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
3M CO COM 88579Y101 2,138 19,541 SH   SOLE   19,541 0 0
ACTUANT CORP CL A NEW 00508X203 330 10,000 SH   SOLE   10,000 0 0
ADVISORY BRD CO COM 00762W107 464 8,481 SH   SOLE   8,481 0 0
AEGERION PHARMACEUTICALS INC COM 00767E102 792 12,500 SH   SOLE   12,500 0 0
AES CORP COM 00130H105 1,049 87,500 SH   SOLE   87,500 0 0
AFC ENTERPRISES INC COM 00104Q107 881 24,500 SH   SOLE   24,500 0 0
ALBEMARLE CORP COM 012653101 470 7,545 SH   SOLE   7,545 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 1,009 15,350 SH   SOLE   15,350 0 0
ALPINE GLOBAL DYNAMIC DIVD F COM 02082E106 2 450 SH   SOLE   450 0 0
ALPINE TOTAL DYNAMIC DIVID F COM SBI 021060108 2 480 SH   SOLE   480 0 0
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 2,186 100,500 SH   SOLE   100,500 0 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 1,549 38,100 SH   SOLE   38,100 0 0
AMERICAN EQTY INVT LIFE HLD COM 025676206 440 27,979 SH   SOLE   27,979 0 0
AMERICAN EXPRESS CO COM 025816109 446 5,969 SH   SOLE   5,969 0 0
AMERICAN STS WTR CO COM 029899101 268 5,000 SH   SOLE   5,000 0 0
AMERICAN TOWER CORP NEW COM 03027X100 1,829 25,000 SH   SOLE   25,000 0 0
AMREIT INC NEW CL B 03216B208 15,956 825,000 SH   SOLE   825,000 0 0
APARTMENT INVT & MGMT CO CL A 03748R101 661 22,000 SH   SOLE   22,000 0 0
APPLE INC COM 037833100 158 400 SH   SOLE   400 0 0
ARBOR RLTY TR INC COM 038923108 732 116,620 SH   SOLE   116,620 0 0
ARCTIC CAT INC COM 039670104 225 5,000 SH   SOLE   5,000 0 0
ARES COML REAL ESTATE CORP COM 04013V108 6,542 510,700 SH   SOLE   510,700 0 0
ARMADA HOFFLER PPTYS INC COM 04208T108 13,864 1,176,900 SH   SOLE   1,176,900 0 0
ARTISAN PARTNERS ASSET MGMT CL A 04316A108 435 8,700 SH   SOLE   8,700 0 0
ASHFORD HOSPITALITY TR INC 9% CUM PFD SER E 044103505 17,990 683,000 SH   SOLE   683,000 0 0
ASSOCIATED ESTATES RLTY CORP COM 045604105 19,893 1,237,154 SH   SOLE   1,237,154 0 0
ASTRONICS CORP COM 046433108 204 5,000 SH   SOLE   5,000 0 0
AT&T INC COM 00206R102 1,112 31,400 SH   SOLE   31,400 0 0
AUTODESK INC COM 052769106 54 1,600 SH   SOLE   1,600 0 0
AUTOMATIC DATA PROCESSING IN COM 053015103 1,260 18,301 SH   SOLE   18,301 0 0
AUXILIUM PHARMACEUTICALS INC COM 05334D107 249 15,000 SH   SOLE   15,000 0 0
AVALONBAY CMNTYS INC COM 053484101 8,842 65,551 SH   SOLE   65,551 0 0
AVG TECHNOLOGIES N V SHS N07831105 292 15,000 SH   SOLE   15,000 0 0
AXIALL CORP COM 05463D100 213 5,000 SH   SOLE   5,000 0 0
BANK N S HALIFAX COM 064149107 2,011 38,200 SH   SOLE   38,200 0 0
BARCLAYS BK PLC IPATH S&P500 VIX 06740C188 487 23,500 SH   SOLE   23,500 0 0
BARCLAYS PLC ADR 06738E204 13 735 SH   SOLE   735 0 0
BECTON DICKINSON & CO COM 075887109 830 8,397 SH   SOLE   8,397 0 0
BEMIS INC COM 081437105 885 22,601 SH   SOLE   22,601 0 0
BIOMED REALTY TRUST INC COM 09063H107 16,387 810,000 SH   SOLE   810,000 0 0
