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 2,308 19,353 SH   SOLE   19,353 0 0
ACADIA PHARMACEUTICALS INC COM 004225108 223 11,010 SH   SOLE   11,010 0 0
ACTUANT CORP CL A NEW 00508X203 388 10,000 SH   SOLE   10,000 0 0
ADTRAN INC COM 00738A106 666 25,000 SH   SOLE   25,000 0 0
ADVISORY BRD CO COM 00762W107 522 8,776 SH   SOLE   8,776 0 0
AEGERION PHARMACEUTICALS INC COM 00767E102 1,837 28,810 SH   SOLE   28,810 0 0
AES CORP COM 00130H105 585 44,000 SH   SOLE   44,000 0 0
AFC ENTERPRISES INC COM 00104Q107 436 10,000 SH   SOLE   10,000 0 0
ALBEMARLE CORP COM 012653101 476 7,563 SH   SOLE   7,563 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 980 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
AMBIT BIOSCIENCES CORP COM 02318X100 177 24,615 SH   SOLE   24,615 0 0
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 1,020 51,500 SH   SOLE   51,500 0 0
AMERICAN AXLE & MFG HLDGS IN COM 024061103 394 20,000 SH   SOLE   20,000 0 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 1,445 42,322 SH   SOLE   42,322 0 0
AMERICAN EQTY INVT LIFE HLD COM 025676206 592 27,910 SH   SOLE   27,910 0 0
AMERICAN EXPRESS CO COM 025816109 438 5,799 SH   SOLE   5,799 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 3,779 234,000 SH   SOLE   234,000 0 0
AMERICAN TOWER CORP NEW COM 03027X100 2,224 30,000 SH   SOLE   30,000 0 0
AMERICAN WTR WKS CO INC NEW COM 030420103 41 1,000 SH   SOLE   1,000 0 0
AMREIT INC NEW CL B 03216B208 17,640 1,016,689 SH   SOLE   1,016,689 0 0
ANNALY CAP MGMT INC COM 035710409 35 3,000 SH   SOLE   3,000 0 0
APARTMENT INVT & MGMT CO CL A 03748R101 615 22,000 SH   SOLE   22,000 0 0
APPLE INC COM 037833100 584 1,200 SH   SOLE   1,200 0 0
ARBOR RLTY TR INC COM 038923108 766 112,970 SH   SOLE   112,970 0 0
ARCHER DANIELS MIDLAND CO COM 039483102 33 900 SH   SOLE   900 0 0
ARES COML REAL ESTATE CORP COM 04013V108 6,782 545,700 SH   SOLE   545,700 0 0
ARMADA HOFFLER PPTYS INC COM 04208T108 11,713 1,181,900 SH   SOLE   1,181,900 0 0
ARTISAN PARTNERS ASSET MGMT CL A 04316A108 455 8,687 SH   SOLE   8,687 0 0
ASHFORD HOSPITALITY TR INC 9% CUM PFD SER E 044103505 17,738 683,000 SH   SOLE   683,000 0 0
ASSOCIATED ESTATES RLTY CORP COM 045604105 26,931 1,806,250 SH   SOLE   1,806,250 0 0
ASTRONICS CORP COM 046433108 249 5,000 SH   SOLE   5,000 0 0
AT&T INC COM 00206R102 1,156 34,120 SH   SOLE   34,120 0 0
AUTODESK INC COM 052769106 107 3,000 SH   SOLE   3,000 0 0
AUTOMATIC DATA PROCESSING IN COM 053015103 787 10,872 SH   SOLE   10,872 0 0
AUXILIUM PHARMACEUTICALS INC COM 05334D107 1,932 110,777 SH   SOLE   110,777 0 0
AVALONBAY CMNTYS INC COM 053484101 7,870 61,915 SH   SOLE   61,915 0 0
BANK N S HALIFAX COM 064149107 2,117 38,200 SH   SOLE   38,200 0 0
BARCLAYS BK PLC IPATH S&P500 VIX 06740C188 345 23,500 SH   SOLE   23,500 0 0
BARCLAYS PLC ADR 06738E204 3,458 202,914 SH   SOLE   202,914 0 0
BECTON DICKINSON & CO COM 075887109 814 8,142 SH   SOLE   8,142 0 0
BIOMED REALTY TRUST INC COM 09063H107 15,909 855,700 SH   SOLE   855,700 0 0
BLACKROCK INC COM 09247X101 2,129 7,873 SH   SOLE   7,873 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 662 26,300 SH   SOLE   26,300 0 0
