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
AMERICAN CAPITAL STOCK 02503X105 2,149 100,000 SH   SOLE   100,000 0 0
AMERICAN REALTY CAP PROP STOCK 02917T104 766 54,645 SH   SOLE   54,645 0 0
ANNALY CAPITAL M STOCK 35710409 2,194 200,000 SH   SOLE   200,000 0 0
APARTMENT INVEST STOCK 03748R101 3,554 117,600 SH   SOLE   117,600 0 0
ARLINGTON ASSET INVEST STOCK 41356205 903 34,116 SH   SOLE   34,116 0 0
ASHFORD HOSPITALITY PRIME STOCK 44102101 307 20,300 SH   SOLE   20,300 0 0
ASHFORD HOSPITAL STOCK 44103109 1,127 100,000 SH   SOLE   100,000 0 0
ASSOC ESTATES STOCK 45604105 4,150 245,000 SH   SOLE   245,000 0 0
APL 8 1/4 12/31/49 STOCK 49392301 76 3,000 SH   SOLE   3,000 0 0
AVALONBAY COMMUN STOCK 53484101 3,861 29,400 SH   SOLE   29,400 0 0
BRE PROPERTIES STOCK 05564E106 628 10,000 SH   SOLE   10,000 0 0
BIOMED REALTY TRUST INC STOCK 09063H107 2,459 120,000 SH   SOLE   120,000 0 0
BOSTON PROPERTIE STOCK 101121101 2,749 24,000 SH   SOLE   24,000 0 0
CBL & ASSOC PROP STOCK 124830100 1,972 111,100 SH   SOLE   111,100 0 0
CYS INVESTMENTS INC STOCK 12673A108 1,652 200,000 SH   SOLE   200,000 0 0
CAMDEN PROP TR STOCK 133131102 2,694 40,000 SH   SOLE   40,000 0 0
CHESAPEAKE LODGING TRUST STOCK 165240102 625 24,300 SH   SOLE   24,300 0 0
CHESAPEAKE LODGING TRUST STOCK 165240201 259 10,000 SH   SOLE   10,000 0 0
COLUMBIA PROPERTY TRUST STOCK 198287203 818 30,000 SH   SOLE   30,000 0 0
CRESTWOOD MIDSTREAM PTN STOCK 226378107 564 25,000 SH   SOLE   25,000 0 0
CUBESMART STOCK 229663109 343 20,000 SH   SOLE   20,000 0 0
DCP MIDSTREAM PA STOCK 23311P100 551 11,000 SH   SOLE   11,000 0 0
DDR CORP STOCK 23317H102 1,236 75,000 SH   SOLE   75,000 0 0
DIAMONDROCK HOSP STOCK 252784301 2,350 200,000 SH   SOLE   200,000 0 0
DIGITAL REALTY STOCK 253868103 4,422 83,300 SH   SOLE   83,300 0 0
DLR 7 3/8 12/31/49 STOCK 253868871 249 10,000 SH   SOLE   10,000 0 0
DIGITAL REALTY TRUST PFD STOCK 253868889 265 13,000 SH   SOLE   13,000 0 0
DUPONT FABROS TE STOCK 26613Q106 4,253 176,700 SH   SOLE   176,700 0 0
DUPONT FABROS TECHNOLOGY STOCK 26613Q304 196 7,800 SH   SOLE   7,800 0 0
EAGLE ROCK ENERGY PTN STOCK 26985R104 465 88,443 SH   SOLE   88,443 0 0
ENBRIDGE ENERGY MNGT STOCK 29250X103 0 1 SH   SOLE   1 0 0
ENTERPRISE PRODUCTS STOCK 293792107 2,747 39,601 SH   SOLE   39,601 0 0
EQUITY LIFESTYLE STOCK 29472R108 612 15,050 SH   SOLE   15,050 0 0
EQUITY RESIDENTI STOCK 29476L107 3,410 58,800 SH   SOLE   58,800 0 0
ESSEX PROPERTY STOCK 297178105 1,701 10,000 SH   SOLE   10,000 0 0
EXTRA SPACE STOR STOCK 30225T102 1,213 25,000 SH   SOLE   25,000 0 0
FED REALTY INVS STOCK 313747206 3,373 29,400 SH   SOLE   29,400 0 0
FELCOR LODGING STOCK 31430F101 1,884 208,400 SH   SOLE   208,400 0 0
FELCOR LODGING TRUST INC STOCK 31430F507 724 28,500 SH   SOLE   28,500 0 0