BLACKROCK INC COM 09247X101 1,953 7,605 SH   SOLE   7,605 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 650 26,300 SH   SOLE   26,300 0 0
BONANZA CREEK ENERGY INC COM 097793103 177 5,000 SH   SOLE   5,000 0 0
BOSTON PROPERTIES INC COM 101121101 3,833 36,345 SH   SOLE   36,345 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 619 45,800 SH   SOLE   45,800 0 0
BRE PROPERTIES INC CL A 05564E106 230 4,600 SH   SOLE   4,600 0 0
BROADRIDGE FINL SOLUTIONS IN COM 11133T103 425 16,019 SH   SOLE   16,019 0 0
BROOKDALE SR LIVING INC COM 112463104 22,474 850,000 SH   SOLE   850,000 0 0
BROOKFIELD CDA OFFICE PPTYS TR UNIT 112823109 2,718 109,580 SH   SOLE   109,580 0 0
BROOKFIELD PPTY PARTNERS L P UNIT LTD PARTN G16249107 4,060 200,000 SH   SOLE   200,000 0 0
CALIFORNIA WTR SVC GROUP COM 130788102 195 10,000 SH   SOLE   10,000 0 0
CAMDEN PPTY TR SH BEN INT 133131102 1,690 24,433 SH   SOLE   24,433 0 0
CAMPUS CREST CMNTYS INC COM 13466Y105 22,736 1,970,231 SH   SOLE   1,970,231 0 0
CAPSTONE TURBINE CORP COM 14067D102 9 8,000 SH   SOLE   8,000 0 0
CARDINAL HEALTH INC COM 14149Y108 1,614 34,169 SH   SOLE   34,169 0 0
CASEYS GEN STORES INC COM 147528103 429 7,129 SH   SOLE   7,129 0 0
CEPHEID COM 15670R107 688 20,000 SH   SOLE   20,000 0 0
CF INDS HLDGS INC COM 125269100 2,675 15,600 SH   SOLE   15,600 0 0
CHANNELADVISOR CORP COM 159179100 31 2,000 SH   SOLE   2,000 0 0
CHATHAM LODGING TR COM 16208T102 24,090 1,402,275 SH   SOLE   1,402,275 0 0
CHECK POINT SOFTWARE TECH LT ORD M22465104 1,242 25,000 SH   SOLE   25,000 0 0
CHESAPEAKE LODGING TR SH BEN INT 165240102 965 46,400 SH   SOLE   46,400 0 0
CHEVRON CORP NEW COM 166764100 2,761 23,339 SH   SOLE   23,339 0 0
CHINA PETE & CHEM CORP SPON ADR H SHS 16941R108 1,075 11,750 SH   SOLE   11,750 0 0
CHINA YUCHAI INTL LTD COM G21082105 4,671 269,953 SH   SOLE   269,953 0 0
CHRISTOPHER & BANKS CORP COM 171046105 472 70,000 SH   SOLE   70,000 0 0
CIENA CORP COM NEW 171779309 438 22,600 SH   SOLE   22,600 0 0
CISCO SYS INC COM 17275R102 3,877 159,500 SH   SOLE   159,500 0 0
CITY NATL CORP COM 178566105 454 7,165 SH   SOLE   7,165 0 0
CLEAN ENERGY FUELS CORP COM 184499101 21 1,600 SH   SOLE   1,600 0 0
CLOVIS ONCOLOGY INC COM 189464100 998 14,900 SH   SOLE   14,900 0 0
CME GROUP INC COM 12572Q105 3,963 52,161 SH   SOLE   52,161 0 0
COCA COLA CO COM 191216100 687 17,129 SH   SOLE   17,129 0 0
COMCAST CORP NEW CL A 20030N101 2,199 52,677 SH   SOLE   52,677 0 0
COMMONWEALTH REIT 6.50% PFD CUM CO 203233408 20,998 910,982 SH   SOLE   910,982 0 0
COMMUNITY BK SYS INC COM 203607106 309 10,000 SH   SOLE   10,000 0 0
COMPANHIA DE BEBIDAS DAS AME SPON ADR PFD 20441W203 486 13,000 SH   SOLE   13,000 0 0
CONNECTICUT WTR SVC INC COM 207797101 580 20,201 SH   SOLE   20,201 0 0
CONOCOPHILLIPS COM 20825C104 1,486 24,572 SH   SOLE   24,572 0 0
COOPER COS INC COM NEW 216648402 423 3,555 SH   SOLE   3,555 0 0
CORPBANCA SPONSORED ADR 21987A209 467 27,300 SH   SOLE   27,300 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 400 15,700 SH   SOLE   15,700 0 0
