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 2,778 19,507 SH   SOLE   19,507 0 0
ACTUANT CORP CL A NEW 00508X203 86 2,500 SH   SOLE   2,500 0 0
ADVANCED ENERGY INDS COM 007973100 289 15,000 SH   SOLE   15,000 0 0
ADVISORY BRD CO COM 00762W107 524 10,094 SH   SOLE   10,094 0 0
AEGERION PHARMACEUTICALS INC COM 00767E102 1,903 60,700 SH   SOLE   60,700 0 0
AGREE REALTY CORP COM 008492100 166 5,500 SH   SOLE   5,500 0 0
AIRCASTLE LTD COM G0129K104 178 10,000 SH   SOLE   10,000 0 0
AK STL HLDG CORP COM 001547108 239 30,000 SH   SOLE   30,000 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 1,704 21,950 SH   SOLE   21,950 0 0
ALPINE GLOBAL DYNAMIC DIVD F COM NEW 02082E205 2 225 SH   SOLE   225 0 0
ALPINE TOTAL DYNAMIC DIVID F COM SH BEN INT N 021060207 2 240 SH   SOLE   240 0 0
AMAZON COM INC COM 023135106 72 200 SH   SOLE   200 0 0
AMBEV SA SPONSORED ADR 02319V103 2,489 353,575 SH   SOLE   353,575 0 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 2,069 54,122 SH   SOLE   54,122 0 0
AMERICAN CAPITAL AGENCY CORP COM 02503X105 702 30,000 SH   SOLE   30,000 0 0
AMERICAN EQTY INVT LIFE HLD COM 025676206 0 1 SH   SOLE   1 0 0
AMERICAN EXPRESS CO COM 025816109 524 5,521 SH   SOLE   5,521 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 10,372 584,000 SH   SOLE   584,000 0 0
AMERICAN RESIDENTIAL PPTYS I COM 02927E303 938 50,000 SH   SOLE   50,000 0 0
AMERICAN STS WTR CO COM 029899101 1,097 33,000 SH   SOLE   33,000 0 0
AMERICAN WTR WKS CO INC NEW COM 030420103 1,043 21,100 SH   SOLE   21,100 0 0
AMERISOURCEBERGEN CORP COM 03073E105 2,812 42,955 SH   SOLE   42,955 0 0
AMREIT INC NEW CL B 03216B208 18,733 1,023,639 SH   SOLE   1,023,639 0 0
APPLE INC COM 037833100 396 5,300 SH   SOLE   5,300 0 0
APPLIED MATLS INC COM 038222105 237 11,000 SH   SOLE   11,000 0 0
APPLIED OPTOELECTRONICS INC COM 03823U102 255 11,000 SH   SOLE   11,000 0 0
ARBOR RLTY TR INC COM 038923108 1,084 155,970 SH   SOLE   155,970 0 0
ARES COML REAL ESTATE CORP COM 04013V108 7,331 590,700 SH   SOLE   590,700 0 0
ARMADA HOFFLER PPTYS INC COM 04208T108 11,538 1,191,900 SH   SOLE   1,191,900 0 0
ARTISAN PARTNERS ASSET MGMT CL A 04316A108 582 10,254 SH   SOLE   10,254 0 0
ASHFORD HOSPITALITY TR INC 9% CUM PFD SER E 044103505 18,817 683,000 SH   SOLE   683,000 0 0
ASSOCIATED ESTATES RLTY CORP COM 045604105 27,147 1,506,500 SH   SOLE   1,506,500 0 0
ASTRONICS CORP COM 046433108 282 5,000 SH   SOLE   5,000 0 0
AT&T INC COM 00206R102 57 1,600 SH   SOLE   1,600 0 0
AUTOMATIC DATA PROCESSING IN COM 053015103 865 10,906 SH   SOLE   10,906 0 0
AUXILIUM PHARMACEUTICALS INC COM 05334D107 3,385 177,586 SH   SOLE   177,586 0 0
AVALONBAY CMNTYS INC COM 053484101 9,703 68,288 SH   SOLE   68,288 0 0
AVNET INC COM 053807103 29 650 SH   SOLE   650 0 0
AVX CORP NEW COM 002444107 332 25,000 SH   SOLE   25,000 0 0
BALTIC TRADING LIMITED COM Y0553W103 538 90,000 SH   SOLE   90,000 0 0
BANCO SANTANDER SA ADR 05964H105 11,553 1,106,167 SH   SOLE   1,106,167 0 0
BANK N S HALIFAX COM 064149107 5,504 85,371 SH   SOLE   85,371 0 0
BANK OF AMERICA CORPORATION COM 060505104 569 37,000 SH   SOLE   37,000 0 0
