR SH BEN INT 22002T108 2,267 68,500 SH   SOLE   68,500 0 0
CUBESMART COM 229663109 389 15,000 SH   SOLE   15,000 0 0
CYRUSONE INC COM 23283R100 772 15,000 SH   SOLE   15,000 0 0
DCT INDUSTRIAL TRUST INC COM NEW 233153204 1,148 23,862 SH   SOLE   23,862 0 0
DDR CORP COM 23317H102 777 62,000 SH   SOLE   62,000 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 620 55,603 SH   SOLE   55,603 0 0
DIGITAL REALTY TRUST INC COM 253868103 4,256 40,000 SH   SOLE   40,000 0 0
DOUGLAS EMMETT INC COM 25960P109 1,510 39,322 SH   SOLE   39,322 0 0
DUKE REALTY CORP COM NEW 264411505 948 36,100 SH   SOLE   36,100 0 0
EATON VANCE ENHANCED EQUITY INC FD COM 278277108 475 35,188 SH   SOLE   35,188 0 0
EPR PROPERTIES COM SH BEN INT 26884U109 7,212 97,950 SH   SOLE   97,950 0 0
EPR PROPERTIES CONV PFD 9% SR E 26884U307 587 16,400 SH   SOLE   16,400 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 5,226 84,000 SH   SOLE   84,000 0 0
ESSEX PROPERTY TRUST INC COM 297178105 2,894 12,500 SH   SOLE   12,500 0 0
EXTRA SPACE STORAGE INC COM 30225T102 922 12,390 SH   SOLE   12,390 0 0
FARMLAND PARTNERS INC COM 31154R109 663 59,344 SH   SOLE   59,344 0 0
FELCOR LODGING TRUST INC PFD CV A $1.95 31430F200 2,063 84,600 SH   SOLE   84,600 0 0
FELCOR LODGING TRUST INC COM 31430F101 263 35,000 SH   SOLE   35,000 0 0
FIRST POTOMAC REALTY TRUST COM 33610F109 1,011 98,364 SH   SOLE   98,364 0 0
FRANKLIN STREET PROPERTIES CORP COM 35471R106 664 54,700 SH   SOLE   54,700 0 0
GGP INC COM 36174X101 695 30,000 SH   SOLE   30,000 0 0
GLADSTONE COMMERCIAL CORP COM 376536108 470 22,742 SH   SOLE   22,742 0 0
GLOBAL MEDICAL REIT INC COM NEW 37954A204 726 80,000 SH   SOLE   80,000 0 0
GRAMERCY PROPERTY TRUST COM NEW 385002308 1,622 61,681 SH   SOLE   61,681 0 0
HCP INC COM 40414L109 3,629 116,029 SH   SOLE   116,029 0 0
HEALTHCARE REALTY TRUST COM 421946104 1,654 50,897 SH   SOLE   50,897 0 0
HEALTHCARE TRUST OF AMER INC CL A NEW 42225P501 315 10,000 SH   SOLE   10,000 0 0
HERSHA HOSPITALITY TRUST PR SHS BEN INT 427825500 1,835 97,645 SH   SOLE   97,645 0 0
HIGHWOODS PROPERTIES INC COM 431284108 2,457 50,000 SH   SOLE   50,000 0 0
HOST HOTELS & RESORTS INC COM 44107P104 448 24,000 SH   SOLE   24,000 0 0
HUDSON PACIFIC PROPERTIES IN COM 444097109 35 1,000 SH   SOLE   1,000 0 0
INDEPENDENCE REALTY TRUST INC COM 45378A106 3,895 415,709 SH   SOLE   415,709 0 0
INVESTORS REAL ESTATE TRUST SH BEN INT 461730103 372 62,810 SH   SOLE   62,810 0 0
KILROY REALTY CORP COM 49427F108 2,061 28,600 SH   SOLE   28,600 0 0
KIMCO REALTY CORP COM 49446R109 2,430 110,000 SH   SOLE   110,000 0 0
KITE REALTY GROUP TRUST COM NEW 49803T300 863 40,125 SH   SOLE   40,125 0 0
LASALLE HOTEL PROPERTIES COM SH BEN INT 517942108 290 10,000 SH   SOLE   10,000 0 0
LEXINGTON REALTY TRUST COM 529043101 3,384 339,058 SH   SOLE   339,058 0 0
LIBERTY PROPERTY TRUST SH BEN INT 531172104 2,496 64,737 SH   SOLE   64,737 0 0
LIFE STORAGE INC COM 53223X107 1,232 15,000 SH   SOLE   15,000 0 0