COSTAR GROUP INC COM 22160N109 181 1,400 SH   SOLE   1,400 0 0
COUSINS PPTYS INC COM 222795106 657 65,100 SH   SOLE   65,100 0 0
CREDICORP LTD COM G2519Y108 4,103 31,459 SH   SOLE   31,459 0 0
CSX CORP COM 126408103 2,783 120,000 SH   SOLE   120,000 0 0
CUI GLOBAL INC COM NEW 126576206 56 10,000 SH   SOLE   10,000 0 0
DDR CORP COM 23317H102 583 35,000 SH   SOLE   35,000 0 0
DECKERS OUTDOOR CORP COM 243537107 505 10,000 SH   SOLE   10,000 0 0
DESTINATION MATERNITY CORP COM 25065D100 246 10,000 SH   SOLE   10,000 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 1,803 193,500 SH   SOLE   193,500 0 0
DIGITAL RLTY TR INC COM 253868103 5,807 95,200 SH   SOLE   95,200 0 0
DIVERSIFIED RSTRNT HLDGS INC COM 25532M105 159 20,000 SH   SOLE   20,000 0 0
DOMINOS PIZZA INC COM 25754A201 872 15,000 SH   SOLE   15,000 0 0
DOUGLAS EMMETT INC COM 25960P109 389 15,600 SH   SOLE   15,600 0 0
DST SYS INC DEL COM 233326107 385 5,895 SH   SOLE   5,895 0 0
DSW INC CL A 23334L102 364 4,952 SH   SOLE   4,952 0 0
DUPONT FABROS TECHNOLOGY INC COM 26613Q106 1,242 51,385 SH   SOLE   51,385 0 0
EATON CORP PLC SHS G29183103 3,412 51,864 SH   SOLE   51,864 0 0
EBAY INC COM 278642103 284 5,500 SH   SOLE   5,500 0 0
EDUCATION RLTY TR INC COM 28140H104 205 20,000 SH   SOLE   20,000 0 0
EMERSON ELEC CO COM 291011104 833 15,279 SH   SOLE   15,279 0 0
ENERSIS S A SPONSORED ADR 29274F104 2,258 138,000 SH   SOLE   138,000 0 0
ENSCO PLC SHS CLASS A G3157S106 8,078 138,006 SH   SOLE   138,006 0 0
EPR PPTYS CONV PFD 9% SR E 26884U307 20,695 644,101 SH   SOLE   644,101 0 0
EPR PPTYS PFD C CNV 5.75% 26884U208 5,708 248,700 SH   SOLE   248,700 0 0
EQUINIX INC COM NEW 29444U502 92 500 SH   SOLE   500 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 7,454 128,400 SH   SOLE   128,400 0 0
ESSEX PPTY TR INC COM 297178105 1,272 8,000 SH   SOLE   8,000 0 0
EVERCORE PARTNERS INC CLASS A 29977A105 196 5,000 SH   SOLE   5,000 0 0
EXCEL TR INC COM 30068C109 16,453 1,284,406 SH   SOLE   1,284,406 0 0
EXONE CO COM 302104104 74 1,200 SH   SOLE   1,200 0 0
EXPEDITORS INTL WASH INC COM 302130109 456 11,971 SH   SOLE   11,971 0 0
EXXON MOBIL CORP COM 30231G102 554 6,128 SH   SOLE   6,128 0 0
FACEBOOK INC CL A 30303M102 75 3,000 SH   SOLE   3,000 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 2,274 21,935 SH   SOLE   21,935 0 0
FEI CO COM 30241L109 547 7,500 SH   SOLE   7,500 0 0
FELCOR LODGING TR INC COM 31430F101 591 100,000 SH   SOLE   100,000 0 0
FELCOR LODGING TR INC PFD CV A $1.95 31430F200 30,629 1,245,088 SH   SOLE   1,245,088 0 0
FINANCIAL ENGINES INC COM 317485100 73 1,600 SH   SOLE   1,600 0 0
FIRST INDUSTRIAL REALTY TRUS COM 32054K103 308 20,273 SH   SOLE   20,273 0 0
FIRST POTOMAC RLTY TR COM 33610F109 5,821 445,700 SH   SOLE   445,700 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 4,177 40,498 SH   SOLE   40,498 0 0