BANKUNITED INC COM 06652K103 743 22,173 SH   SOLE   22,173 0 0
BARCLAYS PLC ADR 06738E204 3,422 234,155 SH   SOLE   234,155 0 0
BECTON DICKINSON & CO COM 075887109 926 7,830 SH   SOLE   7,830 0 0
BIOMED REALTY TRUST INC COM 09063H107 1,201 55,000 SH   SOLE   55,000 0 0
BLACKROCK INC COM 09247X101 2,684 8,448 SH   SOLE   8,448 0 0
BOISE CASCADE CO DEL COM 09739D100 430 15,000 SH   SOLE   15,000 0 0
BONANZA CREEK ENERGY INC COM 097793103 572 10,000 SH   SOLE   10,000 0 0
BOSTON PROPERTIES INC COM 101121101 4,047 34,245 SH   SOLE   34,245 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 964 61,800 SH   SOLE   61,800 0 0
BRIGGS & STRATTON CORP COM 109043109 102 5,000 SH   SOLE   5,000 0 0
BRIXMOR PPTY GROUP INC COM 11120U105 2,983 130,002 SH   SOLE   130,002 0 0
BROADRIDGE FINL SOLUTIONS IN COM 11133T103 792 19,022 SH   SOLE   19,022 0 0
C&J ENERGY SVCS INC COM 12467B304 422 12,500 SH   SOLE   12,500 0 0
CADENCE DESIGN SYSTEM INC COM 127387108 65 4,000 SH   SOLE   4,000 0 0
CAMDEN PPTY TR SH BEN INT 133131102 2,592 36,433 SH   SOLE   36,433 0 0
CAMPUS CREST CMNTYS INC COM 13466Y105 34,201 3,949,331 SH   SOLE   3,949,331 0 0
CARDINAL HEALTH INC COM 14149Y108 2,418 35,373 SH   SOLE   35,373 0 0
CAREFUSION CORP COM 14170T101 402 9,700 SH   SOLE   9,700 0 0
CARRIZO OIL & GAS INC COM 144577103 519 7,500 SH   SOLE   7,500 0 0
CASEYS GEN STORES INC COM 147528103 596 8,484 SH   SOLE   8,484 0 0
CBOE HLDGS INC COM 12503M108 488 9,915 SH   SOLE   9,915 0 0
CECO ENVIRONMENTAL CORP COM 125141101 53 3,416 SH   SOLE   3,416 0 0
CHATHAM LODGING TR COM 16208T102 30,660 1,400,000 SH   SOLE   1,400,000 0 0
CHEVRON CORP NEW COM 166764100 2,449 18,817 SH   SOLE   18,817 0 0
CHINA YUCHAI INTL LTD COM G21082105 11,711 561,292 SH   SOLE   561,292 0 0
CHRISTOPHER & BANKS CORP COM 171046105 876 100,000 SH   SOLE   100,000 0 0
CIENA CORP COM NEW 171779309 650 30,000 SH   SOLE   30,000 0 0
CINEMARK HOLDINGS INC COM 17243V102 35 1,000 SH   SOLE   1,000 0 0
CLOROX CO DEL COM 189054109 110 1,200 SH   SOLE   1,200 0 0
CLOUD PEAK ENERGY INC COM 18911Q102 893 48,500 SH   SOLE   48,500 0 0
CLOVIS ONCOLOGY INC COM 189464100 1,103 30,943 SH   SOLE   30,943 0 0
CME GROUP INC COM 12572Q105 1,607 22,609 SH   SOLE   22,609 0 0
COCA COLA CO COM 191216100 708 16,705 SH   SOLE   16,705 0 0
COMCAST CORP NEW CL A 20030N101 3,163 59,227 SH   SOLE   59,227 0 0
COMMUNITY BK SYS INC COM 203607106 362 10,000 SH   SOLE   10,000 0 0
CONNECTICUT WTR SVC INC COM 207797101 376 11,100 SH   SOLE   11,100 0 0
CONOCOPHILLIPS COM 20825C104 2,316 27,262 SH   SOLE   27,262 0 0
COOPER COS INC COM NEW 216648402 554 4,092 SH   SOLE   4,092 0 0
CORESITE RLTY CORP COM 21870Q105 959 29,000 SH   SOLE   29,000 0 0
COUPONS COM INC COM 22265J102 29 1,800 SH   SOLE   1,800 0 0
CREDICORP LTD COM G2519Y108 12,594 81,566 SH   SOLE   81,566 0 0
CUI GLOBAL INC COM NEW 126576206 168 20,000 SH   SOLE   20,000 0 0
CURTISS WRIGHT CORP COM 231561101 262 4,000 SH   SOLE   4,000 0 0
CYRUSONE INC COM 23283R100 2,836 113,923 SH   SOLE   113,923 0 0
DDR CORP COM 23317H102 617 35,000 SH   SOLE   35,000 0 0