FIRST IND REALTY STOCK 32054K103 580 30,000 SH   SOLE   30,000 0 0
GENERAL GROWTH P STOCK 370023103 880 40,000 SH   SOLE   40,000 0 0
GLIMCHER REALTY TRUST STOCK 379302102 502 50,000 SH   SOLE   50,000 0 0
GRAMERCY PROPERTY TRUST STOCK 38489R100 155 30,000 SH   SOLE   30,000 0 0
HCP INC STOCK 40414L109 3,103 80,000 SH   SOLE   80,000 0 0
HANNON ARMSTRONG STOCK 41068X100 74 5,126 SH   SOLE   5,126 0 0
HATTERAS FINANCI STOCK 41902R103 1,885 100,000 SH   SOLE   100,000 0 0
HEALTH CARE REIT STOCK 42217K106 2,044 34,300 SH   SOLE   34,300 0 0
HERSHA HOSPITALITY TRUST STOCK 427825104 1,312 225,000 SH   SOLE   225,000 0 0
HOME PROPERTIES STOCK 437306103 60 1,000 SH   SOLE   1,000 0 0
HOST HOTELS & RE STOCK 44107P104 3,006 148,500 SH   SOLE   148,500 0 0
HUDSON PACIFIC PROP STOCK 444097109 1,500 65,000 SH   SOLE   65,000 0 0
INDEPENDENCE REALTY TRUST STOCK 45378A106 134 15,000 SH   SOLE   15,000 0 0
KILROY REALTY STOCK 49427F108 1,757 30,000 SH   SOLE   30,000 0 0
KIMCO REALTY STOCK 49446R109 1,625 74,250 SH   SOLE   74,250 0 0
KINDER MORGAN ENERGY STOCK 494550106 1,109 15,000 SH   SOLE   15,000 0 0
LASALLE HOTEL PROPERTIES STOCK 517942108 1,860 59,400 SH   SOLE   59,400 0 0
LEXINGTON REALTY STOCK 529043101 1,473 135,000 SH   SOLE   135,000 0 0
MACERICH CO STOCK 554382101 2,468 39,600 SH   SOLE   39,600 0 0
MARLIN MIDSTREAM PTNRS LP STOCK 57118V100 509 29,000 SH   SOLE   29,000 0 0
MID-AMERICA APPT COMM STOCK 59522J103 1,365 20,000 SH   SOLE   20,000 0 0
PEBBLEBROOK HOTEL TRUST STOCK 70509V100 1,297 38,414 SH   SOLE   38,414 0 0
PROLOGIS INC STOCK 74340W103 4,401 107,800 SH   SOLE   107,800 0 0
QTS REALTY TRUST INC STOCK 74736A103 753 30,000 SH   SOLE   30,000 0 0
REALTY INCOME CORP STOCK 756109104 981 24,000 SH   SOLE   24,000 0 0
REGENCY CENTERS STOCK 758849103 1,021 20,000 SH   SOLE   20,000 0 0
SL GREEN REALTY STOCK 78440X101 1,992 19,800 SH   SOLE   19,800 0 0
SIMON PROPERTY STOCK 828806109 8,036 49,000 SH   SOLE   49,000 0 0
SOVRAN SELF STORAGE INC STOCK 84610H108 2,181 29,700 SH   SOLE   29,700 0 0
SUN COMMUNITIES INC STOCK 866674104 1,968 43,650 SH   SOLE   43,650 0 0
SUNSTONE HOTEL INVESTORS STOCK 867892507 529 20,488 SH   SOLE   20,488 0 0
TANGER FACTORY STOCK 875465106 700 20,000 SH   SOLE   20,000 0 0
TARGA RESOURCES PARTNERS STOCK 87611X105 2,319 41,215 SH   SOLE   41,215 0 0
TAUBMAN CENTERS STOCK 876664103 708 10,000 SH   SOLE   10,000 0 0
TAUBMAN CENTERS INC STOCK 876664608 473 20,000 SH   SOLE   20,000 0 0
UDR INC STOCK 902653104 1,292 50,000 SH   SOLE   50,000 0 0
VNR 7 5/8 12/31/49 STOCK 92205F304 490 20,000 SH   SOLE   20,000 0 0
VENTAS INC STOCK 92276F100 2,280 37,650 SH   SOLE   37,650 0 0
VORNADO RLTY TST STOCK 929042109 1,464 14,850 SH   SOLE   14,850 0 0
WEINGARTEN RLTY STOCK 948741103 750 25,000 SH   SOLE   25,000 0 0
