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
ACCESS MIDSTREAM PRTN LP STOCK 00434L109 1,208 25,000 SH   SOLE   0 0 0
AMERICAN MIDSTREAM PRTNS STOCK 02752P100 176 8,847 SH   SOLE   0 0 0
APARTMENT INVEST STOCK 03748R101 2,096 75,000 SH   SOLE   0 0 0
ASHFORD HOSPITAL STOCK 044103109 1,296 105,000 SH   SOLE   0 0 0
ASHFORD HOSPITALITY TRUS STOCK 044103505 519 20,000 SH   SOLE   0 0 0
ASSOC ESTATES STOCK 045604105 3,728 250,000 SH   SOLE   0 0 0
ATLAS PIPELINE P STOCK 049392103 1,164 30,000 SH   SOLE   0 0 0
ATLAS RESOURCE PTNR LP STOCK 04941A101 1,571 75,000 SH   SOLE   0 0 0
BIOMED REALTY TRUST INC STOCK 09063H107 2,231 120,000 SH   SOLE   0 0 0
BOARDWALK PIPELINE PART STOCK 096627104 304 10,000 SH   SOLE   0 0 0
BOSTON PROPERTIE STOCK 101121101 5,345 50,000 SH   SOLE   0 0 0
BRE PROPERTIES STOCK 05564E106 1,269 25,000 SH   SOLE   0 0 0
BREITBURN ENERGY PARTNERS STOCK 106776107 917 50,000 SH   SOLE   0 0 0
CALUMET SPECIALTY PRODUCT STOCK 131476103 96 3,506 SH   SOLE   0 0 0
CAMDEN PROP TR STOCK 133131102 2,458 40,000 SH   SOLE   0 0 0
CBL & ASSOC PROP STOCK 124830100 1,910 100,000 SH   SOLE   0 0 0
CBL & ASSOCIATES PROP STOCK 124830803 465 20,000 SH   SOLE   0 0 0
CHATHAM LODGING TRUST STOCK 16208T102 893 50,000 SH   SOLE   0 0 0
CHESAPEAKE LODGING TRUST STOCK 165240102 572 24,300 SH   SOLE   0 0 0
CHESAPEAKE LODGING TRUST STOCK 165240201 248 10,000 SH   SOLE   0 0 0
CORESITE REALTY STOCK 21870Q105 849 25,000 SH   SOLE   0 0 0
CUBESMART STOCK 229663109 714 40,000 SH   SOLE   0 0 0
DCP MIDSTREAM PA STOCK 23311P100 497 10,000 SH   SOLE   0 0 0
DDR 6.25 12/31/49 STOCK 23317H805 147 7,000 SH   SOLE   0 0 0
DDR 6.5 12/31/49 PFD STOCK 23317H607 94 4,263 SH   SOLE   0 0 0
DDR CORP STOCK 23317H102 1,178 75,000 SH   SOLE   0 0 0
DIAMONDROCK HOSP STOCK 252784301 1,015 95,103 SH   SOLE   0 0 0
DIGITAL REALTY STOCK 253868103 4,248 80,000 SH   SOLE   0 0 0
DIGITAL REALTY TRUST PFD STOCK 253868889 284 14,400 SH   SOLE   0 0 0
DOUGLAS EMMETT STOCK 25960P109 469 20,000 SH   SOLE   0 0 0
DUPONT FABROS TE STOCK 26613Q106 4,631 179,700 SH   SOLE   0 0 0
DUPONT FABROS TECHNOLOGY STOCK 26613Q304 195 7,800 SH   SOLE   0 0 0
EAGLE ROCK ENERGY PTN STOCK 26985R104 1,065 150,000 SH   SOLE   0 0 0
ENBRIDGE ENERGY MNGT STOCK 29250X103 576 20,000 SH   SOLE   0 0 0
ENTERPRISE PRODUCTS STOCK 293792107 1,932 31,649 SH   SOLE   0 0 0
EQUITY ONE INC STOCK 294752100 656 30,000 SH   SOLE   0 0 0
EQUITY RESIDENTI STOCK 29476L107 4,018 75,000 SH   SOLE   0 0 0
ESSEX PROPERTY STOCK 297178105 1,477 10,000 SH   SOLE   0 0 0
FED REALTY INVS STOCK 313747206 2,536 25,000 SH   SOLE   0 0 0
FELCOR LODGING STOCK 31430F101 3,859 626,527 SH   SOLE   0 0 0