DECKERS OUTDOOR CORP COM 243537107 432 5,000 SH   SOLE   5,000 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 1,394 36,000 SH   SOLE   36,000 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 708 55,217 SH   SOLE   55,217 0 0
DIANA SHIPPING INC COM Y2066G104 569 52,200 SH   SOLE   52,200 0 0
DIEBOLD INC COM 253651103 586 14,600 SH   SOLE   14,600 0 0
DIGITAL RLTY TR INC COM 253868103 6,277 107,636 SH   SOLE   107,636 0 0
DIREXION SHS ETF TR DLY SEMICONDUCT 25459Y314 30 1,500 SH   SOLE   1,500 0 0
DISNEY WALT CO COM DISNEY 254687106 252 3,000 SH   SOLE   3,000 0 0
DIVERSIFIED RSTRNT HLDGS INC COM 25532M105 286 60,000 SH   SOLE   60,000 0 0
DST SYS INC DEL COM 233326107 638 6,925 SH   SOLE   6,925 0 0
DUPONT FABROS TECHNOLOGY INC COM 26613Q106 375 13,900 SH   SOLE   13,900 0 0
EATON CORP PLC SHS G29183103 1,644 21,307 SH   SOLE   21,307 0 0
EDWARDS LIFESCIENCES CORP COM 28176E108 3,646 48,730 SH   SOLE   48,730 0 0
EMERSON ELEC CO COM 291011104 965 14,540 SH   SOLE   14,540 0 0
ENERSIS S A SPONSORED ADR 29274F104 1,508 89,500 SH   SOLE   89,500 0 0
ENPHASE ENERGY INC COM 29355A107 171 20,000 SH   SOLE   20,000 0 0
ENSCO PLC SHS CLASS A G3157S106 7 117 SH   SOLE   117 0 0
ENSTAR GROUP LIMITED SHS G3075P101 505 3,350 SH   SOLE   3,350 0 0
ENTEGRIS INC COM 29362U104 137 10,000 SH   SOLE   10,000 0 0
ENTRAVISION COMMUNICATIONS C CL A 29382R107 124 20,000 SH   SOLE   20,000 0 0
EPR PPTYS CONV PFD 9% SR E 26884U307 20,154 644,101 SH   SOLE   644,101 0 0
EPR PPTYS PFD C CNV 5.75% 26884U208 5,715 248,700 SH   SOLE   248,700 0 0
EQUINIX INC COM NEW 29444U502 1,727 8,400 SH   SOLE   8,400 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 8,221 130,500 SH   SOLE   130,500 0 0
ESSEX PPTY TR INC COM 297178105 3,026 16,366 SH   SOLE   16,366 0 0
EVERCORE PARTNERS INC CLASS A 29977A105 576 10,000 SH   SOLE   10,000 0 0
EXCEL TR INC COM 30068C109 22,342 1,676,148 SH   SOLE   1,676,148 0 0
EXPEDITORS INTL WASH INC COM 302130109 637 14,426 SH   SOLE   14,426 0 0
EXPONENT INC COM 30214U102 510 6,880 SH   SOLE   6,880 0 0
EXTRA SPACE STORAGE INC COM 30225T102 788 14,800 SH   SOLE   14,800 0 0
EXXON MOBIL CORP COM 30231G102 79 793 SH   SOLE   793 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 2,531 20,935 SH   SOLE   20,935 0 0
FEI CO COM 30241L109 200 2,000 SH   SOLE   2,000 0 0
FELCOR LODGING TR INC PFD CV A $1.95 31430F200 29,580 1,132,888 SH   SOLE   1,132,888 0 0
FIFTH THIRD BANCORP COM 316773100 530 24,833 SH   SOLE   24,833 0 0
FIRST POTOMAC RLTY TR COM 33610F109 8,452 644,197 SH   SOLE   644,197 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 5,187 55,373 SH   SOLE   55,373 0 0
FOREST CITY ENTERPRISES INC CL A 345550107 1,594 80,207 SH   SOLE   80,207 0 0
FORTRESS INVESTMENT GROUP LL CL A 34958B106 595 80,000 SH   SOLE   80,000 0 0
FORUM ENERGY TECHNOLOGIES IN COM 34984V100 364 10,000 SH   SOLE   10,000 0 0
FRANKLIN STREET PPTYS CORP COM 35471R106 26,976 2,144,400 SH   SOLE   2,144,400 0 0
FREEPORT-MCMORAN COPPER & GO COM 35671D857 1,478 40,500 SH   SOLE   40,500 0 0
GARMIN LTD SHS H2906T109 30 500 SH   SOLE   500 0 0