BONANZA CREEK ENERGY INC COM 097793103 483 10,000 SH   SOLE   10,000 0 0
BOSTON PROPERTIES INC COM 101121101 3,565 33,345 SH   SOLE   33,345 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 538 40,800 SH   SOLE   40,800 0 0
BRE PROPERTIES INC CL A 05564E106 233 4,600 SH   SOLE   4,600 0 0
BROADRIDGE FINL SOLUTIONS IN COM 11133T103 510 16,072 SH   SOLE   16,072 0 0
BROOKDALE SR LIVING INC COM 112463104 16,256 618,100 SH   SOLE   618,100 0 0
BROOKFIELD CDA OFFICE PPTYS TR UNIT 112823109 2,798 109,580 SH   SOLE   109,580 0 0
BROOKFIELD PPTY PARTNERS L P UNIT LTD PARTN G16249107 3,876 200,000 SH   SOLE   200,000 0 0
CALIFORNIA WTR SVC GROUP COM 130788102 20 1,000 SH   SOLE   1,000 0 0
CAMDEN PPTY TR SH BEN INT 133131102 1,502 24,433 SH   SOLE   24,433 0 0
CAMPBELL SOUP CO COM 134429109 65 1,600 SH   SOLE   1,600 0 0
CAMPUS CREST CMNTYS INC COM 13466Y105 23,558 2,181,231 SH   SOLE   2,181,231 0 0
CARDINAL HEALTH INC COM 14149Y108 1,808 34,696 SH   SOLE   34,696 0 0
CASEYS GEN STORES INC COM 147528103 525 7,161 SH   SOLE   7,161 0 0
CBOE HLDGS INC COM 12503M108 378 8,365 SH   SOLE   8,365 0 0
CECO ENVIRONMENTAL CORP COM 125141101 48 3,416 SH   SOLE   3,416 0 0
CEPHEID COM 15670R107 2,256 61,810 SH   SOLE   61,810 0 0
CF INDS HLDGS INC COM 125269100 1,644 7,800 SH   SOLE   7,800 0 0
CHANNELADVISOR CORP COM 159179100 104 4,480 SH   SOLE   4,480 0 0
CHATHAM LODGING TR COM 16208T102 27,961 1,565,676 SH   SOLE   1,565,676 0 0
CHESAPEAKE LODGING TR SH BEN INT 165240102 1,005 42,700 SH   SOLE   42,700 0 0
CHEVRON CORP NEW COM 166764100 2,912 23,971 SH   SOLE   23,971 0 0
CHINA PETE & CHEM CORP SPON ADR H SHS 16941R108 2,175 27,775 SH   SOLE   27,775 0 0
CHINA YUCHAI INTL LTD COM G21082105 7,642 334,796 SH   SOLE   334,796 0 0
CHRISTOPHER & BANKS CORP COM 171046105 649 90,000 SH   SOLE   90,000 0 0
CIENA CORP COM NEW 171779309 938 38,600 SH   SOLE   38,600 0 0
CISCO SYS INC COM 17275R102 1,627 69,500 SH   SOLE   69,500 0 0
CLAYMORE EXCHANGE TRD FD TR GUGG CRP BD 2013 18383M589 7,030 335,000 SH   SOLE   335,000 0 0
CLEAN ENERGY FUELS CORP COM 184499101 27 2,000 SH   SOLE   2,000 0 0
CLOROX CO DEL COM 189054109 41 500 SH   SOLE   500 0 0
CLOVIS ONCOLOGY INC COM 189464100 1,847 33,180 SH   SOLE   33,180 0 0
CME GROUP INC COM 12572Q105 1,995 27,041 SH   SOLE   27,041 0 0
COCA COLA CO COM 191216100 645 17,035 SH   SOLE   17,035 0 0
COEUR MNG INC COM NEW 192108504 121 10,000 SH   SOLE   10,000 0 0
COLGATE PALMOLIVE CO COM 194162103 30 500 SH   SOLE   500 0 0
COMCAST CORP NEW CL A 20030N101 2,434 54,045 SH   SOLE   54,045 0 0
COMMERCIAL VEH GROUP INC COM 202608105 239 30,000 SH   SOLE   30,000 0 0
COMMONWEALTH REIT 6.50% PFD CUM CO 203233408 19,067 910,982 SH   SOLE   910,982 0 0
COMMUNITY BK SYS INC COM 203607106 341 10,000 SH   SOLE   10,000 0 0
COMPANHIA DE BEBIDAS DAS AME SPON ADR PFD 20441W203 997 26,000 SH   SOLE   26,000 0 0
CONNECTICUT WTR SVC INC COM 207797101 322 10,000 SH   SOLE   10,000 0 0
CONOCOPHILLIPS COM 20825C104 1,793 25,861 SH   SOLE   25,861 0 0
COOPER COS INC COM NEW 216648402 461 3,555 SH   SOLE   3,555 0 0
CORESITE RLTY CORP COM 21870Q105 577 17,000 SH   SOLE   17,000 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 363 15,700 SH   SOLE   15,700 0 0
