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 2,165 14,367 SH   SOLE 14,367 0 0
ALEXANDER & BALDWIN INC NEW COM 014491104 1,303 36,890 SH   SOLE 36,890 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 673 7,450 SH   SOLE 7,450 0 0
ALEXANDRIA REAL ESTATE EQ IN PFD CONV SER D 015271505 2,826 102,798 SH   SOLE 102,798 0 0
AMBEV SA SPONSORED ADR 02319V103 5,074 1,137,553 SH   SOLE 1,137,553 0 0
AMERICAN ASSETS TR INC COM 024013104 4,146 108,098 SH   SOLE 108,098 0 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 1,493 36,122 SH   SOLE 36,122 0 0
AMERICAN EXPRESS CO COM 025816109 725 10,424 SH   SOLE 10,424 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 9,729 584,000 SH   SOLE 584,000 0 0
AMERICAN RESIDENTIAL PPTYS I COM 02927E303 21,924 1,160,000 SH   SOLE 1,160,000 0 0
AMERICAN TOWER CORP NEW COM 03027X100 1,518 15,662 SH   SOLE 15,662 0 0
AMERICAN WTR WKS CO INC NEW COM 030420103 1,542 25,800 SH   SOLE 25,800 0 0
AMERIGAS PARTNERS L P UNIT L P INT 030975106 959 27,990 SH   SOLE 27,990 0 0
ANADARKO PETE CORP COM 032511107 764 15,720 SH   SOLE 15,720 0 0
APPLE INC COM 037833100 284 2,700 SH   SOLE 2,700 0 0
ARBOR RLTY TR INC COM 038923108 660 92,316 SH   SOLE 92,316 0 0
ARES COML REAL ESTATE CORP COM 04013V108 4,462 390,000 SH   SOLE 390,000 0 0
ARMADA HOFFLER PPTYS INC COM 04208T108 1,725 164,557 SH   SOLE 164,557 0 0
ARTISAN PARTNERS ASSET MGMT CL A 04316A108 11 300 SH   SOLE 300 0 0
ASHFORD HOSPITALITY PRIME IN COM 044102101 508 35,000 SH   SOLE 35,000 0 0
ASHFORD HOSPITALITY TR INC 9% CUM PFD SER E 044103505 10,206 402,587 SH   SOLE 402,587 0 0
AUTOMATIC DATA PROCESSING IN COM 053015103 849 10,018 SH   SOLE 10,018 0 0
AVALONBAY CMNTYS INC COM 053484101 5,244 28,480 SH   SOLE 28,480 0 0
BANKUNITED INC COM 06652K103 480 13,304 SH   SOLE 13,304 0 0
BECTON DICKINSON & CO COM 075887109 1,034 6,711 SH   SOLE 6,711 0 0
BELMOND LTD CL A G1154H107 570 60,000 SH   SOLE 60,000 0 0
BIOMED REALTY TRUST INC COM 09063H107 938 39,622 SH   SOLE 39,622 0 0
BLACK KNIGHT FINL SVCS INC CL A 09214X100 419 12,665 SH   SOLE 12,665 0 0
BLACKROCK INC COM 09247X101 1,546 4,541 SH   SOLE 4,541 0 0
BLACKSTONE GROUP L P COM UNIT LTD 09253U108 363 12,400 SH   SOLE 12,400 0 0
BOSTON PROPERTIES INC COM 101121101 4,801 37,645 SH   SOLE 37,645 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 703 51,500 SH   SOLE 51,500 0 0
BRIXMOR PPTY GROUP INC COM 11120U105 2,141 82,935 SH   SOLE 82,935 0 0
BROADRIDGE FINL SOLUTIONS IN COM 11133T103 815 15,156 SH   SOLE 15,156 0 0
BT GROUP PLC ADR 05577E101 2,319 66,986 SH   SOLE 66,986 0 0
CADIZ INC COM NEW 127537207 308 58,596 SH   SOLE 58,596 0 0