GENERAL DYNAMICS CORP COM 369550108 935 8,024 SH   SOLE   8,024 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 2,778 117,900 SH   SOLE   117,900 0 0
GENERAL MLS INC COM 370334104 105 2,000 SH   SOLE   2,000 0 0
GLACIER BANCORP INC NEW COM 37637Q105 851 30,000 SH   SOLE   30,000 0 0
GOOGLE INC CL A 38259P508 175 850 SH   SOLE   850 0 0
GOOGLE INC CL C 38259P706 720 850 SH   SOLE   850 0 0
GREAT LAKES DREDGE & DOCK CO COM 390607109 160 20,000 SH   SOLE   20,000 0 0
GSI GROUP INC CDA NEW COM NEW 36191C205 127 10,000 SH   SOLE   10,000 0 0
HALLIBURTON CO COM 406216101 2,968 41,800 SH   SOLE   41,800 0 0
HCP INC COM 40414L109 3,550 85,800 SH   SOLE   85,800 0 0
HEALTH CARE REIT INC COM 42217K106 5,515 88,000 SH   SOLE   88,000 0 0
HEALTH NET INC COM 42222G108 3,302 89,152 SH   SOLE   89,152 0 0
HEALTHCARE RLTY TR COM 421946104 27,962 1,100,000 SH   SOLE   1,100,000 0 0
HEARTWARE INTL INC COM 422368100 2,482 32,994 SH   SOLE   32,994 0 0
HECLA MNG CO COM 422704106 880 255,000 SH   SOLE   255,000 0 0
HERON THERAPEUTICS INC COM 427746102 822 70,921 SH   SOLE   70,921 0 0
HMS HLDGS CORP COM 40425J101 5,251 292,069 SH   SOLE   292,069 0 0
HOME PROPERTIES INC COM 437306103 2,021 31,600 SH   SOLE   31,600 0 0
HORSEHEAD HLDG CORP COM 440694305 548 30,000 SH   SOLE   30,000 0 0
HOST HOTELS & RESORTS INC COM 44107P104 3,817 173,407 SH   SOLE   173,407 0 0
HSBC HLDGS PLC SPON ADR NEW 404280406 6,984 137,214 SH   SOLE   137,214 0 0
HUDSON PAC PPTYS INC COM 444097109 1,576 62,173 SH   SOLE   62,173 0 0
ILLUMINA INC COM 452327109 261 4,880 SH   SOLE   4,880 0 0
IMAX CORP COM 45245E109 797 28,000 SH   SOLE   28,000 0 0
IMPAX LABORATORIES INC COM 45256B101 3,033 119,796 SH   SOLE   119,796 0 0
INGREDION INC COM 457187102 588 7,837 SH   SOLE   7,837 0 0
INTEL CORP COM 458140100 46 1,500 SH   SOLE   1,500 0 0
INVENSENSE INC COM 46123D205 454 20,000 SH   SOLE   20,000 0 0
INVESCO LTD SHS G491BT108 408 10,803 SH   SOLE   10,803 0 0
INVESTORS REAL ESTATE TR SH BEN INT 461730103 1,460 158,495 SH   SOLE   158,495 0 0
IRONWOOD PHARMACEUTICALS INC COM CL A 46333X108 705 47,325 SH   SOLE   47,325 0 0
ISHARES CORE S&P500 ETF 464287200 81 410 SH   SOLE   410 0 0
ISHARES GOV/CRED BD ETF 464288596 82 725 SH   SOLE   725 0 0
ISHARES INTERM CR BD ETF 464288638 4,021 36,489 SH   SOLE   36,489 0 0
ISHARES MBS ETF 464288588 1,400 12,939 SH   SOLE   12,939 0 0
ISHARES MSCI FRNTR100ETF 464286145 59 1,641 SH   SOLE   1,641 0 0
ISHARES MSCI STH KOR ETF 464286772 813 14,750 SH   SOLE   14,750 0 0
ISHARES MSCI TAIWAN ETF 464286731 1,331 93,000 SH   SOLE   93,000 0 0
ISHARES MSCI TURKEY ETF 464286715 14 250 SH   SOLE   250 0 0
ISHARES NAT AMT FREE BD 464288414 29 265 SH   SOLE   265 0 0
JETBLUE AIRWAYS CORP COM 477143101 326 30,000 SH   SOLE   30,000 0 0
JOHN BEAN TECHNOLOGIES CORP COM 477839104 688 22,185 SH   SOLE   22,185 0 0
JOHNSON & JOHNSON COM 478160104 1,204 11,505 SH   SOLE   11,505 0 0
JPMORGAN CHASE & CO COM 46625H100 2,859 49,757 SH   SOLE   49,757 0 0
KIMBERLY CLARK CORP COM 494368103 78 700 SH   SOLE   700 0 0
KIMCO RLTY CORP COM 49446R109 1,641 71,400 SH   SOLE   71,400 0 0