COSTAR GROUP INC COM 22160N109 269 2,000 SH   SOLE   2,000 0 0
COUSINS PPTYS INC COM 222795106 835 81,100 SH   SOLE   81,100 0 0
CREDICORP LTD COM G2519Y108 5,025 38,521 SH   SOLE   38,521 0 0
CSX CORP COM 126408103 1,441 56,000 SH   SOLE   56,000 0 0
CUI GLOBAL INC COM NEW 126576206 58 10,000 SH   SOLE   10,000 0 0
DARDEN RESTAURANTS INC COM 237194105 23 500 SH   SOLE   500 0 0
DDR CORP COM 23317H102 550 35,000 SH   SOLE   35,000 0 0
DECKERS OUTDOOR CORP COM 243537107 659 10,000 SH   SOLE   10,000 0 0
DEERE & CO COM 244199105 49 600 SH   SOLE   600 0 0
DESTINATION MATERNITY CORP COM 25065D100 318 10,000 SH   SOLE   10,000 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 1,958 183,500 SH   SOLE   183,500 0 0
DIANA SHIPPING INC COM Y2066G104 873 72,400 SH   SOLE   72,400 0 0
DIGITAL RLTY TR INC COM 253868103 25,156 473,758 SH   SOLE   473,758 0 0
DIVERSIFIED RSTRNT HLDGS INC COM 25532M105 131 20,000 SH   SOLE   20,000 0 0
DOMINOS PIZZA INC COM 25754A201 340 5,000 SH   SOLE   5,000 0 0
DOUGLAS EMMETT INC COM 25960P109 134 5,700 SH   SOLE   5,700 0 0
DST SYS INC DEL COM 233326107 445 5,903 SH   SOLE   5,903 0 0
DSW INC CL A 23334L102 423 4,953 SH   SOLE   4,953 0 0
DUKE REALTY CORP COM NEW 264411505 7,720 500,000 SH   SOLE   500,000 0 0
DUPONT FABROS TECHNOLOGY INC COM 26613Q106 1,324 51,385 SH   SOLE   51,385 0 0
EATON CORP PLC SHS G29183103 1,785 25,934 SH   SOLE   25,934 0 0
EDUCATION RLTY TR INC COM 28140H104 182 20,000 SH   SOLE   20,000 0 0
EHEALTH INC COM 28238P109 176 5,500 SH   SOLE   5,500 0 0
EMERSON ELEC CO COM 291011104 963 14,880 SH   SOLE   14,880 0 0
ENERSIS S A SPONSORED ADR 29274F104 875 54,500 SH   SOLE   54,500 0 0
ENPHASE ENERGY INC COM 29355A107 37 4,500 SH   SOLE   4,500 0 0
ENSCO PLC SHS CLASS A G3157S106 6,406 117,139 SH   SOLE   117,139 0 0
EPR PPTYS CONV PFD 9% SR E 26884U307 19,001 644,101 SH   SOLE   644,101 0 0
EPR PPTYS PFD C CNV 5.75% 26884U208 5,297 248,700 SH   SOLE   248,700 0 0
EQUINIX INC COM NEW 29444U502 144 900 SH   SOLE   900 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 6,792 126,800 SH   SOLE   126,800 0 0
ESSEX PPTY TR INC COM 297178105 1,182 8,000 SH   SOLE   8,000 0 0
EVERCORE PARTNERS INC CLASS A 29977A105 492 10,000 SH   SOLE   10,000 0 0
EXCEL TR INC COM 30068C109 15,413 1,284,406 SH   SOLE   1,284,406 0 0
EXPEDITORS INTL WASH INC COM 302130109 530 12,016 SH   SOLE   12,016 0 0
EXXON MOBIL CORP COM 30231G102 524 6,093 SH   SOLE   6,093 0 0
FACEBOOK INC CL A 30303M102 409 9,750 SH   SOLE   9,750 0 0
FAIR ISAAC CORP COM 303250104 303 5,500 SH   SOLE   5,500 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 1,921 18,935 SH   SOLE   18,935 0 0
FEI CO COM 30241L109 659 7,500 SH   SOLE   7,500 0 0
FELCOR LODGING TR INC PFD CV A $1.95 31430F200 30,094 1,245,088 SH   SOLE   1,245,088 0 0
FIFTH THIRD BANCORP COM 316773100 458 25,390 SH   SOLE   25,390 0 0
FINANCIAL ENGINES INC COM 317485100 178 3,600 SH   SOLE   3,600 0 0
FINISAR CORP COM NEW 31787A507 453 20,000 SH   SOLE   20,000 0 0
FIRST FINL HLDGS INC NEW COM 32023E105 439 7,950 SH   SOLE   7,950 0 0
FIRST INDUSTRIAL REALTY TRUS COM 32054K103 121 7,423 SH   SOLE   7,423 0 0