FELCOR LODGING TRUST INC STOCK 31430F507 718 30,000 SH   SOLE   0 0 0
FIRST IND REALTY STOCK 32054K103 488 30,000 SH   SOLE   0 0 0
Genesis Energy LP STOCK 371927104 1,061 21,200 SH   SOLE   0 0 0
GLIMCHER REALTY TRUST STOCK 379302102 488 50,000 SH   SOLE   0 0 0
HANNON ARMSTRONG STOCK 41068X100 399 35,000 SH   SOLE   0 0 0
HCP INC STOCK 40414L109 4,095 100,000 SH   SOLE   0 0 0
HEALTH CARE REIT STOCK 42217K106 2,140 34,300 SH   SOLE   0 0 0
HEALTHCARE RLTY STOCK 421946104 1,964 84,994 SH   SOLE   0 0 0
HERSHA HOSPITALITY TRUST STOCK 427825104 447 79,980 SH   SOLE   0 0 0
HERSHA HOSPITALITY TRUST STOCK 427825302 76 3,000 SH   SOLE   0 0 0
HOME PROPERTIES STOCK 437306103 2,368 41,000 SH   SOLE   0 0 0
HOST HOTELS & RE STOCK 44107P104 3,607 204,150 SH   SOLE   0 0 0
HUDSON PACIFIC PROP STOCK 444097109 506 26,000 SH   SOLE   0 0 0
INDEPENDENCE REALTY TRUST STOCK 45378A106 166 20,000 SH   SOLE   0 0 0
INERGY MIDSTREAM LP STOCK 45671U106 208 9,400 SH   SOLE   0 0 0
KILROY REALTY STOCK 49427F108 1,499 30,000 SH   SOLE   0 0 0
KILROY REALTY CORP STOCK 49427F801 161 7,361 SH   SOLE   0 0 0
KIMCO REALTY STOCK 49446R109 2,018 100,000 SH   SOLE   0 0 0
KINDER MORGAN ENERGY STOCK 494550106 798 10,000 SH   SOLE   0 0 0
LASALLE HOTEL PROPERTIES STOCK 517942108 1,283 45,000 SH   SOLE   0 0 0
LASALLE HOTEL PROPERTIES STOCK 517942801 32 1,525 SH   SOLE   0 0 0
LEXINGTON REALTY STOCK 529043101 1,123 100,000 SH   SOLE   0 0 0
LOAN NOTE 4 STOCK LOANNOTE4 280 279,639 SH   SOLE   0 0 0
MACERICH CO STOCK 554382101 2,258 40,000 SH   SOLE   0 0 0
MARKWEST ENERGY PRTN STOCK 570759100 2,145 29,700 SH   SOLE   0 0 0
MARLIN MIDSTREAM PTNRS LP STOCK 57118V100 521 29,000 SH   SOLE   0 0 0
MID-AMERICA APPT COMM STOCK 59522J103 1,250 20,000 SH   SOLE   0 0 0
MID-CON ENERGY PARTNERS STOCK 59560V109 468 20,000 SH   SOLE   0 0 0
NATIONAL RETAIL STOCK 637417106 80 2,500 SH   SOLE   0 0 0
NATL HEALTH INVESTORS STOCK 63633D104 2,856 50,200 SH   SOLE   0 0 0
PEBBLEBROOK HOTEL TRUST STOCK 70509V100 287 10,000 SH   SOLE   0 0 0
PEBBLEBROOK HOTEL TRUST STOCK 70509V308 1,033 40,000 SH   SOLE   0 0 0
PENN REAL ESTATE INVEST STOCK 709102404 102 4,000 SH   SOLE   0 0 0
PROLOGIS INC STOCK 74340W103 3,198 85,000 SH   SOLE   0 0 0
REGENCY CENTERS STOCK 758849103 967 20,000 SH   SOLE   0 0 0
RLJ LODGING TRUST STOCK 74965L101 117 5,000 SH   SOLE   0 0 0
SIMON PROPERTY STOCK 828806109 8,894 60,000 SH   SOLE   0 0 0
SL GREEN REALTY STOCK 78440X101 1,777 20,000 SH   SOLE   0 0 0
SOVRAN SELF STORAGE INC STOCK 84610H108 3,862 51,027 SH   SOLE   0 0 0
SPECTRA ENERGY STOCK 84756N109 2,194 50,000 SH   SOLE   0 0 0
STRATEGIC HOTELS STOCK 86272T106 651 75,000 SH   SOLE   0 0 0
SUN COMMUNITIES INC STOCK 866674104 1,918 45,000 SH   SOLE   0 0 0