WESTERN GAS PARTNERS LP STOCK 958254104 992 14,980 SH   SOLE   14,980 0 0
WILLIAMS PARTNER STOCK 96950F104 1,019 20,000 SH   SOLE   20,000 0 0
AT&T INC STOCK 00206R102 889 25,350 SH   SOLE   25,350 0 0
ABBVIE INC STOCK 00287Y109 375 7,300 SH   SOLE   7,300 0 0
ADOBE SYS INC STOCK 00724F101 276 4,200 SH   SOLE   4,200 0 0
AEGON NV STOCK 7924301 129 5,000 SH   SOLE   5,000 0 0
AEGON NV STOCK 7924608 87 3,000 SH   SOLE   3,000 0 0
AETNA INC STOCK 00817Y108 112 1,500 SH   SOLE   1,500 0 0
ALTRIA GROUP INC STOCK 02209S103 962 25,700 SH   SOLE   25,700 0 0
AMERICAN AIRLINES GROUP STOCK 02376R102 154 4,200 SH   SOLE   4,200 0 0
AMERICAN CAPITAL STOCK 02503X105 142 6,600 SH   SOLE   6,600 0 0
AMERICAN EXPRESS STOCK 25816109 900 10,000 SH   SOLE   10,000 0 0
AMERICAN FINANCIAL GROUP STOCK 25932401 127 5,000 SH   SOLE   5,000 0 0
ANNALY CAPITAL M STOCK 35710409 154 14,000 SH   SOLE   14,000 0 0
APACHE CORP STOCK 37411105 249 3,000 SH   SOLE   3,000 0 0
APARTMENT INVEST STOCK 03748R101 151 5,000 SH   SOLE   5,000 0 0
APPLE INC STOCK 37833100 2,040 3,800 SH   SOLE   3,800 0 0
APPLIED MATERIAL STOCK 38222105 153 7,500 SH   SOLE   7,500 0 0
APL 8 1/4 12/31/49 STOCK 49392301 76 3,000 SH   SOLE   3,000 0 0
BGC PARTNERS INC STOCK 05541T408 134 5,000 SH   SOLE   5,000 0 0
BANK OF AMERICA STOCK 60505104 913 53,100 SH   SOLE   53,100 0 0
BLACKSTONE GROUP STOCK 09253U108 166 5,000 SH   SOLE   5,000 0 0
BOEING CO STOCK 97023105 995 7,930 SH   SOLE   7,930 0 0
CSX CORP STOCK 126408103 1,238 42,750 SH   SOLE   42,750 0 0
CPE 10 12/31/49 PFD STOCK 13123X409 255 5,000 SH   SOLE   5,000 0 0
CAPITAL ONE FINA STOCK 14040H105 193 2,500 SH   SOLE   2,500 0 0
CATERPILLAR INC STOCK 149123101 298 3,000 SH   SOLE   3,000 0 0
CELGENE CORP STOCK 151020104 419 3,000 SH   SOLE   3,000 0 0
CENTURYLINK INC STOCK 156700106 59 1,800 SH   SOLE   1,800 0 0
CHEVRON CORP STOCK 166764100 476 4,000 SH   SOLE   4,000 0 0
CISCO SYSTEMS STOCK 17275R102 415 18,500 SH   SOLE   18,500 0 0
C 6 7/8 12/31/49 STOCK 172967333 75 3,000 SH   SOLE   3,000 0 0
C 6 7/8 12/34/2049 STOCK 172967341 130 5,000 SH   SOLE   5,000 0 0
CITIGROUP INC STOCK 172967424 690 14,500 SH   SOLE   14,500 0 0
COMCAST CORP-A STOCK 20030N101 620 12,400 SH   SOLE   12,400 0 0
CONOCOPHILLIPS STOCK 20825C104 1,062 15,100 SH   SOLE   15,100 0 0
CORNING INC STOCK 219350105 389 18,700 SH   SOLE   18,700 0 0
DELTA AIR LI STOCK 247361702 152 4,400 SH   SOLE   4,400 0 0
DEVON ENERGY CO STOCK 25179M103 341 5,100 SH   SOLE   5,100 0 0
DIGITAL REALTY STOCK 253868103 159 3,000 SH   SOLE   3,000 0 0
DLR 7 3/8 12/31/49 STOCK 253868871 124 5,000 SH   SOLE   5,000 0 0
WALT DISNEY CO STOCK 254687106 1,762 22,000 SH   SOLE   22,000 0 0
DOVER CORP STOCK 260003108 180 2,200 SH   SOLE   2,200 0 0