KITE RLTY GROUP TR COM 49803T102 15,884 2,586,776 SH   SOLE   2,586,776 0 0
KKR & CO L P DEL COM UNITS 48248M102 231 9,500 SH   SOLE   9,500 0 0
KLA-TENCOR CORP COM 482480100 2,549 35,287 SH   SOLE   35,287 0 0
KODIAK OIL & GAS CORP COM 50015Q100 218 15,000 SH   SOLE   15,000 0 0
KRAFT FOODS GROUP INC COM 50076Q106 42 700 SH   SOLE   700 0 0
KYTHERA BIOPHARMACEUTICALS I COM 501570105 1,119 35,215 SH   SOLE   35,215 0 0
LANNET INC COM 516012101 793 20,125 SH   SOLE   20,125 0 0
LAREDO PETROLEUM INC COM 516806106 217 7,000 SH   SOLE   7,000 0 0
LAS VEGAS SANDS CORP COM 517834107 38 500 SH   SOLE   500 0 0
LEXINGTON REALTY TRUST COM 529043101 1,486 135,000 SH   SOLE   135,000 0 0
LEXINGTON REALTY TRUST PFD CONV SER C 529043309 14,792 303,428 SH   SOLE   303,428 0 0
LIBERTY PPTY TR SH BEN INT 531172104 1,984 52,300 SH   SOLE   52,300 0 0
LIFELOCK INC COM 53224V100 279 20,000 SH   SOLE   20,000 0 0
LILLY ELI & CO COM 532457108 37 600 SH   SOLE   600 0 0
LIMONEIRA CO COM 532746104 220 10,000 SH   SOLE   10,000 0 0
LITTELFUSE INC COM 537008104 811 8,725 SH   SOLE   8,725 0 0
LUMBER LIQUIDATORS HLDGS INC COM 55003T107 418 5,500 SH   SOLE   5,500 0 0
LYONDELLBASELL INDUSTRIES N SHS - A - N53745100 29 300 SH   SOLE   300 0 0
MACERICH CO COM 554382101 4,172 62,500 SH   SOLE   62,500 0 0
MACK CALI RLTY CORP COM 554489104 34,999 1,629,357 SH   SOLE   1,629,357 0 0
MANHATTAN ASSOCS INC COM 562750109 172 5,000 SH   SOLE   5,000 0 0
MARATHON OIL CORP COM 565849106 40 1,000 SH   SOLE   1,000 0 0
MARINE HARVEST ASA SPONSORED ADR 56824R205 4,507 328,134 SH   SOLE   328,134 0 0
MARKET VECTORS ETF TR VIETNAM ETF 57060U761 1,302 69,250 SH   SOLE   69,250 0 0
MCDONALDS CORP COM 580135101 3,200 31,813 SH   SOLE   31,813 0 0
MEDICAL PPTYS TRUST INC COM 58463J304 1,892 142,900 SH   SOLE   142,900 0 0
MEDIVATION INC COM 58501N101 1,033 15,725 SH   SOLE   15,725 0 0
METHODE ELECTRS INC COM 591520200 96 2,500 SH   SOLE   2,500 0 0
METLIFE INC COM 59156R108 786 14,155 SH   SOLE   14,155 0 0
MICROCHIP TECHNOLOGY INC COM 595017104 537 11,007 SH   SOLE   11,007 0 0
MICROSOFT CORP COM 594918104 2,420 58,744 SH   SOLE   58,744 0 0
MID-AMER APT CMNTYS INC COM 59522J103 731 10,000 SH   SOLE   10,000 0 0
MKS INSTRUMENT INC COM 55306N104 391 12,500 SH   SOLE   12,500 0 0
MOBILE TELESYSTEMS OJSC SPONSORED ADR 607409109 2,976 150,750 SH   SOLE   150,750 0 0
MONMOUTH REAL ESTATE INVT CO CL A 609720107 9,165 912,761 SH   SOLE   912,761 0 0
MOVADO GROUP INC COM 624580106 625 15,000 SH   SOLE   15,000 0 0
MULTI COLOR CORP COM 625383104 200 5,000 SH   SOLE   5,000 0 0
NABORS INDUSTRIES LTD SHS G6359F103 1,319 44,900 SH   SOLE   44,900 0 0
NATIONAL BEVERAGE CORP COM 635017106 378 20,000 SH   SOLE   20,000 0 0
NEENAH PAPER INC COM 640079109 854 16,061 SH   SOLE   16,061 0 0
NEW JERSEY RES COM 646025106 12 213 SH   SOLE   213 0 0
NN INC COM 629337106 256 10,000 SH   SOLE   10,000 0 0
NORDSON CORP COM 655663102 585 7,294 SH   SOLE   7,294 0 0
NORFOLK SOUTHERN CORP COM 655844108 1,330 12,909 SH   SOLE   12,909 0 0
NORTHSTAR RLTY FIN CORP COM 66704R100 50 2,900 SH   SOLE   2,900 0 0