SUNSTONE HOTEL INVESTORS STOCK 867892101 956 75,000 SH   SOLE   0 0 0
SUNSTONE HOTEL INVESTORS STOCK 867892507 651 25,948 SH   SOLE   0 0 0
TANGER FACTORY STOCK 875465106 1,661 50,858 SH   SOLE   0 0 0
TARGA RESOURCES PARTNERS STOCK 87611X105 2,574 50,000 SH   SOLE   0 0 0
TAUBMAN CENTERS STOCK 876664103 1,212 18,000 SH   SOLE   0 0 0
TAUBMAN CENTERS INC STOCK 876664608 474 20,000 SH   SOLE   0 0 0
TRANSMONTAIGN PARTNERS LP STOCK 89376V100 407 10,000 SH   SOLE   0 0 0
UDR INC STOCK 902653104 3,699 156,091 SH   SOLE   0 0 0
VENTAS INC STOCK 92276F100 1,538 25,000 SH   SOLE   0 0 0
VORNADO RLTY TST STOCK 929042109 2,522 30,000 SH   SOLE   0 0 0
WEINGARTEN RLTY STOCK 948741103 733 25,000 SH   SOLE   0 0 0
WESTERN GAS PARTNERS LP STOCK 958254104 1,203 20,000 SH   SOLE   0 0 0
WILLIAMS PARTNER STOCK 96950F104 1,058 20,000 SH   SOLE   0 0 0
3M CO STOCK 88579Y101 1,116 9,350 SH   SOLE   0 0 0
ABBVIE INC STOCK 00287Y109 327 7,300 SH   SOLE   0 0 0
ABERCROMBIE & FI STOCK 002896207 212 6,000 SH   SOLE   0 0 0
ACCENTURE PLC-A STOCK G1151C101 641 8,700 SH   SOLE   0 0 0
ACTAVIS INC STOCK 00507K103 886 6,150 SH   SOLE   0 0 0
ADOBE SYS INC STOCK 00724F101 218 4,200 SH   SOLE   0 0 0
AEGON NV STOCK 007924301 116 5,000 SH   SOLE   0 0 0
AEGON NV STOCK 007924608 82 3,000 SH   SOLE   0 0 0
ALTRIA GROUP INC STOCK 02209S103 883 25,700 SH   SOLE   0 0 0
AMERICAN EXPRESS STOCK 025816109 755 10,000 SH   SOLE   0 0 0
AMERICAN FINANCIAL GROUP STOCK 025932401 119 5,000 SH   SOLE   0 0 0
APACHE CORP STOCK 037411105 255 3,000 SH   SOLE   0 0 0
APPLE INC STOCK 037833100 1,812 3,800 SH   SOLE   0 0 0
ARBOR RLTY 7.75 12/31/49 STOCK 038923702 47 2,000 SH   SOLE   0 0 0
ARLINGTON ASSET STOCK 041356304 87 4,000 SH   SOLE   0 0 0
AT&T INC STOCK 00206R102 857 25,350 SH   SOLE   0 0 0
BANK OF AMERICA STOCK 060505104 733 53,100 SH   SOLE   0 0 0
BGC PARTNERS INC STOCK 05541T408 128 5,000 SH   SOLE   0 0 0
BLACKSTONE GROUP STOCK 09253U108 124 5,000 SH   SOLE   0 0 0
BOEING CO STOCK 097023105 1,132 9,630 SH   SOLE   0 0 0
BRISTOL-MYER SQB STOCK 110122108 231 5,000 SH   SOLE   0 0 0
CA INC STOCK 12673P105 297 10,000 SH   SOLE   0 0 0
CAPITAL ONE FINA STOCK 14040H105 172 2,500 SH   SOLE   0 0 0
CATERPILLAR INC STOCK 149123101 250 3,000 SH   SOLE   0 0 0
CELGENE CORP STOCK 151020104 462 3,000 SH   SOLE   0 0 0
CENTURYLINK INC STOCK 156700106 56 1,800 SH   SOLE   0 0 0
CHEVRON CORP STOCK 166764100 486 4,000 SH   SOLE   0 0 0
CISCO SYSTEMS STOCK 17275R102 433 18,500 SH   SOLE   0 0 0
CITIGROUP INC STOCK 172967424 703 14,500 SH   SOLE   0 0 0
COMCAST CORP-A STOCK 20030N101 560 12,400 SH   SOLE   0 0 0
CONOCOPHILLIPS STOCK 20825C104 1,050 15,100 SH   SOLE   0 0 0