DOW CHEMICAL STOCK 260543103 420 8,650 SH   SOLE   8,650 0 0
DU PONT (EI) STOCK 263534109 906 13,500 SH   SOLE   13,500 0 0
EMC CORP/MASS STOCK 268648102 219 8,000 SH   SOLE   8,000 0 0
EOG RESOURCES STOCK 26875P101 304 1,550 SH   SOLE   1,550 0 0
ENTERPRISE PRODUCTS STOCK 293792107 392 5,648 SH   SOLE   5,648 0 0
EXPRESS SCRIPT STOCK 30219G108 351 4,668 SH   SOLE   4,668 0 0
EXXON MOBIL CORP STOCK 30231G102 1,250 12,800 SH   SOLE   12,800 0 0
FORD MOTOR CO STOCK 345370860 816 52,300 SH   SOLE   52,300 0 0
FREEPORT-MCMORAN STOCK 35671D857 198 6,000 SH   SOLE   6,000 0 0
GENERAL ELECTRIC STOCK 369604103 1,304 50,381 SH   SOLE   50,381 0 0
GENWORTH FINANCIAL INC STOCK 37247D106 142 8,000 SH   SOLE   8,000 0 0
GILEAD SCIENCES STOCK 375558103 581 8,200 SH   SOLE   8,200 0 0
GOLDMAN SACHS GP STOCK 38141G104 756 4,615 SH   SOLE   4,615 0 0
GOODYEAR TIRE STOCK 382550101 575 22,000 SH   SOLE   22,000 0 0
HCA HOLDINGS INC STOCK 40412C101 236 4,500 SH   SOLE   4,500 0 0
HALLIBURTON CO STOCK 406216101 418 7,100 SH   SOLE   7,100 0 0
HARTFORD FINL SV STOCK 416515104 494 14,000 SH   SOLE   14,000 0 0
HELMERICH & PAYN STOCK 423452101 280 2,600 SH   SOLE   2,600 0 0
HERSHEY CO/THE STOCK 427866108 517 4,950 SH   SOLE   4,950 0 0
HEWLETT-PACKARD STOCK 428236103 356 11,000 SH   SOLE   11,000 0 0
HILTON WORLDWIDE HOLDINGS STOCK 43300A104 56 2,500 SH   SOLE   2,500 0 0
HOME DEPOT INC STOCK 437076102 1,503 19,000 SH   SOLE   19,000 0 0
HONEYWELL INTL STOCK 438516106 390 4,200 SH   SOLE   4,200 0 0
INTEL CORP STOCK 458140100 681 26,400 SH   SOLE   26,400 0 0
IBM STOCK 459200101 550 2,858 SH   SOLE   2,858 0 0
JPMORGAN CHASE STOCK 46625H100 1,392 22,927 SH   SOLE   22,927 0 0
JOHNSON&JOHNSON STOCK 478160104 1,229 12,510 SH   SOLE   12,510 0 0
JOHNSON CONTROLS STOCK 478366107 677 14,300 SH   SOLE   14,300 0 0
JPM 6.27 12/31/49 STOCK 48127A161 51 2,000 SH   SOLE   2,000 0 0
KKR FINANCIAL HOLDINGS STOCK 48248A603 77 3,000 SH   SOLE   3,000 0 0
KIMBERLY-CLARK STOCK 494368103 353 3,200 SH   SOLE   3,200 0 0
KINDER MORGAN IN STOCK 49456B101 88 2,700 SH   SOLE   2,700 0 0
KNOWLES CORP STOCK 49926D109 35 1,100 SH   SOLE   1,100 0 0
KRAFT FOODS GROUP INC STOCK 50076Q106 308 5,499 SH   SOLE   5,499 0 0
LTS 8 12/31/49 PFD STOCK 50575Q201 158 7,000 SH   SOLE   7,000 0 0
MARATHON OIL STOCK 565849106 178 5,000 SH   SOLE   5,000 0 0
MASCO CORP STOCK 574599106 111 5,000 SH   SOLE   5,000 0 0
MCDONALDS CORP STOCK 580135101 920 9,380 SH   SOLE   9,380 0 0
MCKESSON CORP STOCK 58155Q103 1,059 6,000 SH   SOLE   6,000 0 0
MERCK & CO STOCK 58933Y105 880 15,500 SH   SOLE   15,500 0 0
METLIFE INC STOCK 59156R108 521 9,875 SH   SOLE   9,875 0 0
MICROSOFT CORP STOCK 594918104 1,416 34,550 SH   SOLE   34,550 0 0
MILLER ENERGY 10.75% STOCK 600527204 126 5,000 SH   SOLE   5,000 0 0