FOREST CITY ENTERPRISES INC CL A 345550107 2,398 133,907 SH   SOLE   133,907 0 0
FRANKLIN STREET PPTYS CORP COM 35471R106 21,253 1,610,000 SH   SOLE   1,610,000 0 0
FREEPORT-MCMORAN COPPER & GO COM 35671D857 2,802 101,500 SH   SOLE   101,500 0 0
FREESCALE SEMICONDUCTOR LTD SHS G3727Q101 136 10,000 SH   SOLE   10,000 0 0
GENERAL DYNAMICS CORP COM 369550108 611 7,805 SH   SOLE   7,805 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 2,432 122,400 SH   SOLE   122,400 0 0
GLACIER BANCORP INC NEW COM 37637Q105 666 30,000 SH   SOLE   30,000 0 0
GOLD FIELDS LTD NEW SPONSORED ADR 38059T106 4,654 814,982 SH   SOLE   814,982 0 0
GOOGLE INC CL A 38259P508 330 375 SH   SOLE   375 0 0
GOVERNMENT PPTYS INCOME TR COM SHS BEN INT 38376A103 1,266 50,200 SH   SOLE   50,200 0 0
GREAT LAKES DREDGE & DOCK CO COM 390607109 156 20,000 SH   SOLE   20,000 0 0
GSV CAP CORP COM 36191J101 16 2,000 SH   SOLE   2,000 0 0
HCP INC COM 40414L109 2,177 47,900 SH   SOLE   47,900 0 0
HEALTH CARE REIT INC COM 42217K106 3,412 50,900 SH   SOLE   50,900 0 0
HEALTHCARE RLTY TR COM 421946104 26,775 1,050,000 SH   SOLE   1,050,000 0 0
HEARTWARE INTL INC COM 422368100 999 10,500 SH   SOLE   10,500 0 0
HECLA MNG CO COM 422704106 745 250,000 SH   SOLE   250,000 0 0
HERSHA HOSPITALITY TR SH BEN INT A 427825104 378 66,900 SH   SOLE   66,900 0 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 198 8,000 SH   SOLE   8,000 0 0
HEXCEL CORP NEW COM 428291108 749 22,000 SH   SOLE   22,000 0 0
HMS HLDGS CORP COM 40425J101 853 36,615 SH   SOLE   36,615 0 0
HOLLYFRONTIER CORP COM 436106108 428 10,000 SH   SOLE   10,000 0 0
HOME PROPERTIES INC COM 437306103 2,072 31,700 SH   SOLE   31,700 0 0
HORSEHEAD HLDG CORP COM 440694305 384 30,000 SH   SOLE   30,000 0 0
HOSPITALITY PPTYS TR COM SH BEN INT 44106M102 44,019 1,675,000 SH   SOLE   1,675,000 0 0
HOST HOTELS & RESORTS INC COM 44107P104 2,891 171,373 SH   SOLE   171,373 0 0
HOUSTON WIRE & CABLE CO COM 44244K109 414 29,929 SH   SOLE   29,929 0 0
HSBC HLDGS PLC SPON ADR NEW 404280406 2,082 40,115 SH   SOLE   40,115 0 0
HUDSON PAC PPTYS INC COM 444097109 392 18,415 SH   SOLE   18,415 0 0
ILLUMINA INC COM 452327109 210 2,800 SH   SOLE   2,800 0 0
IMAX CORP COM 45245E109 795 32,000 SH   SOLE   32,000 0 0
INGREDION INC COM 457187102 434 6,609 SH   SOLE   6,609 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 1,212 6,341 SH   SOLE   6,341 0 0
INVENSENSE INC COM 46123D205 923 60,000 SH   SOLE   60,000 0 0
INVESCO LTD SHS G491BT108 346 10,883 SH   SOLE   10,883 0 0
INVESTORS REAL ESTATE TR SH BEN INT 461730103 1,509 175,495 SH   SOLE   175,495 0 0
ISHARES INC MSCI FRNTR100ETF 464286145 2,096 71,400 SH   SOLE   71,400 0 0
ISHARES INC MSCI STH KOR CAP 464286772 332 7,250 SH   SOLE   7,250 0 0
ISHARES INC MSCI TURKEY FD 464286715 15 250 SH   SOLE   250 0 0
ISHARES TR BARCLYS GOVT CR 464288596 80 725 SH   SOLE   725 0 0
ISHARES TR BARCLYS INTER CR 464288638 3,883 36,050 SH   SOLE   36,050 0 0