COVIDIEN PLC STOCK B68SQD2 652 10,700 SH   SOLE   0 0 0
CPE 10 12/31/49 PFD STOCK 13123X409 216 5,000 SH   SOLE   0 0 0
CSX CORP STOCK 126408103 1,100 42,750 SH   SOLE   0 0 0
DEVON ENERGY CO STOCK 25179M103 295 5,100 SH   SOLE   0 0 0
DOVER CORP STOCK 260003108 198 2,200 SH   SOLE   0 0 0
DOW CHEMICAL STOCK 260543103 332 8,650 SH   SOLE   0 0 0
DU PONT (EI) STOCK 263534109 791 13,500 SH   SOLE   0 0 0
DUKE ENERGY CORP STOCK 26441C204 73 1,100 SH   SOLE   0 0 0
DUKE ENERGY CORP STOCK 26441C303 42 2,000 SH   SOLE   0 0 0
EMC CORP/MASS STOCK 268648102 263 10,300 SH   SOLE   0 0 0
ENSCO PLC-ADR STOCK B4VLR19 75 1,400 SH   SOLE   0 0 0
ENTERPRISE PRODUCTS STOCK 293792107 345 5,648 SH   SOLE   0 0 0
EOG RESOURCES STOCK 26875P101 161 950 SH   SOLE   0 0 0
ESTEE LAUDER COMPANIES STOCK 518439104 552 7,900 SH   SOLE   0 0 0
EXPRESS SCRIPT STOCK 30219G108 288 4,668 SH   SOLE   0 0 0
EXXON MOBIL CORP STOCK 30231G102 1,101 12,800 SH   SOLE   0 0 0
FIDELITY NATIONAL INFORM STOCK 31620M106 135 2,900 SH   SOLE   0 0 0
FORD MOTOR CO STOCK 345370860 882 52,300 SH   SOLE   0 0 0
FREEPORT-MCMORAN STOCK 35671D857 198 6,000 SH   SOLE   0 0 0
GE 4.7% PFD STOCK 369622394 72 3,500 SH   SOLE   0 0 0
GENERAL ELECTRIC STOCK 369604103 1,204 50,381 SH   SOLE   0 0 0
GENWORTH FINANCIAL INC STOCK 37247D106 102 8,000 SH   SOLE   0 0 0
GILEAD SCIENCES STOCK 375558103 515 8,200 SH   SOLE   0 0 0
GOLDMAN SACHS GP STOCK 38141G104 730 4,615 SH   SOLE   0 0 0
GOODYEAR TIRE STOCK 382550101 662 29,500 SH   SOLE   0 0 0
HALLIBURTON CO STOCK 406216101 342 7,100 SH   SOLE   0 0 0
HARTFORD FINL SV STOCK 416515104 436 14,000 SH   SOLE   0 0 0
HCA HOLDINGS INC STOCK 40412C101 192 4,500 SH   SOLE   0 0 0
HELMERICH & PAYN STOCK 423452101 110 1,600 SH   SOLE   0 0 0
HERSHEY CO/THE STOCK 427866108 370 4,000 SH   SOLE   0 0 0
HEWLETT-PACKARD STOCK 428236103 168 8,000 SH   SOLE   0 0 0
HOME DEPOT INC STOCK 437076102 1,441 19,000 SH   SOLE   0 0 0
IBM STOCK 459200101 529 2,858 SH   SOLE   0 0 0
INTEL CORP STOCK 458140100 605 26,400 SH   SOLE   0 0 0
JOHNSON CONTROLS STOCK 478366107 593 14,300 SH   SOLE   0 0 0
JOHNSON&JOHNSON STOCK 478160104 1,084 12,510 SH   SOLE   0 0 0
JPMORGAN CHASE STOCK 46625H100 1,185 22,927 SH   SOLE   0 0 0
KIMBERLY-CLARK STOCK 494368103 302 3,200 SH   SOLE   0 0 0
KIMCO REALTY STOCK 49446R109 240 11,890 SH   SOLE   0 0 0
KINDER MORGAN IN STOCK 49456B101 96 2,700 SH   SOLE   0 0 0
KKR FINANCIAL HOLDINGS STOCK 48248A603 75 3,000 SH   SOLE   0 0 0
KRAFT FOODS GROUP INC STOCK 50076Q106 288 5,499 SH   SOLE   0 0 0
LTS 8 12/31/49 PFD STOCK 50575Q201 168 7,000 SH   SOLE   0 0 0
LYONDELLBASELL INDU-CL A STOCK B3SPXZ3 161 2,200 SH   SOLE   0 0 0