MILL 10 1/2 12/31/49 STOCK 600527303 48 2,000 SH   SOLE   2,000 0 0
MONDELEZ INTERNATIONAL STOCK 609207105 570 16,500 SH   SOLE   16,500 0 0
MYLAN INC STOCK 628530107 620 12,700 SH   SOLE   12,700 0 0
NETAPP INC STOCK 64110D104 111 3,000 SH   SOLE   3,000 0 0
NEXTERA ENERGY STOCK 65339F101 392 4,100 SH   SOLE   4,100 0 0
NUCOR CORP STOCK 670346105 101 2,000 SH   SOLE   2,000 0 0
Oaktree Capital Group LLC STOCK 674001201 425 7,300 SH   SOLE   7,300 0 0
ORACLE CORP STOCK 68389X105 1,260 30,800 SH   SOLE   30,800 0 0
PACKAGING CORP OF AMER STOCK 695156109 942 13,380 SH   SOLE   13,380 0 0
PAYCHEX INC STOCK 704326107 379 8,900 SH   SOLE   8,900 0 0
PEPSICO INC STOCK 713448108 1,106 13,250 SH   SOLE   13,250 0 0
PFIZER INC STOCK 717081103 909 28,300 SH   SOLE   28,300 0 0
PHILIP MORRIS STOCK 718172109 770 9,400 SH   SOLE   9,400 0 0
PITNEY BOWES INC STOCK 724479100 104 4,000 SH   SOLE   4,000 0 0
PROCTER & GAMBLE STOCK 742718109 798 9,900 SH   SOLE   9,900 0 0
PROLOGIS INC STOCK 74340W103 310 7,588 SH   SOLE   7,588 0 0
PRUDENTL FINL STOCK 744320102 508 6,000 SH   SOLE   6,000 0 0
QUALCOMM INC STOCK 747525103 686 8,700 SH   SOLE   8,700 0 0
QWEST CORP STOCK 74913G501 126 5,000 SH   SOLE   5,000 0 0
RITE AID CORP STOCK 767754104 172 27,500 SH   SOLE   27,500 0 0
SCHLUMBERGER LTD STOCK 806857108 1,226 12,575 SH   SOLE   12,575 0 0
SIMON PROPERTY STOCK 828806109 510 3,109 SH   SOLE   3,109 0 0
SPECTRA ENERGY STOCK 84756N109 318 6,500 SH   SOLE   6,500 0 0
STARWOOD PROPERT STOCK 85571B105 276 11,700 SH   SOLE   11,700 0 0
STARWOOD WAYPOINT STOCK 85571W109 67 2,340 SH   SOLE   2,340 0 0
SYMANTEC CORP STOCK 871503108 421 21,100 SH   SOLE   21,100 0 0
TARGA RESOURCES PARTNERS STOCK 87611X105 264 4,700 SH   SOLE   4,700 0 0
TELEPHONE & DATA SYSTEM STOCK 879433837 102 4,000 SH   SOLE   4,000 0 0
TEREX CORP STOCK 880779103 133 3,000 SH   SOLE   3,000 0 0
TESORO CORP STOCK 881609101 101 2,000 SH   SOLE   2,000 0 0
TEXAS INSTRUMENT STOCK 882508104 704 14,925 SH   SOLE   14,925 0 0
THERMO FISHER STOCK 883556102 325 2,700 SH   SOLE   2,700 0 0
3M CO STOCK 88579Y101 1,268 9,350 SH   SOLE   9,350 0 0
TIME WARNER INC STOCK 887317303 797 12,200 SH   SOLE   12,200 0 0
TRAVELERS COS IN STOCK 89417E109 383 4,500 SH   SOLE   4,500 0 0
US BANCORP STOCK 902973304 416 9,700 SH   SOLE   9,700 0 0
UNITED PARCEL-B STOCK 911312106 558 5,726 SH   SOLE   5,726 0 0
US CELLULAR CORP STOCK 911684405 146 5,742 SH   SOLE   5,742 0 0
UNITED TECH CORP STOCK 913017109 502 4,300 SH   SOLE   4,300 0 0
UNITEDHEALTH GRP STOCK 91324P102 1,295 15,800 SH   SOLE   15,800 0 0
VALERO ENERGY STOCK 91913Y100 462 8,700 SH   SOLE   8,700 0 0
VNR 7 5/8 12/31/49 STOCK 92205F304 74 3,000 SH   SOLE   3,000 0 0
VERIZON COMMUNIC STOCK 92343V104 972 20,440 SH   SOLE   20,440 0 0