NOVARTIS A G SPONSORED ADR 66987V109 8,759 96,522 SH   SOLE   96,522 0 0
NXP SEMICONDUCTORS N V COM N6596X109 33 500 SH   SOLE   500 0 0
OMNICOM GROUP INC COM 681919106 389 5,467 SH   SOLE   5,467 0 0
ON SEMICONDUCTOR CORP COM 682189105 162 17,000 SH   SOLE   17,000 0 0
ORASURE TECHNOLOGIES INC COM 68554V108 2,438 379,716 SH   SOLE   379,716 0 0
OREXIGEN THERAPEUTICS INC COM 686164104 1,172 215,181 SH   SOLE   215,181 0 0
ORIENT-EXPRESS HOTELS LTD CL A G67743107 145 10,000 SH   SOLE   10,000 0 0
ORION MARINE GROUP INC COM 68628V308 931 86,000 SH   SOLE   86,000 0 0
OWENS CORNING NEW COM 690742101 434 11,223 SH   SOLE   11,223 0 0
PALO ALTO NETWORKS INC COM 697435105 368 5,000 SH   SOLE   5,000 0 0
PARKER HANNIFIN CORP COM 701094104 1,006 8,000 SH   SOLE   8,000 0 0
PARKWAY PPTYS INC COM 70159Q104 1,600 77,501 SH   SOLE   77,501 0 0
PARSLEY ENERGY INC CL A 701877102 156 6,500 SH   SOLE   6,500 0 0
PDC ENERGY INC COM 69327R101 316 5,000 SH   SOLE   5,000 0 0
PEABODY ENERGY CORP COM 704549104 1,006 61,500 SH   SOLE   61,500 0 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 471 25,000 SH   SOLE   25,000 0 0
PEPSICO INC COM 713448108 63 700 SH   SOLE   700 0 0
PFIZER INC COM 717081103 2,824 95,102 SH   SOLE   95,102 0 0
PHARMACYCLICS INC COM 716933106 2,708 29,625 SH   SOLE   29,625 0 0
PHILLIPS 66 COM 718546104 1,023 12,864 SH   SOLE   12,864 0 0
POOL CORPORATION COM 73278L105 482 8,526 SH   SOLE   8,526 0 0
POPEYES LA KITCHEN INC COM 732872106 437 10,000 SH   SOLE   10,000 0 0
POST PPTYS INC COM 737464107 374 7,000 SH   SOLE   7,000 0 0
POTASH CORP SASK INC COM 73755L107 797 21,000 SH   SOLE   21,000 0 0
PROCTER & GAMBLE CO COM 742718109 905 11,522 SH   SOLE   11,522 0 0
PROLOGIS INC COM 74340W103 5,320 129,462 SH   SOLE   129,462 0 0
PROOFPOINT INC COM 743424103 427 11,400 SH   SOLE   11,400 0 0
PS BUSINESS PKS INC CALIF COM 69360J107 626 7,500 SH   SOLE   7,500 0 0
PUBLIC STORAGE COM 74460D109 5,538 32,323 SH   SOLE   32,323 0 0
PUMA BIOTECHNOLOGY INC COM 74587V107 980 16,825 SH   SOLE   16,825 0 0
QIAGEN NV REG SHS N72482107 1,966 96,330 SH   SOLE   96,330 0 0
QLOGIC CORP COM 747277101 303 30,000 SH   SOLE   30,000 0 0
QUALCOMM INC COM 747525103 3,238 41,656 SH   SOLE   41,656 0 0
QUANTA SVCS INC COM 74762E102 1,643 47,500 SH   SOLE   47,500 0 0
QUEST DIAGNOSTICS INC COM 74834L100 3,948 69,455 SH   SOLE   69,455 0 0
RADIUS HEALTH INC COM NEW 750469207 739 87,471 SH   SOLE   87,471 0 0
RAMCO-GERSHENSON PPTYS TR PERP PFD-D CV 751452608 15,146 245,700 SH   SOLE   245,700 0 0
RAYMOND JAMES FINANCIAL INC COM 754730109 656 12,923 SH   SOLE   12,923 0 0
RENTECH INC COM 760112102 324 125,000 SH   SOLE   125,000 0 0
RESTORATION HARDWARE HLDGS I COM 761283100 730 7,842 SH   SOLE   7,842 0 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 16,131 1,025,475 SH   SOLE   1,025,475 0 0
RETAIL PPTYS AMER INC CL A 76131V202 2,186 142,100 SH   SOLE   142,100 0 0
ROBERT HALF INTL INC COM 770323103 906 18,986 SH   SOLE   18,986 0 0
ROYAL DUTCH SHELL PLC SPON ADR B 780259107 11 128 SH   SOLE   128 0 0
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 7,799 94,444 SH   SOLE   94,444 0 0