MARATHON OIL STOCK 565849106 174 5,000 SH   SOLE   0 0 0
MARLIN MIDSTREAM PTNRS LP STOCK 57118V100 135 7,500 SH   SOLE   0 0 0
MASCO CORP STOCK 574599106 106 5,000 SH   SOLE   0 0 0
MCDONALDS CORP STOCK 580135101 902 9,380 SH   SOLE   0 0 0
MCKESSON CORP STOCK 58155Q103 770 6,000 SH   SOLE   0 0 0
MERCK & CO STOCK 58933Y105 738 15,500 SH   SOLE   0 0 0
METLIFE INC STOCK 59156R108 323 6,875 SH   SOLE   0 0 0
MICROSOFT CORP STOCK 594918104 1,068 32,050 SH   SOLE   0 0 0
MILL 10 1/2 12/31/49 STOCK 600527303 49 2,000 SH   SOLE   0 0 0
MILLER ENERGY 10.75% STOCK 600527204 134 5,000 SH   SOLE   0 0 0
MONDELEZ INTERNATIONAL STOCK 609207105 518 16,500 SH   SOLE   0 0 0
MYLAN INC STOCK 628530107 485 12,700 SH   SOLE   0 0 0
NETAPP INC STOCK 64110D104 128 3,000 SH   SOLE   0 0 0
NEXTERA ENERGY STOCK 65339F101 160 2,000 SH   SOLE   0 0 0
NUCOR CORP STOCK 670346105 98 2,000 SH   SOLE   0 0 0
Oaktree Capital Group LLC STOCK 674001201 382 7,300 SH   SOLE   0 0 0
ORACLE CORP STOCK 68389X105 1,022 30,800 SH   SOLE   0 0 0
PACKAGING CORP OF AMER STOCK 695156109 764 13,380 SH   SOLE   0 0 0
PAYCHEX INC STOCK 704326107 158 3,900 SH   SOLE   0 0 0
PENTAIR LTD-REGISTERED STOCK B8DTTS0 120 1,847 SH   SOLE   0 0 0
PEPSICO INC STOCK 713448108 1,053 13,250 SH   SOLE   0 0 0
PFIZER INC STOCK 717081103 812 28,300 SH   SOLE   0 0 0
PHILIP MORRIS STOCK 718172109 1,082 12,500 SH   SOLE   0 0 0
PROCTER & GAMBLE STOCK 742718109 748 9,900 SH   SOLE   0 0 0
PROLOGIS INC STOCK 74340W103 285 7,588 SH   SOLE   0 0 0
PRUDENTL FINL STOCK 744320102 234 3,000 SH   SOLE   0 0 0
QUALCOMM INC STOCK 747525103 505 7,500 SH   SOLE   0 0 0
QWEST CORP STOCK 74913G501 120 5,000 SH   SOLE   0 0 0
ROSS STORES INC STOCK 778296103 189 2,600 SH   SOLE   0 0 0
SCHLUMBERGER LTD STOCK 806857108 1,111 12,575 SH   SOLE   0 0 0
SENIOR HOUSING PROP TRUS STOCK 81721M208 51 2,500 SH   SOLE   0 0 0
SIMON PROPERTY STOCK 828806109 461 3,109 SH   SOLE   0 0 0
SPECTRA ENERGY STOCK 84756N109 285 6,500 SH   SOLE   0 0 0
STARWOOD PROPERT STOCK 85571B105 280 11,700 SH   SOLE   0 0 0
SUNCOR ENERGY STOCK 867224107 143 4,000 SH   SOLE   0 0 0
SYMANTEC CORP STOCK 871503108 720 29,100 SH   SOLE   0 0 0
TARGA RESOURCES PARTNERS STOCK 87611X105 242 4,700 SH   SOLE   0 0 0
TAUBMAN CENTERS INC STOCK 876664608 59 2,500 SH   SOLE   0 0 0
TELEPHONE & DATA SYSTEM STOCK 879433837 99 4,000 SH   SOLE   0 0 0
TEREX CORP STOCK 880779103 185 5,500 SH   SOLE   0 0 0
TESORO CORP STOCK 881609101 88 2,000 SH   SOLE   0 0 0
TEXAS INSTRUMENT STOCK 882508104 601 14,925 SH   SOLE   0 0 0
THERMO FISHER STOCK 883556102 249 2,700 SH   SOLE   0 0 0
TIME WARNER INC STOCK 887317303 803 12,200 SH   SOLE   0 0 0
TRAVELERS COS IN STOCK 89417E109 381 4,500 SH   SOLE   0 0 0