VZ 5.9 02/15/54 STOCK 92343V302 62 2,500 SH   SOLE   2,500 0 0
VISA INC-CLASS A STOCK 92826C839 723 3,350 SH   SOLE   3,350 0 0
WAL-MART STORES STOCK 931142103 491 6,424 SH   SOLE   6,424 0 0
WALGREEN CO STOCK 931422109 317 4,800 SH   SOLE   4,800 0 0
WELLS FARGO & CO STOCK 949746101 1,477 29,686 SH   SOLE   29,686 0 0
WESTERN DIGITAL CORP STOCK 958102105 92 1,000 SH   SOLE   1,000 0 0
WILLIAMS PARTNER STOCK 96950F104 255 5,000 SH   SOLE   5,000 0 0
WISCONSIN ENERGY CORP STOCK 976657106 964 20,700 SH   SOLE   20,700 0 0
WYNDHAM WORLDWID STOCK 98310W108 403 5,500 SH   SOLE   5,500 0 0
XEROX CORP STOCK 984121103 324 28,700 SH   SOLE   28,700 0 0
ACTAVIS PLC STOCK G0083B108 1,750 8,500 SH   SOLE   8,500 0 0
COVIDIEN PLC STOCK G2554F113 788 10,700 SH   SOLE   10,700 0 0
ENSCO PLC-ADR STOCK G3157S106 74 1,400 SH   SOLE   1,400 0 0
TSAKOS ENGY 8 12/31/49 STOCK G9108L124 47 2,000 SH   SOLE   2,000 0 0
TYCO INTL LTD STOCK H89128104 326 7,700 SH   SOLE   7,700 0 0
LYONDELLBASELL INDU-CL A STOCK N53745100 196 2,200 SH   SOLE   2,200 0 0
CMRE 8 1/2 12/31/49 STOCK Y1771G128 75 3,000 SH   SOLE   3,000 0 0
AFLAC INC STOCK 1055300 301 12,900 SH   SOLE   12,900 0 0
AEGON NV STOCK 7924608 416 14,400 SH   SOLE   14,400 0 0
AMERICAN FINANCIAL GROUP STOCK 25932500 306 12,900 SH   SOLE   12,900 0 0
ATLAS PIPELINE P STOCK 49392103 617 19,219 SH   SOLE   19,219 0 0
AVIVA PLC STOCK 05382A203 401 14,490 SH   SOLE   14,490 0 0
BANK OF NEW YORK MELLON STOCK 64058209 288 13,000 SH   SOLE   13,000 0 0
BOARDWALK PIPELINE PART STOCK 96627104 201 15,000 SH   SOLE   15,000 0 0
BUCKEYE PARTNERS LP STOCK 118230101 1,351 18,000 SH   SOLE   18,000 0 0
CBL & ASSOCIATES PROP STOCK 124830803 632 26,400 SH   SOLE   26,400 0 0
CITY NATIONAL CORP STOCK 17800X202 285 13,000 SH   SOLE   13,000 0 0
COMMONWEALTH REIT STOCK 203233507 1,696 80,565 SH   SOLE   80,565 0 0
COMMONWEALTH REIT STOCK 203233705 209 10,000 SH   SOLE   10,000 0 0
DDR 6.25 12/31/49 STOCK 22765U102 236 10,176 SH   SOLE   10,176 0 0
DTE ENERGY COMPANY STOCK 23317H805 125 5,700 SH   SOLE   5,700 0 0
DIGITAL REALTY TRUST INC STOCK 233331701 780 32,000 SH   SOLE   32,000 0 0
DIGITAL REALTY TRUST INC STOCK 253868707 293 12,800 SH   SOLE   12,800 0 0
DIGITAL REALTY TRUST PFD STOCK 253868806 326 16,000 SH   SOLE   16,000 0 0
DUKE ENERGY CORP STOCK 253868889 276 11,880 SH   SOLE   11,880 0 0
EAGLE ROCK ENERGY PTN STOCK 26441C303 526 100,000 SH   SOLE   100,000 0 0
ENBRIDGE ENERGY STOCK 26985R104 1,266 46,194 SH   SOLE   46,194 0 0
ENERGY TRANSFER PARTNERS STOCK 29250R106 2,152 40,000 SH   SOLE   40,000 0 0
ENLINK MIDSTREAM PTNR STOCK 29273R109 1,214 39,900 SH   SOLE   39,900 0 0
ENTERGY NEW ORLEANS INC STOCK 29364P509 427 20,000 SH   SOLE   20,000 0 0
ENTERGY LOUISIANA LLC STOCK 29364W504 479 20,000 SH   SOLE   20,000 0 0