LTC PROPERTIES INC COM 502175102 2,342 48,897 SH   SOLE   48,897 0 0
MACERICH CO COM 554382101 1,833 28,470 SH   SOLE   28,470 0 0
MACK CALI REALTY CORP COM 554489104 1,563 58,030 SH   SOLE   58,030 0 0
MARRIOTT INTERNATIONAL INC NEW CL A 571903202 753 8,000 SH   SOLE   8,000 0 0
MEDICAL PROPERTIES TRUST INC COM 58463J304 4,516 350,320 SH   SOLE   350,320 0 0
MID-AMERICA APARTMENT CMNTYS INC COM 59522J103 2,561 25,171 SH   SOLE   25,171 0 0
MONMOUTH REAL ESTATE INV CO CL A 609720107 1,641 114,962 SH   SOLE   114,962 0 0
NATIONAL RETAIL PROPERTIES INC COM 637417106 4,750 108,900 SH   SOLE   108,900 0 0
NATL HEALTH INVESTORS INC COM 63633D104 4,282 58,958 SH   SOLE   58,958 0 0
NUVEEN REAL ESTATE INCOME FUND COM 67071B108 148 13,293 SH   SOLE   13,293 0 0
OMEGA HEALTHCARE INVESTORS INC COM 681936100 1,099 33,298 SH   SOLE   33,298 0 0
ONE LIBERTY PROPERTIES INC COM 682406103 417 17,870 SH   SOLE   17,870 0 0
PARK HOTELS & RESORTS INC COM 700517105 111 4,328 SH   SOLE   4,328 0 0
PEBBLEBROOK HOTEL TRUST COM 70509V100 1,259 43,100 SH   SOLE   43,100 0 0
PEBBLEBROOK HOTEL TRUST PFD 70509V407 1,988 78,684 SH   SOLE   78,684 0 0
PENN REAL ESTATE INVEST SH BEN INT 709102107 1,932 127,628 SH   SOLE   127,628 0 0
PHYSICIANS REALTY TRUST COM 71943U104 3,374 169,791 SH   SOLE   169,791 0 0
PROLOGIS INC COM 74340W103 2,547 49,088 SH   SOLE   49,088 0 0
PUBLIC STORAGE COM 74460D109 3,875 17,700 SH   SOLE   17,700 0 0
RAIT FINANCIAL TRUST COM NEW 749227609 571 178,419 SH   SOLE   178,419 0 0
REALTY INCOME CORP COM 756109104 3,090 51,900 SH   SOLE   51,900 0 0
REXFORD INDUSTRIAL REALTY INC COM 76169C100 473 21,000 SH   SOLE   21,000 0 0
RLJ LODGING TRUST COM 74965L101 985 41,900 SH   SOLE   41,900 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 2,437 87,254 SH   SOLE   87,254 0 0
SIMON PROPERTY GROUP INC NEW COM 828806109 7,471 43,427 SH   SOLE   43,427 0 0
SL GREEN REALTY CORP COM 78440X101 2,442 22,900 SH   SOLE   22,900 0 0
STAG INDUSTRIAL INC COM 85254J102 4,121 164,693 SH   SOLE   164,693 0 0
STORE CAPITAL CORP COM 862121100 239 10,000 SH   SOLE   10,000 0 0
SUMMIT HOTEL PROPERTIES COM 866082100 1,569 98,203 SH   SOLE   98,203 0 0
SUN COMMUNITIES INC COM 866674104 5,853 72,856 SH   SOLE   72,856 0 0
UDR INC COM 902653104 1,414 39,000 SH   SOLE   39,000 0 0
UMH PROPERTIES INC CV RED PFD-A 903002202 970 37,500 SH   SOLE   37,500 0 0
UMH PROPERTIES INC COM 903002103 2,448 160,979 SH   SOLE   160,979 0 0
VENTAS INC COM 92276F100 5,203 80,000 SH   SOLE   80,000 0 0
VEREIT INC COM 92339V100 1,984 233,716 SH   SOLE   233,716 0 0
VORNADO REALTY TRUST SH BEN INT 929042109 4,497 44,835 SH   SOLE   44,835 0 0
WASHINGTON PRIME GROUP NEW COM 93964W108 1,557 179,148 SH   SOLE   179,148 0 0
WEINGARTEN REALTY INVESTORS SH BEN INT 948741103 2,554 76,500 SH   SOLE   76,500 0 0
WELLTOWER INC COM 95040Q104 2,068 29,200 SH   SOLE   29,200 0 0
WHEELER REAL ESTATE INVT. TR PFD CNV SER D 963025606 1,092 42,000 SH   SOLE   42,000 0 0
WHITESTONE REIT COM 966084204 1,225 88,502 SH   SOLE   88,502 0 0