CALIFORNIA WTR SVC GROUP COM 130788102 655 28,139 SH   SOLE 28,139 0 0
CAMPUS CREST CMNTYS INC COM 13466Y105 11,137 1,637,764 SH   SOLE 1,637,764 0 0
CANADIAN SOLAR INC COM 136635109 1,238 42,735 SH   SOLE 42,735 0 0
CARDINAL HEALTH INC COM 14149Y108 2,295 25,715 SH   SOLE 25,715 0 0
CARE CAP PPTYS INC COM 141624106 381 12,482 SH   SOLE 12,482 0 0
CASEYS GEN STORES INC COM 147528103 1,288 10,690 SH   SOLE 10,690 0 0
CATALENT INC COM 148806102 407 16,245 SH   SOLE 16,245 0 0
CBOE HLDGS INC COM 12503M108 811 12,491 SH   SOLE 12,491 0 0
CDK GLOBAL INC COM 12508E101 137 2,893 SH   SOLE 2,893 0 0
CECO ENVIRONMENTAL CORP COM 125141101 26 3,416 SH   SOLE 3,416 0 0
CEDAR REALTY TRUST INC COM NEW 150602209 425 60,000 SH   SOLE 60,000 0 0
CHATHAM LODGING TR COM 16208T102 38,408 1,875,400 SH   SOLE 1,875,400 0 0
CHEVRON CORP NEW COM 166764100 1,364 15,174 SH   SOLE 15,174 0 0
CHINA YUCHAI INTL LTD COM G21082105 6,437 572,598 SH   SOLE 572,598 0 0
CME GROUP INC COM 12572Q105 1,411 15,569 SH   SOLE 15,569 0 0
COCA COLA CO COM 191216100 4 104 SH   SOLE 104 0 0
COHEN & STEERS INC COM 19247A100 437 14,350 SH   SOLE 14,350 0 0
COLONY CAP INC CL A 19624R106 21,428 1,100,000 SH   SOLE 1,100,000 0 0
COLONY CAP INC CONV PFD-C 19624R403 8,764 400,000 SH   SOLE 400,000 0 0
COMCAST CORP NEW CL A 20030N101 2,769 49,034 SH   SOLE 49,034 0 0
CONOCOPHILLIPS COM 20825C104 929 19,888 SH   SOLE 19,888 0 0
COOPER COS INC COM NEW 216648402 687 5,118 SH   SOLE 5,118 0 0
CORE LABORATORIES N V COM N22717107 735 6,750 SH   SOLE 6,750 0 0
CORENERGY INFRASTRUCTURE TR COM NEW 21870U502 1,209 81,487 SH   SOLE 81,487 0 0
CORENERGY INFRASTRUCTURE TR DEP SHS REPSTG 21870U304 7,284 400,000 SH   SOLE 400,000 0 0
CORENERGY INFRASTRUCTURE TR NOTE 7.000% 6/1 21870UAA4 10,675 14,000,000 SH   SOLE 14,000,000 0 0
CORESITE RLTY CORP COM 21870Q105 965 17,000 SH   SOLE 17,000 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 945 43,282 SH   SOLE 43,282 0 0
COUSINS PPTYS INC COM 222795106 646 68,500 SH   SOLE 68,500 0 0
CREDICORP LTD COM G2519Y108 2,643 27,158 SH   SOLE 27,158 0 0
CROWN CASTLE INTL CORP NEW COM 22822V101 1,530 17,700 SH   SOLE 17,700 0 0
DDR CORP COM 23317H102 365 21,700 SH   SOLE 21,700 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 288 29,817 SH   SOLE 29,817 0 0
DIGITAL RLTY TR INC COM 253868103 346 4,575 SH   SOLE 4,575 0 0
DST SYS INC DEL COM 233326107 977 8,566 SH   SOLE 8,566 0 0
EASTGROUP PPTY INC COM 277276101 373 6,700 SH   SOLE 6,700 0 0
EASTMAN CHEM CO COM 277432100 788 11,681 SH   SOLE 11,681 0 0
EATON CORP PLC SHS G29183103 435 8,354 SH   SOLE 8,354 0 0