RPC INC COM 749660106 968 41,200 SH   SOLE   41,200 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 26,321 916,779 SH   SOLE   916,779 0 0
SALIX PHARMACEUTICALS INC COM 795435106 4,599 40,200 SH   SOLE   40,200 0 0
SANOFI SPONSORED ADR 80105N105 16 305 SH   SOLE   305 0 0
SCHLUMBERGER LTD COM 806857108 2,099 17,800 SH   SOLE   17,800 0 0
SEAGATE TECHNOLOGY PLC SHS G7945M107 57 1,000 SH   SOLE   1,000 0 0
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 14 211 SH   SOLE   211 0 0
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704 14 260 SH   SOLE   260 0 0
SELECT SECTOR SPDR TR SBI INT-UTILS 81369Y886 14 322 SH   SOLE   322 0 0
SELECT SECTOR SPDR TR TECHNOLOGY 81369Y803 14 369 SH   SOLE   369 0 0
SENIOR HSG PPTYS TR SH BEN INT 81721M109 760 31,284 SH   SOLE   31,284 0 0
SHAW COMMUNICATIONS INC CL B CONV 82028K200 3,191 123,683 SH   SOLE   123,683 0 0
SIBANYE GOLD LTD SPONSORED ADR 825724206 175 15,934 SH   SOLE   15,934 0 0
SILVERCREST ASSET MGMT GROUP CL A 828359109 1,954 114,247 SH   SOLE   114,247 0 0
SIMON PPTY GROUP INC NEW COM 828806109 8,613 51,793 SH   SOLE   51,793 0 0
SKILLED HEALTHCARE GROUP INC CL A 83066R107 1,088 172,900 SH   SOLE   172,900 0 0
SL GREEN RLTY CORP COM 78440X101 3,936 35,975 SH   SOLE   35,975 0 0
SOTHEBYS COM 835898107 210 5,000 SH   SOLE   5,000 0 0
SOVRAN SELF STORAGE INC COM 84610H108 1,131 14,647 SH   SOLE   14,647 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 483,008 2,467,848 SH   SOLE   1,391,523 0 1,076,325
SPDR SERIES TRUST BRCLYS 1-3MT ETF 78464A680 100,129 2,188,136 SH   SOLE   0 0 2,188,136
SPIRIT RLTY CAP INC NEW COM 84860W102 16,397 1,443,419 SH   SOLE   1,443,419 0 0
SPLUNK INC COM 848637104 67 1,900 SH   SOLE   1,900 0 0
SPS COMM INC COM 78463M107 190 3,000 SH   SOLE   3,000 0 0
STAG INDL INC COM 85254J102 54,665 2,276,745 SH   SOLE   2,276,745 0 0
STANLEY BLACK & DECKER INC COM 854502101 888 10,114 SH   SOLE   10,114 0 0
STARBUCKS CORP COM 855244109 77 1,000 SH   SOLE   1,000 0 0
STATE STR CORP COM 857477103 94 1,400 SH   SOLE   1,400 0 0
STILLWATER MNG CO COM 86074Q102 527 30,000 SH   SOLE   30,000 0 0
STRATASYS LTD SHS M85548101 179 1,650 SH   SOLE   1,650 0 0
STRATEGIC HOTELS & RESORTS I COM 86272T106 234 20,000 SH   SOLE   20,000 0 0
STRYKER CORP COM 863667101 1,468 21,475 SH   SOLE   21,475 0 0
SUMMIT HOTEL PPTYS COM 866082100 30,761 2,902,000 SH   SOLE   2,902,000 0 0
SUN CMNTYS INC COM 866674104 997 20,000 SH   SOLE   20,000 0 0
SUN HYDRAULICS CORP COM 866942105 599 14,763 SH   SOLE   14,763 0 0
SUNCOR ENERGY INC NEW COM 867224107 3,657 85,641 SH   SOLE   85,641 0 0
SUNSTONE HOTEL INVS INC NEW CV 8% CUM PFD-D 867892507 19,256 727,592 SH   SOLE   727,592 0 0
SYNGENTA AG SPONSORED ADR 87160A100 16,645 222,950 SH   SOLE   222,950 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 2,897 133,376 SH   SOLE   133,376 0 0
TAKE-TWO INTERACTIVE SOFTWAR COM 874054109 222 10,000 SH   SOLE   10,000 0 0
TAUBMAN CTRS INC COM 876664103 34,645 456,995 SH   SOLE   456,995 0 0
TCF FINL CORP COM 872275102 409 25,000 SH   SOLE   25,000 0 0
TERRENO RLTY CORP COM 88146M101 755 39,035 SH   SOLE   39,035 0 0