ISHARES TR BARCLYS MBS BD 464288588 1,301 12,357 SH   SOLE   12,357 0 0
ISHARES TR CORE S&P500 ETF 464287200 29 180 SH   SOLE   180 0 0
ISHARES TR RUSSELL 3000 464287689 829 8,600 SH   SOLE   8,600 0 0
ISHARES TR S&P NTL AMTFREE 464288414 28 265 SH   SOLE   265 0 0
ISTAR FINL INC COM 45031U101 974 86,232 SH   SOLE   86,232 0 0
JIVE SOFTWARE INC COM 47760A108 363 20,000 SH   SOLE   20,000 0 0
JOHN BEAN TECHNOLOGIES CORP COM 477839104 407 19,393 SH   SOLE   19,393 0 0
JOHNSON & JOHNSON COM 478160104 384 4,470 SH   SOLE   4,470 0 0
JPMORGAN CHASE & CO COM 46625H100 1,758 33,302 SH   SOLE   33,302 0 0
K12 INC COM 48273U102 263 10,000 SH   SOLE   10,000 0 0
KBR INC COM 48242W106 2,389 73,500 SH   SOLE   73,500 0 0
KEYW HLDG CORP COM 493723100 265 20,000 SH   SOLE   20,000 0 0
KILROY RLTY CORP COM 49427F108 593 11,200 SH   SOLE   11,200 0 0
KIMCO RLTY CORP COM 49446R109 1,980 92,400 SH   SOLE   92,400 0 0
KLA-TENCOR CORP COM 482480100 1,247 22,389 SH   SOLE   22,389 0 0
KODIAK OIL & GAS CORP COM 50015Q100 711 80,000 SH   SOLE   80,000 0 0
KONINKLIJKE PHILIPS N V NY REG SH NEW 500472303 59 2,156 SH   SOLE   2,156 0 0
KYTHERA BIOPHARMACEUTICALS I COM 501570105 419 15,500 SH   SOLE   15,500 0 0
LAREDO PETE HLDGS INC COM 516806106 514 25,000 SH   SOLE   25,000 0 0
LASALLE HOTEL PPTYS COM SH BEN INT 517942108 235 9,500 SH   SOLE   9,500 0 0
LEXINGTON REALTY TRUST COM 529043101 33,426 2,861,800 SH   SOLE   2,861,800 0 0
LEXINGTON REALTY TRUST PFD CONV SER C 529043309 14,703 303,428 SH   SOLE   303,428 0 0
LIBERTY PPTY TR SH BEN INT 531172104 10,528 284,850 SH   SOLE   284,850 0 0
LIMONEIRA CO COM 532746104 207 10,000 SH   SOLE   10,000 0 0
LINKEDIN CORP COM CL A 53578A108 250 1,400 SH   SOLE   1,400 0 0
LITTELFUSE INC COM 537008104 554 7,430 SH   SOLE   7,430 0 0
LUFKIN INDS INC COM 549764108 124 1,400 SH   SOLE   1,400 0 0
MACERICH CO COM 554382101 2,860 46,900 SH   SOLE   46,900 0 0
MACK CALI RLTY CORP COM 554489104 27,618 1,127,700 SH   SOLE   1,127,700 0 0
MANHATTAN ASSOCS INC COM 562750109 386 5,000 SH   SOLE   5,000 0 0
MCCORMICK & CO INC COM NON VTG 579780206 514 7,311 SH   SOLE   7,311 0 0
MCDERMOTT INTL INC COM 580037109 2,699 330,000 SH   SOLE   330,000 0 0
MCDONALDS CORP COM 580135101 2,682 27,091 SH   SOLE   27,091 0 0
MET PRO CORP COM 590876306 42 3,151 SH   SOLE   3,151 0 0
METLIFE INC COM 59156R108 981 21,440 SH   SOLE   21,440 0 0
MICROCHIP TECHNOLOGY INC COM 595017104 439 11,778 SH   SOLE   11,778 0 0
MICROS SYS INC COM 594901100 363 8,398 SH   SOLE   8,398 0 0
MICROSOFT CORP COM 594918104 1,668 48,272 SH   SOLE   48,272 0 0
MILLENNIAL MEDIA INC COM 60040N105 436 50,000 SH   SOLE   50,000 0 0
MINDRAY MEDICAL INTL LTD SPON ADR 602675100 5,546 150,064 SH   SOLE   150,064 0 0
MOMENTA PHARMACEUTICALS INC COM 60877T100 226 15,000 SH   SOLE   15,000 0 0
MONSANTO CO NEW COM 61166W101 247 2,500 SH   SOLE   2,500 0 0
MOVADO GROUP INC COM 624580106 507 15,000 SH   SOLE   15,000 0 0