EMERSON ELEC CO COM 291011104 887 18,557 SH   SOLE 18,557 0 0
ENSTAR GROUP LIMITED SHS G3075P101 678 4,516 SH   SOLE 4,516 0 0
EPR PPTYS CONV PFD 9% SR E 26884U307 19,838 644,101 SH   SOLE 644,101 0 0
EPR PPTYS PFD C CNV 5.75% 26884U208 5,969 248,700 SH   SOLE 248,700 0 0
EQUITY ONE COM 294752100 1,192 43,897 SH   SOLE 43,897 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 4,089 50,117 SH   SOLE 50,117 0 0
EVERCORE PARTNERS INC CLASS A 29977A105 684 12,665 SH   SOLE 12,665 0 0
EXPONENT INC COM 30214U102 884 17,691 SH   SOLE 17,691 0 0
EXTRA SPACE STORAGE INC COM 30225T102 289 3,272 SH   SOLE 3,272 0 0
EXXON MOBIL CORP COM 30231G102 32 423 SH   SOLE 423 0 0
FARMLAND PARTNERS INC COM 31154R109 1,646 150,000 SH   SOLE 150,000 0 0
FBR & CO COM NEW 30247C400 240 12,084 SH   SOLE 12,084 0 0
FCB FINL HLDGS INC CL A 30255G103 804 22,430 SH   SOLE 22,430 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 1,627 11,135 SH   SOLE 11,135 0 0
FELCOR LODGING TR INC COM 31430F101 951 130,339 SH   SOLE 130,339 0 0
FELCOR LODGING TR INC PFD CV A $1.95 31430F200 27,520 1,094,238 SH   SOLE 1,094,238 0 0
FIFTH THIRD BANCORP COM 316773100 457 22,739 SH   SOLE 22,739 0 0
FIRST POTOMAC RLTY TR COM 33610F109 577 50,607 SH   SOLE 50,607 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 5,072 54,919 SH   SOLE 54,919 0 0
FOREST CITY ENTERPRISES INC CL A 345550107 759 34,600 SH   SOLE 34,600 0 0
FRANKLIN STREET PPTYS CORP COM 35471R106 37,406 3,614,100 SH   SOLE 3,614,100 0 0
GENERAL DYNAMICS CORP COM 369550108 1,231 8,962 SH   SOLE 8,962 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 2,267 83,300 SH   SOLE 83,300 0 0
GENESIS HEALTHCARE INC CL A COM 37185X106 1,685 485,756 SH   SOLE 485,756 0 0
GENTHERM INC COM 37253A103 796 16,800 SH   SOLE 16,800 0 0
GLOBAL X FDS MSCI PAKISTAN 37950E689 570 35,940 SH   SOLE 35,940 0 0
GRANITE REAL ESTATE INVT TR UNIT 99/99/9999 387437114 401 14,600 SH   SOLE 14,600 0 0
GREEN BANCORP INC COM 39260X100 573 54,680 SH   SOLE 54,680 0 0
GREENHUNTER RES INC COM 39530A104 254 2,416,697 SH   SOLE 2,416,697 0 0
HCP INC COM 40414L109 1,618 42,293 SH   SOLE 42,293 0 0
HENRY JACK & ASSOC INC COM 426281101 474 6,075 SH   SOLE 6,075 0 0
HMS HLDGS CORP COM 40425J101 2 180 SH   SOLE 180 0 0
HOEGH LNG PARTNERS LP COM UNIT LTD Y3262R100 784 42,100 SH   SOLE 42,100 0 0
HOST HOTELS & RESORTS INC COM 44107P104 2,949 192,232 SH   SOLE 192,232 0 0
HOWARD HUGHES CORP COM 44267D107 317 2,800 SH   SOLE 2,800 0 0
HSBC HLDGS PLC SPON ADR NEW 404280406 6,398 162,096 SH   SOLE 162,096 0 0
HUDSON PAC PPTYS INC COM 444097109 493 17,546 SH   SOLE 17,546 0 0