FIRST POTOMAC RLTY TR COM 33610F109 5,603 445,700 SH   SOLE   445,700 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 4,688 48,280 SH   SOLE   48,280 0 0
FOREST CITY ENTERPRISES INC CL A 345550107 2,203 116,307 SH   SOLE   116,307 0 0
FOREST LABS INC COM 345838106 1,259 28,370 SH   SOLE   28,370 0 0
FORUM ENERGY TECHNOLOGIES IN COM 34984V100 135 5,000 SH   SOLE   5,000 0 0
FRANKLIN STREET PPTYS CORP COM 35471R106 20,371 1,599,000 SH   SOLE   1,599,000 0 0
FREEPORT-MCMORAN COPPER & GO COM 35671D857 1,138 34,400 SH   SOLE   34,400 0 0
FUSION-IO INC COM 36112J107 402 30,000 SH   SOLE   30,000 0 0
GENERAL DYNAMICS CORP COM 369550108 679 7,755 SH   SOLE   7,755 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 2,361 122,400 SH   SOLE   122,400 0 0
GENERAL MLS INC COM 370334104 43 900 SH   SOLE   900 0 0
GIGAMON INC COM 37518B102 193 5,000 SH   SOLE   5,000 0 0
GLACIER BANCORP INC NEW COM 37637Q105 741 30,000 SH   SOLE   30,000 0 0
GLIMCHER RLTY TR SH BEN INT 379302102 98 10,000 SH   SOLE   10,000 0 0
GOOGLE INC CL A 38259P508 822 1,000 SH   SOLE   1,000 0 0
GOVERNMENT PPTYS INCOME TR COM SHS BEN INT 38376A103 962 40,200 SH   SOLE   40,200 0 0
GREAT LAKES DREDGE & DOCK CO COM 390607109 148 20,000 SH   SOLE   20,000 0 0
GSV CAP CORP COM 36191J101 252 17,000 SH   SOLE   17,000 0 0
HARSCO CORP COM 415864107 47 1,900 SH   SOLE   1,900 0 0
HCP INC COM 40414L109 1,961 47,900 SH   SOLE   47,900 0 0
HEALTH CARE REIT INC COM 42217K106 3,175 50,900 SH   SOLE   50,900 0 0
HEALTH NET INC COM 42222G108 1,920 62,460 SH   SOLE   62,460 0 0
HEALTHCARE RLTY TR COM 421946104 25,421 1,100,000 SH   SOLE   1,100,000 0 0
HEARTWARE INTL INC COM 422368100 1,610 20,510 SH   SOLE   20,510 0 0
HECLA MNG CO COM 422704106 785 250,000 SH   SOLE   250,000 0 0
HERSHA HOSPITALITY TR SH BEN INT A 427825104 206 36,900 SH   SOLE   36,900 0 0
HEXCEL CORP NEW COM 428291108 776 20,000 SH   SOLE   20,000 0 0
HIGHWOODS PPTYS INC COM 431284108 2,360 66,828 SH   SOLE   66,828 0 0
HMS HLDGS CORP COM 40425J101 2,546 109,462 SH   SOLE   109,462 0 0
HOME DEPOT INC COM 437076102 80 1,000 SH   SOLE   1,000 0 0
HOME PROPERTIES INC COM 437306103 2,113 36,600 SH   SOLE   36,600 0 0
HORSEHEAD HLDG CORP COM 440694305 374 30,000 SH   SOLE   30,000 0 0
HOSPITALITY PPTYS TR COM SH BEN INT 44106M102 36,790 1,300,000 SH   SOLE   1,300,000 0 0
HOST HOTELS & RESORTS INC COM 44107P104 3,028 171,373 SH   SOLE   171,373 0 0
HSBC HLDGS PLC SPON ADR NEW 404280406 7,186 132,430 SH   SOLE   132,430 0 0
HUDSON PAC PPTYS INC COM 444097109 358 18,415 SH   SOLE   18,415 0 0
ILLUMINA INC COM 452327109 1,425 21,070 SH   SOLE   21,070 0 0
IMAX CORP COM 45245E109 847 28,000 SH   SOLE   28,000 0 0
INERGY MIDSTREAM LP U LTD PARTNERS 45671U106 4,416 200,000 SH   SOLE   200,000 0 0
INFOBLOX INC COM 45672H104 416 10,000 SH   SOLE   10,000 0 0
INGREDION INC COM 457187102 439 6,638 SH   SOLE   6,638 0 0
INSMED INC COM PAR $.01 457669307 221 15,150 SH   SOLE   15,150 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 813 4,392 SH   SOLE   4,392 0 0
INVENSENSE INC COM 46123D205 1,057 60,000 SH   SOLE   60,000 0 0
INVESCO LTD SHS G491BT108 345 10,824 SH   SOLE   10,824 0 0