MPG OFFICE TR INC COM 553274101 1,639 521,787 SH   SOLE   521,787 0 0
NATIONAL BEVERAGE CORP COM 635017106 349 20,000 SH   SOLE   20,000 0 0
NATIONAL OILWELL VARCO INC COM 637071101 1,585 23,000 SH   SOLE   23,000 0 0
NEENAH PAPER INC COM 640079109 440 13,849 SH   SOLE   13,849 0 0
NEOPHOTONICS CORP COM 64051T100 261 30,000 SH   SOLE   30,000 0 0
NEUROCRINE BIOSCIENCES INC COM 64125C109 535 40,000 SH   SOLE   40,000 0 0
NEW JERSEY RES COM 646025106 320 7,713 SH   SOLE   7,713 0 0
NORDSON CORP COM 655663102 427 6,162 SH   SOLE   6,162 0 0
NORFOLK SOUTHERN CORP COM 655844108 5,165 71,095 SH   SOLE   71,095 0 0
NOVARTIS A G SPONSORED ADR 66987V109 5,191 73,399 SH   SOLE   73,399 0 0
NYSE EURONEXT COM 629491101 807 19,492 SH   SOLE   19,492 0 0
OIL STS INTL INC COM 678026105 510 5,500 SH   SOLE   5,500 0 0
OMNICOM GROUP INC COM 681919106 361 5,743 SH   SOLE   5,743 0 0
OPENTABLE INC COM 68372A104 320 5,000 SH   SOLE   5,000 0 0
OREXIGEN THERAPEUTICS INC COM 686164104 234 40,000 SH   SOLE   40,000 0 0
P T TELEKOMUNIKASI INDONESIA SPONSORED ADR 715684106 4,162 97,355 SH   SOLE   97,355 0 0
PACIFIC SUNWEAR CALIF INC COM 694873100 365 100,000 SH   SOLE   100,000 0 0
PARKER HANNIFIN CORP COM 701094104 3,177 33,300 SH   SOLE   33,300 0 0
PARKWAY PPTYS INC COM 70159Q104 7,040 420,000 SH   SOLE   420,000 0 0
PDC ENERGY INC COM 69327R101 257 5,000 SH   SOLE   5,000 0 0
PEABODY ENERGY CORP COM 704549104 2,753 188,000 SH   SOLE   188,000 0 0
PFIZER INC COM 717081103 2,316 82,714 SH   SOLE   82,714 0 0
PHILIP MORRIS INTL INC COM 718172109 5,773 66,556 SH   SOLE   66,556 0 0
PHILLIPS 66 COM 718546104 446 7,581 SH   SOLE   7,581 0 0
PIEDMONT NAT GAS INC COM 720186105 337 10,000 SH   SOLE   10,000 0 0
PIER 1 IMPORTS INC COM 720279108 235 10,000 SH   SOLE   10,000 0 0
POST PPTYS INC COM 737464107 791 16,000 SH   SOLE   16,000 0 0
POTASH CORP SASK INC COM 73755L107 1,964 51,500 SH   SOLE   51,500 0 0
PROCTER & GAMBLE CO COM 742718109 1,108 14,387 SH   SOLE   14,387 0 0
PROLOGIS INC COM 74340W103 4,498 119,252 SH   SOLE   119,252 0 0
PS BUSINESS PKS INC CALIF COM 69360J107 180 2,500 SH   SOLE   2,500 0 0
PUBLIC STORAGE COM 74460D109 3,722 24,278 SH   SOLE   24,278 0 0
QLIK TECHNOLOGIES INC COM 74733T105 283 10,000 SH   SOLE   10,000 0 0
QUALCOMM INC COM 747525103 2,443 39,994 SH   SOLE   39,994 0 0
QUIKSILVER INC COM 74838C106 129 20,000 SH   SOLE   20,000 0 0
RAMCO-GERSHENSON PPTYS TR COM SH BEN INT 751452202 365 23,492 SH   SOLE   23,492 0 0
RAMCO-GERSHENSON PPTYS TR PERP PFD-D CV 751452608 14,452 245,700 SH   SOLE   245,700 0 0
RAYMOND JAMES FINANCIAL INC COM 754730109 469 10,909 SH   SOLE   10,909 0 0
REGAL ENTMT GROUP CL A 758766109 358 20,000 SH   SOLE   20,000 0 0
RESOLUTE ENERGY CORP COM 76116A108 120 15,000 SH   SOLE   15,000 0 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 12,741 916,600 SH   SOLE   916,600 0 0
RETAIL PPTYS AMER INC CL A 76131V202 19,706 1,380,000 SH   SOLE   1,380,000 0 0