INDEPENDENCE RLTY TR INC COM 45378A106 1,159 154,333 SH   SOLE 154,333 0 0
INGREDION INC COM 457187102 5 55 SH   SOLE 55 0 0
INVESCO LTD SHS G491BT108 586 17,498 SH   SOLE 17,498 0 0
INVESTORS REAL ESTATE TR SH BEN INT 461730103 658 94,634 SH   SOLE 94,634 0 0
ISHARES MSCI TAIWAN ETF 464286731 836 59,690 SH   SOLE 59,690 0 0
ISHARES MSCI TURKEY ETF 464286715 9 250 SH   SOLE 250 0 0
ISHARES TR CORE MSCITOTAL 46432F834 443 8,962 SH   SOLE 8,962 0 0
ISHARES TR CORE S&P SCP ETF 464287804 487 4,422 SH   SOLE 4,422 0 0
ISHARES TR EUROPE ETF 464287861 11 275 SH   SOLE 275 0 0
ISHARES TR GOV/CRED BD ETF 464288596 81 725 SH   SOLE 725 0 0
ISHARES TR INTERM CR BD ETF 464288638 3,324 30,985 SH   SOLE 30,985 0 0
ISHARES TR MBS ETF 464288588 1,081 10,036 SH   SOLE 10,036 0 0
ISHARES TR MSCI ACWI ETF 464288257 28 505 SH   SOLE 505 0 0
ISHARES TR MSCI ACWI EX US 464288240 6,495 147,610 SH   SOLE 147,610 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 45,461 403,671 SH   SOLE 185,066 0 218,605
ISHARES TR RUSSELL 3000 ETF 464287689 1,857 15,435 SH   SOLE 15,435 0 0
ISHARES TR SELECT DIVID ETF 464287168 220 2,930 SH   SOLE 2,930 0 0
JOHN BEAN TECHNOLOGIES CORP COM 477839104 1,348 27,071 SH   SOLE 27,071 0 0
JOHNSON & JOHNSON COM 478160104 1,564 15,229 SH   SOLE 15,229 0 0
JPMORGAN CHASE & CO COM 46625H100 2,152 32,576 SH   SOLE 32,576 0 0
KIMCO RLTY CORP COM 49446R109 1,291 48,800 SH   SOLE 48,800 0 0
KITE RLTY GROUP TR COM NEW 49803T300 3,724 143,600 SH   SOLE 143,600 0 0
KLA-TENCOR CORP COM 482480100 1,695 24,432 SH   SOLE 24,432 0 0
LEXINGTON REALTY TRUST COM 529043101 2,163 270,390 SH   SOLE 270,390 0 0
LEXINGTON REALTY TRUST PFD CONV SER C 529043309 14,413 303,428 SH   SOLE 303,428 0 0
LIBERTY PPTY TR SH BEN INT 531172104 1,845 59,400 SH   SOLE 59,400 0 0
LITTELFUSE INC COM 537008104 1,243 11,621 SH   SOLE 11,621 0 0
LLOYDS BANKING GROUP PLC SPONSORED ADR 539439109 4,212 966,059 SH   SOLE 966,059 0 0
MACERICH CO COM 554382101 1,089 13,500 SH   SOLE 13,500 0 0
MACK CALI RLTY CORP COM 554489104 1,135 48,600 SH   SOLE 48,600 0 0
MACQUARIE INFRASTRUCTURE COR COM 55608B105 1,349 18,580 SH   SOLE 18,580 0 0
MARINE HARVEST ASA SPONSORED ADR 56824R205 6,024 456,950 SH   SOLE 456,950 0 0
MARKET VECTORS ETF TR VIETNAM ETF 57060U761 4,504 282,781 SH   SOLE 282,781 0 0
MCDONALDS CORP COM 580135101 17 137 SH   SOLE 137 0 0
MEAD JOHNSON NUTRITION CO COM 582839106 355 4,500 SH   SOLE 4,500 0 0
METLIFE INC COM 59156R108 623 12,928 SH   SOLE 12,928 0 0
MICROCHIP TECHNOLOGY INC COM 595017104 753 16,190 SH   SOLE 16,190 0 0
MICROSOFT CORP COM 594918104 2,085 37,596 SH   SOLE 37,596 0 0