INVESTORS REAL ESTATE TR SH BEN INT 461730103 1,308 158,495 SH   SOLE   158,495 0 0
IRON MTN INC COM 462846106 49 1,800 SH   SOLE   1,800 0 0
ISHARES CORE S&P500 ETF 464287200 30 180 SH   SOLE   180 0 0
ISHARES GOV/CRED BD ETF 464288596 80 725 SH   SOLE   725 0 0
ISHARES INTERM CR BD ETF 464288638 3,851 35,682 SH   SOLE   35,682 0 0
ISHARES MBS ETF 464288588 1,280 12,097 SH   SOLE   12,097 0 0
ISHARES MSCI EMG MKT ETF 464287234 15,527 380,978 SH   SOLE   380,978 0 0
ISHARES MSCI FRNTR100ETF 464286145 3,856 122,381 SH   SOLE   122,381 0 0
ISHARES MSCI STH KOR ETF 464286772 332 7,250 SH   SOLE   7,250 0 0
ISHARES MSCI TURKEY ETF 464286715 14 250 SH   SOLE   250 0 0
ISHARES NAT AMT FREE BD 464288414 28 265 SH   SOLE   265 0 0
ISHARES RUSSELL 3000 ETF 464287689 296 2,930 SH   SOLE   2,930 0 0
ISTAR FINL INC COM 45031U101 890 73,932 SH   SOLE   73,932 0 0
JIVE SOFTWARE INC COM 47760A108 273 21,600 SH   SOLE   21,600 0 0
JOHN BEAN TECHNOLOGIES CORP COM 477839104 483 19,426 SH   SOLE   19,426 0 0
JOHNSON & JOHNSON COM 478160104 384 4,430 SH   SOLE   4,430 0 0
JPMORGAN CHASE & CO COM 46625H100 1,773 34,244 SH   SOLE   34,244 0 0
K12 INC COM 48273U102 309 10,000 SH   SOLE   10,000 0 0
KBR INC COM 48242W106 1,160 35,530 SH   SOLE   35,530 0 0
KEYW HLDG CORP COM 493723100 269 20,000 SH   SOLE   20,000 0 0
KILROY RLTY CORP COM 49427F108 615 12,300 SH   SOLE   12,300 0 0
KIMCO RLTY CORP COM 49446R109 1,441 71,400 SH   SOLE   71,400 0 0
KLA-TENCOR CORP COM 482480100 2,030 33,382 SH   SOLE   33,382 0 0
KODIAK OIL & GAS CORP COM 50015Q100 724 60,000 SH   SOLE   60,000 0 0
KYTHERA BIOPHARMACEUTICALS I COM 501570105 1,703 53,040 SH   SOLE   53,040 0 0
LAREDO PETE HLDGS INC COM 516806106 742 25,000 SH   SOLE   25,000 0 0
LEXINGTON REALTY TRUST COM 529043101 32,026 2,851,800 SH   SOLE   2,851,800 0 0
LEXINGTON REALTY TRUST PFD CONV SER C 529043309 13,912 303,428 SH   SOLE   303,428 0 0
LIBERTY PPTY TR SH BEN INT 531172104 15,749 442,350 SH   SOLE   442,350 0 0
LILLY ELI & CO COM 532457108 15 300 SH   SOLE   300 0 0
LIMONEIRA CO COM 532746104 257 10,000 SH   SOLE   10,000 0 0
LINKEDIN CORP COM CL A 53578A108 740 3,600 SH   SOLE   3,600 0 0
LITTELFUSE INC COM 537008104 583 7,447 SH   SOLE   7,447 0 0
MACERICH CO COM 554382101 2,647 46,900 SH   SOLE   46,900 0 0
MACK CALI RLTY CORP COM 554489104 24,960 1,137,700 SH   SOLE   1,137,700 0 0
MANHATTAN ASSOCS INC COM 562750109 477 5,000 SH   SOLE   5,000 0 0
MASTERCARD INC CL A 57636Q104 456 700 SH   SOLE   700 0 0
MCCORMICK & CO INC COM NON VTG 579780206 473 7,311 SH   SOLE   7,311 0 0
MCDERMOTT INTL INC COM 580037109 1,115 150,000 SH   SOLE   150,000 0 0
MCDONALDS CORP COM 580135101 2,682 27,868 SH   SOLE   27,868 0 0
MEDICAL PPTYS TRUST INC COM 58463J304 5,434 446,500 SH   SOLE   446,500 0 0
MEDIVATION INC COM 58501N101 407 7,800 SH   SOLE   7,800 0 0
METLIFE INC COM 59156R108 989 21,076 SH   SOLE   21,076 0 0
MICROCHIP TECHNOLOGY INC COM 595017104 460 11,424 SH   SOLE   11,424 0 0
MICROS SYS INC COM 594901100 421 8,428 SH   SOLE   8,428 0 0
MICROSOFT CORP COM 594918104 2,496 74,631 SH   SOLE   74,631 0 0
MILLENNIAL MEDIA INC COM 60040N105 283 40,000 SH   SOLE   40,000 0 0