TSAKOS ENGY 8 12/31/49 STOCK B8DJHM0 48 2,000 SH   SOLE   0 0 0
TYCO INTL LTD STOCK B64GC98 269 7,700 SH   SOLE   0 0 0
UNITED PARCEL-B STOCK 911312106 523 5,726 SH   SOLE   0 0 0
UNITED TECH CORP STOCK 913017109 464 4,300 SH   SOLE   0 0 0
UNITEDHEALTH GRP STOCK 91324P102 1,131 15,800 SH   SOLE   0 0 0
US AIRWAYS GROUP INC STOCK 90341W108 80 4,200 SH   SOLE   0 0 0
US BANCORP STOCK 902973304 355 9,700 SH   SOLE   0 0 0
US CELLULAR CORP STOCK 911684405 139 5,742 SH   SOLE   0 0 0
VALERO ENERGY STOCK 91913Y100 297 8,700 SH   SOLE   0 0 0
VERIZON COMMUNIC STOCK 92343V104 954 20,440 SH   SOLE   0 0 0
VISA INC-CLASS A STOCK 92826C839 640 3,350 SH   SOLE   0 0 0
VORNADO REALTY TRUST STOCK 929042869 101 4,000 SH   SOLE   0 0 0
WAL-MART STORES STOCK 931142103 475 6,424 SH   SOLE   0 0 0
WALT DISNEY CO STOCK 254687106 1,419 22,000 SH   SOLE   0 0 0
WARNER CHILCOT-A STOCK B446CM7 514 22,500 SH   SOLE   0 0 0
WELLS FARGO & CO STOCK 949746101 1,227 29,686 SH   SOLE   0 0 0
WILLIAMS PARTNER STOCK 96950F104 264 5,000 SH   SOLE   0 0 0
WISCONSIN ENERGY CORP STOCK 976657106 569 14,100 SH   SOLE   0 0 0
WYNDHAM WORLDWID STOCK 98310W108 671 11,000 SH   SOLE   0 0 0
XEROX CORP STOCK 984121103 180 17,500 SH   SOLE   0 0 0
AEGON NV STOCK 007924608 546 20,000 SH   SOLE   0 0 0
AFLAC INC STOCK 001055300 437 20,000 SH   SOLE   0 0 0
ALEXANDRIA REAL ESTATE E STOCK 015271703 930 40,000 SH   SOLE   0 0 0
AMERICAN FINANCIAL GROUP STOCK 025932401 237 10,000 SH   SOLE   0 0 0
AMERICAN FINANCIAL GROUP STOCK 025932500 433 20,000 SH   SOLE   0 0 0
ATLAS PIPELINE P STOCK 049392103 1,339 34,500 SH   SOLE   0 0 0
AVIVA PLC STOCK 05382A203 557 20,100 SH   SOLE   0 0 0
BANK OF NEW YORK MELLON STOCK 064058209 402 20,000 SH   SOLE   0 0 0
BOARDWALK PIPELINE PART STOCK 096627104 3,034 99,900 SH   SOLE   0 0 0
BUCKEYE PARTNERS LP STOCK 118230101 2,097 32,000 SH   SOLE   0 0 0
CALUMET SPECIALTY PRODUCT STOCK 131476103 663 24,294 SH   SOLE   0 0 0
CBL & ASSOCIATES PROP STOCK 124830803 854 36,696 SH   SOLE   0 0 0
CITY NATIONAL CORP STOCK 17800X202 399 20,000 SH   SOLE   0 0 0
COMMONWEALTH REIT STOCK 203233507 1,677 80,565 SH   SOLE   0 0 0
COMMONWEALTH REIT STOCK 203233705 194 10,000 SH   SOLE   0 0 0
CROSSTEX ENERGY LP STOCK 22765U102 1,284 64,500 SH   SOLE   0 0 0
DDR 6.25 12/31/49 STOCK 23317H805 343 16,276 SH   SOLE   0 0 0
DIGITAL REALTY TRUST INC STOCK 253868707 959 40,000 SH   SOLE   0 0 0
DIGITAL REALTY TRUST INC STOCK 253868806 448 20,000 SH   SOLE   0 0 0
DIGITAL REALTY TRUST PFD STOCK 253868889 395 20,000 SH   SOLE   0 0 0
DTE ENERGY COMPANY STOCK 233331701 201 10,000 SH   SOLE   0 0 0
DUKE ENERGY CORP STOCK 26441C303 417 20,000 SH   SOLE   0 0 0