RF MICRODEVICES INC COM 749941100 268 50,000 SH   SOLE   50,000 0 0
RLJ LODGING TR COM 74965L101 637 28,300 SH   SOLE   28,300 0 0
ROBERT HALF INTL INC COM 770323103 548 16,498 SH   SOLE   16,498 0 0
ROYAL DUTCH SHELL PLC SPON ADR B 780259107 8 128 SH   SOLE   128 0 0
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 5,638 88,358 SH   SOLE   88,358 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 22,194 850,000 SH   SOLE   850,000 0 0
SANDERSON FARMS INC COM 800013104 266 4,000 SH   SOLE   4,000 0 0
SANOFI SPONSORED ADR 80105N105 4,931 95,722 SH   SOLE   95,722 0 0
SCHLUMBERGER LTD COM 806857108 36 500 SH   SOLE   500 0 0
SCHNITZER STL INDS CL A 806882106 1,438 61,500 SH   SOLE   61,500 0 0
SENIOR HSG PPTYS TR SH BEN INT 81721M109 1,148 44,284 SH   SOLE   44,284 0 0
SHAW COMMUNICATIONS INC CL B CONV 82028K200 1,209 50,300 SH   SOLE   50,300 0 0
SIBANYE GOLD LTD SPONSORED ADR 825724206 230 78,056 SH   SOLE   78,056 0 0
SIMON PPTY GROUP INC NEW COM 828806109 7,027 44,494 SH   SOLE   44,494 0 0
SL GREEN RLTY CORP COM 78440X101 2,619 29,700 SH   SOLE   29,700 0 0
SOTHEBYS COM 835898107 379 10,000 SH   SOLE   10,000 0 0
SOUTHWEST GAS CORP COM 844895102 468 10,000 SH   SOLE   10,000 0 0
SOVRAN SELF STORAGE INC COM 84610H108 434 6,700 SH   SOLE   6,700 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 76,805 1,990,638 SH   SOLE   933,220 0 1,057,418
SPDR SERIES TRUST BRCLYS 1-3MT ETF 78464A680 135 2,945,759 SH   SOLE   0 0 2,945,759
SPIRIT RLTY CAP INC COM 84860F109 17,897 1,010,000 SH   SOLE   1,010,000 0 0
SPLUNK INC COM 848637104 278 6,000 SH   SOLE   6,000 0 0
STAG INDL INC COM 85254J102 44,012 2,206,095 SH   SOLE   2,206,095 0 0
STANLEY BLACK & DECKER INC COM 854502101 1,337 17,298 SH   SOLE   17,298 0 0
STARWOOD PPTY TR INC COM 85571B105 775 31,300 SH   SOLE   31,300 0 0
STEINER LEISURE LTD ORD P8744Y102 369 6,978 SH   SOLE   6,978 0 0
STERLING FINL CORP WASH COM NEW 859319303 371 15,600 SH   SOLE   15,600 0 0
STILLWATER MNG CO COM 86074Q102 322 30,000 SH   SOLE   30,000 0 0
STRATEGIC HOTELS & RESORTS I COM 86272T106 28,402 3,205,540 SH   SOLE   3,205,540 0 0
SUMMIT HOTEL PPTYS COM 866082100 25,873 2,737,901 SH   SOLE   2,737,901 0 0
SUMMIT HOTEL PPTYS PFD SER C 7.125% 866082407 9,300 383,500 SH   SOLE   383,500 0 0
SUN CMNTYS INC COM 866674104 19,904 400,000 SH   SOLE   400,000 0 0
SUNSTONE HOTEL INVS INC NEW CV 8% CUM PFD-D 867892507 19,099 727,592 SH   SOLE   727,592 0 0
SYNGENTA AG SPONSORED ADR 87160A100 12,504 160,600 SH   SOLE   160,600 0 0
TABLEAU SOFTWARE INC CL A 87336U105 50 900 SH   SOLE   900 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 986 53,846 SH   SOLE   53,846 0 0
TANGER FACTORY OUTLET CTRS I COM 875465106 526 15,700 SH   SOLE   15,700 0 0
TARGA RES CORP COM 87612G101 1,898 29,500 SH   SOLE   29,500 0 0
TAUBMAN CTRS INC COM 876664103 240 3,200 SH   SOLE   3,200 0 0