MINDRAY MEDICAL INTL LTD SPON ADR 602675100 6,807 177,524 SH   SOLE   177,524 0 0
MOMENTA PHARMACEUTICALS INC COM 60877T100 216 15,000 SH   SOLE   15,000 0 0
MOVADO GROUP INC COM 624580106 656 15,000 SH   SOLE   15,000 0 0
NATIONAL BEVERAGE CORP COM 635017106 357 20,000 SH   SOLE   20,000 0 0
NATIONAL OILWELL VARCO INC COM 637071101 976 12,500 SH   SOLE   12,500 0 0
NEENAH PAPER INC COM 640079109 543 13,812 SH   SOLE   13,812 0 0
NEOPHOTONICS CORP COM 64051T100 222 30,000 SH   SOLE   30,000 0 0
NEUROCRINE BIOSCIENCES INC COM 64125C109 283 25,000 SH   SOLE   25,000 0 0
NEW JERSEY RES COM 646025106 27 613 SH   SOLE   613 0 0
NN INC COM 629337106 311 20,000 SH   SOLE   20,000 0 0
NORDSON CORP COM 655663102 455 6,179 SH   SOLE   6,179 0 0
NORFOLK SOUTHERN CORP COM 655844108 3,046 39,371 SH   SOLE   39,371 0 0
NOVARTIS A G SPONSORED ADR 66987V109 5,769 75,203 SH   SOLE   75,203 0 0
OMNICOM GROUP INC COM 681919106 364 5,744 SH   SOLE   5,744 0 0
OPENTABLE INC COM 68372A104 350 5,000 SH   SOLE   5,000 0 0
OREXIGEN THERAPEUTICS INC COM 686164104 1,185 184,126 SH   SOLE   184,126 0 0
PACIFIC SUNWEAR CALIF INC COM 694873100 300 100,000 SH   SOLE   100,000 0 0
PARKER HANNIFIN CORP COM 701094104 652 6,000 SH   SOLE   6,000 0 0
PARKWAY PPTYS INC COM 70159Q104 109 6,118 SH   SOLE   6,118 0 0
PDC ENERGY INC COM 69327R101 298 5,000 SH   SOLE   5,000 0 0
PEABODY ENERGY CORP COM 704549104 1,401 81,200 SH   SOLE   81,200 0 0
PERRIGO CO COM 714290103 1,703 14,670 SH   SOLE   14,670 0 0
PFIZER INC COM 717081103 2,441 84,977 SH   SOLE   84,977 0 0
PG&E CORP COM 69331C108 12 300 SH   SOLE   300 0 0
PHILIP MORRIS INTL INC COM 718172109 830 9,586 SH   SOLE   9,586 0 0
PHILLIPS 66 COM 718546104 458 7,909 SH   SOLE   7,909 0 0
PORTLAND GEN ELEC CO COM NEW 736508847 48 1,700 SH   SOLE   1,700 0 0
POST PPTYS INC COM 737464107 720 16,000 SH   SOLE   16,000 0 0
POTASH CORP SASK INC COM 73755L107 109 3,500 SH   SOLE   3,500 0 0
PROCTER & GAMBLE CO COM 742718109 834 11,037 SH   SOLE   11,037 0 0
PROLOGIS INC COM 74340W103 3,207 85,252 SH   SOLE   85,252 0 0
PS BUSINESS PKS INC CALIF COM 69360J107 187 2,500 SH   SOLE   2,500 0 0
PUBLIC STORAGE COM 74460D109 3,885 24,200 SH   SOLE   24,200 0 0
PUMA BIOTECHNOLOGY INC COM 74587V107 617 17,238 SH   SOLE   17,238 0 0
QIAGEN NV REG SHS N72482107 1,267 64,050 SH   SOLE   64,050 0 0
QLIK TECHNOLOGIES INC COM 74733T105 342 10,000 SH   SOLE   10,000 0 0
QUALCOMM INC COM 747525103 3,864 57,635 SH   SOLE   57,635 0 0
QUANTA SVCS INC COM 74762E102 509 18,500 SH   SOLE   18,500 0 0
RAMCO-GERSHENSON PPTYS TR COM SH BEN INT 751452202 362 23,492 SH   SOLE   23,492 0 0
RAMCO-GERSHENSON PPTYS TR PERP PFD-D CV 751452608 14,457 245,700 SH   SOLE   245,700 0 0
RAYMOND JAMES FINANCIAL INC COM 754730109 455 10,923 SH   SOLE   10,923 0 0
REGAL ENTMT GROUP CL A 758766109 380 20,000 SH   SOLE   20,000 0 0
RESOLUTE ENERGY CORP COM 76116A108 125 15,000 SH   SOLE   15,000 0 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 12,668 916,600 SH   SOLE   916,600 0 0
RETAIL PPTYS AMER INC CL A 76131V202 8,026 583,700 SH   SOLE   583,700 0 0
REXFORD INDL RLTY INC COM 76169C100 2,711 200,659 SH   SOLE   200,659 0 0