MITSUBISHI UFJ FINL GROUP IN SPONSORED ADR 606822104 4,399 707,184 SH   SOLE 707,184 0 0
MOBILE TELESYSTEMS PJSC SPONSORED ADR 607409109 952 154,100 SH   SOLE 154,100 0 0
MONMOUTH REAL ESTATE INVT CO CL A 609720107 12,970 1,240,000 SH   SOLE 1,240,000 0 0
MONRO MUFFLER BRAKE INC COM 610236101 457 6,905 SH   SOLE 6,905 0 0
NATIONAL HEALTH INVS INC COM 63633D104 302 4,969 SH   SOLE 4,969 0 0
NATIONAL STORAGE AFFILIATES COM SHS BEN IN 637870106 34,707 2,026,100 SH   SOLE 2,026,100 0 0
NEENAH PAPER INC COM 640079109 1,224 19,595 SH   SOLE 19,595 0 0
NEW JERSEY RES COM 646025106 14 426 SH   SOLE 426 0 0
NEW SR INVT GROUP INC COM 648691103 481 48,800 SH   SOLE 48,800 0 0
NEW YORK REIT INC COM 64976L109 1,210 105,200 SH   SOLE 105,200 0 0
NORDIC AMERICAN TANKERS LIMI COM G65773106 839 54,000 SH   SOLE 54,000 0 0
NORDSON CORP COM 655663102 528 8,231 SH   SOLE 8,231 0 0
NORDSTROM INC COM 655664100 324 6,500 SH   SOLE 6,500 0 0
NORFOLK SOUTHERN CORP COM 655844108 998 11,799 SH   SOLE 11,799 0 0
NORTHSTAR REALTY EUROPE CORP COM 66706L101 120 10,149 SH   SOLE 10,149 0 0
NORTHSTAR RLTY FIN CORP COM 66704R803 519 30,450 SH   SOLE 30,450 0 0
NOVARTIS A G SPONSORED ADR 66987V109 6,459 75,070 SH   SOLE 75,070 0 0
OMNICOM GROUP INC COM 681919106 380 5,028 SH   SOLE 5,028 0 0
OWENS CORNING NEW COM 690742101 679 14,459 SH   SOLE 14,459 0 0
PARAMOUNT GROUP INC COM 69924R108 731 40,400 SH   SOLE 40,400 0 0
PARKWAY PPTYS INC COM 70159Q104 1,624 103,901 SH   SOLE 103,901 0 0
PEAK RESORTS INC COM 70469L100 7,798 1,297,571 SH   SOLE 1,297,571 0 0
PEPSICO INC COM 713448108 1,005 10,055 SH   SOLE 10,055 0 0
PERFORMANCE SPORTS GROUP LTD COM 71377G100 307 31,890 SH   SOLE 31,890 0 0
PFIZER INC COM 717081103 2,601 80,575 SH   SOLE 80,575 0 0
PHILLIPS 66 COM 718546104 1,283 15,675 SH   SOLE 15,675 0 0
PIMCO ETF TR ENHAN SHRT MA AC 72201R833 15 150 SH   SOLE 150 0 0
POOL CORPORATION COM 73278L105 1,196 14,812 SH   SOLE 14,812 0 0
POST PPTYS INC COM 737464107 296 5,000 SH   SOLE 5,000 0 0
POWERSHARES QQQ TRUST UNIT SER 1 73935A104 45,293 404,896 SH   SOLE 183,773 0 221,123
PRA HEALTH SCIENCES INC COM 69354M108 863 19,044 SH   SOLE 19,044 0 0
PROCTER & GAMBLE CO COM 742718109 744 9,374 SH   SOLE 9,374 0 0
PROLOGIS INC COM 74340W103 5,533 128,912 SH   SOLE 128,912 0 0
PROSHARES TR II ULTRASHRT EURO 74347W882 625 24,500 SH   SOLE 24,500 0 0
PUBLIC STORAGE COM 74460D109 3,685 14,878 SH   SOLE 14,878 0 0
QTS RLTY TR INC COM CL A 74736A103 261 5,783 SH   SOLE 5,783 0 0
QUALCOMM INC COM 747525103 1,715 34,298 SH   SOLE 34,298 0 0
RAIT FINANCIAL TRUST COM NEW 749227609 426 157,822 SH   SOLE 157,822 0 0