EAGLE ROCK ENERGY PTN STOCK 26985R104 1,705 240,187 SH   SOLE   0 0 0
EIX 5.1 STOCK 78407R204 287 15,000 SH   SOLE   0 0 0
ENBRIDGE ENERGY STOCK 29250R106 2,555 83,900 SH   SOLE   0 0 0
ENERGY TRANSFER PARTNERS STOCK 29273R109 3,749 72,000 SH   SOLE   0 0 0
ENTERGY LOUISIANA LLC STOCK 29364W504 416 20,000 SH   SOLE   0 0 0
ENTERGY NEW ORLEANS INC STOCK 29364P509 423 20,000 SH   SOLE   0 0 0
FIFTH STREET FINANCE COR STOCK 31679B209 602 24,700 SH   SOLE   0 0 0
GENERAL ELEC CAP CORP STOCK 369622428 218 10,000 SH   SOLE   0 0 0
HEALTH CARE REIT INC STOCK 42217K700 926 40,000 SH   SOLE   0 0 0
HUDSON PACIFIC PROPERTIE STOCK 444097208 508 20,000 SH   SOLE   0 0 0
JPM 5.45 STOCK 46637G124 213 10,000 SH   SOLE   0 0 0
KIM 5.625% STOCK 49446R745 611 30,000 SH   SOLE   0 0 0
KIMCO REALTY CORP STOCK 49446R778 1,547 78,200 SH   SOLE   0 0 0
KIMCO REALTY CORP STOCK 49446R794 878 40,000 SH   SOLE   0 0 0
KIMCO REALTY CORP STOCK 49446R828 250 10,000 SH   SOLE   0 0 0
KINDER MORGAN ENERGY STOCK 494550106 3,293 41,250 SH   SOLE   0 0 0
KKR FINANCIAL HOLDINGS STOCK 48248A405 808 30,000 SH   SOLE   0 0 0
KKR FINANCIAL HOLDINGS STOCK 48248A504 252 10,000 SH   SOLE   0 0 0
MARLIN MIDSTREAM PTNRS LP STOCK 57118V100 180 10,000 SH   SOLE   0 0 0
NATL RETAIL PROPERTIES STOCK 637417601 459 20,000 SH   SOLE   0 0 0
NEE 5% STOCK 65339K886 284 15,000 SH   SOLE   0 0 0
NEXTERA ENERGY CAPITAL STOCK 65339K605 106 5,000 SH   SOLE   0 0 0
NEXTERA ENERGY CAPITAL STOCK 65339K704 416 20,000 SH   SOLE   0 0 0
PITNEY BOWES INC STOCK 724479506 247 10,000 SH   SOLE   0 0 0
PNC FINANCIAL SERVICES STOCK 693475832 219 10,000 SH   SOLE   0 0 0
PNC FINANCIAL SERVICES STOCK 693475857 240 9,500 SH   SOLE   0 0 0
PROTECTIVE LIFE CORP STOCK 743674608 466 20,000 SH   SOLE   0 0 0
PS BUSINESS PARKS 5.7 STOCK 69360J644 202 10,000 SH   SOLE   0 0 0
PS BUSINESS PARKS INC STOCK 69360J685 1,158 54,900 SH   SOLE   0 0 0
PS BUSINESS PARKS INC STOCK 69360J719 458 20,000 SH   SOLE   0 0 0
PUBLIC STORAGE STOCK 74460D125 1,477 60,000 SH   SOLE   0 0 0
PUBLIC STORAGE STOCK 74460D141 504 20,000 SH   SOLE   0 0 0
PUBLIC STORAGE STOCK 74460W206 501 22,000 SH   SOLE   0 0 0
PUBLIC STORAGE STOCK 74460W404 248 11,000 SH   SOLE   0 0 0
PUBLIC STORAGE STOCK 74460W602 413 19,000 SH   SOLE   0 0 0
PUBLIC STORAGE STOCK 74460W800 210 10,000 SH   SOLE   0 0 0
PUBLIC STORAGE STOCK 74460W875 202 10,000 SH   SOLE   0 0 0
QWEST CORP STOCK 74913G204 512 20,450 SH   SOLE   0 0 0
REGENCY CENTERS CORP STOCK 758849707 1,217 52,000 SH   SOLE   0 0 0
REGENCY CENTERS CORP STOCK 758849806 941 44,275 SH   SOLE   0 0 0
REGENCY ENERGY P STOCK 75885Y107 2,288 80,000 SH   SOLE   0 0 0
SCE TRUST I STOCK 78406T201 822 40,000 SH   SOLE   0 0 0