HEALTH CARE REIT INC STOCK 42217K700 787 32,000 SH   SOLE   32,000 0 0
HUDSON PACIFIC PROPERTIE STOCK 444097208 419 16,000 SH   SOLE   16,000 0 0
JPM 5.45 STOCK 46637G124 141 6,500 SH   SOLE   6,500 0 0
KKR FINANCIAL HOLDINGS STOCK 48248A405 831 30,000 SH   SOLE   30,000 0 0
KKR FINANCIAL HOLDINGS STOCK 48248A504 270 10,000 SH   SOLE   10,000 0 0
KIM 5.625% STOCK 49446R745 642 30,000 SH   SOLE   30,000 0 0
KIMCO REALTY CORP STOCK 49446R778 1,022 49,011 SH   SOLE   49,011 0 0
KIMCO REALTY CORP STOCK 49446R794 908 40,000 SH   SOLE   40,000 0 0
KINDER MORGAN ENERGY STOCK 494550106 1,644 22,230 SH   SOLE   22,230 0 0
MARLIN MIDSTREAM PTNRS LP STOCK 57118V100 36 2,070 SH   SOLE   2,070 0 0
NATL RETAIL PROPERTIES STOCK 637417601 388 16,000 SH   SOLE   16,000 0 0
NEXTERA ENERGY CAPITAL STOCK 65339K605 61 2,550 SH   SOLE   2,550 0 0
NEXTERA ENERGY CAPITAL STOCK 65339K704 265 11,500 SH   SOLE   11,500 0 0
NEE 5% STOCK 65339K886 177 8,600 SH   SOLE   8,600 0 0
PNC FINANCIAL SERVICES STOCK 693475832 140 6,500 SH   SOLE   6,500 0 0
PS BUSINESS PARKS 5.7 STOCK 69360J644 171 8,000 SH   SOLE   8,000 0 0
PS BUSINESS PARKS INC STOCK 69360J685 1,010 44,900 SH   SOLE   44,900 0 0
PS BUSINESS PARKS INC STOCK 69360J719 361 15,000 SH   SOLE   15,000 0 0
PITNEY BOWES INC STOCK 724479506 145 5,700 SH   SOLE   5,700 0 0
PROTECTIVE LIFE CORP STOCK 743674608 313 12,950 SH   SOLE   12,950 0 0
PUBLIC STORAGE STOCK 74460D125 1,008 40,000 SH   SOLE   40,000 0 0
PUBLIC STORAGE STOCK 74460D141 411 16,000 SH   SOLE   16,000 0 0
PUBLIC STORAGE STOCK 74460W206 364 15,373 SH   SOLE   15,373 0 0
PUBLIC STORAGE STOCK 74460W404 203 8,800 SH   SOLE   8,800 0 0
REGENCY CENTERS CORP STOCK 74913G204 893 37,500 SH   SOLE   37,500 0 0
REGENCY CENTERS CORP STOCK 758849707 683 31,275 SH   SOLE   31,275 0 0
REGENCY ENERGY P STOCK 758849806 1,213 44,570 SH   SOLE   44,570 0 0
SCE TRUST I STOCK 75885Y107 523 23,000 SH   SOLE   23,000 0 0
EIX 5.1 STOCK 78406T201 177 8,600 SH   SOLE   8,600 0 0
SENIOR HOUSING PROP TRUS STOCK 78407R204 874 40,000 SH   SOLE   40,000 0 0
STANLEY BLACK & DECKER I STOCK 81721M208 646 26,937 SH   SOLE   26,937 0 0
STATE STREET CORP STOCK 854502705 291 12,950 SH   SOLE   12,950 0 0
TC PIPELINES LP STOCK 857477509 550 11,475 SH   SOLE   11,475 0 0
TARGA RESOURCES PARTNERS STOCK 87233Q108 689 12,240 SH   SOLE   12,240 0 0
TAUBMAN CENTERS INC STOCK 87611X105 766 32,362 SH   SOLE   32,362 0 0
TAUBMAN CENTERS PFD STOCK 876664608 737 32,108 SH   SOLE   32,108 0 0
TELEPHONE & DATA SYSTEM STOCK 876664707 125 5,700 SH   SOLE   5,700 0 0
US BANCORP STOCK 879433795 230 8,100 SH   SOLE   8,100 0 0
US CELLULAR CORP STOCK 902973833 311 12,250 SH   SOLE   12,250 0 0
VENTAS REALTY LP STOCK 911684405 231 10,000 SH   SOLE   10,000 0 0