TEVA PHARMACEUTICAL INDS LTD ADR 881624209 3,701 72,905 SH   SOLE   72,905 0 0
TEXAS INSTRS INC COM 882508104 1,370 28,783 SH   SOLE   28,783 0 0
TIFFANY & CO NEW COM 886547108 785 7,826 SH   SOLE   7,826 0 0
TIME INC NEW COM 887228104 60 2,466 SH   SOLE   2,466 0 0
TIME WARNER INC COM NEW 887317303 1,430 20,352 SH   SOLE   20,352 0 0
TRADE STR RESIDENTIAL INC COM NEW 89255N203 20,880 2,787,693 SH   SOLE   2,787,693 0 0
TRIMBLE NAVIGATION LTD COM 896239100 694 18,784 SH   SOLE   18,784 0 0
TUPPERWARE BRANDS CORP COM 899896104 67 800 SH   SOLE   800 0 0
U M H PROPERTIES INC CV RED PFD-A 903002202 16,657 630,000 SH   SOLE   630,000 0 0
U S SILICA HLDGS INC COM 90346E103 416 7,500 SH   SOLE   7,500 0 0
UDR INC COM 902653104 2,872 100,308 SH   SOLE   100,308 0 0
UIL HLDG CORP COM 902748102 1,985 51,300 SH   SOLE   51,300 0 0
ULTRA CLEAN HLDGS INC COM 90385V107 317 35,000 SH   SOLE   35,000 0 0
UMPQUA HLDGS CORP COM 904214103 812 45,321 SH   SOLE   45,321 0 0
UNILEVER PLC SPON ADR NEW 904767704 4,297 94,498 SH   SOLE   94,498 0 0
UNITED CMNTY BKS BLAIRSVLE G COM 90984P303 205 12,500 SH   SOLE   12,500 0 0
US BANCORP DEL COM NEW 902973304 626 14,463 SH   SOLE   14,463 0 0
US ECOLOGY INC COM 91732J102 632 12,915 SH   SOLE   12,915 0 0
VALE S A ADR 91912E105 2,891 218,500 SH   SOLE   218,500 0 0
VANGUARD SCOTTSDALE FDS MORTG-BACK SEC 92206C771 1,491 28,330 SH   SOLE   28,330 0 0
VANGUARD SCOTTSDALE FDS SHRT TRM CORP BD 92206C409 6,008 74,750 SH   SOLE   74,750 0 0
VANGUARD SCOTTSDALE FDS SHTRM GVT BD ETF 92206C102 12,247 200,900 SH   SOLE   200,900 0 0
VANTIV INC CL A 92210H105 612 18,210 SH   SOLE   18,210 0 0
VARIAN MED SYS INC COM 92220P105 716 8,618 SH   SOLE   8,618 0 0
VENTAS INC COM 92276F100 5,137 80,132 SH   SOLE   80,132 0 0
VERIFONE SYS INC COM 92342Y109 276 7,500 SH   SOLE   7,500 0 0
VINCE HLDG CORP COM 92719W108 549 15,000 SH   SOLE   15,000 0 0
VISA INC COM CL A 92826C839 351 1,600 SH   SOLE   1,600 0 0
VORNADO RLTY TR SH BEN INT 929042109 5,038 47,209 SH   SOLE   47,209 0 0
W P CAREY INC COM 92936U109 25,488 395,774 SH   SOLE   395,774 0 0
WALGREEN CO COM 931422109 52 700 SH   SOLE   700 0 0
WAL-MART STORES INC COM 931142103 1,076 14,343 SH   SOLE   14,343 0 0
WASHINGTON PRIME GROUP INC COM 939647103 485 25,895 SH   SOLE   25,895 0 0
WASTE MGMT INC DEL COM 94106L109 87 1,925 SH   SOLE   1,925 0 0
WEBSTER FINL CORP CONN COM 947890109 158 5,000 SH   SOLE   5,000 0 0
WESTERN ASSET MTG CAP CORP COM 95790D105 213 15,000 SH   SOLE   15,000 0 0
WESTERN REFNG INC COM 959319104 282 7,500 SH   SOLE   7,500 0 0
WEYERHAEUSER CO COM 962166104 298 9,000 SH   SOLE   9,000 0 0
WHIRLPOOL CORP COM 963320106 42 300 SH   SOLE   300 0 0
WILLIAMS COS INC DEL COM 969457100 1,983 34,638 SH   SOLE   34,638 0 0
WINTHROP RLTY TR SH BEN INT NEW 976391300 13,293 866,037 SH   SOLE   866,037 0 0
WORLD FUEL SVCS CORP COM 981475106 736 14,950 SH   SOLE   14,950 0 0
WPP PLC NEW ADR 92937A102 11,648 106,995 SH   SOLE   106,995 0 0
XOMA CORP DEL COM 98419J107 149 32,500 SH   SOLE   32,500 0 0
YAHOO INC COM 984332106 217 6,000 SH   SOLE   6,000 0 0