RAMCO-GERSHENSON PPTYS TR PERP PFD-D CV 751452608 15,025 245,700 SH   SOLE 245,700 0 0
RAYMOND JAMES FINANCIAL INC COM 754730109 12 205 SH   SOLE 205 0 0
RESTORATION HARDWARE HLDGS I COM 761283100 18 225 SH   SOLE 225 0 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 6,086 340,000 SH   SOLE 340,000 0 0
RETAIL PPTYS AMER INC CL A 76131V202 818 55,400 SH   SOLE 55,400 0 0
REXFORD INDL RLTY INC COM 76169C100 751 45,930 SH   SOLE 45,930 0 0
RITCHIE BROS AUCTIONEERS COM 767744105 562 23,315 SH   SOLE 23,315 0 0
RLJ LODGING TR COM 74965L101 223 10,300 SH   SOLE 10,300 0 0
RMR GROUP INC CL A 74967R106 260 18,066 SH   SOLE 18,066 0 0
ROBERT HALF INTL INC COM 770323103 716 15,180 SH   SOLE 15,180 0 0
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 18 378 SH   SOLE 378 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 48,007 2,372,976 SH   SOLE 2,372,976 0 0
SCHLUMBERGER LTD COM 806857108 1,194 17,120 SH   SOLE 17,120 0 0
SELECT INCOME REIT COM SH BEN INT 81618T100 19,820 1,000,000 SH   SOLE 1,000,000 0 0
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 231 2,959 SH   SOLE 2,959 0 0
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 236 4,681 SH   SOLE 4,681 0 0
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209 242 3,357 SH   SOLE 3,357 0 0
SELECT SECTOR SPDR TR TECHNOLOGY 81369Y803 233 5,447 SH   SOLE 5,447 0 0
SENIOR HSG PPTYS TR SH BEN INT 81721M109 491 33,066 SH   SOLE 33,066 0 0
SHAW COMMUNICATIONS INC CL B CONV 82028K200 3,133 182,267 SH   SOLE 182,267 0 0
SILVERCREST ASSET MGMT GROUP CL A 828359109 1,037 87,237 SH   SOLE 87,237 0 0
SIMON PPTY GROUP INC NEW COM 828806109 7,621 39,193 SH   SOLE 39,193 0 0
SL GREEN RLTY CORP COM 78440X101 2,245 19,875 SH   SOLE 19,875 0 0
SOUTH ST CORP COM 840441109 1,024 14,237 SH   SOLE 14,237 0 0
SOVRAN SELF STORAGE INC COM 84610H108 563 5,247 SH   SOLE 5,247 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 136,249 668,311 SH   SOLE 304,364 0 363,947
SPDR SERIES TRUST BRCLYS 1-3MT ETF 78464A680 118,175 2,587,027 SH   SOLE 0 0 2,587,027
STAG INDL INC COM 85254J102 35,167 1,906,100 SH   SOLE 1,906,100 0 0
STANLEY BLACK & DECKER INC COM 854502101 969 9,083 SH   SOLE 9,083 0 0
STARWOOD HOTELS&RESORTS WRLD COM 85590A401 6,297 90,900 SH   SOLE 90,900 0 0
SUMMIT HOTEL PPTYS COM 866082100 13,862 1,160,000 SH   SOLE 1,160,000 0 0
SUN CMNTYS INC COM 866674104 1,234 18,000 SH   SOLE 18,000 0 0
SUN HYDRAULICS CORP COM 866942105 607 19,118 SH   SOLE 19,118 0 0
SUNCOR ENERGY INC NEW COM 867224107 3,370 130,596 SH   SOLE 130,596 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 1,473 117,900 SH   SOLE 117,900 0 0