VORNADO REALTY TRUST STOCK 92276M204 740 29,123 SH   SOLE   29,123 0 0
VORNADO REALTY TRUST STOCK 929042802 317 15,140 SH   SOLE   15,140 0 0
VORNADO REALTY TRUST STOCK 929042844 408 15,817 SH   SOLE   15,817 0 0
VORNADO REALTY TRUST STOCK 929042869 389 15,581 SH   SOLE   15,581 0 0
VORNADO REALTY LP STOCK 929042877 1,062 41,159 SH   SOLE   41,159 0 0
WELLS FARGO & COMPANY STOCK 929043602 551 25,900 SH   SOLE   25,900 0 0
WILLIAMS PARTNER STOCK 949746747 1,275 25,020 SH   SOLE   25,020 0 0
AEGON NV STOCK 7924301 257 10,000 SH   SOLE   10,000 0 0
AEGON NV STOCK 7924608 58 2,000 SH   SOLE   2,000 0 0
ALEXANDRIA REAL ESTATE E STOCK 15271703 161 6,500 SH   SOLE   6,500 0 0
AMERICAN REALTY CAP PROP STOCK 02917T104 230 16,393 SH   SOLE   16,393 0 0
ARCP 6.7 12/31/49 STOCK 02917T401 194 8,529 SH   SOLE   8,529 0 0
ARLINGTON ASSET INVEST STOCK 41356205 265 10,000 SH   SOLE   10,000 0 0
ATLAS RESOURCE PTNR LP STOCK 04941A101 204 9,750 SH   SOLE   9,750 0 0
AVIVA PLC STOCK 05382A203 55 2,000 SH   SOLE   2,000 0 0
CBL 7 3/8 STOCK 124830605 121 4,800 SH   SOLE   4,800 0 0
CHSCP 7 7/8 12/31/49 STOCK 12542R308 117 4,000 SH   SOLE   4,000 0 0
C 6 7/8 12/34/2049 STOCK 172967341 313 12,000 SH   SOLE   12,000 0 0
COMMONWEALTH REIT STOCK 203233507 211 10,000 SH   SOLE   10,000 0 0
CWH 7 1/4 STOCK 203233606 126 5,000 SH   SOLE   5,000 0 0
CRESTWOOD MIDSTREAM PTN STOCK 226378107 113 5,000 SH   SOLE   5,000 0 0
DDR 6.5 12/31/49 PFD STOCK 23317H607 96 4,000 SH   SOLE   4,000 0 0
DDR 6.25 12/31/49 STOCK 23317H805 58 2,500 SH   SOLE   2,500 0 0
DIGITAL REALTY TRUST INC STOCK 253868806 114 5,000 SH   SOLE   5,000 0 0
ENBRIDGE ENERGY STOCK 29250R106 113 4,111 SH   SOLE   4,111 0 0
ENERGY TRANSFER PARTNERS STOCK 29273R109 103 1,913 SH   SOLE   1,913 0 0
ETR 6 05/01/51 STOCK 29364N835 54 2,150 SH   SOLE   2,150 0 0
GDP 9 3/4 STOCK 382410884 223 8,850 SH   SOLE   8,850 0 0
HUDSON PACIFIC PROPERTIE STOCK 444097208 157 6,000 SH   SOLE   6,000 0 0
KINDER MORGAN ENERGY STOCK 494550106 116 1,572 SH   SOLE   1,572 0 0
LHO 7 1/2 STOCK 517942702 148 5,739 SH   SOLE   5,739 0 0
LEXINGTON REALTY STOCK 529043101 79 7,265 SH   SOLE   7,265 0 0
MARLIN MIDSTREAM PTNRS LP STOCK 57118V100 175 10,000 SH   SOLE   10,000 0 0
MILL 10 1/2 12/31/49 STOCK 600527303 97 4,000 SH   SOLE   4,000 0 0
NTELOS HOLDINGS STOCK 67020Q305 50 3,700 SH   SOLE   3,700 0 0
PITNEY BOWES INC STOCK 724479506 51 2,000 SH   SOLE   2,000 0 0
QWEST CORP STOCK 74913G204 52 2,000 SH   SOLE   2,000 0 0
REALTY INCOME CORP STOCK 756109807 101 4,000 SH   SOLE   4,000 0 0
SLG 6 1/2 STOCK 78440X507 136 5,800 SH   SOLE   5,800 0 0
TAUBMAN CENTERS INC STOCK 876664608 142 6,000 SH   SOLE   6,000 0 0
US CELLULAR CORP STOCK 911684405 51 2,000 SH   SOLE   2,000 0 0
WILLIAMS PARTNER STOCK 96950F104 255 5,000 SH   SOLE   5,000 0 0