RIGEL PHARMACEUTICALS INC COM NEW 766559603 1,350 415,201 SH   SOLE   415,201 0 0
RLJ LODGING TR COM 74965L101 153 6,500 SH   SOLE   6,500 0 0
ROBERT HALF INTL INC COM 770323103 648 16,601 SH   SOLE   16,601 0 0
ROYAL DUTCH SHELL PLC SPON ADR B 780259107 9 128 SH   SOLE   128 0 0
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 3,123 47,556 SH   SOLE   47,556 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 19,789 860,000 SH   SOLE   860,000 0 0
SALESFORCE COM INC COM 79466L302 88 1,900 SH   SOLE   1,900 0 0
SANDERSON FARMS INC COM 800013104 391 6,000 SH   SOLE   6,000 0 0
SANOFI SPONSORED ADR 80105N105 4,305 85,032 SH   SOLE   85,032 0 0
SCANA CORP NEW COM 80589M102 14 300 SH   SOLE   300 0 0
SCHLUMBERGER LTD COM 806857108 298 3,500 SH   SOLE   3,500 0 0
SCHNITZER STL INDS CL A 806882106 716 26,000 SH   SOLE   26,000 0 0
SENIOR HSG PPTYS TR SH BEN INT 81721M109 1,034 44,284 SH   SOLE   44,284 0 0
SHAW COMMUNICATIONS INC CL B CONV 82028K200 1,267 54,515 SH   SOLE   54,515 0 0
SIBANYE GOLD LTD SPONSORED ADR 825724206 405 77,701 SH   SOLE   77,701 0 0
SILVERCREST ASSET MGMT GROUP CL A 828359109 1,005 73,665 SH   SOLE   73,665 0 0
SIMON PPTY GROUP INC NEW COM 828806109 4,120 27,794 SH   SOLE   27,794 0 0
SKILLED HEALTHCARE GROUP INC CL A 83066R107 240 55,000 SH   SOLE   55,000 0 0
SL GREEN RLTY CORP COM 78440X101 2,194 24,700 SH   SOLE   24,700 0 0
SOLAZYME INC COM 83415T101 28 2,000 SH   SOLE   2,000 0 0
SOTHEBYS COM 835898107 491 10,000 SH   SOLE   10,000 0 0
SOVRAN SELF STORAGE INC COM 84610H108 507 6,700 SH   SOLE   6,700 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 323,014 1,922,584 SH   SOLE   912,140 0 1,010,444
SPDR SERIES TRUST BRCLYS 1-3MT ETF 78464A680 99,787 2,179,235 SH   SOLE   0 0 2,179,235
SPIRIT RLTY CAP INC NEW COM 84860W102 23,447 2,554,048 SH   SOLE   2,554,048 0 0
SPLUNK INC COM 848637104 776 16,000 SH   SOLE   16,000 0 0
SPROUTS FMRS MKT INC COM 85208M102 45 1,600 SH   SOLE   1,600 0 0
STAG INDL INC COM 85254J102 44,423 2,207,900 SH   SOLE   2,207,900 0 0
STANLEY BLACK & DECKER INC COM 854502101 1,468 16,209 SH   SOLE   16,209 0 0
STARWOOD PPTY TR INC COM 85571B105 750 31,300 SH   SOLE   31,300 0 0
STEINER LEISURE LTD ORD P8744Y102 408 6,993 SH   SOLE   6,993 0 0
STERLING FINL CORP WASH COM NEW 859319303 448 15,605 SH   SOLE   15,605 0 0
STILLWATER MNG CO COM 86074Q102 330 30,000 SH   SOLE   30,000 0 0
STRATEGIC HOTELS & RESORTS I COM 86272T106 28,117 3,239,240 SH   SOLE   3,239,240 0 0
STRYKER CORP COM 863667101 1,352 20,520 SH   SOLE   20,520 0 0
SUMMIT HOTEL PPTYS COM 866082100 27,017 2,939,901 SH   SOLE   2,939,901 0 0
SUNCOR ENERGY INC NEW COM 867224107 1,290 36,040 SH   SOLE   36,040 0 0
SUNSTONE HOTEL INVS INC NEW CV 8% CUM PFD-D 867892507 18,317 727,592 SH   SOLE   727,592 0 0
SYNGENTA AG SPONSORED ADR 87160A100 13,345 164,147 SH   SOLE   164,147 0 0
SYSCO CORP COM 871829107 19 600 SH   SOLE   600 0 0
TABLEAU SOFTWARE INC CL A 87336U105 110 2,330 SH   SOLE   2,330 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 985 58,083 SH   SOLE   58,083 0 0
TAKE-TWO INTERACTIVE SOFTWAR COM 874054109 363 20,000 SH   SOLE   20,000 0 0
TANGER FACTORY OUTLET CTRS I COM 875465106 513 15,700 SH   SOLE   15,700 0 0