SENIOR HOUSING PROP TRUS STOCK 81721M208 822 40,000 SH   SOLE   0 0 0
STANLEY BLACK & DECKER I STOCK 854502705 881 40,000 SH   SOLE   0 0 0
STATE STREET CORP STOCK 857477509 409 20,000 SH   SOLE   0 0 0
TARGA RESOURCES PARTNERS STOCK 87611X105 2,316 45,000 SH   SOLE   0 0 0
TAUBMAN CENTERS INC STOCK 876664608 960 40,462 SH   SOLE   0 0 0
TAUBMAN CENTERS PFD STOCK 876664707 894 40,000 SH   SOLE   0 0 0
TC PIPELINES LP STOCK 87233Q108 1,202 24,684 SH   SOLE   0 0 0
TELEPHONE & DATA SYSTEM STOCK 879433795 203 10,000 SH   SOLE   0 0 0
US BANCORP STOCK 902973817 175 6,500 SH   SOLE   0 0 0
US BANCORP STOCK 902973833 260 10,000 SH   SOLE   0 0 0
US CELLULAR CORP STOCK 911684405 464 19,200 SH   SOLE   0 0 0
VENTAS REALTY LP STOCK 92276M204 216 10,000 SH   SOLE   0 0 0
VORNADO REALTY LP STOCK 929043602 1,079 41,159 SH   SOLE   0 0 0
VORNADO REALTY TRUST STOCK 929042802 979 40,775 SH   SOLE   0 0 0
VORNADO REALTY TRUST STOCK 929042844 399 20,000 SH   SOLE   0 0 0
VORNADO REALTY TRUST STOCK 929042851 1,248 60,000 SH   SOLE   0 0 0
VORNADO REALTY TRUST STOCK 929042869 503 20,000 SH   SOLE   0 0 0
VORNADO REALTY TRUST STOCK 929042877 389 16,000 SH   SOLE   0 0 0
WELLS FARGO & COMPANY STOCK 949746747 841 40,000 SH   SOLE   0 0 0
WILLIAMS PARTNER STOCK 96950F104 2,380 45,000 SH   SOLE   0 0 0
AEGON NV STOCK 007924301 232 10,000 SH   SOLE   0 0 0
ALEXANDRIA REAL ESTATE E STOCK 015271703 46 2,000 SH   SOLE   0 0 0
ATLAS RESOURCE PTNR LP STOCK 04941A101 152 7,250 SH   SOLE   0 0 0
CALUMET SPECIALTY PRODUCT STOCK 131476103 41 1,500 SH   SOLE   0 0 0
CBL 7 3/8 STOCK 124830605 100 4,000 SH   SOLE   0 0 0
CHSCP 7 7/8 12/31/49 STOCK 12542R308 110 4,000 SH   SOLE   0 0 0
COMMONWEALTH REIT STOCK 203233507 208 10,000 SH   SOLE   0 0 0
CWH 7 1/4 STOCK 203233606 92 4,000 SH   SOLE   0 0 0
DDR 6.5 12/31/49 PFD STOCK 23317H607 44 2,000 SH   SOLE   0 0 0
DIGITAL REALTY TRUST INC STOCK 253868806 90 4,000 SH   SOLE   0 0 0
EAGLE ROCK ENERGY PTN STOCK 26985R104 46 6,500 SH   SOLE   0 0 0
ENBRIDGE ENERGY STOCK 29250R106 91 3,000 SH   SOLE   0 0 0
ENERGY TRANSFER PARTNERS STOCK 29273R109 52 1,000 SH   SOLE   0 0 0
GDP 9 3/4 STOCK 382410884 222 8,850 SH   SOLE   0 0 0
HUDSON PACIFIC PROPERTIE STOCK 444097208 51 2,000 SH   SOLE   0 0 0
KINDER MORGAN ENERGY STOCK 494550106 96 1,200 SH   SOLE   0 0 0
LHO 7 1/2 STOCK 517942702 49 2,000 SH   SOLE   0 0 0
MARLIN MIDSTREAM PTNRS LP STOCK 57118V100 180 10,000 SH   SOLE   0 0 0
NTELOS HOLDINGS STOCK 67020Q305 70 3,700 SH   SOLE   0 0 0
SLG 6 1/2 STOCK 78440X507 93 4,000 SH   SOLE   0 0 0
TAUBMAN CENTERS INC STOCK 876664608 142 6,000 SH   SOLE   0 0 0
WILLIAMS PARTNER STOCK 96950F104 264 5,000 SH   SOLE   0 0 0