TAUBMAN CTRS INC PFD SER K 876664707 2,428 100,000 SH   SOLE   100,000 0 0
TCF FINL CORP COM 872275102 355 25,000 SH   SOLE   25,000 0 0
TELEFLEX INC COM 879369106 513 6,617 SH   SOLE   6,617 0 0
TELUS CORP COM 87971M103 5,262 185,531 SH   SOLE   185,531 0 0
TENARIS S A SPONSORED ADR 88031M109 1,281 31,800 SH   SOLE   31,800 0 0
TERRENO RLTY CORP COM 88146M101 356 19,220 SH   SOLE   19,220 0 0
TEXAS INSTRS INC COM 882508104 787 22,588 SH   SOLE   22,588 0 0
THERAVANCE INC COM 88338T104 578 15,000 SH   SOLE   15,000 0 0
THERMON GROUP HLDGS INC COM 88362T103 306 15,000 SH   SOLE   15,000 0 0
THOMAS PPTYS GROUP INC COM 884453101 1,649 311,236 SH   SOLE   311,236 0 0
TIFFANY & CO NEW COM 886547108 492 6,749 SH   SOLE   6,749 0 0
TIME WARNER INC COM NEW 887317303 1,479 25,568 SH   SOLE   25,568 0 0
TRADE STR RESIDENTIAL INC COM NEW 89255N203 10,032 1,139,900 SH   SOLE   1,139,900 0 0
TRIMBLE NAVIGATION LTD COM 896239100 419 16,118 SH   SOLE   16,118 0 0
U M H PROPERTIES INC CV RED PFD-A 903002202 16,651 630,000 SH   SOLE   630,000 0 0
UDR INC COM 902653104 2,457 96,408 SH   SOLE   96,408 0 0
UNILEVER PLC SPON ADR NEW 904767704 5,224 129,141 SH   SOLE   129,141 0 0
UNION PAC CORP COM 907818108 247 1,600 SH   SOLE   1,600 0 0
UNITED RENTALS INC COM 911363109 50 1,000 SH   SOLE   1,000 0 0
URSTADT BIDDLE PPTYS INC CL A 917286205 2,017 100,000 SH   SOLE   100,000 0 0
US BANCORP DEL COM NEW 902973304 546 15,115 SH   SOLE   15,115 0 0
VANGUARD SCOTTSDALE FDS MORTG-BACK SEC 92206C771 1,582 31,000 SH   SOLE   31,000 0 0
VANGUARD SCOTTSDALE FDS SHRT TRM CORP BD 92206C409 7,025 88,800 SH   SOLE   88,800 0 0
VANGUARD SCOTTSDALE FDS SHTRM GVT BD ETF 92206C102 14,226 233,900 SH   SOLE   233,900 0 0
VARIAN MED SYS INC COM 92220P105 501 7,428 SH   SOLE   7,428 0 0
VENTAS INC COM 92276F100 3,543 50,999 SH   SOLE   50,999 0 0
VISA INC COM CL A 92826C839 128 700 SH   SOLE   700 0 0
VORNADO RLTY TR SH BEN INT 929042109 4,094 49,409 SH   SOLE   49,409 0 0
WAL-MART STORES INC COM 931142103 1,264 16,977 SH   SOLE   16,977 0 0
WASHINGTON REAL ESTATE INVT SH BEN INT 939653101 381 14,179 SH   SOLE   14,179 0 0
WASTE MGMT INC DEL COM 94106L109 646 16,028 SH   SOLE   16,028 0 0
WATSCO INC COM 942622200 587 7,000 SH   SOLE   7,000 0 0
WEIGHT WATCHERS INTL INC NEW COM 948626106 345 7,500 SH   SOLE   7,500 0 0
WESTERN REFNG INC COM 959319104 140 5,000 SH   SOLE   5,000 0 0
WHITESTONE REIT COM 966084204 10,168 645,200 SH   SOLE   645,200 0 0
WHITEWAVE FOODS CO COM CL A 966244105 257 15,800 SH   SOLE   15,800 0 0
WILLIAMS COS INC DEL COM 969457100 3,232 99,524 SH   SOLE   99,524 0 0
WINTHROP RLTY TR SH BEN INT NEW 976391300 11,929 991,536 SH   SOLE   991,536 0 0
WISDOMTREE TRUST JAPN HEDGE EQT 97717W851 160 3,500 SH   SOLE   3,500 0 0
WORLD FUEL SVCS CORP COM 981475106 524 13,113 SH   SOLE   13,113 0 0
WPP PLC NEW ADR 92937A102 7,299 85,468 SH   SOLE   85,468 0 0
XOMA CORP DEL COM 98419J107 200 55,000 SH   SOLE   55,000 0 0