TARGA RES CORP COM 87612G101 1,189 16,300 SH   SOLE   16,300 0 0
TAUBMAN CTRS INC COM 876664103 215 3,200 SH   SOLE   3,200 0 0
TAUBMAN CTRS INC PFD SER K 876664707 2,236 100,000 SH   SOLE   100,000 0 0
TCF FINL CORP COM 872275102 357 25,000 SH   SOLE   25,000 0 0
TENARIS S A SPONSORED ADR 88031M109 519 11,100 SH   SOLE   11,100 0 0
TERRENO RLTY CORP COM 88146M101 875 49,220 SH   SOLE   49,220 0 0
TEXAS INSTRS INC COM 882508104 894 22,189 SH   SOLE   22,189 0 0
THERAVANCE INC COM 88338T104 1,252 38,755 SH   SOLE   38,755 0 0
THERMON GROUP HLDGS INC COM 88362T103 347 15,000 SH   SOLE   15,000 0 0
THOMAS PPTYS GROUP INC COM 884453101 1,795 267,054 SH   SOLE   267,054 0 0
TIFFANY & CO NEW COM 886547108 516 6,737 SH   SOLE   6,737 0 0
TIME WARNER INC COM NEW 887317303 1,669 25,354 SH   SOLE   25,354 0 0
TOWERS WATSON & CO CL A 891894107 100 1,000 SH   SOLE   1,000 0 0
TRADE STR RESIDENTIAL INC COM NEW 89255N203 7,960 1,143,700 SH   SOLE   1,143,700 0 0
TRIMBLE NAVIGATION LTD COM 896239100 480 16,153 SH   SOLE   16,153 0 0
U M H PROPERTIES INC CV RED PFD-A 903002202 16,197 630,000 SH   SOLE   630,000 0 0
U S SILICA HLDGS INC COM 90346E103 374 15,000 SH   SOLE   15,000 0 0
UDR INC COM 902653104 2,285 96,408 SH   SOLE   96,408 0 0
UNILEVER PLC SPON ADR NEW 904767704 6,358 164,748 SH   SOLE   164,748 0 0
URSTADT BIDDLE PPTYS INC CL A 917286205 1,988 100,000 SH   SOLE   100,000 0 0
US BANCORP DEL COM NEW 902973304 546 14,926 SH   SOLE   14,926 0 0
VANGUARD SCOTTSDALE FDS MORTG-BACK SEC 92206C771 1,597 31,000 SH   SOLE   31,000 0 0
VANGUARD SCOTTSDALE FDS SHRT TRM CORP BD 92206C409 7,069 88,800 SH   SOLE   88,800 0 0
VANGUARD SCOTTSDALE FDS SHTRM GVT BD ETF 92206C102 14,244 233,900 SH   SOLE   233,900 0 0
VANTIV INC CL A 92210H105 429 15,360 SH   SOLE   15,360 0 0
VARIAN MED SYS INC COM 92220P105 556 7,443 SH   SOLE   7,443 0 0
VENTAS INC COM 92276F100 2,275 36,999 SH   SOLE   36,999 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 23 500 SH   SOLE   500 0 0
VISA INC COM CL A 92826C839 123 700 SH   SOLE   700 0 0
VODAFONE GROUP PLC NEW SPONS ADR NEW 92857W209 39 1,100 SH   SOLE   1,100 0 0
VORNADO RLTY TR SH BEN INT 929042109 3,565 42,409 SH   SOLE   42,409 0 0
WAL-MART STORES INC COM 931142103 988 13,358 SH   SOLE   13,358 0 0
WASHINGTON REAL ESTATE INVT SH BEN INT 939653101 358 14,179 SH   SOLE   14,179 0 0
WASTE MGMT INC DEL COM 94106L109 651 15,779 SH   SOLE   15,779 0 0
WEIGHT WATCHERS INTL INC NEW COM 948626106 561 15,000 SH   SOLE   15,000 0 0
WESTERN REFNG INC COM 959319104 150 5,000 SH   SOLE   5,000 0 0
WHITESTONE REIT COM 966084204 6,997 475,000 SH   SOLE   475,000 0 0
WHITEWAVE FOODS CO COM CL A 966244105 316 15,800 SH   SOLE   15,800 0 0
WILLIAMS COS INC DEL COM 969457100 1,829 50,336 SH   SOLE   50,336 0 0
WINDSTREAM HLDGS INC COM 97382A101 525 65,511 SH   SOLE   65,511 0 0
WINTHROP RLTY TR SH BEN INT NEW 976391300 13,673 1,226,336 SH   SOLE   1,226,336 0 0
WORLD FUEL SVCS CORP COM 981475106 489 13,114 SH   SOLE   13,114 0 0
WPP PLC NEW ADR 92937A102 8,911 86,551 SH   SOLE   86,551 0 0
XOMA CORP DEL COM 98419J107 441 98,000 SH   SOLE   98,000 0 0
YELP INC CL A 985817105 191 3,000 SH   SOLE   3,000 0 0