SUNSTONE HOTEL INVS INC NEW CV 8% CUM PFD-D 867892507 11,692 461,592 SH   SOLE 461,592 0 0
SYNGENTA AG SPONSORED ADR 87160A100 4 55 SH   SOLE 55 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 6,268 275,516 SH   SOLE 275,516 0 0
TANGER FACTORY OUTLET CTRS I COM 875465106 654 20,000 SH   SOLE 20,000 0 0
TERRENO RLTY CORP COM 88146M101 513 22,675 SH   SOLE 22,675 0 0
TEXAS INSTRS INC COM 882508104 1,334 24,339 SH   SOLE 24,339 0 0
TIME INC NEW COM 887228104 36 2,329 SH   SOLE 2,329 0 0
TIME WARNER INC COM NEW 887317303 1,198 18,524 SH   SOLE 18,524 0 0
UBS GROUP AG SHS H42097107 6,255 322,947 SH   SOLE 322,947 0 0
UDR INC COM 902653104 316 8,408 SH   SOLE 8,408 0 0
UMH PPTYS INC CV RED PFD-A 903002202 16,204 630,000 SH   SOLE 630,000 0 0
UMPQUA HLDGS CORP COM 904214103 5 330 SH   SOLE 330 0 0
UNILEVER PLC SPON ADR NEW 904767704 4,911 113,870 SH   SOLE 113,870 0 0
UNITED TECHNOLOGIES CORP COM 913017109 1,223 12,725 SH   SOLE 12,725 0 0
URSTADT BIDDLE PPTYS INC PFD-G CV 6.75% 917286809 11,966 450,000 SH   SOLE 450,000 0 0
US BANCORP DEL COM NEW 902973304 901 21,126 SH   SOLE 21,126 0 0
US ECOLOGY INC COM 91732J102 14 386 SH   SOLE 386 0 0
VANGUARD SCOTTSDALE FDS MORTG-BACK SEC 92206C771 551 10,470 SH   SOLE 10,470 0 0
VANGUARD SCOTTSDALE FDS SHRT TRM CORP BD 92206C409 3,772 47,750 SH   SOLE 47,750 0 0
VANGUARD SCOTTSDALE FDS SHTRM GVT BD ETF 92206C102 7,641 125,750 SH   SOLE 125,750 0 0
VANTIV INC CL A 92210H105 1,072 22,610 SH   SOLE 22,610 0 0
VARIAN MED SYS INC COM 92220P105 900 11,143 SH   SOLE 11,143 0 0
VENTAS INC COM 92276F100 3,032 53,732 SH   SOLE 53,732 0 0
VIRTU FINL INC CL A 928254101 446 19,731 SH   SOLE 19,731 0 0
VISTEON CORP COM NEW 92839U206 573 5,000 SH   SOLE 5,000 0 0
VORNADO RLTY TR SH BEN INT 929042109 3,777 37,784 SH   SOLE 37,784 0 0
W P CAREY INC COM 92936U109 5,900 100,000 SH   SOLE 100,000 0 0
WAL-MART STORES INC COM 931142103 738 12,034 SH   SOLE 12,034 0 0
WELLTOWER INC COM 95040Q104 2,041 30,000 SH   SOLE 30,000 0 0
WEX INC COM 96208T104 725 8,195 SH   SOLE 8,195 0 0
WEYERHAEUSER CO COM 962166104 2,174 72,500 SH   SOLE 72,500 0 0
WHEELER REAL ESTATE INVT TR COM 963025101 1,127 583,917 SH   SOLE 583,917 0 0
WILLIAMS COS INC DEL COM 969457100 2 80 SH   SOLE 80 0 0
WILLIAMS SONOMA INC COM 969904101 397 6,790 SH   SOLE 6,790 0 0
WINTHROP RLTY TR SH BEN INT NEW 976391300 11,129 858,037 SH   SOLE 858,037 0 0
WORLD FUEL SVCS CORP COM 981475106 10 270 SH   SOLE 270 0 0
WP GLIMCHER IN COM 92939N102 16,822 1,585,409 SH   SOLE 1,585,409 0 0
WPP PLC NEW ADR 92937A102 7,241 63,112 SH   SOLE 63,112 0 0